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 2,580 - -
Change - -31.3% -19.48% -6.21% 10.47% -3.94% - -
Enterprise Value (EV) 1 4,687 7,283 6,393 6,035 2,686 4,825 4,744 3,890
Change - 55.39% -12.22% -5.6% -55.49% 79.64% -1.68% -18%
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 3.74x 3.44x -
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 11.7x 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% 6.12% 6.12% 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 9.750 9.750 9.750
Nbr of stocks (in thousands) 2,88,440 2,65,885 2,61,868 2,62,016 2,62,566 2,64,637 - -
Announcement Date 14/02/22 13/02/23 13/02/24 12/02/25 12/02/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
23.37x13.39x15.65x5.33% 1.6TCr
8.39x13.84x17.87x6.27% 672.36Cr
22.88x14.63x16.04x4.21% 651.41Cr
12.33x14.69x15.66x5.18% 646.93Cr
10.02x14.44x15.5x7.08% 582.71Cr
8.49x13.86x17.79x5.86% 581.51Cr
8.38x16.35x19.69x8.3% 579.97Cr
12.73x12.23x13.07x5.43% 523.72Cr
Average 13.32x 14.18x 16.41x 5.96% 729.62Cr
Weighted average by Cap. 15.11x 14.07x 16.32x 5.83%

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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