Rebosis Property Fund Valuation

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

Valuation Score

4/6

Valuation Score 4/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: REB (ZAR0.16) is trading below our estimate of fair value (ZAR1.42)

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

Key Valuation Metric

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

Key metric: As REB is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for REB. This is calculated by dividing REB's market cap by their current revenue.
What is REB's PS Ratio?
PS Ratio	0.07x
Sales	R1.67b
Market Cap	R172.23m

REB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	5.7x
Enterprise Value/EBITDA	13.6x
PEG Ratio	n/a

Price to Sales Ratio vs Peers

How does REB's PS Ratio compare to its peers?

The above table shows the PS ratio for REB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	4.6x
NRL Newpark REIT	3.7x	n/a	R480.0m
OAS Oasis Crescent Property Fund	9.2x	n/a	R1.3b
SEA Spear Reit	3.9x	-13.2%	R2.4b
OCT Octodec Investments	1.6x	n/a	R3.2b
REB Rebosis Property Fund	0.07x	n/a	R172.2m

Price-To-Sales vs Peers: REB is good value based on its Price-To-Sales Ratio (0.1x) compared to the peer average (5.2x).

Price to Sales Ratio vs Industry

How does REB's PS Ratio compare vs other companies in the African REITs Industry?

1 Company	Price / Sales	Estimated Growth	Market Cap
Industry Avg.	6.3x	-10.3%
REB Rebosis Property Fund	0.07x	n/a	US$9.96m

1 Company		Estimated Growth	Market Cap
Industry Avg.	6.3x	18.5%
REB Rebosis Property Fund	0.07x	n/a	US$9.96m

No more companies

Price-To-Sales vs Industry: REB is good value based on its Price-To-Sales Ratio (0.1x) compared to the Global REITs industry average (6.7x).

Price to Sales Ratio vs Fair Ratio

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

REB PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	0.07x
Fair PS Ratio	n/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate REB's Price-To-Sales 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?

Analyst Forecast: Insufficient data to show price forecast.

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