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REB

Rebosis Property FundJSE:REB Stock Report

Market Cap

R231.8m

7D

-7.1%

1Y

8.3%

Updated

17 Oct, 2021

Data

Company Financials
REB fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance0/6
Financial Health3/6
Dividends0/6

REB Overview

Rebosis is a JSE listed real estate investment trust (REIT) with a high quality diversified portfolio across commercial and retail assets.

Rebosis Property Fund Competitors

Growthpoint Properties

JSE:GRT

R47.2b

Redefine Properties

JSE:RDF

R24.3b

Fortress REIT

JSE:FFA

R18.6b

Investec Property Fund

JSE:IPF

R8.6b

Price History & Performance

Summary of all time highs, changes and price drops for Rebosis Property Fund
Historical stock prices
Current Share PriceR0.26
52 Week HighR0.15
52 Week LowR0.34
Beta1.14
1 Month Change-7.14%
3 Month Change-7.14%
1 Year Change8.33%
3 Year Change-95.84%
5 Year Change-97.74%
Change since IPO-97.70%

Recent News & Updates

Shareholder Returns

REBZA REITsZA Market
7D-7.1%-0.4%1.6%
1Y8.3%39.5%21.3%

Return vs Industry: REB underperformed the ZA REITs industry which returned 39.5% over the past year.

Return vs Market: REB underperformed the ZA Market which returned 21.3% over the past year.

Price Volatility

Is REB's price volatile compared to industry and market?
REB volatility
REB Beta1.14
Industry Beta0.89
Market Beta1

Stable Share Price: REB is more volatile than 90% of ZA stocks over the past 3 months, typically moving +/- 14% a week.

Volatility Over Time: REB's weekly volatility (14%) has been stable over the past year, but is still higher than 75% of ZA stocks.

About the Company

FoundedEmployeesCEOWebsite
2010n/aSisa Ngebulanahttps://www.rebosis.co.za

Rebosis is a JSE listed real estate investment trust (REIT) with a high quality diversified portfolio across commercial and retail assets. The majority of the commercial income enjoys a sovereign underpin from leases to national government departments across 36 buildings. Its retail portfolio has a mix of shopping centres including Port Elizabeth (Baywest Mall) and Centurion (Forest Hill City).

Rebosis Property Fund Fundamentals Summary

How do Rebosis Property Fund's earnings and revenue compare to its market cap?
REB fundamental statistics
Market CapR231.79m
Earnings (TTM)-R474.30m
Revenue (TTM)R1.62b

0.1x

P/S Ratio

-0.4x

P/E Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
REB income statement (TTM)
RevenueR1.62b
Cost of RevenueR647.38m
Gross ProfitR968.80m
ExpensesR1.44b
Earnings-R474.30m

Last Reported Earnings

Feb 28, 2021

Next Earnings Date

Nov 26, 2021

Earnings per share (EPS)-0.62
Gross Margin59.94%
Net Profit Margin-29.35%
Debt/Equity Ratio280.5%

How did REB perform over the long term?

See historical performance and comparison

Valuation

Is Rebosis Property Fund undervalued compared to its fair value and its price relative to the market?

>50%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: REB (ZAR0.26) is trading below our estimate of fair value (ZAR0.94)

Significantly Below Fair Value: REB is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: REB is unprofitable, so we can't compare its PE Ratio to the ZA REITs industry average.

PE vs Market: REB is unprofitable, so we can't compare its PE Ratio to the ZA market.


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: REB is good value based on its PB Ratio (0.1x) compared to the ZA REITs industry average (0.6x).


Future Growth

How is Rebosis Property Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?

11.9%

Forecasted Real Estate industry annual growth in earnings


In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Rebosis Property Fund has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.


Past Performance

How has Rebosis Property Fund performed over the past 5 years?

-44.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: REB is currently unprofitable.

Growing Profit Margin: REB is currently unprofitable.


Past Earnings Growth Analysis

Earnings Trend: REB is unprofitable, and losses have increased over the past 5 years at a rate of 44.9% per year.

Accelerating Growth: Unable to compare REB's earnings growth over the past year to its 5-year average as it is currently unprofitable

Earnings vs Industry: REB is unprofitable, making it difficult to compare its past year earnings growth to the REITs industry (132.9%).


Return on Equity

High ROE: REB has a negative Return on Equity (-13.9%), as it is currently unprofitable.


Financial Health

How is Rebosis Property Fund's financial position?


Financial Position Analysis

Short Term Liabilities: REB's short term assets (ZAR1.4B) do not cover its short term liabilities (ZAR10.3B).

Long Term Liabilities: REB has no long term liabilities.


Debt to Equity History and Analysis

Debt Level: REB's debt to equity ratio (280.5%) is considered high.

Reducing Debt: REB's debt to equity ratio has increased from 99.4% to 280.5% over the past 5 years.


Balance Sheet


Cash Runway Analysis

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

Stable Cash Runway: Whilst unprofitable REB has sufficient cash runway for more than 3 years if it maintains its current positive free cash flow level.

Forecast Cash Runway: REB is unprofitable but has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by 1% per year.


Dividend

What is Rebosis Property Fund current dividend yield, its reliability and sustainability?


Dividend Yield vs Market

Notable Dividend: Unable to evaluate REB's dividend yield against the bottom 25% of dividend payers, as the company has not reported any recent payouts.

High Dividend: Unable to evaluate REB's dividend yield against the top 25% of dividend payers, as the company has not reported any recent payouts.


Stability and Growth of Payments

Stable Dividend: Insufficient data to determine if REB's dividends per share have been stable in the past.

Growing Dividend: Insufficient data to determine if REB's dividend payments have been increasing.


Current Payout to Shareholders

Dividend Coverage: REB is not paying a notable dividend for the ZA market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of REB's dividend in 3 years as they are not forecast to pay a notable one for the ZA market.


Next Steps

Management

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

4.3yrs

Average board tenure


CEO

Sisa Ngebulana (54 yo)

no data

Tenure

R7,332,000

Compensation

Dr. Sisa Michael Ngebulana, B. Juris, CEA (SA) LLB, LLM, Ph D., served as Deputy Chairman of Rebosis Property Fund Limited since January 2019 until July 11, 2019 and serves as its Director since April 12,...


CEO Compensation Analysis

Compensation vs Market: Sisa's total compensation ($USD501.42K) is above average for companies of similar size in the ZA market ($USD280.19K).

Compensation vs Earnings: Sisa's compensation has been consistent with company performance over the past year.


Board Members

Experienced Board: REB's board of directors are considered experienced (4.3 years average tenure).


Ownership

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.


Ownership Breakdown

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


Top Shareholders

Company Information

Rebosis Property Fund Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Rebosis Property Fund Limited
  • Ticker: REB
  • Exchange: JSE
  • Founded: 2010
  • Industry: Diversified REITs
  • Sector: Real Estate
  • Market Cap: R231.792m
  • Shares outstanding: 760.11m
  • Website: https://www.rebosis.co.za

Number of Employees


Location

  • Rebosis Property Fund Limited
  • Roland Garros Building
  • 2nd Floor
  • Bryanston
  • Gauteng
  • 2191
  • South Africa

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/10/17 17:05
End of Day Share Price2021/10/15 00:00
Earnings2021/02/28
Annual Earnings2020/08/31


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.