| Snowflake Score | |
|---|---|
| Valuation | 4/6 |
| Future Growth | 1/6 |
| Past Performance | 5/6 |
| Financial Health | 3/6 |
| Dividends | 5/6 |
GRT.UN Stock Overview
Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe.
Granite Real Estate Investment Trust Competitors
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | CA$97.93 |
| 52 Week High | CA$105.79 |
| 52 Week Low | CA$71.66 |
| Beta | 0.77 |
| 1 Month Change | -3.36% |
| 3 Month Change | 0.02% |
| 1 Year Change | 27.33% |
| 3 Year Change | 68.53% |
| 5 Year Change | 118.59% |
| Change since IPO | 265.41% |
Recent News & Updates
Shareholder Returns
| GRT.UN | CA REITs | CA Market | |
|---|---|---|---|
| 7D | -3.4% | -0.2% | -0.6% |
| 1Y | 27.3% | 19.3% | 17.7% |
Return vs Industry: GRT.UN exceeded the Canadian REITs industry which returned 21.2% over the past year.
Return vs Market: GRT.UN exceeded the Canadian Market which returned 18.2% over the past year.
Price Volatility
| GRT.UN volatility | |
|---|---|
| GRT.UN Average Weekly Movement | 2.3% |
| REITs Industry Average Movement | 2.5% |
| Market Average Movement | 9.8% |
| 10% most volatile stocks in CA Market | 17.6% |
| 10% least volatile stocks in CA Market | 3.7% |
Stable Share Price: GRT.UN is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: GRT.UN's weekly volatility (2%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 1998 | n/a | Kevan Gorrie | https://www.granitereit.com |
Granite is a Canadian-based REIT engaged in the acquisition, development, ownership and management of logistics, warehouse and industrial properties in North America and Europe. Granite owns 108 investment properties representing approximately 45.3 million square feet of leasable area.
Granite Real Estate Investment Trust Fundamentals Summary
| GRT.UN fundamental statistics | |
|---|---|
| Market Cap | CA$6.43b |
| Earnings (TTM) | CA$1.14b |
| Revenue (TTM) | CA$381.42m |
5.7x
P/E Ratio16.9x
P/S RatioIs GRT.UN overvalued?
See Fair Value and valuation analysisEarnings & Revenue
| GRT.UN income statement (TTM) | |
|---|---|
| Revenue | CA$381.42m |
| Cost of Revenue | CA$57.53m |
| Gross Profit | CA$323.89m |
| Expenses | -CA$812.56m |
| Earnings | CA$1.14b |
Last Reported Earnings
Sep 30, 2021
Next Earnings Date
Mar 09, 2022
| Earnings per share (EPS) | 17.30 |
| Gross Margin | 84.92% |
| Net Profit Margin | 297.95% |
| Debt/Equity Ratio | 48.8% |
How did GRT.UN perform over the long term?
See historical performance and comparisonDividends
3.2%
Current Dividend Yield76%
Payout RatioValuation
Is Granite Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
30.0%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: GRT.UN (CA$97.93) is trading below our estimate of fair value (CA$139.99)
Significantly Below Fair Value: GRT.UN is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: GRT.UN is good value based on its PE Ratio (5.7x) compared to the Canadian REITs industry average (9x).
PE vs Market: GRT.UN is good value based on its PE Ratio (5.7x) compared to the Canadian market (13.2x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate GRT.UN's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: GRT.UN is overvalued based on its PB Ratio (1.3x) compared to the CA REITs industry average (1.1x).
Future Growth
How is Granite Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 5 analysts?
9.5%
Forecasted annual revenue growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if GRT.UN's forecast earnings growth is above the savings rate (1.6%).
Earnings vs Market: Insufficient data to determine if GRT.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: GRT.UN's revenue (9.5% per year) is forecast to grow faster than the Canadian market (5.4% per year).
