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GRT.

Granite Real Estate Investment TrustTSX:GRT.UN Stock Report

Last Price

CA$97.93

Market Cap

CA$6.4b

7D

-3.4%

1Y

27.3%

Updated

19 Jan, 2022

Data

Company Financials +
GRT.UN fundamental analysis
Snowflake Score
Valuation4/6
Future Growth1/6
Past Performance5/6
Financial Health3/6
Dividends5/6

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

VINCI

ENXTPA:DG

€55.7b

Ferrovial

BME:FER

€18.9b

Bouygues

ENXTPA:EN

€12.5b

ACS Actividades de Construcción y Servicios

BME:ACS

€6.4b

Price History & Performance

Summary of all time highs, changes and price drops for Granite Real Estate Investment Trust
Historical stock prices
Current Share PriceCA$97.93
52 Week HighCA$105.79
52 Week LowCA$71.66
Beta0.77
1 Month Change-3.36%
3 Month Change0.02%
1 Year Change27.33%
3 Year Change68.53%
5 Year Change118.59%
Change since IPO265.41%

Recent News & Updates

Shareholder Returns

GRT.UNCA REITsCA Market
7D-3.4%-0.2%-0.6%
1Y27.3%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

Is GRT.UN's price volatile compared to industry and market?
GRT.UN volatility
GRT.UN Average Weekly Movement2.3%
REITs Industry Average Movement2.5%
Market Average Movement9.8%
10% most volatile stocks in CA Market17.6%
10% least volatile stocks in CA Market3.7%

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

FoundedEmployeesCEOWebsite
1998n/aKevan Gorriehttps://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

How do Granite Real Estate Investment Trust's earnings and revenue compare to its market cap?
GRT.UN fundamental statistics
Market CapCA$6.43b
Earnings (TTM)CA$1.14b
Revenue (TTM)CA$381.42m

5.7x

P/E Ratio

16.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
GRT.UN income statement (TTM)
RevenueCA$381.42m
Cost of RevenueCA$57.53m
Gross ProfitCA$323.89m
Expenses-CA$812.56m
EarningsCA$1.14b

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

Mar 09, 2022

Earnings per share (EPS)17.30
Gross Margin84.92%
Net Profit Margin297.95%
Debt/Equity Ratio48.8%

How did GRT.UN perform over the long term?

See historical performance and comparison

Dividends

3.2%

Current Dividend Yield

76%

Payout Ratio

Valuation

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

  • Explore strong dividend paying companies in the Real Estate industry.

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

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/01/19 23:42
End of Day Share Price2022/01/19 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


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.