Raubex (JSE:RBX) | Initiation of Coverage | 12 May 2026

We initiate coverage of Raubex Group Limited (JSE: RBX) with a BUY rating, a 12-month price target of R65.90 (R6,590c), and Medium conviction. Expected 12-month total return is +32.4% — comprising +28.2% capital return to target and +4.2% forward dividend yield — which comfortably clears the JSE BUY threshold of +20%.