by Sean Culverwell | Jun 6, 2022 | Property
1H FY22 results and valuation update Key message: Redefine’s strategic repositioning of its asset platform is now largely complete. While there is still work to be done on reducing LTV and see-through gearing and addressing EPP’s near-term debt maturities, we think...
by Sean Culverwell | May 25, 2022 | Property
Path to a ZAR10bn asset base Key message: as part of its strategic plans to grow market cap and improve liquidity towards SAPY/ALPI index inclusion, Spear has ambitions to grow its investment property portfolio from ZAR4.5bn at present to >ZAR10bn within the next...
by Sean Culverwell | May 25, 2022 | Property
FY22 results and valuation update Key message: despite a good set of results for FY22 and stable guidance for FY23, Equites’ share price has experienced a sharp de-rating since Apr-22. We think this has opened relative value and presents a rare opportunity to build a...
by Sean Culverwell | Dec 1, 2021 | Property
FY21 results, EPP transaction and valuation update Key message: a stronger than expected dividend for FY21 and solid progress on reducing LTV has justified Redefine’s share price recovery and material re-rating through 2021. The potential EPP transaction will be...
by Sean Culverwell | Nov 18, 2021 | Property
1H FY22 results update and BizSpace acquisition Key message: Sirius’ strong core performance and vigorous inorganic growth pipeline, well-supported by capital markets, combine for highly compelling growth potential. However, this is fully reflected in the share price...
