Investment Idea: Redefine Properties - 16 September 2024

• Since our last report in June 2024, the share price has increased by 18% from R3.8 to R4.5.
• Although the upside to our intrinsic value has decreased, we maintain our buy recommendation due to our view that there should be a further outperformance indicating an upside as high as 15% in our bull case.
• Since then, there hasn’t been any significant new information prompting a change in our intrinsic value or change in recommendation.
• Bond yields, however, have decreased from 11.75% to 10.71% in line with our expectations of yield level depression towards the long-term average of 9.50%.

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