Equites Property Fund (JSE:EQU) EBIT: R2,725 Mil (TTM As of Feb. 2026)

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JSE:EQU Equites Property Fund Ltd JSE:EQU
77 GF Score
Price R17.79
GF Value R13.45
Valuation Significantly Overvalued
! 12 Warning Signs
View Full Analysis

What is Equites Property Fund EBIT?

Equites Property Fund JSE:EQU +0.57% 77 EBIT is R2,725 Mil as of Feb. 2026. GuruFocus rates JSE:EQU with a GF Score™ of 77/100 and a GF Value™ of R13.45 (Significantly Overvalued). The stock has 12 warning signs investors should review.

Equites Property Fund's earnings before interest and taxes (EBIT) for the six months ended in Feb. 2026 was R1,314 Mil. Its earnings before interest and taxes (EBIT) for the trailing twelve months (TTM) ended in Feb. 2026 was R2,725 Mil.

EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Equites Property Fund's annualized ROC % for the quarter that ended in Feb. 2026 was 5.70%. Equites Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 39.20%.

EBIT is also linked to Joel Greenblatt's definition of earnings yield. Equites Property Fund's Earnings Yield (Joel Greenblatt) % for the quarter that ended in Feb. 2026 was 10.03%.


Equites Property Fund  (JSE:EQU) EBIT Explanation

1. EBIT or Operating Income is linked to Return on Capital for both regular definition and Joel Greenblatt's definition.

Equites Property Fund's annualized ROC % for the quarter that ended in Feb. 2026 is calculated as:

ROC % (Q: Feb. 2026 )
=NOPAT/Average Invested Capital
=Operating Income * ( 1 - Tax Rate % )/( (Invested Capital (Q: Aug. 2025 ) + Invested Capital (Q: Feb. 2026 ))/ count )
=1693.104 * ( 1 - 1.88% )/( (29363.044 + 28902.111)/ 2 )
=1661.2736448/29132.5775
=5.70 %

where

Invested Capital(Q: Aug. 2025 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=31448.176 - 455.048 - ( 1630.084 - max(0, 2726.797 - 9409.562+1630.084))
=29363.044

Invested Capital(Q: Feb. 2026 )
=Total Assets - Accounts Payable & Accrued Expense - Excess Cash
=Total Assets - Accounts Payable & Accrued Expense - ( Cash, Cash Equivalents, Marketable Securities - max(0, Total Current Liabilities - Total Current Assets+Cash, Cash Equivalents, Marketable Securities))
=31400.33 - 384.507 - ( 2113.712 - max(0, 4156.202 - 8608.255+2113.712))
=28902.111

Note: The Operating Income data used here is two times the semi-annual (Feb. 2026) data.

2. Joel Greenblatt's definition of Return on Capital:

Equites Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Feb. 2026 is calculated as:

ROC (Joel Greenblatt) %(Q: Feb. 2026 )
=EBIT/Average of (Net fixed Assets + Net Working Capital)
=EBIT/Average of (Property, Plant and Equipment+Net Working Capital)
     Q: Aug. 2025  Q: Feb. 2026
=EBIT/( ( (Property, Plant and Equipment + Net Working Capital) + (Property, Plant and Equipment + Net Working Capital) )/ count )
=2627.982/( ( (33.311 + max(7290.67, 0)) + (29.573 + max(6054.791, 0)) )/ 2 )
=2627.982/( ( 7323.981 + 6084.364 )/ 2 )
=2627.982/6704.1725
=39.20 %

where Working Capital is:

Working Capital(Q: Aug. 2025 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(1238.215 + 867.981 + 5667.713) - (455.048 + 0 + 28.191)
=7290.67

Working Capital(Q: Feb. 2026 )
=(Accounts Receivable + Total Inventories + Other Current Assets) - (Accounts Payable & Accrued Expense + Defer. Rev. + Other Current Liabilities)
=(477.635 + 955.217 + 5056.299) - (384.507 + 0 + 49.853)
=6054.791

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Feb. 2026) EBIT data.

3. It is also linked to Joel Greenblatt's definition of Earnings Yield:

Equites Property Fund's Earnings Yield (Joel Greenblatt) % for today is calculated as:

Earnings Yield (Joel Greenblatt) %=EBIT (TTM)/Enterprise Value (Q: Feb. 2026 )
=2725.432/27186.221
=10.03 %

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.


Equites Property Fund EBIT Related Terms


Equites Property Fund EBIT Historical Data

* Premium members only.

