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Cominar Real Estate Investment Trust

OTCPK:CMLE.F
Snowflake Description

Average dividend payer with moderate growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CMLE.F
OTCPK
CA$2B
Market Cap
  1. Home
  2. US
  3. Real Estate
Company description

Cominar is one of the largest diversified real estate investment trust in Canada and is the largest commercial property owner in the Province of Québec. The last earnings update was 19 days ago. More info.


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CMLE.F Share Price and Events
7 Day Returns
1.9%
OTCPK:CMLE.F
-0.3%
US REITs
-2.1%
US Market
1 Year Returns
-5.6%
OTCPK:CMLE.F
13.8%
US REITs
1.3%
US Market
CMLE.F Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cominar Real Estate Investment Trust (CMLE.F) 1.9% 6.6% - -5.6% -32.5% -48.9%
US REITs -0.3% 2.4% 3.2% 13.8% 11.3% 25.6%
US Market -2.1% -4.2% 0% 1.3% 33.5% 38%
1 Year Return vs Industry and Market
  • CMLE.F underperformed the REITs industry which returned 13.8% over the past year.
  • CMLE.F underperformed the Market in United States of America which returned 1.3% over the past year.

Value

 Is Cominar 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 Cominar 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 Cominar Real Estate Investment Trust.

OTCPK:CMLE.F 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 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.3%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

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 OTCPK:CMLE.F
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
REITs Unlevered Beta Simply Wall St/ S&P Global 0.53
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.529 (1 + (1- 26.5%) (163.43%))
1.111
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.11
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.111 * 5.96%)
9.35%

Discounted Cash Flow Calculation for OTCPK:CMLE.F using 2 Stage Free Cash Flow to Equity using Adjusted Funds From Operations Model

The calculations below outline how an intrinsic value for Cominar 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.

Cominar 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.

OTCPK:CMLE.F DCF 1st Stage: Next 10 year cash flow forecast
Adjusted Funds From Operations (AFFO) (CAD, Millions) Source Present Value
Discounted (@ 9.35%)
2019 165.07 Analyst x3 150.95
2020 172.55 Analyst x3 144.31
2021 179.26 Est @ 3.89% 137.10
2022 185.60 Est @ 3.54% 129.82
2023 191.72 Est @ 3.3% 122.63
2024 197.72 Est @ 3.13% 115.65
2025 203.66 Est @ 3.01% 108.94
2026 209.62 Est @ 2.92% 102.54
2027 215.62 Est @ 2.87% 96.46
2028 221.72 Est @ 2.83% 90.71
Present value of next 10 years cash flows CA$1,199.12
OTCPK:CMLE.F DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$221.72 × (1 + 2.73%) ÷ (9.35% – 2.73%)
CA$3,441.12
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$3,441.12 ÷ (1 + 9.35%)10
CA$1,407.83
OTCPK:CMLE.F Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$1,199.12 + CA$1,407.83
CA$2,606.95
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$2,606.95 / 182.02
CA$14.24
OTCPK:CMLE.F Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in OTCPK:CMLE.F represents 0.73886x of TSX:CUF.UN
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.73886x
Value per Share
(Listing Adjusted, USD)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 14.24 x 0.73886
$10.52
Value per share (USD) From above. $10.52
Current discount Discount to share price of $8.93
= -1 x ($8.93 - $10.52) / $10.52
15.2%

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

Current Discount
Amount off the current price Cominar Real Estate Investment Trust is available for.
Intrinsic value
15%
Share price is $8.93 vs Future cash flow value of $10.52
Current Discount Checks
For Cominar 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.
  • Cominar Real Estate Investment Trust's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Cominar 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 Cominar 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 Cominar 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
OTCPK:CMLE.F PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$-1.09
TSX:CUF.UN Share Price ** TSX (2019-05-24) in CAD CA$12.08
United States of America REITs Industry PE Ratio Median Figure of 155 Publicly-Listed REITs Companies 32.62x
United States of America Market PE Ratio Median Figure of 3,082 Publicly-Listed Companies 17.36x

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

** Primary Listing of Cominar Real Estate Investment Trust.

OTCPK:CMLE.F PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 12.08 ÷ -1.09

