Accelerate Property Fund (JSE:APF) Operating Income: R-493.3 Mil (TTM As of Sep. 2025)

Author:

Vera Yuan

Director of Data and Quant Analytics at GuruFocus

Focused on building reliable datasets, financial models, and research tools for value-minded investors. Committed to turning complex data into practical guidance for value-investing and long-term wealth.

View Profile →

Reviewed by:

Charlie Tian

Founder & CEO of GuruFocus

Dr. Charlie Tian is the founder and CEO of GuruFocus.com, a leading global investment research platform established in 2004. With a Ph.D. in physics, Dr. Tian transitioned from science to finance, applying a data-driven, disciplined approach to value investing.

View Profile →

Accelerate Property Fund Ltd JSE:APF

32 GF Score

Price R0.50

GF Value R0.36

Valuation Significantly Overvalued

5 Warning Signs

View Full Analysis

What is Accelerate Property Fund Operating Income?

Accelerate Property Fund JSE:APF 32 Operating Income is R-493.3 Mil as of Sep. 2025. GuruFocus rates JSE:APF with a GF Score™ of 32/100 and a GF Value™ of R0.36 (Significantly Overvalued). The stock has 5 warning signs investors should review.

Accelerate Property Fund's Operating Income for the six months ended in Sep. 2025 was R325.3 Mil. Its Operating Income for the trailing twelve months (TTM) ended in Sep. 2025 was R-493.3 Mil.

Operating Margin % is calculated as Operating Income divided by its Revenue. Accelerate Property Fund's Operating Income for the six months ended in Sep. 2025 was R325.3 Mil. Accelerate Property Fund's Revenue for the six months ended in Sep. 2025 was R430.0 Mil. Therefore, Accelerate Property Fund's Operating Margin % for the quarter that ended in Sep. 2025 was 75.63%.

Accelerate Property Fund's 5-Year average Growth Rate for Operating Margin % was 0.00% per year.

Operating Income or EBIT is linked to Return on Capital for both regular definition and Joel Greenblatt's definition. Accelerate Property Fund's annualized ROC % for the quarter that ended in Sep. 2025 was 7.97%. Accelerate Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2025 was 90,373.22%.

Accelerate Property Fund (JSE:APF) Operating Income Explanation

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

Accelerate Property Fund's annualized ROC % for the quarter that ended in Sep. 2025 is calculated as:

	ROC % (Q: Sep. 2025 )
=	NOPAT	/	Average Invested Capital
=	Operating Income * ( 1 - Tax Rate % )	/	( (Invested Capital (Q: Mar. 2025 )	+	Invested Capital (Q: Sep. 2025 ))	/ count )
=	650.508 * ( 1 - 0% )	/	( (8640.719	+	7688.109)	/ 2 )
=	650.508	/	8164.414
=	7.97 %

where

	Invested Capital		(Q: Mar. 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	))
=	7865.786	-	403.825	-	( 7.912	-	max(0, 1294.156	-	115.398	+	7.912	))
=	8640.719

	Invested Capital		(Q: Sep. 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	))
=	7926.23	-	412.266	-	( 93.401	-	max(0, 412.266	-	238.121	+	93.401	))
=	7688.109

Note: The Operating Income data used here is two times the semi-annual (Sep. 2025) data.

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

Accelerate Property Fund's annualized ROC (Joel Greenblatt) % for the quarter that ended in Sep. 2025 is calculated as:

	ROC (Joel Greenblatt) %		(Q: Sep. 2025 )
=	EBIT	/	Average of (Net fixed Assets	+	Net Working Capital)
=	EBIT	/	Average of (Property, Plant and Equipment	+	Net Working Capital)
			Q: Mar. 2025		Q: Sep. 2025
=	EBIT	/	( ( (Property, Plant and Equipment + Net Working Capital)	+	(Property, Plant and Equipment + Net Working Capital) )	/	count )
=	519.646	/	( ( (0.496 + max(-371.87, 0))	+	(0.654 + max(-267.546, 0)) )	/	2 )
=	519.646	/	( ( 0.496	+	0.654 )	/	2 )
=	519.646	/	0.575
=	90,373.22 %

where Working Capital is:

	Working Capital		(Q: Mar. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(70.978	+	0	+	22.208)	-	(403.825	+	0	+	61.231)
=	-371.87

	Working Capital		(Q: Sep. 2025 )
=	(Accounts Receivable	+	Total Inventories	+	Other Current Assets)	-	(Accounts Payable & Accrued Expense	+	Defer. Rev.	+	Other Current Liabilities)
=	(144.72	+	0	+	2.8421709430404E-14)	-	(412.266	+	0	+	0)
=	-267.546

When net working capital is negative, 0 is used.

Note: The EBIT data used here is two times the semi-annual (Sep. 2025) EBIT data.

3. Operating Income is also linked to Operating Margin %:

Accelerate Property Fund's Operating Margin % for the quarter that ended in Sep. 2025 is calculated as:

Operating Margin %	=	Operating Income (Q: Sep. 2025 )	/	Revenue (Q: Sep. 2025 )
	=	325.254	/	430.047
	=	75.63 %

* 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.

4. Please click Growth Rate Calculation Example (GuruFocus) to see how GuruFocus calculates Wal-Mart Stores Inc (WMT)'s revenue growth rate. You can apply the same method to get the Operating Income growth rate using Operating Income per share data.

Be Aware

Compared with a company's EBITDA margin, Operating Margin can be manipulated by adjusting the rate of depreciation, depletion and amortization (DDA).

If a company is facing competition, its Operating Margin may decline. Often the Operating Margin declines well before the company's revenue or even profit decline. Therefore, Operating Margin is a very important indicator of whether the company is facing problems.

