True North Commercial Real Estate Investment Trust

OTCPK:TUER.F Stock Report

Market Cap: US$112.9m

True North Commercial Real Estate Investment Trust Valuation

Is TUER.F undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

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

Below Fair Value: TUER.F ($8.45) is trading below our estimate of fair value ($23.16)

Significantly Below Fair Value: TUER.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 TUER.F?

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

The above table shows the Price to Sales ratio for TUER.F. This is calculated by dividing TUER.F's market cap by their current revenue.
What is TUER.F's PS Ratio?
PS Ratio1.2x
SalesCA$128.09m
Market CapCA$157.90m

Price to Sales Ratio vs Peers

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

The above table shows the PS ratio for TUER.F vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PSEstimated GrowthMarket Cap
Peer Average0.8x
KBSR KBS Real Estate Investment Trust III
0.4xn/aUS$122.4m
OPI Office Properties Income Trust
0.1x-4.9%US$62.5m
CIO City Office REIT
1.2x1.2%US$197.6m
FSP Franklin Street Properties
1.6xn/aUS$184.3m
TUER.F True North Commercial Real Estate Investment Trust
1.2xn/aUS$157.9m

Price-To-Sales vs Peers: TUER.F is expensive based on its Price-To-Sales Ratio (1.2x) compared to the peer average (0.8x).

Price to Sales Ratio vs Industry

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

2 CompaniesPrice / SalesEstimated GrowthMarket Cap
OPI Office Properties Income Trust
0.1x-4.9%US$62.47m
CMCT Creative Media & Community Trust
0.05xn/aUS$5.27m
No more companies available in this PS range
TUER.F 1.2xIndustry Avg. 2.9xNo. of Companies4PS01.63.24.86.48+
2 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Sales vs Industry: TUER.F is good value based on its Price-To-Sales Ratio (1.2x) compared to the US Office REITs industry average (2.9x).

Price to Sales Ratio vs Fair Ratio

What is TUER.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.

TUER.F 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 TUER.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 TUER.F forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentUS$8.45
US$8.34
-1.3%
3.0%US$8.52US$7.98n/a3
Nov ’25n/a
US$8.19
0%
11.6%US$9.03US$6.87n/a3
Oct ’25US$9.70
US$8.33
-14.1%
11.0%US$9.07US$7.03n/a3
Sep ’25US$7.50
US$6.91
-7.8%
4.3%US$7.28US$6.55n/a3
Aug ’25n/a
US$6.80
0%
3.3%US$7.04US$6.50n/a3
Jul ’25n/a
US$6.73
0%
5.2%US$7.14US$6.23n/a4
Jun ’25n/a
US$6.73
0%
5.2%US$7.14US$6.23n/a4
May ’25n/a
US$6.75
0%
8.1%US$7.66US$6.20n/a4
Apr ’25US$6.64
US$6.76
+1.9%
5.2%US$7.36US$6.44n/a4
Mar ’25n/a
US$6.88
0%
12.9%US$8.36US$5.98n/a4
Feb ’25US$7.00
US$14.12
+101.8%
84.9%US$34.85US$6.53n/a4
Jan ’25US$5.31
US$13.91
+161.9%
87.3%US$34.93US$6.45n/a4
Dec ’24US$5.23
US$13.32
+154.9%
90.9%US$34.25US$5.32n/a4
Nov ’24US$6.15
US$7.56
+22.8%
20.4%US$9.38US$5.21n/a4
Oct ’24US$8.80
US$12.46
+41.6%
11.7%US$13.96US$9.67US$9.705
Sep ’24US$10.59
US$12.46
+17.7%
11.7%US$13.96US$9.67US$7.505
Aug ’24US$11.47
US$13.08
+14.0%
13.9%US$15.26US$9.81n/a5
Jul ’24US$10.44
US$13.37
+28.0%
8.1%US$14.85US$11.67n/a5
Jun ’24US$11.21
US$13.37
+19.2%
8.1%US$14.85US$11.67n/a5
May ’24US$13.69
US$16.66
+21.7%
11.6%US$20.03US$14.76n/a5
Apr ’24US$14.75
US$19.49
+32.1%
8.0%US$20.95US$16.76US$6.645
Mar ’24US$25.64
US$25.35
-1.1%
5.7%US$26.86US$23.63n/a5
Feb ’24n/a
US$25.35
0%
5.7%US$26.86US$23.63US$7.005
Jan ’24US$24.26
US$25.81
+6.4%
9.2%US$29.87US$23.47US$5.315
Dec ’23n/a
US$25.81
0%
9.2%US$29.87US$23.47US$5.235
Nov ’23US$26.11
US$27.35
+4.8%
8.3%US$29.68US$23.32US$6.155

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

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