Vukile Property Fund Limited

JSE:VKE Stock Report

Market Cap: R19.6b

Vukile Property Fund Valuation

Is VKE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

1/6

Valuation Score 1/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of VKE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: VKE (ZAR17.98) is trading above our estimate of fair value (ZAR3.15)

Significantly Below Fair Value: VKE is trading above our estimate of fair value.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for VKE?

Key metric: As VKE is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for VKE. This is calculated by dividing VKE's market cap by their current earnings.
What is VKE's PE Ratio?
PE Ratio12.5x
EarningsR1.59b
Market CapR19.55b

Price to Earnings Ratio vs Peers

How does VKE's PE Ratio compare to its peers?

The above table shows the PE ratio for VKE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average5.7x
HYP Hyprop Investments
6.4xn/aR16.0b
RES Resilient REIT
4.8xn/aR19.2b
DIB Dipula Income Fund
6.1xn/aR4.8b
EXP Exemplar REITail
5.3xn/aR3.8b
VKE Vukile Property Fund
12.5xn/aR19.6b

Price-To-Earnings vs Peers: VKE is expensive based on its Price-To-Earnings Ratio (12.5x) compared to the peer average (5.7x).

Price to Earnings Ratio vs Industry

How does VKE's PE Ratio compare vs other companies in the Global Retail REITs Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
VKE 12.5xIndustry Avg. 20.7xNo. of Companies13PE01224364860+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: VKE is good value based on its Price-To-Earnings Ratio (12.5x) compared to the Global Retail REITs industry average (20.7x).

Price to Earnings Ratio vs Fair Ratio

What is VKE'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.

VKE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.5x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate VKE's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst VKE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentR17.98
R20.03
+11.4%
5.6%R21.60R19.00n/a3
Nov ’25R18.33
R20.03
+9.3%
5.6%R21.60R19.00n/a3
Sep ’25R17.72
R17.65
-0.4%
3.7%R18.30R17.00n/a2
Aug ’25R16.53
R17.43
+5.5%
3.5%R18.30R17.00n/a3
Jul ’25R15.78
R17.43
+10.5%
3.5%R18.30R17.00n/a3
Jun ’25R14.67
R16.77
+14.3%
6.6%R18.30R15.70n/a3
May ’25R15.15
R16.77
+10.7%
6.6%R18.30R15.70n/a3
Apr ’25R15.18
R16.83
+10.9%
6.2%R18.30R15.90n/a3
Mar ’25R14.80
R16.90
+14.2%
6.0%R18.30R15.90n/a3
Feb ’25R15.08
R16.43
+9.0%
8.4%R18.30R15.00n/a3
Jan ’25R14.12
R16.07
+13.8%
5.6%R17.20R15.00n/a3
Dec ’24R13.42
R15.27
+13.8%
9.1%R17.20R14.00n/a3
Nov ’24R12.61
R15.47
+22.7%
8.5%R17.20R14.00R18.333
Oct ’24R13.10
R15.47
+18.1%
8.5%R17.20R14.00R18.293
Sep ’24R13.53
R15.40
+13.8%
8.7%R17.20R14.00R17.723
Aug ’24R13.34
R15.57
+16.7%
7.5%R17.20R14.50R16.533
Jul ’24R12.54
R15.60
+24.4%
7.8%R17.30R14.50R15.783
Jun ’24R12.46
R15.27
+22.5%
5.0%R16.30R14.50R14.673
May ’24R12.62
R15.37
+21.8%
4.3%R16.30R14.80R15.153
Apr ’24R12.44
R15.43
+24.1%
4.1%R16.30R14.80R15.183
Mar ’24R13.66
R15.23
+11.5%
4.3%R16.30R14.60R14.804
Feb ’24R13.22
R15.03
+13.7%
5.2%R16.30R14.20R15.084
Jan ’24R13.27
R15.03
+13.2%
5.2%R16.30R14.20R14.124
Dec ’23R13.47
R14.75
+9.5%
3.4%R15.40R14.00R13.424
Nov ’23R13.34
R14.75
+10.6%
3.4%R15.40R14.00R12.614

Analyst Forecast: Target price is less than 20% higher than the current share price.

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