Morguard Corporation (OTC) (TSE:MRC)
TSX:MRC
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Morguard (OTC)
(TSX:MRC)
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Rating:70Outperform
Price Target:
C$135.00
▲(11.13% Upside)
Action:Upgraded
Date:05/09/26
The score is primarily supported by margin strength and reliable free cash flow conversion, plus improved recent leverage metrics. Technicals are constructive with price above major moving averages and positive MACD, while valuation is favorable due to a low P/E. The main risk tempering the score is uneven fundamentals, including a sharp TTM revenue decline and historically higher leverage.
Positive Factors
Margin Sustainability
Very high EBIT/EBITDA margins indicate structural operating efficiency in Morguard's portfolio. Durable margin strength gives the company flexibility to absorb vacancy or rent pressure, fund maintenance and redevelopment, and support distributions or debt service through business cycles over the next several quarters.
Negative Factors
Uneven Revenue Trajectory
A sharp TTM revenue decline signals deterioration in top-line momentum that can persist across quarters. For a rent-dependent business this reduces scale, compresses potential NOI growth, and can force trade-offs between leasing concessions, capex and maintaining margins, pressuring long-term cash generation.
Read all positive and negative factors
Positive Factors
Negative Factors
Margin Sustainability
Very high EBIT/EBITDA margins indicate structural operating efficiency in Morguard's portfolio. Durable margin strength gives the company flexibility to absorb vacancy or rent pressure, fund maintenance and redevelopment, and support distributions or debt service through business cycles over the next several quarters.
Read all positive factors
Morguard (OTC) (MRC) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.30B
Dividend Yield0.69%
Average Volume (3M)1.23K
Price to Earnings (P/E)7.3
Beta (1Y)0.25
Revenue Growth-0.99%
EPS Growth-6.84%
CountryCA
Employees1,000
SectorReal Estate
Sector Strength53
IndustryReal Estate - Diversified
Share Statistics
EPS (TTM)16.40
Shares Outstanding10,678,094
10 Day Avg. Volume1,004
30 Day Avg. Volume1,229
Financial Highlights & Ratios
PEG Ratio-0.22
Price to Book (P/B)0.28
Price to Sales (P/S)1.10
P/FCF Ratio5.93
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price Target
C$145.00Price Target Upside19.36% Upside
Rating ConsensusHold
Number of Analyst Covering1
EPS Forecast (FY)20.15
Revenue Forecast (FY)C$1.07B
Morguard (OTC) Business Overview & Revenue Model
Company Description
Morguard Corporation, a real estate investment and management corporation, acquires, owns, and develops multi-suite residential, commercial, and hotel properties in Canada and the United States. As of February 25, 2022, the company owned a portfol...
How the Company Makes Money
Morguard makes money primarily through recurring real estate operating income generated by its portfolio of income-producing properties. Key revenue streams include (1) rental and related property revenues collected from tenants under lease agreem...
Morguard (OTC) Financial Statement Overview
Summary
Income Statement
71
Positive
Balance Sheet
56
Neutral
Cash Flow
68
Positive
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 1.11B | 1.12B | 1.11B | 1.23B | 1.12B | 1.02B |
| Gross Profit | 584.30M | 607.03M | 518.72M | 634.03M | 500.36M | 533.30M |
| EBITDA | 532.15M | 503.20M | 557.29M | 362.60M | 535.04M | 427.23M |
| Net Income | 175.21M | 174.87M | 261.80M | 74.18M | 122.77M | 249.76M |
Balance Sheet | ||||||
| Total Assets | 12.02B | 11.84B | 11.76B | 11.62B | 11.71B | 11.49B |
| Cash, Cash Equivalents and Short-Term Investments | 192.96M | 184.62M | 140.72M | 116.52M | 111.81M | 173.66M |
| Total Debt | 5.49B | 5.62B | 5.44B | 5.81B | 5.80B | 5.80B |
| Total Liabilities | 7.15B | 7.07B | 7.04B | 7.28B | 7.32B | 7.32B |
| Stockholders Equity | 4.48B | 4.39B | 4.29B | 3.89B | 3.87B | 3.63B |
Cash Flow | ||||||
| Free Cash Flow | 239.21M | 209.29M | 260.21M | 288.52M | 251.19M | 264.77M |
| Operating Cash Flow | 244.44M | 214.44M | 263.49M | 297.89M | 252.85M | 265.44M |
| Investing Cash Flow | -196.54M | -205.82M | 371.39M | -332.16M | -84.51M | -125.62M |
| Financing Cash Flow | -7.07M | 40.59M | -613.37M | 37.65M | -234.49M | -106.63M |
Morguard (OTC) Technical Analysis
Neutral
121.48
Price Trends
118.67
Positive
117.54
Positive
116.48
Positive
Market Momentum
0.62
Positive
47.62
Neutral
21.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MRC, the sentiment is Neutral. The current price of 121.48 is below the 20-day moving average (MA) of 121.58, above the 50-day MA of 118.67, and above the 200-day MA of 116.48, indicating a neutral trend. The MACD of 0.62 indicates Positive momentum. The RSI at 47.62 is Neutral, neither overbought nor oversold. The STOCH value of 21.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:MRC.
Morguard (OTC) Peers Comparison
UnderperformOutperform
Sector (65)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
70 Outperform | C$1.30B | 7.30 | 5.23% | 0.69% | -0.99% | -6.84% | |
68 Neutral | C$2.26B | -104.05 | -0.71% | 4.42% | 4.79% | -103.92% | |
65 Neutral | $2.17B | 12.19 | 3.79% | 4.94% | 3.15% | 1.96% | |
62 Neutral | C$1.52B | 8.08 | 10.42% | 0.09% | 6.33% | -23.45% | |
62 Neutral | C$879.55M | 8.62 | 5.11% | 4.41% | 0.32% | -7.66% | |
54 Neutral | C$436.48M | 381.80 | -1.91% | 3.85% | -6.31% | ― |
* Real Estate Sector Average
TSE:MRC
Morguard (OTC)
119.80
8.83
7.95%
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Morguard (OTC) Corporate Events
Business Operations and Strategy
Morguard Upgraded to Investment-Grade BBB (Low) by Morningstar DBRS
Positive
Apr 15, 2026
Morguard Corporation has received an upgrade of its issuer and senior unsecured debenture ratings to BBB (low) with a stable trend from Morningstar DBRS, moving the company into investment-grade territory. The upgrade reflects Morguard’s str...
Business Operations and StrategyM&A Transactions
Morguard to Take $1 Billion Stake in TD Asset Management Residential Portfolio
Positive
Feb 26, 2026
Morguard Corporation and Morguard North American Residential REIT have agreed to invest $1.0 billion for a 20% interest in a $5.0 billion Canadian multi-suite residential portfolio currently owned by TD Asset Management, covering more than 15,500 ...
Business Operations and StrategyFinancial DisclosuresM&A TransactionsPrivate Placements and Financing
Morguard Posts Steady 2025 Results and Strengthens Balance Sheet
Positive
Feb 19, 2026
Morguard Corporation reported 2025 results showing largely stable operations, with total assets steady at $11.8 billion and real estate revenue flat at about $1.0 billion despite softness in hotels and offices. The company maintained strong liquid...
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.