Financials Minto Apartment Real Estate Investment Trust

Equities

MI.UN

CA60448E1034

Residential REITs

Market Closed - Toronto S.E. 01:30:00 26/06/2024 am IST 5-day change 1st Jan Change
14.86 CAD -0.93% Intraday chart for Minto Apartment Real Estate Investment Trust +2.20% -8.16%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 839.8 738.9 877.1 560.4 645.6 593.1 -
Enterprise Value (EV) 1 839.8 738.9 877.1 560.4 1,799 1,707 1,725
P/E ratio - - - - - - -
Yield 1.83% 2.19% 2.09% - 3.04% 3.43% 3.53%
Capitalization / Revenue 8.04 x 5.91 x 7.1 x 3.9 x 4.09 x 3.74 x 3.5 x
EV / Revenue 8.04 x 5.91 x 7.1 x 3.9 x 11.4 x 10.8 x 10.2 x
EV / EBITDA 14.1 x 10.3 x 12.8 x 6.47 x 18.1 x 17.4 x 16.6 x
EV / FCF -1.56 x 18.9 x -14 x - 40.1 x -34.1 x 66.4 x
FCF Yield -63.9% 5.28% -7.16% - 2.49% -2.93% 1.51%
Price to Book 1.22 x 0.87 x 0.87 x - - - -
Nbr of stocks (in thousands) 36,275 36,275 40,070 39,888 39,899 39,909 -
Reference price 2 23.15 20.37 21.89 14.05 16.18 14.86 14.86
Announcement Date 10/03/20 11/03/21 08/03/22 08/03/23 06/03/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 104.4 124.9 123.5 143.8 157.9 158.8 169.3
EBITDA 1 59.69 71.99 68.64 86.65 99.24 98.14 104.1
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) - - - - - - -
Net income - - - - - - -
Net margin - - - - - - -
EPS - - - - - - -
Free Cash Flow 1 -536.9 39.03 -62.8 - 44.88 -50 26
FCF margin -514.29% 31.24% -50.83% - 28.42% -31.5% 15.35%
FCF Conversion (EBITDA) - 54.22% - - 45.22% - 24.97%
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 0.4225 0.4463 0.4584 - 0.4925 0.5100 0.5250
Announcement Date 10/03/20 11/03/21 08/03/22 08/03/23 06/03/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 32.43 31.66 35.51 37.84 37.92 38.4 39.4 39.84 40.29 - 38.6 39 39
EBITDA 1 - - - - - - - - 26.42 24.53 22.7 22.6 21.9
EBIT - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - -
EPS - - - - - - - - - - - - -
Dividend per Share 2 0.1171 - - - - - - - - - 0.1300 0.1300 0.1300
Announcement Date 08/03/22 03/05/22 09/08/22 08/11/22 08/03/23 09/05/23 08/08/23 07/11/23 06/03/24 07/05/24 - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - - 1,154 1,114 1,132
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - - - - 11.63 x 11.35 x 10.87 x
Free Cash Flow 1 -537 39 -62.8 - 44.9 -50 26
ROE (net income / shareholders' equity) - - - - - - -
ROA (Net income/ Total Assets) - - - - - - -
Assets - - - - - - -
Book Value Per Share 18.90 23.40 25.20 - - - -
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 10/03/20 11/03/21 08/03/22 08/03/23 06/03/24 - -
1CAD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
14.86 CAD
Average target price
20.28 CAD
Spread / Average Target
+36.44%
Consensus

Quarterly revenue - Rate of surprise

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