Historical teaching case · prepared as of 2026-07-27 · not maintained to track the company · educational material, not investment advice · capital at risk

MRP.JOMr Price Group LimitedZAR 165·ZAR 42bnMIFP 17yimplied 11.6%base ZAR 165+0.0%

Workbench

Draft matches publish

Revenue buildup

5y growth 11.6%summary

Revenue by segment, in millions. Select a row to edit its growth path — the group row opens every segment.

Segment	FY26A	FY27	FY28	FY29	FY30	FY31	FY32	FY33	FY34	FY35	FY36	FY37	FY38	FY39	FY40	FY41	FY42	FY43	growth
Apparel	32,802	34,114	35,990	38,258	40,668	43,108	45,608	48,254	51,052	54,013	57,146	60,461	63,967	67,677	71,603	75,756	80,150	84,798	5.6%
Home	6,933	7,176	7,534	7,949	8,386	8,830	9,298	9,791	10,310	10,857	11,432	12,038	12,676	13,348	14,055	14,800	15,585	16,411	5.0%
Telecoms	1,691	1,852	2,009	2,160	2,311	2,461	2,609	2,765	2,931	3,107	3,294	3,491	3,701	3,923	4,158	4,407	4,672	4,952	7.8%
Financial Services	947	980	1,029	1,086	1,145	1,208	1,275	1,345	1,419	1,497	1,579	1,666	1,758	1,855	1,957	2,064	2,178	2,298	5.0%
Central Services	26	26	26	26	26	26	26	26	26	26	26	26	26	26	26	26	26	26	0.0%
NKD (Europe)	0	14,500	15,225	15,986	16,786	17,625	18,506	19,431	20,403	21,423	22,494	23,619	24,800	26,040	27,342	28,709	30,144	31,652	—
Group revenue	42,399	58,648	61,814	65,464	69,322	73,259	77,323	81,613	86,142	90,923	95,971	101,301	106,928	112,868	119,141	125,763	132,754	140,136	11.6%

Operating economics

5y avg margin 11.5%summary

Operating margin, per cent of revenue by segment; the blended margin is computed. Tax and reinvestment follow below; the terminal assumptions sit on the premises panel.

Line	FY27	FY28	FY29	FY30	FY31	FY32	FY33	FY34	FY35	FY36	FY37	FY38	FY39	FY40	FY41	FY42	FY43	avg margin	Long-run
Apparel — operating margin	13.0	13.1	13.1	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.2	13.1%	13.2%
Home — operating margin	9.1	9.3	9.5	9.7	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.8	9.5%	9.8%
Telecoms — operating margin	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0	6.0%	6.0%
Financial Services — operating margin	49.6	50.5	51.5	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0	52.0	51.1%	52.0%
Central Services — operating margin	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2%	-1.2%
NKD (Europe) — operating margin	6.0	6.3	6.6	6.8	7.0	7.0	7.0	7.0	7.0	7.0	7.0	7.0	7.0	7.0	7.0	7.0	7.0	6.5%	7.0%
Blended operating margin	11.2	11.3	11.5	11.6	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.7	11.8	11.8	11.8	11.8	11.8	11.5%	—

Tax & reinvestment

year-5 investment 642m

Cash tax as a share of operating profit; capital spend and working capital as net investment per unit of new sales — the rate the model charges against each year's revenue growth. Select a row to edit its annual path.

Line	FY27	FY28	FY29	FY30	FY31	FY32	FY33	FY34	FY35	FY36	FY37	FY38	FY39	FY40	FY41	FY42	FY43	Long-run driver
Cash tax rate	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%	27.5%
Capital spend	2.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%	5.0%
Working capital	1.5%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%	11.3%

What the assumptions imply

prices out in 17y · FY43

Computed from the sections above and the premises panel — nothing here is editable. The walk runs to the highlighted crossover column — the first year the assumptions justify today's market price — and out to the 25-year ceiling when they never do, growing and shrinking as edits move the crossover.

Millions unless stated	FY27	FY28	FY29	FY30	FY31	FY32	FY33	FY34	FY35	FY36	FY37	FY38	FY39	FY40	FY41	FY42	FY43
Revenue
Group revenue	58,648	61,814	65,464	69,322	73,259	77,323	81,613	86,142	90,923	95,971	101,301	106,928	112,868	119,141	125,763	132,754	140,136
Revenue growth	38.3%	5.4%	5.9%	5.9%	5.7%	5.5%	5.5%	5.5%	5.6%	5.6%	5.6%	5.6%	5.6%	5.6%	5.6%	5.6%	5.6%
Operating profit
Operating profit	6,545	7,004	7,511	8,032	8,565	9,046	9,554	10,091	10,658	11,257	11,889	12,558	13,264	14,010	14,797	15,630	16,509
Operating margin	11.2%	11.3%	11.5%	11.6%	11.7%	11.7%	11.7%	11.7%	11.7%	11.7%	11.7%	11.7%	11.8%	11.8%	11.8%	11.8%	11.8%
Taxes	1,800	1,926	2,065	2,209	2,355	2,488	2,627	2,775	2,931	3,096	3,270	3,453	3,648	3,853	4,069	4,298	4,540
Operating profit after tax	4,745	5,078	5,445	5,823	6,210	6,558	6,927	7,316	7,727	8,161	8,620	9,104	9,616	10,157	10,728	11,332	11,969
Cash flow
Investment	569	516	595	629	642	662	699	738	779	823	869	917	968	1,022	1,079	1,140	1,203
Free cash flow	4,177	4,562	4,850	5,195	5,568	5,896	6,228	6,578	6,948	7,338	7,751	8,187	8,648	9,135	9,649	10,192	10,766
Returns	terminal return on new capital 13.8%
Reinvestment rate	12.0%	10.2%	10.9%	10.8%	10.3%	10.1%	10.1%	10.1%	10.1%	10.1%	10.1%	10.1%	10.1%	10.1%	10.1%	10.1%	10.1%
Return on new capital — incremental ROIC	—	64.4%	61.7%	60.1%	60.2%	52.7%	52.7%	52.7%	52.7%	52.8%	52.8%	52.8%	52.9%	52.9%	52.9%	53.0%	53.0%
Present value
Discounted free cash flow	3,670	3,522	3,291	3,097	2,917	2,715	2,520	2,338	2,170	2,014	1,870	1,736	1,611	1,495	1,388	1,288	1,196
Cumulative present value	3,670	7,193	10,484	13,581	16,498	19,213	21,732	24,071	26,241	28,256	30,126	31,861	33,472	34,967	36,355	37,643	38,839
Implied equity value	29,138	30,750	32,305	33,695	34,933	35,853	36,706	37,498	38,234	38,916	39,551	40,139	40,686	41,194	41,664	42,102	42,508

MRP.JO

Mr Price Group Limited

Consumer Discretionary·ZAR·OM-3·FY2026 base·as of 2026-07-27

Cyclical recoveryMed convictionExecution riskMargin pressureLeverage

What the market expects

MIFP17 yrsimplied forecast period

Implied growth11.6%rev CAGR priced in

Implied op margin11.7%year-5 priced in

Market priceZAR 165mcap ZAR 42bn

The analyst answers

Base caseZAR 165+0.0% vs mkt

Upside—

Downside—

The market

Yours