Redefine Properties - Public Comps and Valuation Multiples

Redefine Properties Overview

About Redefine Properties

Redefine Properties Ltd is a South African real estate investment trust involved in the ownership of office, retail, and industrial properties. The vast majority of Redefine's real estate portfolio is located in South Africa and Poland .Within South Africa, over half of the company's properties are in the province of Gauteng in terms of total value. The group comprises of segments in the local portfolio, being office, retail, industrial, specialised and head office, and the international portfolio being EPP, Redefine Europe and other. Majority of revenue is generated from EPP, international portfolio.

Founded

1999

HQ

Employees

483

Website

redefine.co.za

Sectors

Real Estate Development

Financials

LTM Revenue $408M

LTM EBITDA $356M

EV

$4.4B

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Redefine Properties Financials

As of September 2025, Redefine Properties reported last 12-month revenue of $408M and EBITDA of $356M.

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Redefine Properties P&L

In the most recent fiscal year, Redefine Properties reported revenue of $617M and EBITDA of $481M.

Redefine Properties expects next 12-month revenue of XXX and NTM EBITDA of XXX

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	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue	$408M	XXX	$617M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$368M	XXX	XXX	XXX
Gross Margin	n/a	XXX	60%	XXX	XXX	XXX
EBITDA	$356M	XXX	$481M	XXX	XXX	XXX
EBITDA Margin	87%	XXX	78%	XXX	XXX	XXX
EBIT	$356M	XXX	$338M	XXX	XXX	XXX
EBIT Margin	87%	XXX	55%	XXX	XXX	XXX
Net Profit	n/a	XXX	$230M	XXX	XXX	XXX
Net Margin	n/a	XXX	37%	XXX	XXX	XXX
Net Debt	XXX	XXX	$2.4B	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Redefine Properties including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $408M. EBITDA for the last twelve months was $356M. In the most recent fiscal year, Redefine Properties achieved $617M in revenue and $481M in EBITDA.
Financial Metric	Last Twelve Months (LTM)	Next Twelve Months (NTM)	Most Recent Fiscal Year	Current Fiscal Year (2025)	Next Fiscal Year (2026)	Two Years Forward (2027)
Total Revenue	$408M	Analyst estimates available to subscribers	$617M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$368M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit Margin	n/a	Analyst estimates available to subscribers	59.6% gross profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA (Earnings Before Interest, Taxes, Depreciation, Amortization)	$356M	Analyst estimates available to subscribers	$481M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	87.1% EBITDA margin	Analyst estimates available to subscribers	78.0% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	$356M	Analyst estimates available to subscribers	$338M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	87.1% EBIT margin	Analyst estimates available to subscribers	54.8% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	n/a	Analyst estimates available to subscribers	$230M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	n/a	Analyst estimates available to subscribers	37.3% net profit margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Debt Position	Detailed debt information available to subscribers	Detailed debt information available to subscribers	$2.4B	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Redefine Properties

This financial data table provides comprehensive performance metrics for Redefine Properties, a company based in South Africa. The metrics include revenue, profitability measures, and operational efficiency indicators across multiple time periods.

Recent Performance Highlights

Redefine Properties generated $408M in revenue over the last twelve months.
The company achieved $356M in EBITDA over the last twelve months.

Fiscal Year Performance

In the most recent fiscal year, Redefine Properties reported $617M in total revenue.
Fiscal year EBITDA was $481M.
The company maintained a gross profit margin of 59.6% in the most recent fiscal year.
EBITDA margin for the fiscal year was 78.0%.
Net profit margin reached 37.3% in the most recent fiscal year.

This financial data is sourced from Morningstar, Inc. and represents the most recent available information for Redefine Properties. Forward-looking estimates and detailed financial projections are available through our premium subscription service.

Redefine Properties Stock Performance

Redefine Properties has current market cap of ZAR 35.2B (or $2.0B), and EV of ZAR 76.7B (or $4.4B).

Market Cap Evolution

Redefine Properties Stock Data

As of October 7, 2025, Redefine Properties's stock price is ZAR 5 (or $0).

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EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$4.4B	$2.0B	XXX	XXX	XXX	XXX	$0.03

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Redefine Properties Valuation Multiples

Redefine Properties's trades at 8.1x EV/Revenue multiple, and 10.1x EV/EBITDA.

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Redefine Properties Financial Valuation Multiples

As of October 7, 2025, Redefine Properties has market cap of $2.0B and EV of $4.4B.

Equity research analysts estimate Redefine Properties's 2025E EV/Revenue multiple at XXX and 2025E EV/EBITDA multiple at XXX

Redefine Properties's P/E ratio is not available.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$2.0B	XXX	$2.0B	XXX	XXX	XXX
EV (current)	$4.4B	XXX	$4.4B	XXX	XXX	XXX
EV/Revenue	10.9x	XXX	8.1x	XXX	XXX	XXX
EV/EBITDA	12.5x	XXX	10.1x	XXX	XXX	XXX
EV/EBIT	12.5x	XXX	12.9x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	n/a	XXX	15.4x	XXX	XXX	XXX
EV/FCF	n/a	XXX	28.5x	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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Redefine Properties Margins & Growth Rates

Redefine Properties's last 12 month revenue growth is 4%

Redefine Properties's revenue per employee in the last FY averaged $1.3M, while opex per employee averaged $0.1M for the same period.

Redefine Properties's rule of 40 is 64% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Redefine Properties's rule of X is 98% (created by Bessemer, rule of X is another metric relevant for SaaS companies only, ~1.5x stronger vs. the traditional Rule of 40, counted as revenue growth rate multiplied by 2.5 plus EBITDA margin).

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Redefine Properties Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	4%	XXX	-11%	XXX	XXX	XXX
EBITDA Margin	87%	XXX	80%	XXX	XXX	XXX
EBITDA Growth	3%	XXX	2%	XXX	XXX	XXX
Rule of 40	64%	XXX	85%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	98%	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.3M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	0%	XXX	XXX	XXX
G&A Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
R&D Expenses to Revenue	XXX	XXX	n/a	XXX	XXX	XXX
Opex to Revenue	XXX	XXX	5%	XXX	XXX	XXX

Valuation data powered by FactSet, Inc. and Morningstar, Inc.

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