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 1 691.8 633.5 557.6 623.8 606.7 554.4 - -
Change - -8.42% -11.98% 11.86% -2.75% -8.61% - -
Enterprise Value (EV) 691.8 633.5 557.6 623.8 606.7 554.4 554.4 554.4
Change - -8.42% -11.98% 11.86% -2.75% -8.61% 0% 0%
P/E - 4.09x 4.9x 9.55x 8.55x 9.05x 11.7x 10.7x
PBR - - - - - - - -
PEG - - -0.2x -0.2x 0.7x -0.6x -0.5x 1.09x
Capitalization / Revenue 2.82x 2.27x 1.68x 1.81x 1.71x 1.56x 1.45x 1.41x
EV / Revenue 0x 0x 0x 0x 0x 1.56x 1.45x 1.41x
EV / EBITDA 0x 0x 0x 0x 0x 3.38x 3.06x 2.95x
EV / EBIT - - - - - - - -
EV / FCF 0x 0x -0x 0x 0x -6.03x 42.6x 32.6x
FCF Yield 4.87% 5.42% -21.5% 6.11% 2.71% -16.6% 2.34% 3.07%
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% 5.07% 5.17% 5.3%
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 15.57 15.57 15.57
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 (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
9.22x - - 4.98% 400M
50.17x13.51x23.72x - 50.48B
49.53x12.64x19.33x3.66% 18.19B
29.47x8.65x16.55x4.13% 17.21B
34.93x9.29x16.47x4.76% 14.95B
-46.42x8.92x19.69x3.68% 14.79B
30.86x9.89x20.25x3.4% 12.31B
34.9x8.95x16.79x3.95% 11.98B
36.77x10.41x16.93x4.7% 11.87B
91.26x9.32x16.66x4.01% 10.85B
Average 32.07x 10.18x 18.49x 4.14% 16.3B
Weighted average by Cap. 36.83x 10.98x 19.70x 4.03%

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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