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RES

Resilient REITJSE:RES Stock Report

Market Cap

R20.6b

7D

2.2%

1Y

68.0%

Updated

21 Oct, 2021

Data

Company Financials +
RES fundamental analysis
Snowflake Score
Valuation1/6
Future Growth1/6
Past Performance1/6
Financial Health0/6
Dividends2/6

RES Overview

Resilient is a Real Estate Investment Trust (REIT) which has been listed on the Johannesburg stock exchange since December 2002.

Resilient REIT Competitors

Vukile Property Fund

JSE:VKE

R11.5b

Hyprop Investments

JSE:HYP

R9.0b

Fairvest Property Holdings

JSE:FVT

R1.9b

Growthpoint Properties

JSE:GRT

R45.2b

Price History & Performance

Summary of all time highs, changes and price drops for Resilient REIT
Historical stock prices
Current Share PriceR57.17
52 Week HighR29.98
52 Week LowR61.00
Beta1.19
1 Month Change5.93%
3 Month Change10.95%
1 Year Change68.00%
3 Year Change-3.92%
5 Year Change-48.71%
Change since IPO-21.51%

Recent News & Updates

Shareholder Returns

RESZA REITsZA Market
7D2.2%0.3%0.9%
1Y68.0%36.1%19.9%

Return vs Industry: RES exceeded the ZA REITs industry which returned 36.1% over the past year.

Return vs Market: RES exceeded the ZA Market which returned 19.9% over the past year.

Price Volatility

Is RES's price volatile compared to industry and market?
RES volatility
RES Beta1.19
Industry Beta0.89
Market Beta1

Stable Share Price: RES is less volatile than 75% of ZA stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: RES's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
n/an/aDes de Beerhttps://www.resilient.co.za

Resilient is a Real Estate Investment Trust (REIT) which has been listed on the Johannesburg stock exchange since December 2002. It owns a portfolio of dominant regional malls and shopping centres tenanted predominantly by national retailers. Resilient continues to develop retail centres which are both quality and yield enhancing.

Resilient REIT Fundamentals Summary

How do Resilient REIT's earnings and revenue compare to its market cap?
RES fundamental statistics
Market CapR20.64b
Earnings (TTM)R357.76m
Revenue (TTM)R778.77m

57.7x

P/E Ratio

26.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
RES income statement (TTM)
RevenueR778.77m
Cost of RevenueR1.06b
Gross Profit-R280.25m
Expenses-R638.01m
EarningsR357.76m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)0.99
Gross Margin-35.99%
Net Profit Margin45.94%
Debt/Equity Ratio50.6%

How did RES perform over the long term?

See historical performance and comparison

Dividends

7.5%

Current Dividend Yield

82%

Payout Ratio

Valuation

Is Resilient REIT undervalued compared to its fair value and its price relative to the market?

8.2%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: RES (ZAR57.17) is trading below our estimate of fair value (ZAR62.27)

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


Price To Earnings Ratio

PE vs Industry: RES is poor value based on its PE Ratio (57.7x) compared to the ZA REITs industry average (10.2x).

PE vs Market: RES is poor value based on its PE Ratio (57.7x) compared to the ZA market (11.4x).


Price to Earnings Growth Ratio

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


Price to Book Ratio

PB vs Industry: RES is overvalued based on its PB Ratio (1.1x) compared to the ZA REITs industry average (0.6x).


Future Growth

How is Resilient REIT forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

15.6%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if RES's forecast earnings growth is above the savings rate (8.8%).

Earnings vs Market: Insufficient data to determine if RES's earnings are forecast to grow faster than the ZA market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: RES's revenue (15.6% per year) is forecast to grow faster than the ZA market (6.3% per year).

High Growth Revenue: RES's revenue (15.6% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: RES's Return on Equity is forecast to be low in 3 years time (8.5%).


Past Performance

How has Resilient REIT performed over the past 5 years?

-29.6%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: RES has a large one-off gain of ZAR1.1B impacting its June 30 2021 financial results.

Growing Profit Margin: RES became profitable in the past.


Past Earnings Growth Analysis

Earnings Trend: RES's earnings have declined by 29.6% per year over the past 5 years.

Accelerating Growth: RES has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.

Earnings vs Industry: RES has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (132.9%).


Return on Equity

High ROE: RES's Return on Equity (1.8%) is considered low.


Financial Health

How is Resilient REIT's financial position?


Financial Position Analysis

Short Term Liabilities: RES's short term assets (ZAR1.8B) do not cover its short term liabilities (ZAR2.9B).

Long Term Liabilities: RES's short term assets (ZAR1.8B) do not cover its long term liabilities (ZAR8.4B).


Debt to Equity History and Analysis

Debt Level: RES's debt to equity ratio (50.6%) is considered high.

Reducing Debt: RES's debt to equity ratio has increased from 29.1% to 50.6% over the past 5 years.

Debt Coverage: RES's debt is not well covered by operating cash flow (13.3%).

Interest Coverage: Insufficient data to determine if RES's interest payments on its debt are well covered by EBIT.


Balance Sheet


Dividend

What is Resilient REIT current dividend yield, its reliability and sustainability?

7.50%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: RES's dividend (7.5%) is higher than the bottom 25% of dividend payers in the ZA market (3.08%).

High Dividend: RES's dividend (7.5%) is low compared to the top 25% of dividend payers in the ZA market (8.02%).


Stability and Growth of Payments

Stable Dividend: RES has been paying a dividend for less than 10 years and during this time payments have been volatile.

Growing Dividend: RES's dividend payments have increased, but the company has only paid a dividend for 7 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (82%), RES's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.


Next Steps

Management

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

1.6yrs

Average management tenure


CEO

Des de Beer (60 yo)

no data

Tenure

R11,444,000

Compensation

Mr. Desmond de Beer, also known as Des, BProc, MAP serves as Non-Executive Director at Hammerson Plc since June 15, 2020. He serves as a Non-Independent Non-Executive Director at Lighthouse Capital Limited...


CEO Compensation Analysis

Compensation vs Market: Des's total compensation ($USD785.01K) is about average for companies of similar size in the ZA market ($USD944.32K).

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


Leadership Team

Experienced Management: RES's management team is not considered experienced ( 1.6 years average tenure), which suggests a new team.


Board Members

Experienced Board: RES's board of directors are considered experienced (7.4 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.


Recent Insider Transactions

Ownership Breakdown

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


Top Shareholders

Company Information

Resilient REIT Limited's employee growth, exchange listings and data sources


Key Information

  • Name: Resilient REIT Limited
  • Ticker: RES
  • Exchange: JSE
  • Founded: NaN
  • Industry: Retail REITs
  • Sector: Real Estate
  • Market Cap: R20.637b
  • Shares outstanding: 360.97m
  • Website: https://www.resilient.co.za

Number of Employees


Location

  • Resilient REIT Limited
  • Rivonia Village
  • 4th Floor
  • Rivonia
  • 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 Analysis2021/10/21 20:59
End of Day Share Price2021/10/21 00:00
Earnings2021/06/30
Annual Earnings2021/06/30


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.