Company Valuation: Canadian Apartment Properties Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 10,502 7,343 8,264 7,098 5,739 5,053 - -
Change - -30.08% 12.54% -14.11% -19.15% -11.95% - -
Enterprise Value (EV) 1 10,502 14,347 8,264 7,098 5,739 11,166 11,225 5,053
Change - 36.62% -42.4% -14.11% -19.15% 94.57% 0.53% -54.98%
P/E 7.49x 547x -20.2x 24.6x 29.9x -106x 12.9x 12.4x
PBR - - - - - - - -
PEG - -5.5x 0x -0x -1x 1x -0x 3.16x
Capitalization / Revenue 11.3x 7.29x 7.76x 6.38x 5.72x 5.09x 5x 4.87x
EV / Revenue 11.3x 14.2x 7.76x 6.38x 5.72x 11.3x 11.1x 4.87x
EV / EBITDA 18.3x 23.4x 13x 10.5x 9.52x 18.7x 18.1x 7.87x
EV / EBIT - - - - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Dividend per Share 2 1.409 1.45 1.45 1.471 1.546 1.564 1.588 1.66
Rate of return 2.35% 3.4% 2.97% 3.45% 4.19% 4.77% 4.84% 5.06%
EPS 2 8.003 0.078 -2.419 1.73 1.232 -0.31 2.55 2.65
Distribution rate 17.6% 1,859% -59.9% 85% 125% -505% 62.3% 62.6%
Net sales 1 933.1 1,007 1,065 1,113 1,003 991.9 1,011 1,037
EBITDA 1 575.2 612.4 636.2 673.1 603.1 596.1 619.7 642.3
EBIT - - - - - - - -
Net income 1 1,393 13.64 -411.6 292.7 197.1 -49.2 393.7 410.4
Net Debt 1 - 7,004 - - - 6,113 6,172 -
Reference price 2 59.96 42.68 48.80 42.63 36.87 32.80 32.80 32.80
Nbr of stocks (in thousands) 175,145 172,046 169,339 166,492 155,642 154,051 - -
Announcement Date 23/02/22 22/02/23 22/02/24 13/02/25 12/02/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
49.99x13.45x23.61x - 50.23B
49.38x12.45x19.09x3.74% 17.82B
29.16x8.59x16.44x4.17% 17.03B
34.47x9.27x16.45x4.77% 14.92B
-46.36x8.91x19.67x3.69% 14.77B
30.7x9.85x20.17x3.42% 12.25B
33.83x8.92x16.71x3.99% 11.87B
35.58x10.34x16.82x4.75% 11.76B
91.03x9.31x16.62x4.02% 10.82B
Average 34.20x 10.12x 18.40x 4.07% 17.94B
Weighted average by Cap. 36.53x 10.92x 19.60x 4.06%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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