Declared Dividend • May 31
Final dividend increased to R0.65 Dividend of R0.65 is 5.1% higher than last year. Ex-date: 17th June 2026 Payment date: 22nd June 2026 Dividend yield will be 8.9%, which is about the same as the industry average. Reported Earnings • May 28
Full year 2026 earnings released: EPS: R1.54 (vs R4.93 in FY 2025) Full year 2026 results: EPS: R1.54 (down from R4.93 in FY 2025). Revenue: R1.46b (down 29% from FY 2025). Net income: R727.0m (down 69% from FY 2025). Profit margin: 50% (down from 116% in FY 2025). Revenue is forecast to grow 3.5% p.a. on average during the next 2 years, compared to a 6.0% decline forecast for the REITs industry in South Africa. Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 18% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 01
Emira Property Fund Limited to Report Fiscal Year 2026 Results on May 27, 2026 Emira Property Fund Limited announced that they will report fiscal year 2026 results at 4:50 PM, South Africa Standard Time on May 27, 2026 Upcoming Dividend • Nov 28
Upcoming dividend of R0.64 per share Eligible shareholders must have bought the stock before 03 December 2025. Payment date: 08 December 2025. Trailing yield: 8.6%. Within top quartile of South African dividend payers (7.6%). Higher than average of industry peers (7.4%). Declared Dividend • Nov 14
Final dividend increased to R0.64 Dividend of R0.64 is 3.2% higher than last year. Ex-date: 3rd December 2025 Payment date: 8th December 2025 Dividend yield will be 8.8%, which is about the same as the industry average. Price Target Changed • Nov 03
Price target increased by 13% to R14.30 Up from R12.60, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of R14.14. Stock is up 23% over the past year. The company posted earnings per share of R4.93 last year. Announcement • Sep 29
Emira Property Fund Limited to Report First Half, 2026 Results on Nov 12, 2025 Emira Property Fund Limited announced that they will report first half, 2026 results on Nov 12, 2025 Announcement • Aug 30
Emira Property Fund Limited (JSE:EMI) acquired additional 5% stake in SA Corporate Real Estate Limited (JSE:SAC) for approximately ZAR 380 million. Emira Property Fund Limited (JSE:EMI) acquired additional 5% stake in SA Corporate Real Estate Limited (JSE:SAC) for approximately ZAR 380 million post financial year end 2025. A cash consideration of ZAR 382 million will be paid by Emira Property Fund Limited. As part of consideration, ZAR 382 million is paid towards common equity of SA Corporate Real Estate Limited.
Emira Property Fund Limited (JSE:EMI) completed the acquisition of additional 5% stake in SA Corporate Real Estate Limited (JSE:SAC) post financial year end 2025. Announcement • Jul 30
Emira Property Fund Limited, Annual General Meeting, Aug 28, 2025 Emira Property Fund Limited, Annual General Meeting, Aug 28, 2025. Location: the office of the company at 1st floor, block a, knightsbridge, 33 sloane street, bryanston., South Africa Declared Dividend • Jun 01
Final dividend of R0.61 announced Shareholders will receive a dividend of R0.61. Ex-date: 18th June 2025 Payment date: 23rd June 2025 Dividend yield will be 11%, which is higher than the industry average of 9.2%. Reported Earnings • May 29
Full year 2025 earnings released: EPS: R4.93 (vs R1.07 in FY 2024) Full year 2025 results: EPS: R4.93 (up from R1.07 in FY 2024). Revenue: R1.69b (down 21% from FY 2024). Net income: R2.38b (up 360% from FY 2024). Revenue is expected to fall by 1.4% p.a. on average during the next 2 years compared to a 6.4% decline forecast for the REITs industry in South Africa. Over the last 3 years on average, earnings per share has increased by 28% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Announcement • Apr 24
Emira Property Fund Limited Announces Geoff Jennett, Steps Down as Chief Executive Officer At the End of April 2025 Emira Property Fund Limited announced that in accordance with paragraphs 3.59 (b) and (c) of the JSE Listings Requirements, shareholders and noteholders are informed that due to strategic differences it has been agreed between Geoff Jennett and Emira that Geoff will step down as Chief Executive Officer of Emira at the end of April 2025. The Board has accepted Geoff stepping down as CEO and extends its heartfelt thanks for his remarkable commitment. Geoff was appointed CEO of Emira in August 2015 having joined the Board as CFO in January 2015. The Board will initiate a process to identify a new CEO to lead the Company. The Board intends to conclude the process timeously. Announcement • Mar 31
