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ATT

Attacq JSE:ATT Stock Report

Last Price

R6.30

Market Cap

R4.4b

7D

-5.3%

1Y

-7.9%

Updated

30 Sep, 2022

Data

Company Financials +
ATT fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance3/6
Financial Health2/6
Dividends3/6

ATT Stock Overview

Attacq is a South African-based Real Estate Investment Trust (REIT), with a vision of delivering total returns comprising sustainable income return and long-term capital growth through a focused approach in real estate investments and developments.

Attacq Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Attacq
Historical stock prices
Current Share PriceR6.30
52 Week HighR8.08
52 Week LowR5.25
Beta1.41
1 Month Change6.78%
3 Month Change17.32%
1 Year Change-7.90%
3 Year Change-48.66%
5 Year Change-66.00%
Change since IPO-62.07%

Recent News & Updates

Shareholder Returns

ATTZA REITsZA Market
7D-5.3%-5.3%-2.6%
1Y-7.9%-12.5%-7.0%

Return vs Industry: ATT exceeded the ZA REITs industry which returned -12.5% over the past year.

Return vs Market: ATT matched the ZA Market which returned -7% over the past year.

Price Volatility

Is ATT's price volatile compared to industry and market?
ATT volatility
ATT Average Weekly Movement5.8%
REITs Industry Average Movement4.5%
Market Average Movement5.5%
10% most volatile stocks in ZA Market10.0%
10% least volatile stocks in ZA Market3.1%

Stable Share Price: ATT is not significantly more volatile than the rest of ZA stocks over the past 3 months, typically moving +/- 6% a week.

Volatility Over Time: ATT's weekly volatility (6%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/an/aJackie van Niekerkhttps://www.attacq.co.za

Attacq is a South African-based Real Estate Investment Trust (REIT), with a vision of delivering total returns comprising sustainable income return and long-term capital growth through a focused approach in real estate investments and developments. Attacq’s diversified South African portfolio provides sustainable community spaces in its respective nodes, aimed at being the destination of choice and setting Attacq apart from its peers. The group’s business model is based on four drivers, namely the South African portfolio, Developments at Waterfall, Investment in MAS Real Estate Inc. (MAS) and the Rest of Africa retail investments.

Attacq Fundamentals Summary

How do Attacq's earnings and revenue compare to its market cap?
ATT fundamental statistics
Market CapR4.44b
Earnings (TTM)R1.18b
Revenue (TTM)R2.50b

3.8x

P/E Ratio

1.8x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
ATT income statement (TTM)
RevenueR2.50b
Cost of RevenueR1.01b
Gross ProfitR1.49b
Other ExpensesR310.01m
EarningsR1.18b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)1.67
Gross Margin59.63%
Net Profit Margin47.22%
Debt/Equity Ratio67.8%

How did ATT perform over the long term?

See historical performance and comparison

Dividends

7.9%

Current Dividend Yield

30%

Payout Ratio
We’ve recently updated our valuation analysis.

Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

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

Other financial metrics that can be useful for relative valuation.

ATT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue4.9x
Enterprise Value/EBITDA9.9x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does ATT's PE Ratio compare to its peers?

ATT PE Ratio vs Peers
The above table shows the PE ratio for ATT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average8.3x
EMI Emira Property Fund
5.1xn/aR5.0b
SAC SA Real Estate
8.4xn/aR5.2b
FTA Fairvest
12.5x-26.2%R5.4b
HET Heriot REIT
7.1xn/aR2.9b
ATT Attacq
3.8xn/aR4.4b

Price-To-Earnings vs Peers: ATT is good value based on its Price-To-Earnings Ratio (3.8x) compared to the peer average (8.3x).


Price to Earnings Ratio vs Industry

How does ATT's PE Ratio compare vs other companies in the ZA REITs Industry?

Price-To-Earnings vs Industry: ATT is good value based on its Price-To-Earnings Ratio (3.8x) compared to the ZA REITs industry average (7.5x)


Price to Earnings Ratio vs Fair Ratio

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

ATT PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio3.8x
Fair PE Ration/a

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


Share Price vs Fair Value

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

Below Fair Value: ATT (ZAR6.3) is trading above our estimate of fair value (ZAR5.92)

Significantly Below Fair Value: ATT is trading above our estimate of fair value.


