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Zeder Investments Ltd (ZED) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of Zeder Investments Ltd ZAR 1.28, price ZAR 1.05, upside +21.9%, quality 61 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? Yes
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Financial Services · ZA · ISIN ZAE000088431

ZI Thin data Sep 24, 2026

Zeder Investments Ltd

ZED · JSE

UndervaluedThe stock appears undervalued with acceptable quality.

✓Fair value R1.28 · Undervalued (+22%)
!Quality 61/100
!Weak Growth (revenue 5y −10.4 %/yr)
✓Low debt · generates free cash flow
✓Ranks above peers (6/10)
!Narrow moat 13/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

R2.07 R1.01 Fair Value R1.28 Jun 2021 Sep 2026

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 R1.01 – R2.07 · fair‑value band R0.9600 – R1.60 · the R1.05 price screens below the R1.28 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

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.

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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.

Stock analysis

Zeder Investments Ltd (ZED) currently trades at R1.05, while our model-based Fair Value estimate is R1.28, implying the stock looks roughly 18.0% undervalued today.

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Valuation

How firm this estimate is: it rests on 12 models at a data quality of 96/100, which puts the evidence level at low.

Scenario range: R0.9600 (bear) to R1.60 (bull), the price of R1.05 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 61/100 (solid quality), in the Financial Services sector.

Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.

Zeder Investments Ltd reported revenue of 15.0M ZAR in FY2026 versus 50.0M ZAR in FY2022, a compound −26.0%/yr. Reported net income was −421M ZAR in FY2026.

Key figures

Market cap 1.8B ZAC · EPS (TTM) R−0.0200 · Return on equity −1.1% · Return on assets (EBIT) −1.8% · Operating margin −253% · Revenue (TTM) 15.0M ZAR · Revenue growth (YoY) +15.2% · EPS growth (YoY) −93.4%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 28 out of 100 (low confidence).

What moves the price

The share trades about 25% below its 52-week high and 4% above its 52-week low, currently below its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −4% fair-value upside, at 22%, ZED screens cheaper than that median.

Fair Value models

Bear R0.9600 Fair Value R1.28 Bull R1.60
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.
Highest evidence
P/B Multiple R0.9600 R1.28 R1.60 55
NCAV (Graham) R0.7500 R1.01 R1.50 54
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 54

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Quality Score breakdown

Overall quality 61/100

Of which business quality 60 · Market factors (momentum, volatility) 33

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 64
Calm price path (market factor)
Momentum 26
Price trend over the last 3–12 months (market factor)
52W Momentum 12
Distance to the 52-week high (market factor)
Net Issuance 90
Share count: buybacks or dilution?

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Revenue & earnings trend

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. 15/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−70.6%
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.
−10.4%
Start year 2021 (pandemic). Over 10 years: −47.4% a year
Revenue growth 19 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.
−11.9%
Profit margin (trend) ⓘ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.
−103.8% (2021) → −153.3% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed

Growth Forecast

A lot of optimism in the price
The price assumes more 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).
+51.6%
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 +46.8% a year for the price.

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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.Asset Management · 656 stocks

Beats the industry median on 6/9 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 59 · Above median
Fair Value upside +22% · Above median
Profitability
Return on assets −1% · Bottom 25%
Growth and dividend
Revenue growth 15% · Above median
Balance sheet
Debt / equity 0.28× · Above median

Valuation Multiplesvs Asset Management median · lower = cheaper

P/B 0.05× · Cheapest 25%
P/S (TTM) 7.44× · Pricier than median
P/FCF 1.6× · Cheapest 25%
EV/EBITDA 1.9× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)63 · sector 56
FUTURE (revenue growth)76 · sector 21
PAST (return on equity)0 · sector 22
HEALTH (low debt)86 · sector 95
DIVIDEND (yield)0 · sector 81

Context: sector, industry, market

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

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $117.21 $52.29 −55%
Brookfield Corporation BN $37.85 $13.75 −64%
KKR & Co KKR $97.21 $29.25 −70%
Apollo Global Management, Inc APO $124.36 $229.64 +85%
State Street Corporation STT $179.95 $138.33 −23%
Ameriprise Financial, Inc AMP $502.79 $579.51 +15%
Ares Management Corporation ARES $124.72 $119.25 −4%
Northern Trust Corporation NTRS $173.40 $122.02 −30%
Raymond James Financial, Inc RJF $158.23 $312.27 +97%
T. Rowe Price Group TROW $104.57 $209.14 +100%

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Zeder Investments Ltd · Fair Value
R1.28 +18%Fair Value
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Cite: Fair Value Calculator (2026). "Zeder Investments Ltd Fair Value". https://www.fairvalue-calculator.com/stock/ZED

