Announcement • Feb 11
Sirius Real Estate Limited Appoints Ian Watson as Independent Non-Executive Director and Nomination Committee Member, Effective February 11, 2026 Sirius Real Estate Limited announced that Ian Watson will join the Company’s Board of Directors as an Independent Non-Executive Director and a member of the Nomination Committee, with immediate effect. Ian Watson is one of the best known and most successful investors in the European industrial property market. His appointment strengthens the Board, adding over 30 years of highly relevant expertise in the sector in both European and UK markets, as well as extensive capital markets and transactional experience. Ian co-founded Ashtenne Holdings with Morgan Jones in 1989 to invest in UK regional multi-let industrial property. They floated the business in 1997 on the main market of the London Stock Exchange and over the next eight years as joint Chief Executives built up a portfolio worth around £750 million before selling it to Warner Estates and Anglo Irish Bank in 2005. The two of them subsequently co-founded and floated Hansteen Holdings on the AIM market in 2005 to apply Ashtenne’s model in Continental Europe, particularly in Germany and the Netherlands. In 2009, Hansteen moved back into the UK industrial market and listed on the main market of the LSE the same year. As joint Chief Executives, Ian and Morgan subsequently built Hansteen’s portfolio of industrial property to around €2 billion, before exiting the German and Netherlands assets for €1.28 billion in 2017 and selling the then primarily UK-focused listed business in 2020 for £500 million. Ian holds an MA in Law (Jurisprudence) from Oxford University and practised as a solicitor with Gouldens (now Jones Day). He joined Arlington Securities plc in 1986 before he left to form Ashtenne. Recent Insider Transactions • Jan 22
Insider recently sold R5.5m worth of stock On the 19th of January, Andrew Peggie sold around 250k shares on-market at roughly R22.15 per share. This transaction amounted to 2.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R28m more than they bought in the last 12 months. Recent Insider Transactions • Dec 24
Group Human Resources Director recently sold R906k worth of stock On the 15th of December, Annemie Ress sold around 44k shares on-market at roughly R20.57 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R23m more than they bought in the last 12 months. Recent Insider Transactions • Dec 23
Group Human Resources Director recently sold R906k worth of stock On the 15th of December, Annemie Ress sold around 44k shares on-market at roughly R20.57 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R23m more than they bought in the last 12 months. Recent Insider Transactions • Dec 22
Group Human Resources Director recently sold R906k worth of stock On the 15th of December, Annemie Ress sold around 44k shares on-market at roughly R20.57 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth R16m. Insiders have been net sellers, collectively disposing of R23m more than they bought in the last 12 months. Recent Insider Transactions • Dec 19
Group Human Resources Director recently sold R906k worth of stock On the 15th of December, Annemie Ress sold around 44k shares on-market at roughly R20.57 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth R16m. Insiders have been net sellers, collectively disposing of R23m more than they bought in the last 12 months. Recent Insider Transactions • Dec 18
Group Human Resources Director recently sold R906k worth of stock On the 15th of December, Annemie Ress sold around 44k shares on-market at roughly R20.57 per share. This transaction amounted to 96% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth R16m. Insiders have been net sellers, collectively disposing of R23m more than they bought in the last 12 months. Upcoming Dividend • Dec 03
Upcoming dividend of R0.63 per share Eligible shareholders must have bought the stock before 10 December 2025. Payment date: 22 January 2026. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 5.7%. Lower than top quartile of South African dividend payers (7.6%). Lower than average of industry peers (7.4%). Declared Dividend • Nov 19
First half dividend of R0.63 announced Shareholders will receive a dividend of R0.63. Ex-date: 10th December 2025 Payment date: 22nd January 2026 Dividend yield will be 5.7%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by both earnings (45% earnings payout ratio) and cash flows (73% cash payout ratio). The dividend has increased by an average of 14% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 10% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Announcement • Nov 18
