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BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) Stock Fundamental Analysis

TSX:BTB-UN - Toronto Stock Exchange - CA11777P3007 - REIT - Currency: CAD

3.33  0 (0%)

Fundamental Rating

5

BTB-UN gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 43 industry peers in the Diversified REITs industry. BTB-UN scores excellent on profitability, but there are concerns on its financial health. BTB-UN has a bad growth rate and is valued cheaply.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

BTB-UN had positive earnings in the past year.
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.
BTB-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFBTB-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M

1.2 Ratios

BTB-UN's Return On Assets of 1.74% is amongst the best of the industry. BTB-UN outperforms 86.05% of its industry peers.
BTB-UN's Return On Equity of 4.50% is amongst the best of the industry. BTB-UN outperforms 88.37% of its industry peers.
BTB-UN has a Return On Invested Capital (4.44%) which is comparable to the rest of the industry.
Measured over the past 3 years, the Average Return On Invested Capital for BTB-UN is in line with the industry average of 5.64%.
The 3 year average ROIC (4.18%) for BTB-UN is below the current ROIC(4.44%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 1.74%
ROE 4.5%
ROIC 4.44%
ROA(3y)3.3%
ROA(5y)3.15%
ROE(3y)8.73%
ROE(5y)8.32%
ROIC(3y)4.18%
ROIC(5y)4.12%
BTB-UN.CA Yearly ROA, ROE, ROICBTB-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10

1.3 Margins

BTB-UN has a better Profit Margin (16.73%) than 81.40% of its industry peers.
In the last couple of years the Profit Margin of BTB-UN has declined.
Looking at the Operating Margin, with a value of 58.19%, BTB-UN is in the better half of the industry, outperforming 72.09% of the companies in the same industry.
BTB-UN's Operating Margin has improved in the last couple of years.
Looking at the Gross Margin, with a value of 80.86%, BTB-UN belongs to the top of the industry, outperforming 93.02% of the companies in the same industry.
BTB-UN's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 58.19%
PM (TTM) 16.73%
GM 80.86%
OM growth 3Y2.27%
OM growth 5Y1.59%
PM growth 3Y108.9%
PM growth 5Y-9.55%
GM growth 3Y0.93%
GM growth 5Y0.96%
BTB-UN.CA Yearly Profit, Operating, Gross MarginsBTB-UN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 20 40 60 80

2

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so BTB-UN is destroying value.
The number of shares outstanding for BTB-UN has been increased compared to 1 year ago.
The number of shares outstanding for BTB-UN has been increased compared to 5 years ago.
BTB-UN has a worse debt/assets ratio than last year.
BTB-UN.CA Yearly Shares OutstandingBTB-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M 80M
BTB-UN.CA Yearly Total Debt VS Total AssetsBTB-UN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

2.2 Solvency

BTB-UN has an Altman-Z score of 0.22. 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 Altman-Z score of 0.22. This is in the lower half of the industry: BTB-UN underperforms 72.09% of its industry peers.
BTB-UN has a debt to FCF ratio of 10.60. This is a negative value and a sign of low solvency as BTB-UN would need 10.60 years to pay back of all of its debts.
BTB-UN's Debt to FCF ratio of 10.60 is amongst the best of the industry. BTB-UN outperforms 83.72% of its industry peers.
A Debt/Equity ratio of 1.52 is on the high side and indicates that BTB-UN has dependencies on debt financing.
BTB-UN has a worse Debt to Equity ratio (1.52) than 74.42% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.52
Debt/FCF 10.6
Altman-Z 0.22
ROIC/WACC0.89
WACC5.01%
BTB-UN.CA Yearly LT Debt VS Equity VS FCFBTB-UN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M

