SA Real Estate Past Earnings Performance

Past criteria checks 4/6

SA Real Estate has been growing earnings at an average annual rate of 47.1%, while the REITs industry saw earnings growing at 38.5% annually. Revenues have been growing at an average rate of 4.1% per year. SA Real Estate's return on equity is 10.7%, and it has net margins of 42.8%.

Key information

47.1%

Earnings growth rate

47.3%

EPS growth rate

REITs Industry Growth	3.9%
Revenue growth rate	4.1%
Return on equity	10.7%
Net Margin	42.8%
Last Earnings Update	30 Jun 2024

Recent past performance updates

Recent updates

Revenue & Expenses Breakdown

How SA Real Estate makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

JSE:SAC Revenue, expenses and earnings (ZAR Millions)
Date	Revenue	Earnings	G+A Expenses
30 Jun 24	2,795	1,196	194
31 Mar 24	2,666	1,203	188
31 Dec 23	2,537	1,209	182
30 Sep 23	2,541	932	161
30 Jun 23	2,545	655	139
31 Mar 23	2,417	737	143
31 Dec 22	2,289	819	146
30 Sep 22	2,147	868	154
30 Jun 22	2,005	917	162
31 Mar 22	2,045	769	166
31 Dec 21	2,085	621	171
30 Sep 21	2,077	257	169
30 Jun 21	2,068	-106	167
31 Mar 21	2,035	-800	184
31 Dec 20	2,002	-1,494	201
30 Sep 20	2,074	-1,355	187
30 Jun 20	2,145	-1,216	174
31 Mar 20	2,223	-490	146
31 Dec 19	2,301	236	119
30 Sep 19	2,301	331	77
30 Jun 19	2,300	426	34
31 Mar 19	2,324	637	52
31 Dec 18	2,348	848	70
30 Sep 18	2,348	1,150	69
30 Jun 18	2,348	1,453	68
31 Mar 18	2,300	1,489	66
31 Dec 17	2,252	1,526	64
30 Sep 17	2,176	2,057	65
30 Jun 17	2,100	2,589	66
31 Mar 17	2,009	2,535	64
31 Dec 16	1,918	2,480	61
30 Sep 16	1,865	2,054	62
30 Jun 16	1,811	1,628	62
31 Mar 16	1,737	1,521	60
31 Dec 15	1,662	1,414	58
30 Sep 15	1,597	1,271	65
30 Jun 15	1,532	1,129	72
31 Mar 15	1,471	1,048	66
31 Dec 14	1,409	967	60
30 Sep 14	1,342	883	39
30 Jun 14	1,275	798	18
31 Mar 14	1,231	979	18
31 Dec 13	1,186	1,159	18

Quality Earnings: SAC has a large one-off gain of ZAR615.0M impacting its last 12 months of financial results to 30th June, 2024.

Growing Profit Margin: SAC's current net profit margins (42.8%) are higher than last year (25.7%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: SAC's earnings have grown significantly by 47.1% per year over the past 5 years.

Accelerating Growth: SAC's earnings growth over the past year (82.6%) exceeds its 5-year average (47.1% per year).

Earnings vs Industry: SAC earnings growth over the past year (82.6%) exceeded the REITs industry 82.4%.

Return on Equity

High ROE: SAC's Return on Equity (10.7%) is considered low.

Return on Assets

Return on Capital Employed

Discover strong past performing companies

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2024/12/22 17:46
End of Day Share Price	2024/12/20 00:00
Earnings	2024/06/30
Annual Earnings	2023/12/31

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.

Package	Data	Timeframe	Example US Source ^*
Company Financials	10 years	Income statement Cash flow statement Balance sheet	SEC Form 10-K SEC Form 10-Q
Analyst Consensus Estimates	+3 years	Forecast financials Analyst price targets	Analyst Research Reports Blue Matrix
Market Prices	30 years	Stock prices Dividends, Splits and Actions	ICE Market Data SEC Form S-1
Ownership	10 years	Top shareholders Insider trading	SEC Form 4 SEC Form 13D
Management	10 years	Leadership team Board of directors	SEC Form 10-K SEC Form DEF 14A
Key Developments	10 years	Company announcements	SEC Form 8-K

^* 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

SA Corporate Real Estate Limited is covered by 11 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.

Analyst	Institution
Fayyaad Amien	Absa Bank Limited
Francois Du Toit	Anchor Stockbrokers Proprietary Limited
Pranita Daya	Anchor Stockbrokers Proprietary Limited

SA Real Estate Past Earnings Performance

Past criteria checks 4/6

Key information

Recent past performance updates

Full year 2023 earnings released: EPS: R0.48 (vs R0.33 in FY 2022)

SA Corporate Real Estate Limited to Report Fiscal Year 2020 Results on Mar 29, 2021

First half earnings released

SA Corporate Real Estate Limited to Report First Half, 2020 Results on Sep 15, 2020

Recent updates

Price target increased by 7.5% to R2.85

Upcoming dividend of R0.12 per share

Now 21% overvalued after recent price rise

First half dividend increased to R0.12

Sa Corporate Real Estate Limited Declares Cash Dividend Declaration for Period 1 January 2024 to 30 June 2024, Payable on October 21, 2024

Now 23% overvalued after recent price rise

Now 17% overvalued after recent price rise

Now 22% overvalued after recent price rise

SA Corporate Real Estate Limited Announces Changes to Board Committees

Peresec Prime Brokers (Pty) Ltd acquired 11.82% stake in SA Corporate Real Estate Limited (JSE:SAC).

SA Corporate Real Estate Limited, Annual General Meeting, Jun 06, 2024

SA Corporate Real Estate Limited Announces the Appointment of Samson Joel Mojalefa as Executive Director

SA Corporate Real Estate Limited Announces Resignation of Gloria Zandile Ningi Khumalo (Ningi) as Independent Non-Executive Director and as Member of Audit and Risk Committee and Remuneration Committee

Upcoming dividend of R0.12 per share

Final dividend increased to R0.12

Full year 2023 earnings released: EPS: R0.48 (vs R0.33 in FY 2022)

SA Corporate Real Estate Limited Declares Income Distribution for the Period 1 July 2023 to 31 December 2023, Payable on 22 April 2024

Now 21% overvalued after recent price rise

Price target increased by 10% to R2.75

Emira Property Fund Limited (JSE:EMI) completed the acquisition of remaining 31.85% stake in Transcend Residential Property Fund Limited (JSE : TPF) from SA Corporate Real Estate Limited, International Housing Solutions (RF) Proprietary Limited and IHS (SAWHF Interest) Proprietary Limited.

New minor risk - Earnings quality

Upcoming dividend of R0.11 per share at 11% yield

Catalyst Fund Managers (Pty) Ltd. acquired unknown minority stake in SA Corporate Real Estate Limited (JSE:SAC).

Sa Corporate Real Estate Limited Approves Election of Ms Gzn Khumalo as A Member of the Audit and Risk Committee

SA Corporate Real Estate Limited Appoints Gloria Zandile Ningi Khumalo as Member of the Audit and Risk Committee and as A Member of the Remuneration Committee, with Effect from 01 February 2023

CEO & Director exercised options to buy R3.4m worth of stock.

Price target increased to R2.40

Upcoming dividend of R0.13 per share

High number of new directors

High number of new directors

Upcoming dividend of R0.13 per share

Now 20% undervalued

Price target increased to R2.45

Price target increased to R2.30

Upcoming dividend of R0.10 per share

Price target increased to R2.24

Independent Non-Executive Director Andre van Heerden has left the company

Sa Corporate Real Estate to Be Deleted from Other OTC