Financials Artis Real Estate Investment Trust

Equities

AX.UN

CA04315L1058

Commercial REITs

Market Closed - Toronto S.E. 16:00:00 2024-05-10 EDT 5-day change 1st Jan Change
6.4 CAD -0.78% Intraday chart for Artis Real Estate Investment Trust -1.08% -3.47%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 1,641 1,440 1,487 1,043 715.7 683.7 -
Enterprise Value (EV) 1 1,641 1,440 1,487 1,043 715.7 683.7 683.7
P/E ratio - - - - - - -
Yield 4.54% 5.07% 4.94% 6.66% 9.05% 9.38% 9.38%
Capitalization / Revenue 3.15 x 3.14 x 3.55 x 2.8 x 2.13 x 2.3 x 2.46 x
EV / Revenue 3.15 x 3.14 x 3.55 x 2.8 x 2.13 x 2.3 x 2.46 x
EV / EBITDA 4.91 x 5.02 x 5.83 x 4.02 x 2.88 x 3.9 x 4.3 x
EV / FCF 8.12 x 25.8 x 7.35 x - - 5.43 x 5.03 x
FCF Yield 12.3% 3.88% 13.6% - - 18.4% 19.9%
Price to Book - - - - - - -
Nbr of stocks (in thousands) 137,934 135,058 124,555 115,796 107,951 106,820 -
Reference price 2 11.90 10.66 11.94 9.010 6.630 6.400 6.400
Announcement Date 20-02-27 21-03-02 22-03-03 23-02-28 24-02-29 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 521.7 458.9 419.5 372.5 335.8 297 277.8
EBITDA 1 334.1 286.7 255.2 259.5 248.5 175.2 159
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) - - - - - - -
Net income - - - - - - -
Net margin - - - - - - -
EPS - - - - - - -
Free Cash Flow 1 202 55.83 202.3 - - 126 136
FCF margin 38.73% 12.17% 48.22% - - 42.42% 48.96%
FCF Conversion (EBITDA) 60.48% 19.47% 79.28% - - 71.92% 85.56%
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 0.5400 0.5400 0.5900 0.6000 0.6000 0.6000 0.6000
Announcement Date 20-02-27 21-03-02 22-03-03 23-02-28 24-02-29 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4
Net sales 1 97.66 93.24 91.06 94.11 94.1 90.26 84.28 80.41 80.89 80.42 77.9 69.7 67.4
EBITDA 1 - - - - - - - - - - 50 45.1 44.1
EBIT - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - -
EPS - - - - - - - - - - - - -
Dividend per Share 2 - - - - - - - - - - 0.1500 0.1500 0.1500
Announcement Date 22-03-03 22-05-05 22-08-04 22-11-03 23-02-28 23-05-11 23-08-02 23-11-02 24-02-29 24-05-02 - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt - - - - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - - - - - -
Free Cash Flow 1 202 55.8 202 - - 126 136
ROE (net income / shareholders' equity) - - - - - - -
ROA (Net income/ Total Assets) - - - - - - -
Assets - - - - - - -
Book Value Per Share - - - - - - -
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 20-02-27 21-03-02 22-03-03 23-02-28 24-02-29 - -
1CAD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
3
Last Close Price
6.4 CAD
Average target price
6.667 CAD
Spread / Average Target
+4.17%
Consensus

Quarterly revenue - Rate of surprise

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