Crombie Real Estate Investment Trust (CRR-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

+95.8%

CA$31.52

vs CA$16.10 price

Levered DCF

CA$21.98

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.69

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	-54.54×	-595.05×	-41.82×	227.55×	383.92×	-31.2×	233.04×	17.63×
P/B	1.54×	1.3×	1.36×	1.51×	1.89×	1.53×	1.66×	1.31×
P/S	5.66×	5.06×	5.58×	6.66×	7.38×	5.81×	6.06×	4.57×
EV / EBITDA	17.22×	14.48×	17.65×	14.71×	16.23×	19.87×	14.24×	14.18×
Gross margin	65.6%	64.5%	65.5%	67.2%	69.2%	66.6%	70.5%	70.7%
Operating margin	42.5%	42.9%	41.5%	43.1%	47.7%	42.0%	46.1%	42.9%
Net margin	23.3%	33.2%	22.2%	40.0%	38.0%	17.4%	40.6%	25.9%
Current ratio	0.12×	0.31×	0.15×	0.15×	0.15×	0.37×	0.08×	0.07×
Debt / equity	1.3×	1.3×	1.2×	1.12×	1.41×	1.68×	1.59×	1.72×
Interest coverage	2.17×	2.2×	2.12×	2.17×	2.09×	1.77×	1.88×	1.68×
Dividend yield	4.5%	5.1%	4.9%	4.4%	4.5%	6.9%	6.2%	7.1%
Payout ratio	108.4%	78.0%	123.6%	73.7%	87.3%	229.5%	92.8%	125.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.3%	8.5%	5.4%	9.1%	9.7%	4.6%	11.1%	7.4%
Return on invested capital	5.0%	4.8%	4.6%	4.6%	5.0%	4.1%	4.9%	4.5%
Return on assets	2.7%	3.6%	2.4%	4.1%	3.9%	1.6%	4.1%	2.6%
Free cash flow yield	9.5%	11.0%	9.7%	8.3%	7.4%	-3.3%	-1.5%	2.6%
Earnings yield	4.1%	6.6%	4.0%	6.0%	5.1%	3.0%	6.7%	5.7%
Enterprise value	CA$5.2B	CA$4.8B	CA$4.7B	CA$4.9B	CA$5.3B	CA$4.7B	CA$4.8B	CA$4.4B
Net debt / EBITDA	7.88×	7.23×	8.27×	6.26×	6.93×	10.27×	7×	8.04×
Cash conversion cycle (days)	-48	-85	-50	-148	-8	116	63	-94