DLT

Delta Property FundJSE:DLT Stock Report

Market Cap

R342.8m

7D

9.1%

1Y

65.5%

Updated

22 Oct, 2021

Data

Company Financials
DLT fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance0/6
Financial Health0/6
Dividends0/6

DLT Overview

The Company was initially founded in March 2002 under the name of Tuffsan 89 Investment Holdings Proprietary.

Delta Property Fund Competitors

Texton Property Fund

JSE:TEX

R1.1b

Growthpoint Properties

JSE:GRT

R45.2b

Redefine Properties

JSE:RDF

R24.6b

Fortress REIT

JSE:FFA

R18.7b

Price History & Performance

Summary of all time highs, changes and price drops for Delta Property Fund
Historical stock prices
Current Share PriceR0.48
52 Week HighR0.26
52 Week LowR0.66
Beta1.51
1 Month Change11.63%
3 Month Changen/a
1 Year Change65.52%
3 Year Change-92.00%
5 Year Change-93.81%
Change since IPO-94.29%

Recent News & Updates

Shareholder Returns

DLTZA REITsZA Market
7D9.1%-0.5%-0.7%
1Y65.5%35.0%19.0%

Return vs Industry: DLT exceeded the ZA REITs industry which returned 35% over the past year.

Return vs Market: DLT exceeded the ZA Market which returned 19% over the past year.

Price Volatility

Is DLT's price volatile compared to industry and market?
DLT volatility
DLT Beta1.51
Industry Beta0.89
Market Beta1

Stable Share Price: DLT is more volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 9% a week.

Volatility Over Time: Insufficient data to determine DLT's volatility change over the past year.

About the Company

FoundedEmployeesCEOWebsite
2002n/aBongi Masingahttps://www.deltafund.co.za

The Company was initially founded in March 2002 under the name of Tuffsan 89 Investment Holdings Proprietary. The Company made its first direct property investment with the acquisition of the Forum Building in Pretoria. With the management, expertise and deal-making capabilities of the founding shareholders, further acquisitions followed, including NPA Cape Town building, 110 Hamilton building, SARS Kimberley building, Cooper House building, Tivoli building and SARS Springs building.

Delta Property Fund Fundamentals Summary

How do Delta Property Fund's earnings and revenue compare to its market cap?
DLT fundamental statistics
Market CapR342.83m
Earnings (TTM)-R454.46m
Revenue (TTM)R1.41b

0.2x

P/S Ratio

-0.8x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
DLT income statement (TTM)
RevenueR1.41b
Cost of RevenueR556.66m
Gross ProfitR851.61m
ExpensesR1.31b
Earnings-R454.46m

Last Reported Earnings

Feb 28, 2021

Next Earnings Date

Nov 08, 2021

Earnings per share (EPS)-0.64
Gross Margin60.47%
Net Profit Margin-32.27%
Debt/Equity Ratio139.5%

How did DLT perform over the long term?

See historical performance and comparison

Valuation

Is Delta Property Fund undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: DLT (ZAR0.48) is trading below our estimate of fair value (ZAR2.4)

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


Price To Earnings Ratio

PE vs Industry: DLT is unprofitable, so we can't compare its PE Ratio to the ZA REITs industry average.

PE vs Market: DLT is unprofitable, so we can't compare its PE Ratio to the ZA market.


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: DLT is good value based on its PB Ratio (0.1x) compared to the ZA REITs industry average (0.6x).


Future Growth

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

11.7%

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 Delta Property 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 Delta Property Fund performed over the past 5 years?

-58.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: DLT is currently unprofitable.

Growing Profit Margin: DLT is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: DLT is unprofitable, and losses have increased over the past 5 years at a rate of 58.7% per year.

Accelerating Growth: Unable to compare DLT's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: DLT is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (132.9%).


Return on Equity

High ROE: DLT has a negative Return on Equity (-13.04%), as it is currently unprofitable.


Financial Health

How is Delta Property Fund's financial position?


Financial Position Analysis

Short Term Liabilities: DLT's short term assets (ZAR390.6M) do not cover its short term liabilities (ZAR4.3B).

Long Term Liabilities: DLT's short term assets (ZAR390.6M) do not cover its long term liabilities (ZAR956.0M).


Debt to Equity History and Analysis

Debt Level: DLT's debt to equity ratio (139.5%) is considered high.

Reducing Debt: DLT's debt to equity ratio has increased from 91.2% to 139.5% over the past 5 years.

Debt Coverage: DLT's debt is not well covered by operating cash flow (4.8%).

Interest Coverage: DLT's interest payments on its debt are not well covered by EBIT (1.9x coverage).


Balance Sheet


Dividend

What is Delta Property Fund current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate DLT's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate DLT's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if DLT's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if DLT's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: DLT is not paying a notable dividend for the ZA market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of DLT's dividend in 3 years as they are not forecast to pay a notable one for the ZA market.


Next Steps

Management

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

3.0yrs

Average management tenure


CEO

Bongi Masinga (54 yo)

1.17yrs

Tenure

R6,146,058

Compensation

Mrs. Sibongile Masinga, also known as Bongi, BCom, USA-SA Leadership and Entrepreneurship Program, Co-Founded Afropulse Group and has been the Chief Executive Officer since 2006. She serves as Acting CEO &...


CEO Compensation Analysis

Compensation vs Market: Bongi's total compensation ($USD415.69K) is above average for companies of similar size in the ZA market ($USD279.53K).

Compensation vs Earnings: Insufficient data to compare Bongi's compensation with company performance.


Leadership Team

Experienced Management: DLT's management team is considered experienced (3 years average tenure).


Board Members

Experienced Board: DLT's board of directors are considered experienced (3.4 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

Delta Property Fund Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Delta Property Fund Limited
  • Ticker: DLT
  • Exchange: JSE
  • Founded: 2002
  • Industry: Office REITs
  • Sector: Real Estate
  • Market Cap: R342.830m
  • Shares outstanding: 714.23m
  • Website: https://www.deltafund.co.za

Number of Employees


Location

  • Delta Property Fund Limited
  • Building 3, Silver Stream Office Park
  • 10 Muswell Road South
  • Johannesburg
  • Gauteng
  • South Africa

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/22 21:05
End of Day Share Price2021/10/22 00:00
Earnings2021/02/28
Annual Earnings2021/02/28


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.