PRIMARIS REIT (PMZ-UN.CA) Stock Fundamental Analysis
TSX:PMZ-UN - CA74167K1093 - REIT
15.27 CAD
+0.12 (+0.79%)
PMZ-UN gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 38 industry peers in the Diversified REITs industry. While PMZ-UN is still in line with the averages on profitability rating, there are concerns on its financial health. An interesting combination arises when we look at growth and value: PMZ-UN is growing strongly while it also seems undervalued.
1. Profitability
1.1 Basic Checks
In the past year PMZ-UN was profitable.
PMZ-UN had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: PMZ-UN reported negative net income in multiple years.
PMZ-UN had a positive operating cash flow in 4 of the past 5 years.
1.2 Ratios
Looking at the Return On Assets, with a value of 1.47%, PMZ-UN is in the better half of the industry, outperforming 60.53% of the companies in the same industry.
Looking at the Return On Equity, with a value of 3.12%, PMZ-UN is in the better half of the industry, outperforming 60.53% of the companies in the same industry.
PMZ-UN has a better Return On Invested Capital (4.23%) than 65.79% of its industry peers.
PMZ-UN had an Average Return On Invested Capital over the past 3 years of 4.04%. This is in line with the industry average of 5.49%.
The last Return On Invested Capital (4.23%) for PMZ-UN is above the 3 year average (4.04%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.47% | ||
| ROE | 3.12% | ||
| ROIC | 4.23% |
ROA(3y)1.37%
ROA(5y)-2.46%
ROE(3y)2.65%
ROE(5y)-6.77%
ROIC(3y)4.04%
ROIC(5y)4.06%
1.3 Margins
Looking at the Profit Margin, with a value of 12.93%, PMZ-UN is in the better half of the industry, outperforming 60.53% of the companies in the same industry.
PMZ-UN's Profit Margin has declined in the last couple of years.
PMZ-UN has a Operating Margin (50.40%) which is in line with its industry peers.
PMZ-UN's Operating Margin has declined in the last couple of years.
The Gross Margin of PMZ-UN (57.17%) is comparable to the rest of the industry.
In the last couple of years the Gross Margin of PMZ-UN has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 50.4% | ||
| PM (TTM) | 12.93% | ||
| GM | 57.17% |
OM growth 3Y-2.72%
OM growth 5YN/A
PM growth 3Y-51.36%
PM growth 5YN/A
GM growth 3Y0.31%
GM growth 5YN/A
2. Health
2.1 Basic Checks
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so PMZ-UN is destroying value.
Compared to 1 year ago, PMZ-UN has more shares outstanding
Compared to 1 year ago, PMZ-UN has a worse debt to assets ratio.
2.2 Solvency
PMZ-UN has a debt to FCF ratio of 12.91. This is a negative value and a sign of low solvency as PMZ-UN would need 12.91 years to pay back of all of its debts.
Looking at the Debt to FCF ratio, with a value of 12.91, PMZ-UN is in the better half of the industry, outperforming 78.95% of the companies in the same industry.
A Debt/Equity ratio of 1.06 is on the high side and indicates that PMZ-UN has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 1.06, PMZ-UN is in the better half of the industry, outperforming 60.53% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.06 | ||
| Debt/FCF | 12.91 | ||
| Altman-Z | N/A |
ROIC/WACC0.67
WACC6.28%
2.3 Liquidity
PMZ-UN has a Current Ratio of 0.05. This is a bad value and indicates that PMZ-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, PMZ-UN is doing worse than 86.84% of the companies in the same industry.
PMZ-UN has a Quick Ratio of 0.05. This is a bad value and indicates that PMZ-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
The Quick ratio of PMZ-UN (0.05) is worse than 86.84% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.05 | ||
| Quick Ratio | 0.05 |
3. Growth
3.1 Past
The earnings per share for PMZ-UN have decreased strongly by -50.64% in the last year.
Measured over the past years, PMZ-UN shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -39.76% on average per year.
PMZ-UN shows a strong growth in Revenue. In the last year, the Revenue has grown by 23.11%.
The Revenue has been growing by 26.51% on average over the past years. This is a very strong growth!
EPS 1Y (TTM)-50.64%
EPS 3Y-39.76%
EPS 5YN/A
EPS Q2Q%3.72%
Revenue 1Y (TTM)23.11%
Revenue growth 3Y26.51%
Revenue growth 5YN/A
Sales Q2Q%25.62%
3.2 Future
Based on estimates for the next years, PMZ-UN will show a very strong growth in Earnings Per Share. The EPS will grow by 31.70% on average per year.
The Revenue is expected to grow by 11.44% on average over the next years. This is quite good.
EPS Next Y95.42%
EPS Next 2Y46.52%
EPS Next 3Y31.7%
EPS Next 5YN/A
Revenue Next Year25.78%
Revenue Next 2Y15.92%
Revenue Next 3Y11.44%
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.
Although the future Revenue growth is still strong, it is not able to hold up the even more excellent growth rate of the past years.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 26.79, the valuation of PMZ-UN can be described as expensive.
63.16% of the companies in the same industry are more expensive than PMZ-UN, based on the Price/Earnings ratio.
