Other Middle East and Africa Frequent Flyer Programs - Value of Voyager miles

I have seen this topic on the FFP's of some other airlines, but not yet on Voyager. If it has been mentioned in the past, then please accept my apologies!

When I posted about the difference between the Gold and the Premium Voyager Credit Card the other day, I wondered what the cost vs value was of the extra miles earned with the Premium card.
To get to the value aspect, I did some research: I looked at a local (CPT/JNB) and an international (CPT/LHR) routing and calculated the value per Voyager mile, when using miles for award tickets as well as upgrades. I used the following 'rules': For an award ticket, use the price (excluding taxes and surcharges) of the cheapest commercial ticket you can find (L or V for economy, D for business, A for first). For an award, upgrade from M to D (I could not find the H fare) or from D to A. Take into consideration the miles you loose by using miles instead of buying the ticket (including cabin bonus but excluding status bonus).
Using all of the above, I get a value of ZAR 0.047 for a local economy ticket on the low end of the value scale and of ZAR 0.374 for an upgrade D to A as the best value! My personal favourite (M to D, international) is second best at ZAR 0.297 (would be better for H to D). How many people have used the D to A upgrade? What a pity the Voyager Credit Card companion ticket is not upgradable :( , in which case buying a single D and using 97K miles to upgrade the two tickets would be a major scoop. ;)
By the way, I think it is the first time I see "D" fares available on the SAA website! :)
Any comments or suggestions?

It's ages since I did this exercise - I used to have this complex spreadsheet where I would track everything including the miles earned on the credit card purchase :rolleyes:. My numbers varied a bit (yours come out more expensive - not surprising since the basic ticket price is higher now that you have to book in H or higher) but the conclusion was exactly the same as yours. In descending order of bang for miles:

upgrade Y to J
upgrade J to F
international F award ticket
international J award ticket
The gradient is very steep, though, so you get only about half as good value for award tickets as for upgrades. Worst value by far is local tickets. The companion tickets were also decent value but they've stopped those now.

I have upgraded J to F in the past when my employer was paying for the J ticket. :) In those days J wasn't what it is today. Now it just isn't worth it any more.

SA used to sell miles at less than ZAR 0.15 as I mentioned in this post (http://www.flyertalk.com/forum/showpost.php?p=5134057&postcount=1). I thought it looked like excellent value for money (with the caveat that miles does not equal upgrade - miles + availability equals upgrade ;)). But since I had loads of miles I didn't avail myself of it.