Financials SA Corporate Real Estate Limited

Equities

SAC

ZAE000203238

Diversified REITs

End-of-day quote Johannesburg S.E. 06:00:00 2024-04-29 pm EDT 5-day change 1st Jan Change
2.57 ZAR +1.18% Intraday chart for SA Corporate Real Estate Limited +2.80% +10.78%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 7,728 4,348 5,863 5,975 5,784 6,521 - -
Enterprise Value (EV) 1 7,728 11,419 12,116 12,291 5,784 14,450 14,545 14,632
P/E ratio - - - - - - - -
Yield 12.4% 10.4% 9.74% 10.1% - 9.59% 9.95% 10.5%
Capitalization / Revenue 3.38 x 2.11 x 2.76 x 2.93 x 2.33 x 2.74 x 2.65 x 2.56 x
EV / Revenue 3.38 x 5.54 x 5.71 x 6.02 x 2.33 x 6.07 x 5.91 x 5.73 x
EV / EBITDA 5,909,646 x - 10,768,258 x - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 0.64 x - 0.58 x 0.58 x - 0.58 x 0.56 x 0.55 x
Nbr of stocks (in thousands) 2,525,574 2,513,062 2,494,945 2,489,568 2,492,976 2,488,969 - -
Reference price 2 3.060 1.730 2.350 2.400 2.320 2.620 2.620 2.620
Announcement Date 3/11/20 3/29/21 3/18/22 3/16/23 3/27/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,284 2,062 2,121 2,042 2,480 2,379 2,460 2,552
EBITDA 1,308 - 1,125 - - - - -
EBIT - 980.1 1,119 1,037 1,776 - - -
Operating Margin - 47.53% 52.77% 50.76% 71.6% - - -
Earnings before Tax (EBT) - - - - - - - -
Net income - - - - - - - -
Net margin - - - - - - - -
EPS - - - - - - - -
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.3804 0.1793 0.2289 0.2415 - 0.2513 0.2606 0.2755
Announcement Date 3/11/20 3/29/21 3/18/22 3/16/23 3/27/24 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2023 S1 2024 S1
Net sales - -
EBITDA - -
EBIT - -
Operating Margin - -
Earnings before Tax (EBT) - -
Net income - -
Net margin - -
EPS - -
Dividend per Share 1 0.1139 0.1231
Announcement Date 9/14/23 -
1ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 - 7,071 6,253 6,316 - 7,929 8,024 8,111
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - - 5.558 x - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) - - - - - - - -
ROA (Net income/ Total Assets) - - - - - - - -
Assets - - - - - - - -
Book Value Per Share 2 4.750 - 4.050 4.140 - 4.520 4.670 4.770
Cash Flow per Share - - - - - - - -
Capex 1 - - 4.42 - - 188 194 200
Capex / Sales - - 0.21% - - 7.91% 7.87% 7.85%
Announcement Date 3/11/20 3/29/21 3/18/22 3/16/23 3/27/24 - - -
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
3
Last Close Price
2.62 ZAR
Average target price
2.6 ZAR
Spread / Average Target
-0.76%
Consensus

Chiffre d''affaires - Rate of surprise

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