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EMI

Emira Property FundJSE:EMI Stock Report

Market Cap

R4.8b

7D

9.8%

1Y

69.8%

Updated

19 Oct, 2021

Data

Company Financials +
EMI fundamental analysis
Snowflake Score
Valuation2/6
Future Growth0/6
Past Performance1/6
Financial Health1/6
Dividends5/6

EMI Overview

Emira is a diversified real estate investment trust (“REIT”) company, with a property portfolio of predominantly South African assets, and a growing component of offshore assets.

Emira Property Fund Competitors

SA Real Estate

JSE:SAC

R5.5b

Attacq

JSE:ATT

R5.0b

Arrowhead Properties

JSE:AHA

R4.6b

Dipula Income Fund

JSE:DIA

R3.3b

Price History & Performance

Summary of all time highs, changes and price drops for Emira Property Fund
Historical stock prices
Current Share PriceR9.88
52 Week HighR5.60
52 Week LowR10.53
Beta0.99
1 Month Change11.89%
3 Month Change6.69%
1 Year Change69.76%
3 Year Change-34.53%
5 Year Change-30.47%
Change since IPO86.41%

Recent News & Updates

Shareholder Returns

EMIZA REITsZA Market
7D9.8%0.5%1.0%
1Y69.8%41.5%20.8%

Return vs Industry: EMI exceeded the ZA REITs industry which returned 38.4% over the past year.

Return vs Market: EMI exceeded the ZA Market which returned 20.7% over the past year.

Price Volatility

Is EMI's price volatile compared to industry and market?
EMI volatility
EMI Beta0.99
Industry Beta0.89
Market Beta1

Stable Share Price: EMI is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: EMI's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/a24Geoff Jennetthttps://www.emira.co.za

Emira is a diversified real estate investment trust (“REIT”) company, with a property portfolio of predominantly South African assets, and a growing component of offshore assets. The Company listed on the JSE in November 2003, in the real estate investment trusts sector. In line with its strategic objectives, Emira’s property portfolio spans multiple sectors, namely office, retail and industrial, with a new element of residential.

Emira Property Fund Fundamentals Summary

How do Emira Property Fund's earnings and revenue compare to its market cap?
EMI fundamental statistics
Market CapR4.78b
Earnings (TTM)R467.29m
Revenue (TTM)R1.89b

10.2x

P/E Ratio

2.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
EMI income statement (TTM)
RevenueR1.89b
Cost of RevenueR691.03m
Gross ProfitR1.20b
ExpensesR734.65m
EarningsR467.29m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.97
Gross Margin63.49%
Net Profit Margin24.69%
Debt/Equity Ratio73.7%

How did EMI perform over the long term?

See historical performance and comparison

Dividends

12.0%

Current Dividend Yield

97%

Payout Ratio

Valuation

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

11.4%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: EMI (ZAR9.88) is trading below our estimate of fair value (ZAR11.16)

Significantly Below Fair Value: EMI is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: EMI is poor value based on its PE Ratio (10.2x) compared to the ZA REITs industry average (9.8x).

PE vs Market: EMI is good value based on its PE Ratio (10.2x) compared to the ZA market (11.5x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: EMI's PB Ratio (0.7x) is in line with the ZA REITs industry average.


Future Growth

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

-7.6%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if EMI's forecast earnings growth is above the savings rate (8.8%).

Earnings vs Market: Insufficient data to determine if EMI's earnings are forecast to grow faster than the ZA market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: EMI's revenue is expected to decline over the next 3 years (-7.6% per year).

High Growth Revenue: EMI's revenue is forecast to decline over the next 3 years (-7.6% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: EMI's Return on Equity is forecast to be low in 3 years time (8.4%).


Past Performance

How has Emira Property Fund performed over the past 5 years?

-33.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: EMI has a large one-off loss of ZAR564.7M impacting its June 30 2021 financial results.

Growing Profit Margin: EMI became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: EMI's earnings have declined by 33.6% per year over the past 5 years.

Accelerating Growth: EMI has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: EMI has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (132.9%).


Return on Equity

High ROE: EMI's Return on Equity (6.3%) is considered low.


Financial Health

How is Emira Property Fund's financial position?


Financial Position Analysis

Short Term Liabilities: EMI's short term assets (ZAR534.1M) do not cover its short term liabilities (ZAR1.2B).

Long Term Liabilities: EMI's short term assets (ZAR534.1M) do not cover its long term liabilities (ZAR4.7B).


Debt to Equity History and Analysis

Debt Level: EMI's debt to equity ratio (73.7%) is considered high.

Reducing Debt: EMI's debt to equity ratio has increased from 56.8% to 73.7% over the past 5 years.

Debt Coverage: EMI's debt is not well covered by operating cash flow (7.6%).

Interest Coverage: EMI earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


Dividend

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

12.01%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: EMI's dividend (12.01%) is higher than the bottom 25% of dividend payers in the ZA market (3.05%).

High Dividend: EMI's dividend (12.01%) is in the top 25% of dividend payers in the ZA market (8.06%)


Stability and Growth of Payments

Stable Dividend: EMI's dividend payments have been volatile in the past 10 years.

Growing Dividend: EMI's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (97.4%), EMI's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: EMI's dividends in 3 years are forecast to be covered by earnings (89.7% payout ratio).


Next Steps

  • Explore strong dividend paying companies in the Real Estate industry.

Management

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

6.1yrs

Average management tenure


CEO

Geoff Jennett (52 yo)

6.08yrs

Tenure

R10,522,000

Compensation

Mr. Geoffrey Michael Jennett, also known as Geoff, B.Com., BCom (Hons), HDipAcc, C.A. (SA), has been the Chief Executive Officer at Emira Property Fund Limited since September 1, 2015. He joined Emiraon on...


CEO Compensation Analysis

Compensation vs Market: Geoff's total compensation ($USD724.24K) is about average for companies of similar size in the ZA market ($USD728.25K).

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


Leadership Team

Experienced Management: EMI's management team is seasoned and experienced (6.1 years average tenure).


Board Members

Experienced Board: EMI's board of directors are considered experienced (7.9 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

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


Key Information

  • Name: Emira Property Fund Limited
  • Ticker: EMI
  • Exchange: JSE
  • Founded: NaN
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: R4.784b
  • Shares outstanding: 484.20m
  • Website: https://www.emira.co.za

Number of Employees


Location

  • Emira Property Fund Limited
  • Knightsbridge
  • Building A
  • Bryanston
  • Gauteng
  • 2191
  • South Africa

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/19 21:42
End of Day Share Price2021/10/19 00:00
Earnings2021/06/30
Annual Earnings2021/06/30


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.