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TSE:MRC

Morguard Corporation (MRC.TO)

121.00
-0.00 (0.00%)
as of Jun 12, 2026, 7:59:54 pm Market Open.
80 watching
0
DON'T BUY
All real estate is impacted by interest rates. Really got hit, as it owns all the things that were shut down. Company is a bit directionless. He owns AP.UN instead, as it has a clean structure, clear what management is trying to accomplish.
DON'T BUY
Some liquidity issues and problems with property types since the retail and office space is suffering. Don't add.
WEAK BUY
It is a large corporation rather than a REIT. The corporation has always traded at a big discount to an underlying value. It does not pay a distribution and has a valuation discount. It owns both office and retail. Both are sectors that have been hurt during the pandemic. It is hard to think about a catalyst that will close the gap of discount to value. For those that are patient and willing, it is something to look at.
HOLD
Some businesses are not properly structures for COVID-19. Eventually the virus goes away and business goes back to normal and this one will be an undervalued company. You just need to make sure these businesses can survive.
STRONG BUY
They pay out such a small dividend that it is not going to impact the company. They have been hammered because of issues like their hotel vacancies and people not paying their mortgages. The analysts are looking for earnings that suggest a 200% upside to the guest. They are cheap.
PAST TOP PICK
(A Top Pick Mar 26/19, Down 34%) A tremendous amount of high quality real estate. He believes the net asset value is $280-$300 a share. It is a great opportunity here. It is an illiquid stock.
DON'T BUY
It was a core holding for years, but it continues to trade at a discount and the owner is very unpredictable. He isn't big on office and retail and MRC is. There's great long-term value here, though, but short-term, there are better places to invest.
SELL

They manage two REITs. The Corp is the name you want to own. It is a $200 stock. They are in sectors that are tough sectors to operate in – Office and Retail. We need less and less office space. MRT.U is the high dividend version of the corporation. MRG-U-T is their North American REIT.

COMMENT

The REIT has been challenged because of the types of real estate they hold in the retail space. They also hold office space that is also challenged. It is externally managed by Morguard Corp and he feels the fees being collected do not put them in synergy. You would be better to hold the parent -- MRC-T -- as it trades at a discount to book as well.

DON'T BUY
Is this a take-out? Tough to call take-outs, though he doesn't see it happening here. It's been rangebound this year, but has fallen from $19 from early 2017. They're in a tough sector. Buy elsewhere in this sector.
WEAK BUY
Trading at significant discount to NAV. Not getting a lot of compensation while you wait for share price appreciation. CEO is brilliant. Safe play for long term.
PAST TOP PICK
(A Top Pick Jul 10/18, Up 14%) He's owend this since 2003. Unlike REITs, Morguard keeps buying back stock with all this free cash flow coming in and don't dilute shareholders. They hold a good diversity of properties across North America. They do very well with distressed property prices.
TOP PICK
Essentuially, you can buy a stock He's long known the CEO***. Problem, it's hardly traded in tiny share amounts. He buys it on dips. (Analysts’ price target is $200.00)
BUY

One of the largest Real Estate in NA. inside ownership that maintains a large control of the company. It is so cheap it hurts. If they sold all their RE tomorrow to say CPP they would get close to $300/share. They are buying back stock. He is not selling any share. It is illiquid, but the value is there.

BUY

They built a lot in the GTA. Rents have gone up.

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