This company listing is no longer active
IAP Stock Overview
Irongate Group has its origins as the Investec Group’s Australian and New Zealand property investment and asset management business.
Irongate Group Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||R21.05|
|52 Week High||R23.00|
|52 Week Low||R15.00|
|1 Month Change||4.47%|
|3 Month Change||-2.09%|
|1 Year Change||38.03%|
|3 Year Change||47.72%|
|5 Year Change||60.20%|
|Change since IPO||106.17%|
Recent News & Updates
|IAP||ZA REITs||ZA Market|
Return vs Industry: IAP exceeded the ZA REITs industry which returned 0% over the past year.
Return vs Market: IAP exceeded the ZA Market which returned -1.8% over the past year.
|IAP Average Weekly Movement||2.3%|
|REITs Industry Average Movement||4.5%|
|Market Average Movement||5.5%|
|10% most volatile stocks in ZA Market||10.1%|
|10% least volatile stocks in ZA Market||3.2%|
Stable Share Price: IAP is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: IAP's weekly volatility (2%) has been stable over the past year.
About the Company
Irongate Group has its origins as the Investec Group’s Australian and New Zealand property investment and asset management business. Having invested in and managed over A$3bn of assets for the Investec Group, the long-standing management team evolved to become the Irongate Group to continue its growth trajectory and expand its third-party funds management platform. Our strength lies in our disciplined, measured and value-based approach to multi-sector property investment and asset management in Australia and New Zealand.
Irongate Group Fundamentals Summary
|IAP fundamental statistics|
Is IAP overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|IAP income statement (TTM)|
|Cost of Revenue||AU$21.81m|
Last Reported Earnings
Mar 31, 2022
Next Earnings Date
|Earnings per share (EPS)||-0.0024|
|Net Profit Margin||-1.36%|
How did IAP perform over the long term?See historical performance and comparison
5.1%Current Dividend Yield
Is IAP undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 2/6
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for IAP?
Other financial metrics that can be useful for relative valuation.
|What is IAP's n/a Ratio?|
Price to Sales Ratio vs Peers
How does IAP's PS Ratio compare to its peers?
|IAP PS Ratio vs Peers|
|Company||PS||Estimated Growth||Market Cap|
FFA Fortress REIT
MLI Industrials REIT
IPF Investec Property Fund
RDF Redefine Properties
IAP Irongate Group
Price-To-Sales vs Peers: IAP is expensive based on its Price-To-Sales Ratio (10.3x) compared to the peer average (6.1x).
Price to Earnings Ratio vs Industry
How does IAP's PE Ratio compare vs other companies in the ZA REITs Industry?
Price-To-Sales vs Industry: IAP is expensive based on its Price-To-Sales Ratio (10.3x) compared to the ZA REITs industry average (3.5x)
Price to Sales Ratio vs Fair Ratio
What is IAP's PS Ratio compared to its Fair PS Ratio? This is the expected PS Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PS Ratio||10.3x|
|Fair PS Ratio||n/a|
Price-To-Sales vs Fair Ratio: Insufficient data to calculate IAP's Price-To-Sales Fair Ratio for valuation analysis.
Share Price vs Fair Value
What is the Fair Price of IAP when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: IAP (ZAR21.05) is trading below our estimate of fair value (ZAR27.54)
Significantly Below Fair Value: IAP is trading below fair value by more than 20%.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Insufficient data to show price forecast.
Discover undervalued companies
How is Irongate Group forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
Future Growth Score0/6
Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
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 Irongate Group 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.
Discover growth companies
- Take a look at our analysis of IAP’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
How has Irongate Group performed over the past 5 years?
Past Performance Score0/6
Past Performance Score 0/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: IAP is currently unprofitable.
Growing Profit Margin: IAP is currently unprofitable.
Past Earnings Growth Analysis
Earnings Trend: IAP is unprofitable, and losses have increased over the past 5 years at a rate of 22.9% per year.
Accelerating Growth: Unable to compare IAP's earnings growth over the past year to its 5-year average as it is currently unprofitable
Earnings vs Industry: IAP is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (183.3%).
