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MORGUARD REIT (MRT-DB-A.CA) Stock Overview

Canada - TSX:MRT-DB-A - CA617914AP17

100.79 CAD
-0.01 (-0.01%)
Last: 10/16/2025, 7:00:00 PM
Fundamental Rating

2

We assign a fundamental rating of 2 out of 10 to MRT-DB-A. MRT-DB-A was compared to 38 industry peers in the Diversified REITs industry. Both the profitability and financial health of MRT-DB-A have multiple concerns. MRT-DB-A does not seem to be growing, but still is valued expensively.


Dividend Valuation Growth Profitability Health

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2

1. Profitability

1.1 Basic Checks

In the past year MRT-DB-A has reported negative net income.
In the past year MRT-DB-A had a positive cash flow from operations.
In the past 5 years MRT-DB-A reported 4 times negative net income.
In the past 5 years MRT-DB-A always reported a positive cash flow from operatings.
MRT-DB-A.CA Yearly Net Income VS EBIT VS OCF VS FCFMRT-DB-A.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 2024 0 100M -100M -200M -300M

1.2 Ratios

MRT-DB-A has a Return On Assets (-1.52%) which is comparable to the rest of the industry.
MRT-DB-A has a Return On Equity (-3.82%) which is comparable to the rest of the industry.
MRT-DB-A has a Return On Invested Capital of 4.31%. This is in the better half of the industry: MRT-DB-A outperforms 78.95% of its industry peers.
MRT-DB-A had an Average Return On Invested Capital over the past 3 years of 4.53%. This is in line with the industry average of 5.45%.
Industry RankSector Rank
ROA -1.52%
ROE -3.82%
ROIC 4.31%
ROA(3y)-3.2%
ROA(5y)-4.67%
ROE(3y)-7.53%
ROE(5y)-10.61%
ROIC(3y)4.53%
ROIC(5y)4.4%
MRT-DB-A.CA Yearly ROA, ROE, ROICMRT-DB-A.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -10 -20 -30

1.3 Margins

MRT-DB-A has a worse Operating Margin (45.44%) than 60.53% of its industry peers.
In the last couple of years the Operating Margin of MRT-DB-A has declined.
The Gross Margin of MRT-DB-A (46.95%) is worse than 78.95% of its industry peers.
In the last couple of years the Gross Margin of MRT-DB-A has declined.
Industry RankSector Rank
OM 45.44%
PM (TTM) N/A
GM 46.95%
OM growth 3Y-1.47%
OM growth 5Y-1.92%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.99%
GM growth 5Y-2.03%
MRT-DB-A.CA Yearly Profit, Operating, Gross MarginsMRT-DB-A.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100

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2

2. Health

2.1 Basic Checks

MRT-DB-A has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for MRT-DB-A has been reduced compared to 1 year ago.
The number of shares outstanding for MRT-DB-A has been increased compared to 5 years ago.
Compared to 1 year ago, MRT-DB-A has a worse debt to assets ratio.
MRT-DB-A.CA Yearly Shares OutstandingMRT-DB-A.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
MRT-DB-A.CA Yearly Total Debt VS Total AssetsMRT-DB-A.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

An Altman-Z score of 3.24 indicates that MRT-DB-A is not in any danger for bankruptcy at the moment.
MRT-DB-A has a better Altman-Z score (3.24) than 89.47% of its industry peers.
MRT-DB-A has a debt to FCF ratio of 28.94. This is a negative value and a sign of low solvency as MRT-DB-A would need 28.94 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 28.94, MRT-DB-A is doing worse than 73.68% of the companies in the same industry.
A Debt/Equity ratio of 1.17 is on the high side and indicates that MRT-DB-A has dependencies on debt financing.
MRT-DB-A has a Debt to Equity ratio of 1.17. This is comparable to the rest of the industry: MRT-DB-A outperforms 50.00% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.17
Debt/FCF 28.94
Altman-Z 3.24
ROIC/WACC0.58
WACC7.37%
MRT-DB-A.CA Yearly LT Debt VS Equity VS FCFMRT-DB-A.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

2.3 Liquidity

MRT-DB-A has a Current Ratio of 0.08. This is a bad value and indicates that MRT-DB-A is not financially healthy enough and could expect problems in meeting its short term obligations.
The Current ratio of MRT-DB-A (0.08) is worse than 81.58% of its industry peers.
A Quick Ratio of 0.08 indicates that MRT-DB-A may have some problems paying its short term obligations.
Looking at the Quick ratio, with a value of 0.08, MRT-DB-A is doing worse than 81.58% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.08
Quick Ratio 0.08
MRT-DB-A.CA Yearly Current Assets VS Current LiabilitesMRT-DB-A.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

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1

3. Growth

3.1 Past

MRT-DB-A shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 64.03%, which is quite impressive.
The Revenue has decreased by -2.90% in the past year.
Measured over the past years, MRT-DB-A shows a decrease in Revenue. The Revenue has been decreasing by -1.04% on average per year.
EPS 1Y (TTM)64.03%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%24.28%
Revenue 1Y (TTM)-2.9%
Revenue growth 3Y2.39%
Revenue growth 5Y-1.04%
Sales Q2Q%-8.97%

3.2 Future

MRT-DB-A is expected to show a strong growth in Earnings Per Share. In the coming years, the EPS will grow by 113.27% yearly.
Based on estimates for the next years, MRT-DB-A will show a decrease in Revenue. The Revenue will decrease by -1.79% on average per year.
EPS Next Y220%
EPS Next 2Y198.33%
EPS Next 3Y113.27%
EPS Next 5YN/A
Revenue Next Year-10.33%
Revenue Next 2Y-1.79%
Revenue Next 3YN/A
Revenue Next 5YN/A

