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Morguard North American Residential Real Estate Investment Trust

TSX:MRG.UN
Snowflake Description

Fair value unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MRG.UN
TSX
CA$981M
Imp Market Cap
  1. Home
  2. CA
  3. Real Estate
Company description

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The last earnings update was 77 days ago. More info.


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MRG.UN Share Price and Events
7 Day Returns
3.5%
TSX:MRG.UN
-0.1%
CA REITs
-0.4%
CA Market
1 Year Returns
28.9%
TSX:MRG.UN
9.1%
CA REITs
-3.1%
CA Market
MRG.UN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Morguard North American Residential Real Estate Investment Trust (MRG.UN) 3.5% 5.9% 9.9% 28.9% 47.2% 87.7%
CA REITs -0.1% -0% 0.7% 9.1% 7.7% 17.4%
CA Market -0.4% 0.8% -1.7% -3.1% 8.2% 0.9%
1 Year Return vs Industry and Market
  • MRG.UN outperformed the REITs industry which returned 9.1% over the past year.
  • MRG.UN outperformed the Market in Canada which returned -3.1% over the past year.

MRG.UN Value

 Is Morguard North American Residential Real Estate Investment Trust undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Morguard North American Residential Real Estate Investment Trust to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Morguard North American Residential Real Estate Investment Trust.

TSX:MRG.UN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations
Levered Adjusted Funds From Operations Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 8.2%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:MRG.UN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.48
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.476 (1 + (1- 26.5%) (169.96%))
1.048
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.05
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.048 * 5.96%)
8.19%

Discounted Cash Flow Calculation for TSX:MRG.UN using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Morguard North American Residential Real Estate Investment Trust is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Morguard North American Residential Real Estate Investment Trust is a Real Estate Investment Trust (REIT), we use funds from operations (FFO) or adjusted funds from operations (AFFO) instead of levered free cash flow for REITs. This excludes depreciation and borrowing. Ideally analysts estimates of AFFO are used, where these aren't available we use FFO.

TSX:MRG.UN DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 8.19%)
2020 61.55 Analyst x4 56.89
2021 64.22 Est @ 4.33% 54.86
2022 66.54 Est @ 3.62% 52.54
2023 68.61 Est @ 3.11% 50.08
2024 70.51 Est @ 2.76% 47.57
2025 72.29 Est @ 2.52% 45.07
2026 73.98 Est @ 2.35% 42.64
2027 75.63 Est @ 2.23% 40.29
2028 77.25 Est @ 2.14% 38.04
2029 78.86 Est @ 2.08% 35.89
Present value of next 10 years cash flows CA$463.86
TSX:MRG.UN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$78.86 × (1 + 1.95%) ÷ (8.19% – 1.95%)
CA$1,287.59
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$1,287.59 ÷ (1 + 8.19%)10
CA$585.95
TSX:MRG.UN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$463.86 + CA$585.95
CA$1,049.82
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$1,049.82 / 50.96
CA$20.6
TSX:MRG.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$20.60
Current discount Discount to share price of CA$19.48
= -1 x (CA$19.48 - CA$20.60) / CA$20.60
5.4%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Morguard North American Residential Real Estate Investment Trust is available for.
Intrinsic value
5%
Share price is CA$19.48 vs Future cash flow value of CA$20.6
Current Discount Checks
For Morguard North American Residential Real Estate Investment Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Morguard North American Residential Real Estate Investment Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Morguard North American Residential Real Estate Investment Trust's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Morguard North American Residential Real Estate Investment Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Morguard North American Residential Real Estate Investment Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:MRG.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$2.88
TSX:MRG.UN Share Price ** TSX (2019-07-15) in CAD CA$19.48
Canada REITs Industry PE Ratio Median Figure of 40 Publicly-Listed REITs Companies 10.07x
Canada Market PE Ratio Median Figure of 539 Publicly-Listed Companies 15x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Morguard North American Residential Real Estate Investment Trust.

