Cominar Real Estate Inv Tr

CUF.UN-T

TSE:CUF.UN

7.72
0.16 (2.03%)
Cominar is a publicly traded real estate investment trust based in Quebec City, Canada. It was founded in 1965, and trades on the Toronto Stock Exchange under the symbol CUF.UN. Cominar manages a portfolio consisting of 430 office, retail, and industrial properties, totalling 38.4 million square feet.
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Analysis and Opinions about CUF.UN-T

Signal
Opinion
Expert
DON'T BUY
DON'T BUY
November 22, 2018
A company that was under stressed. It was over levered. It starting to restructure. It had a couple of Target and Sears properties. They had to cut their distributions. They brought new Management. He would say it is cheap but stay away from it. It's tough.
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A company that was under stressed. It was over levered. It starting to restructure. It had a couple of Target and Sears properties. They had to cut their distributions. They brought new Management. He would say it is cheap but stay away from it. It's tough.
BUY
BUY
November 14, 2018
Real estate is mostly in Quebec, a stable market, and Montreal is seeing an uptick. They own shopping meals. He likes it. Great dividend. They have new and better management.
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Real estate is mostly in Quebec, a stable market, and Montreal is seeing an uptick. They own shopping meals. He likes it. Great dividend. They have new and better management.
BUY
BUY
November 5, 2018
It was cheap a few years ago and really cheap now. He's frustrated with it, though the current earnings forecast holds great potential.
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It was cheap a few years ago and really cheap now. He's frustrated with it, though the current earnings forecast holds great potential.
HOLD
HOLD
October 3, 2018

There has been some management turnaround resulting in the selling of assets and a reduction in the dividend. The Quebec economy is doing well. He likes that it is trading below NAV, but it will take some time to get back to full value. He would suggest diversifying with some other REITs. Yield 6.2%.

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There has been some management turnaround resulting in the selling of assets and a reduction in the dividend. The Quebec economy is doing well. He likes that it is trading below NAV, but it will take some time to get back to full value. He would suggest diversifying with some other REITs. Yield 6.2%.

WEAK BUY
WEAK BUY
September 28, 2018

Heartbreaking story. Haven’t been as aggressive on asset sales, balance sheet not great. Model negative growth of -3.8%. Sowing seeds for growth, and if that’s the case, you can own it here. Trading at 11.3x. Wouldn’t be his first go-to, but OK at these levels.

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Heartbreaking story. Haven’t been as aggressive on asset sales, balance sheet not great. Model negative growth of -3.8%. Sowing seeds for growth, and if that’s the case, you can own it here. Trading at 11.3x. Wouldn’t be his first go-to, but OK at these levels.

SHORT
SHORT
September 17, 2018

He likes REITs where he is looking from yield perspective but he does not like the price momentum on this one so it is a small short. It has a low return on equity.

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He likes REITs where he is looking from yield perspective but he does not like the price momentum on this one so it is a small short. It has a low return on equity.

PAST TOP PICK
PAST TOP PICK
August 20, 2018

(Past Top Pick, Sept. 1, 2017, Down 3%) A REIT in Quebec which is enjoying one of the strongest economies in Canada. He's confident about real estate going forward. It's selling at a discount to book value. Good geography. What's not to like?

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(Past Top Pick, Sept. 1, 2017, Down 3%) A REIT in Quebec which is enjoying one of the strongest economies in Canada. He's confident about real estate going forward. It's selling at a discount to book value. Good geography. What's not to like?

COMMENT
COMMENT
August 16, 2018

They've misallocated capital in the past and for years he had a sell signal. Now, he's not sure. But new board members are stellar, so we'll see positive change here. It could be a long road to get the company going again. Your risk to the
downside is lower now than a year ago.

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They've misallocated capital in the past and for years he had a sell signal. Now, he's not sure. But new board members are stellar, so we'll see positive change here. It could be a long road to get the company going again. Your risk to the
downside is lower now than a year ago.

PAST TOP PICK
PAST TOP PICK
June 4, 2018

(A Top Pick Sep. 1/17, Down 6%) It had a nice yield but lost some altitude. Mall REITs have been doing this because of the AMZN-Q tsunami of the retail industry. They are mostly in Quebec now and it is the strongest province we have right now. CUF.UN-T is trading at a nice discount to book value. He is staying with it.

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(A Top Pick Sep. 1/17, Down 6%) It had a nice yield but lost some altitude. Mall REITs have been doing this because of the AMZN-Q tsunami of the retail industry. They are mostly in Quebec now and it is the strongest province we have right now. CUF.UN-T is trading at a nice discount to book value. He is staying with it.

DON'T BUY
DON'T BUY
May 29, 2018

It missed its last report. It holds a lot in tier-2 malls. They're over-leveraged. They're re-structuring everything. Their chart is terrible. They're dealing with a lot of issues. Yes, it's cheap, but suffers from bad execution. They failed to expand and acquire properly. It's going nowhere.

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It missed its last report. It holds a lot in tier-2 malls. They're over-leveraged. They're re-structuring everything. Their chart is terrible. They're dealing with a lot of issues. Yes, it's cheap, but suffers from bad execution. They failed to expand and acquire properly. It's going nowhere.

PAST TOP PICK
PAST TOP PICK
April 19, 2018

(A Top Pick Jul 21/17, Up 0.23%) They took a write off and cleaned up their balance sheet. The last REIT that did this turned around and went up afterwards.

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(A Top Pick Jul 21/17, Up 0.23%) They took a write off and cleaned up their balance sheet. The last REIT that did this turned around and went up afterwards.

DON'T BUY
DON'T BUY
April 4, 2018

This is not a company he would feel comfortable owning as the dividend was recently cut – a rare occurrence in the REIT space. This REIT is too exposed to Quebec City retail.

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This is not a company he would feel comfortable owning as the dividend was recently cut – a rare occurrence in the REIT space. This REIT is too exposed to Quebec City retail.

HOLD
HOLD
March 29, 2018

Cut their distribution by 37%. Assets are going to shrink. He thinks 2019 they can grow 13%. They have a plan to internalize construction. There are more compelling REITS. It is probably a turnaround story here.

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Cut their distribution by 37%. Assets are going to shrink. He thinks 2019 they can grow 13%. They have a plan to internalize construction. There are more compelling REITS. It is probably a turnaround story here.

DON'T BUY
DON'T BUY
February 7, 2018

Is the dividend sustainable? Dividend was cut 40-50% in December’s reorganization. They became unfocused and aligned with Target and Sears locations. Would stay away from this.

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Is the dividend sustainable? Dividend was cut 40-50% in December’s reorganization. They became unfocused and aligned with Target and Sears locations. Would stay away from this.

DON'T BUY
DON'T BUY
November 28, 2017

December 2021 Bond yielding 4.25%. Buying one high-yield bond is like going to a casino and putting your money on 36 on the roulette wheel. It’s a terrible idea and makes no sense. The company has had to cut its distribution in the last 12 months.

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December 2021 Bond yielding 4.25%. Buying one high-yield bond is like going to a casino and putting your money on 36 on the roulette wheel. It’s a terrible idea and makes no sense. The company has had to cut its distribution in the last 12 months.

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