BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) Stock Fundamental Analysis
TSX:BTB-UN - Toronto Stock Exchange - CA11777P3007 - REIT - Currency: CAD
We assign a fundamental rating of 6 out of 10 to BTB-UN. BTB-UN was compared to 37 industry peers in the Diversified REITs industry. BTB-UN scores excellent on profitability, but there are concerns on its financial health. BTB-UN may be a bit undervalued, certainly considering the very reasonable score on growth
1. Profitability
1.1 Basic Checks
In the past year BTB-UN was profitable.
BTB-UN had a positive operating cash flow in the past year.
BTB-UN had positive earnings in each of the past 5 years.
In the past 5 years BTB-UN always reported a positive cash flow from operatings.
1.2 Ratios
With an excellent Return On Assets value of 3.10%, BTB-UN belongs to the best of the industry, outperforming 89.19% of the companies in the same industry.
BTB-UN has a Return On Equity of 7.90%. This is amongst the best in the industry. BTB-UN outperforms 91.89% of its industry peers.
BTB-UN has a better Return On Invested Capital (4.44%) than 70.27% of its industry peers.
BTB-UN had an Average Return On Invested Capital over the past 3 years of 4.42%. This is in line with the industry average of 5.79%.
The 3 year average ROIC (4.42%) for BTB-UN is below the current ROIC(4.44%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.1% | ||
| ROE | 7.9% | ||
| ROIC | 4.44% |
ROA(3y)3.1%
ROA(5y)2.66%
ROE(3y)7.92%
ROE(5y)6.98%
ROIC(3y)4.42%
ROIC(5y)4.2%
1.3 Margins
With an excellent Profit Margin value of 29.74%, BTB-UN belongs to the best of the industry, outperforming 81.08% of the companies in the same industry.
BTB-UN's Profit Margin has declined in the last couple of years.
BTB-UN has a better Operating Margin (58.05%) than 67.57% of its industry peers.
BTB-UN's Operating Margin has been stable in the last couple of years.
BTB-UN has a Gross Margin of 80.13%. This is amongst the best in the industry. BTB-UN outperforms 91.89% of its industry peers.
BTB-UN's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 58.05% | ||
| PM (TTM) | 29.74% | ||
| GM | 80.13% |
OM growth 3Y0.93%
OM growth 5Y1.2%
PM growth 3Y-10.4%
PM growth 5Y-11.68%
GM growth 3Y0.72%
GM growth 5Y0.59%
2. Health
2.1 Basic Checks
BTB-UN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
BTB-UN has more shares outstanding than it did 1 year ago.
BTB-UN has more shares outstanding than it did 5 years ago.
Compared to 1 year ago, BTB-UN has an improved debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 0.23, we must say that BTB-UN is in the distress zone and has some risk of bankruptcy.
BTB-UN has a Altman-Z score of 0.23. This is in the lower half of the industry: BTB-UN underperforms 72.97% of its industry peers.
BTB-UN has a debt to FCF ratio of 10.65. This is a negative value and a sign of low solvency as BTB-UN would need 10.65 years to pay back of all of its debts.
With an excellent Debt to FCF ratio value of 10.65, BTB-UN belongs to the best of the industry, outperforming 81.08% of the companies in the same industry.
A Debt/Equity ratio of 1.49 is on the high side and indicates that BTB-UN has dependencies on debt financing.
The Debt to Equity ratio of BTB-UN (1.49) is worse than 64.86% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.49 | ||
| Debt/FCF | 10.65 | ||
| Altman-Z | 0.23 |
ROIC/WACC0.77
WACC5.8%
2.3 Liquidity
BTB-UN has a Current Ratio of 0.32. This is a bad value and indicates that BTB-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
BTB-UN's Current ratio of 0.32 is in line compared to the rest of the industry. BTB-UN outperforms 59.46% of its industry peers.
A Quick Ratio of 0.32 indicates that BTB-UN may have some problems paying its short term obligations.
BTB-UN has a better Quick ratio (0.32) than 62.16% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.32 | ||
| Quick Ratio | 0.32 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an nice 10.24% over the past year.
Measured over the past years, BTB-UN shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -12.94% on average per year.
The Revenue has been growing slightly by 3.34% in the past year.
BTB-UN shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 6.80% yearly.
EPS 1Y (TTM)10.24%
EPS 3Y-8.84%
EPS 5Y-12.94%
EPS Q2Q%4.9%
Revenue 1Y (TTM)3.34%
Revenue growth 3Y9.02%
Revenue growth 5Y6.8%
Sales Q2Q%5.44%
3.2 Future
Based on estimates for the next years, BTB-UN will show a quite strong growth in Earnings Per Share. The EPS will grow by 13.19% on average per year.
The Revenue is expected to grow by 4.27% on average over the next years.
EPS Next Y18.75%
EPS Next 2Y13.19%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year5.56%
Revenue Next 2Y4.27%
Revenue Next 3YN/A
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 accelerating.
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
The Price/Earnings ratio is 8.18, which indicates a very decent valuation of BTB-UN.
Based on the Price/Earnings ratio, BTB-UN is valued cheaply inside the industry as 94.59% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 27.03, BTB-UN is valued rather cheaply.
