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Morguard

TSX:MRC
Snowflake Description

Undervalued with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MRC
TSX
CA$2B
Market Cap
  1. Home
  2. CA
  3. Real Estate
Company description

Morguard Corporation, a real estate investment and management corporation, acquires, owns, and develops real estate properties in Canada and the United States. The last earnings update was 43 days ago. More info.


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MRC Share Price and Events
7 Day Returns
11.1%
TSX:MRC
-3.9%
CA Real Estate
-0.1%
CA Market
1 Year Returns
-31%
TSX:MRC
-11.8%
CA Real Estate
-24.6%
CA Market
MRC Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Morguard (MRC) 11.1% -31.3% -30.7% -31% -24.2% -10.8%
CA Real Estate -3.9% -26% -22.4% -11.8% 1.5% 4.7%
CA Market -0.1% -21.2% -24.7% -24.6% -22.1% -16.5%
1 Year Return vs Industry and Market
  • MRC underperformed the Real Estate industry which returned -11.8% over the past year.
  • MRC underperformed the Market in Canada which returned -24.6% over the past year.
Price Volatility
MRC
Industry
5yr Volatility vs Market

MRC Value

 Is Morguard undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Morguard to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Morguard.

TSX:MRC Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 12.3%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:MRC
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 5.4%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 0.97
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.974 (1 + (1- 26.5%) (407.46%))
2.937
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (2 * 5.44%)
12.32%

Discounted Cash Flow Calculation for TSX:MRC using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Morguard is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TSX:MRC DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 12.32%)
2020 175.42 Analyst x1 156.18
2021 369.96 Analyst x1 293.25
2022 392.30 Est @ 6.04% 276.85
2023 410.57 Est @ 4.66% 257.96
2024 425.73 Est @ 3.69% 238.15
2025 438.57 Est @ 3.02% 218.42
2026 449.73 Est @ 2.54% 199.41
2027 459.68 Est @ 2.21% 181.47
2028 468.79 Est @ 1.98% 164.76
2029 477.31 Est @ 1.82% 149.36
Present value of next 10 years cash flows CA$2,135.00
TSX:MRC DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$477.31 × (1 + 1.44%) ÷ (12.32% – 1.44%)
CA$4,450.23
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$4,450.23 ÷ (1 + 12.32%)10
CA$1,392.55
TSX:MRC Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$2,135.00 + CA$1,392.55
CA$3,527.55
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$3,527.55 / 11.26
CA$313.31
TSX:MRC Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$313.31
Current discount Discount to share price of CA$140.00
= -1 x (CA$140.00 - CA$313.31) / CA$313.31
55.3%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Morguard is available for.
Intrinsic value
>50%
Share price is CA$140 vs Future cash flow value of CA$313.31
Current Discount Checks
For Morguard to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Morguard's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Morguard's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Morguard's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Morguard's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:MRC PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$16.57
TSX:MRC Share Price ** TSX (2020-04-02) in CAD CA$140
Canada Real Estate Industry PE Ratio Median Figure of 20 Publicly-Listed Real Estate Companies 10.47x
Canada Market PE Ratio Median Figure of 497 Publicly-Listed Companies 10.36x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Morguard.

TSX:MRC PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:MRC Share Price ÷ EPS (both in CAD)

= 140 ÷ 16.57

8.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Morguard is good value based on earnings compared to the CA Real Estate industry average.
  • Morguard is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Morguard's expected growth come at a high price?
Raw Data
TSX:MRC PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.45x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
Not available
North America Real Estate Industry PEG Ratio Median Figure of 14 Publicly-Listed Real Estate Companies 0.58x
Canada Market PEG Ratio Median Figure of 233 Publicly-Listed Companies 0.67x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Morguard, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Morguard's assets?
Raw Data
TSX:MRC PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$314.55
TSX:MRC Share Price * TSX (2020-04-02) in CAD CA$140
Canada Real Estate Industry PB Ratio Median Figure of 37 Publicly-Listed Real Estate Companies 0.62x
Canada Market PB Ratio Median Figure of 2,356 Publicly-Listed Companies 0.98x
TSX:MRC PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:MRC Share Price ÷ Book Value per Share (both in CAD)

= 140 ÷ 314.55

0.45x

* Primary Listing of Morguard.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Morguard is good value based on assets compared to the CA Real Estate industry average.
X
Value checks
We assess Morguard's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Real Estate industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Real Estate industry average (and greater than 0)? (1 check)
  5. Morguard has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

