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MINTO APARTMENT REAL ESTATE (MI-UN.CA) Stock Fundamental Analysis

TSX:MI-UN - Toronto Stock Exchange - CA60448E1034 - REIT - Currency: CAD

14.53  +0.03 (+0.21%)

Fundamental Rating

5

Taking everything into account, MI-UN scores 5 out of 10 in our fundamental rating. MI-UN was compared to 16 industry peers in the Residential REITs industry. While MI-UN is still in line with the averages on profitability rating, there are concerns on its financial health. MI-UN scores decently on growth, while it is valued quite cheap. This could make an interesting combination.


Dividend Valuation Growth Profitability Health

6

1. Profitability

1.1 Basic Checks

MI-UN had positive earnings in the past year.
MI-UN had a positive operating cash flow in the past year.
Of the past 5 years MI-UN 4 years were profitable.
MI-UN had a positive operating cash flow in each of the past 5 years.
MI-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFMI-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2018 2019 2020 2021 2022 2023 2024 0 100M -100M 200M

1.2 Ratios

With a decent Return On Assets value of 3.77%, MI-UN is doing good in the industry, outperforming 75.00% of the companies in the same industry.
With an excellent Return On Equity value of 8.79%, MI-UN belongs to the best of the industry, outperforming 81.25% of the companies in the same industry.
The Return On Invested Capital of MI-UN (2.89%) is worse than 62.50% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for MI-UN is in line with the industry average of 3.31%.
The 3 year average ROIC (2.62%) for MI-UN is below the current ROIC(2.89%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA 3.77%
ROE 8.79%
ROIC 2.89%
ROA(3y)2.11%
ROA(5y)3.67%
ROE(3y)4.47%
ROE(5y)8.77%
ROIC(3y)2.62%
ROIC(5y)2.55%
MI-UN.CA Yearly ROA, ROE, ROICMI-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2018 2019 2020 2021 2022 2023 2024 0 10 -10 20

1.3 Margins

The Profit Margin of MI-UN (62.57%) is better than 75.00% of its industry peers.
MI-UN's Profit Margin has improved in the last couple of years.
With an excellent Operating Margin value of 63.69%, MI-UN belongs to the best of the industry, outperforming 81.25% of the companies in the same industry.
MI-UN's Operating Margin has been stable in the last couple of years.
Looking at the Gross Margin, with a value of 63.69%, MI-UN is doing worse than 62.50% of the companies in the same industry.
MI-UN's Gross Margin has been stable in the last couple of years.
Industry RankSector Rank
OM 63.69%
PM (TTM) 62.57%
GM 63.69%
OM growth 3Y1.23%
OM growth 5Y0.48%
PM growth 3Y-19.17%
PM growth 5Y16.06%
GM growth 3Y1.23%
GM growth 5Y0.48%
MI-UN.CA Yearly Profit, Operating, Gross MarginsMI-UN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2018 2019 2020 2021 2022 2023 2024 0 50 -50 100 150

2

2. Health

2.1 Basic Checks

MI-UN has less shares outstanding than it did 1 year ago.
MI-UN has more shares outstanding than it did 5 years ago.
The debt/assets ratio for MI-UN has remained at the same level compared to a year ago.
MI-UN.CA Yearly Shares OutstandingMI-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2018 2019 2020 2021 2022 2023 2024 10M 20M 30M 40M
MI-UN.CA Yearly Total Debt VS Total AssetsMI-UN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B 2B 2.5B

2.2 Solvency

Based on the Altman-Z score of 0.58, we must say that MI-UN is in the distress zone and has some risk of bankruptcy.
MI-UN has a Altman-Z score of 0.58. This is in the lower half of the industry: MI-UN underperforms 75.00% of its industry peers.
The Debt to FCF ratio of MI-UN is 9.49, which is on the high side as it means it would take MI-UN, 9.49 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 9.49, MI-UN is in the better half of the industry, outperforming 62.50% of the companies in the same industry.
A Debt/Equity ratio of 0.76 indicates that MI-UN is somewhat dependend on debt financing.
The Debt to Equity ratio of MI-UN (0.76) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 0.76
Debt/FCF 9.49
Altman-Z 0.58
ROIC/WACCN/A
WACCN/A
MI-UN.CA Yearly LT Debt VS Equity VS FCFMI-UN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2018 2019 2020 2021 2022 2023 2024 200M 400M 600M 800M 1B