-11.11x

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

  • Cominar Real Estate Investment Trust is loss making, we can't compare its value to the US REITs industry average.
  • Cominar Real Estate Investment Trust is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Cominar Real Estate Investment Trust's expected growth come at a high price?
Raw Data
OTCPK:CMLE.F PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -11.11x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
30.6%per year
United States of America REITs Industry PEG Ratio Median Figure of 141 Publicly-Listed REITs Companies 2.39x
United States of America Market PEG Ratio Median Figure of 2,120 Publicly-Listed Companies 1.5x

*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 Cominar 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 Cominar Real Estate Investment Trust's assets?
Raw Data
OTCPK:CMLE.F PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$15.54
TSX:CUF.UN Share Price * TSX (2019-05-24) in CAD CA$12.08
United States of America REITs Industry PB Ratio Median Figure of 191 Publicly-Listed REITs Companies 1.86x
United States of America Market PB Ratio Median Figure of 5,207 Publicly-Listed Companies 1.8x
OTCPK:CMLE.F PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 12.08 ÷ 15.54

0.78x

* Primary Listing of Cominar Real Estate Investment Trust.

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

  • Cominar Real Estate Investment Trust is good value based on assets compared to the US REITs industry average.
X
Value checks
We assess Cominar 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. Cominar Real Estate Investment Trust has a total score of 1/6, 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.

Future Performance

 How is Cominar Real Estate Investment Trust expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

  • No analysts cover Cominar 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
30.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cominar Real Estate Investment Trust expected to grow at an attractive rate?
  • Cominar Real Estate Investment Trust's earnings growth is expected to exceed the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Cominar Real Estate Investment Trust's earnings growth is expected to exceed the United States of America market average.
  • Cominar Real Estate Investment Trust's revenue growth is positive but not above the United States of America market average.
Annual Growth Rates Comparison
Raw Data
OTCPK:CMLE.F Future Growth Rates Data Sources
Data Point Source Value (per year)
OTCPK:CMLE.F Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 30.6%
OTCPK:CMLE.F Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts 0.2%
United States of America REITs Industry Earnings Growth Rate Market Cap Weighted Average 5.7%
United States of America REITs Industry Revenue Growth Rate Market Cap Weighted Average 4.4%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 13.7%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*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
OTCPK:CMLE.F Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
OTCPK:CMLE.F Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 725 217 3
2019-12-31 732 191 3
OTCPK:CMLE.F Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 714 187 -198
2018-12-31 740 183 -212
2018-09-30 770 190 -440
2018-06-30 803 207 -441
2018-03-31 835 217 -421
2017-12-31 840 233 -392
2017-09-30 849 254 216
2017-06-30 863 273 229
2017-03-31 868 281 233
2016-12-31 875 284 242
2016-09-30 875 290 268
2016-06-30 875 270 265

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cominar Real Estate Investment Trust's earnings are expected to grow significantly at over 20% yearly.
  • Cominar Real Estate Investment Trust's revenue is expected to grow by 0.2% 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
OTCPK:CMLE.F Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Cominar Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CMLE.F Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
OTCPK:CMLE.F Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 -1.09
2018-12-31 -1.17
2018-09-30 -2.41
2018-06-30 -2.40
2018-03-31 -2.29
2017-12-31 -2.13
2017-09-30 1.18
2017-06-30 1.28
2017-03-31 1.33
2016-12-31 1.40
2016-09-30 1.59
2016-06-30 1.57

*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 Cominar Real Estate Investment Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cominar 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 United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America 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.
Cominar Real Estate Investment Trust has a total score of 3/6, 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.

Past Performance

  How has Cominar 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 Cominar 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.
  • Cominar Real Estate Investment Trust does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Cominar Real Estate Investment Trust's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Cominar Real Estate Investment Trust's 1-year growth to the US REITs industry average as it is not currently profitable.
Earnings and Revenue History
Cominar 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 Cominar Real Estate Investment Trust Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

