Company Valuation: H&R Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 4,687 3,220 2,592 2,432 2,686 2,739 -
Change - -31.3% -19.48% -6.21% 10.47% 1.97% -
Enterprise Value (EV) 1 4,687 7,283 6,393 6,035 2,686 5,982 5,782
Change - 55.39% -12.22% -5.6% -55.49% 122.71% -3.35%
P/E 7.82x 4.19x 45.2x -21.7x -3.62x 15.7x 11x
PBR - - - - - - -
PEG - 0.1x -0.5x 0x -0x -0x 0.3x
Capitalization / Revenue 4x 3.34x 2.6x 2.5x 2.74x 3.97x 3.65x
EV / Revenue 4x 7.55x 6.41x 6.2x 2.74x 8.67x 7.71x
EV / EBITDA 7.4x 12.1x 10.2x 9.91x 4.33x 14.5x 14x
EV / EBIT - - - - - - -
EV / FCF 11.6x - 25.2x 25.7x - -12.6x 199x
FCF Yield 8.64% - 3.96% 3.89% - -7.96% 0.5%
Dividend per Share 2 0.69 0.54 0.7 0.6 0.6 0.5967 0.5967
Rate of return 4.25% 4.46% 7.07% 6.47% 5.87% 5.76% 5.76%
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 1 633.6 601.7 627 608.8 620.2 412.4 413.5
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 - 3,243 3,043
Reference price 2 16.25 12.11 9.90 9.28 10.23 10.35 10.35
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
15.68x8.67x14.51x5.76% 197.37Cr
24.22x13.61x16.16x5.21% 1.63TCr
8.91x14.3x18.46x5.9% 715Cr
15.08x15.21x16.31x4.8% 696.65Cr
23.55x14.89x16.2x4.08% 671.74Cr
9.23x17.02x20.5x7.58% 634.53Cr
10.56x14.92x16.01x6.71% 615.29Cr
8.86x14.18x18.2x5.62% 607.64Cr
11.78x11.45x13.03x5.41% 495.12Cr
Average 14.21x 13.80x 16.60x 5.68% 696.11Cr
Weighted average by Cap. 15.78x 14.21x 16.77x 5.58%

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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