Hyprop (HYP) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Hyprop ZAR 47.76, price ZAR 61.61, upside -22.5%, quality 55 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 R19.95 – R64.40 · fair‑value band R45.60 – R49.28 · the R61.61 price screens above the R47.76 fair value. Dashed = 300-day average. As of Sep 24, 2026.
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Hyprop Investments Limited is a South African based specialist retail property fund with high-quality portfolios in South Africa and Eastern Europe, and is listed on the Johannesburg Stock Exchange (JSE) and A2X as a Real Estate Investment Trust (REIT) with a market capitalisation at 30 June 2025 of R17.1bn.
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Hyprop Investments Limited is a South African based specialist retail property fund with high-quality portfolios in South Africa and Eastern Europe, and is listed on the Johannesburg Stock Exchange (JSE) and A2X as a Real Estate Investment Trust (REIT) with a market capitalisation at 30 June 2025 of R17.1bn. The Group holds interests in a R42bn portfolio of shopping centres in South Africa (SA) and Eastern Europe (EE). The SA portfolio includes super regional centre Canal Walk, large regional centres Clearwater, The Glen, Woodlands Boulevard, Cape Gate, Somerset Mall, Rosebank Mall and Table Bay Mall, and small regional centre Hyde Park Corner. The Group's EE portfolio comprises The Mall in Sofia, Bulgaria, City Center one East and City Center one West, both in Zagreb, Croatia, and Skopje City Mall in Skopje, North Macedonia. Hyprop Investments Limited was incorporated in 1987 in South Africa.
Stock analysis
Hyprop (HYP) currently trades at R61.61, while our model-based Fair Value estimate is R47.76, implying the stock looks roughly 29.0% overvalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of R88.64 per share, and 4 of the 9 models we run sit above the R61.61 price.
Bear case: the Asset-Based group reads lowest at R40.41, and 5 of the 9 models stay below the price. Evidence for this calculation is high.
Scenario range: R45.60 (bear) to R49.28 (bull), the price of R61.61 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 55/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Hyprop reported revenue of 4.8B ZAR in FY2025 versus 2.8B ZAR in FY2021, a compound +14.7%/yr. Reported net income was 2.2B ZAR in FY2025.
Key figures
Market cap 23.6B ZAC · P/E ratio 6.8 · P/S ratio 3.07 · EPS (TTM) R9.02 · Dividend yield 5.1% · Net margin 45.0% · Return on equity 14.8% · Return on assets (EBIT) 4.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (medium confidence).
What moves the price
The share trades about 4% below its 52-week high and 34% 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 −22%, HYP screens cheaper than that median.
Fair Value models
Bear R45.60Fair Value R47.76Bull R49.28
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 (5.89 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.49/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+7.5%
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.
+16.5%
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.
+9.2%
Start year 2020 (pandemic). Over 10 years: +6.0% a year
Revenue growth 20 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.
+11.5%
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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.
+59.5%
Earnings growth per share plus dividend.
Earnings per share, growth per year+54.4%
Dividend (yield on the price)5.1%
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.54% vs −7%, 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.59% → 55%
Price, fair value, quality and upside side by side.
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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 9/13 measures
Overall it ranks above its industry peers.
Valuation
Quality Score56 · Above median
Fair Value upside−23% · Below median
Profitability
Return on equity (TTM)15% · Top 25%
Return on assets4% · Top 25%
Net margin (TTM)72% · Above median
Operating margin (TTM)54% · Below median
Growth and dividend
Revenue growth4% · Below median
Dividend yield (TTM)5.1% · Below median
Balance sheet
Debt / equity0.53× · Below median
Valuation Multiplesvs REIT - Retail median · lower = cheaper
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). "Hyprop Fair Value". https://www.fairvalue-calculator.com/stock/HYP
Frequently asked questions
Is Hyprop (HYP) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R47.76 versus a price of R61.61, about −22% upside (overvalued).
What is the fair value of HYP?
Our model-based fair value for Hyprop is R47.76 (as of Sep 24, 2026), built from audited fundamentals. The current price: R61.61.
What is the quality score of HYP?
Hyprop has a Quality Score of 55/100. 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 Hyprop (HYP)?
Our model-based price target is the fair value of R47.76 (as of Sep 24, 2026) from 9 valuation models. Cautious scenario R45.60, optimistic scenario R49.28. It is a calculation from audited fundamentals, not an analyst target.
