Manulife US REIT (BTOU) fair value: what the stock is really worth
As of Oct 1, 2026: fair value of Manulife US REIT $0.05, price $0.03, upside +55.5%, quality 40 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.
How to read this chart
60‑month range $0.0330 – $0.6665 · fair‑value band $0.0496 – $0.0513 · the $0.0330 price screens below the $0.0513 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.
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Manulife US Real Estate Investment Trust is the first pure-play U.S. office REIT listed in Asia. It is a Singapore-listed REIT with the investment strategy of principally investing, directly or indirectly, in income-producing real estate in the United States (U.S.) and Canada, as well as real estate-related assets.
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Manulife US Real Estate Investment Trust is the first pure-play U.S. office REIT listed in Asia. It is a Singapore-listed REIT with the investment strategy of principally investing, directly or indirectly, in income-producing real estate in the United States (U.S.) and Canada, as well as real estate-related assets. As at 31 March 2026, MUST's portfolio comprised seven freehold office properties in Arizona, California, Georgia, New Jersey, Virginia and Washington D.C., with an aggregate net lettable area of 3.5 million sq ft. Manulife US Real Estate Investment Trust was established on March 27, 2015 and incorporated in 2015 in Singapore.
Stock analysis
Manulife US REIT (BTOU) currently trades at $0.0330, while our model-based Fair Value estimate is $0.0513, implying the stock looks roughly 35.7% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $0.3700 per share, and 5 of the 8 models we run sit above the $0.0330 price.
Bear case: the Growth DCF group reads lowest at $0.0100, and 3 of the 8 models stay below the price. Evidence for this calculation is low.
Scenario range: $0.0496 (bear) to $0.0513 (bull), the price of $0.0330 sits below 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 40/100 (below-average quality), in the Real Estate sector.
Weak Growth: Revenue is shrinking: the last year, the last three and the last five years are all negative.
Manulife US REIT reported revenue of $114M in FY2025 versus $185M in FY2021, a compound −11.4%/yr. Reported net income was −$87.7M in FY2025.
Key figures
Market cap $58.6M · P/S ratio 0.59 · EPS (TTM) $−0.0200 · Net margin −76.9% · Return on equity −10.2% · Return on assets (EBIT) 5.3% · Operating margin 39.8% · Revenue (TTM) $105M.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 50 out of 100 (low confidence).
What moves the price
The share trades about 58% below its 52-week high and at its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −1% fair-value upside, at 55%, BTOU screens cheaper than that median.
Fair Value models
Bear $0.0496Fair Value $0.0513Bull $0.0513
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.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.Evidence ⓘEvidence = 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.
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.12/100
Revenue is shrinking: the last year, the last three and the last five years are all negative.
Revenue growth 1 year
−32.0%
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.
−17.5%
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.
−10.1%
Start year 2020 (pandemic). Over 10 years: +4.8% a year
Revenue growth 12 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.
+5.9%
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Profit margin (trend) ⓘ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.
32.6% (2019) → 42.2% (2025)
What shareholders gained per year ⓘWe only publish this rate when it is defensible. Reason: fiscal 2025 is a loss year, no rate is defined from a loss
not computed
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
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).
+44.8%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
After inflation (figures in USD, USA: IMF forecast 2.4% a year to 2030, 3.1% from 2016 to 2025) that is about +41.5% a year for the price.
Price, fair value, quality and upside side by side.
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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 - Office · 69 stocks
Beats the industry median on 6/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score40 · Bottom 25%
Fair Value upside+55.5% · Above median
Profitability
Return on assets2.7% · Above median
Net margin (TTM)−35.1% · Bottom 25%
Operating margin (TTM)39.8% · Below median
Growth and dividend
Revenue growth−14.0% · Bottom 25%
Balance sheet
Debt / equity1.51× · Highest 25%
Valuation Multiplesvs REIT - Office 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). "Manulife US REIT Fair Value". https://www.fairvalue-calculator.com/stock/BTOU
Frequently asked questions
Is Manulife US REIT (BTOU) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of $0.0513 versus a price of $0.0330, about +55% upside (undervalued).
What is the fair value of BTOU?
Our model-based fair value for Manulife US REIT is $0.0513 (as of Sep 27, 2026), built from audited fundamentals. The current price: $0.0330.
What is the quality score of BTOU?
Manulife US REIT has a Quality Score of 40/100. 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 Manulife US REIT (BTOU)?
Our model-based price target is the fair value of $0.0513 (as of Sep 27, 2026) from 9 valuation models. Cautious scenario $0.0496, optimistic scenario $0.0513. It is a calculation from audited fundamentals, not an analyst target.
What is the Manulife US REIT stock forecast for 2026?
Our models put fair value at $0.0513, about +55% upside versus a price of $0.0330 (undervalued). Cautious scenario $0.0496, optimistic scenario $0.0513. The calculation is refreshed regularly with new filings.
What is the revenue of Manulife US REIT (BTOU)?
Manulife US REIT reported trailing-twelve-month revenue of about $105M (latest available figure, as of Sep 27, 2026).
What growth is priced into Manulife US REIT (BTOU)?
