Inovalis Real Estate Investment Trust (INO-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

-2441.5%

-CA$14.99

vs CA$0.64 price

Levered DCF

-CA$6.95

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

-1.22

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	-0.63×	-0.46×	-1.87×	-3.34×	10.22×	14.4×	7.06×	9.74×
P/B	0.25×	0.18×	0.22×	0.43×	0.9×	0.69×	0.77×	0.74×
P/S	1.57×	1.33×	1.65×	3.96×	9.04×	7.28×	7.57×	6.46×
EV / EBITDA	-5.14×	-4.32×	-12.11×	-10.35×	33.74×	17.54×	47.72×	12.94×
Gross margin	41.2%	57.1%	69.2%	69.5%	70.2%	74.4%	67.7%	70.3%
Operating margin	22.5%	7.8%	8.5%	32.2%	14.6%	20.8%	132.3%	76.7%
Net margin	-250.0%	-286.8%	-88.5%	-118.7%	88.0%	50.9%	107.4%	66.2%
Current ratio	0.63×	0.58×	0.34×	0.89×	1.65×	2.11×	1.15×	0.69×
Debt / equity	1.47×	1.18×	0.9×	0.85×	0.6×	0.77×	0.93×	0.93×
Interest coverage	0.6×	0.2×	0.34×	2.09×	1.01×	0.9×	5.24×	3.05×
Dividend yield	0.0%	0.0%	24.4%	18.2%	11.8%	8.7%	6.4%	7.7%
Payout ratio	0.0%	0.0%	-45.5%	-60.5%	121.0%	124.1%	45.3%	75.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-40.3%	-38.0%	-12.0%	-12.9%	8.8%	4.8%	11.0%	7.6%
Return on invested capital	1.4%	0.5%	0.6%	1.7%	0.8%	1.1%	6.6%	3.4%
Return on assets	-15.4%	-16.8%	-6.1%	-6.6%	5.2%	2.6%	5.1%	3.6%
Free cash flow yield	-13.7%	2.9%	7.2%	17.4%	-36.2%	2.3%	2.9%	9.4%
Earnings yield	-158.9%	-216.1%	-53.6%	-30.0%	9.7%	7.0%	14.2%	10.2%
Enterprise value	CA$214.3M	CA$241.2M	CA$264M	CA$321.1M	CA$442.1M	CA$468.8M	CA$482.3M	CA$468.1M
Net debt / EBITDA	-4.3×	-3.74×	-9.57×	-6.38×	9.96×	7.79×	22.29×	6.96×
Cash conversion cycle (days)	47	-53	-39	-138	-109	-84	-185	-70