Company Valuation: H&R Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 4,687 3,220 2,592 2,432 2,686 2,953 -
Change - -31.3% -19.48% -6.21% 10.47% 9.95% -
Enterprise Value (EV) 1 4,687 7,283 6,393 6,035 2,686 6,273 6,251
Change - 55.39% -12.22% -5.6% -55.49% 133.55% -0.36%
P/E 7.82x 4.19x 45.2x -21.7x -3.62x 16.9x 11.9x
PBR - - - - - - -
PEG - 0.1x -0.5x 0x -0x -0x 0.3x
Capitalization / Revenue 4x 3.34x 2.6x 2.5x 2.74x 3.96x 3.79x
EV / Revenue 4x 7.55x 6.41x 6.2x 2.74x 8.4x 8.02x
EV / EBITDA 7.4x 12.1x 10.2x 9.91x 4.33x 14.4x 15.6x
EV / EBIT - - - - - - -
EV / FCF 11.6x - 25.2x 25.7x - -13.2x 216x
FCF Yield 8.64% - 3.96% 3.89% - -7.59% 0.46%
Dividend per Share 2 0.69 0.54 0.7 0.6 0.6 0.5975 0.5975
Rate of return 4.25% 4.46% 7.07% 6.47% 5.87% 5.35% 5.35%
EPS 2 2.078 2.893 0.2189 -0.4277 -2.827 0.66 0.94
Distribution rate 33.2% 18.7% 320% -140% -21.2% 90.5% 63.6%
Net sales 1 1,172 965 997.8 973.4 980.5 746.7 779
EBITDA 1 633.6 601.7 627 608.8 620.2 434.5 401.9
EBIT - - - - - - -
Net income 1 597.9 844.8 61.69 -119.7 -791.6 171.3 263
Net Debt 1 - 4,063 3,801 3,604 - 3,320 3,297
Reference price 2 16.25 12.11 9.90 9.28 10.23 11.16 11.16
Nbr of stocks (in thousands) 288,440 265,885 261,868 262,016 262,566 264,637 -
Announcement Date 2/14/22 2/13/23 2/13/24 2/12/25 2/12/26 - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
16.91x8.4x14.44x5.35% 2.1B
25.59x13.75x16.13x4.97% 16.74B
25.56x15.16x16.71x3.83% 7.21B
8.94x14.13x18.29x6.03% 6.93B
14.61x14.9x15.97x4.96% 6.66B
10.3x17.34x20.97x7.49% 6.38B
10.5x14.86x15.95x6.75% 6.06B
8.76x14.07x18.16x5.66% 6B
11.55x11.3x12.85x5.55% 4.79B
Average 14.75x 13.77x 16.61x 5.62% 6.99B
Weighted average by Cap. 16.62x 14.21x 16.78x 5.51%

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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