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CAN APARTMENT PROP REAL ESTA (CAR-UN.CA) Stock Fundamental Analysis

TSX:CAR-UN - Toronto Stock Exchange - CA1349211054 - REIT - Currency: CAD

40.74  -0.42 (-1.02%)

Fundamental Rating

5

Overall CAR-UN gets a fundamental rating of 5 out of 10. We evaluated CAR-UN against 17 industry peers in the Residential REITs industry. CAR-UN has only an average score on both its financial health and profitability. CAR-UN is not valued too expensively and it also shows a decent growth rate.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

CAR-UN had positive earnings in the past year.
In the past year CAR-UN had a positive cash flow from operations.
Of the past 5 years CAR-UN 4 years were profitable.
CAR-UN had a positive operating cash flow in each of the past 5 years.
CAR-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFCAR-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 0 500M 1B

1.2 Ratios

CAR-UN's Return On Assets of 2.04% is fine compared to the rest of the industry. CAR-UN outperforms 70.59% of its industry peers.
CAR-UN's Return On Equity of 3.71% is in line compared to the rest of the industry. CAR-UN outperforms 58.82% of its industry peers.
CAR-UN has a Return On Invested Capital (2.94%) which is comparable to the rest of the industry.
CAR-UN had an Average Return On Invested Capital over the past 3 years of 2.52%. This is in line with the industry average of 2.78%.
The last Return On Invested Capital (2.94%) for CAR-UN is above the 3 year average (2.52%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 2.04%
ROE 3.71%
ROIC 2.94%
ROA(3y)1.84%
ROA(5y)4.01%
ROE(3y)3.03%
ROE(5y)6.66%
ROIC(3y)2.52%
ROIC(5y)2.51%
CAR-UN.CA Yearly ROA, ROE, ROICCAR-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 10 15

1.3 Margins

CAR-UN has a Profit Margin of 31.64%. This is in the better half of the industry: CAR-UN outperforms 70.59% of its industry peers.
The Operating Margin of CAR-UN (59.16%) is better than 64.71% of its industry peers.
In the last couple of years the Operating Margin of CAR-UN has grown nicely.
CAR-UN's Gross Margin of 65.80% is in line compared to the rest of the industry. CAR-UN outperforms 52.94% of its industry peers.
CAR-UN's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 59.16%
PM (TTM) 31.64%
GM 65.8%
OM growth 3Y-1.01%
OM growth 5Y1.91%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.24%
GM growth 5Y0.39%
CAR-UN.CA Yearly Profit, Operating, Gross MarginsCAR-UN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50 100 150

5

2. Health

2.1 Basic Checks

CAR-UN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
Compared to 1 year ago, CAR-UN has less shares outstanding
The number of shares outstanding for CAR-UN has been increased compared to 5 years ago.
CAR-UN has a worse debt/assets ratio than last year.
CAR-UN.CA Yearly Shares OutstandingCAR-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M
CAR-UN.CA Yearly Total Debt VS Total AssetsCAR-UN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 5B 10B 15B

2.2 Solvency

CAR-UN has an Altman-Z score of 1.20. This is a bad value and indicates that CAR-UN is not financially healthy and even has some risk of bankruptcy.
With an excellent Altman-Z score value of 1.20, CAR-UN belongs to the best of the industry, outperforming 88.24% of the companies in the same industry.
CAR-UN has a debt to FCF ratio of 11.22. This is a negative value and a sign of low solvency as CAR-UN would need 11.22 years to pay back of all of its debts.
CAR-UN's Debt to FCF ratio of 11.22 is fine compared to the rest of the industry. CAR-UN outperforms 70.59% of its industry peers.
CAR-UN has a Debt/Equity ratio of 0.70. This is a neutral value indicating CAR-UN is somewhat dependend on debt financing.
CAR-UN has a Debt to Equity ratio (0.70) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 0.7
Debt/FCF 11.22
Altman-Z 1.2
ROIC/WACC0.61
WACC4.81%
CAR-UN.CA Yearly LT Debt VS Equity VS FCFCAR-UN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B 8B 10B

