Monmouth Real Estate Inv (MNR:NYS) Fundamental Valuation Report

Fundamental Valuation Report

Monmouth Real Estate Inv(MNR:NYS)

Real Estate:REIT-Industrial

This Report was generated using the valuation tools available on StockCalc.com. For a free 30 day trial click here.

Close Price/Date
$13.88 (USD) 29/11/2018

Weighted Valuation
$19.01 (USD)

Overall Rating
Undervalued by 36.9%

Valuation Models Analyst Consensus: $19.50 (USD)
(in order of importance) Comparables: $18.27 (USD)
Valuation Methods This company is:
Cash Flow: Overvalued on a Cash Flow Valuation
Comparable Company: Undervalued on a Comparable Valuation
Asset: Undervalued on an Asset Valuation

Company Overview (MNR:NYS USD)

Price 13.88
Range 13.83 – 14.68
52 week 13.88 – 18.19
Open 14.68
Vol / Avg. 740090/458796
Mkt cap 1.27B
P/E 28.33
Div/yield 0.68/0.05
EPS 0.49
Shares 91.59M
Beta 0.67

Company Description

Monmouth Real Estate Investment Corp is engaged in the ownership and management of industrial buildings subject to long-term net leases, mainly to investment grade tenants. The company’s primary business is the ownership of real estate. Its investment focus is to own well-located, modern, single tenant, industrial buildings, leased primarily to investment-grade tenants.

Valuation Details

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for MNR:NYS

Using a discounted cash flow model we generated an intrinsic value of $7.42 (USD) for MNR:NYS

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

MNR:NYS Current Values Valuation If Dropped * Valuation If Raised *
Calculated Value: $7.42 1% 5% 1% 5%
WACC (or Ke) 9.28 $9.04 $6.25
Terminal Growth Rate 3.00 $6.38 $8.86
Tax Rate 0.26 $8.00 $6.85
Cash Flow 69,954,644 $7.01 $7.84
Capital Expenditures 2,594,501 $7.44 $7.41
Long Term Debt 0 $7.42 $7.42

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $18.27 (USD) for MNR:NYS. We also generated a valuation of $26.78 (USD) using other metrics and comparables.
The comparable companies were EastGroup Properties (EGP:NYS), Life Storage (LSI:NYS), National Storage (NSA:NYS), Stag Industrial (STAG:NYS) and Terreno Realty (TRNO:NYS).

Company MNR:NYS End Date Value
Earnings/Share $0.49 (USD)
Book Value/Share $5.71 (USD)
Sales/Share $1.58 (USD)
Cash Flow/Share $1.12 (USD)
EBITDA/Share $1.61 (USD)
Price Based on Comps Adjustment Factor (%)
$35.00 (USD) -36.7
$14.32 (USD) -0.3
$15.21 (USD) 19.6
$9.49 (USD) -11.8
$0.00 (USD) 37.0
MNR:NYS Ratios Used Average Values EGP:NYS LSI:NYS NSA:NYS STAG:NYS TRNO:NYS
30.53 PE Ratio 71.43 38.47 33.87 204.85 45.62 34.34
2.62 PB Ratio 2.51 3.98 2.18 2.32 2.12 1.94
9.49 PS Ratio 9.65 11.43 8.12 6.49 7.82 14.39
13.32 PCF Ratio 18.60 19.27 17.50 13.55 13.99 28.69
0.00 EV to EBITDA 18.95 21.71 19.74 16.55 14.75 21.99

Multiples

Using a multiples approach we generated a valuation of  $22.51 (USD) for MNR:NYS

Company MNR:NYS End Date Value
Earnings/Share $0.49 (USD)
Book Value/Share $5.71 (USD)
Sales/Share $1.58 (USD)
Cash Flow/Share $1.12 (USD)
EBITDA/Share $1.61 (USD)
Price Based on Comps Adjustment Factor
$21.32 (USD) 0
$13.44 (USD) 0
$16.59 (USD) 0
$18.48 (USD) 0
$42.69 (USD) 0
Ratios Ratio Average
PE Ratio 43.51
PB Ratio 2.35
PS Ratio 10.53
PCF Ratio 16.46
EV to EBITDA 26.51

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  MNR:NYS for the last 10 years was  2.31

We ran the Adjusted Book Value for  MNR:NYS and generated a book value of  $9.79 (USD)
By multiplying these we get an adjusted valuation of  $22.62 (USD)

Analyst Data

In the Stockcalc database there are 2 analysts that provide a valuation for MNR:NYS. The 2 analysts have a concensus valuation for MNR:NYS for 2019 of $19.50 (USD).

