Irongate Group has its origins as the Investec Group’s Australian and New Zealand property investment and asset management business.
Price History & Performance
|Historical stock prices|
|Current Share Price||R16.10|
|52 Week High||R13.00|
|52 Week Low||R17.40|
|1 Month Change||-0.68%|
|3 Month Change||4.55%|
|1 Year Change||1.45%|
|3 Year Change||32.18%|
|5 Year Change||5.30%|
|Change since IPO||57.69%|
Recent News & Updates
|IAP||ZA REITs||ZA Market|
Return vs Industry: IAP underperformed the ZA REITs industry which returned 39.5% over the past year.
Return vs Market: IAP underperformed the ZA Market which returned 21.3% over the past year.
Stable Share Price: IAP is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: IAP's weekly volatility (3%) 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$25.79m|
Last Reported Earnings
Mar 31, 2021
Next Earnings Date
Oct 27, 2021
|Earnings per share (EPS)||-0.02|
|Net Profit Margin||-22.96%|
How did IAP perform over the long term?See historical performance and comparison
6.1%Current Dividend Yield
Is Irongate Group undervalued compared to its fair value and its price relative to the market?
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: IAP (ZAR16.1) is trading below our estimate of fair value (ZAR43.05)
Significantly Below Fair Value: IAP is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: IAP is unprofitable, so we can't compare its PE Ratio to the ZA REITs industry average.
PE vs Market: IAP is unprofitable, so we can't compare its PE Ratio to the ZA market.
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate IAP's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: IAP is overvalued based on its PB Ratio (24.3x) compared to the ZA REITs industry average (0.6x).
How is Irongate Group forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: IAP is forecast to become profitable over the next 3 years, which is considered faster growth than the savings rate (8.8%).
Earnings vs Market: IAP is forecast to become profitable over the next 3 years, which is considered above average market growth.
High Growth Earnings: IAP's is expected to become profitable in the next 3 years.
Revenue vs Market: IAP's revenue (12.7% per year) is forecast to grow faster than the ZA market (6.1% per year).
High Growth Revenue: IAP's revenue (12.7% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: IAP's Return on Equity is forecast to be low in 3 years time (6.6%).
How has Irongate Group performed over the past 5 years?
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 6% 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 (111.5%).
Return on Equity
High ROE: IAP has a negative Return on Equity (20.79%), as it is currently unprofitable.
How is Irongate Group's financial position?
Financial Position Analysis
Short Term Liabilities: IAP's short term assets (A$13.1M) do not cover its short term liabilities (A$37.0M).
Long Term Liabilities: IAP's short term assets (A$13.1M) do not cover its long term liabilities (A$348.9M).
Debt to Equity History and Analysis
Debt Level: IAP's debt to equity ratio (37.2%) is considered satisfactory.
Reducing Debt: IAP's debt to equity ratio has reduced from 43% to 37.2% over the past 5 years.
Debt Coverage: IAP's debt is not well covered by operating cash flow (9.5%).
Interest Coverage: IAP earns more interest than it pays, so coverage of interest payments is not a concern.
What is Irongate Group current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: IAP's dividend (6.11%) is higher than the bottom 25% of dividend payers in the ZA market (3.07%).
High Dividend: IAP's dividend (6.11%) is low compared to the top 25% of dividend payers in the ZA market (8.09%).
Stability and Growth of Payments
Stable Dividend: IAP has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: IAP's dividend payments have increased, but the company has only paid a dividend for 7 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonably low payout ratio (47.4%), IAP's dividend payments are well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Graeme Katz (56 yo)
Mr. Graeme Katz served as Chief Executive Officer of Irongate Funds Management Limited since November 30, 2020, the responsible entity of Irongate Group and had been its Executive Director since March 31,...
CEO Compensation Analysis
Compensation vs Market: Graeme's total compensation ($USD513.79K) is below average for companies of similar size in the ZA market ($USD895.91K).
Compensation vs Earnings: Graeme's compensation has increased whilst the company is unprofitable.
Experienced Management: IAP's management team is not considered experienced ( 0.9 years average tenure), which suggests a new team.
Experienced Board: IAP's board of directors are considered experienced (7.3 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
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 5.6%.
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
- Market Cap: R10.390b
- Shares outstanding: 645.31m
- Website: https://irongategroup.com.au
- Irongate Group
- Level 13
- 95 Pitt Street
- New South Wales
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/10/16 17:03|
|End of Day Share Price||2021/10/15 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.