Fortress was listed on 22 October 2009 on the main board of the Johannesburg Stock Exchange Limited as a property loan stock company.
Fortress REIT Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||R13.59|
|52 Week High||R12.00|
|52 Week Low||R16.27|
|1 Month Change||-7.99%|
|3 Month Change||-1.66%|
|1 Year Change||8.81%|
|3 Year Change||-19.54%|
|5 Year Change||-17.03%|
|Change since IPO||41.56%|
Recent News & Updates
|FFA||ZA REITs||ZA Market|
Return vs Industry: FFA underperformed the ZA REITs industry which returned 38.4% over the past year.
Return vs Market: FFA underperformed the ZA Market which returned 20.7% over the past year.
Stable Share Price: FFA is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: FFA's weekly volatility (3%) has been stable over the past year.
About the Company
Fortress was listed on 22 October 2009 on the main board of the Johannesburg Stock Exchange Limited as a property loan stock company. It listed with an initial market capitalisation of R1.8 billion, making it the largest initial listing in the listed property sector. Fortress converted to a Real Estate Investment Trust REIT on 1 July 2013.
Fortress REIT Fundamentals Summary
|FFA fundamental statistics|
Is FFA overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|FFA income statement (TTM)|
|Cost of Revenue||R1.24b|
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
|Earnings per share (EPS)||1.51|
|Net Profit Margin||85.11%|
How did FFA perform over the long term?See historical performance and comparison
5.5%Current Dividend Yield
Is Fortress REIT undervalued compared to its fair value and its price relative to the market?
Price to Earnings (PE) ratio
Share Price vs. Fair Value
Below Fair Value: FFA (ZAR13.59) is trading above our estimate of fair value (ZAR13.27)
Significantly Below Fair Value: FFA is trading above our estimate of fair value.
Price To Earnings Ratio
PE vs Industry: FFA is good value based on its PE Ratio (9x) compared to the ZA REITs industry average (9.8x).
PE vs Market: FFA is good value based on its PE Ratio (9x) compared to the ZA market (11.5x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate FFA's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: FFA is overvalued based on its PB Ratio (1.1x) compared to the ZA REITs industry average (0.6x).
How is Fortress REIT forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
Forecasted annual revenue growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if FFA's forecast earnings growth is above the savings rate (8.8%).
Earnings vs Market: Insufficient data to determine if FFA'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: FFA's revenue is expected to decline over the next 3 years (-3% per year).
High Growth Revenue: FFA's revenue is forecast to decline over the next 3 years (-3% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if FFA's Return on Equity is forecast to be high in 3 years time
How has Fortress REIT performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: FFA has a large one-off gain of ZAR1.6B impacting its June 30 2021 financial results.
Growing Profit Margin: FFA became profitable in the past.
Past Earnings Growth Analysis
Earnings Trend: FFA has become profitable over the past 5 years, growing earnings by -24.3% per year.
Accelerating Growth: FFA has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: FFA 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: FFA's Return on Equity (12.4%) is considered low.
How is Fortress REIT's financial position?
Financial Position Analysis
Short Term Liabilities: FFA's short term assets (ZAR2.0B) do not cover its short term liabilities (ZAR3.0B).
Long Term Liabilities: FFA's short term assets (ZAR2.0B) do not cover its long term liabilities (ZAR15.3B).
Debt to Equity History and Analysis
Debt Level: FFA's debt to equity ratio (61.7%) is considered high.
Reducing Debt: FFA's debt to equity ratio has increased from 30.9% to 61.7% over the past 5 years.
Debt Coverage: FFA's debt is not well covered by operating cash flow (8.7%).
Interest Coverage: FFA's interest payments on its debt are well covered by EBIT (3.1x coverage).
What is Fortress REIT current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: FFA's dividend (5.5%) is higher than the bottom 25% of dividend payers in the ZA market (3.05%).
High Dividend: FFA's dividend (5.5%) is low compared to the top 25% of dividend payers in the ZA market (8.06%).
Stability and Growth of Payments
Stable Dividend: FFA's dividend payments have been volatile in the past 10 years.
Growing Dividend: FFA's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its low payout ratio (16.1%), FFA's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: FFA's dividends in 3 years are forecast to be covered by earnings (99.8% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Steve Brown (41 yo)
Mr. Steven Brown, also known as Steve, CA (SA), CFA, B.Bus.Sci has been Executive Director of Fortress REIT Limited since July 02, 2018. He has been Chief Executive Officer and Managing Director at Fortres...
CEO Compensation Analysis
Compensation vs Market: Steve's total compensation ($USD558.84K) is below average for companies of similar size in the ZA market ($USD918.78K).
Compensation vs Earnings: Steve's compensation has been consistent with company performance over the past year.
Experienced Management: FFA's management team is considered experienced (2.8 years average tenure).
Experienced Board: FFA's board of directors are not considered experienced ( 2.8 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 not been meaningfully diluted in the past year.
Fortress REIT Limited's employee growth, exchange listings and data sources
- Name: Fortress REIT Limited
- Ticker: FFA
- Exchange: JSE
- Founded: NaN
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: R18.730b
- Shares outstanding: 2.22b
- Website: https://www.fortressfund.co.za
Number of Employees
- Fortress REIT Limited
- Block C, Cullinan Place
- Cullinan Close
- South Africa
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/10/19 21:45|
|End of Day Share Price||2021/10/19 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.