Emira Property Fund Limited to Report Fiscal Year 2025 Results on May 28, 2025 Emira Property Fund Limited announced that they will report fiscal year 2025 results on May 28, 2025 Upcoming Dividend • Nov 29
Upcoming dividend of R0.62 per share Eligible shareholders must have bought the stock before 04 December 2024. Payment date: 09 December 2024. Trailing yield: 10.0%. Within top quartile of South African dividend payers (8.0%). Higher than average of industry peers (8.7%). New Risk • Nov 18
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 24% Last year net profit margin: 50% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.6x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 111% Cash payout ratio: 132% Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (24% net profit margin). Buy Or Sell Opportunity • Nov 15
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 3.4% to R11.27. The fair value is estimated to be R9.26, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Nov 13
Emira Property Fund Limited Approves Final Gross Dividend for the Year 2024, Payable on December 9, 2024 Emira Property Fund Limited has approved the final gross dividend of 62,39 cents per share has been declared (September 2023: 61,74 cents), payable to the registered shareholders of company on 9 December 2024. Record date is December 6, 2024. Shares trade ex-dividend is December 4, 2024. Announcement • Oct 19
Emira Property Fund Limited to Report First Half, 2025 Results on Nov 14, 2024 Emira Property Fund Limited announced that they will report first half, 2025 results on Nov 14, 2024 Buy Or Sell Opportunity • Oct 02
Now 21% overvalued Over the last 90 days, the stock has fallen 4.2% to R10.75. The fair value is estimated to be R8.88, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Sep 23
Emira Property Fund Limited(JSE:EMI) dropped from S&P Global BMI Index Emira Property Fund Limited(JSE:EMI) dropped from S&P Global BMI Index Announcement • Sep 20
Emira Property Fund Limited Announces Appointment of Michele Bekkens as an Independent Non-Executive Directors, Effective October 1, 2024 Emira Property Fund Limited advised that Ms. Michele Bekkens has been appointed to the board of directors of Emira as an independent non-executive director with effect from 1 October 2024. This appointment follows the resignation of Vuyisa Nkonyeni (as announced on SENS on 31 July 2024). Michele will also serve as a member on Emira's Audit and Risk Committee as well as a member on the Social/Ethics ESG Committee Michele is a CA (SA) and has a Higher Diploma in Tax. She has over 25 years' experience in finance, specifically the debt finance markets with experience covering corporate banking, property finance and capital markets structured funding. Michele is currently the Head of the Property Finance Division within Sanlam Specialised Finance, a division of Sanlam Life Insurance Ltd. She is passionate about sustainable financing and recently obtained a Certificate in Sustainable Finance through the University of Cambridge. The Board welcomes Michele and looks forward to her contribution to the Company. Buy Or Sell Opportunity • Sep 11
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 11% to R11.06. The fair value is estimated to be R9.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Sep 03
Emira Property Fund Limited Announces Board and Committee Changes Emira Property Fund Limited at its Annual General Meeting held on 3 September 2024, approved the Appointment of Mr. V Mahlangu as member and chairman of the Audit Committee. Mr. D Thomas is also a member of the Audit Committee. The company also announced that Vusi Mahlangu has been appointed as the lead independent non-executive director of Emira with immediate effect, following the appointment of James Templeton, a non-executive director, as the chairman of the Emira board (as announced on SENS on 18 September 2023). Price Target Changed • Aug 30
Price target increased by 11% to R11.75 Up from R10.55, the current price target is an average from 2 analysts. New target price is 8.4% above last closing price of R10.84. Stock is up 30% over the past year. The company posted earnings per share of R1.07 last year. Buy Or Sell Opportunity • Aug 26
