Cominar Real Estate Investment Trust
Market Cap
CA$1.7b
Last Updated
2021/03/04 23:40 UTC
Data Sources
Company Financials +
Executive Summary
Cominar is one of the largest diversified real estate investment trusts in Canada and is the largest commercial property owner in the Province of Québec. More Details
Rewards
Risk Analysis
Snowflake Analysis
Average dividend payer and fair value.
Share Price & News
How has Cominar Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: CUF.UN is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: CUF.UN's weekly volatility (3%) has been stable over the past year.
Market Performance
7 Day Return
5.4%
CUF.UN
1.7%
CA REITs
-0.8%
CA Market
1 Year Return
-36.7%
CUF.UN
-18.1%
CA REITs
12.5%
CA Market
Return vs Industry: CUF.UN underperformed the Canadian REITs industry which returned -18.1% over the past year.
Return vs Market: CUF.UN underperformed the Canadian Market which returned 12.5% over the past year.
Shareholder returns
| CUF.UN | Industry | Market | |
|---|---|---|---|
| 7 Day | 5.4% | 1.7% | -0.8% |
| 30 Day | 12.5% | 2.4% | 2.1% |
| 90 Day | 4.9% | 1.3% | 5.8% |
| 1 Year | -32.6%-36.7% | -13.3%-18.1% | 16.6%12.5% |
| 3 Year | -14.5%-28.4% | 19.3%1.2% | 23.1%11.4% |
| 5 Year | -19.2%-43.8% | 37.1%3.5% | 56.4%32.8% |
Long-Term Price Volatility Vs. Market
How volatile is Cominar Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 month ago | Simply Wall St
What Kind Of Shareholders Hold The Majority In Cominar Real Estate Investment Trust's (TSE:CUF.UN) Shares?2 months ago | Simply Wall St
Reflecting on Cominar Real Estate Investment Trust's(TSE:CUF.UN) Total Shareholder Returns Over The Last Five Years4 months ago | Simply Wall St
Is Cominar Real Estate Investment Trust's (TSE:CUF.UN) Shareholder Ownership Skewed Towards Insiders?Valuation
Is Cominar Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
47.8%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: CUF.UN (CA$9.34) is trading below our estimate of fair value (CA$17.9)
Significantly Below Fair Value: CUF.UN is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: CUF.UN is poor value based on its PE Ratio (18.9x) compared to the CA REITs industry average (9.7x).
PE vs Market: CUF.UN is poor value based on its PE Ratio (18.9x) compared to the Canadian market (16.6x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate CUF.UN's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: CUF.UN is good value based on its PB Ratio (0.6x) compared to the CA REITs industry average (0.8x).
Next Steps
Future Growth
How is Cominar Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?
1.0%
Forecasted annual revenue growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if CUF.UN's forecast earnings growth is above the savings rate (1.5%).
Earnings vs Market: Insufficient data to determine if CUF.UN's earnings are forecast to grow faster than the Canadian market
High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: CUF.UN's revenue (1% per year) is forecast to grow slower than the Canadian market (7.8% per year).
High Growth Revenue: CUF.UN's revenue (1% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if CUF.UN's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Cominar Real Estate Investment Trust performed over the past 5 years?
-18.3%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: CUF.UN has a large one-off loss of CA$77.9M impacting its September 30 2020 financial results.
Growing Profit Margin: CUF.UN became profitable in the past.
Past Earnings Growth Analysis
Earnings Trend: CUF.UN's earnings have declined by 18.3% per year over the past 5 years.
Accelerating Growth: CUF.UN has become profitable in the last year, making the earnings growth rate difficult to compare to its 5-year average.
Earnings vs Industry: CUF.UN has become profitable in the last year, making it difficult to compare its past year earnings growth to the REITs industry (14.6%).
Return on Equity
High ROE: CUF.UN's Return on Equity (3.2%) is considered low.
Next Steps
Financial Health
How is Cominar Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: CUF.UN's short term assets (CA$362.1M) exceed its short term liabilities (CA$256.7M).
Long Term Liabilities: CUF.UN's short term assets (CA$362.1M) do not cover its long term liabilities (CA$3.5B).
Debt to Equity History and Analysis
Debt Level: CUF.UN's debt to equity ratio (122.2%) is considered high.
Reducing Debt: CUF.UN's debt to equity ratio has increased from 121.4% to 122.2% over the past 5 years.
Debt Coverage: CUF.UN's debt is not well covered by operating cash flow (4.4%).
Interest Coverage: CUF.UN's interest payments on its debt are not well covered by EBIT (2.2x coverage).
Balance Sheet
Next Steps
Dividend
What is Cominar Real Estate Investment Trust current dividend yield, its reliability and sustainability?
3.85%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: CUF.UN's dividend (3.85%) is higher than the bottom 25% of dividend payers in the Canadian market (1.57%).
