Slate Grocery REIT (SGR-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

+75.7%

CA$30.91

vs CA$17.60 price

Levered DCF

CA$8.90

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.6

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	16.09×	14.8×	36.4×	5.26×	7.71×	10.05×	13.47×	-57.4×
P/B	1×	0.84×	0.78×	0.91×	1.08×	0.93×	1.1×	0.9×
P/S	3.08×	2.72×	2.65×	3.79×	4.85×	3.32×	3.14×	2.72×
EV / EBITDA	14.94×	12.27×	19.33×	8.3×	10.59×	14.77×	15.87×	48.57×
Gross margin	64.8%	64.7%	64.2%	71.8%	72.9%	72.5%	71.0%	71.9%
Operating margin	62.0%	62.0%	61.4%	28.1%	43.8%	46.8%	36.7%	65.5%
Net margin	20.3%	19.0%	6.7%	72.6%	65.7%	32.7%	21.8%	-4.8%
Current ratio	0.45×	0.58×	0.17×	0.42×	0.76×	1.18×	0.17×	0.92×
Debt / equity	1.98×	1.73×	1.69×	1.53×	1.51×	1.6×	1.96×	1.99×
Interest coverage	1.97×	1.9×	1.91×	1.21×	2.59×	2.67×	1.39×	2.56×
Dividend yield	7.8%	9.0%	9.6%	7.7%	6.6%	8.7%	8.5%	9.5%
Payout ratio	117.8%	128.8%	379.5%	40.2%	48.8%	88.1%	122.0%	-543.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	6.6%	5.9%	2.0%	17.4%	14.7%	9.1%	7.6%	-1.6%
Return on invested capital	5.1%	5.1%	5.4%	1.8%	2.6%	3.4%	3.1%	4.3%
Return on assets	1.8%	1.8%	0.6%	5.7%	5.2%	3.1%	2.3%	-0.5%
Free cash flow yield	9.2%	11.8%	13.3%	7.7%	6.9%	8.7%	9.5%	13.3%
Earnings yield	6.6%	7.0%	2.5%	19.1%	13.5%	9.8%	6.9%	-1.8%
Enterprise value	CA$1.9B	CA$1.7B	CA$1.7B	CA$1.8B	CA$1.6B	CA$1.1B	CA$1.2B	CA$1.3B
Net debt / EBITDA	9.87×	8.2×	13.12×	5.17×	6.14×	9.35×	10.15×	33.46×
Cash conversion cycle (days)	-29	-47	-44	1	-3	111	-46	-75