For today's price to be fair in a discounted-cash-flow model, Manulife US REIT would have to grow free cash flow by +44.8 % per year for five years (discount rate 13.0 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew -10.1 % per year. As of Sep 27, 2026.
What discount rate (WACC) does the fair value of BTOU use?
Our models discount Manulife US REIT at 13.0 %: a base by market capitalisation (micro), damped by beta 1.16, country premium for Singapore. 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 Manulife US REIT that is +44.8 % per year a year over ten years, using the same discount rate (13.0 %) and the same formula as our fair value.
How much growth has Manulife US REIT (BTOU) delivered so far?
Over the past 5 years revenue at Manulife US REIT grew -10.1 % a year. The price currently implies +44.8 % per year free-cash-flow growth a 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 Manulife US REIT (BTOU) growing?
The median revenue growth in the sector is +1.9 % a year. That is the yardstick for the growth priced into Manulife US REIT (+44.8 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of Manulife US REIT (BTOU)?
The free-cash-flow yield on the price is 15.23 %: that much free cash flow Manulife US REIT produces per unit of market value. When it exceeds the discount rate of our models (13.0 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of Manulife US REIT (BTOU)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For Manulife US REIT it is $0.0513 per share (as of Sep 27, 2026), against a price of $0.0330. It is the blended result of 9 valuation models (cash flow, earnings, asset, dividend).
Is Manulife US REIT stock overvalued or undervalued in 2026?
As of Sep 27, 2026, BTOU trades below its calculated fair value: price $0.0330, fair value $0.0513, a gap of about +55% (undervalued). 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 BTOU?
No. The price is what the market pays today ($0.0330); the fair value is what the company's own numbers justify ($0.0513). For Manulife US REIT the two are $0.0183 per share apart. That gap is exactly why we show both numbers side by side.
How much is Manulife US REIT worth?
The market values Manulife US REIT at about $58.6M (market capitalisation, as of Sep 27, 2026). Per share that is $0.0330; our models calculate a fair value of $0.0513 per share.
What do the bullish and bearish scenarios say about BTOU?
Our models span a range for Manulife US REIT: cautious scenario $0.0496, base $0.0513, optimistic $0.0513 per share (as of Sep 27, 2026, price $0.0330). The range comes from different growth and margin assumptions, not from analyst opinions.
How solid is the balance sheet of Manulife US REIT (BTOU)?
Balance-sheet figures for Manulife US REIT (as of Sep 27, 2026): return on equity −10.2%, debt of 1.51 per unit of equity. They feed the Quality Score of 40/100, which measures business quality independently of the share price.
How far is BTOU from its 52-week high?
Manulife US REIT trades at $0.0330, about 58% below its 52-week high of $0.0790 and at the low of $0.0330 (as of Oct 1, 2026). Distance from the high says nothing about value: that is what the fair value of $0.0513 is for.
Which stocks are comparable to Manulife US REIT?
From the same area (Real Estate) we also value BXP, Inc, Vornado Realty Trust, Alexandria Real Estate Equities, Inc, MERLIN Properties SOCIMI, S.A, 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 Manulife US REIT stock attractive at the current price?
The data as of Sep 27, 2026: price $0.0330, calculated fair value $0.0513 (+55%), Quality Score 40/100, from 9 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 BTOU calculated?
We run Manulife US REIT through 9 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.0513, 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 14.5 % above its aggregate fair value. Manulife US REIT currently trades 36 % below its own fair value, and the market average says nothing about that. 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 Manulife US REIT (BTOU)?
The closing price on Oct 1, 2026 was $0.0330. Our model-based fair value is $0.0513, about +55% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with Manulife US REIT right now?
The large discount to fair value meets weak quality (40/100). That raises the risk this is a value trap rather than a bargain. The price is below even our cautious bear case ($0.0496). The market is more pessimistic than our downside scenario. The large gap to fair value rests on thin data (low evidence): fewer applicable models and a shorter history. Read it with extra caution. The models converge in a tight band ($0.0496 to $0.0513), unusually little disagreement for a valuation.
Key figures of Manulife US REIT
How large is the market capitalisation of Manulife US REIT (BTOU)?
The market capitalisation of Manulife US REIT is $58.6M. 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 Manulife US REIT (BTOU)?
The price-to-sales ratio of Manulife US REIT is 0.59 (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 Manulife US REIT (BTOU)?
Earnings per share at Manulife US REIT are $−0.0200. Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of Manulife US REIT (BTOU)?
The net margin of Manulife US REIT is −76.9% (fiscal year 2025). 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 Manulife US REIT (BTOU)?
The return on equity (ROE) of Manulife US REIT is −10.2% (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 Manulife US REIT (BTOU)?
On an EBIT basis the return on assets of Manulife US REIT is 5.3% (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 Manulife US REIT (BTOU)?
The operating margin of Manulife US REIT is 39.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at Manulife US REIT (BTOU)?
Revenue at Manulife US REIT is growing −14.0% versus a year earlier (3y avg −17.5%). 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 Manulife US REIT (BTOU)?
Earnings per share at Manulife US REIT are growing +745% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does Manulife US REIT (BTOU) carry?
The net debt of Manulife US REIT is $517M (fiscal year 2025, ≈ 74.2 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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