Canadian Net Real Estate Investment Trust (NET-UN.V) 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

+133.8%

CA$14.17

vs CA$6.06 price

Levered DCF

CA$7.31

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.74

Distress zone

Rating

A-

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	6.98×	14.2×	5.45×	-19.38×	5.96×	10.15×	17.84×	-57.87×
P/B	0.84×	0.79×	0.77×	1.07×	1.15×	1.09×	1.43×	1.23×
P/S	4.16×	3.91×	3.76×	5.14×	7.88×	7.55×	7.83×	8.26×
EV / EBITDA	11.77×	18.76×	10.57×	109.59×	19.62×	16.26×	21.93×	-366.21×
Gross margin	72.3%	72.4%	73.2%	74.3%	75.6%	76.0%	76.1%	81.3%
Operating margin	64.6%	64.7%	78.9%	67.8%	88.7%	90.9%	66.4%	72.5%
Net margin	59.6%	27.2%	68.6%	-26.3%	132.4%	74.1%	43.5%	-14.3%
Current ratio	0.2×	0.05×	0.23×	0.21×	0.11×	0.5×	0.12×	0.04×
Debt / equity	1.25×	1.29×	1.35×	1.52×	1.11×	1.28×	1.44×	1.3×
Interest coverage	2.39×	2.31×	2.74×	2.55×	3.6×	3.63×	2.4×	2.92×
Dividend yield	6.2%	6.9%	7.1%	5.5%	3.7%	3.8%	3.3%	3.5%
Payout ratio	42.9%	99.8%	38.9%	-107.3%	22.2%	39.0%	60.2%	-204.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.0%	5.5%	14.1%	-5.5%	19.3%	10.7%	7.9%	-2.1%
Return on invested capital	5.6%	5.7%	6.9%	5.6%	6.1%	5.7%	4.9%	4.6%
Return on assets	5.2%	2.4%	5.9%	-2.1%	9.0%	4.6%	3.2%	-0.9%
Free cash flow yield	11.9%	10.4%	11.3%	44.0%	6.2%	80.5%	4.9%	6.1%
Earnings yield	14.3%	7.0%	18.3%	-5.1%	16.8%	9.8%	5.6%	-1.7%
Enterprise value	CA$289.1M	CA$268.8M	CA$273.5M	CA$307.1M	CA$293.4M	CA$209.3M	CA$147.1M	CA$106.7M
Net debt / EBITDA	7.04×	11.63×	6.72×	64.2×	9.63×	8.65×	10.97×	-187.94×
Cash conversion cycle (days)	-11	57	66	-29	-74	-66	-80	-77