African Rainbow Capital has maintained its valuation of mobile network operator Rain at R17.95 billion.
African Rainbow Capital Investments has released its half-year financial results and announced that it had maintained its 20.25% shareholding of Rain at a R3.635 billion valuation.
Dividing the valuation by Arc’s shareholding shows that the company believes Rain is worth R17.951 billion.Arc’s investment in Rain comprises 26.6% of the fund value. “The industry has been affected by the ongoing load-shedding and battery theft which led to a corresponding increased cost,” Arc stated.“Demand has however remained robust and Rain continued to deliver well on both 4G and 5G sales during the period,” said Arc.
It also said Rain is already delivering strong profits and expects this to continue accelerating if current trends persist. “Rain is on course to achieve an EBITDA of over R2 billion for the year ended February 2023, after considering IFRS 16 adjustments as is industry practice.”The table below provides an overview of Arc’s shareholding value and Rain’s total valuation between December 2017 and June 2022.
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