Financials Equites Property Fund Limited

Equities

EQU

ZAE000188843

Commercial REITs

End-of-day quote Johannesburg S.E. 18:00:00 2024-06-19 EDT 5-day change 1st Jan Change
13.21 ZAR -3.79% Intraday chart for Equites Property Fund Limited +4.02% -5.30%

Valuation

Fiscal Period: February 2020 2021 2022 2023 2024 2025 2026 2027
Capitalization 1 9,575 11,512 15,530 11,967 10,233 10,313 - -
Enterprise Value (EV) 1 9,575 17,642 23,961 22,881 10,233 19,092 19,044 10,313
P/E ratio 11.4 x - - - - - - -
Yield 8.77% 8.47% 7.74% 11% - 10.2% 10.4% 11.1%
Capitalization / Revenue 9.64 x 10.1 x 10.3 x 6.34 x 4.81 x 4.2 x 4.49 x 3.75 x
EV / Revenue 9.64 x 15.5 x 15.9 x 12.1 x 4.81 x 7.77 x 8.29 x 3.75 x
EV / EBITDA 11,852,813 x - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.98 x 1.06 x 1.13 x 0.93 x - 0.82 x 0.82 x -
Nbr of stocks (in thousands) 554,441 628,716 737,790 774,090 781,753 780,682 - -
Reference price 2 17.27 18.31 21.05 15.46 13.09 13.21 13.21 13.21
Announcement Date 5/5/20 5/4/21 5/4/22 5/9/23 5/14/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: February 2020 2021 2022 2023 2024 2025 2026 2027
Net sales 1 993.7 1,137 1,505 1,887 2,128 2,458 2,296 2,750
EBITDA 807.8 - - - - - - -
EBIT 1 804.5 867.9 1,525 1,472 1,351 1,546 1,610 -
Operating Margin 80.96% 76.31% 101.32% 78.02% 63.5% 62.89% 70.15% -
Earnings before Tax (EBT) - - - - - - - -
Net income 839.4 - - - - - - -
Net margin 84.47% - - - - - - -
EPS 1.514 - - - - - - -
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.514 1.550 1.630 1.696 - 1.342 1.375 1.461
Announcement Date 5/5/20 5/4/21 5/4/22 5/9/23 5/14/24 - - -
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: February 2020 2021 2022 2023 2024 2025 2026 2027
Net Debt 1 - 6,130 8,430 10,914 - 8,779 8,731 -
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) - - 16.1% -4.67% - 9.2% 12.2% 11.8%
ROA (Net income/ Total Assets) - - - - - - - -
Assets - - - - - - - -
Book Value Per Share 2 17.50 17.20 18.60 16.60 - 16.00 16.10 -
Cash Flow per Share - - - - - - - -
Capex 1 - 2.41 1.56 11.4 - 23.8 21.5 -
Capex / Sales - 0.21% 0.1% 0.6% - 0.97% 0.94% -
Announcement Date 5/5/20 5/4/21 5/4/22 5/9/23 5/14/24 - - -
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
13.21 ZAR
Average target price
11.8 ZAR
Spread / Average Target
-10.67%
Consensus

Chiffre d''affaires - Rate of surprise

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