T

True North Commercial REIT
TSX:TNT.UN

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True North Commercial REIT
TSX:TNT.UN
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Price: 9.38 CAD -1.99% Market Closed
Market Cap: 131.1m CAD

Relative Value

The Relative Value of one TNT.UN stock under the Base Case scenario is 45.23 CAD. Compared to the current market price of 9.38 CAD, True North Commercial REIT is Undervalued by 79%.

Relative Value is the estimated value of a stock based on various valuation multiples like P/E and EV/EBIT ratios. It offers a quick snapshot of a stock's valuation in relation to its peers and historical norms.

TNT.UN Relative Value
Base Case
45.23 CAD
Undervaluation 79%
Relative Value
Price
T
Worst Case
Base Case
Best Case

Valuation Multiples

vs History
77
vs Industry
70
Median 3Y
1.3
Median 5Y
3.5
Industry
3.8
vs History
vs Industry
9
Median 3Y
-3.2
Median 5Y
9.5
Industry
16.9
vs History
85
vs Industry
64
Median 3Y
2.2
Median 5Y
5.2
Industry
11.1
vs History
vs Industry
8
Median 3Y
2.9
Median 5Y
4.7
Industry
13.1
vs History
76
vs Industry
74
Median 3Y
0.4
Median 5Y
0.9
Industry
0.9
vs History
74
vs Industry
51
Median 3Y
6.4
Median 5Y
8.3
Industry
6.7
vs History
60
vs Industry
53
Median 3Y
11.6
Median 5Y
13.9
Industry
12.3
vs History
55
vs Industry
52
Median 3Y
11.4
Median 5Y
14.4
Industry
16
vs History
55
vs Industry
54
Median 3Y
11.4
Median 5Y
14.4
Industry
19.3
vs History
68
vs Industry
55
Median 3Y
9.7
Median 5Y
12.1
Industry
18.5
vs History
68
vs Industry
48
Median 3Y
9.7
Median 5Y
12.1
Industry
20.2
vs History
74
vs Industry
62
Median 3Y
0.7
Median 5Y
0.8
Industry
0.8

Multiples Across Competitors

TNT.UN Competitors Multiples
True North Commercial REIT Competitors

Market Cap P/S P/E EV/EBITDA EV/EBIT
CA
True North Commercial REIT
TSX:TNT.UN
131.1m CAD 1 -5.1 13.8 13.8
US
Alexandria Real Estate Equities Inc
NYSE:ARE
13.3B USD 4.1 101.5 11.8 28.2
US
Boston Properties Inc
NYSE:BXP
10.9B USD 3.2 -2 462 13.9 25.9
US
Kilroy Realty Corp
NYSE:KRC
8.5B USD 7.5 42.5 18.9 39.5
JP
Nippon Building Fund Inc
TSE:8951
1.1T JPY 11.2 24.7 25.5 33.8
US
Vornado Realty Trust
NYSE:VNO
7.4B USD 4.1 70.7 19.4 53
FR
Covivio SA
PAR:COV
5.7B EUR 4.4 84.2 15.9 18.2
US
COPT Defense Properties
NYSE:CDP
6.2B USD 8.3 44.2 39.5 39.5
JP
Japan Real Estate Investment Corp
TSE:8952
843.8B JPY 9.9 22.4 22.7 29.4
AU
Dexus
ASX:DXS
7.5B AUD 8.8 -7.7 32.1 32.1
US
Cousins Properties Inc
NYSE:CUZ
4.7B USD 5.3 88.5 13.6 40.9
P/E Multiple
Earnings Growth PEG
CA
T
True North Commercial REIT
TSX:TNT.UN
Average P/E: 59.8
Negative Multiple: -5.1
N/A N/A
US
Alexandria Real Estate Equities Inc
NYSE:ARE
101.5
1%
101.5
US
Boston Properties Inc
NYSE:BXP
Negative Multiple: -2 462
185%
N/A
US
Kilroy Realty Corp
NYSE:KRC
42.5
-22%
N/A
JP
Nippon Building Fund Inc
TSE:8951
24.7
0%
N/A
US
Vornado Realty Trust
NYSE:VNO
70.7
138%
0.5
FR
Covivio SA
PAR:COV
84.2
98%
0.9
US
COPT Defense Properties
NYSE:CDP
44.2
6%
7.4
JP
Japan Real Estate Investment Corp
TSE:8952
22.4
-1%
N/A
AU
Dexus
ASX:DXS
Negative Multiple: -7.7 N/A N/A
US
Cousins Properties Inc
NYSE:CUZ
88.5
17%
5.2