For instance, by 2012, Nokia (NOK)'s problems were well known and its stock had lost more than 90% of its market value since 2007. But Nokia's Operating Margin had already been in decline since 2002, although its earnings per share were still rising. Investors who paid attention to Operating Margin would have avoided this huge loss. The same can be said for Research-in-Motion (RIMM).

Therefore, Operating Margin is a very important screening filter for GuruFocus. GuruFocus's Buffett-Munger screener requires that the profit margin is either consistent or expanding. The Model Portfolio of the Buffett-Munger screener has outperformed the market every year since inception in 2009.

Accelerate Property Fund Operating Income Related Terms

Accelerate Property Fund Operating Income Historical Data

* Premium members only.

The historical data trend for Accelerate Property Fund's Operating Income can be seen below:

Accelerate Property Fund Operating Income Chart

Accelerate Property Fund Annual Data

Trend

Mar16

Mar17

Mar18

Mar19

Mar20

Mar21

Mar22

Mar23

Mar24

Mar25

Operating Income

Get a 7-Day Free Trial

418.93

626.76

488.70

248.71

-684.47

Accelerate Property Fund Semi-Annual Data
	Mar16	Sep16	Mar17	Sep17	Mar18	Sep18	Mar19	Sep19	Mar20	Sep20	Mar21	Sep21	Mar22	Sep22	Mar23	Sep23	Mar24	Sep24	Mar25	Sep25
Operating Income	Get a 7-Day Free Trial															165.04	83.67	134.04	-818.51	325.25

32GF Score

Accelerate Property Fund Ltd JSE:APF

Operating Income is just one metric. See GF Score™, valuation, warning signs, and more.

View Full Analysis

Accelerate Property Fund Operating Income Calculation

Operating Income, is the profit a company earned through operations. All expenses, including cash expenses such as cost of goods sold (COGS), research & development, wages, and non-cash expenses, such as depreciation, depletion and amortization, have been deducted from the sales.

Operating Income for the trailing twelve months (TTM) ended in Sep. 2025 adds up the semi-annually data reported by the company within the most recent 12 months, which was R-493.3 Mil.

Frequently Asked Questions Learn more about Operating Income →

What does a Operating Income of R-493.3 Mil mean?

Accelerate Property Fund (JSE:APF) has a Operating Income of R-493.3 Mil as of Sep. 2025. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Accelerate Property Fund and its competitors.

Is Accelerate Property Fund's Operating Income too high?

Accelerate Property Fund's current Operating Income is R-493.3 Mil. Overall, Accelerate Property Fund has a GF Score™ of 32/100 and is considered Significantly Overvalued, reflecting its overall financial health beyond just this single metric.

How does Accelerate Property Fund's Operating Income compare to SPG and O?

Accelerate Property Fund's Operating Income of R-493.3 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 Operating Income for a REITs company?

A good Operating Income depends on the REITs industry context. However, Operating Income 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 Operating Income mean?

A high Operating Income can signal that a stock is expensive relative to its fundamentals. Operating Income equals sales less all operating expenses. It is linked to EBIT. View historical data on Accelerate Property Fund and its competitors. Accelerate Property Fund's current Operating Income is R-493.3 Mil. However, context matters — high-growth companies often justify higher valuations. Always evaluate alongside other metrics like GF Score™ and GF Value™.

Is Accelerate Property Fund stock overvalued right now?

Based on GuruFocus' analysis, Accelerate Property Fund (JSE:APF) is currently considered Significantly Overvalued. The stock's GF Value™ is R0.36, compared to a current price of R0.50 — trading 38.9% above its estimated fair value. The current Operating Income is R-493.3 Mil. Accelerate Property Fund's overall GF Score™ is 32/100 with 5 warning signs to review. Investors should evaluate multiple metrics — including profitability, growth, and financial strength — before making a decision.

How is Operating Income calculated?

Operating Income is calculated from a company's financial statements. For Accelerate Property Fund (JSE:APF), the current Operating Income is R-493.3 Mil as of Sep. 2025. 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 Accelerate Property Fund (JSE:APF) Overvalued in 2026?

Based on GuruFocus' analysis, Accelerate Property Fund stock appears to be overvalued. The current stock price of R0.50 is trading 38.9% above its estimated GF Value™ of R0.36. GuruFocus considers Accelerate Property Fund to be Significantly Overvalued.

Key valuation signals for JSE:APF:

Operating Income: R-493.3 Mil
GF Value™: R0.36 vs. price of R0.50 (38.9% above fair value)
GF Score™: 32/100 with 5 warning signs

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

Accelerate Property Fund Business Description

Industry Real Estate REITs

Comparable Companies JSE:TEX JSE:NRL JSE:ANI JSE:DLT JSE:OAS JSE:OCT SPG O KIM XPAR:URW REG SGX:C38U ASX:SCG XPAR:LI HKSE:00823 FRT BRX ADC NNN ASX:VCX

Address 1st Floor, Corner Willow Avenue and Cedar Road, Cedar Square Shopping Centre, Management Office, Fourways, Johannesburg, GT, ZAF, 2055

Website https://www.acceleratepf.co.za

Accelerate Property Fund Ltd is a retail-focused property fund. It functions through three operating segments. The industrial segment acquires, develops, and leases warehouses and factories. The retail segment acquires, develops, and leases shopping malls, community centers as well as retail centers. Commercial segment acquires develops and leases offices. Out of which Retail segment is a key revenue driver. Geographically, it has a presence in South Africa, Austria, and Slovakia, out of which the majority of its revenue is generated from South Africa.

32GF Score

Get the complete analysis for JSE:APF

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

R0.50

Price

R0.36

GF Value

View JSE:APF Analysis

See Operating Income data for all stocks →