TSX:MRG.UN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:MRG.UN Share Price ÷ EPS (both in CAD)

= 19.48 ÷ 2.88

6.77x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Morguard North American Residential Real Estate Investment Trust is good value based on earnings compared to the CA REITs industry average.
  • Morguard North American Residential Real Estate Investment Trust is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Morguard North American Residential Real Estate Investment Trust's expected growth come at a high price?
Raw Data
TSX:MRG.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 6.77x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
6%per year
North America REITs Industry PEG Ratio Median Figure of 145 Publicly-Listed REITs Companies 1.74x
Canada Market PEG Ratio Median Figure of 249 Publicly-Listed Companies 1.16x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Morguard North American Residential Real Estate Investment Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Morguard North American Residential Real Estate Investment Trust's assets?
Raw Data
TSX:MRG.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$29.70
TSX:MRG.UN Share Price * TSX (2019-07-15) in CAD CA$19.48
Canada REITs Industry PB Ratio Median Figure of 46 Publicly-Listed REITs Companies 0.99x
Canada Market PB Ratio Median Figure of 2,436 Publicly-Listed Companies 1.42x
TSX:MRG.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:MRG.UN Share Price ÷ Book Value per Share (both in CAD)

= 19.48 ÷ 29.70

0.66x

* Primary Listing of Morguard North American Residential Real Estate Investment Trust.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Morguard North American Residential Real Estate Investment Trust is good value based on assets compared to the CA REITs industry average.
X
Value checks
We assess Morguard North American Residential Real Estate Investment Trust's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the REITs industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the REITs industry average (and greater than 0)? (1 check)
  5. Morguard North American Residential Real Estate Investment Trust has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MRG.UN Future Performance

 How is Morguard North American Residential Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

  • No analysts cover Morguard North American Residential Real Estate Investment Trust, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Morguard North American Residential Real Estate Investment Trust expected to grow at an attractive rate?
  • Morguard North American Residential Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Morguard North American Residential Real Estate Investment Trust's earnings growth is positive but not above the Canada market average.
  • Morguard North American Residential Real Estate Investment Trust's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:MRG.UN Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:MRG.UN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts 6%
TSX:MRG.UN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 3.2%
Canada REITs Industry Earnings Growth Rate Market Cap Weighted Average 4.6%
Canada REITs Industry Revenue Growth Rate Market Cap Weighted Average 5.4%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.7%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:MRG.UN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:MRG.UN Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 254 93 4
2019-12-31 242 70 4
TSX:MRG.UN Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 246 64 97
2018-12-31 242 60 172
2018-09-30 236 60 209
2018-06-30 233 70 195
2018-03-31 230 54 237
2017-12-31 226 59 160
2017-09-30 227 57 92
2017-06-30 223 51 110
2017-03-31 220 50 56
2016-12-31 218 53 29
2016-09-30 216 48 8
2016-06-30 211 45 -2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Morguard North American Residential Real Estate Investment Trust's earnings are expected to grow by 6% yearly, however this is not considered high growth (20% yearly).
  • Morguard North American Residential Real Estate Investment Trust's revenue is expected to grow by 3.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:MRG.UN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Morguard North American Residential Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:MRG.UN Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
TSX:MRG.UN Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 2.88
2018-12-31 5.11
2018-09-30 6.21
2018-06-30 5.80
2018-03-31 7.04
2017-12-31 4.76
2017-09-30 2.74
2017-06-30 3.26
2017-03-31 1.66
2016-12-31 1.00
2016-09-30 0.29
2016-06-30 -0.06

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Morguard North American Residential Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Morguard North American Residential Real Estate Investment Trust's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Morguard North American Residential Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MRG.UN Past Performance

  How has Morguard North American Residential Real Estate Investment Trust performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Morguard North American Residential Real Estate Investment Trust's growth in the last year to its industry (REITs).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Morguard North American Residential Real Estate Investment Trust has delivered over 20% year on year earnings growth in the past 5 years.
  • Morguard North American Residential Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Morguard North American Residential Real Estate Investment Trust's 1-year earnings growth is negative, it can't be compared to the CA REITs industry average.
Earnings and Revenue History
Morguard North American Residential Real Estate Investment Trust's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Morguard North American Residential Real Estate Investment Trust Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:MRG.UN Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 246.42 97.02 14.11
2018-12-31 242.42 172.23 13.77
2018-09-30 236.23 209.34 13.30
2018-06-30 233.06 195.35 13.04
2018-03-31 229.69 237.08 12.71
2017-12-31 226.50 160.44 12.62
2017-09-30 227.25 92.12 12.66
2017-06-30 223.35 109.83 12.55
2017-03-31 219.74 55.74 12.04
2016-12-31 218.47 29.26 11.98
2016-09-30 215.95 8.37 11.45
2016-06-30 211.17 -1.89 11.12
2016-03-31 205.11 24.48 10.66
2015-12-31 198.44 38.78 10.16
2015-09-30 190.66 47.01 9.79
2015-06-30 184.18 48.11 9.28
2015-03-31 179.74 18.91 8.96
2014-12-31 174.82 38.16 8.46
2014-09-30 171.50 40.71 8.19
2014-06-30 169.23 47.66 7.94
2014-03-31 160.85 69.43 7.26
2013-12-31 142.94 56.38 6.17
2013-09-30 123.09 96.35 5.04
2013-06-30 102.27 111.26 3.89
2013-03-31 86.50 178.25 2.99
2012-12-31 80.29 187.78 2.09
2012-09-30 76.63 189.67 1.30