MNR:NYS Monmouth Real Estate Inv

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
2 0 0 5.0000 Buy 2018-11-28

Current Price: 13.88 USD

Analyst Consensus
USD Millions 2019
Mean EPS 0.49
# EPS Analysts 1
Mean Revenue 172.40
# Revenue Analysts 1
Mean Target Price 19.50
Mean Cash Flow 1.00
Mean EBITDA 138.80
Mean Net Income 40.10
Mean Debt Outstanding
Mean Tax Rate
Mean Growth Rate 6.00
Mean Capital Expenditure 1,110.00

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.

The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).

The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.

Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.

With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.

If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.


CubeSmart (CUBE:NYS) Fundamental Valuation Report


This Report was generated using the tools available on StockCalc.com. Patchell Brook Equity Analytics Inc. emphasizes that the user assumes all risks associated with the use of this report or the Stockcalc website including, but not limited to, all terms and conditions mentioned in the legal disclaimer.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.

CubeSmart $25.89 (USD) Close Price as of 20/02/2018

Based on the analysis conducted in this report, CubeSmart, (CUBE:NYS) is found to be  Undervalued.

Company CubeSmart
Symbol:Exchange CUBE:NYS
Industry Real Estate:REIT-Industrial
Close Price/Date $25.89 (USD) 20/02/2018
Weighted Average Valuation $27.61 (USD)
Summary CUBE:NYS is found to be  Undervalued by 6.6% using the 3 valuation models shown below.
Valuation Models Used Analyst Consensus: $29.50 (USD)
(in order of importance) Adjusted Book Value: $25.81 (USD)
Comparables: $25.54 (USD)
Valuation Methods Analysis This company is:
Cash Flow Basis: Overvalued on a Cash Flow Valuation basis
Comparable Company Basis: Fairly valued on a Comparable Valuation basis
Asset Basis: Fairly valued on an Asset Valuation basis

Valuation Details

CubeSmart Valuations

Summary chart

 We have up to 6 valuation points for each company. Details are at the bottom of the report.

Discounted Cash Flow and Sensitivity Analysis for CUBE:NYS

Using a discounted cash flow model generates a negative intrinsic value due to one of 1) zero or negative projected cash flows 2) excessive capital expenditures or 3) excessive debt to calculated equity value for CUBE:NYS. We have not shown the calculated value here for that reason.

Sensitivity Analysis

(showing how changes in the input variables impact the DCF calculation)

* Changes are absolute: ex WACC from 8% to 7%

Comparables Model

Using similar companies and price based ratios we generated a valuation of $25.54 (USD) for CUBE:NYS. We also generated a valuation of $30.03 (USD) using other metrics and comparables.
The comparable companies were DCT Industrial Trust (DCT:NYS), Duke Realty (DRE:NYS), Extra Space Storage (EXR:NYS), First Industrial Realty (FR:NYS) and Life Storage (LSI:NYS)

Company CUBE:NYS End Date Value
Earnings/Share $0.74 (USD)
Book Value/Share $8.94 (USD)
Sales/Share $3.08 (USD)
Cash Flow/Share $1.62 (USD)
EBITDA/Share $1.89 (USD)
Price Based on Comps Adjustment Factor (%)
$26.11 (USD) 0.0
$24.22 (USD) 3.7
$29.99 (USD) -13.5
$29.06 (USD) -9.6
$25.45 (USD) -4.6
CUBE:NYS Ratios Used Average Values DCT:NYS DRE:NYS EXR:NYS FR:NYS LSI:NYS
34.99 PE Ratio 35.28 49.55 31.84 29.47 26.58 38.96
2.90 PB Ratio 2.71 2.65 2.01 4.59 2.53 1.78
8.40 PS Ratio 9.73 12.01 11.81 9.41 8.56 6.89
16.01 PCF Ratio 17.97 20.84 20.58 16.93 17.40 14.10
18.48 EV to EBITDA 18.20 19.92 17.59 20.10 15.51 17.89

Multiples

Using a multiples approach we generated a valuation of  $38.01 (USD) for CUBE:NYS

Company CUBE:NYS End Date Value
Earnings/Share $0.74 (USD)
Book Value/Share $8.94 (USD)
Sales/Share $3.08 (USD)
Cash Flow/Share $1.62 (USD)
EBITDA/Share $1.89 (USD)
Price Based on Comps Adjustment Factor
$59.91 (USD) 0
$25.75 (USD) 0
$29.40 (USD) 0
$32.36 (USD) 0
$42.63 (USD) 0
Ratios Ratio Average
PE Ratio 80.96
PB Ratio 2.88
PS Ratio 9.54
PCF Ratio 20.01
EV to EBITDA 22.52

