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Vukile Property Fund

OTCPK:VKPP.F
Snowflake Description

Proven track record average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
VKPP.F
OTCPK
ZAR18B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Vukile Property Fund Limited (Vukile or the group) is a focused retail REIT, which was listed on the JSE Limited on 24 june 2004 (JSE code: VKE) and on the Namibian Stock Exchange (NSX) on 11 july 2007 (NSX code: VKN). The last earnings update was 84 days ago. More info.


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VKPP.F Share Price and Events
Price Volatility
VKPP.F
Industry
5yr Volatility vs Market
Related Companies

Sorry, no analysis for Vukile Property Fund's competitors could be found in our database.

VKPP.F Value

 Is Vukile Property Fund 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 Vukile Property Fund 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 Vukile Property Fund.

OTCPK:VKPP.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 2 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year US Government Bond Rate 3%

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:VKPP.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 3%
Equity Risk Premium S&P Global 7.1%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.473 (1 + (1- 28%) (39.07%))
0.607
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)
= 2.95% + (0.8 * 7.05%)
8.59%

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

The calculations below outline how an intrinsic value for Vukile Property Fund 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:VKPP.F DCF 1st Stage: Next 5 year cash flow forecast
2019 2020 2021 2022 2023
Levered FCF (ZAR, Millions) 885.58 966.80 1,055.46 1,152.25 1,257.92
Source Est @ 9.17% Est @ 9.17% Est @ 9.17% Est @ 9.17% Est @ 9.17%
Present Value
Discounted (@ 8.59%)
815.53 819.89 824.27 828.68 833.11
Present value of next 5 years cash flows ZAR4,121.49
OTCPK:VKPP.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2023 × (1 + g) ÷ (Discount Rate – g)
= ZAR1,257.92 × (1 + 2.95%) ÷ (8.59% – 2.95%)
ZAR22,961.49
Present Value of Terminal Value = Terminal Value ÷ (1 + r)5
= ZAR22,961.49 ÷ (1 + 8.59%)5
ZAR15,207.26
OTCPK:VKPP.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 5 years cash flows + Terminal Value
= ZAR4,121.49 + ZAR15,207.26
ZAR19,328.75
Equity Value per Share
(ZAR)
= Total value / Shares Outstanding
= ZAR19,328.75 / 875.34
ZAR0.1
OTCPK:VKPP.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:VKPP.F represents 0.06871x of JSE:VKE
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.06871x
Value per Share
(Listing Adjusted, USD)
= Value per Share (ZAR) x Listing Adjustment Factor
= ZAR 1.52 x 0.06871
$0.10
Value per share (USD) From above. $0.10
Current discount Discount to share price of $1.41
= -1 x ($1.41 - $0.10) / $0.10
-1252.4%

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

  • The current share price of Vukile Property Fund 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 Vukile Property Fund's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Vukile Property Fund's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
OTCPK:VKPP.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-03-31) in ZAR ZAR3.21
JSE:VKE Share Price ** JSE (2018-07-27) in ZAR ZAR20.52
United States of America REITs Industry PE Ratio Median Figure of 152 Publicly-Listed REITs Companies 28.82x
United States of America Market PE Ratio Median Figure of 2,939 Publicly-Listed Companies 18.7x

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

** Primary Listing of Vukile Property Fund.

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

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

= 20.52 ÷ 3.21

6.4x

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

  • Vukile Property Fund is good value based on earnings compared to the US REITs industry average.
  • Vukile Property Fund is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Vukile Property Fund's expected growth come at a high price?
Raw Data
OTCPK:VKPP.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.4x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 2 Analysts
Not available
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 1.95x
United States of America Market PEG Ratio Median Figure of 2,064 Publicly-Listed Companies 1.26x

*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 Vukile Property Fund, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Vukile Property Fund's assets?
Raw Data
OTCPK:VKPP.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-03-31) in ZAR ZAR20.10
JSE:VKE Share Price * JSE (2018-07-27) in ZAR ZAR20.52
United States of America REITs Industry PB Ratio Median Figure of 190 Publicly-Listed REITs Companies 1.66x
United States of America Market PB Ratio Median Figure of 4,944 Publicly-Listed Companies 1.88x
OTCPK:VKPP.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 20.52 ÷ 20.10

1.02x

* Primary Listing of Vukile Property Fund.