MRC Future Performance

 How is Morguard expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
0.2%
Expected annual growth in revenue.
Earnings growth vs Low Risk Savings
Is Morguard expected to grow at an attractive rate?
  • Unable to compare Morguard's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Morguard's earnings growth to the Canada market average as no estimate data is available.
  • Morguard's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:MRC Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:MRC Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 0.2%
North America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 21.8%
Canada Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 2.9%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7%
Canada Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:MRC Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:MRC Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,246 1
2020-12-31 1,217 1
2020-04-03
TSX:MRC Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 1,242 282 187
2019-09-30 1,225 290 183
2019-06-30 1,193 276 231
2019-03-31 1,175 263 237
2018-12-31 1,188 291 320
2018-09-30 1,169 324 354
2018-06-30 1,135 347 335
2018-03-31 1,123 338 411
2017-12-31 1,112 316 310
2017-09-30 972 240 230
2017-06-30 924 254 265
2017-03-31 939 267 196

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Morguard is high growth as no earnings estimate data is available.
  • Morguard's revenue is expected to grow by 0.2% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:MRC Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

All data from Morguard Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:MRC Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31
2020-04-03
TSX:MRC Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 16.57
2019-09-30 16.19
2019-06-30 20.37
2019-03-31 20.81
2018-12-31 27.96
2018-09-30 30.63
2018-06-30 28.70
2018-03-31 34.87
2017-12-31 26.10
2017-09-30 19.28
2017-06-30 22.26
2017-03-31 16.39

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Morguard will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Morguard's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the North America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Morguard has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

MRC Past Performance

  How has Morguard performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Morguard's growth in the last year to its industry (Real Estate).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Morguard has delivered over 20% year on year earnings growth in the past 5 years.
  • Morguard's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Morguard's 1-year earnings growth is negative, it can't be compared to the CA Real Estate industry average.
Earnings and Revenue History
Morguard's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Morguard Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:MRC Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 1,241.94 186.94
2019-09-30 1,225.15 182.92
2019-06-30 1,193.15 230.85
2019-03-31 1,174.80 236.73
2018-12-31 1,188.49 319.85
2018-09-30 1,169.46 354.26
2018-06-30 1,134.55 335.06
2018-03-31 1,122.63 410.99
2017-12-31 1,112.42 310.12
2017-09-30 972.03 229.51
2017-06-30 924.20 265.37
2017-03-31 939.37 195.59
2016-12-31 891.64 172.75
2016-09-30 971.31 150.09
2016-06-30 959.73 122.51
2016-03-31 885.76 79.55
2015-12-31 885.58 80.54
2015-09-30 817.74 85.32
2015-06-30 748.16 110.61
2015-03-31 682.70 103.96
2014-12-31 619.25 136.70
2014-09-30 625.89 215.56
2014-06-30 624.47 222.62
2014-03-31 624.48 213.45
2013-12-31 613.19 286.39
2013-09-30 585.87 317.77
2013-06-30 555.36 369.05

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Morguard has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Morguard used its assets less efficiently than the CA Real Estate industry average last year based on Return on Assets.
  • Morguard has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Morguard's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Real Estate industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Morguard has a total score of 2/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

MRC Health

 How is Morguard's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Morguard's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Morguard's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Morguard's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Morguard's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Morguard Company Filings, last reported 3 months ago.

TSX:MRC Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 4,305.72 6,256.47 123.17
2019-09-30 4,273.73 5,940.68 131.24
2019-06-30 4,256.63 5,846.67 190.11
2019-03-31 4,236.27 5,851.83 138.96
2018-12-31 4,228.80 5,891.35 110.40
2018-09-30 4,126.01 5,707.51 120.25
2018-06-30 4,109.26 5,642.32 114.04
2018-03-31 4,001.40 5,477.25 163.86
2017-12-31 3,934.37 5,276.87 134.45
2017-09-30 3,765.08 5,372.32 94.17
2017-06-30 3,804.21 4,967.44 96.60
2017-03-31 3,674.70 4,960.08 134.34
2016-12-31 3,671.13 5,056.80 241.52
2016-09-30 3,559.86 4,349.64 98.70
2016-06-30 3,490.63 4,348.52 88.66
2016-03-31 3,403.89 4,375.15 73.60
2015-12-31 3,482.00 4,406.10 93.50
2015-09-30 3,440.48 4,298.43 68.10
2015-06-30 3,388.86 4,053.79 76.11
2015-03-31 3,396.22 4,125.01 97.39
2014-12-31 3,358.59 4,009.17 123.15
2014-09-30 2,482.46 2,638.47 73.26
2014-06-30 2,401.12 2,626.20 132.89
2014-03-31 2,384.55 2,620.21 64.47
2013-12-31 2,345.51 2,573.76 129.36
2013-09-30 2,242.97 2,419.24 48.98
2013-06-30 2,193.85 2,426.52 47.08
  • Morguard's level of debt (145.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (119.4% vs 145.3% today).
  • Debt is not well covered by operating cash flow (4.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Morguard's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Morguard has a total score of 0/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

