Alaris Equity Partners Income Trust

TSX:AD.UN Stock Report

Market Cap: CA$881.8m

Alaris Equity Partners Income Trust Valuation

Is AD.UN undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of AD.UN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: AD.UN (CA$19.43) is trading below our estimate of fair value (CA$76.02)

Significantly Below Fair Value: AD.UN is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for AD.UN?

Key metric: As AD.UN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for AD.UN. This is calculated by dividing AD.UN's market cap by their current earnings.
What is AD.UN's PE Ratio?
PE Ratio4.5x
EarningsCA$197.21m
Market CapCA$881.75m

Price to Earnings Ratio vs Peers

How does AD.UN's PE Ratio compare to its peers?

The above table shows the PE ratio for AD.UN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average14.2x
AGF.B AGF Management
8.3x-7.7%CA$712.2m
FSZ Fiera Capital
16x-9.7%CA$1.1b
GCG.A Guardian Capital Group
9.1xn/aCA$942.9m
SII Sprott
23.6xn/aCA$1.5b
AD.UN Alaris Equity Partners Income Trust
4.5x-36.9%CA$881.8m

Price-To-Earnings vs Peers: AD.UN is good value based on its Price-To-Earnings Ratio (4.5x) compared to the peer average (14.2x).

Price to Earnings Ratio vs Industry

How does AD.UN's PE Ratio compare vs other companies in the CA Capital Markets Industry?

6 CompaniesPrice / EarningsEstimated GrowthMarket Cap
MAR.UN Marwest Apartment Real Estate Investment Trust
0.8xn/aUS$11.02m
INXD INX Digital Company
0.2xn/aUS$10.98m
CSOC.A Canso Select Opportunities
2.3xn/aUS$9.61m
ZC Zimtu Capital
2.3xn/aUS$1.59m
AD.UN 4.5xIndustry Avg. 11.6xNo. of Companies9PE01224364860+
6 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: AD.UN is good value based on its Price-To-Earnings Ratio (4.5x) compared to the Canadian Capital Markets industry average (11.8x).

Price to Earnings Ratio vs Fair Ratio

What is AD.UN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

AD.UN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.5x
Fair PE Ratio5.7x

Price-To-Earnings vs Fair Ratio: AD.UN is good value based on its Price-To-Earnings Ratio (4.5x) compared to the estimated Fair Price-To-Earnings Ratio (5.7x).

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst AD.UN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$19.43
CA$23.65
+21.7%
3.2%CA$24.50CA$22.50n/a5
Nov ’25CA$18.15
CA$22.35
+23.1%
5.2%CA$24.50CA$21.00n/a5
Oct ’25CA$17.76
CA$21.75
+22.5%
7.1%CA$24.50CA$20.00n/a5
Sep ’25CA$16.65
CA$21.75
+30.6%
7.1%CA$24.50CA$20.00n/a5
Aug ’25CA$16.22
CA$21.04
+29.7%
9.5%CA$24.50CA$18.00n/a6
Jul ’25CA$15.81
CA$21.04
+33.1%
9.5%CA$24.50CA$18.00n/a6
Jun ’25CA$15.75
CA$21.04
+33.6%
9.5%CA$24.50CA$18.00n/a6
May ’25CA$15.72
CA$21.00
+33.6%
9.4%CA$24.50CA$18.00n/a6
Apr ’25CA$16.91
CA$21.00
+24.2%
9.4%CA$24.50CA$18.00n/a6
Mar ’25CA$16.27
CA$20.50
+26.0%
11.0%CA$24.50CA$17.00n/a6
Feb ’25CA$16.86
CA$20.42
+21.1%
11.1%CA$24.50CA$17.00n/a6
Jan ’25CA$16.29
CA$19.92
+22.3%
13.4%CA$24.50CA$16.00n/a6
Dec ’24CA$15.64
CA$19.92
+27.3%
13.4%CA$24.50CA$16.00n/a6
Nov ’24CA$12.92
CA$19.79
+53.2%
15.2%CA$24.50CA$15.00CA$18.156
Oct ’24CA$13.75
CA$21.21
+54.2%
9.8%CA$24.50CA$18.00CA$17.766
Sep ’24CA$15.39
CA$21.21
+37.8%
9.8%CA$24.50CA$18.00CA$16.656
Aug ’24CA$15.52
CA$21.63
+39.3%
8.3%CA$23.50CA$18.00CA$16.226
Jul ’24CA$15.15
CA$21.63
+42.7%
8.3%CA$23.50CA$18.00CA$15.816
Jun ’24CA$15.32
CA$21.63
+41.2%
8.3%CA$23.50CA$18.00CA$15.756
May ’24CA$17.43
CA$22.17
+27.2%
8.1%CA$24.50CA$19.00CA$15.726
Apr ’24CA$16.76
CA$22.00
+31.3%
7.8%CA$24.50CA$19.00CA$16.916
Mar ’24CA$17.88
CA$21.75
+21.6%
7.6%CA$24.50CA$19.00CA$16.276
Feb ’24CA$17.78
CA$21.00
+18.1%
6.1%CA$22.50CA$19.00CA$16.866
Jan ’24CA$16.04
CA$20.79
+29.6%
8.5%CA$23.00CA$18.00CA$16.296
Dec ’23CA$17.10
CA$20.79
+21.6%
8.5%CA$23.00CA$18.00CA$15.646
Nov ’23CA$15.99
CA$21.04
+31.6%
9.4%CA$23.50CA$18.00CA$12.926

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

Discover undervalued companies

Galaxy Digital Holdings

CA$9.3b

Engages in the digital asset and blockchain businesses.

GLXY

CA$24.22

7D

-3.9%

1Y

225.5%

AGF Management

CA$712.2m

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

AGF.B

CA$10.93

7D

-2.6%

1Y

51.2%

PayPal Holdings

US$84.3b

Operates a technology platform that enables digital payments on behalf of merchants and consumers worldwide.

PYPL

US$6.30

7D

-3.2%

1Y

47.9%