BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) Stock Fundamental Analysis

TSX:BTB-UN • CA11777P3007

4.27 CAD
-0.02 (-0.47%)
Last: Feb 24, 2026, 07:00 PM
Overview Stock Chart Technical Analysis Fundamental Analysis Analyst Ratings Earnings Estimates Financials Ownership News
Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to BTB-UN. BTB-UN was compared to 35 industry peers in the Diversified REITs industry. While BTB-UN belongs to the best of the industry regarding profitability, there are concerns on its financial health. BTB-UN is valued quite cheap, while showing a decent growth score. This is a good combination!


Dividend Valuation Growth Profitability Health

7

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.
  • BTB-UN had positive earnings in each of the past 5 years.
  • BTB-UN had a positive operating cash flow in each of the past 5 years.
BTB-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFBTB-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M

1.2 Ratios

  • Looking at the Return On Assets, with a value of 3.37%, BTB-UN belongs to the top of the industry, outperforming 91.43% of the companies in the same industry.
  • Looking at the Return On Equity, with a value of 8.49%, BTB-UN belongs to the top of the industry, outperforming 91.43% of the companies in the same industry.
  • BTB-UN has a Return On Invested Capital of 4.43%. This is in the better half of the industry: BTB-UN outperforms 68.57% of its industry peers.
  • Measured over the past 3 years, the Average Return On Invested Capital for BTB-UN is in line with the industry average of 5.81%.
  • The last Return On Invested Capital (4.43%) for BTB-UN is above the 3 year average (4.42%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 3.37%
ROE 8.49%
ROIC 4.43%
ROA(3y)3.1%
ROA(5y)2.66%
ROE(3y)7.92%
ROE(5y)6.98%
ROIC(3y)4.42%
ROIC(5y)4.2%
BTB-UN.CA Yearly ROA, ROE, ROICBTB-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 5 10

1.3 Margins

  • BTB-UN's Profit Margin of 32.42% is fine compared to the rest of the industry. BTB-UN outperforms 77.14% of its industry peers.
  • BTB-UN's Profit Margin has declined in the last couple of years.
  • BTB-UN has a Operating Margin of 58.11%. This is in the better half of the industry: BTB-UN outperforms 65.71% of its industry peers.
  • In the last couple of years the Operating Margin of BTB-UN has remained more or less at the same level.
  • Looking at the Gross Margin, with a value of 80.30%, BTB-UN belongs to the top of the industry, outperforming 91.43% 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 RankSector Rank
OM 58.11%
PM (TTM) 32.42%
GM 80.3%
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%
BTB-UN.CA Yearly Profit, Operating, Gross MarginsBTB-UN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 20 40 60 80

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ROAROEROICOperating and Profit MarginShow most profitable peers

3

2. Health

2.1 Basic Checks

  • BTB-UN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
  • Compared to 1 year ago, BTB-UN has more shares outstanding
  • BTB-UN has more shares outstanding than it did 5 years ago.
  • BTB-UN has a better debt/assets ratio than last year.
BTB-UN.CA Yearly Shares OutstandingBTB-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M
BTB-UN.CA Yearly Total Debt VS Total AssetsBTB-UN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.2 Solvency

  • Based on the Altman-Z score of 0.26, we must say that BTB-UN is in the distress zone and has some risk of bankruptcy.
  • BTB-UN has a Altman-Z score (0.26) which is comparable to the rest of the industry.
  • BTB-UN has a debt to FCF ratio of 10.59. This is a negative value and a sign of low solvency as BTB-UN would need 10.59 years to pay back of all of its debts.
  • With a decent Debt to FCF ratio value of 10.59, BTB-UN is doing good in the industry, outperforming 80.00% of the companies in the same industry.
  • A Debt/Equity ratio of 1.45 is on the high side and indicates that BTB-UN has dependencies on debt financing.
  • The Debt to Equity ratio of BTB-UN (1.45) is worse than 60.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.45
Debt/FCF 10.59
Altman-Z 0.26
ROIC/WACC0.79
WACC5.62%
BTB-UN.CA Yearly LT Debt VS Equity VS FCFBTB-UN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M

