Bidvest Group Ltd

BVT.JSE · Industrials · Conglomerates · ZAC · Fundamentals
Mixed

Physical assets are 30.6% of total assets, a mixed footprint. Capex is 0.67x depreciation while free cash flow yield is positive, which can mean an aging base that is still throwing off cash. EBITDA after capex covers debt service by 0.78x, which is below 1.

Energy, materials, and industrial names often turn net PP&E at about 1x to 3x. This name is at 5.64x.

Physical asset ratio
30.6%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&EZAC 23.10BpropertyPlantAndEquipmentNetInventoryZAC 14.40BinventoryTotal assetsZAC 122.62BtotalAssetsResult 30.6%
Net PP&E plus inventory, divided by total assets. Above 50% is a heavy footprint.
Fixed asset turnover
5.64xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenueZAC 130.32BtotalRevenueNet PP&EZAC 23.10BpropertyPlantAndEquipmentNetResult 5.64x
Revenue per dollar of the physical asset base.
Capex / D&A
0.67xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapexZAC 3.09BcapitalExpendituresD&AZAC 4.58BreconciledDepreciationResult 0.67x
Above 1.0x means the physical base is being replaced or expanded.
Tangible book / share
ZAC 3.58Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsZAC 122.62BtotalAssetsGoodwillZAC 26.21BgoodWillIntangiblesZAC 15.98BintangibleAssetsLiabilitiesZAC 79.21BtotalLiabTangible bookZAC 1.22BShares340,063,000commonStockSharesOutstandingResult ZAC 3.58
Assets minus goodwill, intangibles, and liabilities, per share.
Price / tangible book
—Price / tangible bookPrice / tangible book per sharePrice—Latest quoteTangible book / shareZAC 3.582026-06-30A live quote was not available, so price / tangible book could not be calculated.Result —
Quote unavailable.
Fixed-charge coverage
0.78xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAZAC 12.18BebitdaCapexZAC 3.09BcapitalExpendituresInterestZAC 3.14BinterestExpenseShort-term debtZAC 8.53BshortLongTermDebtEBITDA − capexZAC 9.09BPrincipal due is the current portion of debt.Result 0.78x
EBITDA minus capex, divided by interest plus short-term debt.
FCF yield
11.6%Free cash flow yield · 2026-06-30Latest free cash flow / current market capFree cash flowZAC 9.40BfreeCashFlowMarket capZAC 81.32BMarketCapitalizationResult 11.6%
Latest free cash flow divided by current market cap (ZAC 81.32B).
ROIC
12.0%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeZAC 12.18BoperatingIncomeTax expenseZAC 2.23BincomeTaxExpensePretax incomeZAC 8.77BincomeBeforeTaxTax rate25.4%EquityZAC 39.96BtotalStockholderEquityDebtZAC 41.78BshortLongTermDebtTotalCashZAC 6.27BcashInvested capitalZAC 75.47BResult 12.0%
After-tax operating income over equity plus debt minus cash. Operating income / net PP&E is 0.53x.

Footprint and return

Turnover and reinvestment

Year Physical FAT Capex/D&A TBV/sh Coverage FCF ROIC EBIT/PP&E
2019 33.3%Physical asset ratio · 2019-06-30(Net PP&E + inventory) / total assetsNet PP&EZAC 12.05BpropertyPlantEquipmentInventoryZAC 8.56BinventoryTotal assetsZAC 61.85BtotalAssetsResult 33.3% 6.40xFixed asset turnover · 2019-06-30Revenue / net PP&ERevenueZAC 77.15BtotalRevenueNet PP&EZAC 12.05BpropertyPlantEquipmentResult 6.40x 2.43xCapex / D&A · 2019-06-30Capital expenditures / depreciation and amortizationCapexZAC 3.68BcapitalExpendituresD&AZAC 1.51BdepreciationAndAmortizationResult 2.43x ZAC 101.25Tangible book / share · 2019-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsZAC 61.85BtotalAssetsGoodwillZAC 5.42BgoodWillIntangiblesZAC 3.38BintangibleAssetsLiabilitiesZAC 35.92BtotalLiabTangible bookZAC 