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    Engineering & construction
Balwin Properties Ltd.

Balwin Properties Ltd.

JJSE:BWN
435.00
ZAC
+1.00
(+0.23%)
99.70BMarket Cap
Balwin Properties Ltd.
JSE:BWN
(Johannesburg Stock Exchange)

Recent

price

435.00

P/E

ratio

- -

div

yld

- -

ROIC.AI

2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
TTM
ZAR
4.91
5.75
5.22
5.54
6.23
5.76
6.66
7.15
5.05
4.75
5.75
- -
Revenue per Share
1.32
1.41
1.05
0.96
0.88
0.72
0.77
0.94
0.46
0.5
0.52
- -
Basic EPS, GAAP
0.15
-1.28
-0.92
0.14
0.78
-1.1
-0.5
0.32
-0.79
-0.61
0.31
- -
Free Cash Flow per Basic Share
0.99
0.32
0.41
0.21
0.26
0.2
0.24
0.26
0.16
- -
- -
- -
Dividend per Share
3.2
4.28
4.92
5.68
6.31
6.82
7.48
8.25
8.56
9.04
9.59
9.04
Book Value per Share
3.2
4.28
4.92
5.66
6.29
6.79
7.44
8.2
8.52
9
9.55
9
Tangible Book Value per Share
425
470
470
472
468
469
469
465
467
468
469
469
Basic Weighted Avg Shares
2,084
2,702
2,455
2,614
2,914
2,701
3,125
3,327
2,356
2,221
2,693
- -
Sales/Revenue/Turnover
36.23
32.6
27.06
23.49
18.8
16.76
15.9
17.05
13.35
14.46
12.98
- -
Operating Margin (%)
6
7
10
13
12
17
22
27
32
40
35
- -
Depreciation Expense
559
661
491
452
412
336
363
436
216
233
245
- -
Net Income, GAAP
28.22
27.96
28.01
28.02
28.5
27.98
30.01
26.8
29.94
25.53
27.19
- -
Effective Tax Rate (%)
26.81
24.45
20.02
17.31
14.12
12.45
11.6
13.11
9.15
10.48
9.11
- -
Profit Margin (%)
1,537
2,576
2,817
2,928
3,207
3,461
4,281
4,832
4,825
4,773
5,003
4,773
Working Capital
81
611
580
375
256
228
845
1,268
1,114
939
1,038
939
LT Debt
1,502
2,014
2,312
2,654
2,951
3,203
3,516
3,837
4,009
4,258
4,577
4,258
Total Equity
- -
25.92
14.26
11.65
9.5
6.99
6.34
6.63
3.31
3.52
3.64
- -
Return on Invested Capital (%)
- -
27.24
14.79
11.8
9.74
7.25
6.8
7.07
3.59
3.68
3.59
- -
Return on Capital (%)
- -
37.59
22.72
18.22
14.69
10.92
10.79
11.87
5.5
5.63
5.59
- -
Return on Common Equity (%)

Capital Structure

ZAR

•

in mil. unless spec.
Feb'24
Aug'25
Feb'25
ST Debt
1,959
1,926
2,315
LT Borrowings
1,114
1,146
938
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
468
468
470
Market Capitalization
935
949
997

Working Capital

ZAR

•

in mil. unless spec.
Feb'24
Aug'25
Feb'25
Total Current Assets
6,985
7,015
7,304
Cash, Cash Equivalents & STI
290
243
255
Accounts Receivable, Net
238
236
275
Inventories
6,342
6,536
6,679
Total Current Liabilities
2,160
2,067
2,531
Payables & Accruals
- -
- -
- -
ST Debt
1,959
1,926
2,315
Deferred Revenue
- -
- -
- -

Growth Rates

ZAR

•

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
12.05%
7.42%
7.49%
Free Cash Flow
-169.54%
-148.35%
-151.16%
Net Income, GAAP
-5.17%
-1.81%
5.43%
Sales/Revenue/Turnover
3.97%
1.71%
21.27%
Total Cash Common Dividend
- -
- -
- -

Semi-annual Revenue

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
2,356
2025
- -
- -
2,221
2026
- -
- -
2,693

Semi-annual Earnings Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.46
2025
- -
- -
0.5
2026
- -
- -
0.52

Semi-annual Dividends Per Share

ZAR

•

in mil. unless spec.

Year

H1
H2
FY
2024
- -
- -
0.16
2025
- -
- -
- -
2026
- -
- -
- -
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Business
Balwin Properties Limited is a South Africa-based developer, designer, builder, marketer and seller of sectional title residential apartments in secure lifestyle estates targeting middle- to high-income buyers; the company operates a build-to-sell model across three collections including the Green Collection offering affordable apartments with lifestyle facilities priced from R599,900; the core Classic Collection of four-storey walk-up apartments; and the premium Signature Collection featuring developments such as The Polofields and Munyaka Lifestyle Centre in Waterfall City, Johannesburg, and Izinga Eco-Estate in Umhlanga, KwaZulu-Natal. Core services encompass provision of fibre infrastructure and internet via Balwin ICT; mortgage bond origination; clean energy and treated water supply; security and access control; maintenance for body corporates; rentals of residential, short-term leisure and commercial properties; management of lifestyle amenities including wellness spas, gyms, pools, padel courts and concierge services; digital advertising and cell tower leasing; online sales of sports equipment; and resale of pre-owned Balwin apartments, with annuity businesses contributing growing recurring revenue streams. Founded in 1996 by CEO Steve Brookes and headquartered at 105 Corlett Drive, Johannesburg, with regional offices in Somerset West and Umhlanga Ridge, Balwin focuses on high-density growth nodes in Gauteng, Western Cape, Tshwane and KwaZulu-Natal. Recent strategic developments include a March 2025 restructuring of Balwin ICT whereby Balwin Annuity increased its non-controlling partner's stake to 50% for R73.8 million while retaining operational control, supporting 55% annuity revenue growth to R101.5 million for the period ended August 2025 and expansion to 10,888 connected households; the company listed on A2X in February 2023 and continues developing approximately 2,500-3,000 apartments annually across estates like The Reid in Sandton, greenkloof in Pretoria East and Thaba Eco Village in Johannesburg South.