SmartCentres Real Estate Investment Trust (SRU-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

+37.3%

CA$37.54

vs CA$27.34 price

Levered DCF

CA$21.24

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.7

Distress zone

Rating

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	18.26×	18.39×	10.24×	5.89×	11.66×	-27.81×	34.68×	14.82×
P/B	0.88×	0.83×	0.8×	0.93×	1.14×	0.92×	1.18×	1.19×
P/S	4.95×	4.75×	4.56×	5.93×	7.11×	5.08×	6.57×	6.27×
EV / EBITDA	20.11×	19.57×	13.51×	12.24×	9.06×	32.1×	17.62×	16.38×
Gross margin	60.7%	59.6%	65.5%	64.8%	64.2%	60.8%	64.5%	64.8%
Operating margin	57.2%	55.5%	62.1%	60.7%	86.4%	64.8%	62.1%	62.3%
Net margin	27.2%	25.8%	44.5%	100.8%	60.9%	-18.4%	18.9%	42.3%
Current ratio	0.26×	0.11×	0.35×	0.38×	0.24×	0.92×	0.54×	0.18×
Debt / equity	1×	0.96×	0.95×	0.97×	1×	1.21×	0.94×	0.99×
Interest coverage	3.16×	2.85×	3.6×	3.31×	4.77×	3.23×	3.23×	3.51×
Dividend yield	5.8%	6.1%	6.3%	5.6%	4.8%	6.5%	3.6%	3.6%
Payout ratio	106.3%	113.0%	64.7%	33.0%	56.3%	-181.2%	124.6%	53.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.8%	4.5%	7.8%	15.8%	9.7%	-3.3%	3.4%	8.1%
Return on invested capital	4.6%	4.5%	4.9%	4.3%	2.9%	-7.8%	2.1%	5.1%
Return on assets	2.1%	2.0%	3.5%	6.9%	4.2%	-1.3%	1.5%	3.5%
Free cash flow yield	8.2%	8.6%	7.8%	7.7%	6.7%	10.8%	6.5%	7.1%
Earnings yield	5.5%	5.4%	9.8%	17.0%	8.6%	-3.6%	2.9%	6.8%
Enterprise value	CA$9.7B	CA$9.4B	CA$9.2B	CA$9.7B	CA$10.3B	CA$8.4B	CA$9.5B	CA$9B
Net debt / EBITDA	10.64×	10.46×	7.29×	6.23×	4.2×	16.91×	7.76×	7.4×
Cash conversion cycle (days)	19	-35	-39	-46	-53	-40	-69	-82