Company Valuation: Canadian Apartment Properties Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 10,502 7,343 8,264 7,098 5,739 5,133 - -
Change - -30.08% 12.54% -14.11% -19.15% -10.55% - -
Enterprise Value (EV) 1 10,502 14,347 8,264 7,098 5,739 11,246 11,305 5,133
Change - 36.62% -42.4% -14.11% -19.15% 95.97% 0.53% -54.59%
P/E 7.49x 547x -20.2x 24.6x 29.9x -107x 13.1x 12.6x
PBR - - - - - - - -
PEG - -5.5x 0x -0x -1x 1x -0x 3.21x
Capitalization / Revenue 11.3x 7.29x 7.76x 6.38x 5.72x 5.17x 5.08x 4.95x
EV / Revenue 11.3x 14.2x 7.76x 6.38x 5.72x 11.3x 11.2x 4.95x
EV / EBITDA 18.3x 23.4x 13x 10.5x 9.52x 18.9x 18.2x 7.99x
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.409 1.45 1.45 1.471 1.546 1.564 1.588 1.66
Rate of return 2.35% 3.4% 2.97% 3.45% 4.19% 4.69% 4.77% 4.98%
EPS 2 8.003 0.078 -2.419 1.73 1.232 -0.31 2.55 2.65
Distribution rate 17.6% 1,859% -59.9% 85% 125% -505% 62.3% 62.6%
Net sales 1 933.1 1,007 1,065 1,113 1,003 991.9 1,011 1,037
EBITDA 1 575.2 612.4 636.2 673.1 603.1 596.1 619.7 642.3
EBIT - - - - - - - -
Net income 1 1,393 13.64 -411.6 292.7 197.1 -49.2 393.7 410.4
Net Debt 1 - 7,004 - - - 6,113 6,172 -
Reference price 2 59.96 42.68 48.80 42.63 36.87 33.32 33.32 33.32
Nbr of stocks (in thousands) 175,145 172,046 169,339 166,492 155,642 154,051 - -
Announcement Date 23/2/22 22/2/23 22/2/24 13/2/25 12/2/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-107.48x11.34x18.87x4.69% 3.7B
50.44x13.58x23.83x - 50.76B
49.14x12.57x19.21x3.69% 18.04B
29.56x8.67x16.59x4.11% 17.26B
34.91x9.29x16.46x4.77% 14.94B
-47.1x9.03x19.92x3.63% 15B
31.08x9.95x20.36x3.38% 12.4B
35.05x8.98x16.84x3.94% 12.03B
36.9x10.43x16.97x4.69% 11.91B
91.25x9.32x16.66x4.01% 10.85B
Average 20.38x 10.31x 18.57x 4.1% 16.69B
Weighted average by Cap. 33.62x 11.01x 19.74x 4.04%

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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