AX-UN Fundamental Analysis - ARTIS REAL ESTATE INVESTMENT

Fundamental Rating

We assign a fundamental rating of 3 out of 10 to AX-UN. AX-UN was compared to 38 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 does not seem to be growing, but still is valued expensively.

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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.

In the past 5 years AX-UN always reported a positive cash flow from operatings.

1.2 Ratios

AX-UN has a Return On Assets of -2.52%. This is in the lower half of the industry: AX-UN underperforms 65.79% of its industry peers.

AX-UN has a Return On Equity (-4.53%) which is comparable to the rest of the industry.

AX-UN's Return On Invested Capital of 1.88% is on the low side compared to the rest of the industry. AX-UN is outperformed by 86.84% of its industry peers.

The Average Return On Invested Capital over the past 3 years for AX-UN is in line with the industry average of 5.45%.

		Industry Rank	Sector 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%

1.3 Margins

AX-UN has a worse Operating Margin (21.59%) than 81.58% of its industry peers.

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

AX-UN has a Gross Margin of 52.10%. This is in the lower half of the industry: AX-UN underperforms 63.16% of its industry peers.

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

		Industry Rank	Sector 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%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

AX-UN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.

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

Compared to 5 years ago, AX-UN has less shares outstanding

AX-UN has a better debt/assets ratio than last year.

2.2 Solvency

Based on the Altman-Z score of 0.00, we must say that AX-UN is in the distress zone and has some risk of bankruptcy.

The Altman-Z score of AX-UN (0.00) is worse than 78.95% of its industry peers.

The Debt to FCF ratio of AX-UN is 13.54, which is on the high side as it means it would take AX-UN, 13.54 years of fcf income to pay off all of its debts.

With a decent Debt to FCF ratio value of 13.54, AX-UN is doing good in the industry, outperforming 73.68% of the companies in the same industry.

A Debt/Equity ratio of 0.45 indicates that AX-UN is not too dependend on debt financing.

AX-UN has a Debt to Equity ratio of 0.45. This is amongst the best in the industry. AX-UN outperforms 100.00% of its industry peers.

		Industry Rank	Sector Rank
Debt/Equity	0.45
Debt/FCF	13.54
Altman-Z	0

ROIC/WACC0.28

WACC6.71%

2.3 Liquidity

AX-UN has a Current Ratio of 0.56. 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 0.56, AX-UN belongs to the best of the industry, outperforming 81.58% of the companies in the same industry.

AX-UN has a Quick Ratio of 0.56. 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 Quick ratio value of 0.56, AX-UN belongs to the best of the industry, outperforming 84.21% of the companies in the same industry.

		Industry Rank	Sector Rank
Current Ratio	0.56
Quick Ratio	0.56

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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

The Earnings Per Share has grown by an impressive 71.00% over the past year.

The Revenue for AX-UN has decreased by -21.40% in the past year. This is quite bad

AX-UN 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.

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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.

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

AX-UN's Enterprise Value to EBITDA ratio is a bit cheaper when compared to the industry. AX-UN is cheaper than 60.53% of the companies in the same industry.

AX-UN's Price/Free Cash Flow ratio is a bit cheaper when compared to the industry. AX-UN is cheaper than 76.32% of the companies in the same industry.

		Industry Rank	Sector Rank
P/FCF	7.27
EV/EBITDA	28.85

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.

The stock price of AX-UN dropped by -22.12% in the last 3 months. With lower prices the dividend yield is higher, but it may be a sign investors do not trust the long term dividend.

AX-UN's Dividend Yield is a higher than the industry average which is at 7.95.

AX-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.38.

		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 been paying a dividend for at least 10 years, so it has 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-144.93%

EPS Next 2YN/A

EPS Next 3YN/A

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ARTIS REAL ESTATE INVESTMENT

TSX:AX-UN (10/17/2025, 7:00:00 PM)

6.02

+0.02 (+0.33%)

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 Cap579.24M

Analysts40

Price Target7.4 (22.92%)

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector Rank
Dividend Yield	8.45%

Yearly Dividend1

Dividend Growth(5Y)8.07%

DP-144.93%

Div Incr Years1

Div Non Decr Years1

Ex-Date09-29 2025-09-29 (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)0%

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	2.26
P/FCF	7.27
P/OCF	7.27
P/B	0.4
P/tB	0.4
EV/EBITDA	28.85

EPS(TTM)-0.65

EYN/A

EPS(NY)-0.13

Fwd EYN/A

FCF(TTM)0.83

FCFY13.76%

OCF(TTM)0.83

OCFY13.76%

SpS2.67

BVpS15.13

TBVpS15.13

PEG (NY)N/A

PEG (5Y)N/A

Profitability

		Industry Rank	Sector 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%

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-Score5

Asset Turnover0.1

Health

		Industry Rank	Sector 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

F-Score5

WACC6.71%

ROIC/WACC0.28

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%

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

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