BOARDWALK REAL ESTATE INVEST (BEI-UN.CA) Stock Fundamental Analysis
Canada - TSX:BEI-UN - CA0966311064 - REIT
71.89 CAD
-0.03 (-0.04%)
Taking everything into account, BEI-UN scores 4 out of 10 in our fundamental rating. BEI-UN was compared to 15 industry peers in the Residential REITs industry. While BEI-UN has a great profitability rating, there are quite some concerns on its financial health. BEI-UN has a decent growth rate and is not valued too expensively.
1. Profitability
1.1 Basic Checks
In the past year BEI-UN was profitable.
In the past year BEI-UN had a positive cash flow from operations.
BEI-UN had positive earnings in 4 of the past 5 years.
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 (3.78%) than 80.00% of its industry peers.
BEI-UN's Return On Equity of 6.64% is fine compared to the rest of the industry. BEI-UN outperforms 80.00% of its industry peers.
With a decent Return On Invested Capital value of 3.23%, BEI-UN is doing good in the industry, outperforming 73.33% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for BEI-UN is in line with the industry average of 3.22%.
The last Return On Invested Capital (3.23%) for BEI-UN is above the 3 year average (2.86%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.78% | ||
| ROE | 6.64% | ||
| ROIC | 3.23% |
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
BEI-UN's Profit Margin of 53.28% is fine compared to the rest of the industry. BEI-UN outperforms 80.00% of its industry peers.
BEI-UN's Profit Margin has improved in the last couple of years.
With a Operating Margin value of 54.66%, BEI-UN perfoms like the industry average, outperforming 53.33% of the companies in the same industry.
In the last couple of years the Operating Margin of BEI-UN has grown nicely.
BEI-UN's Gross Margin of 73.22% is amongst the best of the industry. BEI-UN outperforms 86.67% of its industry peers.
BEI-UN's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 54.66% | ||
| PM (TTM) | 53.28% | ||
| GM | 73.22% |
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.
BEI-UN has about the same amout of shares outstanding than it did 1 year ago.
The number of shares outstanding for BEI-UN has been increased compared to 5 years ago.
Compared to 1 year ago, BEI-UN has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 1.35, 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 1.35. This is amongst the best in the industry. BEI-UN outperforms 93.33% of its industry peers.
The Debt to FCF ratio of BEI-UN is 14.46, which is on the high side as it means it would take BEI-UN, 14.46 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 14.46, BEI-UN is doing worse than 60.00% of the companies in the same industry.
BEI-UN has a Debt/Equity ratio of 0.52. This is a neutral value indicating BEI-UN is somewhat dependend on debt financing.
The Debt to Equity ratio of BEI-UN (0.52) is better than 100.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.52 | ||
| Debt/FCF | 14.46 | ||
| Altman-Z | 1.35 |
ROIC/WACC0.56
WACC5.82%
2.3 Liquidity
A Current Ratio of 0.22 indicates that BEI-UN may have some problems paying its short term obligations.
BEI-UN's Current ratio of 0.22 is on the low side compared to the rest of the industry. BEI-UN is outperformed by 60.00% of its industry peers.
A Quick Ratio of 0.21 indicates that BEI-UN may have some problems paying its short term obligations.
BEI-UN's Quick ratio of 0.21 is on the low side compared to the rest of the industry. BEI-UN is outperformed by 60.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.22 | ||
| Quick Ratio | 0.21 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an nice 11.48% over the past year.
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.
BEI-UN shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.12%.
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)11.48%
EPS 3Y4.33%
EPS 5Y70.76%
EPS Q2Q%9.91%
Revenue 1Y (TTM)8.12%
Revenue growth 3Y8.64%
Revenue growth 5Y5.79%
Sales Q2Q%3.77%
3.2 Future
The Earnings Per Share is expected to grow by 4.16% on average over the next years.
BEI-UN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.19% yearly.
EPS Next Y61.46%
EPS Next 2Y4.05%
EPS Next 3Y4.16%
EPS Next 5YN/A
Revenue Next Year3.52%
Revenue Next 2Y4.04%
Revenue Next 3Y4.19%
Revenue Next 5YN/A
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 16.26, the valuation of BEI-UN can be described as correct.
Compared to the rest of the industry, the Price/Earnings ratio of BEI-UN is on the same level as its industry peers.
BEI-UN's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.20.
