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FC

Firm Capital Mortgage Investment TSX:FC Stock Report

Last Price

CA$11.52

Market Cap

CA$397.3m

7D

-2.4%

1Y

-22.3%

Updated

02 Oct, 2022

Data

Company Financials +
FC fundamental analysis
Snowflake Score
Valuation3/6
Future Growth2/6
Past Performance5/6
Financial Health1/6
Dividends2/6

FC Stock Overview

Firm Capital Mortgage Investment Corporation, through its mortgage banker, Firm Capital Corporation, provides residential and commercial short-term bridge, and conventional real estate finance in Canada.

Firm Capital Mortgage Investment Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Firm Capital Mortgage Investment
Historical stock prices
Current Share PriceCA$11.52
52 Week HighCA$15.84
52 Week LowCA$11.38
Beta0.90
1 Month Change-5.73%
3 Month Change-1.29%
1 Year Change-22.27%
3 Year Change-16.52%
5 Year Change-7.40%
Change since IPO15.20%

Recent News & Updates

Sep 30
Firm Capital Mortgage Investment (TSE:FC) Has Announced A Dividend Of CA$0.078

Firm Capital Mortgage Investment (TSE:FC) Has Announced A Dividend Of CA$0.078

The board of Firm Capital Mortgage Investment Corporation ( TSE:FC ) has announced that it will pay a dividend of...

Sep 01
Firm Capital Mortgage Investment's (TSE:FC) Dividend Will Be CA$0.078

Firm Capital Mortgage Investment's (TSE:FC) Dividend Will Be CA$0.078

Firm Capital Mortgage Investment Corporation ( TSE:FC ) has announced that it will pay a dividend of CA$0.078 per share...

Aug 10
Firm Capital Mortgage Investment (TSE:FC) Will Pay A Dividend Of CA$0.078

Firm Capital Mortgage Investment (TSE:FC) Will Pay A Dividend Of CA$0.078

The board of Firm Capital Mortgage Investment Corporation ( TSE:FC ) has announced that it will pay a dividend of...

Shareholder Returns

FCCA MortgageCA Market
7D-2.4%-0.9%-0.008%
1Y-22.3%-28.1%-6.6%

Return vs Industry: FC exceeded the Canadian Mortgage industry which returned -28.1% over the past year.

Return vs Market: FC underperformed the Canadian Market which returned -6.6% over the past year.

Price Volatility

Is FC's price volatile compared to industry and market?
FC volatility
FC Average Weekly Movement2.6%
Mortgage Industry Average Movement2.9%
Market Average Movement10.0%
10% most volatile stocks in CA Market18.0%
10% least volatile stocks in CA Market3.8%

Stable Share Price: FC is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 3% a week.

Volatility Over Time: FC's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1988n/aEli Dadouchhttps://firmcapital.com/fcmic

Firm Capital Mortgage Investment Corporation, through its mortgage banker, Firm Capital Corporation, provides residential and commercial short-term bridge, and conventional real estate finance in Canada. It engages in originating, funding, purchasing, and servicing mortgage investments. The company also offers mortgage services, such as real estate financing, real estate investment financing, capital market, and loan servicing and advisory services; and a line of lending programs, including construction and development lending, investment property financing, short term lending, bridge finance, mezzanine and equity investments, capital market facilities, residential and non-conventional house lending, and condominium capital improvement loans, as well as special situation loans.

Firm Capital Mortgage Investment Fundamentals Summary

How do Firm Capital Mortgage Investment's earnings and revenue compare to its market cap?
FC fundamental statistics
Market CapCA$397.26m
Earnings (TTM)CA$31.40m
Revenue (TTM)CA$38.40m

12.7x

P/E Ratio

1.0x

P/B Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FC income statement (TTM)
RevenueCA$38.40m
Cost of RevenueCA$0
Gross ProfitCA$38.40m
Other ExpensesCA$7.00m
EarningsCA$31.40m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.91
Gross Margin100.00%
Net Profit Margin81.77%
Debt/Equity Ratio69.3%

How did FC perform over the long term?

See historical performance and comparison

Dividends

8.2%

Current Dividend Yield

99%

Payout Ratio

Does FC pay a reliable dividends?

See FC dividend history and benchmarks
When do you need to buy FC by to receive an upcoming dividend?
Firm Capital Mortgage Investment dividend dates
Ex Dividend DateOct 28 2022
Dividend Pay DateNov 15 2022
Days until Ex dividend24 days
Days until Dividend pay date42 days

Does FC pay a reliable dividends?

See FC dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is FC undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

3/6

Valuation Score 3/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for FC?

Other financial metrics that can be useful for relative valuation.

FC key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenuen/a
Enterprise Value/EBITDAn/a
PEG Ration/a

Price to Earnings Ratio vs Peers

How does FC's PE Ratio compare to its peers?

FC PE Ratio vs Peers
The above table shows the PE ratio for FC vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average10.4x
AI Atrium Mortgage Investment
10.8x2.8%CA$460.2m
MKP MCAN Mortgage
9.5x16.8%CA$462.2m
TF Timbercreek Financial
15.8x17.2%CA$638.4m
HCG Home Capital Group
5.5x13.3%CA$1.1b
FC Firm Capital Mortgage Investment
12.7xn/aCA$397.3m

Price-To-Earnings vs Peers: FC is expensive based on its Price-To-Earnings Ratio (12.7x) compared to the peer average (10.4x).