Analyst Price Targets

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

Analyst Forecast: Target price is more than 20% higher than the current share price, but there are not enough analysts covering the stock to determine statistical confidence in agreement.


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Future Growth

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

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


-2.2%

Forecasted annual revenue growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if ATT's forecast earnings growth is above the savings rate (9%).

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

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

Revenue vs Market: ATT's revenue is expected to decline over the next 3 years (-2.2% per year).

High Growth Revenue: ATT's revenue is forecast to decline over the next 3 years (-2.2% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: ATT's Return on Equity is forecast to be low in 3 years time (4%).


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Past Performance

How has Attacq performed over the past 5 years?

Past Performance Score

3/6

Past Performance Score 3/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-25.3%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ATT has a large one-off gain of ZAR701.0M impacting its June 30 2022 financial results.

Growing Profit Margin: ATT's current net profit margins (47.2%) are higher than last year (6.3%).


Past Earnings Growth Analysis

Earnings Trend: ATT's earnings have declined by 25.3% per year over the past 5 years.

Accelerating Growth: ATT's earnings growth over the past year (665.4%) exceeds its 5-year average (-25.3% per year).

Earnings vs Industry: ATT earnings growth over the past year (665.4%) exceeded the REITs industry 146%.


Return on Equity

High ROE: ATT's Return on Equity (9.6%) is considered low.


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Financial Health

How is Attacq's financial position?

Financial Health Score

2/6

Financial Health Score 2/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: ATT's short term assets (ZAR1.4B) exceed its short term liabilities (ZAR1.2B).

Long Term Liabilities: ATT's short term assets (ZAR1.4B) do not cover its long term liabilities (ZAR8.1B).


Debt to Equity History and Analysis

Debt Level: ATT's net debt to equity ratio (62%) is considered high.

Reducing Debt: ATT's debt to equity ratio has reduced from 75.9% to 67.8% over the past 5 years.

Debt Coverage: ATT's debt is not well covered by operating cash flow (7.3%).

Interest Coverage: ATT's interest payments on its debt are not well covered by EBIT (1.8x coverage).


Balance Sheet


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Dividend

What is Attacq current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


7.94%

Current Dividend Yield

Dividend Yield vs Market

Attacq Dividend Yield vs Market
How does Attacq dividend yield compare to the market?
SegmentDividend Yield
Company (Attacq)7.9%
Market Bottom 25% (ZA)3.5%
Market Top 25% (ZA)8.9%
Industry Average (REITs)10.4%
Analyst forecast in 3 Years (Attacq)8.2%

Notable Dividend: ATT's dividend (7.94%) is higher than the bottom 25% of dividend payers in the ZA market (3.52%).

High Dividend: ATT's dividend (7.94%) is low compared to the top 25% of dividend payers in the ZA market (8.94%).


Stability and Growth of Payments

Stable Dividend: ATT has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: ATT has only been paying a dividend for 4 years, and since then payments have fallen.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (29.9%), ATT's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (48.5%), ATT's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

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

1.4yrs

Average management tenure


CEO

Jackie van Niekerk (39 yo)

4.25yrs

Tenure

R4,467,000

Compensation

Ms. Jacqueline Rouxanne van Niekerk, also known as Jackie, was Non-Executive Director of Grit Real Estate Income Group. She serves as Chief Executive Officer at Attacq Limited since May 1, 2021. She joined...


CEO Compensation Analysis

Jackie van Niekerk's Compensation vs Attacq Earnings
How has Jackie van Niekerk's remuneration changed compared to Attacq's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

R1b

Mar 31 2022n/an/a

R1b

Dec 31 2021n/an/a

R1b

Sep 30 2021n/an/a

R705m

Jun 30 2021R4mR3m

R154m

Mar 31 2021n/an/a

-R2b

Dec 31 2020n/an/a

-R4b

Sep 30 2020n/an/a

-R4b

Jun 30 2020R4mR3m

-R4b

Mar 31 2020n/an/a

-R2b

Dec 31 2019n/an/a

-R684m

Sep 30 2019n/an/a

-R643m

Jun 30 2019R3mR2m

-R603m

Mar 31 2019n/an/a

R929m

Dec 31 2018n/an/a

R2b

Sep 30 2018n/an/a

R3b

Jun 30 2018R3mR3m

R3b

Compensation vs Market: Jackie's total compensation ($USD247.94K) is below average for companies of similar size in the ZA market ($USD522.54K).

