Equites is a listed Real Estate Investment Trust (“REIT”) with a focus on owning and developing modern, well-located logistics properties let to A-grade tenants on long-dated leases.
Equites Property Fund Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||R21.09|
|52 Week High||R15.13|
|52 Week Low||R21.97|
|1 Month Change||3.18%|
|3 Month Change||13.51%|
|1 Year Change||23.33%|
|3 Year Change||-1.59%|
|5 Year Change||31.81%|
|Change since IPO||96.19%|
Recent News & Updates
|EQU||ZA REITs||ZA Market|
Return vs Industry: EQU underperformed the ZA REITs industry which returned 39.5% over the past year.
Return vs Market: EQU exceeded the ZA Market which returned 21.3% over the past year.
Stable Share Price: EQU is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: EQU's weekly volatility (2%) has been stable over the past year.
About the Company
Equites is a listed Real Estate Investment Trust (“REIT”) with a focus on owning and developing modern, well-located logistics properties let to A-grade tenants on long-dated leases. Equites has established itself as a leading owner and developer of high-quality logistics assets in SA and the UK and is the only specialist logistics REIT listed on the JSE. This gives shareholders pure exposure to an asset class that is expected to outperform over time.
Equites Property Fund Fundamentals Summary
|EQU fundamental statistics|
Is EQU overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|EQU income statement (TTM)|
|Cost of Revenue||R199.18m|
Last Reported Earnings
Aug 31, 2021
Next Earnings Date
|Earnings per share (EPS)||2.40|
|Net Profit Margin||116.44%|
How did EQU perform over the long term?See historical performance and comparison
7.5%Current Dividend Yield
Does EQU pay a reliable dividends?See EQU dividend history and benchmarks
|Equites Property Fund dividend dates|
|Ex Dividend Date||Oct 20 2021|
|Dividend Pay Date||Oct 25 2021|
|Days until Ex dividend||3 days|
|Days until Dividend pay date||8 days|
Does EQU pay a reliable dividends?See EQU dividend history and benchmarks
Is Equites Property 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: EQU (ZAR21.09) is trading below our estimate of fair value (ZAR30.43)
Significantly Below Fair Value: EQU is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: EQU is good value based on its PE Ratio (8.8x) compared to the ZA REITs industry average (11.9x).
PE vs Market: EQU is good value based on its PE Ratio (8.8x) compared to the ZA market (11.3x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate EQU's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: EQU is overvalued based on its PB Ratio (1.2x) compared to the ZA REITs industry average (0.6x).
How is Equites Property Fund forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
Forecasted annual revenue growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if EQU's forecast earnings growth is above the savings rate (8.8%).
Earnings vs Market: Insufficient data to determine if EQU'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: EQU's revenue (6.7% per year) is forecast to grow faster than the ZA market (6.1% per year).
High Growth Revenue: EQU's revenue (6.7% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: EQU's Return on Equity is forecast to be low in 3 years time (13.4%).
How has Equites Property Fund performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: EQU has a large one-off gain of ZAR456.5M impacting its August 31 2021 financial results.
Growing Profit Margin: EQU's current net profit margins are higher than last year (7.4%).
Past Earnings Growth Analysis
Earnings Trend: EQU's earnings have grown by 0.6% per year over the past 5 years.
Accelerating Growth: EQU's earnings growth over the past year (2180.1%) exceeds its 5-year average (0.6% per year).
Earnings vs Industry: EQU earnings growth over the past year (2180.1%) exceeded the REITs industry 111.5%.
Return on Equity
High ROE: EQU's Return on Equity (13.1%) is considered low.
How is Equites Property Fund's financial position?
Financial Position Analysis
Short Term Liabilities: EQU's short term assets (ZAR1.5B) exceed its short term liabilities (ZAR1.3B).
Long Term Liabilities: EQU's short term assets (ZAR1.5B) do not cover its long term liabilities (ZAR6.6B).
Debt to Equity History and Analysis
Debt Level: EQU's debt to equity ratio (44%) is considered high.
Reducing Debt: EQU's debt to equity ratio has reduced from 55.3% to 44% over the past 5 years.
Debt Coverage: EQU's debt is well covered by operating cash flow (20.4%).
Interest Coverage: EQU's interest payments on its debt are well covered by EBIT (330.8x coverage).
What is Equites Property Fund current dividend yield, its reliability and sustainability?
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
Notable Dividend: EQU's dividend (7.54%) is higher than the bottom 25% of dividend payers in the ZA market (3.07%).
High Dividend: EQU's dividend (7.54%) is low compared to the top 25% of dividend payers in the ZA market (8.09%).
Stability and Growth of Payments
Stable Dividend: EQU has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: EQU's dividend payments have increased, but the company has only paid a dividend for 7 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (76.7%), EQU's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: EQU's dividends in 3 years are not forecast to be well covered by earnings (103.3% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
Andrea Taverna-Turisan (52 yo)
Mr. Andrea Taverna-Turisan serves as Chief Executive Officer and Executive Director at Equites Property Fund Limited. He immigrated to South Africa in 1995 and initially worked as a Commercial Property Bro...
CEO Compensation Analysis
Compensation vs Market: Andrea's total compensation ($USD961.60K) is about average for companies of similar size in the ZA market ($USD895.91K).
Compensation vs Earnings: Andrea's compensation has been consistent with company performance over the past year.
Experienced Board: EQU's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.
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.
Recent Insider Transactions
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 14.8%.
Equites Property Fund Limited's employee growth, exchange listings and data sources
- Name: Equites Property Fund Limited
- Ticker: EQU
- Exchange: JSE
- Founded: NaN
- Industry: Industrial REITs
- Sector: Real Estate
- Market Cap: R14.967b
- Shares outstanding: 709.70m
- Website: https://www.equites.co.za
Number of Employees
- Equites Property Fund Limited
- Portside Towers
- 14th Floor
- Cape Town
- Western Cape
- South Africa
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/10/16 17:02|
|End of Day Share Price||2021/10/15 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.