Accelerate Property Fund Limited (APF) Fair Value & Analysis
Real Estate · ZA · Market cap 961M ZAC
Fair value as of: Jul 18, 2026
From 9 valuation models · updated 24 days ago
Share price −10.0% over the past month.
Below-average quality, and screening another 42% overvalued on our models.
What matters now
- Weak quality (33/100) and above fair value at the same time, the margin of safety is missing on both counts.
- The model range is unusually wide (R0.0561 to R0.8330). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 18, 2026.
How to read this chart
60‑month range R0.3840 – R1.16 · fair‑value band R0.0561 – R0.8330 · the R0.4800 price screens above the R0.2805 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 18, 2026.
Analysis
Accelerate Property Fund Limited (APF) currently trades at R0.4800, while our model-based Fair Value estimate is R0.2805, implying the stock looks roughly 41.6% overvalued today. The Quality Score stands at 33/100 (below-average quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: medium).
Trailing-twelve-month revenue stands at 815M ZAR. Revenue grew 14.6% year over year. It earns a return on equity of -22.8%. Net debt stands at 3.7B ZAR. Fundamentals as of Jul 18, 2026
Our scenario range runs from R0.0561 (bear case) to R0.8330 (bull case); at R0.4800, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Real Estate peers we cover trades at -53% fair-value upside, at -42%, APF screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 9 models by family
Widest divergence: Asset-Based (R1.20) versus Dividend Discount (R0.1600). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 18, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 37 · Market factors (momentum, volatility) 36
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
Accelerate Property Fund Limited reported revenue of R760M in FY2025 versus R925M in FY2021, a compound −4.8%/yr. Reported net income was −R1.3B in FY2025.
APF screens 42% overvalued. Compare with Simon Property Group →
Peer Group
REIT - Retail · 107 stocks
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.
Valuation Multiples vs REIT - Retail median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
VALUE 0: the price sits above our fair-value range.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Jul 18, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Simon Property Group SPG | $229.78 | $86.11 | -63% |
| Realty Income Corporation O | $65.60 | $30.71 | -53% |
| Unibail-Rodamco-Westfield SE URW | €103.65 | €101.67 | -2% |
| Kimco Realty Corporation KIM | $26.10 | $12.60 | -52% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.47 SGD | 0.9100 SGD | -63% |
| Scentre Group SCG | A$3.93 | A$3.34 | -15% |
| Regency Centers Corporation REG | $82.15 | $33.69 | -59% |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$39.22 | HK$41.98 | +7% |
| Federal Realty Investment Trust FRT | $126.08 | $41.96 | -67% |
| Brixmor Property Group BRX | $32.44 | $13.18 | -59% |
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Frequently asked questions
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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