Equites Property Fund (EQU.JO)

Real Estate · JSE · South Africa

R17.88+3.89% today

Fundamentals

Market capR15.54B

P/E ratio10.1

Dividend yield8.16%

Revenue growth (YoY)-29.3%

Profit margin51.7%

Return on equity11.3%

52-week rangeR15.30 to R19.25

Next earnings2026-05-14

Valuation and ratings

DCF fair valueR26.20

Upside to fair value+46.5%

Analyst target (mean)R15.00

Analyst rangeR12.00 to R18.00

Analysts covering2

Consensus viewnone

Moat score69/100

Overall rating83/100, Strong Buy

Equites Property Fund trades at R17.88, which is 47% below the R26.20 our discounted cash flow model puts on the business. On that measure alone it screens as undervalued, though a DCF is an argument rather than a measurement, and the market is frequently right about why something is cheap.

Our moat model scores it 69 out of 100, which is a moat, but not a deep one. A moat is a structural reason competitors cannot take the profits away, and it matters more to a long holding period than any single quarter's numbers do.

It changes hands at 10.1 times earnings. Be careful reading that in isolation: for a cyclical business a low P/E arrives at the top of the cycle, when profits are peaking and about to fall, which is exactly when the shares look cheapest and are not.

About Equites Property Fund

Equites Property Fund Limited (Equites) is a South African REIT. It has a clear focus on being a market leader in the logistics property market by developing and acquiring A-grade, modern logistics facilities in prime locations in South Africa and the United Kingdom. Equites listed on the Johannesburg Stock Exchange (JSE) on 18 June 2014 with a portfolio value of R1 billion and has since grown to a portfolio value to R19.3 billion 28 February 2021. The group continues to grow its portfolio through a significant development pipeline and high-quality acquisitions. Equites is the only listed property entity on the JSE to provide shareholders with pure exposure to prime logistics assets. Equites Property Fund Limited was established on May 20, 2013, and incorporated in South Africa.

Industry: REIT - IndustrialHQ: South Africa

EQU.JO passes 6 of our 30 screens today

Each screen prints the exact criteria it used, and the circumstances in which it is wrong.

Undervalued on cash flow

Companies trading at least 25% below what our discounted cash flow model says the future cash is worth today.

Quality at a fair price

Good businesses, not cheap ones. A wide moat and a strong rating, at a multiple that has not run away.

Deep value, with a pulse

A very low earnings multiple is usually a warning. This screen demands a low multiple AND evidence the business still works.

Dividend powerhouses

Yields above 3%, filtered for the one thing yield screens never check: whether the company can actually afford it.

Low volatility defensives

Companies that move less than the market and pay you to wait. The holdings that let you sleep, and let you hold everything else.

Highest conviction

The best overall scores in our universe, restricted to companies where we actually hold enough data to have an opinion worth reading.

Common questions

Is Equites Property Fund (EQU.JO) undervalued?

Against our discounted cash flow estimate of R26.20, EQU.JO at R17.88 is 47% below fair value. That is one model's answer, not a recommendation, and most of a DCF's output sits in a terminal value nobody can forecast.

What is EQU.JO's P/E ratio?

EQU.JO trades at 10.1 times earnings. A low P/E is not automatically cheap: on a cyclical company it is usually a warning that earnings are at a peak.

The full research page for EQU.JO, with financial statements, ownership detail, peer comparison and alerts, is free inside the app.

Open EQU.JO in the app Free guides and screens

Data from company filings, exchange quotes and SEC EDGAR 13F disclosures. Quotes are delayed. Metrics we do not have are left out rather than estimated. Educational information, not financial advice.