FFA Stock Overview

Fortress is a real estate investment company with a focus on developing and letting premium-grade logistics real estate in SA and CEE, as well as growing our convenience and commuter-oriented retail portfolio. More details

FFA fundamental analysis
Snowflake Score
Valuation	2/6
Future Growth	0/6
Past Performance	4/6
Financial Health	1/6
Dividends	0/6

Rewards

Price-To-Earnings ratio (5.6x) is below the ZA market (9.1x)

Earnings grew by 660.8% over the past year

Risk Analysis

Debt is not well covered by operating cash flow

Large one-off items impacting financial results

My Notes

Capture your thoughts, links and company narrative

Fortress Real Estate Investments Limited Competitors

MAS

JSE:MSP

R16.2b

NEPI Rockcastle

JSE:NRP

R92.2b

Lighthouse Properties

JSE:LTE

R14.9b

Acsion

JSE:ACS

R2.7b

Price History & Performance

Summary of share price highs, lows and changes for Fortress Real Estate Investments
Historical stock prices
Current Share Price	R15.35
52 Week High	R15.79
52 Week Low	R10.35
Beta	0.69
1 Month Change	0.59%
3 Month Change	12.13%
1 Year Change	46.19%
3 Year Change	9.25%
5 Year Change	-18.13%
Change since IPO	59.90%

Recent updates

Shareholder Returns

	FFA	ZA Real Estate	ZA Market
7D	0%	-0.3%	-1.1%
1Y	46.2%	25.0%	6.8%

Return vs Industry: FFA exceeded the ZA Real Estate industry which returned 19% over the past year.

Return vs Market: FFA exceeded the ZA Market which returned -5.5% over the past year.

Price Volatility

Is FFA's price volatile compared to industry and market?
FFA volatility
FFA Average Weekly Movement	2.7%
Real Estate Industry Average Movement	4.6%
Market Average Movement	4.2%
10% most volatile stocks in ZA Market	9.1%
10% least volatile stocks in ZA Market	2.5%

Stable Share Price: FFA has not had significant price volatility in the past 3 months.

Volatility Over Time: FFA's weekly volatility (3%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
n/a	n/a	Steve Brown	www.fortressfund.co.za

Leveraging our specialised knowledge and expertise, our progress is powered by growing an increasingly responsible, sustainable and collaborative business that creates sustainable long-term value for our economic, organisational and societal stakeholders over time. We have an unwavering commitment to the tenants, communities, investors and industry we serve to ensure collective growth.

Fortress Real Estate Investments Limited Fundamentals Summary

How do Fortress Real Estate Investments's earnings and revenue compare to its market cap?
FFA fundamental statistics
Market cap	R34.32b
Earnings (TTM)	R5.92b
Revenue (TTM)	R6.18b

5.6x

P/E Ratio

5.4x

P/S Ratio

Is FFA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
FFA income statement (TTM)
Revenue	R6.18b
Cost of Revenue	R1.57b
Gross Profit	R4.61b
Other Expenses	-R1.31b
Earnings	R5.92b

Last Reported Earnings

Jun 30, 2023

Next Earnings Date

Mar 11, 2024

Earnings per share (EPS)	2.73
Gross Margin	74.58%
Net Profit Margin	95.82%
Debt/Equity Ratio	56.8%

How did FFA perform over the long term?

See historical performance and comparison

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/02/28 02:50
End of Day Share Price	2024/02/28 00:00
Earnings	2023/06/30
Annual Earnings	2023/06/30

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Fortress Real Estate Investments Limited is covered by 10 analysts. 3 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

Analyst	Institution
Mahir Hamdulay	Absa Bank Limited
Francois Du Toit	Anchor Stockbrokers Proprietary Limited
Yesh Pillay	Anchor Stockbrokers Proprietary Limited

FFA Stock Overview

Rewards

Risk Analysis

Fortress Real Estate Investments Limited Competitors

JSE:MSP

R16.2b

JSE:NRP

R92.2b

JSE:LTE

R14.9b

JSE:ACS

R2.7b

Price History & Performance

Recent News & Updates

Fortress Real Estate Investments Limited, Annual General Meeting, Dec 03, 2024

Fortress Real Estate Investments Limited Announces the Retirement of Jan Potgieter as Lead Independent Non-Executive Director as the Chairman of the Property and Investment Committee, Member of the Audit Committee and Member of the Nomination Committee, Effective 3 December 2024

