Fact based stock research
Sanlam (JSE:SLM)

ZAE000070660

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For every stock, we judge its performance against its peers and rank it on a scale of 1 to 100. The higher the rank, the better the stock performs than its peers. And, we do this for six investment strategies:
Value - shows how good of a value the stock is. Green is "inexpensive"; red is "expensive".

Growth - shows a company's growth potential. Green is "high growth" expected; red is "tough times ahead".

Safety - relates to the amount of debt a company has. Green is low debt level; red is high debt level.

Combined Financial - this isn't an average of the first three ranks but rather a consolidated view across several financial indicators. Green = good; red = tread carefully.

(NEW) Sentiment - quantifies professional analyst ratings and holdings as well as market pulse. Green = positive sentiment; red = skepticism (Only available to Premium Subscribers).

(NEW) 360° View - the ultimate rating with all financial and non-financial indicators.

Sanlam stock research in summary

sanlam.co.za

ANALYSIS: With an Obermatt Combined Rank of 83 (better than 83% compared with investment alternatives), Sanlam (Life & Health Insurance, South Africa) shares have much better financial characteristics than comparable stocks. Shares of Sanlam are a good value (attractively priced) with a consolidated Value Rank of 62 (better than 62% of alternatives), are safely financed (Safety Rank of 60, which means low debt burdens), but show below-average growth (Growth Rank of 31). ...read more

RECOMMENDATION: A Combined Rank of 83, is a strong buy recommendation based on Sanlam's financial characteristics. As the company Sanlam's key financial metrics exhibit good value (Obermatt Value Rank of 62) but low growth (Obermatt Growth Rank of 31) while being safely financed (Obermatt Safety Rank of 60), it may be a safer investment because companies with low debt can better withstand times of crises. Yet the good value, better than 62% of comparable companies, may also indicate that the company's future is challenging. If you believe that low growth is temporary or just due to a specific current event, you may conclude that the good value of the stock provides an attractive investment opportunity and the downside is limited due to below-average financing risks. Obermatt Premium subscribers can further check the stock’s Sentiment Ranks, which also flow into the Obermatt 360° View for investors. ...read more

Latest Obermatt Ranks


360° View^new
Sentiment Rank^new
Value Rank	62
Growth Rank	31
Safety Rank	60
Combined Rank	83

Country	South Africa
Industry	Life & Health Insurance
Index	JSE All Shares
Size class	Medium

31-Jul-2025. Stock data may be delayed. Log in or sign up to get the most recent research.

Further information

Multiple opinions. One number.

Analysts rarely agree on a stock’s future. So, who do you believe? Obermatt translates those collective views into a single Sentiment Rank. That plus the financial ranks give you the ultimate 360° View. Sign up to access them.

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Review the performance ranks of the individual metrics that form each investment strategy.

Research History: Sanlam

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	67	74	53	62
GROWTH
GROWTH	13	55	43	31
SAFETY
SAFETY	60	60	60	60
SENTIMENT
SENTIMENT	76	51	57	^new
360° VIEW
360° VIEW	64	54	54	^new

Most recent update of the stock research: 31-Jul-2025. Financial reporting date used for calculating ranks: 31-Dec-2024. Stock research history is based on the Obermatt Method. The higher the rank, the better Sanlam is in the corresponding investment strategy.
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Combined financial peformance in Detail

RESEARCH HISTORY	2022	2023	2024	2025
VALUE
VALUE	67	74	53	62
GROWTH
GROWTH	13	55	43	31
SAFETY
SAFETY	60	60	60	60
COMBINED
COMBINED	83	83	83	83

Last update of combined financial performance: 6-Oct-2022. Stock analysis on combined financial performance: The higher the rank of Sanlam the better the performance.

Value Metrics in Detail

ANALYSIS: With an Obermatt Value Rank of 62 (better than 62% compared with alternatives), Sanlam shares are more attractively priced than the majority of comparable stocks. The Value Rank is based on consolidating four value indicators, with three out of four indicators above average for Sanlam. Price-to-Sales (P/S) is 67, which means that the stock price compared with what market professionals expect for future sales is lower than for 67% of comparable companies, indicating a good value concerning Sanlam's revenue size. The same is valid for expected Price-to-Profits (or Price / Earnings, P/E), more favorable than for 60% of alternatives. It is also positive for expected dividend yields with a Dividend Yield rank of 64 (dividends are expected to be higher than 64% of other stocks). But, compared with other companies in the same industry, the Price-to-Book Capital ratio (also referred to as market-to-book ratio) is higher than average, making the stock more expensive. Only 61% of all competitors have an even higher price compared with book capital which puts the Price-to-Capital Rank for Sanlam to 39. ...read more

RECOMMENDATION: The overall picture with a consolidated Value Rank of 62, is a buy recommendation based on Sanlam's stock price compared with the company's operational size and dividend yields. A low level of book capital means that the company has a business that is leaner in assets than its competitors. For instance, the company could be leasing its production facilities or be more focussed on intellectual property, such as its brand and software, which is less visible in its book capital. If that is the case, the three good value ranks for Sales, Profits, and Dividends are reliable indicators for the stock price value. We recommend further analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks, including the 360° View, before making an investment decision. ...read more

VALUE METRICS	2022	2023	2024	2025
PRICE VS. REVENUES (P/S)
PRICE VS. REVENUES (P/S)	79	77	32	67
PRICE VS. PROFITS (P/E)
PRICE VS. PROFITS (P/E)	54	44	45	60
PRICE VS. CAPITAL (Market-to-Book)
PRICE VS. CAPITAL (Market-to-Book)	34	46	44	39
DIVIDEND YIELD
DIVIDEND YIELD	80	79	73	64
CONSOLIDATED RANK: VALUE
CONSOLIDATED RANK: VALUE	67	74	53	62

Last update of Value Rank: 31-Jul-2025. Stock analysis on value ratios: The higher the rank, the lower the value ratio of Sanlam; except for dividend yield where the rank is higher, the higher the yield.

