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 1 691.8 633.5 557.6 623.8 606.7 559 - -
Change - -8.42% -11.98% 11.86% -2.75% -7.86% - -
Enterprise Value (EV) 691.8 633.5 557.6 623.8 606.7 559 559 559
Change - -8.42% -11.98% 11.86% -2.75% -7.86% 0% 0%
P/E - 4.09x 4.9x 9.55x 8.55x 9.3x 12x 11x
PBR - - - - - - - -
PEG - - -0.2x -0.2x 0.7x -0.6x -0.5x 1.13x
Capitalization / Revenue 2.82x 2.27x 1.68x 1.81x 1.71x 1.57x 1.46x 1.42x
EV / Revenue 0x 0x 0x 0x 0x 1.57x 1.46x 1.42x
EV / EBITDA 0x 0x 0x 0x 0x 3.4x 3.09x 2.97x
EV / EBIT - - - - - - - -
EV / FCF 0x 0x -0x 0x 0x -6.08x 43x 32.9x
FCF Yield 4.87% 5.42% -21.5% 6.11% 2.71% -16.5% 2.33% 3.04%
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% 4.94% 5.03% 5.16%
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 15.99 15.99 15.99
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.($)
50.47x13.58x23.84x - 5.08TCr
49.72x12.68x19.38x3.65% 1.83TCr
29.57x8.67x16.59x4.11% 1.73TCr
35.13x9.33x16.54x4.74% 1.5TCr
-47x9.01x19.88x3.64% 1.5TCr
31x9.92x20.32x3.39% 1.24TCr
35.16x9x16.87x3.93% 1.21TCr
36.94x10.44x16.99x4.68% 1.19TCr
91.73x9.36x16.73x3.99% 1.09TCr
Average 34.75x 10.22x 18.57x 4.02% 1.82TCr
Weighted average by Cap. 37.01x 11.03x 19.79x 4.01%

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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