Firstrand - Public Comps and Valuation Multiples

Firstrand Overview

About Firstrand

Firstrand Ltd wholly owns FirstRand Bank, a full-service bank providing a comprehensive range of retail, commercial, corporate and investment banking services in South Africa and offers niche products. The bank has three divisions, which are separately branded: First National Bank (FNB), WesBank and Rand Merchant Bank (RMB). The bank's retail and commercial brand is the contributor of normalized earnings, followed by its corporate and investment brand. FirstRand's retail and commercial division emphasizes a diverse range of financial services with a strategic emphasis on cost controls and digital platforms. The bank's corporate and investment brand heavily relies on its origination franchise as part of its value proposition.

Founded

1966

HQ

Employees

38.6K+

Website

firstrand.co.za

Sectors

Commercial Banking
Investment Banking

Financials

LTM Revenue $7.9B

LTM EBITDA n/a

EV

$17.2B

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Firstrand Financials

Firstrand has a last 12-month revenue of $7.9B and a last 12-month EBITDA of n/a.

In the most recent fiscal year, Firstrand achieved revenue of $7.6B and an EBITDA of n/a.

Firstrand expects next 12-month revenue of XXX and NTM EBITDA of XXX

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Firstrand P&L

	FY 2023	FY 2024	FY 2025	LTM	NTM
Revenue	$7.2B	$7.6B	XXX	XXX	XXX
Gross Profit	n/a	n/a	XXX	XXX	XXX
Gross Margin	NaN%	NaN%	XXX	XXX	XXX
EBITDA	n/a	n/a	XXX	XXX	XXX
EBITDA Margin	NaN%	NaN%	XXX	XXX	XXX
Net Profit	$1.8B	$2.0B	XXX	XXX	XXX
Net Margin	25%	27%	XXX	XXX	XXX
Net Debt	$3.2B	$2.5B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

Firstrand Stock Performance

As of April 15, 2025, Firstrand's stock price is ZAR 70 (or $4).

Firstrand has current market cap of ZAR 391B (or $21.4B), and EV of ZAR 315B (or $17.2B).

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Firstrand Stock Data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$17.2B	$21.4B	XXX	XXX	XXX	XXX	$0.40

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Firstrand Valuation Multiples

As of April 15, 2025, Firstrand has market cap of $21.4B and EV of $17.2B.

Firstrand's trades at 2.2x LTM EV/Revenue multiple, and n/a LTM EBITDA.

Analysts estimate Firstrand's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Firstrand Financial Valuation Multiples

	FY 2024	FY 2025E	FY 2026E	FY 2027E
EV	$17.2B	XXX	XXX	XXX
EV/Revenue	2.2x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	XXX	XXX
P/E	9.6x	XXX	XXX	XXX
P/E/Growth	1.0x	XXX	XXX	XXX
EV/FCF	n/a	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Firstrand Valuation Multiples

Firstrand's NTM/LTM revenue growth is 7%

Firstrand's revenue per employee for the last fiscal year averaged $0.2M, while opex per employee averaged $0.1M for the same period.

Over next 12 months, Firstrand's ratio of sales and marketing spend to revenue is estimated to be XXX , while its R&D spend to revenue to be XXX .

Analysts estimate Firstrand's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

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Firstrand Operational Valuation Multiples

	FY 2024	NTM	FY 2025E	FY 2026E	FY 2027E
Revenue Growth	6%	XXX	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	XXX	XXX	XXX
Rule of 40 (SaaS-only)	n/a	XXX	XXX	XXX	XXX
Revenue per Employee	$0.2M	XXX	XXX	XXX	XXX
Opex per Employee	$0.1M	XXX	XXX	XXX	XXX
S&M Expenses to Revenue	1%	XXX	XXX	XXX	XXX
G&A Expenses to Revenue	4%	XXX	XXX	XXX	XXX
R&D Expenses to Revenue	n/a	XXX	XXX	XXX	XXX
Opex to Revenue	55%	XXX	XXX	XXX	XXX

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