Reported Earnings • Mar 29
First half 2026 earnings released: EPS: €0.02 (vs €0.12 in 1H 2025) First half 2026 results: EPS: €0.02 (down from €0.12 in 1H 2025). Revenue: €51.9m (flat on 1H 2025). Net income: €11.6m (down 85% from 1H 2025). Profit margin: 22% (down from 147% in 1H 2025). Over the last 3 years on average, earnings per share has remained flat and the company’s share price has also remained flat. New Risk • Mar 25
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 60% Last year net profit margin: 128% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. This is currently the only risk that has been identified for the company. New Risk • Mar 15
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended June 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Minor Risks Latest financial reports are more than 6 months old (reported June 2025 fiscal period end). Large one-off items impacting financial results. Announcement • Oct 31
MAS P.L.C., Annual General Meeting, Dec 30, 2025 MAS P.L.C., Annual General Meeting, Dec 30, 2025, at 10:00 Central European Standard Time. Location: suite 11, marina business centre, abate rigord street, ta` xbiex, xbx 1129, Malta Board Change • Oct 26
High number of new and inexperienced directors There are 8 new directors who have joined the board in the last 3 years. The company's board is composed of: 8 new directors. 2 experienced directors. No highly experienced directors. Independent Non-Executive Director Dan Pascariu is the most experienced director on the board, commencing their role in 2020. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Announcement • Aug 27
Mas P.L.C. Appoints Bogdan Oslobeanu as Director MAS P.L.C. at its EGM held on August 27, 2025, approved the appointment of Mr. Bogdan Oslobeanu as a director of the Company. Announcement • May 27
Hyprop Looks At Europe Expansion with A Potential Bid for MAS Hyprop Investments Limited (JSE:HYP) is considering buying MAS P.L.C. (JSE:MSP) as part of its plans to grow its footprint in booming East European markets. The proposed deal will offer MAS shareholders the option of a share swap or a cash alternative. "In line with Hyprop's strategy to grow its presence in dominant retail centres across SA and Eastern Europe with a focus on new growth opportunities in the region the group has evaluated acquiring a controlling stake in MAS," Hyprop said in a Sens announcement released on 26 May 2025. The owner of Canal Walk said it is planning to raise capital for the MAS acquisition by issuing new shares, with the price to be set through a bookbuild process. Announcement • May 16
PK Investments Limited proposed to acquire 65% stake in MAS P.L.C. (JSE:MSP). PK Investments Limited proposed to acquire 65% stake in MAS P.L.C. (JSE:MSP) on May 14, 2025. The consideration consists of non-voting preferred shares of PK Investments Limited at a ratio of 100 per common equity of MAS P.L.C. and/or cash in an amount equal to €0.85 per Share or by a combination of the Cash and preferred equity, subject to the maximum cash acceptances. In terms of a letter from MAS, the Board exempted combined holding of the PK Parties not exceeding 35% of the total issued share capital of MAS from offer.
The transaction is subject to all approvals, consents and/or waivers from the applicable South African regulatory authorities, regulatory authorities in Romania, including the approval of the Romanian Competition Council and of the Romanian Foreign Direct Investments Committee. Announcement • Feb 04
M Core Group Limited completed the acquisition of STRIP MALLS IN ROMANIA from MAS P.L.C. (JSE:MSP) for €49 million. An undisclosed buyer entered into an agreement to acquire STRIP MALLS IN ROMANIA from MAS P.L.C. (JSE:MSP) for €49 million on December 19, 2024. A cash consideration of €49 million will be paid by the buyer. As part of consideration, €49 million is paid towards assets of STRIP MALLS IN ROMANIA.
The transaction is subject to approval by Romanian Competition Council and the Committee for Foreign Direct Investments in Romania. The expected completion of the transaction is March 18, 2025.
M Core Group Limited completed the acquisition of STRIP MALLS IN ROMANIA from MAS P.L.C. (JSE:MSP) for €49 million on February 3, 2024.
