MORGUARD REAL ESTATE-TR UTS (MRT-UN.CA) Fundamental Analysis & Valuation

TSX:MRT-UN • CA6179141065

6.53 CAD
-0.06 (-0.91%)
Last: Mar 6, 2026, 07:00 PM
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This MRT-UN.CA fundamental analysis includes valuation metrics, fair value assessment, financial health analysis, profitability trends, growth metrics and dividend sustainability analysis.

Fundamental Rating

2

Taking everything into account, MRT-UN scores 2 out of 10 in our fundamental rating. MRT-UN was compared to 35 industry peers in the Diversified REITs industry. Both the profitability and financial health of MRT-UN have multiple concerns. MRT-UN has a valuation in line with the averages, but on the other hand it scores bad on growth.


Dividend Valuation Growth Profitability Health

2

1. MRT-UN.CA Profitability Analysis

1.1 Basic Checks

  • In the past year MRT-UN has reported negative net income.
  • MRT-UN had a positive operating cash flow in the past year.
  • MRT-UN had negative earnings in 4 of the past 5 years.
  • MRT-UN had a positive operating cash flow in each of the past 5 years.
MRT-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFMRT-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M -200M -300M

1.2 Ratios

  • Looking at the Return On Assets, with a value of -2.03%, MRT-UN is doing worse than 60.00% of the companies in the same industry.
  • MRT-UN has a Return On Equity of -5.06%. This is in the lower half of the industry: MRT-UN underperforms 60.00% of its industry peers.
  • Looking at the Return On Invested Capital, with a value of 4.23%, MRT-UN is in line with its industry, outperforming 60.00% of the companies in the same industry.
  • Measured over the past 3 years, the Average Return On Invested Capital for MRT-UN is in line with the industry average of 5.26%.
Industry RankSector Rank
ROA -2.03%
ROE -5.06%
ROIC 4.23%
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-UN.CA Yearly ROA, ROE, ROICMRT-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 -10 -20 -30

1.3 Margins

  • With a Operating Margin value of 46.06%, MRT-UN is not doing good in the industry: 65.71% of the companies in the same industry are doing better.
  • In the last couple of years the Operating Margin of MRT-UN has declined.
  • MRT-UN has a Gross Margin of 47.63%. This is in the lower half of the industry: MRT-UN underperforms 77.14% of its industry peers.
  • In the last couple of years the Gross Margin of MRT-UN has declined.
Industry RankSector Rank
OM 46.06%
PM (TTM) N/A
GM 47.63%
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-UN.CA Yearly Profit, Operating, Gross MarginsMRT-UN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50 -50 -100

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ROAROEROICOperating and Profit MarginShow most profitable peers

1

2. MRT-UN.CA Health Analysis

2.1 Basic Checks

  • The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so MRT-UN is destroying value.
  • MRT-UN has less shares outstanding than it did 1 year ago.
  • MRT-UN has more shares outstanding than it did 5 years ago.
  • Compared to 1 year ago, MRT-UN has a worse debt to assets ratio.
MRT-UN.CA Yearly Shares OutstandingMRT-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2016 2017 2018 2019 2020 2021 2022 2023 2024 20M 40M 60M
MRT-UN.CA Yearly Total Debt VS Total AssetsMRT-UN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2016 2017 2018 2019 2020 2021 2022 2023 2024 1B 2B 3B

2.2 Solvency

  • Based on the Altman-Z score of 0.41, we must say that MRT-UN is in the distress zone and has some risk of bankruptcy.
  • Looking at the Altman-Z score, with a value of 0.41, MRT-UN is in line with its industry, outperforming 48.57% of the companies in the same industry.
  • The Debt to FCF ratio of MRT-UN is 27.11, which is on the high side as it means it would take MRT-UN, 27.11 years of fcf income to pay off all of its debts.
  • With a Debt to FCF ratio value of 27.11, MRT-UN is not doing good in the industry: 71.43% of the companies in the same industry are doing better.
  • A Debt/Equity ratio of 1.18 is on the high side and indicates that MRT-UN has dependencies on debt financing.
  • MRT-UN has a Debt to Equity ratio (1.18) which is in line with its industry peers.
Industry RankSector Rank
Debt/Equity 1.18
Debt/FCF 27.11
Altman-Z 0.41
ROIC/WACC0.72
WACC5.87%
MRT-UN.CA Yearly LT Debt VS Equity VS FCFMRT-UN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2016 2017 2018 2019 2020 2021 2022 2023 2024 500M 1B 1.5B

