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

TSX:TNT-UN - Toronto Stock Exchange - CA89784Y4076 - REIT - Currency: CAD

8.87  -0.17 (-1.88%)

Fundamental Rating

3

We assign a fundamental rating of 3 out of 10 to TNT-UN. TNT-UN was compared to 43 industry peers in the Diversified REITs industry. TNT-UN has a medium profitability rating, but doesn't score so well on its financial health evaluation. TNT-UN has a expensive valuation and it also scores bad on growth.


Dividend Valuation Growth Profitability Health

4

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.
Of the past 5 years TNT-UN 4 years were profitable.
In the past 5 years TNT-UN always reported a positive cash flow from operatings.
TNT-UN.CA Yearly Net Income VS EBIT VS OCF VS FCFTNT-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 50M 100M

1.2 Ratios

TNT-UN's Return On Assets of -0.94% is fine compared to the rest of the industry. TNT-UN outperforms 60.47% of its industry peers.
TNT-UN's Return On Equity of -2.70% is fine compared to the rest of the industry. TNT-UN outperforms 60.47% of its industry peers.
TNT-UN's Return On Invested Capital of 4.60% is fine compared to the rest of the industry. TNT-UN outperforms 67.44% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for TNT-UN is in line with the industry average of 5.64%.
The 3 year average ROIC (4.48%) for TNT-UN is below the current ROIC(4.60%), indicating increased profibility in the last year.
Industry RankSector Rank
ROA -0.94%
ROE -2.7%
ROIC 4.6%
ROA(3y)0.55%
ROA(5y)1.25%
ROE(3y)1.21%
ROE(5y)3.16%
ROIC(3y)4.48%
ROIC(5y)4.09%
TNT-UN.CA Yearly ROA, ROE, ROICTNT-UN.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 5 -5 10

1.3 Margins

Looking at the Operating Margin, with a value of 46.20%, TNT-UN is doing worse than 65.12% of the companies in the same industry.
TNT-UN's Operating Margin has been stable in the last couple of years.
TNT-UN's Gross Margin of 52.86% is on the low side compared to the rest of the industry. TNT-UN is outperformed by 72.09% of its industry peers.
In the last couple of years the Gross Margin of TNT-UN has remained more or less at the same level.
Industry RankSector Rank
OM 46.2%
PM (TTM) N/A
GM 52.86%
OM growth 3Y-0.21%
OM growth 5Y-0.24%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.96%
GM growth 5Y-1.4%
TNT-UN.CA Yearly Profit, Operating, Gross MarginsTNT-UN.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 20 -20 40 60

3

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 more shares outstanding than it did 5 years ago.
The debt/assets ratio for TNT-UN is higher compared to a year ago.
TNT-UN.CA Yearly Shares OutstandingTNT-UN.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 5M 10M 15M
TNT-UN.CA Yearly Total Debt VS Total AssetsTNT-UN.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 500M 1B

2.2 Solvency

Based on the Altman-Z score of -0.03, we must say that TNT-UN is in the distress zone and has some risk of bankruptcy.
TNT-UN has a Altman-Z score of -0.03. This is in the lower half of the industry: TNT-UN underperforms 79.07% of its industry peers.
The Debt to FCF ratio of TNT-UN is 10.00, which is on the high side as it means it would take TNT-UN, 10.00 years of fcf income to pay off all of its debts.
TNT-UN's Debt to FCF ratio of 10.00 is amongst the best of the industry. TNT-UN outperforms 86.05% of its industry peers.
A Debt/Equity ratio of 1.13 is on the high side and indicates that TNT-UN has dependencies on debt financing.
TNT-UN's Debt to Equity ratio of 1.13 is in line compared to the rest of the industry. TNT-UN outperforms 46.51% of its industry peers.
Industry RankSector Rank
Debt/Equity 1.13
Debt/FCF 10
Altman-Z -0.03
ROIC/WACCN/A
WACCN/A
TNT-UN.CA Yearly LT Debt VS Equity VS FCFTNT-UN.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M

2.3 Liquidity

TNT-UN has a Current Ratio of 0.23. 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.
Looking at the Current ratio, with a value of 0.23, TNT-UN is in line with its industry, outperforming 46.51% of the companies in the same industry.
A Quick Ratio of 0.23 indicates that TNT-UN may have some problems paying its short term obligations.
TNT-UN has a Quick ratio of 0.23. This is comparable to the rest of the industry: TNT-UN outperforms 48.84% of its industry peers.
Industry RankSector Rank
Current Ratio 0.23
Quick Ratio 0.23
TNT-UN.CA Yearly Current Assets VS Current LiabilitesTNT-UN.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M 150M 200M

2

3. Growth

3.1 Past

The Earnings Per Share has grown by an impressive 76.76% over the past year.
The Revenue has decreased by -4.97% in the past year.
The Revenue has been growing by 8.70% on average over the past years. This is quite good.
EPS 1Y (TTM)76.76%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%91.07%
Revenue 1Y (TTM)-4.97%
Revenue growth 3Y-1.75%
Revenue growth 5Y8.7%
Sales Q2Q%-7.18%

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.
TNT-UN.CA Yearly Revenue VS EstimatesTNT-UN.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 50M 100M
TNT-UN.CA Yearly EPS VS EstimatesTNT-UN.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023

