OTCPK:CWYU.F

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SmartCentres Real Estate Investment Trust

Executive Summary

SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a best-in-class portfolio featuring 157 strategically located properties in communities across the country.


Snowflake Analysis

6 star dividend payer and undervalued.

Share Price & News

How has SmartCentres Real Estate Investment Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: CWYU.F's share price has been volatile over the past 3 months.


Market Performance


7 Day Return

11.4%

CWYU.F

4.6%

US REITs

2.9%

US Market


1 Year Return

-34.5%

CWYU.F

-7.2%

US REITs

8.9%

US Market

Return vs Industry: CWYU.F underperformed the US REITs industry which returned -7.2% over the past year.

Return vs Market: CWYU.F underperformed the US Market which returned 8.9% over the past year.


Shareholder returns

CWYU.FIndustryMarket
7 Day11.4%4.6%2.9%
30 Day18.2%11.3%10.6%
90 Day-26.1%-9.8%5.1%
1 Year-30.1%-34.5%-3.3%-7.2%11.4%8.9%
3 Year-16.2%-29.9%16.7%2.3%34.3%25.4%
5 Year-6.4%-29.1%47.8%17.6%60.7%42.7%

Price Volatility Vs. Market

How volatile is SmartCentres Real Estate Investment Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

No news available

Valuation

Is SmartCentres Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?

45.9%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CWYU.F ($16.45) is trading below our estimate of fair value ($30.4)

Significantly Below Fair Value: CWYU.F is trading below fair value by more than 20%.


Price To Earnings Ratio

PE vs Industry: CWYU.F is good value based on its PE Ratio (10.7x) compared to the REITs industry average (29.6x).

PE vs Market: CWYU.F is good value based on its PE Ratio (10.7x) compared to the US market (16.4x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate CWYU.F's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: CWYU.F is good value based on its PB Ratio (0.7x) compared to the US REITs industry average (1.5x).


Next Steps

Future Growth

How is SmartCentres Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 1 analyst?

-0.9%

Forecasted annual revenue growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if CWYU.F's forecast earnings growth is above the savings rate (2.2%).

Earnings vs Market: Insufficient data to determine if CWYU.F's earnings are forecast to grow faster than the US market

High Growth Earnings: Insufficient data to determine if earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: CWYU.F's revenue is expected to decline over the next 3 years (-0.9% per year).

High Growth Revenue: CWYU.F's revenue is forecast to decline over the next 3 years (-0.9% per year).


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if CWYU.F's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has SmartCentres Real Estate Investment Trust performed over the past 5 years?

4.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CWYU.F has high quality earnings.

Growing Profit Margin: CWYU.F's current net profit margins (36.3%) are lower than last year (38.9%).


Past Earnings Growth Analysis

Earnings Trend: CWYU.F's earnings have grown by 4.9% per year over the past 5 years.

Accelerating Growth: CWYU.F's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CWYU.F had negative earnings growth (-5.3%) over the past year, making it difficult to compare to the REITs industry average (5.2%).


Return on Equity

High ROE: CWYU.F's Return on Equity (6.7%) is considered low.


Next Steps

Financial Health

How is SmartCentres Real Estate Investment Trust's financial position?


Financial Position Analysis

Short Term Liabilities: CWYU.F's short term assets (CA$528.7M) do not cover its short term liabilities (CA$846.0M).

Long Term Liabilities: CWYU.F's short term assets (CA$528.7M) do not cover its long term liabilities (CA$4.2B).


Debt to Equity History and Analysis

Debt Level: CWYU.F's debt to equity ratio (88.5%) is considered high.

Reducing Debt: CWYU.F's debt to equity ratio has increased from 78.5% to 88.5% over the past 5 years.

Debt Coverage: CWYU.F's debt is not well covered by operating cash flow (7.8%).

Interest Coverage: CWYU.F's interest payments on its debt are well covered by EBIT (3.3x coverage).


Balance Sheet


Next Steps

Dividend

What is SmartCentres Real Estate Investment Trust's current dividend yield, its reliability and sustainability?

8.33%

Current Dividend Yield


Dividend Yield vs Market

Notable Dividend: CWYU.F's dividend (8.33%) is higher than the bottom 25% of dividend payers in the US market (1.62%).

High Dividend: CWYU.F's dividend (8.33%) is in the top 25% of dividend payers in the US market (4.32%)


Stability and Growth of Payments

Stable Dividend: CWYU.F's dividends per share have been stable in the past 10 years.

Growing Dividend: CWYU.F's dividend payments have increased over the past 10 years.


Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (51.5%), CWYU.F's dividend payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CWYU.F's dividends in 3 years are forecast to be thoroughly covered by earnings (0.5% payout ratio).


Next Steps

Management

How experienced are the management team and are they aligned to shareholders interests?

5.0yrs

Average management tenure


CEO

Peter Forde (64yo)

1.92yrs

Tenure

CA$1,497,500

Compensation

Mr. Peter Forde, CPA, CA, has been the President of SmartCentres Real Estate Investment Trust since August 2016 and its Chief Executive Officer since July 01, 2018 and its Trustee since May 31, 2019. Mr. F ...


CEO Compensation Analysis

Compensation vs Market: Peter's total compensation ($USD1.11M) is below average for companies of similar size in the US market ($USD5.84M).

Compensation vs Earnings: Peter's compensation has been consistent with company performance over the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Peter Forde
President1.92yrsCA$1.50m0.0011% CA$30.6k
Peter Sweeney
Chief Financial Officer5.58yrsCA$1.10mno data
Rudy Gobin
Executive Vice President of Portfolio Management & Investments5yrsCA$915.90k0.014% CA$374.1k
Mauro Pambianchi
Chief Development Officer5.08yrsCA$1.03m0.0035% CA$93.6k
Shea Calnan
Legal Counselno datano datano data
Fernando Vescio
Senior Vice President of Human Resources & Corporate Services5yrsno datano data
Erin Shirley
Director of Asset Managementno datano datano data
Paula Bustard
Executive Vice President of Development3yrsno datano data
Allan Scully
Executive Vice President of Development5.08yrsno datano data
Julia Mok
Director of Operations Accountingno datano datano data

5.0yrs

Average Tenure

56yo

Average Age

Experienced Management: CWYU.F's management team is seasoned and experienced (5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Peter Forde
President1.92yrsCA$1.50m0.0011% CA$30.6k
Michael Young
Lead Independent Trustee5.08yrsCA$400.00k0.12% CA$3.3m
Jamie McVicar
Independent Trustee18.5yrsCA$333.00k0.014% CA$374.1k
Kevin Pshebniski
Independent Trustee18.5yrsCA$274.00k0.019% CA$509.9k
Mitchell Goldhar
President of the Council5.08yrsCA$962.09k9.95% CA$269.2m
Gregory Howard
Independent Trustee4.92yrsCA$158.00k0.0010% CA$28.1k
Garry Foster
Independent Trustee7.08yrsCA$371.00k0.00055% CA$14.9k
Sharm Powell
Independent Trustee1.08yrsno datano data

5.1yrs

Average Tenure

62yo

Average Age

Experienced Board: CWYU.F's board of directors are considered experienced (5.1 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: CWYU.F 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

SmartCentres Real Estate Investment Trust's company bio, employee growth, exchange listings and data sources


Key Information

  • Name: SmartCentres Real Estate Investment Trust
  • Ticker: CWYU.F
  • Exchange: OTCPK
  • Founded: 1945
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: CA$3.657b
  • Market Cap: CA$2.374b
  • Listing Market Cap: CA$2.705b
  • Shares outstanding: 171.87m
  • Website: https://www.smartcentres.com

Number of Employees


Location

  • SmartCentres Real Estate Investment Trust
  • 3200 Highway 7
  • Vaughan
  • Ontario
  • L4K 5Z5
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
SRU.UNTSX (The Toronto Stock Exchange)YesTrust UnitsCACADFeb 1998
CWYU.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDFeb 1998

Biography

SmartCentres Real Estate Investment Trust is one of Canada’s largest fully integrated REITs, with a best-in-class portfolio featuring 157 strategically located properties in communities across the country. SmartCentres has $10.4 billion in assets and owns 34.1 million square feet of income producing value-oriented retail space with 98% occupancy, on 3,500 acres of owned land across Canada. SmartCentres continues to focus on enhancing the lives of Canadians by planning and developing complete, connected, mixed-use communities on its existing retail properties. A publicly announced $12.1 billion intensification program ($5.5 billion at SmartCentres' share) represents the REIT’s current major development focus. This intensification program consists of rental apartments, condos, seniors’ residences and hotels, to be developed under the SmartLiving banner, and retail, office, and storage facilities, to be developed under the SmartCentres banner. SmartCentres' intensification program is expected to produce an additional 27.9 million square feet of space; all construction commencing within the next five years, 12.4 million square feet of which is already underway. From shopping centres to city centres, SmartCentres is uniquely positioned to reshape the Canadian urban and urban-suburban landscape. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/06/05 04:34
End of Day Share Price2020/06/04 00:00
Earnings2020/03/31
Annual Earnings2019/12/31


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.