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Morguard North American Residential Real Estate Investment Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Morguard North American Residential Real Estate Investment Trust used its assets less efficiently than the CA REITs industry average last year based on Return on Assets.
  • Morguard North American Residential Real Estate Investment Trust's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Morguard North American Residential Real Estate Investment Trust's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the REITs industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Morguard North American Residential Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MRG.UN Health

 How is Morguard North American Residential Real Estate Investment Trust's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Morguard North American Residential Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Morguard North American Residential Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Morguard North American Residential Real Estate Investment Trust's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Morguard North American Residential Real Estate Investment Trust's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Morguard North American Residential Real Estate Investment Trust Company Filings, last reported 3 months ago.

TSX:MRG.UN Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,108.87 1,668.10 22.69
2018-12-31 1,127.86 1,713.08 16.79
2018-09-30 1,044.45 1,651.85 18.34
2018-06-30 1,038.82 1,644.08 22.13
2018-03-31 1,010.00 1,596.26 18.07
2017-12-31 917.71 1,598.18 25.12
2017-09-30 757.39 1,659.16 11.80
2017-06-30 775.93 1,423.76 8.66
2017-03-31 734.09 1,408.12 25.01
2016-12-31 684.03 1,458.54 7.59
2016-09-30 652.39 1,430.63 30.86
2016-06-30 623.19 1,402.86 19.24
2016-03-31 624.27 1,395.73 11.92
2015-12-31 684.97 1,364.09 8.60
2015-09-30 651.20 1,289.04 7.50
2015-06-30 611.78 1,234.41 7.02
2015-03-31 589.70 1,262.95 35.68
2014-12-31 573.60 1,194.30 32.55
2014-09-30 554.86 1,163.18 11.46
2014-06-30 526.82 1,185.00 59.75
2014-03-31 539.80 1,140.38 8.85
2013-12-31 522.96 1,109.95 5.25
2013-09-30 507.46 929.55 6.05
2013-06-30 493.83 941.64 8.89
2013-03-31 468.78 550.13 98.73
2012-12-31 386.66 619.22 5.18
2012-09-30 324.50 392.83 5.09
  • Morguard North American Residential Real Estate Investment Trust's level of debt (150.4%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (211.4% vs 150.4% today).
  • Debt is not well covered by operating cash flow (3.9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.7x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Morguard North American Residential Real Estate Investment Trust's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Morguard North American Residential Real Estate Investment Trust has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MRG.UN Dividends

