BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) Stock Fundamental Analysis
TSX:BTB-UN - Toronto Stock Exchange - CA11777P3007 - REIT - Currency: CAD
We assign a fundamental rating of 5 out of 10 to BTB-UN. BTB-UN was compared to 38 industry peers in the Diversified REITs industry. While BTB-UN has a great profitability rating, there are quite some concerns on its financial health. BTB-UN scores decently on growth, while it is valued quite cheap. This could make an interesting combination.
1. Profitability
1.1 Basic Checks
In the past year BTB-UN was profitable.
In the past year BTB-UN had a positive cash flow from operations.
In the past 5 years BTB-UN has always been profitable.
In the past 5 years BTB-UN always reported a positive cash flow from operatings.
1.2 Ratios
BTB-UN's Return On Assets of 3.08% is amongst the best of the industry. BTB-UN outperforms 86.84% of its industry peers.
The Return On Equity of BTB-UN (7.84%) is better than 89.47% of its industry peers.
BTB-UN has a better Return On Invested Capital (4.38%) than 60.53% of its industry peers.
BTB-UN had an Average Return On Invested Capital over the past 3 years of 4.42%. This is in line with the industry average of 4.83%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.08% | ||
| ROE | 7.84% | ||
| ROIC | 4.38% |
ROA(3y)3.1%
ROA(5y)2.66%
ROE(3y)7.92%
ROE(5y)6.98%
ROIC(3y)4.42%
ROIC(5y)4.2%
1.3 Margins
BTB-UN has a Profit Margin of 29.79%. This is amongst the best in the industry. BTB-UN outperforms 81.58% of its industry peers.
In the last couple of years the Profit Margin of BTB-UN has declined.
BTB-UN has a Operating Margin of 57.72%. This is in the better half of the industry: BTB-UN outperforms 65.79% of its industry peers.
BTB-UN's Operating Margin has been stable in the last couple of years.
With an excellent Gross Margin value of 80.35%, BTB-UN belongs to the best of the industry, outperforming 92.11% of the companies in the same industry.
In the last couple of years the Gross Margin of BTB-UN has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 57.72% | ||
| PM (TTM) | 29.79% | ||
| GM | 80.35% |
OM growth 3Y0.93%
OM growth 5Y1.2%
PM growth 3Y-10.4%
PM growth 5Y-11.68%
GM growth 3Y0.72%
GM growth 5Y0.59%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so BTB-UN is destroying value.
The number of shares outstanding for BTB-UN has been increased compared to 1 year ago.
BTB-UN has more shares outstanding than it did 5 years ago.
The debt/assets ratio for BTB-UN has been reduced compared to a year ago.
2.2 Solvency
Based on the Altman-Z score of 0.20, we must say that BTB-UN is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 0.20, BTB-UN is doing worse than 71.05% of the companies in the same industry.
BTB-UN has a debt to FCF ratio of 11.14. This is a negative value and a sign of low solvency as BTB-UN would need 11.14 years to pay back of all of its debts.
With an excellent Debt to FCF ratio value of 11.14, BTB-UN belongs to the best of the industry, outperforming 81.58% of the companies in the same industry.
BTB-UN has a Debt/Equity ratio of 1.49. This is a high value indicating a heavy dependency on external financing.
Looking at the Debt to Equity ratio, with a value of 1.49, BTB-UN is doing worse than 73.68% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.49 | ||
| Debt/FCF | 11.14 | ||
| Altman-Z | 0.2 |
ROIC/WACC0.76
WACC5.76%
2.3 Liquidity
A Current Ratio of 0.18 indicates that BTB-UN may have some problems paying its short term obligations.
The Current ratio of BTB-UN (0.18) is comparable to the rest of the industry.
A Quick Ratio of 0.18 indicates that BTB-UN may have some problems paying its short term obligations.
BTB-UN's Quick ratio of 0.18 is in line compared to the rest of the industry. BTB-UN outperforms 47.37% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.18 | ||
| Quick Ratio | 0.18 |
3. Growth
3.1 Past
BTB-UN shows a small growth in Earnings Per Share. In the last year, the EPS has grown by 3.88%.
Measured over the past years, BTB-UN shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -12.94% on average per year.
The Revenue has been growing slightly by 1.72% in the past year.
Measured over the past years, BTB-UN shows a small growth in Revenue. The Revenue has been growing by 6.80% on average per year.
EPS 1Y (TTM)3.88%
EPS 3Y-8.84%
EPS 5Y-12.94%
EPS Q2Q%955.45%
Revenue 1Y (TTM)1.72%
Revenue growth 3Y9.02%
Revenue growth 5Y6.8%
Sales Q2Q%2.35%
3.2 Future
Based on estimates for the next years, BTB-UN will show a quite strong growth in Earnings Per Share. The EPS will grow by 13.19% on average per year.
Based on estimates for the next years, BTB-UN will show a small growth in Revenue. The Revenue will grow by 3.88% on average per year.
EPS Next Y18.75%
EPS Next 2Y13.19%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.76%
Revenue Next 2Y3.88%
Revenue Next 3YN/A
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.
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
A Price/Earnings ratio of 7.66 indicates a rather cheap valuation of BTB-UN.
