Financial performance

The value and performance of the underlying investments, rather than the activities at holding company level, is the best determination of the value created by investment holding companies for their shareholders.

     2014   2015   2016   2017   2018  % Change 5yr CAGR1
Capital growth                
Equity R million 32 220 35 174 38 244       41 381 46 323 12 10
Intrinsic value per share cents 5 434 7 140 5 992 6 307 8 632 37 18
Discount cents 3.3 6.9 6.1 7.3 12.1    
Net asset value per share cents 2 282.3 2 491.6 2 709.1 2 931.3 3 281.4 12 10
Price-to-book times 2.3 2.7 2.1 2.0 2.3    
Normalised earnings from R million 6 237 7 158 7 659 8 166 8 815 8 12
– FNB R million 3 206 3 872 4 183 4 360 5 067 16 13
– RMB R million 1 810 1 959 2 141 2 356 2 495 6 11
– WesBank R million 959 1 096 1 342 1 361 1 235 (9) 6
– Aldermore R million 94 100  
– Rest of FirstRand R million 350 313 117 257 104 (60)  
– RMH Property R million 8 16 100  
– Funding and holding company costs R million (88) (82) (124) (176) (196) 11 10
                 
Earnings and dividends per share                
Earnings cents 449.0 550.5 535.7 581.2 606.5 4 11
Diluted earnings cents 444.2 550.5 535.7 581.2 606.5 4 11
Headline earnings cents 454.7 508.5 531.7 561.7 627.1 12 11
Diluted headline earnings cents 449.9 508.5 531.7 561.7 627.1 12 11
Normalised earnings cents 441.7 507.0 542.5 578.5 624.4 8 12
Ordinary dividend cents 227.5 276.0 295.0 327.0 351 7 16
Dividend cover                
– Headline earnings times 2.0 1.8 1.8 1.7 1.8    
– Normalised earnings times 1.9 1.8 1.8 1.8 1.8    
                 
Market performance                
Share price                
– Closing cents 5 259 6 645 5 625 5 875 7 579 29 14
– High cents 5 349 7 289 7 112 6 800 9 041 33 15
– Low cents 3 766 5 234 4 821 5 300 5 784 9 18
Market capitalisation R million 74 241 93 808 79 408 82 938 106 993 29 14
Volume of shares traded millions 352 329 593 511 573 12 5

1. Compound annual growth rate.

 

Annual compounded growth
 
 
Annual compounded growth

Annual compound growth

Per share Since listing in 1993 10 years 5 years 3 years
Dividend 21% 10% 16% 8%
Share price (closing) 17% 14% 14% 4%
Total shareholder return 24% 19% 20% 9%