FIRST CAPITAL REAL ESTATE IN (FCR-UN.CA) Stock Fundamental Analysis
TSX:FCR-UN - Toronto Stock Exchange - CA31890B1031 - REIT - Currency: CAD
FCR-UN gets a fundamental rating of 4 out of 10. The analysis compared the fundamentals against 36 industry peers in the Diversified REITs industry. FCR-UN has an average financial health and profitability rating. FCR-UN is valied quite expensively at the moment, while it does show a decent 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.
FCR-UN had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
Looking at the Return On Assets, with a value of 2.34%, FCR-UN is in the better half of the industry, outperforming 73.68% of the companies in the same industry.
FCR-UN has a better Return On Equity (5.39%) than 71.05% of its industry peers.
The Return On Invested Capital of FCR-UN (3.48%) is worse than 71.05% of its industry peers.
FCR-UN had an Average Return On Invested Capital over the past 3 years of 3.29%. This is below the industry average of 5.74%.
The 3 year average ROIC (3.29%) for FCR-UN is below the current ROIC(3.48%), indicating increased profibility in the last year.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.34% | ||
| ROE | 5.39% | ||
| ROIC | 3.48% |
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
FCR-UN's Profit Margin of 30.01% is amongst the best of the industry. FCR-UN outperforms 81.58% of its industry peers.
In the last couple of years the Profit Margin of FCR-UN has declined.
With a decent Operating Margin value of 56.59%, FCR-UN is doing good in the industry, outperforming 65.79% of the companies in the same industry.
FCR-UN's Operating Margin has been stable in the last couple of years.
The Gross Margin of FCR-UN (62.21%) 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 | 56.59% | ||
| PM (TTM) | 30.01% | ||
| 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 about the same amout of shares outstanding than it did 1 year ago.
FCR-UN has less shares outstanding than it did 5 years ago.
Compared to 1 year ago, FCR-UN has a worse debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 0.85, we must say that FCR-UN is in the distress zone and has some risk of bankruptcy.
FCR-UN has a better Altman-Z score (0.85) than 78.95% of its industry peers.
FCR-UN has a debt to FCF ratio of 17.65. This is a negative value and a sign of low solvency as FCR-UN would need 17.65 years to pay back of all of its debts.
FCR-UN has a Debt to FCF ratio (17.65) which is comparable to the rest of the industry.
A Debt/Equity ratio of 0.88 indicates that FCR-UN is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.88, FCR-UN is in the better half of the industry, outperforming 71.05% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.88 | ||
| Debt/FCF | 17.65 | ||
| Altman-Z | 0.85 |
ROIC/WACC0.61
WACC5.74%
2.3 Liquidity
A Current Ratio of 0.82 indicates that FCR-UN may have some problems paying its short term obligations.
With an excellent Current ratio value of 0.82, FCR-UN belongs to the best of the industry, outperforming 89.47% of the companies in the same industry.
FCR-UN has a Quick Ratio of 0.82. 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.
Looking at the Quick ratio, with a value of 0.53, FCR-UN belongs to the top of the industry, outperforming 81.58% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.82 | ||
| Quick Ratio | 0.53 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 298.41% over the past year.
FCR-UN shows a very negative growth in Earnings Per Share. Measured over the last years, the EPS has been decreasing by -11.28% yearly.
The Revenue has been growing slightly by 2.90% in the past year.
FCR-UN shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -0.91% yearly.
EPS 1Y (TTM)298.41%
EPS 3Y-22.81%
EPS 5Y-11.28%
EPS Q2Q%12.62%
Revenue 1Y (TTM)2.9%
Revenue growth 3Y1.87%
Revenue growth 5Y-0.91%
Sales Q2Q%0.81%
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.
FCR-UN is expected to show a small growth in Revenue. In the coming years, the Revenue will grow by 1.53% yearly.
EPS Next Y8.11%
EPS Next 2Y7.8%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year2.48%
Revenue Next 2Y3.91%
Revenue Next 3Y1.53%
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.
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
A Price/Earnings ratio of 18.88 indicates a rather expensive valuation of FCR-UN.
Compared to the rest of the industry, the Price/Earnings ratio of FCR-UN indicates a somewhat cheap valuation: FCR-UN is cheaper than 71.05% of the companies listed in the same industry.
When comparing the Price/Earnings ratio of FCR-UN to the average of the S&P500 Index (27.54), we can say FCR-UN is valued slightly cheaper.
The Price/Forward Earnings ratio is 14.49, which indicates a correct valuation of FCR-UN.
