WEAVER FINTECH LIMITED
Investment Analysis: Weaver Fintech Limited (JSE: WVR)
(Formerly HomeChoice International plc)
Date: 9 January 2026 Share Price: ~R64.00 (6,400c) Analyst Role: Senior Equity Analyst, JSE
â ï¸ Strategic Note: This company recently underwent a major corporate rebranding. Formerly known as HomeChoice International (HIL), it officially changed its name to Weaver Fintech (WVR) in July 2025 to reflect its pivot from a catalogue retailer to a digital financial services group.
Step 1: Data Gathering & Source Verification
I have reviewed the most recent financial disclosures, focusing on the first set of results released under the new brand.
- Interim Results: Reviewed the Unaudited Consolidated Interim Results for the six months ended 30 June 2025 (Released 12 August 2025).
- Annual Financial Statements: Reviewed the Integrated Annual Report for the year ended 31 December 2024 (Released 30 April 2025 under the HomeChoice name).
- SENS Activity (L12M): Key announcements include the Name Change Finalisation (July 2025), the Interim Dividend Declaration (August 2025), and significant director dealings (exercising of options) in December 2025.
Data Sources:
- Interim Results (Aug 2025):
https://www.weaverfintech.com/interim-results-for-the-six-month-period-ending-30-june-2025/ - Name Change Announcement:
https://senspdf.jse.co.za/documents/2025/JSE/ISSE/WVR/NameChange.pdf
Step 2: Metric Extraction
| Metric | Value | Notes | | --- | --- | --- | | Market Cap | ~R6.9 Billion | Successfully re-rated from a small-cap retailer to a mid-tier fintech player. | | Dividend Yield (L12M) | ~3.7% | Growth Focused. Total L12M dividend of ~237 cents (Interim Jun 2025: 140c + Final Dec 2024: 97c). The interim dividend was hiked by 47%, mirroring earnings growth. | | Liquidity Check | Improving | Trading liquidity has improved significantly since the rebranding and inclusion in fintech indices. Average daily value is now consistently >R5m. | | P/E Ratio | ~13.4x | Re-rated. The stock has moved from a "retailer P/E" (8x) to a "fintech P/E" (13x). Based on TTM Earnings Per Share. Forward P/E is likely lower given the 40%+ growth rate. | | Price/Book | ~1.7x | Trades at a premium to NAV, justified by the high Return on Equity (ROE) of ~14.9% and the intangible value of the PayJustNow platform. |
Step 3: Operational & Strategic Analysis
Business Overview Weaver Fintech has effectively split its identity, but the money is clearly in the digital arm:
- Weaver Fintech (The Engine): Includes FinChoice (Digital personal loans & insurance) and PayJustNow (SA's leading Buy-Now-Pay-Later provider). This division now accounts for 98% of Group Profit Before Tax.
- HomeChoice (The Legacy): The traditional omnichannel retailer selling homeware and bedding. It is now a smaller, stable cash generator rather than a growth driver.
Performance Trend
- Earnings Explosion: H1 2025 Headline Earnings per Share (HEPS) surged 45% to 285.5 cents. This was driven by the scalable nature of the fintech platformâadding new customers costs very little.
- Customer Growth: The group acquired 130,000 new customers per month in H1 2025. The PayJustNow user base is growing exponentially, feeding customers into the higher-margin FinChoice loan products (cross-sell).
- Credit Quality: Despite the aggressive growth, credit metrics held up. Cash collections rose 47% to R7.7 billion, and the group successfully accessed the capital markets to fund its loan book, showing lender confidence.
- Retail Recovery: Even the legacy retail arm grew Operating Profit by 63% (off a low base), benefitting from showroom expansions and improved stock availability.
Sector Context
- The "Two-Pot" Effect: The release of pension funds in late 2025 provided a liquidity injection to Weaver's target market (middle-income SA), boosting both retail sales and loan repayment rates.
- Interest Rate Cycle: As unsecured lenders, Weaver benefits from rate cuts (lowering their funding costs) and improved consumer affordability. The 2026 cutting cycle is a major tailwind.
Step 4: The Verdict
Bull Case (Why Buy): The "PayJustNow" Jewel. You are buying the market leader in South African Buy-Now-Pay-Later (BNPL). Unlike global peers (like Klarna) that burned cash, Weaver's BNPL unit is profitable and acts as a massive, low-cost customer acquisition funnel for their insurance and personal loan products. . The 48% profit growth proves the "ecosystem" strategy works. The stock has momentum (+75% in a year) but growing earnings >30% justifies the 13x P/E.
Bear Case (Why Sell): Regulatory & Credit Risk. The National Credit Regulator (NCR) is scrutinizing the BNPL sector. Any regulatory cap on fees could hurt PayJustNow's margins. Furthermore, unsecured lending is dangerous if unemployment spikes; the "vintage" of loans written in 2025 has not yet been fully tested through a downturn. The share price has run very hard, very fast, leaving it vulnerable to a pullback on any earnings miss.
Fair Value Estimate: R72.00 - R78.00 Applying a 15x P/E to forward earnings, acknowledging the high-growth fintech status.
Final Rating: BUY This is one of the few genuine high-growth fintech stocks on the JSE. The rebranding is not just cosmetic; the fundamentals have structurally improved.