ALLIED PROPERTIES REAL ESTAT(TSX:AP-UN) stock Fundamental Analysis

Fundamental Rating

We assign a fundamental rating of 4 out of 10 to AP-UN. AP-UN was compared to 43 industry peers in the Diversified REITs industry. Both the profitability and financial health of AP-UN have multiple concerns. AP-UN has a decent growth rate and is not valued too expensively. AP-UN also has an excellent dividend rating.

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1. Profitability

1.1 Basic Checks

AP-UN had negative earnings in the past year.

In the past year AP-UN had a positive cash flow from operations.

In multiple years AP-UN reported negative net income over the last 5 years.

Each year in the past 5 years AP-UN had a positive operating cash flow.

1.2 Ratios

AP-UN has a Return On Assets (-3.23%) which is comparable to the rest of the industry.

AP-UN's Return On Equity of -6.16% is in line compared to the rest of the industry. AP-UN outperforms 51.16% of its industry peers.

The Return On Invested Capital of AP-UN (2.24%) is worse than 95.35% of its industry peers.

The Average Return On Invested Capital over the past 3 years for AP-UN is below the industry average of 5.49%.

The last Return On Invested Capital (2.24%) for AP-UN is above the 3 year average (2.01%), which is a sign of increasing profitability.

		Industry Rank	Sector Rank
ROA	-3.23%
ROE	-6.16%
ROIC	2.24%

ROA(3y)-1.38%

ROA(5y)1.09%

ROE(3y)-2.5%

ROE(5y)1.5%

ROIC(3y)2.01%

ROIC(5y)2.01%

1.3 Margins

AP-UN has a Operating Margin of 47.50%. This is in the lower half of the industry: AP-UN underperforms 67.44% of its industry peers.

AP-UN's Operating Margin has been stable in the last couple of years.

AP-UN's Gross Margin of 57.24% is in line compared to the rest of the industry. AP-UN outperforms 44.19% of its industry peers.

In the last couple of years the Gross Margin of AP-UN has remained more or less at the same level.

		Industry Rank	Sector Rank
OM	47.5%
PM (TTM)	N/A
GM	57.24%

OM growth 3Y-2.25%

OM growth 5Y-0.19%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-0.43%

GM growth 5Y1.21%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), AP-UN is destroying value.

AP-UN has about the same amout of shares outstanding than it did 1 year ago.

Compared to 5 years ago, AP-UN has more shares outstanding

Compared to 1 year ago, AP-UN has a worse debt to assets ratio.

2.2 Solvency

Based on the Altman-Z score of 0.46, we must say that AP-UN is in the distress zone and has some risk of bankruptcy.

Looking at the Altman-Z score, with a value of 0.46, AP-UN is doing worse than 60.47% of the companies in the same industry.

AP-UN has a debt to FCF ratio of 30.04. This is a negative value and a sign of low solvency as AP-UN would need 30.04 years to pay back of all of its debts.

The Debt to FCF ratio of AP-UN (30.04) is worse than 62.79% of its industry peers.

AP-UN has a Debt/Equity ratio of 0.62. This is a neutral value indicating AP-UN is somewhat dependend on debt financing.

AP-UN's Debt to Equity ratio of 0.62 is amongst the best of the industry. AP-UN outperforms 88.37% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.62
Debt/FCF	30.04
Altman-Z	0.46

ROIC/WACC0.39

WACC5.78%

2.3 Liquidity

A Current Ratio of 0.45 indicates that AP-UN may have some problems paying its short term obligations.

AP-UN has a Current ratio of 0.45. This is in the better half of the industry: AP-UN outperforms 79.07% of its industry peers.

AP-UN has a Quick Ratio of 0.45. This is a bad value and indicates that AP-UN is not financially healthy enough and could expect problems in meeting its short term obligations.

AP-UN has a better Quick ratio (0.45) than 79.07% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	0.45
Quick Ratio	0.45

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 20.24% over the past year.

AP-UN shows a small growth in Revenue. In the last year, the Revenue has grown by 4.98%.

Measured over the past years, AP-UN shows a small growth in Revenue. The Revenue has been growing by 1.80% on average per year.