Sirius Real Estate Limited Declares Cash Dividend for the Six-Month Period Ended 30 September 2025, Payable on 22 January 2026 Sirius Real Estate Limited Board has authorised a dividend of 3.18 cents per share relating to the six month period ended 30 September 2025 . It is expected that, the record date will be 12 December 2025 for shareholders on both the SA register and the UK register and the dividend will be paid on 22 January 2026. A detailed dividend announcement will be made on 17 November 2025, including details of a DRIP alternative. Reported Earnings • Nov 18
First half 2026 earnings released: EPS: €0.058 (vs €0.039 in 1H 2025) First half 2026 results: EPS: €0.058 (up from €0.039 in 1H 2025). Revenue: €164.6m (up 4.4% from 1H 2025). Net income: €86.9m (up 57% from 1H 2025). Profit margin: 53% (up from 35% in 1H 2025). Revenue is forecast to grow 2.4% p.a. on average during the next 3 years, compared to a 11% growth forecast for the Real Estate industry in Africa. Over the last 3 years on average, earnings per share has increased by 18% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Announcement • Oct 23
Sirius Real Estate Limited to Report Fiscal Year 2026 Results on Jun 01, 2026 Sirius Real Estate Limited announced that they will report fiscal year 2026 results on Jun 01, 2026 Announcement • Oct 06
Sirius Real Estate Limited to Report First Half, 2026 Results on Nov 17, 2025 Sirius Real Estate Limited announced that they will report first half, 2026 results on Nov 17, 2025 Recent Insider Transactions • Sep 28
Insider recently sold R16m worth of stock On the 23rd of September, Andrew Peggie sold around 700k shares on-market at roughly R22.90 per share. This transaction amounted to 5.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought R54m more than they sold in the last 12 months. Announcement • Jun 26
A private individual acquired non-core asset from Sirius Real Estate Limited (LSE:SRE) for £1.55 million. A private individual acquired non-core asset from Sirius Real Estate Limited (LSE:SRE) for £1.55 million on June 26, 2025.
A private individual completed the acquisition of non-core asset from Sirius Real Estate Limited (LSE:SRE) on June 26, 2025. Upcoming Dividend • Jun 18
Upcoming dividend of R0.63 per share Eligible shareholders must have bought the stock before 25 June 2025. Payment date: 24 July 2025. Payout ratio is a comfortable 50% and the cash payout ratio is 78%. Trailing yield: 5.4%. Lower than top quartile of South African dividend payers (8.2%). Lower than average of industry peers (7.9%). Recent Insider Transactions • Jun 09
Chief Marketing & Impact Officer recently sold R7.0m worth of stock On the 5th of June, Kremena Wissel sold around 298k shares on-market at roughly R23.44 per share. This transaction amounted to 22% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of R19m more than they bought in the last 12 months. Announcement • Jun 05
Sirius Real Estate Limited, Annual General Meeting, Jul 07, 2025 Sirius Real Estate Limited, Annual General Meeting, Jul 07, 2025. Location: 33 st james`s square, london sw1y 4js, United Kingdom Declared Dividend • Jun 04
Final dividend of R0.63 announced Shareholders will receive a dividend of R0.63. Ex-date: 25th June 2025 Payment date: 24th July 2025 Dividend yield will be 3.7%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (78% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 3.4% over the next 3 years. However, it would need to fall by 44% to increase the payout ratio to a potentially unsustainable range. Announcement • Jun 03
Sirius Real Estate Limited Announces Dividend for the Second Six Months of the Financial Year Ended 31 March 2025, Payable on 24 July 2025 Sirius Real Estate Limited has authorised a dividend in respect of the second six months of the financial year ended 31 March 2025 of €0.03089 per share, an increase of 1.3% on the €0.0305 per share dividend relating to the same period last year. The total dividend for the year is €0.06150, an increase of 1.7% on the €0.0605 total dividend for the year ended 31 March 2024. It is expected that, for the dividend authorised relating to the six-month period ended 31 March 2025, the ex-dividend date will be 25 June 2025 for shareholders on the SA register and 26 June 2025 for shareholders on the UK register. It is further expected that for shareholders on both registers the record date will be 27 June 2025 and the dividend will be paid on 24 July 2025. A detailed dividend announcement was made on 2 June 2025. Reported Earnings • Jun 02
Full year 2025 earnings released: EPS: €0.12 (vs €0.088 in FY 2024) Full year 2025 results: EPS: €0.12 (up from €0.088 in FY 2024). Revenue: €317.5m (up 9.7% from FY 2024). Net income: €178.1m (up 65% from FY 2024). Profit margin: 56% (up from 37% in FY 2024). Revenue is expected to decline by 1.8% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Africa are expected to grow by 11%. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. New Risk • Apr 27
