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 1 691.8 633.5 557.6 623.8 606.7 540.8 - -
Change - -8.42% -11.98% 11.86% -2.75% -10.86% - -
Enterprise Value (EV) 691.8 633.5 557.6 623.8 606.7 540.8 540.8 540.8
Change - -8.42% -11.98% 11.86% -2.75% -10.86% 0% 0%
P/E - 4.09x 4.9x 9.55x 8.55x 8.99x 11.6x 10.6x
PBR - - - - - - - -
PEG - - -0.2x -0.2x 0.7x -0.6x -0.5x 1.08x
Capitalization / Revenue 2.82x 2.27x 1.68x 1.81x 1.71x 1.52x 1.42x 1.38x
EV / Revenue 0x 0x 0x 0x 0x 1.52x 1.42x 1.38x
EV / EBITDA 0x 0x 0x 0x 0x 3.29x 2.99x 2.88x
EV / EBIT - - - - - - - -
EV / FCF 0x 0x -0x 0x 0x -5.88x 41.6x 31.8x
FCF Yield 4.87% 5.42% -21.5% 6.11% 2.71% -17% 2.4% 3.14%
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% 5.11% 5.2% 5.33%
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 15.47 15.47 15.47
Nbr of stocks (in thousands) 39,060 39,107 37,755 36,374 34,926 34,957 - -
Announcement Date 15/02/22 14/02/23 13/02/24 11/02/25 10/02/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
44.61x13.68x24.57x - 51.22B
49.4x12.46x19.09x3.74% 17.83B
28.63x8.47x16.21x4.26% 16.67B
34.27x9.24x16.38x4.8% 14.84B
-44.98x8.7x19.2x3.8% 14.33B
30.07x9.69x19.84x3.49% 12B
33.12x8.79x16.47x4.08% 11.62B
34.78x10.25x16.69x4.81% 11.6B
90.32x9.23x16.61x4.05% 10.74B
Average 33.36x 10.06x 18.34x 4.13% 17.87B
Weighted average by Cap. 34.98x 10.96x 19.82x 4.12%

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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