Roxana Fratila, Mircea Moraru, and Andrei Tercu acted as legal advisor for M Core Group Limited. The CMS finance team was coordinated by Ana Radnev and AlinaTihan. Cushman & Wakefield Echinox assisted MAS PLC. Buy Or Sell Opportunity • Jan 30
Now 20% undervalued Over the last 90 days, the stock has risen 16% to R21.58. The fair value is estimated to be R26.98, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 7.5%. Buy Or Sell Opportunity • Jan 13
Now 20% undervalued Over the last 90 days, the stock has risen 25% to R22.69. The fair value is estimated to be R28.44, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 30% over the last 3 years. Earnings per share has grown by 7.5%. Announcement • Nov 01
MAS P.L.C., Annual General Meeting, Dec 06, 2024 MAS P.L.C., Annual General Meeting, Dec 06, 2024, at 11:00 Central European Standard Time. Location: suite 11, marina business centre, abate rigord street, ta` xbiex, xbx 1129, Malta Reported Earnings • Sep 03
Full year 2024 earnings released Full year 2024 results: Revenue: €95.8m (up 15% from FY 2023). Net income: €121.2m (up 34% from FY 2023). Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 3.1% growth forecast for the Real Estate industry in Africa. Announcement • Aug 23
MAS P.L.C. Announces Board and Committee Changes MAS P.L.C. announced that Brett Nagle has tendered his resignation as an independent non-executive director of the company with immediate effect. Following this change and having considered the most appropriate restructuring of the Audit and Risk Committee, the Board has appointed Claudia Pendred as committee member. Reported Earnings • Mar 07
First half 2024 earnings released: EPS: €0.10 (vs €0.087 in 1H 2023) First half 2024 results: EPS: €0.10 (up from €0.087 in 1H 2023). Revenue: €47.3m (up 12% from 1H 2023). Net income: €68.8m (up 14% from 1H 2023). Revenue is forecast to grow 7.8% p.a. on average during the next 3 years, compared to a 3.8% decline forecast for the Real Estate industry in Africa. Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Buy Or Sell Opportunity • Mar 04
Now 20% undervalued after recent price drop Over the last 90 days, the stock has fallen 11% to R15.54. The fair value is estimated to be R19.45, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Recent Insider Transactions • Dec 19
CFO & Executive Director recently bought R2.1m worth of stock On the 13th of December, Nadine Bird bought around 126k shares on-market at roughly R16.40 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Nadine's only on-market trade for the last 12 months. Announcement • Dec 12
MAS P.L.C. Announce Announces Resignation of Pierre Goosen as Independent Non-Executive Director MAS P.L.C. announced that after serving on the Board for more than nine years, Pierre Goosen has stepped down as Independent Non-Executive Director. The Board is grateful and thanks Pierre for his dedication during his long-tenured service to the Group. Announcement • Nov 01
MAS P.L.C., Annual General Meeting, Dec 07, 2023 MAS P.L.C., Annual General Meeting, Dec 07, 2023, at 10:00 Central European Standard Time. Location: T SUITE 11, MARINA BUSINESS CENTRE ABATE RIGORD STREET, TA’ XBIEX XBX 1129, MALTA XBX Malta Agenda: To receive and adopt the audited consolidated annual financial statements for the year to 30 June 2023 and the directors’ commentary and the independent auditor's report; To consider Confirmation and re-election of Directors. Announcement • Oct 27
MAS P.L.C. Appoints Stefan Briffa as Executive Director MAS P.L.C. announced the appointment of Stefan Briffa as Executive Director on the Board, effective 25 October 2023, in addition to his role as Company Secretary. Stefan recently joined the Group's head office in Malta and was appointed Company Secretary on 31 August 2023. Stefan has extensive experience in Maltese Company Law, and over 27 years' experience in regulatory affairs, compliance, and corporate governance. Prior to joining MAS, he worked as company secretary and head of risk and compliance at major Maltese groups active in vehicle retail and mobility, telecommunications, and corporate services. Stefan's experience and track record in corporate governance and compliance roles support that he remains well-suited to continue to assist the Company in his Company Secretary role while acting with integrity and high standards of corporate governance. Buying Opportunity • Oct 16
