Vunani Ltd (VUN) fair value: what the stock is really worth
As of Sep 21, 2026: fair value of Vunani Ltd ZAR 2.16, price ZAR 2.00, upside +8.0%, quality 60 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 Sep 24, 2026.
How to read this chart
60‑month range R1.07 – R2.86 · fair‑value band R1.13 – R2.98 · the R2.00 price screens below the R2.16 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Vunani Limited operates in the financial services sector in South Africa. It operates through Fund Management, Asset Administration, Insurance, Advisory Services, and Institutional Securities Broking segments.
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Vunani Limited operates in the financial services sector in South Africa. It operates through Fund Management, Asset Administration, Insurance, Advisory Services, and Institutional Securities Broking segments. The company offers institutional and retail products, including equities, bonds, inflation-linked bonds and properties, and absolute return and smart beta funds. It also operates as a beneficiary fund administrator for administering funds on behalf of minor dependents of deceased retirement fund members. In addition, the company provides short-term, medical aid, individual life, and employee benefit insurance products. Further, it offers corporate advisory and investment services comprising capital raising, IPOs, BEE transactions, transaction structuring, and book builds and share placements, as well as merger, acquisition, and disposal advisory services. Additionally, the company provides equity, derivative, and capital market trading services for institutional clients; and trades in equities, index futures, single stock futures, currency and interest rate futures, stocks and commodities, equity options, over the counter options, money market products, and bonds. The company was incorporated in 1997 and is headquartered in Sandton, South Africa.
Stock analysis
Vunani Ltd (VUN) currently trades at R2.00, while our model-based Fair Value estimate is R2.16, implying the stock looks roughly 7.4% fairly valued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of R10.74 per share, and 6 of the 11 models we run sit above the R2.00 price.
Bear case: the Multiples group reads lowest at R0.8100, and 5 of the 11 models stay below the price. Evidence for this calculation is low.
Scenario range: R1.13 (bear) to R2.98 (bull), the price of R2.00 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 60/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Vunani Ltd reported revenue of 875M ZAR in FY2026 versus 660M ZAR in FY2022, a compound +7.3%/yr. Reported net income was 10.1M ZAR in FY2026, compounding −36.2%/yr from FY2022.
Key figures
Market cap 403M ZAC · P/E ratio 33.3 · P/S ratio 0.38 · EPS (TTM) R0.0600 · Dividend yield 5.0% · Net margin 1.2% · Return on equity 9.3% · Return on assets (EBIT) 7.3%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 26% below its 52-week high and 87% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −17% fair-value upside, at 8%, VUN screens cheaper than that median.
Fair Value models
Bear R1.13Fair Value R2.16Bull R2.98
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.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.81/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+18.3%
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.
+6.5%
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.
+9.9%
Start year 2021 (pandemic). Over 10 years: +21.5% a year
Revenue growth 17 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.
+8.4%
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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. Basis: EBIT basis. 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.
+25.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+20.9%
Dividend (yield on the price)5.0%
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.−23% vs −15%, slowing
Profit margin 2021 to 2026 ⓘ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.2% → 9%
Start year 2021 (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).
−35.4%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about −37.4% 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.Capital Markets · 460 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score61 · Above median
Fair Value upside+8% · Above median
Profitability
Return on equity (TTM)9% · Above median
Return on assets4% · Above median
Net margin (TTM)1% · Bottom 25%
Operating margin (TTM)14% · Below median
Growth and dividend
Revenue growth25% · Above median
Dividend yield (TTM)5.0% · Top 25%
Balance sheet
Debt / equity0.16× · Above median
Valuation Multiplesvs Capital Markets median · lower = cheaper
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.
Cite: Fair Value Calculator (2026). "Vunani Ltd Fair Value". https://www.fairvalue-calculator.com/stock/VUN
Frequently asked questions
Is Vunani Ltd (VUN) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R2.16 versus a price of R2.00, about +8% upside (fairly valued).
What is the fair value of VUN?
Our model-based fair value for Vunani Ltd is R2.16 (as of Sep 24, 2026), built from audited fundamentals. The current price: R2.00.
What is the quality score of VUN?
Vunani Ltd has a Quality Score of 60/100. 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 Vunani Ltd (VUN)?
Our model-based price target is the fair value of R2.16 (as of Sep 24, 2026) from 11 valuation models. Cautious scenario R1.13, optimistic scenario R2.98. It is a calculation from audited fundamentals, not an analyst target.
What is the Vunani Ltd stock forecast for 2026?
Our models put fair value at R2.16, about +8% upside versus a price of R2.00 (fairly valued). Cautious scenario R1.13, optimistic scenario R2.98. The calculation is refreshed regularly with new filings.
