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

TSX:MRT-UN - Toronto Stock Exchange - CA6179141065 - REIT - Currency: CAD

5.6  -0.03 (-0.53%)

Fundamental Rating

3

Overall MRT-UN gets a fundamental rating of 3 out of 10. We evaluated MRT-UN against 43 industry peers in the Diversified REITs industry. MRT-UN may be in some trouble as it scores bad on both profitability and health. MRT-UN has a valuation in line with the averages, but it does not seem to be growing.


Dividend Valuation Growth Profitability Health

3

1. Profitability

1.1 Basic Checks

MRT-UN had negative earnings in the past year.
MRT-UN had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: MRT-UN reported negative net income in multiple years.
In the past 5 years MRT-UN always reported a positive cash flow from operatings.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100M -100M -200M -300M

1.2 Ratios

MRT-UN has a Return On Assets of -2.31%. This is comparable to the rest of the industry: MRT-UN outperforms 55.81% of its industry peers.
Looking at the Return On Equity, with a value of -5.55%, MRT-UN is in line with its industry, outperforming 53.49% of the companies in the same industry.
The Return On Invested Capital of MRT-UN (4.59%) is better than 65.12% of its industry peers.
MRT-UN had an Average Return On Invested Capital over the past 3 years of 4.26%. This is in line with the industry average of 5.64%.
The 3 year average ROIC (4.26%) for MRT-UN is below the current ROIC(4.59%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA -2.31%
ROE -5.55%
ROIC 4.59%
ROA(3y)-2.23%
ROA(5y)-4.03%
ROE(3y)-5.17%
ROE(5y)-9.08%
ROIC(3y)4.26%
ROIC(5y)4.22%
MRT-UN.CA Yearly ROA, ROE, ROICMRT-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 -10 -20 -30

1.3 Margins

MRT-UN has a Operating Margin (48.37%) which is in line with its industry peers.
MRT-UN's Operating Margin has declined in the last couple of years.
MRT-UN's Gross Margin of 49.83% is on the low side compared to the rest of the industry. MRT-UN is outperformed by 74.42% of its industry peers.
MRT-UN's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 48.37%
PM (TTM) N/A
GM 49.83%
OM growth 3Y-3.22%
OM growth 5Y-2.03%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-3.3%
GM growth 5Y-2.13%
MRT-UN.CA Yearly Profit, Operating, Gross MarginsMRT-UN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50 -50 -100

1

2. Health

2.1 Basic Checks

MRT-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, MRT-UN has about the same amount of shares outstanding.
The number of shares outstanding for MRT-UN has been increased compared to 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 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 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B

2.2 Solvency

Based on the Altman-Z score of 0.46, we must say that MRT-UN is in the distress zone and has some risk of bankruptcy.
MRT-UN has a Altman-Z score (0.46) which is in line with its industry peers.
MRT-UN has a debt to FCF ratio of 22.41. This is a negative value and a sign of low solvency as MRT-UN would need 22.41 years to pay back of all of its debts.
MRT-UN has a Debt to FCF ratio of 22.41. This is in the lower half of the industry: MRT-UN underperforms 60.47% of its industry peers.
A Debt/Equity ratio of 1.11 is on the high side and indicates that MRT-UN has dependencies on debt financing.
The Debt to Equity ratio of MRT-UN (1.11) is comparable to the rest of the industry.
Industry RankSector Rank
Debt/Equity 1.11
Debt/FCF 22.41
Altman-Z 0.46
ROIC/WACC0.92
WACC4.99%
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B 1.5B

2.3 Liquidity

MRT-UN has a Current 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.
With a Current ratio value of 0.07, MRT-UN is not doing good in the industry: 90.70% of the companies in the same industry are doing better.
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.
MRT-UN's Quick ratio of 0.07 is on the low side compared to the rest of the industry. MRT-UN is outperformed by 90.70% of its industry peers.
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 100M 200M 300M 400M

3

3. Growth

3.1 Past

MRT-UN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 60.33%, which is quite impressive.
Looking at the last year, MRT-UN shows a small growth in Revenue. The Revenue has grown by 3.50% in the last year.
Measured over the past years, MRT-UN shows a decrease in Revenue. The Revenue has been decreasing by -1.60% on average per year.
EPS 1Y (TTM)60.33%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%126.25%
Revenue 1Y (TTM)3.5%
Revenue growth 3Y0.17%
Revenue growth 5Y-1.6%
Sales Q2Q%1.25%

3.2 Future

The Earnings Per Share is expected to grow by 55.93% on average over the next years. This is a very strong growth
MRT-UN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 0.07% yearly.
EPS Next Y79.17%
EPS Next 2Y90.39%
EPS Next 3Y55.93%
EPS Next 5YN/A
Revenue Next Year2.82%
Revenue Next 2Y-2.24%
Revenue Next 3Y0.07%
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 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 50M 100M 150M 200M 250M
MRT-UN.CA Yearly EPS VS EstimatesMRT-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 0 2 -2 -4

