Grindrod Limited GRDLY

IndustrialsTransport InfrastructureSouth Africa

Last close 13.17 USD on Nov 1, 2026, +32.6% year to date

Quant rating

Quant rating C Rank 249 of 418 in Industrials

Growth C 288 of 418
Valuation D 355 of 418
Quality C 190 of 418
Revisions C 211 of 418
Momentum B 153 of 418

Wall Street consensus Hold (3.00)Average target 1.85 USD −85.9%

Historical valuation

Multiples use consensus estimates for the next twelve months. The dashed line is the 5-year average.

Key data

Market cap: 1.2B
Enterprise value: 1.2B
52-week range: 9.93 – 13.17
3-year range: 6.56 – 13.17
Dividend yield: 2.29%
Beta (5 years): –
Shares outstanding: 705M
Next earnings: Mar 4, 2027

About the company

Grindrod Limited is a South Africa-based logistics company with investments in the marine fuel trading sector. Its segments include Ports and Terminals, Logistics, Group, Private Equity and Property, and Marine Fuels. The Port and Terminals segment provides bulk handling of commodities to the industry together with managing and handling port activities in South Africa and Mozambique. The Logistics segment is involved in providing holistic and integrated logistics solutions, from the handling and storage of containers, clearing and forwarding to road, rail and seaborne freight. The Group segment consists of the head office companies including property companies comprising management fees, dividend and rental income. The Private Equity and Property consist of investments in private and property equity portfolios and loans provided to KwaZulu-Natal North Coast property companies. The Marine Fuels segment is primarily a supplier of marine fuels and bunkers worldwide.

Growth and profitability fiscal year ends December 31

Growth and profitability by fiscal year
	2025	2024	2023	2022	2021	5Y avg
Revenue (mil)	336	264	265	346	214	–
Revenue growth	27.1%	−0.4%	−23.4%	61.9%	−16.3%	5.6%
EPS (basic, normalized)	0.19	0.03	0.08	–	–	–
EPS growth	619.5%	−67.2%	–	–	–	–
Gross margin	–	–	–	–	–	–
Net margin	37.2%	6.3%	20.4%	13.2%	1.7%	15.8%
ROE	21.9%	3.9%	11.3%	9.5%	1.3%	9.6%

Balance sheet, last quarter
Cash & short-term investments (mil)	–
Current ratio	–
Long-term debt (mil)	–
Net debt (mil)	–
Total equity (mil)	–
Net debt / equity	–
Net debt / EBITDA	–

Estimates and valuation

Consensus estimates and implied multiples
	Sales (mil)			EBITDA (mil)			EPS
Fiscal year	Mean est.	Growth	EV/Sales	Mean est.	Growth	EV/EBITDA	Mean est.	Growth	P/E
2025 actual	336	+27.1%	3.6x	94.5	+76.3%	12.9x	0.19	+619.5%	70.3x
2026	364	+8.6%	3.3x	104	+10.5%	11.6x	0.11	−40.3%	117.8x
2027	412	+13.0%	2.9x	121	+15.8%	10.0x	0.13	+13.9%	103.4x
2028	478	+16.1%	2.5x	140	+15.9%	8.7x	0.15	+17.9%	87.7x

Estimate revisions

Change in consensus estimates over 1, 3 and 6 months
	Sales				EPS
Fiscal year	Estimate (mil)	1M	3M	6M	Estimate	1M	3M	6M
2026	364	0.0%	−4.2%	−5.1%	0.11	0.0%	−5.4%	−9.2%
2027	412	0.0%	−1.5%	−2.3%	0.13	0.0%	−6.7%	−5.4%
2028	478	0.0%	+4.1%	+3.3%	0.15	0.0%	−3.3%	−2.2%

Earnings surprises

Reported results versus consensus, last 10 fiscal quarters
	FQ-9	FQ-8	FQ-7	FQ-6	FQ-5	FQ-4	FQ-3	FQ-2	FQ-1	FQ0
Sales reported (mil)	–	–	–	–	–	–	–	–	–	–
Sales mean (mil)	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–
EPS reported	–	–	–	–	–	–	–	–	–	–
EPS mean	–	–	–	–	–	–	–	–	–	–
Surprise	–	–	–	–	–	–	–	–	–	–

FQ0 is the most recent reported quarter, FQ-1 the one before, and so on.

