Fortress Income Fund Ltd (FFB) fair value: what the stock is really worth
As of Nov 9, 2026: fair value (intrinsic value) of Fortress Income Fund Ltd stock ZAR 25.63, price ZAR 25.00, upside +2.5%, quality 60 out of 100. Rating: fairly valued. Calculated from audited financials with 16 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 6, 2026.
How to read this chart
60‑month range R9.54 – R26.58 · fair‑value band R9.58 – R34.16 · the R25.00 price screens below the R25.63 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Fortress is a real estate investment company with a focus on developing and letting premium-grade logistics real estate in SA and CEE, as well as growing our convenience and commuter-oriented retail portfolio.
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Fortress also holds, at the date of this report, a 16,2% interest in NEPI Rockcastle, the largest listed property company on the JSE, with a EUR7 billion portfolio across nine CEE countries. This holding reduced from 24,2% at 31 December 2023 to 16,2% at the date of this report.
Stock analysis
Fortress Income Fund Ltd (FFB) currently trades at R25.00, while our model-based Fair Value estimate is R25.63, so the stock looks roughly fairly valued today (gap 2.5%).
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Valuation
Bull case: the Multiples group reads highest at a median of R49.78 per share, and 9 of the 16 models we run sit above the R25.00 price.
Bear case: the Dividend Discount group reads lowest at R8.50, and 7 of the 16 models stay below the price. Data coverage for this calculation is high.
Scenario range: R9.58 (bear) to R34.16 (bull), the price of R25.00 sits inside 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 60/100 (solid quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Fortress Income Fund Ltd reported revenue of 6.4B ZAR in FY2026 versus 3.4B ZAR in FY2022, a compound +16.8%/yr. Reported net income was 5.1B ZAR in FY2026, compounding +59.8%/yr from FY2022. FY2022 was a trough year, so the rate overstates the trend.
Key figures
Market cap 30.7B ZAR Small · P/E ratio 6.0 · P/S ratio 4.79 · EPS (TTM) R4.15 · Dividend yield 7.2% · Net margin 79.6% · Return on equity 15.7% · Return on assets (EBIT) 6.0% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 75 out of 100 (low confidence).
What moves the price
The share trades about 6% below its 52-week high and 13% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −16% fair-value upside, at 3%, FFB screens cheaper than that median.
Fair Value models
BearR9.58Fair Value R25.63BullR34.16
Price R25.00 · Upside +2.5%
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. Based on fiscal year 2026 figures (about 4 months old). Earnings retained since then (0.8542 ZAR per share) are deliberately not added.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.
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.62/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+6.5%
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.
+19.2%
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.
+14.7%
Start year 2021 (pandemic). Over 10 years: +10.9% a year
Revenue growth 16 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.
+21.4%
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What shareholders gained per year (last 5 years), in ZAR ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate. Measured in ZAR: this currency has depreciated against the euro and dollar over the long run, so part of the nominal rate is currency erosion that never reaches a EUR/USD investor.
+41.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year+33.8%
Dividend (yield on the price)7.2%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.33.8% vs 5.4%, picking up
Profit margin 2021 to 2026 ⓘ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% → 85%
Pace: the 5-year rate starts in 2021 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
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).
+36.7%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
−4.7%
Yearly sales growth analysts expect, extended to five years.
After inflation (South Africa: IMF forecast 3.3% a year to 2030, 4.9% from 2016 to 2025) that is about +32.4% a year for the price and −7.7% for the forecasts.
Compare Fortress Income 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.Real Estate Services · 472 stocks
Beats the industry median on 8/14 measures
A mixed picture versus its industry peers.
Valuation
Quality Score60 · Above median
Fair Value upside+3.1% · Below median
Profitability
Return on equity (12 months)15.7% · Top 25%
Return on assets7.7% · Top 25%
Net margin (12 months)79.6% · Top 25%
Operating margin (12 months)62.9% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−2.6% · Below median
Dividend yield (12 months)7.2% · Top 25%
Balance sheet
Debt / equity0.60× · Above median
Valuation Multiplesvs Real Estate Services 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). "Fortress Income Fund Ltd Fair Value". https://www.fairvalue-calculator.com/stock/FFB
Frequently asked questions
Is Fortress Income Fund Ltd (FFB) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of R25.63 versus a price of R25.00, about +3% upside (fairly valued).
What is the fair value of FFB?
Our model-based fair value for Fortress Income Fund Ltd is R25.63 (as of Nov 6, 2026), built from audited fundamentals. The current price: R25.00.
What is the quality score of FFB?
Fortress Income Fund Ltd has a Quality Score of 60/100. 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 Fortress Income Fund Ltd (FFB)?
Our model-based price target is the fair value of R25.63 (as of Nov 6, 2026) from 16 valuation models. Cautious scenario R9.58, optimistic scenario R34.16. It is a calculation from audited fundamentals, not an analyst target.
What is the Fortress Income Fund Ltd stock forecast for 2026?
Our models put fair value at R25.63, about +3% upside versus a price of R25.00 (fairly valued). Cautious scenario R9.58, optimistic scenario R34.16. The calculation is refreshed regularly with new filings.
What is the revenue of Fortress Income Fund Ltd (FFB)?
Fortress Income Fund Ltd reported trailing-twelve-month revenue of about 6.4B ZAR (latest available figure, as of Nov 6, 2026).
Does Fortress Income Fund Ltd pay a dividend?
Fortress Income Fund Ltd currently shows a dividend yield of 7.15% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Fortress Income Fund Ltd (FFB) and when is the ex-dividend date?
Fortress Income Fund Ltd pays a dividend of R1.79 per share a year, a dividend yield of 7.2%. The last ex-dividend date was Oct 14, 2026. The payout ratio is 43.1% of earnings. Free cash flow covers the dividend 0.44 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into Fortress Income Fund Ltd (FFB)?
