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 1 691.8 633.5 557.6 623.8 606.7 513.2 - -
Change - -8.42% -11.98% 11.86% -2.75% -15.4% - -
Enterprise Value (EV) 691.8 633.5 557.6 623.8 606.7 513.2 513.2 513.2
Change - -8.42% -11.98% 11.86% -2.75% -15.4% 0% 0%
P/E - 4.09x 4.9x 9.55x 8.55x 8.53x 11x 10.1x
PBR - - - - - - - -
PEG - - -0.2x -0.2x 0.7x -0.6x -0.5x 1.03x
Capitalization / Revenue 2.82x 2.27x 1.68x 1.81x 1.71x 1.45x 1.34x 1.31x
EV / Revenue 0x 0x 0x 0x 0x 1.45x 1.34x 1.31x
EV / EBITDA 0x 0x 0x 0x 0x 3.12x 2.84x 2.73x
EV / EBIT - - - - - - - -
EV / FCF 0x 0x -0x 0x 0x -5.58x 39.5x 30.2x
FCF Yield 4.87% 5.42% -21.5% 6.11% 2.71% -17.9% 2.53% 3.31%
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% 5.38% 5.48% 5.62%
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 14.68 14.68 14.68
Nbr of stocks (in thousands) 39,060 39,107 37,755 36,374 34,926 34,961 - -
Announcement Date 2/15/22 2/14/23 2/13/24 2/11/25 2/10/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.53x - - 5.38% 360M
38.12x12.57x22.4x - 46.26B
47.84x12.17x18.69x3.86% 17.27B
26.28x7.95x15.38x4.62% 15.38B
-18.02x8.46x18.26x4.04% 13.49B
30.86x8.58x15.22x5.32% 13.37B
28x9.27x18.94x3.7% 11.3B
31.03x8.4x15.74x4.35% 10.89B
31.89x9.73x15.81x5.23% 10.69B
69.88x8.7x15.62x4.42% 9.84B
Average 29.44x 9.54x 17.34x 4.55% 14.89B
Weighted average by Cap. 32.58x 10.29x 18.54x 4.42%

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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