BTB Real Estate Investment Trust (BTB-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

+165.0%

CA$9.62

vs CA$3.63 price

Levered DCF

CA$10.02

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.02

Distress zone

Rating

A-

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	16.36×	7.64×	6.98×	7.93×	17×	-9.81×	11.24×	5.51×
P/B	0.74×	0.6×	0.53×	0.66×	0.72×	0.65×	0.86×	0.76×
P/S	2.79×	2.27×	1.98×	2.55×	2.91×	2.38×	3.26×	2.59×
EV / EBITDA	18.28×	13.56×	13.69×	14.47×	14.69×	27.41×	11.19×	11.69×
Gross margin	57.5%	57.7%	59.0%	58.9%	56.1%	55.1%	54.4%	54.5%
Operating margin	48.6%	57.7%	59.0%	58.9%	56.1%	55.1%	54.4%	54.5%
Net margin	17.2%	29.8%	28.6%	31.9%	17.3%	-24.3%	28.8%	47.3%
Current ratio	0.09×	0.14×	0.09×	0.1×	0.13×	0.12×	0.07×	0.75×
Debt / equity	1.48×	1.49×	1.52×	1.5×	1.7×	1.62×	1.57×	1.79×
Interest coverage	1.71×	2.03×	2.18×	2.31×	2.3×	2.06×	2.03×	2.06×
Dividend yield	7.2%	7.7%	8.8%	7.1%	6.2%	8.6%	7.1%	8.4%
Payout ratio	116.7%	59.0%	60.9%	56.5%	104.6%	-84.1%	79.9%	46.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.6%	7.8%	7.7%	8.3%	4.3%	-6.6%	7.6%	13.9%
Return on invested capital	5.1%	6.1%	6.3%	6.1%	2.1%	-43.0%	2.9%	2.5%
Return on assets	1.8%	3.1%	3.0%	3.2%	1.5%	-2.4%	2.9%	4.8%
Free cash flow yield	10.3%	22.3%	28.0%	43.3%	19.3%	20.7%	15.4%	19.6%
Earnings yield	6.2%	13.1%	14.5%	12.5%	5.9%	-10.2%	8.8%	18.2%
Enterprise value	CA$1.1B	CA$1B	CA$976.1M	CA$994.3M	CA$972.4M	CA$765.1M	CA$862.9M	CA$752.8M
Net debt / EBITDA	12.17×	9.66×	10.14×	10.04×	10.28×	19.47×	7.23×	8.17×
Cash conversion cycle (days)	-88	-84	-97	-135	-160	-152	-141	-157