 What is Morguard North American Residential Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.49%
Current annual income from Morguard North American Residential Real Estate Investment Trust dividends. Estimated to be 3.53% next year.
If you bought CA$2,000 of Morguard North American Residential Real Estate Investment Trust shares you are expected to receive CA$70 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Morguard North American Residential Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.08%).
  • Morguard North American Residential Real Estate Investment Trust's dividend is below the markets top 25% of dividend payers in Canada (5.73%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:MRG.UN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
Canada REITs Industry Average Dividend Yield Market Cap Weighted Average of 44 Stocks 4.9%
Canada Market Average Dividend Yield Market Cap Weighted Average of 336 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:MRG.UN Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.70 4.00
2019-12-31 0.68 4.00
TSX:MRG.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-06-14 0.679 3.652
2019-05-15 0.679 3.747
2019-04-15 0.679 3.827
2019-03-15 0.679 3.746
2019-02-15 0.679 3.824
2019-01-15 0.679 4.010
2018-12-14 0.679 4.028
2018-11-15 0.679 3.875
2018-10-15 0.660 3.956
2018-09-14 0.660 4.101
2018-08-15 0.660 4.023
2018-07-16 0.660 4.208
2018-06-15 0.660 4.340
2018-05-15 0.660 4.389
2018-04-16 0.660 4.662
2018-03-15 0.660 4.797
2018-02-15 0.660 4.879
2018-01-15 0.660 4.548
2017-12-15 0.660 4.378
2017-10-13 0.640 4.246
2017-09-15 0.640 4.154
2017-08-15 0.640 4.206
2017-07-14 0.640 4.192
2017-06-15 0.640 4.127
2017-05-15 0.640 4.157
2017-04-13 0.640 4.188
2017-03-15 0.640 4.345
2017-02-15 0.640 4.376
2017-01-13 0.640 4.554
2016-12-15 0.640 4.728
2016-10-14 0.600 4.517
2016-09-15 0.600 4.749
2016-08-15 0.600 4.605
2016-07-15 0.600 4.519
2016-06-15 0.600 4.697
2016-05-13 0.600 4.876
2016-04-15 0.600 5.037
2016-03-15 0.600 5.075
2016-02-16 0.600 5.227
2016-01-15 0.600 5.565
2015-12-15 0.600 5.705
2015-11-13 0.600 5.634
2015-10-15 0.600 5.666
2015-09-15 0.600 5.854
2015-08-14 0.600 5.956
2015-07-15 0.600 5.955
2015-06-15 0.600 6.083
2015-05-19 0.600 5.956
2015-04-15 0.600 5.772
2015-03-13 0.600 5.693
2015-02-13 0.600 5.741
2015-01-15 0.600 5.763
2014-12-15 0.600 6.056
2014-11-14 0.600 6.070
2014-10-15 0.600 5.871
2014-09-15 0.600 5.920
2014-08-15 0.600 5.693
2014-07-15 0.600 5.786
2014-06-13 0.600 5.776
2014-04-15 0.600 5.784
2014-03-14 0.600 6.169
2014-02-14 0.600 6.152
2014-01-15 0.600 6.196
2013-12-13 0.600 6.341
2013-11-15 0.600 6.264
2013-10-15 0.600 6.160
2013-09-13 0.600 6.492
2013-08-15 0.600 6.579
2013-07-15 0.600 6.212
2013-06-14 0.600 5.951
2013-05-15 0.600 5.392
2013-04-15 0.600 5.335
2013-03-15 0.600 5.348
2013-02-15 0.600 5.256
2013-01-15 0.600 5.099
2012-12-14 0.600 5.316
2012-11-15 0.600 5.374
2012-10-15 0.600 5.177
2012-09-14 0.600 5.099
2012-08-15 0.600 4.990
2012-07-13 0.600 4.977

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Whilst dividend payments have been stable, Morguard North American Residential Real Estate Investment Trust has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Morguard North American Residential Real Estate Investment Trust only paid a dividend in the past 7 years.
Current Payout to shareholders
What portion of Morguard North American Residential Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.8x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Morguard North American Residential Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Morguard North American Residential Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Morguard North American Residential Real Estate Investment Trust has a total score of 2/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MRG.UN Management

 What is the CEO of Morguard North American Residential Real Estate Investment Trust's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Rai Sahi
COMPENSATION CA$584,412
AGE 72
TENURE AS CEO 7.5 years
CEO Bio

Mr. Kuldip Rai Sahi, also known as Rai, FCPA, FCGA, has been the President and Chief Executive Officer of Morguard Real Estate Investment Trust and Trustee since November 10, 1998 and Chairman, President and Chief Executive Officer of TWC Enterprises Limited since 1997. He serves as a Chairman of Renasant Financial Partners Ltd. He has been the Chairman and CEO of Revenue Properties Company Limited since March 1, 2012 and also serves as Chairman and Chief Executive Officer of Morguard Corporation. He serves as a Trustee of Morguard North American Real Estate Investment Trust. He has been the Chief Executive Officer of Temple Hotels Inc. since April 1, 2016 and serves as its Director since June 30, 2015. He has been a Director of Morguard Corporation since August 31, 1990, Morguard Real Estate Investment Trust since 1998. Mr. Sahi has extensive business experience in public and private corporations, including extensive experience in investing, financial reporting, standards and policy covering a broad range of industries including insurance, commercial banking, manufacturing, transportation and automotive as well as real estate. He is the Chairman of Morguard Real Estate Investment Trust. He serves as Director of TWC Enterprises Ltd since October 23, 1997 and Temple Hotels Inc. since 2015. Mr. Sahi has received many distinctions, including the Certified General Accountants Association of Canada Fellowship Award (2009), Voice Achievement Award (Fellowship in the Indo-Canadian Community over critical enterprises, 2009) and Turnaround Entrepreneur of the Year (1994). In addition, Mr. Sahi is a ranked Member of numerous prestigious business listings, including ‘‘The Top 25 Most Influential Figures in Canadian Golf’’ (The National Post) and one of ‘‘The Most Influential People in Golf’’ (Golf Inc.).