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: R2.8m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Significant insider selling over the past 3 months (R2.8m sold). Announcement • Mar 24
Sirius Real Estate Limited Announces Changes to the Board Committees Sirius Real Estate announced the following changes to the board committees of the Company, which came into effect on 21 March 2025: Deborah Davis, independent non-executive director, has joined the nomination committee and the remuneration committee. Mark Cherry, independent non-executive director, has joined the audit committee and stepped down from the sustainability & ethics committee. Following the above changes, the board committees comprise: Audit committee- Caroline Britton (Chair), Mark Cherry and Kelly Cleveland Nomination committee- Daniel Kitchen (Chair), Caroline Britton, Mark Cherry, Kelly Cleveland, Deborah Davis and Joanne Kenrick Remuneration committee- Joanne Kenrick (Chair), Deborah Davis and Daniel Kitchen Sustainability & ethics committee- Andrew Coombs (Chair), Kelly Cleveland and Joanne Kenrick. Announcement • Feb 21
Sirius Real Estate Limited to Report Fiscal Year 2025 Results on Jun 02, 2025 Sirius Real Estate Limited announced that they will report fiscal year 2025 results on Jun 02, 2025 Announcement • Feb 06
Sirius Real Estate Appoints Tom Lampard as Property Director - Self Storage Sirius Real Estate announced the appointment of Tom Lampard as Property Director - Self Storage, assuming a key role on the BizSpace management board with a remit covering the U.K. and German markets. Tom will be joining BizSpace from Shurgard Self Storage where he is Real Estate Director overseeing the South East of England and Manchester markets. He joined Shurgard in 2024 when it acquired Lok'nStore Group plc, where he held senior leadership roles over a 12-year tenure. Tom resigned in October of last year and is currently working out his notice period with Shurgard. He is due to arrive at BizSpace once he has completed his notice period as well as any other contractual restrictions enforced by his employer. When he arrives at BizSpace he will immediately assume primary responsibility for developing BizSpace's self storage offering in the U.K., as well as overseeing opportunistic self storage development projects in Germany, including the planning and construction of new facilities in Berlin. Upcoming Dividend • Dec 04
Upcoming dividend of R0.23 per share Eligible shareholders must have bought the stock before 11 December 2024. Payment date: 23 January 2025. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 5.8%. Lower than top quartile of South African dividend payers (8.0%). Lower than average of industry peers (7.1%). Announcement • Nov 21
Sirius Real Estate Limited Declares Cash Dividend for the Six-Month Period Ended 30 September 2024, Payable on 23 January 2025 The board of directors of Sirius has earlier declared a dividend for the six-month period ended 30 September 2024 of 0.0306 per share, an increase of 2% on the 0.030 per share dividend relating to the corresponding period last year. The dividend is payable on 23 January 2025 to Sirius shareholders ("Shareholders") on the share register 13 December 2024. Declared Dividend • Nov 20
First half dividend of R0.59 announced Shareholders will receive a dividend of R0.59. Ex-date: 11th December 2024 Payment date: 23rd January 2025 Dividend yield will be 6.1%, which is lower than the industry average of 8.8%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (71% cash payout ratio). The dividend has increased by an average of 26% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 50% over the next 3 years, which should provide support to the dividend and adequate earnings cover. New Risk • Nov 19
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 22% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Large one-off items impacting financial results. Shareholders have been diluted in the past year (29% increase in shares outstanding). Significant insider selling over the past 3 months (R89m sold). Board Change • Oct 01
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 5 experienced directors. 1 highly experienced director. CFO & Director Chris Bowman was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Sep 20
Sirius Real Estate Limited to Report First Half, 2025 Results on Nov 18, 2024 Sirius Real Estate Limited announced that they will report first half, 2025 results on Nov 18, 2024 Buy Or Sell Opportunity • Jul 16
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.7% to R22.94. The fair value is estimated to be R19.04, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 19% over the last 3 years. Earnings per share has declined by 34%. Announcement • Jul 13
Sirius Real Estate Limited has completed a Follow-on Equity Offering in the amount of £152.499999 million. Sirius Real Estate Limited has completed a Follow-on Equity Offering in the amount of £152.499999 million.
