EPP’s turnaround gains traction
The rand hedge property stock still appears to offer value despite a 45% share-price rebound
Polish retail property company EPP (formerly Echo Polska Properties) got off to a rocky start when it made its debut on the JSE two years ago. In the first six months the stock slumped 25% from its listing price. Back then, SA investors were clearly not yet buying into the Polish growth story. But there appears to have been a marked turnaround in investor sentiment since early this year. Though the counter is still trading slightly below its listing price of R23.50, it has notched up share-price growth of a hefty 45% from February 5, when it hit a two-year low of R14.40. That places EPP as the JSE’s top-performing property stock year to date. In addition, it now counts among the sector’s top 10 largest companies, with a market cap of close to R18bn. Last week, management under CEO Hadley Dean posted an equally impressive set of results, with dividend growth up 12% in euro for the six months to the end of June — against the average 4%-6% dividend growth (in rands) that investors now ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.