Sanlam Ltd PK (SLLDY) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Sanlam Ltd PK $7.59, price $9.39, upside -19.2%, quality 54 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range $4.18 – $12.67 · fair‑value band $6.04 – $11.10 · the $9.39 price screens above the $7.59 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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Sanlam Limited provides various financial services in South Africa, Pan-Africa, Asia, and internationally. The company operates through Sanlam Life and Savings; Pan-Africa; Asia; Sanlam Investments; and Santam segments.
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Sanlam Limited provides various financial services in South Africa, Pan-Africa, Asia, and internationally. The company operates through Sanlam Life and Savings; Pan-Africa; Asia; Sanlam Investments; and Santam segments. It offers life, disability, severe illness, income protection, funeral, credit life, health solutions, and cancer coverage; and corporate insurance solutions, including group risk, life, disability, severe and critical illness, and funeral insurance. The company also provides financial planning services; retirement solutions, such as saving for retirement, retirement preservation, retirement fund members, and two-pot retirement; investments for education planning, unit trusts, and tax-free savings; credit solutions, such as personal and home loans, online shopping credit, and same day express loan; and Sanlam reality programs. In addition, it offers consulting and advisory; health solutions comprising wellness, employee assistance programs, occupational health programme, primary healthcare, and onsite clinics; individual health solutions which includes medical aid, gap cover, and primary care; business assurance and commercial insurance; medium, small and micro enterprises development services, such as access to funding, business skills, development support, financial solutions, and access to markets. The company serves individual and institutional clients, as well as entry-level, middle-income market, and high net worth clients. Sanlam Limited was incorporated in 1918 and is headquartered in Bellville, South Africa.
Stock analysis
Sanlam Ltd PK (SLLDY) currently trades at $9.39, while our model-based Fair Value estimate is $7.59, 19.2% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Dividend Discount group reads highest at a median of $9.58 per share, and 3 of the 6 models we run sit above the $9.39 price.
Bear case: the Asset-Based group reads lowest at $3.91, and 3 of the 6 models stay below the price. Evidence for this calculation is high.
Scenario range: $6.04 (bear) to $11.10 (bull), the price of $9.39 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 54/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Sanlam Ltd PK reported revenue of 267B ZAR in FY2025 versus 194B ZAR in FY2021, a compound +8.3%/yr. Reported net income was 14.8B ZAR in FY2025, compounding +11.7%/yr from FY2021.
Key figures
Market cap $11.6B · P/E ratio 10.2 · P/S ratio 0.56 · EPS (TTM) $0.9200 · Dividend yield 5.3% · Net margin 5.5% · Return on equity 16.9% · Return on assets (EBIT) 1.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 2% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −35% fair-value upside, at −19%, SLLDY screens cheaper than that median.
Fair Value models
Bear $6.04Fair Value $7.59Bull $11.10
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single 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. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.82/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+17.3%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+37.1%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+15.6%
Start year 2020 (pandemic). Over 10 years: +12.1% a year
Revenue growth 23 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+32.7%
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What shareholders gained per year (last 5 years), in ZAR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in ZAR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+20.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+15.3%
Dividend (yield on the price)5.3%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.15.3% vs 4.2%, picking up
Profit margin 2020 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.3% → 9%
Start year 2020 (pandemic)
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−3.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in ZAR, South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about −6.4% a year for the price.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Insurance - Life · 88 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score49 · Below median
Fair Value upside−29.5% · Below median
Profitability
Return on equity (TTM)16.9% · Above median
Return on assets6.6% · Top 25%
Net margin (TTM)6.5% · Below median
Operating margin (TTM)55.0% · Top 25%
Growth and dividend
Revenue growth8.6% · Below median
Dividend yield (TTM)5.3% · Top 25%
Balance sheet
Debt / equity0.13× · Lowest 25%
Valuation Multiplesvs Insurance - Life median · lower = cheaper
P/E (TTM)10.2× · Cheaper than median
P/B1.90× · Pricier than median
P/S (TTM)0.79× · Cheaper than median
P/FCF15.9× · Priciest 25%
EV/EBITDA1.3× · Cheapest 25%
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 2
FUTURE (revenue growth)43· sector 43
PAST (return on equity)68· sector 49
HEALTH (low debt)93· sector 87
DIVIDEND (yield)100· sector 57
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Is Sanlam Ltd PK (SLLDY) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of $7.59 versus a price of $9.39, about −19% upside (overvalued).
What is the fair value of SLLDY?
Our model-based fair value for Sanlam Ltd PK is $7.59 (as of Oct 3, 2026), built from audited fundamentals. The current price: $9.39.
What is the quality score of SLLDY?
Sanlam Ltd PK has a Quality Score of 54/100. 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 price target for Sanlam Ltd PK (SLLDY)?
Our model-based price target is the fair value of $7.59 (as of Oct 3, 2026) from 6 valuation models. Cautious scenario $6.04, optimistic scenario $11.10. It is a calculation from audited fundamentals, not an analyst target.
What is the Sanlam Ltd PK stock forecast for 2026?
Our models put fair value at $7.59, about −19% upside versus a price of $9.39 (overvalued). Cautious scenario $6.04, optimistic scenario $11.10. The calculation is refreshed regularly with new filings.
What is the revenue of Sanlam Ltd PK (SLLDY)?
Sanlam Ltd PK reported trailing-twelve-month revenue of about 245B ZAR (latest available figure, as of Oct 3, 2026).
