Company Valuation: Castleview Property Fund Limited

Data adjusted to current consolidation scope
Fiscal Period: March 2021 2022 2023 2024 2025 2026
Market Cap 1 176.3 187.1 291.4 8,367 8,072 9,664
Change - 6.09% 55.78% 2,771.46% -3.53% 19.72%
Enterprise Value (EV) 1 338.3 373 10,960 18,911 18,746 19,267
Change - 10.25% 2,838.42% 72.54% -0.87% 2.78%
P/E -7.83x 9.89x 2.26x 129x 5.88x 6.2x
PBR 1.15x 1.08x 0.83x 0.98x 0.86x 0.92x
PEG - -0x 0x -1.3x 0x 0.6x
Capitalization / Revenue 3.55x 3.25x 0.18x 3.38x 3.15x 3.72x
EV / Revenue 6.82x 6.47x 6.82x 7.64x 7.31x 7.43x
EV / EBITDA 12.9x - - - - -
EV / EBIT 12.9x 12.5x 11.9x 18.8x 14.8x 14.9x
EV / FCF 58.6x 28.3x -15.5x -12.8x 10.3x -127x
FCF Yield 1.71% 3.53% -6.45% -7.82% 9.73% -0.79%
Dividend per Share 2 0.266 0.4474 0.1485 0.5282 0.3856 0.6713
Rate of return 5.32% 8.95% 2.09% 6.21% 4.7% 7.04%
EPS 2 -0.6382 0.5057 3.138 0.0661 1.395 1.538
Distribution rate -41.7% 88.5% 4.73% 799% 27.6% 43.6%
Net sales 1 49.61 57.62 1,608 2,476 2,564 2,594
EBITDA 1 26.33 - - - - -
EBIT 1 26.22 29.81 918.2 1,005 1,269 1,295
Net income 1 -22.25 18.6 1,780 64.91 1,373 1,544
Net Debt 1 162 185.9 10,668 10,543 10,673 9,603
Reference price 2 5.000 5.000 7.100 8.500 8.200 9.540
Nbr of stocks (in thousands) 35,265 37,411 41,043 984,411 984,411 1,012,965
Announcement Date 6/30/21 5/31/22 8/1/23 6/28/24 6/27/25 6/26/26
1ZAR in Million2ZAR
Estimates

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 575M
35.98x15.5x19.93x3.93% 74.52B
31.69x11.76x16.27x4.02% 17.6B
33.29x12.39x18.23x3.7% 15B
15.54x11.18x16.26x6.45% 12.83B
27.61x10.52x15.54x3.83% 9.95B
41.5x16.17x19.48x3.96% 9.67B
24.1x14.74x16.21x4.92% 9.39B
12.2x17.22x18.94x4.66% 8.6B
-191.69x12.62x19.44x2.66% 7.69B
Average 3.36x 13.57x 17.81x 4.24% 16.58B
Weighted average by Cap. 21.01x 14.14x 18.53x 4.14%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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