Chartwell Retirement Residences (CSH-UN.TO)

Chartwell Retirement Residences (CSH-UN.TO) — VMCI valuation read

Headline read on CSH-UN.TO: VMCI of 43/100 versus a Real Estate sector median of 50. The 7-point below-median position is what makes Chartwell Retirement Residences a relative-value laggard in the mid-cap cohort, before any pillar-level review.

Form 4 filings on CSH-UN.TO: zero in the trailing 30 days. The absence of insider transactions is itself a data point, just a low-information one. The thesis runs on financials and price action until that changes.

**Investor frame.** Three reads on CSH-UN.TO: value (CSH-UN.TO trades at 15.0x earnings, 17% below the Real Estate median of 18.0x), quality (ROIC of 15.0% sits 5.0pp above the Real Estate median (10.0%)), and risk (net debt to EBITDA of -0.6x leaves covenant headroom). The value read also implies an EV/EBITDA gap of +4.0x against the Real Estate 12.0x baseline.

CSH-UN.TO fell 2.1% over the trailing 7 days, with a -9.4% read on a 30-day basis.