Financials Resilient REIT Limited

Equities

RES

ZAE000209557

Commercial REITs

End-of-day quote Johannesburg S.E. Other stock markets 06:00:00 2024-04-25 pm EDT			5-day change	1st Jan Change
42.87 ^ZAR	+1.95%		+1.04%	-3.21%

Mar. 27	Resilient REIT Limited Announces Resignation of Hluke Mthombeni as Company Secretary, Effective from 26 April 2024	CI
Mar. 14	Resilient REIT Limited Reports Earnings Results for the Full Year Ended December 31, 2023	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	24,703	15,269	21,568	17,840	14,808	14,333	-	-
Enterprise Value (EV) ¹	33,993	15,269	21,568	17,840	14,808	28,995	29,487	29,913
P/E ratio	-	-	11.4 x	-	-	-	-	-
Yield	7.81%	8.71%	-	8.15%	-	9.5%	10.2%	10.8%
Capitalization / Revenue	6.49 x	5.38 x	14 x	5.09 x	4.14 x	3.9 x	3.67 x	3.42 x
EV / Revenue	8.93 x	5.38 x	14 x	5.09 x	4.14 x	7.89 x	7.54 x	7.13 x
EV / EBITDA	11.8 x	6.02 x	-	3.87 x	3.33 x	11.5 x	10.9 x	10.5 x
EV / FCF	-	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-	-
Price to Book	0.98 x	0.76 x	-	-	-	0.65 x	0.63 x	0.56 x
Nbr of stocks (in thousands)	363,062	360,970	360,970	331,898	334,335	334,335	-	-
Reference price ²	68.04	42.30	59.75	53.75	44.29	42.87	42.87	42.87
Announcement Date	8/16/19	8/26/20	3/19/22	3/23/23	3/14/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	3,806	2,836	1,540	3,503	3,575	3,676	3,909	4,195
EBITDA ¹	2,884	2,537	-	4,615	4,443	2,525	2,694	2,853
EBIT ¹	3,047	-3,040	-	4,595	4,419	2,551	2,595	2,752
Operating Margin	80.07%	-107.2%	-	131.18%	123.58%	69.4%	66.4%	65.61%
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-
EPS	-	-	5.236	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-	-
Dividend per Share ²	5.311	3.684	-	4.380	-	4.072	4.383	4.629
Announcement Date	8/16/19	8/26/20	3/19/22	3/23/23	3/14/24	-	-	-

¹ZAR in Million²ZAR

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2023 S1
Net sales ¹	1,766
EBITDA	-
EBIT	-
Operating Margin	-
Earnings before Tax (EBT)	-
Net income	-
Net margin	-
EPS	-
Dividend per Share	-
Announcement Date	8/15/23

¹ZAR in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	9,291	-	-	-	-	14,662	15,154	15,580
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	3.221 x	-	-	-	-	5.807 x	5.625 x	5.461 x
Free Cash Flow	-	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	7.19%	-	-	-	-	6.1%	6.2%	6.5%
ROA (Net income/ Total Assets)	-	-	-	-	-	3.8%	3.7%	3.8%
Assets	-	-	-	-	-	-	-	-
Book Value Per Share ²	69.40	55.50	-	-	-	65.90	68.00	77.20
Cash Flow per Share	-	-	-	-	-	-	-	-
Capex ¹	-	174	-	-	-	347	555	486
Capex / Sales	-	6.14%	-	-	-	9.44%	14.2%	11.58%
Announcement Date	8/16/19	8/26/20	3/19/22	3/23/23	3/14/24	-	-	-

¹ZAR in Million²ZAR

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Resilient REIT Limited

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

BUY

Number of Analysts

Last Close Price

42.87 ZAR

Average target price

46.14 ZAR

Spread / Average Target

+7.64%

Consensus

Annual profits - Rate of surprise

Company calendar

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