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Sirius Real Estate Ltd (SRE) Fair Value & Analysis

Real Estate · ZA · Market cap 33.0B ZAC · ISIN GG00B1W3VF54

What is Sirius Real Estate Ltd really worth?

SR Sirius Real Estate Ltd SRE · JSE
PriceR20.65
Fair ValueR20.00
Upside−3.2%
Quality48/100

Below-average quality, currently priced close to our fair value of R20.00.

As of Aug 21, 2026, the fair value of Sirius Real Estate Ltd is R20.00 per share against a price of R20.65, so the fair value sits 3% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Highly profitable · 65.2% net margin
Moderate debt · generates free cash flow
Wide moat 71/100

Risks

!Mixed Growth (revenue 5y +16.0 %/yr)
!Mixed vs. peers (6/14)
!Weak on valuation: 29 out of 100
!Weak on dividend: 6 out of 100
Evidence: High Range R18.27 – R32.19

Fair value as of: Aug 21, 2026

From 16 valuation models · updated 16 days ago

Fair value updated Aug 21, 2026, revised from R1.06 to R20.00 (+1,786.8%) since Aug 13, 2026. Share price −8.0% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

R30.65 R13.17 Fair Value R20.00 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 21, 2026.

How to read this chart

60‑month range R13.17 – R30.65 · fair‑value band R18.27 – R32.19 · the R20.65 price screens above the R20.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 21, 2026.

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Analysis

Sirius Real Estate Ltd (SRE) currently trades at R20.65, while our model-based Fair Value estimate is R20.00, implying the stock looks roughly 3.3% fairly valued today. The Quality Score stands at 48/100 (below-average quality), in the Real Estate sector. How firm this estimate is: it rests on 26 models at a data quality of 96/100, which puts the evidence level at high.

Over the trailing twelve months, Sirius Real Estate Ltd generated revenue of 352M ZAR at a net margin of 65.2%. Revenue grew 15.6% year over year. It earns a return on equity of 12.8%. Net debt stands at 1.0B ZAR. Fundamentals as of Aug 21, 2026

Our scenario range runs from R18.27 (bear case) to R32.19 (bull case); at R20.65, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Real Estate peers we cover trades at −23% fair-value upside, at −3%, SRE screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2026 figures, and about 5 months have passed since. In that time the company retained roughly 1.19 ZAR per share, which is 5.9 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Model 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
Highest evidence
Growth DCF R0.3400 R1.09 R2.26 72
Residual Income R1.11 R1.32 R2.69 72
FCF DCF R0.3500 R1.03 R2.58 71
All 16 models by family
DCF Models
FCF DCF R0.3500 R1.03 R2.58 71
5Y Revenue Exit R0.3900 R1.12 R2.17 67
5Y EBITDA Exit R0.5900 R1.56 R2.85 71
10Y Revenue Exit R0.3400 R1.06 R2.26 61
10Y EBITDA Exit R0.5100 R1.39 R2.86 63
Dividend Discount
Gordon GGM R0.5200 R1.09 R1.72 66
DDM Multi-Stage R0.5200 R0.9200 R1.14 66
Multiples
P/S Multiple R1.07 R1.43 R1.79 58
P/B Multiple R1.79 R2.39 R2.99 55
EV/EBIT R1.04 R1.53 R2.01 65
EV/EBITDA R0.7500 R1.14 R1.52 66
EV/Revenue R0.3900 R0.7300 R1.08 52
Asset-Based
NCAV (Graham) R0.6000 R0.8000 R1.20 54
Growth DCF
Growth DCF R0.3400 R1.09 R2.26 72
Rev-Margin DCF R0.3900 R1.09 R2.06 68
Economic Profit
Residual Income R1.11 R1.32 R2.69 72

Widest divergence: Multiples (R1.43) versus Asset-Based (R0.8000). Highest evidence: Growth DCF (72).

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Key figures & financial health

P/E ratio 7.3
P/S ratio 4.80 P/E × margin
EPS (TTM) R2.84 price ÷ EPS = P/E 7.3
Dividend yield 0.3% payout 2.3%
Net margin 66.1% FY2026
Return on equity 12.8% TTM
More key figures
Profitability
Return on assets (EBIT) 4.1% avg 5y
Operating margin 48.0% TTM
Growth
Revenue (TTM) 352M ZAR TTM
Revenue growth (YoY) +15.6% 3y avg +8.8%
EPS growth (YoY) +14.3%
Balance sheet & cash flow
Free cash flow 85.9M ZAC FY2026
Net debt 1.0B ZAC FY2026 · ≈ 12.2 yrs of FCF

Figures from reported company fundamentals · as of Aug 21, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 48/100

Of which business quality 46 · Market factors (momentum, volatility) 40

Profitability 42
Margins and returns on capital today
Quality Growth 40
Are margins and returns improving?
Cashflow 63
Earnings quality: real cash, not paper profit
Fin. Strength 53
Balance sheet, leverage, solvency risk
Investment 23
Disciplined investing over empire-building
Low Volatility 67
Calm price path (market factor)
Momentum 33
Price trend over the last 3–12 months (market factor)
52W Momentum 20
Distance to the 52-week high (market factor)
Net Issuance 40
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Sirius Real Estate Limited engages in the investment, development, and operation of commercial and industrial properties in Germany and the United Kingdom. It owns and manages offices; warehouses, storerooms, and self-storage products; production and workshop spaces; and business parks and lettable space.

