Bidvest Group Ltd: Roll up, roll up – initiate with Overweight; 25% upside

Recommendation structure
We use a relative rating system using terms such as Overweight, Neutral, and Underweight.
Overweight: Over the next 12 months this stock’s total return is expected to outperform the average total return of the stocks
in the analyst’s coverage universe
Neutral: Over the next 12 months this stock’s total return is expected to perform in line with the average total return o f the
stocks in the analyst’s coverage universe
Underweight: Over the next 12 months this stock’s total return is expected to underperform the average total return of the
stocks in the analyst’s coverage universe
Not rated: We do not maintain an investment recommendation on this stock.
Restricted: We are restricted from rating this stock due to a potential conflict of interest, or for legal/policy/regulatory issues.
Target Price: The Target Price is the level the stock should currently trade at if the market were to accept the analyst's view of
the stock and if the necessary catalysts were in place to effect this change in perception within the performance horizon. In this
way, therefore, the target price abstracts from the need to take a view on the market or sector. If it is felt that the catalysts are
not fully in place to effect a re-rating of the stock to its warranted target price, the fair value may be interpreted as a target price
to be attained at some point in the future, namely in 12 to 18 months’ time, unless a different time frame is specified.

Disclosures
Subject Company Relevant disclosure(s) if any
Bidvest Group Ltd H, F

A - Nedbank holds 1% or more of the total issued share capital of the subject company
B - Nedbank holds 5% or more of the total issued share capital of the subject company
C - The subject company holds 1% or more of the total issued share capital of Nedbank.
D - The analyst of this report (or a connected person) has a holding, is a director or officer, and/or has a direct or indirect
financial interest in the subject company.
E - The analyst of this report (or a connected person) has traded in the securities of the subject company in the last 30 days.
F - Nedbank has a transactional banking relationship with the subject company
G - Nedbank earned investment banking fees from the subject company in the last 12 months
H - Nedbank has an investment banking relationship with the subject company
I - Nedbank has managed or co-managed a primary share issue for the subject company in the past 12 months
J - Nedbank has managed or co-managed a secondary share issue for the subject company in the past 12 months
K - Nedbank may conduct investment banking business with the subject company in the next 6 months
L - Nedbank /Analyst has a conflict of interest