Company Valuation: Texton Property Fund Limited

Data adjusted to current consolidation scope
Fiscal Period: June 2020 2021 2022 2023 2024 2025
Market Cap 1 489.2 1,102 1,262 829.6 990 879.4
Change - 125.21% 14.56% -34.26% 19.34% -11.18%
Enterprise Value (EV) 1 2,433 2,152 2,488 1,531 1,716 1,471
Change - -11.54% 15.59% -38.46% 12.11% -14.28%
P/E -3.75x 5.61x 33.1x -58.7x -67.1x 10x
PBR 0.25x 0.53x 0.63x 0.4x 0.52x 0.51x
PEG - -0x -0.4x 0x -4.1x -0x
Capitalization / Revenue 0.88x 3.2x 4.06x 2.58x 3.25x 3.16x
EV / Revenue 4.39x 6.25x 8.01x 4.76x 5.64x 5.29x
EV / EBITDA 7.59x 13.8x 18.9x 8.82x 10.8x 11.5x
EV / EBIT 7.83x 14.2x 19.8x 9.19x 11.2x 12.1x
EV / FCF 41x 29.7x 28.2x 3.36x 64.2x 5.52x
FCF Yield 2.44% 3.36% 3.54% 29.8% 1.56% 18.1%
Dividend per Share 2 - 0.3747 0.17 0.1926 0.2013 -
Rate of return - 11.5% 4.59% 7.7% 6.06% -
EPS 2 -0.3735 0.5797 0.1119 -0.0426 -0.0495 0.2945
Distribution rate - 64.6% 152% -452% -407% -
Net sales 1 553.9 344.5 310.6 321.9 304.6 278.4
EBITDA 1 320.4 156.1 131.6 173.5 159.1 127.4
EBIT 1 310.9 152 125.6 166.7 152.9 121.5
Net income 1 -130.5 202 38.06 -14.15 -13.95 97.21
Net Debt 1 1,944 1,051 1,226 701.4 726.4 592
Reference price 2 1.400 3.250 3.700 2.500 3.320 2.950
Nbr of stocks (in thousands) 349,395 338,966 341,096 331,848 298,206 298,098
Announcement Date 10/31/20 9/14/21 10/31/22 9/22/23 9/23/24 9/26/25
1ZAR in Million2ZAR
Estimates


P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 56.81M
33.4x7.38x13.02x4.12% 11.07B
25.2x16.53x26.86x3.91% 7.04B
23.38x16.01x26.78x4.36% 5.35B
164.63x7.91x12.35x4.38% 4.85B
9.7x11.87x14.45x6.37% 4.45B
37.83x12.19x15.9x6.37% 4.34B
150.49x7.8x13.6x6.01% 4.21B
25.31x8.61x15.77x3.49% 4.13B
-25.27x10.33x23.4x4.32% 4.08B
Average 49.41x 10.96x 18.01x 4.81% 4.96B
Weighted average by Cap. 46.71x 10.87x 17.92x 4.66%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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