Accelerate Property Fund Ltd (APF) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Accelerate Property Fund Ltd ZAR 0.67, price ZAR 0.39, upside +72.2%, quality 33 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range R0.3500 – R1.09 · fair‑value band R0.2975 – R1.24 · the R0.3900 price screens below the R0.6715 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 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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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. 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 R0.3900, while our model-based Fair Value estimate is R0.6715, implying the stock looks roughly 41.9% undervalued today.
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Valuation
Bull case: the Asset-Based group reads highest at a median of R1.20 per share, and 7 of the 7 models we run sit above the R0.3900 price.
Bear case: the Multiples group reads lowest at R0.7400, and 0 of the 7 models stay below the price. Evidence for this calculation is low.
Scenario range: R0.2975 (bear) to R1.24 (bull), the price of R0.3900 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 33/100 (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 760M ZAR in FY2025 versus 925M ZAR in FY2021, a compound −4.8%/yr. Reported net income was −1.3B ZAR in FY2025.
Key figures
Market cap 839M ZAC · P/S ratio 1.18 · EPS (TTM) R−0.5500 · Net margin −118% · Return on equity −22.8% · Return on assets (EBIT) 1.7% · Operating margin 75.5% · Revenue (TTM) 815M 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 47% below its 52-week high and 11% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −27% fair-value upside, at 72%, APF screens cheaper than that median.
Fair Value models
Bear R0.2975Fair Value R0.6715Bull R1.24
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.23/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−7.3%
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.
−7.1%
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.
−6.9%
Start year 2020 (pandemic). Over 10 years: +0.2% a year
Revenue growth 11 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.
+11.9%
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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) → −90.0% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 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).
+12.2%
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 +8.6% 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 · 94 stocks
Beats the industry median on 5/9 measures
A mixed picture versus its industry peers.
Valuation
Quality Score34 · Bottom 25%
Fair Value upside+72% · Top 25%
Profitability
Return on assets0% · Bottom 25%
Net margin (TTM)−118% · Bottom 25%
Operating margin (TTM)75% · Top 25%
Growth and dividend
Revenue growth15% · Top 25%
Balance sheet
Debt / equity0.80× · Above median
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 Sep 24, 2026, our model estimates a fair value of R0.6715 versus a price of R0.3900, about +72% upside (undervalued).
What is the fair value of APF?
Our model-based fair value for Accelerate Property Fund Ltd is R0.6715 (as of Sep 24, 2026), built from audited fundamentals. The current price: R0.3900.
What is the quality score of APF?
Accelerate Property Fund Ltd has a Quality Score of 33/100. 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 R0.6715 (as of Sep 24, 2026) from 7 valuation models. Cautious scenario R0.2975, optimistic scenario R1.24. 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 R0.6715, about +72% upside versus a price of R0.3900 (undervalued). Cautious scenario R0.2975, optimistic scenario R1.24. 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 815M ZAR (latest available figure, as of Sep 24, 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 +12.2 % 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 -6.9 % per year. As of Sep 24, 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 +12.2 % per year a year over ten years, 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 -6.9 % a year. The price currently implies +12.2 % per year free-cash-flow growth a 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 +1.8 % a year. That is the yardstick for the growth priced into Accelerate Property Fund Ltd (+12.2 % per year a 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 47.05 %: 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 R0.6715 per share (as of Sep 24, 2026), against a price of R0.3900. It is the blended result of 7 valuation models (cash flow, earnings, asset, dividend).
Is Accelerate Property Fund Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, APF trades below its calculated fair value: price R0.3900, fair value R0.6715, a gap of about +72% (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 (R0.3900); the fair value is what the company's own numbers justify (R0.6715). For Accelerate Property Fund Ltd the two are R0.2815 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 839M ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R0.3900; our models calculate a fair value of R0.6715 per share.
What do the bullish and bearish scenarios say about APF?
Our models span a range for Accelerate Property Fund Ltd: cautious scenario R0.2975, base R0.6715, optimistic R1.24 per share (as of Sep 24, 2026, price R0.3900). 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 Sep 24, 2026): return on equity −22.8%, debt of 0.80 per unit of equity. They feed the Quality Score of 33/100, which measures business quality independently of the share price.
How far is APF from its 52-week high?
Accelerate Property Fund Ltd trades at R0.3900, about 47% below its 52-week high of R0.7400 and 11% above the low of R0.3500 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R0.6715 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, Unibail-Rodamco-Westfield SE, Kimco Realty Corporation, 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 Sep 24, 2026: price R0.3900, calculated fair value R0.6715 (+72%), Quality Score 33/100, from 7 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 7 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of R0.6715, 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 14.0 % above its aggregate fair value. Accelerate Property Fund Ltd currently trades 72 % 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 Sep 23, 2026 was R0.3900. Our model-based fair value is R0.6715, about +72% 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 (33/100). That raises the risk this is a value trap rather than a bargain. The model range is unusually wide (R0.2975 to R1.24). The outcome hinges heavily on assumptions, so read the point estimate with caution. 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 839M ZAC. 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 1.18 (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−0.5500. 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 −118% (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 −22.8% (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 75.5% (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 +14.6% versus a year earlier (3y avg −7.1%). 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 3.7B ZAC (fiscal year 2025, ≈ 11.0 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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