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 1 691.8 633.5 557.6 623.8 606.7 533.8 - -
Change - -8.42% -11.98% 11.86% -2.75% -12.01% - -
Enterprise Value (EV) 691.8 633.5 557.6 623.8 606.7 533.8 533.8 533.8
Change - -8.42% -11.98% 11.86% -2.75% -12.01% 0% 0%
P/E - 4.09x 4.9x 9.55x 8.55x 8.88x 11.5x 10.5x
PBR - - - - - - - -
PEG - - -0.2x -0.2x 0.7x -0.6x -0.5x 1.07x
Capitalization / Revenue 2.82x 2.27x 1.68x 1.81x 1.71x 1.5x 1.4x 1.36x
EV / Revenue 0x 0x 0x 0x 0x 1.5x 1.4x 1.36x
EV / EBITDA 0x 0x 0x 0x 0x 3.25x 2.95x 2.84x
EV / EBIT - - - - - - - -
EV / FCF 0x 0x -0x 0x 0x -5.8x 41.1x 31.4x
FCF Yield 4.87% 5.42% -21.5% 6.11% 2.71% -17.2% 2.44% 3.18%
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% 5.17% 5.27% 5.4%
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 15.27 15.27 15.27
Nbr of stocks (in thousands) 39,060 39,107 37,755 36,374 34,926 34,957 - -
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.($)
8.88x - - 5.17% 385M
44.17x13.57x24.36x - 50.71B
48.6x12.31x18.86x3.8% 17.54B
27.94x8.33x15.95x4.36% 16.27B
33.44x9.08x16.1x4.92% 14.48B
-30.75x8.56x18.74x3.91% 13.94B
29.22x9.48x19.4x3.59% 11.66B
32.28x8.63x16.17x4.18% 11.33B
33.82x10.06x16.38x4.95% 11.28B
89.24x9.12x16.41x4.12% 10.56B
Average 31.68x 9.90x 18.04x 4.33% 15.82B
Weighted average by Cap. 35.64x 10.83x 19.57x 4.22%

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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