Equites Property Fund Limited (EQU) Fair Value & Analysis
Real Estate · ZA · Market cap 14.6B ZAC
Fair value as of: Jun 26, 2026
From 26 valuation models · updated 3 days ago
Fair value updated Jun 26, 2026 — revised from R29.00 to R23.70 (−18.3%) since Jun 24, 2026. Share price −2.1% over the past month.
Price vs Fair Value (12 months)
12‑month range R15.14 – R19.25 · fair‑value band R16.64 – R33.29 · the R17.69 price screens below the R23.70 fair value. As of Jun 26, 2026.
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Equites Property Fund Limited (EQU) currently trades at R17.69, while our model-based Fair Value estimate is R23.70 — implying the stock looks roughly 34.0% undervalued today. We read business quality at 82/100 (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: medium) — always confirm before acting.
Over the trailing twelve months, Equites Property Fund Limited generated revenue of 3.2B ZAR at a net margin of 51.7%. Revenue declined 29.3% year over year. It earns a return on equity of 11.3%. Net debt stands at 9.8B ZAR. Fundamentals as of Jun 26, 2026
Key figures & financial health
More key figures
Figures from reported company fundamentals (EODHD) · as of Jun 26, 2026. TTM = trailing twelve months.
About the company
Equites Property Fund Limited (Equites) is a South African REIT. It has a clear focus on being a market leader in the logistics property market by developing and acquiring A-grade, modern logistics facilities in prime locations in South Africa and the United Kingdom. Equites listed on the Johannesburg Stock Exchange (JSE) on 18 June 2014 with a portfolio value of R1 billion and has since grown to a portfolio value to R19.3 billion 28 February 2021. The group continues to grow its portfolio through a significant development pipeline and high-quality acquisitions. Equites is the only listed property entity on the JSE to provide shareholders with pure exposure to prime logistics assets. Equites Property Fund Limited was established on May 20, 2013, and incorporated in South Africa.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Equites Property Fund Limited reported revenue of R3.2B in FY2026 versus R1.7B in FY2022, a compound +17.0%/yr. Reported net income was R1.6B in FY2026, compounding −5.3%/yr from FY2022.
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6 more REIT - Industrial stocks, each showing price versus our Fair Value estimate (as of Jun 26, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Prologis, Inc PLD | $144.54 | $58.09 | -60% |
| Public Storage, a member of the S&P 500, PSA | $325.94 | $215.22 | -34% |
| Extra Space Storage Inc EXR | $145.33 | $56.21 | -61% |
| SEGRO Plc SEGXF | $11.50 | $4.60 | -60% |
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| Lineage, Inc LINE | $41.38 | $35.41 | -14% |
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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.
Educational research only · not financial advice · no buy/sell recommendation. Model-based estimates are not certainties; their reliability depends on data quality and assumptions.