Choice Properties Real Estate Investment Trust

TSX:CHP.UN Stock Report

Market Cap: CA$9.7b

Choice Properties Real Estate Investment Trust Valuation

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

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: CHP.UN (CA$13.35) is trading below our estimate of fair value (CA$15.11)

Significantly Below Fair Value: CHP.UN is trading below fair value, but not by a significant amount.

Key Valuation Metric

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

Key metric: As CHP.UN is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CHP.UN. This is calculated by dividing CHP.UN's market cap by their current revenue.
What is CHP.UN's PS Ratio?
PS Ratio3x
SalesCA$1.45b
Market CapCA$9.66b

Price to Sales Ratio vs Peers

How does CHP.UN's PS Ratio compare to its peers?

The above table shows the PS ratio for CHP.UN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average4.8x
REI.UN RioCan Real Estate Investment Trust
4.4x2.2%CA$5.5b
SRU.UN SmartCentres Real Estate Investment Trust
3.9x2.1%CA$4.2b
FCR.UN First Capital Real Estate Investment Trust
4.9x2.6%CA$3.6b
CRT.UN CT Real Estate Investment Trust
6x3.6%CA$3.3b
CHP.UN Choice Properties Real Estate Investment Trust
3x2.8%CA$9.5b

Price-To-Sales vs Peers: CHP.UN is good value based on its Price-To-Sales Ratio (3x) compared to the peer average (4.8x).

Price to Sales Ratio vs Industry

How does CHP.UN's PS Ratio compare vs other companies in the North American Retail REITs Industry?

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
CHP.UN 3.0xIndustry Avg. 5.9xNo. of Companies6PS03.26.49.612.816+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: CHP.UN is good value based on its Price-To-Sales Ratio (3x) compared to the North American Retail REITs industry average (5.8x).

Price to Sales Ratio vs Fair Ratio

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

CHP.UN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3x
Fair PS Ratio7.9x

Price-To-Sales vs Fair Ratio: CHP.UN is good value based on its Price-To-Sales Ratio (3x) compared to the estimated Fair Price-To-Sales Ratio (7.9x).

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 CHP.UN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$13.35
CA$15.67
+17.4%
2.6%CA$16.50CA$15.00n/a9
Dec ’25CA$13.98
CA$15.88
+13.6%
3.0%CA$16.50CA$15.00n/a8
Nov ’25CA$14.07
CA$15.94
+13.3%
4.3%CA$17.00CA$15.00n/a8
Oct ’25CA$15.17
CA$15.69
+3.4%
3.5%CA$16.50CA$15.00n/a8
Sep ’25CA$14.74
CA$15.25
+3.5%
1.6%CA$15.50CA$15.00n/a8
Aug ’25CA$13.85
CA$15.25
+10.1%
1.6%CA$15.50CA$15.00n/a8
Jul ’25CA$12.84
CA$14.94
+16.3%
1.1%CA$15.00CA$14.50n/a8
Jun ’25CA$12.70
CA$14.93
+17.5%
1.2%CA$15.00CA$14.50n/a7
May ’25CA$12.90
CA$14.93
+15.7%
1.2%CA$15.00CA$14.50n/a7
Apr ’25CA$13.58
CA$15.14
+11.5%
2.9%CA$16.00CA$14.50n/a7
Mar ’25CA$13.61
CA$15.14
+11.3%
2.9%CA$16.00CA$14.50n/a7
Feb ’25CA$14.12
CA$15.00
+6.2%
3.1%CA$16.00CA$14.50n/a7
Jan ’25CA$13.95
CA$15.00
+7.5%
3.1%CA$16.00CA$14.50n/a7
Dec ’24CA$13.42
CA$14.71
+9.6%
3.6%CA$15.00CA$13.50CA$13.987
Nov ’24CA$12.60
CA$15.08
+19.7%
5.9%CA$16.00CA$13.50CA$14.076
Oct ’24CA$12.68
CA$15.56
+22.7%
5.2%CA$16.50CA$14.00CA$15.178
Sep ’24CA$13.28
CA$15.56
+17.2%
5.2%CA$16.50CA$14.00CA$14.748
Aug ’24CA$13.77
CA$15.56
+13.0%
5.2%CA$16.50CA$14.00CA$13.858
Jul ’24CA$13.57
CA$15.88
+17.0%
4.9%CA$17.00CA$14.50CA$12.848
Jun ’24CA$13.49
CA$15.88
+17.7%
4.9%CA$17.00CA$14.50CA$12.708
May ’24CA$14.62
CA$15.88
+8.6%
4.9%CA$17.00CA$14.50CA$12.908
Apr ’24CA$14.52
CA$15.81
+8.9%
4.7%CA$17.00CA$14.50CA$13.588
Mar ’24CA$14.72
CA$15.75
+7.0%
4.8%CA$17.00CA$14.50CA$13.618
Feb ’24CA$14.81
CA$15.53
+4.9%
4.4%CA$16.50CA$14.50CA$14.128
Jan ’24CA$14.76
CA$15.39
+4.3%
4.9%CA$16.50CA$14.50CA$13.959
Dec ’23CA$14.70
CA$15.28
+3.9%
4.2%CA$16.50CA$14.50CA$13.429

Analyst Forecast: Target price is less than 20% higher than the current share price.

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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/22 01:42
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Choice Properties Real Estate Investment Trust is covered by 18 analysts. 4 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Troy MacLeanBMO Capital Markets Equity Research
Michael MarkidisBMO Capital Markets Equity Research
Mark RothschildCanaccord Genuity