Financials Accelerate Property Fund Limited

Equities

APF

ZAE000185815

Commercial REITs

End-of-day quote Johannesburg S.E. 06:00:00 2024-04-25 pm EDT 5-day change 1st Jan Change
0.56 ZAR 0.00% Intraday chart for Accelerate Property Fund Limited 0.00% -18.84%

Valuation

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Capitalization 1 5,590 2,708 375.8 672.4 1,006 1,231
Enterprise Value (EV) 1 10,658 7,994 6,509 6,969 5,550 5,619
P/E ratio 5.18 x 4.93 x -0.42 x -0.92 x 16.3 x -1.82 x
Yield 10.2% 18.5% 42.4% - 20.9% -
Capitalization / Revenue 4.63 x 2.19 x 0.35 x 0.73 x 1.06 x 1.41 x
EV / Revenue 8.83 x 6.48 x 6 x 7.53 x 5.86 x 6.45 x
EV / EBITDA 12.7 x 9.63 x 10.4 x 13.5 x 8.64 x 11.3 x
EV / FCF 97.8 x -25.3 x 12.5 x 13.6 x 23.8 x -22.1 x
FCF Yield 1.02% -3.96% 8.01% 7.34% 4.2% -4.52%
Price to Book 0.71 x 0.34 x 0.06 x 0.11 x 0.17 x 0.23 x
Nbr of stocks (in thousands) 989,364 984,743 988,957 988,836 957,790 1,295,868
Reference price 2 5.650 2.750 0.3800 0.6800 1.050 0.9500
Announcement Date 6/18/18 6/21/19 7/29/20 6/30/21 6/29/22 7/19/23
1ZAR in Million2ZAR
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net sales 1 1,206 1,234 1,086 925.2 947.6 871.8
EBITDA 1 840.5 830.1 627 515.3 642.3 498.5
EBIT 1 829.1 818.2 610.2 507.2 633.9 490.2
Operating Margin 68.73% 66.29% 56.21% 54.82% 66.9% 56.23%
Earnings before Tax (EBT) 1 1,083 565.8 -897.5 -705 3.076 -594.3
Net income 1 1,086 563.4 -899.9 -705.7 61.98 -601.3
Net margin 90% 45.64% -82.89% -76.28% 6.54% -68.98%
EPS 2 1.091 0.5579 -0.9021 -0.7395 0.0644 -0.5227
Free Cash Flow 1 109 -316.5 521.2 511.6 233.4 -254.2
FCF margin 9.03% -25.64% 48.01% 55.3% 24.63% -29.15%
FCF Conversion (EBITDA) 12.97% - 83.13% 99.28% 36.33% -
FCF Conversion (Net income) 10.04% - - - 376.5% -
Dividend per Share 2 0.5755 0.5097 0.1613 - 0.2198 -
Announcement Date 6/18/18 6/21/19 7/29/20 6/30/21 6/29/22 7/19/23
1ZAR in Million2ZAR
Estimates

Balance Sheet Analysis

Fiscal Period: March 2018 2019 2020 2021 2022 2023
Net Debt 1 5,068 5,286 6,133 6,296 4,544 4,388
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 6.03 x 6.369 x 9.782 x 12.22 x 7.075 x 8.804 x
Free Cash Flow 1 109 -316 521 512 233 -254
ROE (net income / shareholders' equity) 14.3% 7.15% -12.2% -11% 0.05% -10.5%
ROA (Net income/ Total Assets) 4.05% 3.8% 2.8% 2.43% 3.35% 2.86%
Assets 1 26,814 14,809 -32,098 -29,050 1,849 -21,019
Book Value Per Share 2 8.010 8.070 6.850 6.280 6.210 4.130
Cash Flow per Share 2 0.0800 0.0900 0.0300 0.0300 0.0500 0.0300
Capex 1 0.21 0.05 0.03 0.04 0.18 0.07
Capex / Sales 0.02% 0% 0% 0% 0.02% 0.01%
Announcement Date 6/18/18 6/21/19 7/29/20 6/30/21 6/29/22 7/19/23
1ZAR in Million2ZAR
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Chiffre d''affaires - Rate of surprise

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