Company Valuation: Morguard North American Residential Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 691.8 633.5 557.6 623.8 606.7 569.8 - -
Change - -8.42% -11.98% 11.86% -2.75% -6.08% - -
Enterprise Value (EV) 691.8 633.5 557.6 623.8 606.7 569.8 569.8 569.8
Change - -8.42% -11.98% 11.86% -2.75% -6.08% 0% 0%
P/E - 4.09x 4.9x 9.55x 8.55x 9.48x 12.3x 11.2x
PBR - - - - - - - -
PEG - - -0.2x -0.2x 0.7x -0.6x -0.5x 1.15x
Capitalization / Revenue 2.82x 2.27x 1.68x 1.81x 1.71x 1.61x 1.49x 1.45x
EV / Revenue 0x 0x 0x 0x 0x 1.61x 1.49x 1.45x
EV / EBITDA 0x 0x 0x 0x 0x 3.47x 3.15x 3.03x
EV / EBIT - - - - - - - -
EV / FCF 0x 0x -0x 0x 0x -6.19x 43.8x 33.5x
FCF Yield 4.87% 5.42% -21.5% 6.11% 2.71% -16.1% 2.28% 2.98%
Dividend per Share 2 0.6996 0.703 0.7233 0.7434 0.765 0.79 0.805 0.825
Rate of return 3.95% 4.34% 4.9% 4.33% 4.4% 4.85% 4.94% 5.06%
EPS 2 - 3.957 3.014 1.796 2.032 1.72 1.33 1.46
Distribution rate - 17.8% 24% 41.4% 37.6% 45.9% 60.5% 56.5%
Net sales 1 245.6 278.5 331.6 344.2 354.6 354.9 381.9 392.5
EBITDA 1 115.2 135.4 158.6 159 165.3 164.2 181 188
EBIT - - - - - - - -
Net income - - - - - - - -
Net Debt - - - - - - - -
Reference price 2 17.71 16.20 14.77 17.15 17.37 16.30 16.30 16.30
Nbr of stocks (in thousands) 39,060 39,107 37,755 36,374 34,926 34,957 - -
Announcement Date 15/02/22 14/02/23 13/02/24 11/02/25 10/02/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
9.48x - - 4.85% 41Cr
33.55x11.33x18.58x3.92% 2.59TCr
49.55x10.31x17.4x4.31% 2.44TCr
47.97x12.86x19.4x3.67% 1.82TCr
33.79x8.78x16.73x4.04% 1.76TCr
36.15x9.52x16.92x4.66% 1.53TCr
54.46x8.53x19.09x3.74% 1.45TCr
31.31x9.98x20.42x3.39% 1.24TCr
35.79x9.1x17.07x3.89% 1.22TCr
39.82x10.46x17.63x4.66% 1.2TCr
Average 37.19x 10.10x 18.14x 4.11% 1.53TCr
Weighted average by Cap. 40.51x 10.25x 18.11x 4.04%

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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