BOARDWALK REAL ESTATE INVEST (BEI-UN.CA) Stock Fundamental Analysis
TSX:BEI-UN - CA0966311064 - REIT
72.09 CAD
+0.64 (+0.9%)
Overall BEI-UN gets a fundamental rating of 5 out of 10. We evaluated BEI-UN against 17 industry peers in the Residential REITs industry. While BEI-UN has a great profitability rating, there are quite some concerns on its financial health. BEI-UN has a correct valuation and a medium growth rate.
1. Profitability
1.1 Basic Checks
In the past year BEI-UN was profitable.
In the past year BEI-UN had a positive cash flow from operations.
BEI-UN had positive earnings in 4 of the past 5 years.
BEI-UN had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
BEI-UN has a Return On Assets of 3.78%. This is amongst the best in the industry. BEI-UN outperforms 82.35% of its industry peers.
BEI-UN has a better Return On Equity (6.64%) than 82.35% of its industry peers.
Looking at the Return On Invested Capital, with a value of 3.23%, BEI-UN is in the better half of the industry, outperforming 76.47% of the companies in the same industry.
BEI-UN had an Average Return On Invested Capital over the past 3 years of 2.86%. This is in line with the industry average of 2.80%.
The last Return On Invested Capital (3.23%) for BEI-UN is above the 3 year average (2.86%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.78% | ||
| ROE | 6.64% | ||
| ROIC | 3.23% |
ROA(3y)6.34%
ROA(5y)4.5%
ROE(3y)11.92%
ROE(5y)8.52%
ROIC(3y)2.86%
ROIC(5y)2.84%
1.3 Margins
With an excellent Profit Margin value of 53.28%, BEI-UN belongs to the best of the industry, outperforming 82.35% of the companies in the same industry.
BEI-UN's Profit Margin has improved in the last couple of years.
With a Operating Margin value of 54.66%, BEI-UN perfoms like the industry average, outperforming 58.82% of the companies in the same industry.
BEI-UN's Operating Margin has improved in the last couple of years.
BEI-UN's Gross Margin of 73.22% is amongst the best of the industry. BEI-UN outperforms 88.24% of its industry peers.
BEI-UN's Gross Margin has improved in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 54.66% | ||
| PM (TTM) | 53.28% | ||
| GM | 73.22% |
OM growth 3Y3.04%
OM growth 5Y3.17%
PM growth 3Y0.93%
PM growth 5Y66.4%
GM growth 3Y1.76%
GM growth 5Y1.52%
2. Health
2.1 Basic Checks
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), BEI-UN is destroying value.
The number of shares outstanding for BEI-UN remains at a similar level compared to 1 year ago.
Compared to 5 years ago, BEI-UN has more shares outstanding
Compared to 1 year ago, BEI-UN has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 1.36, we must say that BEI-UN is in the distress zone and has some risk of bankruptcy.
With an excellent Altman-Z score value of 1.36, BEI-UN belongs to the best of the industry, outperforming 94.12% of the companies in the same industry.
The Debt to FCF ratio of BEI-UN is 14.46, which is on the high side as it means it would take BEI-UN, 14.46 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 14.46, BEI-UN is in line with its industry, outperforming 47.06% of the companies in the same industry.
BEI-UN has a Debt/Equity ratio of 0.52. This is a neutral value indicating BEI-UN is somewhat dependend on debt financing.
The Debt to Equity ratio of BEI-UN (0.52) is better than 88.24% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.52 | ||
| Debt/FCF | 14.46 | ||
| Altman-Z | 1.36 |
ROIC/WACC0.57
WACC5.66%
2.3 Liquidity
BEI-UN has a Current Ratio of 0.22. This is a bad value and indicates that BEI-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
BEI-UN has a Current ratio of 0.22. This is in the lower half of the industry: BEI-UN underperforms 64.71% of its industry peers.
BEI-UN has a Quick Ratio of 0.22. This is a bad value and indicates that BEI-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
BEI-UN has a worse Quick ratio (0.21) than 64.71% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.22 | ||
| Quick Ratio | 0.21 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an nice 11.48% over the past year.
The Earnings Per Share has been growing by 70.76% on average over the past years. This is a very strong growth
BEI-UN shows quite a strong growth in Revenue. In the last year, the Revenue has grown by 8.12%.
The Revenue has been growing slightly by 5.79% on average over the past years.
EPS 1Y (TTM)11.48%
EPS 3Y4.33%
EPS 5Y70.76%
EPS Q2Q%9.91%
Revenue 1Y (TTM)8.12%
Revenue growth 3Y8.64%
Revenue growth 5Y5.79%
Sales Q2Q%3.77%
3.2 Future
The Earnings Per Share is expected to grow by 4.16% on average over the next years.
BEI-UN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 4.55% yearly.
EPS Next Y61.46%
EPS Next 2Y4.05%
EPS Next 3Y4.16%
EPS Next 5YN/A
Revenue Next Year3.61%
Revenue Next 2Y4.14%
Revenue Next 3Y4.55%
Revenue Next 5YN/A
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 16.31, BEI-UN is valued correctly.
Based on the Price/Earnings ratio, BEI-UN is valued a bit cheaper than the industry average as 64.71% of the companies are valued more expensively.
BEI-UN's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.06.
With a Price/Forward Earnings ratio of 15.65, BEI-UN is valued correctly.
BEI-UN's Price/Forward Earnings is on the same level as the industry average.
