Chartwell Retirement Residences (CSH-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

-49.3%

CA$10.43

vs CA$20.57 price

Levered DCF

CA$0.30

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.75

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	201×	175.35×	21.41×	70.33×	261.5×	162.41×	2,780×	155.69×
P/B	3.45×	3.66×	3.49×	2.6×	3.21×	3.29×	3.56×	3.09×
P/S	5.32×	4.55×	3.75×	2.84×	3.96×	2.61×	3.25×	3.32×
EV / EBITDA	19.66×	22.18×	23.56×	21.62×	23.54×	18.47×	19.02×	18.53×
Gross margin	-3.3%	40.9%	37.1%	34.1%	36.7%	32.7%	35.7%	35.7%
Operating margin	11.7%	34.0%	27.4%	28.0%	29.6%	28.5%	30.8%	31.2%
Net margin	2.7%	2.6%	17.4%	7.0%	1.5%	1.6%	0.1%	2.1%
Current ratio	0.33×	0.36×	0.45×	0.38×	0.29×	0.32×	0.22×	0.18×
Debt / equity	1.75×	2.42×	2.56×	3.04×	2.84×	3.43×	2.9×	2.31×
Interest coverage	1.04×	2.85×	2.35×	2.46×	2.62×	2.91×	3.37×	3.57×
Dividend yield	2.2%	2.9%	4.0%	5.4%	4.4%	5.1%	3.4%	3.6%
Payout ratio	434.7%	514.9%	85.7%	219.2%	1145.9%	824.3%	9417.9%	553.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.7%	2.1%	16.2%	6.4%	1.2%	2.0%	0.1%	2.0%
Return on invested capital	1.0%	3.1%	7.1%	4.1%	5.3%	8.0%	0.8%	4.2%
Return on assets	0.6%	0.5%	4.0%	1.4%	0.3%	0.4%	0.0%	0.6%
Free cash flow yield	2.4%	2.4%	1.0%	1.3%	1.5%	2.2%	-0.1%	0.6%
Earnings yield	0.5%	0.6%	4.6%	2.5%	0.4%	0.6%	0.0%	0.6%
Enterprise value	CA$8.8B	CA$6.5B	CA$4.8B	CA$4.3B	CA$4.9B	CA$4.9B	CA$5.4B	CA$5B
Net debt / EBITDA	6.46×	8.8×	9.9×	11.59×	10.81×	9.3×	8.49×	7.87×
Cash conversion cycle (days)	-76	-153	-90	-144	-115	-71	-65	-86