CAN APARTMENT PROP REAL ESTA (CAR-UN.CA) Stock Fundamental Analysis
TSX:CAR-UN - Toronto Stock Exchange - CA1349211054 - REIT - Currency: CAD
Taking everything into account, CAR-UN scores 5 out of 10 in our fundamental rating. CAR-UN was compared to 16 industry peers in the Residential REITs industry. CAR-UN has only an average score on both its financial health and profitability. CAR-UN does not seem to be growing, but still is valued expensively.
1. Profitability
1.1 Basic Checks
CAR-UN had positive earnings in the past year.
CAR-UN had a positive operating cash flow in the past year.
Of the past 5 years CAR-UN 4 years were profitable.
Each year in the past 5 years CAR-UN had a positive operating cash flow.
1.2 Ratios
Looking at the Return On Assets, with a value of 1.88%, CAR-UN is in the better half of the industry, outperforming 62.50% of the companies in the same industry.
With a decent Return On Equity value of 3.24%, CAR-UN is doing good in the industry, outperforming 62.50% of the companies in the same industry.
CAR-UN's Return On Invested Capital of 4.00% is amongst the best of the industry. CAR-UN outperforms 93.75% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for CAR-UN is in line with the industry average of 3.07%.
The 3 year average ROIC (3.48%) for CAR-UN is below the current ROIC(4.00%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.88% | ||
| ROE | 3.24% | ||
| ROIC | 4% |
ROA(3y)-0.16%
ROA(5y)2.67%
ROE(3y)-0.35%
ROE(5y)4.46%
ROIC(3y)3.48%
ROIC(5y)3.28%
1.3 Margins
CAR-UN has a Profit Margin of 26.31%. This is in the better half of the industry: CAR-UN outperforms 62.50% of its industry peers.
In the last couple of years the Profit Margin of CAR-UN has declined.
With a decent Operating Margin value of 59.26%, CAR-UN is doing good in the industry, outperforming 62.50% of the companies in the same industry.
CAR-UN's Operating Margin has been stable in the last couple of years.
The Gross Margin of CAR-UN (65.66%) is comparable to the rest of the industry.
CAR-UN's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 59.26% | ||
| PM (TTM) | 26.31% | ||
| GM | 65.66% |
OM growth 3Y0.86%
OM growth 5Y0.91%
PM growth 3Y-43.93%
PM growth 5Y-29.69%
GM growth 3Y0.15%
GM growth 5Y0.18%
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so CAR-UN is destroying value.
CAR-UN has less shares outstanding than it did 1 year ago.
CAR-UN has less shares outstanding than it did 5 years ago.
The debt/assets ratio for CAR-UN has been reduced compared to a year ago.
2.2 Solvency
CAR-UN has an Altman-Z score of 1.18. This is a bad value and indicates that CAR-UN is not financially healthy and even has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 1.18, CAR-UN belongs to the top of the industry, outperforming 87.50% of the companies in the same industry.
The Debt to FCF ratio of CAR-UN is 9.41, which is on the high side as it means it would take CAR-UN, 9.41 years of fcf income to pay off all of its debts.
CAR-UN has a better Debt to FCF ratio (9.41) than 68.75% of its industry peers.
CAR-UN has a Debt/Equity ratio of 0.61. This is a neutral value indicating CAR-UN is somewhat dependend on debt financing.
CAR-UN has a better Debt to Equity ratio (0.61) than 87.50% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.61 | ||
| Debt/FCF | 9.41 | ||
| Altman-Z | 1.18 |
ROIC/WACC0.59
WACC6.77%
2.3 Liquidity
A Current Ratio of 0.47 indicates that CAR-UN may have some problems paying its short term obligations.
CAR-UN's Current ratio of 0.47 is fine compared to the rest of the industry. CAR-UN outperforms 75.00% of its industry peers.
A Quick Ratio of 0.47 indicates that CAR-UN may have some problems paying its short term obligations.
CAR-UN's Quick ratio of 0.47 is fine compared to the rest of the industry. CAR-UN outperforms 75.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.47 | ||
| Quick Ratio | 0.47 |
3. Growth
3.1 Past
CAR-UN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 170.89%, which is quite impressive.
The earnings per share for CAR-UN have been decreasing by -25.44% on average. This is quite bad
The Revenue has been growing slightly by 4.45% in the past year.
Measured over the past years, CAR-UN shows a small growth in Revenue. The Revenue has been growing by 7.34% on average per year.
EPS 1Y (TTM)170.89%
EPS 3Y-40.04%
EPS 5Y-25.44%
EPS Q2Q%-638.51%
Revenue 1Y (TTM)4.45%
Revenue growth 3Y6.04%
Revenue growth 5Y7.34%
Sales Q2Q%1.53%
3.2 Future
The Earnings Per Share is expected to decrease by -0.19% on average over the next years.
CAR-UN is expected to show a decrease in Revenue. In the coming years, the Revenue will decrease by -1.29% yearly.
EPS Next Y-4.89%
EPS Next 2Y-0.19%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year-6.73%
Revenue Next 2Y-1.29%
Revenue Next 3YN/A
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.
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 23.15 indicates a rather expensive valuation of CAR-UN.
Compared to the rest of the industry, the Price/Earnings ratio of CAR-UN is on the same level as its industry peers.
When comparing the Price/Earnings ratio of CAR-UN to the average of the S&P500 Index (29.62), we can say CAR-UN is valued slightly cheaper.