Fortress Real Estate Investments Limited Declares Cash Dividend for the Six Months Ended 30 June 2024, Payable on 31 October 2024

Fortress Real Estate Investments Limited Announces Board Appointments

Price target increased by 13% to R18.00

Fortress REIT Limited Announces Resignation of Donnovan Pydigadu as Chief Operating Officer and Executive Director and Consequently as Member of the Social, Ethics and Sustainability Committee with Effect from 14 August 2023

Recent updates

Fortress Real Estate Investments Limited, Annual General Meeting, Dec 03, 2024

Fortress Real Estate Investments Limited Announces the Retirement of Jan Potgieter as Lead Independent Non-Executive Director as the Chairman of the Property and Investment Committee, Member of the Audit Committee and Member of the Nomination Committee, Effective 3 December 2024

Fortress Real Estate Investments Limited Declares Cash Dividend for the Six Months Ended 30 June 2024, Payable on 31 October 2024

Fortress Real Estate Investments Limited Announces Board Appointments

Price target increased by 13% to R18.00

Fortress REIT Limited Announces Resignation of Donnovan Pydigadu as Chief Operating Officer and Executive Director and Consequently as Member of the Social, Ethics and Sustainability Committee with Effect from 14 August 2023

Peresec Prime Brokers (Pty) Ltd acquired unknown minority stake in Fortress Real Estate Investments Limited (JSE:FFA).

Fortress Real Estate Investments Limited, Annual General Meeting, Dec 01, 2023

Full year 2023 earnings released

An unknown buyer acquired Underperforming Retail Assets in Secunda, Middelburg, Bellville, Philippi and Makhanda from Fortress Real Estate Investments Limited (JSE:FFA) for approximately ZAR 550 million.

Price target increased by 8.0% to R15.37

Fortress REIT Limited Announces Resignation of Donnovan Pydigadu as Chief Operating Officer and Executive Director and as a Member of the Social, Ethics and Sustainability Committee, Effective 14 August 2023

Price target increased by 9.3% to R14.57

Fortress REIT Limited Announces Board Changes

An unknown buyer acquired non-core properties of Fortress REIT Limited for R1.21 billion.

Insufficient new directors

Fortress Real Estate Investments Limited Announces Resignation of Bram Goossens as Independent Non-Executive Director, Member of the Audit Committee, Member of the Social, Ethics and Sustainability Committee and Chairperson of Remuneration Committee

Price target increased by 7.8% to R13.20

Price target decreased to R11.25

CEO, MD & Executive Director recently bought R204k worth of stock

CEO, MD & Executive Director exercised options to buy R563k worth of stock.

Fortress REIT Limited, Annual General Meeting, Dec 06, 2022

Fortress REIT Limited(JSE:FFA) dropped from FTSE All-World Index (USD)

Full year 2022 earnings released

Price target decreased to R14.60

Fortress REIT Limited, Annual General Meeting, Aug 17, 2022

Price target decreased to R14.60

Price target decreased to R14.60

Price target decreased to R15.15

Upcoming dividend of R0.75 per share

Full year 2021 earnings released: FFO R0.81 per share (vs R1.05 in FY 2020)

Price target increased to R16.55

First half 2021 earnings released: EPS R0.53 (vs R0.36 in 1H 2020)

Revenue misses expectations

Fortress REIT Limited to Report First Half, 2021 Results on Mar 10, 2021

New 90-day high: R13.94

New 90-day high: R13.53

CEO, MD & Executive Director recently bought R51k worth of stock

COO & Executive Director recently sold R906k worth of stock

CEO, MD & Executive Director exercised options to buy R692k worth of stock.

Fortress REIT Limited Announces Executive Changes

New 90-day low: R11.94

The clients of Foord Asset Management Proprietary Limited acquired a stake in Fortress REIT Limited (JSE:FFA).

Upcoming Dividend of R0.23 Per Share

An unknown buyer acquired an unknown minority stake in Fortress REIT Limited (JSE:FFA).

Price target lowered to R15.03

Shareholder Returns

Price Volatility

About the Company

Fortress Real Estate Investments Limited Fundamentals Summary

5.6x

5.4x

Earnings & Revenue

Company Analysis and Financial Data Status

Data Sources

Analysis Model and Snowflake

Industry and Sector Metrics

Analyst Sources