The average S&P500 Price/Forward Earnings ratio is at 22.69. BEI-UN is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.31 | ||
| Fwd PE | 15.65 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BEI-UN is valued cheaply inside the industry as 94.12% of the companies are valued more expensively.
70.59% of the companies in the same industry are cheaper than BEI-UN, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 15.57 | ||
| EV/EBITDA | 19.51 |
4.3 Compensation for Growth
BEI-UN's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The excellent profitability rating of BEI-UN may justify a higher PE ratio.
PEG (NY)0.27
PEG (5Y)0.23
EPS Next 2Y4.05%
EPS Next 3Y4.16%
5. Dividend
5.1 Amount
BEI-UN has a Yearly Dividend Yield of 1.87%. Purely for dividend investing, there may be better candidates out there.
Compared to an average industry Dividend Yield of 4.47, BEI-UN's dividend is way lower than its industry peers. On top of this 82.35% of the companies listed in the same industry pay a better dividend than BEI-UN!
Compared to the average S&P500 Dividend Yield of 2.41, BEI-UN is paying slightly less dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.87% |
5.2 History
On average, the dividend of BEI-UN grows each year by 6.64%, which is quite nice.
BEI-UN has paid a dividend for at least 10 years, which is a reliable track record.
BEI-UN has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)6.64%
Div Incr Years3
Div Non Decr Years3
5.3 Sustainability
BEI-UN pays out 22.05% of its income as dividend. This is a sustainable payout ratio.
BEI-UN's earnings are growing slower than its dividend. This means the dividend growth is not sustainable.
DP22.05%
EPS Next 2Y4.05%
EPS Next 3Y4.16%
TSX:BEI-UN (9/5/2025, 7:00:00 PM)
72.09
+0.64 (+0.9%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryResidential REITs
Earnings (Last)
Earnings (Next)
Inst Owners36.79%
Inst Owner ChangeN/A
Ins Owners0.15%
Ins Owner ChangeN/A
Market Cap3.54B
Analysts77.14
Price Target85.99 (19.28%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 1.87% |
Yearly Dividend1.26
Dividend Growth(5Y)6.64%
DP22.05%
Div Incr Years3
Div Non Decr Years3
Ex-Date
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)3.25%
PT rev (3m)5.44%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)58.14%
EPS NY rev (3m)58.14%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.65%
Revenue NY rev (3m)-1.31%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.31 | ||
| Fwd PE | 15.65 | ||
| P/S | 5.69 | ||
| P/FCF | 15.57 | ||
| P/OCF | 15.23 | ||
| P/B | 0.71 | ||
| P/tB | 0.71 | ||
| EV/EBITDA | 19.51 |
EPS(TTM)4.42
EY6.13%
EPS(NY)4.61
Fwd EY6.39%
FCF(TTM)4.63
FCFY6.42%
OCF(TTM)4.73
OCFY6.56%
SpS12.67
BVpS101.63
TBVpS101.63
PEG (NY)0.27
PEG (5Y)0.23
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.78% | ||
| ROE | 6.64% | ||
| ROCE | 4.49% | ||
| ROIC | 3.23% | ||
| ROICexc | 3.24% | ||
| ROICexgc | 3.24% | ||
| OM | 54.66% | ||
| PM (TTM) | 53.28% | ||
| GM | 73.22% | ||
| FCFM | 36.55% |
ROA(3y)6.34%
ROA(5y)4.5%
ROE(3y)11.92%
ROE(5y)8.52%
ROIC(3y)2.86%
ROIC(5y)2.84%
ROICexc(3y)2.93%
ROICexc(5y)2.89%
ROICexgc(3y)2.93%
ROICexgc(5y)2.89%
ROCE(3y)3.98%
ROCE(5y)3.95%
ROICexcg growth 3Y4.08%
ROICexcg growth 5Y3.76%
ROICexc growth 3Y4.08%
ROICexc growth 5Y3.76%
OM growth 3Y3.04%
OM growth 5Y3.17%
PM growth 3Y0.93%
PM growth 5Y66.4%
GM growth 3Y1.76%
GM growth 5Y1.52%
F-Score5
Asset Turnover0.07
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.52 | ||
| Debt/FCF | 14.46 | ||
| Debt/EBITDA | 7.41 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.94 | ||
| Cash Conversion | 66.66% | ||
| Profit Quality | 68.6% | ||
| Current Ratio | 0.22 | ||
| Quick Ratio | 0.21 | ||
| Altman-Z | 1.36 |
F-Score5
WACC5.66%
ROIC/WACC0.57
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)41.46%
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)11.48%
EPS 3Y4.33%
EPS 5Y70.76%
EPS Q2Q%9.91%
EPS Next Y61.46%
EPS Next 2Y4.05%
EPS Next 3Y4.16%
EPS Next 5YN/A
Revenue 1Y (TTM)8.12%
Revenue growth 3Y8.64%
Revenue growth 5Y5.79%
Sales Q2Q%3.77%
Revenue Next Year3.61%
Revenue Next 2Y4.14%
Revenue Next 3Y4.55%
Revenue Next 5YN/A
EBIT growth 1Y12.31%
EBIT growth 3Y11.94%
EBIT growth 5Y9.14%
EBIT Next Year12.63%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y33.25%
FCF growth 3Y12.78%
FCF growth 5Y8.4%
OCF growth 1Y33.65%
OCF growth 3Y14.22%
OCF growth 5Y8.46%