Bidcorp Limited (BID SJ): Hold: Heatwave and the World Cup boost June spend

Research evidence excerpt

Bidcorp Limited (BID SJ): Hold: Heatwave and the World Cup boost June spend

15 July 2026

Bidcorp Limited (BID SJ) EquitiesFood & Staples Retailing

Hold: Heatwave and the World Cup boost June spend South Africa

◆ UK consumer spending grew 1.9% in June (non-essential

MAINTAIN HOLD

+1.7%, essential +2.2%); restaurant spending remained flat

◆ BID faces a challenging operating environment with pressure TARGET PRICE (ZAR) PREVIOUS TARGET (ZAR)

on discretionary spend globally and rising operating expenses 470.00 470.00

◆ Maintain Hold rating and ZAR470 target price SHARE PRICE (ZAR) UPSIDE/DOWNSIDE

432.25 +8.7%

According to Barclaycard, UK consumer spending grew 1.9% y-o-y in June (May (as of 13 Jul 2026)

-0.8%), well below CPIH of 3.0%. Essential spending grew 2.2% y-o-y (vs 0.7% in May,

driven by higher fuel spending. Non-essential spending grew 1.7% (May: 0.9%), driven MARKET DATA

Market cap (ZARm) 145,627 Free float 100%

by sunny weather and the start of the World Cup, which boosted demand across Market cap (USDm) 8,840 BBG BID SJ

seasonal and discretionary categories, alongside stabilising consumer confidence. 3m ADTV (USDm) 19 RIC BIDJ.J

Restaurant spending was flat, while bar, pub, and club spending grew 0.7%. Other

FINANCIALS AND RATIOS (ZAR)

‘experience economy’ related sectors (pg. 7) improved in the month. UK restaurant and Year to 06/2025a 06/2026e 06/2027e 06/2028e

café inflation moderated to 4.4% (vs 4.5% in Apr), while headline CPI remained flat at HSBC EPS 25.54 26.76 27.97 30.75

2.8%. The GfK consumer confidence was unchanged at -23. Consumer sentiment failed HSBC EPS (prev) 25.54 26.76 27.97 30.75

Change (%) 0.0 0.0 0.0 0.0

to improve in June and underlying retail sales remained subdued in May; however, Consensus EPS 25.67 26.76 28.57 31.18