CEO Compensation
  • Rai's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Rai's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Morguard North American Residential Real Estate Investment Trust management team in years:

4.5
Average Tenure
  • The tenure for the Morguard North American Residential Real Estate Investment Trust management team is about average.
Management Team

Rai Sahi

TITLE
Chairman & CEO
COMPENSATION
CA$584K
AGE
72
TENURE
7.5 yrs

Christopher Newman

TITLE
Chief Financial Officer
COMPENSATION
CA$80K
TENURE
0.7 yrs

Sanjay Ratejay

TITLE
Vice President of Operations

Beverley Flynn

TITLE
Senior VP
TENURE
14.8 yrs

Paul Miatello

TITLE
Senior Vice President
AGE
49
TENURE
1.5 yrs
Board of Directors Tenure

Average tenure and age of the Morguard North American Residential Real Estate Investment Trust board of directors in years:

7.3
Average Tenure
68.5
Average Age
  • The tenure for the Morguard North American Residential Real Estate Investment Trust board of directors is about average.
Board of Directors

Mel Leiderman

TITLE
Independent Trustee
COMPENSATION
CA$49K
AGE
67
TENURE
7.3 yrs

Rai Sahi

TITLE
Chairman & CEO
COMPENSATION
CA$584K
AGE
72
TENURE
7.5 yrs

Frank Munsters

TITLE
COMPENSATION
CA$41K
TENURE
7.3 yrs

Avtar Bains

TITLE
Lead Trustee
COMPENSATION
CA$37K
TENURE
7.3 yrs

Bruce Robertson

TITLE
Independent Trustee
COMPENSATION
CA$98K
AGE
52
TENURE
7.3 yrs

Dino Chiesa

TITLE
Independent Trustee
COMPENSATION
CA$39K
AGE
70
TENURE
7.3 yrs

William Wallace

TITLE
Independent Trustee
COMPENSATION
CA$38K
TENURE
7.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
04. Oct 18 Buy Paul Miatello Individual 03. Oct 18 03. Oct 18 600 CA$16.36 CA$9,816
X
Management checks
We assess Morguard North American Residential Real Estate Investment Trust's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Morguard North American Residential Real Estate Investment Trust has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MRG.UN News

Simply Wall St News

Shareholders Are Loving Morguard North American Residential Real Estate Investment Trust's (TSE:MRG.UN) 3.7% Yield

Could Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN) be an attractive dividend share to own for the long haul? … Some simple analysis can reduce the risk of holding Morguard North American Residential Real Estate Investment Trust for its dividend, and we'll focus on the most important aspects below. … Morguard North American Residential Real Estate Investment Trust has been paying a dividend for the past seven years.

Simply Wall St -

Introducing Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN), A Stock That Climbed 72% In The Last Five Years

For example, the Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN) share price is up 72% in the last 5 years, clearly besting than the market return of around 4.1% (ignoring dividends). … During five years of share price growth, Morguard North American Residential Real Estate Investment Trust achieved compound earnings per share (EPS) growth of 3.9% per year. … As it happens, Morguard North American Residential Real Estate Investment Trust's TSR for the last 5 years was 118%, which exceeds the share price return mentioned earlier.

Simply Wall St -

One Metric To Rule Them All: Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN)

Morguard North American Residential Real Estate Investment Trust is a CA$917m. … real estate investment trust (REIT) based in Mississauga, Canada. … See our latest analysis for Morguard North American Residential Real Estate Investment Trust

Simply Wall St -

Does Morguard North American Residential Real Estate Investment Trust's (TSE:MRG.UN) CEO Pay Matter?

In 2012 Rai Sahi was appointed CEO of Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN). … Check out our latest analysis for Morguard North American Residential Real Estate Investment Trust? … According to our data, Morguard North American Residential Real Estate Investment Trust has a market capitalization of CA$925m, and pays its CEO total annual compensation worth CA$544k.

Simply Wall St -

How Should You Analyze REIT Stock Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN)?

Morguard North American Residential Real Estate Investment Trust is a CA$868m. … real estate investment trust (REIT) based in Mississauga, Canada. … See our latest analysis for Morguard North American Residential Real Estate Investment Trust

Simply Wall St -

What Did Morguard North American Residential Real Estate Investment Trust's (TSE:MRG.UN) CEO Take Home Last Year?

