Redefine Properties Limited

JSE:RDF Stock Report

Market Cap: R32.6b

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 (ZAR4.83) is trading below our estimate of fair value (ZAR5.44)

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 Ratio8.2x
EarningsR3.97b
Market CapR32.61b

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 Average21.4x
GRT Growthpoint Properties
35.6xn/aR45.1b
BTN Burstone Group
34.1xn/aR7.9b
SAC SA Real Estate
6.1xn/aR7.3b
ATT Attacq
9.9xn/aR9.4b
RDF Redefine Properties
8.2xn/aR32.6b

Price-To-Earnings vs Peers: RDF is good value based on its Price-To-Earnings Ratio (8.2x) compared to the peer average (21.4x).

Price to Earnings Ratio vs Industry

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

10 CompaniesPrice / EarningsEstimated GrowthMarket Cap
RDF 8.2xIndustry Avg. 16.0xNo. of Companies21PE01020304050+
10 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: RDF is good value based on its Price-To-Earnings Ratio (8.2x) compared to the Global REITs industry average (15.6x).

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 Ratio8.2x
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
CurrentR4.83
R5.11
+5.8%
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%R4.40R3.90n/a4
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
Nov ’23R4.03
R4.40
+9.2%
12.6%R5.00R3.50R3.584

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

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