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

  • Vukile Property Fund is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Vukile Property Fund'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. Vukile Property Fund 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.

VKPP.F Future Performance

 How is Vukile Property Fund expected to perform in the next 1 to 3 years based on estimates from 2 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
5.3%
Expected annual growth in earnings per share.
Earnings growth vs Low Risk Savings
Is Vukile Property Fund expected to grow at an attractive rate?
  • Vukile Property Fund's earnings growth is expected to exceed the low risk savings rate of 3%.
Growth vs Market Checks
  • Vukile Property Fund's earnings growth is positive but not above the United States of America market average.
  • Vukile Property Fund's revenue growth is expected to exceed the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:VKPP.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:VKPP.F Future Earnings per Share Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 5.3%
OTCPK:VKPP.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 2 Analysts 12.8%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 4.5%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.1%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 16.1%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.6%

*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:VKPP.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below
All numbers in ZAR Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:VKPP.F Future Estimates Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-03-31
2021-03-31 3,393 2
2020-03-31 3,213 2
2019-03-31 2,916 2
OTCPK:VKPP.F Past Financials Data
Date (Data in ZAR Millions) Revenue Cash Flow Net Income *
2018-03-31 2,116 1,334 2,402
2017-12-31 1,944 1,179 2,007
2017-09-30 1,772 1,025 1,612
2017-06-30 1,810 1,065 1,556
2017-03-31 1,848 1,105 1,499
2016-12-31 2,101 1,211 1,600
2016-09-30 2,353 1,318 1,702
2016-06-30 2,357 1,300 1,644
2016-03-31 2,361 1,282 1,586
2015-12-31 2,205 1,185 1,668
2015-09-30 2,048 1,088 1,750
2015-06-30 1,875 1,009 1,625

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Vukile Property Fund's earnings are expected to grow by 5.3% yearly, however this is not considered high growth (20% yearly).
  • Vukile Property Fund's revenue is expected to grow by 12.8% 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:VKPP.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 2 Analyst Estimates (S&P Global) See Below

All data from Vukile Property Fund Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:VKPP.F Future Estimates Data
Date (Data in ZAR Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-03-31
2021-03-31 3.57 3.57 3.57 1.00
2020-03-31 3.36 3.36 3.36 1.00
2019-03-31 2.88 2.88 2.88 1.00
OTCPK:VKPP.F Past Financials Data
Date (Data in ZAR Millions) EPS *
2018-03-31 3.21
2017-12-31 2.75
2017-09-30 2.26
2017-06-30 2.22
2017-03-31 2.18
2016-12-31 2.36
2016-09-30 2.55
2016-06-30 2.52
2016-03-31 2.50
2015-12-31 2.74
2015-09-30 3.00
2015-06-30 2.90

*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.
  • Vukile Property Fund is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Vukile Property Fund'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.
Vukile Property Fund has a total score of 2/6, 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.

VKPP.F Past Performance

  How has Vukile Property Fund 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 Vukile Property Fund'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.
  • Vukile Property Fund's year on year earnings growth rate has been positive over the past 5 years.
  • Vukile Property Fund's 1-year earnings growth exceeds its 5-year average (60.2% vs 11.2%)
  • Vukile Property Fund's earnings growth has exceeded the US REITs industry average in the past year (60.2% vs 6.4%).
Earnings and Revenue History
Vukile Property Fund'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 Vukile Property Fund Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:VKPP.F Past Revenue, Cash Flow and Net Income Data
Date (Data in ZAR Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-03-31 2,115.85 2,401.94 143.31
2017-12-31 1,944.09 2,007.06 126.16
2017-09-30 1,772.33 1,612.19 109.02
2017-06-30 1,810.35 1,555.80 106.44
2017-03-31 1,848.38 1,499.42 103.87
2016-12-31 2,100.68 1,600.48 105.50
2016-09-30 2,352.98 1,701.53 107.14
2016-06-30 2,357.05 1,643.80 102.26
2016-03-31 2,361.12 1,586.08 97.37
2015-12-31 2,204.78 1,668.16 80.76
2015-09-30 2,048.45 1,750.25 64.15
2015-06-30 1,874.78 1,625.12 52.47
2015-03-31 1,701.11 1,500.00 40.80
2014-12-31 1,610.77 1,071.28 38.40
2014-09-30 1,520.43 642.57 35.99
2014-06-30 1,528.10 857.83 35.48
2014-03-31 1,535.77 1,073.09 34.96
2013-12-31 1,454.01 1,354.66 33.58
2013-09-30 1,372.24 1,636.23 32.20
2013-06-30 1,310.99 1,382.12 30.70
2013-03-31 1,249.74 1,128.01 29.19
2012-12-31 1,190.61 896.99 29.48
2012-09-30 1,131.48 665.97 29.76
2012-06-30 1,082.03 736.76 27.84
2012-03-31 1,032.58 807.55 25.92
2011-12-31 1,030.06 697.12 24.78

