TSX:BEI.UN

Stock Analysis Report

Boardwalk Real Estate Investment Trust

Executive Summary

Boardwalk REIT strives to be Canada's friendliest communities and currently owns and operates more than 200 communities with over 33,000 residential units totaling over 28 million net rentable square feet.

Snowflake

Fundamentals

Moderate growth potential second-rate dividend payer.

Share Price & News

How has Boardwalk Real Estate Investment Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

-1.2%

BEI.UN

-0.5%

CA REITs

-0.2%

CA Market


1 Year Return

-8.1%

BEI.UN

16.2%

CA REITs

1.1%

CA Market

Return vs Industry: BEI.UN underperformed the Canadian REITs industry which returned 16.2% over the past year.

Return vs Market: BEI.UN underperformed the Canadian Market which returned 1.1% over the past year.


Shareholder returns

BEI.UNIndustryMarket
7 Day-1.2%-0.5%-0.2%
30 Day3.6%0.9%-3.3%
90 Day10.2%5.6%-1.6%
1 Year-5.9%-8.1%22.6%16.2%4.6%1.1%
3 Year-1.8%-11.5%40.0%17.8%13.1%3.1%
5 Year-19.6%-35.8%66.2%23.7%24.7%6.7%

Price Volatility Vs. Market

How volatile is Boardwalk Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Boardwalk Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?

23.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Undervalued: BEI.UN (CA$45.51) is trading below our estimate of fair value (CA$59.67)

Significantly Undervalued: BEI.UN is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BEI.UN is poor value based on its PE Ratio (16.1x) compared to the REITs industry average (9.6x).

PE vs Market: BEI.UN is poor value based on its PE Ratio (16.1x) compared to the Canadian market (13.7x).


Price to Earnings Growth Ratio

Low PEG Ratio: Insufficient data to calculate BEI.UN's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: BEI.UN is good value based on its PB Ratio (0.7x) compared to the CA REITs industry average (1x).


Next Steps

Future Growth

How is Boardwalk Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?

20.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BEI.UN's forecast earnings growth (20.3% per year) is above the savings rate (1.9%).

Earnings vs Market: BEI.UN's earnings (20.3% per year) are forecast to grow faster than the Canadian market (13.6% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BEI.UN's revenue (4.2% per year) is forecast to grow slower than the Canadian market (5.7% per year).

High Growth Revenue: BEI.UN's revenue (4.2% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

High Future ROE: Insufficient data to determine if BEI.UN's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Boardwalk Real Estate Investment Trust performed over the past 5 years?

-14.4%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: BEI.UN's earnings have declined by -14.4% per year over the past 5 years.

Accelerating Growth: BEI.UN's earnings growth over the past year (27.6%) exceeds its 5-year average (-14.4% per year).

Earnings vs Industry: BEI.UN earnings growth over the past year (27.6%) exceeded the REITs industry 6%.


Return on Equity

High ROE: BEI.UN's Return on Equity (4.1%) is considered low.


Return on Assets

ROA vs Industry: BEI.UN's Return on Assets is below or equal to the REITs industry average last year.


Return on Capital Employed

ROCE Improving: BEI.UN's Return on Capital Employed has declined over the past 3 years.


Next Steps

Financial Health

How is Boardwalk Real Estate Investment Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: BEI.UN has a high level of physical assets or inventory.

Debt Coverage by Assets: BEI.UN's debt is not covered by short term assets (assets are 0x debt).


Financial Institutions Analysis

Asset Level: BEI.UN's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if BEI.UN has a sufficient allowance for bad loans.

Low Risk Liabilities: BEI.UN reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if BEI.UN has an acceptable proportion of non-loan assets held.

Low Risk Deposits: BEI.UN has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if BEI.UN has an appropriate level of bad loans.


Next Steps

Dividend

What is Boardwalk Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

2.20%

Current Dividend Yield


Upcoming Dividend Payment

Purchase Boardwalk Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.


Dividend Yield vs Market

company2.2%marketbottom25%2.0%markettop25%6.0%industryaverage4.7%forecastin3Years2.2%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: BEI.UN's dividend (2.2%) is higher than the bottom 25% of dividend payers in the Canadian market (2.04%).

High Dividend: BEI.UN's dividend (2.2%) is low compared to the top 25% of dividend payers in the Canadian market (6.03%).

Stable Dividend: BEI.UN's dividend payments have been volatile in the past 10 years.

Growing Dividend: BEI.UN's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (38.6%), BEI.UN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: BEI.UN's dividends in 3 years are forecast to be thoroughly covered by earnings (0.7% payout ratio).


Next Steps

Management

What is the CEO of Boardwalk Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

9.8yrs

Average management tenure


CEO

Sam Kolias (57yo)

0yrs

Tenure

0

Mr. Sam Kolias serves as the Chief Executive Officer of Boardwalk Real Estate Investment Trust and served as its President until May 2007. Mr. Kolias Co-founded Boardwalk Real Estate Investment Trust in 19 ...


Management Age and Tenure

9.8yrs

Average Tenure

Experienced Management: BEI.UN's management team is seasoned and experienced (9.8 years average tenure).