Adjusted Book Value versus Historical Price to Book

The average the Price to Book ratio for  CUBE:NYS for the last 10 years was  2.89

We ran the Adjusted Book Value for  CUBE:NYS and generated a book value of  $8.94 (USD)
By multiplying these we get an adjusted valuation of  $25.81 (USD)

Analyst Data

In the Stockcalc database there are 4 analysts that provide a valuation for CUBE:NYS. The 4 analysts have a concensus valuation for CUBE:NYS for 2018 of $29.50 (USD).

CUBE:NYS CubeSmart

Analyst Recommendation
Buy Hold Sell Rating
(of 5)
Guidance As Of
2 2 0 4.0000 Outperform 2018-2-19

Current Price: not available

Analyst Consensus
USD Millions 2018 2019
Mean EPS 0.80 0.86
# EPS Analysts 1 1
Mean Revenue 652.40 417.40
# Revenue Analysts 1 1
Mean Target Price 29.50
Mean Cash Flow 2.10 1.72
Mean EBITDA 492.00 390.70
Mean Net Income 146.00 157.80
Mean Debt Outstanding -1,714.70 -1,800.50
Mean Tax Rate
Mean Growth Rate 6.00
Mean Capital Expenditure

Company Overview (CUBE:NYS USD)

Price 25.89
Range 25.88 – 26.31
52 week 22.94 – 29.65
Open 26.13
Vol / Avg. 2.22M/941590
Mkt cap 4.68B
P/E 34.99
Div/yield 1.20/0.04
EPS 0.74
Shares 180.88M
Beta 1.36
Summary chart

Detailed Company Description

CubeSmart is a real estate investment trust that acquires, owns, and manages self-storage facilities throughout the United States. Its portfolio consists of buildings with numerous enclosed storage areas for both residential and commercial customers.

Explanation of Valuation Models

We have up to 6 valuation points for each company in the database.
The Discounted Cash Flow (DCF) valuation is a cash flow model where cash flow projections are discounted back to the present to calculate value per share. DCF is a common valuation technique especially for companies undergoing irregular cash flows such as resource companies (mining, forestry, oil and gas) going though price cycles or smaller companies about to generate cash flow (junior exploration companies, junior pharma, technology firms…).
The Price Comparables valuation is the result of valuing the company we are looking at on the basis of ratios from selected comparable companies: Price to Earnings, Price to Book, Price to Sales, Price to Cash Flow, Enterprise Value (EV) to EBITDA. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.
We have included the Other Comparables as a way to value companies that cannot be valued using Earnings based ratios. This technique is very useful for companies still experiencing negative cash flows such as mining exploration firms. We use Cash/Share, Book Value/Share, MarketCap, 1 Year Return, NetPPE as the ratios here. Each of these ratios for the selected comparable companies are averaged and multiplied by the values for the company we are interested in to calculate a value per share for our selected company.
Multiples are similar to Price comparables where we look at current or historic ratios for the company in question to assess what it should be worth today based on those historic ratios. We use the same 5 ratios as in the price comparables and value the company with its historic averages.
With Adjusted Book Value (ABV) we calculate the book value per share for the company based on its balance sheet and multiply that book value per share by its historical price to book ratio to calculate a value per share.
If we have Analyst coverage for the company we use the consensus target price here.

Notice to User


The contents of this report and the Stockcalc website are provided on an ‘‘as is’’ or ‘‘as available’’ basis with all faults and may not be current in all cases. The information in this report or on the website is subject to continuous change and Patchell Brook Equity Analytics Inc. assumes no responsibility to update or amend such information or that the information will be current. Patchell Brook Equity Analytics Inc. does not claim that all information, calculations or opinions presented in this report or on its website are true, reliable, or complete. Accordingly, you should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment or other decision. Any information, data, opinions, calculations or recommendations provided by third parties through links to other websites or otherwise made available through this report or website are solely those of the third party and not of Patchell Brook Equity Analytics Inc. Please refer to the Terms of Use on www.stockcalc.com for further information.
To access all of the tools on Stockcalc, including more detailed valuation reports and the models used to generate these valuations, please subscribe for a free 30 day trial of Stockcalc here.

Shaw Communications (SJR.A:TSX) and Questor Technology (QST:TSX) Are Fully Valued

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com/registration2.aspx

I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/TopPicks.aspx.

