Spear REIT Ltd
Spear REIT Limited listed as a Real Estate Investment Trust on the main board of the Johannesburg Stock Exchange and is the only regionally focused REIT listed on the JSE that invests in high-quality income generating assets in the Western Cape. Spear obtains its diversification through asset type rather than geographical investment. The company conducts its business directly and through a few su… Read more
Spear REIT Ltd (SEA) - Net Assets
Latest net assets as of August 2025: ZAC4.80 Billion ZAC
Based on the latest financial reports, Spear REIT Ltd (SEA) has net assets worth ZAC4.80 Billion ZAC as of August 2025.
Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (ZAC6.52 Billion) and total liabilities (ZAC1.72 Billion). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | ZAC4.80 Billion |
| % of Total Assets | 73.61% |
| Annual Growth Rate | 18.82% |
| 5-Year Change | 64.0% |
| 10-Year Change | N/A |
| Growth Volatility | 31.14 |
Spear REIT Ltd - Net Assets Trend (2017–2025)
This chart illustrates how Spear REIT Ltd's net assets have evolved over time, based on quarterly financial data. Explore and compare other companies by net assets.
Annual Net Assets for Spear REIT Ltd (2017–2025)
The table below shows the annual net assets of Spear REIT Ltd from 2017 to 2025.
| Year | Net Assets | Change |
|---|---|---|
| 2025-02-28 | ZAC3.92 Billion | +27.28% |
| 2024-02-29 | ZAC3.08 Billion | +18.16% |
| 2023-02-28 | ZAC2.61 Billion | -2.46% |
| 2022-02-28 | ZAC2.67 Billion | +11.79% |
| 2021-02-28 | ZAC2.39 Billion | -5.12% |
| 2020-02-29 | ZAC2.52 Billion | +7.27% |
| 2019-02-28 | ZAC2.35 Billion | +19.18% |
| 2018-02-28 | ZAC1.97 Billion | +99.78% |
| 2017-02-28 | ZAC986.81 Million | -- |
Equity Component Analysis
This analysis shows how different components contribute to Spear REIT Ltd's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have grown by 1362.6% over the analyzed period, indicating profitable operations and earnings retention.
Current Equity Component Breakdown (February 2025)
| Component | Amount | Percentage |
|---|---|---|
| Retained Earnings | ZAC955.55 Million | 24.45% |
| Common Stock | ZAC2.94 Billion | 75.11% |
| Other Comprehensive Income | ZAC17.21 Million | 0.44% |
| Total Equity | ZAC3.91 Billion | 100.00% |
Spear REIT Ltd Competitors by Market Cap
The table below lists competitors of Spear REIT Ltd ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Pan Asia Metals Ltd
AU:PAM
|
$2.68 Million |
|
14S0
F:14S0
|
$2.68 Million |
|
Orestone Mining Corp
PINK:ORESF
|
$2.68 Million |
|
ENRG Elements Limited
PINK:EELFF
|
$2.68 Million |
|
Metals Creek Resources Corp
OTCQB:MCREF
|
$2.68 Million |
|
Nawarat Patanakarn Public Company Limited
BK:NWR
|
$2.68 Million |
|
LEADING HOLDINGS DL-01
F:88Z
|
$2.67 Million |
|
CF Energy Corp
PINK:CGFEF
|
$2.67 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in Spear REIT Ltd's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2024 to 2025, total equity changed from 3,068,045,000 to 3,908,570,000, a change of 840,525,000 (27.4%).
- Net income of 525,120,000 contributed positively to equity growth.
- Dividend payments of 230,902,000 reduced retained earnings.
- Share repurchases of 4,820,000 reduced equity.
- New share issuances of 541,548,000 increased equity.
- Other comprehensive income increased equity by 4,456,000.