*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.
  • Vukile Property Fund has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Vukile Property Fund used its assets more efficiently than the US REITs industry average last year based on Return on Assets.
  • Vukile Property Fund's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Vukile Property Fund'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.
Vukile Property Fund 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.

VKPP.F Health

 How is Vukile Property Fund'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 Vukile Property Fund's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Vukile Property Fund's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Vukile Property Fund's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Vukile Property Fund'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 0.2x 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 Vukile Property Fund Company Filings, last reported 6 months ago.

OTCPK:VKPP.F Past Debt and Equity Data
Date (Data in ZAR Millions) Total Equity Total Debt Cash & Short Term Investments
2018-03-31 15,851.39 7,032.21 1,093.86
2017-12-31 15,851.39 7,032.21 1,093.86
2017-09-30 14,616.88 6,367.47 443.29
2017-06-30 14,616.88 6,367.47 443.29
2017-03-31 13,184.79 3,966.29 1,331.70
2016-12-31 13,184.79 3,966.29 1,331.70
2016-09-30 13,352.17 4,340.27 1,470.73
2016-06-30 13,352.17 4,340.27 1,470.73
2016-03-31 12,489.26 5,413.28 583.70
2015-12-31 12,489.26 5,413.28 583.70
2015-09-30 11,885.25 4,720.54 672.95
2015-06-30 11,885.25 4,720.54 672.95
2015-03-31 10,346.96 3,880.66 473.89
2014-12-31 10,346.96 3,880.66 473.89
2014-09-30 8,518.96 2,829.49 214.21
2014-06-30 8,518.96 2,829.49 214.21
2014-03-31 7,635.51 3,390.41 298.18
2013-12-31 7,635.51 3,390.41 298.18
2013-09-30 6,994.30 3,773.90 421.96
2013-06-30 6,994.30 3,773.90 421.96
2013-03-31 5,901.41 2,986.79 1,267.30
2012-12-31 5,901.41 2,986.79 1,267.30
2012-09-30 5,184.32 2,319.98 315.91
2012-06-30 5,184.32 2,319.98 315.91
2012-03-31 4,187.68 1,705.07 215.95
2011-12-31 3,894.40 1,705.07 215.95
  • Vukile Property Fund's level of debt (44.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (50.7% vs 44.4% today).
  • Debt is not well covered by operating cash flow (19%, less than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 28.8x coverage).
X
Financial health checks
We assess Vukile Property Fund'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. Vukile Property Fund has a total score of 2/6, 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.

VKPP.F Dividends

 What is Vukile Property Fund'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
8.23%
Current annual income from Vukile Property Fund dividends. Estimated to be 9.61% next year.
If you bought $2,000 of Vukile Property Fund shares you are expected to receive $165 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?
  • Vukile Property Fund's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.39%).
  • Vukile Property Fund's dividend is above the markets top 25% of dividend payers in United States of America (3.53%).
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:VKPP.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 2 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 181 Stocks 4.3%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1973 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.5%

Industry and Market average data is calculated daily.

