Added to YB: 2024-07-22
Pitch date: 2024-07-19
AX-UN.TO [neutral]
RFA Financial Inc.
+49.19%
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 17.74
Price Target
N/A
Dividend
6.88%
EV/EBITDA
34.08
P/E
-9.79
EV/Sales
N/A
Sector
Financial Services
Category
value
Canadian REIT Valuations And 2024 Opportunities - Diversified REITs: Artis
AX-UN.TO: REIT trading at 54% discount to NAV ($14.06). Repurchased 3.7M units at $6.29 avg in 2024. $75M equity + $153M PIK pref in Cominar (6.4% cap rate, likely overvalued). Gare Centrale redevelopment potential but limited by leverage. Dream Office stake impact unclear. No clear plan to close NAV gap. Risks: vague strategy, potential disappointment in 'value investing' approach.
Read full article (3 min)