TSX:CUF.UN

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Cominar Real Estate Investment Trust

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


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 +/- 4% a week.

Volatility Over Time: CUF.UN's weekly volatility (4%) has been stable over the past year.


Market Performance


7 Day Return

-2.7%

CUF.UN

0.02%

CA REITs

0.5%

CA Market


1 Year Return

-37.4%

CUF.UN

-15.9%

CA REITs

-0.8%

CA Market

Return vs Industry: CUF.UN underperformed the Canadian REITs industry which returned -15.5% over the past year.

Return vs Market: CUF.UN underperformed the Canadian Market which returned 0.5% over the past year.


Shareholder returns

CUF.UNIndustryMarket
7 Day-2.7%0.02%0.5%
30 Day25.8%15.7%11.2%
90 Day27.2%11.2%5.6%
1 Year-33.2%-37.4%-11.0%-15.9%2.8%-0.8%
3 Year-23.0%-36.2%15.3%-2.4%11.2%0.3%
5 Year-10.9%-38.9%45.3%9.2%50.3%27.2%

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

Valuation

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

48.1%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CUF.UN (CA$8.93) is trading below our estimate of fair value (CA$17.2)

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 (18.1x) compared to the CA REITs industry average (9.3x).

PE vs Market: CUF.UN is poor value based on its PE Ratio (18.1x) compared to the Canadian market (15.4x).


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 1 analyst?

-0.3%

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 (1.7%).

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 is expected to decline over the next 3 years (-0.3% per year).

High Growth Revenue: CUF.UN's revenue is forecast to decline over the next 3 years (-0.3% 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 (13.7%).


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?

4.03%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CUF.UN's dividend (4.03%) is higher than the bottom 25% of dividend payers in the Canadian market (1.62%).

High Dividend: CUF.UN's dividend (4.03%) is low compared to the top 25% of dividend payers in the Canadian market (5.26%).


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 (36.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

1.8yrs

Average management tenure


CEO

Sylvain Cossette (62 yo)

2.83yrs

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 ($USD2.09M) is about average for companies of similar size in the Canadian market ($USD2.08M).

Compensation vs Earnings: Sylvain's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Sylvain Cossette
President2.83yrsCA$2.71m0.024%
CA$ 404.4k
Marie-Andrée Boutin
Executive VP of Retail & Chief Development Officer2.17yrsCA$703.87k0.0059%
CA$ 99.2k
Antoine Tronquoy
Executive VP & CFO0.50yrno data0.0059%
CA$ 99.0k
Carl Pepin
Vice President of Finances & Accountingno datano data0.011%
CA$ 183.0k
Mélanie Vallée
Vice President of Data & Technology1.83yrsno datano data
Brigitte Dufour
VP of Legal Affairs & Corporate Secretary1.83yrsno data0.0014%
CA$ 23.3k
Wally Commisso
Executive Vice President of Operations & Property Management2.83yrsno datano data
Michael Racine
Executive Vice President of Leasing - Office & Industrialno datano data0.014%
CA$ 229.4k
Jean Laramée
Executive Vice President of Developmentno dataCA$525.72k0.014%
CA$ 231.9k
Bernard Poliquin
Executive VP of Office & Industrial and Chief Real Estate Operations Officerno datano datano data
Alexandra Faciu
Executive Director of Portfolio & Asset Management0.83yrno datano data
Nathalie Rousseau
Executive Vice President of Asset Management & Transactions0.17yrno datano data

1.8yrs

Average Tenure

Experienced Management: CUF.UN's management team is not considered experienced ( 1.8 years average tenure), which suggests a new team.


Board Members

NamePositionTenureCompensationOwnership
Sylvain Cossette
President2.83yrsCA$2.71m0.024%
CA$ 404.4k
René Tremblay
Independent Chairman of the Board1.5yrsCA$127.99k0.044%
CA$ 733.6k
Paul Campbell
Independent Corporate Trustee2.67yrsCA$94.53k0.012%
CA$ 198.1k
Christine Beaubien
Independent Corporate Trustee1.5yrsCA$55.75k0.0017%
CA$ 28.4k
Zachary George
Independent Trustee1.83yrsCA$84.92k7.34%
CA$ 122.7m
Johanne Lépine
Independent Corporate Trustee7.5yrsCA$92.00k0.015%
CA$ 259.0k
Luc Bachand
Independent Corporate Trustee4.5yrsCA$104.42k0.017%
CA$ 283.8k
Karen Laflamme
Independent Director0.50yrno data0.0055%
CA$ 91.7k
Mitchell Cohen
Independent Corporate Trustee1.5yrsCA$57.25k0.0092%
CA$ 154.1k
Michel Théroux
Independent Corporate Trustee5.5yrsCA$98.50kno data

2.3yrs

Average Tenure

63yo

Average Age

Experienced Board: CUF.UN's board of directors are not considered experienced ( 2.3 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$1.673b
  • 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

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
CUF.UNTSX (The Toronto Stock Exchange)YesTrust UnitsCACADMay 1999
CMLE.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDMay 1999
5G9DB (Deutsche Boerse AG)YesTrust UnitsDEEURMay 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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/12/01 00:21
End of Day Share Price2020/11/30 00:00
Earnings2020/09/30
Annual Earnings2019/12/31


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.