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

OTCPK:VKPP.F Future Dividends Estimate Data
Date (Data in ZAR) Dividend per Share (annual) Avg. No. Analysts
2022-03-31 2.26 1.00
2021-03-31 2.10 5.00
2020-03-31 1.97 6.00
2019-03-31 1.82 6.00
OTCPK:VKPP.F Past Annualized Dividends Data
Date (Data in ZAR) Dividend per share (annual) Avg. Yield (%)
2018-08-01 1.688 8.493
2018-05-30 1.688 8.393
2017-08-16 1.568 7.659
2017-05-24 1.568 8.209
2016-11-24 1.508 8.031
2016-05-30 1.463 8.255
2016-05-27 1.463 8.465
2015-07-02 1.554 9.007
2015-05-26 1.554 8.585
2015-03-23 1.265 6.677

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

  • Whilst dividend payments have been stable, Vukile Property Fund has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Vukile Property Fund only paid a dividend in the past 4 years.
Current Payout to shareholders
What portion of Vukile Property Fund's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1x coverage).
X
Income/ dividend checks
We assess Vukile Property Fund's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Vukile Property Fund afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Vukile Property Fund has a total score of 4/6, see the detailed checks below.


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

VKPP.F Management

 What is the CEO of Vukile Property Fund'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
Laurence Rapp
COMPENSATION ZAR17,524,644
AGE 47
TENURE AS CEO 7.2 years
CEO Bio

Mr. Laurence Gary Rapp, B Com (Hons), has been the Chief Executive Officer of Vukile Property Fund Limited since August 1, 2011. Mr. Rapp has been Executive Director at Vukile Property Fund Limited since August 1, 2011. He has an extensive experience in the financial services environment, spanning investment banking, private equity, retail banking & insurance and asset management. He served as the Head of the Insurance and Asset Management division at Standard Bank. And prior to that, he was in charge of the Strategic Investments and Alliances division. He serves as the Chairman of South African Real Estate Investment Trust association. He served as the Non-Executive Chairman of Synergy Income Fund Limited since March 2, 2015 until December 22, 2016. For nine years, Mr. Rapp has been a Director of Standard Bank. He has been a Non-Executive Director at Atlantic Leaf Properties Limited since October 12, 2015. Mr. Rapp holds a B. Com. (Hons) under Wharton Executive Programme.

CEO Compensation
  • Laurence's compensation has been consistent with company performance over the past year.
  • Laurence'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 Vukile Property Fund management team in years:

7.2
Average Tenure
52.5
Average Age
  • The average tenure for the Vukile Property Fund management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Laurence Rapp

TITLE
CEO & Director
COMPENSATION
ZAR18M
AGE
47
TENURE
7.2 yrs

Mike Potts

TITLE
Financial Director & Executive Director
COMPENSATION
ZAR10M
AGE
63
TENURE
14.4 yrs

Ina Lopion

TITLE
MD of Southern Africa & Executive Director
COMPENSATION
ZAR8M
AGE
58
TENURE
0.8 yrs

Gabaiphiwe Moseneke

TITLE
Director of Transformation & Vukile Development Academy and Executive Director
COMPENSATION
ZAR5M
AGE
41
TENURE
0.8 yrs

Johann Neethling

TITLE
Director of Corporate Services & Company Secretary
AGE
41
TENURE
8.3 yrs

F. Rootman

TITLE
Asset Manager
COMPENSATION
ZAR908K

Bonnie Olivier

TITLE
Senior Manager of Sales
AGE
66
Board of Directors Tenure

Average tenure and age of the Vukile Property Fund board of directors in years:

6.9
Average Tenure
58
Average Age
  • The tenure for the Vukile Property Fund board of directors is about average.
Board of Directors

Nigel Payne

TITLE
Chairman
COMPENSATION
ZAR696K
AGE
58
TENURE
0.2 yrs

Laurence Rapp

TITLE
CEO & Director
COMPENSATION
ZAR18M
AGE
47
TENURE
7.2 yrs

Mike Potts

TITLE
Financial Director & Executive Director
COMPENSATION
ZAR10M
AGE
63
TENURE
14.4 yrs

Ina Lopion

TITLE
MD of Southern Africa & Executive Director
COMPENSATION
ZAR8M
AGE
58
TENURE
8.8 yrs

Gabaiphiwe Moseneke

TITLE
Director of Transformation & Vukile Development Academy and Executive Director
COMPENSATION
ZAR5M
AGE
41
TENURE
5.2 yrs

Hymie Serebro

TITLE
Independent Non Executive Director
COMPENSATION
ZAR502K
AGE
71
TENURE
14.4 yrs

Steve Booysen

TITLE
Independent Non Executive Director
COMPENSATION
ZAR605K
AGE
56
TENURE
6.6 yrs