Board Age and Tenure

4.4yrs

Average Tenure

54.5yo

Average Age

Experienced Board: BEI.UN's board of directors are considered experienced (4.4 years average tenure).


Insider Trading

Insider Buying: BEI.UN insiders have only sold shares in the past 3 months.


Recent Insider Transactions

SellCA$1,628,62323 Sep 19
Roberto Geremia
EntityIndividual
Role
President
President
Shares37,000
Max PriceCA$44.13
SellCA$45,11130 Aug 19
Helen Mix
EntityIndividual
Role
Head of Human Resources
Vice President of Human Resources
Shares1,016
Max PriceCA$44.41
SellCA$39,55027 Jun 19
Elizabeth Russell
EntityIndividual
Role
Head of Corporate Development
Senior Vice President of Acquisitions & Corporate Development
Shares1,000
Max PriceCA$39.55
BuyCA$62,56521 May 19
Andrea Goertz
EntityIndividual
Role
Member of the Board of Directors
Independent Trustee
Shares1,455
Max PriceCA$43.00
SellCA$61,50029 Mar 19
Elizabeth Russell
EntityIndividual
Role
Head of Corporate Development
Senior Vice President of Acquisitions & Corporate Development
Shares1,500
Max PriceCA$41.00
SellCA$309,21729 Mar 19
P. Burns
EntityIndividual
Role
Chief Legal Officer
VP, General Counsel & Corporate Secretary
Shares7,555
Max PriceCA$40.93
SellCA$122,61926 Mar 19
Helen Mix
EntityIndividual
Role
Head of Human Resources
Vice President of Human Resources
Shares2,978
Max PriceCA$41.20
SellCA$54,89125 Mar 19
Kelly Mahajan
EntityIndividual
Shares1,348
Max PriceCA$40.72
SellCA$20,37525 Mar 19
William Wong
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares500
Max PriceCA$40.75
SellCA$36,91520 Mar 19
Kelly Mahajan
EntityIndividual
Shares903
Max PriceCA$40.88
SellCA$41,29907 Mar 19
William Wong
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares1,000
Max PriceCA$41.30

Ownership Breakdown


Management Team

  • Rob Geremia

    President

    • Tenure: 12.4yrs
    • Compensation: CA$752.55k
  • Sam Kolias (57yo)

    Chairman & CEO

    • Tenure: 0yrs
  • Helen Mix

    Vice President of Human Resources

    • Tenure: 0yrs
  • Lisa Russell (56yo)

    Senior Vice President of Acquisitions & Corporate Development

    • Tenure: 3.3yrs
    • Compensation: CA$469.11k
  • Paul Moon

    Director of Corporate Communications

    • Tenure: 0yrs
  • P. Burns

    VP, General Counsel & Corporate Secretary

    • Tenure: 9.8yrs
    • Compensation: CA$462.42k
  • William Wong

    Chief Financial Officer

    • Tenure: 12.4yrs
    • Compensation: CA$488.59k
  • James Ha

    Vice President of Finance & Investor Relations

    • Tenure: 0yrs
  • Bhavnesh Jaraim

    CIO & VP of Technology

    • Tenure: 1.8yrs
  • Lisa Smandych

    Chief Accounting Officer

    • Tenure: 0yrs

Board Members

  • Sam Kolias (57yo)

    Chairman & CEO

    • Tenure: 0yrs
  • Brian Robinson (62yo)

    Independent Trustee

    • Tenure: 2.4yrs
    • Compensation: CA$189.29k
  • Gary Goodman (76yo)

    Independent Trustee

    • Tenure: 10.4yrs
    • Compensation: CA$228.14k
  • Art Havener (52yo)

    Independent Lead Trustee

    • Tenure: 0yrs
    • Compensation: CA$269.30k
  • Scott Morrison

    Independent Trustee

    • Tenure: 1.4yrs
    • Compensation: CA$113.11k
  • Samantha Kolias-Gunn (31yo)

    • Tenure: 6.4yrs
    • Compensation: CA$121.71k
  • Andrea Goertz (51yo)

    Independent Trustee

    • Tenure: 0.4yrs

Company Information

Boardwalk Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Boardwalk Real Estate Investment Trust
  • Ticker: BEI.UN
  • Exchange: TSX
  • Founded: 1993
  • Industry: Residential REITs
  • Sector: Real Estate
  • Implied Market Cap: CA$2.341b
  • Market Cap: CA$2.112b
  • Shares outstanding: 50.88m
  • Website: https://www.bwalk.com

Number of Employees


Location

  • Boardwalk Real Estate Investment Trust
  • First West Professional Building
  • Suite 200, 1501
  • Calgary
  • Alberta
  • T2R 0W1
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BEI.UNTSX (The Toronto Stock Exchange)YesBoardwalk REIT UnitsCACADJan 1994
BOWF.FOTCPK (Pink Sheets LLC)YesBoardwalk REIT UnitsUSUSDJan 1994

Biography

Boardwalk REIT strives to be Canada's friendliest communities and currently owns and operates more than 200 communities with over 33,000 residential units totaling over 28 million net rentable square feet. ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/19 23:59
End of Day Share Price2019/10/18 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.