Investec Property Fund Limited (IPF) is a South African Real Estate Investment Trust (REIT) which listed on the Johannesburg Stock Exchange (JSE) in 2011.
Investec Property Fund Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||R10.65|
|52 Week High||R7.01|
|52 Week Low||R11.69|
|1 Month Change||3.10%|
|3 Month Change||12.11%|
|1 Year Change||32.13%|
|3 Year Change||-29.66%|
|5 Year Change||-30.21%|
|Change since IPO||-5.75%|
Recent News & Updates
|IPF||ZA REITs||ZA Market|
Return vs Industry: IPF underperformed the ZA REITs industry which returned 39.5% over the past year.
Return vs Market: IPF exceeded the ZA Market which returned 21.3% over the past year.
Stable Share Price: IPF is not significantly more volatile than the rest of ZA stocks over the past 3 months, typically moving +/- 5% a week.
Volatility Over Time: IPF's weekly volatility (5%) has been stable over the past year.
About the Company
Investec Property Fund Limited (IPF) is a South African Real Estate Investment Trust (REIT) which listed on the Johannesburg Stock Exchange (JSE) in 2011. The Fund’s investment portfolio comprises R27 billion of direct and indirect real estate investments in South Africa, the UK and Europe. In South Africa, the Fund directly owns a sizeable portfolio of 92 properties in the retail, industrial and office sectors valued at R15.7 billion and a 35% interest in Izandla valued at R0.3 billion.
Investec Property Fund Fundamentals Summary
|IPF fundamental statistics|
Is IPF overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|IPF income statement (TTM)|
|Cost of Revenue||R537.85m|
Last Reported Earnings
Mar 31, 2021
Next Earnings Date
|Earnings per share (EPS)||0.13|
|Net Profit Margin||7.40%|
How did IPF perform over the long term?See historical performance and comparison
8.7%Current Dividend Yield
Is Investec Property Fund 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: IPF (ZAR10.65) is trading below our estimate of fair value (ZAR12.53)
Significantly Below Fair Value: IPF is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: IPF is poor value based on its PE Ratio (79.6x) compared to the ZA REITs industry average (9.9x).
PE vs Market: IPF is poor value based on its PE Ratio (79.6x) compared to the ZA market (11.2x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate IPF's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: IPF's PB Ratio (0.6x) is in line with the ZA REITs industry average.
How is Investec Property Fund 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 IPF's forecast earnings growth is above the savings rate (8.8%).
Earnings vs Market: Insufficient data to determine if IPF'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: IPF's revenue (2.7% per year) is forecast to grow slower than the ZA market (6.1% per year).
High Growth Revenue: IPF's revenue (2.7% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: IPF's Return on Equity is forecast to be low in 3 years time (10.4%).
How has Investec Property Fund performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: IPF has a large one-off loss of ZAR811.8M impacting its March 31 2021 financial results.
Growing Profit Margin: IPF's current net profit margins (7.4%) are lower than last year (86.9%).
Past Earnings Growth Analysis
Earnings Trend: IPF's earnings have declined by 10.7% per year over the past 5 years.
Accelerating Growth: IPF's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: IPF had negative earnings growth (-93%) over the past year, making it difficult to compare to the REITs industry average (132.9%).
Return on Equity
High ROE: IPF's Return on Equity (0.8%) is considered low.
How is Investec Property Fund's financial position?
Financial Position Analysis
Short Term Liabilities: IPF's short term assets (ZAR2.0B) do not cover its short term liabilities (ZAR3.4B).
Long Term Liabilities: IPF's short term assets (ZAR2.0B) do not cover its long term liabilities (ZAR8.4B).
Debt to Equity History and Analysis
Debt Level: IPF's debt to equity ratio (77.1%) is considered high.
Reducing Debt: IPF's debt to equity ratio has increased from 52.2% to 77.1% over the past 5 years.
Debt Coverage: IPF's debt is not well covered by operating cash flow (5.7%).
Interest Coverage: IPF's interest payments on its debt are well covered by EBIT (4.1x coverage).
What is Investec Property Fund current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: IPF's dividend (8.66%) is higher than the bottom 25% of dividend payers in the ZA market (3.07%).
High Dividend: IPF's dividend (8.66%) is in the top 25% of dividend payers in the ZA market (8.09%)
Stability and Growth of Payments
Stable Dividend: IPF has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: IPF has only been paying a dividend for 9 years, and since then payments have fallen.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (70.6%), IPF's dividend payments are 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
Andrew Wooler (39 yo)
Mr. Andrew Robert Wooler has been Joint CEO of Investec Property Fund Limited since December 1, 2018 and its Executive Director since August 17, 2015. Mr. Wooler served as Financial Director of Investec Pr...
CEO Compensation Analysis
Compensation vs Market: Andrew's total compensation ($USD191.49K) is below average for companies of similar size in the ZA market ($USD731.45K).
Compensation vs Earnings: Andrew's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
Experienced Management: IPF's management team is considered experienced (2.8 years average tenure).
Experienced Board: IPF's board of directors are considered experienced (5.7 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 not been meaningfully diluted in the past year.
Investec Property Fund Limited's employee growth, exchange listings and data sources
- Name: Investec Property Fund Limited
- Ticker: IPF
- Exchange: JSE
- Founded: NaN
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: R8.572b
- Shares outstanding: 804.92m
- Website: https://www.investecproperty.com/en_za/investec-property-fund.html
- Investec Property Fund Limited
- 100 Grayston Drive
- South Africa
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/10/17 17:04|
|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.