Buy Or Sell Opportunity • Jun 29
Now 29% overvalued after recent price rise Over the last 90 days, the stock has risen 13% to R26.00. The fair value is estimated to be R20.17, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 38% over the last 3 years. Earnings per share has grown by 9.7%. Board Change • May 19
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Greg Heron was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Buy Or Sell Opportunity • Jan 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 44% to R23.00. The fair value is estimated to be R19.02, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 43% over the last 3 years. Earnings per share has grown by 13%. Valuation Update With 7 Day Price Move • Dec 11
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to R21.50, the stock trades at a trailing P/E ratio of 5x. Average trailing P/E is 9x in the REITs industry in South Africa. Total returns to shareholders of 137% over the past three years. Board Change • Dec 05
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Greg Heron was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Board Change • Nov 19
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Greg Heron was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 01
Heriot REIT Limited, Annual General Meeting, Dec 08, 2025 Heriot REIT Limited, Annual General Meeting, Dec 08, 2025. Location: offices of the company, suite 1 - ground floor, 3 melrose boulevard, melrose north, 2196, South Africa Board Change • Oct 31
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Non-Executive Director Greg Heron was the last independent director to join the board, commencing their role in 2024. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Announcement • Nov 01
Heriot REIT Limited, Annual General Meeting, Dec 05, 2024 Heriot REIT Limited, Annual General Meeting, Dec 05, 2024. Location: offices of the company, suite 1 - ground floor, 3 melrose boulevard, melrose north, 2196, South Africa Announcement • Oct 08
Heriot REIT Limited Announces Appointment of Greg Heron as A Non-Executive Director and A Member of the Audit and Risk Committee Heriot REIT Limited announced the appointment of Mr. Greg Heron as A Non-Executive Director and a member of the audit and risk committee of the Company with effect from, 8 October 2024. Greg is a Chartered Accountant with more than 30 years' experience in corporate, structured and property finance as well as significant operational exposure to a variety of businesses. He currently holds the office of CEO of Infinitus Holdings, an investment company that holds a portfolio primarily invested in the fast moving consumer groups and retail sectors. Prior to that he was head of Leaf Property Fund, a significant unlisted property fund focused on the office and commercial sector of the property market. During his time at Leaf, he led the repositioning of the fund which included the disposal of a large portfolio of assets as part of this process. Greg serves on the boards of various unlisted companies and is an independent non-executive director of SA Corporate Real Estate Limited and Safari Investments (RSA) Limited, both REITs listed on the JSE. New Risk • Oct 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 25% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.9x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (48% net profit margin). Shareholders have been diluted in the past year (25% increase in shares outstanding). Declared Dividend • Oct 02
Final dividend increased to R0.57 Dividend of R0.57 is 4.6% higher than last year. Ex-date: 16th October 2024 Payment date: 21st October 2024 Dividend yield will be 6.7%, which is lower than the industry average of 9.2%. Reported Earnings • Oct 02
Full year 2024 earnings released: EPS: R2.60 (vs R3.78 in FY 2023) Full year 2024 results: EPS: R2.60 (down from R3.78 in FY 2023). Revenue: R1.39b (up 121% from FY 2023). Net income: R664.7m (down 31% from FY 2023). Profit margin: 48% (down from 154% in FY 2023). Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Declared Dividend • Mar 30
First half dividend of R0.50 announced Shareholders will receive a dividend of R0.50. Ex-date: 17th April 2024 Payment date: 22nd April 2024 Dividend yield will be 7.7%, which is lower than the industry average of 9.2%. Announcement • Mar 29
Heriot REIT Limited Declares Interim Gross Cash Dividend for the Period Ended 31 December 2023, Payable on April 22, 2024 The board of Heriot REIT Limited declared an interim gross cash dividend of 49.87199 cents per share out of the company's distributable income for the period ended 31 December 2023. The declaration date is 28 March 2024, last date to trade cum dividend is 16 April 2024, shares trade ex-dividend is 17 April 2024, record date is 19 April 2024, and payment date is 22 April 2024. Announcement • Nov 01
Heriot REIT Limited, Annual General Meeting, Dec 06, 2023 Heriot REIT Limited, Annual General Meeting, Dec 06, 2023, at 10:00 South Africa Standard Time. Location: offices of the Company situated at Suite 1 Ground Floor 3 Melrose Boulevard, Melrose North 2196, Johanesburg South Africa New Risk • Oct 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. 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 Risk Interest payments are not well covered by earnings (2.7x net interest cover). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Announcement • Sep 29
Heriot Reit Limited Declares Final Gross Cash Dividend Out of the Company's Distributable Income for the Year Ended 30 June 2023, Payable on 23 October 2023 Heriot REIT Limited declared a final gross cash dividend of 54.28910 cents per share out of the Company's distributable income for the year ended 30 June 2023. Last date to trade cum dividend 17 October 2023. Shares trade ex dividend 18 October 2023. Record date 20 October 2023. Payment date 23 October 2023. Valuation Update With 7 Day Price Move • Sep 28
