RioCan Real Estate Investment Trust
TSX:REI.UN

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RioCan Real Estate Investment Trust Logo
RioCan Real Estate Investment Trust
TSX:REI.UN
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Price: 19.1 CAD 0.1% Market Closed
Market Cap: 5.7B CAD
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Intrinsic Value

The intrinsic value of one REI.UN stock under the Base Case scenario is 31.42 CAD. Compared to the current market price of 19.1 CAD, RioCan Real Estate Investment Trust is Undervalued by 39%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

REI.UN Intrinsic Value
31.42 CAD
Undervaluation 39%
Intrinsic Value
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RioCan Real Estate Investment Trust

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Fundamental Analysis

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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

Balance Sheet Decomposition
RioCan Real Estate Investment Trust

Current Assets 476.5m
Cash & Short-Term Investments 39.7m
Receivables 62.6m
Other Current Assets 374.2m
Non-Current Assets 14.8B
Long-Term Investments 14.2B
Other Non-Current Assets 597.4m
Current Liabilities 2.1B
Accounts Payable 26.2m
Accrued Liabilities 56.8m
Other Current Liabilities 2B
Non-Current Liabilities 5.7B
Long-Term Debt 5.6B
Other Non-Current Liabilities 116.2m
Efficiency

Earnings Waterfall
RioCan Real Estate Investment Trust

Revenue
1.2B CAD
Cost of Revenue
-447.8m CAD
Gross Profit
731.1m CAD
Operating Expenses
-69.4m CAD
Operating Income
661.6m CAD
Other Expenses
-431.5m CAD
Net Income
230.2m CAD

Free Cash Flow Analysis
RioCan Real Estate Investment Trust

Last Value
3-Years Average
FCF Margin
Conversion Rate
Earnings Calls

RioCan reported a solid third quarter, with FFO per unit rising to $0.46, a slight increase from $0.45. Key metrics included a high retail occupancy of 98.6%, a leasing spread of 14.2%, and a favorable demographic backdrop. Management expects FFO guidance this year to align with previously stated ranges, despite a projected $0.03 impact from a restructuring charge. Significant refinancing improved liquidity and reduced debt costs, while the company targets net debt to EBITDA of 8-9x. RioCan aims for $50 million to $60 million in residential NOI by 2026, supported by accelerated condo sales, with $607 million anticipated from presales by then.

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Fundamental Scores

REI.UN Profitability Score
Profitability Due Diligence

RioCan Real Estate Investment Trust's profitability score is 58/100. The higher the profitability score, the more profitable the company is.

58/100
Profitability
Score

RioCan Real Estate Investment Trust's profitability score is 58/100. The higher the profitability score, the more profitable the company is.

REI.UN Solvency Score
Solvency Due Diligence

RioCan Real Estate Investment Trust's solvency score is 25/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Low D/E
Short-Term Solvency
Low Altman Z-Score
25/100
Solvency
Score

RioCan Real Estate Investment Trust's solvency score is 25/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

REI.UN Price Targets Summary
RioCan Real Estate Investment Trust

Wall Street analysts forecast REI.UN stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for REI.UN is 22.31 CAD with a low forecast of 20.96 CAD and a high forecast of 24.15 CAD.

Lowest
Price Target
20.96 CAD
10% Upside
Average
Price Target
22.31 CAD
17% Upside
Highest
Price Target
24.15 CAD
26% Upside
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Dividends

Dividend Yield
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Dividend Per Share
N/A
Growth 3Y
Growth 5Y
Growth 10Y
Dividend Safety Score
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0
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Shareholder Yield

Current shareholder yield for REI.UN is .

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Profile

RioCan Real Estate Investment Trust Logo
RioCan Real Estate Investment Trust

Country

Canada

Industry

Real Estate

Market Cap

5.7B CAD

Dividend Yield

6.7%

Description

RioCan Real Estate Investment Trust is a closed-end trust engaged in owning, development, and management of retail-focused properties. The company is headquartered in Toronto, Ontario and currently employs 600 full-time employees. The firm owns, develops and operates portfolio of retail-focused and increasingly mixed-use properties located in prime, high-density transit-oriented areas where Canadians want to shop, live and work. The majority of its properties are comprised of necessity-based tenants, such as grocery, pharmacy, liquor, personal services, and value and specialty retailers. The firm has approximately 200 properties for commercial lease, including grocery anchored, open air, mixed-use/urban, and enclosed centers. The company has various urban mixed-use projects underway, which combine residential, commercial, and/or office space. The company also creates entire communities on vacant or underdeveloped land in growing suburban markets. The Company’s residential brand RioCan Living turns select existing retail shopping centers into mixed-use communities.

Contact

ONTARIO
TORONTO
RioCan Yonge Eglinton Centre, 2300 Yonge Street,, Suite 500
+14168663033.0
www.riocan.com

IPO

1994-01-05

Employees

600

Officers

President, CEO & Non-Independent Trustee
Mr. Jonathan Gitlin
Chief Financial Officer
Mr. Dennis Blasutti
Chief Operating Officer
Dr. John Ballantyne Ph.D.
Chief Investment Officer
Mr. Andrew Duncan
Senior VP of ESG, General Counsel & Corporate Secretary
Ms. Jennifer Suess
Vice President of Investor Relations
Kim Lee
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Senior Vice President of People & Brand
Ms. Terri Andrianopoulos
Senior Vice President of Leasing & Tenant Construction
Mr. Jeff Ross
Senior Vice President of Leasing & Tenant Experience
Mr. Oliver Harrison
Senior Vice President of Finance
Ms. Franca Smith
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See Also

Discover More
What is the Intrinsic Value of one REI.UN stock?

The intrinsic value of one REI.UN stock under the Base Case scenario is 31.42 CAD.

Is REI.UN stock undervalued or overvalued?

Compared to the current market price of 19.1 CAD, RioCan Real Estate Investment Trust is Undervalued by 39%.

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