OTCPK:CMLE.F Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 713.51 -197.95 17.84
2018-12-31 740.13 -212.28 22.88
2018-09-30 770.20 -440.19 23.83
2018-06-30 803.48 -440.85 24.68
2018-03-31 834.71 -421.46 25.55
2017-12-31 839.55 -391.73 20.58
2017-09-30 849.38 215.87 19.06
2017-06-30 862.91 229.42 18.15
2017-03-31 867.64 233.37 17.21
2016-12-31 874.99 241.74 16.72
2016-09-30 875.49 268.40 16.37
2016-06-30 875.27 264.86 16.03
2016-03-31 882.77 269.36 16.15
2015-12-31 890.60 272.43 16.38
2015-09-30 900.37 265.26 15.97
2015-06-30 853.82 230.26 14.94
2015-03-31 806.44 215.54 14.23
2014-12-31 750.80 199.45 12.98
2014-09-30 687.54 228.19 11.56
2014-06-30 677.04 247.55 12.00
2014-03-31 666.79 250.34 12.20
2013-12-31 662.05 254.97 12.06
2013-09-30 656.22 412.26 13.16
2013-06-30 635.26 385.74 12.45
2013-03-31 607.84 369.14 11.45
2012-12-31 564.54 342.17 11.07
2012-09-30 485.21 206.02 9.19
2012-06-30 422.69 202.11 8.05

*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.
  • It is difficult to establish if Cominar Real Estate Investment Trust has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Cominar Real Estate Investment Trust has efficiently used its assets last year compared to the US REITs industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Cominar Real Estate Investment Trust improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Cominar 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.
Cominar Real Estate Investment Trust has a total score of 0/6, 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.

Health

 How is Cominar 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 Cominar Real Estate Investment Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cominar Real Estate Investment Trust's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Cominar 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 Cominar 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 0.1x 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 Cominar Real Estate Investment Trust Company Filings, last reported 1 month ago.

OTCPK:CMLE.F Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 2,828.01 3,593.66 11.15
2018-12-31 2,815.70 3,617.64 1.50
2018-09-30 3,201.13 3,594.72 6.13
2018-06-30 3,168.69 3,574.96 3.46
2018-03-31 3,154.50 3,949.72 474.97
2017-12-31 3,208.76 4,215.72 6.93
2017-09-30 3,852.48 4,441.92 9.28
2017-06-30 3,834.97 4,438.62 5.99
2017-03-31 3,819.33 4,317.05 9.83
2016-12-31 3,815.51 4,350.70 9.85
2016-09-30 3,837.62 4,296.67 4.20
2016-06-30 3,631.84 4,499.77 6.20
2016-03-31 3,623.59 4,448.49 3.51
2015-12-31 3,658.00 4,429.31 5.25
2015-09-30 3,650.15 4,430.28 4.76
2015-06-30 3,618.23 4,532.44 6.04
2015-03-31 3,586.18 4,444.45 4.40
2014-12-31 3,410.43 4,554.95 5.91
2014-09-30 3,399.80 4,300.45 5.45
2014-06-30 2,869.88 3,440.19 7.10
2014-03-31 2,844.06 3,289.70 7.26
2013-12-31 2,825.38 3,077.12 9.74
2013-09-30 2,779.12 3,002.96 5.96
2013-06-30 2,753.74 3,022.58 7.32
2013-03-31 2,721.46 3,000.88 6.47
2012-12-31 2,696.90 2,817.25 18.64
2012-09-30 2,496.45 2,821.57 7.15
2012-06-30 2,218.06 2,404.99 5.47
  • Cominar Real Estate Investment Trust's level of debt (127.1%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (115.7% vs 127.1% today).
  • Debt is not well covered by operating cash flow (5.2%, less than 20% of total debt).
  • Cominar Real Estate Investment Trust is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Cominar 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. Cominar Real Estate Investment Trust has a total score of 0/6, 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.

Dividends

 What is Cominar 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
5.96%
Current annual income from Cominar Real Estate Investment Trust dividends. Estimated to be 5.96% next year.
If you bought $2,000 of Cominar Real Estate Investment Trust shares you are expected to receive $119 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?
  • Cominar Real Estate Investment Trust's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.47%).
  • Cominar Real Estate Investment Trust's dividend is above the markets top 25% of dividend payers in United States of America (3.76%).
Upcoming dividend payment

Purchase Cominar Real Estate Investment Trust before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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
OTCPK:CMLE.F 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 3 Analyst Estimates (S&P Global) See Below
United States of America REITs Industry Average Dividend Yield Market Cap Weighted Average of 184 Stocks 3.8%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2008 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.5%
United States of America Top 25% Dividend Yield 75th Percentile 3.8%

Industry and Market average data is calculated daily.

