MI.U

Minto Apartment Real Estate Investment TrustTSX:MI.UN Stock Report

Market Cap

CA$1.4b

7D

1.3%

1Y

34.4%

Updated

22 Sep, 2021

Data

Company Financials +
MI.UN fundamental analysis
Snowflake Score
Valuation2/6
Future Growth1/6
Past Performance1/6
Financial Health2/6
Dividends3/6

MI.UN Overview

Minto Apartment Real Estate Investment Trust, an open-ended real estate investment trust, owns and operates a portfolio of income-producing multi-residential rental properties located in Canada.

Price History & Performance

Summary of all time highs, changes and price drops for Minto Apartment Real Estate Investment Trust
Historical stock prices
Current Share PriceCA$23.57
52 Week HighCA$15.84
52 Week LowCA$25.41
Beta0.80
1 Month Change0.38%
3 Month Change-1.59%
1 Year Change34.38%
3 Year Change37.84%
5 Year Changen/a
Change since IPO49.46%

Recent News & Updates

Shareholder Returns

MI.UNCA REITsCA Market
7D1.3%0.1%-1.6%
1Y34.4%39.5%32.3%

Return vs Industry: MI.UN matched the Canadian REITs industry which returned 35.4% over the past year.

Return vs Market: MI.UN exceeded the Canadian Market which returned 28.6% over the past year.

Price Volatility

Is MI.UN's price volatile compared to industry and market?
MI.UN volatility
MI.UN Beta0.80
Industry Beta1.03
Market Beta1

Stable Share Price: MI.UN is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: MI.UN's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
2018n/aMichael Watershttps://www.mintoapartments.com

Minto Apartment Real Estate Investment Trust, an open-ended real estate investment trust, owns and operates a portfolio of income-producing multi-residential rental properties located in Canada. As of December 31, 2020, its portfolio consists of interests in 29 multi-residential rental properties, including three mixed-use residential apartment and commercial buildings in Toronto, Ottawa, Montréal, Calgary, and Edmonton. Minto Apartment Real Estate Investment Trust was founded in 2018 and is headquartered in Ottawa, Canada.

Minto Apartment Real Estate Investment Trust Fundamentals Summary

How do Minto Apartment Real Estate Investment Trust's earnings and revenue compare to its market cap?
MI.UN fundamental statistics
Market CapCA$1.37b
Earnings (TTM)CA$67.94m
Revenue (TTM)CA$121.97m

20.5x

P/E Ratio

11.4x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
MI.UN income statement (TTM)
RevenueCA$121.97m
Cost of RevenueCA$45.96m
Gross ProfitCA$76.01m
ExpensesCA$8.07m
EarningsCA$67.94m

Last Reported Earnings

Jun 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)1.87
Gross Margin62.32%
Net Profit Margin55.70%
Debt/Equity Ratio106.4%

How did MI.UN perform over the long term?

See historical performance and comparison

Dividends

1.9%

Current Dividend Yield

34%

Payout Ratio

Does MI.UN pay a reliable dividends?

See MI.UN dividend history and benchmarks
When do you need to buy MI.UN by to receive an upcoming dividend?
Minto Apartment Real Estate Investment Trust dividend dates
Ex Dividend DateSep 28 2021
Dividend Pay DateOct 15 2021
Days until Ex dividend4 days
Days until Dividend pay date21 days

Does MI.UN pay a reliable dividends?

See MI.UN dividend history and benchmarks

Valuation

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

20.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: MI.UN (CA$23.57) is trading below our estimate of fair value (CA$29.7)

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


Price To Earnings Ratio

PE vs Industry: MI.UN is poor value based on its PE Ratio (20.5x) compared to the Canadian REITs industry average (10x).

PE vs Market: MI.UN is poor value based on its PE Ratio (20.5x) compared to the Canadian market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate MI.UN's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: MI.UN is overvalued based on its PB Ratio (1.7x) compared to the CA REITs industry average (1.1x).


Future Growth

How is Minto Apartment Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

8.4%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if MI.UN's forecast earnings growth is above the savings rate (1.5%).

