TEX Stock Overview
Texton Property Fund Limited is a Real Estate Investment Trust (“REIT”) listed on the JSE Limited.
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Texton Property Fund Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||R3.10|
|52 Week High||R4.25|
|52 Week Low||R3.09|
|1 Month Change||-13.89%|
|3 Month Change||-16.22%|
|1 Year Change||-13.89%|
|3 Year Change||-4.61%|
|5 Year Change||-55.71%|
|Change since IPO||-56.94%|
Recent News & Updates
|TEX||ZA REITs||ZA Market|
Return vs Industry: TEX underperformed the ZA REITs industry which returned -12.5% over the past year.
Return vs Market: TEX underperformed the ZA Market which returned -7% over the past year.
|TEX Average Weekly Movement||4.5%|
|REITs Industry Average Movement||4.5%|
|Market Average Movement||5.5%|
|10% most volatile stocks in ZA Market||10.0%|
|10% least volatile stocks in ZA Market||3.1%|
Stable Share Price: TEX is not significantly more volatile than the rest of ZA stocks over the past 3 months, typically moving +/- 4% a week.
Volatility Over Time: TEX's weekly volatility (4%) has been stable over the past year.
About the Company
|2006||n/a||H. S. Welleman||https://www.texton.co.za|
Texton Property Fund Limited is a Real Estate Investment Trust (“REIT”) listed on the JSE Limited. The company internally manages its R4,5 billion portfolio of retail, office and industrial property assets located in South Africa (“SA”) and the United Kingdom (“UK”). The Fund was formed in 2006 and listed on the JSE in August 2011.
Texton Property Fund Fundamentals Summary
|TEX fundamental statistics|
Is TEX overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|TEX income statement (TTM)|
|Cost of Revenue||R152.01m|
Last Reported Earnings
Dec 31, 2021
Next Earnings Date
|Earnings per share (EPS)||0.15|
|Net Profit Margin||16.15%|
How did TEX perform over the long term?See historical performance and comparison
6.5%Current Dividend Yield
Does TEX pay a reliable dividends?See TEX dividend history and benchmarks
|Texton Property Fund dividend dates|
|Ex Dividend Date||Oct 19 2022|
|Dividend Pay Date||Oct 24 2022|
|Days until Ex dividend||18 days|
|Days until Dividend pay date||23 days|
Does TEX pay a reliable dividends?See TEX dividend history and benchmarks
Is TEX undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 1/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for TEX?
Other financial metrics that can be useful for relative valuation.
|What is TEX's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does TEX's PE Ratio compare to its peers?
|TEX PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
OAS Oasis Crescent Property Fund
TPF Transcend Residential Property Fund
SAR Safari Investments RSA
SEA Spear Reit
TEX Texton Property Fund
Price-To-Earnings vs Peers: TEX is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the peer average (8.1x).
Price to Earnings Ratio vs Industry
How does TEX's PE Ratio compare vs other companies in the ZA REITs Industry?
Price-To-Earnings vs Industry: TEX is expensive based on its Price-To-Earnings Ratio (20.2x) compared to the ZA REITs industry average (7.5x)
Price to Earnings Ratio vs Fair Ratio
What is TEX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||20.2x|
|Fair PE Ratio||n/a|
Price-To-Earnings vs Fair Ratio: Insufficient data to calculate TEX's Price-To-Earnings Fair Ratio for valuation analysis.
Share Price vs Fair Value
What is the Fair Price of TEX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: TEX (ZAR3.1) is trading below our estimate of fair value (ZAR3.77)
Significantly Below Fair Value: TEX is trading below fair value, but not by a significant amount.
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
Analyst Forecast: Insufficient data to show price forecast.
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How is Texton Property Fund forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?
Future Growth Score0/6
Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted Real Estate industry annual growth in earnings
In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Texton Property Fund has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.
This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.
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- Take a look at our analysis of TEX’s management and see if the CEO’s compensation is within a reasonable range, who is on the board and if insiders have been trading lately.
How has Texton Property Fund performed over the past 5 years?
Past Performance Score1/6
Past Performance Score 1/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: TEX has a large one-off loss of ZAR54.0M impacting its December 31 2021 financial results.
Growing Profit Margin: TEX became profitable in the past.
Past Earnings Growth Analysis
Earnings Trend: TEX's earnings have declined by 32.2% per year over the past 5 years.