3.3 Evolution

The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
MRT-DB-A.CA Yearly Revenue VS EstimatesMRT-DB-A.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 50M 100M 150M 200M 250M
MRT-DB-A.CA Yearly EPS VS EstimatesMRT-DB-A.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2017 2018 2019 2020 2021 2023 2024 2025 2026 2027 0 2 -2 -4

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2

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for MRT-DB-A. In the last year negative earnings were reported.
MRT-DB-A is valuated quite expensively with a Price/Forward Earnings ratio of 144.63.
Compared to the rest of the industry, the Price/Forward Earnings ratio of MRT-DB-A is on the same level as its industry peers.
The average S&P500 Price/Forward Earnings ratio is at 22.94. MRT-DB-A is valued rather expensively when compared to this.
Industry RankSector Rank
PE N/A
Fwd PE 144.63
MRT-DB-A.CA Price Earnings VS Forward Price EarningsMRT-DB-A.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 100 -100

4.2 Price Multiples

MRT-DB-A's Enterprise Value to EBITDA is on the same level as the industry average.
Based on the Price/Free Cash Flow ratio, MRT-DB-A is valued a bit more expensive than the industry average as 78.95% of the companies are valued more cheaply.
Industry RankSector Rank
P/FCF 153.31
EV/EBITDA 68.13
MRT-DB-A.CA Per share dataMRT-DB-A.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 2 4 6 8 10

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.
MRT-DB-A's earnings are expected to grow with 113.27% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y198.33%
EPS Next 3Y113.27%

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3

5. Dividend

5.1 Amount

MRT-DB-A has a Yearly Dividend Yield of 4.49%, which is a nice return.
With a Dividend Yield of 4.49, MRT-DB-A pays less dividend than the industry average, which is at 7.95. 81.58% of the companies listed in the same industry pay a better dividend than MRT-DB-A!
MRT-DB-A's Dividend Yield is rather good when compared to the S&P500 average which is at 2.36.
Industry RankSector Rank
Dividend Yield 4.49%

5.2 History

The dividend of MRT-DB-A decreases each year by -24.29%.
MRT-DB-A is new to the dividend game and has less than 3 years of track record.
Dividend Growth(5Y)-24.29%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

The earnings of MRT-DB-A are negative and hence is the payout ratio. MRT-DB-A will probably not be able to sustain this dividend level.
DP-33.36%
EPS Next 2Y198.33%
EPS Next 3Y113.27%
MRT-DB-A.CA Yearly Income VS Free CF VS DividendMRT-DB-A.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M -200M -300M

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MORGUARD REIT

TSX:MRT-DB-A (10/16/2025, 7:00:00 PM)

100.79

-0.01 (-0.01%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)07-30 2025-07-30
Earnings (Next)10-29 2025-10-29
Inst Owners0.55%
Inst Owner ChangeN/A
Ins Owners16.34%
Ins Owner ChangeN/A
Market Cap6.62B
Analysts50
Price Target94.77 (-5.97%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.49%
Yearly Dividend0.24
Dividend Growth(5Y)-24.29%
DP-33.36%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
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)0.19%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-83.33%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-2.56%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 144.63
P/S 26.55
P/FCF 153.31
P/OCF 153.31
P/B 7.63
P/tB 7.63
EV/EBITDA 68.13
EPS(TTM)-0.6
EYN/A
EPS(NY)0.7
Fwd EY0.69%
FCF(TTM)0.66
FCFY0.65%
OCF(TTM)0.66
OCFY0.65%
SpS3.8
BVpS13.21
TBVpS13.21
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -1.52%
ROE -3.82%
ROCE 6.45%
ROIC 4.31%
ROICexc 4.32%
ROICexgc 4.32%
OM 45.44%
PM (TTM) N/A
GM 46.95%
FCFM 17.32%
ROA(3y)-3.2%
ROA(5y)-4.67%
ROE(3y)-7.53%
ROE(5y)-10.61%
ROIC(3y)4.53%
ROIC(5y)4.4%
ROICexc(3y)4.55%
ROICexc(5y)4.42%
ROICexgc(3y)4.55%
ROICexgc(5y)4.42%
ROCE(3y)6.57%
ROCE(5y)6.31%
ROICexcg growth 3Y6.46%
ROICexcg growth 5Y4.22%
ROICexc growth 3Y6.46%
ROICexc growth 5Y4.22%
OM growth 3Y-1.47%
OM growth 5Y-1.92%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-0.99%
GM growth 5Y-2.03%
F-Score5
Asset Turnover0.11
Health
Industry RankSector Rank
Debt/Equity 1.17
Debt/FCF 28.94
Debt/EBITDA 8.98
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 1.83
Cash Conversion 38.07%
Profit Quality N/A
Current Ratio 0.08
Quick Ratio 0.08
Altman-Z 3.24
F-Score5
WACC7.37%
ROIC/WACC0.58
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)64.03%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%24.28%
EPS Next Y220%
EPS Next 2Y198.33%
EPS Next 3Y113.27%
EPS Next 5YN/A
Revenue 1Y (TTM)-2.9%
Revenue growth 3Y2.39%
Revenue growth 5Y-1.04%
Sales Q2Q%-8.97%
Revenue Next Year-10.33%
Revenue Next 2Y-1.79%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-7.77%
EBIT growth 3Y0.89%
EBIT growth 5Y-2.94%
EBIT Next Year-15.07%
EBIT Next 3Y-0.38%
EBIT Next 5YN/A
FCF growth 1Y-35.09%
FCF growth 3Y-12.1%
FCF growth 5Y-9.44%
OCF growth 1Y-35.09%
OCF growth 3Y-12.1%
OCF growth 5Y-9.44%