Morguard North American Residential Real Estate Investment Trust (MRG-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

+289.0%

CA$56.79

vs CA$14.60 price

Levered DCF

CA$18.85

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.77

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	8.82×	6.1×	4.63×	4.16×	2.86×	3.55×	9.39×	3.36×
P/B	0.45×	0.31×	0.3×	0.35×	0.47×	0.49×	0.63×	0.57×
P/S	2.55×	1.81×	1.67×	2.19×	2.82×	2.5×	2.93×	2.4×
EV / EBITDA	13×	13.18×	8.12×	12.64×	23.1×	16.62×	14.5×	63.75×
Gross margin	46.9%	54.2%	54.4%	47.3%	46.9%	48.4%	48.3%	48.9%
Operating margin	53.5%	52.7%	54.4%	-13.9%	52.7%	54.5%	54.1%	54.6%
Net margin	29.0%	29.6%	53.2%	78.7%	98.6%	70.5%	31.3%	71.4%
Current ratio	0.59×	0.57×	0.19×	0.74×	0.83×	0.32×	0.69×	0.21×
Debt / equity	0.89×	0.9×	0.84×	0.85×	0.93×	1.03×	1.17×	1.4×
Interest coverage	2.54×	2.72×	2.97×	-0.77×	2.79×	2.78×	2.71×	0×
Dividend yield	2.9%	4.3%	4.9%	4.4%	3.8%	4.3%	3.3%	3.8%
Payout ratio	25.6%	26.3%	15.3%	12.2%	11.0%	15.2%	30.7%	12.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.2%	5.1%	9.5%	12.5%	16.3%	13.8%	6.8%	16.9%
Return on invested capital	3.9%	3.6%	4.3%	-0.8%	3.0%	4.5%	4.1%	3.9%
Return on assets	2.3%	2.2%	4.3%	5.6%	7.0%	5.7%	2.5%	5.7%
Free cash flow yield	9.7%	15.7%	16.1%	12.3%	9.2%	8.1%	19.2%	10.4%
Earnings yield	11.4%	16.4%	31.9%	35.9%	35.0%	28.2%	10.7%	29.8%
Enterprise value	CA$2.6B	CA$2.4B	CA$2.1B	CA$2.1B	CA$2B	CA$1.9B	CA$2B	CA$2B
Net debt / EBITDA	8.4×	9.71×	5.98×	8.93×	15.3×	11.19×	9.35×	45.21×
Cash conversion cycle (days)	-95	-113	-107	-107	-98	-78	-95	-98