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

OTCPK:CMLE.F Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.72 6.00
2019-12-31 0.72 6.00
OTCPK:CMLE.F Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-15 0.720 6.035
2019-04-15 0.720 6.281
2019-03-15 0.720 6.077
2019-02-15 0.720 6.079
2019-01-15 0.720 6.097
2018-12-04 0.720 6.143
2018-11-15 0.720 6.717
2018-10-15 0.720 6.462
2018-09-17 0.720 6.141
2018-08-15 0.720 5.914
2018-07-17 0.720 5.722
2018-06-15 0.720 5.629
2018-05-15 0.720 5.883
2018-04-17 0.720 5.747
2018-03-08 0.720 5.619
2018-02-15 1.140 8.234
2018-01-15 1.140 7.946
2017-11-15 1.140 8.020
2017-10-16 1.140 8.173
2017-09-15 1.140 8.381
2017-08-16 1.140 8.605
2017-07-17 1.470 11.373
2017-06-15 1.470 11.357
2017-05-15 1.470 11.207
2017-04-18 1.470 10.396
2017-03-15 1.470 10.150
2017-02-15 1.470 10.093
2017-01-13 1.470 9.993
2016-12-02 1.470 10.066
2016-11-14 1.470 10.569
2016-10-13 1.470 9.982
2016-09-14 1.470 9.651
2016-08-16 1.470 8.830
2016-07-14 1.470 8.419
2016-06-15 1.470 8.624
2016-05-16 1.470 8.539
2016-04-15 1.470 8.534
2016-03-16 1.470 8.610
2016-02-16 1.470 9.333
2016-01-13 1.470 10.144
2015-12-03 1.470 10.068
2015-11-13 1.470 9.793
2015-10-16 1.470 9.492
2015-09-15 1.470 9.085
2015-08-14 1.470 8.964
2015-07-17 1.470 8.404
2015-06-18 1.470 8.198
2015-05-15 1.470 8.101
2015-04-20 1.470 7.751
2015-03-18 1.470 7.638
2015-02-18 1.470 7.620
2015-01-19 1.470 7.547
2014-12-04 1.470 7.900
2014-11-19 1.470 7.826
2014-10-17 1.470 7.769
2014-09-18 1.470 7.770
2014-08-07 1.470 7.625
2014-07-17 1.440 7.603
2014-06-13 1.440 7.667
2014-05-15 1.440 7.572
2014-04-11 1.440 7.541
2014-03-17 1.440 7.846
2014-02-14 1.440 7.899
2014-01-17 1.440 7.826
2013-12-04 1.440 7.947
2013-11-15 1.440 7.967
2013-10-17 1.440 7.700
2013-09-16 1.440 7.631
2013-08-16 1.440 7.663
2013-07-16 1.440 7.150
2013-06-17 1.440 6.946
2013-05-16 1.440 6.395
2013-04-16 1.440 6.091
2013-03-12 1.440 6.272
2013-02-15 1.440 6.393
2013-01-16 1.440 6.376
2012-12-06 1.440 6.423
2012-11-19 1.440 6.450
2012-10-17 1.440 6.202
2012-09-17 1.440 6.029
2012-08-20 1.440 5.903
2012-07-16 1.440 5.823
2012-06-19 1.440 5.991
2012-05-17 1.440 6.056
2012-04-16 1.440 5.993
2012-03-20 1.440 6.119
2012-02-15 1.440 6.158
2012-01-20 1.440 6.533
2011-12-02 1.440 6.536
2011-11-18 1.440 6.521
2011-10-17 1.440 6.560
2011-09-19 1.440 6.734
2011-07-07 1.440 6.539
2011-06-16 1.440 6.537
2011-05-13 1.440 6.446
2011-03-18 1.440 6.413
2011-02-11 1.440 6.613
2011-01-14 1.440 6.695
2010-12-08 1.440 6.859
2010-11-16 1.440 6.661
2010-10-15 1.440 6.731
2010-09-16 1.440 6.716
2010-08-18 1.440 7.009
2010-07-08 1.440 7.320
2010-06-16 1.440 7.656
2010-05-17 1.440 7.626
2010-04-16 1.440 7.583
2010-03-18 1.440 7.510
2010-02-12 1.440 7.514
2010-01-15 1.440 7.535
2009-12-11 1.440 7.392
2009-11-16 1.440 7.797
2009-10-15 1.440 7.823
2009-09-15 1.440 7.532
2009-08-17 1.440 8.196
2009-07-10 1.440 8.781
2009-06-15 1.440 9.270

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Cominar Real Estate Investment Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.5x 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 Cominar Real Estate Investment Trust's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Cominar Real Estate Investment Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cominar Real Estate Investment Trust has a total score of 4/6, see the detailed checks below.


