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BOWFF Fair Value & Analysis

Real Estate · US · Market cap $2.4B

B BOWFF logo BOWFF BOWFF · US
Price$46.67
Fair Value$49.68
Upside+6.5%
Quality46/100
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Expensive Growth
Thin margins · 9.0% net margin
Moderate debt · generates free cash flow
3.55% dividend yield
Ranks above peers (9/14)
Moderate moat 50/100
Evidence: High Range $37.26 – $54.39 Share as image

Fair value as of: Jul 26, 2026

From 14 valuation models · updated 15 days ago

Fair value updated Jul 26, 2026, revised from $49.37 to $49.68 (+0.6%) since Jun 26, 2026. Share price +2.1% over the past month.

Below-average quality, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
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Price vs Fair Value (5 years)

$64.44 $9.55 Fair Value $49.68 Oct 2019 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 26, 2026.

How to read this chart

60‑month range $9.55 – $64.44 · fair‑value band $37.26 – $54.39 · the $46.67 price screens below the $49.68 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 26, 2026.

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Analysis

BOWFF (BOWFF) currently trades at $46.67, while our model-based Fair Value estimate is $49.68, implying the stock looks roughly 6.5% fairly valued today. The Quality Score stands at 46/100 (below-average quality), in the Real Estate sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, BOWFF generated revenue of $637M at a net margin of 9.0%. Revenue grew 0.9% year over year. It earns a return on equity of 1.2%. Net debt stands at $3.5B. Fundamentals as of Jul 26, 2026

Our scenario range runs from $37.26 (bear case) to $54.39 (bull case); at $46.67, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 12% below its 52-week high and 9% above its 52-week low, currently below its 200-day average. For context, the median of 10 Real Estate peers we cover trades at -44% fair-value upside, at 6%, BOWFF screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model BearBaseBull Evidence
Highest evidence
Residual Income $75.69 $74.83 $66.42 76
Rev-Margin DCF $26.08 $62.57 74
Gordon GGM $15.41 $30.70 $46.49 70
All 14 models by family
DCF Models
5Y Revenue Exit $26.69 $69.61 39
5Y EBITDA Exit $7.88 $53.67 $106.84 41
10Y Revenue Exit $7.99 $45.01 36
10Y EBITDA Exit $26.13 $72.33 37
Dividend Discount
Gordon GGM $15.41 $30.70 $46.49 70
DDM Multi-Stage $15.41 $24.07 $32.41 61
Multiples
P/S Multiple $52.51 $70.01 $87.51 58
P/B Multiple $52.51 $70.01 $87.51 55
EV/EBIT $69.23 $109.80 $150.37 53
EV/EBITDA $43.93 $76.07 $108.20 54
EV/Revenue $12.98 $41.03 $69.09 43
Asset-Based
NCAV (Graham) $51.44 $68.93 $102.88 50
Growth DCF
Rev-Margin DCF $26.08 $62.57 74
Economic Profit
Residual Income $75.69 $74.83 $66.42 76

Widest divergence: Economic Profit ($74.83) versus Dividend Discount ($24.07). Highest evidence: Residual Income (76).

Key figures & financial health

Revenue (TTM) $637M
Revenue growth (YoY) +0.9%
Net margin 9.0%
Return on equity 1.2%
Free cash flow $79.7M FY2025
P/E ratio 70.9
More key figures
Operating margin 53.4%
EPS (TTM) $0.6500
Dividend yield 3.6%
EPS growth (YoY) -40.6%
Net debt $3.5B FY2025

Figures from reported company fundamentals · as of Jul 26, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 46/100

Of which business quality 47 · Market factors (momentum, volatility) 49

Profitability 33
Margins and returns on capital today
Quality Growth 26
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 32
Disciplined investing over empire-building
Low Volatility 71
Calm price path (market factor)
Momentum 41
Price trend over the last 3–12 months (market factor)
52W Momentum 41
Distance to the 52-week high (market factor)
Net Issuance 100
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

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.

Full company description

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. 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.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

BOWFF reported revenue of $638M in FY2025 versus $471M in FY2021, a compound +7.9%/yr. Reported net income was $197M in FY2025, compounding −18.5%/yr from FY2021.

Growth Quality 57/100
The company is growing, but growth may require heavy reinvestment or weak cash conversion.
Latest Revenue (FY 2025)
$638M
Latest YoY
+5.8%
Avg. growth/yr (3Y)
+8.8%
Avg. growth/yr (5Y)
+6.5%
Avg. growth/yr (31Y)
+15.2%
Revenue +7.9%/yr
FY21 $471M
FY22 $495M
FY23 $546M
FY24 $603M
FY25 $638M
Net income −18.5%/yr
FY21 $446M
FY22 $283M
FY23 $666M
FY24 $588M
FY25 $197M

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Cite: Fair Value Calculator (2026). "BOWFF Fair Value". https://www.fairvalue-calculator.com/stock/BOWFF

Peer Group

REIT - Residential · 57 stocks

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.

Quality Score 48 · Below median
Fair Value upside +6% · Above median
Return on equity (TTM) 1% · Above median
Return on assets 3% · Top 25%
Net margin (TTM) 9% · Above median
Operating margin (TTM) 53% · Top 25%
Revenue growth 1% · Below median
Dividend yield (TTM) 3.6% · Below median
Debt / equity 0.53× · Lower than median

Valuation Multiples vs REIT - Residential median · lower = cheaper

P/E (TTM) 70.9× · Pricier than 75% of peers
P/B 0.49× · Cheaper than median
P/S (TTM) 3.76× · Cheaper than median
P/FCF 30.1× · Pricier than 75% of peers
EV/EBITDA 13.3× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 42 · sector 1
FUTURE 5 · sector 11
PAST 5 · sector 5
HEALTH 74 · sector 61
DIVIDEND 71 · sector 75

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more REIT - Residential stocks, each showing price versus our Fair Value estimate (as of Jul 26, 2026).

Stock Price Fair Value vs Fair Value
AvalonBay Communities, Inc AVB $190.80 $126.12 -34%
EQR EQR $67.86 $38.10 -44%
Essex Property Trust, Inc ESS $293.46 $177.90 -39%
Invitation Homes INVH $29.78 $16.82 -44%
Mid-America Apartment Communities, Inc MAA $133.88 $65.28 -51%
Sun Communities, Inc SUI $121.83 $114.79 -6%
UDR, Inc UDR $39.59 $19.76 -50%
American Homes 4 Rent (AMH or the General Partner) AMH $33.11 $21.44 -35%
Equity LifeStyle Properties, Inc ELS $66.05 $21.27 -68%
Camden Property Trust, an S&P 500 Company CPT $113.73 $41.87 -63%

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Frequently asked questions

Is BOWFF overvalued or undervalued?
As of Jul 26, 2026, our model estimates a fair value of $49.68 versus a price of $46.67, about +6% (fairly valued).
What is the fair value of BOWFF?
Our model-based fair value for BOWFF is $49.68 (as of Jul 26, 2026), built from audited fundamentals. The current price is $46.67.
What is the quality score of BOWFF?
BOWFF has a Quality Score of 46/100. 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 revenue of BOWFF?
BOWFF reported trailing-twelve-month revenue of about $637M (latest available figure, as of Jul 26, 2026).
What is the net profit margin of BOWFF?
The net profit margin of BOWFF is about 9.0%, meaning it keeps roughly 9.0% of revenue as net income. Based on the latest reported figures.
Does BOWFF pay a dividend?
BOWFF currently shows a dividend yield of about 3.55% relative to its recent price (as of Jul 26, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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