High Growth Revenue: GRT.UN's revenue (9.5% 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 GRT.UN's Return on Equity is forecast to be high in 3 years time
Past Performance
How has Granite Real Estate Investment Trust performed over the past 5 years?
20.2%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: GRT.UN has a large one-off gain of CA$1.1B impacting its September 30 2021 financial results.
Growing Profit Margin: GRT.UN's current net profit margins are higher than last year .
Past Earnings Growth Analysis
Earnings Trend: GRT.UN's earnings have grown significantly by 20.2% per year over the past 5 years.
Accelerating Growth: GRT.UN's earnings growth over the past year (222.1%) exceeds its 5-year average (20.2% per year).
Earnings vs Industry: GRT.UN earnings growth over the past year (222.1%) exceeded the REITs industry 32.1%.
Return on Equity
High ROE: GRT.UN's Return on Equity (22.6%) is considered high.
Financial Health
How is Granite Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: GRT.UN's short term assets (CA$837.4M) exceed its short term liabilities (CA$137.6M).
Long Term Liabilities: GRT.UN's short term assets (CA$837.4M) do not cover its long term liabilities (CA$3.0B).
Debt to Equity History and Analysis
Debt Level: GRT.UN's net debt to equity ratio (33.3%) is considered satisfactory.
Reducing Debt: GRT.UN's debt to equity ratio has increased from 28.9% to 48.8% over the past 5 years.
Debt Coverage: GRT.UN's debt is not well covered by operating cash flow (10.7%).
Interest Coverage: GRT.UN's interest payments on its debt are well covered by EBIT (8.7x coverage).
Balance Sheet
Dividend
What is Granite Real Estate Investment Trust current dividend yield, its reliability and sustainability?
3.16%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: GRT.UN's dividend (3.17%) is higher than the bottom 25% of dividend payers in the Canadian market (1.59%).
High Dividend: GRT.UN's dividend (3.17%) is low compared to the top 25% of dividend payers in the Canadian market (4.61%).
Stability and Growth of Payments
Stable Dividend: GRT.UN's dividends per share have been stable in the past 10 years.
Growing Dividend: GRT.UN's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (75.7%), GRT.UN's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: GRT.UN's dividends in 3 years are forecast to be covered by earnings (68.2% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
3.0yrs
Average management tenure
CEO
Kevan Gorrie (52 yo)
3.42yrs
Tenure
CA$3,114,400
Compensation
Mr. Kevan S. Gorrie, P. Eng, ICD D, has been President, Chief Executive Officer and Trustee/Director at Granite Real Estate Investment Trust and Granite REIT Inc. since August 01, 2018. He was the Presiden...
CEO Compensation Analysis
Compensation vs Market: Kevan's total compensation ($USD2.49M) is about average for companies of similar size in the Canadian market ($USD3.28M).
Compensation vs Earnings: Kevan's compensation has been consistent with company performance over the past year.
Leadership Team
Experienced Management: GRT.UN's management team is considered experienced (3 years average tenure).
Board Members
Experienced Board: GRT.UN's board of directors are considered experienced (4.1 years average tenure).
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 been diluted in the past year, with total shares outstanding growing by 6.5%.
Top Shareholders
Company Information
Granite Real Estate Investment Trust's employee growth, exchange listings and data sources
Key Information
- Name: Granite Real Estate Investment Trust
- Ticker: GRT.UN
- Exchange: TSX
- Founded: 1998
- Industry: Industrial REITs
- Sector: Real Estate
- Implied Market Cap: CA$6.433b
- Shares outstanding: 65.69m
- Website: https://www.granitereit.com
Number of Employees
Location
- Granite Real Estate Investment Trust
- Toronto-Dominion Centre
- Suite 4010
- Toronto
- Ontario
- M5K 1H1
- Canada
Listings
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2022/01/19 23:42 |
| End of Day Share Price | 2022/01/19 00:00 |
| Earnings | 2021/09/30 |
| Annual Earnings | 2020/12/31 |
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.