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 9.9% to R10.85. The fair value is estimated to be R9.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 6.6% over the last 3 years. Meanwhile, the company has become profitable. Announcement • Aug 01
Emira Property Fund Limited, Annual General Meeting, Sep 03, 2024 Emira Property Fund Limited, Annual General Meeting, Sep 03, 2024. Location: the office of the company at 1st floor, block a, knightsbridge, 33 sloane street, bryanston., South Africa Recent Insider Transactions Derivative • Jul 30
CEO & Executive Director exercised options to buy R5.8m worth of stock. On the 22nd of July, Geoffrey Jennett exercised options to buy 538k shares at a strike price of around R10.80, costing a total of R5.8m. This transaction amounted to 69% of their direct individual holding at the time of the trade. Since September 2023, Geoffrey's direct individual holding has increased from 978.65k shares to 1.03m. Company insiders have collectively bought R18m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Jul 30
CEO & Executive Director recently sold R2.7m worth of stock On the 22nd of July, Geoffrey Jennett sold around 250k shares on-market at roughly R10.84 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Geoffrey's only on-market trade for the last 12 months. Price Target Changed • Jun 25
Price target increased by 7.7% to R10.55 Up from R9.80, the current price target is an average from 2 analysts. New target price is 5.5% below last closing price of R11.16. Stock is up 34% over the past year. The company posted earnings per share of R1.07 last year. Upcoming Dividend • Jun 19
Upcoming dividend of R0.55 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 01 July 2024. Trailing yield: 11%. Within top quartile of South African dividend payers (9.1%). In line with average of industry peers (10%). Buy Or Sell Opportunity • Jun 05
Now 25% overvalued after recent price rise Over the last 90 days, the stock has risen 14% to R10.05. The fair value is estimated to be R8.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 3.7% over the last 3 years. Meanwhile, the company has become profitable. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: R1.07 (vs R2.28 in FY 2023) Full year 2024 results: EPS: R1.07 (down from R2.28 in FY 2023). Revenue: R1.89b (down 14% from FY 2023). Net income: R517.2m (down 53% from FY 2023). Profit margin: 27% (down from 50% in FY 2023). Revenue is forecast to grow 2.2% p.a. on average during the next 2 years, compared to a 7.7% decline forecast for the REITs industry in South Africa. Over the last 3 years on average, earnings per share has increased by 32% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Declared Dividend • Jun 02
Final dividend of R0.55 announced Shareholders will receive a dividend of R0.55. Ex-date: 26th June 2024 Payment date: 1st July 2024 Dividend yield will be 12%, which is higher than the industry average of 9.2%. Announcement • May 26
Emira Property Fund Limited Expects Distribution guidance for the Year Ended 31 March 2024 Emira Property Fund Limited expects its DPS for the year ended 31 March 2024 to be between 116 and 118 cents per share, being between 19.86% and 21.93% higher than the DPS for the nine months ended 31 March 2023 of 96.78 cents per share. Due to Emira changing its financial year end from 30 June to 31 March, as announced on SENS on 15 December 2022, DPS for the nine months ended 31 March 2023 is not comparable to DPS for the year ended 31 March 2024. Announcement • Apr 04
Spear Reit Limited (JSE:SEA) agreed to acquire 13 predominantly industrial and office properties situated in the Western Cape from Emira Property Fund Limited (JSE:EMI), Lowmer Investments (Pty) Ltd, Freestone Property Investments (Pty) Ltd, Monagon Properties (Pty) Ltd and Rapidough Properties 509 (Pty) Ltd for approximately ZAR 1.146 billion. Spear Reit Limited (JSE:SEA) agreed to acquire 13 predominantly industrial and office properties situated in the Western Cape from Emira Property Fund Limited (JSE:EMI), Lowmer Investments (Pty) Ltd, Freestone Property Investments (Pty) Ltd, Monagon Properties (Pty) Ltd and Rapidough Properties 509 (Pty) Ltd for approximately ZAR 1.146 billion on April 2, 2024. The net proceeds of the Transaction will initially be used to reduce Emira’s debt and subsequently to fund new acquisitions in accordance with Emira’s investment policy. The transaction is subject to Approval by the Competition Authorities, Spear has