Mainstreet Equity Corp T.MEQ

Chris Blumas - BNN -TOP PICK

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MAINSTREET EQUITY (MEQ TSX)

Most recent purchase at $166.00 on June 13. Mainstreet is a real estate corporation that owns mid-market multi-family apartment buildings. The company is focused on the Western Canadian market and has more than 75 per cent of its total units in Alberta (around 55 percent) and British Columbia (around 20 percent). Mainstreet’s unique business model (structure, market focus, and operating capabilities) has allowed it to generate tremendous value for shareholders over the long term. Going forward, the company has the capabilities and balance sheet required to continue growing and to take advantage of opportunities to increase densification across its portfolio. The shares currently trade at around 17 times forward funds from operations and at a 10 per cent premium to its IFRS book value per share. Note: Mainstreet is a smaller market capitalization company and investors should consider using limit orders when buying and/or selling shares.

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Additional Blumas TOP PICK Mainstreet Equity Corp(MEQ-T) 18/06/2024   Has pulled back to a fair valuation for a phenomenal compounder. It's not a REIT, but a real estate corporation. So, they retain their capital to do deals. (REITs don't retain capital, so are stuck when there's a downturn.) MEQ buys smaller mid-market apartments