Added to YB: 2025-11-17
Pitch date: 2025-11-13
AX-UN.TO [neutral]
RFA Financial Inc.
+34.59%
current return
Author Info
Company Info
RFA Financial Inc. is a diversified commercial real estate investment trust and is an unincorporated closed-end real estate investment trust, created under, and governed by, the laws of the Province of Manitoba.
Market Cap
CAD 1.2B
Pitch Price
CAD 19.66
Price Target
10.39 (-61%)
Dividend
6.88%
EV/EBITDA
34.08
P/E
-9.79
EV/Sales
N/A
Sector
Financial Services
Category
special_situation
Artis REIT Merger: Is There Any Substance To Support The Manji Mumbo Jumbo?
AX-UN.TO (merger overview): REIT merger w/ RFA creates 20% book value dilution ($10.39 vs $12.98 NAV) despite mgmt calling NAV key metric. Pro-forma EPS negative contradicting 'backed by cash flow' claims. RFA gets 198% premium vs Artis dilution. Special committee gets $1.47M cash if approved. Alt: liquidate portfolio for $1.3-1.5B proceeds to unitholders.
Read full article (4 min)