reports
- Daniel King
Fortress REIT | Appendix: From order comes chaos
The sum of FFA and FFB shares outstanding (or a proportional investment in FFA and FFB shares) will deliver the same risk and return characteristics as a theoretical single ordinary share class structure would. Thus, the combined market cap of FFA and FFB shares outstanding must be treated as equivalent to a single share class structure for valuation purposes. We thus believe that, rather than being independently valued, the fair price attributable to FFB shares is an explicit function of the ...
- Daniel King
Fortress REIT | From order comes chaos
Fortress (FFA/FFB) has navigated a series of corporate governance challenges over the prior financial year. However, neither an FSCA investigation nor an internally mandated PwC report have made findings which have impacted the financial status of the business. We reassess Fortress' capital structure and the implications of this structure for the valuation of FFB shares. We find that, on a sum-of-the-parts basis, FFB shares should trade at a clean share price of ZAR9.00. At the current leve...
1 director bought
A director at Fortress Reit Limited bought 105,000 shares at 10.380ZAR and the significance rating of the trade was 57/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
- Daniel King
Resilient | NEPI Rockcastle | Fortress REIT A new growth path
NEPI Rockcastle (NRP) recently reported results for the HY through June 2018, while Resilient REIT (RES) and Fortress REIT (FFA/B) reported for the full year. In this note we assess the earnings outlook for each business in the context of a higher cost of equity across the Group, as well as the impact of material balance sheet changes at RES and FFA/B. We analyse the NAV of each counter under various scenarios in order to support our overall valuation assessment, underpineed by a dividend isc...
- Daniel King
Fortress REIT / Resilient REIT | Taking bitter pills
Fortress reported HY'18 results which were in line with the latest trading statement and prior market guidance. A decline in FFB's share price overshadowed the company's positive earnings update, as was the case with Fortress' sister company, Resilient. After the recent update on the restructuring of Siyakha trusts, we analyse the impact on distributable income and the balance sheet of both companies. We estimate that post the restructuring of Siyakha (at market value), Fortress will have an LT...
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