AX-UN Fundamental Analysis - ARTIS REAL ESTATE INVESTMENT

Fundamental Rating

We assign a fundamental rating of 2 out of 10 to AX-UN. AX-UN was compared to 38 industry peers in the Diversified REITs industry. While AX-UN seems to be doing ok healthwise, there are quite some concerns on its profitability. AX-UN has a expensive valuation and it also scores bad on growth.

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1. Profitability

1.1 Basic Checks

AX-UN had negative earnings in the past year.

AX-UN had a positive operating cash flow in the past year.

The reported net income has been mixed in the past 5 years: AX-UN reported negative net income in multiple years.

Each year in the past 5 years AX-UN had a positive operating cash flow.

1.2 Ratios

The Return On Assets of AX-UN (-1.54%) is comparable to the rest of the industry.

With a Return On Equity value of -2.68%, AX-UN perfoms like the industry average, outperforming 52.63% of the companies in the same industry.

With a Return On Invested Capital value of 3.02%, AX-UN is not doing good in the industry: 81.58% of the companies in the same industry are doing better.

Measured over the past 3 years, the Average Return On Invested Capital for AX-UN is in line with the industry average of 5.66%.

		Industry Rank	Sector Rank
ROA	-1.54%
ROE	-2.68%
ROIC	3.02%

ROA(3y)-3.95%

ROA(5y)-0.73%

ROE(3y)-8.29%

ROE(5y)-1.91%

ROIC(3y)4.34%

ROIC(5y)4.41%

1.3 Margins

AX-UN has a Operating Margin of 35.15%. This is in the lower half of the industry: AX-UN underperforms 78.95% of its industry peers.

AX-UN's Operating Margin has declined in the last couple of years.

AX-UN has a worse Gross Margin (53.44%) than 65.79% of its industry peers.

In the last couple of years the Gross Margin of AX-UN has declined.

		Industry Rank	Sector Rank
OM	35.15%
PM (TTM)	N/A
GM	53.44%

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%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so AX-UN is destroying value.

The number of shares outstanding for AX-UN has been reduced compared to 1 year ago.

The number of shares outstanding for AX-UN has been reduced compared to 5 years ago.

Compared to 1 year ago, AX-UN has an improved debt to assets ratio.

2.2 Solvency

Based on the Altman-Z score of 0.15, we must say that AX-UN is in the distress zone and has some risk of bankruptcy.

AX-UN has a Altman-Z score of 0.15. This is in the lower half of the industry: AX-UN underperforms 76.32% of its industry peers.

The Debt to FCF ratio of AX-UN is 13.90, which is on the high side as it means it would take AX-UN, 13.90 years of fcf income to pay off all of its debts.

The Debt to FCF ratio of AX-UN (13.90) is better than 73.68% of its industry peers.

AX-UN has a Debt/Equity ratio of 0.51. This is a neutral value indicating AX-UN is somewhat dependend on debt financing.

AX-UN has a better Debt to Equity ratio (0.51) than 100.00% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.51
Debt/FCF	13.9
Altman-Z	0.15

ROIC/WACC0.44

WACC6.83%

2.3 Liquidity

A Current Ratio of 0.44 indicates that AX-UN may have some problems paying its short term obligations.

With a decent Current ratio value of 0.44, AX-UN is doing good in the industry, outperforming 76.32% of the companies in the same industry.

AX-UN has a Quick Ratio of 0.44. This is a bad value and indicates that AX-UN is not financially healthy enough and could expect problems in meeting its short term obligations.

With a decent Quick ratio value of 0.44, AX-UN is doing good in the industry, outperforming 78.95% of the companies in the same industry.

		Industry Rank	Sector Rank
Current Ratio	0.44
Quick Ratio	0.44

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

AX-UN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 86.55%, which is quite impressive.

AX-UN shows a very negative growth in Revenue. In the last year, the Revenue has decreased by -13.42%.

Measured over the past years, AX-UN shows a very negative growth in Revenue. The Revenue has been decreasing by -10.45% on average per year.

EPS 1Y (TTM)86.55%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%185.54%

Revenue 1Y (TTM)-13.42%

Revenue growth 3Y-10.54%

Revenue growth 5Y-10.45%

Sales Q2Q%-22.53%

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.

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4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for AX-UN. In the last year negative earnings were reported.