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 159,574,468
Price\Range: £0.94
Security Name: Ordinary Shares
Security Type: Common Stock
Securities Offered: 2,659,574
Price\Range: £0.94
Transaction Features: Regulation S; Subsequent Direct Listing New Risk • Jul 12
New major risk - Revenue and earnings growth Earnings have declined by 6.3% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (15% operating cash flow to total debt). Earnings have declined by 6.3% per year over the past 5 years. Minor Risk Shareholders have been diluted in the past year (28% increase in shares outstanding). Upcoming Dividend • Jun 19
Upcoming dividend of R0.62 per share Eligible shareholders must have bought the stock before 26 June 2024. Payment date: 25 July 2024. Payout ratio is a comfortable 69% and this is well supported by cash flows. Trailing yield: 5.3%. Lower than top quartile of South African dividend payers (9.1%). Lower than average of industry peers (7.4%). Recent Insider Transactions • Jun 09
Asset Management Director recently bought R5.1m worth of stock On the 3rd of June, Craig Hoskins bought around 218k shares on-market at roughly R23.46 per share. This transaction amounted to 94% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R2.4m more in shares than they bought in the last 12 months. Announcement • Jun 05
Sirius Real Estate Limited Declares Dividend for the Six-Month Period Ended March 31, 2024, Payable on July 25, 2024 Sirius Real Estate Limited declared a dividend for the six-month period ended 31 March 2024 of €0.0305 per share, an increase of 2.35% on the €0.0298 per share dividend relating to the corresponding period last year. There was a 6.5% increase in the total dividend for the financial year to 31 March 2024 of €0.0605 (2023: €0.0568). The dividend is payable on July 25, 2024 to Sirius shareholders on the share register June 28, 2024. Reported Earnings • Jun 04
Full year 2024 earnings released: EPS: €0.088 (vs €0.068 in FY 2023) Full year 2024 results: EPS: €0.088 (up from €0.068 in FY 2023). Revenue: €289.4m (up 6.1% from FY 2023). Net income: €107.8m (up 35% from FY 2023). Profit margin: 37% (up from 29% in FY 2023). The increase in margin was primarily driven by higher revenue. Revenue is forecast to decline by 18% p.a. on average during the next 2 years, while revenues in the Real Estate industry in Africa are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 34% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • May 29
Sirius Real Estate Limited Announces Board and Committee Changes Sirius Real Estate Limited announced that James Peggie will step down as an independent non-executive director of the Company at the conclusion of the upcoming annual general meeting in June 2024 and that Deborah Davis will join the company's Board as an independent non-executive director, with effect from 1 December 2024. Deborah Davis: Deborah spent her executive career in Sales, Marketing, Customer experience and Operations at some of the world's larger technology businesses including senior roles at PayPal, eBay, Symantec and Verizon Business. She holds an engineering honours degree in Applied Science (Electronics) from the University of Melbourne, a Masters degree in Science Management with Distinction from London Business School and is a Chartered Director (CDir). Deborah is on the board of two listed companies, as Chair of diagnostic data and analytics company Diaceutics plc and Remuneration Committee Chair and Non-executive Director of consumer credit company International Personal Finance plc. She is also a Non-executive Director of Lloyds Banking Group Insurance/Scottish Widows Insurance Limited and was formerly a Non-executive Director of The Institute of Directors and of Norwegian listed biometrics company IDEX Biometrics ASA. She is also a trustee of the Southern African Conservation Trust. James Peggie: James Peggie will step down from the Board and the Audit, Nomination and Remuneration Committees with effect from the conclusion of the 2024 AGM. James has been on the Board of Sirius since November 2012, and has been an outstanding steward of the Company, having overseen its transformation from an AIM-listed £60 million market capitalisation company to the £1.3 billion FTSE 250 and SAPY-indexed company it is now. During his tenure, James was Senior Independent Director for five years, chair of Sirius' Remuneration Committee for six years and also stood in twice as Board Interim Chair. Deborah Davis is currently a non-executive director of Diaceutics plc and International Personal Finance plc and was in the past five years a non-executive director of IDEX Biometrics ASA. Recent Insider Transactions • Feb 15
