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General information

Sector: Financials

The company is not available at Interactive Brokers

Emira Property Fund Limited (JSE:EMI) is a diversified real estate investment trust (“REIT”) company, with a property portfolio of predominantly South African assets, and a growing component of offshore assets. In line with its strategic objectives, Emira’s property portfolio spans multiple sectors, namely office, retail and industrial, with a new element of residential.

The Company is focused on growing the quality and value of its property portfolio, in order to sustain and enhance its distribution growth to shareholders.

This is achieved via selective acquisitions and disposals, as well as refurbishments, upgrades and the redevelopment of specific properties. To this end, all investment decisions are reinforced by Emira’s stringent investment criteria to enhance yields and improve the performance of the portfolio.


  • Bad financial results growth rate -42.4% (average between last period year over year growth for revenue and Net Income), there is slowdown compared to average historical growth rates (0.1%)
  • Dividend yield for the last twelve months 0.0%
  • Share price is 24.5% higher than minimum and 17.5% lower than maximum for the last 3 years
  • The company is overvalued by P/E LTM multiple compared to target level (7.2x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)9.60
Share price, USD: 0.5122
Common stocks: 522 916 667
Dividend Yield:  0.0%
P/E LTM: 7.2x
Last revenue growth (y/y):  +4.3%
Last growth of Net Income (y/y):  -89.2%
Historical revenue growth:  -7.7%
Historical growth of Net Income:  +28.8%
Target P/E (hist percentile):
Fundamental value created in LTM:
P/E mutiple calculation
Market Cap ($m): 268
Net Profit ($m): 37
P/E LTM: 7.2x
Price to Book: 0.59x

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Revenue and Net Income

Semi-Annual values ($m)

Change (y/y)

Share price and dividends (Download history)

Share price

Payment ZAR per share

Multiple and potential

P / E

Potential dynamics

TechCentral Headlines

E-commerce is killing shopping malls – but, curiously, not in South Africa

The South African market has evolved, and continues to evolve, differently from many other places in the world.

2022-06-29 19:43 +02:00
by Nqobile Dludla

JSE:MRP JSE:PIK JSE:AVI JSE:MSM JSE:EMI JSE:HUG JSE:ISA

Reuters Headlines

COVID can`t break South Africa`s love affair with shopping malls

With two days to go until opening to the public, workers rush to put the finishing touches on the Kwena Square shopping complex, a shiny $13 million sign that South Africans are defying the global "retail apocalypse".

2022-06-29

JSE:MRP JSE:PIK JSE:AVI JSE:MSM JSE:EMI JSE:HUG

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Releases

2022-07-29
Update on offer to acquire up to 100% of the issued shares of Transcend Residential Property Fund Limited
2022-07-13
General offer by Emira to acquire up to 100% of issued shares (other than those shares already owned) of Transcend
2022-06-29
Extension of BEE transaction
2022-05-18
Disposal of interest in Enyuka
2022-04-13
Acquisition of a beneficial interest in Emira ordinary shares
2022-03-25
Dealing by an associate of a director
2022-03-22
Acquisition of a beneficial interest in Emira ordinary shares
2022-02-17
Availability of Investor Presentation
2022-02-16
Unaudited Condensed Consolidated Interim Financial Results for 31 December 2021 and dividend declaration
2022-01-19
Availability of broad-based black economic empowerment annual compliance report
2021-12-06
Acceptance by Director of Shares Allocated
2021-12-01
Pre-Close Operational Update
2021-11-15
ACCEPTANCE BY DIRECTORS OF SHARES AWARDED
2021-11-11
RESULTS OF THE ANNUAL GENERAL MEETING
2021-10-19
VESTING OF SHARES AWARDED TO DIRECTORS
2021-10-13
No Change Statement and Notice of Annual General Meeting