94.74% of the companies in the same industry are more expensive than BTB-UN, based on the Price/Earnings ratio.
BTB-UN is valuated cheaply when we compare the Price/Earnings ratio to 27.85, which is the current average of the S&P500 Index.
With a Price/Forward Earnings ratio of 8.78, the valuation of BTB-UN can be described as very reasonable.
BTB-UN's Price/Forward Earnings ratio is rather cheap when compared to the industry. BTB-UN is cheaper than 86.84% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of BTB-UN to the average of the S&P500 Index (20.77), we can say BTB-UN is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 7.66 | ||
| Fwd PE | 8.78 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BTB-UN is valued cheaper than 86.84% of the companies in the same industry.
86.84% of the companies in the same industry are more expensive than BTB-UN, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.5 | ||
| EV/EBITDA | 13.12 |
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 BTB-UN may justify a higher PE ratio.
A more expensive valuation may be justified as BTB-UN's earnings are expected to grow with 13.19% in the coming years.
PEG (NY)0.41
PEG (5Y)N/A
EPS Next 2Y13.19%
EPS Next 3YN/A
5. Dividend
5.1 Amount
BTB-UN has a Yearly Dividend Yield of 9.04%, which is a nice return.
Compared to an average industry Dividend Yield of 8.01, BTB-UN pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.45, BTB-UN pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 9.04% |
5.2 History
The dividend of BTB-UN decreases each year by -6.72%.
BTB-UN has paid a dividend for at least 10 years, which is a reliable track record.
BTB-UN has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-6.72%
Div Incr Years1
Div Non Decr Years3
5.3 Sustainability
BTB-UN pays out 58.43% of its income as dividend. This is a bit on the high side, but may be sustainable.
DP58.43%
EPS Next 2Y13.19%
EPS Next 3YN/A
TSX:BTB-UN (5/1/2025, 7:00:00 PM)
3.37
-0.05 (-1.46%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners0.93%
Inst Owner ChangeN/A
Ins Owners1.84%
Ins Owner ChangeN/A
Market Cap297.34M
Analysts72.5
Price Target3.63 (7.72%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 9.04% |
Yearly Dividend0.26
Dividend Growth(5Y)-6.72%
DP58.43%
Div Incr Years1
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)-2.4%
PT rev (3m)-2.4%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)2.7%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)2.16%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 7.66 | ||
| Fwd PE | 8.78 | ||
| P/S | 2.29 | ||
| P/FCF | 4.5 | ||
| P/OCF | 4.5 | ||
| P/B | 0.6 | ||
| P/tB | 0.6 | ||
| EV/EBITDA | 13.12 |
EPS(TTM)0.44
EY13.06%
EPS(NY)0.38
Fwd EY11.39%
FCF(TTM)0.75
FCFY22.2%
OCF(TTM)0.75
OCFY22.2%
SpS1.47
BVpS5.6
TBVpS5.6
PEG (NY)0.41
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.08% | ||
| ROE | 7.84% | ||
| ROCE | 6.3% | ||
| ROIC | 4.38% | ||
| ROICexc | 4.39% | ||
| ROICexgc | 4.39% | ||
| OM | 57.72% | ||
| PM (TTM) | 29.79% | ||
| GM | 80.35% | ||
| FCFM | 50.76% |
ROA(3y)3.1%
ROA(5y)2.66%
ROE(3y)7.92%
ROE(5y)6.98%
ROIC(3y)4.42%
ROIC(5y)4.2%
ROICexc(3y)4.43%
ROICexc(5y)4.22%
ROICexgc(3y)4.43%
ROICexgc(5y)4.22%
ROCE(3y)6.3%
ROCE(5y)5.98%
ROICexcg growth 3Y5.92%
ROICexcg growth 5Y1.88%
ROICexc growth 3Y5.92%
ROICexc growth 5Y1.88%
OM growth 3Y0.93%
OM growth 5Y1.2%
PM growth 3Y-10.4%
PM growth 5Y-11.68%
GM growth 3Y0.72%
GM growth 5Y0.59%
F-Score6
Asset Turnover0.1
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.49 | ||
| Debt/FCF | 11.14 | ||
| Debt/EBITDA | 9.79 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.3 | ||
| Cash Conversion | 87.86% | ||
| Profit Quality | 170.37% | ||
| Current Ratio | 0.18 | ||
| Quick Ratio | 0.18 | ||
| Altman-Z | 0.2 |
F-Score6
WACC5.76%
ROIC/WACC0.76
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)179.15%
Profit Quality(5y)449.53%
High Growth Momentum
Growth
EPS 1Y (TTM)3.88%
EPS 3Y-8.84%
EPS 5Y-12.94%
EPS Q2Q%955.45%
EPS Next Y18.75%
EPS Next 2Y13.19%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)1.72%
Revenue growth 3Y9.02%
Revenue growth 5Y6.8%
Sales Q2Q%2.35%
Revenue Next Year4.76%
Revenue Next 2Y3.88%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-0.44%
EBIT growth 3Y10.03%
EBIT growth 5Y8.08%
EBIT Next Year-6.01%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-6.78%
FCF growth 3Y5.42%
FCF growth 5Y6.95%
OCF growth 1Y-6.84%
OCF growth 3Y5.3%
OCF growth 5Y6.93%