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Redefine Properties

OTCPK:RDPE.F
Snowflake Description

Proven track record and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RDPE.F
OTCPK
ZAR55B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Redefine is a leading South African-based Real Estate Investment Trust (REIT), with a diverse, property asset platform valued at R91.3 billion (FY17: R84.1 billion). The last earnings update was 31 days ago. More info.


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RDPE.F Share Price and Events
7 Day Returns
0%
OTCPK:RDPE.F
1.2%
US REITs
-0%
US Market
1 Year Returns
-25.6%
OTCPK:RDPE.F
1.5%
US REITs
-7.7%
US Market
RDPE.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Redefine Properties (RDPE.F) 0% 0% 0% -25.6% - -
US REITs 1.2% 7.6% 3.7% 1.5% 11.1% 25.5%
US Market -0% 8.6% 0.7% -7.7% 37.7% 40.9%
1 Year Return vs Industry and Market
  • RDPE.F underperformed the REITs industry which returned 1.5% over the past year.
  • RDPE.F underperformed the Market in United States of America which returned -7.7% over the past year.
Price Volatility
RDPE.F
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Redefine Properties's competitors could be found in our database.

RDPE.F Value

 Is Redefine Properties undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Redefine Properties to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Redefine Properties.

OTCPK:RDPE.F Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for OTCPK:RDPE.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 7.3%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.48
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.485 (1 + (1- 28%) (67.82%))
0.722
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (0.8 * 7.27%)
8.55%

Discounted Cash Flow Calculation for OTCPK:RDPE.F using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Redefine Properties is arrived at by discounting future cash flows to their present value using the 2 stage method. We use analyst's estimates of cash flows going forward 5 years for the 1st stage, the 2nd stage assumes the company grows at a stable rate into perpetuity.

OTCPK:RDPE.F DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (ZAR, Millions) 4,276.43 4,696.51 5,157.85 5,664.51 6,220.93
Source Est @ 9.82% Est @ 9.82% Est @ 9.82% Est @ 9.82% Est @ 9.82%
Present Value
Discounted (@ 8.55%)
3,939.74 3,986.09 4,032.99 4,080.44 4,128.44
Present value of next 5 years cash flows ZAR20,167.70
OTCPK:RDPE.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= ZAR6,220.93 × (1 + 2.73%) ÷ (8.55% – 2.73%)
ZAR109,882.47
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= ZAR109,882.47 ÷ (1 + 8.55%)5
ZAR72,922.12
OTCPK:RDPE.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= ZAR20,167.70 + ZAR72,922.12
ZAR93,089.82
Equity Value per Share
(ZAR)
= Total value / Shares Outstanding
= ZAR93,089.82 / 5,404.40
ZAR0.07
OTCPK:RDPE.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:RDPE.F represents 0.06337x of JSE:RDF
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.06337x
Value per Share
(Listing Adjusted, USD)
= Value per Share (ZAR) x Listing Adjustment Factor
= ZAR 1.09 x 0.06337
$0.07
Value per share (USD) From above. $0.07
Current discount Discount to share price of $0.64
= -1 x ($0.64 - $0.07) / $0.07
-825.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Redefine Properties is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Redefine Properties's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Redefine Properties's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:RDPE.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-08-31) in ZAR ZAR1.23
JSE:RDF Share Price ** JSE (2018-10-29) in ZAR ZAR10.1
United States of America REITs Industry PE Ratio Median Figure of 156 Publicly-Listed REITs Companies 30.25x
United States of America Market PE Ratio Median Figure of 3,027 Publicly-Listed Companies 16.84x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Redefine Properties.

OTCPK:RDPE.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= JSE:RDF Share Price ÷ EPS (both in ZAR)

= 10.1 ÷ 1.23

8.21x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Redefine Properties is good value based on earnings compared to the US REITs industry average.
  • Redefine Properties is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Redefine Properties's expected growth come at a high price?
Raw Data
OTCPK:RDPE.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.21x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
Not available
United States of America REITs Industry PEG Ratio Median Figure of 143 Publicly-Listed REITs Companies 1.11x
United States of America Market PEG Ratio Median Figure of 2,110 Publicly-Listed Companies 1.29x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Redefine Properties, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Redefine Properties's assets?
Raw Data
OTCPK:RDPE.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-08-31) in ZAR ZAR10.67
JSE:RDF Share Price * JSE (2018-10-29) in ZAR ZAR10.1
United States of America REITs Industry PB Ratio Median Figure of 192 Publicly-Listed REITs Companies 1.67x
United States of America Market PB Ratio Median Figure of 5,103 Publicly-Listed Companies 1.78x
OTCPK:RDPE.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= JSE:RDF Share Price ÷ Book Value per Share (both in ZAR)

