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Resilient REIT ZAR

At a glance: strengths & risks
✓Revenue growing (+8%)✓Profit growing (+59%)✗Margins compressing (117%→58%)✗High leverage (6.2x EBITDA)

Sector: Property REIT

ZA_RES

Price chart

76.98 ZARDay -0.95%

Key metrics

Net debt (table and EV/EBITDA): |short-term borrowings| + |long-term borrowings| + |other financial liabilities| when extracted + |non-controlling interest| when extracted − |cash and equivalents|; amounts in millions of the reporting currency.

Market

Price
76.98 ZAR · -0.95%
Market cap
25.7 bn ZAR

Growth

Δ revenue y/y
5.7%
Δ EBITDA y/y
8.8%

Multiples

P/E (LTM)
5.6x
P/B (FY)
1.0x
P/E (ann.)
13.8x
EV/EBITDA (LTM)
17.4x
EV/EBITDA (ann.)
21.7x

Cash return

Dividend yield
6.4%
FCF yield (LTM)
51.2%

Value creation

fundamental value/yr, % of market cap
Value created / year
-6.3%
↓ details

Liquidity

Daily turnover (listing)
19.9 mln ZAR

Shares: yahoo_fundamentals_timeseries/RES.JO

Amounts: USD (converted) · As reported
Converted modes use NBK / ECB-linked rates: balance sheet date for BS items, period average for P&L and cash flow (see filing row evidence). As reported keeps each row in its filing currency.

Financial results

Monetary columns are in M ZAR, one decimal; scale (K/M/B/T) keeps values readable. For the period (default) shows P&L and cash flow for that row’s reporting window: quarterly amounts when the feed uses quarter-duration facts (typical US 10-Q revenue and income), quarterly cash flows after stripping YTD where only cumulative tags exist, and an implied Q4 on 31 Dec FY rows (P&L: FY minus Q1–Q3; operating / investing cash flow: FY 12m minus 9M YTD to 30 Sep when sourced from SEC builder evidence) so they match 10-Q scale. Some issuers still use cumulative YTD minus the prior row in the same calendar year. As reported shows values stored on each row (e.g. full-year on FY). Balance sheet is always as reported. Source JSON may use millions etc.; conversion uses amounts_unit per row.

DatePeriodStatusRevenueM ZAROperating profitM ZARD&AM ZAREBITDAM ZARNet profitM ZAROperating CFM ZARCapex + M&AM ZARAssetsM ZAREquityM ZARROE (annualized)Net debtM ZARSource
2026-06-30H1 2026 (6M)OK2243.2
y/y 5.7%
—
y/y —
—
y/y —
—
y/y —
931.1
y/y 57.3%
26.6-290.541649.0
y/y 8.9%
26341.8
y/y 11.1%
7.1%≈ 14120.8Link
2025-12-31H2 2025 (6M)OK1805.4
y/y 2.4%
907.2
y/y -5.4%
10.2
y/y -99.5%
917.3
y/y -70.5%
3979.1
y/y 153.4%
-831.8-110.241469.4
y/y 9.0%
26028.5
y/y 12.9%
18.4%14120.8—
2025-06-30H1 2025 (6M)OK2121.5
y/y 12.3%
1362.6
y/y 18.5%
14.2
y/y 15.3%
1376.8
y/y 18.5%
591.9
y/y -54.8%
733.6—38243.3
y/y 3.4%
23700.5
y/y 5.0%
5.1%13096.0Link
2024-12-31H2 2024 (6M)OK1763.1
y/y 8.2%
958.7
y/y 13.2%
2154.0
y/y -26.5%
3112.7
y/y -17.6%
1570.5
y/y -42.8%
-895.4114.738055.5
y/y 6.6%
23050.4
y/y 4.9%
12.6%13811.9—
2024-06-30H1 2024 (6M)OK1888.7
y/y 8.0%
1149.5
y/y 5.4%
12.3
y/y 23.1%
1161.8
y/y 5.5%
1309.5
y/y 67.0%
629.4-1808.136989.7
y/y 9.3%
22566.9
y/y 14.3%
11.8%≈ 11987.6Link
2023-12-31H2 2023 (6M)OK1630.2
y/y —
846.7
y/y —
2931.9
y/y —
3778.6
y/y —
2744.2
y/y —
-764.3—35697.9
y/y —
21968.2
y/y —
16.9%11987.6—
2023-06-30H1 2023 (6M)OK1749.4
y/y —
1090.8
y/y —
10.0
y/y —
1100.8
y/y —
784.4
y/y —
515.2—33848.7
y/y —
19742.3
y/y —
——Link

Revenue & EBITDA

RevenueEBITDA

Quarterly values (ZAR mln)

01 0002 0003 0004 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Year-over-year change

-75%-50%-25%0%25%2023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Cash flow

FCF (ZAR mln)

-1 500-1 000-50005001 0002023 H12023 H22024 H12024 H22025 H12025 H22026 H1

Net debt / cash (ZAR mln)

05 00010 00015 0002023 H12023 FY2024 H12024 FY2025 H12025 FY2026 H1

Profit and cash

The gap is the business model
In a typical year of 2022–2025 operating cash flow came to -0.06x of reported net profit.
year2022202320242025
cash flow / profit-0.04x-0.07x-0.09x-0.02x
accruals, % of assets11.8%10.6%8.3%11.3%
Last twelve months (to 2026-06-30): 0.18x of profit came back as operating cash flow.
net debt / EBITDA 6.2x
● In a typical year operating cash flow covered -6% of reported profit (4 profitable years).
● Accruals average 10.5% of assets a year - profit runs ahead of cash.
Real estate: profit carries investment-property revaluations and, for developers, buyer money that sits in escrow until handover - neither passes through operating cash flow, so profit above cash is structural here. Judge the leverage against escrow coverage and against the rent roll, not against this ratio.
Read from the reported annual statements: cash flow / profit is the median of the yearly operating cash flow over net profit for the years shown; accruals are (profit − operating cash flow) / assets, the classic gap between what was booked and what was collected. A gap can be growth in working capital, capitalised costs, revaluations or profit from associates — the panel points at it, the statements explain it. Not investment advice.