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 27%. The fair value is estimated to be R18.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Meanwhile, the company has become profitable. Recent Insider Transactions • Sep 19
Independent Non-Executive Director recently bought R2.6m worth of stock On the 14th of September, Brett Thomas Nagle bought around 150k shares on-market at roughly R17.33 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R5.0m more in shares than they have sold in the last 12 months. Valuation Update With 7 Day Price Move • Sep 10
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to R17.64, the stock trades at a trailing P/E ratio of 6.5x. Average forward P/E is 6x in the Real Estate industry in South Africa. Total returns to shareholders of 104% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at R22.53 per share. Announcement • Sep 05
MAS P.L.C. to Report Second Half, 2023 Results on Sep 04, 2023 MAS P.L.C. announced that they will report second half, 2023 results on Sep 04, 2023 Reported Earnings • Sep 04
Full year 2023 earnings released Full year 2023 results: Revenue: €83.0m (up 73% from FY 2022). Net income: €90.7m (down 31% from FY 2022). Revenue is forecast to decline by 1.3% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Africa are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 104% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Aug 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 4.2%. The fair value is estimated to be R27.02, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 63%. Buying Opportunity • Aug 10
Now 21% undervalued Over the last 90 days, the stock is up 3.3%. The fair value is estimated to be R27.37, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 63%. Buying Opportunity • Jun 02
Now 21% undervalued Over the last 90 days, the stock is up 6.2%. The fair value is estimated to be R28.30, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 63%. Recent Insider Transactions • Apr 18
Independent Non-Executive Director recently bought R782k worth of stock On the 14th of April, Corneliu-Dan Pascariu bought around 37k shares on-market at roughly R20.99 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R19m more in shares than they have sold in the last 12 months. Upcoming Dividend • Mar 15
Upcoming dividend of R0.85 per share at 8.5% yield Eligible shareholders must have bought the stock before 22 March 2023. Payment date: 03 April 2023. Payout ratio is a comfortable 42% and this is well supported by cash flows. Trailing yield: 8.5%. Lower than top quartile of South African dividend payers (9.2%). In line with average of industry peers (8.9%). Reported Earnings • Mar 07
First half 2023 earnings released First half 2023 results: Revenue: €40.1m (up 70% from 1H 2022). Net income: €61.9m (up 11% from 1H 2022). Revenue is forecast to grow 14% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Real Estate industry in Africa. Announcement • Dec 15
MAS P.L.C. Announces Board Changes MAS P.L.C. announced that Martin Slabbert has stepped down from his position as non-executive director of the company, returning full-time to Prime Kapital to focus on the execution of the substantial development pipeline in the development joint venture (DJV). Martin has provided substantial value to the company since his appointment as CEO on 20 November 2019. He steered the company through its transition to a fully-fledged, internally managed, CEE-focused property investor and operator, during a challenging period exacerbated by the Covid-19 pandemic. Since 21 April 2022, when he stepped down as the company’s CEO, he continued to provide valuable guidance as a non-executive director on the company’s board of directors (Board). The Board is confident that its pre-existing and ongoing business relationship with Prime Kapital via the DJV (recently extended after Martin stepped down as MAS' CEO), will continue to have a major positive impact on the Group's future financial performance. The Board is profoundly grateful for Martin's contribution during his tenure in his Executive, and Non-Executive roles, and thanks him for his outstanding service as a MAS Director. Further, the Group announced the appointment of Mihail Vasilescu as non-executive director on the board. Mihail has 20 years of real estate and finance industry experience and is an indirect beneficiary of a minority shareholding in Prime Kapital, which he joined in 2016. Prior to this, he founded and was managing partner of Rampart Capital, a leading financial