Equites Property Fund Limited

EQU.JO

REIT - Industrial · Real Estate

Price

1775.00 ZAc

+19.00 (+1.08%)

Market Cap

15.41B ZAc

Exchange

Johannesburg Stock Exchange

Winston Score

Winston is curious

A decent business — some strong pillars, some weaker.

Data as of Aug 13, 2026 · filings through Feb 28, 2026

Share count rising — dilution

+21.9% over 4y

The company has issued more shares over this period, which dilutes each existing shareholder’s stake.

Diluted shares outstanding: 693.6M (2022) → 845.2M (2026)

Equites Property Fund Limited (Equites) is a South African REIT, with a clear focus on being a market leader in the logistics property market by developing and acquiring A-grade, modern logistics facilities in prime locations in South Africa and the United Kingdom. Equites listed on the Johannesburg Stock Exchange (JSE) on 18 June 2014 with a portfolio value of R1 billion and has since grown to a portfolio value to R19.3 billion 28 February 2021. The group continues to grow its portfolio through a significant development pipeline and high-quality acquisitions. Equites is the only listed property entity on the JSE to provide shareholders with pure exposure to prime logistics assets.

Winston Score History

Score breakdown

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Quality

Gross Margin

61.3%

Premium pricing power — 61.3% gross margin

Operating Margin

55.3%

Excellent — 55.3% operating margin

ROCE

3.4%

Weak — 3.4% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY

-25.8%

Shrinking sales (-25.8% YoY)

EPS YoY

+63.5%

Earnings growing fast (+63.5% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency

3/8 quarters

Earnings rarely grow — volatile business

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Cash Flow

Cash Conversion

68%

Modest — 68% of profit becomes cash

FCF Margin

35.2%

Converts sales into free cash efficiently (35.2%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity

0.68

Moderate — manageable debt (0.68)

Interest Cover

2.34x

Tight — interest eats into profit (2.3x)

Interest coverage between 1 and 3. Profits cover interest, but with little room to spare.

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Valuation

P/E Ratio (TTM)

9.4x

Attractive valuation — P/E 9.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward

N/A

not available

Data not available

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Dividends

Dividend Yield

7.94%

Healthy income — 7.94% yield

Yield above 6% — often a flag the market is pricing in a cut.

Dividend Growth

-8.6%

Dividend cut (-8.6% YoY) — warning sign

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