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DIA

Dipula Income FundJSE:DIA Stock Report

Market Cap

R3.3b

7D

-3.5%

1Y

93.0%

Updated

20 Oct, 2021

Data

Company Financials
DIA fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance0/6
Financial Health1/6
Dividends3/6

DIA Overview

Dipula is an internally managed, South African focused Real Estate Investment Trust (“REIT”) with a sectorally and geographically diversified portfolio of primarily retail, office and industrial assets in all nine provinces of South Africa.

Dipula Income Fund Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Dipula Income Fund
Historical stock prices
Current Share PriceR8.49
52 Week HighR3.81
52 Week LowR10.50
Beta0.45
1 Month Change-5.67%
3 Month Change1.07%
1 Year Change92.96%
3 Year Change-16.36%
5 Year Change-18.37%
Change since IPO-29.31%

Recent News & Updates

Shareholder Returns

DIAZA REITsZA Market
7D-3.5%0.5%1.0%
1Y93.0%41.5%20.8%

Return vs Industry: DIA exceeded the ZA REITs industry which returned 41.5% over the past year.

Return vs Market: DIA exceeded the ZA Market which returned 20.8% over the past year.

Price Volatility

Is DIA's price volatile compared to industry and market?
DIA volatility
DIA Beta0.45
Industry Beta0.89
Market Beta1

Stable Share Price: DIA is not significantly more volatile than the rest of ZA stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: DIA's weekly volatility (7%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/an/aIzak Petersenhttps://www.dipula.co.za

Dipula is an internally managed, South African focused Real Estate Investment Trust (“REIT”) with a sectorally and geographically diversified portfolio of primarily retail, office and industrial assets in all nine provinces of South Africa. The majority of assets are located in Gauteng. The fund further selectively invests in the residential rental sector.

Dipula Income Fund Fundamentals Summary

How do Dipula Income Fund's earnings and revenue compare to its market cap?
DIA fundamental statistics
Market CapR3.28b
Earnings (TTM)R213.32m
Revenue (TTM)R1.29b

21.1x

P/E Ratio

3.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
DIA income statement (TTM)
RevenueR1.29b
Cost of RevenueR460.74m
Gross ProfitR829.03m
ExpensesR615.71m
EarningsR213.32m

Last Reported Earnings

Feb 28, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.40
Gross Margin64.28%
Net Profit Margin16.54%
Debt/Equity Ratio59.5%

How did DIA perform over the long term?

See historical performance and comparison

Dividends

13.7%

Current Dividend Yield

5%

Payout Ratio

Valuation

Is Dipula Income Fund undervalued compared to its fair value and its price relative to the market?

36.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: DIA (ZAR8.49) is trading below our estimate of fair value (ZAR13.29)

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


Price To Earnings Ratio

PE vs Industry: DIA is poor value based on its PE Ratio (21.1x) compared to the ZA REITs industry average (10.1x).

PE vs Market: DIA is poor value based on its PE Ratio (21.1x) compared to the ZA market (11.4x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: DIA is overvalued based on its PB Ratio (0.8x) compared to the ZA REITs industry average (0.7x).


Future Growth

How is Dipula Income Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

12.1%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Dipula Income Fund has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Past Performance

How has Dipula Income Fund performed over the past 5 years?

-12.0%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: DIA has a large one-off loss of ZAR109.7M impacting its February 28 2021 financial results.

Growing Profit Margin: DIA's current net profit margins (16.5%) are lower than last year (51.5%).


Past Earnings Growth Analysis

Earnings Trend: DIA's earnings have declined by 12% per year over the past 5 years.

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

Earnings vs Industry: DIA had negative earnings growth (-68.9%) over the past year, making it difficult to compare to the REITs industry average (132.9%).


Return on Equity

High ROE: DIA's Return on Equity (4%) is considered low.


Financial Health

How is Dipula Income Fund's financial position?


Financial Position Analysis

Short Term Liabilities: DIA's short term assets (ZAR527.4M) do not cover its short term liabilities (ZAR1.0B).

Long Term Liabilities: DIA's short term assets (ZAR527.4M) do not cover its long term liabilities (ZAR2.7B).


Debt to Equity History and Analysis

Debt Level: DIA's debt to equity ratio (59.5%) is considered high.

Reducing Debt: DIA's debt to equity ratio has reduced from 72.6% to 59.5% over the past 5 years.

Debt Coverage: DIA's debt is not well covered by operating cash flow (15.3%).

Interest Coverage: DIA's interest payments on its debt are not well covered by EBIT (2.2x coverage).


Balance Sheet


Dividend

What is Dipula Income Fund current dividend yield, its reliability and sustainability?

13.68%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: DIA's dividend (13.68%) is higher than the bottom 25% of dividend payers in the ZA market (3.11%).

High Dividend: DIA's dividend (13.68%) is in the top 25% of dividend payers in the ZA market (8.07%)


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, DIA has been paying a dividend for less than 10 years.

Growing Dividend: DIA's dividend payments have increased, but the company has only paid a dividend for 6 years.


Current Payout to Shareholders

Dividend Coverage: With its low payout ratio (4.9%), DIA's dividend payments are thoroughly covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

10.4yrs

Average board tenure


CEO

Izak Petersen (48 yo)

no data

Tenure

R6,738,000

Compensation

Mr. Izak S. Petersen serves as Chief Executive Officer and Executive Director at Dipula Income Fund Ltd and has been its Director since May 20, 2011. Mr. Petersen served as Head of Investor Relations at Di...


CEO Compensation Analysis

Compensation vs Market: Izak's total compensation ($USD466.28K) is about average for companies of similar size in the ZA market ($USD473.63K).

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


Board Members

Experienced Board: DIA's board of directors are seasoned and experienced ( 10.4 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.


Ownership Breakdown

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


Top Shareholders

Company Information

Dipula Income Fund Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Dipula Income Fund Limited
  • Ticker: DIA
  • Exchange: JSE
  • Founded: NaN
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: R3.282b
  • Shares outstanding: 529.28m
  • Website: https://www.dipula.co.za

Number of Employees


Location

  • Dipula Income Fund Limited
  • Firestation Rosebank
  • 12th Floor
  • Rosebank
  • Gauteng
  • 2196
  • South Africa

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/20 22:08
End of Day Share Price2021/10/20 00:00
Earnings2021/02/28
Annual Earnings2020/08/31


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.