Growth Metrics in Detail

ANALYSIS: With an Obermatt Growth Rank of 31 (better than 31% compared with alternatives), Sanlam shows a below-average growth dynamic in its industry. There is limited momentum in this company. The Growth Rank is based on consolidating four value indicators, with half of the indicators below and half above average for Sanlam. Capital Growth has a rank of 75, which means that currently professionals expect the company to grow its invested capital more than 12% of its competitors. Investors welcomed this, visible in the Stock Returns rank of 55 (above 55% of alternative investments). But Sales Growth has only a rank of 43, which means that, currently, professionals expect the company to grow less than 57% of its competitors, and Profit Growth is also low at a rank of 12. ...read more

RECOMMENDATION: The overall picture with a consolidated Growth Rank of 31, is a hold recommendation for growth and momentum investors. This is an ambiguous picture. Revenue growth and capital growth are strong, but the growth in profit, which seems good, can also be an indication that growth momentum may be negative. The fact that stock returns have been above average doesn't help much, as stock returns are less reliable in showing a company’s future growth potential. Prices may perform well for the simple reason that investors were too pessimistic in the past and are now correcting their opinions and moving the stock price to a more reasonable level. As the growth picture is mixed for Sanlam, investors may want to look at value and sentiment indicators for a well-rounded picture of this stock. While momentum is a popular investment factor, the value aspect might be the more important one, in the longer term. We recommend analyzing the stock with Obermatt’s Value, Safety, and Sentiment Ranks to arrive at a 360° View of the stock purchase case, especially since the growth performance is mixed here. ...read more

GROWTH METRICS	2022	2023	2024	2025
REVENUE GROWTH
REVENUE GROWTH	24	24	38	43
PROFIT GROWTH
PROFIT GROWTH	21	72	75	12
CAPITAL GROWTH
CAPITAL GROWTH	17	33	11	75
STOCK RETURNS
STOCK RETURNS	53	79	73	55
CONSOLIDATED RANK: GROWTH
CONSOLIDATED RANK: GROWTH	13	55	43	31

Last update of Growth Rank: 31-Jul-2025. Stock analysis on growth metrics: The higher the rank, the higher the growth and returns of Sanlam.

Safety Metrics in Detail

ANALYSIS: With an Obermatt Safety Rank of 60 (better than 60% compared with alternatives), the company Sanlam has financing practices on the safer side, which mean that their overall debt burden is lower than average. This doesn't mean that the business of Sanlam is safe, it only means that the company is on the safer side regarding possible bankruptcy, assuming that public reporting is correct. The Safety Rank is based on consolidating three financing indicators, where all three are above average for Sanlam. Leverage is at 70, meaning the company has a below-average debt-to-equity ratio. It has less debt than 70% of its competitors. Refinancing is at a rank of 73, meaning that the portion of the debt about to be refinanced is below average. It has less debt in the refinancing stage than 73% of its competitors. Finally, Liquidity is also good at a rank of 86, which means that the company generates more profit to service its debt than 86% of its competitors. ...read more

RECOMMENDATION: With a consolidated Safety Rank of 60 (better than 60% compared with alternatives), Sanlam has a financing structure that is safer than that of its competitors. These three positive financing indicators signal that the company is less likely to default on its debt obligations. However, it also means that its shareholder returns will be more modest if things go well. A low safety means fewer troubles in downtimes and less upside in good times. Investors may not have a debt issue with Sanlam but they should also compare Obermatt’s Value, Growth, and Sentiment Ranks before making a decision. ...read more

SAFETY METRICS	2022	2023	2024	2025
LEVERAGE
LEVERAGE	47	57	57	70
REFINANCING
REFINANCING	73	73	73	73
LIQUIDITY
LIQUIDITY	73	78	76	86
CONSOLIDATED RANK: SAFETY
CONSOLIDATED RANK: SAFETY	60	60	60	60

Last update of Safety Rank: 6-Oct-2022. Stock analysis on safety metrics: The higher the rank, the lower the leverage of Sanlam and the more cash is available to service its debt.

Sentiment Metrics in Detail

SENTIMENT	2022	2023	2024	2025
ANALYST OPINIONS
ANALYST OPINIONS	n/a	24	13	^new
OPINIONS CHANGE
OPINIONS CHANGE	50	50	50	^new
PRO HOLDINGS
PRO HOLDINGS	16	61	84	^new
MARKET PULSE
MARKET PULSE	79	75	60	^new
CONSOLIDATED RANK: SENTIMENT
CONSOLIDATED RANK: SENTIMENT	76	51	57	^new

Last update of Sentiment Rank: 31-Jul-2025. Stock analysis on sentiment metrics: The higher the rank, the more positive the sentiment for Sanlam.
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