Pro Real Estate Investment Trust (PRV-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

+79.1%

CA$12.09

vs CA$6.75 price

Levered DCF

CA$1.66

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

0.74

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	11.91×	131.25×	10.95×	2.64×	4.04×	130.32×	32.09×	8.68×
P/B	0.85×	0.67×	0.59×	0.74×	0.77×	1×	1.08×	0.89×
P/S	4.07×	3.15×	2.86×	3.71×	4.27×	3.47×	4.44×	4×
EV / EBITDA	15.39×	32.12×	16.43×	8.32×	8.67×	16.79×	21.87×	16.21×
Gross margin	60.1%	59.0%	58.0%	59.4%	59.6%	58.1%	61.6%	63.7%
Operating margin	48.9%	49.9%	51.2%	52.7%	46.1%	57.0%	40.3%	60.8%
Net margin	34.0%	2.4%	25.9%	140.7%	105.4%	2.7%	13.6%	45.9%
Current ratio	0.07×	0.11×	0.23×	0.11×	0.19×	0.2×	0.23×	0.15×
Debt / equity	1.06×	1.07×	1.06×	1.05×	1.22×	1.5×	1.54×	1.61×
Interest coverage	2.07×	2.28×	2.41×	0×	0×	0×	0×	0×
Dividend yield	6.6%	8.6%	9.3%	7.4%	6.5%	7.4%	7.1%	8.4%
Payout ratio	78.5%	1124.4%	102.7%	19.4%	26.3%	967.8%	232.3%	72.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	7.1%	0.5%	5.3%	28.0%	19.0%	0.8%	3.3%	10.2%
Return on invested capital	4.7%	5.1%	5.0%	5.0%	3.0%	0.6%	1.9%	5.1%
Return on assets	3.3%	0.2%	2.5%	13.2%	8.3%	0.3%	1.2%	3.7%
Free cash flow yield	7.3%	9.6%	10.8%	7.7%	8.7%	9.5%	6.4%	8.4%
Earnings yield	8.3%	0.8%	9.1%	38.0%	24.7%	0.8%	3.1%	11.5%
Enterprise value	CA$934.9M	CA$801.5M	CA$787.6M	CA$867.1M	CA$848.6M	CA$600.9M	CA$612.4M	CA$455.8M
Net debt / EBITDA	8.42×	19.62×	10.47×	4.86×	5.28×	10.02×	12.74×	10.39×
Cash conversion cycle (days)	-17	-31	-43	-18	-45	-13	-1	2