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ALLIED PROPERTIES REAL ESTAT (AP-UN.CA) Stock Fundamental Analysis

TSX:AP-UN - Toronto Stock Exchange - CA0194561027 - REIT - Currency: CAD

17.04  +0.1 (+0.59%)

Fundamental Rating

4

AP-UN gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 42 industry peers in the Diversified REITs industry. Both the profitability and financial health of AP-UN have multiple concerns. AP-UN has a decent growth rate and is not valued too expensively. AP-UN also has an excellent dividend rating.


Dividend Valuation Growth Profitability Health

3

1. Profitability

1.1 Basic Checks

In the past year AP-UN has reported negative net income.
AP-UN had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: AP-UN reported negative net income in multiple years.
In the past 5 years AP-UN always reported a positive cash flow from operatings.
AP-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFAP-UN.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 2024 0 200M -200M 400M -400M 600M

1.2 Ratios

The Return On Assets of AP-UN (-3.23%) is comparable to the rest of the industry.
Looking at the Return On Equity, with a value of -6.16%, AP-UN is in line with its industry, outperforming 47.62% of the companies in the same industry.
With a Return On Invested Capital value of 2.24%, AP-UN is not doing good in the industry: 92.86% of the companies in the same industry are doing better.
Measured over the past 3 years, the Average Return On Invested Capital for AP-UN is below the industry average of 5.51%.
The 3 year average ROIC (2.01%) for AP-UN is below the current ROIC(2.24%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA -3.23%
ROE -6.16%
ROIC 2.24%
ROA(3y)-1.38%
ROA(5y)1.09%
ROE(3y)-2.5%
ROE(5y)1.5%
ROIC(3y)2.01%
ROIC(5y)2.01%
AP-UN.CA Yearly ROA, ROE, ROICAP-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 5 -5 10

1.3 Margins

The Operating Margin of AP-UN (47.50%) is worse than 64.29% of its industry peers.
AP-UN's Operating Margin has been stable in the last couple of years.
AP-UN has a Gross Margin of 57.24%. This is comparable to the rest of the industry: AP-UN outperforms 40.48% of its industry peers.
In the last couple of years the Gross Margin of AP-UN has remained more or less at the same level.
Industry RankSector Rank
OM 47.5%
PM (TTM) N/A
GM 57.24%
OM growth 3Y-2.25%
OM growth 5Y-0.19%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.43%
GM growth 5Y1.21%
AP-UN.CA Yearly Profit, Operating, Gross MarginsAP-UN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 100

3

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so AP-UN is destroying value.
The number of shares outstanding for AP-UN remains at a similar level compared to 1 year ago.
AP-UN has more shares outstanding than it did 5 years ago.
The debt/assets ratio for AP-UN is higher compared to a year ago.
AP-UN.CA Yearly Shares OutstandingAP-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M 80M 100M
AP-UN.CA Yearly Total Debt VS Total AssetsAP-UN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B 8B 10B

2.2 Solvency

Based on the Altman-Z score of 0.46, we must say that AP-UN is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 0.46, AP-UN is in line with its industry, outperforming 45.24% of the companies in the same industry.
The Debt to FCF ratio of AP-UN is 30.04, which is on the high side as it means it would take AP-UN, 30.04 years of fcf income to pay off all of its debts.
AP-UN has a worse Debt to FCF ratio (30.04) than 64.29% of its industry peers.
A Debt/Equity ratio of 0.62 indicates that AP-UN is somewhat dependend on debt financing.
The Debt to Equity ratio of AP-UN (0.62) is better than 90.48% of its industry peers.
Industry RankSector Rank
Debt/Equity 0.62
Debt/FCF 30.04
Altman-Z 0.46
ROIC/WACC0.39
WACC5.78%
AP-UN.CA Yearly LT Debt VS Equity VS FCFAP-UN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2B 4B 6B

2.3 Liquidity

A Current Ratio of 0.45 indicates that AP-UN may have some problems paying its short term obligations.
With an excellent Current ratio value of 0.45, AP-UN belongs to the best of the industry, outperforming 83.33% of the companies in the same industry.
AP-UN has a Quick Ratio of 0.45. This is a bad value and indicates that AP-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
With an excellent Quick ratio value of 0.45, AP-UN belongs to the best of the industry, outperforming 83.33% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.45
Quick Ratio 0.45
AP-UN.CA Yearly Current Assets VS Current LiabilitesAP-UN.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

5

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 20.24% over the past year.
The Revenue has been growing slightly by 4.98% in the past year.
Measured over the past years, AP-UN shows a small growth in Revenue. The Revenue has been growing by 1.80% on average per year.
EPS 1Y (TTM)20.24%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%48.4%
Revenue 1Y (TTM)4.98%
Revenue growth 3Y7.78%
Revenue growth 5Y1.8%
Sales Q2Q%2.8%

3.2 Future

Based on estimates for the next years, AP-UN will show a very strong growth in Earnings Per Share. The EPS will grow by 268.27% on average per year.
AP-UN is expected to show quite a strong growth in Revenue. In the coming years, the Revenue will grow by 11.68% yearly.
EPS Next Y1237.5%
EPS Next 2Y268.27%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year2.94%
Revenue Next 2Y11.68%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
AP-UN.CA Yearly Revenue VS EstimatesAP-UN.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M
AP-UN.CA Yearly EPS VS EstimatesAP-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 1 2 3 4 5

