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Canadian Apartment Properties Real Estate Investment Trust
TSX:CAR.UN

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Canadian Apartment Properties Real Estate Investment Trust Logo
Canadian Apartment Properties Real Estate Investment Trust
TSX:CAR.UN
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Price: 48.5 CAD 0.92% Market Closed
Updated: Mar 19, 2024

Intrinsic Value

Canadian Apartment Properties Real Estate Investment Trust is a mutual fund which owns and operates a portfolio of multi-unit residential rental properties. [ Read More ]

The intrinsic value of one CAR.UN stock under the Base Case scenario is 57.42 CAD. Compared to the current market price of 48.5 CAD, Canadian Apartment Properties Real Estate Investment Trust is Undervalued by 16%.

Key Points:
CAR.UN Intrinsic Value
Base Case
57.42 CAD
Undervaluation 16%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
Canadian Apartment Properties Real Estate Investment Trust

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Fundamental Analysis

CAPREIT Strategizes on Portfolio Quality
2023-Q4 Earnings Call

CAPREIT Strategizes on Portfolio Quality

In 2023, CAPREIT focused on modernizing and improving its portfolio's quality through strategic acquisitions like the Lancaster for $22.5 million and Hub Place for $68 million, and dispositions totaling over $700 million. These transactions aimed to replace older, non-core assets with high-quality properties, enhancing geographic exposure and portfolio quality. Financially, CAPREIT strengthened their liquidity, with $340 million available on Canadian credit facilities and a conservative debt management approach. Their debt to gross book value ratio was marginally above target at 41.6%, but within covenants. The company's strategy now emphasizes quality over expansion, enhancing stakeholder value, improving ESG performance, and participating in initiatives to address housing affordability in Canada.

Financials

Balance Sheet Decomposition
Canadian Apartment Properties Real Estate Investment Trust

Current Assets 231.9m
Cash & Short-Term Investments 53m
Receivables 64.5m
Other Current Assets 114.4m
Non-Current Assets 16.7B
Long-Term Investments 16.6B
PP&E 14.5m
Other Non-Current Assets 72.7m
Current Liabilities 1B
Accounts Payable 43.1m
Accrued Liabilities 74.6m
Short-Term Debt 74.3m
Other Current Liabilities 850.1m
Non-Current Liabilities 6.6B
Long-Term Debt 6.3B
Other Non-Current Liabilities 266.5m
Efficiency

Earnings Waterfall
Canadian Apartment Properties Real Estate Investment Trust

Revenue
1.1B CAD
Cost of Revenue
-372.5m CAD
Gross Profit
692.8m CAD
Operating Expenses
-80.7m CAD
Operating Income
612.1m CAD
Other Expenses
-1B CAD
Net Income
-411.6m CAD

Free Cash Flow Analysis
Canadian Apartment Properties Real Estate Investment Trust

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3-Years Average
FCF Margin
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Fundamental Scores

CAR.UN Profitability Score
Profitability Due Diligence

Canadian Apartment Properties Real Estate Investment Trust's profitability score is 59/100. The higher the profitability score, the more profitable the company is.

59/100
Profitability
Score

Canadian Apartment Properties Real Estate Investment Trust's profitability score is 59/100. The higher the profitability score, the more profitable the company is.

CAR.UN Solvency Score
Solvency Due Diligence

Canadian Apartment Properties Real Estate Investment Trust's solvency score is 28/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Low D/E
Low Altman Z-Score
Short-Term Solvency
28/100
Solvency
Score

Canadian Apartment Properties Real Estate Investment Trust's solvency score is 28/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

CAR.UN Price Targets Summary
Canadian Apartment Properties Real Estate Investment Trust

Wall Street analysts forecast CAR.UN stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for CAR.UN is 58.61 CAD with a low forecast of 52.02 CAD and a high forecast of 66.15 CAD.

Lowest
Price Target
52.02 CAD
7% Upside
Average
Price Target
58.61 CAD
21% Upside
Highest
Price Target
66.15 CAD
36% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Shareholder Return

CAR.UN Price
Canadian Apartment Properties Real Estate Investment Trust

1M 1M
-4%
6M 6M
+0%
1Y 1Y
+5%
3Y 3Y
-3%
5Y 5Y
+9%
10Y 10Y
+218%
Annual Price Range
48.5
52w Low
40.82
52w High
53.43
Price Metrics
Average Annual Return 0.46%
Standard Deviation of Annual Returns 19.26%
Max Drawdown -38%
Shares Statistics
Market Capitalization 8.1B CAD
Shares Outstanding 167 630 000
Percentage of Shares Shorted 0.82%

CAR.UN Return Decomposition
Main factors of price return

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Company Profile

Canadian Apartment Properties Real Estate Investment Trust Logo
Canadian Apartment Properties Real Estate Investment Trust

Country

Canada

Industry

Real Estate

Market Cap

8.1B CAD

Dividend Yield

2.99%

Description

Canadian Apartment Properties Real Estate Investment Trust is a mutual fund which owns and operates a portfolio of multi-unit residential rental properties. The company is headquartered in Toronto, Ontario and currently employs 1,097 full-time employees. The firm owns and manages interests in multi-unit residential rental properties, including apartments, townhomes and manufactured home communities (MHC), principally located in and near urban centers across Canada. The Company’s net assets and operating results are substantially derived from income-producing real estate located in Canada and Europe. The Company’s objectives are to provide holders of trust units (Unitholders) with long-term, stable and predictable monthly cash distributions; grow normalized funds from operations (NFFO), sustainable distributions and trust unit value through the management of its properties, accretive acquisitions, developments and intensifications, and financial management; and invest capital within the property portfolio in order to maximize earnings and cash flow potential and to help ensure life safety and satisfaction of residents.

Contact

ONTARIO
TORONTO
11 Church St Suite 401
+14168619404.0
https://www.capreit.ca/

IPO

1997-05-21

Employees

1 097

Officers

CEO, President & Trustee
Mr. Mark Kenney
Chief Financial Officer
Mr. Stephen Co
Chief Investment Officer
Mr. Julian Schonfeldt
Executive Vice President of Operations
Roman Brailovski
Senior Vice President of Financial Reporting & Accounting
Clayton Yeung
Executive Vice President of Technology
Andrew Wood
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Executive Vice President of Risk & Compliance
Ms. Archna Sharma
Vice President of Legal & Corporate Secretary
Elise Lenser
Chief People, Culture & Brand Officer
Ms. Jodi Lieberman
MD and Director of Housing & Municipal Affairs
Mr. Gobal Mailwaganam
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See Also

Discover More
What is the Intrinsic Value of one CAR.UN stock?

The intrinsic value of one CAR.UN stock under the Base Case scenario is 57.42 CAD.

Is CAR.UN stock undervalued or overvalued?

Compared to the current market price of 48.5 CAD, Canadian Apartment Properties Real Estate Investment Trust is Undervalued by 16%.