Canadian Undervalued over 20% based on DCF

Minto Apartment Real Estate Investment Trust

Market Cap: CA$868.8m

An open-ended real estate investment trust, owns and operates a portfolio of income-producing multi-residential rental properties located in Canada.

MCAN Mortgage

Market Cap: CA$810.5m

Operates as a loan and mortgage investment corporation in Canada.

AGF Management

Market Cap: CA$791.5m

AGF Management Limited is one of Canada’s premier investment management companies with offices across Canada and subsidiaries around the world.

Doman Building Materials Group

Market Cap: CA$754.2m

Through its subsidiaries, engages in the wholesale distribution of building materials and home renovation products in the United States and Canada.

Rogers Sugar

Market Cap: CA$725.1m

Engages in refining, packaging, marketing, and distribution of sugar, maple, and related products in Canada, the United States, Europe, and internationally.

Artis Real Estate Investment Trust

Market Cap: CA$721.8m

Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States.

Major Drilling Group International

Market Cap: CA$718.2m

Provides contract drilling services to mining and mineral exploration companies in the United States, Canada, South and Central America, Australasia, and Africa.

ADENTRA

Market Cap: CA$717.8m

Engages in the wholesale distribution of architectural building products to the residential, repair and remodel, and commercial construction markets in Canada and the United States.

PetroTal

Market Cap: CA$649.1m

Engages in the exploration, appraisal and development of oil and natural gas in Peru, South America.

Timbercreek Financial

Market Cap: CA$631.4m

Provides shorter-duration structured financing solutions to commercial real estate investors in Canada.

Flagship Communities Real Estate Investment Trust

Market Cap: CA$597.0m

An unincorporated, open-ended real estate investment trust established pursuant to a declaration of trust dated August 12, 2020 (as subsequently amended and restated, the “Declaration of Trust”) under the laws of the Province of Ontario.

Chorus Aviation

Market Cap: CA$592.5m

Through its subsidiaries, provides aviation services.

Tecsys

Market Cap: CA$581.5m

Engages in the development, marketing, and sale of enterprise-wide supply chain management software and related services in Canada, the United States, Europe, and internationally.

Diversified Royalty

Market Cap: CA$555.5m

A multi-royalty corporation, engages in the acquisition of royalties from multi-location businesses and franchisors in North America.

Atrium Mortgage Investment

Market Cap: CA$549.9m

Provides financing solutions to the commercial real estate and development communities in Canada.

Blackline Safety

Market Cap: CA$543.1m

Develops, manufactures, and markets worker safety monitoring products and services in Canada, the United States, Europe, and internationally.

TWC Enterprises

Market Cap: CA$536.2m

Owns, operates, and manages golf clubs under the ClubLink One Membership More Golf brand in Canada and the United States.

Elemental Altus Royalties

Market Cap: CA$500.5m

Engages in the acquisition and generation of precious metal royalties.

VersaBank

Market Cap: CA$497.2m

Provides various banking products and services in Canada and the United States.

Boston Pizza Royalties Income Fund

Market Cap: CA$483.5m

Operates as an open-ended limited purpose trust company.

Plaza Retail REIT

Market Cap: CA$465.3m

Plaza is an open-ended real estate investment trust and is a leading retail property owner and developer, focused on Ontario, Quebec and Atlantic Canada.

Pro Real Estate Investment Trust

Market Cap: CA$390.4m

PROREIT (TSX:PRV.UN) is an unincorporated open-ended real estate investment trust established pursuant to a declaration of trust under the laws of the Province of Ontario.

Lithium Royalty

Market Cap: CA$357.1m

Operates as a lithium-focused royalty company in Canada, the United States, Australia, Argentina, Brazil, and South America.

Taiga Building Products

Market Cap: CA$349.7m

Operates as a wholesale distributor of building products in Canada and the United States.

Western Copper and Gold

Market Cap: CA$342.0m

An exploration stage company, engages in the exploration and development of mineral properties in Canada.

BTB Real Estate Investment Trust

Market Cap: CA$320.3m

BTB is a real estate investment trust listed on the Toronto Stock Exchange.

STEP Energy Services

Market Cap: CA$319.9m

An energy services company, provides integrated coiled tubing, fluid and nitrogen pumping, and hydraulic fracturing to service oil and natural gas industry in Canada and the United States.

Keg Royalties Income Fund

Market Cap: CA$313.2m

Operates as an unincorporated open-ended limited purpose trust.

Olympia Financial Group

Market Cap: CA$298.4m

Through its subsidiary, Olympia Trust Company, operates as a non-deposit taking trust company in Canada.

Madison Pacific Properties

Market Cap: CA$279.7m

Invests in, develops, owns, and manages real estate properties in Canada.

Gamehost

Market Cap: CA$257.3m

Engages in the hospitality and gaming businesses in Alberta.

Tornado Infrastructure Equipment

Market Cap: CA$243.0m

Through its subsidiaries, designs, fabricates, manufactures, and sells hydrovac trucks in North America.

Firm Capital Property Trust

Market Cap: CA$223.8m

Firm Capital Property Trust is focused on creating long-term value for Unitholders, through capital preservation and disciplined investing to achieve stable distributable income.

Dream Residential Real Estate Investment Trust

Market Cap: CA$192.7m

Dream Residential Real Estate Investment Trust (“Dream Residential REIT” or the “REIT”) is an unincorporated, open-ended real estate investment trust established on February 24, 2022 pursuant to the REIT’s Declaration of Trust under the laws of the Province of Ontario.

Vizsla Royalties

Market Cap: CA$185.4m

Operates as a precious metal royalty company.

Titan Mining

Market Cap: CA$180.0m

A natural resource company, acquires, explores, develops, produces, and extracts mineral properties.