Accelerate Property Fund Limited

JSE:APF Stock Report

Market Cap: R647.9m

Accelerate Property Fund Valuation

Is APF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of APF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: APF (ZAR0.5) is trading below our estimate of fair value (ZAR1.53)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for APF?

Key metric: As APF is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for APF. This is calculated by dividing APF's market cap by their current revenue.
What is APF's PS Ratio?
PS Ratio0.8x
SalesR819.47m
Market CapR647.93m

Price to Sales Ratio vs Peers

How does APF's PS Ratio compare to its peers?

The above table shows the PS ratio for APF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.5x
SAR Safari Investments RSA
2.9xn/aR1.6b
DIB Dipula Income Fund
3.2x-22.1%R4.8b
EXP Exemplar REITail
3xn/aR3.8b
VKE Vukile Property Fund
5x1.8%R19.6b
APF Accelerate Property Fund
0.8xn/aR647.9m

Price-To-Sales vs Peers: APF is good value based on its Price-To-Sales Ratio (0.8x) compared to the peer average (3.5x).

Price to Sales Ratio vs Industry

How does APF's PS Ratio compare vs other companies in the Global Retail REITs Industry?

6 CompaniesPrice / SalesEstimated GrowthMarket Cap
Industry Avg.6.1x-2.6%
APF Accelerate Property Fund
 0.8xn/aUS$35.79m
APF 0.8xIndustry Avg. 6.1xNo. of Companies17PS03.26.49.612.816+
6 CompaniesEstimated GrowthMarket Cap
Industry Avg.6.1x13.9%
APF Accelerate Property Fund
 0.8xn/aUS$35.79m
No more companies

Price-To-Sales vs Industry: APF is good value based on its Price-To-Sales Ratio (0.8x) compared to the Global Retail REITs industry average (6.1x).

Price to Sales Ratio vs Fair Ratio

What is APF's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

APF PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio0.8x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate APF's Price-To-Sales Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Insufficient data to show price forecast.

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