17.12BShares169,082,000commonStockSharesOutstandingResult ZAC 101.25 0.50xFixed-charge coverage · 2019-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAZAC 8.13BebitdaCapexZAC 3.68BcapitalExpendituresInterestZAC 1.40BinterestExpenseShort-term debtZAC 7.44BshortTermDebtEBITDA − capexZAC 4.44BPrincipal due is short-term debt.Result 0.50x -ZAC 1.10BFree cash flow · 2019-06-30Reported free cash flowOperating cash flowZAC 2.58BtotalCashFromOperatingActivitiesCapexZAC 3.68BcapitalExpendituresFree cash flow-ZAC 1.10BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result -ZAC 1.10B 13.9%ROIC · 2019-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeZAC 6.16BoperatingIncomeTax expenseZAC 1.42BincomeTaxExpensePretax incomeZAC 5.22BincomeBeforeTaxTax rate27.1%EquityZAC 25.62BtotalStockholderEquityDebtZAC 14.54BshortLongTermDebtTotalCashZAC 7.83BcashAndShortTermInvestmentsInvested capitalZAC 32.33BResult 13.9% 0.51xEBIT / PP&E · 2019-06-30Operating income / net PP&EOperating incomeZAC 6.16BoperatingIncomeNet PP&EZAC 12.05BpropertyPlantEquipmentResult 0.51x
2020 33.7%Physical asset ratio · 2020-06-30(Net PP&E + inventory) / total assetsNet PP&EZAC 19.56BpropertyPlantEquipmentInventoryZAC 11.06BinventoryTotal assetsZAC 90.90BtotalAssetsResult 33.7% 3.91xFixed asset turnover · 2020-06-30Revenue / net PP&ERevenueZAC 76.54BtotalRevenueNet PP&EZAC 19.56BpropertyPlantEquipmentResult 3.91x 0.75xCapex / D&A · 2020-06-30Capital expenditures / depreciation and amortizationCapexZAC 2.21BcapitalExpendituresD&AZAC 2.95BdepreciationAndAmortizationResult 0.75x ZAC 1.09Tangible book / share · 2020-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsZAC 90.90BtotalAssetsGoodwillZAC 17.96BgoodWillIntangiblesZAC 8.49BintangibleAssetsLiabilitiesZAC 64.26BtotalLiabTangible bookZAC 184.99MShares169,864,000commonStockSharesOutstandingResult ZAC 1.09 0.39xFixed-charge coverage · 2020-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAZAC 6.02BebitdaCapexZAC 2.21BcapitalExpendituresInterestZAC 1.77BinterestExpenseShort-term debtZAC 7.99BshortTermDebtEBITDA − capexZAC 3.81BPrincipal due is short-term debt.Result 0.39x ZAC 2.05BFree cash flow · 2020-06-30Reported free cash flowOperating cash flowZAC 4.26BtotalCashFromOperatingActivitiesCapexZAC 2.21BcapitalExpendituresFree cash flowZAC 2.05BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ZAC 2.05B 6.3%ROIC · 2020-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeZAC 4.91BoperatingIncomeTax expenseZAC 851.59MincomeTaxExpensePretax incomeZAC 1.30BincomeBeforeTaxTax rate40.0%EquityZAC 23.16BtotalStockholderEquityDebtZAC 35.27BshortLongTermDebtTotalCashZAC 11.55BcashAndShortTermInvestmentsInvested capitalZAC 46.87BThe effective tax rate was above 40% and was capped at 40%.Result 6.3% 0.25xEBIT / PP&E · 2020-06-30Operating income / net PP&EOperating incomeZAC 4.91BoperatingIncomeNet PP&EZAC 19.56BpropertyPlantEquipmentResult 0.25x
2021 33.4%Physical asset ratio · 2021-06-30(Net PP&E + inventory) / total assetsNet PP&EZAC 18.72BpropertyPlantEquipmentInventoryZAC 10.11BinventoryTotal assetsZAC 86.40BtotalAssetsResult 33.4% 4.72xFixed asset turnover · 2021-06-30Revenue / net PP&ERevenueZAC 88.31BtotalRevenueNet PP&EZAC 18.72BpropertyPlantEquipmentResult 4.72x 0.71xCapex / D&A · 2021-06-30Capital expenditures / depreciation and amortizationCapexZAC 2.60BcapitalExpendituresD&AZAC 3.64BdepreciationAndAmortizationResult 0.71x ZAC 8.53Tangible book / share · 2021-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsZAC 86.40BtotalAssetsGoodwillZAC 13.68BgoodWillIntangiblesZAC 