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 4,799 - -
Change - -30.08% 12.54% -14.11% -19.15% -16.38% - -
Enterprise Value (EV) 1 10,502 14,347 8,264 7,098 5,739 10,912 10,971 4,799
Change - 36.62% -42.4% -14.11% -19.15% 90.14% 0.54% -56.26%
P/E 7.49x 547x -20.2x 24.6x 29.9x -100x 12.2x 11.8x
PBR - - - - - - - -
PEG - -5.5x 0x -0x -1x 1x -0x 3.01x
Capitalization / Revenue 11.3x 7.29x 7.76x 6.38x 5.72x 4.85x 4.79x 4.69x
EV / Revenue 11.3x 14.2x 7.76x 6.38x 5.72x 11x 10.9x 4.69x
EV / EBITDA 18.3x 23.4x 13x 10.5x 9.52x 18.3x 17.7x 7.47x
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.409 1.45 1.45 1.471 1.546 1.543 1.538 1.55
Rate of return 2.35% 3.4% 2.97% 3.45% 4.19% 4.95% 4.94% 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% -498% 60.3% 58.5%
Net sales 1 933.1 1,007 1,065 1,113 1,003 988.6 1,002 1,022
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 -56.65 397 454.3
Net Debt 1 - 7,004 - - - 6,113 6,172 -
Reference price 2 59.96 42.68 48.80 42.63 36.87 31.15 31.15 31.15
Nbr of stocks (in thousands) 1,75,145 1,72,046 1,69,339 1,66,492 1,55,642 1,54,051 - -
Announcement Date 23/02/22 22/02/23 22/02/24 13/02/25 12/02/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
-100.48x11.04x18.3x4.95% 336.63Cr
38.12x12.57x22.4x - 4.63TCr
47.84x12.17x18.69x3.86% 1.73TCr
26.28x7.95x15.38x4.62% 1.54TCr
-18.02x8.46x18.26x4.04% 1.35TCr
30.86x8.58x15.22x5.32% 1.34TCr
28x9.27x18.94x3.7% 1.13TCr
31.03x8.4x15.74x4.35% 1.09TCr
31.89x9.73x15.81x5.23% 1.07TCr
69.88x8.7x15.62x4.42% 984.03Cr
Average 18.54x 9.69x 17.44x 4.5% 1.52TCr
Weighted average by Cap. 29.68x 10.31x 18.54x 4.44%

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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