Experience

Marriott Investment Managers

• South Africa
• Financial Services
• 1 - 100 Employee

• Investment Professional

  • Aug 2020 - Present

  As a representative, responsible for rendering financial service to clients for or on behalf of Marriott in respect of all real estate investments as well as related queries, due diligence, investor communication, feedback, and updates. Report to Chief Investment Officer. KEY RESPONSIBILITIES•Identify and research investment opportunities within the real estate investment universe.•Construct portfolio within the scope of investment objectives and mandate.•Macroeconomic analyses including GDP growth prospects, inflation, interest rates and political landscape.•Determine the drivers of income streams through both macroeconomic and fundamental research top-down (employment and retail sales growth) and bottom-up research around demand and supply metrics.•On the ground research of the operating environment i.e., the tenants, sector, location.•Interrogate and analyse financial statements, particularly in terms of cash flows and financial position.•Build financial models to formulate a cash flow and dividend forecast based on the above analysis.•Apply potential valuation gains/losses to the balance sheet to determine normalised leverage and net asset value.•Formulate required rate of return for investment given the country, sector, and company-specific risk factors premiums.•Deliberate on the investment proposition given the valuation outcome and all other considerations including the quality of real estate, leverage, management team track record and ESG.•From a credit perspective, examine issuer creditworthiness and credit risk profile. Metrics analysed include loan to value ratios, and cash coverage ratios.•Make investment recommendations and drive desired portfolio weightings and decision-making process. •Oversee trade including sending instruction to brokers and ensuring trades are executed at appropriate limits.•Update and review portfolio holdings to identify changes that might impact the investment case and/or the operating environment.



Catalyst Fund Managers

• South Africa
• Investment Management
• 1 - 100 Employee

• Investment Analyst

  • Mar 2018 - Aug 2020

  Catalyst Fund Managers is a specialist listed real estate investor that manages listed real estate portfolios for institutional and retail investors both in South Africa and globally. KEY RESPONSIBILITIES•Provide investment research on listed real estate companies by gathering information from financial statements, management meetings, sell-side analyst reports and on the ground research.•Quantitative analyses by using trends in the growth trajectory of GDP, employment, and sales growth to formulate market rental growth assumptions.•Bottom-up research of demand and supply fundamentals, quality of the real estate and rentals relative to market rentals to build financial models.•Prepare company-specific reports and valuations by detailing and incorporating information regards the operating environment, management team track record, demand-supply fundamentals, vacancy rates, discount to NAV, leverage ratios, forward yields, and sustainable growth rates.•Formulate the required rate of return of the company based on the region in which it operates, management team, liquidity, leverage, corporate governance, and other company-specific risks.•Conduct discounted cash flow analysis and formulate intrinsic value.•Present updated financial results, valuation, and cash flow forecast to the investment team.•Actively engage with management teams regarding any ESG related matters.•Send trade instructions to brokers and ensure trades are executed at appropriate prices and limits.•Collate reports based on client requirements and detail any significant or structural changes emerging in the sector. •Prepare monthly/quarterly real estate sector review reports to provide an overview of the sector, fundamentals, valuations, emerging trends such as e-commerce, work from home, and sector outlook.•Prepare investment committee reports detailing the attributors and detractors of portfolio performance, portfolio changes/decisions, market news and an update on any firm projects.