Added to YB: 2026-07-09
Pitch date: 2026-05-01
RFA.TO [bearish]
RFA Financial Inc.
-22.22%
current return
Author Info
No bio for this author
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 1.3B
Pitch Price
CAD 23.29
Price Target
15.00 (-47%)
Dividend
4.71%
EV/EBITDA
20.89
P/E
-11.75
EV/Sales
9.35
Sector
Financial Services
Category
special_situation
RFA Financial Inc. - $RFA.TO (short)
RFA.TO (short): Artis REIT/RFA merger a 'marriage of convenience' to provide liquidity to Joyce family insiders (Tim Hortons); lockup expires ~Aug 2026. Circular's plan to sell $1.3-1.5B RE & grow loan book $2.5B→$8-12B (25-40% CAGR vs EQB 17%) deemed aspirational. Bear case $15-20 (10-12x, $1.5-1.75 EPS) vs bull $30. Catalyst: lockup expiry, loan growth revision.
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