Announcement • Feb 25
AJPG Property 1 Proprietary Limited entered into an agreement to acquire Killarney Mall from Octodec Investments Limited (JSE:OCT) for approximately ZAR 400 million. AJPG Property 1 Proprietary Limited entered into an agreement to acquire Killarney Mall from Octodec Investments Limited (JSE:OCT) for approximately ZAR 400 million on February 24, 2026. A cash consideration of ZAR 397.5 million will be paid by AJPG Property 1 Proprietary Limited.
As of August 31, 2025, Killarney Mall reported net liabilities of ZAR 38.58 million.
The transaction is subject to subject to the Purchaser is satisfied with the outcome of its due diligence investigation, by not later than 45 days after the fulfilment or waiver of the condition the Purchaser has furnished Octodec’s conveyancer with an unconditional and irrevocable banker’s guarantee from a recognized major bank in South Africa for the payment of the Disposal Consideration, by not later than 30 days after the fulfilment or waiver (as the case may be) of the condition precedent contemplated that Nedbank Limited has, to the extent required, provided such consents or releases as may be required to enable the cancellation of the existing mortgage and registration of any new security, and to the extent necessary, the release of (i) the sale claims from any existing encumbrance in favour of Nedbank and (ii) Octodec from any suretyship in favour of Nedbank and by not later than 90 days after the filing with the Competition Authorities, the Disposal is approved by the Competition Authorities. The proceeds from the disposal will be allocated towards the reduction in debt and deployment towards future projects.
Cliffe Dekker Hofmeyr acted as legal advisor for Octodec Investments Limited. Announcement • Feb 20
Octodec Investments Limited to Report First Half, 2026 Results on May 12, 2026 Octodec Investments Limited announced that they will report first half, 2026 results on May 12, 2026 Declared Dividend • Nov 27
Final dividend of R0.73 announced Shareholders will receive a dividend of R0.73. Ex-date: 10th December 2025 Payment date: 15th December 2025 Dividend yield will be 9.3%, which is about the same as the industry average. Reported Earnings • Nov 27
Full year 2025 earnings released: EPS: R1.85 (vs R0.81 in FY 2024) Full year 2025 results: EPS: R1.85 (up from R0.81 in FY 2024). Revenue: R2.18b (up 4.4% from FY 2024). Net income: R491.1m (up 127% from FY 2024). Profit margin: 23% (up from 10% in FY 2024). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 26% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Nov 01
Octodec Investments Limited, Annual General Meeting, Feb 04, 2026 Octodec Investments Limited, Annual General Meeting, Feb 04, 2026. Announcement • Aug 18
Octodec Investments Limited to Report Fiscal Year 2025 Results on Nov 25, 2025 Octodec Investments Limited announced that they will report fiscal year 2025 results on Nov 25, 2025 Declared Dividend • May 15
First half dividend of R0.62 announced Shareholders will receive a dividend of R0.62. Ex-date: 28th May 2025 Payment date: 2nd June 2025 Dividend yield will be 12%, which is higher than the industry average of 9.2%. Announcement • May 09
Catalyst Fund Managers (Pty) Ltd. acquired an unknown minority stake in Octodec Investments Limited (JSE:OCT). Catalyst Fund Managers (Pty) Ltd. acquired an unknown minority stake in Octodec Investments Limited (JSE:OCT) on May 9, 2025.
