Primaris Real Estate Investment Trust

TSX:PMZ.UN Stock Report

Market Cap: CA$1.6b

Primaris Real Estate Investment Trust Valuation

Is PMZ.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-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of PMZ.UN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PMZ.UN (CA$16.06) is trading below our estimate of fair value (CA$28.93)

Significantly Below Fair Value: PMZ.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 PMZ.UN?

Key metric: As PMZ.UN is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for PMZ.UN. This is calculated by dividing PMZ.UN's market cap by their current earnings.
What is PMZ.UN's PE Ratio?
PE Ratio13.2x
EarningsCA$122.21m
Market CapCA$1.61b

Price to Earnings Ratio vs Peers

How does PMZ.UN's PE Ratio compare to its peers?

The above table shows the PE ratio for PMZ.UN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average19.7x
SGR.UN Slate Grocery REIT
20.9xn/aCA$869.3m
CRR.UN Crombie Real Estate Investment Trust
24xn/aCA$2.6b
CRT.UN CT Real Estate Investment Trust
22.9xn/aCA$3.6b
FCR.UN First Capital Real Estate Investment Trust
10.9xn/aCA$3.8b
PMZ.UN Primaris Real Estate Investment Trust
13.2xn/aCA$1.6b

Price-To-Earnings vs Peers: PMZ.UN is good value based on its Price-To-Earnings Ratio (13.2x) compared to the peer average (19.7x).

Price to Earnings Ratio vs Industry

How does PMZ.UN's PE Ratio compare vs other companies in the North American Retail REITs Industry?

2 CompaniesPrice / EarningsEstimated GrowthMarket Cap
PMZ.UN 13.2xIndustry Avg. 28.3xNo. of Companies8PE01632486480+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: PMZ.UN is good value based on its Price-To-Earnings Ratio (13.2x) compared to the North American Retail REITs industry average (28.1x).

Price to Earnings Ratio vs Fair Ratio

What is PMZ.UN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

PMZ.UN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio13.2x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate PMZ.UN's Price-To-Earnings Fair Ratio for valuation analysis.

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 PMZ.UN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$16.06
CA$18.11
+12.7%
4.5%CA$19.50CA$16.50n/a7
Nov ’25CA$15.72
CA$18.11
+15.2%
4.5%CA$19.50CA$16.50n/a7
Oct ’25CA$16.45
CA$17.50
+6.4%
7.4%CA$19.50CA$15.00n/a7
Sep ’25CA$14.83
CA$16.64
+12.2%
5.2%CA$18.00CA$15.00n/a7
Aug ’25CA$13.87
CA$16.61
+19.7%
5.2%CA$18.00CA$15.00n/a7
Jul ’25CA$13.27
CA$16.61
+25.1%
4.4%CA$18.00CA$15.50n/a7
Jun ’25CA$13.25
CA$16.61
+25.3%
4.4%CA$18.00CA$15.50n/a7
May ’25CA$13.24
CA$16.75
+26.5%
4.6%CA$18.00CA$15.50n/a7
Apr ’25CA$13.76
CA$16.82
+22.2%
3.9%CA$18.00CA$16.00n/a7
Mar ’25CA$13.68
CA$16.89
+23.5%
3.5%CA$18.00CA$16.00n/a7
Feb ’25CA$13.94
CA$16.91
+21.3%
4.7%CA$18.00CA$15.50n/a8
Jan ’25CA$13.80
CA$16.84
+22.1%
5.0%CA$18.00CA$15.50n/a8
Dec ’24CA$13.68
CA$16.84
+23.1%
5.0%CA$18.00CA$15.50n/a8
Nov ’24CA$12.75
CA$16.57
+30.0%
8.0%CA$19.00CA$15.00CA$15.727
Oct ’24CA$13.49
CA$17.03
+26.3%
5.6%CA$19.00CA$16.00CA$16.458
Sep ’24CA$13.58
CA$17.03
+25.4%
5.6%CA$19.00CA$16.00CA$14.838
Aug ’24CA$13.46
CA$16.94
+25.8%
4.5%CA$18.00CA$16.00CA$13.878
Jul ’24CA$13.47
CA$17.25
+28.1%
3.8%CA$18.00CA$16.00CA$13.278
Jun ’24CA$12.81
CA$17.38
+35.6%
4.9%CA$19.00CA$16.00CA$13.258
May ’24CA$13.23
CA$17.38
+31.3%
4.9%CA$19.00CA$16.00CA$13.248
Apr ’24CA$13.51
CA$17.40
+28.8%
5.6%CA$19.00CA$16.00CA$13.765
Mar ’24CA$15.07
CA$17.25
+14.5%
6.3%CA$19.00CA$16.00CA$13.684
Feb ’24CA$15.60
CA$17.00
+9.0%
4.2%CA$18.00CA$16.00CA$13.944
Jan ’24CA$14.64
CA$17.00
+16.1%
4.2%CA$18.00CA$16.00CA$13.804
Dec ’23CA$14.96
CA$16.75
+12.0%
5.0%CA$18.00CA$16.00CA$13.684
Nov ’23CA$13.99
CA$16.38
+17.0%
7.3%CA$18.00CA$15.00CA$12.754

Analyst Forecast: Target price is less than 20% higher than the current share price.

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