Financials Vukile Property Fund Limited

Equities

VKE

ZAE000180865

Commercial REITs

End-of-day quote Johannesburg S.E. 03:30:00 03/05/2024 am IST 5-day change 1st Jan Change
15.11 ZAR -1.50% Intraday chart for Vukile Property Fund Limited +2.37% +7.01%

Valuation

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 18,154 6,770 8,271 13,782 12,194 15,657 - -
Enterprise Value (EV) 1 30,477 23,673 22,714 27,838 27,934 32,737 32,631 32,404
P/E ratio 10 x - - - - - - -
Yield 9.07% 26.4% 11.7% 7.52% 5.23% 8.56% 9.01% 9.55%
Capitalization / Revenue 6.4 x 2.92 x 4.32 x 6.13 x 5.24 x 7.13 x 6.64 x 6.4 x
EV / Revenue 10.8 x 10.2 x 11.9 x 12.4 x 12 x 14.9 x 13.8 x 13.2 x
EV / EBITDA - 1,06,57,935 x 1,19,61,222 x - - - - -
EV / FCF - - - 1,35,53,061 x - - - -
FCF Yield - - - 0% - - - -
Price to Book 0.99 x 0.39 x 0.48 x 0.78 x 0.61 x 0.69 x 0.68 x 0.66 x
Nbr of stocks (in thousands) 9,07,709 9,56,227 9,56,227 9,80,227 9,80,227 10,36,227 - -
Reference price 2 20.00 7.080 8.650 14.06 12.44 15.11 15.11 15.11
Announcement Date 29/05/19 30/06/20 09/06/21 30/05/22 12/06/23 - - -
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,835 2,317 1,914 2,247 2,325 2,195 2,359 2,448
EBITDA - 2,221 1,899 - - - - -
EBIT 1 2,096 2,525 1,895 2,261 2,339 2,442 2,598 2,678
Operating Margin 73.93% 108.98% 99.01% 100.62% 100.6% 111.28% 110.15% 109.4%
Earnings before Tax (EBT) - - - - - - - -
Net income - - - - - - - -
Net margin - - - - - - - -
EPS 1.990 - - - - - - -
Free Cash Flow - - - 2,054 - - - -
FCF margin - - - 91.41% - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 1.815 1.873 1.010 1.058 0.6511 1.293 1.362 1.443
Announcement Date 29/05/19 30/06/20 09/06/21 30/05/22 12/06/23 - - -
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 12,322 16,903 14,443 14,056 15,740 17,080 16,974 16,746
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) - 7.61 x 7.606 x - - - - -
Free Cash Flow - - - 2,054 - - - -
ROE (net income / shareholders' equity) 9.93% 6.17% 3.35% 10.6% 7.53% 5.4% 5.9% 5.8%
ROA (Net income/ Total Assets) - - - 3.43% 3.79% 3% 3.3% 3.4%
Assets - - - - - - - -
Book Value Per Share 2 20.30 18.30 18.20 17.90 20.50 21.80 22.30 23.00
Cash Flow per Share 2.080 - - - - - - -
Capex 1 9,574 2,488 665 2,149 156 378 223 225
Capex / Sales 337.72% 107.38% 34.74% 95.64% 6.71% 17.22% 9.47% 9.2%
Announcement Date 29/05/19 30/06/20 09/06/21 30/05/22 12/06/23 - - -
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

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
15.11 ZAR
Average target price
16.77 ZAR
Spread / Average Target
+10.96%
Consensus

Chiffre d''affaires - Rate of surprise

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