HYPROP INVESTMENTS LIMITED

Financials Hyprop Investments Limited

Equities

HYP

ZAE000190724

Commercial REITs

End-of-day quote Johannesburg S.E. Other stock markets 03:30:00 13/05/2024 am IST			5-day change	1st Jan Change
29.17 ^ZAR	+0.62%		+0.66%	-6.24%

28/03	Hyprop Investments Limited Appoints Moegamat Reeza Isaacs as Independent Non-Executive Director and Member of the Audit and Risk Committee, Effective April 2, 2024	CI
14/03	Transcript : Hyprop Investments Limited, H1 2024 Earnings Call, Mar 14, 2024

Valuation

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	17,826	5,717	8,136	11,346	10,997	11,069	-	-
Enterprise Value (EV) ¹	23,869	11,420	12,772	23,043	23,583	25,444	25,956	25,910
P/E ratio	-	-	-	-	-	-	-	-
Yield	10.7%	22%	12.7%	8.85%	9.75%	8.99%	9.15%	9.68%
Capitalization / Revenue	5.54 x	1.98 x	2.93 x	3.64 x	2.51 x	3.67 x	3.3 x	3.12 x
EV / Revenue	7.42 x	3.95 x	4.59 x	7.38 x	5.39 x	8.44 x	7.75 x	7.3 x
EV / EBITDA	1,19,51,472 x	62,86,398 x	90,47,630 x	-	-	-	-	-
EV / FCF	-	12,39,72,794 x	4,27,02,69,637 x	-	-	-	-	-
FCF Yield	-	0%	0%	-	-	-	-	-
Price to Book	0.73 x	0.3 x	0.37 x	0.55 x	0.48 x	0.52 x	0.54 x	0.55 x
Nbr of stocks (in thousands)	2,55,130	2,55,346	3,07,010	3,41,857	3,58,084	3,79,475	-	-
Reference price ²	69.87	22.39	26.50	33.19	30.71	29.17	29.17	29.17
Announcement Date	05/09/19	22/09/20	15/09/21	29/09/22	19/09/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,218	2,890	2,781	3,121	4,374	3,016	3,351	3,550
EBITDA	1,997	1,817	1,412	-	-	-	-	-
EBIT ¹	1,997	1,817	1,412	1,615	2,084	1,972	2,186	2,296
Operating Margin	62.07%	62.86%	50.76%	51.76%	47.64%	65.4%	65.24%	64.68%
Earnings before Tax (EBT)	18.51	-3,516	-735.2	-	-	-	-	-
Net income	111.5	-	-	-	-	-	-	-
Net margin	3.47%	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-
Free Cash Flow	-	92.12	2.991	-	-	-	-	-
FCF margin	-	3.19%	0.11%	-	-	-	-	-
FCF Conversion (EBITDA)	-	5.07%	0.21%	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	7.449	4.934	3.365	2.936	2.993	2.622	2.668	2.825
Announcement Date	05/09/19	22/09/20	15/09/21	29/09/22	19/09/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Balance Sheet Analysis

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	6,043	5,703	4,637	11,696	12,586	14,375	14,887	14,841
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.026 x	3.139 x	3.284 x	-	-	-	-	-
Free Cash Flow	-	92.1	2.99	-	-	-	-	-
ROE (net income / shareholders' equity)	2.61%	4.79%	4.62%	-	-	-	-	-
ROA (Net income/ Total Assets)	-	3.35%	3.2%	-	-	-	-	-
Assets	-	-	-	-	-	-	-	-
Book Value Per Share ²	95.60	75.60	70.90	60.90	63.40	55.90	53.70	53.40
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	140	225	301	294	289	175	371	368
Capex / Sales	4.35%	7.77%	10.84%	9.4%	6.61%	5.81%	11.08%	10.37%
Announcement Date	05/09/19	22/09/20	15/09/21	29/09/22	19/09/23	-	-	-

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

Analysts' Consensus

Sell

Consensus

Buy

Mean consensus

OUTPERFORM

Number of Analysts

2

Last Close Price

29.17 ZAR

Average target price

34.5 ZAR

Spread / Average Target

+18.27%

Chiffre d''affaires - Rate of surprise

Company calendar

Sector Retail REITs

	1st Jan change	Capi.
HYPROP INVESTMENTS LIMITED	-6.24%	597M
SIMON PROPERTY GROUP, INC.	+3.04%	48.15B
KIMCO REALTY CORPORATION	-10.14%	12.79B
THE LINK REAL ESTATE INVESTMENT TRUST	-17.45%	11.57B
REGENCY CENTERS CORPORATION	-10.75%	10.98B
NNN REIT, INC.	-0.77%	7.75B
BRIXMOR PROPERTY GROUP INC.	-5.20%	6.7B
AGREE REALTY CORPORATION	-4.58%	6.04B
VICINITY CENTRES	-6.62%	5.77B
KITE REALTY GROUP TRUST	-8.22%	4.63B

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