SmartCentres Real Estate Investment Trust
TSX:SRU.UN

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SmartCentres Real Estate Investment Trust Logo
SmartCentres Real Estate Investment Trust
TSX:SRU.UN
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Price: 25.07 CAD 0.36%
Market Cap: 3.6B CAD
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Intrinsic Value

The intrinsic value of one SRU.UN stock under the Base Case scenario is 39.98 CAD. Compared to the current market price of 25.07 CAD, SmartCentres Real Estate Investment Trust is Undervalued by 37%.

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

SRU.UN Intrinsic Value
39.98 CAD
Undervaluation 37%
Intrinsic Value
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SmartCentres 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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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

Balance Sheet Decomposition
SmartCentres Real Estate Investment Trust

Current Assets 248.8m
Cash & Short-Term Investments 49.3m
Receivables 105.6m
Other Current Assets 93.8m
Non-Current Assets 11.7B
Long-Term Investments 11.3B
PP&E 11.4m
Intangibles 41.8m
Other Non-Current Assets 344.8m
Current Liabilities 1.5B
Accounts Payable 104.3m
Accrued Liabilities 51.5m
Other Current Liabilities 1.3B
Non-Current Liabilities 5.3B
Long-Term Debt 4.2B
Other Non-Current Liabilities 1.1B
Efficiency

Earnings Waterfall
SmartCentres Real Estate Investment Trust

Revenue
862.3m CAD
Cost of Revenue
-339.5m CAD
Gross Profit
522.8m CAD
Operating Expenses
-54.5m CAD
Operating Income
468.3m CAD
Other Expenses
-195m CAD
Net Income
273.2m CAD

Free Cash Flow Analysis
SmartCentres Real Estate Investment Trust

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

SmartCentres REIT saw significant progress in Q2 2024, achieving a 98.2% occupancy rate and executing over 272,000 square feet of new leases. Rental rate increases of 8.5%, excluding anchor tenants, demonstrated the underlying value of their properties. Same-property net operating income (NOI) rose by 3% for the first half of the year. The REIT also maintained stable distributions at $1.85 per unit annually, despite a slight decrease in net operating income attributed to fewer condo closings. Financial liquidity was bolstered by an additional $250 million to the operating credit facility and a $350 million debenture offering. The management expects continued strong tenant demand and stable growth.

What is Earnings Call?
Fundamental Scores

SRU.UN Profitability Score
Profitability Due Diligence

SmartCentres Real Estate Investment Trust's profitability score is 63/100. The higher the profitability score, the more profitable the company is.

63/100
Profitability
Score

SmartCentres Real Estate Investment Trust's profitability score is 63/100. The higher the profitability score, the more profitable the company is.

SRU.UN Solvency Score
Solvency Due Diligence

SmartCentres Real Estate Investment Trust's solvency score is 23/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Low D/E
Short-Term Solvency
Positive Net Debt
23/100
Solvency
Score

SmartCentres Real Estate Investment Trust's solvency score is 23/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

SRU.UN Price Targets Summary
SmartCentres Real Estate Investment Trust

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

According to Wall Street analysts, the average 1-year price target for SRU.UN is 26.39 CAD with a low forecast of 24.24 CAD and a high forecast of 29.4 CAD.

Lowest
Price Target
24.24 CAD
3% Downside
Average
Price Target
26.39 CAD
5% Upside
Highest
Price Target
29.4 CAD
17% Upside
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Dividends

Dividend Yield
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Dividend Per Share
N/A
Growth 3Y
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Growth 10Y
Dividend Safety Score
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0
25
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100
Shareholder Yield

Current shareholder yield for SRU.UN is .

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Shareholder Yield
Dividend Yield
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Debt Paydown Yield
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Profile

SmartCentres Real Estate Investment Trust Logo
SmartCentres Real Estate Investment Trust

Country

Canada

Industry

Real Estate

Market Cap

3.6B CAD

Dividend Yield

8.61%

Description

SmartCentres Real Estate Investment Trust is a fully integrated commercial and residential REITs, with its strategically located properties in communities across the country. The company is headquartered in Vaughan, Ontario. The Trust develops, leases, constructs, owns and manages shopping centers, office buildings, high-rise and low-rise condominium and rental residences, seniors’ housing, town house units, and self-storage rental facilities in Canada. Its portfolio featuring approximately168 located properties. The firm's subsidiaries include Smart Limited Partnership, Smart Limited Partnership II, Smart Limited Partnership III, Smart Limited Partnership IV, Smart Oshawa South Limited Partnership, Smart Oshawa Taunton Limited Partnership, Smart Boxgrove Limited Partnership, ONR Limited Partnership and ONR Limited Partnership I. The firm's Project 512 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.

Contact

ONTARIO
Vaughan
3200 Highway 7
+19053266400.0
www.smartcentres.com

IPO

1998-02-04

Employees

363

Officers

Executive Chairman & CEO
Mr. Mitchell Goldhar
Chief Financial Officer
Mr. Peter L. Slan CA
Executive Vice President of Portfolio Management & Investments
Mr. Rudy Gobin
Executive VP and Chief People & Culture Officer
Mr. Dan Markou
Vice President of Investor Relations
Hammad Rawra
Legal Counsel
Ms. Shea Nerland Calnan
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Executive Vice President of Development
Mr. Allan Scully
Director of Operations Accounting
Ms. Julia Mok
Senior Director of Property Management
Mr. Tom Bazinet
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See Also

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

The intrinsic value of one SRU.UN stock under the Base Case scenario is 39.98 CAD.

Is SRU.UN stock undervalued or overvalued?

Compared to the current market price of 25.07 CAD, SmartCentres Real Estate Investment Trust is Undervalued by 37%.

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