FIRST CAPITAL REAL ESTATE IN (FCR-UN.CA) Stock Fundamental Analysis
TSX:FCR-UN - Toronto Stock Exchange - CA31890B1031 - REIT - Currency: CAD
Taking everything into account, FCR-UN scores 4 out of 10 in our fundamental rating. FCR-UN was compared to 38 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 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.
With a decent Return On Equity value of 5.39%, FCR-UN is doing good in the industry, outperforming 68.42% of the companies in the same industry.
FCR-UN's Return On Invested Capital of 3.48% is on the low side compared to the rest of the industry. FCR-UN is outperformed by 71.05% of its industry peers.
The Average Return On Invested Capital over the past 3 years for FCR-UN is below the industry average of 5.67%.
The last Return On Invested Capital (3.48%) for FCR-UN is above the 3 year average (3.29%), which is a sign of increasing profitability.
| 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 has a better Profit Margin (30.01%) than 81.58% of its industry peers.
FCR-UN's Profit Margin has declined in the last couple of years.
FCR-UN has a Operating Margin of 56.59%. This is in the better half of the industry: FCR-UN outperforms 65.79% of its industry peers.
FCR-UN's Operating Margin has been stable in the last couple of years.
FCR-UN has a Gross Margin (62.21%) which 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 | 56.59% | ||
| 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.
The number of shares outstanding for FCR-UN has been reduced compared to 5 years ago.
FCR-UN has a worse debt/assets ratio than last year.
2.2 Solvency
FCR-UN has an Altman-Z score of 0.82. This is a bad value and indicates that FCR-UN is not financially healthy and even has some risk of bankruptcy.
FCR-UN's Altman-Z score of 0.82 is amongst the best of the industry. FCR-UN outperforms 81.58% 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.
With a Debt to FCF ratio value of 17.65, FCR-UN perfoms like the industry average, outperforming 50.00% of the companies in the same industry.
FCR-UN has a Debt/Equity ratio of 0.88. This is a neutral value indicating FCR-UN is somewhat dependend on debt financing.
FCR-UN has a better Debt to Equity ratio (0.88) than 71.05% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.88 | ||
| Debt/FCF | 17.65 | ||
| Altman-Z | 0.82 |
ROIC/WACC0.63
WACC5.53%
2.3 Liquidity
FCR-UN has a Current 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.
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.
The Quick ratio of FCR-UN (0.53) is better than 81.58% of its industry peers.
| 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.
The earnings per share for FCR-UN have been decreasing by -11.28% on average. This is quite bad
The Revenue has been growing slightly by 2.90% in the past year.
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)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
FCR-UN is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 7.80% yearly.
Based on estimates for the next years, FCR-UN will show a small growth in Revenue. The Revenue will grow by 3.91% on average per year.
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 3YN/A
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 17.75 indicates a rather expensive valuation of FCR-UN.
Based on the Price/Earnings ratio, FCR-UN is valued a bit cheaper than the industry average as 71.05% of the companies are valued more expensively.
Compared to an average S&P500 Price/Earnings ratio of 26.25, FCR-UN is valued a bit cheaper.
With a Price/Forward Earnings ratio of 13.63, FCR-UN is valued correctly.
Based on the Price/Forward Earnings ratio, FCR-UN is valued a bit cheaper than 63.16% of the companies in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.15. FCR-UN is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.76 | ||
| Fwd PE | 13.63 |
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.
Based on the Price/Free Cash Flow ratio, FCR-UN is valued a bit more expensive than the industry average as 65.79% of the companies are valued more cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 16.15 | ||
| EV/EBITDA | 19.08 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
PEG (NY)2.19
PEG (5Y)N/A
EPS Next 2Y7.8%
EPS Next 3YN/A
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 7.95.
Compared to an average S&P500 Dividend Yield of 2.40, 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 paid a dividend for at least 10 years, which is a reliable track record.
The dividend of FCR-UN decreased in the last 3 years.
Dividend Growth(5Y)0.08%
Div Incr Years2
Div Non Decr Years2
5.3 Sustainability
FCR-UN pays out 85.92% 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.
DP85.92%
EPS Next 2Y7.8%
EPS Next 3YN/A
TSX:FCR-UN (5/30/2025, 7:00:00 PM)
17.755
-0.12 (-0.7%)
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 Cap3.77B
Analysts75.71
Price Target20.09 (13.15%)
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 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)-1.62%
PT rev (3m)-2.35%
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)0.77%
Revenue NY rev (3m)0.88%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 17.76 | ||
| Fwd PE | 13.63 | ||
| P/S | 5.27 | ||
| P/FCF | 16.15 | ||
| P/OCF | 16.15 | ||
| P/B | 0.95 | ||
| P/tB | 0.95 | ||
| EV/EBITDA | 19.08 |
EPS(TTM)1
EY5.63%
EPS(NY)1.3
Fwd EY7.34%
FCF(TTM)1.1
FCFY6.19%
OCF(TTM)1.1
OCFY6.19%
SpS3.37
BVpS18.75
TBVpS18.75
PEG (NY)2.19
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 | 0.82 |
F-Score7
WACC5.53%
ROIC/WACC0.63
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 3YN/A
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%