Fairvest Ltd (FTA) Fair Value & Analysis

Real Estate · ZA · Market cap 41.5B ZAC · ISIN ZAE000304788

What is Fairvest Ltd really worth?

What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

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What matters now

• The large discount to fair value meets weak quality (37/100). That raises the risk this is a value trap rather than a bargain.
• The price is below even our cautious bear case (R33.63). The market is more pessimistic than our downside scenario.
• A fairly wide model range (R33.63 to R63.88) leaves room in how you read the outcome.
• As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Price vs Fair Value (5 years)

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 27, 2026.

How to read this chart

60‑month range R5.80 – R21.00 · fair‑value band R33.63 – R63.88 · the R19.78 price screens below the R48.75 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Aug 27, 2026.

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Analysis

Fairvest Ltd (FTA) currently trades at R19.78, while our model-based Fair Value estimate is R48.75, implying the stock looks roughly 59.4% undervalued today. The Quality Score stands at 37/100 (below-average quality), in the Real Estate sector. Bull case: the Multiples group reads highest at a median of R267.96 per share, and 9 of the 9 models we run sit above the R19.78 price. Bear case: the Dividend Discount group reads lowest at R106.72, and 0 of the 9 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Fairvest Ltd generated revenue of 2.6B ZAR at a net margin of 62.3%. Revenue grew 22.1% year over year. It earns a return on equity of 15.9%. Net debt stands at 3.8B ZAR. Fundamentals as of Aug 27, 2026

Our scenario range runs from R33.63 (bear case) to R63.88 (bull case); at R19.78, the current price sits below that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. For context, the median of 10 Real Estate peers we cover trades at −51% fair-value upside, at 146%, FTA screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 11 months have passed since. In that time the company retained roughly 0.3557 ZAR per share, which is 0.7 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small. Every input is real reported data, nothing guessed.

Widest divergence: Multiples (R267.96) versus Dividend Discount (R106.72). Highest evidence: EV/EBITDA (67).

Key figures & financial health

Quality Score breakdown

About the company

Fairvest Limited (Fairvest) is a diversified South African Real Estate Investment Trust (REIT) focused on creating long-term shareholder value. Fairvest holds a portfolio of 130 retail, office and industrial properties valued at R13.4 billion (held directly and through subsidiaries).

Full company description

Fairvest Limited (Fairvest) is a diversified South African Real Estate Investment Trust (REIT) focused on creating long-term shareholder value. Fairvest holds a portfolio of 130 retail, office and industrial properties valued at R13.4 billion (held directly and through subsidiaries). The average value per property held as of 30 September 2025 was R103.3 million. As of 30 September 2025, Fairvest held a 23.6% interest (2024: 5.0%) in Dipula Properties Limited (Dipula). As of 30 September 2025, Fairvest held a 79.9% interest (2024: 0%) in Onepath Investments (RF) Proprietary Limited (Onepath). Onepath owns fibre infrastructure in townships which is rented to a fibre network operator to provide high quality internet access to township homes and communities. Fairvest Limited was incorporated in 1998 in South Africa.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Fairvest Ltd reported revenue of 2.2B ZAR in FY2025 versus 550M ZAR in FY2021, a compound +41.1%/yr. Reported net income was 1.5B ZAR in FY2025, compounding +50.0%/yr from FY2021. FY2021 was a trough year, so the rate overstates the trend.

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Peer Group

REIT - Retail · 94 stocks

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.

Valuation Multiples vs REIT - Retail median · lower = cheaper

Strength profile in five axes (Snowflake)

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

Insider activity: 45/100

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

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