Full company description

Sirius Real Estate Limited engages in the investment, development, and operation of commercial and industrial properties in Germany and the United Kingdom. It owns and manages offices; warehouses, storerooms, and self-storage products; production and workshop spaces; and business parks and lettable space. The company serves individuals, corporations, and small and medium-sized enterprises under the Sirius and BizSpace brand names. The company was formerly known as Dawnay, Day Sirius Limited and changed its name to Sirius Real Estate Limited in October 2008. Sirius Real Estate Limited was incorporated in 2007 and is based in Saint Peter Port, Guernsey.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2022 – FY2026 · reported fiscal years

Sirius Real Estate Ltd reported revenue of €348M in FY2026 versus €210M in FY2022, a compound +13.4%/yr. Reported net income was €230M in FY2026, compounding +11.6%/yr from FY2022.

Growth Quality 91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Latest Revenue (FY 2026)
348M ZAR
Latest YoY
+9.4%
Avg. revenue growth/yr (3Y) 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.
+8.8%
Avg. revenue growth/yr (5Y) 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.
+16.0%
Avg. revenue growth/yr (12Y) 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.
+18.6%
Value creation/yr (5Y) Earnings growth per share (CAGR 5 years, EBIT basis) plus dividend yield: value created per share and year.
≈ +8.1% (approximate, leans on 2026) · in ZAR
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+7.8%
Dividend yield0.3%
Trend 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.5Y 3.8% vs 10Y 7.2%, flattening
Operating margin (EBIT) 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.40.3% (2021) → 40.1% (2026) · steady
Worst earnings drop52% (2023) · in ZAR
⚠ Final year 2026 sits 90% above its own trend (e.g. a one-off disposal gain), so this rate uses the operating basis instead of reported profit
Revenue +13.4%/yr
FY22 €210M
FY23 €270M
FY24 €289M
FY25 €318M
FY26 €348M
Net income +11.6%/yr
FY22 €148M
FY23 €79.6M
FY24 €108M
FY25 €178M
FY26 €230M

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Cite: Fair Value Calculator (2026). "Sirius Real Estate Ltd Fair Value". https://www.fairvalue-calculator.com/stock/SRE.JSE

Peer Group

Real Estate Services · 525 stocks

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.

Quality Score 46 · Below median
Fair Value upside −3% · Below median
Return on equity (TTM) 13% · Top 25%
Return on assets 3% · Above median
Net margin (TTM) 65% · Top 25%
Operating margin (TTM) 48% · Above median
Revenue growth 16% · Top 25%
Dividend yield (TTM) 0.3% · Bottom 25%
Debt / equity 0.54× · Higher than median

Valuation Multiples vs Real Estate Services median · lower = cheaper

P/E (TTM) 7.3× · Cheaper than median
P/B 1.09× · Pricier than median
P/S (TTM) 5.87× · Pricier than 75% of peers
P/FCF 24.1× · Pricier than 75% of peers
EV/EBITDA 18.5× · Pricier than median

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE29 · sector 29
FUTURE78 · sector 11
PAST51 · sector 17
HEALTH73 · sector 84
DIVIDEND6 · sector 63

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Real Estate Services stocks, each showing price versus our Fair Value estimate (as of Aug 21, 2026).

Stock Price Fair Value vs Fair Value
CBRE Group CBRE $148.74 $69.47 −53%
Vonovia SE VNA €19.85 €36.67 +85%
Cellnex Telecom, S.A CLNX €27.47 €25.46 −7%
KE Holdings BEKE $17.42 $6.57 −62%
Jones Lang LaSalle Incorporated JLL $378.01 $290.25 −23%
Swire Properties Limited 1972 HK$24.84 HK$5.12 −79%
CoStar Group CSGP $32.22 $4.64 −86%
China Resources Mixc Lifestyle Services Limited 1209 HK$39.84 HK$34.95 −12%
CapitaLand Investment Limited 9CI 2.66 SGD 0.4900 SGD −82%
Plaza S.A MALLPLAZA 4,040 CLP 4,571 CLP +13%

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Frequently asked questions

Is Sirius Real Estate Ltd (SRE) overvalued or undervalued?
As of Aug 21, 2026, our model estimates a fair value of R20.00 versus a price of R20.65, about −3% upside (fairly valued).
What is the fair value of SRE?
Our model-based fair value for Sirius Real Estate Ltd is R20.00 (as of Aug 21, 2026), built from audited fundamentals. The current price: R20.65.
What is the quality score of SRE?
Sirius Real Estate Ltd has a Quality Score of 48/100. 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 Sirius Real Estate Ltd (SRE)?
Our model-based price target is the fair value of R20.00 (as of Aug 21, 2026) from 16 valuation models. Cautious scenario R18.27, optimistic scenario R32.19. It is a calculation from audited fundamentals, not an analyst target.
What is the Sirius Real Estate Ltd stock forecast for 2026?
Our models put fair value at R20.00, about −3% upside versus a price of R20.65 (fairly valued). Cautious scenario R18.27, optimistic scenario R32.19. The calculation is refreshed regularly with new filings.
What is the revenue of Sirius Real Estate Ltd (SRE)?
Sirius Real Estate Ltd reported trailing-twelve-month revenue of about 352M ZAR (latest available figure, as of Aug 21, 2026).
What is the net profit margin of SRE?
The net profit margin of Sirius Real Estate Ltd is about 65.2%, meaning it keeps roughly 65.2% of revenue as net income. Based on the latest reported figures.
Does Sirius Real Estate Ltd pay a dividend?
Sirius Real Estate Ltd currently shows a dividend yield of about 0.31% relative to its recent price (as of Aug 21, 2026).
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