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1. Company Snapshot

1.a. Company Description

Morguard Corporation, a real estate investment and management corporation, acquires, owns, and develops multi-suite residential, commercial, and hotel properties in Canada and the United States.As of February 25, 2022, the company owned a portfolio of 197 multi-suite residential, retail, office, industrial, and hotel properties, including 17,752 residential suites, approximately 16.8 million square feet of commercial leasable space, and 5,058 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.

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1.b. Last Insights on MRC

Morguard Corporation's recent performance was driven by its strong full-year 2024 earnings, with a significant increase in earnings per share to CA$24.23, up from CA$6.80 in FY 2023. Additionally, the company's Chairman & CEO purchased CA$3.2 million worth of shares, indicating confidence in the company's future prospects. The announcement of a regular eligible dividend also positively contributed to the company's recent performance.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Morguard Announces CEO Transition, Appointing Angela Sahi President and Chief Executive Officer and Naming K. Rai Sahi Executive Chair

Nov -12

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Morguard Corporation Announces 2025 Third Quarter Results and Regular Eligible Dividend

Nov -05

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Morguard Announces Completion of $250 Million Offering of 5.00% Series I Senior Unsecured Debentures

Oct -14

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Morguard Announces $250 Million Offering of 5.00% Series I Senior Unsecured Debentures

Oct -08

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Morguard, CENGN and Nokia Launch Smart Building Living Labs to Support Canadian Technology Innovation

Oct -06

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Insider Stock Buying Reaches CA$6.49m On Morguard

Aug -16

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Investor Confidence Holds Steady in Canada's Multi-Suite Residential and Commercial Real Estate Markets in Q2 2025: Morguard

Aug -13

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Morguard Corporation Announces 2025 Second Quarter Results and Regular Eligible Dividend

Aug -06

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.83%)

6. Segments

Multi-suite Residential

Expected Growth: 4.83%

Morguard Corporation's Multi-suite Residential segment growth of 4.83% is driven by increasing demand for rental units, low vacancy rates, and strategic acquisitions. Additionally, the company's focus on value-add renovations and proactive asset management have contributed to higher rental income and net operating income growth.

Office

Expected Growth: 4.83%

Morguard Corporation's 4.83% office segment growth is driven by strong demand for premium office spaces, particularly in urban centers. Key drivers include a thriving tech industry, increasing need for flexible workspaces, and rising e-commerce activity. Additionally, Morguard's strategic acquisitions and redevelopment of existing properties have enhanced its portfolio, contributing to the segment's growth.

Retail

Expected Growth: 4.83%

Morguard Corporation's Retail segment growth of 4.83% is driven by increasing foot traffic, e-commerce integration, and strategic leasing initiatives. Strong demand for experiential retail, growing popularity of omnichannel shopping, and effective cost management also contribute to this growth. Additionally, the company's focus on high-growth markets and proactive asset management strategies have helped to drive revenue and NOI growth.

Hotel

Expected Growth: 4.83%

Morguard Corporation's hotel segment growth of 4.83% is driven by increasing demand for travel and tourism, strategic location of hotels in high-growth markets, effective cost management, and investments in digital marketing and customer experience enhancements, resulting in higher occupancy rates and average daily rates.

7. Detailed Products

Multi-Unit Residential Properties

Morguard Corporation owns and operates a diverse portfolio of multi-unit residential properties across North America, offering a range of apartments, townhomes, and condominiums for rent.

Commercial Office Properties

Morguard Corporation owns and manages a portfolio of commercial office properties, providing tenants with modern, amenity-rich workspaces in prime locations.

Retail Properties

Morguard Corporation owns and operates a diverse portfolio of retail properties, including shopping centers, strip centers, and mixed-use developments.

Industrial Properties

Morguard Corporation owns and manages a portfolio of industrial properties, providing tenants with modern, functional spaces for warehousing, manufacturing, and logistics.

Hotel Properties

Morguard Corporation owns and operates a portfolio of hotel properties, offering a range of accommodations and amenities for travelers.

Self-Storage Facilities

Morguard Corporation owns and operates a portfolio of self-storage facilities, providing secure, convenient, and flexible storage solutions for individuals and businesses.

8. Morguard Corporation's Porter Forces

Forces Ranking

Threat Of Substitutes

Morguard Corporation operates in the real estate industry, which has a moderate threat of substitutes. While there are alternative investment options available, the company's diversified portfolio and strong brand presence mitigate the threat of substitutes.

Bargaining Power Of Customers

Morguard Corporation's customers have limited bargaining power due to the company's strong market position and diversified portfolio. The company's ability to offer a range of services and products reduces the bargaining power of customers.

Bargaining Power Of Suppliers

Morguard Corporation's suppliers have a moderate level of bargaining power. While the company relies on a network of suppliers for its operations, it has a diversified supply chain and is not heavily dependent on a single supplier.

Threat Of New Entrants

The threat of new entrants in the real estate industry is low due to the high barriers to entry, including significant capital requirements and regulatory hurdles. Morguard Corporation's established brand and market position also make it difficult for new entrants to gain traction.

Intensity Of Rivalry

The real estate industry is highly competitive, with many established players competing for market share. Morguard Corporation operates in a highly competitive landscape, with intense rivalry among competitors.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 59.18%
Debt Cost 6.56%
Equity Weight 40.82%
Equity Cost 9.82%
WACC 7.89%
Leverage 144.99%

11. Quality Control: Morguard Corporation passed 3 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Angel Oak Mortgage

A-Score: 7.1/10

Value: 7.8

Growth: 6.9

Quality: 7.3

Yield: 10.0

Momentum: 4.0

Volatility: 6.7

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Chicago Atlantic

A-Score: 6.7/10

Value: 6.1

Growth: 9.1

Quality: 4.3

Yield: 10.0

Momentum: 1.0

Volatility: 9.7

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Seven Hills Realty

A-Score: 6.0/10

Value: 7.3

Growth: 2.7

Quality: 7.9

Yield: 10.0

Momentum: 1.0

Volatility: 7.3

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Morguard

A-Score: 5.5/10

Value: 7.6

Growth: 4.9

Quality: 5.2

Yield: 1.0

Momentum: 4.0

Volatility: 10.0

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Comstock

A-Score: 5.1/10

Value: 5.8

Growth: 5.3

Quality: 8.2

Yield: 0.0

Momentum: 9.0

Volatility: 2.0

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Stratus Properties

A-Score: 4.2/10

Value: 8.0

Growth: 4.8

Quality: 3.9

Yield: 3.0

Momentum: 2.5

Volatility: 3.0

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

114.5$

Current Price

114.5$

Potential

-0.00%

Expected Cash-Flows