Does Sanlam Ltd PK pay a dividend?
Sanlam Ltd PK currently shows a dividend yield of about 5.27% relative to its recent price (as of Oct 3, 2026).
What growth is priced into Sanlam Ltd PK (SLLDY)?
For today's price to be fair in a discounted-cash-flow model, Sanlam Ltd PK would have to grow free cash flow by -3.4 % per year for five years (discount rate 8.2 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +15.6 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of SLLDY use?
Our models discount Sanlam Ltd PK at 8.2 %: a base by market capitalisation (large), damped by beta 0.53, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Sanlam Ltd PK that is -3.4 % per year a year over ten years, using the same discount rate (8.2 %) and the same formula as our fair value.
How much growth has Sanlam Ltd PK (SLLDY) delivered so far?
Over the past 5 years revenue at Sanlam Ltd PK grew +15.6 % a year. The price currently implies -3.4 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Sanlam Ltd PK (SLLDY) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into Sanlam Ltd PK (-3.4 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Sanlam Ltd PK (SLLDY)?
The free-cash-flow yield on the price is 7.35 %: that much free cash flow Sanlam Ltd PK produces per unit of market value. When it exceeds the discount rate of our models (8.2 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Sanlam Ltd PK (SLLDY)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Sanlam Ltd PK it is $7.59 per share (as of Oct 3, 2026), against a price of $9.39. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is Sanlam Ltd PK stock overvalued or undervalued in 2026?
As of Oct 3, 2026, SLLDY trades above its calculated fair value: price $9.39, fair value $7.59, a gap of about −19% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SLLDY?
No. The price is what the market pays today ($9.39); the fair value is what the company's own numbers justify ($7.59). For Sanlam Ltd PK the two are $1.80 per share apart. That gap is exactly why we show both numbers side by side.
How much is Sanlam Ltd PK worth?
The market values Sanlam Ltd PK at about $11.6B (market capitalisation, as of Oct 3, 2026). Per share that is $9.39; our models calculate a fair value of $7.59 per share.
What do the bullish and bearish scenarios say about SLLDY?
Our models span a range for Sanlam Ltd PK: cautious scenario $6.04, base $7.59, optimistic $11.10 per share (as of Oct 3, 2026, price $9.39). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SLLDY?
Sanlam Ltd PK trades at a price-to-earnings ratio of 10.2 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $7.59 is built from several models across several years. Other multiples: P/B 1.9, P/S 0.8, EV/EBITDA 1.3.
How solid is the balance sheet of Sanlam Ltd PK (SLLDY)?
Balance-sheet figures for Sanlam Ltd PK (as of Oct 3, 2026): return on equity 16.9%, debt of 0.13 per unit of equity. They feed the Quality Score of 54/100, which measures business quality independently of the share price.
How far is SLLDY from its 52-week high?
Sanlam Ltd PK trades at $9.39, about 26% below its 52-week high of $12.67 and 2% above the low of $9.17 (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of $7.59 is for.
Which stocks are comparable to Sanlam Ltd PK?
From the same area (Financial Services) we also value China Life Insurance Company, Ping An Insurance (Group) Company, AIA Group, Manulife Financial Corporation, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Sanlam Ltd PK stock attractive at the current price?
The data as of Oct 3, 2026: price $9.39, calculated fair value $7.59 (−19%), Quality Score 54/100, from 6 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SLLDY calculated?
We run Sanlam Ltd PK through 6 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $7.59, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.5 % above its aggregate fair value. Sanlam Ltd PK itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Sanlam Ltd PK (SLLDY)?
The closing price on Oct 2, 2026 was $9.39. Our model-based fair value is $7.59, about −19% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Sanlam Ltd PK right now?
Solid but not exceptional quality (54/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range ($6.04 to $11.10) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Where does the earnings growth of Sanlam Ltd PK (SLLDY) come from?
Earnings per share at Sanlam Ltd PK grew +6.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +10.7 %, EBIT margin −3.9 %, tax rate −0.2 %, residual (interest, one-offs) +0.4 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Sanlam Ltd PK
How large is the market capitalisation of Sanlam Ltd PK (SLLDY)?
The market capitalisation of Sanlam Ltd PK is $11.6B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Sanlam Ltd PK (SLLDY)?
The price-to-sales ratio of Sanlam Ltd PK is 0.56 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Sanlam Ltd PK (SLLDY)?
Earnings per share at Sanlam Ltd PK are $0.9200 (price ÷ EPS = P/E 10.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Sanlam Ltd PK (SLLDY)?
The dividend yield of Sanlam Ltd PK is 5.3% (payout 53.8%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Sanlam Ltd PK (SLLDY)?
The net margin of Sanlam Ltd PK is 5.5% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Sanlam Ltd PK (SLLDY)?
The return on equity (ROE) of Sanlam Ltd PK is 16.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Sanlam Ltd PK (SLLDY)?
On an EBIT basis the return on assets of Sanlam Ltd PK is 1.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Sanlam Ltd PK (SLLDY)?
The operating margin of Sanlam Ltd PK is 55.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Sanlam Ltd PK (SLLDY)?
Revenue at Sanlam Ltd PK is growing +8.6% versus a year earlier (3y avg +37.1%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Sanlam Ltd PK (SLLDY)?
Earnings per share at Sanlam Ltd PK are growing −53.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Sanlam Ltd PK (SLLDY) hold?
Sanlam Ltd PK holds more cash than debt, 16.1B ZAR net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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Broad data
Oct 3, 2026