SENS Announcements

2024-04-26
EMII - Interest and Capital Payment Notifications
2024-04-18
Acquisition of a beneficial interest in Emira ordinary shares
2024-04-02
Disposal of Western Cape portfolio
2024-03-28
Disposal of letting enterprises
2024-03-28
Pre-close operational update
2024-03-12
EPF027 EPFC55 - Listing of New Financial Instruments
2024-03-06
EPF023 - Notification of a full Capital Reduction
2024-02-27
EPF018 - Full Capital Reduction, Accrued Interest Payment of Listed Debt Securities and Correction Announcement
2024-02-21
EMII - Interest and Capital Payment Notifications
2024-02-20
Acceptance by directors of shares allocated
2024-01-25
EPF022 EPF026 EPFC54 - Interest Payment Notifications
2023-12-04
EMII - Financial Covenants Notification
2023-12-01
EMII - Interest Payment Notifications
2023-11-24
Vesting of shares awarded to directors and change in nature of directors’ interest
2023-11-21
Availability of Broad-Based black Economic Empowerment annual compliance report
2023-11-16
Availability of results presentation
2023-11-16
Unaudited condensed consolidated interim financial results for the 6 months ended 30 Sept 2023, dividend declaration
2023-11-15
Change to the board of directors
2023-11-14
Results of the annual general meeting and change in function of director
2023-11-08
EPFC54 - Listing of New Financial Instrument
2023-10-27
EMII - Interest and Capital Payment Notifications
2023-10-27
EMII - Notification of a Change To Emira’s Credit Rating
2023-10-03
Results of the Scheme Meeting
2023-09-29
Distribution of notice of annual general meeting
2023-09-28
Pre-close operational update
2023-09-22
Disposal of a beneficial interest in Emira ordinary shares
2023-09-22
Vesting of shares awarded to directors and change in nature of director’s interest in shares
2023-09-18
Changes to the board of directors, changes in functions of directors and withdrawal of notice of AGM
2023-09-13
Change to the board of directors
2023-09-13
Acceptance by directors of shares awarded
2023-09-05
Dealing by an associate of a director
2023-09-01
Posting of Scheme Circular and salient dates and times in respect of the Scheme
2023-08-22
EMII - Interest and Capital Payment Notifications
2023-08-07
EMII - Interest Payment Notifications
2023-08-02
Dealing by an associate of a director
2023-07-31
EMII - Availability of the Subsidiary Guarantor’s Annual Financial Statements
2023-07-31
Distribution of integrated annual report, no change statement and notice of annual general meeting
2023-07-28
Dealing by an associate of a director
2023-07-17
Dealing by an associate of a director
2023-07-14
Disposal of an indirect beneficial interest in Emira shares by directors
2023-06-30
Dealing by an associate of a director
2023-06-13
EMII - Financial Covenants Notification
2023-06-08
Availability of results presentation
2023-06-07
Audited condensed financial results for the nine months ended 31 March 2023 and dividend declaration
2023-06-06
Trading statement
2023-05-30
EMII - Interest and Capital Payment Notifications
2023-05-18
ETF022 - Step down event and interest payment notification
2023-05-15
EPF022 - Step Down Event and Interest Payment Notification
2023-05-03
EPF026 EPFC52 - Interest Payment Notifications
2023-03-15
Acquisition of a beneficial interest in Emira ordinary shares
2023-03-13
EPFC53 - Listing of New Financial Instrument
2023-03-08
Change in auditor
2023-02-24
EMII - Interest and Capital Payment Notifications
2023-02-16
EMII - Financial Covenants Notification
2023-02-15
Unaudited condensed consolidated interim financial results for the six months ended 31 December 2022 and dividend
2023-02-09
Trading statement
2023-02-01
EMII - Interest Payment Notifications
2023-01-18
Availability of Broad-Based Black Economic Empowerment annual compliance report
2022-12-15
Change of financial year-end
2022-12-01
Pre-close operational update
2022-11-24
EMII - Interest Payment Notifications
2022-11-10
Results of the annual general meeting
2022-11-09
EPFC52 EPF026 - Listing of New Financial Instruments
2022-11-08
Acceptance by directors of shares awarded
2022-11-01
EMII - Availability of the Subsidiary Guarantor’s Annual Financial Statements
2022-10-25
EPF020 ETF022 EPFC50 - Interest and Capital Payment Notifications
2022-10-17
Vesting of shares awarded to directors
2022-10-12
Distribution of Integrated Annual Report and Notice of Annual General Meeting
2022-10-12
CANCELLATION OF S466983 Distribution of Integrated Annual Report and Notice of Annual General Meeting
2022-10-12
Distribution of Integrated Annual Report and Notice of Annual General Meeting
2022-10-07
Finalisation announcement
2022-09-09
EPF025 - Listing of New Financial Instrument
2022-09-06
Posting of offer circular and salient dates and times in respect of the offer
2022-09-06
CANCELLATION OF S465502 Posting of offer circular and salient dates and times in respect of the offer
2022-09-06
Posting of offer circular and salient dates and times in respect of the offer
2022-08-29
EMII - Interest and Capital Payment Notifications
2022-08-26
Change to the board of directors and board committees
2022-08-19
Update on offer to acquire up to 100% of the issued shares of Transcend Residential Property Fund Limited
2022-08-19
EMII - Financial Covenants Notification
2022-08-18
Availability of investor presentation
2022-08-17
Reviewed condensed consolidated preliminary financial results for the year ended 30 June 2022 and dividend decl
2022-07-29
Update on offer to acquire up to 100% of the issued shares of Transcend Residential Property Fund Limited
2022-07-29
EMII - Interest Payment Notifications
2022-07-13
General offer by Emira to acquire up to 100% of issued shares (other than those shares already owned) of Transcend
2022-06-29
Extension of BEE transaction
2022-06-29
Pre-close operational update
2022-05-30
EMII - Interest Payment Notifications
2022-05-26
EMII - Notification of an amendment to the Issuer’s ZAR 5 Billion Domestic Medium Term Note Programme Memorandum
2022-05-18
Disposal of interest in Enyuka
2022-05-13
EPF022 - Step Down Event and Interest Payment Notification