Bridgemarq Real Estate Services, Inc. (TSE:BRE)
TSX:BRE
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Bridgemarq Real Estate Services
(TSX:BRE)
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Rating:50Neutral
Price Target:
C$13.50
▲(3.05% Upside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by high financial risk (negative equity and rising debt) and weakening near-term performance discussed on the earnings call (revenue decline and swing to net loss), reinforced by bearish technicals. These are partly offset by a very low P/E and high dividend yield, plus generally positive cash generation.
Positive Factors
Cash generation
Sustained positive operating and free cash flow provides a durable internal funding source to service debt, support the dividend and fund tech/training investments. Positive cash conversion helps the company manage leverage and execute deleveraging over multiple quarters.
Negative Factors
Weak balance sheet
Persistently negative equity and sharply higher debt materially constrain financial flexibility and elevate refinancing and solvency risk. This structural leverage limits capacity for sustained dividends, opportunistic M&A or cyclical reinvestment without clear deleveraging progress.
Read all positive and negative factors
Positive Factors
Negative Factors
Cash generation
Sustained positive operating and free cash flow provides a durable internal funding source to service debt, support the dividend and fund tech/training investments. Positive cash conversion helps the company manage leverage and execute deleveraging over multiple quarters.
Read all positive factors
Bridgemarq Real Estate Services (BRE) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$127.56M
Dividend Yield10.31%
Average Volume (3M)11.70K
Price to Earnings (P/E)―
Beta (1Y)0.69
Revenue Growth-4.10%
EPS Growth48.99%
CountryCA
Employees291
SectorReal Estate
Sector Strength53
IndustryReal Estate - Services
Share Statistics
EPS (TTM)-0.19
Shares Outstanding9,483,850
10 Day Avg. Volume18,434
30 Day Avg. Volume11,695
Financial Highlights & Ratios
PEG Ratio-0.10
Price to Book (P/B)-1.46
Price to Sales (P/S)0.31
P/FCF Ratio27.84
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.47
Revenue Forecast (FY)C$76.80M
Bridgemarq Real Estate Services Business Overview & Revenue Model
Company Description
Bridgemarq Real Estate Services Inc. provides various services to residential real estate brokers and REALTORS in Canada. It offers information, tools, and services that assist its customers in the delivery of real estate sales services. The compa...
How the Company Makes Money
BRE primarily makes money by monetizing its brokerage and franchise network. Key revenue streams generally include: (1) Franchise-related revenues: ongoing fees paid by franchisees and/or affiliated brokerages for the right to operate under BRE’s ...
Bridgemarq Real Estate Services Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Negative
The call highlighted meaningful strategic progress—AI adoption, platform rollouts, a new commercial advisory council, maintained annualized dividend and an improvement in operating cash flow. However, these positives were outweighed by material near-term financial headwinds: revenue declined ~10.4%, a swing to a $3.2M net loss (from $6.0M profit), adjusted earnings fell ~41.9%, free cash flow dropped ~53.7%, and major markets (GTA and Vancouver) showed double-digit contractions. Management emphasized pipeline opportunities for franchising and recruiting but acknowledged leverage and working-capital pressures and variability in agent renewals. Overall, the call conveyed strategic momentum but notable short-term financial and market challenges.Positive Updates
Dividend Maintained at 2025 Annualized Level
Board approved a dividend of $0.11 to $0.25 per share payable June 30 (record May 29), indicating an annualized dividend of $1.35 per share, consistent with 2025.
Negative Updates
Revenue Decline Year-over-Year
Total revenue declined to $69.9 million in Q1 2026 from $78.0 million in Q1 2025, a decrease of $8.1 million or approximately -10.4%, driven by lower agent count and softer market conditions.
Read all updates
Q1-2026 Updates
Positive
Negative
Dividend Maintained at 2025 Annualized Level
Board approved a dividend of $0.11 to $0.25 per share payable June 30 (record May 29), indicating an annualized dividend of $1.35 per share, consistent with 2025.
