BTB REAL ESTATE INVESTMENT T (BTB-UN.CA) Stock Fundamental Analysis
TSX:BTB-UN - Toronto Stock Exchange - CA11777P3007 - REIT - Currency: CAD
BTB-UN gets a fundamental rating of 5 out of 10. The analysis compared the fundamentals against 21 industry peers in the Diversified REITs industry. While BTB-UN belongs to the best of the industry regarding profitability, there are concerns on its financial health. BTB-UN scores decently on growth, while it is valued quite cheap. This could make an interesting combination.
1. Profitability
1.1 Basic Checks
BTB-UN had positive earnings in the past year.
BTB-UN had a positive operating cash flow in the past year.
Each year in the past 5 years BTB-UN has been profitable.
In the past 5 years BTB-UN always reported a positive cash flow from operatings.
1.2 Ratios
Looking at the Return On Assets, with a value of 3.10%, BTB-UN belongs to the top of the industry, outperforming 86.49% of the companies in the same industry.
The Return On Equity of BTB-UN (7.90%) is better than 89.19% of its industry peers.
The Return On Invested Capital of BTB-UN (4.44%) is better than 72.97% of its industry peers.
The Average Return On Invested Capital over the past 3 years for BTB-UN is in line with the industry average of 3.67%.
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
BTB-UN has a Profit Margin of 29.74%. This is in the better half of the industry: BTB-UN outperforms 78.38% of its industry peers.
In the last couple of years the Profit Margin of BTB-UN has declined.
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 better Gross Margin (80.13%) than 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.
Compared to 5 years ago, BTB-UN has more shares outstanding
The debt/assets ratio for BTB-UN has been reduced compared to a year ago.
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.
The Altman-Z score of BTB-UN (0.23) is worse than 70.27% 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.
BTB-UN has a better Debt to FCF ratio (10.65) than 81.08% of its industry peers.
A Debt/Equity ratio of 1.49 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 1.49, BTB-UN is doing worse than 64.86% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.49 | ||
| Debt/FCF | 10.65 | ||
| Altman-Z | 0.23 |
ROIC/WACC0.66
WACC6.72%
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 has a Current ratio (0.32) which is in line with its industry peers.
BTB-UN has a Quick 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 has a Quick ratio (0.32) which is in line with 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.
The earnings per share for BTB-UN have been decreasing by -12.94% on average. This is quite bad
Looking at the last year, BTB-UN shows a small growth in Revenue. The Revenue has grown by 3.34% in the last year.
The Revenue has been growing slightly by 6.80% on average over the past years.
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.
Based on estimates for the next years, BTB-UN will show a small growth in Revenue. The Revenue will grow by 3.88% on average per year.
EPS Next Y18.75%
EPS Next 2Y13.19%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year4.76%
Revenue Next 2Y3.88%
Revenue Next 3YN/A
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.
4. Valuation
4.1 Price/Earnings Ratio
With a Price/Earnings ratio of 8.25, the valuation of BTB-UN can be described as very reasonable.
Compared to the rest of the industry, the Price/Earnings ratio of BTB-UN indicates a rather cheap valuation: BTB-UN is cheaper than 94.59% of the companies listed in the same industry.
When comparing the Price/Earnings ratio of BTB-UN to the average of the S&P500 Index (26.32), we can say BTB-UN is valued rather cheaply.
With a Price/Forward Earnings ratio of 8.77, the valuation of BTB-UN can be described as very reasonable.
Compared to the rest of the industry, the Price/Forward Earnings ratio of BTB-UN indicates a rather cheap valuation: BTB-UN is cheaper than 91.89% of the companies listed in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 22.13, BTB-UN is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 8.25 | ||
| Fwd PE | 8.77 |
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 86.49% of the companies 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 89.19% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 4.63 | ||
| EV/EBITDA | 13.29 |
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 decent 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 5.62, 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 2.40.
| 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 58.79% of its income as dividend. 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 (6/13/2025, 7:00:00 PM)
3.63
-0.02 (-0.55%)
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 Cap320.27M
Analysts72.5
Price Target3.68 (1.38%)
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)1.4%
PT rev (3m)-1.03%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)2.7%
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 | 8.25 | ||
| Fwd PE | 8.77 | ||
| P/S | 2.43 | ||
| P/FCF | 4.63 | ||
| P/OCF | 4.63 | ||
| P/B | 0.65 | ||
| P/tB | 0.65 | ||
| EV/EBITDA | 13.29 |
EPS(TTM)0.44
EY12.12%
EPS(NY)0.41
Fwd EY11.41%
FCF(TTM)0.78
FCFY21.61%
OCF(TTM)0.78
OCFY21.61%
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
WACC6.72%
ROIC/WACC0.66
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 Year4.76%
Revenue Next 2Y3.88%
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%