Added to YB: 2024-07-22
Pitch date: 2024-07-19
PMZ-UN.TO [bullish]
Primaris Real Estate Investment Trust
+22.77%
current return
Author Info
Company Info
Primaris is Canada’s only enclosed shopping centre focused REIT, with ownership interests primarily in leading enclosed shopping centres located in growing mid-sized markets.
Market Cap
CAD 1.5B
Pitch Price
CAD 12.49
Price Target
N/A
Dividend
6.00%
EV/EBITDA
13.53
P/E
20.14
EV/Sales
6.81
Sector
Retail REITs
Category
value
Canadian REIT Valuations And 2024 Opportunities - Retail REITs: Primaris
PMZ-UN.TO: Cdn REIT w/ strong financials & ops. 1Q24 guidance raised. CEO highlights 7.16% cap rate, 8.34% discount rate, 7.31% terminal cap. 150-200bps spread over debt cost. Units imply 9%+ cap rate, 400-500bps spread. Conservative IFRS NAV. Selling McAllister Place mall ($75M exp). Focus on high-sales, high-growth locations. Trades at discount to peers.
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