complied with all JSE Listings Requirements in respect of the Transaction and obtains shareholder approval for the Transaction, Spear receives final approval of the funding of not less than 50% of the Purchase Consideration; and PRASA, as the owner of Freeway Business Park, consents to the transfer of the notarial lease in respect of the Freeway Business Park from Emira to Spear and and effective date of transaction is anticipated as being on or about December 31, 2024. The longstop date for the fulfilment of the Conditions Precedent is March 31, 2025. Cliffe Dekker Hofmeyr acted as legal advisor and PSG Capital (Pty) Limited acted as financial advisor to Spear Reit Limited (JSE:SEA) Announcement • Mar 29
Emira Property Fund Limited to Report Fiscal Year 2024 Results on May 30, 2024 Emira Property Fund Limited announced that they will report fiscal year 2024 results on May 30, 2024 Upcoming Dividend • Nov 29
Upcoming dividend of R0.62 per share at 16% yield Eligible shareholders must have bought the stock before 06 December 2023. Payment date: 11 December 2023. Trailing yield: 16%. Within top quartile of South African dividend payers (9.0%). Higher than average of industry peers (10%). Recent Insider Transactions Derivative • Nov 28
CEO & Executive Director exercised options to buy R391k worth of stock. On the 22nd of November, Geoffrey Jennett exercised options to buy 48k shares at a strike price of around R8.12, costing a total of R388k. This transaction amounted to 4.9% of their direct individual holding at the time of the trade. Since March 2023, Geoffrey's direct individual holding has decreased from 3.69m shares to 978.65k. Company insiders have collectively bought R14m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Sep 28
Emira Property Fund Limited to Report Q1, 2024 Results on Nov 16, 2023 Emira Property Fund Limited announced that they will report Q1, 2024 results on Nov 16, 2023 Recent Insider Transactions Derivative • Sep 27
CEO & Executive Director exercised options to buy R3.5m worth of stock. On the 21st of September, Geoffrey Jennett exercised options to buy 453k shares at a strike price of around R8.25, costing a total of R3.7m. This transaction amounted to 86% of their direct individual holding at the time of the trade. Since December 2022, Geoffrey's direct individual holding has decreased from 3.69m shares to 525.98k. Company insiders have collectively bought R20m more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Sep 19
Emira Property Fund Limited Announces Executive Changes, Effective 1 October 2023 Emira Property Fund Limited announced that Gerhard van Zyl, an independent non-executive director of the company, who is due to retire by rotation at Emira's upcoming annual general meeting scheduled for 27 September 2023 (the "AGM"), has given notice of his resignation from the board of directors with effect from 1 October 2023. This follows a request from the majority shareholder to have a more active role in the Board's strategic direction. Accordingly, Gerhard will also step down as the chairman of the Board and member of the investment and remuneration & nomination committees with effect from 1 October 2023. Gerhard has been a director of Emira for 10 years and has served as chairman of the Board for the past 6 years. Emira would like to thank Gerhard for his meaningful contribution over the years including his leadership, wisdom, and stewardship and wishes him all the best for his future endeavours. Following the resignations of Gerhard and Berlina Moroole (announced on SENS on 13 September 2023), James Day has been appointed as a non-executive director of Emira with effect from 1 October 2023, in accordance with Emira's nomination policy, following the request from the majority shareholder to have a more active role in the Board's strategic direction. James is a CA (SA) and the financial director of Castleview Property Fund Limited. James has international experience in the listed property sector, including BSE-listed RDC Properties between 2019 and 2022, with key commercial expertise in executing on commercial asset acquisitions and developments. Prior experience also includes audit experience in South Africa and the USA with Grant Thornton LLP, as well financial management roles in various entities in Australia between 2014 and 2016. James Templeton, a non-executive director, has been appointed as the chairman of the Board to replace Gerhard. Derek Thomas, an independent non-executive director, has been appointed as a member of the audit and risk committee to replace Berlina. A lead independent non-executive director will be appointed in due course. As Gerhard and Berlina were both due to retire by rotation at the AGM, the Board has resolved to withdraw the notice of annual general meeting, such that no annual general meeting will be held on 27 September 2023. A revised notice of annual general meeting will be issued to shareholders as soon as possible. Announcement • Sep 14