2.3 Liquidity

A Current Ratio of 0.08 indicates that MI-UN may have some problems paying its short term obligations.
MI-UN has a worse Current ratio (0.08) than 81.25% of its industry peers.
A Quick Ratio of 0.08 indicates that MI-UN may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.08, MI-UN is doing worse than 81.25% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.08
Quick Ratio 0.08
MI-UN.CA Yearly Current Assets VS Current LiabilitesMI-UN.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M

6

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 191.20% over the past year.
Measured over the past years, MI-UN shows a very strong growth in Earnings Per Share. The EPS has been growing by 23.76% on average per year.
MI-UN shows a decrease in Revenue. In the last year, the revenue decreased by -1.46%.
MI-UN shows quite a strong growth in Revenue. Measured over the last years, the Revenue has been growing by 8.51% yearly.
EPS 1Y (TTM)191.2%
EPS 3Y-12.07%
EPS 5Y23.76%
EPS Q2Q%186.54%
Revenue 1Y (TTM)-1.46%
Revenue growth 3Y8.34%
Revenue growth 5Y8.51%
Sales Q2Q%-2.4%

3.2 Future

Based on estimates for the next years, MI-UN will show a very strong growth in Earnings Per Share. The EPS will grow by 152.98% on average per year.
The Revenue is expected to grow by 3.14% on average over the next years.
EPS Next Y510%
EPS Next 2Y152.98%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year1.16%
Revenue Next 2Y3.14%
Revenue Next 3YN/A
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.
MI-UN.CA Yearly Revenue VS EstimatesMI-UN.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 50M 100M 150M
MI-UN.CA Yearly EPS VS EstimatesMI-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 1 2 3 4

7

4. Valuation

4.1 Price/Earnings Ratio

Based on the Price/Earnings ratio of 5.72, the valuation of MI-UN can be described as very cheap.
Based on the Price/Earnings ratio, MI-UN is valued cheaply inside the industry as 81.25% of the companies are valued more expensively.
MI-UN is valuated cheaply when we compare the Price/Earnings ratio to 26.60, which is the current average of the S&P500 Index.
The Price/Forward Earnings ratio is 16.03, which indicates a correct valuation of MI-UN.
Compared to the rest of the industry, the Price/Forward Earnings ratio of MI-UN is on the same level as its industry peers.
MI-UN's Price/Forward Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 22.39.
Industry RankSector Rank
PE 5.72
Fwd PE 16.03
MI-UN.CA Price Earnings VS Forward Price EarningsMI-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 5 10 15 20 25

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, MI-UN is valued a bit cheaper than 68.75% of the companies in the same industry.
Industry RankSector Rank
P/FCF 5.84
EV/EBITDA N/A
MI-UN.CA Per share dataMI-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 5 10 15 20 25

4.3 Compensation for Growth

MI-UN's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
MI-UN has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as MI-UN's earnings are expected to grow with 152.98% in the coming years.
PEG (NY)0.01
PEG (5Y)0.24
EPS Next 2Y152.98%
EPS Next 3YN/A

5

5. Dividend

5.1 Amount

MI-UN has a Yearly Dividend Yield of 3.21%.
Compared to an average industry Dividend Yield of 4.37, MI-UN is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.39, MI-UN pays a bit more dividend than the S&P500 average.
Industry RankSector Rank
Dividend Yield 3.21%

5.2 History

The dividend of MI-UN has a limited annual growth rate of 4.07%.
MI-UN has been paying a dividend for over 5 years, so it has already some track record.
MI-UN has not decreased its dividend in the past 5 years, so it has a somewhat stable track record.
Dividend Growth(5Y)4.07%
Div Incr Years6
Div Non Decr Years6
MI-UN.CA Yearly Dividends per shareMI-UN.CA Yearly Dividends per shareYearly Dividends per share 2018 2019 2020 2021 2022 2023 2024 2025 0.1 0.2 0.3 0.4 0.5

