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
|Historical stock prices|
|Current Share Price||R8.49|
|52 Week High||R3.81|
|52 Week Low||R10.50|
|1 Month Change||-5.67%|
|3 Month Change||1.07%|
|1 Year Change||92.96%|
|3 Year Change||-16.36%|
|5 Year Change||-18.37%|
|Change since IPO||-29.31%|
Recent News & Updates
|DIA||ZA REITs||ZA Market|
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.
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
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
|DIA fundamental statistics|
Is DIA overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|DIA income statement (TTM)|
|Cost of Revenue||R460.74m|
Last Reported Earnings
Feb 28, 2021
Next Earnings Date
|Earnings per share (EPS)||0.40|
|Net Profit Margin||16.54%|
How did DIA perform over the long term?See historical performance and comparison
13.7%Current Dividend Yield
Is Dipula Income Fund undervalued compared to its fair value and its price relative to the market?
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).
How is Dipula Income Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
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.
How has Dipula Income Fund performed over the past 5 years?
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.
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).
What is Dipula Income Fund current dividend yield, its reliability and sustainability?
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.
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
Izak Petersen (48 yo)
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.
Experienced Board: DIA's board of directors are seasoned and experienced ( 10.4 years average tenure).
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.
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Dipula Income Fund Limited's employee growth, exchange listings and data sources
- 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
- Dipula Income Fund Limited
- Firestation Rosebank
- 12th Floor
- South Africa
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/10/20 22:08|
|End of Day Share Price||2021/10/20 00:00|
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.