Earnings vs Market: Insufficient data to determine if MI.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: MI.UN's revenue (8.4% per year) is forecast to grow faster than the Canadian market (6.1% per year).

High Growth Revenue: MI.UN's revenue (8.4% 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 MI.UN's Return on Equity is forecast to be high in 3 years time


Past Performance

How has Minto Apartment Real Estate Investment Trust performed over the past 5 years?

19.5%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: MI.UN has a large one-off gain of CA$29.5M impacting its June 30 2021 financial results.

Growing Profit Margin: MI.UN's current net profit margins (55.7%) are lower than last year (74.6%).


Past Earnings Growth Analysis

Earnings Trend: MI.UN's earnings have grown by 19.5% per year over the past 5 years.

Accelerating Growth: MI.UN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: MI.UN had negative earnings growth (-24.4%) over the past year, making it difficult to compare to the REITs industry average (5.5%).


Return on Equity

High ROE: MI.UN's Return on Equity (8.2%) is considered low.


Financial Health

How is Minto Apartment Real Estate Investment Trust's financial position?


Financial Position Analysis

Short Term Liabilities: MI.UN's short term assets (CA$80.6M) exceed its short term liabilities (CA$58.6M).

Long Term Liabilities: MI.UN's short term assets (CA$80.6M) do not cover its long term liabilities (CA$1.4B).


Debt to Equity History and Analysis

Debt Level: MI.UN's debt to equity ratio (106.4%) is considered high.

Reducing Debt: MI.UN's debt to equity ratio has reduced from 120.2% to 106.4% over the past 5 years.

Debt Coverage: MI.UN's debt is not well covered by operating cash flow (7.5%).

Interest Coverage: MI.UN's interest payments on its debt are not well covered by EBIT (2.1x coverage).


Balance Sheet


Dividend

What is Minto Apartment Real Estate Investment Trust current dividend yield, its reliability and sustainability?

1.93%

Current Dividend Yield


Upcoming Dividend Payment

TodaySep 23 2021Ex Dividend DateSep 28 2021Dividend Pay DateOct 15 202117 days from Ex DividendBuy in the next 4 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: MI.UN's dividend (1.93%) is higher than the bottom 25% of dividend payers in the Canadian market (1.67%).

High Dividend: MI.UN's dividend (1.93%) is low compared to the top 25% of dividend payers in the Canadian market (4.58%).


Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, MI.UN has been paying a dividend for less than 10 years.

Growing Dividend: MI.UN's dividend payments have increased, but the company has only paid a dividend for 3 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (34.2%), MI.UN's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: MI.UN's dividends in 3 years are forecast to be well covered by earnings (48% payout ratio).


Next Steps

Management

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

1.7yrs

Average management tenure


CEO

Michael Waters (50 yo)

no data

Tenure

CA$1,317,588

Compensation

Mr. Michael R. Waters FCPA, FCAS, serves as the Chief Executive Officer at Minto Group Inc. since 2013. Mr. Waters served as President of Minto Communities Canada from 2011 to 2013 and as chief financial o...


CEO Compensation Analysis

Compensation vs Market: Michael's total compensation ($USD1.04M) is about average for companies of similar size in the Canadian market ($USD1.19M).

Compensation vs Earnings: Michael's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: MI.UN's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.


Board Members

Experienced Board: MI.UN's board of directors are considered experienced (3.4 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.


Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Minto Apartment Real Estate Investment Trust's employee growth, exchange listings and data sources


Key Information

  • Name: Minto Apartment Real Estate Investment Trust
  • Ticker: MI.UN
  • Exchange: TSX
  • Founded: 2018
  • Industry: Residential REITs
  • Sector: Real Estate
  • Implied Market Cap: CA$1.373b
  • Market Cap: CA$854.998m
  • Shares outstanding: 59.04m
  • Website: https://www.mintoapartments.com

Location

  • Minto Apartment Real Estate Investment Trust
  • 180 Kent Street
  • Suite 200
  • Ottawa
  • Ontario
  • K1P 0B6
  • Canada

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/09/22 22:45
End of Day Share Price2021/09/22 00:00
Earnings2021/06/30
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.