Boardwalk Real Estate Investment Trust

TSX:BEI.UN Stock Report

Market Cap: CA$3.8b

Boardwalk Real Estate Investment Trust Valuation

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

Valuation Score

5/6

Valuation Score 5/6

  • 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 BEI.UN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: BEI.UN (CA$69.91) is trading below our estimate of fair value (CA$98.69)

Significantly Below Fair Value: BEI.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 BEI.UN?

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

The above table shows the Price to Earnings ratio for BEI.UN. This is calculated by dividing BEI.UN's market cap by their current earnings.
What is BEI.UN's PE Ratio?
PE Ratio5x
EarningsCA$695.42m
Market CapCA$3.78b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for BEI.UN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average12.1x
KMP.UN Killam Apartment REIT
7.1xn/aCA$2.3b
CAR.UN Canadian Apartment Properties Real Estate Investment Trust
21.8x21.7%CA$7.6b
MRG.UN Morguard North American Residential Real Estate Investment Trust
8.5xn/aCA$986.7m
FCR.UN First Capital Real Estate Investment Trust
10.9xn/aCA$3.8b
BEI.UN Boardwalk Real Estate Investment Trust
5xn/aCA$3.8b

Price-To-Earnings vs Peers: BEI.UN is good value based on its Price-To-Earnings Ratio (5x) compared to the peer average (12.1x).

Price to Earnings Ratio vs Industry

How does BEI.UN's PE Ratio compare vs other companies in the Global Residential REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
BEI.UN 5.0xIndustry Avg. 26.7xNo. of Companies9PE01632486480+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: BEI.UN is good value based on its Price-To-Earnings Ratio (5x) compared to the Global Residential REITs industry average (26.6x).

Price to Earnings Ratio vs Fair Ratio

What is BEI.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.

BEI.UN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio5x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate BEI.UN's Price-To-Earnings Fair Ratio for valuation analysis.

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 BEI.UN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$69.91
CA$89.18
+27.6%
5.1%CA$97.00CA$81.75n/a10
Nov ’25CA$71.11
CA$92.78
+30.5%
6.0%CA$100.00CA$84.75n/a10
Oct ’25CA$85.26
CA$92.10
+8.0%
5.8%CA$100.00CA$85.00n/a10
Sep ’25CA$86.30
CA$91.20
+5.7%
4.6%CA$98.00CA$85.00n/a10
Aug ’25CA$79.76
CA$91.20
+14.3%
4.6%CA$98.00CA$85.00n/a10
Jul ’25CA$70.48
CA$85.94
+21.9%
3.2%CA$90.00CA$81.00n/a9
Jun ’25CA$70.37
CA$85.94
+22.1%
3.2%CA$90.00CA$81.00n/a9
May ’25CA$71.74
CA$84.94
+18.4%
3.3%CA$90.00CA$80.00n/a9
Apr ’25CA$76.80
CA$85.25
+11.0%
3.8%CA$92.00CA$80.25n/a9
Mar ’25CA$76.14
CA$83.11
+9.2%
5.6%CA$89.00CA$72.00n/a9
Feb ’25CA$71.00
CA$79.20
+11.5%
4.4%CA$84.00CA$72.00n/a10
Jan ’25CA$71.34
CA$77.90
+9.2%
5.3%CA$84.00CA$72.00n/a10
Dec ’24CA$68.16
CA$76.70
+12.5%
4.6%CA$82.00CA$72.00n/a10
Nov ’24CA$66.44
CA$74.90
+12.7%
4.8%CA$80.00CA$70.00CA$71.1110
Oct ’24CA$66.81
CA$74.82
+12.0%
5.1%CA$83.00CA$70.00CA$85.2611
Sep ’24CA$68.89
CA$74.55
+8.2%
4.4%CA$80.00CA$70.00CA$86.3011
Aug ’24CA$65.33
CA$71.27
+9.1%
5.2%CA$77.00CA$66.50CA$79.7611
Jul ’24CA$62.19
CA$71.14
+14.4%
5.1%CA$78.50CA$66.50CA$70.4811
Jun ’24CA$60.77
CA$71.45
+17.6%
5.1%CA$78.50CA$66.50CA$70.3710
May ’24CA$58.57
CA$66.80
+14.1%
4.5%CA$74.00CA$63.50CA$71.7410
Apr ’24CA$55.14
CA$66.20
+20.1%
2.9%CA$69.00CA$63.50CA$76.8010
Mar ’24CA$58.92
CA$66.20
+12.4%
2.9%CA$69.00CA$63.50CA$76.1410
Feb ’24CA$56.65
CA$61.40
+8.4%
4.4%CA$65.00CA$56.00CA$71.0010
Jan ’24CA$49.43
CA$60.36
+22.1%
5.2%CA$65.00CA$56.00CA$71.3411
Dec ’23CA$51.10
CA$60.32
+18.0%
5.0%CA$65.00CA$56.00CA$68.1611
Nov ’23CA$48.66
CA$58.82
+20.9%
5.4%CA$64.00CA$54.00CA$66.4411

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

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