Try our mobile app

General information

Sector: Financials

The company is not available at Interactive Brokers

MAS Real Estate (JSE:MSP) aims to be the pre-eminent real estate investment and development company in Central and Eastern Europe focused on delivering sustainable and superior distribution growth to its shareholders.

The group's strategy is to focus exclusively on real estate investment, predominantly in retail and residential, in the CEE market, and have a substantial development pipeline in that market through its partners.  To this end the group will:


  • Redeploy capital invested in Western Europe to the CEE in a focused and disciplined manner; and

  • Strengthen and integrate end to end deep institutional capability to manage and grow its CEE investments with the focus on income growth




  • Pretty weak financial results growth rate 1.4% (average between last period year over year growth for revenue and Net Income), there is acceleration compared to average historical growth rates (0.3%)
  • Dividend yield for the last twelve months 0.0%
  • Share price is 21.4% higher than minimum and 25.0% lower than maximum for the last 3 years
  • The company is overvalued by P/E LTM multiple compared to target level (7.0x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (+1.3%)17.00
Share price, USD: 0.9208
Common stocks: 715 902 323

Dividend Yield:  0.0%
P/E LTM: 7.0x
Last revenue growth (y/y):  +64.8%
Last growth of Net Income (y/y):  -61.9%
Historical revenue growth:  +9.5%
Historical growth of Net Income:  +45.3%
Target P/E (hist percentile):
Fundamental value created in LTM:
P/E mutiple calculation
Market Cap ($m): 659
Net Profit ($m): 94
P/E LTM: 7.0x
Price to Book: 0.60x

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

More information for subscribed users:
detailed calculation of
Potential and Created Value,
website traffic data

Releases

2022-06-30
Results of shareholders' meeting
2022-06-20
Voluntary trade update and pre-closing statement
2022-06-10
Notification of change of auditor
2022-06-08
Distribution of circular and notice of shareholders’ meeting
2022-05-11
Dealings in securities by a director of the Company
2022-05-09
Availability of proposed transactions presentation
2022-05-04
Proposed acquisition of retail centres from related party, proposed DJV extension, withdrawal of cautionary
2022-04-22
Acquisition of properties from a related party, amendments to the development joint venture agreement, cautionary
2022-04-22
Changes to the board of directors
2022-03-22
Finalisation information in respect of the dividend for the six-month period to 31 December 2021
2022-03-15
Dealing in securities by a director of the company
2022-03-07
Results presentation and company profile
2022-03-07
Dividend for the six-month period to 31 December 2021
2022-03-07
Reviewed condensed consolidated interim financial results for the six months to 31 December 2021
2021-12-22
Voluntary trade update and pre-closing statement
2021-12-22
Disposal of investment property to the value of €45.2 million in the UK
2021-12-13
Dealings in securities by an associate of a director of the company
2021-12-06
Changes to the board of directors and appointment of company secretary
2021-12-06
Results of annual general meeting

SENS Announcements

2024-04-26
MAS concludes EUR40.2million debt private placement
2024-04-04
Dealing in securities by a director and update to announcements relating to dealings in securities by a director
2024-03-04
Availability of interim financial statements, results presentation and company profile
2024-03-04
Reviewed interim financial results for the six months to 31 December 2023 and changes to board committee
2024-01-29
Availability of investor presentation
2023-12-14
Dealings in securities by a director of the company
2023-12-11
Voluntary trading update and change to the board of directors
2023-12-11
Tender offer results
2023-12-07
Results of annual general meeting
2023-12-04
Tender offer launch by a Group subsidiary
2023-10-31
Publication of annual report and posting of notice of annual general meeting
2023-10-26
Appointment of executive director
2023-10-04
Dealings in securities by directors of the company
2023-09-18
Dealings in securities by directors of the Company
2023-09-04
Publication of financial results, results presentation and company profile
2023-09-04
Audited financial results for the year to 30 June 2023 and changes to the board and company secretary
2023-09-04
Trading statement
2023-06-29
Voluntary trading and strategy update
2023-04-17
Dealings in securities by a director of the Company
2023-03-28
Dealing in securities by a director of the company
2023-03-13
Finalisation information in respect of the dividend for the six-month period to 31 December 2022
2023-03-06
Availability of interim financial statements, results presentation and company profile
2023-03-06
Dividend for the six-month period to 31 December 2022
2023-03-06
Reviewed condensed consolidated interim financial results for the six months to 31 December 2022
2023-02-01
Changes to the board of directors
2022-12-22
Voluntary trading update and pre-closing statement
2022-12-13
Changes to the board of directors and board committees
2022-12-05
Results of annual general meeting
2022-10-31
Publication of annual report and posting of notice of annual general meeting
2022-10-28
Publication of bond allocation report
2022-09-30
Dealings in securities by a director of the Company
2022-09-14
Dealings in securities by a director of the company
2022-09-13
Finalisation information in respect of the dividend for the six-month period to 30 June 2022
2022-09-07
Secondary listing on A2X
2022-08-29
Publication of financial results, results presentation and company profile
2022-08-29
Dividend for the six-month period to 30 June 2022
2022-08-29
Audited condensed consolidated financial results for the year to 30 June 2022 and changes to the board of directors
2022-06-30
Results of shareholders' meeting
2022-06-20
Voluntary trade update and pre-closing statement
2022-06-10
Notification of change of auditor
2022-06-08
Distribution of circular and notice of shareholders’ meeting
2022-05-11
Dealings in securities by a director of the Company
2022-05-09
Availability of proposed transactions presentation