Yorkton Equity Group Inc.
Positive Outlook Amidst Rate Cuts
Published: 8/29/2024
Author: FRC Analysts
Sector: Real Estate-Diversified | Industry: Real Estate
Ticker Symbols:YEG - TSX 🔹
Rating and Key Data
| Metrics | Value |
|---|---|
| Current Price | CAD $0.2 |
| Fair Value | CAD $0.34 |
| Risk | 3 |
| 52 Week Range | CAD $0.12-0.20 |
| Shares O/S (M) | 113 |
| Market Cap. (M) | CAD $23 |
| Current Yield (%) | N/A |
| P/E (forward) | N/A |
| P/B | 0.9 |
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Report Highlights
- YEG is up 18% since our previous report in June 2024. Q2 revenue and EBITDA were in line with our estimates. Revenue was up 36% YoY, and EBITDA was up 58% YoY, primarily driven by property acquisitions. EPS turned positive (from -$0.001 to $0.01), though it fell 8% short of our estimate because of higher interest expenses.
- At the end of Q2-2024, YEG owned $128M in real estate investments, including 10 residential projects totaling 518 units, and one commercial project spanning 28,036 sq. ft.
- Property valuations were up 1% QoQ, attributed to higher residential rent (up 1% QoQ) and occupancy (up 1 pp QoQ). We continue to anticipate property valuations increasing by
