Boardwalk Real Estate Investment Trust (BEI-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

-14.2%

CA$54.24

vs CA$63.21 price

Levered DCF

-CA$25.33

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.15

Distress zone

Rating

Overall 2 / 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	16.04×	5.39×	4.81×	8.01×	5.72×	-7.96×	61.24×	9.95×
P/B	0.64×	0.66×	0.74×	0.65×	0.78×	0.55×	0.68×	0.61×
P/S	4.95×	5.26×	5.87×	4.57×	5.42×	3.37×	4.68×	4.42×
EV / EBITDA	20.67×	18.54×	8.11×	20.56×	42.56×	-42.06×	40.79×	16.93×
Gross margin	62.1%	63.4%	61.0%	56.2%	58.3%	57.8%	56.8%	52.0%
Operating margin	55.2%	58.5%	51.8%	49.3%	49.1%	57.6%	35.6%	52.0%
Net margin	30.8%	97.5%	122.1%	57.0%	94.8%	-42.4%	7.6%	44.5%
Current ratio	0.12×	0.29×	0.61×	0.15×	0.15×	0.16×	0.14×	0.16×
Debt / equity	0.74×	0.75×	0.79×	0.95×	0.95×	1.04×	0.92×	0.87×
Interest coverage	2.98×	3.28×	2.86×	2.87×	2.93×	3.28×	2.06×	3.15×
Dividend yield	2.7%	2.3%	1.6%	2.1%	1.8%	3.0%	2.2%	2.7%
Payout ratio	42.6%	12.5%	7.9%	17.2%	10.4%	-23.6%	133.6%	26.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.0%	12.2%	15.4%	8.2%	13.7%	-6.9%	1.1%	6.2%
Return on invested capital	3.9%	4.2%	3.5%	3.5%	3.5%	4.4%	2.6%	3.8%
Return on assets	2.2%	6.8%	8.2%	4.0%	6.7%	-3.2%	0.6%	3.2%
Free cash flow yield	2.5%	3.4%	2.3%	1.4%	1.4%	8.7%	7.3%	5.2%
Earnings yield	6.2%	18.5%	20.8%	12.5%	17.5%	-12.6%	1.6%	10.1%
Enterprise value	CA$6.7B	CA$6.7B	CA$6.3B	CA$5.5B	CA$5.6B	CA$4.5B	CA$5B	CA$4.6B
Net debt / EBITDA	10.92×	9.76×	3.96×	12.1×	23.06×	-27.44×	23.28×	9.87×
Cash conversion cycle (days)	-108	-76	-101	-88	-73	-72	-79	-60