Allied Properties Real Estate Investment Trust (AP-UN.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-1335.6%

-CA$49.92

vs CA$4.04 price

Levered DCF

CA$27.91

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.84

Distress zone

Rating

B-

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	-1.41×	-7×	-6.62×	33.68×	12.63×	9.41×	9.3×	8.01×
P/B	0.47×	0.43×	0.46×	0.53×	0.87×	0.76×	1.02×	0.99×
P/S	3.15×	4.05×	5×	6.75×	11.83×	8.4×	10.81×	9.93×
EV / EBITDA	-5.46×	-30.26×	-14.46×	31.13×	20.56×	13.12×	11.51×	10.67×
Gross margin	52.9%	55.0%	55.7%	56.3%	56.2%	56.4%	52.5%	56.7%
Operating margin	30.4%	48.4%	52.5%	56.3%	54.3%	49.3%	46.8%	51.3%
Net margin	-224.1%	-57.9%	-75.5%	71.0%	93.7%	89.3%	116.2%	123.8%
Current ratio	0.67×	0.45×	0.73×	2.2×	0.91×	0.36×	1.24×	0.35×
Debt / equity	1.18×	0.79×	0.6×	0.65×	0.56×	0.47×	0.4×	0.48×
Interest coverage	1.33×	2.42×	2.76×	4.02×	2.25×	3.8×	4.2×	3.67×
Dividend yield	12.3%	12.2%	8.1%	6.4%	3.9%	4.3%	3.0%	3.5%
Payout ratio	-17.3%	-85.2%	-54.0%	60.5%	48.7%	40.8%	28.3%	28.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-33.1%	-6.2%	-6.9%	5.6%	6.9%	8.1%	11.0%	12.4%
Return on invested capital	1.9%	2.9%	3.0%	2.6%	2.5%	3.0%	3.1%	3.5%
Return on assets	-14.3%	-3.2%	-4.0%	3.1%	4.3%	5.3%	7.6%	8.1%
Free cash flow yield	13.6%	6.1%	11.3%	9.1%	4.3%	7.6%	4.2%	5.5%
Earnings yield	-71.0%	-14.3%	-15.1%	10.5%	7.9%	10.6%	10.7%	12.5%
Enterprise value	CA$6.5B	CA$6.7B	CA$6.3B	CA$7.7B	CA$9.2B	CA$7.5B	CA$8B	CA$6.4B
Net debt / EBITDA	-3.89×	-19.5×	-8.01×	17.05×	8.03×	4.94×	3.04×	3.48×
Cash conversion cycle (days)	223	219	-199	-100	-153	-230	-269	-148