BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) Stock Fundamental Analysis
TSX:BTB-UN - Toronto Stock Exchange - CA11777P3007 - REIT - Currency: CAD
BTB-UN gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 43 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 cheap, but on the other hand it scores bad on growth.
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.
Each year in the past 5 years BTB-UN had a positive operating cash flow.
1.2 Ratios
BTB-UN has a Return On Assets of 1.74%. This is in the better half of the industry: BTB-UN outperforms 79.07% of its industry peers.
The Return On Equity of BTB-UN (4.50%) is better than 79.07% of its industry peers.
With a decent Return On Invested Capital value of 4.44%, BTB-UN is doing good in the industry, outperforming 60.47% of the companies in the same industry.
BTB-UN had an Average Return On Invested Capital over the past 3 years of 4.18%. This is in line with the industry average of 5.49%.
The last Return On Invested Capital (4.44%) for BTB-UN is above the 3 year average (4.18%), which is a sign of increasing profitability.
| Industry Rank | Sector 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%
1.3 Margins
BTB-UN has a Profit Margin of 16.73%. This is in the better half of the industry: BTB-UN outperforms 72.09% of its industry peers.
BTB-UN's Profit Margin has declined in the last couple of years.
BTB-UN has a Operating Margin of 58.19%. This is in the better half of the industry: BTB-UN outperforms 69.77% of its industry peers.
In the last couple of years the Operating Margin of BTB-UN has grown nicely.
BTB-UN has a better Gross Margin (80.86%) than 93.02% of its industry peers.
BTB-UN's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector 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%
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.
The number of shares outstanding for BTB-UN has been increased compared to 5 years ago.
Compared to 1 year ago, BTB-UN has a worse debt to assets ratio.
2.2 Solvency
BTB-UN has an Altman-Z score of 0.22. This is a bad value and indicates that BTB-UN is not financially healthy and even has some risk of bankruptcy.
BTB-UN has a Altman-Z score of 0.22. This is in the lower half of the industry: BTB-UN underperforms 74.42% of its industry peers.
BTB-UN has a debt to FCF ratio of 10.60. This is a negative value and a sign of low solvency as BTB-UN would need 10.60 years to pay back of all of its debts.
With an excellent Debt to FCF ratio value of 10.60, BTB-UN belongs to the best of the industry, outperforming 83.72% of the companies in the same industry.
A Debt/Equity ratio of 1.52 is on the high side and indicates that BTB-UN has dependencies on debt financing.
BTB-UN's Debt to Equity ratio of 1.52 is on the low side compared to the rest of the industry. BTB-UN is outperformed by 72.09% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.52 | ||
| Debt/FCF | 10.6 | ||
| Altman-Z | 0.22 |
ROIC/WACC0.78
WACC5.71%
2.3 Liquidity
A Current Ratio of 0.33 indicates that BTB-UN may have some problems paying its short term obligations.
With a decent Current ratio value of 0.33, BTB-UN is doing good in the industry, outperforming 72.09% of the companies in the same industry.
A Quick Ratio of 0.33 indicates that BTB-UN may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.33, BTB-UN is in the better half of the industry, outperforming 72.09% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.33 | ||
| Quick Ratio | 0.33 |
3. Growth
3.1 Past
The earnings per share for BTB-UN have decreased strongly by -41.79% in the last year.
The earnings per share for BTB-UN have been decreasing by -11.70% on average. This is quite bad
Looking at the last year, BTB-UN shows a small growth in Revenue. The Revenue has grown by 1.48% in the last year.
BTB-UN 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-UN will show a decrease in Earnings Per Share. The EPS will decrease by -7.33% on average per year.
BTB-UN 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.
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 13.44 indicates a correct valuation of BTB-UN.
86.05% of the companies in the same industry are more expensive than BTB-UN, based on the Price/Earnings ratio.
BTB-UN's Price/Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 29.62.
Based on the Price/Forward Earnings ratio of 8.99, the valuation of BTB-UN can be described as reasonable.
BTB-UN's Price/Forward Earnings ratio is rather cheap when compared to the industry. BTB-UN is cheaper than 88.37% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.70. BTB-UN is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.44 | ||
| Fwd PE | 8.99 |
4.2 Price Multiples
83.72% of the companies in the same industry are more expensive than BTB-UN, based on the Enterprise Value to EBITDA ratio.
Based on the Price/Free Cash Flow ratio, BTB-UN is valued cheaply inside the industry as 86.05% of the companies are valued more expensively.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.23 | ||
| EV/EBITDA | 13.18 |
4.3 Compensation for Growth
BTB-UN has a very decent profitability rating, which may justify a higher PE ratio.
A cheap valuation may be justified as BTB-UN's earnings are expected to decrease with -7.33% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-13.1%
EPS Next 3Y-7.33%
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 9.04%, BTB-UN is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 8.03, 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 2.27.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 9.04% |
5.2 History
The dividend of BTB-UN decreases each year by -6.77%.
BTB-UN has been paying a dividend for at least 10 years, so it has a reliable track record.
BTB-UN has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-6.77%
Div Incr Years1
Div Non Decr Years3
5.3 Sustainability
104.22% of the earnings are spent on dividend by BTB-UN. This is not a sustainable payout ratio.
BTB-UN's earnings and Dividend Rate are declining. This means the current dividend is most likely not sustainable.
DP104.22%
EPS Next 2Y-13.1%
EPS Next 3Y-7.33%
TSX:BTB-UN (2/21/2025, 7:00:00 PM)
3.36
-0.03 (-0.88%)
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 Cap292.12M
Analysts72.5
Price Target3.72 (10.71%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 9.04% |
Yearly Dividend0.26
Dividend Growth(5Y)-6.77%
DP104.22%
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)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)-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 Rank | Sector Rank | ||
|---|---|---|---|
| PE | 13.44 | ||
| Fwd PE | 8.99 | ||
| P/S | 2.26 | ||
| P/FCF | 4.23 | ||
| P/OCF | 4.23 | ||
| P/B | 0.61 | ||
| P/tB | 0.61 | ||
| EV/EBITDA | 13.18 |
EPS(TTM)0.25
EY7.44%
EPS(NY)0.37
Fwd EY11.12%
FCF(TTM)0.79
FCFY23.64%
OCF(TTM)0.79
OCFY23.65%
SpS1.49
BVpS5.53
TBVpS5.53
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector 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 Rank | Sector 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 | 0.22 |
F-Score6
WACC5.71%
ROIC/WACC0.78
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%