Financials H&R Real Estate Investment Trust

Equities

HR.UN

CA4039254079

Diversified REITs

Delayed Toronto S.E. Other stock markets 11:50:17 2024-05-22 am EDT			5-day change	1st Jan Change
9.56 ^CAD	+0.31%		0.00%	-3.54%

May. 15	Transcript : H&R Real Estate Investment Trust, Q1 2024 Earnings Call, May 15, 2024
May. 14	H&R Real Estate Investment Trust Reports Earnings Results for the First Quarter Ended March 31, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	6,049	3,812	4,687	3,220	2,592	2,496	-
Enterprise Value (EV) ¹	6,049	3,812	4,687	7,283	6,393	6,935	6,881
P/E ratio	18.7 x	-6.1 x	7.82 x	4.19 x	45.2 x	8.22 x	7.94 x
Yield	6.54%	6.92%	4.25%	4.46%	7.07%	6.24%	6.24%
Capitalization / Revenue	5.26 x	3.13 x	4 x	3.34 x	2.6 x	2.69 x	2.64 x
EV / Revenue	5.26 x	3.13 x	4 x	7.55 x	6.41 x	7.48 x	7.28 x
EV / EBITDA	8.85 x	5.87 x	7.4 x	12.1 x	10.2 x	12 x	11.8 x
EV / FCF	17.1 x	10.2 x	11.6 x	-	-	-20.6 x	-176 x
FCF Yield	5.85%	9.81%	8.64%	-	-	-4.86%	-0.57%
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	286,690	286,863	288,440	265,885	261,868	261,880	-
Reference price ²	21.10	13.29	16.25	12.11	9.900	9.530	9.530
Announcement Date	2/13/20	2/11/21	2/14/22	2/13/23	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	1,150	1,218	1,172	965	997.8	927.1	944.9
EBITDA ¹	683.7	649.4	633.6	601.7	627	579.5	584.3
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income ¹	340.3	-624.6	597.9	844.8	61.69	291.3	324
Net margin	29.6%	-51.26%	51%	87.55%	6.18%	31.42%	34.29%
EPS ²	1.129	-2.178	2.078	2.893	0.2189	1.160	1.200
Free Cash Flow ¹	353.8	373.9	405	-	-	-337	-39
FCF margin	30.78%	30.69%	34.55%	-	-	-36.35%	-4.13%
FCF Conversion (EBITDA)	51.75%	57.59%	63.92%	-	-	-	-
FCF Conversion (Net income)	103.97%	-	67.74%	-	-	-	-
Dividend per Share ²	1.380	0.9200	0.6900	0.5400	0.7000	0.5950	0.5950
Announcement Date	2/13/20	2/11/21	2/14/22	2/13/23	2/13/24	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales	-	-	-	-	-	-	-	-	-	-	-	-
EBITDA ¹	165.1	85.17	139.6	151	164	113.1	146.2	167	110.7	152.8	151.6	151.5
EBIT	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-	-	-	-	-	-
Dividend per Share	-	-	0.1350	-	-	-	-	-	0.1500	-	-	-
Announcement Date	2/14/22	5/12/22	8/11/22	11/14/22	2/13/23	5/12/23	8/10/23	2/13/24	5/14/24	-	-	-

¹CAD in Million

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	4,063	3,801	4,440	4,385
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	6.753 x	6.061 x	7.661 x	7.506 x
Free Cash Flow ¹	354	374	405	-	-	-337	-39
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	2/13/20	2/11/21	2/14/22	2/13/23	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

Ratings for H&R Real Estate Investment Trust

Trading Rating

Investor Rating

ESG Refinitiv

B-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

9.53 CAD

Average target price

11.12 CAD

Spread / Average Target

+16.74%

Consensus

EPS Revisions

Estimates Revisions

Annual profits - Rate of surprise

Company calendar

Sector Diversified REITs

	1st Jan change	Capi.
H&R REAL ESTATE INVESTMENT TRUST	-3.54%	1.83B
W. P. CAREY INC.	-8.46%	13.13B
GECINA	-7.45%	8.18B
LAND SECURITIES GROUP PLC	-6.29%	6.18B
THE GPT GROUP	-5.82%	5.54B
MIRVAC GROUP	-2.39%	5.37B
ESSENTIAL PROPERTIES REALTY TRUST, INC.	+8.04%	4.83B
BRITISH LAND COMPANY PLC	+0.90%	4.66B
NOMURA REAL ESTATE MASTER FUND, INC.	-10.61%	4.49B
DAIWA HOUSE REIT INVESTMENT CORPORATION	+2.54%	3.83B

Diversified REITs