Financials Emira Property Fund Limited

Equities

EMI

ZAE000203063

Commercial REITs

End-of-day quote Johannesburg S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
9.6 ZAR +0.10% Intraday chart for Emira Property Fund Limited +1.05% +12.28%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 7,052 3,152 4,116 5,105 4,876 4,627 - -
Enterprise Value (EV) 1 12,455 8,906 9,190 10,539 4,876 10,691 10,979 11,003
P/E ratio 7.86 x -4.27 x - - - - - -
Yield 11% 16.6% 14% 11.3% - 12.3% 12% 12.5%
Capitalization / Revenue 4.15 x 2.1 x 2.78 x 3.46 x 3.73 x 2.57 x 2.4 x 2.34 x
EV / Revenue 7.33 x 5.93 x 6.21 x 7.15 x 3.73 x 5.93 x 5.68 x 5.55 x
EV / EBITDA 11,094,264 x 9,217,634 x - 10,956,078 x - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.77 x 0.42 x 0.56 x 0.65 x - 0.54 x 0.55 x 0.55 x
Nbr of stocks (in thousands) 510,297 500,257 484,180 483,007 482,324 481,940 - -
Reference price 2 13.82 6.300 8.500 10.57 10.11 9.600 9.600 9.600
Announcement Date 8/14/19 8/31/20 8/18/21 9/4/22 6/7/23 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,699 1,502 1,481 1,474 1,308 1,804 1,931 1,981
EBITDA 1,123 966.2 - 961.9 - - - -
EBIT 1 1,112 966.2 937.2 956.7 - 1,160 1,128 1,151
Operating Margin 65.46% 64.33% 63.28% 64.89% - 64.3% 58.39% 58.12%
Earnings before Tax (EBT) 885.4 - - - - - - -
Net income 882.5 - - - 825.6 - - -
Net margin 51.95% - - - 63.09% - - -
EPS 1.759 -1.477 - - - - - -
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.513 1.044 1.186 1.198 - 1.181 1.152 1.200
Announcement Date 8/14/19 8/31/20 8/18/21 9/4/22 6/7/23 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: March 2022 S1
Net sales -
EBITDA -
EBIT -
Operating Margin -
Earnings before Tax (EBT) -
Net income 1 309.7
Net margin -
EPS 2 0.6328
Dividend per Share -
Announcement Date 2/16/22
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 5,403 5,755 5,075 5,433 - 6,064 6,352 6,376
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 4.812 x 5.956 x - 5.648 x - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 9.83% - 6.32% 7.96% - - - -
ROA (Net income/ Total Assets) - - 3.44% 4.45% - - - -
Assets - - - - - - - -
Book Value Per Share 2 17.90 15.00 15.20 16.30 - 17.60 17.30 17.40
Cash Flow per Share - - - - - - - -
Capex 1 - 158 131 293 - 188 122 124
Capex / Sales - 10.5% 8.83% 19.85% - 10.45% 6.34% 6.24%
Announcement Date 8/14/19 8/31/20 8/18/21 9/4/22 6/7/23 - - -
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
2
Last Close Price
9.6 ZAR
Average target price
9.5 ZAR
Spread / Average Target
-1.04%
Consensus

Chiffre d''affaires - Rate of surprise

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