Choice Properties Real Estate Investment Trust

OTCPK:PPRQ.F Stock Report

Market Cap: US$3.3b

Choice Properties Real Estate Investment Trust Valuation

Is PPRQ.F 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 PPRQ.F when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: PPRQ.F ($10.07) is trading below our estimate of fair value ($18.94)

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

Key Valuation Metric

Which metric is best to use when looking at relative valuation for PPRQ.F?

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

The above table shows the Price to Sales ratio for PPRQ.F. This is calculated by dividing PPRQ.F's market cap by their current revenue.
What is PPRQ.F's PS Ratio?
PS Ratio3.2x
SalesCA$1.45b
Market CapCA$4.60b

Price to Sales Ratio vs Peers

How does PPRQ.F's PS Ratio compare to its peers?

The above table shows the PS ratio for PPRQ.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average7x
UE Urban Edge Properties
6.6x1.2%US$3.1b
AKR Acadia Realty Trust
8.1x6.4%US$3.0b
SKT Tanger
7.7x0.8%US$4.2b
MAC Macerich
5.6x5.7%US$4.6b
PPRQ.F Choice Properties Real Estate Investment Trust
3.2x3.2%US$4.6b

Price-To-Sales vs Peers: PPRQ.F is good value based on its Price-To-Sales Ratio (3.2x) compared to the peer average (7x).

Price to Sales Ratio vs Industry

How does PPRQ.F's PS Ratio compare vs other companies in the US Retail REITs Industry?

4 CompaniesPrice / SalesEstimated GrowthMarket Cap
WHLR Wheeler Real Estate Investment Trust
0.06xn/aUS$6.80m
RVIC Retail Value
0.1xn/aUS$5.72m
PRET.Q Pennsylvania Real Estate Investment Trust
0.01xn/aUS$2.98m
SGIC Strategic Realty Trust
0.2xn/aUS$657.44k
No more companies available in this PS range
PPRQ.F 3.2xIndustry Avg. 7.2xNo. of Companies5PS03.26.49.612.816+
4 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: PPRQ.F is good value based on its Price-To-Sales Ratio (3.2x) compared to the US Retail REITs industry average (7.2x).

Price to Sales Ratio vs Fair Ratio

What is PPRQ.F'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.

PPRQ.F PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio3.2x
Fair PS Ration/a

Price-To-Sales vs Fair Ratio: Insufficient data to calculate PPRQ.F'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 PPRQ.F forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
Currentn/a
US$11.40
0%
3.0%US$11.85US$10.77n/a8
Nov ’25US$10.07
US$11.47
+14.0%
4.3%US$12.24US$10.80n/a8
Oct ’25US$11.20
US$11.55
+3.1%
3.5%US$12.14US$11.04n/a8
Sep ’25US$10.88
US$11.09
+1.9%
1.6%US$11.27US$10.91n/a8
Aug ’25n/a
US$11.09
0%
1.6%US$11.27US$10.91n/a8
Jul ’25US$9.78
US$10.87
+11.2%
1.1%US$10.92US$10.55n/a8
Jun ’25US$9.28
US$10.93
+17.7%
1.2%US$10.98US$10.61n/a7
May ’25US$9.58
US$10.93
+14.1%
1.2%US$10.98US$10.61n/a7
Apr ’25n/a
US$11.24
0%
2.9%US$11.88US$10.77n/a7
Mar ’25US$9.93
US$11.24
+13.2%
2.9%US$11.88US$10.77n/a7
Feb ’25n/a
US$11.22
0%
3.1%US$11.97US$10.85n/a7
Jan ’25US$10.53
US$11.22
+6.6%
3.1%US$11.97US$10.85n/a7
Dec ’24US$9.96
US$10.84
+8.9%
3.6%US$11.05US$9.95n/a7
Nov ’24US$8.88
US$10.91
+22.8%
5.9%US$11.57US$9.76US$10.076
Oct ’24US$9.39
US$11.77
+25.4%
5.2%US$12.48US$10.59US$11.208
Sep ’24US$9.75
US$11.77
+20.8%
5.2%US$12.48US$10.59US$10.888
Aug ’24US$10.57
US$11.77
+11.4%
5.2%US$12.48US$10.59n/a8
Jul ’24US$10.19
US$11.64
+14.2%
4.9%US$12.46US$10.63US$9.788
Jun ’24n/a
US$11.64
0%
4.9%US$12.46US$10.63US$9.288
May ’24US$10.75
US$11.64
+8.2%
4.9%US$12.46US$10.63US$9.588
Apr ’24US$10.73
US$11.69
+9.0%
4.7%US$12.57US$10.72n/a8
Mar ’24US$10.84
US$11.58
+6.8%
4.8%US$12.49US$10.66US$9.938
Feb ’24US$11.08
US$11.60
+4.7%
4.4%US$12.32US$10.83n/a8
Jan ’24US$10.76
US$11.27
+4.8%
4.9%US$12.08US$10.62US$10.539
Dec ’23US$11.00
US$11.48
+4.3%
4.2%US$12.39US$10.89US$9.969
Nov ’23US$9.64
US$10.86
+12.6%
3.9%US$11.43US$9.96US$8.888

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

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