The Price/Forward Earnings ratio is 15.61, which indicates a correct valuation of BEI-UN.
BEI-UN's Price/Forward Earnings ratio is in line with the industry average.
When comparing the Price/Forward Earnings ratio of BEI-UN to the average of the S&P500 Index (22.71), we can say BEI-UN is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.26 | ||
| Fwd PE | 15.61 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BEI-UN is valued cheaper than 93.33% of the companies in the same industry.
Based on the Price/Free Cash Flow ratio, BEI-UN is valued a bit more expensive than the industry average as 73.33% of the companies are valued more cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 15.53 | ||
| EV/EBITDA | 19.48 |
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.
The decent profitability rating of BEI-UN may justify a higher PE ratio.
PEG (NY)0.26
PEG (5Y)0.23
EPS Next 2Y4.05%
EPS Next 3Y4.16%
5. Dividend
5.1 Amount
BEI-UN has a Yearly Dividend Yield of 1.87%. Purely for dividend investing, there may be better candidates out there.
With a Dividend Yield of 1.87, BEI-UN pays less dividend than the industry average, which is at 4.14. 80.00% of the companies listed in the same industry pay a better dividend than BEI-UN!
BEI-UN's Dividend Yield is slightly below the S&P500 average, which is at 2.38.
| 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 paid a dividend for at least 10 years, which is 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
22.05% of the earnings are spent on dividend by BEI-UN. This is a low number and sustainable payout ratio.
The dividend of BEI-UN is growing, but the earnings are growing slower. This means the dividend growth is not sustainable.
DP22.05%
EPS Next 2Y4.05%
EPS Next 3Y4.16%
TSX:BEI-UN (9/16/2025, 7:00:00 PM)
71.89
-0.03 (-0.04%)
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 Cap3.53B
Analysts77.14
Price Target86.14 (19.82%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.87% |
Yearly Dividend1.26
Dividend Growth(5Y)6.64%
DP22.05%
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)0.18%
PT rev (3m)4.78%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)58.14%
EPS NY rev (3m)58.14%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.73%
Revenue NY rev (3m)-1.4%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.26 | ||
| Fwd PE | 15.61 | ||
| P/S | 5.68 | ||
| P/FCF | 15.53 | ||
| P/OCF | 15.19 | ||
| P/B | 0.71 | ||
| P/tB | 0.71 | ||
| EV/EBITDA | 19.48 |
EPS(TTM)4.42
EY6.15%
EPS(NY)4.61
Fwd EY6.41%
FCF(TTM)4.63
FCFY6.44%
OCF(TTM)4.73
OCFY6.58%
SpS12.67
BVpS101.63
TBVpS101.63
PEG (NY)0.26
PEG (5Y)0.23
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.78% | ||
| ROE | 6.64% | ||
| ROCE | 4.49% | ||
| ROIC | 3.23% | ||
| ROICexc | 3.24% | ||
| ROICexgc | 3.24% | ||
| OM | 54.66% | ||
| PM (TTM) | 53.28% | ||
| GM | 73.22% | ||
| FCFM | 36.55% |
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 | 0.52 | ||
| Debt/FCF | 14.46 | ||
| Debt/EBITDA | 7.41 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.94 | ||
| Cash Conversion | 66.66% | ||
| Profit Quality | 68.6% | ||
| Current Ratio | 0.22 | ||
| Quick Ratio | 0.21 | ||
| Altman-Z | 1.35 |
F-Score5
WACC5.82%
ROIC/WACC0.56
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)11.48%
EPS 3Y4.33%
EPS 5Y70.76%
EPS Q2Q%9.91%
EPS Next Y61.46%
EPS Next 2Y4.05%
EPS Next 3Y4.16%
EPS Next 5YN/A
Revenue 1Y (TTM)8.12%
Revenue growth 3Y8.64%
Revenue growth 5Y5.79%
Sales Q2Q%3.77%
Revenue Next Year3.52%
Revenue Next 2Y4.04%
Revenue Next 3Y4.19%
Revenue Next 5YN/A
EBIT growth 1Y12.31%
EBIT growth 3Y11.94%
EBIT growth 5Y9.14%
EBIT Next Year12.63%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y33.25%
FCF growth 3Y12.78%
FCF growth 5Y8.4%
OCF growth 1Y33.65%
OCF growth 3Y14.22%
OCF growth 5Y8.46%