Opinions

Chris Blumas Tricon Residential TCN-T DON'T BUY Feb 14, 2024

Bid to take private by Blackstone. Trading very close to the offer price. Smidge of upside to buyout price, but not a lot. Higher bid not likely. Leave alone.

Chris Blumas

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$14.950

Stock price when the opinion was issued

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BUY

Positive. Single-family rentals in the US. Has done well, and no reason this can't continue predicated on valuation. Implied cap rate is high 4%, whereas peers are between 4-4.5%. Home prices are appreciating.

SELL

It's all about timing in the cycle. He'd be a seller now, not a buyer. Housing is cooling in the US, and we'll probably see that in Canada. This will be hit. Good operator, expanding. Time to be more defensive.

STRONG BUY

One of his top holdings. A great holding because it focuses on single family dwellings. They have a more affordable rent for those in the sunbelt. They have seen great rent growth (19%). They are fueled to double their portfolio over the next three years.

PAST TOP PICK

(A Top Pick Sep 29/20, Up 55%) It is a great blend of internal and external growth. It has a 15-20% loss-to-lease embedded in their portfolio. You will see market rent growth from here but they don't need it. It is easily worth more than $19 dollars based on cap rate.

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Good if you are looking for growth. Has seen a good level of growth. Pays a dividend yield of 1.6%. The company is somewhat leveraged. Unlock Premium - Try 5i Free

PAST TOP PICK

(A Top Pick Nov 10/20, Up 60%) Mid-market sunbelt strategy. Single-family rentals. Big catalyst in October was NYSE listing. Great internal and external growth. Still bullish despite the run.

TOP PICK

Single- and multi-family homes in Canada and US. Millennial bubble entering the housing market. Organic growth and acquisitions. Stock's performed really well. Should continue to execute. Yield is 1.56%. (Analysts’ price target is $20.40)

BUY

Billy Kawasaki’s Insights - Billy’s most-liked answers from 5i Research. Likes what they have done to set up the company well. Potential remains good. Likes the management and markets are starting to notice TCN. It is up 50% in the past year. Well positioned in the US market and their asset portfolio looks good. First pick in the Canadian real estate sector. Unlock Premium - Try 5i Free

PAST TOP PICK

(A Top Pick Dec 30/21, Down 37%) It owns 35 000 single family homes in the U.S. and rents them out. He stopped out but is watching it especially if lower rates come in.

BUY

The market has punished it too much. It is in the residential rental sector in the U.S., especially in the sun belt. The rentals are affordable and appeal especially to the 35 to 44 year old demographic who want to rent good homes rather than buy. The share price is at a 40% discount to the total value of all its homes. Good opportunities should emerge.

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Chris Blumas Tricon Residential TCN-T DON'T BUY Feb 14, 2024

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