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CT REAL ESTATE INVESTMENT TR (CRT-UN.CA) Stock Fundamental Analysis

TSX:CRT-UN - Toronto Stock Exchange - CA1264621006 - REIT - Currency: CAD

14.685  +0.57 (+4%)

Fundamental Rating

5

We assign a fundamental rating of 5 out of 10 to CRT-UN. CRT-UN was compared to 43 industry peers in the Diversified REITs industry. CRT-UN has an excellent profitability rating, but there are concerns on its financial health. CRT-UN has a decent growth rate and is not valued too expensively.


Dividend Valuation Growth Profitability Health

8

1. Profitability

1.1 Basic Checks

CRT-UN had positive earnings in the past year.
CRT-UN had a positive operating cash flow in the past year.
CRT-UN had positive earnings in each of the past 5 years.
In the past 5 years CRT-UN always reported a positive cash flow from operatings.
CRT-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFCRT-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 100M 200M 300M 400M

1.2 Ratios

Looking at the Return On Assets, with a value of 2.18%, CRT-UN belongs to the top of the industry, outperforming 90.70% of the companies in the same industry.
CRT-UN's Return On Equity of 8.71% is amongst the best of the industry. CRT-UN outperforms 95.35% of its industry peers.
Looking at the Return On Invested Capital, with a value of 4.76%, CRT-UN is in the better half of the industry, outperforming 69.77% of the companies in the same industry.
Measured over the past 3 years, the Average Return On Invested Capital for CRT-UN is in line with the industry average of 5.64%.
The 3 year average ROIC (4.49%) for CRT-UN is below the current ROIC(4.76%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 2.18%
ROE 8.71%
ROIC 4.76%
ROA(3y)2.29%
ROA(5y)2.1%
ROE(3y)9.24%
ROE(5y)8.54%
ROIC(3y)4.49%
ROIC(5y)4.55%
CRT-UN.CA Yearly ROA, ROE, ROICCRT-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 4 6 8 10

1.3 Margins

The Profit Margin of CRT-UN (27.05%) is better than 88.37% of its industry peers.
CRT-UN's Profit Margin has declined in the last couple of years.
With an excellent Operating Margin value of 75.39%, CRT-UN belongs to the best of the industry, outperforming 97.67% of the companies in the same industry.
In the last couple of years the Operating Margin of CRT-UN has remained more or less at the same level.
The Gross Margin of CRT-UN (95.95%) is better than 100.00% of its industry peers.
CRT-UN's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 75.39%
PM (TTM) 27.05%
GM 95.95%
OM growth 3Y0.43%
OM growth 5Y0.51%
PM growth 3Y4.56%
PM growth 5Y-6.8%
GM growth 3Y0.21%
GM growth 5Y0.2%
CRT-UN.CA Yearly Profit, Operating, Gross MarginsCRT-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

Compared to 1 year ago, CRT-UN has more shares outstanding
CRT-UN has more shares outstanding than it did 5 years ago.
CRT-UN has a worse debt/assets ratio than last year.
CRT-UN.CA Yearly Shares OutstandingCRT-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M
CRT-UN.CA Yearly Total Debt VS Total AssetsCRT-UN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2B 4B 6B

2.2 Solvency

CRT-UN has an Altman-Z score of 0.50. This is a bad value and indicates that CRT-UN is not financially healthy and even has some risk of bankruptcy.
CRT-UN has a Altman-Z score (0.50) which is comparable to the rest of the industry.
CRT-UN has a debt to FCF ratio of 6.71. This is a slightly negative value and a sign of low solvency as CRT-UN would need 6.71 years to pay back of all of its debts.
CRT-UN has a better Debt to FCF ratio (6.71) than 100.00% of its industry peers.
A Debt/Equity ratio of 1.42 is on the high side and indicates that CRT-UN has dependencies on debt financing.
CRT-UN has a Debt to Equity ratio of 1.42. This is in the lower half of the industry: CRT-UN underperforms 72.09% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.42
Debt/FCF 6.71
Altman-Z 0.5
ROIC/WACCN/A
WACCN/A
CRT-UN.CA Yearly LT Debt VS Equity VS FCFCRT-UN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B 2B 2.5B

