True North Commercial Real Estate Investment Trust
Market Cap
CA$638.9m
Last Updated
2021/04/11 22:27 UTC
Data Sources
Company Financials +
Executive Summary
The REIT is an unincorporated, open-ended real estate investment trust established under the laws of the Province of Ontario. More Details
Rewards
Risk Analysis
Snowflake Analysis
Solid track record average dividend payer.
Share Price & News
How has True North Commercial Real Estate Investment Trust's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: TNT.UN is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 2% a week.
Volatility Over Time: TNT.UN's weekly volatility (2%) has been stable over the past year.
Market Performance
7 Day Return
2.9%
TNT.UN
2.7%
CA REITs
1.0%
CA Market
1 Year Return
27.2%
TNT.UN
17.4%
CA REITs
39.2%
CA Market
Return vs Industry: TNT.UN exceeded the Canadian REITs industry which returned 17.4% over the past year.
Return vs Market: TNT.UN underperformed the Canadian Market which returned 39.2% over the past year.
Shareholder returns
| TNT.UN | Industry | Market | |
|---|---|---|---|
| 7 Day | 2.9% | 2.7% | 1.0% |
| 30 Day | 3.1% | 3.0% | 1.3% |
| 90 Day | 12.9% | 11.1% | 8.1% |
| 1 Year | 40.3%27.2% | 24.0%17.4% | 44.0%39.2% |
| 3 Year | 45.9%10.5% | 26.8%7.8% | 32.2%19.6% |
| 5 Year | 100.3%25.6% | 42.6%7.8% | 59.4%35.3% |
Long-Term Price Volatility Vs. Market
How volatile is True North Commercial Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?
Simply Wall St News
2 months ago | Simply Wall St
Should True North Commercial Real Estate Investment Trust (TSE:TNT.UN) Focus On Improving This Fundamental Metric?4 months ago | Simply Wall St
True North Commercial Real Estate Investment Trust (TSE:TNT.UN) Has Gifted Shareholders With A Fantastic 105% Total Return On Their Investment6 months ago | Simply Wall St
Read This Before Judging True North Commercial Real Estate Investment Trust's (TSE:TNT.UN) ROEValuation
Is True North Commercial Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?
20.2%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: TNT.UN (CA$7.07) is trading below our estimate of fair value (CA$8.86)
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 (15.4x) compared to the CA REITs industry average (11x).
PE vs Market: TNT.UN is good value based on its PE Ratio (15.4x) compared to the Canadian market (17.3x).
Price to Earnings Growth Ratio
PEG Ratio: TNT.UN is poor value based on its PEG Ratio (1.4x)
Price to Book Ratio
PB vs Industry: TNT.UN is overvalued based on its PB Ratio (1.2x) compared to the CA REITs industry average (0.9x).
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 2 analysts?
11.1%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: TNT.UN's forecast earnings growth (11.1% per year) is above the savings rate (1.5%).
Earnings vs Market: TNT.UN's earnings (11.1% per year) are forecast to grow slower than the Canadian market (21.8% per year).
High Growth Earnings: TNT.UN's earnings are forecast to grow, but not significantly.
Revenue vs Market: TNT.UN's revenue (3% per year) is forecast to grow slower than the Canadian market (7.2% per year).
High Growth Revenue: TNT.UN's revenue (3% 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 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?
24.6%
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 (28.5%) are higher than last year (22.9%).
Past Earnings Growth Analysis
Earnings Trend: TNT.UN's earnings have grown significantly by 24.6% per year over the past 5 years.
Accelerating Growth: TNT.UN's earnings growth over the past year (63.2%) exceeds its 5-year average (24.6% per year).
Earnings vs Industry: TNT.UN earnings growth over the past year (63.2%) exceeded the REITs industry -17.1%.
Return on Equity
High ROE: TNT.UN's Return on Equity (7.6%) 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$28.6M) do not cover its short term liabilities (CA$75.6M).
Long Term Liabilities: TNT.UN's short term assets (CA$28.6M) do not cover its long term liabilities (CA$804.1M).
Debt to Equity History and Analysis
Debt Level: TNT.UN's debt to equity ratio (160.3%) is considered high.
Reducing Debt: TNT.UN's debt to equity ratio has reduced from 208.8% to 160.3% over the past 5 years.
Debt Coverage: TNT.UN's debt is not well covered by operating cash flow (10.9%).
Interest Coverage: TNT.UN's interest payments on its debt are not well covered by EBIT (2.2x coverage).
Balance Sheet
Dividend
What is True North Commercial Real Estate Investment Trust current dividend yield, its reliability and sustainability?
8.40%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: TNT.UN's dividend (8.4%) is higher than the bottom 25% of dividend payers in the Canadian market (1.49%).
High Dividend: TNT.UN's dividend (8.4%) is in the top 25% of dividend payers in the Canadian market (4.81%)
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 8 years, and since then payments have not increased.
Current Payout to Shareholders
Dividend Coverage: At its current payout ratio (79.4%), TNT.UN's payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: TNT.UN's dividends in 3 years are forecast to be covered by earnings (96.3% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
8.3yrs
Average board tenure
CEO
Daniel Drimmer (47 yo)
8.33yrs
Tenure
Mr. Daniel Drimmer serves as Chairman of Northview Canadian High Yield Residential Fund. Mr. Drimmer serves as Chief Executive Officer and President at Starlight U.S. Multi-Family (No. 1) Core Plus Fund al...
Board Members
Experienced Board: TNT.UN's board of directors are considered experienced (8.3 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 only sold shares 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 company bio, 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$638.931m
- Market Cap: CA$616.598m
- Shares outstanding: 90.37m
- 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
Biography
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 co...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2021/04/11 22:27 |
| End of Day Share Price | 2021/04/09 00:00 |
| Earnings | 2020/12/31 |
| 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.