MRC Dividends

 What is Morguard's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0.43%
Current annual income from Morguard dividends. Estimated to be 0.43% next year.
If you bought CA$2,000 of Morguard shares you are expected to receive CA$9 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Morguard's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.7%).
  • Morguard's dividend is below the markets top 25% of dividend payers in Canada (8.68%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:MRC Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
Canada Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 1.8%
Canada Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 4.7%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.4%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:MRC Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.60 1.00
2020-12-31 0.60 1.00
2020-04-03
TSX:MRC Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-11-06 0.600 0.319
2019-08-07 0.600 0.304
2019-05-07 0.600 0.318
2019-02-21 0.600 0.310
2018-08-08 0.600 0.338
2018-05-08 0.600 0.358
2018-02-23 0.600 0.356
2017-11-09 0.600 0.333
2017-05-09 0.600 0.329
2016-11-11 0.600 0.334
2016-08-10 0.600 0.341
2016-02-26 0.600 0.393
2015-08-12 0.600 0.441
2015-03-05 0.600 0.398
2014-11-12 0.600 0.405
2014-08-13 0.600 0.415
2014-05-13 0.600 0.418
2014-03-06 0.600 0.457
2013-08-14 0.600 0.511
2013-05-14 0.600 0.557
2013-03-07 0.600 0.516
2012-11-07 0.600 0.522
2012-08-09 0.600 0.596
2012-05-15 0.600 0.665
2012-03-07 0.600 0.649
2011-11-09 0.600 0.762
2011-08-09 0.600 0.864
2011-05-17 0.600 0.827
2011-03-02 0.600 0.986
2010-11-02 0.600 1.195
2010-08-05 0.600 1.419
2010-05-18 0.600 1.477
2010-03-04 0.600 1.377
2009-11-03 0.600 1.819
2009-08-06 0.600 2.195
2009-05-21 0.600 2.544

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Morguard is not paying a notable dividend for Canada, therefore no need to check if the payments are stable.
  • Morguard is not paying a notable dividend for Canada, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Morguard's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Morguard's dividends as it is not paying a notable one for Canada.
Future Payout to shareholders
  • No need to calculate the sustainability of Morguard's dividends in 3 years as they are not expected to pay a notable one for Canada.
X
Income/ dividend checks
We assess Morguard's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Morguard afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Morguard has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

MRC Management

 What is the CEO of Morguard's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Kuldip Sahi
COMPENSATION CA$2,922,060
AGE 72
CEO Bio

Mr. Kuldip Rai Sahi,, FCPA, FCGA, has been the President and Chief Executive Officer of Morguard Real Estate Investment Trust and Trustee since November 10, 1998 and Chairman, President and Chief Executive Officer of TWC Enterprises Limited since 1997. He serves as a Chairman of Renasant Financial Partners Ltd. He has been the Chairman and CEO of Revenue Properties Company Limited since March 1, 2012 and also serves as Chairman and Chief Executive Officer of Morguard Corporation. He serves as a Trustee of Morguard North American Real Estate Investment Trust. He has been the Chief Executive Officer of Temple Hotels Inc. since April 1, 2016 and serves as its Director since June 30, 2015. He has been a Director of Morguard Corporation since August 31, 1990, Morguard Real Estate Investment Trust since 1998. Mr. Sahi has extensive business experience in public and private corporations, including extensive experience in investing, financial reporting, standards and policy covering a broad range of industries including insurance, commercial banking, manufacturing, transportation and automotive as well as real estate. He is the Chairman of Morguard Real Estate Investment Trust. He serves as Director of TWC Enterprises Ltd since October 23, 1997 and Temple Hotels Inc. since 2015. Mr. Sahi has received many distinctions, including the Certified General Accountants Association of Canada Fellowship Award (2009), Voice Achievement Award (Fellowship in the Indo-Canadian Community over critical enterprises, 2009) and Turnaround Entrepreneur of the Year (1994). In addition, Mr. Sahi is a ranked Member of numerous prestigious business listings, including ‘‘The Top 25 Most Influential Figures in Canadian Golf’’ (The National Post) and one of ‘‘The Most Influential People in Golf’’ (Golf Inc.).