Emira Property Fund Limited Announces Retirement of Berlina Moroole as Director Member of the Audit and Risk Committee Emira Property Fund Limited announced that Shareholders and noteholders are advised that Berlina Moroole, who is due to retire by rotation at Emira's upcoming annual general meeting scheduled for 27 September 2023 (the "AGM"), has informed the board of directors ("Board") that she no longer wishes to make herself available for re-election at the AGM and has accordingly resigned as a director of Emira (and as a member of the audit and risk committee) with effect from 13 September 2023. Recent Insider Transactions • Sep 06
Independent Non-Executive Director recently bought R3.0m worth of stock On the 4th of September, James William Templeton bought around 360k shares on-market at roughly R8.30 per share. This transaction increased James William's direct individual holding by 1x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R5.8m more in shares than they have sold in the last 12 months. Board Change • Aug 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Jim Templeton was the last director to join the board, commencing their role in 2020. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Aug 01
Emira Property Fund Limited, Annual General Meeting, Sep 28, 2023 Emira Property Fund Limited, Annual General Meeting, Sep 28, 2023, at 14:00 South Africa Standard Time. Location: the office of the Company at 1st Floor, Block A, Knightsbridge, 33 Sloane Street, Bryanston South Africa Recent Insider Transactions • Jul 30
Independent Non-Executive Director recently bought R249k worth of stock On the 26th of July, James William Templeton bought around 30k shares on-market at roughly R8.30 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R1.6m. Insiders have collectively bought R2.6m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 19
Independent Non-Executive Director recently bought R1.6m worth of stock On the 14th of July, James William Templeton bought around 190k shares on-market at roughly R8.30 per share. This transaction increased James William's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought R2.3m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jul 03
Non-Executive Director recently bought R747k worth of stock On the 29th of June, James William Templeton bought around 86k shares on-market at roughly R8.69 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. New Risk • Jun 30
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.2x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 251% Cash payout ratio: 135% Minor Risk Large one-off items impacting financial results. Upcoming Dividend • Jun 28
Upcoming dividend of R0.30 per share at 12% yield Eligible shareholders must have bought the stock before 05 July 2023. Payment date: 10 July 2023. Trailing yield: 12%. Within top quartile of South African dividend payers (9.6%). Higher than average of industry peers (10.0%). Price Target Changed • Jun 27
Price target decreased by 11% to R9.70 Down from R10.90, the current price target is an average from 2 analysts. New target price is 15% above last closing price of R8.46. Stock is down 11% over the past year. The company posted earnings per share of R2.00 last year. Announcement • Jun 08
Emira Property Fund Limited Announces Dividend Declaration, Payable on 10 July 2023 The Board of Emira Property Fund Limited has approved, a final gross dividend of 30.35 cents per share has been declared (June 2022: 63.20 cents), payable to the registered shareholders of Emira on 10 July 2023. In making its decision on whether to pay out a dividend and the quantum thereof, the Board has assessed the Company's solvency and liquidity position, considering the Company's current position together with forecasts. Upcoming Dividend • Mar 01
