FIRST CAPITAL REAL ESTATE IN (FCR-UN.CA) Stock Fundamental Analysis
TSX:FCR-UN - Toronto Stock Exchange - CA31890B1031 - REIT - Currency: CAD
We assign a fundamental rating of 4 out of 10 to FCR-UN. FCR-UN was compared to 43 industry peers in the Diversified REITs industry. FCR-UN has only an average score on both its financial health and profitability. FCR-UN has a correct valuation and a medium growth rate.
1. Profitability
1.1 Basic Checks
In the past year FCR-UN was profitable.
FCR-UN had a positive operating cash flow in the past year.
The reported net income has been mixed in the past 5 years: FCR-UN reported negative net income in multiple years.
Each year in the past 5 years FCR-UN had a positive operating cash flow.
1.2 Ratios
With an excellent Return On Assets value of 2.23%, FCR-UN belongs to the best of the industry, outperforming 88.37% of the companies in the same industry.
FCR-UN's Return On Equity of 5.19% is amongst the best of the industry. FCR-UN outperforms 83.72% of its industry peers.
FCR-UN has a Return On Invested Capital of 3.50%. This is amonst the worse of the industry: FCR-UN underperforms 83.72% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.23% | ||
| ROE | 5.19% | ||
| ROIC | 3.5% |
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
1.3 Margins
FCR-UN has a Profit Margin of 28.72%. This is amongst the best in the industry. FCR-UN outperforms 86.05% of its industry peers.
FCR-UN's Profit Margin has declined in the last couple of years.
With a decent Operating Margin value of 57.36%, FCR-UN is doing good in the industry, outperforming 65.12% of the companies in the same industry.
In the last couple of years the Operating Margin of FCR-UN has remained more or less at the same level.
FCR-UN has a Gross Margin (62.21%) which is comparable to the rest of the industry.
FCR-UN's Gross Margin has been stable in the last couple of years.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 57.36% | ||
| PM (TTM) | 28.72% | ||
| GM | 62.21% |
OM growth 3Y2.04%
OM growth 5Y0.78%
PM growth 3Y-25.03%
PM growth 5Y-11.78%
GM growth 3Y1.22%
GM growth 5Y0.46%
2. Health
2.1 Basic Checks
FCR-UN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
FCR-UN has no outstanding debt. Therefor its Debt/Equity and Debt/FCF ratios are 0 and belong to the best of the industry.
2.2 Solvency
Based on the Altman-Z score of 0.79, we must say that FCR-UN is in the distress zone and has some risk of bankruptcy.
With a decent Altman-Z score value of 0.79, FCR-UN is doing good in the industry, outperforming 62.79% of the companies in the same industry.
The Debt to FCF ratio of FCR-UN is 17.56, which is on the high side as it means it would take FCR-UN, 17.56 years of fcf income to pay off all of its debts.
FCR-UN's Debt to FCF ratio of 17.56 is fine compared to the rest of the industry. FCR-UN outperforms 62.79% of its industry peers.
A Debt/Equity ratio of 0.91 indicates that FCR-UN is somewhat dependend on debt financing.
The Debt to Equity ratio of FCR-UN (0.91) is better than 67.44% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.91 | ||
| Debt/FCF | 17.56 | ||
| Altman-Z | 0.79 |
ROIC/WACC0.44
WACC7.93%
2.3 Liquidity
A Current Ratio of 0.92 indicates that FCR-UN may have some problems paying its short term obligations.
With an excellent Current ratio value of 0.92, FCR-UN belongs to the best of the industry, outperforming 100.00% of the companies in the same industry.
A Quick Ratio of 0.62 indicates that FCR-UN may have some problems paying its short term obligations.
FCR-UN has a Quick ratio of 0.62. This is amongst the best in the industry. FCR-UN outperforms 100.00% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.92 | ||
| Quick Ratio | 0.62 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 252.46% over the past year.
The earnings per share for FCR-UN have been decreasing by -11.28% on average. This is quite bad
FCR-UN shows a small growth in Revenue. In the last year, the Revenue has grown by 3.71%.
Measured over the past years, FCR-UN shows a decrease in Revenue. The Revenue has been decreasing by -0.91% on average per year.
EPS 1Y (TTM)252.46%
EPS 3Y-22.81%
EPS 5Y-11.28%
EPS Q2Q%-81.59%
Revenue 1Y (TTM)3.71%
Revenue growth 3Y1.87%
Revenue growth 5Y-0.91%
Sales Q2Q%5.37%
3.2 Future
Based on estimates for the next years, FCR-UN will show a small growth in Earnings Per Share. The EPS will grow by 7.80% on average per year.
The Revenue is expected to grow by 3.37% on average over the next years.
EPS Next Y8.11%
EPS Next 2Y7.8%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year1.59%
Revenue Next 2Y3.37%
Revenue Next 3YN/A
Revenue Next 5YN/A
3.3 Evolution
When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
When comparing the Revenue growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 17.20, the valuation of FCR-UN can be described as rather expensive.
Compared to the rest of the industry, the Price/Earnings ratio of FCR-UN indicates a somewhat cheap valuation: FCR-UN is cheaper than 79.07% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 29.62. FCR-UN is valued slightly cheaper when compared to this.
FCR-UN is valuated correctly with a Price/Forward Earnings ratio of 13.62.
Based on the Price/Forward Earnings ratio, FCR-UN is valued a bit cheaper than 62.79% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.70. FCR-UN is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.2 | ||
| Fwd PE | 13.62 |
4.2 Price Multiples
72.09% of the companies in the same industry are more expensive than FCR-UN, based on the Enterprise Value to EBITDA ratio.
