Killam Apartment REIT (KMP-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

-117.7%

-CA$3.09

vs CA$17.43 price

Levered DCF

-CA$7.93

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.95

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	68.33×	3.05×	8.2×	15.74×	9.21×	12.22×	6.4×	7.81×
P/B	0.67×	0.68×	0.88×	0.85×	1.25×	1.01×	1.13×	1.17×
P/S	5.32×	5.73×	6.23×	5.86×	9.01×	6.81×	7.45×	6.32×
EV / EBITDA	37.83×	19.21×	21.11×	21.33×	28.16×	23.04×	23.9×	22.75×
Gross margin	65.9%	66.2%	64.5%	63.1%	63.1%	62.7%	63.1%	63.0%
Operating margin	61.3%	60.9%	58.9%	58.6%	57.0%	57.4%	56.3%	56.2%
Net margin	7.7%	182.0%	76.1%	37.1%	97.8%	55.7%	116.6%	80.7%
Current ratio	0.07×	0.05×	0.07×	0.06×	0.06×	0.09×	0.15×	0.05×
Debt / equity	0.76×	0.71×	0.88×	0.97×	0.98×	0.96×	0.92×	1.2×
Interest coverage	2.78×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	3.1%	2.9%	2.6%	3.1%	2.0%	2.8%	2.5%	3.0%
Payout ratio	214.6%	9.1%	21.5%	48.2%	18.0%	34.0%	15.9%	23.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	1.0%	21.6%	10.7%	5.4%	13.5%	8.3%	17.7%	15.0%
Return on invested capital	4.4%	4.2%	3.7%	3.5%	3.2%	3.8%	3.6%	3.7%
Return on assets	0.5%	12.3%	5.2%	2.5%	6.2%	3.9%	8.4%	6.2%
Free cash flow yield	3.3%	3.2%	1.9%	1.6%	2.4%	3.0%	1.2%	3.1%
Earnings yield	1.4%	31.8%	12.2%	6.3%	10.9%	8.2%	15.6%	12.8%
Enterprise value	CA$4.3B	CA$4.3B	CA$4.4B	CA$4.1B	CA$4.7B	CA$3.5B	CA$3.3B	CA$2.8B
Net debt / EBITDA	20.09×	9.81×	10.54×	11.33×	12.36×	11.19×	10.66×	11.5×
Cash conversion cycle (days)	-79	-130	-89	-116	-178	-148	-116	-124