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Rex Trueform Group (RTN) Fair Value & Analysis

Consumer Cyclical · ZA · Market cap 319M ZAC

RT Rex Trueform Group RTN · JSE
PriceR0.1350
Fair ValueR0.1600
Upside+18.5%
Quality33/100
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Weak Growth
Thin margins · 0.5% net margin
Moderate debt · generates free cash flow
Mixed vs. peers (6/14)
Narrow moat 29/100
Evidence: Medium Range R0.0900 – R0.2400 Share as image

Fair value as of: Jul 19, 2026

From 14 valuation models · updated 22 days ago

Below-average quality, screening 19% undervalued on our models.

What matters now

  • The model range is unusually wide (R0.0900 to R0.2400). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • Our model range runs from R0.0900 (bear) to R0.2400 (bull), base R0.1600. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 33/100 (below-average quality) with medium evidence: read the verdict with care.
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Price vs Fair Value (5 years)

R15.30 R0.0656 Fair Value R0.1600 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range R0.0656 – R15.30 · fair‑value band R0.0900 – R0.2400 · the R0.1350 price screens below the R0.1600 fair value. Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Rex Trueform Group (RTN) currently trades at R0.1350, while our model-based Fair Value estimate is R0.1600, implying the stock looks roughly 18.5% undervalued today. The Quality Score stands at 33/100 (below-average quality), in the Consumer Cyclical sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: medium), always confirm before acting.

Over the trailing twelve months, Rex Trueform Group generated revenue of 677M ZAR at a net margin of 0.5%. Revenue declined 1.3% year over year. It earns a return on equity of 0.8%. Net debt stands at 347M ZAR. Fundamentals as of Jul 19, 2026

Our scenario range runs from R0.0900 (bear case) to R0.2400 (bull case); at R0.1350, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Consumer Cyclical peers we cover trades at -45% fair-value upside, at 19%, RTN screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF R0.5500 R5.67 80
Rev-Margin DCF R7.65 R17.22 74
Gordon GGM R0.0100 R0.0100 R0.0200 70
All 14 models by family
DCF Models
FCF DCF R0.8400 R6.82 38
Owner Earnings R1.76 31
5Y Revenue Exit R7.56 R18.40 39
5Y EBITDA Exit R23.35 R51.60 R83.76 41
10Y Revenue Exit R4.20 R13.17 36
10Y EBITDA Exit R11.60 R31.54 R57.09 37
Dividend Discount
Gordon GGM R0.0100 R0.0100 R0.0200 70
DDM Multi-Stage R0.0100 R0.0100 R0.0100 61
Multiples
EV/EBIT R11.01 R20.27 R29.53 53
EV/EBITDA R50.91 R73.48 R96.04 54
EV/Revenue R1.95 R9.98 R18.00 43
Asset-Based
NCAV (Graham) R10.86 R14.55 R21.72 50
Growth DCF
Growth DCF R0.5500 R5.67 80
Rev-Margin DCF R7.65 R17.22 74

Widest divergence: Multiples (R20.27) versus Dividend Discount (R0.0100). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) 677M ZAC
Revenue growth (YoY) -1.3%
Net margin 0.5%
Return on equity 0.8%
Free cash flow 28.5M ZAC FY2024
P/E ratio 96.4
More key figures
Operating margin 6.8%
EPS (TTM) R0.1400
EPS growth (YoY) -3.9%
Net debt 347M ZAC FY2024

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 33/100

Of which business quality 34 · Market factors (momentum, volatility) 57

Profitability 27
Margins and returns on capital today
Quality Growth 31
Are margins and returns improving?
Cashflow 30
Earnings quality: real cash, not paper profit
Fin. Strength 30
Balance sheet, leverage, solvency risk
Investment 25
Disciplined investing over empire-building
Low Volatility 89
Calm price path (market factor)
Momentum 42
Price trend over the last 3–12 months (market factor)
52W Momentum 48
Distance to the 52-week high (market factor)
Net Issuance 70
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Rex Trueform Group Limited, an investment holding company, through its subsidiaries, provides retails fashion apparel in South Africa. The company operates through Retail, Property, Media and Broadcasting, Technology, and Water Infrastructure segments.