Catalyst Fund Managers (Pty) Ltd. completed the acquisition of an unknown minority stake in Octodec Investments Limited (JSE:OCT) on May 9, 2025. Upcoming Dividend • Dec 04
Upcoming dividend of R0.65 per share Eligible shareholders must have bought the stock before 11 December 2024. Payment date: 17 December 2024. Trailing yield: 10%. Within top quartile of South African dividend payers (8.0%). Higher than average of industry peers (8.6%). New Risk • Nov 26
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 44% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.8x net interest cover). Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (10% net profit margin). Announcement • Oct 26
Octodec Investments Limited Appoints Riaan Erasmus as Deputy Chief Executive Officer, Effective from 30 November 2024 Octodec Investments Limited referred to the announcement published on SENS on 22 April 2024 wherein it was advised that Riaan Erasmus will be appointed as the executive financial director and debt officer of Octodec effective upon the date of publication of Octodec's audited financial statements for the year ended 31 August 2024. Following the recommendation of the Nominations Committee in line with the Company's policy dealing with the nomination of directors, and in line with Octodec's succession planning, the board of directors of Octodec have resolved to appoint Riaan as the deputy chief executive officer of Octodec in addition to his role as the executive financial director and debt officer with both appointments becoming effective from 30 November 2024. Riaan's specific responsibilities in this new role will include the optimisation of the Group's property portfolio and the assessing of the merits of the internalisation of the asset and property management services currently provided by City Property Administration (Pty) Ltd. (City Property). Further responsibilities will be outlined in the upcoming integrated annual report. The Board confirms that Riaan's role as deputy chief executive officer would not impede on his position of executive financial director and debt officer. Riaan will be employed by Octodec on a full-time basis as contemplated in the Asset and Property Management Agreement between Octodec and City Property and will fulfil his primary duties as the executive financial director and debt officer, assisted by a capable financial team. Board Change • Oct 01
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 5 highly experienced directors. Independent Non-Executive Director Richard William Buchholz was the last director to join the board, commencing their role in 2021. The following issues are considered to be risks according to the Simply Wall St Risk Model: Insufficient board refreshment. Upcoming Dividend • May 31
Upcoming dividend of R0.60 per share Eligible shareholders must have bought the stock before 05 June 2024. Payment date: 10 June 2024. Trailing yield: 14%. Within top quartile of South African dividend payers (8.9%). Higher than average of industry peers (11%). Declared Dividend • May 16
First half dividend of R0.60 announced Dividend of R0.60 is the same as last year. Ex-date: 5th June 2024 Payment date: 10th June 2024 Dividend yield will be 14%, which is higher than the industry average of 9.2%. Announcement • Dec 08
Octodec Investments Limited, Annual General Meeting, Feb 01, 2024 Octodec Investments Limited, Annual General Meeting, Feb 01, 2024, at 10:00 South Africa Standard Time. Upcoming Dividend • Nov 15
Upcoming dividend of R0.75 per share at 14% yield Eligible shareholders must have bought the stock before 22 November 2023. Payment date: 27 November 2023. Trailing yield: 14%. Within top quartile of South African dividend payers (9.4%). Higher than average of industry peers (10%). Upcoming Dividend • May 24
Upcoming dividend of R0.60 per share at 14% yield Eligible shareholders must have bought the stock before 31 May 2023. Payment date: 05 June 2023. Trailing yield: 14%. Within top quartile of South African dividend payers (9.9%). Higher than average of industry peers (9.9%). Reported Earnings • May 21
First half 2023 earnings released: EPS: R1.35 (vs R0.90 in 1H 2022) First half 2023 results: EPS: R1.35 (up from R0.90 in 1H 2022). Revenue: R961.1m (up 2.2% from 1H 2022). Net income: R360.1m (up 51% from 1H 2022). Profit margin: 38% (up from 26% in 1H 2022). Over the last 3 years on average, earnings per share has increased by 91% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Announcement • May 12
Octodec Investments Limited to Report First Half, 2023 Results on May 16, 2023 Octodec Investments Limited announced that they will report first half, 2023 results on May 16, 2023 Reported Earnings • Dec 14
Full year 2022 earnings released: EPS: R2.27 (vs R0.66 loss in FY 2021) Full year 2022 results: EPS: R2.27 (up from R0.66 loss in FY 2021). Revenue: R1.94b (up 4.0% from FY 2021). Net income: R605.1m (up R779.9m from FY 2021). Profit margin: 31% (up from net loss in FY 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Dec 10
Octodec Investments Limited, Annual General Meeting, Feb 03, 2023 Octodec Investments Limited, Annual General Meeting, Feb 03, 2023, at 11:30 South Africa Standard Time. Buying Opportunity • Dec 01
Now 20% undervalued Over the last 90 days, the stock is up 5.5%. The fair value is estimated to be R12.28, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Meanwhile, the company has become profitable. Upcoming Dividend • Nov 09
Upcoming dividend of R0.80 per share Eligible shareholders must have bought the stock before 16 November 2022. Payment date: 21 November 2022. Trailing yield: 16%. Within top quartile of South African dividend payers (8.8%). Higher than average of industry peers (9.8%). Reported Earnings • Nov 08
Full year 2022 earnings released: EPS: R2.28 (vs R0.66 loss in FY 2021) Full year 2022 results: EPS: R2.28 (up from R0.66 loss in FY 2021). Revenue: R1.94b (up 3.8% from FY 2021). Net income: R607.6m (up R782.4m from FY 2021). Profit margin: 31% (up from net loss in FY 2021). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Nov 05
Catalyst Fund Managers (Pty) Limited acquired unknown minority stakes in Octodec Investments Limited (JSE:OCT). Catalyst Fund Managers (Pty) Limited acquired unknown minority stakes in Octodec Investments Limited (JSE:OCT) on November 3, 2022. Catalyst now holds 5.10% of Octodec's total issued ordinary shares.
