FirstRand Ltd
FirstRand Ltd operates as a commercial bank within the Banking & Investment Services sector, generating revenue through interest income and fee-based financial services.
Business. FirstRand Ltd (FSRJ.J) is a commercial bank operating within the Banking Services industry group. The company generates revenue primarily through interest income, consistent with standard banking operations. Specific details regarding its operating segments, headquarters location, and primary stock exchange listings are not provided in the available data. Consequently, the firm is described at the industry level as a provider of banking services.
Analyst recommendations
11 analysts · consensus BuyAt a glance
What drives this business
The watch-list the newsroom runs for this company — derived from its sector path, sharpened layer by layer. Not investment advice.
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- Peers
- DividendDividend USD 1.75/sh2026-09-25 · Bank of America (BAC)
- EarningsQ3 2026 earnings (expected)2026-10-13 · estimated · JPMorgan Chase (JPM)
- EarningsQ3 2026 earnings (expected)2026-10-13 · estimated · Citigroup (C)
- Macro
- Rate decisionBank of England rate decision (press conf.)2026-08-06 · GB
- Rate decisionReserve Bank of Australia rate decision (press conf.)2026-08-12 · AU
- Rate decisionNorges Bank rate decision (press conf.)2026-08-20 · NO
- Rate decisionSveriges Riksbank rate decision (press conf.)2026-09-03 · SE
- Rate decisionBank of Canada rate decision (press conf.)2026-09-09 · CA
- Rate decisionEuropean Central Bank rate decision (press conf.)2026-09-10 · EU
- Macro & political
- ElectionSE Swedish Election2026-09-14 · SE
- ElectionUS U.S. Midterms2026-11-03 · US
- ElectionFR French Legislative2027-06-01 · FR
Pre-earnings brief
Signals & dispatch
Composite-score breakdown
Synthesis
FirstRand Ltd (FSRJ.J) is a commercial bank operating within the Banking Services industry group. The company generates revenue primarily through interest income, consistent with standard banking operations. Specific details regarding its operating segments, headquarters location, and primary stock exchange listings are not provided in the available data. Consequently, the firm is described at the industry level as a provider of banking services.
FirstRand Ltd maintains a capital structure characterized by total assets of 2,588.77 billion ZAR and total equity of 237.78 billion ZAR. The balance sheet shows long-term debt of 66.11 billion ZAR, resulting in a debt-to-equity ratio of 0.28. Liquidity is assessed as medium risk, with a key flag noting that net cash is negative after subtracting total debt. The company generated operating cash flow of 6.36 billion ZAR and free cash flow of 44.58 billion ZAR in the latest period.
Profitability metrics indicate a return on equity of 18.31% and a return on assets of 1.68%. The valuation snapshot presents anomalous multiples, with a price-to-earnings ratio of 1,129.05 and a price-to-book ratio of 206.74, which deviate significantly from typical banking sector norms. These valuation figures suggest potential data scaling issues or specific accounting treatments not detailed in the snapshot, as the market cap of 49,158.97 billion ZAR appears disproportionately high relative to the reported net income of 43.54 billion ZAR.
Segment and geographic revenue concentration data is not provided in the available input, preventing a detailed analysis of revenue mix by business line or region. The company's activity is broadly defined as Commercial Banks within the Financial Services industry.
Historical revenue and net income trends are not available in the input data, limiting the ability to assess growth trajectory over the past five years. The analysis relies solely on the latest normalized period's financial snapshot.
Risk assessment identifies medium liquidity risk and low dilution risk. The primary financial flag is the negative net cash position after debt subtraction, which warrants monitoring of short-term liquidity buffers. Dilution risk is low, with basic and diluted shares outstanding being identical at 5.60 billion shares.
Recent IR observations indicate a mean analyst price target of 103.62 ZAR and a median target of 104.50 ZAR, with a mean recommendation of 2.00 (Buy). The analyst consensus includes 2 strong buys, 7 buys, and 2 holds, suggesting positive market sentiment despite the valuation anomalies. Competitor context lists JPMorgan Chase, Bank of America, and Citigroup, but no comparative metrics are provided.