2.3 Liquidity

CRT-UN has a Current Ratio of 0.05. This is a bad value and indicates that CRT-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
Looking at the Current ratio, with a value of 0.05, CRT-UN is doing worse than 97.67% of the companies in the same industry.
A Quick Ratio of 0.05 indicates that CRT-UN may have some problems paying its short term obligations.
CRT-UN's Quick ratio of 0.05 is on the low side compared to the rest of the industry. CRT-UN is outperformed by 97.67% of its industry peers.
Industry RankSector Rank
Current Ratio 0.05
Quick Ratio 0.05
CRT-UN.CA Yearly Current Assets VS Current LiabilitesCRT-UN.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M

5

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 22.70% over the past year.
CRT-UN shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -25.93% yearly.
CRT-UN shows a small growth in Revenue. In the last year, the Revenue has grown by 4.61%.
CRT-UN shows a small growth in Revenue. Measured over the last years, the Revenue has been growing by 3.19% yearly.
EPS 1Y (TTM)22.7%
EPS 3Y6.28%
EPS 5Y-25.93%
EPS Q2Q%501.18%
Revenue 1Y (TTM)4.61%
Revenue growth 3Y3.24%
Revenue growth 5Y3.19%
Sales Q2Q%5.18%

3.2 Future

The Earnings Per Share is expected to grow by 3.94% on average over the next years.
CRT-UN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 3.84% yearly.
EPS Next Y15.79%
EPS Next 2Y3.45%
EPS Next 3Y3.94%
EPS Next 5YN/A
Revenue Next Year4.81%
Revenue Next 2Y3.99%
Revenue Next 3Y3.84%
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.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
CRT-UN.CA Yearly Revenue VS EstimatesCRT-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
CRT-UN.CA Yearly EPS VS EstimatesCRT-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.5 1

5

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings ratio is 31.92, which means the current valuation is very expensive for CRT-UN.
69.77% of the companies in the same industry are more expensive than CRT-UN, based on the Price/Earnings ratio.
The average S&P500 Price/Earnings ratio is at 28.35. CRT-UN is around the same levels.
CRT-UN is valuated reasonably with a Price/Forward Earnings ratio of 11.92.
Based on the Price/Forward Earnings ratio, CRT-UN is valued a bit cheaper than 74.42% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 95.00. CRT-UN is valued rather cheaply when compared to this.
Industry RankSector Rank
PE 31.92
Fwd PE 11.92
CRT-UN.CA Price Earnings VS Forward Price EarningsCRT-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 200 400 600

4.2 Price Multiples

Compared to the rest of the industry, the Price/Free Cash Flow ratio of CRT-UN indicates a rather cheap valuation: CRT-UN is cheaper than 93.02% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 3.61
EV/EBITDA N/A
CRT-UN.CA Per share dataCRT-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates CRT-UN does not grow enough to justify the current Price/Earnings ratio.
The excellent profitability rating of CRT-UN may justify a higher PE ratio.
PEG (NY)2.02
PEG (5Y)N/A
EPS Next 2Y3.45%
EPS Next 3Y3.94%

6

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 5.52%, CRT-UN is a good candidate for dividend investing.
CRT-UN's Dividend Yield is slightly below the industry average, which is at 8.03.
CRT-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.28.
Industry RankSector Rank
Dividend Yield 5.52%

5.2 History

The dividend of CRT-UN decreases each year by -4.23%.
CRT-UN has paid a dividend for at least 10 years, which is a reliable track record.
CRT-UN has not decreased their dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)-4.23%
Div Incr Years11
Div Non Decr Years11
CRT-UN.CA Yearly Dividends per shareCRT-UN.CA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 0.2 0.4 0.6 0.8

