Tsogo Sun
Tsogo Sun Limited, together with its subsidiaries, engages in the gaming, entertainment, and hospitality business in South Africa. The company operates through Casinos, Limited Payout Machines (LPMs), and Other Gaming and Betting segments. It offers casinos and gaming comprising VSlots division with limited payout machines, and the Galaxy Bingo division with electronic bingo terminals. The compan… Read more
Tsogo Sun (TSG) - Net Assets
Latest net assets as of September 2025: ZAC5.56 Billion ZAC
Based on the latest financial reports, Tsogo Sun (TSG) has net assets worth ZAC5.56 Billion ZAC as of September 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (ZAC15.29 Billion) and total liabilities (ZAC9.74 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ZAC5.56 Billion |
| % of Total Assets | 36.33% |
| Annual Growth Rate | 9.19% |
| 5-Year Change | 226.52% |
| 10-Year Change | -42.21% |
| Growth Volatility | 44.79 |
Tsogo Sun - Net Assets Trend (2004–2025)
This chart illustrates how Tsogo Sun's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Tsogo Sun (2004–2025)
The table below shows the annual net assets of Tsogo Sun from 2004 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-03-31 | ZAC5.17 Billion | +6.20% |
| 2024-03-31 | ZAC4.87 Billion | +5.75% |
| 2023-03-31 | ZAC4.61 Billion | +40.74% |
| 2022-03-31 | ZAC3.27 Billion | +106.57% |
| 2021-03-31 | ZAC1.58 Billion | -19.02% |
| 2020-03-31 | ZAC1.96 Billion | -85.56% |
| 2019-03-31 | ZAC13.54 Billion | -4.57% |
| 2018-03-31 | ZAC14.19 Billion | +5.48% |
| 2017-03-31 | ZAC13.46 Billion | +50.36% |
| 2016-03-31 | ZAC8.95 Billion | +16.43% |
| 2015-03-31 | ZAC7.69 Billion | -26.95% |
| 2014-03-31 | ZAC10.52 Billion | +15.44% |
| 2013-03-31 | ZAC9.12 Billion | +7.91% |
| 2012-03-31 | ZAC8.45 Billion | +6.42% |
| 2011-03-31 | ZAC7.94 Billion | +132.98% |
| 2010-03-31 | ZAC3.41 Billion | +38.83% |
| 2009-03-31 | ZAC2.45 Billion | -0.21% |
| 2008-03-31 | ZAC2.46 Billion | +77.53% |
| 2007-03-31 | ZAC1.39 Billion | +21.59% |
| 2006-03-31 | ZAC1.14 Billion | +16.77% |
| 2005-03-31 | ZAC975.58 Million | +19.49% |
| 2004-03-31 | ZAC816.47 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Tsogo Sun's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 770.8% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (March 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ZAC3.25 Billion | 63.32% |
| Common Stock | ZAC6.44 Billion | 125.53% |
| Total Equity | ZAC5.13 Billion | 100.00% |
Tsogo Sun Competitors by Market Cap
The table below lists competitors of Tsogo Sun ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
MUSICMAGPIE LS -01
F:6R5
|
$3.76 Million |
|
O.C.C. Public Company Limited
BK:OCC
|
$3.76 Million |
|
TG-17, Inc. Common Stock
NASDAQ:OBAI
|
$3.76 Million |
|
MOTOROLA SOLTN - Dusseldorf Stock Exchang
DU:MTLA
|
$3.77 Million |
|
Dogness International Corp Class A
NASDAQ:DOGZ
|
$3.76 Million |
|
Opthea Limited
NASDAQ:OPTEY
|
$3.76 Million |
|
3DG Holdings (International) Limited
PINK:HKRHF
|
$3.76 Million |
|
Indonesian Tobacco Tbk PT
JK:ITIC
|
$3.76 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Tsogo Sun's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 4,759,000,000 to 5,128,000,000, a change of 369,000,000 (7.8%).
- Net income of 1,244,000,000 contributed positively to equity growth.
- Dividend payments of 730,000,000 reduced retained earnings.
- New share issuances of 34,000,000 increased equity.
- Other comprehensive income increased equity by 4,361,000,000.
