Primaris Real Estate Investment Trust (PMZ-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

+312.2%

CA$94.15

vs CA$22.84 price

Levered DCF

CA$35.47

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.8

Distress zone

Rating

B+

Overall 3 / 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	10.75×	20.91×	13.4×	-122×	3.62×	-2.15×	-28.55×	-8.54×
P/B	0.78×	0.77×	0.65×	0.7×	0.56×	1.23×	0.8×	0.78×
P/S	3.01×	3.29×	3.32×	3.85×	4.86×	4.57×	4.59×	4.56×
EV / EBITDA	12.87×	20.37×	13.56×	112.75×	4.96×	12.26×	13.61×	14.14×
Gross margin	57.2%	57.9%	56.8%	55.7%	55.8%	47.5%	55.4%	55.9%
Operating margin	53.8%	50.3%	49.5%	48.9%	51.5%	45.9%	55.1%	55.1%
Net margin	28.1%	15.7%	24.9%	-3.2%	139.6%	-212.6%	-16.2%	-53.4%
Current ratio	1.62×	2.41×	1.05×	0.15×	0.07×	0.04×	0.05×	0.05×
Debt / equity	0.86×	0.79×	0.71×	0.48×	0.25×	0.3×	0.51×	0.56×
Interest coverage	2.61×	3.05×	3.8×	5.8×	6.99×	5.88×	0×	0×
Dividend yield	4.6%	4.9%	5.8%	5.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	49.8%	102.3%	77.5%	-608.0%	0.1%	-0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.2%	3.7%	4.9%	-0.6%	16.2%	-57.4%	-2.8%	-9.1%
Return on invested capital	6.8%	5.8%	5.4%	0.0%	3.9%	7.6%	6.2%	5.9%
Return on assets	3.5%	1.9%	2.6%	-0.4%	10.9%	-26.9%	-1.6%	-5.4%
Free cash flow yield	11.5%	9.1%	12.0%	11.2%	-8.2%	17.3%	20.1%	-11.1%
Earnings yield	9.3%	4.8%	7.5%	-0.8%	28.7%	-46.6%	-3.5%	-11.7%
Enterprise value	CA$4.1B	CA$3.4B	CA$2.8B	CA$2.5B	CA$1.8B	CA$1.5B	CA$2.1B	CA$2.2B
Net debt / EBITDA	6.73×	10.3×	6.96×	45.65×	1.54×	2.31×	5.27×	5.86×
Cash conversion cycle (days)	-177	-192	-77	118	-162	-1,209	-66	-56