5

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for AP-UN. In the last year negative earnings were reported.
With a Price/Forward Earnings ratio of 9.09, the valuation of AP-UN can be described as very reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of AP-UN indicates a rather cheap valuation: AP-UN is cheaper than 85.71% of the companies listed in the same industry.
AP-UN's Price/Forward Earnings ratio indicates a rather cheap valuation when compared to the S&P500 average which is at 23.78.
Industry RankSector Rank
PE N/A
Fwd PE 9.09
AP-UN.CA Price Earnings VS Forward Price EarningsAP-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 200 400 600

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, AP-UN is valued a bit cheaper than the industry average as 64.29% of the companies are valued more expensively.
61.90% of the companies in the same industry are cheaper than AP-UN, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 16.22
EV/EBITDA 23.76
AP-UN.CA Per share dataAP-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

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.
AP-UN's earnings are expected to grow with 268.27% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y268.27%
EPS Next 3YN/A

7

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 7.91%, AP-UN is a good candidate for dividend investing.
AP-UN's Dividend Yield is comparable with the industry average which is at 7.99.
AP-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.30.
Industry RankSector Rank
Dividend Yield 7.91%

5.2 History

On average, the dividend of AP-UN grows each year by 9.51%, which is quite nice.
AP-UN has been paying a dividend for at least 10 years, so it has a reliable track record.
AP-UN has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)9.51%
Div Incr Years12
Div Non Decr Years20
AP-UN.CA Yearly Dividends per shareAP-UN.CA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5 2

5.3 Sustainability

AP-UN has negative earnings and hence a negative payout ratio. The dividend may be in danger.
The dividend of AP-UN is growing, but earnings are growing more, so the dividend growth is sustainable.
DP-85.17%
EPS Next 2Y268.27%
EPS Next 3YN/A
AP-UN.CA Yearly Income VS Free CF VS DividendAP-UN.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 200M -200M 400M -400M 600M

ALLIED PROPERTIES REAL ESTAT

TSX:AP-UN (2/14/2025, 7:00:00 PM)

17.04

+0.1 (+0.59%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-04 2025-02-04/amc
Earnings (Next)04-28 2025-04-28
Inst Owners41.96%
Inst Owner ChangeN/A
Ins Owners1.27%
Ins Owner ChangeN/A
Market Cap2.38B
Analysts76.47
Price Target19.79 (16.14%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 7.91%
Yearly Dividend2.28
Dividend Growth(5Y)9.51%
DP-85.17%
Div Incr Years12
Div Non Decr Years20
Ex-Date01-31 2025-01-31 (0.15)
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)-0.48%
PT rev (3m)-2.43%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-2.15%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-2.19%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 9.09
P/S 4.02
P/FCF 16.22
P/OCF 16.11
P/B 0.43
P/tB 0.43
EV/EBITDA 23.76
EPS(TTM)-2.45
EYN/A
EPS(NY)1.87
Fwd EY11%
FCF(TTM)1.05
FCFY6.17%
OCF(TTM)1.06
OCFY6.21%
SpS4.24
BVpS39.8
TBVpS39.8
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -3.23%
ROE -6.16%
ROCE 3.11%
ROIC 2.24%
ROICexc 2.26%
ROICexgc 2.26%
OM 47.5%
PM (TTM) N/A
GM 57.24%
FCFM 24.81%
ROA(3y)-1.38%
ROA(5y)1.09%
ROE(3y)-2.5%
ROE(5y)1.5%
ROIC(3y)2.01%
ROIC(5y)2.01%
ROICexc(3y)2.03%
ROICexc(5y)2.03%
ROICexgc(3y)2.03%
ROICexgc(5y)2.03%
ROCE(3y)2.79%
ROCE(5y)2.8%
ROICexcg growth 3Y9.34%
ROICexcg growth 5Y-1.13%
ROICexc growth 3Y9.34%
ROICexc growth 5Y-1.13%
OM growth 3Y-2.25%
OM growth 5Y-0.19%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.43%
GM growth 5Y1.21%
F-Score5
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.62
Debt/FCF 30.04
Debt/EBITDA 12.12
Cap/Depr 62.29%
Cap/Sales 0.16%
Interest Coverage 1.57
Cash Conversion 52.29%
Profit Quality N/A
Current Ratio 0.45
Quick Ratio 0.45
Altman-Z 0.46
F-Score5
WACC5.78%
ROIC/WACC0.39
Cap/Depr(3y)83.2%
Cap/Depr(5y)66.36%
Cap/Sales(3y)0.22%
Cap/Sales(5y)0.17%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)20.24%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%48.4%
EPS Next Y1237.5%
EPS Next 2Y268.27%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)4.98%
Revenue growth 3Y7.78%
Revenue growth 5Y1.8%
Sales Q2Q%2.8%
Revenue Next Year2.94%
Revenue Next 2Y11.68%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y2.88%
EBIT growth 3Y5.36%
EBIT growth 5Y1.6%
EBIT Next Year34.66%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-53.96%
FCF growth 3Y-15.19%
FCF growth 5Y-9.67%
OCF growth 1Y-53.93%
OCF growth 3Y-15.05%
OCF growth 5Y-9.58%