Reported Earnings • May 17
Full year 2026 earnings released: EPS: R1.95 (vs R1.17 in FY 2025) Full year 2026 results: EPS: R1.95 (up from R1.17 in FY 2025). Revenue: R3.15b (down 26% from FY 2025). Net income: R1.50b (up 59% from FY 2025). Profit margin: 48% (up from 22% in FY 2025). Revenue is expected to decline by 4.4% p.a. on average during the next 2 years, while revenues in the Global Industrial REITs industry are expected to grow by 5.3%. Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 10% per year, which means it is significantly lagging earnings growth. Announcement • May 13
Equites Property Fund Limited, Annual General Meeting, Aug 13, 2026 Equites Property Fund Limited, Annual General Meeting, Aug 13, 2026. New Risk • Apr 27
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 2025. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Dividend per share is over 100x earnings per share. Cash payout ratio: 102% Minor Risks Latest financial reports are more than 6 months old (reported August 2025 fiscal period end). Large one-off items impacting financial results. Price Target Changed • Jan 29
Price target increased by 7.3% to R15.67 Up from R14.60, the current price target is an average from 3 analysts. New target price is 13% below last closing price of R18.05. Stock is up 28% over the past year. The company posted earnings per share of R1.17 last year. Reported Earnings • Oct 13
First half 2026 earnings released: FFO per share: R0.5 (vs R0.55 in 1H 2025) First half 2026 results: FFO per share: R0.5. Revenue: R1.67b (down 5.5% from 1H 2025). Funds from operations (FFO): R446.9m (up 3.0% from 1H 2025). FFO margin: 27% (up from 25% in 1H 2025). Revenue is expected to decline by 16% p.a. on average during the next 3 years, while revenues in the Global Industrial REITs industry are expected to grow by 4.8%. Declared Dividend • Oct 12
First half dividend increased to R0.69 Dividend of R0.69 is 3.8% higher than last year. Ex-date: 29th October 2025 Payment date: 3rd November 2025 Dividend yield will be 8.3%, which is higher than the industry average of 3.4%. New Risk • Oct 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 40% 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 Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 117% Cash payout ratio: 104% Earnings have declined by 0.2% per year over the past 5 years. Minor Risk Large one-off items impacting financial results. Price Target Changed • Aug 13
Price target increased by 14% to R14.27 Up from R12.55, the current price target is an average from 3 analysts. New target price is 13% below last closing price of R16.35. Stock is up 25% over the past year. The company posted earnings per share of R1.17 last year. Announcement • Jul 01
Equites Property Fund Limited, Annual General Meeting, Aug 13, 2025 Equites Property Fund Limited, Annual General Meeting, Aug 13, 2025. Location: company`s offices, 14th floor portside tower, 4 bree street, cape town South Africa Declared Dividend • May 18
Final dividend increased to R0.67 Dividend of R0.67 is 2.5% higher than last year. Ex-date: 4th June 2025 Payment date: 9th June 2025 Dividend yield will be 8.7%, which is higher than the industry average of 3.4%. New Risk • May 16
New major risk - Dividend sustainability The dividend is not well covered by earnings and cash flows. Payout ratio: 131% Cash payout ratio: 107% Dividend yield: 8.7% This is considered a major risk. Companies that pay out too much of their earnings and cash flows are at risk of having to reduce or cut their dividend in future. If earnings or cash flows stagnate or fall, then there may not be enough to maintain the same dividend. Or in extreme cases, companies may opt to dig into capital reserves or take on debt to maintain the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.2x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 131% Cash payout ratio: 107% Earnings have declined by 4.5% per year over the past 5 years. Minor Risk Profit margins are more than 30% lower than last year (22% net profit margin). Reported Earnings • May 16
