Company Valuation: H&R Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,687 3,220 2,592 2,432 2,686 2,583 - -
Change - -31.3% -19.48% -6.21% 10.47% -3.84% - -
Enterprise Value (EV) 1 4,687 7,283 6,393 6,035 2,686 4,828 4,747 3,893
Change - 55.39% -12.22% -5.6% -55.49% 79.74% -1.68% -17.99%
P/E 7.82x 4.19x 45.2x -21.7x -3.62x 14.8x 10.4x -
PBR - - - - - - - -
PEG - 0.1x -0.5x 0x -0x -0x 0.2x -
Capitalization / Revenue 4x 3.34x 2.6x 2.5x 2.74x 3.75x 3.45x -
EV / Revenue 4x 7.55x 6.41x 6.2x 2.74x 7x 6.33x -
EV / EBITDA 7.4x 12.1x 10.2x 9.91x 4.33x 11.2x 11.8x 12.1x
EV / EBIT - - - - - - - -
EV / FCF 11.6x - 25.2x 25.7x - -10.1x 164x -
FCF Yield 8.64% - 3.96% 3.89% - -9.86% 0.61% -
Dividend per Share 2 0.69 0.54 0.7 0.6 0.6 0.5967 0.5967 0.6
Rate of return 4.25% 4.46% 7.07% 6.47% 5.87% 6.11% 6.11% 6.15%
EPS 2 2.078 2.893 0.2189 -0.4277 -2.827 0.66 0.94 -
Distribution rate 33.2% 18.7% 320% -140% -21.2% 90.4% 63.5% -
Net sales 1 1,172 965 997.8 973.4 980.5 689.7 749.6 -
EBITDA 1 633.6 601.7 627 608.8 620.2 430.6 403.8 320.9
EBIT - - - - - - - -
Net income 1 597.9 844.8 61.69 -119.7 -791.6 132.4 268 -
Net Debt 1 - 4,063 3,801 3,604 - 2,245 2,164 1,310
Reference price 2 16.250 12.110 9.900 9.280 10.230 9.760 9.760 9.760
Nbr of stocks (in thousands) 288,440 265,885 261,868 262,016 262,566 264,637 - -
Announcement Date 14/2/22 13/2/23 13/2/24 12/2/25 12/2/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
14.79x7x11.21x6.11% 1.86B
22.97x13.3x15.52x5.41% 15.76B
7.72x13.25x17.11x6.81% 6.17B
21.85x13.86x15.54x4.41% 6.22B
11.75x14.27x15.21x5.43% 6.15B
9.41x16.32x19.67x8.53% 5.62B
9.45x14.25x15.22x7.34% 5.56B
7.9x13.35x17.03x6.26% 5.39B
12.32x11.17x12.79x5.62% 5.05B
Average 13.13x 12.97x 15.48x 6.21% 6.42B
Weighted average by Cap. 14.81x 13.46x 15.80x 6.06%

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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