advisory company focused on corporate finance raising, debt restructuring and M&A advisory, after gaining substantial experience in the Romanian banking industry, via his roles as Head of Project Finance for Banca Romaneasca and associate relationship manager for Bancpost. Following the changes mentioned, the composition of Board committees has been reconstituted as follows: Audit and Risk Committee: Vasile Iuga (Chair), Brett Nagle, and Mihail Vasilescu. Remuneration and Nomination Committee: Dan Pascariu (Chair), Mihail Vasilescu, and Werner Alberts. Environmental, Social and Ethics Committee: Pierre Goosen (Chair), Claudia Pendred, and Irina Grigore. All changes to the Board and committees' composition are effective from 13 December 2022. Board Change • Nov 16
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Chief Financial & Operational Officer and Executive Director Raluca Buzuleac was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Nov 01
MAS P.L.C., Annual General Meeting, Dec 05, 2022 MAS P.L.C., Annual General Meeting, Dec 05, 2022, at 10:00 Central European Standard Time. Location: Suite 11, Penthouse Level, Marina Business Centre, Abate Rigord Street Ta 'Xbiex Malta Recent Insider Transactions • Oct 04
Independent Non-Executive Director recently bought R545k worth of stock On the 29th of September, Corneliu-Dan Pascariu bought around 31k shares on-market at roughly R17.35 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R1.0m. Insiders have collectively bought R21m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Sep 16
Independent Non-Executive Chairman recently bought R1.0m worth of stock On the 13th of September, Werner Alberts bought around 49k shares on-market at roughly R20.53 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was Werner's only on-market trade for the last 12 months. Upcoming Dividend • Sep 14
Upcoming dividend of €0.038 per share Eligible shareholders must have bought the stock before 21 September 2022. Payment date: 26 September 2022. Payout ratio is a comfortable 36% and the cash payout ratio is 96%. Trailing yield: 6.7%. Lower than top quartile of South African dividend payers (8.8%). In line with average of industry peers (6.5%). Reported Earnings • Aug 29
Full year 2022 earnings released: EPS: €0.19 (vs €0.093 in FY 2021) Full year 2022 results: EPS: €0.19 (up from €0.093 in FY 2021). Revenue: €47.9m (up 5.6% from FY 2021). Net income: €130.8m (up 99% from FY 2021). Over the next year, revenue is forecast to grow 3.3% compared to a 4.7% decline forecast for the Real Estate industry in South Africa. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new directors There are 8 new directors who have joined the board in the last 3 years. Executive Director & Deputy CFO Raluca Buzuleac was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Mar 23
Upcoming dividend of €0.03 per share Eligible shareholders must have bought the stock before 30 March 2022. Payment date: 04 April 2022. Payout ratio is a comfortable 65% but the company is paying out more than the cash it is generating. Trailing yield: 4.8%. Lower than top quartile of South African dividend payers (7.3%). Lower than average of industry peers (5.5%). Reported Earnings • Mar 11
First half 2022 earnings: EPS in line with expectations, revenues disappoint First half 2022 results: EPS: €0.079 (up from €0.036 in 1H 2021). Revenue: €23.6m (up 2.3% from 1H 2021). Net income: €56.0m (up 123% from 1H 2021). Revenue missed analyst estimates by 2.5%. Over the next year, revenue is forecast to grow 12%, compared to a 2.0% growth forecast for the industry in South Africa. Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Mar 07
MAS P.L.C. Approves Dividend for the Six Months Ended 31 December 2021 MAS P.L.C. has approved a dividend of 2.96 eurocents per share in respect of the six-month period to 31 December 2021. The Dividend will be paid in cash out of the Company's adjusted distributable earnings. Trading commences ex-dividend on is 30 March, 2022 and Record date in order to be eligible for receipt of the Dividend is 1 April, 2022. Recent Insider Transactions • Dec 15
Insider recently bought R972k worth of stock On the 10th of December, Melt Hamman bought around 49k shares on-market at roughly R19.84 per share. In the last 3 months, there was an even bigger purchase from another insider worth R2.0m. Insiders have collectively bought R4.8m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Dec 05
