| Snowflake Score | |
|---|---|
| Valuation | 2/6 |
| Future Growth | 0/6 |
| Past Performance | 2/6 |
| Financial Health | 1/6 |
| Dividends | 3/6 |
TNT.UN Overview
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario.
Price History & Performance
| Historical stock prices | |
|---|---|
| Current Share Price | CA$7.31 |
| 52 Week High | CA$5.30 |
| 52 Week Low | CA$7.68 |
| Beta | 1.41 |
| 1 Month Change | -3.05% |
| 3 Month Change | -2.40% |
| 1 Year Change | 23.90% |
| 3 Year Change | 8.62% |
| 5 Year Change | 11.95% |
| Change since IPO | -8.63% |
Recent News & Updates
Shareholder Returns
| TNT.UN | CA REITs | CA Market | |
|---|---|---|---|
| 7D | -1.1% | 0.5% | -0.6% |
| 1Y | 23.9% | 33.8% | 29.0% |
Return vs Industry: TNT.UN underperformed the Canadian REITs industry which returned 32.6% over the past year.
Return vs Market: TNT.UN underperformed the Canadian Market which returned 29.1% over the past year.
Price Volatility
| TNT.UN volatility | |
|---|---|
| TNT.UN Beta | 1.41 |
| Industry Beta | 1.03 |
| Market Beta | 1 |
Stable Share Price: TNT.UN is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 1% a week.
Volatility Over Time: TNT.UN's weekly volatility (1%) has been stable over the past year.
About the Company
| Founded | Employees | CEO | Website |
|---|---|---|---|
| 2012 | n/a | Leslie Veiner | https://www.truenorthreit.com |
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. The REIT currently owns and operates a portfolio of 48 commercial properties consisting of approximately 4.8 million square feet in urban and select strategic secondary markets across Canada focusing on long term leases with government and credit rated tenants. The REIT is focused on growing its portfolio principally through acquisitions across Canada and such other jurisdictions where opportunities exist.
Valuation
Is True North Commercial Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
31.7%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: TNT.UN (CA$7.31) is trading below our estimate of fair value (CA$10.71)
Significantly Below Fair Value: TNT.UN is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: TNT.UN is poor value based on its PE Ratio (19.6x) compared to the Canadian REITs industry average (10.1x).
PE vs Market: TNT.UN is poor value based on its PE Ratio (19.6x) compared to the Canadian market (13x).
Price to Earnings Growth Ratio
PEG Ratio: Insufficient data to calculate TNT.UN's PEG Ratio to determine if it is good value.
Price to Book Ratio
PB vs Industry: TNT.UN is overvalued based on its PB Ratio (1.3x) compared to the CA REITs industry average (1.1x).
Future Growth
How is True North Commercial Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?
-0.7%
Forecasted annual revenue growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: Insufficient data to determine if TNT.UN's forecast earnings growth is above the savings rate (1.5%).
Earnings vs Market: Insufficient data to determine if TNT.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: TNT.UN's revenue is expected to decline over the next 3 years (-0.7% per year).
High Growth Revenue: TNT.UN's revenue is forecast to decline over the next 3 years (-0.7% per year).
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if TNT.UN's Return on Equity is forecast to be high in 3 years time
Past Performance
How has True North Commercial Real Estate Investment Trust performed over the past 5 years?
20.0%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: TNT.UN has high quality earnings.
Growing Profit Margin: TNT.UN's current net profit margins (24.4%) are lower than last year (26.2%).
Past Earnings Growth Analysis
Earnings Trend: TNT.UN's earnings have grown by 20% per year over the past 5 years.
Accelerating Growth: TNT.UN's earnings growth over the past year (3.9%) is below its 5-year average (20% per year).
Earnings vs Industry: TNT.UN earnings growth over the past year (3.9%) underperformed the REITs industry 5.5%.
Return on Equity
High ROE: TNT.UN's Return on Equity (6.5%) is considered low.
Financial Health
How is True North Commercial Real Estate Investment Trust's financial position?
Financial Position Analysis
Short Term Liabilities: TNT.UN's short term assets (CA$9.5M) do not cover its short term liabilities (CA$103.0M).
Long Term Liabilities: TNT.UN's short term assets (CA$9.5M) do not cover its long term liabilities (CA$758.0M).
Debt to Equity History and Analysis
Debt Level: TNT.UN's debt to equity ratio (156.8%) is considered high.
Reducing Debt: TNT.UN's debt to equity ratio has reduced from 217.5% to 156.8% over the past 5 years.
Debt Coverage: TNT.UN's debt is not well covered by operating cash flow (10.2%).
Interest Coverage: TNT.UN's interest payments on its debt are not well covered by EBIT (2.8x coverage).
Balance Sheet
Dividend
What is True North Commercial Real Estate Investment Trust current dividend yield, its reliability and sustainability?
8.13%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: TNT.UN's dividend (8.13%) is higher than the bottom 25% of dividend payers in the Canadian market (1.63%).
High Dividend: TNT.UN's dividend (8.13%) is in the top 25% of dividend payers in the Canadian market (4.46%)
Stability and Growth of Payments
Stable Dividend: Whilst dividend payments have been stable, TNT.UN has been paying a dividend for less than 10 years.
Growing Dividend: TNT.UN has only been paying a dividend for 9 years, and since then payments have not increased.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (81.8%), TNT.UN's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
8.8yrs
Average board tenure
CEO
Leslie Veiner (54 yo)
0.33
Tenure
Mr. Leslie M. Veiner, CPA, CA, serves as Chief Finance Officer at Northview Canadian High Yield Residential Fund since November 02, 2020 until April 12, 2021. He serves as Chief Executive Officer and Trust...
Board Members
Experienced Board: TNT.UN's board of directors are considered experienced (8.8 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: TNT.UN insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
Top Shareholders
Company Information
True North Commercial Real Estate Investment Trust's employee growth, exchange listings and data sources
Key Information
- Name: True North Commercial Real Estate Investment Trust
- Ticker: TNT.UN
- Exchange: TSX
- Founded: 2012
- Industry: Office REITs
- Sector: Real Estate
- Implied Market Cap: CA$664.853m
- Market Cap: CA$641.762m
- Shares outstanding: 90.95m
- Website: https://www.truenorthreit.com
Location
- True North Commercial Real Estate Investment Trust
- 3280 Bloor Street West
- Suite 1400, Centre Tower
- Toronto
- Ontario
- M8X 2X3
- Canada
Listings
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/09/18 00:53 |
| End of Day Share Price | 2021/09/17 00:00 |
| Earnings | 2021/06/30 |
| Annual Earnings | 2020/12/31 |
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.