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 1 691.8 633.5 557.6 623.8 606.7 509.7 - -
Change - -8.42% -11.98% 11.86% -2.75% -15.98% - -
Enterprise Value (EV) 691.8 633.5 557.6 623.8 606.7 509.7 509.7 509.7
Change - -8.42% -11.98% 11.86% -2.75% -15.98% 0% 0%
P/E - 4.09x 4.9x 9.55x 8.55x 8.48x 11x 9.99x
PBR - - - - - - - -
PEG - - -0.2x -0.2x 0.7x -0.6x -0.5x 1.02x
Capitalization / Revenue 2.82x 2.27x 1.68x 1.81x 1.71x 1.44x 1.33x 1.3x
EV / Revenue 0x 0x 0x 0x 0x 1.44x 1.33x 1.3x
EV / EBITDA 0x 0x 0x 0x 0x 3.1x 2.82x 2.71x
EV / EBIT - - - - - - - -
EV / FCF 0x 0x -0x 0x 0x -5.54x 39.2x 30x
FCF Yield 4.87% 5.42% -21.5% 6.11% 2.71% -18% 2.55% 3.34%
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% 5.42% 5.52% 5.66%
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 14.58 14.58 14.58
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
39.11x12.84x22.9x - 47.47B
48.78x12.34x18.95x3.78% 17.61B
26.98x8.14x15.58x4.52% 15.69B
31.7x8.75x15.52x5.18% 13.74B
-18.21x8.52x18.4x4% 13.63B
28.23x9.32x19.05x3.67% 11.39B
31.46x8.48x15.89x4.29% 11.04B
32.54x9.86x16.01x5.12% 10.91B
71.7x8.87x15.92x4.3% 10.1B
Average 32.48x 9.68x 17.58x 4.36% 16.84B
Weighted average by Cap. 33.48x 10.48x 18.85x 4.34%

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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