2.3 Liquidity

  • BTB-UN has a Current Ratio of 0.35. This is a bad value and indicates that BTB-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
  • BTB-UN has a better Current ratio (0.35) than 68.57% of its industry peers.
  • A Quick Ratio of 0.35 indicates that BTB-UN may have some problems paying its short term obligations.
  • BTB-UN has a better Quick ratio (0.35) than 74.29% of its industry peers.
Industry RankSector Rank
Current Ratio 0.35
Quick Ratio 0.35
BTB-UN.CA Yearly Current Assets VS Current LiabilitesBTB-UN.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

4

3. Growth

3.1 Past

  • BTB-UN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 95.16%, which is quite impressive.
  • The earnings per share for BTB-UN have been decreasing by -12.94% on average. This is quite bad
  • BTB-UN shows a small growth in Revenue. In the last year, the Revenue has grown by 0.92%.
  • The Revenue has been growing slightly by 6.80% on average over the past years.
EPS 1Y (TTM)95.16%
EPS 3Y-8.84%
EPS 5Y-12.94%
EPS Q2Q%78%
Revenue 1Y (TTM)0.92%
Revenue growth 3Y9.02%
Revenue growth 5Y6.8%
Sales Q2Q%1.14%

3.2 Future

  • Based on estimates for the next years, BTB-UN will show a small growth in Earnings Per Share. The EPS will grow by 4.96% on average per year.
  • BTB-UN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.78% yearly.
EPS Next Y9.38%
EPS Next 2Y6.07%
EPS Next 3Y4.96%
EPS Next 5YN/A
Revenue Next Year3.51%
Revenue Next 2Y1.95%
Revenue Next 3Y2.78%
Revenue Next 5YN/A

3.3 Evolution

  • The EPS growth rate is accelerating: in the next years the growth will be better 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.
BTB-UN.CA Yearly Revenue VS EstimatesBTB-UN.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 50M 100M
BTB-UN.CA Yearly EPS VS EstimatesBTB-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2022 2023 2024 2025 2026 2027 0.1 0.2 0.3 0.4 0.5

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8

4. Valuation

4.1 Price/Earnings Ratio

  • The Price/Earnings ratio is 9.09, which indicates a very decent valuation of BTB-UN.
  • Based on the Price/Earnings ratio, BTB-UN is valued cheaper than 100.00% of the companies in the same industry.
  • BTB-UN is valuated cheaply when we compare the Price/Earnings ratio to 26.98, which is the current average of the S&P500 Index.
  • With a Price/Forward Earnings ratio of 11.74, the valuation of BTB-UN can be described as very reasonable.
  • BTB-UN's Price/Forward Earnings ratio is a bit cheaper when compared to the industry. BTB-UN is cheaper than 80.00% of the companies in the same industry.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 28.01, BTB-UN is valued rather cheaply.
Industry RankSector Rank
PE 9.09
Fwd PE 11.74
BTB-UN.CA Price Earnings VS Forward Price EarningsBTB-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80 100

4.2 Price Multiples

  • Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of BTB-UN indicates a rather cheap valuation: BTB-UN is cheaper than 88.57% of the companies listed in the same industry.
  • Based on the Price/Free Cash Flow ratio, BTB-UN is valued cheaply inside the industry as 85.71% of the companies are valued more expensively.
Industry RankSector Rank
P/FCF 5.51
EV/EBITDA 13.98
BTB-UN.CA Per share dataBTB-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 1 2 3 4 5

4.3 Compensation for Growth

  • BTB-UN's 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.
PEG (NY)0.97
PEG (5Y)N/A
EPS Next 2Y6.07%
EPS Next 3Y4.96%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

6

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 6.97, BTB-UN pays a bit more dividend than its industry peers.
  • BTB-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 1.81.
Industry RankSector 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
BTB-UN.CA Yearly Dividends per shareBTB-UN.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.1 0.2 0.3 0.4

