BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) Stock Fundamental Analysis
Canada - TSX:BTB-UN - CA11777P3007 - REIT
3.89 CAD
+0.02 (+0.52%)
We assign a fundamental rating of 5 out of 10 to BTB-UN. BTB-UN was compared to 38 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.
In the past year BTB-UN had a positive cash flow from operations.
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
The Return On Assets of BTB-UN (3.02%) is better than 92.11% of its industry peers.
The Return On Equity of BTB-UN (7.69%) is better than 92.11% of its industry peers.
Looking at the Return On Invested Capital, with a value of 4.36%, BTB-UN belongs to the top of the industry, outperforming 84.21% of the companies in the same industry.
The Average Return On Invested Capital over the past 3 years for BTB-UN is in line with the industry average of 5.45%.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.02% | ||
| ROE | 7.69% | ||
| ROIC | 4.36% |
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
BTB-UN's Profit Margin of 29.30% is amongst the best of the industry. BTB-UN outperforms 84.21% of its industry peers.
BTB-UN's Profit Margin has declined in the last couple of years.
BTB-UN's Operating Margin of 57.48% is fine compared to the rest of the industry. BTB-UN outperforms 71.05% 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 79.85%. This is amongst the best in the industry. BTB-UN outperforms 92.11% of its industry peers.
BTB-UN's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 57.48% | ||
| PM (TTM) | 29.3% | ||
| GM | 79.85% |
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
With a Return on Invested Capital (ROIC) below the Cost of Capital (WACC), BTB-UN is destroying value.
Compared to 1 year ago, BTB-UN has more shares outstanding
The number of shares outstanding for BTB-UN has been increased compared to 5 years ago.
Compared to 1 year ago, BTB-UN has an improved debt to assets ratio.
2.2 Solvency
BTB-UN has an Altman-Z score of 0.23. This is a bad value and indicates that BTB-UN is not financially healthy and even has some risk of bankruptcy.
BTB-UN has a worse Altman-Z score (0.23) than 71.05% of its industry peers.
The Debt to FCF ratio of BTB-UN is 10.59, which is on the high side as it means it would take BTB-UN, 10.59 years of fcf income to pay off all of its debts.
The Debt to FCF ratio of BTB-UN (10.59) is better than 81.58% of its industry peers.
A Debt/Equity ratio of 1.48 is on the high side and indicates that BTB-UN has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 1.48, BTB-UN is doing worse than 68.42% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.48 | ||
| Debt/FCF | 10.59 | ||
| Altman-Z | 0.23 |
ROIC/WACC0.77
WACC5.65%
2.3 Liquidity
A Current Ratio of 0.36 indicates that BTB-UN may have some problems paying its short term obligations.
The Current ratio of BTB-UN (0.36) is better than 65.79% of its industry peers.
BTB-UN has a Quick Ratio of 0.36. 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.
The Quick ratio of BTB-UN (0.36) is better than 65.79% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.36 | ||
| Quick Ratio | 0.36 |
3. Growth
3.1 Past
BTB-UN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 19.76%, which is quite good.
BTB-UN shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -12.94% yearly.
BTB-UN shows a small growth in Revenue. In the last year, the Revenue has grown by 1.59%.
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)19.76%
EPS 3Y-8.84%
EPS 5Y-12.94%
EPS Q2Q%-15.74%
Revenue 1Y (TTM)1.59%
Revenue growth 3Y9.02%
Revenue growth 5Y6.8%
Sales Q2Q%-5.29%
3.2 Future
BTB-UN is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 5.90% yearly.
BTB-UN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.78% yearly.
EPS Next Y6.25%
EPS Next 2Y7.53%
EPS Next 3Y5.9%
EPS Next 5YN/A
Revenue Next Year3.95%
Revenue Next 2Y2.46%
Revenue Next 3Y2.78%
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
BTB-UN is valuated reasonably with a Price/Earnings ratio of 9.05.
Based on the Price/Earnings ratio, BTB-UN is valued cheaper than 97.37% of the companies in the same industry.
The average S&P500 Price/Earnings ratio is at 27.40. BTB-UN is valued rather cheaply when compared to this.
