AX-UN Fundamental Analysis - ARTIS REAL ESTATE INVESTMENT

Fundamental Rating

Taking everything into account, AX-UN scores 3 out of 10 in our fundamental rating. AX-UN was compared to 37 industry peers in the Diversified REITs industry. The financial health of AX-UN is average, but 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.
In multiple years AX-UN reported negative net income over the last 5 years.
In the past 5 years AX-UN always reported a positive cash flow from operatings.

1.2 Ratios

With a Return On Assets value of -3.37%, AX-UN is not doing good in the industry: 64.86% of the companies in the same industry are doing better.
AX-UN has a Return On Equity of -6.21%. This is in the lower half of the industry: AX-UN underperforms 62.16% of its industry peers.
AX-UN's Return On Invested Capital of 0.28% is on the low side compared to the rest of the industry. AX-UN is outperformed by 91.89% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for AX-UN is in line with the industry average of 5.57%.
The 3 year average ROIC (4.34%) for AX-UN is well above the current ROIC(0.28%). The reason for the recent decline needs to be investigated.

		Industry Rank	Sector Rank
ROA	-3.37%
ROE	-6.21%
ROIC	0.28%

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 worse Operating Margin (3.20%) than 91.89% of its industry peers.
In the last couple of years the Operating Margin of AX-UN has declined.
Looking at the Gross Margin, with a value of 51.93%, AX-UN is doing worse than 67.57% of the companies in the same industry.
AX-UN's Gross Margin has declined in the last couple of years.

		Industry Rank	Sector Rank
OM	3.2%
PM (TTM)	N/A
GM	51.93%

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.
Compared to 1 year ago, AX-UN has less shares outstanding
AX-UN has less shares outstanding than it did 5 years ago.
The debt/assets ratio for AX-UN has been reduced compared to a year ago.

2.2 Solvency

Based on the Altman-Z score of 0.08, we must say that AX-UN is in the distress zone and has some risk of bankruptcy.
Looking at the Altman-Z score, with a value of 0.08, AX-UN is doing worse than 72.97% of the companies in the same industry.
The Debt to FCF ratio of AX-UN is 14.16, which is on the high side as it means it would take AX-UN, 14.16 years of fcf income to pay off all of its debts.
AX-UN's Debt to FCF ratio of 14.16 is fine compared to the rest of the industry. AX-UN outperforms 72.97% of its industry peers.
AX-UN has a Debt/Equity ratio of 0.47. This is a healthy value indicating a solid balance between debt and equity.
AX-UN has a better Debt to Equity ratio (0.47) than 100.00% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.47
Debt/FCF	14.16
Altman-Z	0.08

ROIC/WACC0.04

WACC6.58%

2.3 Liquidity

AX-UN has a Current Ratio of 0.75. 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 an excellent Current ratio value of 0.75, AX-UN belongs to the best of the industry, outperforming 86.49% of the companies in the same industry.
A Quick Ratio of 0.75 indicates that AX-UN may have some problems paying its short term obligations.
AX-UN's Quick ratio of 0.75 is amongst the best of the industry. AX-UN outperforms 86.49% of its industry peers.

		Industry Rank	Sector Rank
Current Ratio	0.75
Quick Ratio	0.75

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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 19.29%, which is quite good.
Looking at the last year, AX-UN shows a very negative growth in Revenue. The Revenue has decreased by -20.06% in the last year.
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)19.29%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-166.48%

Revenue 1Y (TTM)-20.06%

Revenue growth 3Y-10.54%

Revenue growth 5Y-10.45%

Sales Q2Q%-10.33%

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

AX-UN reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
Also next year AX-UN is expected to report negative earnings again, which makes the also the Forward Price/Earnings Ratio negative.

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

4.2 Price Multiples

The rest of the industry has a similar Enterprise Value to EBITDA ratio as AX-UN.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of AX-UN is on the same level as its industry peers.

		Industry Rank	Sector Rank
P/FCF	10.9
EV/EBITDA	202.52

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

With a Yearly Dividend Yield of 8.45%, AX-UN is a good candidate for dividend investing.
AX-UN's Dividend Yield is a higher than the industry average which is at 7.04.
AX-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 1.92.

