company background image
MSP

MAS Real EstateJSE:MSP Stock Report

Market Cap

R12.5b

7D

0.1%

1Y

68.4%

Updated

23 Oct, 2021

Data

Company Financials +
MSP fundamental analysis
Snowflake Score
Valuation1/6
Future Growth1/6
Past Performance2/6
Financial Health3/6
Dividends3/6

MSP Overview

Established in 2008, MAS has assembled, through acquisition and development, a high quality portfolio of retail, office, industrial, logistics and hotel properties in Romania, Germany, the United Kingdom, Bulgaria, Poland and Switzerland.

Price History & Performance

Summary of all time highs, changes and price drops for MAS Real Estate
Historical stock prices
Current Share PriceR17.68
52 Week HighR9.49
52 Week LowR19.79
Beta0.99
1 Month Change-2.59%
3 Month Change-0.84%
1 Year Change68.38%
3 Year Change-20.40%
5 Year Change-16.80%
Change since IPO81.71%

Recent News & Updates

Sep 07
MAS Real Estate's (JSE:MSP) Shareholders May Want To Dig Deeper Than Statutory Profit

MAS Real Estate's (JSE:MSP) Shareholders May Want To Dig Deeper Than Statutory Profit

The recent earnings posted by MAS Real Estate Inc. ( JSE:MSP ) were solid, but the stock didn't move as much as we...

Mar 03
Insider Buying: The MAS Real Estate Inc. (JSE:MSP) Independent Non-Executive Director Just Bought 73% More Shares

Insider Buying: The MAS Real Estate Inc. (JSE:MSP) Independent Non-Executive Director Just Bought 73% More Shares

Even if it's not a huge purchase, we think it was good to see that Brett Nagle, the Independent Non-Executive Director...

Shareholder Returns

MSPZA Real EstateZA Market
7D0.1%0.8%-0.03%
1Y68.4%49.0%19.0%

Return vs Industry: MSP exceeded the ZA Real Estate industry which returned 49% over the past year.

Return vs Market: MSP exceeded the ZA Market which returned 19% over the past year.

Price Volatility

Is MSP's price volatile compared to industry and market?
MSP volatility
MSP Beta0.99
Industry Beta0.82
Market Beta1

Stable Share Price: MSP is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 4% a week.

Volatility Over Time: MSP's weekly volatility (4%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2008n/aMartin Slabberthttps://www.masrei.com

Established in 2008, MAS has assembled, through acquisition and development, a high quality portfolio of retail, office, industrial, logistics and hotel properties in Romania, Germany, the United Kingdom, Bulgaria, Poland and Switzerland. The income-generating properties have income derived from tenants with exceptional covenants. MAS has embarked upon expansion into the growing economies of CEE.

MAS Real Estate Fundamentals Summary

How do MAS Real Estate's earnings and revenue compare to its market cap?
MSP fundamental statistics
Market Cap€726.30m
Earnings (TTM)€65.81m
Revenue (TTM)€45.36m

11.0x

P/E Ratio

16.0x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MSP income statement (TTM)
Revenue€45.36m
Cost of Revenue€10.76m
Gross Profit€34.60m
Expenses-€31.21m
Earnings€65.81m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.093
Gross Margin76.27%
Net Profit Margin145.08%
Debt/Equity Ratio46.9%

How did MSP perform over the long term?

See historical performance and comparison

Dividends

5.8%

Current Dividend Yield

63%

Payout Ratio

Valuation

Is MAS Real Estate undervalued compared to its fair value and its price relative to the market?

11.04x

Price to Earnings (PE) ratio


Share Price vs. Fair Value

Below Fair Value: MSP (ZAR17.68) is trading above our estimate of fair value (ZAR9.72)

Significantly Below Fair Value: MSP is trading above our estimate of fair value.


Price To Earnings Ratio

PE vs Industry: MSP is poor value based on its PE Ratio (11x) compared to the ZA Real Estate industry average (9.4x).

PE vs Market: MSP is good value based on its PE Ratio (11x) compared to the ZA market (11.3x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MSP's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MSP is overvalued based on its PB Ratio (0.8x) compared to the ZA Real Estate industry average (0.6x).


Future Growth

How is MAS Real Estate forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

8.3%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if MSP's forecast earnings growth is above the savings rate (8.8%).

Earnings vs Market: Insufficient data to determine if MSP'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: MSP's revenue (8.3% per year) is forecast to grow faster than the ZA market (6.4% per year).

High Growth Revenue: MSP's revenue (8.3% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: MSP's Return on Equity is forecast to be low in 3 years time (7.1%).


Past Performance

How has MAS Real Estate performed over the past 5 years?

0.3%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MSP has a large one-off gain of €27.4M impacting its June 30 2021 financial results.

Growing Profit Margin: MSP became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: MSP's earnings have grown by 0.3% per year over the past 5 years.

Accelerating Growth: MSP has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: MSP has become profitable in the last year, making it difficult to compare its past year earnings growth to the Real Estate industry (0.5%).


Return on Equity

High ROE: MSP's Return on Equity (7.6%) is considered low.


Financial Health

How is MAS Real Estate's financial position?


Financial Position Analysis

Short Term Liabilities: MSP's short term assets (€534.7M) exceed its short term liabilities (€136.1M).

Long Term Liabilities: MSP's short term assets (€534.7M) exceed its long term liabilities (€321.1M).


Debt to Equity History and Analysis

Debt Level: MSP's debt to equity ratio (46.9%) is considered high.

Reducing Debt: MSP's debt to equity ratio has increased from 12.1% to 46.9% over the past 5 years.

Debt Coverage: MSP's debt is not well covered by operating cash flow (9.8%).

Interest Coverage: MSP earns more interest than it pays, so coverage of interest payments is not a concern.


Balance Sheet


Dividend

What is MAS Real Estate current dividend yield, its reliability and sustainability?

5.77%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: MSP's dividend (5.77%) is higher than the bottom 25% of dividend payers in the ZA market (3.14%).

High Dividend: MSP's dividend (5.77%) is low compared to the top 25% of dividend payers in the ZA market (7.52%).


Stability and Growth of Payments

Stable Dividend: MSP's dividend payments have been volatile in the past 10 years.

Growing Dividend: MSP's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (63.5%), MSP'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.


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.9yrs

Average management tenure


CEO

Martin Slabbert

1.92yrs

Tenure

€357,000

Compensation

Mr. Martin Slabbert, BCom, LLB (cum laude), MCom (cum laude), Dip FMI, CF (England and Wales), is Chief Executive Officer at MAS Real Estate Inc. since November 20, 2019 and serves as its Director since No...


Leadership Team

Experienced Management: MSP's management team is not considered experienced ( 1.9 years average tenure), which suggests a new team.


Board Members

Experienced Board: MSP's board of directors are not considered experienced ( 1.8 years average tenure), which suggests a new board.


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: MSP insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

MAS Real Estate Inc.'s employee growth, exchange listings and data sources


Key Information

  • Name: MAS Real Estate Inc.
  • Ticker: MSP
  • Exchange: JSE
  • Founded: 2008
  • Industry: Real Estate Operating Companies
  • Sector: Real Estate
  • Market Cap: R12.491b
  • Shares outstanding: 706.49m
  • Website: https://www.masrei.com

Number of Employees


Location

  • MAS Real Estate Inc.
  • Clarendon House
  • 2nd Floor
  • Douglas
  • IM1 2LN
  • Isle of Man

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/23 17:05
End of Day Share Price2021/10/22 00:00
Earnings2021/06/30
Annual Earnings2021/06/30


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.