= 10.1 ÷ 10.67

0.95x

* Primary Listing of Redefine Properties.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Redefine Properties is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Redefine Properties's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Redefine Properties has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

RDPE.F Future Performance

 How is Redefine Properties expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
3.6%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Redefine Properties expected to grow at an attractive rate?
  • Redefine Properties's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Redefine Properties's earnings growth is positive but not above the United States of America market average.
  • Redefine Properties's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:RDPE.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:RDPE.F Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 3.6%
OTCPK:RDPE.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 3.8%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 0.3%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 3.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.4%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
OTCPK:RDPE.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in ZAR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:RDPE.F Future Estimates Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-08-31 10,044 1
2021-08-31 9,701 3
2020-08-31 9,234 3
2019-08-31 8,808 2
OTCPK:RDPE.F Past Financials Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income *
2018-08-31 8,673 4,983 6,575
2018-05-31 8,456 3,581 5,552
2018-02-28 8,225 2,716 4,529
2017-11-30 8,056 2,649 3,936
2017-08-31 7,887 3,984 3,343
2017-02-28 6,968 3,530 7,091
2016-11-30 6,848 3,192 5,825
2016-08-31 6,727 2,854 4,560
2016-02-29 6,582 3,565 4,193
2015-11-30 6,620 3,195 4,764

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Redefine Properties's earnings are expected to grow by 3.6% yearly, however this is not considered high growth (20% yearly).
  • Redefine Properties's revenue is expected to grow by 3.8% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
OTCPK:RDPE.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Redefine Properties Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:RDPE.F Future Estimates Data
Date (Data in ZAR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-08-31
2021-08-31 1.46 1.46 1.46 1.00
2020-08-31 1.14 1.14 1.14 1.00
2019-08-31 1.10 1.10 1.10 1.00
OTCPK:RDPE.F Past Financials Data
Date (Data in ZAR Millions) EPS *
2018-08-31 1.23
2018-05-31 1.05
2018-02-28 0.86
2017-11-30 0.76
2017-08-31 0.66
2017-02-28 1.51
2016-11-30 1.27
2016-08-31 1.01
2016-02-29 1.01
2015-11-30 1.21

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Redefine Properties is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Redefine Properties's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Redefine Properties has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

RDPE.F Past Performance

  How has Redefine Properties performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Redefine Properties's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Redefine Properties's year on year earnings growth rate has been positive over the past 5 years.
  • Redefine Properties's 1-year earnings growth exceeds its 5-year average (96.7% vs 1.8%)
  • Redefine Properties's earnings growth has exceeded the US REITs industry average in the past year (96.7% vs 14.8%).
Earnings and Revenue History
Redefine Properties's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Redefine Properties Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:RDPE.F Past Revenue, Cash Flow and Net Income Data
Date (Data in ZAR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-08-31 8,672.70 6,575.08 270.34
2018-05-31 8,455.72 5,551.81 271.15
2018-02-28 8,224.65 4,528.54 271.95
2017-11-30 8,055.84 3,935.70 255.85
2017-08-31 7,887.03 3,342.87 259.64
2017-02-28 6,968.48 7,090.70 216.55
2016-11-30 6,847.58 5,825.20 213.40
2016-08-31 6,726.68 4,559.69 210.24
2016-02-29 6,582.40 4,193.21 209.16
2015-11-30 6,620.23 4,763.81 219.00
2015-08-31 6,658.07 5,334.42 228.83
2015-05-31 6,958.55 4,673.45 221.43
2015-02-28 6,772.22 3,921.80 214.02
2014-11-30 6,403.06 4,039.81 208.02
2014-08-31 6,033.89 4,157.82 202.03
2014-05-31 5,782.68 5,034.28 191.24
2014-02-28 5,531.46 5,910.75 180.44
2013-11-30 5,028.24 5,308.56 165.21
2013-08-31 4,525.02 4,706.37 149.97
2013-05-31 3,824.01 3,732.51 129.42
2013-02-28 3,123.00 2,758.65 108.87
2012-11-30 3,073.28 2,800.33 113.97
2012-08-31 3,023.57 2,842.01 119.07
2012-05-31 3,252.09 2,187.58 107.18
2012-02-29 3,480.60 1,533.14 95.28