13.66BintangibleAssetsLiabilitiesZAC 57.61BtotalLiabTangible bookZAC 1.45BShares170,048,000commonStockSharesOutstandingResult ZAC 8.53 1.20xFixed-charge coverage · 2021-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAZAC 11.12BebitdaCapexZAC 2.60BcapitalExpendituresInterestZAC 1.69BinterestExpenseShort-term debtZAC 5.38BshortLongTermDebtEBITDA − capexZAC 8.52BPrincipal due is the current portion of debt.Result 1.20x ZAC 7.14BFree cash flow · 2021-06-30Reported free cash flowOperating cash flowZAC 9.74BtotalCashFromOperatingActivitiesCapexZAC 2.60BcapitalExpendituresFree cash flowZAC 7.14BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ZAC 7.14B 12.0%ROIC · 2021-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeZAC 7.40BoperatingIncomeTax expenseZAC 1.67BincomeTaxExpensePretax incomeZAC 5.79BincomeBeforeTaxTax rate28.9%EquityZAC 25.54BtotalStockholderEquityDebtZAC 25.89BshortLongTermDebtTotalCashZAC 7.44BcashAndEquivalentsInvested capitalZAC 43.99BResult 12.0% 0.40xEBIT / PP&E · 2021-06-30Operating income / net PP&EOperating incomeZAC 7.40BoperatingIncomeNet PP&EZAC 18.72BpropertyPlantEquipmentResult 0.40x
2022 32.1%Physical asset ratio · 2022-06-30(Net PP&E + inventory) / total assetsNet PP&EZAC 19.41BpropertyPlantEquipmentInventoryZAC 11.38BinventoryTotal assetsZAC 96.02BtotalAssetsResult 32.1% 5.15xFixed asset turnover · 2022-06-30Revenue / net PP&ERevenueZAC 99.93BtotalRevenueNet PP&EZAC 19.41BpropertyPlantEquipmentResult 5.15x 0.91xCapex / D&A · 2022-06-30Capital expenditures / depreciation and amortizationCapexZAC 3.26BcapitalExpendituresD&AZAC 3.59BdepreciationAndAmortizationResult 0.91x ZAC 24.42Tangible book / share · 2022-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsZAC 96.02BtotalAssetsGoodwillZAC 14.09BgoodWillIntangiblesZAC 13.63BintangibleAssetsLiabilitiesZAC 64.14BtotalLiabTangible bookZAC 4.16BShares170,188,000commonStockSharesOutstandingResult ZAC 24.42 1.85xFixed-charge coverage · 2022-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAZAC 13.25BebitdaCapexZAC 3.26BcapitalExpendituresInterestZAC 1.88BinterestExpenseShort-term debtZAC 3.51BshortLongTermDebtEBITDA − capexZAC 10.00BPrincipal due is the current portion of debt.Result 1.85x ZAC 2.33BFree cash flow · 2022-06-30Reported free cash flowOperating cash flowZAC 5.59BtotalCashFromOperatingActivitiesCapexZAC 3.26BcapitalExpendituresFree cash flowZAC 2.33BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ZAC 2.33B 13.7%ROIC · 2022-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeZAC 9.22BoperatingIncomeTax expenseZAC 2.33BincomeTaxExpensePretax incomeZAC 7.78BincomeBeforeTaxTax rate30.0%EquityZAC 28.37BtotalStockholderEquityDebtZAC 30.17BshortLongTermDebtTotalCashZAC 11.52BcashAndEquivalentsInvested capitalZAC 47.02BResult 13.7% 0.47xEBIT / PP&E · 2022-06-30Operating income / net PP&EOperating incomeZAC 9.22BoperatingIncomeNet PP&EZAC 19.41BpropertyPlantEquipmentResult 0.47x
2023 32.6%Physical asset ratio · 2023-06-30(Net PP&E + inventory) / total assetsNet PP&EZAC 20.91BpropertyPlantEquipmentInventoryZAC 14.11BinventoryTotal assetsZAC 107.51BtotalAssetsResult 32.6% 5.49xFixed asset turnover · 2023-06-30Revenue / net PP&ERevenueZAC 114.91BtotalRevenueNet PP&EZAC 20.91BpropertyPlantEquipmentResult 5.49x 0.95xCapex / D&A · 2023-06-30Capital expenditures / depreciation and amortizationCapexZAC 3.72BcapitalExpendituresD&AZAC 3.89BdepreciationAndAmortizationResult 0.95x ZAC 20.68Tangible book / share · 2023-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsZAC 107.51BtotalAssetsGoodwillZAC 