CEO & Executive Director recently bought R473k worth of stock On the 12th of February, Andrew Coombs bought around 23k shares on-market at roughly R20.33 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Andrew has been a net seller over the last 12 months, reducing personal holdings by R9.0m. Announcement • Feb 12
Sirius Real Estate Limited (LSE:SRE) acquired Two business parks in Köln (Cologne) and in Göppingen for €40 million. Sirius Real Estate Limited (LSE:SRE) acquired Two business parks in Köln (Cologne) and in Göppingen for €40 million on February 12, 2024. The acquisitions have been made using the proceeds of November's €165 million capital raise. The business park in Köln, Germany's fourth largest city, in Nord-Rhein Westphalia, comprises 19,114 sqm of principally light industrial space. The property has been notarised at a price of €20.0 million and currently generates total rental income of €1.67 million and an annualised net operating income of €1.56 million, representing a gross yield at acquisition of 8.4% and an EPRA net initial yield of 7.3%. In Göppingen, a city in the state of Baden-Württemberg, south east of Stuggart in southern Germany, Sirius is acquiring a multi-tenanted business park with a total lettable area of approximately 35,160 sqm across primarily light industrial and production space. The acquisition has been notarised at €19.8 million and generates total rental income of €1.78 million and an annualised net operating income of €1.47 million. FTI Consulting act as Financial PR for Sirius Real Estate Limited.Sirius Real Estate Limited (LSE:SRE) completed the acquisition of Two business parks in Köln (Cologne) and in Göppingen on February 12, 2024 Upcoming Dividend • Dec 05
Upcoming dividend of R0.60 per share at 5.8% yield Eligible shareholders must have bought the stock before 12 December 2023. Payment date: 25 January 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.8%. Lower than top quartile of South African dividend payers (9.1%). Lower than average of industry peers (9.4%). New Risk • Dec 01
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 15% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (169% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Shareholders have been diluted in the past year (15% increase in shares outstanding). Significant insider selling over the past 3 months (R10m sold). Recent Insider Transactions • Nov 23
Independent Non-Executive Director recently bought R463k worth of stock On the 21st of November, Kelly Cleveland bought around 23k shares on-market at roughly R20.17 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R25m more in shares than they bought in the last 12 months. New Risk • Nov 21
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 48% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (14% operating cash flow to total debt). Minor Risks Dividend is not well covered by earnings (161% payout ratio). Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (15% net profit margin). Significant insider selling over the past 3 months (R10m sold). Announcement • Oct 09
Sirius Real Estate Limited to Report First Half, 2024 Results on Nov 20, 2023 Sirius Real Estate Limited announced that they will report first half, 2024 results on Nov 20, 2023 Announcement • Oct 05
An unknown buyer acquired Business Park in Kassel from Sirius Real Estate Limited (LSE:SRE) for €7.3 million. An unknown buyer acquired Business Park in Kassel from Sirius Real Estate Limited (LSE:SRE) for €7.3 million on October 3, 2023.
