Nexora Capital — Financial Plan, Overview & Assumptions
The financial plan overview and the core assumptions underpinning Nexora.
Section 21 · Business Plan
Financial Plan, Overview & Assumptions
The financial plan overview and the core assumptions underpinning Nexora.
Modelling posture. Sponsor headline projections,
revenue, EBITDA, gross loan book and customer numbers, are preserved
exactly as briefed. Every line below EBITDA is independently re-derived:
depreciation on a full capex schedule, cash interest on the
securitisation warehouse and revolving credit facility, interest income
on surplus cash, and South African corporate tax at 27% with
assessed-loss carry-forward. The three statements articulate fully; the
balance sheet ties to zero in every projection year, enforced
programmatically in the underlying model.
Core Assumptions
| Assumption | Value | Note |
|---|---|---|
| Corporate tax rate | 27% | Assessed losses carried forward; first cash tax FY2031 |
| 3M JIBAR (flat) | 7.15% | No cuts assumed, conservative |
| Warehouse pricing | JIBAR + 425bps | ≈11.40% all-in senior cost of funds |
| Warehouse advance rate | 80% | Against eligibility-tested gross book |
| RCF pricing | JIBAR + 375bps | Corporate liquidity line at OpCo |
| Yield on surplus cash | 5.5% | Money-market |
| Depreciation | 4-year straight line | Software & platform assets |
| Capex | R150m Y1; R45–120m p.a. thereafter | Platform, licences, regional builds |
| IFRS 9 ECL coverage | 5.5% → 4.6% of book | Cost of risk assumed within sponsor EBITDA |
| Net working capital | 2% of revenue | Fee receivables net of accruals |
| Minimum cash | R40m | Operating floor; RCF drawn below this |
The single most consequential modelling treatment concerns funding
costs. For a lender, warehouse interest is economically a cost of goods
sold; the sponsor brief, however, states EBITDA before funding costs (an
operating-EBITDA convention common in fintech). This Plan follows the
sponsor convention above the line and then charges the full warehouse
and RCF interest below EBITDA, so profit after tax reflects the true,
fully-funded economics. Readers comparing EBITDA to bank net-income
conventions should note the difference.
Confidential — this business plan is provided to prospective investors and lenders for evaluation purposes only and may not be reproduced or distributed without the written consent of Nexora Capital (Pty) Ltd.