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BTB REAL ESTATE INV TR (BTB-DB-H.CA) Stock Fundamental Analysis

TSX:BTB-DB-H - Toronto Stock Exchange - CA11777PAH51 - Currency: CAD

100.08  -0.02 (-0.02%)

Fundamental Rating

4

BTB-DB-H gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 43 industry peers in the Diversified REITs industry. BTB-DB-H has an excellent profitability rating, but there are some minor concerns on its financial health. BTB-DB-H has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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7

1. Profitability

1.1 Basic Checks

In the past year BTB-DB-H was profitable.
In the past year BTB-DB-H had a positive cash flow from operations.
Each year in the past 5 years BTB-DB-H has been profitable.
In the past 5 years BTB-DB-H always reported a positive cash flow from operatings.
BTB-DB-H.CA Yearly Net Income VS EBIT VS OCF VS FCFBTB-DB-H.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M

1.2 Ratios

BTB-DB-H's Return On Assets of 1.74% is fine compared to the rest of the industry. BTB-DB-H outperforms 76.74% of its industry peers.
BTB-DB-H's Return On Equity of 4.50% is fine compared to the rest of the industry. BTB-DB-H outperforms 76.74% of its industry peers.
BTB-DB-H has a Return On Invested Capital (4.44%) which is comparable to the rest of the industry.
Measured over the past 3 years, the Average Return On Invested Capital for BTB-DB-H is in line with the industry average of 5.49%.
The last Return On Invested Capital (4.44%) for BTB-DB-H is above the 3 year average (4.18%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 1.74%
ROE 4.5%
ROIC 4.44%
ROA(3y)3.3%
ROA(5y)3.15%
ROE(3y)8.73%
ROE(5y)8.32%
ROIC(3y)4.18%
ROIC(5y)4.12%
BTB-DB-H.CA Yearly ROA, ROE, ROICBTB-DB-H.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10

1.3 Margins

The Profit Margin of BTB-DB-H (16.73%) is better than 69.77% of its industry peers.
In the last couple of years the Profit Margin of BTB-DB-H has declined.
BTB-DB-H has a Operating Margin of 58.19%. This is in the better half of the industry: BTB-DB-H outperforms 67.44% of its industry peers.
BTB-DB-H's Operating Margin has improved in the last couple of years.
The Gross Margin of BTB-DB-H (80.86%) is better than 90.70% of its industry peers.
In the last couple of years the Gross Margin of BTB-DB-H has remained more or less at the same level.
Industry RankSector Rank
OM 58.19%
PM (TTM) 16.73%
GM 80.86%
OM growth 3Y2.27%
OM growth 5Y1.59%
PM growth 3Y108.9%
PM growth 5Y-9.55%
GM growth 3Y0.93%
GM growth 5Y0.96%
BTB-DB-H.CA Yearly Profit, Operating, Gross MarginsBTB-DB-H.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 20 40 60 80

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4

2. Health

2.1 Basic Checks

With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), BTB-DB-H is destroying value.
Compared to 1 year ago, BTB-DB-H has more shares outstanding
Compared to 5 years ago, BTB-DB-H has more shares outstanding
BTB-DB-H has a worse debt/assets ratio than last year.
BTB-DB-H.CA Yearly Shares OutstandingBTB-DB-H.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M
BTB-DB-H.CA Yearly Total Debt VS Total AssetsBTB-DB-H.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

2.2 Solvency

An Altman-Z score of 6.83 indicates that BTB-DB-H is not in any danger for bankruptcy at the moment.
The Altman-Z score of BTB-DB-H (6.83) is better than 97.67% of its industry peers.
BTB-DB-H has a debt to FCF ratio of 10.60. This is a negative value and a sign of low solvency as BTB-DB-H would need 10.60 years to pay back of all of its debts.
The Debt to FCF ratio of BTB-DB-H (10.60) is better than 81.40% of its industry peers.
BTB-DB-H has a Debt/Equity ratio of 1.52. This is a high value indicating a heavy dependency on external financing.
BTB-DB-H's Debt to Equity ratio of 1.52 is on the low side compared to the rest of the industry. BTB-DB-H is outperformed by 74.42% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.52
Debt/FCF 10.6
Altman-Z 6.83
ROIC/WACC0.59
WACC7.57%
BTB-DB-H.CA Yearly LT Debt VS Equity VS FCFBTB-DB-H.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M

