True North Commercial Real Estate Investment Trust

TSX:TNT.UN Stock Report

Market Cap: CA$161.0m

True North Commercial Real Estate Investment Trust Valuation

Is TNT.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-Sales vs Peers

  • Price-To-Sales vs Industry

  • Price-To-Sales vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: TNT.UN (CA$11.11) is trading below our estimate of fair value (CA$30.56)

Significantly Below Fair Value: TNT.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 TNT.UN?

Key metric: As TNT.UN is unprofitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for TNT.UN. This is calculated by dividing TNT.UN's market cap by their current revenue.
What is TNT.UN's PS Ratio?
PS Ratio1.2x
SalesCA$128.09m
Market CapCA$161.02m

Price to Sales Ratio vs Peers

How does TNT.UN's PS Ratio compare to its peers?

The above table shows the PS ratio for TNT.UN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average2.1x
D.UN Dream Office Real Estate Investment Trust
1.6x-0.5%CA$368.3m
SOT.UN Slate Office REIT
0.2x-2.3%CA$40.3m
INO.UN Inovalis Real Estate Investment Trust
2.5xn/aCA$27.2m
AP.UN Allied Properties Real Estate Investment Trust
4.3x11.9%CA$2.5b
TNT.UN True North Commercial Real Estate Investment Trust
1.2xn/aCA$161.0m

Price-To-Sales vs Peers: TNT.UN is good value based on its Price-To-Sales Ratio (1.2x) compared to the peer average (2.1x).

Price to Sales Ratio vs Industry

How does TNT.UN's PS Ratio compare vs other companies in the North American Office REITs Industry?

3 CompaniesPrice / SalesEstimated GrowthMarket Cap
TNT.UN 1.2xIndustry Avg. 2.7xNo. of Companies5PS01.63.24.86.48+
3 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TNT.UN is good value based on its Price-To-Sales Ratio (1.2x) compared to the North American Office REITs industry average (2.7x).

Price to Sales Ratio vs Fair Ratio

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

TNT.UN PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio1.2x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate TNT.UN's Price-To-Sales 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 TNT.UN forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$11.11
CA$11.75
+5.8%
3.0%CA$12.00CA$11.25n/a3
Nov ’25CA$12.07
CA$11.33
-6.1%
11.6%CA$12.50CA$9.50n/a3
Oct ’25CA$13.15
CA$11.25
-14.4%
11.0%CA$12.25CA$9.50n/a3
Sep ’25CA$10.73
CA$9.50
-11.5%
4.3%CA$10.00CA$9.00n/a3
Aug ’25CA$9.20
CA$9.42
+2.4%
3.3%CA$9.75CA$9.00n/a3
Jul ’25CA$8.55
CA$9.19
+7.5%
5.2%CA$9.75CA$8.50n/a4
Jun ’25CA$8.59
CA$9.19
+7.0%
5.2%CA$9.75CA$8.50n/a4
May ’25CA$9.37
CA$9.25
-1.3%
8.1%CA$10.50CA$8.50n/a4
Apr ’25CA$9.20
CA$9.19
-0.1%
5.2%CA$10.00CA$8.75n/a4
Mar ’25CA$8.39
CA$9.26
+10.4%
12.9%CA$11.25CA$8.05n/a4
Feb ’25CA$8.63
CA$18.92
+119.3%
84.9%CA$46.69CA$8.75n/a4
Jan ’25CA$10.05
CA$18.59
+85.0%
87.3%CA$46.69CA$8.63n/a4
Dec ’24CA$8.22
CA$18.16
+120.9%
90.9%CA$46.69CA$7.25n/a4
Nov ’24CA$8.45
CA$10.42
+23.3%
20.4%CA$12.94CA$7.19CA$12.074
Oct ’24CA$12.31
CA$16.68
+35.5%
11.7%CA$18.69CA$12.94CA$13.155
Sep ’24CA$14.03
CA$16.68
+18.9%
11.7%CA$18.69CA$12.94CA$10.735
Aug ’24CA$14.95
CA$17.25
+15.4%
13.9%CA$20.13CA$12.94CA$9.205
Jul ’24CA$13.69
CA$18.11
+32.4%
8.1%CA$20.13CA$15.81CA$8.555
Jun ’24CA$14.84
CA$18.11
+22.1%
8.1%CA$20.13CA$15.81CA$8.595
May ’24CA$17.31
CA$22.71
+31.2%
11.6%CA$27.31CA$20.13CA$9.375
Apr ’24CA$19.95
CA$26.74
+34.0%
8.0%CA$28.75CA$23.00CA$9.205
Mar ’24CA$34.56
CA$33.93
-1.8%
5.7%CA$35.94CA$31.63CA$8.395
Feb ’24CA$35.65
CA$33.93
-4.8%
5.7%CA$35.94CA$31.63CA$8.635
Jan ’24CA$33.29
CA$34.79
+4.5%
9.2%CA$40.25CA$31.63CA$10.055
Dec ’23CA$34.56
CA$34.79
+0.7%
9.2%CA$40.25CA$31.63CA$8.225
Nov ’23CA$35.08
CA$37.09
+5.7%
8.3%CA$40.25CA$31.63CA$8.455

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

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