Rai Sahi became the CEO of Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN) in 2012. … Check out our latest analysis for Morguard North American Residential Real Estate Investment Trust? … According to our data, Morguard North American Residential Real Estate Investment Trust has a market capitalization of CA$871m, and pays its CEO total annual compensation worth CA$544k.

Simply Wall St -

One Metric To Rule Them All: Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN)

Morguard North American Residential Real Estate Investment Trust is a CA$757.25M small-cap real estate investment trust (REIT) based in Mississauga, Canada. … View our latest analysis for Morguard North American Residential Real Estate Investment Trust Funds from Operations (FFO) is a higher quality measure of MRG.UN's earnings compared to net income. … Next Steps: Morguard North American Residential Real Estate Investment Trust can bring diversification into your portfolio due to its unique REIT characteristics.

Simply Wall St -

Should Income Investors Buy Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN) Before Its Ex-Dividend?

Important news for shareholders and potential investors in Morguard North American Residential Real Estate Investment Trust (TSX:MRG.UN): The dividend payment of CA$0.06 per share will be distributed into shareholder on 15 May 2018, and the stock will begin trading ex-dividend at an earlier date, 27 April 2018. … See our latest analysis for Morguard North American Residential Real Estate Investment Trust 5 questions I ask before picking a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is its annual yield among the top 25% of dividend-paying companies? … TSX:MRG.UN Historical Dividend Yield Apr 23rd 18 Does Morguard North American Residential Real Estate Investment Trust pass our checks?

Simply Wall St -

Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN): Ex-Dividend Is Coming In 3 Days, Should You Buy?

View our latest analysis for Morguard North American Residential Real Estate Investment Trust 5 questions I ask before picking a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is its annual yield among the top 25% of dividend-paying companies? … TSX:MRG.UN Historical Dividend Yield Feb 23rd 18 How does Morguard North American Residential Real Estate Investment Trust fare? … Next Steps: With this in mind, I definitely rank Morguard North American Residential Real Estate Investment Trust as a strong dividend stock, and makes it worth further research for anyone who likes steady income generation from their portfolio.

Simply Wall St -

Should You Expect Morguard North American Residential Real Estate Investment Trust (TSE:MRG.UN) To Continue Delivering An ROE Of 13.64%?

Morguard North American Residential Real Estate Investment Trust (TSX:MRG.UN) performed in-line with its residential reits industry on the basis of its ROE – producing a return of13.64% relative to the peer average of 11.83% over the past 12 months. … View our latest analysis for Morguard North American Residential Real Estate Investment Trust Breaking down Return on Equity Return on Equity (ROE) weighs Morguard North American Residential Real Estate Investment Trust’s profit against the level of its shareholders’ equity. … The ratio currently stands at a high 219.06%, meaning Morguard North American Residential Real Estate Investment Trust may have taken on a disproportionate level of debt which is driving the high return.

Simply Wall St -

MRG.UN Company Info

Description

The REIT is an unincorporated, open-ended real estate investment trust established under and governed by the laws of the Province of Ontario. The Units of the REIT trade on the Toronto Stock Exchange under the ticker symbol MRG.UN. With a strategic focus on the acquisition of high-quality multi-suite residential properties in Canada and the United States, the REIT maximizes long-term Unit value through active asset and property management. Its portfolio consists of 12,587 residential suites (as of April 30, 2019) located in Alberta, Ontario, Colorado, Texas, Louisiana, Illinois, Georgia, Florida, North Carolina, Virginia and Maryland with an appraised value of approximately $2.9 billion at March 31, 2019.

Details
Name: Morguard North American Residential Real Estate Investment Trust
MRG.UN
Exchange: TSX
Founded:
CA$981,468,606
CA$657,173,773
50,958,910
Website: http://www.morguard.com
Address: Morguard North American Residential Real Estate Investment Trust
55 City Centre Drive,
Suite 1000,
Mississauga,
Ontario, L5B 1M3,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX MRG.UN Trust Units The Toronto Stock Exchange CA CAD 18. Apr 2012
OTCPK MNAR.F Trust Units Pink Sheets LLC US USD 18. Apr 2012
Number of employees
Current staff
Staff numbers
0
Morguard North American Residential Real Estate Investment Trust employees.
Industry
Residential REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/07/16 00:31
End of day share price update: 2019/07/15 00:00
Last estimates confirmation: 2019/07/05
Last earnings filing: 2019/04/30
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.