ASX:IAP

Stock Analysis Report

Investec Australia Property Fund

Executive Summary

IAPF is an Australian domiciled fund that is listed on the JSE.

Snowflake

Fundamentals

Fair value with acceptable track record.

Risks

  • Investec Australia Property Fund is not covered by any analysts.

Share Price & News

How has Investec Australia Property Fund's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

2.9%

ASX:IAP

-2.4%

AU REITs

-2.5%

AU Market


1 Year Return

n/a

ASX:IAP

12.8%

AU REITs

-0.6%

AU Market

No trading data on IAP.

No trading data on IAP.


Share holder returns

IAPIndustryMarket
7 Day2.9%-2.4%-2.5%
30 Dayn/a-2.5%-4.4%
90 Dayn/a3.2%-1.1%
1 Yearn/a18.5%12.8%5.1%-0.6%
3 Yearn/a33.2%14.0%30.2%13.1%
5 Yearn/a94.1%50.8%36.5%5.9%

Price Volatility Vs. Market

How volatile is Investec Australia Property Fund's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is Investec Australia Property Fund undervalued based on future cash flows and its price relative to the stock market?

30%

Discount to future cash flow value


Intrinsic Value Based on Future Cash Flows

Investec Australia Property Fund's share price is below the future cash flow value, and at a moderate discount (> 20%).

Investec Australia Property Fund's share price is below the future cash flow value, but not at a substantial discount (< 40%).


Price Based on Earnings

Investec Australia Property Fund is overvalued based on earnings compared to the AU REITs industry average.

Investec Australia Property Fund is good value based on earnings compared to the Australia market.


Price Based on Expected Growth

Unable to calculate PEG ratio for Investec Australia Property Fund, we can't assess if its growth is good value.


Price Based on Value of Assets

Investec Australia Property Fund is good value based on assets compared to the AU REITs industry average.


Next Steps

Future Growth

How is Investec Australia Property Fund expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

6.4%

Forecasted annual earnings growth


Earnings and Revenue Growth Estimates


Future Annual Growth Analysis

Unable to determine if Investec Australia Property Fund is high growth as no revenue estimate data is available.

Investec Australia Property Fund's earnings are expected to grow by 6.4% yearly, however this is not considered high growth (20% yearly).

Unable to compare Investec Australia Property Fund's revenue growth to the Australia market average as no estimate data is available.

Investec Australia Property Fund's earnings growth is positive but not above the Australia market average.

Investec Australia Property Fund's earnings growth is expected to exceed the low risk savings rate of 2.3%.


Earnings per Share Growth Estimates


Future Return on Equity

Unable to establish if Investec Australia Property Fund will efficiently use shareholders’ funds in the future without estimates of Return on Equity.


Next Steps

Past Performance

How has Investec Australia Property Fund performed over the past 5 years?

36.0%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Investec Australia Property Fund has delivered over 20% year on year earnings growth in the past 5 years.

Investec Australia Property Fund's 1-year earnings growth is negative, it can't be compared to the 5-year average.

Investec Australia Property Fund's 1-year earnings growth is negative, it can't be compared to the AU REITs industry average.


Return on Equity

Investec Australia Property Fund has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).


Return on Assets

Investec Australia Property Fund used its assets more efficiently than the AU REITs industry average last year based on Return on Assets.


Return on Capital Employed

Investec Australia Property Fund has improved its use of capital last year versus 3 years ago (Return on Capital Employed).


Next Steps

Financial Health

How is Investec Australia Property Fund's financial position?


Financial Position Analysis

Investec Australia Property Fund's short term (1 year) commitments are greater than its holdings of cash and other short term assets.

Investec Australia Property Fund's long term commitments exceed its cash and other short term assets.


Debt to Equity History and Analysis

Investec Australia Property Fund's level of debt (68.4%) compared to net worth is high (greater than 40%).

The level of debt compared to net worth has increased over the past 5 years (17% vs 68.4% today).

Debt is not well covered by operating cash flow (10.8%, less than 20% of total debt).

