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Burstone Group Limited (BTN) fair value: what the stock is really worth

As of Nov 6, 2026: fair value (intrinsic value) of Burstone Group Limited stock ZAR 9.46, price ZAR 9.78, that is 3.3% below the price, quality 49 out of 100. Rating: fairly valued. Calculated from audited financials with 9 of our 26 valuation models and 37 quality factors, updated daily.

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Real Estate ZA · ISIN ZAE000180915

BG Burstone Group Limited logo Thin data Nov 5, 2026

Burstone Group Limited

BTN · JSE
Fairly valued, weak quality

The stock costs about what our calculation considers fair.

Highly profitable · 39.5% net margin (TTM)
Ranks above peers (9/13)
Costs just 9.8 times its yearly profit.
Fair value R9.46 · Fairly valued
Quality 49/100
Expensive Growth (revenue 5y +3.2 %/yr in ZAR)
Moderate debt
9.6% dividend yield · Watch coverage
Moderate moat 59/100
Negative free cash flow
Thin data
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

R10.73 R6.60 Fair Value R9.46 Jul 2021 Nov 2026

White line = price, green steps = our fair value per fiscal year. As of Nov 5, 2026.

How to read this chart

60‑month range R6.60 – R10.73 · fair‑value band R9.06 – R11.40 · the R9.78 price screens above the R9.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 5, 2026.

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Company profile

Burstone Group Limited is a fully integrated international real estate business with c. R40 billion gross asset value under management. Burstone listed on the Johannesburg Stock Exchange (South Africa) in 2011 and currently operates in South Africa, select European markets and Australia.

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The Group has a strong management track record of more than 30 years' operating in both local and international markets.

The Group is globally diversified and has the capability to invest across all aspects of the real estate life cycle, partnering with specific capital partners for specific opportunities.

The Group operates a hybrid model of traditional real estate investment, stapled with expertise across fund management, investment management, asset management and development management.

This approach supports the Group's strategy of delivering enhanced returns on capital deployed and maximizing operational leverage from its scalable platform. Burstone strives to deliver purposeful and authentic client experiences with agility, speed and passion.

The Group can identify potential that lies within something and then transform it into something of real value. Across all regions in which the Group operates, the manager has a presence on the ground with in-country expertise and adopts a hands-on approach to managing its properties.

Burstone Group Limited is incorporated in 1974.

Stock analysis

Burstone Group Limited (BTN) currently trades at R9.78, while our model-based Fair Value estimate is R9.46, so the stock looks roughly fairly valued today (gap 3.4%).

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Valuation

Bull case: the Multiples group reads highest at a median of R13.31 per share, and 4 of the 9 models we run sit above the R9.78 price.

Bear case: the Asset-Based group reads lowest at R7.64, and 5 of the 9 models stay below the price. Data coverage for this calculation is low.

Scenario range: R9.06 (bear) to R11.40 (bull), the price of R9.78 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 49/100 (below-average quality), in the Real Estate sector.

Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.

Burstone Group Limited reported revenue of 1.5B ZAR in FY2026 versus 1.5B ZAR in FY2022, a compound +1.3%/yr. Reported net income was 800M ZAR in FY2026, compounding −6.3%/yr from FY2022.

Key figures

Market cap 7.7B ZAR Small · P/E ratio 9.8 · P/S ratio 3.80 · EPS (TTM) R1.00 · Dividend yield 9.6% · Net margin 39.5% · Return on equity 8.4% · Return on assets (EBIT) 4.5% (5-year average).

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 59 out of 100 (medium confidence).

What moves the price

The share trades about 4% below its 52-week high and 14% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at −7% fair-value upside, at −3%, BTN screens cheaper than that median.

Fair Value models

Bear R9.06 Fair Value R9.46 Bull R11.40
Price R9.78 · Downside -3.3%
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 7 months old). Earnings retained since then (0.0354 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.
Best data coverage
Residual Income R9.06 R9.46 R10.23 76
Gordon GGM R6.28 R8.83 R10.96 69
DDM Multi-Stage R6.28 R8.29 R10.02 67
All 9 models by family
Dividend Discount
Gordon GGM R6.28 R8.83 R10.96 69
DDM Multi-Stage R6.28 R8.29 R10.02 67
Multiples
P/S Multiple R9.58 R12.77 R15.96 58
P/B Multiple R17.10 R22.80 R28.50 55
EV/EBIT R11.41 R18.02 R24.63 64
EV/EBITDA R7.88 R13.31 R18.74 65
EV/Revenue R1.21 R5.34 R9.46 48
Asset-Based
NCAV (Graham) R5.70 R7.64 R11.40 54
Economic Profit
Residual Income R9.06 R9.46 R10.23 76

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Quality Score breakdown

Overall quality 49/100

It rates the business: profits, how they develop, real cash, balance sheet, investing and share count.

