Spear REIT Limited (SEA) Fair Value & Analysis
Real Estate · ZA · Market cap 6.9B ZAC
Fair value as of: Jun 26, 2026
From 26 valuation models · updated 3 days ago
Fair value updated Jun 26, 2026 — revised from R8.04 to R6.60 (−17.9%) since Jun 24, 2026. Share price −0.1% over the past month.
Price vs Fair Value (12 months)
12‑month range R9.42 – R14.26 · fair‑value band R2.43 – R12.01 · the R13.40 price screens above the R6.60 fair value. As of Jun 26, 2026.
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Spear REIT Limited (SEA) currently trades at R13.40, while our model-based Fair Value estimate is R6.60 — implying the stock looks roughly 50.7% overvalued today. We read business quality at 96/100 (high quality), in the Real Estate sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium — the entry price still matters most (evidence: high).
Over the trailing twelve months, Spear REIT Limited generated revenue of 852M ZAR at a net margin of 93.8%. Revenue grew 19.9% year over year. It earns a return on equity of 17.2%. Net debt stands at 1.6B 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
Spear REIT Limited listed as a Real Estate Investment Trust on the main board of the Johannesburg Stock Exchange. It is the only regionally focused REIT listed on the JSE that invests in high-quality income generating assets in the Western Cape. Spear obtains its diversification through asset type rather than geographical investment. The company conducts its business directly and through a few subsidiaries, collectively referred to as. The group's property and asset management functions are internally and directly managed by the Spear executive management team. Spear Reit Limited was incorporated in South Africa.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Spear REIT Limited reported revenue of R853M in FY2026 versus R574M in FY2022, a compound +10.4%/yr. Reported net income was R800M in FY2026, compounding +48.4%/yr from FY2022.
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6 more REIT - Diversified stocks, each showing price versus our Fair Value estimate (as of Jun 26, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Graphene Manufacturing Group GMG | A$31.10 | A$10.84 | -65% |
| Goodman Group GMGSF | $21.70 | $5.24 | -76% |
| VICI Properties Inc VICI | $26.72 | $41.74 | +56% |
| W. P. Carey Inc WPC | $71.43 | $55.97 | -22% |
| Stockland STKAF | $2.90 | $2.58 | -11% |
| Charter Hall Group CTOUF | $15.42 | $7.92 | -49% |
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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.