Peer comparison Transport Infrastructure

Peers in the same industry group, by market capitalization
Company	Market cap	Net debt/EBITDA	Net margin	P/B	FY1 P/E	FY2 P/E	FY1 EV/EBITDA	FY2 EV/EBITDA
GRDLY Grindrod Limited	1.2B	–	37.2%	1.95x	117.8x	103.4x	11.6x	10.0x
HUPHY Hutchison Port Holdings Trust	1.8B	–	6.3%	0.57x	347.0x	336.6x	5.7x	5.5x
TAVHY TAV Havalimanlari Holding AS	1.8B	2.84x	2.8%	0.94x	55.8x	35.4x	5.4x	5.1x
HHULY Hamburger Hafen und Logistik AG	1.7B	–	0.6%	2.08x	–	–	–	–
PTJSY Jasa Marga (Persero) Tbk PT	1.1B	6.90x	12.2%	0.55x	117.1x	110.9x	8.4x	7.7x
SIHBY Shenzhen Investment Holdings Bay Area Development Co Ltd	817M	–	59.5%	0.95x	–	–	–	–
Mean		4.87x	19.8%	1.18x	159.4x	146.6x	7.8x	7.1x
Median		4.87x	9.3%	0.95x	117.4x	107.2x	7.1x	6.6x

Technical analysis

1M–
3M0.0%
1Y+52.7%
3Y+100.6%

Financial statements in millions of USD

Income statement in millions of USD, fiscal years

Income statement, Grindrod Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Total revenue	336	264	265	346	214	255
Cost of revenue	–	–	–	–	–	–
Gross profit	336	264	265	346	214	255
Selling, general & administrative expenses	2.7	5.1	5.0	15.7	1.9	14.5
Research & development	–	–	–	–	–	–
Depreciation/amortization	25.9	17.7	21.4	28.6	29.7	35.8
Interest expense (income), operating	–	–	–	–	–	–
Unusual expense (income)	2.7	1.5	7.9	−3.8	4.7	12.2
Other operating expenses	238	243	210	265	154	218
Operating income	65.9	−3.6	21.2	40.2	23.2	−25.3
Net interest income (expense)	90.8	39.6	47.7	29.7	5.4	6.4
Gain (loss) on sale of assets	−0.1	0	5.5	2.0	0	3.5
Other non-operating income (expense)	0	0	0	−2.7	−15.0	−4.4
Net income before taxes	157	36.0	74.5	69.3	13.6	−19.8
Provision for taxes	27.6	15.4	16.5	20.5	5.1	8.2
Minority interest	0.1	0	0.1	0.2	−1.9	3.2
Equity in affiliates	–	–	–	–	–	–
U.S. GAAP adjustment	–	–	–	–	–	–
Net income before extraordinary items	129	20.7	58.1	49.0	6.6	−24.8
Extraordinary items	–	–	0	−10.3	7.3	–
Net income	129	20.7	58.1	38.7	13.8	−24.8
EBIT, normalized	68.6	−2.1	29.1	36.4	27.9	−13.1
EBITDA, normalized	94.5	15.6	50.5	65.8	58.4	22.7
Basic EPS, normalized	0.19	0.03	0.08	–	–	–

