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Altron (JSE: AEL)

Last close As at 21/10/2024

ZAR18.85

▲ 0.25 (1.34%)

Market capitalisation

ZAR7,652m

Altron is a South African provider of platforms and IT services. The company operates via three divisions: IT Services, Platforms and Altron Arrow. In H124, 89% of revenue was generated in South Africa and annuity revenue made up 60% of total revenue.

Altron operates in the IT services, identity security, telematics, fintech and healthcare software markets, predominantly in South Africa. Growth rates in these key technology markets are well ahead of GDP, supporting organic growth. The company would also consider supplementing this with acquisitions in the telematics, security and fintech markets.

Latest Insights

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TMT | Flash note

Altron — Strong earnings growth in H125

TMT | Flash note

Altron — Keeping Altron Document Solutions

TMT | Update

Altron — Transformation plan drives margin growth

TMT | Initiation

Altron — Rising star
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Sector

TMT

Equity Analyst

Katherine Thompson

Key Management

  • Carel Snyman

    CFO

  • Werner Kapp

    CEO

Balance Sheet

Forecast net debt (ZARm)

552.5

Forecast gearing ratio (%)

13

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 10.9 20.8 132.7
Relative 6.8 10.8 87.6
52 week high/low ZAR18.9/ZAR7.7

Financials

Altron has provided an H125 trading update pointing to a more than doubling of headline EPS from continuing operations and an even larger increase in reported EPS. Having restated comparatives to reflect the move of Altron Document Solutions back to continuing operations, the improving performance of the remaining discontinued operation has become clearer, showing significantly reduced losses year-on-year. We maintain our forecasts pending the H125 results on 4 November.

Y/E Feb Revenue (ZARm) EBITDA (ZARm) PBT (ZARm) EPS (fd) (c) P/E (x) P/CF (x)
2023A 8445.0 1251.0 482.0 88.12 21.4 20.6
2024A 8250.0 1502.0 634.0 114.66 16.4 34.0
2025E 8403.6 1710.6 724.8 130.83 14.4 11.4
2026E 9075.9 1971.9 870.7 157.36 12.0 8.6

Research

Flash note

TMT

Altron — Keeping Altron Document Solutions

Update

TMT

Altron — Transformation plan drives margin growth

TMT

Flash note

Altron — Strong earnings growth in H125

Initiation

TMT

Altron — Rising star

Thematics

thematic

TMT

MediaWatch – Encouragements and frustrations

thematic

TMT

MediaWatch – Glimpses of positivity

thematic

TMT

MediaWatch – Rinse and repeat

thematic

Consumer

Deutsches Eigenkapitalforum (EKF) 2023 consumer and media
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