		Industry Rank	Sector Rank
Dividend Yield	8.45%

5.2 History

On average, the dividend of AX-UN grows each year by 8.07%, which is quite nice.
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-107.39%

EPS Next 2YN/A

EPS Next 3YN/A

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ARTIS REAL ESTATE INVESTMENT

TSX:AX-UN (1/15/2026, 7:00:00 PM)

8.87

+0.17 (+1.95%)

Chartmill FA Rating

GICS SectorReal Estate

GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)

GICS IndustryDiversified REITs

Earnings (Last)11-14 2025-11-14

Earnings (Next)03-04 2026-03-04

Inst Owners21.97%

Inst Owner ChangeN/A

Ins Owners0.24%

Ins Owner ChangeN/A

Market Cap851.25M

Revenue(TTM)249.75M

Net Income(TTM)-87.80M

Analysts37.14

Price Target7.65 (-13.75%)

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector Rank
Dividend Yield	8.45%

Yearly Dividend1

Dividend Growth(5Y)8.07%

DP-107.39%

Div Incr Years1

Div Non Decr Years1

Ex-DateN/A

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)3.45%

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	3.41
P/FCF	10.9
P/OCF	10.9
P/B	0.6
P/tB	0.6
EV/EBITDA	202.52

EPS(TTM)-0.89

EYN/A

EPS(NY)-0.13

Fwd EYN/A

FCF(TTM)0.81

FCFY9.17%

OCF(TTM)0.81

OCFY9.17%

SpS2.6

BVpS14.72

TBVpS14.72

PEG (NY)N/A

PEG (5Y)N/A

Graham NumberN/A

Profitability

		Industry Rank	Sector Rank
ROA	-3.37%
ROE	-6.21%
ROCE	0.38%
ROIC	0.28%
ROICexc	0.28%
ROICexgc	0.28%
OM	3.2%
PM (TTM)	N/A
GM	51.93%
FCFM	31.27%

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 Rank	Sector Rank
Debt/Equity	0.47
Debt/FCF	14.16
Debt/EBITDA	69.38
Cap/Depr	0%
Cap/Sales	0%
Interest Coverage	0.12
Cash Conversion	819.32%
Profit Quality	N/A
Current Ratio	0.75
Quick Ratio	0.75
Altman-Z	0.08

F-Score5

WACC6.58%

ROIC/WACC0.04

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)19.29%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-166.48%

EPS Next Y38.1%

EPS Next 2YN/A

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)-20.06%

Revenue growth 3Y-10.54%

Revenue growth 5Y-10.45%

Sales Q2Q%-10.33%

Revenue Next Year-10.8%

Revenue Next 2YN/A

Revenue Next 3YN/A

Revenue Next 5YN/A

EBIT growth 1Y-94.99%

EBIT growth 3Y-18.76%

EBIT growth 5Y-16.32%

EBIT Next Year73.49%

EBIT Next 3YN/A

EBIT Next 5YN/A

FCF growth 1Y18.59%

FCF growth 3Y-26.68%

FCF growth 5Y-16.66%

OCF growth 1Y17.92%

OCF growth 3Y-26.56%

OCF growth 5Y-16.72%

ARTIS REAL ESTATE INVESTMENT / AX-UN.CA FAQ

Can you provide the ChartMill fundamental rating for ARTIS REAL ESTATE INVESTMENT?

ChartMill assigns a fundamental rating of 3 / 10 to AX-UN.CA.

What is the valuation status for AX-UN stock?

ChartMill assigns a valuation rating of 1 / 10 to ARTIS REAL ESTATE INVESTMENT (AX-UN.CA). This can be considered as Overvalued.

Can you provide the profitability details for ARTIS REAL ESTATE INVESTMENT?

ARTIS REAL ESTATE INVESTMENT (AX-UN.CA) has a profitability rating of 2 / 10.

Can you provide the dividend sustainability for AX-UN stock?

The dividend rating of ARTIS REAL ESTATE INVESTMENT (AX-UN.CA) is 6 / 10 and the dividend payout ratio is -107.39%.

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

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5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

More info and screens

ARTIS REAL ESTATE INVESTMENT / AX-UN.CA FAQ

Can you provide the ChartMill fundamental rating for ARTIS REAL ESTATE INVESTMENT?

What is the valuation status for AX-UN stock?

Can you provide the profitability details for ARTIS REAL ESTATE INVESTMENT?

Can you provide the dividend sustainability for AX-UN stock?