2.3 Liquidity

A Current Ratio of 1.72 indicates that CAR-UN should not have too much problems paying its short term obligations.
CAR-UN has a better Current ratio (1.72) than 88.24% of its industry peers.
A Quick Ratio of 1.72 indicates that CAR-UN should not have too much problems paying its short term obligations.
Looking at the Quick ratio, with a value of 1.72, CAR-UN belongs to the top of the industry, outperforming 88.24% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.72
Quick Ratio 1.72
CAR-UN.CA Yearly Current Assets VS Current LiabilitesCAR-UN.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M

5

3. Growth

3.1 Past

CAR-UN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 230.28%, which is quite impressive.
The Revenue has been growing slightly by 5.57% in the past year.
The Revenue has been growing by 9.12% on average over the past years. This is quite good.
EPS 1Y (TTM)230.28%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%113.22%
Revenue 1Y (TTM)5.57%
Revenue growth 3Y6.47%
Revenue growth 5Y9.12%
Sales Q2Q%5.24%

3.2 Future

Based on estimates for the next years, CAR-UN will show a very strong growth in Earnings Per Share. The EPS will grow by 50.43% on average per year.
The Revenue is expected to grow by 2.19% on average over the next years.
EPS Next Y239.34%
EPS Next 2Y82.21%
EPS Next 3Y50.43%
EPS Next 5YN/A
Revenue Next Year5.21%
Revenue Next 2Y1.25%
Revenue Next 3Y2.19%
Revenue Next 5YN/A

3.3 Evolution

When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is decreasing.
CAR-UN.CA Yearly Revenue VS EstimatesCAR-UN.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 200M 400M 600M 800M 1B
CAR-UN.CA Yearly EPS VS EstimatesCAR-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 2 4

5

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 19.68, which indicates a rather expensive current valuation of CAR-UN.
The rest of the industry has a similar Price/Earnings ratio as CAR-UN.
When comparing the Price/Earnings ratio of CAR-UN to the average of the S&P500 Index (28.12), we can say CAR-UN is valued slightly cheaper.
CAR-UN is valuated correctly with a Price/Forward Earnings ratio of 16.01.
Based on the Price/Forward Earnings ratio, CAR-UN is valued a bit more expensive than 64.71% of the companies in the same industry.
Compared to an average S&P500 Price/Forward Earnings ratio of 94.77, CAR-UN is valued rather cheaply.
Industry RankSector Rank
PE 19.68
Fwd PE 16.01
CAR-UN.CA Price Earnings VS Forward Price EarningsCAR-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, CAR-UN is valued a bit cheaper than 76.47% of the companies in the same industry.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of CAR-UN is on the same level as its industry peers.
Industry RankSector Rank
P/FCF 10.49
EV/EBITDA 20.87
CAR-UN.CA Per share dataCAR-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 10 20 30 40 50

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.
CAR-UN has a very decent profitability rating, which may justify a higher PE ratio.
CAR-UN's earnings are expected to grow with 50.43% in the coming years. This may justify a more expensive valuation.
PEG (NY)0.08
PEG (5Y)N/A
EPS Next 2Y82.21%
EPS Next 3Y50.43%

5

5. Dividend

5.1 Amount

CAR-UN has a Yearly Dividend Yield of 2.95%.
With a Dividend Yield of 2.95, CAR-UN pays less dividend than the industry average, which is at 5.12. 82.35% of the companies listed in the same industry pay a better dividend than CAR-UN!
CAR-UN's Dividend Yield is a higher than the S&P500 average which is at 2.29.
Industry RankSector Rank
Dividend Yield 2.95%

5.2 History

The dividend of CAR-UN is nicely growing with an annual growth rate of 8.41%!
CAR-UN has paid a dividend for at least 10 years, which is a reliable track record.
CAR-UN has decreased its dividend recently.
Dividend Growth(5Y)8.41%
Div Incr Years1
Div Non Decr Years1
CAR-UN.CA Yearly Dividends per shareCAR-UN.CA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.5 1 1.5