Interest payments on debt are not well covered by earnings (EBIT is 2.3x annual interest expense, ideally 3x coverage).


Balance Sheet

High level of physical assets or inventory.

Debt is not covered by short term assets, assets are 0x debt.


Next Steps

Dividend

What is Investec Australia Property Fund's current dividend yield, its reliability and sustainability?


Dividend Yield and Payments Analysis

Unable to evaluate Investec Australia Property Fund's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.

Unable to evaluate Investec Australia Property Fund's dividend against the top 25% market benchmark as the company has not reported any payouts.

Unable to perform a dividend volatility check as Investec Australia Property Fund has not reported any payouts.

Unable to verify if Investec Australia Property Fund's dividend has been increasing as the company has not reported any payouts.


Current Payout to Shareholders

Unable to calculate sustainability of dividends as Investec Australia Property Fund has not reported any payouts.


Future Payout to Shareholders

Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.


Next Steps

Management

What is the CEO of Investec Australia Property Fund's salary, the management and board of directors tenure and is there insider trading?

5.4yrs

Average board tenure


CEO

Graeme Katz (53yo)

0.0yrs

Tenure

AU$155,000

Compensation

Mr. Graeme Katz serves as Chief Executive Officer of Investec Property Limited, the responsible entity of Investec Australia Property Fund Limited and has been its Executive Director since March 31, 2009.  ...


CEO Compensation Analysis

Graeme's remuneration is lower than average for companies of similar size in Australia.

Graeme's compensation has been consistent with company performance over the past year, both up more than 20%.


Board Age and Tenure

5.4yrs

Average Tenure

67yo

Average Age

The tenure for the Investec Australia Property Fund board of directors is about average.


Insider Trading

No 3 month insider trading information.


Ownership Breakdown


Management Team

  • Graeme Katz (53yo)

    CEO & Executive Director of Investec Property Limited

    • Tenure: 0.0yrs
    • Compensation: AU$155.00k
  • Paul Lam-Po-Tang

    Company Secretary of Investec Property Limited

    • Tenure: 0.0yrs
  • Kristie Lenton

    Chief Financial Officer of Investec Property Limited

    • Tenure: 0.0yrs

Board Members

  • Stephen Koseff (66yo)

    Non-Executive Director of Investec Property Limited

    • Tenure: 4.9yrs
    • Compensation: AU$13.00k
  • Bob Longes (73yo)

    Chairman of Investec Property Limited

    • Tenure: 0.0yrs
    • Compensation: AU$37.00k
  • Sam Leon (68yo)

    Non-Executive Director of Investec Property Limited

    • Tenure: 5.9yrs
    • Compensation: AU$19.00k
  • Sally Herman (60yo)

    Lead Independent Non-Executive Director of Investec Property Limited

    • Tenure: 0.0yrs
    • Compensation: AU$56.00k
  • Graeme Katz (53yo)

    CEO & Executive Director of Investec Property Limited

    • Tenure: 0.0yrs
    • Compensation: AU$155.00k
  • Hugh Martin (69yo)

    Independent Non-Executive Director of Investec Property Limited

    • Tenure: 4.8yrs
    • Compensation: AU$45.00k

Company Information

Investec Australia Property Fund's company bio, employee growth, exchange listings and data sources


Key Information


Location

  • Investec Australia Property Fund
  • The Chifley Tower
  • 2 Chifley Square
  • Sydney
  • New South Wales
  • 2000
  • Australia

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
IAPASX (Australian Securities Exchange)NPVAUAUDMay 2019
IAPCHIA (Chi-X Australia)NPVAUAUDMay 2019
IAPJSE (The Johannesburg Securities Exchange)NPVZAZARMay 2019

Biography

IAPF is an Australian domiciled fund that is listed on the JSE. The Fund invests in office, industrial and retail property located in Australia and New Zealand. The Fund is managed by an experienced team o ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/06/20 10:39
End of Day Share Price2019/06/20 00:00
Earnings2019/03/31
Annual Earnings2019/03/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.