Tsogo Sun - Public Comps and Valuation Multiples

Tsogo Sun Overview

About Tsogo Sun

Tsogo Sun Ltd is engaged principally in the gaming, entertainment, and hospitality industry operating in South Africa. It owns and operates casino and entertainment destinations in South Africa, hotels, Galaxy Bingo sites, VSlots limited payout machines, playTSOGO, Bet.co.za, a Theme Park, theatres, cinemas, restaurants, bars, and conference facilities. The company's operating segments are; Casinos, LPMs, Other gaming and betting, and Corporate. Maximum revenue for the company is derived from its Casinos segment.

Founded

1989

HQ

Employees

8.5K+

Website

tsogosun.com

Sectors

Casinos & Gambling
Accommodation

Financials

LTM Revenue $651M

LTM EBITDA $198M

EV

$797M

Valuation Multiples

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Tsogo Sun Financials

As of November 2025, Tsogo Sun reported last 12-month revenue of $651M and EBITDA of $198M.

In the same period, Tsogo Sun achieved $78.7M in LTM net income.

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Tsogo Sun P&L

In the most recent fiscal year, Tsogo Sun reported revenue of $635M and EBITDA of $186M.

Tsogo Sun expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$651M	XXX	$635M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$500M	XXX	XXX	XXX
Gross Margin	n/a	XXX	79%	XXX	XXX	XXX
EBITDA	$198M	XXX	$186M	XXX	XXX	XXX
EBITDA Margin	30%	XXX	29%	XXX	XXX	XXX
EBIT	$150M	XXX	$153M	XXX	XXX	XXX
EBIT Margin	23%	XXX	24%	XXX	XXX	XXX
Net Profit	$78.7M	XXX	$72.6M	XXX	XXX	XXX
Net Margin	12%	XXX	11%	XXX	XXX	XXX
Net Debt	XXX	XXX	$407M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Tsogo Sun including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $651M. EBITDA for the last twelve months was $198M. In the most recent fiscal year, Tsogo Sun achieved $635M in revenue and $186M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$651M	Analyst estimates available to subscribers	$635M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$500M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	78.7% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$198M	Analyst estimates available to subscribers	$186M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	30.4% EBITDA margin	Analyst estimates available to subscribers	29.3% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$150M	Analyst estimates available to subscribers	$153M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	23.0% EBIT margin	Analyst estimates available to subscribers	24.2% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$78.7M	Analyst estimates available to subscribers	$72.6M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	12.1% net profit margin	Analyst estimates available to subscribers	11.4% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$407M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Tsogo Sun

This financial data table provides comprehensive performance metrics for Tsogo Sun, a company based in South Africa. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Tsogo Sun generated $651M in revenue over the last twelve months.
The company achieved $198M in EBITDA over the last twelve months.
Net income over the last twelve months reached $78.7M.

Fiscal Year Performance

In the most recent fiscal year, Tsogo Sun reported $635M in total revenue.
Fiscal year EBITDA was $186M.
The company maintained a gross profit margin of 78.7% in the most recent fiscal year.
EBITDA margin for the fiscal year was 29.3%.
Net profit margin reached 11.4% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Tsogo Sun. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Tsogo Sun Stock Performance

Tsogo Sun has current market cap of ZAR 6.9B (or $401M), and EV of ZAR 13.7B (or $797M).

Market Cap Evolution

Tsogo Sun Stock Data

As of December 5, 2025, Tsogo Sun's stock price is ZAR 7 (or $0).

See Tsogo Sun trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$797M	$401M	XXX	XXX	XXX	XXX	$0.08

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Tsogo Sun Valuation Multiples

Tsogo Sun's trades at 1.2x EV/Revenue multiple, and 4.1x EV/EBITDA.

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Tsogo Sun Financial Valuation Multiples

As of December 5, 2025, Tsogo Sun has market cap of $401M and EV of $797M.

Equity research analysts estimate Tsogo Sun's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Tsogo Sun has a P/E ratio of 5.1x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$401M	XXX	$401M	XXX	XXX	XXX
EV (current)	$797M	XXX	$797M	XXX	XXX	XXX
EV/Revenue	1.2x	XXX	1.2x	XXX	XXX	XXX
EV/EBITDA	4.0x	XXX	4.1x	XXX	XXX	XXX
EV/EBIT	5.3x	XXX	5.0x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	5.1x	XXX	5.2x	XXX	XXX	XXX
EV/FCF	n/a	XXX	19.1x	XXX	XXX	XXX

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

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Tsogo Sun Margins & Growth Rates

Tsogo Sun's last 12 month revenue growth is 0%

Tsogo Sun's revenue per employee in the last FY averaged $0.1M, while opex per employee averaged $41K for the same period.

Tsogo Sun's rule of 40 is 30% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Tsogo Sun's rule of X is 31% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Tsogo Sun Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	0%	XXX	1%	XXX	XXX	XXX
EBITDA Margin	30%	XXX	30%	XXX	XXX	XXX
EBITDA Growth	-3%	XXX	0%	XXX	XXX	XXX
Rule of 40	30%	XXX	30%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	31%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$41K	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	4%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	55%	XXX	XXX	XXX

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

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