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.

     2013   2014   2015   2016   2017  % Change 5yr CAGR
Capital growth                
Equity R million 29 071 32 220 35 174 38 244 41 381 8 9
Intrinsic value cents 3 831 5 434 7 140 5 992 6 335 6 13
Discount/(premium) cents (1.2) 3.3 7.4 6.1 7.3    
Net asset value cents 2 059.3 2 282.3 2 491.6 2 709.1 2 931.3 8 9
Price-to-book times 1.9 2.3 2.7 2.1 2.0    
Normalised earnings from R million 5 107 6 237 7 158 7 659 8 166 7 12
FNB R million 2 711 3 206 3 872 4 183 4 411 5 13
RMB R million 1 485 1 810 1 959 2 141 2 369 11 12
WesBank R million 940 959 1 096 1 342 1 361 1 10
Rest of FirstRand R million 90 350 313 117 193 65 21
RMH Property R million 8 100  
Funding and holding company costs R million (119) (88) (82) (124) (176) 42 10
                 
Earnings and dividends per share                
Earnings cents 357.1 449.0 550.5 535.7 581.2 8 13
Diluted earnings cents 355.1 444.2 550.5 535.7 581.2 8 13
Headline earnings cents 370.6 454.7 508.5 531.7 561.7 6 11
Diluted headline earnings cents 368.7 449.9 508.5 531.7 561.7 6 11
Normalised earnings cents 361.7 441.7 507.0 542.5 578.5 7 12
Ordinary dividend cents 170.5 227.5 276.0 295.0 327.0 11 18
Dividend cover                
– headline earnings times 2.2 2.0 1.8 1.8 1.7    
– normalised earnings times 2.1 1.9 1.8 1.8 1.8    
                 
Share price                
– Closing cents 3 940 5 259 6 645 5 625 5 875 4 11
– High cents 4 475 5 349 7 289 7 112 6 800 (4) 11
– Low cents 3 453 3 766 5 234 4 821 5 300 10 11
Market capitalisation R million 55 621 74 241 93 808 79 408 82 938 4  11
Volume of shares traded millions 456 352 329 593 511 (14) 3

1. Compound annual growth rate.

 

Annual compounded growth

Annual compounded growth

Per share Since listing in 1993 10 years 5 years 3 years
Dividend 21% 9% 21% 13%
Share price (closing) 16% 6% 11% 4%
Total shareholder return 17% 7% 12% 6%