An unknown buyer completed the acquisition of Business Park in Kassel from Sirius Real Estate Limited (LSE:SRE) on October 3, 2023. Recent Insider Transactions • Sep 28
CEO & Executive Director recently sold R10m worth of stock On the 22nd of September, Andrew Coombs sold around 500k shares on-market at roughly R20.70 per share. This transaction amounted to 4.3% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Andrew has been a net seller over the last 12 months, reducing personal holdings by R9.0m. Recent Insider Transactions • Sep 08
CEO & Executive Director recently bought R175k worth of stock On the 5th of September, Andrew Coombs bought around 8k shares on-market at roughly R21.26 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R560k. Andrew has been a buyer over the last 12 months, purchasing a net total of R1.7m worth in shares. Recent Insider Transactions • Aug 24
CEO & Executive Director recently bought R560k worth of stock On the 21st of August, Andrew Coombs bought around 29k shares on-market at roughly R19.35 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Andrew has been a buyer over the last 12 months, purchasing a net total of R1.8m worth in shares. Announcement • Jul 13
Sirius Real Estate Limited Appoints Chris Bowman as a Director Sirius Real Estate Limited announced that at the Annual General Meeting held on July 10, 2023 approved election of Chris Bowman as a Director. Upcoming Dividend • Jul 05
Upcoming dividend of R0.62 per share at 5.9% yield Eligible shareholders must have bought the stock before 12 July 2023. Payment date: 17 August 2023. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 5.9%. Lower than top quartile of South African dividend payers (9.5%). Lower than average of industry peers (9.1%). Board Change • Jul 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Non-Executive Director Jo Kenrick was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jun 08
Insider recently bought R112k worth of stock On the 5th of June, Sharon Wills bought around 5k shares on-market at roughly R21.16 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R213k. Despite this recent purchase, insiders have collectively sold R14m more in shares than they bought in the last 12 months. Announcement • Jun 06
Sirius Real Estate Limited Announces Dividend for the Second Six Months Ended March 31, 2023, Payable on August 17, 2023 Sirius Real Estate Limited announced that the board has authorized a dividend in respect of the second six months of the financial year ended 31 March 2023 of 2.98 cents per share, representing a pay-out of 65% of FFO, an increase of 25.7% on the 2.37 cents per share dividend relating to the same period last year, which was also based on 65% of FFO. The total dividend for the year is 5.68 cents, an increase of 28.8% on the 4.41 cents total dividend for the year ended 31 March 2022. It is expected that, for the dividend authorized in respect of the six-month period ended 31 March 2023, the ex-dividend date will be 12 July 2023 for shareholders on the South African register and 13 July 2023 for shareholders on the UK register. It is further expected that for shareholders on both registers the record date will be 14 July 2023 and the dividend will be paid on 17 August 2023. Reported Earnings • Jun 05
Full year 2023 earnings released: EPS: €0.068 (vs €0.14 in FY 2022) Full year 2023 results: EPS: €0.068 (down from €0.14 in FY 2022). Revenue: €270.1m (up 24% from FY 2022). Net income: €79.6m (down 46% from FY 2022). Profit margin: 30% (down from 68% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to fall by 18% p.a. on average during the next 3 years compared to a 1.6% decline forecast for the Real Estate industry in Africa. Over the last 3 years on average, earnings per share has increased by 2% per year but the company’s share price has increased by 9% per year, which means it is tracking significantly ahead of earnings growth. Announcement • May 31
Sirius Real Estate Limited Expects Total Dividend for the Full Year Ended 31 March 2023 Sirius Real Estate, announces that it expects its total dividend for the full year ended 31 March 2023 to be between 5.566 cents and 5.794 cents per share, representing an increase of between 26.2% and 31.4% compared to the total dividend of 4.410 cents per share declared in respect of the financial year ended 31 March 2022. This expected increase is predominantly due to an increase in funds from operations for the financial year ended 31 March 2023. Recent Insider Transactions • Mar 31
Insider recently bought R213k worth of stock On the 28th of March, Mohamed Jiwaji bought around 14k shares on-market at roughly R15.69 per share. This transaction amounted to 95% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R451k. Despite this recent purchase, insiders have collectively sold R14m more in shares than they bought in the last 12 months. Recent Insider Transactions • Jan 31
