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EXP

Exemplar REITailJSE:EXP Stock Report

Market Cap

R3.2b

7D

0%

1Y

0%

Updated

16 Oct, 2021

Data

Company Financials
EXP fundamental analysis
Snowflake Score
Valuation1/6
Future Growth0/6
Past Performance2/6
Financial Health1/6
Dividends2/6

EXP Overview

Exemplar REITail Limited, a real estate investment trust, owns and manages rural and township retail real estate properties.

Exemplar REITail Competitors

Vukile Property Fund

JSE:VKE

R11.3b

Hyprop Investments

JSE:HYP

R10.3b

Accelerate Property Fund

JSE:APF

R948.2m

Equites Property Fund

JSE:EQU

R15.0b

Price History & Performance

Summary of all time highs, changes and price drops for Exemplar REITail
Historical stock prices
Current Share PriceR9.60
52 Week HighR9.40
52 Week LowR9.60
Beta0.077
1 Month Change0%
3 Month Changen/a
1 Year Change0%
3 Year Change-7.69%
5 Year Changen/a
Change since IPO82.68%

Recent News & Updates

Dec 24
Are Exemplar REITail Limited's (JSE:EXP) Mixed Fundamentals The Reason Behind The Stock's Muted Performance Recently?

Are Exemplar REITail Limited's (JSE:EXP) Mixed Fundamentals The Reason Behind The Stock's Muted Performance Recently?

Looking at Exemplar REITail's (JSE:EXP) mostly flat share price movement over the past week, it is easy to think that...

Shareholder Returns

EXPZA REITsZA Market
7D0%-0.4%1.6%
1Y0%39.5%21.3%

Return vs Industry: EXP underperformed the ZA REITs industry which returned 39.5% over the past year.

Return vs Market: EXP underperformed the ZA Market which returned 21.3% over the past year.

Price Volatility

Is EXP's price volatile compared to industry and market?
EXP volatility
EXP Beta0.077
Industry Beta0.89
Market Beta1

Stable Share Price: Insufficient data to determine EXP's volatility over the past 3 months.

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

About the Company

FoundedEmployeesCEOWebsite
201882Jason McCormickhttps://www.exemplarreit.co.za

Exemplar REITail Limited, a real estate investment trust, owns and manages rural and township retail real estate properties. It owns a portfolio of 23 retail centers covering 350,000 square meters of leasable area across five provinces in South Africa. The company was incorporated in 2018 and is based in Centurion, South Africa.

Exemplar REITail Fundamentals Summary

How do Exemplar REITail's earnings and revenue compare to its market cap?
EXP fundamental statistics
Market CapR3.19b
Earnings (TTM)R231.52m
Revenue (TTM)R789.21m

13.8x

P/E Ratio

4.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
EXP income statement (TTM)
RevenueR789.21m
Cost of RevenueR290.65m
Gross ProfitR498.55m
ExpensesR267.03m
EarningsR231.52m

Last Reported Earnings

Feb 28, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.70
Gross Margin63.17%
Net Profit Margin29.34%
Debt/Equity Ratio66.9%

How did EXP perform over the long term?

See historical performance and comparison

Dividends

8.9%

Current Dividend Yield

105%

Payout Ratio

Valuation

Is Exemplar REITail undervalued compared to its fair value and its price relative to the market?

17.3%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: EXP (ZAR9.6) is trading below our estimate of fair value (ZAR11.61)

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


Price To Earnings Ratio

PE vs Industry: EXP is poor value based on its PE Ratio (13.8x) compared to the ZA REITs industry average (11.9x).

PE vs Market: EXP is poor value based on its PE Ratio (13.8x) compared to the ZA market (11.3x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: EXP is overvalued based on its PB Ratio (0.9x) compared to the ZA REITs industry average (0.6x).


Future Growth

How is Exemplar REITail forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

12.0%

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 Exemplar REITail 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 Exemplar REITail performed over the past 5 years?

3.2%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: EXP has high quality earnings.

Growing Profit Margin: EXP's current net profit margins (29.3%) are lower than last year (49.7%).


Past Earnings Growth Analysis

Earnings Trend: EXP's earnings have grown by 3.2% per year over the past 5 years.

Accelerating Growth: EXP's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: EXP had negative earnings growth (-35.9%) over the past year, making it difficult to compare to the REITs industry average (111.5%).


Return on Equity

High ROE: EXP's Return on Equity (6.1%) is considered low.


Financial Health

How is Exemplar REITail's financial position?


Financial Position Analysis

Short Term Liabilities: EXP's short term assets (ZAR148.5M) do not cover its short term liabilities (ZAR1.1B).

Long Term Liabilities: EXP's short term assets (ZAR148.5M) do not cover its long term liabilities (ZAR1.8B).


Debt to Equity History and Analysis

Debt Level: EXP's debt to equity ratio (66.9%) is considered high.

Reducing Debt: EXP's debt to equity ratio has increased from 58.4% to 66.9% over the past 5 years.

Debt Coverage: EXP's debt is not well covered by operating cash flow (10.4%).

Interest Coverage: EXP's interest payments on its debt are well covered by EBIT (3.5x coverage).


Balance Sheet


Dividend

What is Exemplar REITail current dividend yield, its reliability and sustainability?

8.86%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: EXP's dividend (8.86%) is higher than the bottom 25% of dividend payers in the ZA market (3.07%).

High Dividend: EXP's dividend (8.86%) is in the top 25% of dividend payers in the ZA market (8.09%)


Stability and Growth of Payments

Stable Dividend: EXP has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: EXP's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (105.5%), EXP's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

3.3yrs

Average management tenure


CEO

Jason McCormick (42 yo)

3.33yrs

Tenure

Mr. Jason McCormick, serves as Chief Executive Officer at Exemplar REITail Limited since June 2018 and also serves as its Executive Director. He serves as MD of McCormick Property Development (MPD) and ser...


Leadership Team

Experienced Management: EXP's management team is considered experienced (3.3 years average tenure).


Board Members

Experienced Board: EXP's board of directors are considered experienced (3.8 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: EXP insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 2.2%.


Top Shareholders

Company Information

Exemplar REITail Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Exemplar REITail Limited
  • Ticker: EXP
  • Exchange: JSE
  • Founded: 2018
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: R3.190b
  • Shares outstanding: 332.29m
  • Website: https://www.exemplarreit.co.za

Number of Employees


Location

  • Exemplar REITail Limited
  • Sokatumi Estate
  • Corner Lyttelton Road and Leyden Avenue
  • Centurion
  • Gauteng
  • 157
  • South Africa

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/16 17:02
End of Day Share Price2021/09/16 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.