BOARDWALK REAL ESTATE INVEST (BEI-UN.CA) Stock Fundamental Analysis
TSX:BEI-UN - Toronto Stock Exchange - CA0966311064 - REIT - Currency: CAD
Overall BEI-UN gets a fundamental rating of 5 out of 10. We evaluated BEI-UN against 16 industry peers in the Residential REITs industry. BEI-UN scores excellent on profitability, but there are concerns on its financial health. BEI-UN is not valued too expensively and it also shows a decent growth rate.
1. Profitability
1.1 Basic Checks
In the past year BEI-UN was profitable.
BEI-UN had a positive operating cash flow in the past year.
Of the past 5 years BEI-UN 4 years were profitable.
BEI-UN had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
BEI-UN has a better Return On Assets (4.77%) than 81.25% of its industry peers.
The Return On Equity of BEI-UN (8.41%) is better than 75.00% of its industry peers.
BEI-UN has a Return On Invested Capital (3.15%) which is comparable to the rest of the industry.
The Average Return On Invested Capital over the past 3 years for BEI-UN is in line with the industry average of 3.31%.
The last Return On Invested Capital (3.15%) for BEI-UN is above the 3 year average (2.86%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.77% | ||
| ROE | 8.41% | ||
| ROIC | 3.15% |
ROA(3y)6.34%
ROA(5y)4.5%
ROE(3y)11.92%
ROE(5y)8.52%
ROIC(3y)2.86%
ROIC(5y)2.84%
1.3 Margins
With an excellent Profit Margin value of 67.49%, BEI-UN belongs to the best of the industry, outperforming 81.25% of the companies in the same industry.
BEI-UN's Profit Margin has improved in the last couple of years.
BEI-UN has a Operating Margin (54.06%) which is in line with its industry peers.
In the last couple of years the Operating Margin of BEI-UN has grown nicely.
BEI-UN's Gross Margin of 72.80% is amongst the best of the industry. BEI-UN outperforms 87.50% of its industry peers.
In the last couple of years the Gross Margin of BEI-UN has grown nicely.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 54.06% | ||
| PM (TTM) | 67.49% | ||
| GM | 72.8% |
OM growth 3Y3.04%
OM growth 5Y3.17%
PM growth 3Y0.93%
PM growth 5Y66.4%
GM growth 3Y1.76%
GM growth 5Y1.52%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so BEI-UN is destroying value.
The number of shares outstanding for BEI-UN remains at a similar level compared to 1 year ago.
BEI-UN has more shares outstanding than it did 5 years ago.
BEI-UN has a better debt/assets ratio than last year.
2.2 Solvency
Based on the Altman-Z score of 1.32, we must say that BEI-UN is in the distress zone and has some risk of bankruptcy.
BEI-UN has a Altman-Z score of 1.32. This is amongst the best in the industry. BEI-UN outperforms 93.75% of its industry peers.
The Debt to FCF ratio of BEI-UN is 14.91, which is on the high side as it means it would take BEI-UN, 14.91 years of fcf income to pay off all of its debts.
BEI-UN has a Debt to FCF ratio (14.91) which is comparable to the rest of the industry.
A Debt/Equity ratio of 0.54 indicates that BEI-UN is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.54, BEI-UN belongs to the top of the industry, outperforming 100.00% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.54 | ||
| Debt/FCF | 14.91 | ||
| Altman-Z | 1.32 |
ROIC/WACC0.57
WACC5.54%
2.3 Liquidity
A Current Ratio of 0.12 indicates that BEI-UN may have some problems paying its short term obligations.
The Current ratio of BEI-UN (0.12) is worse than 62.50% of its industry peers.
BEI-UN has a Quick Ratio of 0.12. This is a bad value and indicates that BEI-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
With a Quick ratio value of 0.12, BEI-UN is not doing good in the industry: 62.50% of the companies in the same industry are doing better.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.12 | ||
| Quick Ratio | 0.12 |
3. Growth
3.1 Past
BEI-UN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 13.58%, which is quite good.
Measured over the past years, BEI-UN shows a very strong growth in Earnings Per Share. The EPS has been growing by 70.76% on average per year.
The Revenue has grown by 9.53% in the past year. This is quite good.
BEI-UN shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 5.79% yearly.
EPS 1Y (TTM)13.58%
EPS 3Y4.33%
EPS 5Y70.76%
EPS Q2Q%6.07%
Revenue 1Y (TTM)9.53%
Revenue growth 3Y8.64%
Revenue growth 5Y5.79%
Sales Q2Q%1.03%
3.2 Future
BEI-UN is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 3.48% yearly.
Based on estimates for the next years, BEI-UN will show a small growth in Revenue. The Revenue will grow by 4.60% on average per year.
EPS Next Y2.1%
EPS Next 2Y3.48%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.98%
Revenue Next 2Y5.02%
Revenue Next 3Y4.6%
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is decreasing: in the next years the growth will be less than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 16.46, BEI-UN is valued correctly.
BEI-UN's Price/Earnings ratio is a bit cheaper when compared to the industry. BEI-UN is cheaper than 68.75% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 27.45. BEI-UN is valued slightly cheaper when compared to this.
