Boardwalk Real Estate Investment Trust (BOWFF) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of Boardwalk Real Estate Investment Trust stock $23.23, price $44.97, that is 48.3% below the price, quality 36 out of 100. Rating: strongly overvalued. Calculated from audited financials with 16 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 6, 2026.
How to read this chart
60‑month range $29.20 – $63.84 · fair‑value band $9.84 – $50.90 · the $44.97 price screens above the $23.23 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 6, 2026.
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Boardwalk Real Estate Investment Trust strives to be Canada's friendliest community provider. It is the first choice in multi-family communities to work, invest, and call home with our Boardwalk Family Forever.
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Providing homes in more than 200 communities, with over 34,000 residential suites totaling approximately 30 million net rentable square feet, Boardwalk has a proven long-term track record of building better communities, where love always lives.
Our three-tiered and distinct brands - Boardwalk Living, Boardwalk Communities, and Boardwalk Lifestyle - cater to a large diverse demographic and has evolved to capture the life cycle of all Resident Members.
Boardwalk's disciplined approach to capital allocation, acquisition, development, purposeful re-positioning, and management of apartment communities allows the Trust to provide its brand of community across Canada creating exceptional Resident Member experiences.
Differentiated by its peak performance culture, Boardwalk is committed to delivering exceptional service, product quality and experience to our Resident Members who reward us with high retention and market leading operating results, which in turn, lead to higher free cash flow and investment returns, stable monthly distributions, and value creation for all our stakeholders.
Boardwalk Real Estate Investment Trust was incorporated in 1983 in Alberta, Canada.
Stock analysis
Boardwalk Real Estate Investment Trust (BOWFF) currently trades at $44.97, while our model-based Fair Value estimate is $23.23, 48% below the price, so the stock looks overvalued today.
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Valuation
Bull case: the Economic Profit group reads highest at a median of $55.34 per share, and 6 of the 16 models we run sit above the $44.97 price.
Bear case: the Growth DCF group reads lowest at $16.79, and 10 of the 16 models stay below the price. Data coverage for this calculation is medium.
Scenario range: $9.84 (bear) to $50.90 (bull), the price of $44.97 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 36/100 (below-average quality), in the Real Estate sector.
Expensive Growth: The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Boardwalk Real Estate Investment Trust reported revenue of C$638M in FY2025 versus C$471M in FY2021, a compound +7.9%/yr. Reported net income was C$197M in FY2025, compounding −18.5%/yr from FY2021.
Key figures
Market cap $2.4B Mid · P/S ratio 3.79 · EPS (TTM) $−0.6900 · Dividend yield 2.6% · Net margin −5.0% · Return on equity −0.7% · Return on assets (EBIT) 3.3% (5-year average) · Operating margin 57.2%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 41 out of 100 (low confidence).
What moves the price
The share trades about 10% below its 52-week high and 7% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −13% fair-value upside, at −48%, BOWFF screens richer than that median.
Fair Value models
Bear$9.84Fair Value $23.23Bull$50.90
Price $44.97 · Downside -48.3%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models.Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds.Coverage ⓘCoverage = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Best data coverage
FCF DCFn/a$7.53$29.6577
Residual Income$55.90$55.34$57.2876
Growth DCFn/a$6.55$25.2975
All 16 models by family
DCF Models
FCF DCFn/a$7.53$29.6577
5Y Revenue Exit$1.66$27.13$59.4464
5Y EBITDA Exit$12.53$47.10$87.0070
10Y Revenue Exitn/a$18.54$47.6964
10Y EBITDA Exit$4.62$32.08$68.0961
Dividend Discount
Gordon GGM$11.50$23.29$35.8766
DDM Multi-Stage$11.50$18.08$24.5366
Multiples
P/S Multiple$38.51$51.34$64.1858
P/B Multiple$113.09$150.78$188.4855
EV/EBIT$34.94$64.69$94.4463
EV/EBITDA$16.38$39.95$63.5263
EV/Revenuen/a$14.26$34.8350
Asset-Based
NCAV (Graham)$37.70$50.51$75.3954
Growth DCF
Growth DCFn/a$6.55$25.2975
Rev-Margin DCF$1.66$27.03$55.3565
Economic Profit
Residual Income$55.90$55.34$57.2876
The fair value above starts from this blend and is adjusted for dilution from new shares.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Revenue growth 1 year
+5.8%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+8.8%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.5%
Start year 2020 (pandemic). Over 10 years: +3.0% a year
Revenue growth 31 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+15.2%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+2.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−0.5%
Dividend (yield on the price)2.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.base effect: −0.5% / 5.9%
Profit margin 2020 to 2024 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.58% → 54%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far and more than analysts expect.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+35.3%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect ⓘAnalysts publish sales forecasts for the next two fiscal years. For the years after that, growth slows evenly to 2 % a year by year ten (2 % is the long-run rate our models use). Projected years are marked as such.
+1.6%
Yearly sales growth analysts expect, extended to five years.
