Company Valuation: Morguard North American Residential Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 691.8 633.5 557.6 623.8 606.7 524 - -
Change - -8.42% -11.98% 11.86% -2.75% -13.62% - -
Enterprise Value (EV) 691.8 633.5 557.6 623.8 606.7 524 524 524
Change - -8.42% -11.98% 11.86% -2.75% -13.62% 0% 0%
P/E - 4.09x 4.9x 9.55x 8.55x 8.72x 11.3x 10.3x
PBR - - - - - - - -
PEG - - -0.2x -0.2x 0.7x -0.6x -0.5x 1.05x
Capitalization / Revenue 2.82x 2.27x 1.68x 1.81x 1.71x 1.48x 1.37x 1.34x
EV / Revenue 0x 0x 0x 0x 0x 1.48x 1.37x 1.34x
EV / EBITDA 0x 0x 0x 0x 0x 3.19x 2.9x 2.79x
EV / EBIT - - - - - - - -
EV / FCF 0x 0x -0x 0x 0x -5.7x 40.3x 30.8x
FCF Yield 4.87% 5.42% -21.5% 6.11% 2.71% -17.6% 2.48% 3.24%
Dividend per Share 2 0.6996 0.703 0.7233 0.7434 0.765 0.79 0.805 0.825
Rate of return 3.95% 4.34% 4.9% 4.33% 4.4% 5.27% 5.37% 5.5%
EPS 2 - 3.957 3.014 1.796 2.032 1.72 1.33 1.46
Distribution rate - 17.8% 24% 41.4% 37.6% 45.9% 60.5% 56.5%
Net sales 1 245.6 278.5 331.6 344.2 354.6 354.9 381.9 392.5
EBITDA 1 115.2 135.4 158.6 159 165.3 164.2 181 188
EBIT - - - - - - - -
Net income - - - - - - - -
Net Debt - - - - - - - -
Reference price 2 17.71 16.20 14.77 17.15 17.37 14.99 14.99 14.99
Nbr of stocks (in thousands) 39,060 39,107 37,755 36,374 34,926 34,957 - -
Announcement Date 15/2/22 14/2/23 13/2/24 11/2/25 10/2/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
8.72x - - 5.27% 377M
44.23x13.58x24.39x - 50.78B
49.16x12.41x19.06x3.75% 17.74B
28.05x8.35x15.99x4.35% 16.32B
33.32x9.06x16.07x4.93% 14.44B
-31.46x8.69x19.08x3.82% 14.27B
29.69x9.64x19.7x3.52% 11.89B
32.42x8.66x16.23x4.16% 11.38B
33.62x10.03x16.32x4.98% 11.22B
89.09x9.11x16.39x4.13% 10.55B
Average 31.68x 9.95x 18.14x 4.32% 15.9B
Weighted average by Cap. 35.54x 10.86x 19.65x 4.19%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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  4. Valuation Morguard North American Residential Real Estate Investment Trust
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