Arrowhead Properties Ltd B (FTB) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Arrowhead Properties Ltd B ZAR 4.31, price ZAR 7.13, upside -39.6%, quality 40 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 R1.85 – R7.70 · fair‑value band R2.95 – R6.23 · the R7.13 price screens above the R4.31 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Fairvest Limited (Fairvest) is a diversified South African Real Estate Investment Trust (REIT) focused on creating long-term shareholder value. Fairvest holds a portfolio of 130 retail, office and industrial properties valued at R13.4 billion (held directly and through subsidiaries).
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Fairvest Limited (Fairvest) is a diversified South African Real Estate Investment Trust (REIT) focused on creating long-term shareholder value. Fairvest holds a portfolio of 130 retail, office and industrial properties valued at R13.4 billion (held directly and through subsidiaries). The average value per property held as of 30 September 2025 was R103.3 million. As of 30 September 2025, Fairvest held a 23.6% interest (2024: 5.0%) in Dipula Properties Limited (Dipula). As of 30 September 2025, Fairvest held a 79.9% interest (2024: 0%) in Onepath Investments (RF) Proprietary Limited (Onepath). Onepath owns fibre infrastructure in townships which is rented to a fibre network operator to provide high quality internet access to township homes and communities. Fairvest Limited was incorporated in 1998 in South Africa.
Stock analysis
Arrowhead Properties Ltd B (FTB) currently trades at R7.13, while our model-based Fair Value estimate is R4.31, implying the stock looks roughly 65.4% overvalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R9.98 per share, and 8 of the 16 models we run sit above the R7.13 price.
Bear case: the Asset-Based group reads lowest at R3.60, and 8 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: R2.95 (bear) to R6.23 (bull), the price of R7.13 sits above 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 40/100 (below-average quality), in the Real Estate sector.
Weak Growth: Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Arrowhead Properties Ltd B reported revenue of 2.2B ZAR in FY2025 versus 550M ZAR in FY2021, a compound +41.1%/yr. Reported net income was 1.5B ZAR in FY2025, compounding +50.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.
Key figures
Market cap 15.8B ZAC · P/E ratio 4.1 · P/S ratio 2.75 · EPS (TTM) R1.83 · Dividend yield 0.2% · Net margin 67.3% · Return on equity 15.9% · Return on assets (EBIT) 6.6%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 49 out of 100 (medium confidence).
What moves the price
The share trades about 7% below its 52-week high and 39% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −27% fair-value upside, at −40%, FTB screens richer than that median.
Fair Value models
Bear R2.95Fair Value R4.31Bull R6.23
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. Based on fiscal year 2025 figures (about 12 months old). Earnings retained since then (1.80 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.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.40/100
Growth has flattened: the last year, three and five years all grew more slowly than the long-term average.
Revenue growth 1 year
+6.8%
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.
+19.2%
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.
−0.4%
Start year 2020 (pandemic). Over 10 years: +27.8% a year
Revenue growth 13 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.
+31.5%
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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. 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.
+25.4%
Earnings growth per share plus dividend.
Earnings per share, growth per year+25.2%
Dividend (yield on the price)0.2%
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.25% vs 11%, picking up
Profit margin 2020 to 2025 ⓘ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.0% → 55%
Start year 2020 (pandemic)
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).
+35.5%
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 +31.2% a year for the price.
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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 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score39 · Bottom 25%
Fair Value upside−40% · Bottom 25%
Profitability
Return on equity (TTM)16% · Top 25%
Return on assets6% · Top 25%
Net margin (TTM)62% · Above median
Operating margin (TTM)57% · Below median
Growth and dividend
Revenue growth18% · Top 25%
Dividend yield (TTM)0.2% · Bottom 25%
Balance sheet
Debt / equity0.27× · Lowest 25%
Valuation Multiplesvs REIT - Retail median · lower = cheaper
P/E (TTM)4.1× · Cheapest 25%
P/B1.44× · Pricier than median
P/S (TTM)6.06× · Cheaper than median
P/FCF2.8× · Cheapest 25%
EV/EBITDA12.2× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 9
FUTURE (revenue growth)91· sector 23
PAST (return on equity)63· sector 30
HEALTH (low debt)86· sector 68
DIVIDEND (yield)4· sector 100
VALUE 0: the price sits above our fair-value range.
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). "Arrowhead Properties Ltd B Fair Value". https://www.fairvalue-calculator.com/stock/FTB
Frequently asked questions
Is Arrowhead Properties Ltd B (FTB) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R4.31 versus a price of R7.13, about −40% upside (overvalued).
What is the fair value of FTB?
Our model-based fair value for Arrowhead Properties Ltd B is R4.31 (as of Sep 24, 2026), built from audited fundamentals. The current price: R7.13.
What is the quality score of FTB?
Arrowhead Properties Ltd B has a Quality Score of 40/100. 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 Arrowhead Properties Ltd B (FTB)?
Our model-based price target is the fair value of R4.31 (as of Sep 24, 2026) from 16 valuation models. Cautious scenario R2.95, optimistic scenario R6.23. It is a calculation from audited fundamentals, not an analyst target.
What is the Arrowhead Properties Ltd B stock forecast for 2026?
Our models put fair value at R4.31, about −40% upside versus a price of R7.13 (overvalued). Cautious scenario R2.95, optimistic scenario R6.23. The calculation is refreshed regularly with new filings.
What is the revenue of Arrowhead Properties Ltd B (FTB)?
Arrowhead Properties Ltd B reported trailing-twelve-month revenue of about 2.6B ZAR (latest available figure, as of Sep 24, 2026).
Does Arrowhead Properties Ltd B pay a dividend?
