Combined Motor Holdings Limited

Combined Motor Holdings Limited

JJSE:CMH
3,840.00
ZAC
+140.00
(+3.78%)
231.89BMarket Cap
May 04Next Earn
Combined Motor Holdings Limited
JSE:CMH
(Johannesburg Stock Exchange)

Recent

price

3,840.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
ZAR
68.2
76.67
90.38
99.06
114.63
134.91
136.69
141.34
149.12
149.14
114.7
149.3
166.23
171.65
177.16
213.31
- -
Revenue per Share
1.21
1.21
1.44
1.57
1.63
2.24
2.63
3.31
2.85
2.55
2.26
5.01
5.93
5.46
4.03
5.31
- -
Basic EPS, GAAP
- -
1.28
0.75
3.3
3.35
5.81
2.1
1.51
8.97
5.5
4.72
4.84
6.35
8.97
9.55
11.64
- -
Free Cash Flow per Basic Share
- -
- -
0.61
0.79
0.83
1.19
1.4
1.61
1.76
1.76
1.02
2.35
3.93
3.86
3.22
1.74
- -
Dividend per Share
5.44
5.39
6.25
6.04
6.84
6.42
7.65
9.11
10.08
10.88
12.16
14.84
16.9
18.28
18.93
21.18
18.93
Book Value per Share
4.61
4.56
5.56
5.24
6.36
6.06
7.52
9
9.97
10.45
11.59
14.08
16.37
17.75
18.4
20.67
18.4
Tangible Book Value per Share
108
108
109
108
94
82
75
75
75
75
75
75
75
75
75
74
75
Basic Weighted Avg Shares
7,362
8,294
9,809
10,704
10,738
11,016
10,225
10,573
11,155
11,156
8,580
11,168
12,434
12,840
13,252
15,711
- -
Sales/Revenue/Turnover
2.72
2.62
3.18
2.96
3.18
3.33
3.68
3.92
3.86
3.6
3.79
5.32
6.16
5.82
4.67
4.63
- -
Operating Margin (%)
- -
92
99
108
109
113
117
139
248
265
194
240
342
295
292
298
- -
Depreciation Expense
130
131
157
169
152
183
197
247
213
191
169
375
443
408
301
391
- -
Net Income, GAAP
27.78
27.2
29.52
31.1
32.44
32.28
28.17
26.78
26.69
27.55
27.98
26.54
28.52
26.66
26.14
26.06
- -
Effective Tax Rate (%)
1.77
1.58
1.6
1.58
1.42
1.66
1.93
2.34
1.91
1.71
1.97
3.36
3.57
3.18
2.28
2.49
- -
Profit Margin (%)
462
505
594
444
529
357
-301
-186
70
-7
283
221
74
162
296
254
296
Working Capital
110
105
97
90
74
45
45
430
764
578
548
644
818
782
855
882
855
LT Debt
586
583
681
566
641
481
574
683
755
815
909
1,110
1,264
1,368
1,416
1,470
1,416
Total Equity
19.03
16.39
15.83
16.44
16.22
18.89
20.03
20.38
17.21
14.27
12.07
19.79
19.64
18.02
14.32
15.81
- -
Return on Invested Capital (%)
21.76
14.94
16.53
17.42
16.51
19.71
21.13
21.49
18.15
15.67
13.05
20.9
20.79
19.41
15.64
17.17
- -
Return on Capital (%)
23.93
22.42
24.82
27.19
25.27
32.58
37.43
39.45
29.73
24.31
19.59
37.12
37.35
31.04
21.66
27.09
- -
Return on Common Equity (%)

Capital Structure

ZAR

•

in mil. unless spec.
Feb'24
Aug'25
Feb'25
ST Debt
1,045
1,151
1,112
LT Borrowings
- -
- -
- -
LT Finance Leases
782
532
855
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
75
75
75
Market Capitalization
1,982
2,477
2,319

Working Capital

ZAR

•

in mil. unless spec.
Feb'24
Aug'25
Feb'25
Total Current Assets
3,191
3,142
3,493
Cash, Cash Equivalents & STI
815
674
954
Accounts Receivable, Net
301
437
333
Inventories
1,966
2,028
2,074
Total Current Liabilities
3,029
3,077
3,197
Payables & Accruals
- -
- -
- -
ST Debt
1,045
1,151
1,112
Deferred Revenue
- -
- -
- -

Growth Rates

ZAR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
12%
10.31%
3.84%
Free Cash Flow
44.63%
20.3%
20.01%
Net Income, GAAP
13.37%
27.2%
29.67%
Sales/Revenue/Turnover
4.52%
13.31%
18.56%
Total Cash Common Dividend
- -
26.56%
-46.89%

Semi-annual Revenue

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
12,840
2025
- -
- -
13,252
2026
- -
- -
15,711

Semi-annual Earnings Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
5.46
2025
- -
- -
4.03
2026
- -
- -
5.31

Semi-annual Dividends Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
3.86
2025
- -
- -
3.22
2026
- -
- -
1.74
Business
Combined Motor Holdings Limited Combined Motor Holdings Limited is a South Africa-based investment holding company primarily engaged in motor retail and distribution, car hire, financial services, and related corporate operations. The company operates 43 retail motor dealerships across Gauteng, KwaZulu-Natal, and Western Cape provinces, representing 29 brands including Volvo, Ford, Nissan, Suzuki, Honda, Jaguar, Land Rover, Citroën, Peugeot, Toyota, Renault, Proton, Foton, Mazda, Mitsubishi, Mahindra, and Iveco; these dealerships offer new and used passenger, light commercial, and heavy commercial vehicles, along with spare parts, workshop services, customer finance, and insurance products. Additional core offerings encompass car rental through First Car Rental with a fleet of 7,400 vehicles across 50 branches nationwide; vehicle distribution via Proton SA and Foton SA for passenger vehicles, light commercial vehicles, parts, and accessories; aftermarket parts distribution through Mandarin Parts Distributors with an in-house retail outlet and 28 independent franchisees; fleet solutions including leasing, maintenance, fuel management, accident management, driver management, and security; financial services comprising insurance underwriting for death, disability, warranties, and vehicle financing via joint ventures with major finance houses; and niche operations such as National Workshop Equipment for lubrication systems, workshop equipment, and waterless car wash systems. Founded in 1976 through the merger of retail motor dealerships and listed on the Johannesburg Stock Exchange in 1987, Combined Motor Holdings Limited employs 2,666 people and maintains its headquarters in Umhlanga, KwaZulu-Natal, with all activities confined to South Africa. Recent developments include the 2024 appointment as official distributor for Foton vehicles in southern Africa, establishing a network of 55 dealers (14 Group-owned, with five more planned); the 2022 appointment as distributor for Proton and EVA vehicles across multiple outlets; ongoing expansion of First Car Rental's agency presence aligned with FlySafair's regional growth to enhance international booking aggregator appeal; termination of the Sixt agency agreement; a proposed share repurchase offer for up to 15% of issued shares using surplus cash resources as of October 2025, with no separate December dividend planned; and maintenance of B-BBEE Level 4 overall (Level 2 for car hire and fleet divisions) through partnerships like Thebe Investment Corporation.