TNT-UN Fundamental Analysis - TRUE NORTH COMMERCIAL REAL E

Fundamental Rating

Overall TNT-UN gets a fundamental rating of 2 out of 10. We evaluated TNT-UN against 37 industry peers in the Diversified REITs industry. Both the profitability and financial health of TNT-UN have multiple concerns. TNT-UN has a expensive valuation and it also scores bad on growth.

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1. Profitability

1.1 Basic Checks

TNT-UN had negative earnings in the past year.

In the past year TNT-UN had a positive cash flow from operations.

The reported net income has been mixed in the past 5 years: TNT-UN reported negative net income in multiple years.

TNT-UN had a positive operating cash flow in each of the past 5 years.

1.2 Ratios

TNT-UN has a worse Return On Assets (-2.46%) than 64.86% of its industry peers.

TNT-UN's Return On Equity of -7.47% is on the low side compared to the rest of the industry. TNT-UN is outperformed by 72.97% of its industry peers.

With a Return On Invested Capital value of 3.56%, TNT-UN perfoms like the industry average, outperforming 40.54% of the companies in the same industry.

Measured over the past 3 years, the Average Return On Invested Capital for TNT-UN is in line with the industry average of 5.04%.

		Industry Rank	Sector Rank
ROA	-2.46%
ROE	-7.47%
ROIC	3.56%

ROA(3y)-1.21%

ROA(5y)0.56%

ROE(3y)-3.62%

ROE(5y)1.23%

ROIC(3y)4.65%

ROIC(5y)4.46%

1.3 Margins

With a Operating Margin value of 42.98%, TNT-UN is not doing good in the industry: 64.86% of the companies in the same industry are doing better.

TNT-UN's Operating Margin has been stable in the last couple of years.

The Gross Margin of TNT-UN (49.61%) is worse than 75.68% of its industry peers.

TNT-UN's Gross Margin has declined in the last couple of years.

		Industry Rank	Sector Rank
OM	42.98%
PM (TTM)	N/A
GM	49.61%

OM growth 3Y-3.24%

OM growth 5Y0.9%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-4.55%

GM growth 5Y-2.32%

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ROA

ROE

ROIC

Operating and Profit Margin

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2. Health

2.1 Basic Checks

The number of shares outstanding for TNT-UN has been reduced compared to 1 year ago.

TNT-UN has less shares outstanding than it did 5 years ago.

TNT-UN has about the same debt/assets ratio as last year.

2.2 Solvency

TNT-UN has an Altman-Z score of 0.03. This is a bad value and indicates that TNT-UN is not financially healthy and even has some risk of bankruptcy.

The Altman-Z score of TNT-UN (0.03) is worse than 78.38% of its industry peers.

TNT-UN has a debt to FCF ratio of 9.38. This is a negative value and a sign of low solvency as TNT-UN would need 9.38 years to pay back of all of its debts.

Looking at the Debt to FCF ratio, with a value of 9.38, TNT-UN belongs to the top of the industry, outperforming 86.49% of the companies in the same industry.

TNT-UN has a Debt/Equity ratio of 1.62. This is a high value indicating a heavy dependency on external financing.

Looking at the Debt to Equity ratio, with a value of 1.62, TNT-UN is doing worse than 75.68% of the companies in the same industry.

		Industry Rank	Sector Rank
Debt/Equity	1.62
Debt/FCF	9.38
Altman-Z	0.03

ROIC/WACCN/A

WACCN/A

2.3 Liquidity

A Current Ratio of 0.32 indicates that TNT-UN may have some problems paying its short term obligations.

With a Current ratio value of 0.32, TNT-UN perfoms like the industry average, outperforming 59.46% of the companies in the same industry.

TNT-UN has a Quick Ratio of 0.32. This is a bad value and indicates that TNT-UN is not financially healthy enough and could expect problems in meeting its short term obligations.

With a decent Quick ratio value of 0.32, TNT-UN is doing good in the industry, outperforming 62.16% of the companies in the same industry.

		Industry Rank	Sector Rank
Current Ratio	0.32
Quick Ratio	0.32

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WACC

Debt/Equity

How to determine the health of a company

Altman-Z score

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3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 32.63% over the past year.

Looking at the last year, TNT-UN shows a decrease in Revenue. The Revenue has decreased by -7.00% in the last year.

Measured over the past years, TNT-UN shows a small growth in Revenue. The Revenue has been growing by 3.57% on average per year.

EPS 1Y (TTM)32.63%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-64.08%

Revenue 1Y (TTM)-7%

Revenue growth 3Y-2.87%

Revenue growth 5Y3.57%

Sales Q2Q%-13.02%

3.2 Future

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.

No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.

EPS Next YN/A

EPS Next 2YN/A

EPS Next 3YN/A

EPS Next 5YN/A

Revenue Next YearN/A

Revenue Next 2YN/A

Revenue Next 3YN/A

Revenue Next 5YN/A

3.3 Evolution

No EPS estimates are available, so we could not analyze the future EPS growth and evolution.

No Revenue estimates are available, so we could not analyze the future revenue growth and evolution.

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4. Valuation

4.1 Price/Earnings Ratio

TNT-UN reported negative earnings for the last year, which makes the Price/Earnings Ratio negative.

		Industry Rank	Sector Rank
PE	N/A
Fwd PE	N/A

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, TNT-UN is valued cheaper than 97.30% of the companies in the same industry.