- FirstRand Ltd reports a return on equity of 18.31%, indicating strong profitability relative to equity base.
- Valuation multiples (P/E 1,129.05, P/B 206.74) are statistically anomalous and likely reflect data scaling errors rather than fundamental value.
- Liquidity risk is medium, driven by a negative net cash position after accounting for total debt.
- Dilution risk is low, with no difference between basic and diluted share counts.
- Analyst sentiment is positive, with a mean recommendation of 2.00 and a median price target of 104.50 ZAR.
Bull / Bear case
Generated · model-assistedNet income grew at a 12.2% CAGR over four years, reaching ZAR 43.5 billion in fiscal 2025.
Free cash flow increased 11.7% year-over-year to ZAR 44.6 billion, supporting strong liquidity generation.
Total assets expanded 9.3% year-over-year to ZAR 2.59 trillion, indicating robust balance sheet growth.
Long-term debt surged to ZAR 66.1 billion in fiscal 2025, up from ZAR 42.1 billion prior.
Cash conversion of 0.15 is significantly below the 1.13 median for the banking cohort.
The company faces a medium level of liquidity risk according to internal risk flag assessments.
In focus — financials by report
Revenue ZAR 88.43B, +6,0% YoY; Net income +9,7% YoY.
- ▍Revenue ZAR 88.43B, +6,0% YoY
- ▍Net income +9,7% YoY
- ▍Free cash flow +11,7% YoY
- ▍Net margin 49.2%
Revenue ZAR 83.45B, +9,2% YoY; Net income +6,0% YoY.
- ▍Revenue ZAR 83.45B, +9,2% YoY
- ▍Net income +6,0% YoY
- ▍Free cash flow +3,3% YoY
- ▍Net margin 47.6%
Revenue ZAR 76.44B, +15,2% YoY; Net income +11,5% YoY.
- ▍Revenue ZAR 76.44B, +15,2% YoY
- ▍Net income +11,5% YoY
- ▍Free cash flow +6,8% YoY
- ▍Net margin 49.0%
Revenue ZAR 66.38B, +4,9% YoY; Net income +22,1% YoY.
- ▍Revenue ZAR 66.38B, +4,9% YoY
- ▍Net income +22,1% YoY
- ▍Free cash flow +19,2% YoY
- ▍Net margin 50.6%
Revenue ZAR 63.29B; Net margin 43.5%.
- ▍Revenue ZAR 63.29B
- ▍Net margin 43.5%
Valuation FY
Revenue by segment
Business relationships
Supply chain
Peer comparison
Market position
Stress test
Predictor forecast
| Metric | Our forecast | Guidance | Consensus |
|---|---|---|---|
| EPS | —no estimate | —no estimate | 7,14 |
| Revenue | —no estimate | —no estimate | 159,0B ZAR |
| Operating income | —no estimate | —no estimate | 69,0B ZAR |
Options
Short squeeze
Earnings-call key lines
Consensus distribution
sell-side coverageEstimate revisions
consensus EPS · 26-week trendSell-side observations
Themes
ESG
Risk factors
- Net cash is negative after subtracting total debt.
Benchmarks vs cohort
Corporate actions / M&A
FX exposure
Comparable transactions
Derivatives & instruments
Actions
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- Reference data
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- Earnings transcripts
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- ESG data
- Price To Earningsmarket_price / (net_income / shares_outstanding_diluted)
- Return On Equitynet_income / total_equity
- Capex To Revenuecapital_expenditure / revenue
- Market Capmarket_price * shares_outstanding_diluted
- Enterprise Valuemarket_cap - net_cash
- Return On Assetsnet_income / total_assets
- FirstRand Ltd Market data — financials · 2026-07-13
- FirstRand Ltd Market data — analyst estimates · 2026-07-13
- FirstRand Ltd Market data — ESG · 2026-07-13
- FirstRand Ltd HA canonical relationships · 2026-07-13
- FirstRand Ltd — company reference export (2026-07-05) · 2026-07-13