Upcoming dividend of R0.66 per share at 12% yield Eligible shareholders must have bought the stock before 08 March 2023. Payment date: 13 March 2023. Trailing yield: 12%. Within top quartile of South African dividend payers (9.0%). Higher than average of industry peers (9.3%). Reported Earnings • Feb 19
First half 2023 earnings released: EPS: R1.17 (vs R0.64 in 1H 2022) First half 2023 results: EPS: R1.17 (up from R0.64 in 1H 2022). Revenue: R1.04b (up 18% from 1H 2022). Net income: R565.0m (up 82% from 1H 2022). Profit margin: 54% (up from 35% in 1H 2022). The increase in margin was primarily driven by higher revenue. Revenue is forecast to decline by 9.8% p.a. on average during the next 3 years, while revenues in the REITs industry in South Africa are expected to remain flat. Over the last 3 years on average, earnings per share has increased by 73% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Announcement • Feb 16
Emira Property Fund Limited Approves Dividend for the Six Months Ended 31 December 2022, Payable on March 13, 2023 Emira Property Fund Limited's Board has approved, and notice is hereby given that an interim gross dividend of 66.43 cents per share has been declared (December 2021: 56.59 cents), payable to the registered shareholders of Emira on 13 March 2023. In making its decision on whether to pay out a dividend and the quantum thereof, the Board has assessed the company's solvency and liquidity position, considering the company's current position together with forecasts. Record date is March 10, 2023. Announcement • Feb 10
Emira Property Fund Limited Provides Distribution for the Six Months Ended December 31, 2022 Emira Property Fund Limited expected its distribution per share (DPS) for the six months ended 31 December 2022 to be between 65.08 and 66.49 cents per share, being between 15 and 17,5% higher than the DPS for the six months ended 31 December 2021 of 56.59 cents per share. Announcement • Oct 13
Emira Property Fund Limited, Annual General Meeting, Nov 10, 2022 Emira Property Fund Limited, Annual General Meeting, Nov 10, 2022, at 14:00 South Africa Standard Time. Location: 1st Floor, Block A, Knightstbridge, 33 Sloane Street Bryanston South Africa Agenda: To consider re-appointment of independent external auditors; to consider re-election of directors; to appoint the chairperson and members of the audit committee; to approve the remuneration policy and implementation report; and to transact such other business matters. Reported Earnings • Oct 05
Full year 2022 earnings released: EPS: R2.00 (vs R0.96 in FY 2021) Full year 2022 results: EPS: R2.00 (up from R0.96 in FY 2021). Revenue: R2.00b (up 5.7% from FY 2021). Net income: R968.6m (up 107% from FY 2021). Profit margin: 48% (up from 25% in FY 2021). The increase in margin was primarily driven by lower expenses. Net asset value (NAV) per share: R16.29 (up 7.3% from FY 2021). The current share price is 35% lower than NAV per share. Revenue is expected to fall by 11% p.a. on average during the next 3 years compared to a 4.1% decline forecast for the REITs industry in South Africa. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 3% per year, which means it is significantly lagging earnings. Upcoming Dividend • Aug 31
Upcoming dividend of R0.63 per share Eligible shareholders must have bought the stock before 07 September 2022. Payment date: 12 September 2022. Trailing yield: 12%. Within top quartile of South African dividend payers (8.9%). Higher than average of industry peers (9.5%). Reported Earnings • Aug 20
Full year 2022 earnings released: EPS: R2.00 (vs R0.96 in FY 2021) Full year 2022 results: EPS: R2.00 (up from R0.96 in FY 2021). Revenue: R2.00b (up 5.7% from FY 2021). Net income: R968.6m (up 107% from FY 2021). Profit margin: 48% (up from 25% in FY 2021). The increase in margin was primarily driven by lower expenses. Over the next year, revenue is expected to shrink by 24% compared to a 11% decline forecast for the REITs industry in South Africa. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has fallen by 6% per year, which means it is significantly lagging earnings. Announcement • Apr 14
Maitlantic 10 (Pty) Ltd and others acquired unknown stake in Emira Property Fund Limited (JSE:EMI). Maitlantic 10 (Pty) Ltd and others acquired unknown stake in Emira Property Fund Limited (JSE:EMI) on April 13, 2022. As per the transaction, the total interest in Emira Property Fund Limited held by the Maitlantic 10 (Pty) Ltd and others has increased to 50%.