2.3 Liquidity

A Current Ratio of 0.33 indicates that BTB-UN may have some problems paying its short term obligations.
BTB-UN has a Current ratio of 0.33. This is in the better half of the industry: BTB-UN outperforms 74.42% of its industry peers.
A Quick Ratio of 0.33 indicates that BTB-UN may have some problems paying its short term obligations.
BTB-UN has a better Quick ratio (0.33) than 74.42% of its industry peers.
Industry RankSector Rank
Current Ratio 0.33
Quick Ratio 0.33
BTB-UN.CA Yearly Current Assets VS Current LiabilitesBTB-UN.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M 40M 50M

3

3. Growth

3.1 Past

BTB-UN shows a strong negative growth in Earnings Per Share. In the last year the EPS decreased by -41.79%.
Measured over the past years, BTB-UN shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -11.70% on average per year.
BTB-UN shows a small growth in Revenue. In the last year, the Revenue has grown by 1.48%.
The Revenue has been growing slightly by 7.90% on average over the past years.
EPS 1Y (TTM)-41.79%
EPS 3Y103.94%
EPS 5Y-11.7%
EPS Q2Q%-64.59%
Revenue 1Y (TTM)1.48%
Revenue growth 3Y11.2%
Revenue growth 5Y7.9%
Sales Q2Q%3.9%

3.2 Future

The Earnings Per Share is expected to decrease by -7.33% on average over the next years.
The Revenue is expected to grow by 3.05% on average over the next years.
EPS Next Y-34.69%
EPS Next 2Y-13.1%
EPS Next 3Y-7.33%
EPS Next 5YN/A
Revenue Next Year1.53%
Revenue Next 2Y2.04%
Revenue Next 3Y3.05%
Revenue Next 5YN/A

3.3 Evolution

The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
BTB-UN.CA Yearly Revenue VS EstimatesBTB-UN.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 50M 100M
BTB-UN.CA Yearly EPS VS EstimatesBTB-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.1 0.2 0.3 0.4 0.5

7

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 13.32, the valuation of BTB-UN can be described as correct.
Based on the Price/Earnings ratio, BTB-UN is valued cheaper than 90.70% of the companies in the same industry.
BTB-UN is valuated cheaply when we compare the Price/Earnings ratio to 28.12, which is the current average of the S&P500 Index.
The Price/Forward Earnings ratio is 8.91, which indicates a very decent valuation of BTB-UN.
BTB-UN's Price/Forward Earnings ratio is rather cheap when compared to the industry. BTB-UN is cheaper than 88.37% 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 (94.77), we can say BTB-UN is valued rather cheaply.
Industry RankSector Rank
PE 13.32
Fwd PE 8.91
BTB-UN.CA Price Earnings VS Forward Price EarningsBTB-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 200 400 600

4.2 Price Multiples

BTB-UN's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. BTB-UN is cheaper than 86.05% of the companies in the same industry.
86.05% of the companies in the same industry are more expensive than BTB-UN, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 4.19
EV/EBITDA 13.16
BTB-UN.CA Per share dataBTB-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 1 2 3 4 5

4.3 Compensation for Growth

The excellent profitability rating of BTB-UN may justify a higher PE ratio.
BTB-UN's earnings are expected to decrease with -7.33% in the coming years. This may justify a cheaper valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y-13.1%
EPS Next 3Y-7.33%

5

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 8.03, BTB-UN pays a bit more dividend than its industry peers.
BTB-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.29.
Industry RankSector Rank
Dividend Yield 9.04%

5.2 History

The dividend of BTB-UN decreases each year by -6.77%.
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)-6.77%
Div Incr Years1
Div Non Decr Years3
BTB-UN.CA Yearly Dividends per shareBTB-UN.CA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.1 0.2 0.3 0.4

5.3 Sustainability

BTB-UN pays out 104.22% of its income as dividend. This is not a sustainable payout ratio.
BTB-UN's earnings and Dividend Rate are declining. This means the current dividend is most likely not sustainable.
DP104.22%
EPS Next 2Y-13.1%
EPS Next 3Y-7.33%
BTB-UN.CA Yearly Income VS Free CF VS DividendBTB-UN.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 20M 40M 60M
BTB-UN.CA Dividend Payout.BTB-UN.CA Dividend Payout, showing the Payout Ratio.BTB-UN.CA Dividend Payout.PayoutRetained Earnings