The historical data trend for Equites Property Fund's EBIT can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Equites Property Fund EBIT Chart

Equites Property Fund Annual Data
Trend Feb17 Feb18 Feb19 Feb20 Feb21 Feb22 Feb23 Feb24 Feb25 Feb26
EBIT
Get a 7-Day Free Trial Premium Member Only Premium Member Only 2,758.93 98.36 2,020.12 2,070.32 2,725.43

Equites Property Fund Semi-Annual Data
Aug16 Feb17 Aug17 Feb18 Aug18 Feb19 Aug19 Feb20 Aug20 Feb21 Aug21 Feb22 Aug22 Feb23 Aug23 Feb24 Aug24 Feb25 Aug25 Feb26
EBIT Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 1,190.11 804.17 1,266.15 1,411.44 1,313.99

JSE:EQU vs PLD, PSA, EXR: EBIT Comparison

For the REIT - Industrial subindustry, Equites Property Fund's EV-to-EBIT, along with its competitors' market caps and EV-to-EBIT data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


Equites Property Fund EV-to-EBIT vs REITs Industry

For the REITs industry and Real Estate sector, Equites Property Fund's EV-to-EBIT distribution charts can be found below:

* The bar in red indicates where Equites Property Fund's EV-to-EBIT falls into.


JSE:EQU
77GF Score
Equites Property Fund Ltd JSE:EQU
EBIT is just one metric. See GF Score™, valuation, warning signs, and more.
View Full Analysis

Equites Property Fund EBIT Calculation

EBIT, sometimes also called Earnings Before Interest and Taxes, is a measure of a firm's profit that includes all expenses except interest and income tax expenses. It is the difference between operating revenues and operating expenses. When a firm does not have non-operating income, then Operating Income is sometimes used as a synonym for EBIT and operating profit.

EBIT for the trailing twelve months (TTM) ended in Feb. 2026 adds up the semi-annually data reported by the company within the most recent 12 months, which was R2,725 Mil.

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

Frequently Asked Questions Learn more about EBIT →
What does a EBIT of R2,725 Mil mean?
Equites Property Fund (JSE:EQU) has a EBIT of R2,725 Mil as of Feb. 2026. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Equites Property Fund.
Is Equites Property Fund's EBIT too high?
Equites Property Fund's current EBIT is R2,725 Mil. Overall, Equites Property Fund has a GF Score™ of 77/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.
How does Equites Property Fund's EBIT compare to PLD and PSA?
Equites Property Fund's EBIT of R2,725 Mil can be compared against companies in the REITs industry. See the competitive comparison table and distribution chart on this page for a detailed peer-by-peer breakdown.
What is a good EBIT for a REITs company?
A good EBIT depends on the REITs industry context. However, EBIT should not be evaluated in isolation — investors should consider it alongside profitability, growth, and financial strength metrics. Use the industry distribution chart on this page to see where any company falls relative to its peers.
What does a high EBIT mean?
A high EBIT can signal that a stock is expensive relative to its fundamentals. Earnings before interest and taxes is the difference between operating revenue and operating expenses. View historical data on Equites Property Fund. Equites Property Fund's current EBIT is R2,725 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.
Is Equites Property Fund stock overvalued right now?
Based on GuruFocus' analysis, Equites Property Fund (JSE:EQU) is currently considered Significantly Overvalued. The stock's GF Value™ is R13.45, compared to a current price of R17.79 — trading 32.3% above its estimated fair value. The current EBIT is R2,725 Mil. Equites Property Fund's overall GF Score™ is 77/100 with 12 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.
How is EBIT calculated?
EBIT is calculated from a company's financial statements. For Equites Property Fund (JSE:EQU), the current EBIT is R2,725 Mil as of Feb. 2026. GuruFocus calculates this using data sourced from SEC filings and annual reports. See the calculation section and 30-year financial data on this page for the full breakdown.

Is Equites Property Fund (JSE:EQU) Overvalued in 2026?

Based on GuruFocus' analysis, Equites Property Fund stock appears to be overvalued. The current stock price of R17.79 is trading 32.3% above its estimated GF Value™ of R13.45. GuruFocus considers Equites Property Fund to be Significantly Overvalued.

Key valuation signals for JSE:EQU:

  • EBIT: R2,725 Mil
  • GF Value™: R13.45 vs. price of R17.79 (32.3% above fair value)
  • GF Score™: 77/100 with 12 warning signs

No single metric tells the full story. See the JSE:EQU stock analysis page for a complete view including 30-year financials, guru trades, and insider activity.


Equites Property Fund Business Description

Industry Real EstateREITs
Address 4 Bree Street, 14th Floor, Portside Towers, Cape Town, WC, ZAF, 8001
Equites Property Fund Ltd generates rental income from investment in and development of modern logistics facilities. Its business activities include development, acquisition of vacant land and brownfield opportunities, acquisition of tenanted property, property management, and capital management. The Group operates through three reportable segments: SA Industrial, generate maximum revenue, which incorporates all the SA industrial and logistics assets; UK Developer, which relates to the disposal of land and turnkey developments; and Other, which comprises non-property-related activities. The Group has industrial and logistics assets in the Western Cape, Eastern Cape, Gauteng, and KwaZulu-Natal, and one ongoing development site in the UK.
77GF Score

Get the complete analysis for JSE:EQU

EBIT is just one metric. See GF Value™, 30-year financials, guru trades, warning signs, and more.

R17.79
Price
R13.45
GF Value