Profitability 38
How much profit the company makes from its sales and capital
Quality Growth 48
Are margins and returns getting better?
Cashflow 0
Do the profits arrive as real cash?
Financial strength 39
Debt, balance sheet and risk of trouble
Investment 74
Does it invest with discipline instead of growing at any price?
Low Volatility 98
How calm the share price moves, does not count
Price momentum 42
Price momentum of the last 3 to 12 months, does not count
Near the 52-week high 58
Distance to the 52-week high, does not count
New shares 90
Buys back shares or issues new ones?

Open the full quality analysis →

Revenue & earnings trend

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. 37/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
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.
+11.1%
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.
+3.2%
Start year 2020 (pandemic). Over 10 years: +9.6% 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.
+15.2%
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. Basis: EBIT basis. 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.
≈ +8.8%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.8%
Dividend (yield on the price)9.6%
Per share before 2012divided by the spin-off factor 1.1023
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.−10.7% vs −7.2%, slowing
Profit margin 2020 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.77% → 61%
Pace: the 5-year rate starts in 2021 (pandemic)
⚠ Rate on operating basis: 2026 sits 282% above its own trend.

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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 - Diversified · 138 stocks

Beats the industry median on 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 49 · Below median
Fair Value upside −3.3% · Above median
Profitability
Return on equity (12 months) 8.4% · Above median
Return on assets 4.5% · Above median
Net margin (12 months) 39.5% · Above median
Operating margin (12 months) 54.6% · Above median
Growth and dividend
Revenue growth (quarter YoY) 1.4% · Below median
Dividend yield (12 months) 9.6% · Top 25%
Balance sheet
Debt / equity 0.60× · Above median

Valuation Multiplesvs REIT - Diversified median · lower = cheaper

P/E (12 months) 9.8× · Cheaper than median
P/B 0.81× · Pricier than median
P/S (12 months) 3.80× · Cheaper than median
EV/EBITDA 13.2× · Cheaper than median

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)29 · sector 24
FUTURE (revenue growth)7 · sector 16
PAST (return on equity)34 · sector 21
HEALTH (low debt)70 · sector 77
DIVIDEND (yield)100 · sector 100

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

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Stockland SGP A$4.44 A$4.12 −7% vs BTN
T82U T82U 1.37 SGD 0.9700 SGD −29% vs BTN
The GPT Group GPT A$5.00 A$3.49 −30% vs BTN
Goodman Group GMG A$28.17 A$16.58 −41% vs BTN
KLCC Property Holdings 5235SS 8.30 MYR 4.22 MYR −49% vs BTN
Charter Hall Group CHC A$21.80 A$7.53 −65% vs BTN

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Burstone Group Limited: fair value per Fair Value Calculator

Cite: Fair Value Calculator (2026). "Burstone Group Limited Fair Value". https://www.fairvalue-calculator.com/stock/BTN

