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APF

Accelerate Property FundJSE:APF Stock Report

Market Cap

R1.1b

7D

10.0%

1Y

100.0%

Updated

19 Oct, 2021

Data

Company Financials +
APF fundamental analysis
Snowflake Score
Valuation3/6
Future Growth1/6
Past Performance0/6
Financial Health0/6
Dividends0/6

APF Overview

Accelerate Property Fund is a listed Real Estate Investment Trust (REIT) offering investors the opportunity to share in a portfolio of well-established high-quality properties across South Africa.

Accelerate Property Fund Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Accelerate Property Fund
Historical stock prices
Current Share PriceR1.10
52 Week HighR0.50
52 Week LowR1.23
Beta2.04
1 Month Change-4.35%
3 Month Change61.77%
1 Year Change100.00%
3 Year Change-73.75%
5 Year Change-83.08%
Change since IPO-77.73%

Recent News & Updates

Shareholder Returns

APFZA REITsZA Market
7D10.0%0.5%1.0%
1Y100.0%41.5%20.8%

Return vs Industry: APF exceeded the ZA REITs industry which returned 38.4% over the past year.

Return vs Market: APF exceeded the ZA Market which returned 20.7% over the past year.

Price Volatility

Is APF's price volatile compared to industry and market?
APF volatility
APF Beta2.04
Industry Beta0.89
Market Beta1

Stable Share Price: APF is more volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 10% a week.

Volatility Over Time: APF's weekly volatility (10%) has been stable over the past year, but is still higher than 75% of ZA stocks.

About the Company

FoundedEmployeesCEOWebsite
n/an/aMichael Georgiouhttps://acceleratepf.co.za

Accelerate Property Fund is a listed Real Estate Investment Trust (REIT) offering investors the opportunity to share in a portfolio of well-established high-quality properties across South Africa.

Accelerate Property Fund Fundamentals Summary

How do Accelerate Property Fund's earnings and revenue compare to its market cap?
APF fundamental statistics
Market CapR1.05b
Earnings (TTM)-R705.70m
Revenue (TTM)R925.18m

1.1x

P/S Ratio

-1.5x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
APF income statement (TTM)
RevenueR925.18m
Cost of RevenueR328.67m
Gross ProfitR596.52m
ExpensesR1.30b
Earnings-R705.70m

Last Reported Earnings

Mar 31, 2021

Next Earnings Date

n/a

Earnings per share (EPS)-0.74
Gross Margin64.48%
Net Profit Margin-76.28%
Debt/Equity Ratio103.0%

How did APF perform over the long term?

See historical performance and comparison

Valuation

Is Accelerate Property Fund undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: APF (ZAR1.1) is trading below our estimate of fair value (ZAR2.69)

Significantly Below Fair Value: APF is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: APF is unprofitable, so we can't compare its PE Ratio to the ZA REITs industry average.

PE vs Market: APF is unprofitable, so we can't compare its PE Ratio to the ZA market.


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate APF's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: APF is good value based on its PB Ratio (0.2x) compared to the ZA REITs industry average (0.6x).


Future Growth

How is Accelerate Property Fund forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

11.8%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if APF's forecast earnings growth is above the savings rate (8.8%).

Earnings vs Market: Insufficient data to determine if APF's earnings are forecast to grow faster than the ZA market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: APF's revenue (11.8% per year) is forecast to grow faster than the ZA market (6.1% per year).

High Growth Revenue: APF's revenue (11.8% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: APF's Return on Equity is forecast to be low in 3 years time (10.2%).


Past Performance

How has Accelerate Property Fund performed over the past 5 years?

-50.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: APF is currently unprofitable.

Growing Profit Margin: APF is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: APF is unprofitable, and losses have increased over the past 5 years at a rate of 50.7% per year.

Accelerating Growth: Unable to compare APF's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: APF is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (132.9%).


Return on Equity

High ROE: APF has a negative Return on Equity (-11.71%), as it is currently unprofitable.


Financial Health

How is Accelerate Property Fund's financial position?


Financial Position Analysis

Short Term Liabilities: APF's short term assets (ZAR772.0M) do not cover its short term liabilities (ZAR2.1B).

Long Term Liabilities: APF's short term assets (ZAR772.0M) do not cover its long term liabilities (ZAR4.5B).


Debt to Equity History and Analysis

Debt Level: APF's debt to equity ratio (103%) is considered high.

Reducing Debt: APF's debt to equity ratio has increased from 51.9% to 103% over the past 5 years.

Debt Coverage: APF's debt is not well covered by operating cash flow (5.7%).

Interest Coverage: APF's interest payments on its debt are not well covered by EBIT (1.7x coverage).


Balance Sheet


Dividend

What is Accelerate Property Fund current dividend yield, its reliability and sustainability?

45.67%

Forecast Dividend Yield


Dividend Yield vs Market

Notable Dividend: Unable to evaluate APF's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate APF's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if APF's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if APF's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: APF is not paying a notable dividend for the ZA market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of APF's dividend in 3 years as they are not forecast to pay a notable one for the ZA market.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

7.5yrs

Average board tenure


CEO

Michael Georgiou (51 yo)

no data

Tenure

R975,000

Compensation

Mr. Michael Nicholas Georgiou serves as the Chief Executive Officer of Accelerate Property Fund Limited and has been its Director since January 1, 2013. Mr. Georgiou owns one of the largest private propert...


CEO Compensation Analysis

Compensation vs Market: Michael's total compensation ($USD67.11K) is below average for companies of similar size in the ZA market ($USD278.96K).

Compensation vs Earnings: Insufficient data to compare Michael's compensation with company performance.


Board Members

Experienced Board: APF's board of directors are considered experienced (7.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: APF insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Accelerate Property Fund Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Accelerate Property Fund Limited
  • Ticker: APF
  • Exchange: JSE
  • Founded: NaN
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: R1.054b
  • Shares outstanding: 957.79m
  • Website: https://acceleratepf.co.za

Location

  • Accelerate Property Fund Limited
  • Cedar Square Shopping Centre
  • 1st Floor
  • Johannesburg
  • Gauteng
  • 2055
  • South Africa

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/19 21:47
End of Day Share Price2021/10/19 00:00
Earnings2021/03/31
Annual Earnings2021/03/31


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.