CT Real Estate Investment Trust (CRT-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

+84.0%

CA$32.21

vs CA$17.51 price

Levered DCF

CA$40.22

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.22

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	7.46×	7.77×	28.02×	9.62×	11.47×	47.48×	18.34×	8.36×
P/B	0.9×	1.84×	1.73×	1.84×	2.48×	2.43×	2.48×	1.92×
P/S	2.95×	5.82×	5.34×	5.88×	7.82×	7.18×	7.43×	5.31×
EV / EBITDA	7.87×	11.4×	12.97×	10.47×	9.46×	12.85×	11.54×	8.94×
Gross margin	78.1%	78.3%	79.1%	79.1%	79.1%	77.9%	78.3%	77.0%
Operating margin	75.0%	75.5%	76.3%	71.2%	76.3%	75.4%	75.5%	85.8%
Net margin	39.5%	75.0%	19.0%	60.9%	68.2%	15.0%	40.5%	63.7%
Current ratio	0.04×	0.02×	0.09×	0.04×	0.03×	0.12×	0.05×	0.1×
Debt / equity	1.68×	0.89×	0.9×	0.85×	0.8×	0.86×	0.81×	0.86×
Interest coverage	3.44×	3.54×	3.69×	3.43×	3.71×	3.51×	3.38×	3.88×
Dividend yield	11.5%	5.8%	6.4%	5.8%	4.3%	4.6%	4.3%	2.5%
Payout ratio	85.8%	45.1%	179.6%	55.6%	48.9%	219.4%	79.7%	20.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	23.8%	6.2%	19.1%	21.6%	5.1%	13.5%	23.0%
Return on invested capital	5.9%	6.3%	6.4%	5.6%	4.7%	6.2%	4.2%	3.4%
Return on assets	3.1%	6.0%	1.5%	4.7%	5.4%	1.2%	3.3%	5.3%
Free cash flow yield	24.1%	11.9%	13.3%	11.8%	9.2%	9.8%	9.4%	12.5%
Earnings yield	13.4%	12.9%	3.6%	10.4%	8.7%	2.1%	5.5%	12.0%
Enterprise value	CA$5.1B	CA$5B	CA$4.5B	CA$4.6B	CA$5.3B	CA$4.9B	CA$4.8B	CA$3.6B
Net debt / EBITDA	5.13×	3.71×	4.39×	3.29×	2.31×	3.34×	2.82×	2.75×
Cash conversion cycle (days)	8	3	2	3	2	4	2	2