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

Management

 What is the CEO of Cominar 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
Sylvain Cossette
COMPENSATION CA$2,414,241
AGE 60
TENURE AS CEO 1.3 years
CEO Bio

Mr. Sylvain Cossette, B.C.L., L.L.M., has been the Chief Executive Officer and a Non-Independent Trustee at Cominar Real Estate Investment Trust since January 1, 2018 and has been its President since March 3, 2016. Mr. Cossette started at the REIT in August 2012 as Executive Vice President and Chief Operating Officer at Cominar Real Estate Investment Trust from December 1, 2012 to January 1, 2018. He served as Executive Vice-President at Cominar Real Estate Investment Trust since December 1, 2012 until March 3, 2016. Mr. Cossette has a distinguished 30 year career at Davies Ward Phillips & Vineberg in the areas of M&A, corporate finance and REITs and has closely accompanied Cominar since its creation in May 1998. He has been a valuable advisor and close collaborator in the development and growth of Cominar, which became one of the largest REITs in Canada. He holds a B.C.L. from McGill University’s Faculty of Law, and an L.L.M. in taxation from NYU School of Law.

CEO Compensation
  • Sylvain's compensation has increased whilst company is loss making.
  • Sylvain's remuneration is lower than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure of the Cominar Real Estate Investment Trust management team in years:

1.3
Average Tenure
  • The average tenure for the Cominar Real Estate Investment Trust management team is less than 2 years, this suggests a new team.
Management Team

Sylvain Cossette

TITLE
President
COMPENSATION
CA$2M
AGE
60
TENURE
1.3 yrs

Heather Kirk

TITLE
Executive VP & CFO
COMPENSATION
CA$579K
TENURE
0.4 yrs

Alain Dallaire

TITLE
Executive VP & COO
COMPENSATION
CA$1M
AGE
48
TENURE
1.3 yrs

Jean Laramée

TITLE
Executive Vice President of Development
COMPENSATION
CA$526K
TENURE
5.3 yrs

Carl Pepin

TITLE
Vice President of Finances & Accounting

Caroline Lacroix

TITLE
Vice President of Communications & Marketing
TENURE
2.2 yrs

Wally Commisso

TITLE
Executive Vice President of Operations & Property Management
TENURE
1.3 yrs

Michael Racine

TITLE
Executive Vice President of Leasing - Office & Industrial

Richard Fortin

TITLE
Vice President of Asset Management
TENURE
1.3 yrs

Marie-Andrée Boutin

TITLE
Executive VP of Retail Strategy & Operations
TENURE
0.7 yrs
Board of Directors Tenure

Average tenure and age of the Cominar Real Estate Investment Trust board of directors in years:

2.2
Average Tenure
62
Average Age
  • The average tenure for the Cominar Real Estate Investment Trust board of directors is less than 3 years, this suggests a new board.
Board of Directors

