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 1 691.8 633.5 557.6 623.8 606.7 519.5 - -
Change - -8.42% -11.98% 11.86% -2.75% -14.37% - -
Enterprise Value (EV) 691.8 633.5 557.6 623.8 606.7 519.5 519.5 519.5
Change - -8.42% -11.98% 11.86% -2.75% -14.37% 0% 0%
P/E - 4.09x 4.9x 9.55x 8.55x 8.64x 11.2x 10.2x
PBR - - - - - - - -
PEG - - -0.2x -0.2x 0.7x -0.6x -0.5x 1.04x
Capitalization / Revenue 2.82x 2.27x 1.68x 1.81x 1.71x 1.46x 1.36x 1.32x
EV / Revenue 0x 0x 0x 0x 0x 1.46x 1.36x 1.32x
EV / EBITDA 0x 0x 0x 0x 0x 3.16x 2.87x 2.76x
EV / EBIT - - - - - - - -
EV / FCF 0x 0x -0x 0x 0x -5.65x 40x 30.6x
FCF Yield 4.87% 5.42% -21.5% 6.11% 2.71% -17.7% 2.5% 3.27%
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% 5.32% 5.42% 5.55%
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 14.86 14.86 14.86
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 (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
42.02x13.02x23.21x - 48.25B
48.93x12.37x18.99x3.77% 17.66B
27.54x8.25x15.8x4.43% 16.03B
-22.79x8.64x18.65x3.93% 13.86B
31.89x8.78x15.58x5.15% 13.82B
28.97x9.51x19.44x3.58% 11.69B
32.08x8.59x16.1x4.21% 11.26B
32.66x9.88x16.06x5.1% 10.96B
72.32x8.92x16.02x4.27% 10.18B
Average 32.62x 9.77x 17.76x 4.31% 17.08B
Weighted average by Cap. 34.17x 10.59x 19.06x 4.28%

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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