PMZ-UN is valuated at similar levels of the S&P average when we compare the Price/Earnings ratio to 27.03, which is the current average of the S&P500 Index.
PMZ-UN is valuated reasonably with a Price/Forward Earnings ratio of 9.69.
94.74% of the companies in the same industry are more expensive than PMZ-UN, based on the Price/Forward Earnings ratio.
The average S&P500 Price/Forward Earnings ratio is at 22.54. PMZ-UN is valued rather cheaply when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 26.79 | ||
| Fwd PE | 9.69 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, PMZ-UN is valued cheaper than 84.21% of the companies in the same industry.
73.68% of the companies in the same industry are more expensive than PMZ-UN, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 8.55 | ||
| EV/EBITDA | 14.36 |
4.3 Compensation for Growth
PMZ-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 PMZ-UN's earnings are expected to grow with 31.70% in the coming years.
PEG (NY)0.28
PEG (5Y)N/A
EPS Next 2Y46.52%
EPS Next 3Y31.7%
5. Dividend
5.1 Amount
PMZ-UN has a Yearly Dividend Yield of 6.34%, which is a nice return.
PMZ-UN's Dividend Yield is slightly below the industry average, which is at 7.95.
Compared to an average S&P500 Dividend Yield of 2.45, PMZ-UN pays a better dividend.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.34% |
5.2 History
PMZ-UN has been paying a dividend for less than 5 years, so it still needs to build a track record.
Dividend Growth(5Y)N/A
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
115.79% of the earnings are spent on dividend by PMZ-UN. This is not a sustainable payout ratio.
DP115.79%
EPS Next 2Y46.52%
EPS Next 3Y31.7%
TSX:PMZ-UN (9/10/2025, 7:00:00 PM)
15.27
+0.12 (+0.79%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners70.19%
Inst Owner ChangeN/A
Ins Owners0.68%
Ins Owner ChangeN/A
Market Cap1.64B
Analysts76.67
Price Target18.33 (20.04%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 6.34% |
Yearly Dividend0.83
Dividend Growth(5Y)N/A
DP115.79%
Div Incr Years2
Div Non Decr Years2
Ex-Date
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)3.23%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)N/A
EPS NY rev (3m)N/A
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)N/A
Revenue NY rev (3m)N/A
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 26.79 | ||
| Fwd PE | 9.69 | ||
| P/S | 2.91 | ||
| P/FCF | 8.55 | ||
| P/OCF | 8.55 | ||
| P/B | 0.7 | ||
| P/tB | 0.7 | ||
| EV/EBITDA | 14.36 |
EPS(TTM)0.57
EY3.73%
EPS(NY)1.58
Fwd EY10.32%
FCF(TTM)1.79
FCFY11.69%
OCF(TTM)1.79
OCFY11.7%
SpS5.25
BVpS21.73
TBVpS21.73
PEG (NY)0.28
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 1.47% | ||
| ROE | 3.12% | ||
| ROCE | 5.88% | ||
| ROIC | 4.23% | ||
| ROICexc | 4.24% | ||
| ROICexgc | 4.24% | ||
| OM | 50.4% | ||
| PM (TTM) | 12.93% | ||
| GM | 57.17% | ||
| FCFM | 33.99% |
ROA(3y)1.37%
ROA(5y)-2.46%
ROE(3y)2.65%
ROE(5y)-6.77%
ROIC(3y)4.04%
ROIC(5y)4.06%
ROICexc(3y)4.06%
ROICexc(5y)4.09%
ROICexgc(3y)4.1%
ROICexgc(5y)4.11%
ROCE(3y)5.61%
ROCE(5y)5.7%
ROICexcg growth 3Y13.07%
ROICexcg growth 5YN/A
ROICexc growth 3Y12.15%
ROICexc growth 5YN/A
OM growth 3Y-2.72%
OM growth 5YN/A
PM growth 3Y-51.36%
PM growth 5YN/A
GM growth 3Y0.31%
GM growth 5YN/A
F-Score5
Asset Turnover0.11
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 1.06 | ||
| Debt/FCF | 12.91 | ||
| Debt/EBITDA | 8.65 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.71 | ||
| Cash Conversion | 67.06% | ||
| Profit Quality | 262.88% | ||
| Current Ratio | 0.05 | ||
| Quick Ratio | 0.05 | ||
| Altman-Z | N/A |
F-Score5
WACC6.28%
ROIC/WACC0.67
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)-50.64%
EPS 3Y-39.76%
EPS 5YN/A
EPS Q2Q%3.72%
EPS Next Y95.42%
EPS Next 2Y46.52%
EPS Next 3Y31.7%
EPS Next 5YN/A
Revenue 1Y (TTM)23.11%
Revenue growth 3Y26.51%
Revenue growth 5YN/A
Sales Q2Q%25.62%
Revenue Next Year25.78%
Revenue Next 2Y15.92%
Revenue Next 3Y11.44%
Revenue Next 5YN/A
EBIT growth 1Y28.01%
EBIT growth 3Y23.07%
EBIT growth 5YN/A
EBIT Next Year34.24%
EBIT Next 3Y13.5%
EBIT Next 5YN/A
FCF growth 1Y14.64%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y13.34%
OCF growth 3YN/A
OCF growth 5YN/A