A Price/Forward Earnings ratio of 8.69 indicates a reasonable valuation of BTB-UN.
Based on the Price/Forward Earnings ratio, BTB-UN is valued cheaper than 94.59% of the companies in the same industry.
When comparing the Price/Forward Earnings ratio of BTB-UN to the average of the S&P500 Index (36.28), we can say BTB-UN is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 8.18 | ||
| Fwd PE | 8.69 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, BTB-UN is valued cheaply inside the industry as 89.19% of the companies are valued more expensively.
BTB-UN's Price/Free Cash Flow ratio is rather cheap when compared to the industry. BTB-UN is cheaper than 89.19% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.59 | ||
| EV/EBITDA | 13.3 |
4.3 Compensation for Growth
The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The excellent profitability rating of BTB-UN may justify a higher PE ratio.
A more expensive valuation may be justified as BTB-UN's earnings are expected to grow with 13.19% in the coming years.
PEG (NY)0.44
PEG (5Y)N/A
EPS Next 2Y13.19%
EPS Next 3YN/A
5. Dividend
5.1 Amount
BTB-UN has a Yearly Dividend Yield of 9.04%, which is a nice return.
Compared to an average industry Dividend Yield of 7.90, BTB-UN pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.40, BTB-UN pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 9.04% |
5.2 History
The dividend of BTB-UN decreases each year by -6.72%.
BTB-UN has paid a dividend for at least 10 years, which is a reliable track record.
BTB-UN has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)-6.72%
Div Incr Years1
Div Non Decr Years3
5.3 Sustainability
58.79% of the earnings are spent on dividend by BTB-UN. This is a bit on the high side, but may be sustainable.
DP58.79%
EPS Next 2Y13.19%
EPS Next 3YN/A
TSX:BTB-UN (8/5/2025, 7:00:00 PM)
3.6
-0.04 (-1.1%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners0.81%
Inst Owner ChangeN/A
Ins Owners1.86%
Ins Owner ChangeN/A
Market Cap317.63M
Analysts72.5
Price Target3.72 (3.33%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 9.04% |
Yearly Dividend0.26
Dividend Growth(5Y)-6.72%
DP58.79%
Div Incr Years1
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)0%
PT rev (3m)2.46%
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)0.76%
Revenue NY rev (3m)0.76%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 8.18 | ||
| Fwd PE | 8.69 | ||
| P/S | 2.41 | ||
| P/FCF | 4.59 | ||
| P/OCF | 4.59 | ||
| P/B | 0.64 | ||
| P/tB | 0.64 | ||
| EV/EBITDA | 13.3 |
EPS(TTM)0.44
EY12.22%
EPS(NY)0.41
Fwd EY11.5%
FCF(TTM)0.78
FCFY21.79%
OCF(TTM)0.78
OCFY21.79%
SpS1.49
BVpS5.62
TBVpS5.62
PEG (NY)0.44
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.1% | ||
| ROE | 7.9% | ||
| ROCE | 6.34% | ||
| ROIC | 4.44% | ||
| ROICexc | 4.46% | ||
| ROICexgc | 4.46% | ||
| OM | 58.05% | ||
| PM (TTM) | 29.74% | ||
| GM | 80.13% | ||
| FCFM | 52.52% |
ROA(3y)3.1%
ROA(5y)2.66%
ROE(3y)7.92%
ROE(5y)6.98%
ROIC(3y)4.42%
ROIC(5y)4.2%
ROICexc(3y)4.43%
ROICexc(5y)4.22%
ROICexgc(3y)4.43%
ROICexgc(5y)4.22%
ROCE(3y)6.3%
ROCE(5y)5.98%
ROICexcg growth 3Y5.92%
ROICexcg growth 5Y1.88%
ROICexc growth 3Y5.92%
ROICexc growth 5Y1.88%
OM growth 3Y0.93%
OM growth 5Y1.2%
PM growth 3Y-10.4%
PM growth 5Y-11.68%
GM growth 3Y0.72%
GM growth 5Y0.59%
F-Score6
Asset Turnover0.1
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.49 | ||
| Debt/FCF | 10.65 | ||
| Debt/EBITDA | 9.62 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.36 | ||
| Cash Conversion | 90.39% | ||
| Profit Quality | 176.61% | ||
| Current Ratio | 0.32 | ||
| Quick Ratio | 0.32 | ||
| Altman-Z | 0.23 |
F-Score6
WACC5.8%
ROIC/WACC0.77
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)179.15%
Profit Quality(5y)449.53%
High Growth Momentum
Growth
EPS 1Y (TTM)10.24%
EPS 3Y-8.84%
EPS 5Y-12.94%
EPS Q2Q%4.9%
EPS Next Y18.75%
EPS Next 2Y13.19%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)3.34%
Revenue growth 3Y9.02%
Revenue growth 5Y6.8%
Sales Q2Q%5.44%
Revenue Next Year5.56%
Revenue Next 2Y4.27%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y2.38%
EBIT growth 3Y10.03%
EBIT growth 5Y8.08%
EBIT Next Year-4.7%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-1.83%
FCF growth 3Y5.42%
FCF growth 5Y6.95%
OCF growth 1Y-1.8%
OCF growth 3Y5.3%
OCF growth 5Y6.93%