Spear Reit Past Earnings Performance

Past criteria checks 3/6

Spear Reit has been growing earnings at an average annual rate of 16.9%, while the REITs industry saw earnings growing at 38.5% annually. Revenues have been growing at an average rate of 4.5% per year. Spear Reit's return on equity is 11.5%, and it has net margins of 57.7%.

Key information

16.9%

Earnings growth rate

12.5%

EPS growth rate

REITs Industry Growth	3.9%
Revenue growth rate	4.5%
Return on equity	11.5%
Net Margin	57.7%
Last Earnings Update	31 Aug 2024

Recent past performance updates

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

Revenue & Expenses Breakdown

How Spear Reit makes and spends money. Based on latest reported earnings, on an LTM basis.

Earnings and Revenue History

JSE:SEA Revenue, expenses and earnings (ZAR Millions)
Date	Revenue	Earnings	G+A Expenses
31 Aug 24	631	364	51
31 May 24	624	363	48
29 Feb 24	616	363	44
30 Nov 23	598	281	43
31 Aug 23	581	200	42
31 May 23	580	191	43
28 Feb 23	580	182	45
30 Nov 22	581	188	47
31 Aug 22	581	194	48
31 May 22	578	179	48
28 Feb 22	575	165	47
30 Nov 21	569	144	43
31 Aug 21	563	124	40
31 May 21	547	89	39
28 Feb 21	531	53	39
30 Nov 20	530	115	39
31 Aug 20	530	178	39
31 May 20	528	193	37
29 Feb 20	527	207	36
30 Nov 19	497	203	34
31 Aug 19	467	198	31
31 May 19	448	234	30
28 Feb 19	429	270	29
30 Nov 18	419	311	27
31 Aug 18	408	351	24
31 May 18	360	367	21
28 Feb 18	312	383	18
28 Feb 17	182	196	25

Quality Earnings: SEA has a large one-off gain of ZAR168.8M impacting its last 12 months of financial results to 31st August, 2024.

Growing Profit Margin: SEA's current net profit margins (57.7%) are higher than last year (34.4%).

Free Cash Flow vs Earnings Analysis

Past Earnings Growth Analysis

Earnings Trend: SEA's earnings have grown by 16.9% per year over the past 5 years.

Accelerating Growth: SEA's earnings growth over the past year (82.2%) exceeds its 5-year average (16.9% per year).

Earnings vs Industry: SEA earnings growth over the past year (82.2%) did not outperform the REITs industry 82.4%.

Return on Equity

High ROE: SEA's Return on Equity (11.5%) 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 09:09
End of Day Share Price	2024/12/20 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 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

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

Spear Reit Past Earnings Performance

Past criteria checks 3/6

Key information

Recent past performance updates

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

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

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

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

Spear Reit Limited to Report Q2, 2021 Results on Oct 30, 2020

Recent updates

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.

CEO, MD & Director recently bought R112k worth of stock

CEO, MD & Director recently sold R840k worth of stock

CEO, MD & Director recently sold R840k worth of stock

GMCC Investments Proprietary Limited entered into a sale of letting enterprise agreement to acquire Erf 21623 Bellville from Spear Reit Limited (JSE:SEA) for ZAR 71.4 million.

Spear Reit Limited (JSE:SEA) entered into an agreement to acquire Property at 27 Junction Road, Parow, Cape Town for BRL 65 million.

CEO, MD & Director recently bought R136k worth of stock

CEO, MD & Director recently bought R203k worth of stock

CEO, MD & Director recently bought R72k worth of stock

Independent Non-Executive Director recently sold R4.5m worth of stock

Upcoming dividend of R0.33 per share

CEO, MD & Director recently sold R645k worth of stock