5.3 Sustainability

MI-UN pays out 39.32% of its income as dividend. This is a sustainable payout ratio.
The dividend of MI-UN is growing, but earnings are growing more, so the dividend growth is sustainable.
DP39.32%
EPS Next 2Y152.98%
EPS Next 3YN/A
MI-UN.CA Yearly Income VS Free CF VS DividendMI-UN.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2018 2019 2020 2021 2022 2023 2024 0 100M -100M 200M
MI-UN.CA Dividend Payout.MI-UN.CA Dividend Payout, showing the Payout Ratio.MI-UN.CA Dividend Payout.PayoutRetained Earnings

MINTO APARTMENT REAL ESTATE

TSX:MI-UN (6/12/2025, 7:00:00 PM)

14.53

+0.03 (+0.21%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryResidential REITs
Earnings (Last)05-06 2025-05-06
Earnings (Next)08-11 2025-08-11
Inst Owners28.71%
Inst Owner ChangeN/A
Ins Owners2.14%
Ins Owner ChangeN/A
Market Cap550.54M
Analysts78.89
Price Target15.96 (9.84%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 3.21%
Yearly Dividend1.04
Dividend Growth(5Y)4.07%
DP39.32%
Div Incr Years6
Div Non Decr Years6
Ex-Date05-30 2025-05-30 (0.04333)
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)-7.12%
PT rev (3m)-14.83%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-14.58%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-3.19%
Valuation
Industry RankSector Rank
PE 5.72
Fwd PE 16.03
P/S 3.53
P/FCF 5.84
P/OCF 5.84
P/B 0.5
P/tB 0.5
EV/EBITDA N/A
EPS(TTM)2.54
EY17.48%
EPS(NY)0.91
Fwd EY6.24%
FCF(TTM)2.49
FCFY17.14%
OCF(TTM)2.49
OCFY17.14%
SpS4.12
BVpS29.32
TBVpS29.32
PEG (NY)0.01
PEG (5Y)0.24
Profitability
Industry RankSector Rank
ROA 3.77%
ROE 8.79%
ROCE 4.01%
ROIC 2.89%
ROICexc 2.89%
ROICexgc 2.89%
OM 63.69%
PM (TTM) 62.57%
GM 63.69%
FCFM 60.42%
ROA(3y)2.11%
ROA(5y)3.67%
ROE(3y)4.47%
ROE(5y)8.77%
ROIC(3y)2.62%
ROIC(5y)2.55%
ROICexc(3y)2.62%
ROICexc(5y)2.55%
ROICexgc(3y)2.62%
ROICexgc(5y)2.55%
ROCE(3y)3.63%
ROCE(5y)3.54%
ROICexcg growth 3Y7.04%
ROICexcg growth 5Y3.8%
ROICexc growth 3Y7.04%
ROICexc growth 5Y3.8%
OM growth 3Y1.23%
OM growth 5Y0.48%
PM growth 3Y-19.17%
PM growth 5Y16.06%
GM growth 3Y1.23%
GM growth 5Y0.48%
F-Score4
Asset Turnover0.06
Health
Industry RankSector Rank
Debt/Equity 0.76
Debt/FCF 9.49
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 2.5
Cash Conversion N/A
Profit Quality 96.57%
Current Ratio 0.08
Quick Ratio 0.08
Altman-Z 0.58
F-Score4
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)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)191.2%
EPS 3Y-12.07%
EPS 5Y23.76%
EPS Q2Q%186.54%
EPS Next Y510%
EPS Next 2Y152.98%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-1.46%
Revenue growth 3Y8.34%
Revenue growth 5Y8.51%
Sales Q2Q%-2.4%
Revenue Next Year1.16%
Revenue Next 2Y3.14%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-1.41%
EBIT growth 3Y9.67%
EBIT growth 5Y9.02%
EBIT Next Year-0.98%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y9.97%
FCF growth 3Y9.95%
FCF growth 5Y12.24%
OCF growth 1Y9.97%
OCF growth 3Y9.95%
OCF growth 5Y12.24%