Plaza Retail REIT (PLZ-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

+121.1%

CA$11.81

vs CA$5.34 price

Levered DCF

CA$4.81

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.03

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	8.58×	16.09×	20.44×	8.62×	4.87×	-25.79×	9.72×	32.33×
P/B	0.85×	0.72×	0.74×	0.89×	0.98×	0.88×	1.01×	0.89×
P/S	3.66×	3.22×	3.56×	4.15×	4.39×	3.48×	4.21×	3.84×
EV / EBITDA	12.74×	16.74×	16.35×	14.18×	17.09×	72.54×	13.87×	25.55×
Gross margin	66.1%	61.3%	61.7%	63.4%	64.9%	64.3%	64.7%	61.5%
Operating margin	51.6%	54.1%	57.3%	49.5%	32.2%	33.2%	29.7%	38.0%
Net margin	42.3%	20.7%	17.7%	48.4%	90.0%	-14.0%	45.7%	11.6%
Current ratio	0.12×	0.14×	0.17×	0.24×	0.17×	0.18×	0.18×	0.21×
Debt / equity	1.15×	1.22×	1.23×	1.36×	1.38×	1.61×	1.4×	1.3×
Interest coverage	2.16×	2.21×	2.38×	2.02×	1.33×	1.27×	1.17×	0×
Dividend yield	6.5%	7.9%	7.5%	6.2%	5.9%	7.7%	6.1%	6.1%
Payout ratio	55.9%	123.4%	150.1%	52.9%	28.6%	-190.9%	55.8%	202.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.8%	4.6%	3.7%	10.4%	20.2%	-3.5%	11.0%	2.7%
Return on invested capital	5.1%	5.0%	5.2%	4.4%	3.0%	3.2%	2.9%	3.8%
Return on assets	4.3%	2.0%	1.6%	4.2%	8.2%	-1.3%	4.4%	1.1%
Free cash flow yield	8.4%	10.2%	10.4%	17.5%	14.3%	16.4%	15.8%	8.4%
Earnings yield	11.5%	6.4%	5.0%	11.7%	20.5%	-4.0%	10.8%	3.0%
Enterprise value	CA$1.1B	CA$1B	CA$1.1B	CA$1.2B	CA$1.2B	CA$1B	CA$1.1B	CA$971.6M
Net debt / EBITDA	7.3×	10.44×	10.13×	8.55×	9.91×	46.72×	8.01×	15.06×
Cash conversion cycle (days)	-63	-52	-78	100	-68	-14	-72	-64