Return on Equity
High ROE: IAP has a negative Return on Equity (21.9%), as it is currently unprofitable.
Discover strong past performing companies
How is Irongate Group's financial position?
Financial Health Score2/6
Financial Health Score 2/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: IAP's short term assets (A$19.3M) do not cover its short term liabilities (A$45.2M).
Long Term Liabilities: IAP's short term assets (A$19.3M) do not cover its long term liabilities (A$523.6M).
Debt to Equity History and Analysis
Debt Level: IAP's net debt to equity ratio (41.8%) is considered high.
Reducing Debt: IAP's debt to equity ratio has reduced from 49.3% to 42.5% over the past 5 years.
Debt Coverage: IAP's debt is not well covered by operating cash flow (12.4%).
Interest Coverage: IAP earns more interest than it pays, so coverage of interest payments is not a concern.
Discover healthy companies
What is Irongate Group current dividend yield, its reliability and sustainability?
Dividend Score 3/6
Cash Flow Coverage
Current Dividend Yield
Dividend Yield vs Market
|Irongate Group Dividend Yield vs Market|
|Company (Irongate Group)||5.1%|
|Market Bottom 25% (ZA)||3.5%|
|Market Top 25% (ZA)||9.0%|
|Industry Average (REITs)||10.3%|
|Analyst forecast in 3 Years (Irongate Group)||n/a|
Notable Dividend: IAP's dividend (5.14%) is higher than the bottom 25% of dividend payers in the ZA market (3.23%).
High Dividend: IAP's dividend (5.14%) is low compared to the top 25% of dividend payers in the ZA market (9.19%).
Stability and Growth of Payments
Stable Dividend: IAP has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: IAP's dividend payments have increased, but the company has only paid a dividend for 8 years.
Earnings Payout to Shareholders
Earnings Coverage: At its current payout ratio (84.6%), IAP's payments are covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: At its current cash payout ratio (96.9%), IAP's dividend payments are covered by cash flows.
Discover strong dividend paying companies
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Graeme Katz (57 yo)
Mr. Graeme Katz served as Chief Executive Officer of Irongate Funds Management Limited since November 30, 2020, the responsible entity of Irongate Group and had been its Executive Director since March 31,...
CEO Compensation Analysis
|Graeme Katz's Compensation vs Irongate Group Earnings|
|Date||Total Comp.||Salary||Company Earnings|
|Mar 31 2022||AU$1m||AU$589k|
|Sep 30 2021||n/a||n/a|
|Jun 30 2021||n/a||n/a|
|Mar 31 2021||AU$714k||AU$186k|
|Sep 30 2020||n/a||n/a|
|Jun 30 2020||n/a||n/a|
|Mar 31 2020||AU$155k||AU$155k|
|Dec 31 2019||n/a||n/a|
|Sep 30 2019||n/a||n/a|
|Jun 30 2019||n/a||n/a|
|Mar 31 2019||AU$155k||AU$155k|
|Dec 31 2018||n/a||n/a|
|Sep 30 2018||n/a||n/a|
|Jun 30 2018||n/a||n/a|
|Mar 31 2018||AU$155k||AU$155k|
|Dec 31 2017||n/a||n/a|
|Sep 30 2017||n/a||n/a|
|Jun 30 2017||n/a||n/a|
|Mar 31 2017||AU$150k||AU$150k|
|Dec 31 2016||n/a||n/a|
|Sep 30 2016||n/a||n/a|
|Jun 30 2016||n/a||n/a|
|Mar 31 2016||AU$150k||AU$150k|
Compensation vs Market: Graeme's total compensation ($USD866.46K) is about average for companies of similar size in the ZA market ($USD854.38K).
Compensation vs Earnings: Graeme's compensation has increased whilst the company is unprofitable.
Experienced Management: IAP's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.
Experienced Board: IAP's board of directors are considered experienced (9 years average tenure).