5.3 Sustainability

50.89% of the earnings are spent on dividend by CRT-UN. This is a bit on the high side, but may be sustainable.
DP50.89%
EPS Next 2Y3.45%
EPS Next 3Y3.94%
CRT-UN.CA Yearly Income VS Free CF VS DividendCRT-UN.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M
CRT-UN.CA Dividend Payout.CRT-UN.CA Dividend Payout, showing the Payout Ratio.CRT-UN.CA Dividend Payout.PayoutRetained Earnings

CT REAL ESTATE INVESTMENT TR

TSX:CRT-UN (2/5/2025, 7:00:00 PM)

14.685

+0.57 (+4%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-05 2024-11-05
Earnings (Next)02-10 2025-02-10/amc
Inst Owners15.57%
Inst Owner ChangeN/A
Ins Owners0.03%
Ins Owner ChangeN/A
Market Cap1.61B
Analysts69.09
Price Target16.28 (10.86%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.52%
Yearly Dividend0.33
Dividend Growth(5Y)-4.23%
DP50.89%
Div Incr Years11
Div Non Decr Years11
Ex-Date01-31 2025-01-31 (0.0771)
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)-0.22%
PT rev (3m)-0.22%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)5.6%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.08%
Revenue NY rev (3m)0.15%
Valuation
Industry RankSector Rank
PE 31.92
Fwd PE 11.92
P/S 2.81
P/FCF 3.61
P/OCF 3.61
P/B 0.9
P/tB 0.9
EV/EBITDA N/A
EPS(TTM)0.46
EY3.13%
EPS(NY)1.23
Fwd EY8.39%
FCF(TTM)4.07
FCFY27.7%
OCF(TTM)4.07
OCFY27.7%
SpS5.23
BVpS16.24
TBVpS16.24
PEG (NY)2.02
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA 2.18%
ROE 8.71%
ROCE 6.62%
ROIC 4.76%
ROICexc 4.77%
ROICexgc 4.77%
OM 75.39%
PM (TTM) 27.05%
GM 95.95%
FCFM 77.74%
ROA(3y)2.29%
ROA(5y)2.1%
ROE(3y)9.24%
ROE(5y)8.54%
ROIC(3y)4.49%
ROIC(5y)4.55%
ROICexc(3y)4.5%
ROICexc(5y)4.55%
ROICexgc(3y)4.5%
ROICexgc(5y)4.55%
ROCE(3y)6.3%
ROCE(5y)6.36%
ROICexcg growth 3Y0.07%
ROICexcg growth 5Y0.39%
ROICexc growth 3Y0.07%
ROICexc growth 5Y0.39%
OM growth 3Y0.43%
OM growth 5Y0.51%
PM growth 3Y4.56%
PM growth 5Y-6.8%
GM growth 3Y0.21%
GM growth 5Y0.2%
F-Score7
Asset Turnover0.08
Health
Industry RankSector Rank
Debt/Equity 1.42
Debt/FCF 6.71
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 3.65
Cash Conversion N/A
Profit Quality 287.39%
Current Ratio 0.05
Quick Ratio 0.05
Altman-Z 0.5
F-Score7
WACCN/A
ROIC/WACCN/A
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)289.54%
Profit Quality(5y)315.33%
High Growth Momentum
Growth
EPS 1Y (TTM)22.7%
EPS 3Y6.28%
EPS 5Y-25.93%
EPS Q2Q%501.18%
EPS Next Y15.79%
EPS Next 2Y3.45%
EPS Next 3Y3.94%
EPS Next 5YN/A
Revenue 1Y (TTM)4.61%
Revenue growth 3Y3.24%
Revenue growth 5Y3.19%
Sales Q2Q%5.18%
Revenue Next Year4.81%
Revenue Next 2Y3.99%
Revenue Next 3Y3.84%
Revenue Next 5YN/A
EBIT growth 1Y3.31%
EBIT growth 3Y3.68%
EBIT growth 5Y3.71%
EBIT Next Year4.1%
EBIT Next 3Y4.1%
EBIT Next 5YN/A
FCF growth 1Y13.57%
FCF growth 3Y4.66%
FCF growth 5Y5.08%
OCF growth 1Y13.57%
OCF growth 3Y4.66%
OCF growth 5Y5.08%