PMZ-UN Stock Analysis: Primaris Retail R.E. | TO
REIT - Retail | TO, Canada | Market Cap: 3.107m CAD | 12M Return: 53.7% | CA74167K1093 | Charts, Fundamentals & Technical Analysis
Avg Turnover: 7.17M
Rev. Trend: 99.7%
Qual. Beats: 0
Warnings
Tailwinds
Seasonality 4.8 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.
Primaris Real Estate Investment Trust is a Canadian REIT focused on enclosed shopping centres, with interests in properties in growing Canadian markets. Its portfolio totals 14.6 million square feet and was valued at approximately US$5.2 billion at Primaris’ share.
Its fully internal management platform oversees the portfolio, while shopping-centre REITs generally earn income by leasing retail space to tenants. Primaris was incorporated in Ontario in 2021.
- Mall occupancy and leasing spreads drive same-property NOI growth
- Canadian consumer spending supports tenant sales and rent growth
- Interest rates and acquisition yields shape AFFO and valuation
| Net Income: 117.5m TTM > 0 and > 6% of Revenue |
| FCF/TA: 0.04 > 0.02 and ΔFCF/TA 0.05 > 1.0 |
| NWC/Revenue: -16.86% < 20% (prev -79.97%; Δ 63.11% < -1%) |
| CFO/TA 0.04 > 3% & CFO 225.1m > Net Income 117.5m |
| Net Debt (1.93b) to EBITDA (249.0m): 7.77 < 3 |
| Current Ratio: 0.81 > 1.5 & < 3 |
| Outstanding Shares: last quarter (129.5m) vs 12m ago 0.97% < -2% |
| Gross Margin: 57.19% > 18% (prev 56.64%; Δ 0.55% > 0.5%) |
| Asset Turnover: 13.73% > 50% (prev 12.34%; Δ 1.39% > 0%) |
| Interest Coverage Ratio: 1.91 > 6 (EBIT TTM 247.1m / Interest Expense TTM 129.6m) |
| DSRI: 0.92 (Receivables 30.6m/28.2m, Revenue 719.6m/607.8m) |
| GMI: 0.99 (GM 56.64% / 57.19%) |
| AQI: 0.91 (AQ_t 0.90 / AQ_t-1 0.99) |
| SGI: 1.18 (Revenue 719.6m / 607.8m) |
| TATA: -0.02 (NI 117.5m - CFO 225.1m) / TA 5.56b) |
| Beneish M = -3.02 (Cap -4..+1) = AA |
As of November 01, 2026, the stock is trading at CAD 22.13 with a total of 738,137 shares traded. Over the past week, the price has changed by -1.06%, over one month by +0.96%, over three months by -2.04% and over the past year by +53.72%.
Current recommended Stop Loss: 21.10 (which is 4.7% or 2.5 ATR below the current price).
Primaris Retail R.E. has no consensus analysts rating.
P/E Trailing = 18.1774
P/E Forward = 13.2626
P/S = 4.4474
P/B = 1.0668
Revenue TTM = 719.6m CAD
EBIT TTM = 247.1m CAD
EBITDA TTM = 249.0m CAD
Long Term Debt = 2.16b CAD (from longTermDebt, last quarter)
Short Term Debt = 1.47m CAD (from shortTermDebt, last fiscal year)
Debt = 2.20b CAD (from shortLongTermDebtTotal, last fiscal year) + Leases 10.5m
Net Debt = 1.93b CAD (calculated: Debt 2.20b - CCE 263.2m)
Enterprise Value = 5.04b CAD (3.11b + Debt 2.20b - CCE 263.2m)
Interest Coverage Ratio = 1.91 (Ebit TTM 247.1m / Interest Expense TTM 129.6m)
EV/FCF = 23.50x (Enterprise Value 5.04b / FCF TTM 214.5m)
FCF Yield = 4.26% (FCF TTM 214.5m / Enterprise Value 5.04b)
FCF Margin = 29.82% (FCF TTM 214.5m / Revenue TTM 719.6m)
Net Margin = 16.32% (Net Income TTM 117.5m / Revenue TTM 719.6m)
Gross Margin = 57.19% ((Revenue TTM 719.6m - Cost of Revenue TTM 308.0m) / Revenue TTM)
Gross Margin QoQ = 57.91% (prev 57.56%)
Tobins Q-Ratio = 0.91 (Enterprise Value 5.04b / Total Assets 5.56b)
Interest Expense / Debt = 5.90% (Interest Expense 129.6m / Debt 2.20b)
Taxrate = 25.0% (non-US conservative default 25%)
NOPAT = 185.3m (EBIT 247.1m * (1 - 25.00%))
Current Ratio = 0.81 (Total Current Assets 519.3m / Total Current Liabilities 640.7m)
Debt / Equity = 0.80 (Debt 2.20b / totalStockholderEquity, last quarter 2.74b)
Debt / EBITDA = 7.77 (Net Debt 1.93b / EBITDA 249.0m)
Debt / FCF = 9.02 (Net Debt 1.93b / FCF TTM 214.5m)
Total Stockholder Equity = 2.58b (last 4 quarters mean from totalStockholderEquity)
RoA = 2.24% (Net Income 117.5m / Total Assets 5.56b)
RoE = 4.55% (Net Income TTM 117.5m / Total Stockholder Equity 2.58b)
RoCE = 5.21% (EBIT 247.1m / Capital Employed (Equity 2.58b + L.T.Debt 2.16b))
RoIC = 3.80% (NOPAT 185.3m / Invested Capital 4.88b)
WACC = 5.57% (E(3.11b)/V(5.31b) * Re(6.39%) + D(2.20b)/V(5.31b) * Rd(5.90%) * (1-Tc(0.25)))
Discount Rate = 6.39% (= CAPM, Blume Beta Adj.)
Shares (quarterly) Correlation: 76.65 | Cagr: 11.87%
[DCF] Terminal Value 77.88% ; FCFF base≈203.7m ; Y1≈232.4m ; Y5≈337.9m
[DCF] Fair Price = 26.73 (EV 5.09b - Net Debt 1.93b = Equity 3.16b / Shares 118.1m; r=8.35% [WACC [floored]]; 5y FCF grow 14.44% → 2.50% )
Revenue Correlation: 99.65 | Revenue CAGR: 23.95% | SUE: 0.51 | # QB: 0
EPS current Year (2026-12-31): EPS=1.06 | Chg30d=-0.93% | Revisions=-25% | GrowthEPS=-19.7% | GrowthRev=+12.6%
EPS next Year (2027-12-31): EPS=1.70 | Chg30d=-2.86% | Revisions=-25% | GrowthEPS=+60.4% | GrowthRev=+11.3%