Fully Valued Stocks on TSX

Today we are looking at companies that are considered fully valued based on the Analyst data in the StockCalc database.

In this table we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on TSX

Today’s data is for companies listed on the TSX Venture Exchange.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
SJR.A Shaw Communications Inc 2018 32.250000 30.2500 CAD 10
QST Questor Technology Inc 2017 1.210000 1.0000 CAD 1
LSI Lonestar West Inc 2017 0.710000 0.6750 CAD 2

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

SJR.A:TSX Shaw Communications

http://www.shaw.ca
Shaw Communications has 14000 employees and is headquartered in Canada.
Shaw Communications Inc is a diversified communications & media company, providing consumers with broadband cable television, high-speed internet, home phone, telecommunications services, satellite direct-to-home services & engaging programming.

QST:TSX Questor Technology

http://www.questortech.com
Questor Technology has None employees and is headquartered in Canada.
Questor Technology Inc is an international environmental oil field service company providing clean air technologies in Canada, Unites States, Europe and Asia. It designs & manufactures gas incinerators for sale or on rental basis.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Shaw Communications (SJR.A:TSX) and Questor Technology (QST:TSX) Are Fully Valued

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com/registration2.aspx

I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/TopPicks.aspx.

Fully Valued Stocks on TSX

Today we are looking at companies that are considered fully valued based on the Analyst data in the StockCalc database.

In this table we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on TSX

Today’s data is for companies listed on the TSX Venture Exchange.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
SJR.A Shaw Communications Inc 2018 32.000000 30.2500 CAD 10
QST Questor Technology Inc 2017 1.200000 1.0000 CAD 1
LSI Lonestar West Inc 2017 0.710000 0.6750 CAD 2

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

SJR.A:TSX Shaw Communications

http://www.shaw.ca
Shaw Communications has 14000 employees and is headquartered in Canada.
Shaw Communications Inc is a diversified communications & media company, providing consumers with broadband cable television, high-speed internet, home phone, telecommunications services, satellite direct-to-home services & engaging programming.

QST:TSX Questor Technology

http://www.questortech.com
Questor Technology has None employees and is headquartered in Canada.
Questor Technology Inc is an international environmental oil field service company providing clean air technologies in Canada, Unites States, Europe and Asia. It designs & manufactures gas incinerators for sale or on rental basis.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.

Shaw Communications (SJR.A:TSX) and Lonestar West (LSI:TSX) Are Fully Valued

Stockcalc – Free Trial

Have a free look inside the StockCalc website at www.stockcalc.com/registration2.aspx

I have used the analysis tools on the website stockcalc.com to generate some of the content of this blog post. These tools and reports are available for free at www.stockcalc.com/TopPicks.aspx.

Fully Valued Stocks on TSX

Today we are looking at companies that are considered fully valued based on the Analyst data in the StockCalc database.

In this table we can see the close price and target price for these companies along with the number of analysts covering the stock. We also have included the fiscal year for the target price as sometimes these analyst targets are not for the current or even the next fiscal year.

There can be a number of reasons why a company would be on this list. What is particularly interesting are companies with a large analyst following that make this list. We need to dig deeper into these companies to understand why the difference in price versus target.

Today’s Data on TSX

Today’s data is for companies listed on the TSX Venture Exchange.

Symbol Name Target Year Close Price Target Price Mean Currency Target Price # of Estimates
SJR.A Shaw Communications Inc 2018 32.500000 30.2500 CAD 10
LSI Lonestar West Inc 2017 0.710000 0.6750 CAD 2

Let’s look at a few companies…

Lets look at a couple of the companies on this list to get a better understanding of them.

SJR.A:TSX Shaw Communications

http://www.shaw.ca
Shaw Communications has 14000 employees and is headquartered in Canada.
Shaw Communications Inc is a diversified communications & media company, providing consumers with broadband cable television, high-speed internet, home phone, telecommunications services, satellite direct-to-home services & engaging programming.

LSI:TSX Lonestar West

http://www.lonestarwest.com
Lonestar West has 329 employees and is headquartered in Canada.
Lonestar West Inc provides the technical application of vacuum and hydro-vacuum services to infrastructure and oil and gas customers.

Free Valuation

Run a valuation on any of the companies listed above at www.stockcalc.com/valureport.aspx or subscribe at our Stockcalc Facebook Page to receive this list each day Stockcalc Reports.

The content presented here is in part from the website stockcalc.com and is provided on an as is or as available basis with all faults and may not be current in all cases. You should not rely on any of the information as authoritative or as a substitute for the exercise of your own skill and judgment in making an investment decision.