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Zeda Ltd. (ZZD) fair value: what the stock is really worth

As of Oct 2, 2026: fair value of Zeda Ltd. ZAR 65.45, price ZAR 15.10, upside +333.4%, quality 43 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? No
  3. Add to watchlist

Industrials · ZA

ZL Thin data Sep 24, 2026

Zeda Ltd.

ZZD · JSE

Cheap, value-trap riskThe stock looks deeply undervalued, but low quality raises value-trap risk.

✓Fair value 65.45 ZAR · Strongly undervalued (+333.4%)
!Quality 43/100
!Expensive Growth (revenue 5y +4.2 %/yr)
!Thin margins · 6.4% net margin (TTM)
!Moderate debt · negative free cash flow
!13.6% dividend yield · Watch coverage
✓Ranks above peers (10/13)
!Moderate moat 55/100
!Evidence only low, so the estimate is less certain
!Weak on future: 16 out of 100

What runs behind every stock

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

Price vs Fair Value

16.06 ZAR 6.89 ZAR Fair Value 65.45 ZAR Dec 2022 Oct 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

46‑month range 6.89 ZAR – 16.06 ZAR · fair‑value band 45.82 ZAR – 85.09 ZAR · the 15.10 ZAR price screens below the 65.45 ZAR fair value. Dashed = 300-day average. As of Sep 24, 2026.

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Company profile

Zeda Limited provides mobility solutions in South Africa and other countries in Sub-Saharan Africa. It operates through the Car Rental and Leasing segments.

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Zeda Limited provides mobility solutions in South Africa and other countries in Sub-Saharan Africa. It operates through the Car Rental and Leasing segments. The Car Rental Business segment provides short-term rental and subscription solutions for individuals, business travel, corporates, and government entities under the Avis and Budget brand name; replacement vehicles for its partner insurance companies; and other complementary products, including the hire of child car seats, GPS and bike racks, and specialized insurance products. Its Leasing Business segment offers leasing services of vehicles, such as motorcycles and heavy commercial vehicles for corporates, small businesses, and government entities; complementary products, such as telematics, intelligent fuel and accident management, roadside assistance, insurance, and managed maintenance services; and service and maintenance plans. In addition, the company sells its cars from its rental and leasing businesses to retail customers and wholesalers through dealerships, wholesale outlets, online channels, and independent wholesalers. It also engages in the advertisement of its retail vehicles through Avis Car Sales and other third-party websites, as well as the sale of wholesale stock through the Avis Auction online auction trading platform and bulk deal offerings directly to the market. The company was founded in 1967 and is headquartered in Kempton Park, South Africa.

Stock analysis

Zeda Ltd. (ZZD) currently trades at 15.10 ZAR, while our model-based Fair Value estimate is 65.45 ZAR, implying the stock looks roughly 76.9% undervalued today.

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Valuation

Bull case: the DCF Models group reads highest at a median of 165.91 ZAR per share, and 14 of the 17 models we run sit above the 15.10 ZAR price.

Bear case: the Dividend Discount group reads lowest at 10.62 ZAR, and 3 of the 17 models stay below the price. Evidence for this calculation is low.

Scenario range: 45.82 ZAR (bear) to 85.09 ZAR (bull), the price of 15.10 ZAR sits below 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 43/100 (below-average quality), in the Industrials sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Zeda Ltd. reported revenue of 10.6B ZAR in FY2025 versus 7.7B ZAR in FY2021, a compound +8.5%/yr. Reported net income was 672M ZAR in FY2025, compounding +16.9%/yr from FY2021.

Key figures

Market cap 2.8B ZAR (≈ $169M) · P/E ratio 4.1 · P/S ratio 0.26 · EPS (TTM) 3.72 ZAR · Dividend yield 13.6% · Net margin 6.3% · Return on equity 21.3% · Return on assets (EBIT) 10.8%.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 43 out of 100 (low confidence).

What moves the price

The share trades about 6% below its 52-week high and 46% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Industrials peers we cover trades at −12% fair-value upside, at 333%, ZZD screens cheaper than that median.