René Tremblay

TITLE
Chairman of the Board
COMPENSATION
CA$78K
AGE
63

Sylvain Cossette

TITLE
President
COMPENSATION
CA$2M
AGE
60
TENURE
1.3 yrs

Johanne Lépine

TITLE
Independent Trustee
COMPENSATION
CA$116K
AGE
64
TENURE
6 yrs

Michel Théroux

TITLE
Independent Trustee
COMPENSATION
CA$128K
AGE
70
TENURE
4 yrs

Luc Bachand

TITLE
Independent Trustee
COMPENSATION
CA$129K
AGE
61
TENURE
3 yrs

Paul Campbell

TITLE
Independent Trustee
COMPENSATION
CA$76K
AGE
70
TENURE
1.2 yrs

Zach George

TITLE
Independent Trustee
AGE
40
TENURE
0.3 yrs

Mitchell Cohen

TITLE
Director

Christine Beaubien

TITLE
Independent Director
AGE
56
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Cominar Real Estate Investment Trust insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
03. Apr 19 Buy Iris Capital Company 01. Apr 19 01. Apr 19 35,550 $8.91 $314,533
29. Mar 19 Buy Marie-Andrée Boutin Individual 29. Mar 19 29. Mar 19 4,200 $8.91 $37,426
29. Mar 19 Buy Heather Kirk Individual 29. Mar 19 29. Mar 19 14,900 $8.87 $132,076
29. Mar 19 Buy Iris Capital Company 25. Mar 19 29. Mar 19 498,974 $8.87 $4,415,601
27. Mar 19 Buy Paul Campbell Individual 27. Mar 19 27. Mar 19 18,000 $8.83 $158,906
25. Mar 19 Buy Iris Capital Company 22. Mar 19 22. Mar 19 18,200 $8.89 $161,726
21. Mar 19 Buy FrontFour Capital Group LLC Company 19. Mar 19 19. Mar 19 3,100 $8.85 $27,430
21. Mar 19 Buy Iris Capital Company 18. Mar 19 21. Mar 19 1,000,000 $8.97 $8,847,798
15. Mar 19 Sell FrontFour Capital Group LLC Company 15. Mar 19 15. Mar 19 -303,626 $8.66 $-2,629,831
15. Mar 19 Buy Iris Capital Company 14. Mar 19 15. Mar 19 803,626 $8.78 $6,913,703
14. Mar 19 Sell FrontFour Capital Group LLC Company 11. Mar 19 11. Mar 19 -68,200 $8.72 $-594,630
14. Mar 19 Buy Iris Capital Company 11. Mar 19 13. Mar 19 868,200 $8.85 $7,653,984
12. Mar 19 Buy Marie-Andrée Boutin Individual 11. Mar 19 11. Mar 19 2,000 $8.93 $17,855
12. Mar 19 Buy Heather Kirk Individual 11. Mar 19 11. Mar 19 25,100 $8.75 $219,586
26. Jan 19 Buy FrontFour Capital Group LLC Company 18. Jan 19 18. Jan 19 182,400 $9.05 $1,651,488
07. Jan 19 Buy Iris Capital Company 02. Jan 19 07. Jan 19 1,604,800 $9.01 $14,232,102
07. Jan 19 Buy René Tremblay Individual 03. Jan 19 03. Jan 19 21,500 $8.57 $184,342
18. Dec 18 Sell Todd Bechard Individual 14. Dec 18 14. Dec 18 -2,150 $9.04 $-19,432
04. Sep 18 Sell Carl Pepin Individual 04. Sep 18 04. Sep 18 -10,752 $9.14 $-98,326
29. Jun 18 Buy Paul Campbell Individual 28. Jun 18 28. Jun 18 3,600 $9.65 $34,725
22. Jun 18 Buy Heather Kirk Individual 22. Jun 18 22. Jun 18 15,500 $9.60 $148,820
14. Jun 18 Buy Heather Kirk Individual 13. Jun 18 13. Jun 18 8,100 $9.62 $77,918
X
Management checks
We assess Cominar 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. Cominar 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.

News

Simply Wall St News

Company Info

Description

Cominar is one of the largest diversified real estate investment trust in Canada and is the largest commercial property owner in the Province of Québec. The REIT owns a real estate portfolio of 346 properties in three different market segments, that is, office properties, retail properties and industrial and flex properties. Cominar's portfolio totals 37.3 million square feet located in the Montreal, Québec City and Ottawa areas. Cominar's primary objectives are to maximize unit value through the proactive management of its properties.

Details
Name: Cominar Real Estate Investment Trust
CMLE.F
Exchange: OTCPK
Founded: 1997
CA$1,634,311,445
182,024,143
Website: http://www.cominar.com
Address: Cominar Real Estate Investment Trust
Complexe Jules-Dallaire - T3,
Suite 850,
Quebec City,
Quebec, G1V 0C1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CUF.UN Trust Units The Toronto Stock Exchange CA CAD 21. May 1999
OTCPK CMLE.F Trust Units Pink Sheets LLC US USD 21. May 1999
Number of employees
Current staff
Staff numbers
684
Cominar Real Estate Investment Trust employees.
Industry
Diversified REITs
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/05/25 00:28
End of day share price update: 2019/05/24 00:00
Last estimates confirmation: 2019/05/13
Last earnings filing: 2019/05/06
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.