Accelerate Property Fund Ltd (APF) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Accelerate Property Fund Ltd stock ZAR 1.05, price ZAR 0.52, upside +101.1%, quality 41 out of 100. Rating: strongly undervalued. Calculated from audited financials with 11 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range R0.3500 – R1.09 · fair‑value band R0.8458 – R1.30 · the R0.5200 price screens below the R1.05 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. As of Nov 9, 2026.
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Accelerate Property Fund Limited aspires to be the most valued property fund on the Johannesburg Stock Exchange by acquiring high-quality properties with long-term leases with strong tenants.
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The Fund owns several properties in Fourways, including Cedar Square, The Buzz, Waterford, BMW Fourways, the Leaping Frog Centre and 50% of the super-regional Fourways Mall.
It also owns the Oceana Building, the Mustek building, the Thomas Pattullo building and Portside building on the Cape Town Foreshore as well as the majority of properties in Charles Crescent, Sandton. The fund listed on the Johannesburg Stock Exchange in December 2013.
It is headquartered in Fourways, Johannesburg. Accelerate Property Fund Limited was established on May 16, 2005 and is incorporated in South Africa.
Stock analysis
Accelerate Property Fund Ltd (APF) currently trades at R0.5200, while our model-based Fair Value estimate is R1.05, implying the stock looks roughly 50% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R2.29 per share, and 10 of the 11 models we run sit above the R0.5200 price.
Bear case: the Multiples group reads lowest at R1.12, and 1 of the 11 models stay below the price. Data coverage for this calculation is low.
Scenario range: R0.8458 (bear) to R1.30 (bull), the price of R0.5200 sits below it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 41/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Accelerate Property Fund Ltd reported revenue of 679M ZAR in FY2026 versus 948M ZAR in FY2022, a compound −8.0%/yr. Reported net income was −45.9M ZAR in FY2026.
Key figures
Market cap 1.1B ZAR Micro · P/S ratio 1.48 · EPS (TTM) R−0.0200 · Net margin −6.8% · Return on equity −1.3% · Return on assets (EBIT) 1.7% (5-year average) · Operating margin 24.5% · Revenue (TTM) 679M ZAR.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 22 out of 100 (medium confidence).
What moves the price
The share trades about 30% below its 52-week high and 49% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −30% fair-value upside, at 101%, APF screens cheaper than that median.
Fair Value models
BearR0.8458Fair Value R1.05BullR1.30
Price R0.5200 · Upside +101.1%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCFR2.01R2.43R3.0782
Growth DCFR2.05R2.43R2.9980
5Y EBITDA ExitR1.86R2.48R3.3176
All 11 models by family
DCF Models
FCF DCFR2.01R2.43R3.0782
5Y Revenue ExitR1.67R2.16R2.8674
5Y EBITDA ExitR1.86R2.48R3.3176
10Y Revenue ExitR1.82R2.14R2.4568
10Y EBITDA ExitR1.93R2.29R2.6570
Multiples
EV/EBITR1.01R1.82R2.6363
EV/EBITDAR0.4900R1.12R1.7563
EV/Revenuen/aR0.5000R1.0750
Asset-Based
NCAV (Graham)R0.9000R1.21R1.8154
Growth DCF
Growth DCFR2.05R2.43R2.9980
Rev-Margin DCFR1.46R1.93R2.5074
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.23/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−10.7%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−8.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.0%
Start year 2021 (pandemic). Over 10 years: −2.6% a year
Revenue growth 12 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+9.8%
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Profit margin (trend) ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.
66.3% (2019) → 44.3% (2026)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2026 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+9.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about +6.4% a year for the price.
Compare Accelerate Property Fund Ltd with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Retail · 86 stocks
Beats the industry median on 5/10 measures
A mixed picture versus its industry peers.
Valuation
Quality Score41 · Bottom 25%
Fair Value upside+101.1% · Top 25%
Profitability
Return on assets−0.7% · Bottom 25%
Net margin (12 months)−6.8% · Bottom 25%
Operating margin (12 months)24.5% · Bottom 25%
Growth and dividend
Revenue growth (quarter YoY)−35.4% · Bottom 25%
Valuation Multiplesvs REIT - Retail median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Accelerate Property Fund Ltd Fair Value". https://www.fairvalue-calculator.com/stock/APF
Frequently asked questions
Is Accelerate Property Fund Ltd (APF) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of R1.05 versus a price of R0.5200, about +101% upside (undervalued).
What is the fair value of APF?
Our model-based fair value for Accelerate Property Fund Ltd is R1.05 (as of Nov 9, 2026), built from audited fundamentals. The current price: R0.5200.
What is the quality score of APF?
Accelerate Property Fund Ltd has a Quality Score of 41/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Accelerate Property Fund Ltd (APF)?
Our model-based price target is the fair value of R1.05 (as of Nov 9, 2026) from 11 valuation models. Cautious scenario R0.8458, optimistic scenario R1.30. It is a calculation from audited fundamentals, not an analyst target.
What is the Accelerate Property Fund Ltd stock forecast for 2026?
Our models put fair value at R1.05, about +101% upside versus a price of R0.5200 (undervalued). Cautious scenario R0.8458, optimistic scenario R1.30. The calculation is refreshed regularly with new filings.
What is the revenue of Accelerate Property Fund Ltd (APF)?
