Financials Morguard North American Residential Real Estate Investment Trust

Equities

MRG.UN

CA61761E1007

Residential REITs

Delayed Toronto S.E. 17:50:05 02/05/2024 BST 5-day change 1st Jan Change
15.14 CAD +1.47% Intraday chart for Morguard North American Residential Real Estate Investment Trust -2.64% +2.51%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 720.7 622.3 691.8 633.5 557.6 562.9 -
Enterprise Value (EV) 1 720.7 622.3 691.8 633.5 557.6 562.9 562.9
P/E ratio - - - 4.09 x 4.9 x - -
Yield 3.69% 4.39% 3.95% 4.34% 4.9% 4.96% 5.03%
Capitalization / Revenue 2.93 x 2.5 x 2.82 x 2.27 x 1.68 x 1.66 x 1.62 x
EV / Revenue 2.93 x 2.5 x 2.82 x 2.27 x 1.68 x 1.66 x 1.62 x
EV / EBITDA 6 x 5.15 x 6.01 x 4.68 x 3.52 x 3.47 x 3.37 x
EV / FCF - 28.2 x 20.5 x 18.4 x -4.65 x -35.2 x -188 x
FCF Yield - 3.55% 4.87% 5.42% -21.5% -2.84% -0.53%
Price to Book - - - - - - -
Nbr of stocks (in thousands) 38,977 39,017 39,060 39,107 37,755 37,725 -
Reference price 2 18.49 15.95 17.71 16.20 14.77 14.92 14.92
Announcement Date 11/02/20 16/02/21 15/02/22 14/02/23 13/02/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 245.6 248.7 245.6 278.5 331.6 340 348
EBITDA 1 120 120.7 115.2 135.4 158.6 162 167
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) - - - - - - -
Net income - - - - - - -
Net margin - - - - - - -
EPS - - - 3.957 3.014 - -
Free Cash Flow 1 - 22.06 33.68 34.35 -120 -16 -3
FCF margin - 8.87% 13.72% 12.34% -36.2% -4.71% -0.86%
FCF Conversion (EBITDA) - 18.28% 29.24% 25.37% - - -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 0.6826 0.6996 0.6996 0.7030 0.7233 0.7400 0.7500
Announcement Date 11/02/20 16/02/21 15/02/22 14/02/23 13/02/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4
Net sales 1 63.48 65.26 67.39 70.77 75.08 79.65 83.33 83.65 85
EBITDA - - - - - - - - -
EBIT - - - - - - - - -
Operating Margin - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - -
Net income - - - - - - - - -
Net margin - - - - - - - - -
EPS - - - - - - - - -
Dividend per Share - - - - - - - - -
Announcement Date 15/02/22 26/04/22 26/07/22 25/10/22 14/02/23 25/04/23 26/07/23 24/10/23 13/02/24
1CAD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt - - - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 - 22.1 33.7 34.4 -120 -16 -3
ROE (net income / shareholders' equity) - - - - - - -
ROA (Net income/ Total Assets) - - - - - - -
Assets - - - - - - -
Book Value Per Share - - - - - - -
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 11/02/20 16/02/21 15/02/22 14/02/23 13/02/24 - -
1CAD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
3
Last Close Price
14.92 CAD
Average target price
20.33 CAD
Spread / Average Target
+36.28%
Consensus

Quarterly revenue - Rate of surprise

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