Frequently asked questions

Is Burstone Group Limited (BTN) overvalued or undervalued?
As of Nov 5, 2026, our model estimates a fair value of R9.46 versus a price of R9.78, about 3% lower (fairly valued).
What is the fair value of BTN?
Our model-based fair value for Burstone Group Limited is R9.46 (as of Nov 5, 2026), built from audited fundamentals. The current price: R9.78.
What is the quality score of BTN?
Burstone Group Limited has a Quality Score of 49/100. 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 Burstone Group Limited (BTN)?
Our model-based price target is the fair value of R9.46 (as of Nov 5, 2026) from 9 valuation models. Cautious scenario R9.06, optimistic scenario R11.40. It is a calculation from audited fundamentals, not an analyst target.
What is the Burstone Group Limited stock forecast for 2026?
Our models put fair value at R9.46, about 3% lower versus a price of R9.78 (fairly valued). Cautious scenario R9.06, optimistic scenario R11.40. The calculation is refreshed regularly with new filings.
What is the revenue of Burstone Group Limited (BTN)?
Burstone Group Limited reported trailing-twelve-month revenue of about 2.0B ZAR (latest available figure, as of Nov 5, 2026).
Does Burstone Group Limited pay a dividend?
Burstone Group Limited currently shows a dividend yield of 9.63% relative to its recent price (as of Nov 5, 2026).
How much is the dividend of Burstone Group Limited (BTN) and when is the ex-dividend date?
Burstone Group Limited pays a dividend of R0.942 per share a year, a dividend yield of 9.6%. The last ex-dividend date was Jun 24, 2026. The payout ratio is 94.2% of earnings. 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 is the intrinsic value of Burstone Group Limited (BTN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Burstone Group Limited it is R9.46 per share (as of Nov 5, 2026), against a price of R9.78. It is the blended result of 9 valuation models in 4 families (Dividend Discount, Multiples, Asset-Based, Economic Profit).
Is Burstone Group Limited stock overvalued or undervalued in 2026?
As of Nov 5, 2026, BTN trades above its calculated fair value: price R9.78, fair value R9.46, 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 BTN?
No. The price is what the market pays today (R9.78); the fair value is what the company's own numbers justify (R9.46). For Burstone Group Limited the two are R0.3200 per share apart. That gap is exactly why we show both numbers side by side.
How much is Burstone Group Limited worth?
The market values Burstone Group Limited at about 7.7B ZAR (market capitalisation, as of Nov 5, 2026). Per share that is R9.78; our models calculate a fair value of R9.46 per share.
What do the bullish and bearish scenarios say about BTN?
Our models span a range for Burstone Group Limited: cautious scenario R9.06, base R9.46, optimistic R11.40 per share (as of Nov 5, 2026, price R9.78). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of BTN?
Burstone Group Limited trades at a price-to-earnings ratio of 9.8 (as of Nov 5, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R9.46 is built from several models across several years. Other multiples: P/B 0.8, P/S 3.8, EV/EBITDA 13.2.
How solid is the balance sheet of Burstone Group Limited (BTN)?
Balance-sheet figures for Burstone Group Limited (as of Nov 5, 2026): return on equity 8.4%, debt of 0.60 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is BTN from its 52-week high?
Burstone Group Limited trades at R9.78, about 4% below its 52-week high of R10.19 and 14% above the low of R8.56 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of R9.46 is for.
Which stocks are comparable to Burstone Group Limited?
From the same area (Real Estate) we also value Goodman Group, VICI Properties Inc, W. P. Carey Inc, Stockland, 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 Burstone Group Limited stock attractive at the current price?
The data as of Nov 5, 2026: price R9.78, calculated fair value R9.46 (−3%), Quality Score 49/100, from 9 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 BTN calculated?
We run Burstone Group Limited through 9 models from 4 families: Dividend Discount, Multiples, Asset-Based, Economic Profit. Every model gets the same audited fundamentals; the fair value of R9.46 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. Burstone Group Limited itself currently trades above fair value. 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 Burstone Group Limited (BTN)?
The closing price on Nov 6, 2026 was R9.78. Our model-based fair value is R9.46, about 3% lower (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Burstone Group Limited right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Burstone Group Limited (BTN) come from?
Earnings per share at Burstone Group Limited grew −12.4 % a year from 2015 to 2026. Broken into its drivers: revenue per share −1.4 %, EBIT margin −3.5 %, tax rate +0.0 %, residual (interest, one-offs) −7.8 %. 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 Burstone Group Limited

How large is the market capitalisation of Burstone Group Limited (BTN)?
The market capitalisation of Burstone Group Limited is 7.7B 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 Burstone Group Limited (BTN)?
The price-to-sales ratio of Burstone Group Limited is 3.80 (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 Burstone Group Limited (BTN)?
Earnings per share at Burstone Group Limited are R1.00 (price ÷ EPS = P/E 9.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Burstone Group Limited (BTN)?
The dividend yield of Burstone Group Limited is 9.6% (payout 94.2%). 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 Burstone Group Limited (BTN)?
The net margin of Burstone Group Limited is 39.5% (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 Burstone Group Limited (BTN)?
The return on equity (ROE) of Burstone Group Limited is 8.4% (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 Burstone Group Limited (BTN)?
On an EBIT basis the return on assets of Burstone Group Limited is 4.5% (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 Burstone Group Limited (BTN)?
The operating margin of Burstone Group Limited is 54.6% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Burstone Group Limited (BTN)?
Revenue at Burstone Group Limited is growing +1.4% versus a year earlier (3y avg +1.9%). 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 Burstone Group Limited (BTN)?
Earnings per share at Burstone Group Limited are growing −37.3% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Burstone Group Limited (BTN) generate?
The free cash flow of Burstone Group Limited is −443M ZAR (fiscal year 2026). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Burstone Group Limited (BTN) carry?
The net debt of Burstone Group Limited is 6.6B ZAR (fiscal year 2026). 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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