FIRST CAPITAL REAL ESTATE IN (FCR-UN.CA) Stock Fundamental Analysis
Canada - TSX:FCR-UN - CA31890B1031 - REIT
19.45 CAD
-0.04 (-0.21%)
Overall FCR-UN gets a fundamental rating of 5 out of 10. We evaluated FCR-UN against 38 industry peers in the Diversified REITs industry. While FCR-UN is still in line with the averages on profitability rating, there are concerns on its financial health. FCR-UN has a correct valuation and a medium growth rate.
1. Profitability
1.1 Basic Checks
FCR-UN had positive earnings in the past year.
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
FCR-UN's Return On Assets of 2.78% is amongst the best of the industry. FCR-UN outperforms 86.84% of its industry peers.
With an excellent Return On Equity value of 6.53%, FCR-UN belongs to the best of the industry, outperforming 86.84% of the companies in the same industry.
Looking at the Return On Invested Capital, with a value of 3.53%, FCR-UN is doing worse than 63.16% of the companies in the same industry.
FCR-UN had an Average Return On Invested Capital over the past 3 years of 3.29%. This is below the industry average of 5.49%.
The 3 year average ROIC (3.29%) for FCR-UN is below the current ROIC(3.53%), indicating increased profibility in the last year.
| 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
FCR-UN has a better Profit Margin (36.32%) than 86.84% of its industry peers.
In the last couple of years the Profit Margin of FCR-UN has declined.
FCR-UN has a Operating Margin of 56.03%. This is in the better half of the industry: FCR-UN outperforms 65.79% of its industry peers.
In the last couple of years the Operating Margin of FCR-UN has remained more or less at the same level.
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
FCR-UN has a Return on Invested Capital (ROIC), which is below the Cost of Capital (WACC), which means it is destroying value.
The number of shares outstanding for FCR-UN remains at a similar level compared to 1 year ago.
FCR-UN has less shares outstanding than it did 5 years ago.
FCR-UN has a worse debt/assets ratio than last year.
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.
FCR-UN has a better Altman-Z score (0.82) than 76.32% of its industry peers.
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 has a Debt to FCF ratio (19.36) which is in line with its industry peers.
A Debt/Equity ratio of 0.83 indicates that FCR-UN is somewhat dependend on debt financing.
FCR-UN has a better Debt to Equity ratio (0.83) than 73.68% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Debt/Equity | 0.83 | ||
| Debt/FCF | 19.36 | ||
| Altman-Z | 0.82 |
ROIC/WACC0.6
WACC5.88%
2.3 Liquidity
A Current Ratio of 0.72 indicates that FCR-UN may have some problems paying its short term obligations.
With an excellent Current ratio value of 0.72, FCR-UN belongs to the best of the industry, outperforming 84.21% of the companies in the same industry.
A Quick Ratio of 0.50 indicates that FCR-UN may have some problems paying its short term obligations.
The Quick ratio of FCR-UN (0.50) is better than 76.32% of its industry peers.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| Current Ratio | 0.72 | ||
| Quick Ratio | 0.5 |
3. Growth
3.1 Past
The Earnings Per Share has grown by an impressive 520.34% over the past year.
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.
The Revenue has been growing slightly by 2.82% 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)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
FCR-UN is expected to show a small growth in Earnings Per Share. In the coming years, the EPS will grow by 6.21% yearly.
The Revenue is expected to grow by 2.32% on average over the next years.
EPS Next Y17.12%
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.
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
FCR-UN is valuated correctly with a Price/Earnings ratio of 15.94.
76.32% of the companies in the same industry are more expensive than FCR-UN, based on the Price/Earnings ratio.
FCR-UN's Price/Earnings ratio indicates a valuation a bit cheaper than the S&P500 average which is at 27.30.
FCR-UN is valuated correctly with a Price/Forward Earnings ratio of 14.59.
Compared to the rest of the industry, the Price/Forward Earnings ratio of FCR-UN indicates a somewhat cheap valuation: FCR-UN is cheaper than 60.53% of the companies listed in the same industry.
The average S&P500 Price/Forward Earnings ratio is at 22.73. FCR-UN is valued slightly cheaper when compared to this.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.94 | ||
| Fwd PE | 14.59 |
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 68.42% of the companies listed in the same industry.
FCR-UN's Price/Free Cash Flow ratio is a bit more expensive when compared to the industry. FCR-UN is more expensive than 60.53% of the companies in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 18.7 | ||
| EV/EBITDA | 20.06 |
4.3 Compensation for Growth
The low PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates a rather cheap valuation of the company.
The decent profitability rating of FCR-UN may justify a higher PE ratio.
PEG (NY)0.93
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 7.95.
Compared to an average S&P500 Dividend Yield of 2.41, 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
71.15% of the earnings are spent on dividend by FCR-UN. 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.
DP71.15%
EPS Next 2Y9.05%
EPS Next 3Y6.21%
TSX:FCR-UN (9/12/2025, 7:00:00 PM)
19.45
-0.04 (-0.21%)
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 Cap4.13B
Analysts75.71
Price Target21.47 (10.39%)
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)6.18%
EPS NQ rev (1m)N/A
EPS NQ rev (3m)N/A
EPS NY rev (1m)8.33%
EPS NY rev (3m)8.33%
Revenue NQ rev (1m)N/A
Revenue NQ rev (3m)N/A
Revenue NY rev (1m)-0.79%
Revenue NY rev (3m)-0.09%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.94 | ||
| Fwd PE | 14.59 | ||
| P/S | 5.75 | ||
| P/FCF | 18.7 | ||
| P/OCF | 18.7 | ||
| P/B | 1.03 | ||
| P/tB | 1.03 | ||
| EV/EBITDA | 20.06 |
EPS(TTM)1.22
EY6.27%
EPS(NY)1.33
Fwd EY6.85%
FCF(TTM)1.04
FCFY5.35%
OCF(TTM)1.04
OCFY5.35%
SpS3.38
BVpS18.83
TBVpS18.83
PEG (NY)0.93
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
WACC5.88%
ROIC/WACC0.6
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 Y17.12%
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 Year3.66%
EBIT Next 3YN/A
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%