Automotive Properties Real Estate Investment Trust (APR-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

+256.6%

CA$44.36

vs CA$12.44 price

Levered DCF

CA$42.28

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.98

Distress zone

Rating

Overall 4 / 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	12.37×	7.41×	10.37×	5.32×	5.96×	107.1×	23.37×	4.98×
P/B	0.77×	0.81×	0.98×	1.22×	1.58×	1.3×	1.11×	0.77×
P/S	5.44×	5.69×	5.72×	7.68×	9.32×	6.79×	6.48×	4.05×
EV / EBITDA	16.8×	10.69×	13.87×	10.49×	33.8×	21.29×	63.29×	16.19×
Gross margin	84.3%	84.5%	84.8%	85.2%	85.8%	85.2%	84.9%	84.4%
Operating margin	76.6%	77.7%	78.6%	49.8%	12.6%	88.1%	19.5%	102.9%
Net margin	43.8%	76.7%	55.1%	144.4%	156.5%	6.4%	27.5%	81.1%
Current ratio	0.02×	0.13×	0.39×	0.43×	4.09×	0.47×	6.86×	0.4×
Debt / equity	0.89×	0.76×	0.99×	0.83×	0.91×	1.03×	1.03×	1.65×
Interest coverage	2.96×	2.94×	2.97×	2.3×	0.63×	4.21×	0.78×	4.73×
Dividend yield	8.1%	7.4%	7.5%	6.2%	5.4%	7.5%	6.6%	11.2%
Payout ratio	100.1%	54.8%	77.3%	32.9%	32.0%	794.5%	154.3%	55.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.2%	10.9%	9.4%	23.0%	26.6%	1.2%	4.7%	15.5%
Return on invested capital	5.6%	6.2%	6.2%	3.8%	0.9%	1.2%	-5.9%	2.8%
Return on assets	3.2%	6.0%	4.3%	10.9%	11.6%	0.5%	2.0%	5.1%
Free cash flow yield	9.7%	14.2%	14.0%	10.1%	8.5%	11.2%	11.9%	18.8%
Earnings yield	8.0%	13.5%	9.6%	18.8%	16.8%	0.9%	4.3%	20.0%
Enterprise value	CA$1.2B	CA$1B	CA$1.1B	CA$1.1B	CA$1.1B	CA$912.8M	CA$797.7M	CA$612.1M
Net debt / EBITDA	8.99×	5.18×	6.98×	4.26×	12.35×	9.39×	28.57×	11.02×
Cash conversion cycle (days)	-149	-126	-170	-181	-93	-150	-119	-149