Minto Apartment Real Estate Investment Trust

TSX:MI.UN Stock Report

Market Cap: CA$1.2b

Minto Apartment Real Estate Investment Trust Valuation

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

Valuation Score

4/6

Valuation Score 4/6

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

Below Fair Value: MI.UN (CA$13.1) is trading below our estimate of fair value (CA$23.02)

Significantly Below Fair Value: MI.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 MI.UN?

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

The above table shows the Price to Sales ratio for MI.UN. This is calculated by dividing MI.UN's market cap by their current revenue.
What is MI.UN's PS Ratio?
PS Ratio5.4x
SalesCA$157.94m
Market CapCA$1.21b

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for MI.UN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average3.2x
ERE.UN European Residential Real Estate Investment Trust
2.4x-34.9%CA$883.4m
HOM.UN BSR Real Estate Investment Trust
2.5x4.1%CA$959.8m
MRG.UN Morguard North American Residential Real Estate Investment Trust
1.8x2.7%CA$938.9m
IIP.UN InterRent Real Estate Investment Trust
6.1x4.9%CA$1.5b
MI.UN Minto Apartment Real Estate Investment Trust
5.4x4.6%CA$1.2b

Price-To-Sales vs Peers: MI.UN is expensive based on its Price-To-Sales Ratio (5.4x) compared to the peer average (3.2x).

Price to Sales Ratio vs Industry

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

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
MI.UN 5.4xIndustry Avg. 5.5xNo. of Companies5PS03.26.49.612.816+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: MI.UN is good value based on its Price-To-Sales Ratio (5.4x) compared to the North American Residential REITs industry average (5.6x).

Price to Sales Ratio vs Fair Ratio

What is MI.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.

MI.UN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio5.4x
Fair PS Ratio3.7x

Price-To-Sales vs Fair Ratio: MI.UN is expensive based on its Price-To-Sales Ratio (5.4x) compared to the estimated Fair Price-To-Sales Ratio (3.7x).

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 MI.UN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$13.10
CA$18.83
+43.7%
8.6%CA$20.50CA$15.50n/a10
Dec ’25CA$14.76
CA$19.55
+32.5%
6.3%CA$22.00CA$17.75n/a10
Nov ’25CA$14.09
CA$19.85
+40.9%
6.3%CA$22.00CA$18.50n/a10
Oct ’25CA$16.70
CA$20.20
+21.0%
5.6%CA$22.00CA$18.50n/a10
Sep ’25CA$16.32
CA$20.20
+23.8%
5.6%CA$22.00CA$18.50n/a10
Aug ’25CA$15.81
CA$20.25
+28.1%
5.6%CA$22.00CA$18.50n/a10
Jul ’25CA$14.78
CA$20.28
+37.2%
5.4%CA$22.00CA$18.75n/a10
Jun ’25CA$14.74
CA$20.28
+37.6%
5.4%CA$22.00CA$18.75n/a10
May ’25CA$14.70
CA$20.18
+37.2%
5.5%CA$22.50CA$18.75n/a10
Apr ’25CA$15.88
CA$20.50
+29.1%
5.1%CA$22.50CA$18.75n/a10
Mar ’25CA$16.97
CA$19.23
+13.3%
6.4%CA$22.00CA$17.00n/a10
Feb ’25CA$16.95
CA$18.80
+10.9%
7.5%CA$22.00CA$17.00n/a11
Jan ’25CA$16.18
CA$18.27
+12.9%
8.3%CA$22.00CA$16.00n/a11
Dec ’24CA$14.86
CA$18.23
+22.7%
8.2%CA$22.00CA$16.00CA$14.7611
Nov ’24CA$13.39
CA$18.27
+36.5%
9.5%CA$22.00CA$16.00CA$14.0911
Oct ’24CA$13.63
CA$18.83
+38.2%
9.0%CA$22.00CA$16.00CA$16.7012
Sep ’24CA$13.27
CA$18.83
+41.9%
9.0%CA$22.00CA$16.00CA$16.3212
Aug ’24CA$14.85
CA$19.15
+28.9%
8.9%CA$22.00CA$17.00CA$15.8112
Jul ’24CA$15.02
CA$19.31
+28.6%
9.0%CA$22.00CA$17.00CA$14.7812
Jun ’24CA$14.48
CA$19.31
+33.4%
9.0%CA$22.00CA$17.00CA$14.7412
May ’24CA$14.05
CA$19.19
+36.6%
8.6%CA$22.00CA$17.00CA$14.7012
Apr ’24CA$14.76
CA$19.23
+30.3%
8.6%CA$22.00CA$17.00CA$15.8812
Mar ’24CA$15.70
CA$19.83
+26.3%
7.1%CA$21.75CA$17.00CA$16.9712
Feb ’24CA$17.10
CA$19.83
+16.0%
7.1%CA$21.75CA$17.00CA$16.9512
Jan ’24CA$14.05
CA$19.54
+39.1%
7.8%CA$21.50CA$17.00CA$16.1812
Dec ’23CA$14.49
CA$19.79
+36.6%
6.7%CA$21.50CA$17.00CA$14.8612

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/19 08:18
End of Day Share Price 2024/12/19 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

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.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Minto Apartment Real Estate Investment Trust is covered by 16 analysts. 5 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Michael MarkidisBMO Capital Markets Equity Research
Jenny MaBMO Capital Markets Equity Research
Christopher KoutsikaloudisCanaccord Genuity