Fair Value models

Bear 45.82 ZAR Fair Value 65.45 ZAR Bull 85.09 ZAR
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. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (1.66 ZAR per share) are deliberately not added. 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.
Highest evidence
Owner Earnings 119.08 ZAR 165.91 ZAR 222.53 ZAR 77
Residual Income 18.57 ZAR 23.07 ZAR 31.71 ZAR 76
EPV 39.09 ZAR 45.51 ZAR 50.72 ZAR 74
All 17 models by family
DCF Models
Owner Earnings 119.08 ZAR 165.91 ZAR 222.53 ZAR 77
Earnings-Based
Graham-Dodd 24.81 ZAR 69.22 ZAR 90.99 ZAR 65
Lynch FV 13.92 ZAR 19.89 ZAR 25.85 ZAR 61
PEG = 1.0 13.92 ZAR 19.89 ZAR 25.85 ZAR 57
EPV 39.09 ZAR 45.51 ZAR 50.72 ZAR 74
Dividend Discount
Gordon GGM 7.38 ZAR 12.37 ZAR 16.05 ZAR 68
DDM Multi-Stage 7.38 ZAR 10.62 ZAR 13.30 ZAR 67
Multiples
P/E Multiple 57.47 ZAR 76.63 ZAR 95.79 ZAR 63
P/S Multiple 46.52 ZAR 62.03 ZAR 77.54 ZAR 58
P/B Multiple 46.52 ZAR 62.03 ZAR 77.54 ZAR 55
EV/EBIT 97.91 ZAR 135.35 ZAR 172.79 ZAR 66
EV/EBITDA 163.29 ZAR 222.52 ZAR 281.75 ZAR 67
EV/Revenue 58.39 ZAR 89.59 ZAR 120.80 ZAR 53
Asset-Based
NCAV (Graham) 8.96 ZAR 12.00 ZAR 17.91 ZAR 54
Economic Profit
Residual Income 18.57 ZAR 23.07 ZAR 31.71 ZAR 76
ROIC Compounder 41.21 ZAR 50.78 ZAR 60.58 ZAR 72
Growth Earnings
Growth-Adj P/E 45.82 ZAR 65.45 ZAR 85.09 ZAR 67

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Quality Score breakdown

Overall quality 43/100

Of which business quality 39 · Market factors (momentum, volatility) 75

Profitability 51
Margins and returns on capital today
Quality Growth 42
Are margins and returns improving?
Cashflow 3
Earnings quality: real cash, not paper profit
Fin. Strength 21
Balance sheet, leverage, solvency risk
Investment 50
Disciplined investing over empire-building
Low Volatility 83
Calm price path (market factor)
Momentum 67
Price trend over the last 3–12 months (market factor)
52W Momentum 81
Distance to the 52-week high (market factor)
Net Issuance 86
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. 40/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+1.7%
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.
+9.4%
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.
+4.2%
Start year 2020 (pandemic)
Revenue growth 6 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.
+0.8%
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.
+24.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+11.0%
Dividend (yield on the price)13.6%
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% → 15%

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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.Rental & Leasing Services · 88 stocks

Beats the industry median on 10/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 43 · Below median
Fair Value upside +200.0% · Top 25%
Profitability
Return on equity (TTM) 21.3% · Top 25%
Return on assets 7.1% · Top 25%
Net margin (TTM) 6.4% · Above median
Operating margin (TTM) 15.1% · Above median
Growth and dividend
Revenue growth 3.2% · Below median
Dividend yield (TTM) 13.6% · Top 25%
Balance sheet
Debt / equity 1.14× · Above median

Valuation Multiplesvs Rental & Leasing Services median · lower = cheaper

P/E (TTM) 4.1× · Cheapest 25%
P/B 0.85× · Cheaper than median
P/S (TTM) 0.26× · Cheapest 25%
EV/EBITDA 2.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)100 · sector 76
FUTURE (revenue growth)16 · sector 34
PAST (return on equity)85 · sector 30
HEALTH (low debt)43 · sector 66
DIVIDEND (yield)100 · sector 48

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 Rental & Leasing Services stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
United Rentals, Inc URI $1,044 $441.48 −58%
Sunbelt Rentals Holdings SUNB $75.06 $65.76 −12%
AerCap Holdings AER $143.93 $208.22 +45%
U-Haul Holding UHAL $60.88 $7.57 −88%
Ryder System, Inc R $233.93 $151.59 −35%
Element Fleet Management Corp EFN C$23.85 C$21.30 −11%
GATX Corporation GATX $175.86 $129.05 −27%
BOC Aviation Limited 2588 HK$71.00 HK$146.00 +106%
EquipmentShare.com Inc EQPT $17.35 $3.89 −78%
Bohai Leasing Co 000415 ¥4.11 ¥8.22 +100%

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Cite: Fair Value Calculator (2026). "Zeda Ltd. Fair Value". https://www.fairvalue-calculator.com/stock/ZZD

