Stock BEI.UN BOARDWALK REAL ESTATE INVESTMENT TRUST
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Financials Boardwalk Real Estate Investment Trust

Equities

BEI.UN

CA0966311064

Residential REITs

Market Closed - Toronto S.E.
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
73.09 CAD -0.22% Intraday chart for Boardwalk Real Estate Investment Trust +1.85% +2.45%
Apr. 17 REITs Brief: Bloomberg Reporting That Ontario Teachers' Pension Plan Weighing $5 Billion Sale of Amica, a private provider of luxury seniors residences MT
Apr. 03 Boardwalk REIT Provided An Operations Update MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 2,125 1,571 2,554 2,260 3,523 3,610 -
Enterprise Value (EV) 1 2,125 1,571 2,554 5,422 3,523 6,752 3,610
P/E ratio - - - - - - -
Yield 2.18% 2.96% 1.82% - - 1.94% 2.02%
Capitalization / Revenue 4.67 x 3.37 x 5.43 x 4.57 x 6.46 x 5.9 x 5.44 x
EV / Revenue 4.67 x 3.37 x 5.43 x 11 x 6.46 x 11 x 5.44 x
EV / EBITDA 9.65 x 6.74 x 10.6 x 21.3 x 12.2 x 20 x 9.96 x
EV / FCF 13.7 x 11.5 x - - - 51.5 x 602 x
FCF Yield 7.3% 8.67% - - - 1.94% 0.17%
Price to Book - - - - - - -
Nbr of stocks (in thousands) 46,263 46,549 46,576 45,723 49,388 49,390 -
Reference price 2 45.93 33.74 54.83 49.43 71.34 73.09 73.09
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/22/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 455.3 465.6 470.5 494.8 545.7 612.2 663.3
EBITDA 1 220.1 233.1 241.1 254.8 289.4 337.3 362.6
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) - - - - - - -
Net income - - - - - - -
Net margin - - - - - - -
EPS - - - - - - -
Free Cash Flow 1 155.1 136.1 - - - 131 6
FCF margin 34.07% 29.23% - - - 21.4% 0.9%
FCF Conversion (EBITDA) 70.46% 58.4% - - - 38.83% 1.65%
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 1.000 1.000 1.000 - - 1.420 1.480
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/22/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 118.4 118.7 118.3 122.3 125.5 128.8 130.5 134.2 137.8 141.9 148.9 155.3 161.4 163.3 167
EBITDA 1 - - - - - - - - 75.72 77.07 79.4 - - - -
EBIT - - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - - -
Net income - - - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - - - -
EPS - - - - - - - - - - - - - - -
Dividend per Share 2 - - 0.2568 - - - - - - - 0.3200 - - - -
Announcement Date 11/11/21 2/24/22 5/9/22 8/9/22 11/8/22 2/23/23 5/9/23 8/10/23 11/7/23 2/22/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt 1 - - - 3,162 - 3,142 -
Net Cash position 1 - - - - - - -
Leverage (Debt/EBITDA) - - - 12.41 x - 9.314 x -
Free Cash Flow 1 155 136 - - - 131 6
ROE (net income / shareholders' equity) - - - - - - -
ROA (Net income/ Total Assets) - - - - - - -
Assets - - - - - - -
Book Value Per Share - - - - - - -
Cash Flow per Share - - - - - - -
Capex - - - - - - -
Capex / Sales - - - - - - -
Announcement Date 2/27/20 2/25/21 2/24/22 2/23/23 2/22/24 - -
1CAD in Million
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
73.09 CAD
Average target price
84.94 CAD
Spread / Average Target
+16.22%
Consensus

Quarterly revenue - Rate of surprise

Company calendar

Sector Residential REITs

1st Jan change Capi.
BOARDWALK REAL ESTATE INVESTMENT TRUST Stock Boardwalk Real Estate Investment Trust
+2.45% 2.64B
AVALONBAY COMMUNITIES, INC. Stock AvalonBay Communities, Inc.
+2.26% 27.19B
EQUITY RESIDENTIAL Stock Equity Residential
+6.51% 24.68B
INVITATION HOMES INC. Stock Invitation Homes Inc.
+1.79% 21.27B
MID-AMERICA APARTMENT COMMUNITY, INC. Stock Mid-America Apartment Community, Inc.
-3.89% 15.08B
SUN COMMUNITIES, INC. Stock Sun Communities, Inc.
-10.90% 14.84B
AMERICAN HOMES 4 RENT Stock American Homes 4 Rent
+1.25% 13.34B
UDR INC. Stock UDR Inc.
-0.99% 12.48B
EQUITY LIFESTYLE PROPERTIES, INC. Stock Equity LifeStyle Properties, Inc.
-14.19% 11.29B
CAMDEN PROPERTY TRUST Stock Camden Property Trust
+0.33% 10.84B
Residential REITs
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