Delta Property Fund (JSE:DLT) - Stock Price, News & Analysis

DLT Stock Overview

Delta is a JSE main board listed Real Estate Investment Trust (“REIT”) with an independently valued property portfolio of R6.9 billion. More details

DLT fundamental analysis
Snowflake Score
Valuation	4/6
Future Growth	0/6
Past Performance	0/6
Financial Health	1/6
Dividends	0/6

Rewards

Trading at 69% below our estimate of its fair value

Earnings have grown 15.2% per year over the past 5 years

Risk Analysis

Does not have a meaningful market cap (ZAR164M)

Interest payments are not well covered by earnings

Highly volatile share price over the past 3 months compared to the ZA market

Latest financial reports are more than 6 months old

Delta Property Fund Limited Competitors

Texton Property Fund

JSE:TEX

R942.0m

Rebosis Property Fund

JSE:REB

R172.2m

aReit Prop

JSE:APO

R299.0m

Newpark REIT

JSE:NRL

R480.0m

Price History & Performance

Summary of all time highs, changes and price drops for Delta Property Fund
Historical stock prices
Current Share Price	R0.22
52 Week High	R0.36
52 Week Low	R0.11
Beta	0.72
11 Month Change	-12.00%
3 Month Change	-18.52%
1 Year Change	-21.43%
33 Year Change	-62.07%
5 Year Change	-77.78%
Change since IPO	-97.38%

Recent updates

Shareholder Returns

	DLT	ZA Office REITs	ZA Market
7D	-4.3%	-0.1%	1.7%
1Y	-21.4%	13.7%	15.6%

Return vs Industry: DLT underperformed the ZA Office REITs industry which returned 13.7% over the past year.

Return vs Market: DLT underperformed the ZA Market which returned 15.6% over the past year.

Price Volatility

Is DLT's price volatile compared to industry and market?
DLT volatility
DLT Average Weekly Movement	12.3%
Office REITs Industry Average Movement	3.2%
Market Average Movement	4.5%
10% most volatile stocks in ZA Market	9.5%
10% least volatile stocks in ZA Market	2.6%

Stable Share Price: DLT's share price has been volatile over the past 3 months compared to the ZA market.

Volatility Over Time: DLT's weekly volatility has decreased from 19% to 12% over the past year, but is still higher than 75% of ZA stocks.

About the Company

Founded	Employees	CEO	Website
2002	n/a	Bongi Masinga	www.deltafund.co.za

Delta is a JSE main board listed Real Estate Investment Trust (“REIT”) with an independently valued property portfolio of R6.9 billion. The Company is substantially black managed and continues to be the dominant sovereign listed property fund in South Africa. Delta offers access to a unique portfolio of mainly government and parastatal tenanted buildings providing secure income streams and large single tenant occupancy.

Delta Property Fund Limited Fundamentals Summary

How do Delta Property Fund's earnings and revenue compare to its market cap?
DLT fundamental statistics
Market cap	R164.27m
Earnings (TTM)	-R66.48m
Revenue (TTM)	R1.14b

0.1x

P/S Ratio

-2.4x

P/E Ratio

Is DLT overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
DLT income statement (TTM)
Revenue	R1.14b
Cost of Revenue	R483.87m
Gross Profit	R653.88m
Other Expenses	R720.36m
Earnings	-R66.48m

Last Reported Earnings

Feb 29, 2024

Next Earnings Date

Nov 25, 2024

Earnings per share (EPS)	-0.093
Gross Margin	57.47%
Net Profit Margin	-5.84%
Debt/Equity Ratio	162.8%

How did DLT perform over the long term?

