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General information

Sector: Financials

The company is not available at Interactive Brokers

SA Corporate Real Estate Fund Limited (JSE:SAC) is a diversified REIT with investments across industrial, retail and commercial properties, primarily located in the major metropolitan centres of South Africa. In addition, in 2014 SA Corporate invested in the AFHCO Group, an innovative residential focused property company with properties primarily located in Johannesburg’s inner-city. In 2017 the Group also invested, as an extension to its retail portfolio, in a self-storage business that operates primarily in the Group’s and other landlords’ retail shopping centres.

The Company has a good tenant retention ratio with an impressive industrial portfolio, strong balance sheet and moderate gearing. With a portfolio comprising more than 190 properties, it is one of the oldest listed real estate companies on the JSE and offers an attractive investment for those looking for a balanced, moderate risk investment in quality real estate through an easily tradable instrument.


  • Bad financial results growth rate -23.2% (average between last period year over year growth for revenue and Net Income), there is slowdown compared to average historical growth rates (0.3%)
  • Dividend yield for the last twelve months 0.0%
  • Share price is 42.9% higher than minimum and 4.9% lower than maximum for the last 3 years
  • The company is overvalued by P/E LTM multiple compared to target level (9.3x vs
    )
  • Fundamental value created in LTM (estimate)

Key Financials

Share price, ZAR:  (0.0%)2.53
Share price, USD: 0.1350
Common stocks: 2 513 833 992
Dividend Yield:  0.0%
P/E LTM: 9.3x
Last revenue growth (y/y):  -7.1%
Last growth of Net Income (y/y):  -39.2%
Historical revenue growth:  -3.4%
Historical growth of Net Income:  +69.1%
Target P/E (hist percentile):
Fundamental value created in LTM:
P/E mutiple calculation
Market Cap ($m): 339
Net Profit ($m): 37
P/E LTM: 9.3x
Price to Book: 0.61x

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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

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

Releases

2022-06-24
Pre-close investor presentation
2022-06-20
Dealings in securities by directors, the company secretary and a director of a major subsidiary of SA Corporate
2022-06-06
Results of annual general meeting and retirement of non-executive director
2022-04-25
Secondary listing on A2X
2022-04-25
Distribution of SA Corporate’s integrated annual report and notice of annual general meeting
2022-03-17
Update on the disposal of a portfolio of Johannesburg inner-city properties and investment in Safari Investments Ltd
2022-03-17
Audited summary consolidated financial results for the year ended 31 December 2021 and dividend declaration
2022-03-11
Trading statement and release of results for the year ended 31 December 2021
2022-02-24
Notification of an acquisition of beneficial interest in securities
2022-02-17
Notification of an acquisition of beneficial interest in securities
2021-12-15
Pre-close investor presentation
2021-12-01
Appointment of chief financial officer and executive director
2021-11-09
Increase of the SA Corporate Group’s loan-to-value (“LTV”) covenant
2021-11-03
Dealings in securities by the company secretary of SA Corporate
2021-10-15
Resignation of the chief operating officer

SENS Announcements

2024-04-25
Availability of SA Corporate’s Integrated Annual Report and Notice of Annual General Meeting
2024-04-25
Appointment of an Executive Director
2024-04-19
Resignation of Independent Non-Executive Director
2024-04-10
Broad-Based Black Economic Empowerment (B-BBEE) Annual Compliance Report and Latest B-BBEE Certificate
2024-03-27
Audited Summary Consolidated Financial Results for the year ended 31 December 2023 and Cash Dividend Declaration
2024-03-20
Notification of an Acquisition of Beneficial Interest in Securities
2024-03-18
Notification of a Disposal of Beneficial Interest in Securities
2024-02-16
Notification of an acquisition of beneficial interest in securities
2024-02-07
Notification of an acquisition of beneficial interest in securities
2023-12-14
Pre-close investor presentation
2023-10-09
Notification of an acquisition of beneficial interest in securities
2023-09-29
Dealings in securities by the company secretary
2023-09-14
Unaudited condensed consolidated interim financial results for the six months ended 30 June 2023 and dividend
2023-07-18
Joint finalisation announcement in respect of the scheme of arrangement and clean-out distribution
2023-06-30
Pre-close investor presentation
2023-06-21
Dealings in securities
2023-06-05
Results of annual general meeting
2023-06-02
Clarification of special resolution number 1 proposed for adoption at the annual general meeting of SA Corporate
2023-04-24
Distribution of SA Corporate’s integrated annual report and notice of annual general meeting
2023-03-31
Broad-based Black Economic Empowerment (B-BBEE) annual compliance report and latest B-BBEE certificate
2023-03-17
Annual results presentation
2023-03-17
Audited summary consolidated financial results for the year ended 31 December 2022 and cash dividend
2023-03-14
Financial and property specific information in respect of the proposed acquisition by SA Corporate of Indluplace
2023-01-11
Appointment of non-executive director
2022-12-09
Pre-close investor presentation
2022-11-23
Dealings in securities by a director of SA Corporate
2022-11-07
Appointment of chief operating officer and executive director
2022-09-15
Unaudited condensed consolidated interim financial results for the six months ended 30 June 2022 and cash dividend
2022-09-07
Amendment to director’s declaration
2022-09-07
Trading statement and release of interim results for the six months ended 30 June 2022
2022-09-02
Broad-Based Black Economic Empowerment (B-BBEE) annual compliance report and latest B-BBEE certificate
2022-09-01
Notification of change of registered address
2022-06-24
Pre-close investor presentation
2022-06-20
Dealings in securities by directors, the company secretary and a director of a major subsidiary of SA Corporate
2022-06-06
Results of annual general meeting and retirement of non-executive director