After inflation (figures in CAD, Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about +32.5% a year for the price and −0.5% for the forecasts.
News mood ⓘNews mood, the average tone of recent news (83 articles), rated against how stocks are usually covered. 🚀 Hype = unusually upbeat · 🙂 Positive = above average · 😐 Neutral = typical · 🙁 Negative = below average · 😨 Very negative = unusually downbeat. It reflects the tone of coverage, not our valuation.Hype
Recent news coverage is unusually upbeat, far more positive than stocks are typically covered.
AI conclusion: High occupancy from affordable rents in markets like Alberta stands as the main strength, while low returns on equity highlight weak pricing power as the central limitation.
Main risk: Weak pricing power in the residential REIT sector could keep returns on equity low and limit profitability gains from the existing portfolio.
Boardwalk keeps occupancy above 97 percent by focusing on affordable rents in non-price-controlled markets like Alberta. At the same time it sells non-core assets to fund unit repurchases. Our models see the trust as overvalued. Does the affordability edge in tight rental markets create more lasting per-unit value than the capital recycling program?
Compare Boardwalk Real Estate Investment Trust with another stock
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Residential · 41 stocks
Beats the industry median on 6/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score36 · Bottom 25%
Fair Value upside−48.3% · Bottom 25%
Profitability
Return on assets2.2% · Below median
Net margin (12 months)−5.0% · Bottom 25%
Operating margin (12 months)57.2% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)2.1% · Above median
Dividend yield (12 months)2.6% · Below median
Balance sheet
Debt / equity0.53× · Below median
Valuation Multiplesvs REIT - Residential median · lower = cheaper
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "Boardwalk Real Estate Investment Trust Fair Value". https://www.fairvalue-calculator.com/stock/BOWFF
Frequently asked questions
Is Boardwalk Real Estate Investment Trust (BOWFF) overvalued or undervalued?
As of Nov 6, 2026, our model estimates a fair value of $23.23 versus a price of $44.97, about 48% lower (overvalued).
What is the fair value of BOWFF?
Our model-based fair value for Boardwalk Real Estate Investment Trust is $23.23 (as of Nov 6, 2026), built from audited fundamentals. The current price: $44.97.
What is the quality score of BOWFF?
Boardwalk Real Estate Investment Trust has a Quality Score of 36/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for Boardwalk Real Estate Investment Trust (BOWFF)?
Our model-based price target is the fair value of $23.23 (as of Nov 6, 2026) from 16 valuation models. Cautious scenario $9.84, optimistic scenario $50.90. It is a calculation from audited fundamentals, not an analyst target.
What is the Boardwalk Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at $23.23, about 48% lower versus a price of $44.97 (overvalued). Cautious scenario $9.84, optimistic scenario $50.90. The calculation is refreshed regularly with new filings.
What is the revenue of Boardwalk Real Estate Investment Trust (BOWFF)?
Boardwalk Real Estate Investment Trust reported trailing-twelve-month revenue of about C$641M (latest available figure, as of Nov 6, 2026).
Does Boardwalk Real Estate Investment Trust pay a dividend?
Boardwalk Real Estate Investment Trust currently shows a dividend yield of 2.64% relative to its recent price (as of Nov 6, 2026).
How much is the dividend of Boardwalk Real Estate Investment Trust (BOWFF) and when is the ex-dividend date?
Boardwalk Real Estate Investment Trust pays a dividend of $1.19 per share a year, a dividend yield of 2.6%. The last ex-dividend date was Oct 30, 2026. A dividend has been paid every year since at least 2001. The payout ratio is 39.4% of earnings. Free cash flow covers the dividend 1.03 times. Our assessment: Well covered. A low payout and the dividend is fully funded by free cash flow, a comfortable, sustainable dividend.
What growth is priced into Boardwalk Real Estate Investment Trust (BOWFF)?
For today's price to be fair in a discounted-cash-flow model, Boardwalk Real Estate Investment Trust would have to grow free cash flow by +35.3 % per year for five years (discount rate 9.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +6.5 % per year. As of Nov 6, 2026.
What discount rate (WACC) does the fair value of BOWFF use?
Our models discount Boardwalk Real Estate Investment Trust at 9.3 %: a base by market capitalisation (mid), damped by beta 0.82, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For Boardwalk Real Estate Investment Trust that is +35.3 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (9.3 %) and the same formula as our fair value.
How much growth has Boardwalk Real Estate Investment Trust (BOWFF) delivered so far?
Over the past 5 years revenue at Boardwalk Real Estate Investment Trust grew +6.5 % a year. The price currently implies free-cash-flow growth of +35.3 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of Boardwalk Real Estate Investment Trust (BOWFF) growing?
The median revenue growth in the sector is +2.7 % a year. That is the yardstick for the growth priced into Boardwalk Real Estate Investment Trust (+35.3 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Boardwalk Real Estate Investment Trust (BOWFF)?