2.3 Liquidity

BTB-DB-H has a Current Ratio of 0.33. This is a bad value and indicates that BTB-DB-H is not financially healthy enough and could expect problems in meeting its short term obligations.
With a decent Current ratio value of 0.33, BTB-DB-H is doing good in the industry, outperforming 69.77% of the companies in the same industry.
A Quick Ratio of 0.33 indicates that BTB-DB-H may have some problems paying its short term obligations.
BTB-DB-H has a better Quick ratio (0.33) than 69.77% of its industry peers.
Industry RankSector Rank
Current Ratio 0.33
Quick Ratio 0.33
BTB-DB-H.CA Yearly Current Assets VS Current LiabilitesBTB-DB-H.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M 40M 50M

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3

3. Growth

3.1 Past

The earnings per share for BTB-DB-H have decreased strongly by -41.79% in the last year.
BTB-DB-H shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -11.70% yearly.
BTB-DB-H shows a small growth in Revenue. In the last year, the Revenue has grown by 1.48%.
BTB-DB-H shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 7.90% yearly.
EPS 1Y (TTM)-41.79%
EPS 3Y103.94%
EPS 5Y-11.7%
EPS Q2Q%-64.59%
Revenue 1Y (TTM)1.48%
Revenue growth 3Y11.2%
Revenue growth 5Y7.9%
Sales Q2Q%3.9%

3.2 Future

Based on estimates for the next years, BTB-DB-H will show a decrease in Earnings Per Share. The EPS will decrease by -7.33% on average per year.
BTB-DB-H is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.05% yearly.
EPS Next Y-34.69%
EPS Next 2Y-13.1%
EPS Next 3Y-7.33%
EPS Next 5YN/A
Revenue Next Year1.53%
Revenue Next 2Y2.04%
Revenue Next 3Y3.05%
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 accelerating.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
BTB-DB-H.CA Yearly Revenue VS EstimatesBTB-DB-H.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 50M 100M
BTB-DB-H.CA Yearly EPS VS EstimatesBTB-DB-H.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.1 0.2 0.3 0.4 0.5

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2

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 400.32, which means the current valuation is very expensive for BTB-DB-H.
BTB-DB-H's Price/Earnings ratio is a bit cheaper when compared to the industry. BTB-DB-H is cheaper than 65.12% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 29.62. BTB-DB-H is valued rather expensively when compared to this.
With a Price/Forward Earnings ratio of 267.81, BTB-DB-H can be considered very expensive at the moment.
BTB-DB-H's Price/Forward Earnings ratio is in line with the industry average.
The average S&P500 Price/Forward Earnings ratio is at 22.70. BTB-DB-H is valued rather expensively when compared to this.
Industry RankSector Rank
PE 400.32
Fwd PE 267.81
BTB-DB-H.CA Price Earnings VS Forward Price EarningsBTB-DB-H.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 200 400 600

4.2 Price Multiples

BTB-DB-H's Enterprise Value to EBITDA ratio is in line with the industry average.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of BTB-DB-H indicates a rather expensive valuation: BTB-DB-H more expensive than 83.72% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 126.01
EV/EBITDA 124.86
BTB-DB-H.CA Per share dataBTB-DB-H.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 1 2 3 4 5

4.3 Compensation for Growth

BTB-DB-H has a very decent profitability rating, which may justify a higher PE ratio.
BTB-DB-H's earnings are expected to decrease with -7.33% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-13.1%
EPS Next 3Y-7.33%

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3

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 9.04%, BTB-DB-H is a good candidate for dividend investing.
BTB-DB-H's Dividend Yield is a higher than the industry average which is at 8.03.
Compared to an average S&P500 Dividend Yield of 2.27, BTB-DB-H pays a better dividend.
Industry RankSector Rank
Dividend Yield 9.04%

5.2 History

The dividend of BTB-DB-H decreases each year by -6.77%.
BTB-DB-H is new to the dividend game and has less than 3 years of track record.
Dividend Growth(5Y)-6.77%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