6

4. Valuation

4.1 Price/Earnings Ratio

MRT-UN reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.
With a Price/Forward Earnings ratio of 7.11, the valuation of MRT-UN can be described as very cheap.
Based on the Price/Forward Earnings ratio, MRT-UN is valued cheaper than 97.67% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 95.00. MRT-UN is valued rather cheaply when compared to this.
Industry RankSector Rank
PE N/A
Fwd PE 7.11
MRT-UN.CA Price Earnings VS Forward Price EarningsMRT-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 200 400 600

4.2 Price Multiples

Based on the Enterprise Value to EBITDA ratio, MRT-UN is valued cheaply inside the industry as 88.37% of the companies are valued more expensively.
74.42% of the companies in the same industry are more expensive than MRT-UN, based on the Price/Free Cash Flow ratio.
Industry RankSector Rank
P/FCF 6.54
EV/EBITDA 12
MRT-UN.CA Per share dataMRT-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 5 10

4.3 Compensation for Growth

MRT-UN's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
A more expensive valuation may be justified as MRT-UN's earnings are expected to grow with 55.93% in the coming years.
PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2Y90.39%
EPS Next 3Y55.93%

4

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 4.49%, MRT-UN is a good candidate for dividend investing.
With a Dividend Yield of 4.49, MRT-UN pays less dividend than the industry average, which is at 8.03. 83.72% of the companies listed in the same industry pay a better dividend than MRT-UN!
Compared to an average S&P500 Dividend Yield of 2.28, 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 -24.45%.
MRT-UN has paid a dividend for at least 10 years, which is a reliable track record.
The dividend of MRT-UN decreased recently.
Dividend Growth(5Y)-24.45%
Div Incr Years0
Div Non Decr Years1
MRT-UN.CA Yearly Dividends per shareMRT-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

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-29.84%
EPS Next 2Y90.39%
EPS Next 3Y55.93%
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 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100M -100M -200M -300M

MORGUARD REAL ESTATE-TR UTS

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

5.6

-0.03 (-0.53%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)10-30 2024-10-30
Earnings (Next)02-12 2025-02-12
Inst Owners0.66%
Inst Owner ChangeN/A
Ins Owners15.25%
Ins Owner ChangeN/A
Market Cap360.02M
Analysts50
Price Target6.12 (9.29%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 4.49%
Yearly Dividend0.23
Dividend Growth(5Y)-24.45%
DP-29.84%
Div Incr Years0
Div Non Decr Years1
Ex-Date01-31 2025-01-31 (0.02)
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)2.86%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)16.67%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)0%
Revenue NY rev (3m)-0.29%
Valuation
Industry RankSector Rank
PE N/A
Fwd PE 7.11
P/S 1.4
P/FCF 6.54
P/OCF 6.54
P/B 0.39
P/tB 0.39
EV/EBITDA 12
EPS(TTM)-0.88
EYN/A
EPS(NY)0.79
Fwd EY14.07%
FCF(TTM)0.86
FCFY15.3%
OCF(TTM)0.86
OCFY15.3%
SpS4.01
BVpS14.36
TBVpS14.36
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -2.31%
ROE -5.55%
ROCE 6.68%
ROIC 4.59%
ROICexc 4.6%
ROICexgc 4.6%
OM 48.37%
PM (TTM) N/A
GM 49.83%
FCFM 21.38%
ROA(3y)-2.23%
ROA(5y)-4.03%
ROE(3y)-5.17%
ROE(5y)-9.08%
ROIC(3y)4.26%
ROIC(5y)4.22%
ROICexc(3y)4.28%
ROICexc(5y)4.24%
ROICexgc(3y)4.28%
ROICexgc(5y)4.24%
ROCE(3y)6.08%
ROCE(5y)6.03%
ROICexcg growth 3Y0.93%
ROICexcg growth 5Y3.74%
ROICexc growth 3Y0.93%
ROICexc growth 5Y3.74%
OM growth 3Y-3.22%
OM growth 5Y-2.03%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-3.3%
GM growth 5Y-2.13%
F-Score5
Asset Turnover0.12
Health
Industry RankSector Rank
Debt/Equity 1.11
Debt/FCF 22.41
Debt/EBITDA 8.22
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 1.91
Cash Conversion 44.18%
Profit Quality N/A
Current Ratio 0.07
Quick Ratio 0.07
Altman-Z 0.46
F-Score5
WACC4.99%
ROIC/WACC0.92
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)60.33%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%126.25%
EPS Next Y79.17%
EPS Next 2Y90.39%
EPS Next 3Y55.93%
EPS Next 5YN/A
Revenue 1Y (TTM)3.5%
Revenue growth 3Y0.17%
Revenue growth 5Y-1.6%
Sales Q2Q%1.25%
Revenue Next Year2.82%
Revenue Next 2Y-2.24%
Revenue Next 3Y0.07%
Revenue Next 5YN/A
EBIT growth 1Y2.14%
EBIT growth 3Y-3.06%
EBIT growth 5Y-3.6%
EBIT Next Year6.83%
EBIT Next 3Y1.62%
EBIT Next 5YN/A
FCF growth 1Y-28.27%
FCF growth 3Y12.24%
FCF growth 5Y-6.64%
OCF growth 1Y-28.27%
OCF growth 3Y12.24%
OCF growth 5Y-6.64%