Canadian Net Real Estate Investment Trust (CNNRF) fair value: what the stock is really worth
As of Oct 2, 2026: fair value of Canadian Net Real Estate Investment Trust $5.49, price $4.43, upside +23.9%, quality 65 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Canadian Net Real Estate Investment Trust
CNNRF · USUndervaluedThe stock appears undervalued with acceptable quality.
What runs behind every stock
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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 24, 2026.
How to read this chart
53‑month range $2.82 – $6.12 · fair‑value band $3.60 – $13.00 · the $4.43 price screens below the $5.49 fair value. Dashed = 300-day average. As of Sep 24, 2026.
Company profile
Canadian Net Real Estate Investment Trust is an active Trust operating in the Canadian commercial real estate market. The Trust currently trades on the TSX Venture using the ticker symbol NET.UN. The Trust owns and rents commercial real estate properties directly, through its wholly owned subsidiaries and joint ventures.
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Canadian Net Real Estate Investment Trust is an active Trust operating in the Canadian commercial real estate market. The Trust currently trades on the TSX Venture using the ticker symbol NET.UN. The Trust owns and rents commercial real estate properties directly, through its wholly owned subsidiaries and joint ventures. Prior to June 17, 2021, the Trust operated under the name of Fronsac Real Estate Investment Trust. As at September 30, 2025, the Trust held 97 investment properties, 80 residing in the province of Quebec, 8 in the province of Ontario, 8 in the province of Nova Scotia and 1 in the province of New Brunswick. The properties are occupied by 4 distinct groups of tenants composed of: (1) necessity-based retailers, (2) national service station and convenience store chains, (3) quick-service restaurant chains, and (4) others. The quality of the properties in the portfolio allows Canadian Net to maintain a best-in-class occupancy level. As at September 30, 2025, the Trust's occupancy was at 100%. The Trust management is entirely internalized, and no service agreements or asset management agreements are in force between Canadian Net and its officers and trustees. The Trust, therefore, ensures that the interests of management and of its employees are aligned with those of the unitholders. These properties are leased to tenants on a management-free basis with triple net leases. Under this type of arrangement, the tenant is responsible for paying real estate taxes, insurance and any general maintenance required, in addition to the base rent already stipulated in the lease terms. These types of leases ensure stable recurring cash flows with an opportunity for growth. Canadian Net Real Estate Investment Trust was established on June 02, 2006 in Quebec, Canada. The principal registered and head office of the Trust is located at 106 Gun Avenue, Pointe Claire, QC, H9R 3X3.
Stock analysis
Canadian Net Real Estate Investment Trust (CNNRF) currently trades at $4.43, while our model-based Fair Value estimate is $5.49, implying the stock looks roughly 19.3% undervalued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $6.18 per share, and 8 of the 15 models we run sit above the $4.43 price.
Bear case: the Dividend Discount group reads lowest at $2.69, and 7 of the 15 models stay below the price. Evidence for this calculation is high.
Scenario range: $3.60 (bear) to $13.00 (bull), the price of $4.43 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 65/100 (solid quality), in the Real Estate sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
Canadian Net Real Estate Investment Trust reported revenue of C$28.0M in FY2025 versus C$19.0M in FY2021, a compound +10.2%/yr. Reported net income was C$16.7M in FY2025, compounding −9.7%/yr from FY2021.
Key figures
Market cap $91.2M · P/E ratio 14.3 · P/S ratio 8.52 · EPS (TTM) $0.3100 · Dividend yield 7.9% · Net margin 59.6% · Return on equity 6.5% · Return on assets (EBIT) 5.9%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 48 out of 100 (low confidence).
What moves the price
The share trades about 28% below its 52-week high and 23% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −3% fair-value upside, at 24%, CNNRF screens cheaper than that median.
Fair Value models
All 15 models by family
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Set up alert →Quality Score breakdown
Of which business quality 60 · Market factors (momentum, volatility) 53
Revenue & earnings trend
Growth Forecast
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Compare Canadian Net Real Estate Investment Trust with another stock
Price, fair value, quality and upside side by side.
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 - Diversified · 153 stocks
Valuation Multiplesvs REIT - Diversified median · lower = cheaper
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Real Estate
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
Similar stocks
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| Stockland SGP | A$4.02 | A$4.12 | +2% |
| The GPT Group GPT | A$4.41 | A$3.49 | −21% |
| Charter Hall Group CHC | A$17.63 | A$3.25 | −82% |
| COV COV | €46.38 | €39.78 | −14% |
| Mirvac Group MGR | A$1.72 | A$2.05 | +20% |
| Broadstone Net Lease, Inc BNL | $18.91 | $18.42 | −3% |
| KLCC Property Holdings 5235SS | 8.52 MYR | 4.22 MYR | −50% |
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Key figures of Canadian Net Real Estate Investment Trust
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