CEO Compensation
  • Kuldip's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Kuldip's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Morguard management team in years:

13.3
Average Tenure
  • The average tenure for the Morguard management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Kuldip Sahi

TITLE
Chairman & CEO
COMPENSATION
CA$3M
AGE
72

Paul Miatello

TITLE
Senior VP & CFO
COMPENSATION
CA$412K
AGE
49
TENURE
13 yrs

Angela Sahi

TITLE
Senior VP of Corporate Development
COMPENSATION
CA$326K
TENURE
15.3 yrs

Gordon Vollmer

TITLE
Executive Vice President of Office & Industrial Asset Management - Morguard Investments Limited
COMPENSATION
CA$3M
TENURE
13.3 yrs

Beverley Flynn

TITLE
Senior VP

Pamela McLean

TITLE
CFO of Morguard REIT & Senior VP of Finance and CFO of Morguard Investments Ltd.

Margaret Knowles

TITLE
Senior Vice President of Development - Morguard Investments Limited
COMPENSATION
CA$386K

Brian Athey

TITLE
Vice President of Development

George Schott

TITLE
President & COO of Morguard Investments Ltd.
COMPENSATION
CA$383K
Board of Directors Tenure

Average tenure and age of the Morguard board of directors in years:

6.9
Average Tenure
69
Average Age
  • The tenure for the Morguard board of directors is about average.
Board of Directors

Kuldip Sahi

TITLE
Chairman & CEO
COMPENSATION
CA$3M
AGE
72

David King

TITLE
Vice Chairman of the Board
COMPENSATION
CA$83K
AGE
81

Angela Sahi

TITLE
Senior VP of Corporate Development
COMPENSATION
CA$326K
TENURE
2.9 yrs

Timothy Murphy

TITLE
Independent Director
COMPENSATION
CA$52K
AGE
59
TENURE
13.9 yrs

Bruce Robertson

TITLE
Independent Director
COMPENSATION
CA$98K
AGE
52
TENURE
9.9 yrs

Mike Robb

TITLE
Independent Director
COMPENSATION
CA$54K
AGE
71
TENURE
6.9 yrs

Peter Sharpe

TITLE
Independent Director
COMPENSATION
CA$50K
AGE
72
TENURE
9.4 yrs

Chris Cahill

TITLE
Independent Director
COMPENSATION
CA$100K
AGE
65
TENURE
4.9 yrs

Graeme Eadie

TITLE
Independent Director
COMPENSATION
CA$56K
AGE
67
TENURE
1.9 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
09. Sep 19 Sell David King Individual 06. Sep 19 06. Sep 19 -4,000 CA$200.00 CA$-800,000
03. Sep 19 Sell David King Individual 29. Aug 19 29. Aug 19 -700 CA$191.00 CA$-133,300
X
Management checks
We assess Morguard's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Morguard has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

MRC News

Simply Wall St News

Does Morguard Corporation's (TSE:MRC) CEO Salary Compare Well With Others?

Check out our latest analysis for Morguard How Does Rai Sahi's Compensation Compare With Similar Sized Companies? … According to our data, Morguard Corporation has a market capitalization of CA$2.1b, and pays its CEO total annual compensation worth CA$2.9m. … With a total shareholder return of 2.4% over three years, Morguard Corporation has done okay by shareholders.

Simply Wall St -

Have Insiders Been Selling Morguard Corporation (TSE:MRC) Shares This Year?

As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.' View our latest analysis for Morguard The Last 12 Months Of Insider Transactions At Morguard The Executive Vice President of Office & Industrial Asset Management - Morguard Investments Limited, Gordon Vollmer, made the biggest insider sale in the last 12 months. … TSX:MRC Recent Insider Trading, July 5th 2019 Insider Ownership of Morguard For a common shareholder, it is worth checking how many shares are held by company insiders. … Still, the insider transactions at Morguard in the last 12 months are not very heartening.

Simply Wall St -

What Kind Of Shareholders Own Morguard Corporation (TSE:MRC)?