Read all positive updates
Company Guidance
The company’s near-term guidance was conservative and largely qualitative: the Board approved a dividend distribution window of $0.11–$0.25 per share payable June 30 to holders of record May 29 (implying an annualized $1.35 per share, consistent with 2025), but management gave no forward quantitative guidance and said dividend decisions will be reviewed monthly; management is nonetheless “optimistic” about realizing meaningful revenue growth this year through conversion of franchising prospects, agent recruiting and brokerage optimization to lift EBITDA margins. Key Q1 metrics to frame that outlook: revenue $69.9M (vs. $78.0M a year ago), net loss $3.2M (vs. net earnings $6.0M), adjusted net earnings $1.8M (vs. $3.1M), cash provided by operations $0.3M (vs. cash used $1.6M), free cash flow $1.9M (vs. $4.1M), and a realtor network of 20,136 (including >2,300 corporate agents); management also noted a $2.6M valuation loss on exchangeable units this quarter (vs. a $5.7M gain prior year) and that deferral of exchangeable-unit distributions improved operating cash. Market context included Canadian residential transaction volume of $50B (down 8% YoY: avg price -1%, unit sales -7%), GTA -13% (price -7%, units -7%), Greater Vancouver total volume -14% (price -2%, units -13%) and Quebec +3% (price +6%, units -3%); CPI was 2.4% YoY in March (up from 1.8% in February). Operational priorities highlighted AI adoption (>12 virtual sessions to ~1,500 professionals), rollout of a cloud-based customer platform at Proprio Direct and other digital and training investments, with capital allocation priorities focused on deleveraging, dividends and accretive capex.Bridgemarq Real Estate Services Financial Statement Overview
Summary
Income Statement
52
Neutral
Balance Sheet
18
Very Negative
Cash Flow
63
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 399.28M | 407.38M | 350.67M | 48.45M | 49.87M | 50.20M |
| Gross Profit | 62.40M | 51.92M | 65.87M | 47.42M | 48.66M | 49.17M |
| EBITDA | 27.50M | 37.20M | 18.52M | 23.11M | 27.67M | 28.36M |
| Net Income | -1.94M | 7.27M | -10.32M | 4.00M | 20.97M | 4.76M |
Balance Sheet | ||||||
| Total Assets | 113.63M | 112.47M | 157.44M | 64.89M | 72.63M | 78.60M |
| Cash, Cash Equivalents and Short-Term Investments | 5.94M | 5.75M | 9.09M | 5.74M | 6.42M | 6.22M |
| Total Debt | 182.45M | 173.45M | 87.16M | 67.02M | 66.96M | 68.42M |
| Total Liabilities | 205.78M | 198.24M | 237.69M | 122.01M | 120.94M | 135.08M |
| Stockholders Equity | -92.16M | -85.78M | -80.25M | -57.12M | -48.31M | -56.48M |
Cash Flow | ||||||
| Free Cash Flow | 5.11M | 4.50M | 15.57M | 12.79M | 15.08M | 15.14M |
| Operating Cash Flow | 11.22M | 9.68M | 17.10M | 13.67M | 15.10M | 15.14M |
| Investing Cash Flow | -6.11M | -5.18M | 2.48M | -1.48M | -598.00K | -275.00K |
| Financing Cash Flow | -6.35M | -7.84M | -16.24M | -12.87M | -14.30M | -17.80M |
Bridgemarq Real Estate Services Technical Analysis
Positive
13.10
Price Trends
13.83
Positive
13.41
Positive
13.56
Positive
Market Momentum
0.03
Negative
52.94
Neutral
57.06
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:BRE, the sentiment is Positive. The current price of 13.1 is below the 20-day moving average (MA) of 13.71, below the 50-day MA of 13.83, and below the 200-day MA of 13.56, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 52.94 is Neutral, neither overbought nor oversold. The STOCH value of 57.06 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:BRE.
Bridgemarq Real Estate Services Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | C$1.49B | -51.32 | -2.76% | 1.07% | -15.83% | 72.51% | |
62 Neutral | C$1.56B | 3,070.92 | 15.88% | 0.09% | 6.33% | -23.45% | |
61 Neutral | C$8.21B | 81.14 | 12.07% | 0.71% | 4.15% | 23.20% | |
58 Neutral | C$6.48B | -57.80 | 5.81% | 0.21% | 14.75% | -42.56% | |
50 Neutral | C$127.56M | -10.18 | -8.54% | 10.31% | -4.10% | 48.99% | |
50 Neutral | C$1.52B | -29.67 | -14.88% | 0.25% | 11.12% | 55.62% |
* Real Estate Sector Average
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Bridgemarq Real Estate Services Corporate Events
Business Operations and StrategyRegulatory Filings and ComplianceShareholder Meetings
Bridgemarq Moves Annual Meeting and Investor Materials Fully Online
Positive
Apr 2, 2026
Bridgemarq Real Estate Services Inc. has filed its Management Information Circular for its 2026 annual shareholders’ meeting, along with its Annual Information Form and 2025 Annual Report, all now accessible through SEDAR+ and the company...
Business Operations and StrategyDividendsFinancial DisclosuresPrivate Placements and Financing
Bridgemarq Grows Revenue and Agent Network Despite Soft Canadian Housing Market
Positive
Mar 13, 2026
Bridgemarq Real Estate Services reported strong top-line growth in 2025, with revenue rising to $407.4 million from $350.7 million, driven by acquisitions, fee increases, and a 2% expansion of its agent network even as the broader Canadian industr...
Business Operations and StrategyFinancial Disclosures
Bridgemarq Sets March 13 Call to Review Fourth-Quarter Results
Neutral
Mar 4, 2026
Bridgemarq Real Estate Services Inc. will hold a conference call on March 13, 2026, at 10:00 a.m. ET to discuss its fourth quarter financial results, with access available by telephone and webcast. A transcript of the call is scheduled to be poste...
Business Operations and StrategyDividends
Bridgemarq Real Estate Services Declares Quarterly Cash Dividend
Positive
Feb 18, 2026
Bridgemarq Real Estate Services Inc., a major Canadian residential real estate services provider supporting a network of more than 21,000 REALTORS under brands such as Royal LePage, Proprio Direct and Via Capitale, continues to leverage its franch...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.