17.42BgoodWillIntangiblesZAC 15.39BintangibleAssetsLiabilitiesZAC 71.18BtotalLiabTangible bookZAC 3.52BShares170,188,000commonStockSharesOutstandingResult ZAC 20.68 1.48xFixed-charge coverage · 2023-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAZAC 14.95BebitdaCapexZAC 3.72BcapitalExpendituresInterestZAC 2.36BinterestExpenseShort-term debtZAC 5.21BshortLongTermDebtEBITDA − capexZAC 11.24BPrincipal due is the current portion of debt.Result 1.48x ZAC 1.34BFree cash flow · 2023-06-30Reported free cash flowOperating cash flowZAC 5.06BtotalCashFromOperatingActivitiesCapexZAC 3.72BcapitalExpendituresFree cash flowZAC 1.34BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ZAC 1.34B 13.6%ROIC · 2023-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeZAC 10.62BoperatingIncomeTax expenseZAC 2.33BincomeTaxExpensePretax incomeZAC 8.69BincomeBeforeTaxTax rate26.8%EquityZAC 32.99BtotalStockholderEquityDebtZAC 33.41BshortLongTermDebtTotalCashZAC 9.25BcashInvested capitalZAC 57.15BResult 13.6% 0.51xEBIT / PP&E · 2023-06-30Operating income / net PP&EOperating incomeZAC 10.62BoperatingIncomeNet PP&EZAC 20.91BpropertyPlantEquipmentResult 0.51x
2024 32.8%Physical asset ratio · 2024-06-30(Net PP&E + inventory) / total assetsNet PP&EZAC 22.04BpropertyPlantAndEquipmentNetInventoryZAC 14.89BinventoryTotal assetsZAC 112.58BtotalAssetsResult 32.8% 5.56xFixed asset turnover · 2024-06-30Revenue / net PP&ERevenueZAC 122.62BtotalRevenueNet PP&EZAC 22.04BpropertyPlantAndEquipmentNetResult 5.56x 0.96xCapex / D&A · 2024-06-30Capital expenditures / depreciation and amortizationCapexZAC 4.05BcapitalExpendituresD&AZAC 4.22BdepreciationAndAmortizationResult 0.96x ZAC 11.43Tangible book / share · 2024-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsZAC 112.58BtotalAssetsGoodwillZAC 19.41BgoodWillIntangiblesZAC 15.23BintangibleAssetsLiabilitiesZAC 74.05BtotalLiabTangible bookZAC 3.90BShares340,769,000commonStockSharesOutstandingResult ZAC 11.43 1.36xFixed-charge coverage · 2024-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAZAC 16.40BebitdaCapexZAC 4.05BcapitalExpendituresInterestZAC 3.12BinterestExpenseShort-term debtZAC 5.96BshortLongTermDebtEBITDA − capexZAC 12.36BPrincipal due is the current portion of debt.Result 1.36x ZAC 1.95BFree cash flow · 2024-06-30Reported free cash flowOperating cash flowZAC 9.26BtotalCashFromOperatingActivitiesCapexZAC 4.05BcapitalExpendituresFree cash flowZAC 1.95BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ZAC 1.95B 13.3%ROIC · 2024-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeZAC 11.61BoperatingIncomeTax expenseZAC 2.29BincomeTaxExpensePretax incomeZAC 9.06BincomeBeforeTaxTax rate25.3%EquityZAC 35.32BtotalStockholderEquityDebtZAC 36.83BshortLongTermDebtTotalCashZAC 6.97BcashAndShortTermInvestmentsInvested capitalZAC 65.19BResult 13.3% 0.53xEBIT / PP&E · 2024-06-30Operating income / net PP&EOperating incomeZAC 11.61BoperatingIncomeNet PP&EZAC 22.04BpropertyPlantAndEquipmentNetResult 0.53x
2025 29.5%Physical asset ratio · 2025-06-30(Net PP&E + inventory) / total assetsNet PP&EZAC 21.92BpropertyPlantAndEquipmentNetInventoryZAC 14.84BinventoryTotal assetsZAC 124.59BtotalAssetsResult 29.5% 5.78xFixed asset turnover · 2025-06-30Revenue / net PP&ERevenueZAC 126.61BtotalRevenueNet PP&EZAC 21.92BpropertyPlantAndEquipmentNetResult 5.78x 0.80xCapex / D&A · 2025-06-30Capital expenditures / depreciation and amortizationCapexZAC 3.49BcapitalExpendituresD&AZAC 4.38BdepreciationAndAmortizationResult 0.80x -ZAC 8.56Tangible book / share · 2025-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsZAC 124.59BtotalAssetsGoodwillZAC 27.10BgoodWillIntangiblesZAC 17.23BintangibleAssetsLiabilitiesZAC 83.18BtotalLiabTangible book-ZAC 2.91BShares340,449,000commonStockSharesOutstandingResult -ZAC 8.56 1.43xFixed-charge coverage · 2025-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAZAC 15.33BebitdaCapexZAC 3.49BcapitalExpendituresInterestZAC 2.94BinterestExpenseShort-term debtZAC 5.34BshortLongTermDebtEBITDA − capexZAC 11.83BPrincipal due is the current portion of debt.Result 1.43x ZAC 2.74BFree cash flow · 2025-06-30Reported free cash flowOperating cash flowZAC 6.23BtotalCashFromOperatingActivitiesCapexZAC 3.49BcapitalExpendituresFree cash flowZAC 2.74BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ZAC 2.74B 11.3%ROIC · 2025-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeZAC 11.23BoperatingIncomeTax expenseZAC 1.90BincomeTaxExpensePretax incomeZAC 8.16BincomeBeforeTaxTax rate23.3%EquityZAC 38.04BtotalStockholderEquityDebtZAC 44.51BshortLongTermDebtTotalCashZAC 6.19BcashInvested capitalZAC 76.36BResult 11.3% 0.51xEBIT / PP&E · 2025-06-30Operating income / net PP&EOperating incomeZAC 11.23BoperatingIncomeNet PP&EZAC 21.92BpropertyPlantAndEquipmentNetResult 0.51x
2026 30.6%Physical asset ratio · 2026-06-30(Net PP&E + inventory) / total assetsNet PP&EZAC 23.10BpropertyPlantAndEquipmentNetInventoryZAC 14.40BinventoryTotal assetsZAC 122.62BtotalAssetsResult 30.6% 5.64xFixed asset turnover · 2026-06-30Revenue / net PP&ERevenueZAC 130.32BtotalRevenueNet PP&EZAC 23.10BpropertyPlantAndEquipmentNetResult 5.64x 0.67xCapex / D&A · 2026-06-30Capital expenditures / depreciation and amortizationCapexZAC 3.09BcapitalExpendituresD&AZAC 4.58BreconciledDepreciationResult 0.67x ZAC 3.58Tangible book / share · 2026-06-30(Total assets − goodwill − intangibles − liabilities) / sharesTotal assetsZAC 122.62BtotalAssetsGoodwillZAC 26.21BgoodWillIntangiblesZAC 15.98BintangibleAssetsLiabilitiesZAC 79.21BtotalLiabTangible bookZAC 1.22BShares340,063,000commonStockSharesOutstandingResult ZAC 3.58 0.78xFixed-charge coverage · 2026-06-30(EBITDA − capex) / (interest + short-term debt)EBITDAZAC 12.18BebitdaCapexZAC 3.09BcapitalExpendituresInterestZAC 3.14BinterestExpenseShort-term debtZAC 8.53BshortLongTermDebtEBITDA − capexZAC 9.09BPrincipal due is the current portion of debt.Result 0.78x ZAC 9.40BFree cash flow · 2026-06-30Reported free cash flowOperating cash flowZAC 12.49BtotalCashFromOperatingActivitiesCapexZAC 3.09BcapitalExpendituresFree cash flowZAC 9.40BfreeCashFlowFree cash flow is the amount reported on the cash-flow statement.Result ZAC 9.40B 12.0%ROIC · 2026-06-30Operating income × (1 − tax rate) / (equity + debt − cash)Operating incomeZAC 12.18BoperatingIncomeTax expenseZAC 2.23BincomeTaxExpensePretax incomeZAC 8.77BincomeBeforeTaxTax rate25.4%EquityZAC 39.96BtotalStockholderEquityDebtZAC 41.78BshortLongTermDebtTotalCashZAC 6.27BcashInvested capitalZAC 75.47BResult 12.0% 0.53xEBIT / PP&E · 2026-06-30Operating income / net PP&EOperating incomeZAC 12.18BoperatingIncomeNet PP&EZAC 23.10BpropertyPlantAndEquipmentNetResult 0.53x
  • Principal due is the current portion of debt.
Latest year inputs (2026)
Net PP&E: ZAC 23.10B
Inventory: ZAC 14.40B
Total assets: ZAC 122.62B
Goodwill: ZAC 26.21B
Intangibles: ZAC 15.98B
Liabilities: ZAC 79.21B
Tangible book: ZAC 1.22B
Shares: 340,063,000
Revenue: ZAC 130.32B
Capex: ZAC 3.09B
D&A: ZAC 4.58B
EBITDA: ZAC 12.18B
Interest: ZAC 3.14B
Short-term debt: ZAC 8.53B
Free cash flow: ZAC 9.40B
Operating income: ZAC 12.18B
Invested capital: ZAC 75.47B
Tax rate: 25.4%