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ARTIS REAL ESTATE - AXUCN 6.905 PERP (AX-PR-I.CA) Stock Fundamental Analysis

Canada - TSX:AX-PR-I - CA04315L8657

21.1 CAD
0 (0%)
Last: 10/22/2025, 7:00:00 PM
Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to AX-PR-I. AX-PR-I was compared to 35 industry peers in the Diversified REITs industry. While AX-PR-I seems to be doing ok healthwise, there are quite some concerns on its profitability. AX-PR-I has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year AX-PR-I has reported negative net income.
AX-PR-I had a positive operating cash flow in the past year.
In multiple years AX-PR-I reported negative net income over the last 5 years.
Each year in the past 5 years AX-PR-I had a positive operating cash flow.
AX-PR-I.CA Yearly Net Income VS EBIT VS OCF VS FCFAX-PR-I.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

1.2 Ratios

AX-PR-I's Return On Assets of -2.52% is on the low side compared to the rest of the industry. AX-PR-I is outperformed by 74.29% of its industry peers.
Looking at the Return On Equity, with a value of -4.53%, AX-PR-I is doing worse than 62.86% of the companies in the same industry.
AX-PR-I has a worse Return On Invested Capital (1.88%) than 91.43% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for AX-PR-I is in line with the industry average of 5.08%.
Industry RankSector Rank
ROA -2.52%
ROE -4.53%
ROIC 1.88%
ROA(3y)-3.95%
ROA(5y)-0.73%
ROE(3y)-8.29%
ROE(5y)-1.91%
ROIC(3y)4.34%
ROIC(5y)4.41%
AX-PR-I.CA Yearly ROA, ROE, ROICAX-PR-I.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 10 -10 -20

1.3 Margins

AX-PR-I's Operating Margin of 21.59% is on the low side compared to the rest of the industry. AX-PR-I is outperformed by 88.57% of its industry peers.
In the last couple of years the Operating Margin of AX-PR-I has declined.
AX-PR-I has a Gross Margin of 52.10%. This is in the lower half of the industry: AX-PR-I underperforms 71.43% of its industry peers.
In the last couple of years the Gross Margin of AX-PR-I has declined.
Industry RankSector Rank
OM 21.59%
PM (TTM) N/A
GM 52.1%
OM growth 3Y-9.19%
OM growth 5Y-6.55%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.4%
GM growth 5Y-1.76%
AX-PR-I.CA Yearly Profit, Operating, Gross MarginsAX-PR-I.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100

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5

2. Health

2.1 Basic Checks

AX-PR-I 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, AX-PR-I has less shares outstanding
AX-PR-I has less shares outstanding than it did 5 years ago.
The debt/assets ratio for AX-PR-I has been reduced compared to a year ago.
AX-PR-I.CA Yearly Shares OutstandingAX-PR-I.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 50M 100M 150M
AX-PR-I.CA Yearly Total Debt VS Total AssetsAX-PR-I.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B 4B 5B

2.2 Solvency

AX-PR-I has an Altman-Z score of 0.75. This is a bad value and indicates that AX-PR-I is not financially healthy and even has some risk of bankruptcy.
AX-PR-I has a better Altman-Z score (0.75) than 74.29% of its industry peers.
AX-PR-I has a debt to FCF ratio of 13.54. This is a negative value and a sign of low solvency as AX-PR-I would need 13.54 years to pay back of all of its debts.
The Debt to FCF ratio of AX-PR-I (13.54) is better than 65.71% of its industry peers.
A Debt/Equity ratio of 0.45 indicates that AX-PR-I is not too dependend on debt financing.
With an excellent Debt to Equity ratio value of 0.45, AX-PR-I belongs to the best of the industry, outperforming 94.29% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.45
Debt/FCF 13.54
Altman-Z 0.75
ROIC/WACC0.29
WACC6.53%
AX-PR-I.CA Yearly LT Debt VS Equity VS FCFAX-PR-I.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B 2.5B

2.3 Liquidity

A Current Ratio of 0.56 indicates that AX-PR-I may have some problems paying its short term obligations.
AX-PR-I has a better Current ratio (0.56) than 77.14% of its industry peers.
A Quick Ratio of 0.56 indicates that AX-PR-I may have some problems paying its short term obligations.
AX-PR-I's Quick ratio of 0.56 is fine compared to the rest of the industry. AX-PR-I outperforms 80.00% of its industry peers.
Industry RankSector Rank
Current Ratio 0.56
Quick Ratio 0.56
AX-PR-I.CA Yearly Current Assets VS Current LiabilitesAX-PR-I.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

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0

3. Growth

3.1 Past

AX-PR-I shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 71.00%, which is quite impressive.
Looking at the last year, AX-PR-I shows a very negative growth in Revenue. The Revenue has decreased by -21.40% in the last year.
AX-PR-I shows a very negative growth in Revenue. Measured over the last years, the Revenue has been decreasing by -10.45% yearly.
EPS 1Y (TTM)71%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-1034.73%
Revenue 1Y (TTM)-21.4%
Revenue growth 3Y-10.54%
Revenue growth 5Y-10.45%
Sales Q2Q%-30.27%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
EPS Next Y38.1%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year-10.8%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.
No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.
AX-PR-I.CA Yearly Revenue VS EstimatesAX-PR-I.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 100M 200M 300M 400M 500M
AX-PR-I.CA Yearly EPS VS EstimatesAX-PR-I.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0 1 -1 2 -2

