SEA Stock Overview

Spear REIT Limited listed as a Real Estate Investment Trust (“REIT”) on the AltX of the Johannesburg Stock Exchange (“JSE”) on 11 November 2016. More details

SEA fundamental analysis
Snowflake Score
Valuation	3/6
Future Growth	0/6
Past Performance	3/6
Financial Health	2/6
Dividends	2/6

Rewards

Trading at 11% below our estimate of its fair value

Earnings have grown 16.9% per year over the past 5 years

Risk Analysis

Large one-off items impacting financial results

Dividend of 8.43% is not well covered by free cash flows

Shareholders have been diluted in the past year

Community vs My Fair Value

Select a narrative for quick price alerts from the community, or create your own.

Spear Reit Limited Competitors

Octodec Investments

JSE:OCT

R2.5b

Emira Property Fund

JSE:EMI

R4.7b

Oasis Crescent Property Fund

JSE:OAS

R1.3b

Fairvest

JSE:FTA

R7.7b

Price History & Performance

Summary of share price highs, lows and changes for Spear Reit
Historical stock prices
Current Share Price	R9.50
52 Week High	R10.35
52 Week Low	R7.50
Beta	-0.015
1 Month Change	-1.66%
3 Month Change	0%
1 Year Change	18.75%
3 Year Change	13.23%
5 Year Change	61.02%
Change since IPO	1.06%

Recent updates

Read This Before Selling Spear Reit Limited (JSE:SEA) Shares

Mar 15

Spear Reit (JSE:SEA) Shareholders Received A Total Return Of Negative 24% In The Last Three Years

Jan 21

Michael Flax Is The Non-Executive Deputy Chairman of Spear Reit Limited (JSE:SEA) And They Just Picked Up 6.5% More Shares

Nov 27

Shareholder Returns

	SEA	ZA REITs	ZA Market
7D	5.3%	1.5%	4.5%
1Y	18.8%	9.7%	13.6%

Return vs Industry: SEA exceeded the ZA REITs industry which returned 9.7% over the past year.

Return vs Market: SEA exceeded the ZA Market which returned 13.6% over the past year.

Price Volatility

Is SEA's price volatile compared to industry and market?
SEA volatility
SEA Average Weekly Movement	3.8%
REITs Industry Average Movement	3.7%
Market Average Movement	5.1%
10% most volatile stocks in ZA Market	10.9%
10% least volatile stocks in ZA Market	3.3%

Stable Share Price: SEA has not had significant price volatility in the past 3 months compared to the ZA market.

Volatility Over Time: SEA's weekly volatility (4%) has been stable over the past year.

About the Company

Founded	Employees	CEO	Website
n/a	30	Quintin Rossi	www.spearprop.co.za

Spear REIT Limited listed as a Real Estate Investment Trust (“REIT”) on the AltX of the Johannesburg Stock Exchange (“JSE”) on 11 November 2016. Its main business is investing in high-quality income-generating real estate across all sectors within the Western Cape, predominantly in the Cape Town region. The company successfully moved to the JSE Main Board on 22 May 2017.

Spear Reit Limited Fundamentals Summary

How do Spear Reit's earnings and revenue compare to its market cap?
SEA fundamental statistics
Market cap	R2.54b
Earnings (TTM)	R363.86m
Revenue (TTM)	R631.12m

7.0x

P/E Ratio

4.0x

P/S Ratio

Is SEA overvalued?

See Fair Value and valuation analysis

Earnings & Revenue

Key profitability statistics from the latest earnings report (TTM)
SEA income statement (TTM)
Revenue	R631.12m
Cost of Revenue	R228.85m
Gross Profit	R402.27m
Other Expenses	R38.41m
Earnings	R363.86m

Last Reported Earnings

Aug 31, 2024

Next Earnings Date

n/a

Earnings per share (EPS)	1.36
Gross Margin	63.74%
Net Profit Margin	57.65%
Debt/Equity Ratio	32.7%

How did SEA perform over the long term?

See historical performance and comparison

Dividends

8.4%

Current Dividend Yield

66%

Payout Ratio

Company Analysis and Financial Data Status

Data	Last Updated (UTC time)
Company Analysis	2025/04/14 09:13
End of Day Share Price	2025/04/11 00:00
Earnings	2024/08/31
Annual Earnings	2024/02/29

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.

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 Github.