Full company description

Rex Trueform Group Limited, an investment holding company, through its subsidiaries, provides retails fashion apparel in South Africa. The company operates through Retail, Property, Media and Broadcasting, Technology, and Water Infrastructure segments. It offers men's and women's clothing, shoes, costume jewellery, cosmetics, and related accessories under the Queenspark brand name through stores and online platforms. The company also invests in properties mainly offices and industrial spaces; and invests in private water and waste water utility group, as well as engages in the supply, installation, and service support for radio and television broadcasting equipment and provides communication services and connectivity solutions. In addition, it designs, builds, and launches digital solutions. The company was formerly known as Rex Trueform Clothing Company Limited and changed its name to Rex Trueform Group Limited in January 2018. The company was incorporated in 1937 and is based in Cape Town, South Africa. Rex Trueform Group Limited is a subsidiary of African and Overseas Enterprises Limited.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2020 – FY2024 · reported fiscal years

Rex Trueform Group reported revenue of R703M in FY2024 versus R579M in FY2020, a compound +5.0%/yr. Reported net income was −R835K in FY2024.

Growth Quality 30/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2024)
703M ZAR
Latest YoY
−2.2%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+14.8%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.7%
Avg. growth/yr (10Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.6%
Revenue +5.0%/yr
FY20 R579M
FY21 R465M
FY22 R599M
FY23 R720M
FY24 R703M
Net income
FY20 −R74.2M
FY21 R23.1M
FY22 R53.7M
FY23 R85.7M
FY24 −R835K

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Cite: Fair Value Calculator (2026). "Rex Trueform Group Fair Value". https://www.fairvalue-calculator.com/stock/RTN

Peer Group

Apparel Retail · 106 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 33 · Bottom 25%
Fair Value upside +19% · Above median
Return on equity (TTM) 1% · Below median
Return on assets 3% · Below median
Net margin (TTM) 1% · Below median
Operating margin (TTM) 7% · Above median
Revenue growth -1% · Below median
Debt / equity 0.88× · Higher than 75% of peers

Valuation Multiples vs Apparel Retail median · lower = cheaper

P/E (TTM) 96.4× · Pricier than 75% of peers
P/B 0.74× · Cheaper than median
P/S (TTM) 0.47× · Cheaper than median
P/FCF 0.7× · Cheaper than median
EV/EBITDA 7.3× · Pricier than median
PEG 0.01× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 58 · sector 33
FUTURE 0 · sector 18
PAST 3 · sector 36
HEALTH 56 · sector 100
DIVIDEND 0 · sector 44

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Apparel Retail stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
Industria de Diseño Textil, S.A 1ITX €58.44 €23.29 -60%
The TJX Companies, Inc TJX $154.46 $84.95 -45%
Fast Retailing Co 6288 HK$40.00 HK$15.37 -62%
Ross Stores, Inc ROST $233.46 $118.41 -49%
Burlington Stores, Inc BURL $327.72 $147.08 -55%
Trent Limited TRENT ₹2,903 ₹709.49 -76%
lululemon athletica inc., LULU $116.33 $299.63 +158%
Aritzia Inc ATZ C$160.05 C$87.26 -45%
The Gap, Inc GAP $20.35 $37.12 +82%
Urban Outfitters, Inc URBN $72.95 $92.88 +27%

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Frequently asked questions

Is Rex Trueform Group (RTN) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of R0.1600 versus a price of R0.1350, about +19% (undervalued).
What is the fair value of RTN?
Our model-based fair value for Rex Trueform Group is R0.1600 (as of Jul 19, 2026), built from audited fundamentals. The current price is R0.1350.
What is the quality score of RTN?
Rex Trueform Group has a Quality Score of 33/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Rex Trueform Group (RTN)?
Rex Trueform Group reported trailing-twelve-month revenue of about 677M ZAR (latest available figure, as of Jul 19, 2026).
What is the net profit margin of RTN?
The net profit margin of Rex Trueform Group is about 0.5%, meaning it keeps roughly 0.5% of revenue as net income. Based on the latest reported figures.

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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