CT Real Estate Investment Trust logo

CT Real Estate Investment Trust

CRT-UN.TO
68
REIT - Retail · Real Estate
Price
C$18.22
+0.29 (+1.62%)
Market Cap
C$4.34B
Exchange
Toronto Stock Exchange
Winston Score
68
Winston looking curious
Winston is curious
A decent business — some strong pillars, some weaker.

Winston Score between 40 and 70. The stock passes some quality checks but not all.

CT Real Estate Investment Trust is a Canadian company that owns commercial properties and rents them out to tenants. Its portfolio is made up almost entirely of retail properties, and its anchor tenant is Canadian Tire Corporation, one of Canada's largest and most recognized retail chains. CT REIT owns over 370 properties across Canada, including Canadian Tire stores, mixed-use developments, and distribution centres.

CT REIT makes money by collecting rent from its tenants under long-term lease agreements, which provides stable and predictable income. The trust operates exclusively in Canada and distributes most of its income to unitholders, which is the standard model for a REIT. Its biggest competitive advantage is its deep relationship with Canadian Tire Corporation, which accounts for the vast majority of its rental revenue — but that concentration is also its main risk, since CT REIT's financial health is closely tied to the performance and strategic decisions of a single parent company.

Winston Score History

Growth Profile

When traditional metrics don't capture the full picture, these are the signals growth stock investors use instead.

Revenue Growth

+4.8% YoY

YoY Growth Rate

Slow revenue growth

EPS Growth

+145.0% YoY

YoY Growth Rate

EPS growth accelerating

R&D Spend

$0/ year

0.0% of revenue

Below sector average (1%)

Research and development spending

Insider Activity

31.4%ownership

Insiders own a meaningful stake in the company

Cash Position

Cash flow positive

$6M cash & investments

Quarterly Free Cash Flow

↑ Burn rate improving

Company generates more cash than it spends — no dilution risk from fundraising

Winston looking curious
Growth context

CT Real Estate Investment Trust is growing revenue at 5% year-over-year. The Winston Score measures business quality today — these growth metrics show what could matter tomorrow.

The Winston Score above measures business quality today. Growth stocks often score lower because they invest in the future rather than maximising current profits. These metrics show what matters most for evaluating that future.

Score breakdown

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Quality

Gross Margin
77.5%
Premium pricing power — 77.5% gross margin
Operating Margin
74.9%
Excellent — 74.9% operating margin
ROCE
2.3%
Weak — 2.3% return on capital

ROIC between 0% and 5%. They earn a few cents back per dollar invested in the business.

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Growth

Sales YoY
+4.5%
Slow sales growth (4.5% YoY)
EPS YoY
+127.6%
Earnings growing fast (127.6% YoY)

Earnings growing 25%+ a year. The compounder zone.

EPS Consistency
6/8 quarters
Earnings grew in most of the last 8 quarters

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Cash Flow

Cash Conversion
142%
Turns 142% of profit into real cash
FCF Margin
68.8%
Converts sales into free cash efficiently (68.8%)

Free cash flow margin above 20%. Out of every $100 in sales, more than $20 is real cash they keep.

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Stability

Debt / Equity
1.51
Elevated debt (1.51)
Interest Cover
3.44x
Tight — interest eats into profit (3.4x)

Interest coverage between 3 and 8. Profits cover interest several times over.

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Valuation

P/E Ratio
5.4x
Attractive valuation — P/E 5.4

P/E under 10. The price tag is small relative to last year's profit.

P/E vs Forward
-7.7
SLOWING
Earnings expected to fall — forward P/E higher than today

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Dividends

Dividend Yield
5.34%
Healthy income — 5.34% yield

Generous yield. Worth checking whether the payout is sustainable.

Dividend Growth
+0.9%
Dividend flat

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