Vukile Property Fund Ltd (VKE) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of Vukile Property Fund Ltd ZAR 30.51, price ZAR 24.12, upside +26.5%, quality 49 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 R8.06 – R26.05 · fair‑value band R14.44 – R50.68 · the R24.12 price screens below the R30.51 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 24, 2026.
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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.
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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.
Stock analysis
Vukile Property Fund Ltd (VKE) currently trades at R24.12, while our model-based Fair Value estimate is R30.51, implying the stock looks roughly 20.9% undervalued today.
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Valuation
Bull case: the DCF Models group reads highest at a median of R43.64 per share, and 12 of the 14 models we run sit above the R24.12 price.
Bear case: the Asset-Based group reads lowest at R15.39, and 2 of the 14 models stay below the price. Evidence for this calculation is high.
Scenario range: R14.44 (bear) to R50.68 (bull), the price of R24.12 sits inside 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 49/100 (below-average quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Vukile Property Fund Ltd reported revenue of 6.1B ZAR in FY2026 versus 3.5B ZAR in FY2022, a compound +15.1%/yr. Reported net income was 5.7B ZAR in FY2026, compounding +31.7%/yr from FY2022.
Key figures
Market cap 36.9B ZAC · P/E ratio 5.6 · P/S ratio 5.30 · EPS (TTM) R4.28 · Dividend yield 6.0% · Net margin 94.2% · Return on equity 18.7% · Return on assets (EBIT) 6.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 7% below its 52-week high and 17% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −27% fair-value upside, at 26%, VKE screens cheaper than that median.
Fair Value models
Bear R14.44Fair Value R30.51Bull R50.68
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 2026 figures (about 6 months old). Earnings retained since then (1.45 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.91/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+34.5%
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.
+18.6%
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.
+14.8%
Start year 2021 (pandemic). Over 10 years: +10.0% a year
Revenue growth 21 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.
+13.8%
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What shareholders gained per year (last 5 years), in ZAR (mathematically smoothed) ⓘ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. Smoothed = median of all growth paths between the years of the window (trend line on the logarithm of earnings per share): a single extreme year cannot distort the rate. The reported figure stays in the tooltip. 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.
+41.6%
Earnings growth per share plus dividend.
Earnings per share, growth per year+35.6%
Dividend (yield on the price)6.0%
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.28% vs 6%, picking up
Profit margin 2021 to 2026 ⓘ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.31% → 63%
2026 sits 124% above its own trend. The rate follows the median trend of the last 5 years, not that single year.
Start year 2021 (pandemic)
Growth Forecast
Price in line with expectations
The price assumes about as much growth as 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).
+15.7%
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 +12.0% a year for the price.
Compare Vukile Property Fund Ltd with another stock
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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 12/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score50 · Below median
Fair Value upside+27% · Top 25%
Profitability
Return on equity (TTM)19% · Top 25%
Return on assets4% · Top 25%
Net margin (TTM)94% · Top 25%
Operating margin (TTM)61% · Above median
Growth and dividend
Revenue growth20% · Top 25%
Dividend yield (TTM)6.0% · Above median
Balance sheet
Debt / equity0.59× · Below median
Valuation Multiplesvs REIT - Retail median · lower = cheaper
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Cite: Fair Value Calculator (2026). "Vukile Property Fund Ltd Fair Value". https://www.fairvalue-calculator.com/stock/VKE
Frequently asked questions
Is Vukile Property Fund Ltd (VKE) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of R30.51 versus a price of R24.12, about +26% upside (undervalued).
What is the fair value of VKE?
Our model-based fair value for Vukile Property Fund Ltd is R30.51 (as of Sep 24, 2026), built from audited fundamentals. The current price: R24.12.
What is the quality score of VKE?
Vukile Property Fund Ltd has a Quality Score of 49/100. 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 Vukile Property Fund Ltd (VKE)?
Our model-based price target is the fair value of R30.51 (as of Sep 24, 2026) from 14 valuation models. Cautious scenario R14.44, optimistic scenario R50.68. It is a calculation from audited fundamentals, not an analyst target.
What is the Vukile Property Fund Ltd stock forecast for 2026?
Our models put fair value at R30.51, about +26% upside versus a price of R24.12 (undervalued). Cautious scenario R14.44, optimistic scenario R50.68. The calculation is refreshed regularly with new filings.
What is the revenue of Vukile Property Fund Ltd (VKE)?
Vukile Property Fund Ltd reported trailing-twelve-month revenue of about 6.1B ZAR (latest available figure, as of Sep 24, 2026).
Does Vukile Property Fund Ltd pay a dividend?
Vukile Property Fund Ltd currently shows a dividend yield of about 5.97% relative to its recent price (as of Sep 24, 2026).
What growth is priced into Vukile Property Fund Ltd (VKE)?
For today's price to be fair in a discounted-cash-flow model, Vukile Property Fund Ltd would have to grow free cash flow by +15.7 % per year for five years (discount rate 11.9 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +14.9 % per year. As of Sep 24, 2026.
What discount rate (WACC) does the fair value of VKE use?
Our models discount Vukile Property Fund Ltd at 11.9 %: a base by market capitalisation (mid), damped by beta 0.31, 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 Vukile Property Fund Ltd that is +15.7 % per year a year over ten years, using the same discount rate (11.9 %) and the same formula as our fair value.