Fundamental value creation

Value the company creates per year, as a % of market cap

Value created per year: -6.3%

How this was calculated
1. EBITDA growth (latest quarter YoY, annualised)
[EBITDA latest qtr − EBITDA year-ago qtr] × annualisation X (2025-12-31 vs 2024-12-31)
= (917 − 959) × 2.50
-104
2. Current EV/EBITDA (LTM)
(Market cap + Net debt) ÷ EBITDA (LTM)
= (25 683 + 14 121) ÷ 2 294
17.4x
3. Target multiple
(Current EV/EBITDA + 8) ÷ 2
= (17.4 + 8) ÷ 2
12.7x
4. Cash flow (balance method, LTM)
Net-debt reduction + dividends + buybacks − equity issuance
= -309 + 0 + 0 − 0
-309
5. Value created per year
(EBITDA growth × Target multiple + Cash flow − Dilution) ÷ Market cap
= (-104 × 12.7 + -309) ÷ 25 683
-6.3%

Amounts in millions of the reporting currency. EBITDA growth is the latest quarter vs the same quarter a year ago, annualised.

Caveats:

  • half-year basis (semi-annual reporter)
  • capex unavailable — FCF approximated by FY OCF
  • dividends/buybacks not in data - balance cash flow uses net-debt change only

Revenue growth & acceleration

Growth steady →
Last-year revenue growth +8% vs +8% the year before — a -0.5 pp move. 3-year CAGR +4%.
revenue growth by year: 2023 -4% · 2024 +8% · 2025 +8%
The growth-acceleration signal behind the GARP+acceleration strategy — it favours companies whose revenue growth is speeding up and flags those slowing down (the second derivative of growth).

Dividends

Paid (completed)

DatePer shareDetailsStatusSource
2026-04-08244.7 ZAREx-dividend: 244.7 ZAR per sharePaidYahoo Finance (ex-div)
2025-09-03245.72 ZAREx-dividend: 245.72 ZAR per sharePaidYahoo Finance (ex-div)
2025-04-09221.28 ZAREx-dividend: 221.28 ZAR per sharePaidYahoo Finance (ex-div)
2024-09-04218.97 ZAREx-dividend: 218.97 ZAR per sharePaidYahoo Finance (ex-div)
2024-04-10203.02 ZAREx-dividend: 203.02 ZAR per sharePaidYahoo Finance (ex-div)
2023-09-06203.22 ZAREx-dividend: 203.22 ZAR per sharePaidYahoo Finance (ex-div)
2023-04-19203.98 ZAREx-dividend: 203.98 ZAR per sharePaidYahoo Finance (ex-div)
2022-09-07234.05 ZAREx-dividend: 234.05 ZAR per sharePaidYahoo Finance (ex-div)
2022-04-06226.62 ZAREx-dividend: 226.62 ZAR per sharePaidYahoo Finance (ex-div)
2021-09-15226.11 ZAREx-dividend: 226.11 ZAR per sharePaidYahoo Finance (ex-div)

KASE: status follows wording in the news headline (paid vs intends to pay). Yahoo: amounts are cash dividends per share on ex-dividend dates (UTC calendar date). stockscope.uz (UZ): amounts are per share in UZS by publication date (not necessarily ex-div).

Reporting forms detected in loaded periods: ✓ ✓ ✓ (Balance sheet / Profit or loss (P&L) / Cash flows)

Financial results, valuation multiples (P/E, P/B, EV/EBITDA), profitability and dividend yield of Resilient REIT — from primary filings.

Resilient REIT Limited is a South African real estate investment trust that invests in dominant retail shopping centers, primarily anchored by national retailers and grocery stores. It also engages in property development and reconfiguration of existing centers, along with direct and indirect investments in offshore property assets.

Frequently asked questions

What is Resilient REIT's P/E ratio?
Resilient REIT trades at a P/E of 5.6x (price to trailing 12-month earnings).
What is Resilient REIT's EV/EBITDA?
Resilient REIT trades at 17.4x EV/EBITDA.
What is Resilient REIT's P/B ratio?
Resilient REIT trades at a P/B of 1.0x.
What is Resilient REIT's dividend yield?
Resilient REIT's trailing 12-month dividend yield is 6.4%.
What is Resilient REIT's return on equity (ROE)?
Resilient REIT's ROE is 7.1%.
What is Resilient REIT's market capitalization?
Resilient REIT's market cap is 25.7 bn ZAR.

See also: South African Stocks (2026): Gold, Cheap Banks and the JSE Discount · The Cheapest Stocks in the World (2026): What Value Investing Says About Buying Cheap · global valuation map