Based on the Price/Forward Earnings ratio of 10.41, the valuation of BTB-UN can be described as reasonable.
Based on the Price/Forward Earnings ratio, BTB-UN is valued cheaply inside the industry as 86.84% of the companies are valued more expensively.
The average S&P500 Price/Forward Earnings ratio is at 22.94. BTB-UN is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 9.05 | ||
| Fwd PE | 10.41 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of BTB-UN indicates a rather cheap valuation: BTB-UN is cheaper than 89.47% of the companies listed in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of BTB-UN indicates a rather cheap valuation: BTB-UN is cheaper than 89.47% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.97 | ||
| EV/EBITDA | 13.84 |
4.3 Compensation for Growth
The PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a correct valuation of the company.
The decent profitability rating of BTB-UN may justify a higher PE ratio.
PEG (NY)1.45
PEG (5Y)N/A
EPS Next 2Y7.53%
EPS Next 3Y5.9%
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 7.95, BTB-UN pays a bit more dividend than its industry peers.
Compared to an average S&P500 Dividend Yield of 2.38, 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
BTB-UN pays out 63.00% of its income as dividend. This is not a sustainable payout ratio.
DP63%
EPS Next 2Y7.53%
EPS Next 3Y5.9%
TSX:BTB-UN (10/17/2025, 7:00:00 PM)
3.89
+0.02 (+0.52%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners0.74%
Inst Owner ChangeN/A
Ins Owners1.89%
Ins Owner ChangeN/A
Market Cap343.21M
Analysts72.5
Price Target3.77 (-3.08%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 9.04% |
Yearly Dividend0.26
Dividend Growth(5Y)-6.72%
DP63%
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)1.72%
PT rev (3m)1.37%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-10.53%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.77%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 9.05 | ||
| Fwd PE | 10.41 | ||
| P/S | 2.64 | ||
| P/FCF | 4.97 | ||
| P/OCF | 4.97 | ||
| P/B | 0.69 | ||
| P/tB | 0.69 | ||
| EV/EBITDA | 13.84 |
EPS(TTM)0.43
EY11.05%
EPS(NY)0.37
Fwd EY9.61%
FCF(TTM)0.78
FCFY20.12%
OCF(TTM)0.78
OCFY20.12%
SpS1.47
BVpS5.62
TBVpS5.62
PEG (NY)1.45
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 3.02% | ||
| ROE | 7.69% | ||
| ROCE | 6.21% | ||
| ROIC | 4.36% | ||
| ROICexc | 4.38% | ||
| ROICexgc | 4.38% | ||
| OM | 57.48% | ||
| PM (TTM) | 29.3% | ||
| GM | 79.85% | ||
| FCFM | 53.08% |
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-Score5
Asset Turnover0.1
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.48 | ||
| Debt/FCF | 10.59 | ||
| Debt/EBITDA | 9.77 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.29 | ||
| Cash Conversion | 92.24% | ||
| Profit Quality | 181.15% | ||
| Current Ratio | 0.36 | ||
| Quick Ratio | 0.36 | ||
| Altman-Z | 0.23 |
F-Score5
WACC5.65%
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)19.76%
EPS 3Y-8.84%
EPS 5Y-12.94%
EPS Q2Q%-15.74%
EPS Next Y6.25%
EPS Next 2Y7.53%
EPS Next 3Y5.9%
EPS Next 5YN/A
Revenue 1Y (TTM)1.59%
Revenue growth 3Y9.02%
Revenue growth 5Y6.8%
Sales Q2Q%-5.29%
Revenue Next Year3.95%
Revenue Next 2Y2.46%
Revenue Next 3Y2.78%
Revenue Next 5YN/A
EBIT growth 1Y0.32%
EBIT growth 3Y10.03%
EBIT growth 5Y8.08%
EBIT Next Year-9.63%
EBIT Next 3Y-1.51%
EBIT Next 5YN/A
FCF growth 1Y-4.57%
FCF growth 3Y5.42%
FCF growth 5Y6.95%
OCF growth 1Y-4.49%
OCF growth 3Y5.3%
OCF growth 5Y6.93%