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Tiger Brands Limited

TBS.JO
60
Packaged Foods · Consumer Defensive
Price
27274.00 ZAc
+354.00 (+1.32%)
Market Cap
39.87B ZAc
Exchange
Johannesburg Stock Exchange
Winston Score
60
Winston is curious
A decent business — some strong pillars, some weaker.
Data as of Jul 25, 2026 · filings through Mar 31, 2026

Share count falling — buybacks

7.0% over 4y

The company has reduced its share count over this period, returning value to shareholders through buybacks.

Diluted shares outstanding: 167.5M (2021) → 155.9M (2025)

Tiger Brands Limited, a South African-based enterprise, primarily focuses on the development, promotion, and distribution of a broad spectrum of consumer products. The company boasts an extensive brand portfolio across numerous categories, including infant care items under the Purity label, and popular bakery goods from Albany and Tinkies. Its culinary range, which encompasses fruit and vegetable products, features well-known brands such as Crosse & Blackwell, Benny, All Gold, Spray and Cook, Ice Cap, KOO, Colman's, Black Cat, Mrs H.S. Ball's Chutney, and Hugo's. For home care, Tiger Brands provides products under Airoma, Bio Classic, Bio Crystal, Doom, Jeyes, and Peaceful Sleep. Its milling operations include Golden Cloud and Ace, while rice and pasta offerings come from Fatti's and Moni's, Cresta, Tastic, and Aunt Caroline. The superfoods segment comprises Ace, Jungle, King Korn, and Morvite. Personal care items are marketed under Dolly Varden, Kair, gill, Lemon Lite, No Hair, Perfect Touch, Protein Feed, Status, and Ingram's. Furthermore, its snacks, treats, and beverage division proudly offers brands like Beacon, Maynards, Hall's, Sparkles, All Sorts, Oros, Jelly Tots, fizzer, Fizz Pop, Smoothies, Rose's, and Energade. Beyond retail consumers, Tiger Brands supplies out-of-home solutions, delivering diverse product formats to a wide array of clients, including franchised and independent restaurants, hotel groups, catering services, airlines, institutions, game reserves, lodges, and bed and breakfast establishments. The company also furnishes specialized product solutions for commercial cleaning, pest control, and ambient air refreshment. Established in 1920 and headquartered in Bryanston, South Africa, Tiger Brands Limited also extends its reach internationally, exporting its goods to approximately 25 countries throughout Africa.

Winston Score History

Score breakdown

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Quality

Gross Margin
32.1%
Modest — 32.1% gross margin
Operating Margin
16.8%
Healthy — 16.8% operating margin
ROCE
22.0%
Exceptional — 22.0% return on capital

ROIC between 15% and 25%. Every dollar invested in the business earns 15 to 25 cents back per year.

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Growth

Sales YoY
-8.4%
Shrinking sales (-8.4% YoY)
EPS YoY
-13.5%
Earnings shrinking (-13.5% YoY)

Earnings per share down more than 10%. Either a bad year, or a real decline.

EPS Consistency
4/8 quarters
Earnings inconsistent quarter-to-quarter

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Cash Flow

Cash Conversion
139%
Turns 139% of profit into real cash
FCF Margin
9.4%
Modest free cash flow (9.4%)

FCF margin between 0% and 10%. Some cash from sales, but not a lot.

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Stability

Debt / Equity
0.24
Conservative — low debt load (0.24)
Interest Cover
43.79x
Comfortably covers interest (43.8x)

Interest coverage above 8. Profits cover interest many times over.

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Valuation

P/E Ratio (TTM)
12.3x
Attractive valuation — P/E 12.3

P/E in the normal range. Price is roughly $15 for every $1 of yearly profit.

P/E vs Forward
N/A
not available
Data not available

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Dividends

Dividend Yield
16.02%
Healthy income — 16.02% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth
+253.3%
Dividend growing fast (253.3% YoY)

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