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

TSX:AX-PR-I - Toronto Stock Exchange - CA04315L8657 - Currency: CAD

19.82  +0.17 (+0.87%)

Fundamental Rating

2

Taking everything into account, AX-PR-I scores 2 out of 10 in our fundamental rating. AX-PR-I was compared to 38 industry peers in the Diversified REITs industry. The financial health of AX-PR-I is average, but there are quite some concerns on its profitability. AX-PR-I does not seem to be growing, but still is valued expensively.


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.
The reported net income has been mixed in the past 5 years: AX-PR-I reported negative net income in multiple years.
In the past 5 years AX-PR-I always reported a positive cash flow from operatings.
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

The Return On Assets of AX-PR-I (-2.15%) is comparable to the rest of the industry.
Looking at the Return On Equity, with a value of -3.82%, AX-PR-I is in line with its industry, outperforming 44.74% of the companies in the same industry.
With a Return On Invested Capital value of 3.92%, AX-PR-I is not doing good in the industry: 68.42% of the companies in the same industry are doing better.
Measured over the past 3 years, the Average Return On Invested Capital for AX-PR-I is in line with the industry average of 5.03%.
Industry RankSector Rank
ROA -2.15%
ROE -3.82%
ROIC 3.92%
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

Looking at the Operating Margin, with a value of 40.18%, AX-PR-I is doing worse than 71.05% of the companies in the same industry.
In the last couple of years the Operating Margin of AX-PR-I has declined.
AX-PR-I has a worse Gross Margin (54.34%) than 65.79% of its industry peers.
AX-PR-I's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 40.18%
PM (TTM) N/A
GM 54.34%
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

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so AX-PR-I 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.
With a decent Altman-Z score value of 0.75, AX-PR-I is doing good in the industry, outperforming 73.68% of the companies in the same industry.
AX-PR-I has a debt to FCF ratio of 14.20. This is a negative value and a sign of low solvency as AX-PR-I would need 14.20 years to pay back of all of its debts.
AX-PR-I has a Debt to FCF ratio of 14.20. This is in the better half of the industry: AX-PR-I outperforms 65.79% of its industry peers.
A Debt/Equity ratio of 0.40 indicates that AX-PR-I is not too dependend on debt financing.
With an excellent Debt to Equity ratio value of 0.40, AX-PR-I belongs to the best of the industry, outperforming 94.74% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 0.4
Debt/FCF 14.2
Altman-Z 0.75
ROIC/WACC0.59
WACC6.64%
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

AX-PR-I has a Current Ratio of 0.45. This is a bad value and indicates that AX-PR-I is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 0.45, AX-PR-I is in the better half of the industry, outperforming 73.68% of the companies in the same industry.
A Quick Ratio of 0.45 indicates that AX-PR-I may have some problems paying its short term obligations.
AX-PR-I has a Quick ratio of 0.45. This is in the better half of the industry: AX-PR-I outperforms 73.68% of its industry peers.
Industry RankSector Rank
Current Ratio 0.45
Quick Ratio 0.45
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 81.40%, which is quite impressive.
The Revenue for AX-PR-I has decreased by -10.56% in the past year. This is quite bad
Measured over the past years, AX-PR-I shows a very negative growth in Revenue. The Revenue has been decreasing by -10.45% on average per year.
EPS 1Y (TTM)81.4%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%61.86%
Revenue 1Y (TTM)-10.56%
Revenue growth 3Y-10.54%
Revenue growth 5Y-10.45%
Sales Q2Q%-14.89%

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.
Also next year AX-PR-I is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.
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 0 100 -100

4.2 Price Multiples

AX-PR-I's Enterprise Value to EBITDA ratio is in line with the industry average.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of AX-PR-I indicates a slightly more expensive valuation: AX-PR-I is more expensive than 73.68% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 24.6
EV/EBITDA 25.11
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 7.95, AX-PR-I pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.43, 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.
The dividend of AX-PR-I is growing, but earnings are growing more, so the dividend growth is sustainable.
DP-172.93%
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 (5/5/2025, 7:00:00 PM)

19.82

+0.17 (+0.87%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)03-06 2025-03-06/amc
Earnings (Next)05-08 2025-05-08
Inst Owners21.98%
Inst Owner ChangeN/A
Ins Owners0.22%
Ins Owner ChangeN/A
Market Cap1.96B
Analysts42.5
Price Target20.8 (4.94%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 8.45%
Yearly Dividend1
Dividend Growth(5Y)8.07%
DP-172.93%
Div Incr Years2
Div Non Decr Years3
Ex-Date01-31 2025-01-31 (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)-0.15%
PT rev (3m)-11.85%
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 6.53
P/FCF 24.6
P/OCF 24.47
P/B 1.24
P/tB 1.24
EV/EBITDA 25.11
EPS(TTM)-0.58
EYN/A
EPS(NY)-0.13
Fwd EYN/A
FCF(TTM)0.81
FCFY4.07%
OCF(TTM)0.81
OCFY4.09%
SpS3.04
BVpS15.98
TBVpS15.98
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -2.15%
ROE -3.82%
ROCE 5.44%
ROIC 3.92%
ROICexc 3.98%
ROICexgc 3.98%
OM 40.18%
PM (TTM) N/A
GM 54.34%
FCFM 26.54%
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%
ROICexcg growth 3Y-6.15%
ROICexcg 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-Score6
Asset Turnover0.11
Health
Industry RankSector Rank
Debt/Equity 0.4
Debt/FCF 14.2
Debt/EBITDA 5.18
Cap/Depr 34.67%
Cap/Sales 0.14%
Interest Coverage 1.21
Cash Conversion 65.75%
Profit Quality N/A
Current Ratio 0.45
Quick Ratio 0.45
Altman-Z 0.75
F-Score6
WACC6.64%
ROIC/WACC0.59
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)81.4%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%61.86%
EPS Next Y38.1%
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-10.56%
Revenue growth 3Y-10.54%
Revenue growth 5Y-10.45%
Sales Q2Q%-14.89%
Revenue Next Year-10.8%
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-31.41%
EBIT growth 3Y-18.76%
EBIT growth 5Y-16.32%
EBIT Next Year73.49%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y0.18%
FCF growth 3Y-26.68%
FCF growth 5Y-16.66%
OCF growth 1Y0.22%
OCF growth 3Y-26.56%
OCF growth 5Y-16.72%