Full year 2025 earnings released: EPS: R1.17 (vs R1.48 in FY 2024) Full year 2025 results: EPS: R1.17 (down from R1.48 in FY 2024). Revenue: R4.26b (up 71% from FY 2024). Net income: R943.6m (down 18% from FY 2024). Profit margin: 22% (down from 46% in FY 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 22% p.a. on average during the next 2 years, while revenues in the Global Industrial REITs industry are expected to grow by 5.8%. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Price Target Changed • May 08
Price target decreased by 20% to R10.00 Down from R12.55, the current price target is provided by 1 analyst. New target price is 35% below last closing price of R15.30. Stock is up 26% over the past year. The company posted earnings per share of R1.47 last year. New Risk • Apr 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (11% operating cash flow to total debt). Earnings have declined by 8.7% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported August 2024 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Announcement • Apr 10
Equites Property Fund Limited to Report Fiscal Year 2025 Results on May 15, 2025 Equites Property Fund Limited announced that they will report fiscal year 2025 results on May 15, 2025 Reported Earnings • Oct 14
First half 2025 earnings released: EPS: R0.24 (vs R0.55 in 1H 2024) First half 2025 results: EPS: R0.24 (down from R0.55 in 1H 2024). Revenue: R2.00b (up 62% from 1H 2024). Net income: R192.0m (down 55% from 1H 2024). Profit margin: 9.6% (down from 35% in 1H 2024). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 5.2% p.a. on average during the next 3 years, while revenues in the Global Industrial REITs industry are expected to grow by 9.8%. Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 12% per year, which means it has not declined as severely as earnings. Declared Dividend • Oct 13
First half dividend increased to R0.67 Dividend of R0.67 is 1.7% higher than last year. Ex-date: 30th October 2024 Payment date: 4th November 2024 Dividend yield will be 9.2%, which is higher than the industry average of 3.4%. Announcement • Oct 10
Equites Property Fund Limited Declares Interim Dividend, Payable on November 4, 2024 Equites Property Fund Limited declared of the interim dividend number 22 of 66.50411 cents per share. The Board has declared an interim gross dividend of 66.50411 cents per share on 9 October 2024 which is a 1.7% increase over the prior year interim distribution of 65.36876 cents per share. The DPS is in line with previous guidance of achieving 130 to 135 cents per share for the year. Shares trade ex-dividend is October 30, 2024; Record date is November 1, 2024; Payment of cash dividends to certificated shareholders by electronic funds transfer: November 4, 2024. Announcement • Sep 26
Coronation Asset Management Proprietary Ltd acquired 15% stake in Equites Property Fund Limited (JSE:EQU). Coronation Asset Management Proprietary Ltd acquired 15% stake in Equites Property Fund Limited (JSE:EQU) on September 26, 2024.
Coronation Asset Management Proprietary Ltd completed the acquisition of 15% stake in Equites Property Fund Limited (JSE:EQU) on September 26, 2024. Announcement • Sep 25
Equites Property Fund Limited to Report First Half, 2025 Results on Oct 10, 2024 Equites Property Fund Limited announced that they will report first half, 2025 results on Oct 10, 2024 Announcement • Sep 05
Newlands Property Group Limited acquired an unknown minority stake in Equites Newlands Group Limited from Equites Property Fund Limited (JSE:EQU). Newlands Property Group Limited acquired an unknown minority stake in Equites Newlands Group Limited from Equites Property Fund Limited (JSE:EQU) on September 3, 2024.