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0

4. Valuation

4.1 Price/Earnings Ratio

AX-PR-I reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for AX-PR-I. No positive earnings are expected for the next year.
Industry RankSector Rank
PE N/A
Fwd PE N/A
AX-PR-I.CA Price Earnings VS Forward Price EarningsAX-PR-I.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 -50 -100 -150

4.2 Price Multiples

Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of AX-PR-I is on the same level as its industry peers.
Based on the Price/Free Cash Flow ratio, AX-PR-I is valued a bit more expensive than 71.43% of the companies in the same industry.
Industry RankSector Rank
P/FCF 25.48
EV/EBITDA 54.41
AX-PR-I.CA Per share dataAX-PR-I.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10 15

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2YN/A
EPS Next 3YN/A

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6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 8.45%, AX-PR-I is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 7.89, AX-PR-I pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.32, AX-PR-I pays a better dividend.
Industry RankSector Rank
Dividend Yield 8.45%

5.2 History

The dividend of AX-PR-I is nicely growing with an annual growth rate of 8.07%!
AX-PR-I has been paying a dividend for over 5 years, so it has already some track record.
AX-PR-I has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)8.07%
Div Incr Years2
Div Non Decr Years3
AX-PR-I.CA Yearly Dividends per shareAX-PR-I.CA Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

AX-PR-I has negative earnings and hence a negative payout ratio. The dividend may be in danger.
AX-PR-I's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP-144.93%
EPS Next 2YN/A
EPS Next 3YN/A
AX-PR-I.CA Yearly Income VS Free CF VS DividendAX-PR-I.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

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ARTIS REAL ESTATE - AXUCN 6.905 PERP

TSX:AX-PR-I (10/22/2025, 7:00:00 PM)

21.1

0 (0%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)08-07 2025-08-07
Earnings (Next)10-30 2025-10-30
Inst Owners19.47%
Inst Owner ChangeN/A
Ins Owners0.23%
Ins Owner ChangeN/A
Market Cap2.03B
Revenue(TTM)256.60M
Net Income(TTM)-65929000
Analysts40
Price Target25.93 (22.89%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 8.45%
Yearly Dividend1
Dividend Growth(5Y)8.07%
DP-144.93%
Div Incr Years2
Div Non Decr Years3
Ex-Date07-31 2025-07-31 (0.4370625)
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)15.57%
PT rev (3m)21.32%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE N/A
P/S 7.91
P/FCF 25.48
P/OCF 25.48
P/B 1.39
P/tB 1.39
EV/EBITDA 54.41
EPS(TTM)-0.65
EYN/A
EPS(NY)-0.13
Fwd EYN/A
FCF(TTM)0.83
FCFY3.92%
OCF(TTM)0.83
OCFY3.92%
SpS2.67
BVpS15.13
TBVpS15.13
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -2.52%
ROE -4.53%
ROCE 2.62%
ROIC 1.88%
ROICexc 1.9%
ROICexgc 1.9%
OM 21.59%
PM (TTM) N/A
GM 52.1%
FCFM 31.05%
ROA(3y)-3.95%
ROA(5y)-0.73%
ROE(3y)-8.29%
ROE(5y)-1.91%
ROIC(3y)4.34%
ROIC(5y)4.41%
ROICexc(3y)4.39%
ROICexc(5y)4.53%
ROICexgc(3y)4.39%
ROICexgc(5y)4.53%
ROCE(3y)6.02%
ROCE(5y)6.13%
ROICexgc growth 3Y-6.15%
ROICexgc growth 5Y-3.03%
ROICexc growth 3Y-6.15%
ROICexc growth 5Y-3.03%
OM growth 3Y-9.19%
OM growth 5Y-6.55%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-1.4%
GM growth 5Y-1.76%
F-Score5
Asset Turnover0.1
Health
Industry RankSector Rank
Debt/Equity 0.45
Debt/FCF 13.54
Debt/EBITDA 11.53
Cap/Depr 0%
Cap/Sales 0%
Interest Coverage 0.77
Cash Conversion 140.19%
Profit Quality N/A
Current Ratio 0.56
Quick Ratio 0.56
Altman-Z 0.75
F-Score5
WACC6.53%
ROIC/WACC0.29
Cap/Depr(3y)22.34%
Cap/Depr(5y)13.48%
Cap/Sales(3y)0.09%
Cap/Sales(5y)0.05%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)71%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-1034.73%
EPS Next Y38.1%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-21.4%
Revenue growth 3Y-10.54%
Revenue growth 5Y-10.45%
Sales Q2Q%-30.27%
Revenue Next Year-10.8%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-67.58%
EBIT growth 3Y-18.76%
EBIT growth 5Y-16.32%
EBIT Next Year73.49%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-15.59%
FCF growth 3Y-26.68%
FCF growth 5Y-16.66%
OCF growth 1Y-15.93%
OCF growth 3Y-26.56%
OCF growth 5Y-16.72%