Vukile Property Fund Limited

NMSE:VKN Stock Report

Market Cap: R20.1b

Vukile Property Fund Valuation

Is VKN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

2/6

Valuation Score 2/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of VKN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VKN (ZAR18.15) is trading above our estimate of fair value (ZAR3.09)

Significantly Below Fair Value: VKN is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VKN?

Key metric: As VKN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for VKN. This is calculated by dividing VKN's market cap by their current earnings.
What is VKN's PE Ratio?
PE Ratio12.6x
EarningsR1.59b
Market CapR20.05b

Price to Earnings Ratio vs Peers

How does VKN's PE Ratio compare to its peers?

The above table shows the PE ratio for VKN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average17.9x
ORY Oryx Properties
2.8xn/aR1.5b
3453 Kenedix Retail REIT
21xn/aJP¥161.4b
ALX Alexander's
23.9x-48.0%US$1.1b
RPT RPT Realty
24.1x-115.2%US$1.1b
VKN Vukile Property Fund
12.6xn/aR20.1b

Price-To-Earnings vs Peers: VKN is good value based on its Price-To-Earnings Ratio (12.6x) compared to the peer average (16.9x).

Price to Earnings Ratio vs Industry

How does VKN's PE Ratio compare vs other companies in the Global Retail REITs Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
VKN 12.6xIndustry Avg. 20.7xNo. of Companies13PE01224364860+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: VKN is good value based on its Price-To-Earnings Ratio (12.6x) compared to the Global Retail REITs industry average (20.7x).

Price to Earnings Ratio vs Fair Ratio

What is VKN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

VKN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.6x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate VKN's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VKN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR18.15
R20.03
+10.4%
5.6%R21.60R19.00n/a3
Nov ’25R18.33
R20.03
+9.3%
5.6%R21.60R19.00n/a3
Sep ’25R17.72
R17.65
-0.4%
3.7%R18.30R17.00n/a2
Aug ’25R16.53
R17.43
+5.5%
3.5%R18.30R17.00n/a3
Jul ’25R15.78
R17.43
+10.5%
3.5%R18.30R17.00n/a3
Jun ’25R14.67
R16.77
+14.3%
6.6%R18.30R15.70n/a3
May ’25R15.15
R16.77
+10.7%
6.6%R18.30R15.70n/a3
Apr ’25R15.18
R16.83
+10.9%
6.2%R18.30R15.90n/a3
Mar ’25R14.80
R16.90
+14.2%
6.0%R18.30R15.90n/a3
Feb ’25R15.08
R16.43
+9.0%
8.4%R18.30R15.00n/a3
Jan ’25R14.12
R16.07
+13.8%
5.6%R17.20R15.00n/a3
Dec ’24R13.42
R15.27
+13.8%
9.1%R17.20R14.00n/a3
Nov ’24R12.61
R15.47
+22.7%
8.5%R17.20R14.00R18.333
Oct ’24R13.10
R15.47
+18.1%
8.5%R17.20R14.00R18.293
Sep ’24R13.53
R15.40
+13.8%
8.7%R17.20R14.00R17.723
Aug ’24R13.34
R15.57
+16.7%
7.5%R17.20R14.50R16.533
Jul ’24R12.54
R15.60
+24.4%
7.8%R17.30R14.50R15.783
Jun ’24R12.46
R15.27
+22.5%
5.0%R16.30R14.50R14.673
May ’24R12.62
R15.37
+21.8%
4.3%R16.30R14.80R15.153
Apr ’24R12.44
R15.43
+24.1%
4.1%R16.30R14.80R15.183
Mar ’24R13.66
R15.23
+11.5%
4.3%R16.30R14.60R14.804
Feb ’24R13.22
R15.03
+13.7%
5.2%R16.30R14.20R15.084
Jan ’24R13.27
R15.03
+13.2%
5.2%R16.30R14.20R14.124
Dec ’23R13.47
R14.75
+9.5%
3.4%R15.40R14.00R13.424
Nov ’23R13.34
R14.75
+10.6%
3.4%R15.40R14.00R12.614

Analyst Forecast: Target price is less than 20% higher than the current share price.

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