Compensation vs Earnings: Jackie's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: ATT's management team is not considered experienced ( 1.4 years average tenure), which suggests a new team.


Board Members

Experienced Board: ATT's board of directors are considered experienced (8.4 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

JSE:ATT Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
16 Nov 21SellR266,790Rajesh NanaIndividual39,642R6.73

Ownership Breakdown

What is the ownership structure of ATT?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders3,230,6590.5%
General Public316,276,70744.9%
Institutions385,616,37354.7%

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


Top Shareholders

Top 25 shareholders own 54.05% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
21.28%
Coronation Fund Managers Limited
150,050,332ZAR945.3m0%0.46%
10.15%
Public Investment Corporation Limited
71,565,724ZAR450.9m0%0.06%
5.53%
Ninety One UK Limited
39,027,489ZAR245.9m0%0.02%
4.13%
The Vanguard Group, Inc.
29,141,492ZAR183.6m2.09%no data
2.73%
STANLIB Asset Management (Pty) Limited
19,219,191ZAR121.1m0%0.81%
1.76%
Sesfikile Capital (Pty) Ltd
12,441,917ZAR78.4m0%1.03%
1.35%
Old Mutual Investment Group (Pty) Limited
9,531,803ZAR60.1m0%0.06%
1.17%
Sanlam Investment Management (Pty) Ltd.
8,254,958ZAR52.0m0%0.05%
1.12%
Dimensional Fund Advisors LP
7,907,043ZAR49.8m-0.9%no data
0.75%
Taquanta Asset Managers (Pty) Ltd
5,314,197ZAR33.5m0%0.35%
0.57%
Alexander Forbes Investments Limited
3,987,520ZAR25.1m0%0.18%
0.46%
Momentum Asset Management (Pty) Ltd
3,209,225ZAR20.2m0%0.25%
0.41%
Momentum Manager of Managers
2,914,746ZAR18.4m0%0.27%
0.34%
Ashburton Fund Managers (Proprietary) Limited
2,403,830ZAR15.1m0%0.33%
0.32%
CoreShares Asset Management (Pty) Ltd
2,277,527ZAR14.3m0%0.3%
0.32%
Abax Investments (Pty) Limited
2,241,408ZAR14.1m0%0.1%
0.32%
Johannes Hendrick van der Merwe
2,232,481ZAR14.1m0%no data
0.26%
Mazi Asset Management (Pty) Ltd
1,813,782ZAR11.4m0%0.45%
0.22%
PPM America, Inc.
1,545,956ZAR9.7m0%0.01%
0.21%
BlackRock, Inc.
1,452,349ZAR9.1m-0.25%no data
0.19%
Sygnia Asset Management (Pty) Ltd
1,344,746ZAR8.5m0%0.08%
0.13%
Terebinth Capital (Pty) Ltd
895,258ZAR5.6m0%3.48%
0.12%
Absa Asset Management (Proprietary) Ltd.
846,781ZAR5.3m0%0.07%
0.11%
Old Mutual Customised Solutions (Pty) Limited
802,279ZAR5.1m0%0.06%
0.097%
Silkroad Fund Managers (Pty) Ltd.
686,162ZAR4.3m0%0.47%

Company Information

Attacq Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Attacq Limited
  • Ticker: ATT
  • Exchange: JSE
  • Founded: NaN
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Implied Market Cap: R4.442b
  • Shares outstanding: 705.12m
  • Website: https://www.attacq.co.za

Location

  • Attacq Limited
  • Att House
  • 2nd Floor
  • Waterfall City
  • Gauteng
  • 2090
  • South Africa


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
ATTJSE (The Johannesburg Securities Exchange)YesOrdinary SharesZAZAROct 2013

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/30 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2022/06/30


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.