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Redefine Properties has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Redefine Properties used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Redefine Properties's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Redefine Properties's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Redefine Properties has a total score of 4/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

RDPE.F Health

 How is Redefine Properties's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Redefine Properties's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Redefine Properties's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Redefine Properties's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Redefine Properties's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.1x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Redefine Properties Company Filings, last reported 4 months ago.

OTCPK:RDPE.F Past Debt and Equity Data
Date (Data in ZAR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-08-31 58,149.20 37,020.40 421.98
2018-05-31 58,149.20 37,031.59 421.98
2018-02-28 55,684.14 34,954.99 323.44
2017-11-30 55,684.14 34,954.99 323.44
2017-08-31 53,786.19 35,211.37 180.66
2017-02-28 54,927.80 34,398.81 683.65
2016-11-30 54,927.80 34,398.81 683.65
2016-08-31 49,641.36 28,228.15 208.37
2016-02-29 47,591.50 25,411.47 175.08
2015-11-30 47,591.50 25,411.47 175.08
2015-08-31 45,137.27 23,676.75 140.93
2015-05-31 45,145.46 23,592.85 129.92
2015-02-28 39,755.55 21,139.77 458.49
2014-11-30 39,755.55 21,139.77 458.49
2014-08-31 35,735.94 19,852.65 350.61
2014-05-31 35,735.94 19,852.65 350.61
2014-02-28 30,639.87 17,893.77 529.66
2013-11-30 30,639.87 17,893.77 529.66
2013-08-31 29,159.34 15,041.96 358.91
2013-05-31 29,159.34 15,041.96 358.91
2013-02-28 20,898.67 10,592.53 49.35
2012-11-30 20,898.67 10,592.53 49.35
2012-08-31 21,343.63 19,982.22 351.33
2012-05-31 21,343.63 19,982.22 351.33
2012-02-29 20,183.06 19,995.50 452.84
  • Redefine Properties's level of debt (63.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (51.7% vs 63.7% today).
  • Debt is not well covered by operating cash flow (13.5%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 3.8x coverage).
X
Financial health checks
We assess Redefine Properties's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Redefine Properties has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

RDPE.F Dividends

 What is Redefine Properties's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
9.86%
Current annual income from Redefine Properties dividends. Estimated to be 10.53% next year.
If you bought $2,000 of Redefine Properties shares you are expected to receive $197 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Redefine Properties's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Redefine Properties's dividend is above the markets top 25% of dividend payers in United States of America (3.69%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
OTCPK:RDPE.F Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 185 Stocks 4.2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1987 Stocks 2.6%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.9%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

OTCPK:RDPE.F Future Dividends Estimate Data
Date (Data in ZAR) Dividend per Share (annual) Avg. No. Analysts
2022-08-31 1.20 3.00
2021-08-31 1.09 6.00
2020-08-31 1.04 6.00
2019-08-31 0.98 5.00
OTCPK:RDPE.F Past Annualized Dividends Data
Date (Data in ZAR) Dividend per share (annual) Avg. Yield (%)
2018-12-27 0.996 10.181
2018-11-05 0.996 10.069
2018-05-07 0.946 9.108
2017-11-06 0.944 8.582
2017-05-12 0.896 8.349
2016-11-04 0.886 8.089
2016-05-05 0.834 7.370
2015-11-05 0.820 7.881
2015-11-04 0.820 7.121
2015-05-15 0.780 7.022
2015-01-07 0.763 6.508
2014-11-06 0.763 7.407
2014-08-26 0.728 7.539

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Redefine Properties has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Redefine Properties only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of Redefine Properties's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Redefine Properties's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.9%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Redefine Properties afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Redefine Properties has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

