BEI-UN Stock Analysis: Boardwalk Real Estate | TO
REIT - Residential | TO, Canada | Market Cap: 3.370m CAD | 12M Return: 4% | CA0966311064 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 3.85M
Rev. Trend: 98.3%
Qual. Beats: 0
Warnings
Tailwinds
No distinct edge detected
Seasonality 11.8 years of data
How good or bad each month usually is (without trend). The score below shows how much you can trust it: 0 = pure chance, >40 gets interesting and >55 is strong.
Boardwalk Real Estate Investment Trust is a Canadian residential REIT that owns and manages apartment communities across the country. It serves a diverse range of residents through three brands and focuses on acquisitions, development, repositioning, and property management. Like other residential REITs, it earns income primarily from renting homes to residents.
- Alberta population growth supports occupancy and apartment rent increases
- Ontario and Quebec rent controls limit rental revenue growth
- Higher borrowing costs pressure refinancing, distributions, and property valuations
| Net Income: -32.2m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.01 > 0.02 and ΔFCF/TA -0.60 > 1.0 |
| NWC/Revenue: -132.7% < 20% (prev -150.6%; Δ 17.95% < -1%) |
| CFO/TA 0.03 > 3% & CFO 279.6m > Net Income -32.2m |
| Net Debt (3.54b) to EBITDA (133.6m): 26.51 < 3 |
| Current Ratio: 0.16 > 1.5 & < 3 |
| Outstanding Shares: last quarter (47.0m) vs 12m ago -4.00% < -2% |
| Gross Margin: 63.59% > 18% (prev 64.30%; Δ -0.71% > 0.5%) |
| Asset Turnover: 7.46% > 50% (prev 7.09%; Δ 0.37% > 0%) |
| Interest Coverage Ratio: 0.98 > 6 (EBIT TTM 124.6m / Interest Expense TTM 126.8m) |
| A: -0.10 (Total Current Assets 167.2m - Total Current Liabilities 1.03b) / Total Assets 8.66b |
| B: 0.48 (Retained Earnings 4.19b / Total Assets 8.66b) |
| C: 0.01 (EBIT TTM 124.6m / Avg Total Assets 8.72b) |
| D: 1.18 (Book Value of Equity 4.68b / Total Liabilities 3.98b) |
| Altman-Z'' = 2.25 = BBB |
As of November 04, 2026, the stock is trading at CAD 63.21 with a total of 85,220 shares traded. Over the past week, the price has changed by +1.17%, over one month by +4.68%, over three months by -3.00% and over the past year by +3.96%.
Current recommended Stop Loss: 61.70 (which is 2.4% or 1.4 ATR below the current price).
Boardwalk Real Estate has no consensus analysts rating.
P/E Forward = 13.2802
P/S = 5.2588
P/B = 0.6647
P/EG = 1.407
Revenue TTM = 650.4m CAD
EBIT TTM = 124.6m CAD
EBITDA TTM = 133.6m CAD
Long Term Debt = 2.88b CAD (from longTermDebt, last quarter)
Short Term Debt = 645.6m CAD (from shortTermDebt, last quarter)
Debt = 3.67b CAD (from shortLongTermDebtTotal, last quarter) + Leases 73.9m
Net Debt = 3.54b CAD (calculated: Debt 3.67b - CCE 129.0m)
Enterprise Value = 6.91b CAD (3.37b + Debt 3.67b - CCE 129.0m)
Interest Coverage Ratio = 0.98 (Ebit TTM 124.6m / Interest Expense TTM 126.8m)
EV/FCF = 70.84x (Enterprise Value 6.91b / FCF TTM 97.6m)
FCF Yield = 1.41% (FCF TTM 97.6m / Enterprise Value 6.91b)
FCF Margin = 15.00% (FCF TTM 97.6m / Revenue TTM 650.4m)
Net Margin = -4.95% (Net Income TTM -32.2m / Revenue TTM 650.4m)
Gross Margin = 63.59% ((Revenue TTM 650.4m - Cost of Revenue TTM 236.8m) / Revenue TTM)
Gross Margin QoQ = 66.63% (prev 61.52%)
Tobins Q-Ratio = 0.80 (Enterprise Value 6.91b / Total Assets 8.66b)
Interest Expense / Debt = 3.45% (Interest Expense 126.8m / Debt 3.67b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 93.4m (EBIT 124.6m * (1 - 25.00%))
Current Ratio = 0.16 (Total Current Assets 167.2m / Total Current Liabilities 1.03b)
Debt / Equity = 0.78 (Debt 3.67b / totalStockholderEquity, last quarter 4.68b)
Debt / EBITDA = 26.51 (Net Debt 3.54b / EBITDA 133.6m)
Debt / FCF = 36.30 (Net Debt 3.54b / FCF TTM 97.6m)
Total Stockholder Equity = 4.86b (last 4 quarters mean from totalStockholderEquity)
RoA = -0.37% (Net Income -32.2m / Total Assets 8.66b)
RoE = -0.66% (Net Income TTM -32.2m / Total Stockholder Equity 4.86b)
RoCE = 1.61% (EBIT 124.6m / Capital Employed (Equity 4.86b + L.T.Debt 2.88b))
RoIC = 1.13% (NOPAT 93.4m / Invested Capital 8.25b)
WACC = 4.00% (E(3.37b)/V(7.04b) * Re(5.53%) + D(3.67b)/V(7.04b) * Rd(3.45%) * (1-Tc(0.25)))
Discount Rate = 5.53% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: -46.54 | Cagr: -2.21%
[DCF] Terminal Value 73.10% ; FCFF base≈119.0m ; Y1≈104.4m ; Y5≈84.3m
[DCF] Fair Price = N/A (negative equity: EV 1.35b - Net Debt 3.54b = -2.19b; debt exceeds intrinsic value)
Revenue Correlation: 98.32 | Revenue CAGR: 7.68% | SUE: -0.20 | # QB: 0
EPS current Year (2026-12-31): EPS=1.98 | Chg30d=-38.89% | Revisions=-25% | GrowthEPS=-48.4% | GrowthRev=+1.1%
EPS next Year (2027-12-31): EPS=4.66 | Chg30d=-0.85% | Revisions=-25% | GrowthEPS=+135.3% | GrowthRev=+1.7%