CEO & Executive Director recently bought R451k worth of stock On the 25th of January, Andrew Coombs bought around 25k shares on-market at roughly R18.04 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Andrew has been a buyer over the last 12 months, purchasing a net total of R2.5m worth in shares. Recent Insider Transactions • Jan 20
Interim CFO recently sold R18m worth of stock On the 16th of January, Alistair Marks sold around 1m shares on-market at roughly R17.59 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Alistair's only on-market trade for the last 12 months. Upcoming Dividend • Nov 30
Upcoming dividend of R0.48 per share Eligible shareholders must have bought the stock before 07 December 2022. Payment date: 19 January 2023. Payout ratio is a comfortable 39% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of South African dividend payers (8.6%). Lower than average of industry peers (6.9%). Reported Earnings • Nov 22
First half 2023 earnings released: EPS: €0.06 (vs €0.064 in 1H 2022) First half 2023 results: EPS: €0.06. Revenue: €130.6m (up 44% from 1H 2022). Net income: €70.0m (up 3.4% from 1H 2022). Profit margin: 54% (down from 75% in 1H 2022). Revenue is expected to decline by 3.4% p.a. on average during the next 3 years, while revenues in the Real Estate industry in Africa are expected to grow by 6.0%. Recent Insider Transactions • Oct 04
Independent Non-Executive Chairman recently bought R997k worth of stock On the 29th of September, Daniel Kitchen bought around 75k shares on-market at roughly R13.29 per share. This transaction amounted to 52% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Daniel's only on-market trade for the last 12 months. Recent Insider Transactions • Sep 28
CEO & Executive Director recently bought R155k worth of stock On the 21st of September, Andrew Coombs bought around 10k shares on-market at roughly R15.53 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth R312k. Andrew has been a buyer over the last 12 months, purchasing a net total of R29m worth in shares. Recent Insider Transactions • Sep 20
Insider recently bought R100k worth of stock On the 14th of September, Sharon Wills bought around 6k shares on-market at roughly R16.03 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger purchase from another insider worth R312k. Insiders have collectively bought R30m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Aug 27
CEO & Executive Director recently bought R302k worth of stock On the 23rd of August, Andrew Coombs bought around 17k shares on-market at roughly R17.29 per share. This was the largest purchase by an insider in the last 3 months. Andrew has been a buyer over the last 12 months, purchasing a net total of R29m worth in shares. Board Change • Jul 31
High number of new directors CFO & Director Diarmuid Kelly was the last director to join the board, commencing their role in 2022. Recent Insider Transactions • Jul 13
Insider recently bought R81k worth of stock On the 11th of July, Sharon Wills bought around 4k shares on-market at roughly R18.58 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold R12m more in shares than they bought in the last 12 months. Upcoming Dividend • Jun 29
Upcoming dividend of R0.40 per share Eligible shareholders must have bought the stock before 06 July 2022. Payment date: 18 August 2022. Payout ratio is a comfortable 33% and this is well supported by cash flows. Trailing yield: 4.3%. Lower than top quartile of South African dividend payers (8.8%). Lower than average of industry peers (6.2%). Reported Earnings • Jun 13
Full year 2022 earnings released: EPS: €0.14 (vs €0.14 in FY 2021) Full year 2022 results: EPS: €0.14. Revenue: €210.2m (up 23% from FY 2021). Net income: €147.9m (flat on FY 2021). Profit margin: 70% (down from 87% in FY 2021). Over the next year, revenue is expected to shrink by 27% compared to a 3.7% decline forecast for the industry in South Africa. Board Change • Apr 27
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CFO & Director Diarmuid Kelly was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 01
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CFO & Director Diarmuid Kelly was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Board Change • Mar 02
High number of new directors There are 5 new directors who have joined the board in the last 3 years. CFO & Director Diarmuid Kelly was the last director to join the board, commencing their role in 2022. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jan 25
CEO & Executive Director recently bought R1.0m worth of stock On the 19th of January, Andrew Coombs bought around 37k shares on-market at roughly R27.50 per share. In the last 3 months, they made an even bigger purchase worth R22m. Andrew has been a buyer over the last 12 months, purchasing a net total of R34m worth in shares. Recent Insider Transactions • Jan 21
CEO & Executive Director recently bought R1.0m worth of stock On the 19th of January, Andrew Coombs bought around 37k shares on-market at roughly R27.50 per share. In the last 3 months, they made an even bigger purchase worth R22m. Andrew has been a buyer over the last 12 months, purchasing a net total of R34m worth in shares. Recent Insider Transactions • Dec 16