Accelerating Growth: TEX has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: TEX has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (146%).
Return on Equity
High ROE: TEX's Return on Equity (2.6%) is considered low.
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How is Texton Property Fund's financial position?
Financial Health Score1/6
Financial Health Score 1/6
Short Term Liabilities
Long Term Liabilities
Financial Position Analysis
Short Term Liabilities: TEX's short term assets (ZAR993.1M) exceed its short term liabilities (ZAR100.9M).
Long Term Liabilities: TEX's short term assets (ZAR993.1M) do not cover its long term liabilities (ZAR1.3B).
Debt to Equity History and Analysis
Debt Level: TEX's net debt to equity ratio (47.1%) is considered high.
Reducing Debt: TEX's debt to equity ratio has increased from 60.3% to 64% over the past 5 years.
Debt Coverage: TEX's debt is not well covered by operating cash flow (8.9%).
Interest Coverage: TEX's interest payments on its debt are not well covered by EBIT (1.5x coverage).
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What is Texton Property Fund current dividend yield, its reliability and sustainability?
Dividend Score 2/6
Cash Flow Coverage
Current Dividend Yield
Upcoming Dividend Payment
Dividend Yield vs Market
|Texton Property Fund Dividend Yield vs Market|
|Company (Texton Property Fund)||6.5%|
|Market Bottom 25% (ZA)||3.5%|
|Market Top 25% (ZA)||8.9%|
|Industry Average (REITs)||10.4%|
|Analyst forecast in 3 Years (Texton Property Fund)||n/a|
Notable Dividend: TEX's dividend (6.45%) is higher than the bottom 25% of dividend payers in the ZA market (3.52%).
High Dividend: TEX's dividend (6.45%) is low compared to the top 25% of dividend payers in the ZA market (8.94%).
Stability and Growth of Payments
Stable Dividend: TEX's dividend payments have been volatile in the past 10 years.
Growing Dividend: TEX's dividend payments have fallen over the past 10 years.
Earnings Payout to Shareholders
Earnings Coverage: With its high payout ratio (111.2%), TEX's dividend payments are not well covered by earnings.
Cash Payout to Shareholders
Cash Flow Coverage: With its reasonable cash payout ratio (59.8%), TEX's dividend payments are covered by cash flows.
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How experienced are the management team and are they aligned to shareholders interests?
Average board tenure
H. S. Welleman (34 yo)
Mr. H. S. Pienaar Welleman serves as Chief Executive Officer & Executive Director at Texton Property Fund Limited. He served as Interim Chief Executive Officer at Texton Property Fund Limited since April 2...
CEO Compensation Analysis
|H. S. Welleman's Compensation vs Texton Property Fund Earnings|
|Date||Total Comp.||Salary||Company Earnings|
|Dec 31 2021||n/a||n/a|
|Sep 30 2021||n/a||n/a|
|Jun 30 2021||R3m||R3m|
|Dec 31 2020||n/a||n/a|
|Sep 30 2020||n/a||n/a|
|Jun 30 2020||R2m||R1m|
Compensation vs Market: H. S.'s total compensation ($USD161.40K) is below average for companies of similar size in the ZA market ($USD296.92K).
Compensation vs Earnings: H. S.'s compensation has been consistent with company performance over the past year.
Experienced Board: TEX's board of directors are considered experienced (3.9 years average tenure).
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
|03 May 22||BuyR4,830,365||Kloof Capital South Africa (Pty) Ltd||Company||1,360,665||R3.55|
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
Texton Property Fund Limited's employee growth, exchange listings and data sources
- Name: Texton Property Fund Limited
- Ticker: TEX
- Exchange: JSE
- Founded: 2006
- Industry: Office REITs
- Sector: Real Estate
- Implied Market Cap: R1.057b
- Shares outstanding: 341.10m
- Website: https://www.texton.co.za
Number of Employees
- Texton Property Fund Limited
- Investment Place
- Block C, Hyde Park
- South Africa
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|TEX||JSE (The Johannesburg Securities Exchange)||Yes||Linked Units||ZA||ZAR||Dec 2011|
|VUVA.F||OTCPK (Pink Sheets LLC)||Yes||Linked Units||US||USD||Dec 2011|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/09/30 00:00|
|End of Day Share Price||2022/09/30 00:00|
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.