5.3 Sustainability

  • 59.75% of the earnings are spent on dividend by BTB-UN. This is a bit on the high side, but may be sustainable.
DP59.75%
EPS Next 2Y6.07%
EPS Next 3Y4.96%
BTB-UN.CA Yearly Income VS Free CF VS DividendBTB-UN.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
BTB-UN.CA Dividend Payout.BTB-UN.CA Dividend Payout, showing the Payout Ratio.BTB-UN.CA Dividend Payout.PayoutRetained Earnings

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BTB REAL ESTATE INVESTMENT T

TSX:BTB-UN (2/24/2026, 7:00:00 PM)

4.27

-0.02 (-0.47%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-03
Earnings (Next)02-24
Inst Owners0.68%
Inst Owner ChangeN/A
Ins Owners1.92%
Ins Owner ChangeN/A
Market Cap376.91M
Revenue(TTM)130.47M
Net Income(TTM)42.30M
Analysts72.5
Price Target4.07 (-4.68%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 9.04%
Yearly Dividend0.26
Dividend Growth(5Y)-6.72%
DP59.75%
Div Incr Years1
Div Non Decr Years3
Ex-Date02-27
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%
PT rev (3m)0%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)2.94%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.43%
Valuation
Industry RankSector Rank
PE 9.09
Fwd PE 11.74
P/S 2.89
P/FCF 5.51
P/OCF 5.5
P/B 0.76
P/tB 0.76
EV/EBITDA 13.98
EPS(TTM)0.47
EY11.01%
EPS(NY)0.36
Fwd EY8.52%
FCF(TTM)0.77
FCFY18.14%
OCF(TTM)0.78
OCFY18.18%
SpS1.48
BVpS5.65
TBVpS5.65
PEG (NY)0.97
PEG (5Y)N/A
Graham Number7.73
Profitability
Industry RankSector Rank
ROA 3.37%
ROE 8.49%
ROCE 6.33%
ROIC 4.43%
ROICexc 4.45%
ROICexgc 4.45%
OM 58.11%
PM (TTM) 32.42%
GM 80.3%
FCFM 52.41%
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%
ROICexgc growth 3Y5.92%
ROICexgc 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 RankSector Rank
Debt/Equity 1.45
Debt/FCF 10.59
Debt/EBITDA 9.54
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 2.23
Cash Conversion 90.28%
Profit Quality 161.66%
Current Ratio 0.35
Quick Ratio 0.35
Altman-Z 0.26
F-Score6
WACC5.62%
ROIC/WACC0.79
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)95.16%
EPS 3Y-8.84%
EPS 5Y-12.94%
EPS Q2Q%78%
EPS Next Y9.38%
EPS Next 2Y6.07%
EPS Next 3Y4.96%
EPS Next 5YN/A
Revenue 1Y (TTM)0.92%
Revenue growth 3Y9.02%
Revenue growth 5Y6.8%
Sales Q2Q%1.14%
Revenue Next Year3.51%
Revenue Next 2Y1.95%
Revenue Next 3Y2.78%
Revenue Next 5YN/A
EBIT growth 1Y0.27%
EBIT growth 3Y10.03%
EBIT growth 5Y8.08%
EBIT Next Year-10.13%
EBIT Next 3Y-2.44%
EBIT Next 5YN/A
FCF growth 1Y0.1%
FCF growth 3Y5.42%
FCF growth 5Y6.95%
OCF growth 1Y0.41%
OCF growth 3Y5.3%
OCF growth 5Y6.93%

BTB REAL ESTATE INVESTMENT T / BTB-UN.CA FAQ

What is the ChartMill fundamental rating of BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) stock?

ChartMill assigns a fundamental rating of 5 / 10 to BTB-UN.CA.


What is the valuation status of BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) stock?

ChartMill assigns a valuation rating of 8 / 10 to BTB REAL ESTATE INVESTMENT T (BTB-UN.CA). This can be considered as Undervalued.


How profitable is BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) stock?

BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) has a profitability rating of 7 / 10.


What are the PE and PB ratios of BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) stock?

The Price/Earnings (PE) ratio for BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) is 9.09 and the Price/Book (PB) ratio is 0.76.


What is the expected EPS growth for BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) stock?

The Earnings per Share (EPS) of BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) is expected to grow by 9.38% in the next year.