Morguard Real Estate Investment Trust (MRT-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

-357.9%

-CA$18.13

vs CA$7.03 price

Levered DCF

-CA$1.87

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.21

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	-25.52×	-6.01×	-4.6×	-2.47×	-7.32×	-0.82×	-16.84×	11.52×
P/B	0.48×	0.4×	0.36×	0.32×	0.3×	0.29×	0.47×	0.53×
P/S	1.74×	1.37×	1.34×	1.4×	1.44×	1.32×	2.62×	3.05×
EV / EBITDA	36.91×	259.71×	-120.83×	13.54×	29.03×	13.98×	28.87×	16.88×
Gross margin	46.6%	49.5%	49.4%	50.3%	50.6%	48.8%	54.9%	55.0%
Operating margin	45.1%	48.1%	-5.9%	47.3%	48.5%	46.1%	53.1%	45.9%
Net margin	-6.9%	-22.7%	-29.2%	-56.9%	-19.6%	-161.8%	-15.6%	26.4%
Current ratio	0.04×	0.05×	0.04×	0.06×	0.09×	0.08×	0.07×	0.12×
Debt / equity	1.43×	1.39×	1.31×	1.21×	1.13×	1.17×	0.88×	0.85×
Interest coverage	1.77×	1.92×	-0.25×	2.21×	2.28×	2.14×	2.57×	0×
Dividend yield	0.9%	4.3%	4.4%	4.7%	4.7%	6.4%	8.1%	6.8%
Payout ratio	-22.8%	-26.0%	-20.4%	-11.6%	-34.8%	-5.2%	-135.6%	79.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.9%	-6.7%	-7.7%	-13.1%	-4.1%	-35.5%	-2.8%	4.6%
Return on invested capital	5.1%	5.7%	-0.7%	4.9%	-46.3%	4.6%	-14.4%	2.2%
Return on assets	-0.8%	-2.7%	-3.3%	-5.8%	-1.9%	-16.1%	-1.5%	2.5%
Free cash flow yield	1.0%	3.4%	8.0%	12.2%	18.2%	4.5%	5.2%	2.7%
Earnings yield	-4.0%	-16.5%	-21.7%	-40.6%	-13.6%	-122.7%	-6.0%	8.6%
Enterprise value	CA$1.6B	CA$1.6B	CA$1.6B	CA$1.6B	CA$1.6B	CA$1.7B	CA$2.1B	CA$2.2B
Net debt / EBITDA	27.57×	201.31×	-94.9×	10.67×	22.85×	11.19×	18.83×	10.34×
Cash conversion cycle (days)	-141	-124	-131	-117	-100	-75	-121	-110