FIRST CAPITAL REAL ESTATE IN (FCR-UN.CA) Stock Fundamental Analysis
Canada - TSX:FCR-UN - CA31890B1031 - REIT
19.81 CAD
+0.15 (+0.76%)
We assign a fundamental rating of 5 out of 10 to FCR-UN. FCR-UN was compared to 37 industry peers in the Diversified REITs industry. Both the profitability and the financial health of FCR-UN get a neutral evaluation. Nothing too spectacular is happening here. FCR-UN has a decent growth rate and is not valued too expensively.
1. Profitability
1.1 Basic Checks
In the past year FCR-UN was profitable.
In the past year FCR-UN had a positive cash flow from operations.
The reported net income has been mixed in the past 5 years: FCR-UN reported negative net income in multiple years.
FCR-UN had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
With an excellent Return On Assets value of 2.78%, FCR-UN belongs to the best of the industry, outperforming 86.49% of the companies in the same industry.
FCR-UN has a better Return On Equity (6.53%) than 86.49% of its industry peers.
FCR-UN has a Return On Invested Capital of 3.53%. This is in the lower half of the industry: FCR-UN underperforms 62.16% of its industry peers.
Measured over the past 3 years, the Average Return On Invested Capital for FCR-UN is below the industry average of 5.52%.
The last Return On Invested Capital (3.53%) for FCR-UN is above the 3 year average (3.29%), which is a sign of increasing profitability.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.78% | ||
| ROE | 6.53% | ||
| ROIC | 3.53% |
ROA(3y)-0.3%
ROA(5y)0.74%
ROE(3y)-0.65%
ROE(5y)1.61%
ROIC(3y)3.29%
ROIC(5y)3.06%
1.3 Margins
With an excellent Profit Margin value of 36.32%, FCR-UN belongs to the best of the industry, outperforming 86.49% of the companies in the same industry.
FCR-UN's Profit Margin has declined in the last couple of years.
FCR-UN has a Operating Margin of 56.03%. This is in the better half of the industry: FCR-UN outperforms 64.86% of its industry peers.
FCR-UN's Operating Margin has been stable in the last couple of years.
The Gross Margin of FCR-UN (62.37%) is comparable to the rest of the industry.
In the last couple of years the Gross Margin of FCR-UN has remained more or less at the same level.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| OM | 56.03% | ||
| PM (TTM) | 36.32% | ||
| GM | 62.37% |
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
The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so FCR-UN is destroying value.
Compared to 1 year ago, FCR-UN has about the same amount of shares outstanding.
Compared to 5 years ago, FCR-UN has less shares outstanding
Compared to 1 year ago, FCR-UN has a worse debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 0.82, we must say that FCR-UN is in the distress zone and has some risk of bankruptcy.
With an excellent Altman-Z score value of 0.82, FCR-UN belongs to the best of the industry, outperforming 81.08% of the companies in the same industry.
FCR-UN has a debt to FCF ratio of 19.36. This is a negative value and a sign of low solvency as FCR-UN would need 19.36 years to pay back of all of its debts.
FCR-UN's Debt to FCF ratio of 19.36 is in line compared to the rest of the industry. FCR-UN outperforms 43.24% of its industry peers.
FCR-UN has a Debt/Equity ratio of 0.83. This is a neutral value indicating FCR-UN is somewhat dependend on debt financing.
The Debt to Equity ratio of FCR-UN (0.83) is better than 75.68% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.83 | ||
| Debt/FCF | 19.36 | ||
| Altman-Z | 0.82 |
ROIC/WACC0.61
WACC5.83%
2.3 Liquidity
FCR-UN has a Current Ratio of 0.72. This is a bad value and indicates that FCR-UN is not financially healthy enough and could expect problems in meeting its short term obligations.
FCR-UN has a better Current ratio (0.72) than 83.78% of its industry peers.
A Quick Ratio of 0.50 indicates that FCR-UN may have some problems paying its short term obligations.
With a decent Quick ratio value of 0.50, FCR-UN is doing good in the industry, outperforming 75.68% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.72 | ||
| Quick Ratio | 0.5 |
3. Growth
3.1 Past
FCR-UN shows a strong growth in Earnings Per Share. In the last year, the EPS has been growing by 520.34%, which is quite impressive.
Measured over the past years, FCR-UN shows a very negative growth in Earnings Per Share. The EPS has been decreasing by -11.28% on average per year.
FCR-UN shows a small growth in Revenue. In the last year, the Revenue has grown by 2.82%.
The Revenue has been decreasing by -0.91% on average over the past years.
EPS 1Y (TTM)520.34%
EPS 3Y-22.81%
EPS 5Y-11.28%
EPS Q2Q%273.7%
Revenue 1Y (TTM)2.82%
Revenue growth 3Y1.87%
Revenue growth 5Y-0.91%
Sales Q2Q%2.24%
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 6.21% on average per year.
FCR-UN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 2.32% yearly.
EPS Next Y18.02%
EPS Next 2Y9.05%
EPS Next 3Y6.21%
EPS Next 5YN/A
Revenue Next Year2.39%
Revenue Next 2Y1.5%
Revenue Next 3Y2.32%
Revenue Next 5YN/A
3.3 Evolution
The EPS growth rate is accelerating: in the next years the growth will be better than in the last years.
The Revenue growth rate is accelerating: in the next years the growth will be better than in the last years.
4. Valuation
4.1 Price/Earnings Ratio
Based on the Price/Earnings ratio of 16.24, the valuation of FCR-UN can be described as correct.