EPS 1Y (TTM)20.24%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%48.4%

Revenue 1Y (TTM)4.98%

Revenue growth 3Y7.78%

Revenue growth 5Y1.8%

Sales Q2Q%2.8%

3.2 Future

AP-UN is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 264.86% yearly.

The Revenue is expected to grow by 5.47% on average over the next years.

EPS Next Y1193.75%

EPS Next 2Y264.86%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next Year4.94%

Revenue Next 2Y5.47%

Revenue Next 3YN/A

Revenue Next 5YN/A

3.3 Evolution

The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.

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4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for AP-UN. In the last year negative earnings were reported.

A Price/Forward Earnings ratio of 9.43 indicates a reasonable valuation of AP-UN.

AP-UN's Price/Forward Earnings ratio is rather cheap when compared to the industry. AP-UN is cheaper than 83.72% of the companies in the same industry.

When comparing the Price/Forward Earnings ratio of AP-UN to the average of the S&P500 Index (22.65), we can say AP-UN is valued rather cheaply.

		Industry Rank	Sector Rank
PE	N/A
Fwd PE	9.43

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, AP-UN is valued a bit cheaper than 60.47% of the companies in the same industry.

Compared to the rest of the industry, the Price/Free Cash Flow ratio of AP-UN indicates a slightly more expensive valuation: AP-UN is more expensive than 62.79% of the companies listed in the same industry.

		Industry Rank	Sector Rank
P/FCF	16.18
EV/EBITDA	23.74

4.3 Compensation for Growth

The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.

AP-UN's earnings are expected to grow with 264.86% in the coming years. This may justify a more expensive valuation.

PEG (NY)N/A

PEG (5Y)N/A

EPS Next 2Y264.86%

EPS Next 3YN/A

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5. Dividend

5.1 Amount

AP-UN has a Yearly Dividend Yield of 7.91%, which is a nice return.

Compared to an average industry Dividend Yield of 8.03, AP-UN has a dividend in line with its industry peers.

Compared to an average S&P500 Dividend Yield of 2.27, AP-UN pays a better dividend.

		Industry Rank	Sector Rank
Dividend Yield	7.91%

5.2 History

On average, the dividend of AP-UN grows each year by 9.51%, which is quite nice.

AP-UN has been paying a dividend for at least 10 years, so it has a reliable track record.

AP-UN has not decreased their dividend for at least 10 years, which is a reliable track record.

Dividend Growth(5Y)9.51%

Div Incr Years12

Div Non Decr Years20

5.3 Sustainability

AP-UN has negative earnings and hence a negative payout ratio. The dividend may be in danger.

The dividend of AP-UN is growing, but earnings are growing more, so the dividend growth is sustainable.

DP-85.17%

EPS Next 2Y264.86%

EPS Next 3YN/A

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ALLIED PROPERTIES REAL ESTAT

TSX:AP-UN (2/21/2025, 7:00:00 PM)

-0.08 (-0.47%)

Chartmill FA Rating

GICS SectorReal Estate

GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)

GICS IndustryDiversified REITs

Earnings (Last)02-04 2025-02-04/amc

Earnings (Next)04-28 2025-04-28

Inst Owners44.32%

Inst Owner ChangeN/A

Ins Owners1.32%

Ins Owner ChangeN/A

Market Cap2.38B

Analysts76.47

Price Target18.97 (11.59%)

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector Rank
Dividend Yield	7.91%

Yearly Dividend2.28

Dividend Growth(5Y)9.51%

DP-85.17%

Div Incr Years12

Div Non Decr Years20

Ex-Date01-31 2025-01-31 (0.15)