For today's price to be fair in a discounted-cash-flow model, Fortress Income Fund Ltd would have to grow free cash flow by +36.7 % per year for five years (discount rate 13.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.7 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of FFB use?
Our models discount Fortress Income Fund Ltd at 13.4 %: a base by market capitalisation (small), damped by beta 0.52, 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 Fortress Income Fund Ltd that is +36.7 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.4 %) and the same formula as our fair value.
How much growth has Fortress Income Fund Ltd (FFB) delivered so far?
Over the past 5 years revenue at Fortress Income Fund Ltd grew +14.7 % a year. The price currently implies free-cash-flow growth of +36.7 % 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 Fortress Income Fund Ltd (FFB) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Fortress Income Fund Ltd (+36.7 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Fortress Income Fund Ltd (FFB)?
The free-cash-flow yield on the price is 3.43 %: that much free cash flow Fortress Income Fund Ltd produces per unit of market value. When it exceeds the discount rate of our models (13.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Fortress Income Fund Ltd (FFB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Fortress Income Fund Ltd it is R25.63 per share (as of Nov 6, 2026), against a price of R25.00. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Fortress Income Fund Ltd stock overvalued or undervalued in 2026?
As of Nov 6, 2026, FFB trades below its calculated fair value: price R25.00, fair value R25.63, a gap of about +3% (fairly valued). 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 FFB?
No. The price is what the market pays today (R25.00); the fair value is what the company's own numbers justify (R25.63). For Fortress Income Fund Ltd the two are R0.6300 per share apart. That gap is exactly why we show both numbers side by side.
How much is Fortress Income Fund Ltd worth?
The market values Fortress Income Fund Ltd at about 30.7B ZAR (market capitalisation, as of Nov 6, 2026). Per share that is R25.00; our models calculate a fair value of R25.63 per share.
What do the bullish and bearish scenarios say about FFB?
Our models span a range for Fortress Income Fund Ltd: cautious scenario R9.58, base R25.63, optimistic R34.16 per share (as of Nov 6, 2026, price R25.00). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FFB?
Fortress Income Fund Ltd trades at a price-to-earnings ratio of 6.0 (as of Nov 6, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R25.63 is built from several models across several years. Median P/E at fiscal year-end, 8 fiscal years (2017 to 2026), reported earnings: 8.6. Other multiples: P/B 0.9, P/S 4.8, EV/EBITDA 11.8.
How solid is the balance sheet of Fortress Income Fund Ltd (FFB)?
Balance-sheet figures for Fortress Income Fund Ltd (as of Nov 6, 2026): return on equity 15.7%, debt of 0.60 per unit of equity. They feed the Quality Score of 60/100, which measures business quality independently of the share price.
How far is FFB from its 52-week high?
Fortress Income Fund Ltd trades at R25.00, about 6% below its 52-week high of R26.58 and 13% above the low of R22.10 (as of Nov 9, 2026). Distance from the high says nothing about value: that is what the fair value of R25.63 is for.
Which stocks are comparable to Fortress Income Fund Ltd?
From the same area (Real Estate) we also value CBRE Group, Cellnex Telecom, S.A, KE Holdings, Swire Properties Limited, 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 Fortress Income Fund Ltd stock attractive at the current price?
The data as of Nov 6, 2026: price R25.00, calculated fair value R25.63 (+3%), Quality Score 60/100, from 16 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 FFB calculated?
We run Fortress Income Fund Ltd through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of R25.63 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. Fortress Income Fund Ltd currently trades 2% 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 Fortress Income Fund Ltd (FFB)?
The closing price on Nov 9, 2026 was R25.00. Our model-based fair value is R25.63, about +3% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Fortress Income Fund Ltd right now?
The model range is unusually wide (R9.58 to R34.16). The outcome hinges heavily on assumptions, so read the point estimate with caution. The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Fortress Income Fund Ltd (FFB) come from?
Earnings per share at Fortress Income Fund Ltd grew +4.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share +14.7 %, EBIT margin −9.5 %, tax rate −2.4 %, residual (interest, one-offs) +3.0 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Fortress Income Fund Ltd
How large is the market capitalisation of Fortress Income Fund Ltd (FFB)?
The market capitalisation of Fortress Income Fund Ltd is 30.7B 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 Fortress Income Fund Ltd (FFB)?
The price-to-sales ratio of Fortress Income Fund Ltd is 4.79 (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 Fortress Income Fund Ltd (FFB)?
Earnings per share at Fortress Income Fund Ltd are R4.15 (price ÷ EPS = P/E 6.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Fortress Income Fund Ltd (FFB)?
The dividend yield of Fortress Income Fund Ltd is 7.2% (payout 43.1%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Fortress Income Fund Ltd (FFB)?
The net margin of Fortress Income Fund Ltd is 79.6% (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 Fortress Income Fund Ltd (FFB)?
The return on equity (ROE) of Fortress Income Fund Ltd is 15.7% (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 Fortress Income Fund Ltd (FFB)?
On an EBIT basis the return on assets of Fortress Income Fund Ltd is 6.0% (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 Fortress Income Fund Ltd (FFB)?
The operating margin of Fortress Income Fund Ltd is 62.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Fortress Income Fund Ltd (FFB)?
Revenue at Fortress Income Fund Ltd is growing −2.6% versus a year earlier (3y avg +19.2%). 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 Fortress Income Fund Ltd (FFB)?
Earnings per share at Fortress Income Fund Ltd are growing +124% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Fortress Income Fund Ltd (FFB) carry?
The net debt of Fortress Income Fund Ltd is 21.1B ZAR (fiscal year 2026, ≈ 20.0 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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Broad data
Nov 6, 2026