Frequently asked questions

Is Zeda Ltd. (ZZD) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of 65.45 ZAR versus a price of 15.10 ZAR, about +333% upside (undervalued).
What is the fair value of ZZD?
Our model-based fair value for Zeda Ltd. is 65.45 ZAR (as of Sep 24, 2026), built from audited fundamentals. The current price: 15.10 ZAR.
What is the quality score of ZZD?
Zeda Ltd. has a Quality Score of 43/100. 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 Zeda Ltd. (ZZD)?
Our model-based price target is the fair value of 65.45 ZAR (as of Sep 24, 2026) from 17 valuation models. Cautious scenario 45.82 ZAR, optimistic scenario 85.09 ZAR. It is a calculation from audited fundamentals, not an analyst target.
What is the Zeda Ltd. stock forecast for 2026?
Our models put fair value at 65.45 ZAR, about +333% upside versus a price of 15.10 ZAR (undervalued). Cautious scenario 45.82 ZAR, optimistic scenario 85.09 ZAR. The calculation is refreshed regularly with new filings.
What is the revenue of Zeda Ltd. (ZZD)?
Zeda Ltd. reported trailing-twelve-month revenue of about 10.8B ZAR (latest available figure, as of Sep 24, 2026).
Does Zeda Ltd. pay a dividend?
Zeda Ltd. currently shows a dividend yield of about 13.64% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Zeda Ltd. (ZZD)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Zeda Ltd. it is 65.45 ZAR per share (as of Sep 24, 2026), against a price of 15.10 ZAR. It is the blended result of 17 valuation models (cash flow, earnings, asset, dividend).
Is Zeda Ltd. stock overvalued or undervalued in 2026?
As of Sep 24, 2026, ZZD trades below its calculated fair value: price 15.10 ZAR, fair value 65.45 ZAR, a gap of about +333% (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 ZZD?
No. The price is what the market pays today (15.10 ZAR); the fair value is what the company's own numbers justify (65.45 ZAR). For Zeda Ltd. the two are 50.35 ZAR per share apart. That gap is exactly why we show both numbers side by side.
How much is Zeda Ltd. worth?
The market values Zeda Ltd. at about 2.8B ZAR (market capitalisation, as of Sep 24, 2026). Per share that is 15.10 ZAR; our models calculate a fair value of 65.45 ZAR per share.
What do the bullish and bearish scenarios say about ZZD?
Our models span a range for Zeda Ltd.: cautious scenario 45.82 ZAR, base 65.45 ZAR, optimistic 85.09 ZAR per share (as of Sep 24, 2026, price 15.10 ZAR). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of ZZD?
Zeda Ltd. trades at a price-to-earnings ratio of 4.1 (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 65.45 ZAR is built from several models across several years. Other multiples: P/B 0.9, P/S 0.3, EV/EBITDA 2.0.
How solid is the balance sheet of Zeda Ltd. (ZZD)?
Balance-sheet figures for Zeda Ltd. (as of Sep 24, 2026): return on equity 21.3%, debt of 1.14 per unit of equity. They feed the Quality Score of 43/100, which measures business quality independently of the share price.
How far is ZZD from its 52-week high?
Zeda Ltd. trades at 15.10 ZAR, about 6% below its 52-week high of 16.06 ZAR and 46% above the low of 10.35 ZAR (as of Oct 2, 2026). Distance from the high says nothing about value: that is what the fair value of 65.45 ZAR is for.
Which stocks are comparable to Zeda Ltd.?
From the same area (Industrials) we also value United Rentals, Inc, Sunbelt Rentals Holdings, AerCap Holdings, U-Haul Holding, 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 Zeda Ltd. stock attractive at the current price?
The data as of Sep 24, 2026: price 15.10 ZAR, calculated fair value 65.45 ZAR (+333%), Quality Score 43/100, from 17 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 ZZD calculated?
We run Zeda Ltd. through 17 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 65.45 ZAR, 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. Zeda Ltd. currently trades 77 % 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 Zeda Ltd. (ZZD)?
The closing price on Oct 2, 2026 was 15.10 ZAR. Our model-based fair value is 65.45 ZAR, about +333% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Zeda Ltd. right now?
The large discount to fair value meets weak quality (43/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (45.82 ZAR). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (45.82 ZAR to 85.09 ZAR) leaves room in how you read the outcome.

Key figures of Zeda Ltd.

How large is the market capitalisation of Zeda Ltd. (ZZD)?
The market capitalisation of Zeda Ltd. is 2.8B ZAR (≈ $169M). 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 Zeda Ltd. (ZZD)?
The price-to-sales ratio of Zeda Ltd. is 0.26 (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 Zeda Ltd. (ZZD)?
Earnings per share at Zeda Ltd. are 3.72 ZAR (price ÷ EPS = P/E 4.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Zeda Ltd. (ZZD)?
The dividend yield of Zeda Ltd. is 13.6% (payout 55.4%). 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 Zeda Ltd. (ZZD)?
The net margin of Zeda Ltd. is 6.3% (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 Zeda Ltd. (ZZD)?
The return on equity (ROE) of Zeda Ltd. is 21.3% (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 Zeda Ltd. (ZZD)?
On an EBIT basis the return on assets of Zeda Ltd. is 10.8% (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 Zeda Ltd. (ZZD)?
The operating margin of Zeda Ltd. is 15.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Zeda Ltd. (ZZD)?
Revenue at Zeda Ltd. is growing +3.2% versus a year earlier (3y avg +9.4%). 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 Zeda Ltd. (ZZD)?
Earnings per share at Zeda Ltd. are growing +6.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Zeda Ltd. (ZZD) generate?
The free cash flow of Zeda Ltd. is −436M ZAR (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Zeda Ltd. (ZZD) carry?
The net debt of Zeda Ltd. is 5.6B ZAR (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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