Redefine Properties (RDF.JO)
Real Estate · JSE · South Africa
Fundamentals
Valuation and ratings
Redefine Properties trades at R6.46, which is 118% below the R14.10 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 75 out of 100, which is a wide moat. 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 7.2 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 Redefine Properties
Redefine Properties Limited (Redefine or the group) is a Real Estate Investment Trust (REIT). It has a sectoral and geographically diversified property asset platform valued at R101.2 billion (FY25 R103.2 billion). Redefine's portfolio is predominantly anchored in South Africa through directly held and managed retail, office and industrial properties, complemented by a strong presence in retail, logistics and self-storage property assets in Poland. Redefine's purpose is to create and manage spaces that transform lives. This goal demands more than a business-as-usual approach. It requires an integrated strategy that prioritizes people and purpose, guiding our decisions to ensure sustainable value creation for all stakeholders. By focusing on what matters most and executing on our strategic priorities, we aim to make a meaningful and lasting impact. Redefine is listed on the Johannesburg Stock Exchange (JSE) with a market capitalization of R49.9 billion (FY25 R36.0 billion). By volume, Redefine's shares are among the most actively traded in the SA REIT sector, making it a highly liquid, single-entry point for investors to gain exposure to the South African and Polish real estate markets. Redefine's local property asset platform is valued at R67.8 billion (FY25 R66.8 billion). The offshore real estate investments are valued at R33.4 billion (FY25 R36.4 billion), representing 32.9% (FY25 35.3%) of the group's total property asset platform, which provides geographic diversification through assets in Poland. The 2.0% decrease in the value of the property asset platform during the period was mainly attributable to foreign currency translation losses arising from rand appreciation as well as the part-settlement of the ELI loan receivable and the disposal of non-core assets. The decrease was partially offset by fair value gains on investment properties and continued capital and development expenditure across the portfolio. Redefine Properties Limited was incorporated in 1999 in South Africa.
RDF.JO passes 6 of our 30 screens today
Each screen prints the exact criteria it used, and the circumstances in which it is wrong.
Common questions
Is Redefine Properties (RDF.JO) undervalued?
Against our discounted cash flow estimate of R14.10, RDF.JO at R6.46 is 118% 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 RDF.JO's P/E ratio?
RDF.JO trades at 7.2 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.