Spear REIT - Public Comps and Valuation Multiples

Spear REIT Overview

About Spear REIT

Spear REIT Ltd is a real estate investment trust. The company is a diversified property investment company investing in real estate sectors including office, retail, industrial, residential, and hospitality. Its operating business segments are Industrial, Commercial, Retail, Hospitality, Development, and Non-property. The segments derive their revenue mainly from rental income from leases. The company derives maximum revenue from the Commercial segment.

Founded

2015

HQ

Employees

Website

spearprop.co.za

Sectors

Real Estate Development

Financials

LTM Revenue $29.4M

Last FY EBITDA $38.8M

EV

$331M

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Spear REIT Financials

As of September 2025, Spear REIT reported last 12-month revenue of $29.4M.

In the same period, Spear REIT achieved $14.6M in LTM net income.

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Spear REIT P&L

In the most recent fiscal year, Spear REIT reported revenue of $39.9M and EBITDA of $38.8M.

Spear REIT 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	$29.4M	XXX	$39.9M	XXX	XXX	XXX
Gross Profit	n/a	XXX	$26.0M	XXX	XXX	XXX
Gross Margin	n/a	XXX	65%	XXX	XXX	XXX
EBITDA	n/a	XXX	$38.8M	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	97%	XXX	XXX	XXX
EBIT	n/a	XXX	$21.5M	XXX	XXX	XXX
EBIT Margin	n/a	XXX	54%	XXX	XXX	XXX
Net Profit	$14.6M	XXX	$30.4M	XXX	XXX	XXX
Net Margin	50%	XXX	76%	XXX	XXX	XXX
Net Debt	XXX	XXX	$87.0M	XXX	XXX	XXX

Financial data powered by Morningstar, Inc.

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Financial performance metrics for Spear REIT including revenue, profitability, and margin analysis across different time periods. The company reported last twelve months revenue of $29.4M. In the most recent fiscal year, Spear REIT achieved $39.9M in revenue and $38.8M 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	$29.4M	Analyst estimates available to subscribers	$39.9M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Gross Profit	n/a	Analyst estimates available to subscribers	$26.0M	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	65.0% 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)	n/a	Analyst estimates available to subscribers	$38.8M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBITDA Margin	n/a	Analyst estimates available to subscribers	97.2% EBITDA margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT (Earnings Before Interest and Taxes)	n/a	Analyst estimates available to subscribers	$21.5M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
EBIT Margin	n/a	Analyst estimates available to subscribers	53.9% EBIT margin	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Income (Net Profit)	$14.6M	Analyst estimates available to subscribers	$30.4M	Analyst estimates available to subscribers	Analyst estimates available to subscribers	Analyst estimates available to subscribers
Net Profit Margin	49.6% net profit margin	Analyst estimates available to subscribers	76.1% 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	$87.0M	Detailed debt information available to subscribers	Detailed debt information available to subscribers	Detailed debt information available to subscribers

Financial Performance Summary for Spear REIT

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

Recent Performance Highlights

Spear REIT generated $29.4M in revenue over the last twelve months.
Net income over the last twelve months reached $14.6M.

Fiscal Year Performance

In the most recent fiscal year, Spear REIT reported $39.9M in total revenue.
Fiscal year EBITDA was $38.8M.
The company maintained a gross profit margin of 65.0% in the most recent fiscal year.
EBITDA margin for the fiscal year was 97.2%.
Net profit margin reached 76.1% in the most recent fiscal year.

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

Spear REIT Stock Performance

Spear REIT has current market cap of ZAR 4.2B (or $244M), and EV of ZAR 5.7B (or $331M).

Market Cap Evolution

Spear REIT Stock Data

As of October 7, 2025, Spear REIT's stock price is ZAR 11 (or $1).

See Spear REIT trading valuation data

EV	Market Cap	Price 1D	Price 1M	Price 3M	Price 12M	EPS
$331M	$244M	XXX	XXX	XXX	XXX	$0.05

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Spear REIT Valuation Multiples

Spear REIT's trades at 8.4x EV/Revenue multiple, and 8.8x EV/EBITDA.

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Spear REIT Financial Valuation Multiples

As of October 7, 2025, Spear REIT has market cap of $244M and EV of $331M.

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

Spear REIT has a P/E ratio of 16.7x.

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Market cap (current)	$244M	XXX	$244M	XXX	XXX	XXX
EV (current)	$331M	XXX	$331M	XXX	XXX	XXX
EV/Revenue	11.3x	XXX	8.4x	XXX	XXX	XXX
EV/EBITDA	n/a	XXX	8.8x	XXX	XXX	XXX
EV/EBIT	n/a	XXX	15.6x	XXX	XXX	XXX
EV/Gross Profit	n/a	XXX	n/a	XXX	XXX	XXX
P/E	16.7x	XXX	8.5x	XXX	XXX	XXX
EV/FCF	n/a	XXX	902.6x	XXX	XXX	XXX

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

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Spear REIT Margins & Growth Rates

Spear REIT's last 12 month revenue growth is 12%

Spear REIT's revenue per employee in the last FY averaged $1.1M, while opex per employee averaged $0.1M for the same period.

Spear REIT's rule of 40 is 108% (metric relevant for SaaS companies only, counted as combined revenue growth rate and EBITDA margin).

Spear REIT's rule of X is unknown (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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Spear REIT Operational Valuation Multiples

	LTM	NTM	Last FY	FY 2025	FY 2026	FY 2027
Revenue Growth	12%	XXX	-8%	XXX	XXX	XXX
EBITDA Margin	n/a	XXX	96%	XXX	XXX	XXX
EBITDA Growth	n/a	XXX	n/a	XXX	XXX	XXX
Rule of 40	108%	XXX	108%	XXX	XXX	XXX
Bessemer Rule of X	XXX	XXX	n/a	XXX	XXX	XXX
Revenue per Employee	XXX	XXX	$1.1M	XXX	XXX	XXX
Opex per Employee	XXX	XXX	$0.1M	XXX	XXX	XXX
S&M Expenses to Revenue	XXX	XXX	n/a	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	11%	XXX	XXX	XXX

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

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