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Zeder Investments Ltd (ZED) Fair Value & Analysis

Financial Services · ZA · Market cap 1.8B ZAC

ZI Zeder Investments Ltd ZED · JSE
PriceR1.13
Fair ValueR2.26
Upside+100.0%
Quality61/100
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Weak Growth
Thin margins · 0.0% net margin
Low debt · generates free cash flow
Mixed vs. peers (5/12)
Narrow moat 13/100
Evidence: Medium Range R1.25 – R3.11 Share as image

Fair value as of: Jul 17, 2026

From 2 valuation models · updated 24 days ago

Fair value updated Jul 17, 2026, revised from R2.22 to R2.26 (+1.8%) since Jun 26, 2026.

A solid business, screening 100% undervalued on our models.

What matters now

  • The price is below even our cautious bear case (R1.25). The market is more pessimistic than our downside scenario.
  • Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality.
  • A fairly wide model range (R1.25 to R3.11) 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.
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Price vs Fair Value (5 years)

R2.19 R1.09 Fair Value R2.26 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 17, 2026.

How to read this chart

60‑month range R1.09 – R2.19 · fair‑value band R1.25 – R3.11 · the R1.13 price screens below the R2.26 fair value. Dashed = 300-day average. As of Jul 17, 2026.

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Analysis

Zeder Investments Ltd (ZED) currently trades at R1.13, while our model-based Fair Value estimate is R2.26, implying the stock looks roughly 100.0% undervalued today. The Quality Score stands at 61/100 (solid quality), in the Financial Services 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.

Trailing-twelve-month revenue stands at 15.0M ZAR. Revenue grew 15.2% year over year. It earns a return on equity of -1.1%. The balance sheet holds a net cash position of 231M ZAR. Fundamentals as of Jul 17, 2026

Our scenario range runs from R1.25 (bear case) to R3.11 (bull case); at R1.13, the current price sits below 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 Financial Services peers we cover trades at -12% fair-value upside, at 100%, ZED 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
P/B Multiple R0.9600 R1.28 R1.60 55
NCAV (Graham) R0.7500 R1.01 R1.50 50
All 2 models by family
Multiples
P/B Multiple R0.9600 R1.28 R1.60 55
Asset-Based
NCAV (Graham) R0.7500 R1.01 R1.50 50

Widest divergence: Multiples (R1.28) versus Asset-Based (R1.01). Highest evidence: P/B Multiple (55).

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Key figures & financial health

Revenue (TTM) 15.0M ZAC
Revenue growth (YoY) +15.2%
Return on equity -1.1%
Free cash flow 71.0M ZAC FY2026
Operating margin -253%
EPS (TTM) R-0.0200
More key figures
EPS growth (YoY) -93.4%
Net cash 231M ZAC FY2026

Figures from reported company fundamentals · as of Jul 17, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 61/100

Of which business quality 60 · Market factors (momentum, volatility) 31

Profitability 0
Margins and returns on capital today
Quality Growth 39
Are margins and returns improving?
Cashflow 100
Earnings quality: real cash, not paper profit
Fin. Strength 52
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 60
Calm price path (market factor)
Momentum 18
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 90
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

Zeder Investments Ltd. is a private equity arm of PSG Group Ltd. specializing in middle market investments in PIPEs transactions. The firm seeks to invest in unlisted securities of agricultural, food, beverages, grain, and related industries with a focus on agribusiness industry. It seeks to make investments in South Africa and neighbouring countries.

Full company description

Zeder Investments Ltd. is a private equity arm of PSG Group Ltd. specializing in middle market investments in PIPEs transactions. The firm seeks to invest in unlisted securities of agricultural, food, beverages, grain, and related industries with a focus on agribusiness industry. It seeks to make investments in South Africa and neighbouring countries. It invests between ZAR20 million ($2.74 million) and ZAR500 million($49.48 million) in companies with an enterprise value between ZAR50 million ($4.95 million) and ZAR10000 million ($989.55 million), revenues between ZAR500 million ($49.48 million) and ZAR30000 million ($2968.65 million), and EBITDA between ZAR10 million ($0.99 million) and ZAR2000 million ($197.91 million). The firm sources its capital through equity capital raised through the issuing of share to public shareholders. It invests through its personal capital. Zeder Investments Ltd. was founded in 2006 and is based in Stellenbosch, South Africa.

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

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Zeder Investments Ltd reported revenue of R15.0M in FY2026 versus R50.0M in FY2022, a compound −26.0%/yr. Reported net income was −R421M in FY2026.

Growth Quality 15/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2026)
15.0M ZAR
Latest YoY
−70.6%
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.
−10.4%
Avg. growth/yr (19Y) 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.
−11.9%
Revenue −26.0%/yr
FY22 R50.0M
FY23 R2.0M
FY24 R7.0M
FY25 R51.0M
FY26 R15.0M
Net income
FY22 R801M
FY23 −R187M
FY24 R12.0M
FY25 −R154M
FY26 −R421M

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Cite: Fair Value Calculator (2026). "Zeder Investments Ltd Fair Value". https://www.fairvalue-calculator.com/stock/ZED

Peer Group

Asset Management · 970 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 59 · Below median
Fair Value upside +100% · Top 25%
Return on assets -1% · Bottom 25%
Net margin (TTM) 0% · Below median
Revenue growth 15% · Above median
Dividend yield (TTM) 0.0% · Bottom 25%
Debt / equity 0.28× · Higher than median

Valuation Multiples vs Asset Management median · lower = cheaper

P/B 0.05× · Cheaper than 75% of peers
P/S (TTM) 7.55× · Pricier than median
P/FCF 1.6× · Cheaper than 75% of peers
EV/EBITDA 1.9× · 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 100 · sector 37
FUTURE 76 · sector 6
PAST 0 · sector 26
HEALTH 86 · sector 95
DIVIDEND 0 · sector 70

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 Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 17, 2026).

Stock Price Fair Value vs Fair Value
Fondul Proprietatea SA FP $0.0420 $0.0800 +90%
BlackRock, Inc BLK $1,136 $465.75 -59%
Blackstone Inc BX $124.56 $16.35 -87%
Investor AB INVEB kr 423.70 kr 847.40 +100%
Brookfield Corporation BN C$62.45 C$10.12 -84%
KKR & Co KKR $100.94 $44.88 -56%
AB Industrivärden INDUA kr 532.50 kr 1,065 +100%
Jio Financial Services Limited JIOFIN ₹242.98 ₹40.19 -83%
Hedef Holding HEDEF 267.25 TRY 320.98 TRY +20%
Bajaj Holdings BAJAJHLDNG ₹10,398 ₹9,202 -12%

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Frequently asked questions

Is Zeder Investments Ltd (ZED) overvalued or undervalued?
As of Jul 17, 2026, our model estimates a fair value of R2.26 versus a price of R1.13, about +100% (undervalued).
What is the fair value of ZED?
Our model-based fair value for Zeder Investments Ltd is R2.26 (as of Jul 17, 2026), built from audited fundamentals. The current price is R1.13.
What is the quality score of ZED?
Zeder Investments Ltd has a Quality Score of 61/100. 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 Zeder Investments Ltd (ZED)?
Zeder Investments Ltd reported trailing-twelve-month revenue of about 15.0M ZAR (latest available figure, as of Jul 17, 2026).
What is the net profit margin of ZED?
The net profit margin of Zeder Investments Ltd is about 0.0%, meaning it keeps roughly 0.0% 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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