BTB-DB-H pays out 104.22% of its income as dividend. This is not a sustainable payout ratio.
The Dividend Rate of BTB-DB-H has been decling, while earnings will also be declining. This means the current dividend is most likely not sustainable.
DP104.22%
EPS Next 2Y-13.1%
EPS Next 3Y-7.33%
BTB-DB-H.CA Yearly Income VS Free CF VS DividendBTB-DB-H.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M
BTB-DB-H.CA Dividend Payout.BTB-DB-H.CA Dividend Payout, showing the Payout Ratio.BTB-DB-H.CA Dividend Payout.PayoutRetained Earnings

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BTB REAL ESTATE INV TR

TSX:BTB-DB-H (2/19/2025, 7:00:00 PM)

100.08

-0.02 (-0.02%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-04 2024-11-04
Earnings (Next)02-24 2025-02-24/amc
Inst Owners0.93%
Inst Owner ChangeN/A
Ins Owners1.84%
Ins Owner ChangeN/A
Market Cap8.70B
Analysts72.5
Price Target111.75 (11.66%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 9.04%
Yearly Dividend0.26
Dividend Growth(5Y)-6.77%
DP104.22%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
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)-0.15%
PT rev (3m)14.15%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-8.57%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.08%
Valuation
Industry RankSector Rank
PE 400.32
Fwd PE 267.81
P/S 67.3
P/FCF 126.01
P/OCF 125.96
P/B 18.08
P/tB 18.08
EV/EBITDA 124.86
EPS(TTM)0.25
EY0.25%
EPS(NY)0.37
Fwd EY0.37%
FCF(TTM)0.79
FCFY0.79%
OCF(TTM)0.79
OCFY0.79%
SpS1.49
BVpS5.53
TBVpS5.53
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.74%
ROE 4.5%
ROCE 6.32%
ROIC 4.44%
ROICexc 4.46%
ROICexgc 4.46%
OM 58.19%
PM (TTM) 16.73%
GM 80.86%
FCFM 53.41%
ROA(3y)3.3%
ROA(5y)3.15%
ROE(3y)8.73%
ROE(5y)8.32%
ROIC(3y)4.18%
ROIC(5y)4.12%
ROICexc(3y)4.2%
ROICexc(5y)4.14%
ROICexgc(3y)4.2%
ROICexgc(5y)4.14%
ROCE(3y)5.95%
ROCE(5y)5.84%
ROICexcg growth 3Y3.09%
ROICexcg growth 5Y1.67%
ROICexc growth 3Y3.09%
ROICexc growth 5Y1.67%
OM growth 3Y2.27%
OM growth 5Y1.59%
PM growth 3Y108.9%
PM growth 5Y-9.55%
GM growth 3Y0.93%
GM growth 5Y0.96%
F-Score6
Asset Turnover0.1
Health
Industry RankSector Rank
Debt/Equity 1.52
Debt/FCF 10.6
Debt/EBITDA 9.72
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 2.31
Cash Conversion 91.74%
Profit Quality 319.26%
Current Ratio 0.33
Quick Ratio 0.33
Altman-Z 6.83
F-Score6
WACC7.57%
ROIC/WACC0.59
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)167.54%
Profit Quality(5y)433.64%
High Growth Momentum
Growth
EPS 1Y (TTM)-41.79%
EPS 3Y103.94%
EPS 5Y-11.7%
EPS Q2Q%-64.59%
EPS Next Y-34.69%
EPS Next 2Y-13.1%
EPS Next 3Y-7.33%
EPS Next 5YN/A
Revenue 1Y (TTM)1.48%
Revenue growth 3Y11.2%
Revenue growth 5Y7.9%
Sales Q2Q%3.9%
Revenue Next Year1.53%
Revenue Next 2Y2.04%
Revenue Next 3Y3.05%
Revenue Next 5YN/A
EBIT growth 1Y0.64%
EBIT growth 3Y13.72%
EBIT growth 5Y9.61%
EBIT Next Year-10.23%
EBIT Next 3Y-0.73%
EBIT Next 5YN/A
FCF growth 1Y-4.42%
FCF growth 3Y15.48%
FCF growth 5Y9.73%
OCF growth 1Y-4.61%
OCF growth 3Y15.36%
OCF growth 5Y9.64%