Compared to the rest of the industry, the Price/Earnings ratio of FCR-UN indicates a somewhat cheap valuation: FCR-UN is cheaper than 75.68% of the companies listed in the same industry.
Compared to an average S&P500 Price/Earnings ratio of 27.86, FCR-UN is valued a bit cheaper.
A Price/Forward Earnings ratio of 14.86 indicates a correct valuation of FCR-UN.
The rest of the industry has a similar Price/Forward Earnings ratio as FCR-UN.
When comparing the Price/Forward Earnings ratio of FCR-UN to the average of the S&P500 Index (23.32), we can say FCR-UN is valued slightly cheaper.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.24 | ||
| Fwd PE | 14.86 |
4.2 Price Multiples
Based on the Enterprise Value to EBITDA ratio, FCR-UN is valued a bit cheaper than the industry average as 67.57% of the companies are valued more expensively.
Compared to the rest of the industry, the Price/Free Cash Flow ratio of FCR-UN indicates a slightly more expensive valuation: FCR-UN is more expensive than 62.16% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 19.04 | ||
| EV/EBITDA | 20.17 |
4.3 Compensation for Growth
FCR-UN's low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
FCR-UN has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)0.9
PEG (5Y)N/A
EPS Next 2Y9.05%
EPS Next 3Y6.21%
5. Dividend
5.1 Amount
FCR-UN has a Yearly Dividend Yield of 5.67%, which is a nice return.
FCR-UN's Dividend Yield is slightly below the industry average, which is at 7.94.
FCR-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.41.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.67% |
5.2 History
The dividend of FCR-UN has a limited annual growth rate of 0.08%.
FCR-UN has paid a dividend for at least 10 years, which is a reliable track record.
FCR-UN has not decreased its dividend in the last 3 years.
Dividend Growth(5Y)0.08%
Div Incr Years3
Div Non Decr Years3
5.3 Sustainability
FCR-UN pays out 71.15% of its income as dividend. This is not a sustainable payout ratio.
FCR-UN's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP71.15%
EPS Next 2Y9.05%
EPS Next 3Y6.21%
TSX:FCR-UN (10/3/2025, 7:00:00 PM)
19.81
+0.15 (+0.76%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners48.33%
Inst Owner ChangeN/A
Ins Owners0.49%
Ins Owner ChangeN/A
Market Cap4.21B
Analysts75.71
Price Target21.47 (8.38%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.67% |
Yearly Dividend0.87
Dividend Growth(5Y)0.08%
DP71.15%
Div Incr Years3
Div Non Decr Years3
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)0.6%
PT rev (3m)6.05%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)0.77%
EPS NY rev (3m)9.17%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.48%
Revenue NY rev (3m)-0.09%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 16.24 | ||
| Fwd PE | 14.86 | ||
| P/S | 5.85 | ||
| P/FCF | 19.04 | ||
| P/OCF | 19.04 | ||
| P/B | 1.05 | ||
| P/tB | 1.05 | ||
| EV/EBITDA | 20.17 |
EPS(TTM)1.22
EY6.16%
EPS(NY)1.33
Fwd EY6.73%
FCF(TTM)1.04
FCFY5.25%
OCF(TTM)1.04
OCFY5.25%
SpS3.38
BVpS18.83
TBVpS18.83
PEG (NY)0.9
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.78% | ||
| ROE | 6.53% | ||
| ROCE | 4.91% | ||
| ROIC | 3.53% | ||
| ROICexc | 3.66% | ||
| ROICexgc | 3.66% | ||
| OM | 56.03% | ||
| PM (TTM) | 36.32% | ||
| GM | 62.37% | ||
| FCFM | 30.74% |
ROA(3y)-0.3%
ROA(5y)0.74%
ROE(3y)-0.65%
ROE(5y)1.61%
ROIC(3y)3.29%
ROIC(5y)3.06%
ROICexc(3y)3.29%
ROICexc(5y)3.08%
ROICexgc(3y)3.29%
ROICexgc(5y)3.08%
ROCE(3y)4.56%
ROCE(5y)4.26%
ROICexcg growth 3Y7.33%
ROICexcg growth 5Y2.6%
ROICexc growth 3Y7.33%
ROICexc growth 5Y2.6%
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-Score6
Asset Turnover0.08
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.83 | ||
| Debt/FCF | 19.36 | ||
| Debt/EBITDA | 8.2 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.53 | ||
| Cash Conversion | 54.51% | ||
| Profit Quality | 84.64% | ||
| Current Ratio | 0.72 | ||
| Quick Ratio | 0.5 | ||
| Altman-Z | 0.82 |
F-Score6
WACC5.83%
ROIC/WACC0.61
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)520.34%
EPS 3Y-22.81%
EPS 5Y-11.28%
EPS Q2Q%273.7%
EPS Next Y18.02%
EPS Next 2Y9.05%
EPS Next 3Y6.21%
EPS Next 5YN/A
Revenue 1Y (TTM)2.82%
Revenue growth 3Y1.87%
Revenue growth 5Y-0.91%
Sales Q2Q%2.24%
Revenue Next Year2.39%
Revenue Next 2Y1.5%
Revenue Next 3Y2.32%
Revenue Next 5YN/A
EBIT growth 1Y-0.23%
EBIT growth 3Y3.96%
EBIT growth 5Y-0.13%
EBIT Next Year6.32%
EBIT Next 3Y4.02%
EBIT Next 5YN/A
FCF growth 1Y-1.94%
FCF growth 3Y-2.16%
FCF growth 5Y-2.77%
OCF growth 1Y-1.94%
OCF growth 3Y-2.16%
OCF growth 5Y-2.77%