Stock HET HERIOT REIT LIMITED
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Financials Heriot REIT Limited

Equities

HET

ZAE000246740

Diversified REITs

End-of-day quote Johannesburg S.E.
Other stock markets
 03:30:00 22/05/2024 am IST 		5-day change 1st Jan Change
13.5 ZAR 0.00% Intraday chart for Heriot REIT Limited 0.00% 0.00%
28/03 Heriot REIT Limited Reports Earnings Results for the Half Year Ended December 31, 2023 CI
28/03 Heriot REIT Limited Declares Interim Gross Cash Dividend for the Period Ended 31 December 2023, Payable on April 22, 2024 CI

Valuation

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Capitalization 1 2,819 2,809 2,937 2,937 2,937 2,937
Enterprise Value (EV) 1 4,322 4,413 4,635 4,661 5,030 6,770
P/E ratio 6.03 x 13.4 x 35.5 x 9.38 x 4.82 x 3.05 x
Yield 6.65% 7.35% 7.32% 7.89% 8.87% 9.25%
Capitalization / Revenue 6.87 x 5.94 x 5.78 x 5.83 x 5.1 x 4.69 x
EV / Revenue 10.5 x 9.33 x 9.12 x 9.25 x 8.73 x 10.8 x
EV / EBITDA 14.5 x 13.4 x 13.5 x 14.6 x 14.5 x 17.1 x
EV / FCF - 2,89,57,806 x 6,51,62,469 x 2,45,04,857 x 3,39,77,550 x 1,08,06,54,234 x
FCF Yield - 0% 0% 0% 0% 0%
Price to Book 0.95 x 0.95 x 1.04 x 1.01 x 0.9 x 0.74 x
Nbr of stocks (in thousands) 2,56,296 2,55,396 2,55,396 2,55,396 2,55,396 2,55,396
Reference price 2 11.00 11.00 11.50 11.50 11.50 11.50
Announcement Date 25/10/18 29/08/19 30/10/20 30/10/21 31/10/22 31/10/23
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: Juni 2018 2019 2020 2021 2022 2023
Net sales 1 410.6 473.2 508.1 504.1 576 626
EBITDA 1 298.2 329.1 344 319.5 347.2 396.3
EBIT 1 297.3 327.8 342.5 317.5 344.9 389.7
Operating Margin 72.4% 69.27% 67.4% 62.98% 59.88% 62.25%
Earnings before Tax (EBT) 1 476.3 219.4 89.77 324.2 614.1 981.7
Net income 1 460.1 209.2 82.71 313 609.6 964
Net margin 112.05% 44.21% 16.28% 62.09% 105.83% 154.01%
EPS 2 1.823 0.8191 0.3238 1.226 2.387 3.775
Free Cash Flow - 152.4 71.13 190.2 148 6.264
FCF margin - 32.21% 14% 37.73% 25.7% 1%
FCF Conversion (EBITDA) - 46.31% 20.68% 59.52% 42.63% 1.58%
FCF Conversion (Net income) - 72.84% 85.99% 60.76% 24.29% 0.65%
Dividend per Share 2 0.7317 0.8087 0.8420 0.9072 1.020 1.063
Announcement Date 25/10/18 29/08/19 30/10/20 30/10/21 31/10/22 31/10/23
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: June 2023 S1
Net sales -
EBITDA -
EBIT -
Operating Margin -
Earnings before Tax (EBT) -
Net income 1 248.4
Net margin -
EPS 2 0.9725
Dividend per Share -
Announcement Date 14/03/23
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: June 2018 2019 2020 2021 2022 2023
Net Debt 1 1,503 1,603 1,698 1,724 2,093 3,833
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 5.039 x 4.872 x 4.935 x 5.395 x 6.027 x 9.67 x
Free Cash Flow - 152 71.1 190 148 6.26
ROE (net income / shareholders' equity) - 7.12% 3% 11% 19.5% 22.7%
ROA (Net income/ Total Assets) - 4.31% 4.48% 4.08% 4.05% 3.21%
Assets 1 - 4,850 1,844 7,679 15,051 30,071
Book Value Per Share 2 11.60 11.60 11.10 11.40 12.80 15.50
Cash Flow per Share 2 0.4400 0.1100 0.3400 0.4300 0.4800 0.1800
Capex - - - - - -
Capex / Sales - - - - - -
Announcement Date 25/10/18 29/08/19 30/10/20 30/10/21 31/10/22 31/10/23
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Sector Diversified REITs

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Diversified REITs
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