A Price/Forward Earnings ratio of 15.58 indicates a correct valuation of BEI-UN.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BEI-UN is on the same level as its industry peers.
BEI-UN's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 21.90.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.46 | ||
| Fwd PE | 15.58 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of BEI-UN indicates a rather cheap valuation: BEI-UN is cheaper than 87.50% of the companies listed in the same industry.
BEI-UN's Price/Free Cash Flow ratio is a bit more expensive when compared to the industry. BEI-UN is more expensive than 68.75% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 15.45 | ||
| EV/EBITDA | 19.68 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
BEI-UN has an outstanding profitability rating, which may justify a higher PE ratio.
PEG (NY)7.84
PEG (5Y)0.23
EPS Next 2Y3.48%
EPS Next 3YN/A
5. Dividend
5.1 Amount
BEI-UN has a Yearly Dividend Yield of 1.87%.
With a Dividend Yield of 1.87, BEI-UN pays less dividend than the industry average, which is at 4.57. 93.75% of the companies listed in the same industry pay a better dividend than BEI-UN!
Compared to the average S&P500 Dividend Yield of 2.38, BEI-UN is paying slightly less dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.87% |
5.2 History
The dividend of BEI-UN is nicely growing with an annual growth rate of 6.64%!
BEI-UN has been paying a dividend for at least 10 years, so it has a reliable track record.
BEI-UN has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)6.64%
Div Incr Years3
Div Non Decr Years3
5.3 Sustainability
17.15% of the earnings are spent on dividend by BEI-UN. This is a low number and sustainable payout ratio.
BEI-UN's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP17.15%
EPS Next 2Y3.48%
EPS Next 3YN/A
TSX:BEI-UN (7/4/2025, 7:00:00 PM)
70.95
+1.88 (+2.72%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryResidential REITs
Earnings (Last)
Earnings (Next)
Inst Owners36.79%
Inst Owner ChangeN/A
Ins Owners0.15%
Ins Owner ChangeN/A
Market Cap3.47B
Analysts75.71
Price Target82.72 (16.59%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.87% |
Yearly Dividend1.26
Dividend Growth(5Y)6.64%
DP17.15%
Div Incr Years3
Div Non Decr Years3
Ex-Date
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)1.44%
PT rev (3m)-0.55%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-0.46%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.28%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.46 | ||
| Fwd PE | 15.58 | ||
| P/S | 5.65 | ||
| P/FCF | 15.45 | ||
| P/OCF | 14.86 | ||
| P/B | 0.7 | ||
| P/tB | 0.7 | ||
| EV/EBITDA | 19.68 |
EPS(TTM)4.31
EY6.07%
EPS(NY)4.56
Fwd EY6.42%
FCF(TTM)4.59
FCFY6.47%
OCF(TTM)4.78
OCFY6.73%
SpS12.55
BVpS100.68
TBVpS100.68
PEG (NY)7.84
PEG (5Y)0.23
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 4.77% | ||
| ROE | 8.41% | ||
| ROCE | 4.38% | ||
| ROIC | 3.15% | ||
| ROICexc | 3.17% | ||
| ROICexgc | 3.17% | ||
| OM | 54.06% | ||
| PM (TTM) | 67.49% | ||
| GM | 72.8% | ||
| FCFM | 36.58% |
ROA(3y)6.34%
ROA(5y)4.5%
ROE(3y)11.92%
ROE(5y)8.52%
ROIC(3y)2.86%
ROIC(5y)2.84%
ROICexc(3y)2.93%
ROICexc(5y)2.89%
ROICexgc(3y)2.93%
ROICexgc(5y)2.89%
ROCE(3y)3.98%
ROCE(5y)3.95%
ROICexcg growth 3Y4.08%
ROICexcg growth 5Y3.76%
ROICexc growth 3Y4.08%
ROICexc growth 5Y3.76%
OM growth 3Y3.04%
OM growth 5Y3.17%
PM growth 3Y0.93%
PM growth 5Y66.4%
GM growth 3Y1.76%
GM growth 5Y1.52%
F-Score5
Asset Turnover0.07
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.54 | ||
| Debt/FCF | 14.91 | ||
| Debt/EBITDA | 7.78 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.9 | ||
| Cash Conversion | 68.63% | ||
| Profit Quality | 54.2% | ||
| Current Ratio | 0.12 | ||
| Quick Ratio | 0.12 | ||
| Altman-Z | 1.32 |
F-Score5
WACC5.54%
ROIC/WACC0.57
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)41.46%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)13.58%
EPS 3Y4.33%
EPS 5Y70.76%
EPS Q2Q%6.07%
EPS Next Y2.1%
EPS Next 2Y3.48%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)9.53%
Revenue growth 3Y8.64%
Revenue growth 5Y5.79%
Sales Q2Q%1.03%
Revenue Next Year4.98%
Revenue Next 2Y5.02%
Revenue Next 3Y4.6%
Revenue Next 5YN/A
EBIT growth 1Y13.74%
EBIT growth 3Y11.94%
EBIT growth 5Y9.14%
EBIT Next Year12.63%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y41.62%
FCF growth 3Y12.78%
FCF growth 5Y8.4%
OCF growth 1Y42.23%
OCF growth 3Y14.22%
OCF growth 5Y8.46%