CFO, Deputy CEO & Director recently bought R2.0m worth of stock On the 1st of December, Irina Grigore bought around 100k shares on-market at roughly R19.54 per share. This was the largest purchase by an insider in the last 3 months. This was Irina's only on-market trade for the last 12 months. Recent Insider Transactions • Sep 10
Independent Non-Executive Director recently bought R940k worth of stock On the 7th of September, Melt Hamman bought around 50k shares on-market at roughly R18.79 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R1.8m more in shares than they have sold in the last 12 months. Upcoming Dividend • Sep 08
Upcoming dividend of €0.059 per share Eligible shareholders must have bought the stock before 15 September 2021. Payment date: 27 September 2021. Trailing yield: 5.3%. Lower than top quartile of South African dividend payers (7.7%). In line with average of industry peers (5.8%). Reported Earnings • Aug 31
Full year 2021 earnings released Full year 2021 results: Revenue: €45.4m (down 40% from FY 2020). Net income: €65.8m (up €87.4m from FY 2020). Announcement • Aug 28
UII EuropeanM backed by Union Investment Real Estate GmbH acquired Bank of Scotland office building in Edinburgh from MAS Real Estate Inc. (JSE:MSP). UII EuropeanM backed by Union Investment Real Estate GmbH acquired Bank of Scotland office building in Edinburgh from MAS Real Estate Inc. (JSE:MSP) on August 27, 2021. Brodies LLP acted as legal advisor and CMS provided tax advice to Union Investment Real Estate GmbH and DLA Piper Scotland LLP acted as tax and legal advisor to MAS Real Estate Inc. Knight Frank marketed the property on Behalf of MAS Real Estate Inc.
UII EuropeanM backed by Union Investment Real Estate GmbH completed the acquisition of Bank of Scotland office building in Edinburgh from MAS Real Estate Inc. (JSE:MSP) on August 27, 2021. Recent Insider Transactions • Mar 03
Independent Non-Executive Director recently bought R894k worth of stock On the 26th of February, Brett Nagle bought around 63k shares on-market at roughly R14.09 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R1.4m more in shares than they have sold in the last 12 months. Reported Earnings • Mar 02
First half 2021 earnings released: EPS €0.036 (vs €0.081 in 1H 2020) First half 2021 results: Revenue: €23.0m (down 52% from 1H 2020). Net income: €25.1m (down 52% from 1H 2020). Over the last 3 years on average, earnings per share has fallen by 44% per year but the company’s share price has only fallen by 15% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 23
New 90-day high: R13.69 The company is up 30% from its price of R10.50 on 25 November 2020. The South African market is up 17% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Real Estate industry, which is up 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R8.19 per share. Is New 90 Day High Low • Feb 05
New 90-day high: R13.50 The company is up 34% from its price of R10.05 on 06 November 2020. The South African market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Real Estate industry, which is up 42% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R8.35 per share. Is New 90 Day High Low • Jan 04
New 90-day high: R12.93 The company is up 24% from its price of R10.45 on 06 October 2020. The South African market is up 10.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Real Estate industry, which is up 33% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R8.67 per share. Is New 90 Day High Low • Dec 18
New 90-day high: R12.38 The company is up 24% from its price of R10.00 on 18 September 2020. The South African market is up 11% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Real Estate industry, which is up 29% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R8.39 per share. Is New 90 Day High Low • Nov 04
New 90-day low: R9.60 The company is down 11% from its price of R10.77 on 06 August 2020. The South African market is down 6.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Real Estate industry, which is down 26% over the same period. Is New 90 Day High Low • Sep 26
New 90-day low: R9.75 The company is down 25% from its price of R13.00 on 26 June 2020. The South African market is down 1.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Real Estate industry, which is down 22% over the same period. Announcement • Sep 21
MAS Real Estate Inc.(JSE:MSP) dropped from FTSE All-World Index (USD) MAS Real Estate Inc.(JSE:MSP) dropped from FTSE All-World Index (USD) 
