1 Midlincoln
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Key Info

Discovery Ltd Web - www.discovery.co.za

Tel - 27-11-529-2888

Next Reporting Date - 20.02.2020

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    Discovery Ltd

    Insurance

    SOUTH AFRICA


    DCF Model Assumptions

    Risk Free Rate

    4.55%

    Country Equity Risk Premium

    6.00%

    Cost of Debt

    4.95%

    Cost of Debt

    4.95%

    Long Term Growth

    2.00%

    Beta Assumption

    1.20

    Current Market Cap mln$

    5,268.41

    Net Debt mln$

    429.45

    WACC Estimate

    11.24%

    Ordinary Current Price $

    8.00

    DCF Model

    SOUTH AFRICA Comparables

    tickercompanycountryMarket Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    SLM SJSanlam LtdSOUTH AFRICA 11832.9916.4313.91---4.25#????!2.2512.448.31
    DSY SJDiscovery LtdSOUTH AFRICA 5268.4114.8915.44--1.721.44-2.3116.51-13.18
    RMI SJRand Merchant Investment Holdings LtdSOUTH AFRICA 2933.1812.8110.8--3.783.24-2.1217.25-4.75
    LBH SJLiberty Holdings LtdSOUTH AFRICA 2063.928.77.73--0.777.24#????!1.1912.6621.8
    MMI SJMMI Holdings Ltd/South AfricaSOUTH AFRICA #N/A Field Not Applicable---#N/A Field Not Applicable#N/A Field Not Applicable-#N/A Field Not Applicable9.95#N/A N/A

    International Comparables

    tickercompanycountry Market Cap
    2019
    PE RATIO
    2019
    PE RATIO
    2020
    EV/EBITDA
    2019
    EV/EBITDA
    2020
    P/S
    2019
    DIVIDEND YIELD
    2019
    EBITDA Margin
    2019
    P/B
    2019
    ROE
    2019
    6 month return
    2019
    2318 HKPing An Insurance Group Co of China LtdCHINA 215833.199.559.61--1.32.7#????!2.2224.812.73
    1299 HKAIA Group LtdHONG KONG 126076.7619.5717.8--2.971.61#????!2.6214.652.91
    2628 HKChina Life Insurance Co LtdCHINA 112449.588.3710.7--1.074.22#????!1.2915.66-5.83
    ALV GRAllianz SEGERMANY 104949.4112.4411.44--0.714.08#????!1.3611.976.85
    CB USChubb LtdSWITZERLAND 74578.9715.7714.88--1.831.91-1.278.4318.64
    CS FPAXA SAFRANCE 66884.9910.539.04--0.65.62#????!0.979.481.88
    MMC USMarsh & McLennan Cos IncUNITED STATES 59944.4924.1423.4920.8216.322.71.619.967.0722.547.81
    AON USAon PLCBRITAIN 54590.8526.1622.6219.1717.523.310.8326.6514.3240.7112.16
    PRU LNPrudential PLCBRITAIN 50190.2311.3810.41--0.722.6#????!2.0920.84-11.41
    PGR USProgressive Corp/TheUNITED STATES 48971.9413.5715.7--1.13.89-3.132.864.85
    MET USMetLife IncUNITED STATES 48078.326.598.6--0.613.41-0.7310.097.66
    MUV2 GRMuenchener Rueckversicherungs-Gesellschaft AG in MuenchenGERMANY 44312.8414.5913.86--0.733.43#????!1.3510.138.35
    AIG USAmerican International Group IncUNITED STATES 42177.612.8910.19--0.752.49-0.695.4729.66
    2601 HKChina Pacific Insurance Group Co LtdCHINA 41019.988.028.44--0.745.44#????!1.3517.6115.55
    1339 HKPeople's Insurance Co Group of China Ltd/TheCHINA 40170.435.195.82--0.513.22#????!0.6613.43-2.11
    ALL USAllstate Corp/TheUNITED STATES 40056.8310.9612.08--0.721.78-1.5121.7613.52
    8766 JPTokio Marine Holdings IncJAPAN 39503.321413.01--0.664.66-1.067.4416.65
    MFC CNManulife Financial CorpCANADA 38457.779.528.3--1.033.79-1.1312.429.18
    AFL USAflac IncUNITED STATES 38381.9411.9511.9--1.612.04-1.3312.614.12
    PRU USPrudential Financial IncUNITED STATES 37508.567.367.76--0.544.27-0.597.41-6.02
    TRV USTravelers Cos Inc/TheUNITED STATES 35133.0614.2713.18--1.062.36-1.3510.6611.74
    G IMAssicurazioni Generali SpAITALY 32005.4810.8210.9--0.445.13#????!1.0810.7910.5
    SLF CNSun Life Financial IncCANADA 29518.8113.6212.15--1.023.55-1.6512.2916.26
    HNR1 GRHannover Rueck SEGERMANY 25111.2217.917.64--1.072.96#????!2.1713.3816.49
    SAMAS FHSampo OyjFINLAND 24880.15#N/A Field Not Applicable---#N/A Field Not Applicable#N/A Field Not Applicable-#N/A Field Not Applicable9.3#N/A N/A
    2328 HKPICC Property & Casualty Co LtdCHINA 24829.696.947.18--0.424.84#????!1.0516.3110.02
    LGEN LNLegal & General Group PLCBRITAIN 24676.6510.449.67--1.45.55#????!1.9821.43-13.1
    GWO CNGreat-West Lifeco IncCANADA 24354.18-10.92--0.634.97-1.5411.291.16
    HIG USHartford Financial Services Group Inc/TheUNITED STATES 21252.3611.3710.85--0.842.02-1.3714.3924.09
    8725 JPMS&AD Insurance Group Holdings IncJAPAN 20206.5910.2510.33--0.384.15-0.716.7713.91

    EV, Debt, Cash

    Fields2018
    EV5697.86
    Cash666.51
    Debt1040.7
    Debt/Equity17.64
    Pref Equity55.22
    Shares Out656.6
    minorities0

    Last Price

    Fields2018
    Last Price8
    Next DVD Ex Date11.03.2020
    DVD Announcement Date04.09.2019
    Last Ex Date02.10.2019

    CashflowSummary

    Fields201520162017201820192020
    Revenue3561.163127.812723548.0564964320.1762614238.0187822802.507
    Operating Profit403.2865099459.7587421644.802427643.571116
    PTP677.563379.6209274424.9363425578.6047929558.5751499574.475
    Net Income484.291299.2551077342.7760934421.6196015355.1491198352.76
    EPS0.7320.4657469920.5311704280.6533113210.5565296040.523
    DPS0.1980.1211039340.1369337490.1678359830.1516525540.144
    EBITDA
    BPS6.1753.1519613753.7421677344.1485782064.5668974634.985
    Capex-32.27124886-17.5952505-36.68972648-35.97339645
    FCF36.08827829-78.84733591229.818201686.61829576
    EV TO T12M EBIT------
    EV/EBITDA------
    CUR RATIO------

    Ratios

    Fields201520162017201820192020
    Market Cap5268.415268.415268.415268.415268.415268.41
    PE RATIO11.2321.3718.716.8414.8915.44
    EV/EBITDA------
    P/S1.651.731.711.621.721.86
    DIVIDEND YIELD2.451.421.451.461.441.94
    EBITDA Margin#????!----#????!
    P/B1.462.652.622.582.311.66
    ROE13.2212.9614.3816.5416.5110.9
    6 month return-13.18-13.18-13.18-13.18-13.18-13.18