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Burstone Group (BTN) Fair Value & Analysis

Real Estate · ZA · Market cap 7.6B ZAC

BG Burstone Group BTN · JSE
PriceR9.78
Fair ValueR16.74
Upside+71.2%
Quality97/100
Evidence: High Range R11.41 – R20.92

Fair value as of: Jun 26, 2026

From 17 valuation models · updated 3 days ago

Fair value updated Jun 26, 2026 — revised from R18.02 to R16.74 (−7.1%) since Jun 24, 2026. Share price −3.2% over the past month.

Price vs Fair Value (12 months)

R10.49 R8.23 Fair Value R16.74 Jun 2025 Jun 2026

12‑month range R8.23 – R10.49 · fair‑value band R11.41 – R20.92 · the R9.78 price screens below the R16.74 fair value. As of Jun 26, 2026.

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Analysis

Burstone Group (BTN) currently trades at R9.78, while our model-based Fair Value estimate is R16.74 — implying the stock looks roughly 71.2% undervalued today. We read business quality at 97/100 (high quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high) — always confirm before acting.

Over the trailing twelve months, Burstone Group generated revenue of 2.0B ZAR at a net margin of 39.5%. Revenue grew 1.4% year over year. It earns a return on equity of 8.4%. Net debt stands at 6.6B ZAR. Fundamentals as of Jun 26, 2026

Key figures & financial health

Revenue (TTM) 2.0B ZAC
Revenue growth (YoY) +1.4%
Net margin 39.5%
Return on equity 8.4%
Free cash flow −443M ZAC FY2026
P/E ratio 9.6
More key figures
Operating margin 54.6%
EPS (TTM) R1.00
EPS growth (YoY) -37.3%
Net debt 6.6B ZAC FY2026

Figures from reported company fundamentals (EODHD) · as of Jun 26, 2026. TTM = trailing twelve months.

About the company

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. 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 …

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Burstone Group reported revenue of R2.0B in FY2026 versus R1.5B in FY2022, a compound +8.4%/yr. Reported net income was R800M in FY2026, compounding −6.3%/yr from FY2022.

Revenue +8.4%/yr
FY22 R1.5B
FY23 R1.5B
FY24 R1.7B
FY25 R2.0B
FY26 R2.0B
Net income −6.3%/yr
FY22 R1.0B
FY23 R195M
FY24 R232M
FY25 −R2.2B
FY26 R800M

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Frequently asked questions

Is Burstone Group (BTN) undervalued?
As of Jun 26, 2026, our model estimates a fair value of R16.74 versus a price of R9.78 — about +71% (undervalued). Model-based estimate, not financial advice.
What is the fair value of BTN?
Our 21-model fair value for Burstone Group is R16.74 (as of Jun 26, 2026), built from audited fundamentals. The current price is R9.78.
What is the quality score of BTN?
Burstone Group has a Quality Score of 97/100, measuring profitability, growth and balance-sheet strength from non-valuation factors.
What is the revenue of Burstone Group (BTN)?
Burstone Group reported trailing-twelve-month revenue of about 2.0B ZAR (latest available figure, as of Jun 26, 2026).
What is the net profit margin of BTN?
The net profit margin of Burstone Group is about 39.5%, meaning it keeps roughly 39.5% of revenue as net income. Based on the latest reported figures.

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.

Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.