Our analysis of the ownership of the company, below, shows that institutions own shares in the company. … See our latest analysis for Morguard TSX:MRC Ownership Summary, June 18th 2019 What Does The Institutional Ownership Tell Us About Morguard? … Sometimes insiders or other related parties have an interest in shares in a public company through a separate private company.

Simply Wall St -

You Might Like Morguard Corporation (TSE:MRC) But Do You Like Its Debt?

MRC’s Debt (And Cash Flows) MRC has built up its total debt levels in the last twelve months, from CA$5.5b to CA$6.0b – this includes long-term debt. … Moreover, MRC has generated CA$263m in operating cash flow during the same period of time, resulting in an operating cash to total debt ratio of 4.4%, signalling that MRC’s current level of operating cash is not high enough to cover debt. … Next Steps: MRC’s high cash coverage means that, although its debt levels are high, the company is able to utilise its borrowings efficiently in order to generate cash flow.

Simply Wall St -

Do You Know What Morguard Corporation's (TSE:MRC) P/E Ratio Means?

This article is written for those who want to get better at using price to earnings ratios (P/E ratios). … That is equivalent to an earnings yield of about 14%. … Price to Earnings Ratio = Share Price ÷ Earnings per Share (EPS)

Simply Wall St -

Is Morguard Corporation's (TSE:MRC) CEO Paid Enough Relative To Peers?

This analysis aims first to contrast CEO compensation with other companies that have similar market capitalization. … How Does Rai Sahi's Compensation Compare With Similar Sized Companies. … Our data indicates that Morguard Corporation is worth CA$2.2b, and total annual CEO compensation is CA$2.7m.

Simply Wall St -

Should Morguard Be Disappointed With Their 44% Profit?

For example, long term Morguard Corporation (TSE:MRC) shareholders have enjoyed a 44% share price rise over the last half decade, well in excess of the market return of around 23%. … During five years of share price growth, Morguard achieved compound earnings per share (EPS) growth of 4.4% per year. … This EPS growth is lower than the 7.5% average annual increase in the share price.

Simply Wall St -

What You Must Know About Morguard Corporation's (TSE:MRC) Financial Strength

Help shape the future of investing tools and you could win a $250 gift card! … Investors are always looking for growth in small-cap stocks like Morguard Corporation (TSE:MRC), with a market cap of CA$2.0b. … since poor capital management may bring about bankruptcies,

Simply Wall St -

Have Insiders Been Selling Morguard Corporation (TSE:MRC) Shares?

So we'll take a look at whether insiders have been buying or selling shares in Morguard Corporation (TSE:MRC). … In the last twelve months, the biggest single sale by an insider was when Executive Vice President of Office & Industrial Asset Management - Morguard Investments Limited Gordon Vollmer sold CA$169k worth of shares at a price of CA$169 per share. … That means that an insider was selling shares at slightly below the current price (CA$180).

Simply Wall St -

Does Morguard Corporation's (TSE:MRC) P/E Ratio Signal A Buying Opportunity?

The goal of this article is to teach you how to use price to earnings ratios (P/E ratios). … We'll look at Morguard Corporation's (TSE:MRC) P/E ratio and reflect on what it tells us about the company's share price. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

MRC Company Info

Description

Morguard Corporation, a real estate investment and management corporation, acquires, owns, and develops real estate properties in Canada and the United States. As of February 20, 2020, the company owned a portfolio of 207 multi-suite residential, retail, office, industrial, and hotel properties that comprised 17,637 residential suites, approximately 17.2 million square feet of commercial leasable space, and 5,903 hotel rooms. It also offers real estate management services, including acquisitions, development, dispositions, leasing, performance measurement, and asset and property management; real estate advisory services; and investment products across equity, fixed-income, and balanced portfolios to institutional clients and private investors. The company is headquartered in Mississauga, Canada. Morguard Corporation is a subsidiary of Paros Enterprises Limited.

Details
Name: Morguard Corporation
MRC
Exchange: TSX
Founded:
CA$1,576,268,540
11,259,061
Website: http://www.morguard.com
Address: Morguard Corporation
55 City Centre Drive,
Suite 800,
Mississauga,
Ontario, L5B 1M3,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX MRC Common Shares The Toronto Stock Exchange CA CAD 13. Dec 1972
OTCPK MRCB.F Common Shares Pink Sheets LLC US USD 13. Dec 1972
Number of employees
Current staff
Staff numbers
0
Morguard employees.
Industry
Diversified Real Estate Activities
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 05:30
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/02/21
Last earnings filing: 2020/02/20
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.