Liberty Two Degrees was converted and relisted as a corporate REIT on the JSE main board on 1 November 2018 as Liberty Two Degrees Limited (L2D Limited) following the conversion from a CISIP.
Price History & Performance
|Historical stock prices|
|Current Share Price||R4.40|
|52 Week High||R3.51|
|52 Week Low||R5.90|
|1 Month Change||0%|
|3 Month Change||-8.90%|
|1 Year Change||-6.38%|
|3 Year Change||-41.33%|
|5 Year Change||n/a|
|Change since IPO||-58.10%|
Recent News & Updates
It Looks Like Liberty Two Degrees Limited's (JSE:L2D) CEO May Expect Their Salary To Be Put Under The Microscope
The results at Liberty Two Degrees Limited ( JSE:L2D ) have been quite disappointing recently and CEO Amelia Beattie...
|L2D||ZA REITs||ZA Market|
Return vs Industry: L2D underperformed the ZA REITs industry which returned 39.5% over the past year.
Return vs Market: L2D underperformed the ZA Market which returned 21.3% over the past year.
Stable Share Price: L2D is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 4% a week.
Volatility Over Time: L2D's weekly volatility (4%) has been stable over the past year.
About the Company
Liberty Two Degrees was converted and relisted as a corporate REIT on the JSE main board on 1 November 2018 as Liberty Two Degrees Limited (L2D Limited) following the conversion from a CISIP. The new structure cancels the Liberty Group PUT option for no consideration and internalises the management company. The structure also introduces a conservative level of debt to the capital structure of L2D Limited, which will assist in reducing the weighted average cost of capital over time.
Liberty Two Degrees Fundamentals Summary
|L2D fundamental statistics|
Is L2D overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|L2D income statement (TTM)|
|Cost of Revenue||R450.69m|
Last Reported Earnings
Jun 30, 2021
Next Earnings Date
|Earnings per share (EPS)||0.099|
|Net Profit Margin||9.74%|
How did L2D perform over the long term?See historical performance and comparison
7.2%Current Dividend Yield
Is Liberty Two Degrees 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: L2D (ZAR4.27) is trading below our estimate of fair value (ZAR5.16)
Significantly Below Fair Value: L2D is trading below fair value, but not by a significant amount.
Price To Earnings Ratio
PE vs Industry: L2D is poor value based on its PE Ratio (43.3x) compared to the ZA REITs industry average (9.9x).
PE vs Market: L2D is poor value based on its PE Ratio (43.3x) compared to the ZA market (11.2x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate L2D's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: L2D's PB Ratio (0.6x) is in line with the ZA REITs industry average.
How is Liberty Two Degrees 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 L2D's forecast earnings growth is above the savings rate (8.8%).
Earnings vs Market: Insufficient data to determine if L2D'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: L2D's revenue (3.5% per year) is forecast to grow slower than the ZA market (6.1% per year).
High Growth Revenue: L2D's revenue (3.5% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if L2D's Return on Equity is forecast to be high in 3 years time
How has Liberty Two Degrees performed over the past 5 years?
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: L2D has a large one-off loss of ZAR246.8M impacting its June 30 2021 financial results.
Growing Profit Margin: L2D became profitable in the past.
Past Earnings Growth Analysis
Earnings Trend: L2D's earnings have declined by 66.9% per year over the past 5 years.
Accelerating Growth: L2D has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: L2D 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: L2D's Return on Equity (1.3%) is considered low.
How is Liberty Two Degrees's financial position?
Financial Position Analysis
Short Term Liabilities: L2D's short term assets (ZAR513.2M) do not cover its short term liabilities (ZAR892.3M).
Long Term Liabilities: L2D's short term assets (ZAR513.2M) do not cover its long term liabilities (ZAR1.3B).
Debt to Equity History and Analysis
Debt Level: L2D's debt to equity ratio (30.5%) is considered satisfactory.
Reducing Debt: Insufficient data to determine if L2D's debt to equity ratio has reduced over the past 5 years.
Debt Coverage: L2D's debt is not well covered by operating cash flow (14.2%).
Interest Coverage: L2D's interest payments on its debt are well covered by EBIT (3.8x coverage).
What is Liberty Two Degrees's current dividend yield, its reliability and sustainability?
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: L2D's dividend (7.4%) is higher than the bottom 25% of dividend payers in the ZA market (3.07%).
High Dividend: L2D's dividend (7.4%) is low compared to the top 25% of dividend payers in the ZA market (8.09%).
Stability and Growth of Payments
Stable Dividend: L2D has been paying a dividend for less than 10 years and during this time payments have been volatile.
Growing Dividend: L2D's dividend payments have increased, but the company has only paid a dividend for 5 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (100.1%), L2D's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: L2D's dividends in 3 years are not forecast to be well covered by earnings (100% payout ratio).
How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Amelia Beattie (50 yo)
Ms. Amelia Beattie, B.Comm has been Chief Executive Officer and Executive Director of Liberty Two Degrees Limited since July 10, 2018. Ms. Beattie serves as the Chief Investment Officer at STANLIB Direct P...
CEO Compensation Analysis
Compensation vs Market: Amelia's total compensation ($USD505.53K) is about average for companies of similar size in the ZA market ($USD494.06K).
Compensation vs Earnings: Amelia's compensation has been consistent with company performance over the past year.
Experienced Management: L2D's management team is considered experienced (2 years average tenure).
Experienced Board: L2D's board of directors are not considered experienced ( 1.8 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.
Liberty Two Degrees Limited's employee growth, exchange listings and data sources
- Name: Liberty Two Degrees Limited
- Ticker: L2D
- Exchange: JSE
- Founded: NaN
- Industry: Retail REITs
- Sector: Real Estate
- Market Cap: R3.788b
- Shares outstanding: 887.09m
- Website: https://www.liberty2degrees.co.za
- Liberty Two Degrees Limited
- 17 Melrose Boulevard
- Melrose Arch
- South Africa
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2021/10/19 17:03|
|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.