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BOWFF - Boardwalk: Straight Line To Higher Valuation
Boardwalk Real Estate Investment Trust Unit
When we last touched on Boardwalk REIT (OTCPK:BOWFF) we left with a bullish message on the REIT and we expected a 25% upside move.
We think that the company should ultimately trade up to a 10-20% premium to NAV and move to about 17X-18X forward FFO multiple. Combining our two estimates, we see fair value for the shares at about 50 CAD a share. Boardwalk is very sensitive to Alberta employment and inflation and has material upside potential should oil prices average over 65 USD in 2020.