See historical performance and comparison

DLT Stock Overview

Rewards

Risk Analysis

Delta Property Fund Limited Competitors

JSE:TEX

R942.0m

JSE:REB

R172.2m

JSE:APO

R299.0m

JSE:NRL

R480.0m

Price History & Performance

Recent News & Updates

New minor risk - Financial data availability

New major risk - Market cap size

Delta Property Fund Limited to Report First Half, 2025 Results on Nov 25, 2024

New major risk - Market cap size

High number of new directors

Delta Property Fund Limited, Annual General Meeting, Aug 29, 2024

Recent updates

New minor risk - Financial data availability

New major risk - Market cap size

Delta Property Fund Limited to Report First Half, 2025 Results on Nov 25, 2024

New major risk - Market cap size

High number of new directors

Delta Property Fund Limited, Annual General Meeting, Aug 29, 2024

Delta Property Fund Limited Announces Board and Committee Changes

Icebolethu Funerals Proprietary Limited agreed to acquire Lexis Nexis Building from Delta Property Fund Limited (JSE:DLT) for ZAR 37.4 million.

Dumo Motau to Retire as an Independent Non-Executive Director of Delta Property Fund Limited, Effective 1 June 2024

Delta Property Fund Limited to Report Fiscal Year 2024 Results on May 28, 2024

Delta Property Fund Limited Appoints Zwelifikile (Fikile) Mhlontlo as Executive Director, Effective 18 July 2023

Now 26% undervalued

Delta Property Fund Limited Appoints Alex Phakati as an Independent Non-Executive Director and Chairman of the Asset Liability and Investment Committee

Delta Property Fund Limited Announces Appointment of Sibongile Masinga as Permanent Chief Executive Officer

Now 22% undervalued

Delta Property Fund Limited Announces Resignation of Caswell Rampheri from Board of Directors, Effective from 30 August 2023

Delta Property Fund Limited Approves the Appointment of Mr. Zwelifikile (Fikile) Mhlontlo as Chief Financial Officer with Effect from July 18, 2023

Delta Property Fund Limited Approves the Appointment of Mr. Zwelifikile (Fikile) Mhlontlo as Executive Director with Effect from July 18, 2023

Less than half of directors are independent

Delta Property Fund Limited, Annual General Meeting, Aug 31, 2023

Delta Property Fund Limited Announces Changes to Board Committees

Full year 2023 earnings released: R1.02 loss per share (vs R0.20 loss in FY 2022)

Delta Property Fund Limited Appoints Sindi Zilwa as Independent Non-Executive Director, Effective 1 June 2023

Delta Property Fund Limited Announces Resignation of Patricia Stock from its Board of Directors

Delta Property Fund Limited to Report Fiscal Year 2023 Results on May 29, 2023

Delta Property Fund Limited Announces Resignation of Marelise de Lange as Chief Financial Officer

Less than half of directors are independent

Delta Property Fund Limited Announces Board Changes

Less than half of directors are independent

Zeder Trading Proprietary Limited entered into an agreement to acquire Standard Bank Greyville from Delta Property Fund Limited (JSE : DLT) for ZAR 44 million.

First half 2023 earnings released: R0.43 loss per share (vs R0.21 profit in 1H 2022)

Micawber 832 Proprietary Limited entered into an agreement to acquire Enterprise Park Property from Delta Property Fund Limited (JSE:DLT) for ZAR 39 million.

An unknown buyer acquired Three Properties in Bloemfontein and One Property in Kimberley from Delta Property Fund Limited (JSE:DLT) for R98.8 million.

Less than half of directors are independent

Twenty-five 15 Proprietary Limited entered into a agreement to acquire Property situated at 3 Simba Road at Sunninghill from Delta Property Fund Limited (JSE:DLT) for South African Rand 15.5 million.

Full year 2022 earnings released: FFO: R1.39b per share (vs R0.31 in FY 2021)

Delta Property Fund Limited Announces Resignation of Maditshaba Mahlari, Company Secretary Effective 31 March 2022

First half 2022 earnings released: EPS R0.21 (vs R0.13 loss in 1H 2021)

Shareholder Returns

Price Volatility

About the Company

Delta Property Fund Limited Fundamentals Summary

0.1x

-2.4x

Earnings & Revenue