Redefine Properties Limited

JSE:RDF Stock Report

Market Cap: R30.9b

Redefine Properties Valuation

Is RDF undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of RDF when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: RDF (ZAR4.51) is trading below our estimate of fair value (ZAR5.36)

Significantly Below Fair Value: RDF is trading below fair value, but not by a significant amount.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for RDF?

Key metric: As RDF is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for RDF. This is calculated by dividing RDF's market cap by their current earnings.
What is RDF's PE Ratio?
PE Ratio7.7x
EarningsR3.97b
Market CapR30.93b

Price to Earnings Ratio vs Peers

How does RDF's PE Ratio compare to its peers?

The above table shows the PE ratio for RDF vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.5x
GRT Growthpoint Properties
34.4xn/aR44.2b
SAC SA Real Estate
6xn/aR7.5b
ATT Attacq
10.1xn/aR9.5b
FTA Fairvest
27.5xn/aR8.3b
RDF Redefine Properties
7.7xn/aR30.9b

Price-To-Earnings vs Peers: RDF is good value based on its Price-To-Earnings Ratio (7.7x) compared to the peer average (19.5x).

Price to Earnings Ratio vs Industry

How does RDF's PE Ratio compare vs other companies in the Global REITs Industry?

8 CompaniesPrice / EarningsEstimated GrowthMarket Cap
RDF 7.7xIndustry Avg. 15.8xNo. of Companies19PE01020304050+
8 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: RDF is good value based on its Price-To-Earnings Ratio (7.7x) compared to the Global REITs industry average (15.8x).

Price to Earnings Ratio vs Fair Ratio

What is RDF's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

RDF PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio7.7x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate RDF's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst RDF forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR4.51
R5.24
+16.1%
2.8%R5.45R5.10n/a4
Dec ’25R4.54
R5.11
+12.6%
4.5%R5.45R4.80n/a4
Nov ’25R4.93
R4.99
+1.2%
6.4%R5.45R4.60n/a4
Oct ’25R4.94
R4.50
-8.9%
6.5%R4.80R4.10n/a3
Sep ’25R4.76
R4.50
-5.5%
6.5%R4.80R4.10n/a3
Aug ’25R4.34
R4.51
+4.0%
5.7%R4.80R4.10n/a4
Jul ’25R4.24
R4.51
+6.4%
5.7%R4.80R4.10n/a4
Jun ’25R3.59
R4.45
+24.0%
6.1%R4.80R4.10n/a4
May ’25R3.96
R4.43
+12.0%
4.3%R4.70R4.30n/a3
Apr ’25R3.95
R4.48
+13.5%
3.7%R4.70R4.30n/a3
Mar ’25R3.99
R4.48
+12.4%
3.7%R4.70R4.30n/a3
Feb ’25R4.16
R4.37
+5.0%
2.2%R4.50R4.30n/a3
Jan ’25R3.85
R4.31
+12.0%
3.4%R4.50R4.14n/a3
Dec ’24R3.51
R4.19
+19.2%
4.5%R4.40R3.90R4.544
Nov ’24R3.58
R4.11
+14.8%
4.6%R4.40R3.90R4.934
Oct ’24R3.55
R4.11
+15.8%
4.6%R4.40R3.90R4.944
Sep ’24R3.62
R4.11
+13.5%
4.6%R4.40R3.90R4.764
Aug ’24R3.61
R4.11
+13.9%
4.6%R4.40R3.90R4.344
Jul ’24R3.29
R4.33
+31.7%
10.2%R5.03R3.90R4.244
Jun ’24R3.19
R4.41
+38.2%
10.7%R5.03R3.90R3.594
May ’24R3.88
R4.91
+26.5%
3.0%R5.03R4.70R3.963
Apr ’24R3.64
R4.85
+33.2%
3.1%R5.00R4.70R3.952
Mar ’24R3.77
R4.77
+26.4%
3.6%R5.00R4.60R3.993
Feb ’24R4.09
R4.43
+8.2%
12.6%R5.00R3.50R4.164
Jan ’24R4.23
R4.43
+4.6%
12.6%R5.00R3.50R3.854
Dec ’23R3.81
R4.40
+15.5%
12.6%R5.00R3.50R3.514

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/19 16:37
End of Day Share Price 2024/12/19 00:00
Earnings2024/08/31
Annual Earnings2024/08/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Redefine Properties Limited is covered by 19 analysts. 2 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Mahir HamdulayAbsa Bank Limited
null nullAnchor Stockbrokers Proprietary Limited
Francois Du ToitAnchor Stockbrokers Proprietary Limited