What is the revenue of Vunani Ltd (VUN)?
Vunani Ltd reported trailing-twelve-month revenue of about 874M ZAR (latest available figure, as of Sep 24, 2026).
Does Vunani Ltd pay a dividend?
Vunani Ltd currently shows a dividend yield of about 5.00% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Vunani Ltd (VUN)?
For today's price to be fair in a discounted-cash-flow model, Vunani Ltd would have to grow free cash flow by -35.4 % per year for five years (discount rate 13.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +10.0 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of VUN use?
Our models discount Vunani Ltd at 13.4 %: a base by market capitalisation (nano), country premium for South Africa. 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 Vunani Ltd that is -35.4 % per year a year over ten years, using the same discount rate (13.4 %) and the same formula as our fair value.
How much growth has Vunani Ltd (VUN) delivered so far?
Over the past 5 years revenue at Vunani Ltd grew +10.0 % a year. The price currently implies -35.4 % 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 Vunani Ltd (VUN) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Vunani Ltd (-35.4 % 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 Vunani Ltd (VUN)?
The free-cash-flow yield on the price is 28.36 %: that much free cash flow Vunani Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vunani Ltd (VUN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vunani Ltd it is R2.16 per share (as of Sep 24, 2026), against a price of R2.00. It is the blended result of 11 valuation models (cash flow, earnings, asset, dividend).
Is Vunani Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VUN trades below its calculated fair value: price R2.00, fair value R2.16, a gap of about +8% (fairly valued). 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 VUN?
No. The price is what the market pays today (R2.00); the fair value is what the company's own numbers justify (R2.16). For Vunani Ltd the two are R0.1600 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vunani Ltd worth?
The market values Vunani Ltd at about 403M ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R2.00; our models calculate a fair value of R2.16 per share.
What do the bullish and bearish scenarios say about VUN?
Our models span a range for Vunani Ltd: cautious scenario R1.13, base R2.16, optimistic R2.98 per share (as of Sep 24, 2026, price R2.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VUN?
Vunani Ltd trades at a price-to-earnings ratio of 33.3 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R2.16 is built from several models across several years. Other multiples: P/B 1.4, P/S 0.5, EV/EBITDA 1.6.
How solid is the balance sheet of Vunani Ltd (VUN)?
Balance-sheet figures for Vunani Ltd (as of Sep 24, 2026): return on equity 9.3%, debt of 0.16 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is VUN from its 52-week high?
Vunani Ltd trades at R2.00, about 26% below its 52-week high of R2.70 and 87% above the low of R1.07 (as of Sep 21, 2026). Distance from the high says nothing about value: that is what the fair value of R2.16 is for.
Which stocks are comparable to Vunani Ltd?
From the same area (Financial Services) we also value Morgan Stanley, a financial holding company,, The Goldman Sachs Group, The Charles Schwab Corporation, Interactive Brokers Group, 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 Vunani Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price R2.00, calculated fair value R2.16 (+8%), Quality Score 60/100, from 11 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 VUN calculated?
We run Vunani Ltd through 11 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 R2.16, 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 14.0 % above its aggregate fair value. Vunani Ltd currently trades 8 % below its own fair value, and the market average says nothing about that. 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 Vunani Ltd (VUN)?
The closing price on Sep 21, 2026 was R2.00. Our model-based fair value is R2.16, about +8% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vunani Ltd right now?
The model range is unusually wide (R1.13 to R2.98). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Key figures of Vunani Ltd
How large is the market capitalisation of Vunani Ltd (VUN)?
The market capitalisation of Vunani Ltd is 403M ZAC. 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 Vunani Ltd (VUN)?
The price-to-sales ratio of Vunani Ltd is 0.38 (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 Vunani Ltd (VUN)?
Earnings per share at Vunani Ltd are R0.0600 (price ÷ EPS = P/E 33.3). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vunani Ltd (VUN)?
The dividend yield of Vunani Ltd is 5.0% (payout 167%). 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 Vunani Ltd (VUN)?
The net margin of Vunani Ltd is 1.2% (fiscal year 2026). 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 Vunani Ltd (VUN)?
The return on equity (ROE) of Vunani Ltd is 9.3% (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 Vunani Ltd (VUN)?
On an EBIT basis the return on assets of Vunani Ltd is 7.3% (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 Vunani Ltd (VUN)?
The operating margin of Vunani Ltd is 14.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vunani Ltd (VUN)?
Revenue at Vunani Ltd is growing +24.9% versus a year earlier (3y avg +6.5%). 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 Vunani Ltd (VUN)?
Earnings per share at Vunani Ltd are growing +41.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Vunani Ltd (VUN) hold?
Vunani Ltd holds more cash than debt, 177M ZAC net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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