Vukile Property Fund Limited (VKE) Fair Value & Analysis
Real Estate · ZA · Market cap 36.9B ZAC
Fair value as of: Jul 16, 2026
From 14 valuation models · updated 26 days ago
Fair value updated Jul 16, 2026, revised from R21.32 to R36.71 (+72.2%) since Jun 26, 2026. Share price +5.1% over the past month.
Below-average quality, screening 49% undervalued on our models.
What matters now
- The model range is unusually wide (R19.91 to R80.33). The outcome hinges heavily on assumptions, so read the point estimate with caution.
- Solid quality (49/100) at a price below fair value, the discount is the argument here, not the business quality.
- As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 16, 2026.
How to read this chart
60‑month range R6.78 – R25.75 · fair‑value band R19.91 – R80.33 · the R24.70 price screens below the R36.71 fair value. Dashed = 300-day average. As of Jul 16, 2026.
Analysis
Vukile Property Fund Limited (VKE) currently trades at R24.70, while our model-based Fair Value estimate is R36.71, implying the stock looks roughly 48.6% undervalued today. The Quality Score stands at 49/100 (below-average 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: high), always confirm before acting.
Over the trailing twelve months, Vukile Property Fund Limited generated revenue of 5.6B ZAR at a net margin of 77.0%. Revenue grew 43.2% year over year. It earns a return on equity of 15.7%. Net debt stands at 19.9B ZAR. Fundamentals as of Jul 16, 2026
Our scenario range runs from R19.91 (bear case) to R80.33 (bull case); at R24.70, 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 -53% fair-value upside, at 49%, VKE screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted 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.
All 14 models by family
Widest divergence: Economic Profit (R33.44) versus Asset-Based (R15.39). Highest evidence: Growth DCF (80).
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Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 16, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 50 · Market factors (momentum, volatility) 68
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.
About the company
Vukile Property Fund Limited, the leading specialist retail real estate investment trust (REIT). Through its 99.5% held Spanish subsidiary Castellana Properties, has acquired the largest shopping centre in Spain Valencia province, the iconic Bonaire Shopping Centre, from multinational retail REIT Unibail-Rodamco-Westfield.
Full company description
Vukile Property Fund Limited, the leading specialist retail real estate investment trust (REIT). Through its 99.5% held Spanish subsidiary Castellana Properties, has acquired the largest shopping centre in Spain Valencia province, the iconic Bonaire Shopping Centre, from multinational retail REIT Unibail-Rodamco-Westfield. The purchase consideration of EUR 305 million represents an attractive entry yield of approximately 7%. Vukile Property Fund Limited was formed in 2002 and is based in South Africa.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2022 – FY2026 · reported fiscal years
Vukile Property Fund Limited reported revenue of R6.1B in FY2026 versus R3.5B in FY2022, a compound +15.1%/yr. Reported net income was R5.7B in FY2026, compounding +31.7%/yr from FY2022.
of which total revenue +10.7 pp · buybacks/dilution −7.6 pp
Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).
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Peer Group
REIT - Retail · 107 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.
Valuation Multiples vs REIT - Retail median · lower = cheaper
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.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more REIT - Retail stocks, each showing price versus our Fair Value estimate (as of Jul 16, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Simon Property Group SPG | $229.78 | $86.11 | -63% |
| Realty Income Corporation O | $65.60 | $30.71 | -53% |
| Unibail-Rodamco-Westfield SE URW | €103.65 | €101.67 | -2% |
| Kimco Realty Corporation KIM | $26.10 | $12.60 | -52% |
| CapitaLand Integrated Commercial Trust (CICT or the Trust) C38U | 2.47 SGD | 0.9100 SGD | -63% |
| Scentre Group SCG | A$3.93 | A$3.34 | -15% |
| Regency Centers Corporation REG | $82.15 | $33.69 | -59% |
| Link Real Estate Investment Trust (Link REIT) 0823 | HK$39.22 | HK$41.98 | +7% |
| Federal Realty Investment Trust FRT | $126.08 | $41.96 | -67% |
| Brixmor Property Group BRX | $32.44 | $13.18 | -59% |
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Frequently asked questions
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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.
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