Renosi Mokate

TITLE
Lead Independent Director
COMPENSATION
ZAR510K
AGE
60
TENURE
0.3 yrs

Peter Moyanga

TITLE
Independent Non Executive Director
COMPENSATION
ZAR530K
AGE
53
TENURE
14.4 yrs

Hatla Ntene

TITLE
Independent Non Executive Director
COMPENSATION
ZAR402K
AGE
64
TENURE
5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Start End Shares Value (USD)
03. Aug 18 Sell Gabaiphiwe Moseneke Individual 01. Aug 18 01. Aug 18 -604,352 $-900,964.34
03. Aug 18 Sell Laurence Rapp Individual 01. Aug 18 02. Aug 18 -1,066,754 $-1,576,184.53
21. Jun 18 Sell Michael Potts Individual 20. Jun 18 20. Jun 18 -93,390 $-133,852.90
11. Jun 18 Sell Gabaiphiwe Moseneke Individual 01. Jun 18 01. Jun 18 -50,423 $-86,506.91
11. Jun 18 Buy Gabaiphiwe Moseneke Individual 06. Jun 18 06. Jun 18 78,239 $134,116.67
11. Jun 18 Sell Laurence Rapp Individual 01. Jun 18 07. Jun 18 -340,373 $-583,216.18
11. Jun 18 Buy Laurence Rapp Individual 06. Jun 18 06. Jun 18 248,628 $426,193.89
11. Jun 18 Sell Hermina Lopion Individual 01. Jun 18 01. Jun 18 -68,143 $-116,907.77
11. Jun 18 Buy Hermina Lopion Individual 06. Jun 18 06. Jun 18 34,379 $58,931.66
11. Jun 18 Sell Michael Potts Individual 01. Jun 18 01. Jun 18 -76,410 $-131,090.83
11. Jun 18 Buy Michael Potts Individual 06. Jun 18 06. Jun 18 41,915 $71,849.48
14. Jun 18 Sell Gabaiphiwe Moseneke Individual 13. Jun 18 13. Jun 18 -62,074 $-101,998.01
18. Jan 18 Sell Hermina Lopion Individual 16. Jan 18 16. Jan 18 -185,186 $-322,469.75
19. Dec 17 Buy Gabaiphiwe Moseneke Individual 15. Dec 17 15. Dec 17 16 $23.39
06. Dec 17 Sell Gabaiphiwe Moseneke Individual 04. Dec 17 04. Dec 17 -31,000 $-46,158.78
X
Management checks
We assess Vukile Property Fund'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. Vukile Property Fund 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.

VKPP.F News

External News
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Simply Wall St News

VKPP.F Company Info

Map
Description

Vukile Property Fund Limited (Vukile or the group) is a focused retail REIT, which was listed on the JSE Limited on 24 june 2004 (JSE code: VKE) and on the Namibian Stock Exchange (NSX) on 11 july 2007 (NSX code: VKN). Vukile’s market capitalisation was R17.2 billion on 31 march 2018 and its direct property portfolio was valued at R19 billion at year-end. There were 784766367 shares in issue at year end. On 1 April 2013, Vukile became the first property company to be awarded REIT status by the JSE Limited.

Details
Name: Vukile Property Fund Limited
VKPP.F
Exchange: OTCPK
Founded:
ZAR1,240,734,390
875,339,319
Website: http://www.vukile.co.za
Address: Vukile Property Fund Limited
One-On-Ninth,
Ground Floor,
Johannesburg,
Gauteng, 2196,
South Africa
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
JSE VKE Ordinary Shares The Johannesburg Securities Exchange ZA ZAR 23. Mar 2015
OTCPK VKPP.F Ordinary Shares Pink Sheets LLC US USD 23. Mar 2015
NMSE VKN Ordinary Shares Namibian Stock Exchange NA ZAR 23. Mar 2015
Number of employees
Current staff
Staff numbers
35
Vukile Property Fund employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2018/10/24 21:35
End of day share price update: 2018/07/27 00:00
Last estimates confirmation: 2018/10/12
Last earnings filing: 2018/08/01
Last earnings reported: 2018/03/31
Last annual earnings reported: 2018/03/31


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.