CEO & Executive Director recently bought R1.4m worth of stock On the 15th of December, Andrew Coombs bought around 50k shares on-market at roughly R28.96 per share. In the last 3 months, they made an even bigger purchase worth R22m. Despite this recent buy, Andrew has been a net seller over the last 12 months, reducing personal holdings by R15m. Upcoming Dividend • Dec 07
Upcoming dividend of R0.29 per share Eligible shareholders must have bought the stock before 14 December 2021. Payment date: 20 January 2022. Payout ratio is a comfortable 27% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of South African dividend payers (7.3%). Lower than average of industry peers (6.0%). Recent Insider Transactions • Dec 04
CEO & Executive Director recently bought R2.9m worth of stock On the 1st of December, Andrew Coombs bought around 100k shares on-market at roughly R28.69 per share. In the last 3 months, they made an even bigger purchase worth R22m. Despite this recent buy, Andrew has been a net seller over the last 12 months, reducing personal holdings by R17m. Recent Insider Transactions • Nov 12
CEO & Executive Director recently bought R22m worth of stock On the 9th of November, Andrew Coombs bought around 760k shares on-market at roughly R28.38 per share. This was the largest purchase by an insider in the last 3 months. Despite this recent buy, Andrew has been a net seller over the last 12 months, reducing personal holdings by R22m. Reported Earnings • Nov 10
First half 2022 earnings released: EPS €0.064 (vs €0.055 in 1H 2021) The company reported a strong first half result with improved earnings, revenues and profit margins. First half 2022 results: Revenue: €90.8m (up 12% from 1H 2021). Net income: €67.7m (up 20% from 1H 2021). Profit margin: 75% (up from 70% in 1H 2021). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has increased by 37% per year, which means it is tracking significantly ahead of earnings growth. Board Change • Oct 31
High number of new directors Independent Non-Executive Director Jo Kenrick was the last director to join the board, commencing their role in 2021. Board Change • Aug 03
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Non-Executive Director Jo Kenrick was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • Jul 31
CEO & Executive Director recently sold R41m worth of stock On the 28th of July, Andrew Coombs sold around 2m shares on-market at roughly R24.83 per share. This was the largest sale by an insider in the last 3 months. Andrew has been a seller over the last 12 months, reducing personal holdings by R55m. Upcoming Dividend • Jul 02
Upcoming dividend of R0.33 per share Eligible shareholders must have bought the stock before 07 July 2021. Payment date: 19 August 2021. Trailing yield: 3.0%. Lower than top quartile of South African dividend payers (7.6%). Lower than average of industry peers (5.4%). Recent Insider Transactions • Jun 27
CFO & Executive Director recently sold R20m worth of stock On the 24th of June, Alistair Marks sold around 900k shares on-market at roughly R21.79 per share. This was the largest sale by an insider in the last 3 months. Alistair has been a seller over the last 12 months, reducing personal holdings by R29m. Reported Earnings • Jun 08
Full year 2021 earnings released: EPS €0.14 (vs €0.095 in FY 2020) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2021 results: Revenue: €165.4m (up 8.7% from FY 2020). Net income: €147.5m (up 50% from FY 2020). Profit margin: 89% (up from 65% in FY 2020). Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has increased by 19% per year, which means it is tracking significantly ahead of earnings growth. Recent Insider Transactions • Feb 18
CEO & Executive Director recently sold R8.2m worth of stock On the 12th of February, Andrew Coombs sold around 450k shares on-market at roughly R18.28 per share. In the last 3 months, they made an even bigger sale worth R48m. Andrew has been a seller over the last 12 months, reducing personal holdings by R13m. Recent Insider Transactions • Dec 23
CEO & Executive Director recently sold R48m worth of stock On the 18th of December, Andrew Coombs sold around 3m shares on-market at roughly R18.41 per share. This was the largest sale by an insider in the last 3 months. Andrew has been a seller over the last 12 months, reducing personal holdings by R61m. Upcoming Dividend • Dec 08
Upcoming Dividend of R0.33 Per Share Will be paid on the 21st of January to those who are registered shareholders by the 15th of December. The trailing yield of 3.6% is below the top quartile of South African dividend payers (8.8%), and is lower than industry peers (6.0%). Recent Insider Transactions • Dec 04
CFO & Executive Director recently sold R7.4m worth of stock On the 1st of December, Alistair Marks sold around 400k shares on-market at roughly R18.45 per share. In the last 3 months, there was an even bigger sale from another insider worth R11m. This was Alistair's only on-market trade for the last 12 months. 
