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    Real estate investment trusts
Vukile Property Fund Limited

Vukile Property Fund Limited

1.24
EUR
-0.01
(-0.80%)
1.41BMarket Cap
Nov 30Next Earn
Vukile Property Fund Limited
FRA:V6K0
(Frankfurt Stock Exchange)

Recent

price

1.24

P/E

ratio

- -

div

yld

- -

ROIC.AI

2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
ZAR
2.61
2.94
2.9
2.99
3.15
3.68
2.62
2.7
3.08
3.66
3.19
3.63
3.73
3.82
3.82
4.48
- -
Revenue per Share
0.03
1.06
1.33
0.74
2.78
2.5
2.18
3.21
1.86
-0.11
0.61
1.99
1.97
1.52
2.71
4.42
- -
Basic EPS, GAAP
1.62
1.82
1.7
1.89
1.72
1.85
1.59
1.78
0.96
2.09
1.18
2.14
2.13
2.15
2.2
2.65
- -
Free Cash Flow per Basic Share
1
1.21
1.12
1.27
1.38
1.48
1.52
1.58
1.65
1.95
0.58
1.44
1.18
1.17
1.25
1.44
- -
Dividend per Share
4.83
5.91
6.09
6.06
17.16
18.42
18.68
20.1
20.26
18.35
18.16
17.92
20.48
21.55
22.39
25.03
25.03
Book Value per Share
3.74
4.96
5.59
5.95
17.06
18.18
18.59
20
20.23
18.34
18.15
17.92
20.48
21.54
22.39
25.03
25.03
Tangible Book Value per Share
351
351
431
513
540
636
688
749
921
955
956
959
980
1,042
1,185
1,300
1,307
Basic Weighted Avg Shares
916
1,033
1,250
1,536
1,701
2,342
1,803
2,020
2,835
3,501
3,050
3,475
3,652
3,983
4,531
5,820
- -
Sales/Revenue/Turnover
62.94
61.2
58.85
61.42
61.09
63.35
54.89
58.91
60.07
59.78
49.51
55.17
56
55.46
56.61
56.72
- -
Operating Margin (%)
-3
1
1
2
2
1
1
4
4
5
4
6
3
8
3
7
- -
Depreciation Expense
11
370
574
381
1,500
1,586
1,499
2,402
1,709
-103
584
1,909
1,932
1,587
3,209
5,742
- -
Net Income, GAAP
70.78
33.67
- -
1.47
- -
0.55
0.6
0.44
0.92
4,000
8.73
1.68
1.69
2.07
2.5
1.82
- -
Effective Tax Rate (%)
1.15
35.86
45.9
24.84
88.18
67.73
83.16
118.89
60.28
-2.94
19.15
54.94
52.9
39.84
70.82
98.66
- -
Profit Margin (%)
-173
-1,080
611
-962
-453
1,078
299
-692
312
-1,359
-1,713
-750
391
1,153
1,172
3,525
3,525
Working Capital
3,343
2,562
5,690
6,661
2,816
4,098
2,938
5,346
11,548
16,154
12,823
13,605
16,300
18,180
22,226
20,231
20,231
LT Debt
1,696
2,074
2,626
3,109
10,347
12,489
13,185
15,851
20,956
19,499
18,920
18,650
21,422
23,958
29,333
35,985
35,985
Total Equity
3.37
7.65
- -
10.03
8.89
9.78
6.75
7.55
7.34
-285.28
3.71
5.47
5.52
5.31
5.27
5.83
- -
Return on Invested Capital (%)
2.51
13.49
- -
13.18
13.92
11.94
10.37
13.76
6.8
-61.22
3.69
7.39
7.22
6.34
9.19
12.04
- -
Return on Capital (%)
0.68
19.64
24.41
13.3
23.19
14.58
11.97
16.63
9.93
-0.57
3.35
10.93
10.26
7.23
12.42
18.48
- -
Return on Common Equity (%)

Capital Structure

ZAR

•

in mil. unless spec.
Mar'25
Sep'26
Mar'26
ST Debt
384
2,287
3,264
LT Borrowings
21,917
22,177
20,209
LT Finance Leases
309
316
22
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
1,245
1,245
1,369
Market Capitalization
- -
- -
27,499

Working Capital

ZAR

•

in mil. unless spec.
Mar'25
Sep'26
Mar'26
Total Current Assets
2,726
2,977
11,086
Cash, Cash Equivalents & STI
2,135
2,344
3,578
Accounts Receivable, Net
- -
543
- -
Inventories
- -
- -
- -
Total Current Liabilities
1,554
3,540
7,561
Payables & Accruals
- -
- -
- -
ST Debt
384
2,287
3,264
Deferred Revenue
- -
- -
- -

Growth Rates

ZAR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
11.85%
14.08%
22.68%
Free Cash Flow
20.29%
27.77%
31.66%
Net Income, GAAP
-35.58%
78.27%
78.93%
Sales/Revenue/Turnover
11.03%
14.06%
28.45%
Total Cash Common Dividend
19.04%
36.93%
25.91%

Semi-annual Revenue

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
3,983
2025
- -
- -
4,531
2026
- -
- -
5,820

Semi-annual Earnings Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
1.52
2025
- -
- -
2.71
2026
- -
- -
4.42

Semi-annual Dividends Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
1.17
2025
- -
- -
1.25
2026
- -
- -
1.44
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Business
Vukile Property Fund Limited is a specialist retail real estate investment trust (REIT) established in 2004 and headquartered in South Africa. The company focuses on owning and managing a geographically diversified portfolio of retail property assets primarily concentrated in South Africa and the Iberian Peninsula, including Spain and Portugal. Its core business activities include the ownership, leasing, and management of retail shopping centers, complemented by selective office and industrial properties. Vukile’s portfolio comprises middle- to low-income retail and commuter shopping centers in South Africa, as well as regionally dominant retail assets in Spain and Portugal, serving predominantly large listed national companies, franchises, government entities, and professional firms as tenants. The company's property assets are valued at approximately R50 billion, with around 65% located in the Iberian Peninsula and 35% in South Africa. Vukile operates through subsidiaries including Castellana, which manages its Spanish retail assets. The company provides retail property investment, asset management, and development services, with a portfolio that includes over 70 retail centers. Vukile’s offerings encompass shopping malls, retail precincts, and other retail real estate assets aimed at enhancing community prosperity and shopper affinity. Recent major developments include the acquisition of the Bonaire Shopping Centre in Spain for EUR 305 million through its subsidiary Castellana, reinforcing its position in the Iberian retail market. This acquisition follows a strategic expansion into Portugal, where Castellana acquired four shopping centers since September 2024. The funding for these growth initiatives includes proceeds from the sale of a stake in Lar España and a successful R2.65 billion equity raise in September 2024. Vukile has also demonstrated strong operational performance with dividend growth and asset refurbishment post-acquisition, aligning with its ESG objectives. Vukile's strategic focus remains on expanding its retail portfolio in high-growth markets while maintaining a low-risk profile, leveraging its expertise in asset management and development to consistently add value to its property investments. The company is listed on the Johannesburg Stock Exchange (JSE: VKE) and the Namibian Stock Exchange (NSX), serving retail investors and institutional clients with a geographically diversified real estate investment platform across Southern Africa and the Iberian Peninsula.