High Dividend: CUF.UN's dividend (3.85%) is low compared to the top 25% of dividend payers in the Canadian market (4.97%).
Stability and Growth of Payments
Stable Dividend: CUF.UN's dividends per share have been stable in the past 10 years.
Growing Dividend: CUF.UN's dividend payments have fallen over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its reasonable payout ratio (72.3%), CUF.UN's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: CUF.UN's dividends in 3 years are forecast to be well covered by earnings (33.6% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
2.3yrs
Average management tenure
CEO
Sylvain Cossette (62 yo)
3.17yrs
Tenure
CA$2,712,667
Compensation
Mr. Sylvain Cossette, B.C.L., L.L.M., has been the Chief Executive Officer and a Non-Independent Trustee at Cominar Real Estate Investment Trust since January 1, 2018 and has been its President since March...
CEO Compensation Analysis
Compensation vs Market: Sylvain's total compensation ($USD2.15M) is about average for companies of similar size in the Canadian market ($USD2.14M).
Compensation vs Earnings: Sylvain's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 3.17yrs | CA$2.71m | 0.024% CA$ 409.2k | |
| Executive VP of Retail & Chief Development Officer | 2.5yrs | CA$703.87k | 0.0059% CA$ 100.4k | |
| Executive VP & CFO | 0.83yr | no data | 0.0059% CA$ 100.2k | |
| Vice President of Finances & Accounting | no data | no data | 0.011% CA$ 185.2k | |
| Vice President of Data & Technology | 2.17yrs | no data | no data | |
| VP of Legal Affairs & Corporate Secretary | 2.17yrs | no data | 0.0014% CA$ 23.5k | |
| Executive Vice President of Operations & Property Management | 3.17yrs | no data | no data | |
| Executive Vice President of Leasing - Office & Industrial | no data | no data | 0.014% CA$ 232.1k | |
| Executive Vice President of Development | no data | CA$525.72k | 0.014% CA$ 234.7k | |
| Executive VP of Office & Industrial and Chief Real Estate Operations Officer | no data | no data | no data | |
| Executive Vice President of Asset Management & Transactions | 0.50yr | no data | no data | |
| Vice President of Operations & Commercial Strategy | 4.42yrs | no data | no data |
2.3yrs
Average Tenure
Experienced Management: CUF.UN's management team is considered experienced (2.3 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| President | 3.17yrs | CA$2.71m | 0.024% CA$ 409.2k | |
| Independent Chairman of the Board | 1.83yrs | CA$127.99k | 0.044% CA$ 742.4k | |
| Independent Corporate Trustee | 3yrs | CA$94.53k | 0.012% CA$ 200.5k | |
| Independent Corporate Trustee | 1.83yrs | CA$55.75k | 0.0017% CA$ 28.8k | |
| Independent Trustee | 2.17yrs | CA$84.92k | 7.34% CA$ 124.2m | |
| Independent Corporate Trustee | 7.83yrs | CA$92.00k | 0.015% CA$ 262.1k | |
| Independent Corporate Trustee | 4.83yrs | CA$104.42k | 0.017% CA$ 287.2k | |
| Independent Director | 0.83yr | no data | 0.0055% CA$ 92.8k | |
| Independent Corporate Trustee | 1.83yrs | CA$57.25k | 0.0092% CA$ 155.9k | |
| Independent Corporate Trustee | 5.83yrs | CA$98.50k | no data |
2.6yrs
Average Tenure
63yo
Average Age
Experienced Board: CUF.UN's board of directors are not considered experienced ( 2.6 years average tenure), which suggests a new board.
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
Cominar Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Cominar Real Estate Investment Trust
- Ticker: CUF.UN
- Exchange: TSX
- Founded: 1997
- Industry: Diversified REITs
- Sector: Real Estate
- Market Cap: CA$1.693b
- Shares outstanding: 182.45m
- Website: https://www.cominar.com
Number of Employees
Location
- Cominar Real Estate Investment Trust
- Complexe Jules-Dallaire - T3
- Suite 850
- Quebec City
- Quebec
- G1V 0C1
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| CUF.UN | TSX (The Toronto Stock Exchange) | Yes | Trust Units | CA | CAD | May 1999 |
| CMLE.F | OTCPK (Pink Sheets LLC) | Yes | Trust Units | US | USD | May 1999 |
| 5G9 | DB (Deutsche Boerse AG) | Yes | Trust Units | DE | EUR | May 1999 |
Biography
Cominar is one of the largest diversified real estate investment trusts in Canada and is the largest commercial property owner in the Province of Québec. Our portfolio consists of 314 high-quality office, ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/03/04 23:40 |
| End of Day Share Price | 2021/03/04 00:00 |
| Earnings | 2020/09/30 |
| Annual Earnings | 2019/12/31 |
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.