Financials Equites Property Fund Limited

Equities

EQU

ZAE000188843

Commercial REITs

End-of-day quote Johannesburg S.E. 06:00:00 2024-04-29 pm EDT 5-day change 1st Jan Change
12.4 ZAR +3.51% Intraday chart for Equites Property Fund Limited +5.08% -11.11%

Valuation

Fiscal Period: February 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 10,109 9,575 11,512 15,530 11,967 9,451 - -
Enterprise Value (EV) 1 13,383 9,575 17,642 23,961 22,881 20,407 18,230 18,182
P/E ratio 13.5 x 11.4 x - - - - - -
Yield 6.89% 8.77% 8.47% 7.74% 11% 10.6% 10.6% 11.3%
Capitalization / Revenue 13.2 x 9.64 x 10.1 x 10.3 x 6.34 x 4.79 x 4.47 x 4.19 x
EV / Revenue 17.5 x 9.64 x 15.5 x 15.9 x 12.1 x 10.4 x 8.63 x 8.06 x
EV / EBITDA 25,253,193 x 11,852,813 x - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 1.19 x 0.98 x 1.06 x 1.13 x 0.93 x 0.75 x 0.75 x 0.75 x
Nbr of stocks (in thousands) 503,417 554,441 628,716 737,790 774,090 781,753 - -
Reference price 2 20.08 17.27 18.31 21.05 15.46 12.09 12.09 12.09
Announcement Date 5/9/19 5/5/20 5/4/21 5/4/22 5/9/23 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 766.2 993.7 1,137 1,505 1,887 1,971 2,112 2,256
EBITDA 529.9 807.8 - - - - - -
EBIT 1 528.2 804.5 867.9 1,525 1,472 1,479 1,546 1,610
Operating Margin 68.95% 80.96% 76.31% 101.32% 78.02% 75.01% 73.18% 71.39%
Earnings before Tax (EBT) - - - - - - - -
Net income - 839.4 - - - - - -
Net margin - 84.47% - - - - - -
EPS 1.488 1.514 - - - - - -
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.384 1.514 1.550 1.630 1.696 1.278 1.281 1.368
Announcement Date 5/9/19 5/5/20 5/4/21 5/4/22 5/9/23 - - -
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: February 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 3,274 - 6,130 8,430 10,914 10,956 8,779 8,731
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 6.178 x - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 9.04% - - 16.1% -4.67% 8.2% 6.2% 11.3%
ROA (Net income/ Total Assets) 6.46% - - - - - - -
Assets - - - - - - - -
Book Value Per Share 2 16.90 17.50 17.20 18.60 16.60 16.10 16.00 16.10
Cash Flow per Share 1.550 - - - - - - -
Capex 1 - - 2.41 1.56 11.4 24.4 23.8 21.5
Capex / Sales - - 0.21% 0.1% 0.6% 1.24% 1.13% 0.95%
Announcement Date 5/9/19 5/5/20 5/4/21 5/4/22 5/9/23 - - -
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
HOLD
Number of Analysts
2
Last Close Price
12.09 ZAR
Average target price
12 ZAR
Spread / Average Target
-0.74%
Consensus

Chiffre d''affaires - Rate of surprise

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