RDPE.F Management

 What is the CEO of Redefine Properties's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Andrew König
COMPENSATION ZAR11,516,000
AGE 51
TENURE AS CEO 4.4 years
CEO Bio

Mr. Andrew Joseph König, BCom, BCom, B Acc CA (SA), has been the Chief Executive Officer of Fountainhead Property Trust Management Limited since November 30, 2014. Mr. König has been the Chief Executive Officer of Redefine Properties Limited since August 1, 2014 and also has been its Executive Director since January 14, 2011. He is responsible for the management of Redefine Properties Limited and for ensuring the board’s strategy is implemented, as well as all aspects of regulatory compliance, corporate activity and communications and reputation management. He is the Co-Owner of The Big Five International Limited. He has been an Executive Director of Fountainhead Property Trust Management Limited since June 5, 2013. Mr. König is responsible for all aspects of finance and supports the Chief Executive Officer in all corporate activities, regulatory and compliance, investor relations and human resources. He served as a Financial Director at Redefine Properties Limited from January 12, 2011 to October 2014. He served as the Financial Director at Redefine Properties International Limited. He served as Group Finance Director at Independent News & Media (South Africa) Limited for ten years. He has extensive commercial and financial experience. He served as the Deputy Chief Executive Officer and Chief Financial Officer at Peermont Global Limited, responsible for the entire operation. He had served as an Independent Non-Executive Director of Cromwell Property Group from November 26, 2014 to June 1, 2018. He served as Director of Cromwell Corp. Ltd. and Cromwell Property Securities Ltd. He serves as a Non-Executive Director at Echo Polska Properties N.V. since June 1, 2016. He served as a Non-Executive Director of Delta Property Fund Ltd. since April 1, 2016 until June 29, 2017. He served as a Non-Executive Director of Fountainhead Property Trust Management Limited from September 20, 2012 to June 2013. He served as a Non-Executive Director at Oryx Properties Ltd from February 24, 2011 to October 1, 2012. He served as an Executive Director of Redefine Properties International Limited since February 2, 2011. He also serves as a Trustee of the Fountainhead Property Trust. He is a qualified Chartered Accountant.

CEO Compensation
  • Andrew's compensation has been consistent with company performance over the past year.
  • Andrew's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Redefine Properties management team in years:

4.4
Average Tenure
60
Average Age
  • The tenure for the Redefine Properties management team is about average.
Management Team

Marc Wainer

TITLE
Executive Chairman
COMPENSATION
ZAR15M
AGE
70

Andrew König

TITLE
CEO & Executive Director
COMPENSATION
ZAR12M
AGE
51
TENURE
4.4 yrs

Leon Kok

TITLE
Financial Director & Executive Director
COMPENSATION
ZAR7M
AGE
46
TENURE
4.3 yrs

David Rice

TITLE
Chief Operating Officer
COMPENSATION
ZAR10M
AGE
62
TENURE
7.8 yrs

Mike Ruttell

TITLE
Executive Director of Development
COMPENSATION
ZAR5M
AGE
60
TENURE
6 yrs

Bronwyn Baker

TITLE
Company Secretary
TENURE
3.4 yrs
Board of Directors Tenure

Average tenure and age of the Redefine Properties board of directors in years:

3.7
Average Tenure
53.5
Average Age
  • The tenure for the Redefine Properties board of directors is about average.
Board of Directors

Marc Wainer

TITLE
Executive Chairman
COMPENSATION
ZAR15M
AGE
70
TENURE
4.4 yrs

Andrew König

TITLE
CEO & Executive Director
COMPENSATION
ZAR12M
AGE
51
TENURE
8 yrs

Leon Kok

TITLE
Financial Director & Executive Director
COMPENSATION
ZAR7M
AGE
46
TENURE
4.3 yrs

Bernie Nackan

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR897K
AGE
74
TENURE
9.4 yrs

Ntombi Langa-Royds

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR551K
AGE
56
TENURE
3.2 yrs

Bridgitte Mathews

TITLE
Lead Independent Non-Executive Director
COMPENSATION
ZAR749K
AGE
49
TENURE
1.4 yrs

Harish Mehta

TITLE
Non-Executive Director
COMPENSATION
ZAR496K
AGE
68
TENURE
9.3 yrs

Marius Barkhuysen

TITLE
Independent Non-Executive Director
COMPENSATION
ZAR519K
AGE
61
TENURE
3.2 yrs