2.3 Liquidity

  • A Current Ratio of 0.07 indicates that MRT-UN may have some problems paying its short term obligations.
  • MRT-UN has a worse Current ratio (0.07) than 80.00% of its industry peers.
  • MRT-UN has a Quick Ratio of 0.07. This is a bad value and indicates that MRT-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
  • Looking at the Quick ratio, with a value of 0.07, MRT-UN is doing worse than 80.00% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 0.07
Quick Ratio 0.07
MRT-UN.CA Yearly Current Assets VS Current LiabilitesMRT-UN.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2016 2017 2018 2019 2020 2021 2022 2023 2024 100M 200M 300M 400M

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WACCDebt/EquityHow to determine the health of a companyAltman-Z scoreShow peers with great health

2

3. MRT-UN.CA Growth Analysis

3.1 Past

  • The Earnings Per Share has grown by an impressive 21.75% over the past year.
  • The Revenue has decreased by -5.37% in the past year.
  • The Revenue has been decreasing by -1.04% on average over the past years.
EPS 1Y (TTM)21.75%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-55.99%
Revenue 1Y (TTM)-5.37%
Revenue growth 3Y2.39%
Revenue growth 5Y-1.04%
Sales Q2Q%-8.86%

3.2 Future

  • The Earnings Per Share is expected to grow by 118.98% on average over the next years. This is a very strong growth
  • Based on estimates for the next years, MRT-UN will show a decrease in Revenue. The Revenue will decrease by -0.36% on average per year.
EPS Next Y170%
EPS Next 2Y211.45%
EPS Next 3Y118.98%
EPS Next 5YN/A
Revenue Next Year-9.22%
Revenue Next 2Y-2.34%
Revenue Next 3Y-0.36%
Revenue Next 5YN/A

3.3 Evolution

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

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Find the best growth stocksShow best growing peers

6

4. MRT-UN.CA Valuation Analysis

4.1 Price/Earnings Ratio

  • MRT-UN reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
  • The Price/Forward Earnings ratio is 8.40, which indicates a very decent valuation of MRT-UN.
  • Based on the Price/Forward Earnings ratio, MRT-UN is valued cheaply inside the industry as 94.29% of the companies are valued more expensively.
  • Compared to an average S&P500 Price/Forward Earnings ratio of 24.57, MRT-UN is valued rather cheaply.
Industry RankSector Rank
PE N/A
Fwd PE 8.4
MRT-UN.CA Price Earnings VS Forward Price EarningsMRT-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 20 40 60

4.2 Price Multiples

  • MRT-UN's Enterprise Value to EBITDA ratio is rather cheap when compared to the industry. MRT-UN is cheaper than 88.57% of the companies in the same industry.
  • Compared to the rest of the industry, the Price/Free Cash Flow ratio of MRT-UN indicates a somewhat cheap valuation: MRT-UN is cheaper than 71.43% of the companies listed in the same industry.
Industry RankSector Rank
P/FCF 9.47
EV/EBITDA 13.69
MRT-UN.CA Per share dataMRT-UN.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-UN's earnings are expected to grow with 118.98% in the coming years. This may justify a more expensive valuation.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y211.45%
EPS Next 3Y118.98%

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Price/EarningsPrice/FCFFCF per shareEV/EBITDAPEG RATIOShow best valued peers

4

5. MRT-UN.CA Dividend Analysis

5.1 Amount

  • MRT-UN has a Yearly Dividend Yield of 4.49%, which is a nice return.
  • Compared to an average industry Dividend Yield of 7.24, MRT-UN's dividend is way lower than its industry peers. On top of this 85.71% of the companies listed in the same industry pay a better dividend than MRT-UN!
  • Compared to an average S&P500 Dividend Yield of 1.82, MRT-UN pays a better dividend.
Industry RankSector Rank
Dividend Yield 4.49%

5.2 History

  • The dividend of MRT-UN decreases each year by -24.29%.
  • MRT-UN has paid a dividend for at least 10 years, which is a reliable track record.
  • The dividend of MRT-UN decreased in the last 3 years.
Dividend Growth(5Y)-24.29%
Div Incr Years1
Div Non Decr Years2
MRT-UN.CA Yearly Dividends per shareMRT-UN.CA Yearly Dividends per shareYearly Dividends per share 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0.2 0.4 0.6 0.8