Newlands Property Group Limited completed the acquisition of an unknown minority stake in Equites Newlands Group Limited from Equites Property Fund Limited (JSE:EQU) on September 3, 2024. Price Target Changed • Aug 31
Price target decreased by 12% to R10.60 Down from R12.00, the current price target is provided by 1 analyst. New target price is 22% below last closing price of R13.60. Stock is up 8.5% over the past year. The company posted earnings per share of R1.47 last year. Announcement • Jun 29
Equites Property Fund Limited, Annual General Meeting, Aug 14, 2024 Equites Property Fund Limited, Annual General Meeting, Aug 14, 2024. Location: the company`s offices, 14th floor portside tower, 4 bree street, cape town, South Africa Recent Insider Transactions • Jun 20
CEO & Executive Director recently sold R4.9m worth of stock On the 14th of June, Andrea Taverna-Turisan sold around 381k shares on-market at roughly R12.74 per share. This transaction amounted to 3.8% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Andrea has been a net seller over the last 12 months, reducing personal holdings by R8.7m. Declared Dividend • May 30
Final dividend reduced to R0.66 Dividend of R0.66 is 25% lower than last year. Ex-date: 5th June 2024 Payment date: 10th June 2024 Dividend yield will be 10%, which is higher than the industry average of 3.4%. Declared Dividend • May 16
Final dividend reduced to R0.66 Dividend of R0.66 is 25% lower than last year. Ex-date: 5th June 2024 Payment date: 10th June 2024 Dividend yield will be 10%, which is higher than the industry average of 3.4%. Reported Earnings • May 15
Full year 2024 earnings released: EPS: R1.48 (vs R0.82 loss in FY 2023) Full year 2024 results: EPS: R1.48 (up from R0.82 loss in FY 2023). Revenue: R2.48b (down 23% from FY 2023). Net income: R1.15b (up R1.79b from FY 2023). Profit margin: 46% (up from net loss in FY 2023). Revenue is expected to decline by 5.0% p.a. on average during the next 2 years, while revenues in the Global Industrial REITs industry are expected to grow by 7.9%. Over the last 3 years on average, earnings per share has fallen by 55% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Announcement • May 15
Equites Property Fund Limited Declares the Final Gross Dividend, Payable on 10 June 2024 The board of Equites Property Fund Limited has declared a final gross dividend of 65.75300 cents per share on 13 May 2024 further to the interim dividend of 65.37 cents per share. This brings the total distributions for the year ended 29 February 2024 to 131.12 cents per share, which is a 22.7% reduction over the prior year total distributions of 169.60 cents per share. The DPS is in line with previous guidance of 130 - 140 cents per share. Equities results including declaration of a final distribution published on 14 May 2024. Record date to receive the cash dividend is on 7 June 2024. Payment of cash dividend to certified shareholders by electronic funds transfer on 10 June 2024. New Risk • Apr 28
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended August 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.3% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 199% Cash payout ratio: 152% Earnings have declined by 10% per year over the past 5 years. Minor Risks Latest financial reports are more than 6 months old (reported August 2023 fiscal period end). Significant insider selling over the past 3 months (R6.9m sold). Announcement • Apr 20
Equites Property Fund Limited to Report Fiscal Year 2024 Results on May 14, 2024 Equites Property Fund Limited announced that they will report fiscal year 2024 results on May 14, 2024 Recent Insider Transactions • Feb 16
Interim Company Secretary recently sold R6.9m worth of stock On the 12th of February, Gerhard Gous sold around 500k shares on-market at roughly R13.83 per share. This transaction amounted to 14% 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 Gerhard's only on-market trade for the last 12 months. Announcement • Dec 28
Equites Property Fund Limited Appoints Thabo Vilakazi as Company Secretary with Effect from 18 March 2024 Equites Property Fund Limited announced the appointment of Thabo Vilakazi as company secretary of the Company with effect from 18 March 2024. Thabo holds LLB and LLM degrees from the University of KwaZulu-Natal. He is an admitted attorney, conveyancer and notary public and is currently a director in the Real Estate and Conveyancing practice at CMS South Africa. Announcement • Nov 29
