Fortress Real Estate Investments Past Earnings Performance

Past criteria checks 1/6

Fortress Real Estate Investments has been growing earnings at an average annual rate of 39.5%, while the Real Estate industry saw earnings growing at 27% annually. Revenues have been growing at an average rate of 10.2% per year. Fortress Real Estate Investments's return on equity is 14.5%, and it has net margins of 66.5%.

Key information

39.5%

Earnings growth rate

43.8%

EPS growth rate

Real Estate Industry Growth	22.4%
Revenue growth rate	10.2%
Return on equity	14.5%
Net Margin	66.5%
Last Earnings Update	30 Jun 2024

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown

How Fortress Real Estate Investments makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

JSE:FFB Revenue, expenses and earnings (ZAR Millions)
Date	Revenue	Earnings	G+A Expenses
30 Jun 24	6,513	4,333	332
31 Mar 24	6,453	5,211	336
31 Dec 23	6,393	6,088	341
30 Sep 23	6,284	6,003	309
30 Jun 23	6,175	5,917	278
31 Mar 23	5,818	3,991	273
31 Dec 22	5,460	2,065	269
30 Sep 22	5,077	1,421	266
30 Jun 22	4,693	778	264
31 Mar 22	4,543	2,251	258
31 Dec 21	4,394	3,725	253
30 Sep 21	4,167	3,539	250
30 Jun 21	3,939	3,353	247
31 Mar 21	3,262	-2,329	262
31 Dec 20	2,584	-8,010	277
30 Sep 20	3,031	-8,190	269
30 Jun 20	3,477	-8,369	261
31 Mar 20	4,365	-2,640	318
31 Dec 19	5,252	3,090	376
30 Sep 19	5,217	2,854	360
30 Jun 19	5,182	2,618	345
31 Mar 19	5,490	-5,003	241
31 Dec 18	5,799	-12,623	137
30 Sep 18	5,673	-8,764	124
30 Jun 18	5,547	-4,904	110
31 Mar 18	4,974	2,987	111
31 Dec 17	4,400	10,879	111
30 Sep 17	4,467	7,650	117
30 Jun 17	4,534	4,420	123
31 Mar 17	4,782	4,210	128
31 Dec 16	5,030	4,001	134
30 Sep 16	3,909	-686	119
30 Jun 16	2,788	-5,372	105
31 Mar 16	2,073	-5,648	77
31 Dec 15	1,358	-5,924	50
30 Sep 15	1,467	-1,463	44
30 Jun 15	1,576	2,997	37
31 Mar 15	1,300	2,658	37
31 Dec 14	1,023	2,318	37
30 Sep 14	1,008	2,057	35
30 Jun 14	993	1,796	33
31 Mar 14	878	1,838	29

Quality Earnings: FFB has a large one-off gain of ZAR3.3B impacting its last 12 months of financial results to 30th June, 2024.

Growing Profit Margin: FFB's current net profit margins (66.5%) are lower than last year (95.8%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: FFB's earnings have grown significantly by 39.5% per year over the past 5 years.

Accelerating Growth: FFB's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FFB had negative earnings growth (-26.8%) over the past year, making it difficult to compare to the Real Estate industry average (39.3%).

Return on Equity

High ROE: FFB's Return on Equity (14.5%) is considered low.

Return on Assets

Return on Capital Employed

Discover strong past performing companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/01/22 00:00
End of Day Share Price	2025/01/22 00:00
Earnings	2024/06/30
Annual Earnings	2024/06/30

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

Fortress Real Estate Investments Past Earnings Performance

Past criteria checks 1/6

Key information

Recent past performance updates

Full year 2024 earnings released

First half 2024 earnings released: EPS: R1.40 (vs R1.33 in 1H 2023)

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

Recent updates

High number of new directors

Price target increased by 8.3% to R21.67

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

Upcoming dividend of R0.70 per share

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

CEO, MD & Executive Director exercised options to buy R32m worth of stock.

Price target increased by 13% to R20.00

Price target increased by 10% to R18.53

Full year 2024 earnings released

Fortress Real Estate Investments Limited Announces Board Appointments

Now 21% overvalued after recent price rise

Upcoming dividend of R0.81 per share

First half 2024 earnings released: EPS: R1.40 (vs R1.33 in 1H 2023)

Price target increased by 26% to R8.05

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

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.

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

Fortress REIT Limited Announces Board Changes

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

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

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

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

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