Analyst Sources

Spear Reit Limited is covered by 2 analysts. 1 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
Francois Du Toit	Anchor Stockbrokers Proprietary Limited
Lwando Ngubentombi	Anchor Stockbrokers Proprietary Limited

SEA Stock Overview

Rewards

Risk Analysis

Spear Reit Limited Competitors

JSE:OCT

R2.5b

JSE:EMI

R4.7b

JSE:OAS

R1.3b

JSE:FTA

R7.7b

Price History & Performance

Recent News & Updates

Spear Reit Limited Appoints Joan Solms as Independent Non-Executive Director and Member of the Audit and Risk Committee, with Effect from 01 April 2025

CFO & Executive Director recently bought R150k worth of stock

First half dividend increased to R0.40

New major risk - Dividend sustainability

Spear Reit Limited Announces Dividend Declaration for the Six Months Ended 31 August 2024, Payable on 18 November 2024

Spear Reit Limited to Report First Half, 2025 Results on Oct 24, 2024

Recent updates

Spear Reit Limited Appoints Joan Solms as Independent Non-Executive Director and Member of the Audit and Risk Committee, with Effect from 01 April 2025

CFO & Executive Director recently bought R150k worth of stock

First half dividend increased to R0.40

New major risk - Dividend sustainability

Spear Reit Limited Announces Dividend Declaration for the Six Months Ended 31 August 2024, Payable on 18 November 2024

Spear Reit Limited to Report First Half, 2025 Results on Oct 24, 2024

36one Asset Management (Pty) Ltd. acquired an additional minority stake in Spear Reit Limited (JSE:SEA).

Upcoming dividend of R0.41 per share

New minor risk - Shareholder dilution

Spear Reit Limited, Annual General Meeting, Jul 31, 2024

Capitec Bank Limited acquired The Liberty Life Building, Century City Boulevard from Spear Reit Limited (JSE:SEA).

Capitec Bank Limited acquired The Liberty Life Building, Century City Boulevard from Spear Reit Limited (JSE:SEA).

CEO, MD & Director recently bought R138k worth of stock

Final dividend increased to R0.41

Full year 2024 earnings released: EPS: R1.49 (vs R0.79 in FY 2023)

Now 21% undervalued after recent price drop

Now 22% undervalued after recent price drop

New minor risk - Financial data availability

Now 20% undervalued after recent price drop

CFO & Executive Director recently bought R209k worth of stock

Chief Operating Officer recently sold R420k worth of stock

New minor risk - Insider selling

CEO, MD & Director recently bought R89k worth of stock

CFO & Executive Director recently bought R71k worth of stock

Now 20% undervalued

Upcoming dividend of R0.38 per share at 9.8% yield

CEO, MD & Director recently sold R532k worth of stock

New major risk - Financial position

Spear Reit Limited Declares Interim Dividend for the Six Months Ended 31 August 2023. Payable on 20 November 2023

Spear Reit Limited to Report First Half, 2024 Results on Oct 24, 2023

Chief Operating Officer recently sold R261k worth of stock

Now 21% undervalued

CEO, MD & Director recently bought R88k worth of stock

Now 23% undervalued after recent price drop

CEO, MD & Director recently bought R134k worth of stock

CEO, MD & Director recently bought R4.6m worth of stock

Spear Reit Limited, Annual General Meeting, Jun 30, 2023

Upcoming dividend of R0.39 per share at 11% yield

CEO, MD & Director recently bought R72k worth of stock

Spear Reit Limited Announces Dividend Declaration for the Year Ended 28 February 2023, Payable on 12 June 2023

CEO, MD & Director recently bought R116k worth of stock

Capitec Bank Limited entered into a sale of rental enterprise agreement to acquire The Liberty Life Building, Century City Boulevard from Spear Reit Limited (JSE:SEA) for ZAR 400 million.

Spear Reit Limited Appoints Bongani Raziya as an Independent Non-Executive Director, and as Member of the Social and Ethics, Audit and Risk, Remuneration and Investment Committees

CFO & Executive Director recently sold R3.4m worth of stock

Spear Reit Limited Announces Resignation of Niclas Kjellström-Matseke as Independent Non-Executive Director

Non-Executive Deputy Chairman recently bought R193k worth of stock

Standard Bank Group Limited (JSE:SBK) acquired an unknown stake in Spear Reit Limited (JSE:SEA).

Less than half of directors are independent

Upcoming dividend of R0.37 per share

Spear Reit Limited (JSE:SEA) entered into a sale of rental enterprise agreement to acquire The Island Milnerton, Western Cape from Inospace 2 Proprietary Limited for SAR 185 million.

CEO, MD & Director recently bought R1.6m worth of stock

Rex Trueform Group Limited (JSE:RTN) entered in to an agreement to acquire ERF 176024 Cape Town situated at 5 Fitzmaurice Avenue from Spear Reit Limited (JSE:SEA) for ZAR 85 million.

Upcoming dividend of R0.35 per share

Spear Reit Limited Declares Final Gross Dividend, Payable 20 June 2022

Spear Reit Limited, Annual General Meeting, Jun 30, 2022

Spear Reit Limited to Report First Half, 2023 Results on Oct 25, 2022

Spear Reit Limited to Report Fiscal Year 2022 Results on May 26, 2022

Less than half of directors are independent

Snow Storm Investments Proprietary Limited entered into a sale of letting enterprise agreement to acquire Erf 17611 Cape Town at 8 Section Street, Paarden Eiland from Spear Reit Limited (JSE:SEA) for ZAR 22.5 million.