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 5,070 - -
Change - -30.08% 12.54% -14.11% -19.15% -11.65% - -
Enterprise Value (EV) 1 10,502 14,347 8,264 7,098 5,739 11,183 11,242 5,070
Change - 36.62% -42.4% -14.11% -19.15% 94.87% 0.53% -54.9%
P/E 7.49x 547x -20.2x 24.6x 29.9x -106x 12.9x 12.4x
PBR - - - - - - - -
PEG - -5.5x 0x -0x -1x 1x -0x 3.16x
Capitalization / Revenue 11.3x 7.29x 7.76x 6.38x 5.72x 5.13x 5.06x 4.96x
EV / Revenue 11.3x 14.2x 7.76x 6.38x 5.72x 11.3x 11.2x 4.96x
EV / EBITDA 18.3x 23.4x 13x 10.5x 9.52x 18.8x 18.1x 7.89x
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% 4.75% 4.83% 5.04%
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 1,003 988.6 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 -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 32.91 32.91 32.91
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.($)
-106.16x11.27x18.76x4.75% 366.44Cr
44.04x13.53x24.3x - 5.06TCr
49.61x12.5x19.16x3.72% 1.79TCr
28.81x8.5x16.28x4.23% 1.68TCr
34.39x9.26x16.42x4.78% 1.49TCr
-45.67x8.81x19.43x3.75% 1.45TCr
30.36x9.76x19.99x3.45% 1.21TCr
35.38x10.3x16.76x4.78% 1.17TCr
33.3x8.82x16.53x4.05% 1.17TCr
91.16x9.32x16.63x4.01% 1.08TCr
Average 19.52x 10.21x 18.43x 4.17% 1.65TCr
Weighted average by Cap. 31.67x 10.94x 19.75x 4.11%

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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