True North Commercial REIT (TNT-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

+523.0%

CA$45.98

vs CA$7.38 price

Levered DCF

CA$177.52

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

-0.31

Distress zone

Rating

B-

Overall 2 / 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	-3.92×	-7.17×	-4.07×	-29.2×	129.12×	302.42×	232.89×	37.41×
P/B	0.34×	0.36×	0.36×	1.03×	6.94×	5.95×	6.16×	5.13×
P/S	0.98×	1.18×	1.25×	3.75×	27.07×	22.43×	30.5×	21.39×
EV / EBITDA	14,457.06×	83.34×	13.14×	29.63×	57.27×	57.02×	89.22×	36.4×
Gross margin	51.4%	51.9%	54.9%	60.2%	59.6%	60.1%	58.3%	58.9%
Operating margin	46.7%	47.3%	50.6%	56.0%	49.7%	56.2%	43.2%	75.4%
Net margin	-25.0%	-16.5%	-30.7%	-12.9%	21.0%	7.6%	12.8%	57.0%
Current ratio	0.08×	0.23×	0.41×	0.46×	0.07×	0.38×	0.09×	0.14×
Debt / equity	1.95×	1.85×	1.81×	1.65×	1.52×	1.55×	1.5×	1.46×
Interest coverage	1.86×	1.89×	2.04×	2.79×	2.52×	2.83×	2.31×	4.09×
Dividend yield	5.8%	0.0%	18.9%	8.8%	1.2%	1.4%	1.0%	1.4%
Payout ratio	-22.9%	0.0%	-76.7%	-254.7%	156.0%	400.4%	229.8%	53.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-8.7%	-5.0%	-9.0%	-3.5%	5.4%	2.0%	2.6%	13.7%
Return on invested capital	5.2%	5.0%	5.2%	-6.4%	2.8%	1.5%	1.9%	2.3%
Return on assets	-2.8%	-1.7%	-3.1%	-1.3%	2.1%	0.8%	1.0%	5.3%
Free cash flow yield	29.7%	50.5%	44.8%	19.2%	2.3%	2.9%	2.0%	2.9%
Earnings yield	-25.5%	-14.0%	-24.6%	-3.4%	0.8%	0.3%	0.4%	2.7%
Enterprise value	CA$853M	CA$905.2M	CA$977.1M	CA$1.4B	CA$4.6B	CA$3.9B	CA$4B	CA$2.4B
Net debt / EBITDA	12,292.22×	69.55×	10.92×	18.15×	10.22×	11.48×	17.41×	8.05×
Cash conversion cycle (days)	-208	130	130	321	-138	-145	-118	-119