Equites Property Fund Limited Announces Appointment of Riaan Gous as Interim Company Secretary Equites Property Fund Limited announced that as an interim measure, the Board has resolved to appoint Riaan Gous as the interim company secretary with immediate effect, until such time as a permanent company secretary has been appointed. Riaan is currently the chief operating officer of Equites and previously held the position of company secretary for a period of approximately 7 years up to October 2021. The Board considers Riaan to have the requisite knowledge and experience for the position. Upcoming Dividend • Oct 18
Upcoming dividend of R0.65 per share at 12% yield Eligible shareholders must have bought the stock before 25 October 2023. Payment date: 30 October 2023. Trailing yield: 12%. Within top quartile of South African dividend payers (9.6%). Higher than average of industry peers (3.8%). Reported Earnings • Oct 11
First half 2024 earnings released: EPS: R0.55 (vs R1.43 in 1H 2023) First half 2024 results: EPS: R0.55 (down from R1.43 in 1H 2023). Revenue: R1.23b (up 8.8% from 1H 2023). Net income: R426.8m (down 61% from 1H 2023). Profit margin: 35% (down from 98% in 1H 2023). Revenue is expected to decline by 11% p.a. on average during the next 3 years, while revenues in the Global Industrial REITs industry are expected to grow by 6.8%. Over the last 3 years on average, earnings per share has fallen by 37% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. New Risk • Oct 11
New major risk - Revenue and earnings growth Earnings have declined by 10% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (6.3% operating cash flow to total debt). Dividend is not well covered by earnings and cash flows. Payout ratio: 199% Cash payout ratio: 168% Earnings have declined by 10% per year over the past 5 years. Minor Risk Significant insider selling over the past 3 months (R3.8m sold). Announcement • Oct 08
Equites Property Fund Limited Provides Final Dividend Guidance for the Year Ending 28 February 2024; Announces Interim Dividend for the Six Months Ended 31 August 2023 Equites Property Fund Limited announced the shareholders are referred to the distribution per share guidance for the year ending 28 February 2024 (FY24) published on SENS on 9 May 2023, which indicated a full-year dividend per share of between 130 and 140 cents per share. The company also announced that the shareholders are advised that, in line with the guidance and subject to final board approval, the dividend per share for the six months ended 31 August 2023 will be 65.36 cents per share (interim dividend). Given the change in strategy communicated in May 2023, this is in line with the Board's expectations and previously communicated guidance in respect of distribution per share for FY24. The interim dividend is a 19.9% decrease from the dividend per share for the six months ended 31 August 2022 of 81.58 cents per share and was primarily impacted by the exclusion of income from cross-currency interest rate swaps from distributable earnings and the higher interest rate environment. Announcement • Sep 19
Equites Property Fund Limited to Report First Half, 2024 Results on Oct 10, 2023 Equites Property Fund Limited announced that they will report first half, 2024 results on Oct 10, 2023 Announcement • Sep 02
Equites Property Fund Limited Announces Resignation of Dianna Beneke as Company Secretary Equites Property Fund Limited announced that Dianna Beneke has resigned as company secretary to pursue other ventures. Her resignation was effective from 31 August 2023. The Board thanks Dianna for her contribution to Equites and wishes her well in her future endeavors. The Board has commenced a process to appoint a new company secretary. Recent Insider Transactions • Aug 23
CEO & Executive Director recently sold R3.8m worth of stock On the 21st of August, Andrea Taverna-Turisan sold around 320k shares on-market at roughly R11.98 per share. This transaction amounted to 2.7% 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 Andrea's only on-market trade for the last 12 months. Price Target Changed • Jun 01