Sindi Zilwa

TITLE
Independent Non-Executive Director
AGE
51
TENURE
0.2 yrs

Amanda Dambuza

TITLE
Independent Non-Executive Director
AGE
41
TENURE
0.2 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Redefine Properties insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
12. Dec 18 Buy Leon Kok Individual 07. Dec 18 07. Dec 18 811,730 $0.69 $557,133
12. Dec 18 Sell Leon Kok Individual 07. Dec 18 07. Dec 18 -274,999 $0.70 $-192,705
12. Dec 18 Buy Leon Kok Individual 07. Dec 18 07. Dec 18 201,948 $0.70 $141,514
12. Dec 18 Buy Andrew König Individual 07. Dec 18 07. Dec 18 1,009,085 $0.69 $692,588
12. Dec 18 Sell Andrew König Individual 07. Dec 18 07. Dec 18 -378,422 $0.70 $-265,178
12. Dec 18 Buy Andrew König Individual 07. Dec 18 07. Dec 18 306,156 $0.70 $214,538
12. Dec 18 Buy Marc Wainer Individual 07. Dec 18 07. Dec 18 1,085,122 $0.69 $743,513
12. Dec 18 Sell Marc Wainer Individual 07. Dec 18 07. Dec 18 -671,859 $0.70 $-470,803
12. Dec 18 Buy Marc Wainer Individual 07. Dec 18 07. Dec 18 392,486 $0.70 $275,033
23. Jul 18 Sell Marc Wainer Individual 17. Jul 18 18. Jul 18 -450,000 $0.80 $-359,200
31. May 18 Buy Leon Kok Individual 25. May 18 25. May 18 11,934 $0.88 $10,501
31. May 18 Buy Andrew König Individual 25. May 18 25. May 18 17,331 $0.88 $15,250
31. May 18 Buy Bernard Nackan Individual 25. May 18 25. May 18 586 $0.88 $516
31. May 18 Buy Marc Wainer Individual 25. May 18 25. May 18 39,553 $0.88 $34,804
X
Management checks
We assess Redefine Properties's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Redefine Properties has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

RDPE.F News

Simply Wall St News

RDPE.F Company Info

Map
Description

Redefine is a leading South African-based Real Estate Investment Trust (REIT), with a diverse, property asset platform valued at R91.3 billion (FY17: R84.1 billion). Redefine’s portfolio is anchored domestically in directly held retail, office and industrial properties, and is complemented by property investments in Poland, the United Kingdom (UK) and Australia. Redefine’s primary goal is to grow and improve cash flows, which will deliver quality earnings, growth in distributions, and sustain long-term growth in total returns for shareholders. Redefine is listed on the Johannesburg Stock Exchange (JSE), has a market capitalisation of R56.2 billion (FY17: R61.8 billion) and is ranked in the JSE Top 40 index. By volume, Redefine shares are among the most actively traded on the JSE, making it a highly liquid single entry point for investors to gain exposure to domestic and multiple international real estate markets. At 31 August 2018, Redefine’s diversified local property assets were valued at R72.4 billion (FY17: R68.1 billion). The Group’s international real estate investments, valued at R18.9 billion (FY17: R16.0 billion) represented 20.7% (FY17: 19.0%) of total property assets, providing geographic diversification into the UK, Polish, Australian and African markets.

Details
Name: Redefine Properties Limited
RDPE.F
Exchange: OTCPK
Founded: 1999
ZAR4,011,056,984
5,404,402,868
Website: http://www.redefine.co.za
Address: Redefine Properties Limited
Rosebank Towers,
Office Level 5,
Johannesburg,
Gauteng, 2196,
South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE RDF Common Shares The Johannesburg Securities Exchange ZA ZAR 26. Aug 2014
OTCPK RDPE.F Common Shares Pink Sheets LLC US USD 26. Aug 2014
Number of employees
Current staff
Staff numbers
424
Redefine Properties employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/01/27 01:09
End of day share price update: 2018/10/29 00:00
Last estimates confirmation: 2019/01/22
Last earnings filing: 2018/12/27
Last earnings reported: 2018/08/31
Last annual earnings reported: 2018/08/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.