Accelerate Property Fund Ltd reported trailing-twelve-month revenue of about 679M ZAR (latest available figure, as of Nov 9, 2026).
What growth is priced into Accelerate Property Fund Ltd (APF)?
For today's price to be fair in a discounted-cash-flow model, Accelerate Property Fund Ltd would have to grow free cash flow by +9.8 % per year for five years (discount rate 14.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -6.0 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of APF use?
Our models discount Accelerate Property Fund Ltd at 14.9 %: a base by market capitalisation (micro), damped by beta 0.23, country premium for South Africa. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Accelerate Property Fund Ltd that is +9.8 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (14.9 %) and the same formula as our fair value.
How much growth has Accelerate Property Fund Ltd (APF) delivered so far?
Over the past 5 years revenue at Accelerate Property Fund Ltd grew -6.0 % a year. The price currently implies free-cash-flow growth of +9.8 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Accelerate Property Fund Ltd (APF) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Accelerate Property Fund Ltd (+9.8 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Accelerate Property Fund Ltd (APF)?
The free-cash-flow yield on the price is 32.59 %: that much free cash flow Accelerate Property Fund Ltd produces per unit of market value. When it exceeds the discount rate of our models (14.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Accelerate Property Fund Ltd (APF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Accelerate Property Fund Ltd it is R1.05 per share (as of Nov 9, 2026), against a price of R0.5200. It is the blended result of 11 valuation models in 4 families (DCF Models, Multiples, Asset-Based, Growth DCF).
Is Accelerate Property Fund Ltd stock overvalued or undervalued in 2026?
As of Nov 9, 2026, APF trades below its calculated fair value: price R0.5200, fair value R1.05, a gap of about +101% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of APF?
No. The price is what the market pays today (R0.5200); the fair value is what the company's own numbers justify (R1.05). For Accelerate Property Fund Ltd the two are R0.5255 per share apart. That gap is exactly why we show both numbers side by side.
How much is Accelerate Property Fund Ltd worth?
The market values Accelerate Property Fund Ltd at about 1.1B ZAR (market capitalisation, as of Nov 9, 2026). Per share that is R0.5200; our models calculate a fair value of R1.05 per share.
What do the bullish and bearish scenarios say about APF?
Our models span a range for Accelerate Property Fund Ltd: cautious scenario R0.8458, base R1.05, optimistic R1.30 per share (as of Nov 9, 2026, price R0.5200). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Accelerate Property Fund Ltd (APF)?
Balance-sheet figures for Accelerate Property Fund Ltd (as of Nov 9, 2026): return on equity −1.3%. They feed the Quality Score of 41/100, which measures business quality independently of the share price.
How far is APF from its 52-week high?
Accelerate Property Fund Ltd trades at R0.5200, about 30% below its 52-week high of R0.7400 and 49% above the low of R0.3500 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of R1.05 is for.
Which stocks are comparable to Accelerate Property Fund Ltd?
From the same area (Real Estate) we also value Simon Property Group, Realty Income Corporation, Kimco Realty Corporation, Unibail-Rodamco-Westfield SE, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Accelerate Property Fund Ltd stock attractive at the current price?
The data as of Nov 9, 2026: price R0.5200, calculated fair value R1.05 (+101%), Quality Score 41/100, from 11 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of APF calculated?
We run Accelerate Property Fund Ltd through 11 models from 4 families: DCF Models, Multiples, Asset-Based, Growth DCF. Every model gets the same audited fundamentals; the fair value of R1.05 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.3% above its aggregate fair value. Accelerate Property Fund Ltd currently trades 50% below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Accelerate Property Fund Ltd (APF)?
The closing price on Nov 9, 2026 was R0.5200. Our model-based fair value is R1.05, about +101% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Accelerate Property Fund Ltd right now?
The large discount to fair value meets weak quality (41/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case (R0.8458). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Key figures of Accelerate Property Fund Ltd
How large is the market capitalisation of Accelerate Property Fund Ltd (APF)?
The market capitalisation of Accelerate Property Fund Ltd is 1.1B ZAR. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Accelerate Property Fund Ltd (APF)?
The price-to-sales ratio of Accelerate Property Fund Ltd is 1.48 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Accelerate Property Fund Ltd (APF)?
Earnings per share at Accelerate Property Fund Ltd are R−0.0200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Accelerate Property Fund Ltd (APF)?
The net margin of Accelerate Property Fund Ltd is −6.8% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Accelerate Property Fund Ltd (APF)?
The return on equity (ROE) of Accelerate Property Fund Ltd is −1.3% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Accelerate Property Fund Ltd (APF)?
On an EBIT basis the return on assets of Accelerate Property Fund Ltd is 1.7% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Accelerate Property Fund Ltd (APF)?
The operating margin of Accelerate Property Fund Ltd is 24.5% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Accelerate Property Fund Ltd (APF)?
Revenue at Accelerate Property Fund Ltd is growing −35.4% versus a year earlier (3y avg −8.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Accelerate Property Fund Ltd (APF)?
Earnings per share at Accelerate Property Fund Ltd are growing −93.7% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Accelerate Property Fund Ltd (APF) carry?
The net debt of Accelerate Property Fund Ltd is 2.9B ZAR (fiscal year 2026, ≈ 8.3 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Thin data
Nov 9, 2026