Price target decreased by 17% to R14.55 Down from R17.50, the current price target is provided by 1 analyst. New target price is 22% above last closing price of R11.95. Stock is down 38% over the past year. The company posted a net loss per share of R0.82 last year. Upcoming Dividend • May 17
Upcoming dividend of R0.88 per share at 12% yield Eligible shareholders must have bought the stock before 24 May 2023. Payment date: 29 May 2023. Trailing yield: 12%. Within top quartile of South African dividend payers (9.6%). Higher than average of industry peers (3.4%). Announcement • May 16
Equites Property Fund Limited, Annual General Meeting, Aug 17, 2023 Equites Property Fund Limited, Annual General Meeting, Aug 17, 2023. Announcement • May 12
Equites Property Fund Limited Announces Board Changes Equites Property Fund Limited advised that Ruth Benjamin-Swales has indicated that she will retire from the Equites board and from her role as chairperson of the Audit Committee with effect from the Company's annual general meeting to be held on 17 August 2023. Ruth has served on the Equites board for over eight years and her decision to retire is aligned to Equites' policy of limiting the tenure of long-serving directors in line with the recommendations of King IV. Shareholders and noteholders are further advised that, with effect from 9 May 2023, Keabetswe Ntuli and Fulvio Tonelli, both independent non-executive directors, have been appointed as members of the Nomination Committee of the Company. Price Target Changed • Mar 23
Price target decreased by 7.1% to R16.25 Down from R17.50, the current price target is an average from 2 analysts. New target price is 7.1% above last closing price of R15.17. Stock is down 30% over the past year. The company posted earnings per share of R2.95 last year. Recent Insider Transactions • Feb 19
Non Executive Director recently bought R196k worth of stock On the 13th of February, André Gouws bought around 13k shares on-market at roughly R15.33 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R8.9m more in shares than they bought in the last 12 months. Announcement • Feb 02
Equites Property Fund Limited Announces Company Secretary Changes Equites Property Fund Limited announced further to the announcement of the resignation of Todd Colin Petersen as company secretary with effect from 31 December 2022, published on 7 November 2022, shareholders are advised that Dianna Beneke has been appointed as the company secretary of the Company with effect from 1 March 2023. Dianna holds BCom and LLB degrees as well as Post Graduate Diplomas in Labour Law and Drafting and Interpretation of Contracts. She is an admitted attorney and was previously the Head of Legal and Governance and a member of the Executive Committee of Mowana Properties Proprietary Limited. The Board is satisfied that Dianna possesses the requisite competence and experience for the role. The Board welcomes Dianna to the position and looks forward to her contribution to the Company. Board Change • Dec 20
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Non-Executive Director Fulvio Tonelli was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 16
Price target decreased to R17.50 Down from R19.50, the current price target is an average from 3 analysts. New target price is 8.0% above last closing price of R16.20. Stock is down 24% over the past year. The company posted earnings per share of R2.95 last year. Price Target Changed • Oct 21
Price target decreased to R17.50 Down from R19.50, the current price target is an average from 3 analysts. New target price is 7.5% above last closing price of R16.28. Stock is down 20% over the past year. The company posted earnings per share of R2.95 last year. Upcoming Dividend • Oct 19
Upcoming dividend of R0.82 per share Eligible shareholders must have bought the stock before 26 October 2022. Payment date: 31 October 2022. Trailing yield: 9.9%. Within top quartile of South African dividend payers (9.1%). In line with average of industry peers (9.9%). Reported Earnings • Oct 05