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
|07 Jul 22||SellR1,114,299,022||JPMorgan Chase & Co, Brokerage and Securities Investments||Company||51,228,814||R22.08|
|06 Jul 22||BuyR128,377,241||Morgan Stanley, Investment Banking and Brokerage Investments||Company||6,132,246||R22.02|
|06 Jul 22||SellR0||The Vanguard Group, Inc.||Company||42,204,403||R21.89|
|06 Jul 22||SellR97,330,786||First Sentier Investors (Australia) IM Ltd||Company||4,482,755||R21.71|
|05 Jul 22||BuyR0||The Vanguard Group, Inc.||Company||11,518,765||R21.67|
|30 Jun 22||BuyR600,001,270||Milford Asset Management Limited||Company||27,880,650||R21.52|
|30 Jun 22||SellR25,715,563||Morgan Stanley, Investment Banking and Brokerage Investments||Company||1,261,852||R20.38|
|23 Jun 22||BuyR16,062,758||First Sentier Investors (Australia) IM Ltd||Company||780,314||R20.58|
|06 Jun 22||SellR47,681,426||Milford Asset Management Limited||Company||2,451,023||R19.45|
|13 May 22||BuyR18,353,499||Morgan Stanley, Investment Banking and Brokerage Investments||Company||856,998||R21.43|
|13 May 22||SellR4,505,952||Morgan Stanley, Investment Banking and Brokerage Investments||Company||210,276||R21.46|
|12 May 22||SellR74,318,751||JPMorgan Chase & Co, Private Banking and Investment Banking Investments||Company||3,500,000||R21.23|
|11 May 22||SellR177,375,437||First Sentier Investors (Australia) IM Ltd||Company||8,214,459||R21.59|
|10 May 22||SellR88,897,421||JPMorgan Chase & Co, Brokerage and Securities Investments||Company||4,134,348||R21.62|
|09 May 22||BuyR1,033,996||Mitsubishi UFJ Kokusai Asset Management Co., Ltd.||Company||47,567||R21.74|
|03 May 22||BuyR116,802||First Sentier Investors (Australia) IM Ltd||Company||5,510||R21.20|
|26 Apr 22||SellR32,792,317||JPMorgan Chase & Co, Private Banking and Investment Banking Investments||Company||1,500,000||R21.86|
|20 Apr 22||BuyR811,771,227||JPMorgan Chase & Co, Brokerage and Securities Investments||Company||38,246,910||R21.22|
|20 Apr 22||SellR9,395,937||JPMorgan Chase & Co, Private Banking and Investment Banking Investments||Company||496,605||R18.92|
|20 Apr 22||SellR1,752,993,588||JPMorgan Chase & Co, Brokerage and Securities Investments||Company||84,126,207||R21.17|
|11 Apr 22||BuyR33,768,376||First Sentier Investors (Australia) IM Ltd||Company||1,667,248||R20.79|
|07 Apr 22||BuyR105,997,133||JPMorgan Chase & Co, Private Banking and Investment Banking Investments||Company||5,000,000||R21.20|
|15 Nov 21||SellR41,956,918||The Vanguard Group, Inc.||Company||2,340,625||R17.96|
|12 Nov 21||BuyR85,172,194||The Vanguard Group, Inc.||Company||4,660,221||R18.34|
|26 Oct 21||SellR68,358,012||Franklin Resources, Inc.||Company||4,100,054||R16.67|
|22 Oct 21||BuyR85,277,561||Franklin Resources, Inc.||Company||5,220,904||R16.33|
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5%.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Irongate Group's employee growth, exchange listings and data sources
- Name: Irongate Group
- Ticker: IAP
- Exchange: JSE
- Founded: NaN
- Industry: Diversified REITs
- Sector: Real Estate
- Implied Market Cap: R14.263b
- Shares outstanding: 677.57m
- Website: https://irongategroup.com.au
- Irongate Group
- Level 13
- 95 Pitt Street
- New South Wales
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|IAP||JSE (The Johannesburg Securities Exchange)||Yes||Linked Units||ZA||ZAR||Oct 2013|
|IAP||CHIA (Chi-X Australia)||NPV||AU||AUD||May 2019|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/07/19 00:00|
|End of Day Share Price||2022/07/07 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.