BTB REAL ESTATE INVESTMENT T

TSX:BTB-UN (2/7/2025, 7:00:00 PM)

3.33

0 (0%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-04 2024-11-04
Earnings (Next)02-24 2025-02-24/amc
Inst Owners1.14%
Inst Owner ChangeN/A
Ins Owners1.8%
Ins Owner ChangeN/A
Market Cap289.51M
Analysts72.5
Price Target3.72 (11.71%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 9.04%
Yearly Dividend0.26
Dividend Growth(5Y)-6.77%
DP104.22%
Div Incr Years1
Div Non Decr Years3
Ex-Date01-31 2025-01-31 (0.025)
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)6.57%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-8.57%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)0.08%
Valuation
Industry RankSector Rank
PE 13.32
Fwd PE 8.91
P/S 2.24
P/FCF 4.19
P/OCF 4.19
P/B 0.6
P/tB 0.6
EV/EBITDA 13.16
EPS(TTM)0.25
EY7.51%
EPS(NY)0.37
Fwd EY11.22%
FCF(TTM)0.79
FCFY23.85%
OCF(TTM)0.79
OCFY23.86%
SpS1.49
BVpS5.53
TBVpS5.53
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 1.74%
ROE 4.5%
ROCE 6.32%
ROIC 4.44%
ROICexc 4.46%
ROICexgc 4.46%
OM 58.19%
PM (TTM) 16.73%
GM 80.86%
FCFM 53.41%
ROA(3y)3.3%
ROA(5y)3.15%
ROE(3y)8.73%
ROE(5y)8.32%
ROIC(3y)4.18%
ROIC(5y)4.12%
ROICexc(3y)4.2%
ROICexc(5y)4.14%
ROICexgc(3y)4.2%
ROICexgc(5y)4.14%
ROCE(3y)5.95%
ROCE(5y)5.84%
ROICexcg growth 3Y3.09%
ROICexcg growth 5Y1.67%
ROICexc growth 3Y3.09%
ROICexc growth 5Y1.67%
OM growth 3Y2.27%
OM growth 5Y1.59%
PM growth 3Y108.9%
PM growth 5Y-9.55%
GM growth 3Y0.93%
GM growth 5Y0.96%
F-Score6
Asset Turnover0.1
Health
Industry RankSector Rank
Debt/Equity 1.52
Debt/FCF 10.6
Debt/EBITDA 9.72
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 2.31
Cash Conversion 91.74%
Profit Quality 319.26%
Current Ratio 0.33
Quick Ratio 0.33
Altman-Z 0.22
F-Score6
WACC5.01%
ROIC/WACC0.89
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)167.54%
Profit Quality(5y)433.64%
High Growth Momentum
Growth
EPS 1Y (TTM)-41.79%
EPS 3Y103.94%
EPS 5Y-11.7%
EPS Q2Q%-64.59%
EPS Next Y-34.69%
EPS Next 2Y-13.1%
EPS Next 3Y-7.33%
EPS Next 5YN/A
Revenue 1Y (TTM)1.48%
Revenue growth 3Y11.2%
Revenue growth 5Y7.9%
Sales Q2Q%3.9%
Revenue Next Year1.53%
Revenue Next 2Y2.04%
Revenue Next 3Y3.05%
Revenue Next 5YN/A
EBIT growth 1Y0.64%
EBIT growth 3Y13.72%
EBIT growth 5Y9.61%
EBIT Next Year-10.23%
EBIT Next 3Y-0.73%
EBIT Next 5YN/A
FCF growth 1Y-4.42%
FCF growth 3Y15.48%
FCF growth 5Y9.73%
OCF growth 1Y-4.61%
OCF growth 3Y15.36%
OCF growth 5Y9.64%