First Time Loading...

SmartCentres Real Estate Investment Trust
TSX:SRU.UN

Watchlist Manager
SmartCentres Real Estate Investment Trust Logo
SmartCentres Real Estate Investment Trust
TSX:SRU.UN
Watchlist
Price: 23.12 CAD 0.87%
Updated: Mar 28, 2024

Intrinsic Value

SmartCentres Real Estate Investment Trust is a fully integrated commercial and residential REITs, with its strategically located properties in communities across the country. [ Read More ]

The intrinsic value of one SRU.UN stock under the Base Case scenario is 32.92 CAD. Compared to the current market price of 23.12 CAD, SmartCentres Real Estate Investment Trust is Undervalued by 30%.

Key Points:
SRU.UN Intrinsic Value
Base Case
32.92 CAD
Undervaluation 30%
Intrinsic Value
Price
Worst Case
Base Case
Best Case

Valuation Backtest
SmartCentres Real Estate Investment Trust

Backtest SRU.UN Intrinsic Value
Dive into the past to invest in the future

Run backtest to discover the historical profit from buying and selling SRU.UN stocks based on their intrinsic value.

Analyze the historical link between intrinsic value and market price to make more informed investment decisions.

Run Backtest
Settings
Valuation Methods
Buy/Sell Thresholds
Buy When:
%
Sell When:
%
B
S
Run Backtest
How does it work?

Fundamental Analysis

Stable Results with Strategic Dispositions Planned
2023-Q4 Earnings Call

Stable Results with Strategic Dispositions Planned

In Q4 2023, the company reported a modest 4% rise in FFO per unit to $0.59, buoyed by rental income and condominium profits, yet affected by higher interest costs. Adjusted FFO was $0.51 per unit after excluding gains. Net operating income (NOI) remained stable with a slight decline, but same-property NOI grew by 1.7%. Occupancy rates were strong at 98.5%, and the AFFO payout ratio improved y-o-y to 89.4%. The unencumbered asset pool grew slightly to $9.2 billion, with stable unsecured debt levels. A fair value loss was recognized due to cap rate adjustments in investment properties. The company has ample liquidity over $523 million and maintains a conservative debt structure, with 80% at fixed rates. Management is open to strategic dispositions, given favorable market conditions. Credit losses normalized post-COVID at $1.2 million for the quarter and miscellaneous revenues increased, mainly from premium outlet percentage rents and parking.

Financials

Balance Sheet Decomposition
SmartCentres Real Estate Investment Trust

Current Assets 304.9m
Cash & Short-Term Investments 34.7m
Receivables 203.4m
Other Current Assets 66.8m
Non-Current Assets 11.6B
Long-Term Investments 11.3B
PP&E 4.2m
Intangibles 42.5m
Other Non-Current Assets 232.7m
Current Liabilities 859m
Accounts Payable 95.4m
Accrued Liabilities 17.4m
Other Current Liabilities 746.2m
Non-Current Liabilities 5.8B
Long-Term Debt 4.4B
Other Non-Current Liabilities 1.4B
Efficiency

Earnings Waterfall
SmartCentres Real Estate Investment Trust

Revenue
834.6m CAD
Cost of Revenue
-321m CAD
Gross Profit
513.6m CAD
Operating Expenses
-54.4m CAD
Operating Income
459.2m CAD
Other Expenses
-45.5m CAD
Net Income
413.7m CAD

Free Cash Flow Analysis
SmartCentres Real Estate Investment Trust

Last Value
3-Years Average
FCF Margin
Conversion Rate
History
Components
Chart
Table
What is Free Cash Flow?
Fundamental Scores

SRU.UN Profitability Score
Profitability Due Diligence

SmartCentres Real Estate Investment Trust's profitability score is 63/100. The higher the profitability score, the more profitable the company is.

63/100
Profitability
Score

SmartCentres Real Estate Investment Trust's profitability score is 63/100. The higher the profitability score, the more profitable the company is.

SRU.UN Solvency Score
Solvency Due Diligence

SmartCentres Real Estate Investment Trust's solvency score is 25/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Low D/E
Short-Term Solvency
Positive Net Debt
25/100
Solvency
Score

SmartCentres Real Estate Investment Trust's solvency score is 25/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

SRU.UN Price Targets Summary
SmartCentres Real Estate Investment Trust

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

According to Wall Street analysts, the average 1-year price target for SRU.UN is 26.68 CAD with a low forecast of 24.75 CAD and a high forecast of 31.5 CAD.

Lowest
Price Target
24.75 CAD
7% Upside
Average
Price Target
26.68 CAD
15% Upside
Highest
Price Target
31.5 CAD
36% Upside
View Analyst Estimates
View Analyst Estimates

Competitive Landscape

Shareholder Return

SRU.UN Price
SmartCentres Real Estate Investment Trust

1M 1M
-1%
6M 6M
+2%
1Y 1Y
-10%
3Y 3Y
-2%
5Y 5Y
-13%
10Y 10Y
+58%
Annual Price Range
23.12
52w Low
21.28
52w High
26.6921
Price Metrics
Average Annual Return 2.79%
Standard Deviation of Annual Returns 30.3%
Max Drawdown -55%
Shares Statistics
Market Capitalization 3.3B CAD
Shares Outstanding 144 630 000
Percentage of Shares Shorted 1.62%

SRU.UN Return Decomposition
Main factors of price return

What is price return decomposition?

Company Profile

SmartCentres Real Estate Investment Trust Logo
SmartCentres Real Estate Investment Trust

Country

Canada

Industry

Real Estate

Market Cap

3.3B CAD

Dividend Yield

8%

Description

SmartCentres Real Estate Investment Trust is a fully integrated commercial and residential REITs, with its strategically located properties in communities across the country. The company is headquartered in Vaughan, Ontario. The Trust develops, leases, constructs, owns and manages shopping centers, office buildings, high-rise and low-rise condominium and rental residences, seniors’ housing, town house units, and self-storage rental facilities in Canada. Its portfolio featuring approximately168 located properties. The firm's subsidiaries include Smart Limited Partnership, Smart Limited Partnership II, Smart Limited Partnership III, Smart Limited Partnership IV, Smart Oshawa South Limited Partnership, Smart Oshawa Taunton Limited Partnership, Smart Boxgrove Limited Partnership, ONR Limited Partnership and ONR Limited Partnership I. The firm's Project 512 program consists of rental apartments, condos, seniors’ residences and hotels, to be developed under the SmartLiving banner; and retail, office, and storage facilities, to be developed under the SmartCentres banner.

Contact

ONTARIO
Vaughan
3200 Highway 7
+19053266400.0
http://www.smartcentres.com/

IPO

1998-02-04

Employees

363

Officers

Executive Chairman & CEO
Mr. Mitchell Goldhar
Chief Financial Officer
Mr. Peter L. Slan CA
Executive Vice President of Portfolio Management & Investments
Mr. Rudy Gobin
Legal Counsel
Ms. Shea Nerland Calnan
Executive VP and Chief People & Culture Officer
Mr. Dan Markou
Director of Asset Management
Ms. Erin Shirley
Show More
Senior Vice President of Human Resources & Corporate Services
Mr. Fernando Vescio
Executive Vice President of Development
Mr. Allan Scully
Director of Operations Accounting
Ms. Julia Mok
Show Less

See Also

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

The intrinsic value of one SRU.UN stock under the Base Case scenario is 32.92 CAD.

Is SRU.UN stock undervalued or overvalued?

Compared to the current market price of 23.12 CAD, SmartCentres Real Estate Investment Trust is Undervalued by 30%.