Financials CT Real Estate Investment Trust

Equities

CRT.UN

CA1264621006

Commercial REITs

Market Closed - Toronto S.E. 04:00:00 2024-04-26 pm EDT 5-day change 1st Jan Change
13.59 CAD 0.00% Intraday chart for CT Real Estate Investment Trust +2.57% -7.24%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Capitalization 1 3,668 3,602 4,030 3,657 3,449 3,202 -
Enterprise Value (EV) 1 3,668 3,602 6,780 3,657 3,449 3,202 3,202
P/E ratio - - - - - - -
Yield 4.69% 5.06% 4.75% - 6.05% 6.68% 6.82%
Capitalization / Revenue 7.5 x 7.17 x 7.83 x 6.86 x 6.24 x 5.57 x 5.36 x
EV / Revenue 7.5 x 7.17 x 7.83 x 6.86 x 6.24 x 5.57 x 5.36 x
EV / EBITDA 9.95 x 9.52 x 10.3 x 8.98 x 8.17 x 7.29 x 7.02 x
EV / FCF 18.3 x 17.3 x 14.6 x - 12.8 x 64 x -1,067 x
FCF Yield 5.47% 5.78% 6.83% - 7.83% 1.56% -0.09%
Price to Book - - - - - - -
Nbr of stocks (in thousands) 227,261 229,872 232,697 234,588 235,401 235,642 -
Reference price 2 16.14 15.67 17.32 15.59 14.65 13.59 13.59
Announcement Date 2/10/20 2/8/21 2/15/22 2/14/23 2/13/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net sales 1 489 502.3 514.5 532.8 552.8 575.4 597.3
EBITDA 1 368.6 378.6 392.7 407.2 422 439.3 456.3
EBIT - - - - - - -
Operating Margin - - - - - - -
Earnings before Tax (EBT) - - - - - - -
Net income - - - - - - -
Net margin - - - - - - -
EPS - - - - - - -
Free Cash Flow 1 200.5 208.1 275.1 - 269.9 50 -3
FCF margin 40.99% 41.42% 53.47% - 48.82% 8.69% -0.5%
FCF Conversion (EBITDA) 54.38% 54.97% 70.06% - 63.95% 11.38% -
FCF Conversion (Net income) - - - - - - -
Dividend per Share 2 0.7570 0.7927 0.8220 - 0.8860 0.9075 0.9275
Announcement Date 2/10/20 2/8/21 2/15/22 2/14/23 2/13/24 - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 125.5 129.5 132 133.2 135.2 137.5 137.8 137.5 140 144.6 - - - -
EBITDA 1 98.77 98.54 98.83 104.1 103.3 102.6 106 106.4 107 107.9 108.5 109.2 109.9 110.4
EBIT - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - -
Earnings before Tax (EBT) - - - - - - - - - - - - - -
Net income - - - - - - - - - - - - - -
Net margin - - - - - - - - - - - - - -
EPS - - - - - - - - - - - - - -
Dividend per Share - - - - - - - - - - - - - -
Announcement Date 11/8/21 2/15/22 5/9/22 11/7/22 2/14/23 5/8/23 8/8/23 11/6/23 2/13/24 - - - - -
1CAD in Million
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025
Net Debt - - 2,750 - - - -
Net Cash position - - - - - - -
Leverage (Debt/EBITDA) - - 7.004 x - - - -
Free Cash Flow 1 200 208 275 - 270 50 -3
ROE (net income / shareholders' equity) - - - - - - -
ROA (Net income/ Total Assets) - - - - - - -
Assets - - - - - - -
Book Value Per Share - - - - - - -
Cash Flow per Share - - - - - - -
Capex 1 - - - - 155 30 30
Capex / Sales - - - - 28.07% 5.21% 5.02%
Announcement Date 2/10/20 2/8/21 2/15/22 2/14/23 2/13/24 - -
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

Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
6
Last Close Price
13.59 CAD
Average target price
15.5 CAD
Spread / Average Target
+14.05%
Consensus

Quarterly revenue - Rate of surprise

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