First half 2023 earnings released: EPS: R1.43 (vs R1.79 in 1H 2022) First half 2023 results: EPS: R1.43 (down from R1.79 in 1H 2022). Revenue: R1.05b (up 33% from 1H 2022). Net income: R1.11b (down 5.5% from 1H 2022). Revenue is forecast to grow 13% 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 38% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Announcement • Sep 16
Equites Property Fund Limited to Report First Half, 2023 Results on Oct 05, 2022 Equites Property Fund Limited announced that they will report first half, 2023 results on Oct 05, 2022 Announcement • Jul 22
Mabel Black Knight Investments acquired Six Logistics Warehouses in Cape Town from Equites Property Fund Limited (JSE:EQU) for ZAR 190 million. Mabel Black Knight Investments acquired Six Logistics Warehouses in Cape Town from Equites Property Fund Limited (JSE:EQU) for ZAR 190 million on July 21, 2022. As part of the transaction, Equites and Mabel will collaborate to ensure property and facilities management skills are transferred from Equites to Mabel.Mabel Black Knight Investments completed the acquisition of Six Logistics Warehouses in Cape Town from Equites Property Fund Limited (JSE:EQU) on July 21, 2022. Announcement • Jul 01
Equites Property Fund Limited, Annual General Meeting, Aug 17, 2022 Equites Property Fund Limited, Annual General Meeting, Aug 17, 2022, at 10:00 South Africa Standard Time. Location: Company's offices, 14th Floor Portside Tower, 4 Bree Street Cape Town South Africa Agenda: ANNUAL GENERAL MEETING. Announcement • Jun 24
Equites Property Fund Limited Announces Board Changes Equites Property Fund Limited announced that independent non-executive director, Cindy Hess, has resigned from the board of directors of Equites with effect from 15 July 2022, in order to pursue a full- time executive management role with another listed company. Shareholders and noteholders are further advised that, Nazeem Khan, who was due to retire by rotation at the Company's annual general meeting, has informed the board that he will not offer himself up for re-election and will accordingly step down as a member of the board with effect from 17 August 2022, following the conclusion of the annual general meeting. Nazeem has served on the board for over eight years and his decision to retire is aligned to Equites' policy of limiting the tenure of long-serving directors in line with the recommendations of King IV. The board has resolved to appoint Keabetswe Ntuli as chairperson of the Remuneration Committee following Nazeem's retirement. Upcoming Dividend • May 18
Upcoming dividend of R0.85 per share Eligible shareholders must have bought the stock before 25 May 2022. Payment date: 30 May 2022. Trailing yield: 8.4%. Within top quartile of South African dividend payers (7.8%). In line with average of industry peers (8.6%). Reported Earnings • May 05
Full year 2022 earnings released: EPS: R2.95 (vs R0.66 in FY 2021) Full year 2022 results: EPS: R2.95 (up from R0.66 in FY 2021). Revenue: R1.69b (up 42% from FY 2021). Net income: R2.03b (up 399% from FY 2021). Over the next year, revenue is forecast to stay flat 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 23% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Ndabe Mkhize was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 13
Equites Property Fund Limited to Report Fiscal Year 2022 Results on May 04, 2022 Equites Property Fund Limited announced that they will report fiscal year 2022 results on May 04, 2022 Buying Opportunity • Mar 07
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 2.9%. The fair value is estimated to be R26.34, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% per annum over the last 3 years. Earnings per share has declined by 6.2% per annum over the last 3 years. Recent Insider Transactions • Feb 27
Independent Non-Executive Director recently bought R73k worth of stock On the 23rd of February, Keabetswe Ntuli bought around 3k shares on-market at roughly R21.07 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R8.2m more in shares than they bought in the last 12 months. Announcement • Feb 19
Equites Property Fund Limited has completed a Follow-on Equity Offering in the amount of ZAR 999.999986 million. Equites Property Fund Limited has completed a Follow-on Equity Offering in the amount of ZAR 999.999986 million.