Catalyst Fund Managers (Pty) Limited completed the acquisition of unknown minority stakes in Octodec Investments Limited (JSE:OCT) on November 3, 2022. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 16% share price gain to R9.45, the stock trades at a trailing P/E ratio of 9.7x. Average trailing P/E is 7x in the REITs industry in South Africa. Total loss to shareholders of 24% over the past three years. Upcoming Dividend • May 18
Upcoming dividend of R0.50 per share Eligible shareholders must have bought the stock before 25 May 2022. Payment date: 30 May 2022. Trailing yield: 6.0%. Lower than top quartile of South African dividend payers (7.8%). Lower than average of industry peers (8.6%). Reported Earnings • May 10
First half 2022 earnings released First half 2022 results: Revenue: (down 100% from 1H 2021). Net income: (up R194.6m from 1H 2021). Profit margin: (up from net loss in 1H 2021). Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has only fallen by 24% per year, which means it has not declined as severely as earnings. Board Change • Mar 29
High number of new directors Independent Non-Executive Director Richard William Buchholz was the last director to join the board, commencing their role in 2021. Recent Insider Transactions • Feb 27
Non-Executive Director recently bought R149k worth of stock On the 24th of February, Myron Pollack bought around 20k shares on-market at roughly R7.45 per share. This was the largest purchase by an insider in the last 3 months. This was the only on-market transaction from insiders over the last 12 months. Announcement • Feb 24
Octodec Investments Limited to Report Fiscal Year 2022 Results on Nov 01, 2022 Octodec Investments Limited announced that they will report fiscal year 2022 results on Nov 01, 2022 Announcement • Feb 08
Octodec Investments Limited Advises Gerard Kemp to Stepped Down from the Board of Directors Octodec Investments Limited advised that Mr. Gerard Kemp has stepped down from the board of directors of Octodec with effect from February 4, 2022, annual general meeting. The Board thanks Mr. Kemp for his invaluable contribution to both the Board and the Company since his appointment in October 2013, in his role as an independent non-executive director, as a member of numerous board committees, and as chair of the social, ethics, remuneration and transformation committee. Board Change • Dec 22
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Richard William Buchholz was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • Dec 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: R0.66 loss per share (up from R3.35 loss in FY 2020). Revenue: R1.87b (down 6.0% from FY 2020). Net loss: R174.8m (loss narrowed 80% from FY 2020). Net asset value (NAV) per share: R23.20 (down 6.5% from FY 2020). The current share price is 65% lower than NAV per share. Revenue was in line with analyst estimates. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 76 percentage points per year, which is a significant difference in performance. Upcoming Dividend • Nov 10
Upcoming dividend of R0.50 per share Eligible shareholders must have bought the stock before 17 November 2021. Payment date: 22 November 2021. Trailing yield: 5.8%. Lower than top quartile of South African dividend payers (7.5%). Lower than average of industry peers (9.3%). Reported Earnings • Nov 03
Full year 2021 earnings released: R0.66 loss per share (vs R3.35 loss in FY 2020) The company reported a decent full year result with reduced losses and improved control over expenses, although revenues were weaker. Full year 2021 results: Revenue: R1.83b (down 7.7% from FY 2020). Net loss: R174.8m (loss narrowed 80% from FY 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 74 percentage points per year, which is a significant difference in performance. Reported Earnings • Apr 26
First half 2021 earnings released: R0.73 loss per share (vs R0.13 profit in 1H 2020) The company reported a poor first half result with weaker earnings, revenues and control over costs. First half 2021 results: Revenue: R921.6m (down 8.3% from 1H 2020). Net loss: R194.6m (down R229.2m from profit in 1H 2020). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 84 percentage points per year, which is a significant difference in performance. Announcement • Mar 12