Besides the negative Price/Earnings Ratio, also the Forward Price/Earnings Ratio is negative for AX-UN. No positive earnings are expected for the next year.

		Industry Rank	Sector Rank
PE	N/A
Fwd PE	N/A

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, AX-UN is valued a bit cheaper than the industry average as 78.95% of the companies are valued more expensively.

Based on the Price/Free Cash Flow ratio, AX-UN is valued a bit cheaper than the industry average as 60.53% of the companies are valued more expensively.

		Industry Rank	Sector Rank
P/FCF	9.79
EV/EBITDA	15.83

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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5. Dividend

5.1 Amount

AX-UN has a Yearly Dividend Yield of 8.45%, which is a nice return.

Compared to an average industry Dividend Yield of 7.95, AX-UN pays a bit more dividend than its industry peers.

AX-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.34.

		Industry Rank	Sector Rank
Dividend Yield	8.45%

5.2 History

The dividend of AX-UN is nicely growing with an annual growth rate of 8.07%!

AX-UN has paid a dividend for at least 10 years, which is a reliable track record.

AX-UN has decreased its dividend recently.

Dividend Growth(5Y)8.07%

Div Incr Years1

Div Non Decr Years1

5.3 Sustainability

AX-UN has negative earnings and hence a negative payout ratio. The dividend may be in danger.

AX-UN's earnings are growing more than its dividend. This makes the dividend growth sustainable.

DP-246.48%

EPS Next 2YN/A

EPS Next 3YN/A

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ARTIS REAL ESTATE INVESTMENT

TSX:AX-UN (7/17/2025, 7:00:00 PM)

7.73

+0.04 (+0.52%)

Chartmill FA Rating

GICS SectorReal Estate

GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)

GICS IndustryDiversified REITs

Earnings (Last)05-08 2025-05-08

Earnings (Next)08-07 2025-08-07

Inst Owners20.32%

Inst Owner ChangeN/A

Ins Owners0.22%

Ins Owner ChangeN/A

Market Cap750.97M

Analysts42.5

Price Target7.4 (-4.27%)

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector Rank
Dividend Yield	8.45%

Yearly Dividend1

Dividend Growth(5Y)8.07%

DP-246.48%

Div Incr Years1

Div Non Decr Years1

Ex-Date06-30 2025-06-30 (0.05)

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)-3.33%

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 Rank	Sector Rank
PE	N/A
Fwd PE	N/A
P/S	2.66
P/FCF	9.79
P/OCF	9.75
P/B	0.48
P/tB	0.48
EV/EBITDA	15.83

EPS(TTM)-0.4

EYN/A

EPS(NY)-0.13

Fwd EYN/A

FCF(TTM)0.79

FCFY10.21%

OCF(TTM)0.79

OCFY10.26%

SpS2.91

BVpS16.04

TBVpS16.04

PEG (NY)N/A

PEG (5Y)N/A

Profitability

		Industry Rank	Sector Rank
ROA	-1.54%
ROE	-2.68%
ROCE	4.58%
ROIC	3.02%
ROICexc	3.05%
ROICexgc	3.05%
OM	35.15%
PM (TTM)	N/A
GM	53.44%
FCFM	27.18%

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 Turnover0.1

Health

		Industry Rank	Sector Rank
Debt/Equity	0.51
Debt/FCF	13.9
Debt/EBITDA	7.98
Cap/Depr	24.71%
Cap/Sales	0.11%
Interest Coverage	1.17
Cash Conversion	76.63%
Profit Quality	N/A
Current Ratio	0.44
Quick Ratio	0.44
Altman-Z	0.15

F-Score6

WACC6.83%

ROIC/WACC0.44

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)86.55%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%185.54%

EPS Next Y38.1%

EPS Next 2YN/A

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)-13.42%

Revenue growth 3Y-10.54%

Revenue growth 5Y-10.45%

Sales Q2Q%-22.53%

Revenue Next Year-10.8%

Revenue Next 2YN/A

Revenue Next 3YN/A

Revenue Next 5YN/A

EBIT growth 1Y-41.86%

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-36.16%

FCF growth 3Y-26.68%

FCF growth 5Y-16.66%

OCF growth 1Y-35.89%

OCF growth 3Y-26.56%

OCF growth 5Y-16.72%

ARTIS REAL ESTATE INVESTMENT (AX-UN.CA) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

More info and screens