With a Price/Forward Earnings ratio of 15.58, CAR-UN is valued correctly.
Compared to the rest of the industry, the Price/Forward Earnings ratio of CAR-UN indicates a slightly more expensive valuation: CAR-UN is more expensive than 68.75% of the companies listed in the same industry.
CAR-UN is valuated rather cheaply when we compare the Price/Forward Earnings ratio to 22.70, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.15 | ||
| Fwd PE | 15.58 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, CAR-UN is valued cheaply inside the industry as 81.25% of the companies are valued more expensively.
CAR-UN's Price/Free Cash Flow ratio is a bit more expensive when compared to the industry. CAR-UN is more expensive than 62.50% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 9.86 | ||
| EV/EBITDA | 18.45 |
4.3 Compensation for Growth
CAR-UN has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-0.19%
EPS Next 3YN/A
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 2.95%, CAR-UN has a reasonable but not impressive dividend return.
Compared to an average industry Dividend Yield of 4.91, CAR-UN's dividend is way lower than its industry peers. On top of this 81.25% of the companies listed in the same industry pay a better dividend than CAR-UN!
CAR-UN's Dividend Yield is a higher than the S&P500 average which is at 2.27.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.95% |
5.2 History
On average, the dividend of CAR-UN grows each year by 9.26%, which is quite nice.
CAR-UN has paid a dividend for at least 10 years, which is a reliable track record.
The dividend of CAR-UN decreased recently.
Dividend Growth(5Y)9.26%
Div Incr Years1
Div Non Decr Years1
5.3 Sustainability
81.97% of the earnings are spent on dividend by CAR-UN. This is not a sustainable payout ratio.
CAR-UN's earnings are declining while the Dividend Rate has been growing. This means the dividend growth is most likely not sustainable.
DP81.97%
EPS Next 2Y-0.19%
EPS Next 3YN/A
TSX:CAR-UN (2/21/2025, 7:00:00 PM)
39.81
-0.39 (-0.97%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryResidential REITs
Earnings (Last)
Earnings (Next)
Inst Owners45.49%
Inst Owner ChangeN/A
Ins Owners0.22%
Ins Owner ChangeN/A
Market Cap6.40B
Analysts78.82
Price Target54.25 (36.27%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 2.95% |
Yearly Dividend1.48
Dividend Growth(5Y)9.26%
DP81.97%
Div Incr Years1
Div Non Decr Years1
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)-4.27%
PT rev (3m)-5.25%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0.4%
EPS NY rev (3m)-6.64%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-4.27%
Revenue NY rev (3m)-9.91%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 23.15 | ||
| Fwd PE | 15.58 | ||
| P/S | 5.75 | ||
| P/FCF | 9.86 | ||
| P/OCF | 9.86 | ||
| P/B | 0.71 | ||
| P/tB | 0.71 | ||
| EV/EBITDA | 18.45 |
EPS(TTM)1.72
EY4.32%
EPS(NY)2.56
Fwd EY6.42%
FCF(TTM)4.04
FCFY10.14%
OCF(TTM)4.04
OCFY10.14%
SpS6.92
BVpS56.15
TBVpS56.15
PEG (NY)N/A
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.88% | ||
| ROE | 3.24% | ||
| ROCE | 4.56% | ||
| ROIC | 4% | ||
| ROICexc | 4.04% | ||
| ROICexgc | 4.04% | ||
| OM | 59.26% | ||
| PM (TTM) | 26.31% | ||
| GM | 65.66% | ||
| FCFM | 58.31% |
ROA(3y)-0.16%
ROA(5y)2.67%
ROE(3y)-0.35%
ROE(5y)4.46%
ROIC(3y)3.48%
ROIC(5y)3.28%
ROICexc(3y)3.5%
ROICexc(5y)3.3%
ROICexgc(3y)3.5%
ROICexgc(5y)3.3%
ROCE(3y)3.97%
ROCE(5y)3.74%
ROICexcg growth 3Y12.47%
ROICexcg growth 5Y5.79%
ROICexc growth 3Y12.51%
ROICexc growth 5Y5.81%
OM growth 3Y0.86%
OM growth 5Y0.91%
PM growth 3Y-43.93%
PM growth 5Y-29.69%
GM growth 3Y0.15%
GM growth 5Y0.18%
F-Score9
Asset Turnover0.07
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.61 | ||
| Debt/FCF | 9.41 | ||
| Debt/EBITDA | 8.21 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 1.97 | ||
| Cash Conversion | 97.46% | ||
| Profit Quality | 221.64% | ||
| Current Ratio | 0.47 | ||
| Quick Ratio | 0.47 | ||
| Altman-Z | 1.18 |
F-Score9
WACC6.77%
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)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)170.89%
EPS 3Y-40.04%
EPS 5Y-25.44%
EPS Q2Q%-638.51%
EPS Next Y-4.89%
EPS Next 2Y-0.19%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)4.45%
Revenue growth 3Y6.04%
Revenue growth 5Y7.34%
Sales Q2Q%1.53%
Revenue Next Year-6.73%
Revenue Next 2Y-1.29%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y7.72%
EBIT growth 3Y6.95%
EBIT growth 5Y8.32%
EBIT Next Year-0.14%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y5.35%
FCF growth 3Y5.57%
FCF growth 5Y7.19%
OCF growth 1Y5.35%
OCF growth 3Y5.57%
OCF growth 5Y7.19%