Equity Change Factors (2024 to 2025)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | ZAC525.12 Million | +13.44% |
| Dividends Paid | ZAC230.90 Million | -5.91% |
| Share Repurchases | ZAC4.82 Million | -0.12% |
| Share Issuances | ZAC541.55 Million | +13.86% |
| Other Comprehensive Income | ZAC4.46 Million | +0.11% |
| Other Changes | ZAC5.12 Million | +0.13% |
| Total Change | ZAC- | 27.40% |
Book Value vs Market Value Analysis
This analysis compares Spear REIT Ltd's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 89.51x
- The company is trading at a significant premium to its book value, suggesting the market values its earnings potential, brand, or other intangibles highly.
- The price-to-book ratio has increased from 31.05x to 89.51x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2017-02-28 | ZAC38.49 | ZAC1195.00 | x |
| 2018-02-28 | ZAC13.59 | ZAC1195.00 | x |
| 2019-02-28 | ZAC12.72 | ZAC1195.00 | x |
| 2020-02-29 | ZAC12.20 | ZAC1195.00 | x |
| 2021-02-28 | ZAC11.40 | ZAC1195.00 | x |
| 2022-02-28 | ZAC12.23 | ZAC1195.00 | x |
| 2023-02-28 | ZAC11.00 | ZAC1195.00 | x |
| 2024-02-29 | ZAC13.39 | ZAC1195.00 | x |
| 2025-02-28 | ZAC13.35 | ZAC1195.00 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently Spear REIT Ltd utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 13.44%
- The company shows good efficiency in utilizing shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 76.10%
- • Asset Turnover: 0.12x
- • Equity Multiplier: 1.44x
- Recent ROE (13.44%) is above the historical average (9.73%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2017 | 6.62% | 110.40% | 0.04x | 1.51x | ZAC-33.35 Million |
| 2018 | 19.99% | 126.03% | 0.09x | 1.68x | ZAC191.45 Million |
| 2019 | 11.78% | 63.45% | 0.11x | 1.71x | ZAC40.84 Million |
| 2020 | 8.47% | 39.89% | 0.12x | 1.76x | ZAC-37.42 Million |
| 2021 | 2.23% | 9.99% | 0.12x | 1.93x | ZAC-184.22 Million |
| 2022 | 6.22% | 28.71% | 0.13x | 1.71x | ZAC-100.08 Million |
| 2023 | 7.02% | 31.41% | 0.14x | 1.64x | ZAC-77.24 Million |
| 2024 | 11.82% | 58.90% | 0.13x | 1.52x | ZAC55.94 Million |
| 2025 | 13.44% | 76.10% | 0.12x | 1.44x | ZAC134.26 Million |
Industry Comparison
This section compares Spear REIT Ltd's net assets metrics with peer companies in the REIT - Diversified industry.
Industry Context
- Industry: REIT - Diversified
- Average net assets among peers: $9,366,490,910
- Average return on equity (ROE) among peers: -4.16%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| Spear REIT Ltd (SEA) | ZAC4.80 Billion | 6.62% | 0.36x | $2.68 Million |
| aReit Prop Ltd (APO) | $913.92 Million | -1.01% | 0.00x | $17.94K |
| Attacq (ATT) | $13.90 Billion | 4.53% | 0.97x | $6.06 Million |
| Burstone Group Limited (BTN) | $14.65 Billion | 11.65% | 1.13x | $3.98 Million |
| Emira Property Fund (EMI) | $7.35 Billion | 6.36% | 0.81x | $3.32 Million |
| Growthpoint Properties Ltd (GRT) | $2.69 Billion | -37.36% | 22.82x | $30.34 Million |
| Oasis Crescent Property Fund (OAS) | $1.08 Billion | 7.96% | 0.04x | $388.09K |
| Octodec (OCT) | $6.42 Billion | 3.37% | 0.78x | $2.07 Million |
| Redefine Properties Ltd (RDF) | $38.83 Billion | -42.78% | 1.12x | $25.15 Million |
| Rebosis Property Fund Ltd (REA) | $3.19 Billion | -9.14% | 3.24x | $91.53K |
| Rebosis (REB) | $4.64 Billion | 14.78% | 0.69x | $91.53K |