Frequently asked questions

Is Zeder Investments Ltd (ZED) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R1.28 versus a price of R1.05, about +22% upside (undervalued).
What is the fair value of ZED?
Our model-based fair value for Zeder Investments Ltd is R1.28 (as of Sep 24, 2026), built from audited fundamentals. The current price: R1.05.
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 price target for Zeder Investments Ltd (ZED)?
Our model-based price target is the fair value of R1.28 (as of Sep 24, 2026) from 2 valuation models. Cautious scenario R0.9600, optimistic scenario R1.60. It is a calculation from audited fundamentals, not an analyst target.
What is the Zeder Investments Ltd stock forecast for 2026?
Our models put fair value at R1.28, about +22% upside versus a price of R1.05 (undervalued). Cautious scenario R0.9600, optimistic scenario R1.60. The calculation is refreshed regularly with new filings.
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 Sep 24, 2026).
What growth is priced into Zeder Investments Ltd (ZED)?
For today's price to be fair in a discounted-cash-flow model, Zeder Investments Ltd would have to grow free cash flow by +51.6 % per year for five years (discount rate 16.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -10.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of ZED use?
Our models discount Zeder Investments Ltd at 16.4 %: a base by market capitalisation (micro), 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 Zeder Investments Ltd that is +51.6 % per year a year over ten years, using the same discount rate (16.4 %) and the same formula as our fair value.
How much growth has Zeder Investments Ltd (ZED) delivered so far?
Over the past 5 years revenue at Zeder Investments Ltd grew -10.4 % a year. The price currently implies +51.6 % 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 Zeder Investments Ltd (ZED) growing?
The median revenue growth in the sector is +8.5 % a year. That is the yardstick for the growth priced into Zeder Investments Ltd (+51.6 % 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 Zeder Investments Ltd (ZED)?
The free-cash-flow yield on the price is 4.39 %: that much free cash flow Zeder Investments Ltd produces per unit of market value. When it exceeds the discount rate of our models (16.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Zeder Investments Ltd (ZED)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zeder Investments Ltd it is R1.28 per share (as of Sep 24, 2026), against a price of R1.05. It is the blended result of 2 valuation models (cash flow, earnings, asset, dividend).
Is Zeder Investments Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ZED trades below its calculated fair value: price R1.05, fair value R1.28, a gap of about +22% (undervalued). 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 ZED?
No. The price is what the market pays today (R1.05); the fair value is what the company's own numbers justify (R1.28). For Zeder Investments Ltd the two are R0.2300 per share apart. That gap is exactly why we show both numbers side by side.
How much is Zeder Investments Ltd worth?
The market values Zeder Investments Ltd at about 1.8B ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R1.05; our models calculate a fair value of R1.28 per share.
What do the bullish and bearish scenarios say about ZED?
Our models span a range for Zeder Investments Ltd: cautious scenario R0.9600, base R1.28, optimistic R1.60 per share (as of Sep 24, 2026, price R1.05). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Zeder Investments Ltd (ZED)?
Balance-sheet figures for Zeder Investments Ltd (as of Sep 24, 2026): return on equity −1.1%, debt of 0.28 per unit of equity. They feed the Quality Score of 61/100, which measures business quality independently of the share price.
How far is ZED from its 52-week high?
Zeder Investments Ltd trades at R1.05, about 25% below its 52-week high of R1.40 and 4% above the low of R1.01 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R1.28 is for.
Which stocks are comparable to Zeder Investments Ltd?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, KKR & Co, Apollo Global Management, Inc, 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 Zeder Investments Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price R1.05, calculated fair value R1.28 (+22%), Quality Score 61/100, from 2 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 ZED calculated?
We run Zeder Investments Ltd through 2 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 R1.28, 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. Zeder Investments Ltd currently trades 22 % 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 Zeder Investments Ltd (ZED)?
The closing price on Sep 23, 2026 was R1.05. Our model-based fair value is R1.28, about +22% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zeder Investments Ltd right now?
Solid quality (61/100) at a price below fair value, the discount is the argument here, not the business quality. 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 Zeder Investments Ltd

How large is the market capitalisation of Zeder Investments Ltd (ZED)?
The market capitalisation of Zeder Investments Ltd is 1.8B 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 are the earnings per share of Zeder Investments Ltd (ZED)?
Earnings per share at Zeder Investments Ltd are R−0.0200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the return on equity of Zeder Investments Ltd (ZED)?
The return on equity (ROE) of Zeder Investments Ltd is −1.1% (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 Zeder Investments Ltd (ZED)?
On an EBIT basis the return on assets of Zeder Investments Ltd 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 Zeder Investments Ltd (ZED)?
The operating margin of Zeder Investments Ltd is −253% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zeder Investments Ltd (ZED)?
Revenue at Zeder Investments Ltd is growing +15.2% versus a year earlier (3y avg +95.7%). 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 Zeder Investments Ltd (ZED)?
Earnings per share at Zeder Investments Ltd are growing −93.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net cash does Zeder Investments Ltd (ZED) hold?
Zeder Investments Ltd holds more cash than debt, 231M ZAC net (fiscal year 2026). The company holds more cash than debt, a safety cushion.
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