Arrowhead Properties Ltd B currently shows a dividend yield of about 0.19% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Arrowhead Properties Ltd B (FTB)?
For today's price to be fair in a discounted-cash-flow model, Arrowhead Properties Ltd B would have to grow free cash flow by +35.5 % per year for five years (discount rate 13.4 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -0.4 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of FTB use?
Our models discount Arrowhead Properties Ltd B at 13.4 %: a base by market capitalisation (small), damped by beta 0.09, 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 Arrowhead Properties Ltd B that is +35.5 % per year a year over ten years, using the same discount rate (13.4 %) and the same formula as our fair value.
How much growth has Arrowhead Properties Ltd B (FTB) delivered so far?
Over the past 5 years revenue at Arrowhead Properties Ltd B grew -0.4 % a year. The price currently implies +35.5 % 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 Arrowhead Properties Ltd B (FTB) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Arrowhead Properties Ltd B (+35.5 % 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 Arrowhead Properties Ltd B (FTB)?
The free-cash-flow yield on the price is 2.83 %: that much free cash flow Arrowhead Properties Ltd B produces per unit of market value. When it exceeds the discount rate of our models (13.4 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Arrowhead Properties Ltd B (FTB)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Arrowhead Properties Ltd B it is R4.31 per share (as of Sep 24, 2026), against a price of R7.13. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is Arrowhead Properties Ltd B stock overvalued or undervalued in 2026?
As of Sep 24, 2026, FTB trades above its calculated fair value: price R7.13, fair value R4.31, a gap of about −40% (overvalued). 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 FTB?
No. The price is what the market pays today (R7.13); the fair value is what the company's own numbers justify (R4.31). For Arrowhead Properties Ltd B the two are R2.82 per share apart. That gap is exactly why we show both numbers side by side.
How much is Arrowhead Properties Ltd B worth?
The market values Arrowhead Properties Ltd B at about 15.8B ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R7.13; our models calculate a fair value of R4.31 per share.
What do the bullish and bearish scenarios say about FTB?
Our models span a range for Arrowhead Properties Ltd B: cautious scenario R2.95, base R4.31, optimistic R6.23 per share (as of Sep 24, 2026, price R7.13). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FTB?
Arrowhead Properties Ltd B trades at a price-to-earnings ratio of 4.1 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of R4.31 is built from several models across several years. Other multiples: P/B 1.4, P/S 6.1, EV/EBITDA 12.2.
How solid is the balance sheet of Arrowhead Properties Ltd B (FTB)?
Balance-sheet figures for Arrowhead Properties Ltd B (as of Sep 24, 2026): return on equity 15.9%, debt of 0.27 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is FTB from its 52-week high?
Arrowhead Properties Ltd B trades at R7.13, about 7% below its 52-week high of R7.70 and 39% above the low of R5.11 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R4.31 is for.
Which stocks are comparable to Arrowhead Properties Ltd B?
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 Arrowhead Properties Ltd B stock attractive at the current price?
The data as of Sep 24, 2026: price R7.13, calculated fair value R4.31 (−40%), Quality Score 40/100, from 16 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 FTB calculated?
We run Arrowhead Properties Ltd B through 16 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 R4.31, 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. Arrowhead Properties Ltd B 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 Arrowhead Properties Ltd B (FTB)?
The closing price on Sep 23, 2026 was R7.13. Our model-based fair value is R4.31, about −40% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Arrowhead Properties Ltd B right now?
The price sits above even our optimistic bull case (R6.23). The favourable scenario is already priced in. Weak quality (40/100) and above fair value at the same time, the margin of safety is missing on both counts. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. A fairly wide model range (R2.95 to R6.23) leaves room in how you read the outcome.
Where does the earnings growth of Arrowhead Properties Ltd B (FTB) come from?
Earnings per share at Arrowhead Properties Ltd B grew +13.3 % a year from 2014 to 2025. Broken into its drivers: revenue per share +11.3 %, EBIT margin −2.7 %, tax rate +1.8 %, residual (interest, one-offs) +2.8 %. 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 Arrowhead Properties Ltd B
How large is the market capitalisation of Arrowhead Properties Ltd B (FTB)?
The market capitalisation of Arrowhead Properties Ltd B is 15.8B 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 Arrowhead Properties Ltd B (FTB)?
The price-to-sales ratio of Arrowhead Properties Ltd B is 2.75 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Arrowhead Properties Ltd B (FTB)?
Earnings per share at Arrowhead Properties Ltd B are R1.83 (price ÷ EPS = P/E 4.1). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Arrowhead Properties Ltd B (FTB)?
The dividend yield of Arrowhead Properties Ltd B is 0.2% (payout 0.7%). 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 Arrowhead Properties Ltd B (FTB)?
The net margin of Arrowhead Properties Ltd B is 67.3% (fiscal year 2025). 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 Arrowhead Properties Ltd B (FTB)?
The return on equity (ROE) of Arrowhead Properties Ltd B is 15.9% (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 Arrowhead Properties Ltd B (FTB)?
On an EBIT basis the return on assets of Arrowhead Properties Ltd B is 6.6% (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 Arrowhead Properties Ltd B (FTB)?
The operating margin of Arrowhead Properties Ltd B is 57.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Arrowhead Properties Ltd B (FTB)?
Revenue at Arrowhead Properties Ltd B is growing +18.1% versus a year earlier (3y avg +19.2%). 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 Arrowhead Properties Ltd B (FTB)?
Earnings per share at Arrowhead Properties Ltd B are growing +10.0% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Arrowhead Properties Ltd B (FTB) carry?
The net debt of Arrowhead Properties Ltd B is 3.9B ZAC (fiscal year 2025, ≈ 11.4 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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