		Industry Rank	Sector Rank
P/FCF	1.58
EV/EBITDA	N/A

4.3 Compensation for Growth

PEG (NY)N/A

PEG (5Y)N/A

EPS Next 2YN/A

EPS Next 3YN/A

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5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 22.00%, TNT-UN is a good candidate for dividend investing.

TNT-UN's Dividend Yield is rather good when compared to the industry average which is at 7.95. TNT-UN pays more dividend than 100.00% of the companies in the same industry.

Compared to an average S&P500 Dividend Yield of 2.32, TNT-UN pays a better dividend.

		Industry Rank	Sector Rank
Dividend Yield	22%

5.2 History

TNT-UN has paid a dividend for at least 10 years, which is a reliable track record.

Dividend Growth(5Y)N/A

Div Incr Years0

Div Non Decr Years0

5.3 Sustainability

TNT-UN has negative earnings and hence a negative payout ratio. The dividend may be in danger.

DP-8.3%

EPS Next 2YN/A

EPS Next 3YN/A

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TRUE NORTH COMMERCIAL REAL E

TSX:TNT-UN (9/2/2025, 7:00:00 PM)

9.07

-0.12 (-1.31%)

Chartmill FA Rating

GICS SectorReal Estate

GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)

GICS IndustryDiversified REITs

Earnings (Last)08-12 2025-08-12

Earnings (Next)11-10 2025-11-10

Inst Owners2.24%

Inst Owner ChangeN/A

Ins Owners12.21%

Ins Owner ChangeN/A

Market Cap126.80M

Analysts48.57

Price Target9.69 (6.84%)

Short Float %N/A

Short RatioN/A

Dividend

		Industry Rank	Sector Rank
Dividend Yield	22%

Yearly Dividend0

Dividend Growth(5Y)N/A

DP-8.3%

Div Incr Years0

Div Non Decr Years0

Ex-Date08-29 2025-08-29 (0.0575)

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)-3.8%

PT rev (3m)-14.61%

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	N/A
Fwd PE	N/A
P/S	1.05
P/FCF	1.58
P/OCF	1.58
P/B	0.32
P/tB	0.32
EV/EBITDA	N/A

EPS(TTM)-2.18

EYN/A

EPS(NY)N/A

Fwd EYN/A

FCF(TTM)5.74

FCFY63.31%

OCF(TTM)5.74

OCFY63.31%

SpS8.68

BVpS28.64

TBVpS28.64

PEG (NY)N/A

PEG (5Y)N/A

Profitability

		Industry Rank	Sector Rank
ROA	-2.46%
ROE	-7.47%
ROCE	5.15%
ROIC	3.56%
ROICexc	3.6%
ROICexgc	3.6%
OM	42.98%
PM (TTM)	N/A
GM	49.61%
FCFM	66.17%

ROA(3y)-1.21%

ROA(5y)0.56%

ROE(3y)-3.62%

ROE(5y)1.23%

ROIC(3y)4.65%

ROIC(5y)4.46%

ROICexc(3y)4.7%

ROICexc(5y)4.51%

ROICexgc(3y)4.7%

ROICexgc(5y)4.51%

ROCE(3y)6.6%

ROCE(5y)6.28%

ROICexcg growth 3Y4.29%

ROICexcg growth 5Y11.1%

ROICexc growth 3Y4.29%

ROICexc growth 5Y11.1%

OM growth 3Y-3.24%

OM growth 5Y0.9%

PM growth 3YN/A

PM growth 5YN/A

GM growth 3Y-4.55%

GM growth 5Y-2.32%

F-Score5

Asset Turnover0.1

Health

		Industry Rank	Sector Rank
Debt/Equity	1.62
Debt/FCF	9.38
Debt/EBITDA	N/A
Cap/Depr	N/A
Cap/Sales	N/A
Interest Coverage	1.61
Cash Conversion	N/A
Profit Quality	N/A
Current Ratio	0.32
Quick Ratio	0.32
Altman-Z	0.03

F-Score5

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)32.63%

EPS 3YN/A

EPS 5YN/A

EPS Q2Q%-64.08%

EPS Next YN/A

EPS Next 2YN/A

EPS Next 3YN/A

EPS Next 5YN/A

Revenue 1Y (TTM)-7%

Revenue growth 3Y-2.87%

Revenue growth 5Y3.57%

Sales Q2Q%-13.02%

Revenue Next YearN/A

Revenue Next 2YN/A

Revenue Next 3YN/A

Revenue Next 5YN/A

EBIT growth 1Y-18.3%

EBIT growth 3Y-6.02%

EBIT growth 5Y4.5%

EBIT Next YearN/A

EBIT Next 3YN/A

EBIT Next 5YN/A

FCF growth 1Y-14.06%

FCF growth 3Y-0.71%

FCF growth 5Y5.25%

OCF growth 1Y-14.06%

OCF growth 3Y-0.71%

OCF growth 5Y5.25%

TRUE NORTH COMMERCIAL REAL E (TNT-UN.CA) Stock Fundamental Analysis

1. Profitability

1.1 Basic Checks

1.2 Ratios

1.3 Margins

More info and screens

2. Health

2.1 Basic Checks

2.2 Solvency

2.3 Liquidity

More info and screens

3. Growth

3.1 Past

3.2 Future

3.3 Evolution

More info and screens

4. Valuation

4.1 Price/Earnings Ratio

4.2 Price Multiples

4.3 Compensation for Growth

More info and screens

5. Dividend

5.1 Amount

5.2 History

5.3 Sustainability

More info and screens