Maitlantic 10 (Pty) Ltd and others completed the acquisition of unknown stake in Emira Property Fund Limited (JSE:EMI) on April 13, 2022. Upcoming Dividend • Mar 02
Upcoming dividend of R0.57 per share Eligible shareholders must have bought the stock before 09 March 2022. Payment date: 14 March 2022. Trailing yield: 11%. Within top quartile of South African dividend payers (7.3%). Higher than average of industry peers (8.3%). Reported Earnings • Feb 20
First half 2022 earnings: EPS in line with expectations, revenues disappoint First half 2022 results: EPS: R0.64 (up from R0.005 loss in 1H 2021). Revenue: R881.0m (up 7.2% from 1H 2021). Net income: R309.7m (up R311.9m from 1H 2021). Profit margin: 35% (up from net loss in 1H 2021). The move to profitability was primarily driven by lower expenses. Revenue missed analyst estimates by 1.2%. Over the next year, revenue is expected to shrink by 23% compared to a 24% growth forecast for the industry in South Africa. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has only fallen by 9% per year, which means it has not declined as severely as earnings. Price Target Changed • Nov 08
Price target increased to R10.37 Up from R9.54, the current price target is an average from 3 analysts. New target price is 13% above last closing price of R9.20. The company is forecast to post earnings per share of R1.13 for next year compared to R0.96 last year. Upcoming Dividend • Sep 01
Upcoming dividend of R0.67 per share Eligible shareholders must have bought the stock before 08 September 2021. Payment date: 13 September 2021. Trailing yield: 12%. Within top quartile of South African dividend payers (7.7%). Higher than average of industry peers (10%). Reported Earnings • Aug 21
Full year 2021 earnings released: EPS R0.96 (vs R1.48 loss in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: R1.89b (up 8.2% from FY 2020). Net income: R467.3m (up R1.20b from FY 2020). Profit margin: 25% (up from net loss in FY 2020). Net asset value (NAV) per share: R15.18 (flat on FY 2020). The current share price is 35% lower than NAV per share. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 61 percentage points per year, which is a significant difference in performance. Price Target Changed • Aug 18
Price target increased to R9.54 Up from R8.92, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of R9.83. Price Target Changed • Jul 02
Price target increased to R9.54 Up from R8.92, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of R9.45. Announcement • Jun 23
Emira Property Fund Limited (JSE:EMI) acquired Newport Pavilion Power Center. Emira Property Fund Limited (JSE:EMI) acquired Newport Pavilion Power Center on June 22, 2021. The transaction was secured with flexible funding at favourable rates.
Emira Property Fund Limited (JSE:EMI) completed the acquisition of Newport Pavilion Power Center on June 22, 2021. Price Target Changed • Mar 06
Price target raised to R9.03 Up from R8.08, the current price target is an average from 3 analysts. The new target price is 7.4% above the current share price of R8.40. As of last close, the stock is down 26% over the past year. Reported Earnings • Feb 24
First half 2021 earnings released: R0.005 loss per share (vs R0.78 profit in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and control over costs. First half 2021 results: Revenue: R821.8m (down 13% from 1H 2020). Net loss: R2.23m (down 101% from profit in 1H 2020). Over the last 3 years on average, earnings per share has fallen by 81% per year but the company’s share price has only fallen by 21% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 19
New 90-day high: R7.92 The company is up 22% from its price of R6.50 on 20 November 2020. The South African market is up 16% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 14% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R8.45 per share. Is New 90 Day High Low • Dec 11
New 90-day high: R6.91 The company is up 15% from its price of R6.02 on 11 September 2020. The South African market is up 4.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 9.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R6.81 per share. Is New 90 Day High Low • Nov 25
New 90-day high: R6.83 The company is up 21% from its price of R5.63 on 27 August 2020. The South African market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 5.0% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R6.30 per share. Announcement • Oct 31
Emira Property Fund Limited Announces Changes to its Board of Directors Emira Property Fund Limited announced that Bryan Kent will retire as an independent non-executive director from the board of directors of Emira and as chairman of the Audit and Risk Committee, with effect from October 31, 2020. Kent has served on the Board since 2007 and elected to retire from the Board as he was due to retire in terms of the Board's independence policies. Vuyisa Nkonyeni, an existing independent non-executive director of the Board and a member of the Audit and Risk Committee has been appointed as the new chairman of the Audit and Risk Committee with effect from October 31, 2020. Is New 90 Day High Low • Oct 24
New 90-day high: R6.81 The company is up 9.0% from its price of R6.26 on 24 July 2020. The South African market is down 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 12% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R6.37 per share. Price Target Changed • Oct 14
Price target lowered to R8.03 Down from R8.90, the current price target is an average from 3 analysts. The new target price is 30% above the current share price of R6.17. As of last close, the stock is down 50% over the past year. Announcement • Jul 05
Emira Property Fund Limited to Report Fiscal Year 2020 Results on Aug 31, 2020 Emira Property Fund Limited announced that they will report fiscal year 2020 results on Aug 31, 2020 
