Added to YB: 2025-11-17
Pitch date: 2025-11-13
AX-UN.TO [neutral]
Artis Real Estate Investment Trust
+14.04%
current return
Author Info
Company Info
Artis is a diversified Canadian real estate investment trust with a portfolio of industrial, office and retail properties in Canada and the United States.
Market Cap
CAD 654.5M
Pitch Price
CAD 6.63
Price Target
10.39 (+40%)
Dividend
8.80%
EV/EBITDA
24.70
P/E
-10.47
EV/Sales
9.06
Sector
Office REITs
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)