Investec Australia Property Fund is an Australian domiciled fund that is dual listed on the JSE and the ASX.
+ 1 more risk
Good value with poor track record.
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
Stable Share Price: IAP's share price has been volatile over the past 3 months.
7 Day Return
1 Year Return
Return vs Industry: Insufficient data to determine how IAP performed against the Australian REITs industry.
Return vs Market: Insufficient data to determine how IAP performed against the Australian Market.
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
Is Investec Australia Property Fund undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: IAP (A$1.04) is trading below our estimate of fair value (A$1.94)
Significantly Below Fair Value: IAP is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: IAP is good value based on its PE Ratio (8.4x) compared to the REITs industry average (9.2x).
PE vs Market: IAP is good value based on its PE Ratio (8.4x) compared to the Australian market (13.1x).
Price to Earnings Growth Ratio
PEG Ratio: IAP's earnings are forecast to decline next year, so we can't calculate its PEG ratio.
Price to Book Ratio
PB vs Industry: IAP is overvalued based on its PB Ratio (0.8x) compared to the AU REITs industry average (0.8x).
How is Investec Australia Property Fund forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: IAP's earnings are forecast to decline over the next 3 years (-6.4% per year).
Earnings vs Market: IAP's earnings are forecast to decline over the next 3 years (-6.4% per year).
High Growth Earnings: IAP's earnings are forecast to decline over the next 3 years.
Revenue vs Market: IAP's revenue (2.5% per year) is forecast to grow slower than the Australian market (4% per year).
High Growth Revenue: IAP's revenue (2.5% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: IAP's Return on Equity is forecast to be low in 3 years time (7%).
How has Investec Australia Property Fund performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: IAP has a large one-off gain of A$44.1M impacting its September 30 2019 financial results.
Growing Profit Margin: IAP's current net profit margins (71.5%) are lower than last year .
Past Earnings Growth Analysis
Earnings Trend: IAP's earnings have grown significantly by 25.3% per year over the past 5 years.
Accelerating Growth: IAP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: IAP had negative earnings growth (-24.2%) over the past year, making it difficult to compare to the REITs industry average (1.7%).
Return on Equity
High ROE: IAP's Return on Equity (9%) is considered low.
How is Investec Australia Property Fund's financial position? (This company is analysed differently as a bank or financial institution)
Financial Position Analysis
Debt to Equity History and Analysis
Inventory Level: IAP has a high level of physical assets or inventory.
Debt Coverage by Assets: IAP's debt is not covered by short term assets (assets are 0x debt).
Financial Institutions Analysis
Asset Level: IAP's level of assets compared to its equity is low.
Allowance for Bad Loans: Insufficient data to determine if IAP has a sufficient allowance for bad loans.
Low Risk Liabilities: IAP reports no customer deposits, loans are made up entirely of externally borrowed funds.
Loan Level: Insufficient data to determine if IAP has an acceptable proportion of non-loan assets held.
Low Risk Deposits: IAP has advanced significantly more loans than the customer deposits it holds.
Level of Bad Loans: Insufficient data to determine if IAP has an appropriate level of bad loans.
What is Investec Australia Property Fund's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: IAP's dividend (6.85%) is higher than the bottom 25% of dividend payers in the Australian market (3.17%).
High Dividend: IAP's dividend (6.85%) is low compared to the top 25% of dividend payers in the Australian market (8.18%).
Stability and Growth of Payments
Stable Dividend: IAP has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: IAP's dividend payments have increased, but the company has only paid a dividend for 6 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (210.6%), IAP's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
Graeme Katz (54yo)
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
Compensation vs Market: Graeme's total compensation ($USD95.09K) is below average for companies of similar size in the Australian market ($USD805.56K).
Compensation vs Earnings: Graeme's compensation has been consistent with company performance over the past year.
|CEO & Executive Director of Investec Property Limited||no data||AU$155.00k||0.037% A$252.5k|
|Non-Executive Director of Investec Property Limited||5.75yrs||AU$13.00k||0.16% A$1.1m|
|Chairman of Investec Property Limited||no data||AU$37.00k||no data|
|Non-Executive Director of Investec Property Limited||6.75yrs||AU$19.00k||0.65% A$4.4m|
|Lead Independent Non-Executive Director of Investec Property Limited||no data||AU$56.00k||no data|
|Independent Non-Executive Director of Investec Property Limited||0.75yr||no data||0.011% A$74.3k|
|Independent Non-Executive Director of Investec Property Limited||5.58yrs||AU$45.00k||no data|
Experienced Board: IAP's board of directors are considered experienced (5.8 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 6.9%.
Investec Australia Property Fund's company bio, employee growth, exchange listings and data sources
- Name: Investec Australia Property Fund
- Ticker: IAP
- Exchange: CHIA
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: R7.418b
- Listing Market Cap: R681.381m
- Shares outstanding: 618.71m
- Website: https://www.investec.com/en_au/property.html
- Investec Australia Property Fund
- The Chifley Tower
- 2 Chifley Square
- New South Wales
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|IAP||JSE (The Johannesburg Securities Exchange)||Yes||Linked Units||ZA||ZAR||Oct 2013|
|IAP||ASX (Australian Securities Exchange)||Yes||Linked Units||AU||AUD||Oct 2013|
|IAP||ASX (Australian Securities Exchange)||NPV||AU||AUD||May 2019|
|IAP||CHIA (Chi-X Australia)||NPV||AU||AUD||May 2019|
|IAP||JSE (The Johannesburg Securities Exchange)||NPV||ZA||ZAR||May 2019|
Investec Australia Property Fund is an Australian domiciled fund that is dual listed on the JSE and the ASX. The Fund invests in office, industrial and retail property located in Australia and New Zealand. The Fund is managed by an experienced team of property specialists on the ground in Australia who have an established track record. Investec Australia Property Fund is operated by Investec Property Limited.
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2020/04/01 10:46|
|End of Day Share Price||2020/04/01 00:00|
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.