Tsogo Sun (TSG) - Net Assets

Latest as of September 2025: ZAC5.56 Billion ZAC ≈ $2.95 Million USD

Based on the latest financial reports, Tsogo Sun (TSG) has net assets worth ZAC5.56 Billion ZAC (≈ $2.95 Million USD) 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 ≈ $8.13 Million USD) and total liabilities (ZAC9.74 Billion ≈ $5.17 Million USD). 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. Check Tsogo Sun asset resilience ratio to evaluate the company's liquid asset resilience ratio.

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. Also explore TSG asset base for the complete picture of this company's asset base.

Annual Net Assets for Tsogo Sun (2004–2025)

The table below shows the annual net assets of Tsogo Sun from 2004 to 2025. For live valuation and market cap data, see Tsogo Sun (TSG) market capitalisation.

Year	Net Assets	Change
2025-03-31	ZAC5.17 Billion ≈ $2.75 Million	+6.20%
2024-03-31	ZAC4.87 Billion ≈ $2.59 Million	+5.75%
2023-03-31	ZAC4.61 Billion ≈ $2.45 Million	+40.74%
2022-03-31	ZAC3.27 Billion ≈ $1.74 Million	+106.57%
2021-03-31	ZAC1.58 Billion ≈ $841.81K	-19.02%
2020-03-31	ZAC1.96 Billion ≈ $1.04 Million	-85.56%
2019-03-31	ZAC13.54 Billion ≈ $7.20 Million	-4.57%
2018-03-31	ZAC14.19 Billion ≈ $7.54 Million	+5.48%
2017-03-31	ZAC13.46 Billion ≈ $7.15 Million	+50.36%
2016-03-31	ZAC8.95 Billion ≈ $4.76 Million	+16.43%
2015-03-31	ZAC7.69 Billion ≈ $4.08 Million	-26.95%
2014-03-31	ZAC10.52 Billion ≈ $5.59 Million	+15.44%
2013-03-31	ZAC9.12 Billion ≈ $4.84 Million	+7.91%
2012-03-31	ZAC8.45 Billion ≈ $4.49 Million	+6.42%
2011-03-31	ZAC7.94 Billion ≈ $4.22 Million	+132.98%
2010-03-31	ZAC3.41 Billion ≈ $1.81 Million	+38.83%
2009-03-31	ZAC2.45 Billion ≈ $1.30 Million	-0.21%
2008-03-31	ZAC2.46 Billion ≈ $1.31 Million	+77.53%
2007-03-31	ZAC1.39 Billion ≈ $736.13K	+21.59%
2006-03-31	ZAC1.14 Billion ≈ $605.40K	+16.77%
2005-03-31	ZAC975.58 Million ≈ $518.47K	+19.49%
2004-03-31	ZAC816.47 Million ≈ $433.91K	--

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
Bohai Water Industry Co Ltd SHE:000605	$373.10 Million
Dave & Buster’s Entertainment NASDAQ:PLAY	$373.16 Million
Raymond Limited NSE:RAYMOND	$373.29 Million
Agriculture & Natural Solutions Acquisition Corporation Class A Ordinary Shares NASDAQ:ANSC	$373.34 Million
TechTarget, Inc. Common Stock NASDAQ:TTGT	$373.06 Million
Entree Resources Ltd TO:ETG	$372.97 Million
Chalice Mining Limited F:C8U	$372.83 Million
Kamada TA:KMDA	$372.69 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: 140.82x
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 171.97x to 140.82x 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	ZAC695.00	x
2005-03-31	ZAC4.77	ZAC695.00	x
2006-03-31	ZAC5.08	ZAC695.00	x
2007-03-31	ZAC4.86	ZAC695.00	x
2008-03-31	ZAC10.04	ZAC695.00	x
2009-03-31	ZAC8.80	ZAC695.00	x
2010-03-31	ZAC9.53	ZAC695.00	x
2011-03-31	ZAC7.81	ZAC695.00	x
2012-03-31	ZAC7.04	ZAC695.00	x
2013-03-31	ZAC7.57	ZAC695.00	x
2014-03-31	ZAC8.92	ZAC695.00	x
2015-03-31	ZAC6.95	ZAC695.00	x
2016-03-31	ZAC8.67	ZAC695.00	x
2017-03-31	ZAC11.25	ZAC695.00	x
2018-03-31	ZAC10.94	ZAC695.00	x
2019-03-31	ZAC9.92	ZAC695.00	x
2020-03-31	ZAC1.73	ZAC695.00	x
2021-03-31	ZAC1.41	ZAC695.00	x
2022-03-31	ZAC3.01	ZAC695.00	x
2023-03-31	ZAC4.32	ZAC695.00	x
2024-03-31	ZAC4.57	ZAC695.00	x
2025-03-31	ZAC4.94	ZAC695.00	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: $665,000,000
Average return on equity (ROE) among peers: 107.22%

Peer Company Comparison

Company	Net Assets	Return on Equity	Debt-to-Equity	Market Cap
Tsogo Sun (TSG)	ZAC5.56 Billion	17.91%	1.75x	$373.08 Million
Sun International Ltd (SUI)	$665.00 Million	107.22%	11.98x	$617.96 Million

About Tsogo Sun

JSE:TSG South Africa Resorts & Casinos

Market Cap

$373.08 Million

ZAC702.01 Billion ZAC

Market Cap Rank

#14051 Global

#108 in South Africa

Share Price

ZAC695.00

Change (1 day)

+0.14%

52-Week Range

ZAC631.00 - ZAC823.00

All Time High

ZAC1913.79