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to R13.50, the stock trades at a trailing P/E ratio of 5.1x. Average trailing P/E is 9x in the REITs industry in South Africa. Total returns to shareholders of 52% over the past three years. Upcoming Dividend • Mar 28
Upcoming dividend of R0.52 per share at 9.1% yield Eligible shareholders must have bought the stock before 04 April 2023. Payment date: 11 April 2023. Trailing yield: 9.1%. Lower than top quartile of South African dividend payers (9.7%). In line with average of industry peers (9.5%). Reported Earnings • Mar 17
First half 2023 earnings released First half 2023 results: Revenue: R305.5m (up 3.4% from 1H 2022). Net income: R248.4m (up 37% from 1H 2022). Profit margin: 81% (up from 61% in 1H 2022). Board Change • Mar 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob Lockhart-Ross was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Board Change • Dec 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 6 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob Lockhart-Ross was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Announcement • Nov 01
Heriot REIT Limited, Annual General Meeting, Dec 07, 2022 Heriot REIT Limited, Annual General Meeting, Dec 07, 2022, at 10:00 South Africa Standard Time. Location: Suite 1 – Ground Floor, 3 Melrose Boulevard, Melrose North, 2196, Joannesburg South Africa Board Change • Oct 10
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 7 experienced directors. No highly experienced directors. Independent Non-Executive Director Rob Lockhart-Ross was the last director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • Mar 09
Upcoming dividend of R0.50 per share Eligible shareholders must have bought the stock before 16 March 2022. Payment date: 22 March 2022. Trailing yield: 8.8%. Within top quartile of South African dividend payers (7.6%). In line with average of industry peers (8.9%). Announcement • Feb 25
Heriot REIT Limited Declares Final Gross Cash Dividend for the Six Months Ended December 31, 2021, Payable on March 22, 2022 The board of directors of Heriot REIT Limited has declared a final gross cash dividend of 50.42000 cents per share for the six months ended December 31, 2021, out of the company's distributable income. Payment date to be March 22, 2022. Record date to be March 18, 2022. Shares trade ex dividend to be March 16, 2022. Last date to trade cum dividend to be March 15, 2022. Announcement • Feb 16
Heriot REIT Limited Expects Dividend for the Six Months Ended 31 December 2021 Heriot REIT Limited is now able to advise that it expects distribution per share for the six months ended 31 December 2021 to be between 50.0 cents and 51.0 cents per share, being between 14.0% and 16.3% higher than the distribution per share for the previous corresponding period. Buying Opportunity • Jan 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 4.3%. The fair value is estimated to be R14.34, however is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% per annum over the last 3 years. Earnings per share has declined by 48% per annum over the last 3 years. Buying Opportunity • Jan 13
Now 23% undervalued after recent price drop Over the last 90 days, the stock is down 4.3%. The fair value is estimated to be R14.34, however is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 4.6% per annum over the last 3 years. Earnings per share has declined by 48% per annum over the last 3 years. Reported Earnings • Nov 05
Full year 2021 earnings released: EPS R1.23 (vs R0.32 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: R504.1m (flat on FY 2020). Net income: R313.0m (up 279% from FY 2020). Profit margin: 62% (up from 16% in FY 2020). Net asset value (NAV) per share: R11.43 (up 3.2% from FY 2020). The current share price is even with NAV per share. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Oct 13
Upcoming dividend of R0.47 per share Eligible shareholders must have bought the stock before 20 October 2021. Payment date: 25 October 2021. Trailing yield: 8.2%. Within top quartile of South African dividend payers (8.1%). Lower than average of industry peers (9.5%). Reported Earnings • Oct 01
Full year 2021 earnings released: EPS R1.23 (vs R0.32 in FY 2020) The company reported a decent full year result with improved earnings and profit margins, although revenues were flat. Full year 2021 results: Revenue: R504.1m (flat on FY 2020). Net income: R313.0m (up 279% from FY 2020). Profit margin: 62% (up from 16% in FY 2020). Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Mar 03
Upcoming Dividend of R0.44 Per Share Will be paid on the 15th of March to those who are registered shareholders by the 10th of March. The trailing yield of 7.6% is below the top quartile of South African dividend payers (8.8%), and is lower than industry peers (12%). Reported Earnings • Oct 31
Full year earnings released Over the last 12 months the company has reported total profits of R82.7m, down 61% from the prior year. Total revenue was R508.1m over the last 12 months, up 7.3% from the prior year. Note: Net income excluding extraordinary items provided as the company does not report funds from operations. Upcoming Dividend • Oct 14
Upcoming Dividend of R0.43 Per Share Will be paid on the 26th of October to those who are registered shareholders by the 21st of October. The trailing yield of 7.3% is below the top quartile of South African dividend payers (10%), and is lower than industry peers (16%). 