Surprises & Revisions

EPS beat(2)N/A

Avg EPS beat(2)N/A

Min EPS beat(2)N/A

Max EPS beat(2)N/A

EPS beat(4)N/A

Avg EPS beat(4)N/A

Min EPS beat(4)N/A

Max EPS beat(4)N/A

EPS beat(8)N/A

Avg EPS beat(8)N/A

EPS beat(12)N/A

Avg EPS beat(12)N/A

EPS beat(16)N/A

Avg EPS beat(16)N/A

Revenue beat(2)N/A

Avg Revenue beat(2)N/A

Min Revenue beat(2)N/A

Max Revenue beat(2)N/A

Revenue beat(4)N/A

Avg Revenue beat(4)N/A

Min Revenue beat(4)N/A

Max Revenue beat(4)N/A

Revenue beat(8)N/A

Avg Revenue beat(8)N/A

Revenue beat(12)N/A

Avg Revenue beat(12)N/A

Revenue beat(16)N/A

Avg Revenue beat(16)N/A

PT rev (1m)-4.65%

PT rev (3m)-7.93%

EPS NQ rev (1m)N/A

EPS NQ rev (3m)N/A

EPS NY rev (1m)-3.85%

EPS NY rev (3m)-5.91%

Revenue NQ rev (1m)N/A

Revenue NQ rev (3m)N/A

Revenue NY rev (1m)2.38%

Revenue NY rev (3m)0.14%

Valuation

		Industry Rank	Sector Rank
PE	N/A
Fwd PE	9.43
P/S	4.01
P/FCF	16.18
P/OCF	16.07
P/B	0.43
P/tB	0.43
EV/EBITDA	23.74

EPS(TTM)-2.45

EYN/A

EPS(NY)1.8

Fwd EY10.6%

FCF(TTM)1.05

FCFY6.18%

OCF(TTM)1.06

OCFY6.22%

SpS4.24

BVpS39.8

TBVpS39.8

PEG (NY)N/A

PEG (5Y)N/A

Profitability

		Industry Rank	Sector Rank
ROA	-3.23%
ROE	-6.16%
ROCE	3.11%
ROIC	2.24%
ROICexc	2.26%
ROICexgc	2.26%
OM	47.5%
PM (TTM)	N/A
GM	57.24%
FCFM	24.81%

ROA(3y)-1.38%

ROA(5y)1.09%

ROE(3y)-2.5%

ROE(5y)1.5%

ROIC(3y)2.01%

ROIC(5y)2.01%

ROICexc(3y)2.03%

ROICexc(5y)2.03%

ROICexgc(3y)2.03%

ROICexgc(5y)2.03%

ROCE(3y)2.79%

ROCE(5y)2.8%

ROICexcg growth 3Y9.34%

ROICexcg growth 5Y-1.13%

ROICexc growth 3Y9.34%

ROICexc growth 5Y-1.13%

OM growth 3Y-2.25%

OM growth 5Y-0.19%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-0.43%

GM growth 5Y1.21%

F-Score5

Asset Turnover0.06

Health

		Industry Rank	Sector Rank
Debt/Equity	0.62
Debt/FCF	30.04
Debt/EBITDA	12.12
Cap/Depr	62.29%
Cap/Sales	0.16%
Interest Coverage	1.57
Cash Conversion	52.29%
Profit Quality	N/A
Current Ratio	0.45
Quick Ratio	0.45
Altman-Z	0.46

F-Score5

WACC5.78%

ROIC/WACC0.39

Cap/Depr(3y)83.2%

Cap/Depr(5y)66.36%

Cap/Sales(3y)0.22%

Cap/Sales(5y)0.17%

Profit Quality(3y)N/A

Profit Quality(5y)N/A

High Growth Momentum

Growth

EPS 1Y (TTM)20.24%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%48.4%

EPS Next Y1193.75%

EPS Next 2Y264.86%

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)4.98%

Revenue growth 3Y7.78%

Revenue growth 5Y1.8%

Sales Q2Q%2.8%

Revenue Next Year4.94%

Revenue Next 2Y5.47%

Revenue Next 3YN/A

Revenue Next 5YN/A

EBIT growth 1Y2.88%

EBIT growth 3Y5.36%

EBIT growth 5Y1.6%

EBIT Next Year34.66%

EBIT Next 3YN/A

EBIT Next 5YN/A

FCF growth 1Y-53.96%

FCF growth 3Y-15.19%

FCF growth 5Y-9.67%

OCF growth 1Y-53.93%

OCF growth 3Y-15.05%

OCF growth 5Y-9.58%

ALLIED PROPERTIES REAL ESTAT (AP-UN.CA) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

More info and screens