Financials CT Real Estate Investment Trust

Equities

CRT.UN

CA1264621006

Commercial REITs

Market Closed - Toronto S.E. 04:00:00 2024-05-28 pm EDT 5-day change 1st Jan Change
13.27 CAD -2.43% Intraday chart for CT Real Estate Investment Trust -2.64% -9.42%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 3,668 3,602 4,030 3,657 3,449 3,127 - -
Enterprise Value (EV) 1 3,668 3,602 6,780 3,657 3,449 3,127 3,127 3,127
P/E ratio - - - - - - - -
Yield 4.69% 5.06% 4.75% - 6.05% 6.86% 7.05% 7.31%
Capitalization / Revenue 7.5 x 7.17 x 7.83 x 6.86 x 6.24 x 5.42 x 5.21 x 4.92 x
EV / Revenue 7.5 x 7.17 x 7.83 x 6.86 x 6.24 x 5.42 x 5.21 x 4.92 x
EV / EBITDA 9.95 x 9.52 x 10.3 x 8.98 x 8.17 x 7.16 x 6.89 x 6.56 x
EV / FCF 18.3 x 17.3 x 14.6 x - 12.8 x 94.8 x -116 x -
FCF Yield 5.47% 5.78% 6.83% - 7.83% 1.06% -0.86% -
Price to Book - - - - - - - -
Nbr of stocks (in thousands) 227,261 229,872 232,697 234,588 235,401 235,642 - -
Reference price 2 16.14 15.67 17.32 15.59 14.65 13.27 13.27 13.27
Announcement Date 2/10/20 2/8/21 2/15/22 2/14/23 2/13/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 489 502.3 514.5 532.8 552.8 577.4 600.1 635
EBITDA 1 368.6 378.6 392.7 407.2 422 436.8 453.7 477
EBIT - - - - - - - -
Operating Margin - - - - - - - -
Earnings before Tax (EBT) - - - - - - - -
Net income - - - - - - - -
Net margin - - - - - - - -
EPS - - - - - - - -
Free Cash Flow 1 200.5 208.1 275.1 - 269.9 33 -27 -
FCF margin 40.99% 41.42% 53.47% - 48.82% 5.72% -4.5% -
FCF Conversion (EBITDA) 54.38% 54.97% 70.06% - 63.95% 7.56% - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 0.7570 0.7927 0.8220 - 0.8860 0.9100 0.9350 0.9700
Announcement Date 2/10/20 2/8/21 2/15/22 2/14/23 2/13/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q2
Net sales 1 129.5 132 133.2 135.2 137.5 137.8 137.5 140 144.2 143.2 143.5 144.4 -
EBITDA 1 98.54 98.83 104.1 103.3 102.6 106 106.4 107 107.4 108.8 108.8 109.5 112.3
EBIT - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - -
Net income - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - -
EPS - - - - - - - - - - - - -
Dividend per Share 2 - - - - - - - - - 0.2250 0.2300 0.2300 -
Announcement Date 2/15/22 5/9/22 11/7/22 2/14/23 5/8/23 8/8/23 11/6/23 2/13/24 5/6/24 - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - 2,750 - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - 7.004 x - - - - -
Free Cash Flow 1 200 208 275 - 270 33 -27 -
ROE (net income / shareholders' equity) - - - - - - - -
ROA (Net income/ Total Assets) - - - - - - - -
Assets - - - - - - - -
Book Value Per Share - - - - - - - -
Cash Flow per Share - - - - - - - -
Capex - - - - 155 - - -
Capex / Sales - - - - 28.07% - - -
Announcement Date 2/10/20 2/8/21 2/15/22 2/14/23 2/13/24 - - -
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
6
Last Close Price
13.27 CAD
Average target price
15.42 CAD
Spread / Average Target
+16.18%
Consensus

Quarterly revenue - Rate of surprise

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