Real Estate & E-Commerce Split Corp. Class A (TSE:RS)
TSX:RS
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Real Estate & E-Commerce Split Corp. Class A
(TSX:RS)
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Rating:65Neutral
Price Target:
C$11.00
▲(10.00% Upside)
Action:Reiterated
Date:05/28/26
The score is primarily held back by inconsistent profitability and historically weak/volatile cash generation, despite a strong debt-free balance sheet and improved 2025 cash flow. Offsetting this, technicals are supportive with the stock above key moving averages, and valuation is helped by a very high dividend yield (with P/E not usable from the provided data).
Positive Factors
Debt-free balance sheet
A conservative capital structure with no reported debt across 2023–2025 and substantial equity (~$109M) materially lowers financing risk. This preserves flexibility to withstand market drawdowns, supports distributions, and enables opportunistic portfolio actions without near-term refinancing pressure.
Negative Factors
Volatile profitability
Profitability has been highly inconsistent, with very strong reported net income in 2025 but sizeable losses in prior years. Such margin volatility reduces predictability of distributable earnings, complicates planning and investor expectations, and raises the risk that favorable results may not persist through market cycles.
Read all positive and negative factors
Positive Factors
Negative Factors
Debt-free balance sheet
A conservative capital structure with no reported debt across 2023–2025 and substantial equity (~$109M) materially lowers financing risk. This preserves flexibility to withstand market drawdowns, supports distributions, and enables opportunistic portfolio actions without near-term refinancing pressure.
Read all positive factors
Real Estate & E-Commerce Split Corp. Class A (RS) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$114.59M
Dividend Yield17.81%
Average Volume (3M)26.48K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth109.66%
EPS GrowthN/A
CountryCA
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)-0.07
Shares Outstanding11,563,219
10 Day Avg. Volume27,541
30 Day Avg. Volume26,476
Financial Highlights & Ratios
PEG Ratio0.00
Price to Book (P/B)0.00
Price to Sales (P/S)0.00
P/FCF Ratio0.00
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)N/A
Revenue Forecast (FY)N/A
Real Estate & E-Commerce Split Corp. Class A Business Overview & Revenue Model
Company Description
Real Estate & E-Commerce Split Corp. is a balanced mutual fund launched by Middlefield Limited. The fund is managed by Middlefield Capital Corporation. Real Estate & E-Commerce Split Corp. Real Estate & E-Commerce Split Corp. was formed on October...
How the Company Makes Money
The company makes money primarily through investment income and portfolio gains generated by the securities it holds. Key revenue sources typically include: (1) dividends and other cash distributions received from portfolio holdings; (2) realized ...
Real Estate & E-Commerce Split Corp. Class A Financial Statement Overview
Summary
Income Statement
62
Positive
Balance Sheet
78
Positive
Cash Flow
35
Negative
| Breakdown | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 8.16M | 6.17M | 5.14M | 3.12M | 1.37M |
| Gross Profit | 5.72M | 4.43M | 3.71M | 2.07M | 669.97K |
| EBITDA | 11.71M | -6.52M | 3.92M | -17.30M | 12.37M |
| Net Income | 11.04M | -7.02M | 3.81M | -17.34M | 12.30M |
Balance Sheet | |||||
| Total Assets | 230.55M | 231.44M | 150.25M | 121.09M | 78.56M |
| Cash, Cash Equivalents and Short-Term Investments | 229.77M | 230.51M | 149.30M | 120.61M | 78.26M |
| Total Debt | 0.00 | 0.00 | 0.00 | 500.00K | 500.00K |
| Total Liabilities | 121.73M | 118.11M | 70.19M | 54.64M | 27.69M |
| Stockholders Equity | 108.82M | 113.33M | 80.06M | 66.46M | 50.87M |
Cash Flow | |||||
| Free Cash Flow | 6.23M | -80.19M | -26.66M | -57.83M | -26.41M |
| Operating Cash Flow | 6.23M | -80.19M | -26.66M | -57.83M | -26.41M |
| Investing Cash Flow | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |
| Financing Cash Flow | -12.21M | 87.80M | 24.74M | 59.47M | 27.75M |
Real Estate & E-Commerce Split Corp. Class A Technical Analysis
Positive
10.00
Price Trends
9.52
Positive
9.49
Positive
9.08
Positive
Market Momentum
0.08
Negative
65.24
Neutral
69.23
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:RS, the sentiment is Positive. The current price of 10 is above the 20-day moving average (MA) of 9.79, above the 50-day MA of 9.52, and above the 200-day MA of 9.08, indicating a bullish trend. The MACD of 0.08 indicates Negative momentum. The RSI at 65.24 is Neutral, neither overbought nor oversold. The STOCH value of 69.23 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:RS.
Real Estate & E-Commerce Split Corp. Class A Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
76 Outperform | C$729.65M | 1.59 | 78.23% | 2.20% | 89.66% | ― | |
72 Outperform | C$370.14M | 3.68 | 13.92% | 1.43% | -114.77% | 79.72% | |
72 Outperform | C$517.33M | 7.75 | 29.40% | ― | 815.93% | 303.54% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
65 Neutral | C$114.59M | ― | -7.26% | 17.81% | 109.66% | ― | |
62 Neutral | C$138.93M | -60.58 | -16.03% | ― | 7.15% | 26.82% | |
60 Neutral | C$578.06M | 28.93 | 7.80% | 8.78% | -8.34% | -48.32% |
* Financial Sector Average
TSE:RS
Real Estate & E-Commerce Split Corp. Class A
9.91
1.65
19.95%
TSE:QRC
Queen's Road Capital Investment
14.30
8.02
127.78%
TSE:FSZ
Fiera Capital A
5.45
0.30
5.83%
TSE:URB
Urbana Corporation
9.92
3.67
58.72%
TSE:TINY
WeCommerce Holdings Ltd. Class A
4.74
-1.98
-29.46%
TSE:STCK
Stack Capital Group
33.20
21.15
175.52%
Real Estate & E-Commerce Split Corp. Class A Corporate Events
Dividends
Real Estate Split Corp. Announces March Distributions for Class A and Preferred Shares
Positive
Mar 24, 2026
Real Estate Split Corp., a TSX-listed split share fund focused on real estate-related securities through its Class A and preferred share structure, announced its latest cash distributions to investors. The vehicle offers separate equity and prefer...
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.