How much growth has Vukile Property Fund Ltd (VKE) delivered so far?
Over the past 5 years revenue at Vukile Property Fund Ltd grew +14.9 % a year. The price currently implies +15.7 % 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 Vukile Property Fund Ltd (VKE) growing?
The median revenue growth in the sector is +1.8 % a year. That is the yardstick for the growth priced into Vukile Property Fund Ltd (+15.7 % 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 Vukile Property Fund Ltd (VKE)?
The free-cash-flow yield on the price is 7.80 %: that much free cash flow Vukile Property Fund Ltd produces per unit of market value. When it exceeds the discount rate of our models (11.9 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Vukile Property Fund Ltd (VKE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Vukile Property Fund Ltd it is R30.51 per share (as of Sep 24, 2026), against a price of R24.12. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is Vukile Property Fund Ltd stock overvalued or undervalued in 2026?
As of Sep 24, 2026, VKE trades below its calculated fair value: price R24.12, fair value R30.51, a gap of about +26% (undervalued). 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 VKE?
No. The price is what the market pays today (R24.12); the fair value is what the company's own numbers justify (R30.51). For Vukile Property Fund Ltd the two are R6.39 per share apart. That gap is exactly why we show both numbers side by side.
How much is Vukile Property Fund Ltd worth?
The market values Vukile Property Fund Ltd at about 36.9B ZAC (market capitalisation, as of Sep 24, 2026). Per share that is R24.12; our models calculate a fair value of R30.51 per share.
What do the bullish and bearish scenarios say about VKE?
Our models span a range for Vukile Property Fund Ltd: cautious scenario R14.44, base R30.51, optimistic R50.68 per share (as of Sep 24, 2026, price R24.12). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of VKE?
Vukile Property Fund Ltd trades at a price-to-earnings ratio of 5.6 (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 R30.51 is built from several models across several years. Excluding one-off items of fiscal year 2026 it is 13.4 (reported 5.6). Other multiples: P/B 1.1, P/S 6.0, EV/EBITDA 14.7.
How solid is the balance sheet of Vukile Property Fund Ltd (VKE)?
Balance-sheet figures for Vukile Property Fund Ltd (as of Sep 24, 2026): return on equity 18.7%, debt of 0.59 per unit of equity. They feed the Quality Score of 49/100, which measures business quality independently of the share price.
How far is VKE from its 52-week high?
Vukile Property Fund Ltd trades at R24.12, about 7% below its 52-week high of R26.05 and 17% above the low of R20.55 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of R30.51 is for.
Which stocks are comparable to Vukile Property Fund Ltd?
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 Vukile Property Fund Ltd stock attractive at the current price?
The data as of Sep 24, 2026: price R24.12, calculated fair value R30.51 (+26%), Quality Score 49/100, from 14 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 VKE calculated?
We run Vukile Property Fund Ltd through 14 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 R30.51, 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. Vukile Property Fund Ltd currently trades 26 % below its own fair value, and the market average says nothing about that. 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 Vukile Property Fund Ltd (VKE)?
The closing price on Sep 23, 2026 was R24.12. Our model-based fair value is R30.51, about +26% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Vukile Property Fund Ltd right now?
The model range is unusually wide (R14.44 to R50.68). 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.
Where does the earnings growth of Vukile Property Fund Ltd (VKE) come from?
Earnings per share at Vukile Property Fund Ltd grew +2.2 % a year from 2015 to 2026. Broken into its drivers: revenue per share +3.1 %, EBIT margin −1.3 %, tax rate −0.2 %, residual (interest, one-offs) +0.6 %. 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 Vukile Property Fund Ltd
How large is the market capitalisation of Vukile Property Fund Ltd (VKE)?
The market capitalisation of Vukile Property Fund Ltd is 36.9B 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 Vukile Property Fund Ltd (VKE)?
The price-to-sales ratio of Vukile Property Fund Ltd is 5.30 (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 Vukile Property Fund Ltd (VKE)?
Earnings per share at Vukile Property Fund Ltd are R4.28 (price ÷ EPS = P/E 5.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Vukile Property Fund Ltd (VKE)?
The dividend yield of Vukile Property Fund Ltd is 6.0% (payout 33.6%). 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 Vukile Property Fund Ltd (VKE)?
The net margin of Vukile Property Fund Ltd is 94.2% (fiscal year 2026). 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 Vukile Property Fund Ltd (VKE)?
The return on equity (ROE) of Vukile Property Fund Ltd is 18.7% (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 Vukile Property Fund Ltd (VKE)?
On an EBIT basis the return on assets of Vukile Property Fund Ltd is 6.2% (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 Vukile Property Fund Ltd (VKE)?
The operating margin of Vukile Property Fund Ltd is 60.9% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Vukile Property Fund Ltd (VKE)?
Revenue at Vukile Property Fund Ltd is growing +19.6% versus a year earlier (3y avg +18.6%). 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 Vukile Property Fund Ltd (VKE)?
Earnings per share at Vukile Property Fund Ltd are growing +57.1% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Vukile Property Fund Ltd (VKE) carry?
The net debt of Vukile Property Fund Ltd is 19.9B ZAC (fiscal year 2026, ≈ 8.1 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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