Canadian Apartment Properties Real Estate Investment Trust (CAR-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

-123.5%

-CA$7.37

vs CA$31.39 price

Levered DCF

CA$5.89

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.87

Distress zone

Rating

C+

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	29.73×	24.5×	-20.08×	545.78×	7.47×	9.24×	7.03×	5.2×
P/B	0.67×	0.8×	0.89×	0.74×	1×	0.92×	1×	1×
P/S	5.85×	6.46×	7.77×	7.39×	11.15×	9.69×	10.8×	9.2×
EV / EBITDA	28.99×	23.69×	26.12×	76.17×	10.12×	12.13×	9.4×	7.65×
Gross margin	59.0%	60.4%	59.2%	58.8%	65.4%	65.5%	65.3%	63.8%
Operating margin	56.7%	59.3%	57.9%	72.3%	55.3%	62.7%	54.7%	52.3%
Net margin	19.6%	26.3%	-38.6%	1.4%	149.3%	104.9%	153.7%	176.8%
Current ratio	0.24×	0.47×	0.19×	0.26×	0.14×	0.19×	0.81×	0.1×
Debt / equity	0.7×	0.67×	0.77×	0.7×	0.62×	0.6×	0.59×	0.68×
Interest coverage	2.98×	3.08×	2.98×	3.98×	3.22×	3.79×	3.14×	2.74×
Dividend yield	4.1%	3.3%	2.8%	3.0%	1.7%	2.1%	1.8%	2.1%
Payout ratio	121.3%	82.0%	-56.9%	1611.5%	12.8%	19.4%	12.6%	11.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.2%	3.2%	-4.4%	0.1%	13.4%	10.0%	14.2%	19.3%
Return on invested capital	3.5%	3.8%	3.1%	4.2%	2.8%	3.5%	3.0%	3.3%
Return on assets	1.3%	1.9%	-2.4%	0.1%	7.9%	6.0%	8.5%	11.2%
Free cash flow yield	5.6%	5.6%	3.7%	3.5%	2.4%	2.8%	2.5%	3.6%
Earnings yield	3.4%	4.1%	-5.0%	0.2%	13.4%	10.8%	14.2%	19.2%
Enterprise value	CA$11.9B	CA$13.1B	CA$15.4B	CA$14.4B	CA$16.8B	CA$14B	CA$12.9B	CA$10.6B
Net debt / EBITDA	14.73×	10.68×	12.04×	36.83×	3.85×	4.71×	3.28×	3.08×
Cash conversion cycle (days)	-18	-31	-8	-29	-48	-64	-57	-73