Our opinion on the current state of PUTPROP(PPR)Putprop (PPR) is a property company that was spun out of Putco (the bus company) and separately listed on the JSE in July 1988. The company owns 16 properties in the industrial, retail, and office sectors, with a gross lettable area (GLA) of 97,601 square meters and a total value of R1,095 million.
In its results for the year to 30th June 2024, the company reported rentals and recoveries of R140,3 million compared with R128,4 million in the previous period. Headline earnings per share (HEPS) was 46,54c compared with 93,22c in the previous period. The company's loan-to-value (LTV) was 36,9%, and its net asset value (NAV) was 1,668c per share.
The company said, "The property currently has a vacancy of 274m². Rentals per m² continue to be substantially below pre-COVID rates. However, there appears to be a slight increase in demand for office space, which should translate into higher future rates."
In a trading statement for the six months to 31st December 2024, the company estimated that HEPS would increase by between 16,7% and 36,7%.
From a private investor's perspective, the main problem with this share is that it is very thinly traded, with many days on which there are no trades at all. It is clearly not a share that institutional investors are interested in. We believe that there are better counters in the property sector.
PPR trade ideas
Our opinion on the current state of PPRPutprop (PPR) is a property company which was spun out of Putco (the bus company) and separately listed on the JSE in July 1988. The company owns 16 properties in industrial, retail and office with a gross lettable area (GLA) of 98484 square meters and a value of R1056,4m. In its results for the year to 30th June 2023 the company reported headline earnings per share (HEPS) of 93,98c compared with 87,96c in the previous year. The company's net asset value (NAV) increased slightly to 1612c per share. The company's vacancy rate was 10% and its loan-to-value (LTV) was 41,6%. The company said, "The portfolio currently comprises of 13 (2022: 15) strategically located properties, located primarily in Gauteng geographic area. The total Gross Lettable Area (“GLA”) of the invested properties is 97 601m² with a value of R1 095 585 million". From a private investor's perspective, the main problem with this share is that it is very thinly traded with many days on which there are no trades at all. It is clearly not a share that the institutional investors are interested in. We believe that there are better counters in the property sector.
Our opinion on the current state of PPRPutprop (PPR) is a property company which was spun out of Putco (the bus company) and separately listed on the JSE in July 1988. The company owns 16 properties in industrial, retail and office with a gross lettable area (GLA) of 98484 square meters and a value of R1056,4m. In its results for the six months to 31st December 2022 the company reported rental income up 7,6% and headline earnings per share (HEPS) down 40,9%. The company's net asset value (NAV) increased by 9,1% to 1614c per share and a vacancy rate of 3,7%. The company said, "We continue to see a definite trend of big corporates returning to the formal office environment either in the form of a hybrid model of working off site and in formal offices, or a full return to the office environment". In a trading statement for the year to 30th June 2023 the company estimated that HEPS would increase by between 0% and 10%. From a private investor's perspective, the main problem with this share is that it is very thinly traded with many days on which there are no trades at all. It is clearly not a share that the institutional investors are interested in. We believe that there are better counters in the property sector.