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 1 691.8 633.5 557.6 623.8 606.7 533.4 - -
Change - -8.42% -11.98% 11.86% -2.75% -12.07% - -
Enterprise Value (EV) 691.8 633.5 557.6 623.8 606.7 533.4 533.4 533.4
Change - -8.42% -11.98% 11.86% -2.75% -12.07% 0% 0%
P/E - 4.09x 4.9x 9.55x 8.55x 8.87x 11.5x 10.5x
PBR - - - - - - - -
PEG - - -0.2x -0.2x 0.7x -0.6x -0.5x 1.07x
Capitalization / Revenue 2.82x 2.27x 1.68x 1.81x 1.71x 1.5x 1.4x 1.36x
EV / Revenue 0x 0x 0x 0x 0x 1.5x 1.4x 1.36x
EV / EBITDA 0x 0x 0x 0x 0x 3.25x 2.95x 2.84x
EV / EBIT - - - - - - - -
EV / FCF 0x 0x -0x 0x 0x -5.8x 41x 31.4x
FCF Yield 4.87% 5.42% -21.5% 6.11% 2.71% -17.2% 2.44% 3.19%
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% 5.18% 5.28% 5.41%
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 15.26 15.26 15.26
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
8.87x - - 5.18% 386M
43.82x13.47x24.2x - 50.31B
48.32x12.26x18.78x3.82% 17.44B
27.96x8.33x15.96x4.36% 16.28B
33.36x9.06x16.07x4.93% 14.44B
-43.94x8.54x18.85x3.89% 14B
29.33x9.5x19.45x3.58% 11.7B
32.36x8.65x16.2x4.17% 11.36B
33.84x10.06x16.39x4.95% 11.29B
88.8x9.09x16.35x4.14% 10.51B
Average 30.27x 9.89x 18.03x 4.33% 15.77B
Weighted average by Cap. 34.23x 10.78x 19.51x 4.23%

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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