5.3 Sustainability

67.43% of the earnings are spent on dividend by CAR-UN. This is not a sustainable payout ratio.
The dividend of CAR-UN is growing, but earnings are growing more, so the dividend growth is sustainable.
DP67.43%
EPS Next 2Y82.21%
EPS Next 3Y50.43%
CAR-UN.CA Yearly Income VS Free CF VS DividendCAR-UN.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M 1B
CAR-UN.CA Dividend Payout.CAR-UN.CA Dividend Payout, showing the Payout Ratio.CAR-UN.CA Dividend Payout.PayoutRetained Earnings

CAN APARTMENT PROP REAL ESTA

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

40.74

-0.42 (-1.02%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryResidential REITs
Earnings (Last)11-07 2024-11-07
Earnings (Next)02-13 2025-02-13/amc
Inst Owners42.66%
Inst Owner ChangeN/A
Ins Owners0.21%
Ins Owner ChangeN/A
Market Cap6.71B
Analysts78.89
Price Target55.89 (37.19%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 2.95%
Yearly Dividend1.43
Dividend Growth(5Y)8.41%
DP67.43%
Div Incr Years1
Div Non Decr Years1
Ex-Date01-31 2025-01-31 (0.125)
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)-1.38%
PT rev (3m)-5.11%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-12.5%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.35%
Valuation
Industry RankSector Rank
PE 19.68
Fwd PE 16.01
P/S 6.05
P/FCF 10.49
P/OCF 10.49
P/B 0.71
P/tB 0.71
EV/EBITDA 20.87
EPS(TTM)2.07
EY5.08%
EPS(NY)2.55
Fwd EY6.25%
FCF(TTM)3.88
FCFY9.53%
OCF(TTM)3.88
OCFY9.53%
SpS6.73
BVpS57.39
TBVpS57.39
PEG (NY)0.08
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 2.04%
ROE 3.71%
ROCE 4.1%
ROIC 2.94%
ROICexc 2.94%
ROICexgc 2.94%
OM 59.16%
PM (TTM) 31.64%
GM 65.8%
FCFM 57.68%
ROA(3y)1.84%
ROA(5y)4.01%
ROE(3y)3.03%
ROE(5y)6.66%
ROIC(3y)2.52%
ROIC(5y)2.51%
ROICexc(3y)2.53%
ROICexc(5y)2.53%
ROICexgc(3y)2.53%
ROICexgc(5y)2.53%
ROCE(3y)3.52%
ROCE(5y)3.49%
ROICexcg growth 3Y2.01%
ROICexcg growth 5Y1.64%
ROICexc growth 3Y2.05%
ROICexc growth 5Y1.64%
OM growth 3Y-1.01%
OM growth 5Y1.91%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.24%
GM growth 5Y0.39%
F-Score8
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.7
Debt/FCF 11.22
Debt/EBITDA 9.95
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 3.12
Cash Conversion 96.58%
Profit Quality 182.31%
Current Ratio 1.72
Quick Ratio 1.72
Altman-Z 1.2
F-Score8
WACC4.81%
ROIC/WACC0.61
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)230.28%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%113.22%
EPS Next Y239.34%
EPS Next 2Y82.21%
EPS Next 3Y50.43%
EPS Next 5YN/A
Revenue 1Y (TTM)5.57%
Revenue growth 3Y6.47%
Revenue growth 5Y9.12%
Sales Q2Q%5.24%
Revenue Next Year5.21%
Revenue Next 2Y1.25%
Revenue Next 3Y2.19%
Revenue Next 5YN/A
EBIT growth 1Y8.66%
EBIT growth 3Y5.4%
EBIT growth 5Y11.21%
EBIT Next Year12.29%
EBIT Next 3Y4.23%
EBIT Next 5YN/A
FCF growth 1Y10.72%
FCF growth 3Y8.56%
FCF growth 5Y7.5%
OCF growth 1Y10.72%
OCF growth 3Y8.56%
OCF growth 5Y7.5%