FCR-UN's Price/Free Cash Flow is on the same level as the industry average.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 14.99 | ||
| EV/EBITDA | 18.1 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates FCR-UN does not grow enough to justify the current Price/Earnings ratio.
PEG (NY)2.12
PEG (5Y)N/A
EPS Next 2Y7.8%
EPS Next 3YN/A
5. Dividend
5.1 Amount
With a Yearly Dividend Yield of 5.67%, FCR-UN is a good candidate for dividend investing.
FCR-UN's Dividend Yield is slightly below the industry average, which is at 8.03.
FCR-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.27.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.67% |
5.2 History
The dividend of FCR-UN decreases each year by -8.92%.
FCR-UN has been paying a dividend for at least 10 years, so it has a reliable track record.
FCR-UN has decreased its dividend in the last 3 years.
Dividend Growth(5Y)-8.92%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
89.49% of the earnings are spent on dividend by FCR-UN. This is not a sustainable payout ratio.
DP89.49%
EPS Next 2Y7.8%
EPS Next 3YN/A
TSX:FCR-UN (2/21/2025, 7:00:00 PM)
16.51
-0.27 (-1.61%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners48.57%
Inst Owner ChangeN/A
Ins Owners0.45%
Ins Owner ChangeN/A
Market Cap3.51B
Analysts80
Price Target20.58 (24.65%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.67% |
Yearly Dividend0.54
Dividend Growth(5Y)-8.92%
DP89.49%
Div Incr Years2
Div Non Decr Years2
Ex-Date
Surprises & Revisions
EPS beat(2)N/A
Avg EPS beat(2)N/A
Min EPS beat(2)N/A
Max EPS beat(2)N/A
EPS beat(4)N/A
Avg EPS beat(4)N/A
Min EPS beat(4)N/A
Max EPS beat(4)N/A
EPS beat(8)N/A
Avg EPS beat(8)N/A
EPS beat(12)N/A
Avg EPS beat(12)N/A
EPS beat(16)N/A
Avg EPS beat(16)N/A
Revenue beat(2)N/A
Avg Revenue beat(2)N/A
Min Revenue beat(2)N/A
Max Revenue beat(2)N/A
Revenue beat(4)N/A
Avg Revenue beat(4)N/A
Min Revenue beat(4)N/A
Max Revenue beat(4)N/A
Revenue beat(8)N/A
Avg Revenue beat(8)N/A
Revenue beat(12)N/A
Avg Revenue beat(12)N/A
Revenue beat(16)N/A
Avg Revenue beat(16)N/A
PT rev (1m)-0.74%
PT rev (3m)3.59%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0%
EPS NY rev (3m)0%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)1.34%
Revenue NY rev (3m)0.98%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.2 | ||
| Fwd PE | 13.62 | ||
| P/S | 4.91 | ||
| P/FCF | 14.99 | ||
| P/OCF | 14.99 | ||
| P/B | 0.89 | ||
| P/tB | 0.89 | ||
| EV/EBITDA | 18.1 |
EPS(TTM)0.96
EY5.81%
EPS(NY)1.21
Fwd EY7.34%
FCF(TTM)1.1
FCFY6.67%
OCF(TTM)1.1
OCFY6.67%
SpS3.36
BVpS18.59
TBVpS18.59
PEG (NY)2.12
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.23% | ||
| ROE | 5.19% | ||
| ROCE | 4.86% | ||
| ROIC | 3.5% | ||
| ROICexc | 3.57% | ||
| ROICexgc | 3.57% | ||
| OM | 57.36% | ||
| PM (TTM) | 28.72% | ||
| GM | 62.21% | ||
| FCFM | 32.77% |
ROA(3y)N/A
ROA(5y)N/A
ROE(3y)N/A
ROE(5y)N/A
ROIC(3y)N/A
ROIC(5y)N/A
ROICexc(3y)N/A
ROICexc(5y)N/A
ROICexgc(3y)N/A
ROICexgc(5y)N/A
ROCE(3y)N/A
ROCE(5y)N/A
ROICexcg growth 3YN/A
ROICexcg growth 5YN/A
ROICexc growth 3YN/A
ROICexc growth 5YN/A
OM growth 3Y2.04%
OM growth 5Y0.78%
PM growth 3Y-25.03%
PM growth 5Y-11.78%
GM growth 3Y1.22%
GM growth 5Y0.46%
F-Score8
Asset Turnover0.08
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.91 | ||
| Debt/FCF | 17.56 | ||
| Debt/EBITDA | 8.69 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.64 | ||
| Cash Conversion | 56.77% | ||
| Profit Quality | 114.08% | ||
| Current Ratio | 0.92 | ||
| Quick Ratio | 0.62 | ||
| Altman-Z | 0.79 |
F-Score8
WACC7.93%
ROIC/WACC0.44
Cap/Depr(3y)N/A
Cap/Depr(5y)N/A
Cap/Sales(3y)N/A
Cap/Sales(5y)N/A
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)252.46%
EPS 3Y-22.81%
EPS 5Y-11.28%
EPS Q2Q%-81.59%
EPS Next Y8.11%
EPS Next 2Y7.8%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)3.71%
Revenue growth 3Y1.87%
Revenue growth 5Y-0.91%
Sales Q2Q%5.37%
Revenue Next Year1.59%
Revenue Next 2Y3.37%
Revenue Next 3YN/A
Revenue Next 5YN/A
EBIT growth 1Y7.94%
EBIT growth 3Y3.96%
EBIT growth 5Y-0.13%
EBIT Next Year4.08%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y2.66%
FCF growth 3Y-2.16%
FCF growth 5Y-2.77%
OCF growth 1Y2.66%
OCF growth 3Y-2.16%
OCF growth 5Y-2.77%