Financials Growthpoint Properties Limited

Equities

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
10.65 ^ZAR	+2.80%		+2.70%	-8.82%

Apr. 22	Growthpoint Properties' New CEO to Assume Post Earlier than Initial Schedule	MT
Apr. 18	Growthpoint Properties Updates FY2024 FFO guidance to AU$0.23	MT

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	71,562	40,092	50,634	42,070	39,780	36,066	-	-
Enterprise Value (EV) ¹	122,304	108,438	109,959	103,912	105,554	75,279	75,422	75,450
P/E ratio	-	-5.81 x	-97.3 x	-	-	-	-	-
Yield	8.98%	7.94%	7.95%	10.4%	11.2%	11%	11.2%	11.6%
Capitalization / Revenue	6.17 x	3.24 x	3.86 x	3.22 x	2.9 x	4.2 x	4.05 x	3.91 x
EV / Revenue	10.5 x	8.77 x	8.38 x	7.96 x	7.68 x	8.76 x	8.46 x	8.17 x
EV / EBITDA	14.4 x	12.7 x	12.1 x	11.8 x	-	9.99 x	9.57 x	9.22 x
EV / FCF	-	-12,322,498 x	34,687,332 x	-	18,825,310 x	-	-	-
FCF Yield	-	-0%	0%	-	0%	-	-	-
Price to Book	0.96 x	0.58 x	0.73 x	0.59 x	0.55 x	0.73 x	0.73 x	0.7 x
Nbr of stocks (in thousands)	2,947,368	3,003,145	3,398,244	3,406,440	3,411,622	3,386,457	-	-
Reference price ²	24.28	13.35	14.90	12.35	11.66	10.65	10.65	10.65
Announcement Date	9/11/19	9/9/20	9/15/21	9/15/22	9/12/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: Juni	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	11,600	12,361	13,126	13,048	13,740	8,590	8,913	9,232
EBITDA ¹	8,484	8,547	9,077	8,803	-	7,534	7,877	8,180
EBIT ¹	8,484	8,550	9,080	8,700	8,883	7,454	7,668	7,926
Operating Margin	73.14%	69.17%	69.18%	66.68%	64.65%	86.77%	86.03%	85.86%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income	-	-6,865	-497	-	-	-	-	-
Net margin	-	-55.54%	-3.79%	-	-	-	-	-
EPS	-	-2.299	-0.1531	-	-	-	-	-
Free Cash Flow	-	-8,800	3,170	-	5,607	-	-	-
FCF margin	-	-71.19%	24.15%	-	40.81%	-	-	-
FCF Conversion (EBITDA)	-	-	34.92%	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	2.181	1.060	1.185	1.284	1.301	1.171	1.191	1.235
Announcement Date	9/11/19	9/9/20	9/15/21	9/15/22	9/12/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Fiscal Period: June	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	50,742	68,346	59,325	61,842	65,774	39,214	39,356	39,384
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	5.981 x	7.996 x	6.536 x	7.025 x	-	5.205 x	4.996 x	4.815 x
Free Cash Flow	-	-8,800	3,170	-	5,607	-	-	-
ROE (net income / shareholders' equity)	8.42%	-9.62%	8.22%	11.5%	-	6.9%	6.9%	7.1%
ROA (Net income/ Total Assets)	-	1.54%	3.42%	-	-	2.8%	2.8%	2.9%
Assets	-	-446,359	-14,544	-	-	-	-	-
Book Value Per Share ²	25.40	23.10	20.50	20.90	21.30	14.60	14.60	15.10
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	6,954	1,229	2,987	1,203	511	442	378
Capex / Sales	-	56.26%	9.36%	22.89%	8.76%	5.95%	4.96%	4.09%
Announcement Date	9/11/19	9/9/20	9/15/21	9/15/22	9/12/23	-	-	-

¹ZAR in Million²ZAR

Estimates

Trading Rating

Investor Rating

ESG Refinitiv

B-

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

10.65 ZAR

Average target price

13.06 ZAR

Spread / Average Target

+22.63%

	1st Jan change	Capi.
GROWTHPOINT PROPERTIES LIMITED	-8.82%	1.92B
W. P. CAREY INC.	-15.09%	12.04B
LAND SECURITIES GROUP PLC	-7.21%	5.46B
MIRVAC GROUP	-1.91%	5.28B
THE GPT GROUP	-11.21%	5.15B
BRITISH LAND COMPANY PLC	-1.70%	4.54B
ESSENTIAL PROPERTIES REALTY TRUST, INC.	+0.51%	4.5B
NOMURA REAL ESTATE MASTER FUND, INC.	-9.21%	4.49B
DAIWA HOUSE REIT INVESTMENT CORPORATION	+3.97%	3.86B
EPR PROPERTIES	-15.40%	3.1B