5.3 Sustainability

  • The earnings of MRT-UN are negative and hence is the payout ratio. MRT-UN will probably not be able to sustain this dividend level.
DP-18.03%
EPS Next 2Y211.45%
EPS Next 3Y118.98%
MRT-UN.CA Yearly Income VS Free CF VS DividendMRT-UN.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100M -100M -200M -300M

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Find the best dividend stocksShow peers with best dividend

MRT-UN.CA Fundamentals: All Metrics, Ratios and Statistics

MORGUARD REAL ESTATE-TR UTS

TSX:MRT-UN (3/6/2026, 7:00:00 PM)

6.53

-0.06 (-0.91%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)02-11
Earnings (Next)04-28
Inst Owners0.88%
Inst Owner ChangeN/A
Ins Owners16.2%
Ins Owner ChangeN/A
Market Cap433.79M
Revenue(TTM)243.77M
Net Income(TTM)-44.09M
Analysts50
Price Target6.12 (-6.28%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.49%
Yearly Dividend0.24
Dividend Growth(5Y)-24.29%
DP-18.03%
Div Incr Years1
Div Non Decr Years2
Ex-Date02-27
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)2.86%
PT rev (3m)2.86%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)-41.67%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)2.39%
Revenue NY rev (3m)2.39%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 8.4
P/S 1.78
P/FCF 9.47
P/OCF 9.47
P/B 0.5
P/tB 0.5
EV/EBITDA 13.69
EPS(TTM)-0.69
EYN/A
EPS(NY)0.78
Fwd EY11.91%
FCF(TTM)0.69
FCFY10.55%
OCF(TTM)0.69
OCFY10.55%
SpS3.67
BVpS13.12
TBVpS13.12
PEG (NY)N/A
PEG (5Y)N/A
Graham NumberN/A
Profitability
Industry RankSector Rank
ROA -2.03%
ROE -5.06%
ROCE 6.32%
ROIC 4.23%
ROICexc 4.25%
ROICexgc 4.25%
OM 46.06%
PM (TTM) N/A
GM 47.63%
FCFM 18.78%
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%
ROICexgc growth 3Y6.46%
ROICexgc 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-Score4
Asset Turnover0.11
Health
Industry RankSector Rank
Debt/Equity 1.18
Debt/FCF 27.11
Debt/EBITDA 9.16
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 1.85
Cash Conversion 40.75%
Profit Quality N/A
Current Ratio 0.07
Quick Ratio 0.07
Altman-Z 0.41
F-Score4
WACC5.87%
ROIC/WACC0.72
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)21.75%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%-55.99%
EPS Next Y170%
EPS Next 2Y211.45%
EPS Next 3Y118.98%
EPS Next 5YN/A
Revenue 1Y (TTM)-5.37%
Revenue growth 3Y2.39%
Revenue growth 5Y-1.04%
Sales Q2Q%-8.86%
Revenue Next Year-9.22%
Revenue Next 2Y-2.34%
Revenue Next 3Y-0.36%
Revenue Next 5YN/A
EBIT growth 1Y-9.88%
EBIT growth 3Y0.89%
EBIT growth 5Y-2.94%
EBIT Next Year-10.55%
EBIT Next 3Y0.07%
EBIT Next 5YN/A
FCF growth 1Y-31.07%
FCF growth 3Y-12.1%
FCF growth 5Y-9.44%
OCF growth 1Y-31.07%
OCF growth 3Y-12.1%
OCF growth 5Y-9.44%

MORGUARD REAL ESTATE-TR UTS / MRT-UN.CA FAQ

What is the fundamental rating for MRT-UN stock?

ChartMill assigns a fundamental rating of 2 / 10 to MRT-UN.CA.


Can you provide the valuation status for MORGUARD REAL ESTATE-TR UTS?

ChartMill assigns a valuation rating of 6 / 10 to MORGUARD REAL ESTATE-TR UTS (MRT-UN.CA). This can be considered as Fairly Valued.


What is the profitability of MRT-UN stock?

MORGUARD REAL ESTATE-TR UTS (MRT-UN.CA) has a profitability rating of 2 / 10.


How financially healthy is MORGUARD REAL ESTATE-TR UTS?

The financial health rating of MORGUARD REAL ESTATE-TR UTS (MRT-UN.CA) is 1 / 10.


Can you provide the expected EPS growth for MRT-UN stock?

The Earnings per Share (EPS) of MORGUARD REAL ESTATE-TR UTS (MRT-UN.CA) is expected to grow by 170% in the next year.