2

4. Valuation

4.1 Price/Earnings Ratio

The Price/Earnings Ratio is negative for TNT-UN. In the last year negative earnings were reported.
Industry RankSector Rank
PE N/A
Fwd PE N/A
TNT-UN.CA Price Earnings VS Forward Price EarningsTNT-UN.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 0 0 0 0 0 0 0 0 0 0 0

4.2 Price Multiples

Based on the Price/Free Cash Flow ratio, TNT-UN is valued cheaper than 95.35% of the companies in the same industry.
Industry RankSector Rank
P/FCF 1.64
EV/EBITDA N/A
TNT-UN.CA Per share dataTNT-UN.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30

4.3 Compensation for Growth

PEG (NY)N/A
PEG (5Y)N/A
EPS Next 2YN/A
EPS Next 3YN/A

5

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 22.00%, TNT-UN is a good candidate for dividend investing.
The stock price of TNT-UN dropped by -28.75% in the last 3 months. With lower prices the dividend yield is higher, but it may be a sign investors do not trust the long term dividend.
TNT-UN's Dividend Yield is rather good when compared to the industry average which is at 8.03. TNT-UN pays more dividend than 100.00% of the companies in the same industry.
TNT-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.29.
Industry RankSector Rank
Dividend Yield 22%

5.2 History

The dividend of TNT-UN decreases each year by -8.66%.
TNT-UN has paid a dividend for at least 10 years, which is a reliable track record.
Dividend Growth(5Y)-8.66%
Div Incr Years0
Div Non Decr Years0
TNT-UN.CA Yearly Dividends per shareTNT-UN.CA Yearly Dividends per shareYearly Dividends per share 2015 2016 2017 2018 2019 2020 2021 2022 2023 5 10 15

5.3 Sustainability

TNT-UN has negative earnings and hence a negative payout ratio. The dividend may be in danger.
DP-39.62%
EPS Next 2YN/A
EPS Next 3YN/A
TNT-UN.CA Yearly Income VS Free CF VS DividendTNT-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 50M 100M

TRUE NORTH COMMERCIAL REAL E

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

8.87

-0.17 (-1.88%)

Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)11-11 2024-11-11
Earnings (Next)N/A N/A
Inst Owners1.8%
Inst Owner ChangeN/A
Ins Owners11.8%
Ins Owner ChangeN/A
Market Cap126.04M
Analysts48.57
Price Target11.86 (33.71%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 22%
Yearly Dividend1.97
Dividend Growth(5Y)-8.66%
DP-39.62%
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)3.33%
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 RankSector Rank
PE N/A
Fwd PE N/A
P/S 0.98
P/FCF 1.64
P/OCF 1.64
P/B 0.29
P/tB 0.29
EV/EBITDA N/A
EPS(TTM)-0.82
EYN/A
EPS(NY)N/A
Fwd EYN/A
FCF(TTM)5.39
FCFY60.8%
OCF(TTM)5.39
OCFY60.8%
SpS9.01
BVpS30.54
TBVpS30.54
PEG (NY)N/A
PEG (5Y)N/A
Profitability
Industry RankSector Rank
ROA -0.94%
ROE -2.7%
ROCE 6.54%
ROIC 4.6%
ROICexc 4.65%
ROICexgc 4.65%
OM 46.2%
PM (TTM) N/A
GM 52.86%
FCFM 59.83%
ROA(3y)0.55%
ROA(5y)1.25%
ROE(3y)1.21%
ROE(5y)3.16%
ROIC(3y)4.48%
ROIC(5y)4.09%
ROICexc(3y)4.52%
ROICexc(5y)4.13%
ROICexgc(3y)4.52%
ROICexgc(5y)4.13%
ROCE(3y)6.3%
ROCE(5y)5.73%
ROICexcg growth 3Y1.79%
ROICexcg growth 5Y2.27%
ROICexc growth 3Y1.79%
ROICexc growth 5Y2.27%
OM growth 3Y-0.21%
OM growth 5Y-0.24%
PM growth 3YN/A
PM growth 5YN/A
GM growth 3Y-2.96%
GM growth 5Y-1.4%
F-Score6
Asset Turnover0.1
Health
Industry RankSector Rank
Debt/Equity 1.13
Debt/FCF 10
Debt/EBITDA N/A
Cap/Depr N/A
Cap/Sales N/A
Interest Coverage 1.87
Cash Conversion N/A
Profit Quality N/A
Current Ratio 0.23
Quick Ratio 0.23
Altman-Z -0.03
F-Score6
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)76.76%
EPS 3YN/A
EPS 5YN/A
EPS Q2Q%91.07%
EPS Next YN/A
EPS Next 2YN/A
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)-4.97%
Revenue growth 3Y-1.75%
Revenue growth 5Y8.7%
Sales Q2Q%-7.18%
Revenue Next YearN/A
Revenue Next 2YN/A
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y-22.2%
EBIT growth 3Y-1.95%
EBIT growth 5Y8.44%
EBIT Next YearN/A
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y-10.47%
FCF growth 3Y-6.82%
FCF growth 5Y6.77%
OCF growth 1Y-10.47%
OCF growth 3Y-6.82%
OCF growth 5Y6.77%