Balance sheet in millions of USD, fiscal years

Balance sheet, Grindrod Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Assets
Cash & short-term investments	237	133	138	153	355	281
Receivables	113	106	102	89.1	241	366
Total inventory	13.9	5.6	3.0	2.3	4.2	6.3
Prepaid expenses	6.8	14.4	9.1	11.6	4.0	4.2
Other current assets	0	0	0	0	0	0
Total current assets	370	260	252	256	604	657
Property, plant & equipment	273	140	123	136	175	190
Goodwill	68.4	15.1	16.4	17.8	27.3	39.4
Intangibles	34.7	2.2	2.8	3.2	4.5	6.6
Long-term investments	201	308	311	248	288	346
Note receivable	14.9	22.1	79.0	81.7	452	327
Other long-term assets	11.3	35.9	11.9	70.1	21.3	40.0
Total assets	974	783	797	813	1,573	1,607
Liabilities
Accounts payable	61.9	40.6	45.5	44.0	34.1	44.6
Payable/accrued	–	–	–	−5.4	–	–
Accrued expenses	37.6	20.8	22.7	39.3	27.4	28.9
Short-term debt	27.3	19.1	14.6	24.2	37.7	92.1
Current portion of long-term debt	17.5	22.2	14.7	27.1	768	743
Other current liabilities	45.3	19.8	30.8	58.4	24.7	31.6
Total current liabilities	189	123	128	188	892	940
Long-term debt	150	114	114	96.6	137	113
Minority interest	2.8	−2.9	−2.9	−3.6	−2.8	−10.2
Other liabilities	49.1	23.1	14.2	10.3	7.2	11.7
Total liabilities	391	257	254	291	1,034	1,055
Shareholders' equity
Preferred stock	0	0	0	0	0	0
Common stock	0	0	0	0	0	0
Additional paid-in capital	237	209	215	231	246	269
Retained earnings (accumulated deficit)	287	162	183	162	173	174
Treasury stock	–	–	–	–	–	–
Other equity	58.9	155	145	129	121	109
Total equity	583	526	543	522	539	552
Total liabilities & shareholders' equity	974	783	797	813	1,573	1,607

Cash flow statement in millions of USD, fiscal years

Cash flow statement, Grindrod Limited, fiscal years, most recent first
	2025	2024	2023	2022	2021	2020
Operating activities
Net income	68.6	−2.1	29.1	42.6	35.9	−13.1
Depreciation, depletion & amortization	25.9	17.7	21.4	29.4	30.5	35.8
Deferred taxes	–	–	–	–	–	–
Non-cash items	−0.8	43.4	29.1	42.8	0.7	39.1
Changes in working capital	−4.3	−48.7	−56.1	−84.0	−4.8	−183
Cash from operations	89.4	10.3	23.5	30.8	62.3	−121
Investing activities
Capital expenditures	−18.7	−25.4	−38.4	−34.0	−25.9	−16.5
Other investing cash flows	89.4	−28.5	−3.9	38.8	42.3	−2.2
Cash from investing	70.7	−53.9	−42.3	4.8	16.4	−18.8
Financing activities
Financing cash flow items	−0.1	–	–	0	−1.6	−5.0
Cash dividends paid	–	–	–	–	–	–
Issuance (retirement) of debt, net	–	–	–	–	–	–
Other financing cash flows	−43.7	4.6	−4.6	2.1	−42.3	−51.6
Cash from financing	−43.8	4.6	−4.6	2.1	−43.9	−56.7
Foreign exchange effects	−8.7	0.3	4.0	2.0	1.1	4.7
Net change in cash	108	−38.7	−19.4	39.8	35.9	−192
Free cash flow	70.6	−15.0	−14.9	−3.2	36.4	−137

Disclaimer

The financial data presented in this report is delayed and obtained from sources QDD Research believes to be reliable, including stock exchanges, SEDAR, and EDGAR. However, no representation or warranty is made as to the accuracy, completeness, or timeliness of the information. QDD Research accepts no liability for any errors, omissions, or financial losses arising from the use of this data.

This report is generated using a fully systematic and quantitative approach. All factor scores and the overall quant rating (ranging from D to A+) are derived from algorithmic models and are based solely on objective financial metrics. These scores are intended for informational purposes only and should not be interpreted as investment advice or a recommendation to buy, sell, or hold any securities.

QDD Research is not a registered investment advisor or broker-dealer and does not provide personalized financial advice. The content is not tailored to the specific investment goals, financial situation, or risk profile of any individual investor. We strongly encourage readers to consult with a licensed broker or investment advisor before making any investment decisions based on the information contained in this report.

Live quote provided by TradingView. Report data updated Nov 1, 2026 after market close.