The free-cash-flow yield on the price is 2.67 %: that much free cash flow Boardwalk Real Estate Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (9.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Boardwalk Real Estate Investment Trust (BOWFF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Boardwalk Real Estate Investment Trust it is $23.23 per share (as of Nov 6, 2026), against a price of $44.97. It is the blended result of 16 valuation models in 6 families (DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit).
Is Boardwalk Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Nov 6, 2026, BOWFF trades above its calculated fair value: price $44.97, fair value $23.23, a gap of about −48% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of BOWFF?
No. The price is what the market pays today ($44.97); the fair value is what the company's own numbers justify ($23.23). For Boardwalk Real Estate Investment Trust the two are $21.74 per share apart. That gap is exactly why we show both numbers side by side.
How much is Boardwalk Real Estate Investment Trust worth?
The market values Boardwalk Real Estate Investment Trust at about $2.4B (market capitalisation, as of Nov 6, 2026). Per share that is $44.97; our models calculate a fair value of $23.23 per share.
What do the bullish and bearish scenarios say about BOWFF?
Our models span a range for Boardwalk Real Estate Investment Trust: cautious scenario $9.84, base $23.23, optimistic $50.90 per share (as of Nov 6, 2026, price $44.97). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Boardwalk Real Estate Investment Trust (BOWFF)?
Balance-sheet figures for Boardwalk Real Estate Investment Trust (as of Nov 6, 2026): return on equity −0.7%, debt of 0.53 per unit of equity. They feed the Quality Score of 36/100, which measures business quality independently of the share price.
How far is BOWFF from its 52-week high?
Boardwalk Real Estate Investment Trust trades at $44.97, about 10% below its 52-week high of $50.07 and 7% above the low of $42.00 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of $23.23 is for.
Which stocks are comparable to Boardwalk Real Estate Investment Trust?
From the same area (Real Estate) we also value Essex Property Trust, Inc, Invitation Homes, Sun Communities, Inc, Mid-America Apartment Communities, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is Boardwalk Real Estate Investment Trust stock attractive at the current price?
The data as of Nov 6, 2026: price $44.97, calculated fair value $23.23 (−48%), Quality Score 36/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of BOWFF calculated?
We run Boardwalk Real Estate Investment Trust through 16 models from 6 families: DCF Models, Dividend Discount, Multiples, Asset-Based, Growth DCF, Economic Profit. Every model gets the same audited fundamentals; the fair value of $23.23 builds on their evidence-weighted average, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 13.0% above its aggregate fair value. Boardwalk Real Estate Investment Trust itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of Boardwalk Real Estate Investment Trust (BOWFF)?
The closing price on Nov 6, 2026 was $44.97. Our model-based fair value is $23.23, about 48% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Boardwalk Real Estate Investment Trust right now?
Weak quality (36/100) and above fair value at the same time, the margin of safety is missing on both counts. The model range is unusually wide ($9.84 to $50.90). The outcome hinges heavily on assumptions, so read the point estimate with caution. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of Boardwalk Real Estate Investment Trust (BOWFF) come from?
Earnings per share at Boardwalk Real Estate Investment Trust grew +15.0 % a year from 2014 to 2025. Broken into its drivers: revenue per share +3.2 %, EBIT margin −1.5 %, tax rate +0.0 %, residual (interest, one-offs) +13.1 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of Boardwalk Real Estate Investment Trust
How large is the market capitalisation of Boardwalk Real Estate Investment Trust (BOWFF)?
The market capitalisation of Boardwalk Real Estate Investment Trust is $2.4B. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of Boardwalk Real Estate Investment Trust (BOWFF)?
The price-to-sales ratio of Boardwalk Real Estate Investment Trust is 3.79 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of Boardwalk Real Estate Investment Trust (BOWFF)?
Earnings per share at Boardwalk Real Estate Investment Trust are $−0.6900. Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of Boardwalk Real Estate Investment Trust (BOWFF)?
The dividend yield of Boardwalk Real Estate Investment Trust is 2.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of Boardwalk Real Estate Investment Trust (BOWFF)?
The net margin of Boardwalk Real Estate Investment Trust is −5.0% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of Boardwalk Real Estate Investment Trust (BOWFF)?
The return on equity (ROE) of Boardwalk Real Estate Investment Trust is −0.7% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of Boardwalk Real Estate Investment Trust (BOWFF)?
On an EBIT basis the return on assets of Boardwalk Real Estate Investment Trust is 3.3% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of Boardwalk Real Estate Investment Trust (BOWFF)?
The operating margin of Boardwalk Real Estate Investment Trust is 57.2% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Boardwalk Real Estate Investment Trust (BOWFF)?
Revenue at Boardwalk Real Estate Investment Trust is growing +2.1% versus a year earlier (3y avg +8.8%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at Boardwalk Real Estate Investment Trust (BOWFF)?
Earnings per share at Boardwalk Real Estate Investment Trust are growing −40.6% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Boardwalk Real Estate Investment Trust (BOWFF) carry?
The net debt of Boardwalk Real Estate Investment Trust is C$3.5B (fiscal year 2025, ≈ 44.4 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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Some data
Nov 6, 2026