Security Name: Shares
Security Type: Common Stock
Securities Offered: 47,961,630
Price\Range: ZAR 20.85 Buying Opportunity • Feb 17
Now 22% undervalued The stock has been flat over the last 90 days. The fair value is estimated to be R27.00, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% per annum over the last 3 years. Earnings per share has declined by 6.2% per annum over the last 3 years. Buying Opportunity • Jan 19
Now 21% undervalued Over the last 90 days, the stock is up 11%. The fair value is estimated to be R28.52, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 23% per annum over the last 3 years. Earnings per share has declined by 6.2% per annum over the last 3 years. Price Target Changed • Dec 27
Price target increased to R21.80 Up from R20.25, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of R22.05. Stock is up 26% over the past year. The company posted earnings per share of R0.66 last year. Price Target Changed • Dec 27
Price target increased to R21.80 Up from R20.25, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of R22.05. Stock is up 26% over the past year. The company posted earnings per share of R0.66 last year. Board Change • Nov 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Ndabe Mkhize was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 16
First half 2022 earnings released: EPS R1.79 (vs R0.20 loss in 1H 2021) First half 2022 results: Revenue: R784.9m (up 54% from 1H 2021). Net income: R1.17b (up R1.29b from 1H 2021). Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 1% per year. Upcoming Dividend • Oct 13
Upcoming dividend of R0.78 per share Eligible shareholders must have bought the stock before 20 October 2021. Payment date: 25 October 2021. Trailing yield: 7.2%. Lower than top quartile of South African dividend payers (8.1%). Lower than average of industry peers (9.5%). Executive Departure • Aug 04
Vice Chairman Giancarlo Lanfranchi has left the company On the 27th of July, Giancarlo Lanfranchi's tenure as Vice Chairman ended. As of March 2021, Giancarlo still personally held 5.68m shares (R107m worth at the time). A total of 2 executives have left over the last 12 months. Executive Departure • Aug 04
Non-Executive Director Kevin Dreyer has left the company On the 27th of July, Kevin Dreyer's tenure as Non-Executive Director ended. As of March 2021, Kevin still personally held 3.93m shares (R74m worth at the time). A total of 2 executives have left over the last 12 months. Recent Insider Transactions • Jun 13
CEO & Executive Director recently sold R7.0m worth of stock On the 4th of June, Andrea Taverna-Turisan sold around 386k shares on-market at roughly R18.19 per share. This was the largest sale by an insider in the last 3 months. Andrea has been a seller over the last 12 months, reducing personal holdings by R10.0m. Price Target Changed • May 17
Price target increased to R19.95 Up from R18.38, the current price target is an average from 3 analysts. New target price is approximately in line with last closing price of R19.27. Stock is up 13% over the past year. Upcoming Dividend • May 12
Upcoming dividend of R0.81 per share Eligible shareholders must have bought the stock before 19 May 2021. Payment date: 24 May 2021. Trailing yield: 8.1%. Within top quartile of South African dividend payers (7.6%). Lower than average of industry peers (11%). Recent Insider Transactions • Feb 27
Non-Executive Director recently sold R3.3m worth of stock On the 23rd of February, Kevin Dreyer sold around 178k shares on-market at roughly R18.56 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R9.6m more than they bought in the last 12 months. Is New 90 Day High Low • Dec 10
New 90-day high: R18.00 The company is up 6.0% from its price of R17.02 on 11 September 2020. The South African market is up 4.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed 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 R11.94 per share. Announcement • Oct 31
Equites Property Fund Limited Appoints Laila Razack as Debt Officer Equites Property Fund Limited announced that Laila Razack, in her capacity as Chief Financial Officer of Equites has been appointed as debt officer of the company with immediate effect. Is New 90 Day High Low • Oct 29
New 90-day low: R16.00 The company is down 4.0% from its price of R16.63 on 31 July 2020. The South African market is down 2.0% over the last 90 days, indicating the company underperformed over that time. However, it 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 R10.80 per share. Reported Earnings • Oct 15
First half earnings released Over the last 12 months the company has reported total profits of R74.6m, down 92% from the prior year. Total revenue was R1.01b over the last 12 months, up 9.6% from the prior year. Note: Net income excluding extraordinary items provided as the company does not report funds from operations. Announcement • Oct 11
Equites Property Fund Limited Announces Resignation of Leon Camphor as Member of the Audit Committee Equites Property Fund Limited announced the appointment of an additional independent non-executive director to the audit committee of the company earlier this year, and in line with recommendations contained in King IV in respect of the composition of audit committees, the chairman of the board of directors, Leon Camphor, has resigned as member of the audit committee. Is New 90 Day High Low • Oct 09
New 90-day high: R17.70 The company is up 8.0% from its price of R16.35 on 10 July 2020. The South African market is down 3.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 15% over the same period. According to the Simply Wall St valuation model, the estimated intrinsic value of the company is R20.11 per share.