MAS (MSP.JO)

Real Estate · JSE · South Africa

R21.87+5.30% today

Fundamentals

Market capR14.45B

P/E ratio12.1

Revenue growth (YoY)+0.2%

Profit margin59.3%

Return on equity5.2%

52-week rangeR18.00 to R27.35

Valuation and ratings

DCF fair valueR48.18

Upside to fair value+120.3%

Moat score67/100

Overall rating71/100, Strong Buy

MAS trades at R21.87, which is 120% below the R48.18 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 67 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 12.1 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 MAS

MAS P.L.C. is a property investor and operator listed on the main board of the Johannesburg Stock Exchange and with a secondary listing on A2X Limited. The group is internally managed, combining investment, acquisition, leasing, asset and property management, marketing, and finance skills. Capital previously invested in WE will be reinvested directly in income property in CEE and indirectly, on a downside protected basis, in developments via further preference shares in the DJV with co-investor, developer and general contractor Prime Kapital. MAS P.L.C. was founded in 2008 in Malta.

Industry: Real Estate - DiversifiedHQ: Malta

MSP.JO passes 4 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.

Highest conviction

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

South Africa and the JSE

A commodity and currency market wearing an equity market's clothes. The index can rise on a good day in Beijing.

Common questions

Is MAS (MSP.JO) undervalued?

Against our discounted cash flow estimate of R48.18, MSP.JO at R21.87 is 120% 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 MSP.JO's P/E ratio?

MSP.JO trades at 12.1 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.

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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.