InterRent Real Estate Investment Trust

TSX:IIP.UN Stock Report

Market Cap: CA$1.6b

InterRent Real Estate Investment Trust Valuation

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

Valuation Score

3/6

Valuation Score 3/6

  • 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 IIP.UN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: IIP.UN (CA$10.92) is trading below our estimate of fair value (CA$13.89)

Significantly Below Fair Value: IIP.UN is trading below fair value by more than 20%.

Key Valuation Metric

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

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

The above table shows the Price to Sales ratio for IIP.UN. This is calculated by dividing IIP.UN's market cap by their current revenue.
What is IIP.UN's PS Ratio?
PS Ratio6.6x
SalesCA$245.57m
Market CapCA$1.61b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for IIP.UN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.5x
KMP.UN Killam Apartment REIT
6.1x5.4%CA$2.3b
HOM.UN BSR Real Estate Investment Trust
2.6x4.1%CA$983.9m
MRG.UN Morguard North American Residential Real Estate Investment Trust
1.9x2.7%CA$994.2m
MI.UN Minto Apartment Real Estate Investment Trust
3.6x4.3%CA$929.3m
IIP.UN InterRent Real Estate Investment Trust
6.6x4.9%CA$1.6b

Price-To-Sales vs Peers: IIP.UN is expensive based on its Price-To-Sales Ratio (6.6x) compared to the peer average (3.5x).

Price to Sales Ratio vs Industry

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

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
IIP.UN 6.6xIndustry Avg. 5.9xNo. of Companies5PS03.26.49.612.816+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: IIP.UN is expensive based on its Price-To-Sales Ratio (6.6x) compared to the North American Residential REITs industry average (6x).

Price to Sales Ratio vs Fair Ratio

What is IIP.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.

IIP.UN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio6.6x
Fair PS Ratio4.2x

Price-To-Sales vs Fair Ratio: IIP.UN is expensive based on its Price-To-Sales Ratio (6.6x) compared to the estimated Fair Price-To-Sales Ratio (4.2x).

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 IIP.UN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$10.92
CA$13.91
+27.4%
5.0%CA$15.00CA$13.00n/a11
Nov ’25CA$11.08
CA$14.89
+34.4%
5.4%CA$16.50CA$14.00n/a11
Oct ’25CA$12.63
CA$14.95
+18.4%
5.6%CA$16.50CA$13.75n/a11
Sep ’25CA$12.72
CA$14.95
+17.6%
5.6%CA$16.50CA$13.75n/a11
Aug ’25CA$12.70
CA$15.02
+18.3%
6.6%CA$16.50CA$13.50n/a11
Jul ’25CA$11.91
CA$14.98
+25.8%
6.8%CA$16.50CA$13.50n/a11
Jun ’25CA$11.96
CA$14.98
+25.2%
6.8%CA$16.50CA$13.50n/a11
May ’25CA$11.91
CA$15.10
+26.8%
6.5%CA$16.50CA$14.00n/a10
Apr ’25CA$13.43
CA$15.40
+14.7%
5.5%CA$16.50CA$14.00n/a10
Mar ’25CA$13.78
CA$15.09
+9.5%
6.9%CA$16.50CA$13.00n/a11
Feb ’25CA$13.75
CA$14.52
+5.6%
9.2%CA$16.00CA$11.25n/a11
Jan ’25CA$13.23
CA$14.57
+10.1%
9.7%CA$16.50CA$11.25n/a11
Dec ’24CA$12.36
CA$14.36
+16.2%
12.1%CA$16.50CA$10.00n/a11
Nov ’24CA$12.05
CA$14.57
+20.9%
12.3%CA$16.50CA$10.00CA$11.0811
Oct ’24CA$12.49
CA$15.25
+22.1%
11.4%CA$17.00CA$10.00CA$12.6312
Sep ’24CA$12.53
CA$15.25
+21.7%
11.4%CA$17.00CA$10.00CA$12.7212
Aug ’24CA$12.77
CA$15.33
+20.1%
12.0%CA$17.00CA$9.75CA$12.7012
Jul ’24CA$12.82
CA$15.48
+20.7%
11.7%CA$17.00CA$9.75CA$11.9112
Jun ’24CA$13.12
CA$15.48
+18.0%
11.7%CA$17.00CA$9.75CA$11.9612
May ’24CA$12.95
CA$15.52
+19.9%
12.6%CA$17.00CA$9.25CA$11.9112
Apr ’24CA$13.39
CA$15.52
+15.9%
12.6%CA$17.00CA$9.25CA$13.4312
Mar ’24CA$14.68
CA$15.04
+2.5%
12.8%CA$17.00CA$9.25CA$13.7812
Feb ’24CA$14.82
CA$15.04
+1.5%
12.8%CA$17.00CA$9.25CA$13.7512
Jan ’24CA$12.80
CA$14.85
+16.0%
14.0%CA$18.00CA$9.00CA$13.2312
Dec ’23CA$12.55
CA$14.85
+18.4%
14.0%CA$18.00CA$9.00CA$12.3612
Nov ’23CA$11.55
CA$15.23
+31.9%
16.0%CA$18.00CA$8.50CA$12.0512

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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