60.53% of the companies in the same industry are more expensive than FCR-UN, based on the Price/Forward Earnings ratio.
FCR-UN is valuated cheaply when we compare the Price/Forward Earnings ratio to 36.44, which is the current average of the S&P500 Index.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.88 | ||
| Fwd PE | 14.49 |
4.2 Price Multiples
Compared to the rest of the industry, the Enterprise Value to EBITDA ratio of FCR-UN indicates a somewhat cheap valuation: FCR-UN is cheaper than 65.79% of the companies listed in the same industry.
65.79% of the companies in the same industry are cheaper than FCR-UN, based on the Price/Free Cash Flow ratio.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 17.18 | ||
| EV/EBITDA | 19.6 |
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)2.33
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.
Compared to an average industry Dividend Yield of 7.89, FCR-UN is paying slightly less dividend.
Compared to an average S&P500 Dividend Yield of 2.35, FCR-UN pays a better dividend.
| 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 been paying a dividend for at least 10 years, so it has 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 85.92% of its income as dividend. This is not a sustainable payout ratio.
The dividend of FCR-UN is growing, but earnings are growing more, so the dividend growth is sustainable.
DP85.92%
EPS Next 2Y7.8%
EPS Next 3YN/A
TSX:FCR-UN (7/18/2025, 7:00:00 PM)
18.88
+0.35 (+1.89%)
Chartmill FA Rating
GICS SectorReal Estate
GICS IndustryGroupEquity Real Estate Investment Trusts (REITs)
GICS IndustryDiversified REITs
Earnings (Last)
Earnings (Next)
Inst Owners48.73%
Inst Owner ChangeN/A
Ins Owners0.49%
Ins Owner ChangeN/A
Market Cap4.01B
Analysts75.71
Price Target20.25 (7.26%)
Short Float %N/A
Short RatioN/A
Dividend
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Dividend Yield | 5.67% |
Yearly Dividend0.87
Dividend Growth(5Y)0.08%
DP85.92%
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)0.13%
PT rev (3m)-0.87%
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)0%
Revenue NY rev (3m)0.53%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 18.88 | ||
| Fwd PE | 14.49 | ||
| P/S | 5.61 | ||
| P/FCF | 17.18 | ||
| P/OCF | 17.18 | ||
| P/B | 1.01 | ||
| P/tB | 1.01 | ||
| EV/EBITDA | 19.6 |
EPS(TTM)1
EY5.3%
EPS(NY)1.3
Fwd EY6.9%
FCF(TTM)1.1
FCFY5.82%
OCF(TTM)1.1
OCFY5.82%
SpS3.37
BVpS18.74
TBVpS18.74
PEG (NY)2.33
PEG (5Y)N/A
Profitability
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| ROA | 2.34% | ||
| ROE | 5.39% | ||
| ROCE | 4.84% | ||
| ROIC | 3.48% | ||
| ROICexc | 3.55% | ||
| ROICexgc | 3.55% | ||
| OM | 56.59% | ||
| PM (TTM) | 30.01% | ||
| GM | 62.21% | ||
| FCFM | 32.66% |
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-Score7
Asset Turnover0.08
Health
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.88 | ||
| Debt/FCF | 17.65 | ||
| Debt/EBITDA | 8.62 | ||
| Cap/Depr | N/A | ||
| Cap/Sales | N/A | ||
| Interest Coverage | 2.71 | ||
| Cash Conversion | 57.34% | ||
| Profit Quality | 108.83% | ||
| Current Ratio | 0.82 | ||
| Quick Ratio | 0.53 | ||
| Altman-Z | 0.85 |
F-Score7
WACC5.74%
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)298.41%
EPS 3Y-22.81%
EPS 5Y-11.28%
EPS Q2Q%12.62%
EPS Next Y8.11%
EPS Next 2Y7.8%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)2.9%
Revenue growth 3Y1.87%
Revenue growth 5Y-0.91%
Sales Q2Q%0.81%
Revenue Next Year2.48%
Revenue Next 2Y3.91%
Revenue Next 3Y1.53%
Revenue Next 5YN/A
EBIT growth 1Y1.6%
EBIT growth 3Y3.96%
EBIT growth 5Y-0.13%
EBIT Next Year3.66%
EBIT Next 3YN/A
EBIT Next 5YN/A
FCF growth 1Y5.83%
FCF growth 3Y-2.16%
FCF growth 5Y-2.77%
OCF growth 1Y5.83%
OCF growth 3Y-2.16%
OCF growth 5Y-2.77%