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 5 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 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.
In multiple years FCR-UN reported negative net income over the last 5 years.
FCR-UN had a positive operating cash flow in each of the past 5 years.
1.2 Ratios
FCR-UN has a Return On Assets of 2.78%. This is amongst the best in the industry. FCR-UN outperforms 84.21% of its industry peers.
FCR-UN has a Return On Equity of 6.53%. This is amongst the best in the industry. FCR-UN outperforms 86.84% 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 68.42% of its industry peers.
The Average Return On Invested Capital over the past 3 years for FCR-UN is below the industry average of 5.74%.
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
FCR-UN has a better Profit Margin (36.32%) than 86.84% of its industry peers.
FCR-UN's Profit Margin has declined in the last couple of years.
Looking at the Operating Margin, with a value of 56.03%, FCR-UN is in the better half of 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.
FCR-UN's Gross Margin of 62.37% is in line compared to the rest of the industry. FCR-UN outperforms 57.89% of its industry peers.
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.
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.
Compared to 1 year ago, FCR-UN has a worse debt to assets ratio.
2.2 Solvency
Based on the Altman-Z score of 0.81, 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 (0.81) than 76.32% of its industry peers.
The Debt to FCF ratio of FCR-UN is 19.36, which is on the high side as it means it would take FCR-UN, 19.36 years of fcf income to pay off all of its debts.
Looking at the Debt to FCF ratio, with a value of 19.36, FCR-UN is in line with its industry, outperforming 44.74% of the companies in the same industry.
FCR-UN has a Debt/Equity ratio of 0.83. This is a neutral value indicating FCR-UN is somewhat dependend on debt financing.
Looking at the Debt to Equity ratio, with a value of 0.83, 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 | 0.83 | ||
| Debt/FCF | 19.36 | ||
| Altman-Z | 0.81 |
ROIC/WACC0.62
WACC5.74%
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's Current ratio of 0.72 is amongst the best of the industry. FCR-UN outperforms 89.47% of its industry peers.
FCR-UN has a Quick 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's Quick ratio of 0.50 is amongst the best of the industry. FCR-UN outperforms 84.21% 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.
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 2.82%.
FCR-UN shows a decrease in Revenue. Measured over the last years, the Revenue has been decreasing by -0.91% yearly.
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
The Earnings Per Share is expected to grow by 7.80% on average over the next years.
The Revenue is expected to grow by 1.53% on average over the next years.
EPS Next Y8.11%
EPS Next 2Y7.8%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue Next Year3.21%
Revenue Next 2Y2.11%
Revenue Next 3Y1.53%
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
A Price/Earnings ratio of 15.67 indicates a correct valuation of FCR-UN.
73.68% 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 26.87.
The Price/Forward Earnings ratio is 14.67, which indicates a correct valuation of FCR-UN.
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.
Compared to an average S&P500 Price/Forward Earnings ratio of 35.34, FCR-UN is valued rather cheaply.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.67 | ||
| Fwd PE | 14.67 |
4.2 Price Multiples
65.79% of the companies in the same industry are more expensive than FCR-UN, based on the Enterprise Value to EBITDA ratio.
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 68.42% of the companies listed in the same industry.
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| P/FCF | 18.38 | ||
| EV/EBITDA | 19.87 |
4.3 Compensation for Growth
The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
FCR-UN has a very decent profitability rating, which may justify a higher PE ratio.
PEG (NY)1.93
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.
FCR-UN's Dividend Yield is rather good when compared to the S&P500 average which is at 2.39.
| 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 2Y7.8%
EPS Next 3YN/A
TSX:FCR-UN (8/15/2025, 7:00:00 PM)
19.12
+0.03 (+0.16%)
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 Cap4.06B
Analysts75.71
Price Target21.34 (11.61%)
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)5.42%
PT rev (3m)6.22%
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)0.71%
Revenue NY rev (3m)1.48%
Valuation
| Industry Rank | Sector Rank | ||
|---|---|---|---|
| PE | 15.67 | ||
| Fwd PE | 14.67 | ||
| P/S | 5.65 | ||
| P/FCF | 18.38 | ||
| P/OCF | 18.38 | ||
| P/B | 1.02 | ||
| P/tB | 1.02 | ||
| EV/EBITDA | 19.87 |
EPS(TTM)1.22
EY6.38%
EPS(NY)1.3
Fwd EY6.81%
FCF(TTM)1.04
FCFY5.44%
OCF(TTM)1.04
OCFY5.44%
SpS3.38
BVpS18.83
TBVpS18.83
PEG (NY)1.93
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 | 0.81 |
F-Score6
WACC5.74%
ROIC/WACC0.62
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 Y8.11%
EPS Next 2Y7.8%
EPS Next 3YN/A
EPS Next 5YN/A
Revenue 1Y (TTM)2.82%
Revenue growth 3Y1.87%
Revenue growth 5Y-0.91%
Sales Q2Q%2.24%
Revenue Next Year3.21%
Revenue Next 2Y2.11%
Revenue Next 3Y1.53%
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%