What is the Hyprop stock forecast for 2026?
Our models put fair value at R47.76, about −22% upside versus a price of R61.61 (overvalued). Cautious scenario R45.60, optimistic scenario R49.28. The calculation is refreshed regularly with new filings.
What is the revenue of Hyprop (HYP)?
Hyprop reported trailing-twelve-month revenue of about 4.9B ZAR (latest available figure, as of Sep 24, 2026).
Does Hyprop pay a dividend?
Hyprop currently shows a dividend yield of about 5.09% relative to its recent price (as of Sep 24, 2026).
What is the intrinsic value of Hyprop (HYP)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Hyprop it is R47.76 per share (as of Sep 24, 2026), against a price of R61.61. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Hyprop stock overvalued or undervalued in 2026?
As of Sep 24, 2026, HYP trades above its calculated fair value: price R61.61, fair value R47.76, a gap of about −22% (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 HYP?
No. The price is what the market pays today (R61.61); the fair value is what the company's own numbers justify (R47.76). For Hyprop the two are R13.85 per share apart. That gap is exactly why we show both numbers side by side.
How much is Hyprop worth?
The market values Hyprop at about 23.6B ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R61.61; our models calculate a fair value of R47.76 per share.
What do the bullish and bearish scenarios say about HYP?
Our models span a range for Hyprop: cautious scenario R45.60, base R47.76, optimistic R49.28 per share (as of Sep 24, 2026, price R61.61). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of HYP?
Hyprop trades at a price-to-earnings ratio of 6.8 (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 R47.76 is built from several models across several years. Other multiples: P/B 1.0, P/S 4.8, EV/EBITDA 12.3.
How solid is the balance sheet of Hyprop (HYP)?
Balance-sheet figures for Hyprop (as of Sep 24, 2026): return on equity 14.8%, debt of 0.53 per unit of equity. They feed the Quality Score of 55/100, which measures business quality independently of the share price.
How far is HYP from its 52-week high?
Hyprop trades at R61.61, about 4% below its 52-week high of R64.40 and 34% above the low of R46.14 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R47.76 is for.
Which stocks are comparable to Hyprop?
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 Hyprop stock attractive at the current price?
The data as of Sep 24, 2026: price R61.61, calculated fair value R47.76 (−22%), Quality Score 55/100, 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 HYP calculated?
We run Hyprop through 9 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 R47.76, 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. Hyprop 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 Hyprop (HYP)?
The closing price on Sep 23, 2026 was R61.61. Our model-based fair value is R47.76, about −22% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Hyprop right now?
The price sits above even our optimistic bull case (R49.28). The favourable scenario is already priced in. Solid but not exceptional quality (55/100) and above fair value, neither a clear bargain nor a standout compounder. The models converge in a tight band (R45.60 to R49.28), unusually little disagreement for a valuation. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Hyprop (HYP) come from?
Earnings per share at Hyprop grew −10.6 % a year from 2014 to 2025. Broken into its drivers: revenue per share +0.7 %, EBIT margin −2.4 %, tax rate −1.0 %, residual (interest, one-offs) −8.1 %. 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 Hyprop
How large is the market capitalisation of Hyprop (HYP)?
The market capitalisation of Hyprop is 23.6B 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 Hyprop (HYP)?
The price-to-sales ratio of Hyprop is 3.07 (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 Hyprop (HYP)?
Earnings per share at Hyprop are R9.02 (price ÷ EPS = P/E 6.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Hyprop (HYP)?
The dividend yield of Hyprop is 5.1% (payout 34.7%). 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 Hyprop (HYP)?
The net margin of Hyprop is 45.0% (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 Hyprop (HYP)?
The return on equity (ROE) of Hyprop is 14.8% (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 Hyprop (HYP)?
On an EBIT basis the return on assets of Hyprop is 4.0% (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 Hyprop (HYP)?
The operating margin of Hyprop is 54.3% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Hyprop (HYP)?
Revenue at Hyprop is growing +4.4% versus a year earlier (3y avg +16.5%). 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 Hyprop (HYP)?
Earnings per share at Hyprop are growing +123% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does Hyprop (HYP) generate?
The free cash flow of Hyprop is −130M ZAC (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does Hyprop (HYP) carry?
The net debt of Hyprop is 13.5B ZAC (fiscal year 2025). 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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