- Other factors decreased equity by 4,540,000,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ZAC1.24 Billion | +24.26% |
| Dividends Paid | ZAC730.00 Million | -14.24% |
| Share Issuances | ZAC34.00 Million | +0.66% |
| Other Comprehensive Income | ZAC4.36 Billion | +85.04% |
| Other Changes | ZAC-4.54 Billion | -88.53% |
| Total Change | ZAC- | 7.75% |
Book Value vs Market Value Analysis
This analysis compares Tsogo Sun's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 138.79x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has decreased from 169.50x to 138.79x over the analyzed period, indicating reduced market premium.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2004-03-31 | ZAC4.04 | ZAC685.00 | x |
| 2005-03-31 | ZAC4.77 | ZAC685.00 | x |
| 2006-03-31 | ZAC5.08 | ZAC685.00 | x |
| 2007-03-31 | ZAC4.86 | ZAC685.00 | x |
| 2008-03-31 | ZAC10.04 | ZAC685.00 | x |
| 2009-03-31 | ZAC8.80 | ZAC685.00 | x |
| 2010-03-31 | ZAC9.53 | ZAC685.00 | x |
| 2011-03-31 | ZAC7.81 | ZAC685.00 | x |
| 2012-03-31 | ZAC7.04 | ZAC685.00 | x |
| 2013-03-31 | ZAC7.57 | ZAC685.00 | x |
| 2014-03-31 | ZAC8.92 | ZAC685.00 | x |
| 2015-03-31 | ZAC6.95 | ZAC685.00 | x |
| 2016-03-31 | ZAC8.67 | ZAC685.00 | x |
| 2017-03-31 | ZAC11.25 | ZAC685.00 | x |
| 2018-03-31 | ZAC10.94 | ZAC685.00 | x |
| 2019-03-31 | ZAC9.92 | ZAC685.00 | x |
| 2020-03-31 | ZAC1.73 | ZAC685.00 | x |
| 2021-03-31 | ZAC1.41 | ZAC685.00 | x |
| 2022-03-31 | ZAC3.01 | ZAC685.00 | x |
| 2023-03-31 | ZAC4.32 | ZAC685.00 | x |
| 2024-03-31 | ZAC4.57 | ZAC685.00 | x |
| 2025-03-31 | ZAC4.94 | ZAC685.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Tsogo Sun utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 24.26%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 11.44%
- • Asset Turnover: 0.71x
- • Equity Multiplier: 2.97x
- Recent ROE (24.26%) is above the historical average (20.74%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2004 | 17.91% | 16.18% | 0.73x | 1.52x | ZAC64.59 Million |
| 2005 | 23.03% | 21.26% | 0.81x | 1.34x | ZAC127.13 Million |
| 2006 | 25.69% | 22.45% | 0.85x | 1.34x | ZAC163.57 Million |
| 2007 | 32.58% | 21.16% | 0.69x | 2.23x | ZAC223.82 Million |
| 2008 | 8.14% | 11.14% | 0.42x | 1.76x | ZAC-44.44 Million |
| 2009 | 15.56% | 17.08% | 0.50x | 1.83x | ZAC133.98 Million |
| 2010 | 36.96% | 17.70% | 0.58x | 3.63x | ZAC749.92 Million |
| 2011 | 8.56% | 9.34% | 0.40x | 2.30x | ZAC-101.63 Million |
| 2012 | 22.24% | 19.01% | 0.52x | 2.25x | ZAC945.00 Million |
| 2013 | 19.61% | 16.44% | 0.57x | 2.10x | ZAC798.20 Million |
| 2014 | 19.17% | 17.43% | 0.53x | 2.09x | ZAC898.00 Million |
| 2015 | 23.71% | 14.74% | 0.46x | 3.49x | ZAC966.90 Million |
| 2016 | 21.56% | 14.56% | 0.48x | 3.09x | ZAC958.50 Million |
| 2017 | 23.28% | 19.08% | 0.40x | 3.02x | ZAC1.43 Billion |
| 2018 | 18.12% | 14.19% | 0.41x | 3.11x | ZAC883.40 Million |
| 2019 | 14.88% | 13.55% | 0.33x | 3.34x | ZAC512.40 Million |
| 2020 | -15.68% | -2.51% | 0.60x | 10.38x | ZAC-470.00 Million |
| 2021 | 1.43% | 0.38% | 0.36x | 10.66x | ZAC-126.10 Million |
| 2022 | 44.57% | 16.21% | 0.55x | 5.01x | ZAC1.09 Billion |
| 2023 | 38.63% | 15.75% | 0.69x | 3.54x | ZAC1.29 Billion |
| 2024 | 32.15% | 13.59% | 0.71x | 3.31x | ZAC1.05 Billion |
| 2025 | 24.26% | 11.44% | 0.71x | 2.97x | ZAC731.20 Million |
Industry Comparison
This section compares Tsogo Sun's net assets metrics with peer companies in the Resorts & Casinos industry.
Industry Context
- Industry: Resorts & Casinos
- Average net assets among peers: $2,010,000,000
- Average return on equity (ROE) among peers: 59.95%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Tsogo Sun (TSG) | ZAC5.56 Billion | 17.91% | 1.75x | $3.76 Million |
| Sun International Ltd (SUI) | $2.01 Billion | 59.95% | 5.75x | $4.83 Million |