Financials BTB Real Estate Investment Trust

Equities

BTB.UN

CA11777P3007

Commercial REITs

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-05-31 pm EDT			5-day change	1st Jan Change
3.25 ^CAD	+1.09%		-.--%	+10.92%

May. 14	BTB Real Estate Investment Trust Announces Distribution for the Month of May 2024, Payable on June 17Th, 2024	CI
May. 07	Transcript : BTB Real Estate Investment Trust, Q1 2024 Earnings Call, May 07, 2024

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	321.4	223.7	301.1	310.8	254	284	-
Enterprise Value (EV) ¹	321.4	223.7	301.1	996.4	972.1	992.6	986.9
P/E ratio	-	-	-	-	-	-	-
Yield	8.12%	9.63%	7.35%	8.22%	10.2%	9.23%	9.23%
Capitalization / Revenue	3.43 x	2.41 x	3 x	2.6 x	1.99 x	2.19 x	2.13 x
EV / Revenue	3.43 x	2.41 x	3 x	8.34 x	7.6 x	7.66 x	7.41 x
EV / EBITDA	7.01 x	5.03 x	6.08 x	15.5 x	13.9 x	14.3 x	13.8 x
EV / FCF	-	-	-	-32.9 x	39.5 x	-39.7 x	-41.1 x
FCF Yield	-	-	-	-3.04%	2.53%	-2.52%	-2.43%
Price to Book	-	-	-	-	-	-	-
Nbr of stocks (in thousands)	62,158	63,367	73,798	85,160	86,706	87,383	-
Reference price ²	5.170	3.530	4.080	3.650	2.930	3.250	3.250
Announcement Date	3/12/20	3/16/21	2/24/22	2/27/23	2/27/24	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	93.6	92.97	100.3	119.5	127.8	129.6	133.2
EBITDA ¹	45.86	44.51	49.49	64.41	69.72	69.31	71.67
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income	-	-	-	-	-	-	-
Net margin	-	-	-	-	-	-	-
EPS	-	-	-	-	-	-	-
Free Cash Flow ¹	-	-	-	-30.26	24.6	-25	-24
FCF margin	-	-	-	-25.32%	19.25%	-19.29%	-18.02%
FCF Conversion (EBITDA)	-	-	-	-	35.29%	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	0.4200	0.3400	0.3000	0.3000	0.3000	0.3000	0.3000
Announcement Date	3/12/20	3/16/21	2/24/22	2/27/23	2/27/24	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2022 Q2	2022 Q3
Net sales	28.98	-
EBITDA	15.9	-
EBIT	-	-
Operating Margin	-	-
Earnings before Tax (EBT)	-	-
Net income	-	-
Net margin	-	-
EPS	-	-
Dividend per Share ¹	0.0750	0.0750
Announcement Date	8/8/22	11/8/22

¹CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt ¹	-	-	-	686	718	709	703
Net Cash position ¹	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	10.64 x	10.3 x	10.22 x	9.808 x
Free Cash Flow ¹	-	-	-	-30.3	24.6	-25	-24
ROE (net income / shareholders' equity)	-	-	-	-	-	-	-
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets	-	-	-	-	-	-	-
Book Value Per Share	-	-	-	-	-	-	-
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	3/12/20	3/16/21	2/24/22	2/27/23	2/27/24	-	-

¹CAD in Million

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for BTB Real Estate Investment Trust

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

3.25 CAD

Average target price

3.325 CAD

Spread / Average Target

+2.31%

Consensus

Chiffre d''affaires - Rate of surprise

Company calendar

Sector Other Commercial REITs

	1st Jan change	Capi.
BTB REAL ESTATE INVESTMENT TRUST	+10.92%	208M
REALTY INCOME CORPORATION	-7.59%	46.2B
ALEXANDRIA REAL ESTATE EQUITIES, INC.	-6.13%	20.81B
SEGRO PLC	+2.80%	15.66B
UNIBAIL-RODAMCO-WESTFIELD SE	+20.53%	12.19B
CAPITALAND INTEGRATED COMMERCIAL TRUST	-4.85%	9.76B
CAPITALAND ASCENDAS REIT	-13.86%	8.48B
FEDERAL REALTY INVESTMENT TRUST	-2.03%	8.37B
KLÉPIERRE	+7.78%	8.24B
COVIVIO	-1.81%	5.73B

Other Commercial REITs