Octodec Investments Limited Announces Management Changes Octodec Investments Limited announced that Mr. GH Kemp has resigned from the Risk Committee of the company, and Mr. NC Mabunda has been appointed to the Risk Committee, both with effect from 9 March 2021. Mr. Kemp remains a director of the company and a member of the Audit, Social, Ethics, Remuneration and Transformation and Nominations Committees. Recent Insider Transactions • Feb 17
Key Executive recently sold R341k worth of stock On the 11th of February, Anthony Stein sold around 40k shares on-market at roughly R8.53 per share. This was the largest sale by an insider in the last 3 months. This was Anthony's only on-market trade for the last 12 months. Upcoming Dividend • Feb 10
Upcoming Dividend of R1.00 Per Share Will be paid on the 22nd of February to those who are registered shareholders by the 17th of February. The trailing yield of 11% is in the top quartile of South African dividend payers (8.7%), and it is in line with industry peers (12%). Is New 90 Day High Low • Feb 03
New 90-day high: R8.00 The company is up 44% from its price of R5.57 on 05 November 2020. The South African market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 14% over the same period. Announcement • Jan 16
Catalyst Fund Managers Proprietary Limited acquired an additional unknown minority stake in Octodec Investments Limited (JSE:OCT). Catalyst Fund Managers Proprietary Limited acquired an additional unknown minority stake in Octodec Investments Limited (JSE:OCT) on January 15, 2021. Post completion, Catalyst Fund Managers Proprietary Limited hold 5.01% stake of Octodec Investments Limited.
Catalyst Fund Managers Proprietary Limited completed the acquisition of an additional unknown minority stake in Octodec Investments Limited (JSE:OCT) on January 15, 2021. Is New 90 Day High Low • Jan 13
New 90-day high: R7.90 The company is up 62% from its price of R4.89 on 15 October 2020. The South African market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 14% over the same period. Is New 90 Day High Low • Dec 24
New 90-day high: R7.75 The company is up 66% from its price of R4.67 on 23 September 2020. The South African market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 17% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: R7.00 The company is up 20% from its price of R5.81 on 04 September 2020. The South African market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is up 3.0% over the same period. Reported Earnings • Nov 18
Full year 2020 earnings released: R3.35 loss per share The company reported a poor full year result with weaker earnings, revenues and control over expenses. Full year 2020 results: Revenue: R1.88b (down 5.3% from FY 2019). Net loss: R891.8m (down 402% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 84% per year but the company’s share price has only fallen by 27% per year, which means it has not declined as severely as earnings. Valuation Update With 7 Day Price Move • Nov 14
Market bids up stock over the past week After last week's 18% share price gain to R6.60, the stock is trading at a trailing P/E ratio of 14.6x, up from the previous P/E ratio of 12.3x. This compares to an average P/E of 14x in the REITs industry in South Africa. Total return to shareholders over the past three years is a loss of 53%. Is New 90 Day High Low • Nov 14
New 90-day high: R6.60 The company is up 15% from its price of R5.75 on 14 August 2020. The South African market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the REITs industry, which is down 8.0% over the same period. Valuation Update With 7 Day Price Move • Nov 12
Market bids up stock over the past week After last week's 16% share price gain to R6.45, the stock is trading at a trailing P/E ratio of 14.2x, up from the previous P/E ratio of 12.3x. This compares to an average P/E of 14x in the REITs industry in South Africa. Total return to shareholders over the past three years is a loss of 54%. Announcement • Oct 29
Octodec Investments Limited Appoints Anthony Stein as Debt Officer Octodec Investments Limited announced that Mr. Anthony Stein, in his capacity as director of Premium Properties has been appointed as debt officer of the Company with immediate effect.