Price to Earnings Ratio vs Industry

How does FC's PE Ratio compare vs other companies in the North American Mortgage Industry?

Price-To-Earnings vs Industry: FC is expensive based on its Price-To-Earnings Ratio (12.7x) compared to the North American Mortgage industry average (11x)


Price to Earnings Ratio vs Fair Ratio

What is FC's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

FC PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio12.7x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate FC's Price-To-Earnings Fair Ratio for valuation analysis.


Share Price vs Fair Value

What is the Fair Price of FC when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: FC (CA$11.52) is trading below our estimate of fair value (CA$16.8)

Significantly Below Fair Value: FC is trading below fair value by more than 20%.


Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.


Discover undervalued companies

Future Growth

How is Firm Capital Mortgage Investment forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


24.8%

Forecasted annual revenue growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: Insufficient data to determine if FC's forecast earnings growth is above the savings rate (1.6%).

Earnings vs Market: Insufficient data to determine if FC's earnings are forecast to grow faster than the Canadian market

High Growth Earnings: Insufficient data to determine if FC's earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: FC's revenue (24.8% per year) is forecast to grow faster than the Canadian market (5.8% per year).

High Growth Revenue: FC's revenue (24.8% per year) is forecast to grow faster than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if FC's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has Firm Capital Mortgage Investment performed over the past 5 years?

Past Performance Score

5/6

Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


4.8%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FC has high quality earnings.

Growing Profit Margin: FC's current net profit margins (81.8%) are higher than last year (79.2%).


Past Earnings Growth Analysis

Earnings Trend: FC's earnings have grown by 4.8% per year over the past 5 years.

Accelerating Growth: FC's earnings growth over the past year (12.4%) exceeds its 5-year average (4.8% per year).

Earnings vs Industry: FC earnings growth over the past year (12.4%) exceeded the Mortgage industry 1.4%.


Return on Equity

High ROE: FC's Return on Equity (7.9%) is considered low.


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Financial Health

How is Firm Capital Mortgage Investment's financial position? (This company is analysed differently as a bank or financial institution)

Financial Health Score

1/6

Financial Health Score 1/6

  • Asset Level

  • Allowance for Bad Loans

  • Low Risk Liabilities

  • Loan Level

  • Low Risk Deposits

  • Level of Bad Loans

Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet


Financial Institutions Analysis

Asset Level: FC's Assets to Equity ratio (1.7x) is low.

Allowance for Bad Loans: Insufficient data to determine if FC has a sufficient allowance for bad loans.

Low Risk Liabilities: FC reports no customer deposits, 100% of its liabilities are made up of higher risk sources of funding.

Loan Level: Insufficient data to determine if FC has an appropriate level of Loans to Assets ratio.

Low Risk Deposits: FC reports no customer deposits, loans are made up entirely of externally borrowed funds.

Level of Bad Loans: Insufficient data to determine if FC has an appropriate level of bad loans.


Discover healthy companies

Dividend

What is Firm Capital Mortgage Investment current dividend yield, its reliability and sustainability?

Dividend Score

2/6

Dividend Score 2/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Future Dividend Coverage


8.23%

Current Dividend Yield

Upcoming Dividend Payment

TodayOct 03 2022Ex Dividend DateOct 28 2022Dividend Pay DateNov 15 202218 days from Ex DividendBuy in the next 24 days to receive the upcoming dividend

Dividend Yield vs Market

Firm Capital Mortgage Investment Dividend Yield vs Market
How does Firm Capital Mortgage Investment dividend yield compare to the market?
SegmentDividend Yield
Company (Firm Capital Mortgage Investment)8.2%
Market Bottom 25% (CA)2.0%
Market Top 25% (CA)6.1%
Industry Average (Mortgage)5.3%
Analyst forecast in 3 Years (Firm Capital Mortgage Investment)8.4%

Notable Dividend: FC's dividend (8.23%) is higher than the bottom 25% of dividend payers in the Canadian market (2.01%).

High Dividend: FC's dividend (8.23%) is in the top 25% of dividend payers in the Canadian market (6.08%)


Stability and Growth of Payments

Stable Dividend: FC's dividend payments have been volatile in the past 10 years.

Growing Dividend: FC's dividend payments have fallen over the past 10 years.


Current Payout to Shareholders

Earnings Coverage: With its high payout ratio (98.9%), FC's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.


Discover strong dividend paying companies

Management

How experienced are the management team and are they aligned to shareholders interests?

2.8yrs

Average management tenure


CEO

Eli Dadouch

23.75yrs

Tenure

CA$3,352,744

Compensation

Mr. Eli Dadouch serves as Vice Chairman at Firm Capital Property Trust. He served as Chairman at Firm Capital Property Trust since July 2021. He is the Founder of Firm Capital Mortgage Investment Corporati...


Leadership Team

Experienced Management: FC's management team is considered experienced (2.8 years average tenure).


Board Members

Experienced Board: FC's board of directors are seasoned and experienced ( 15.5 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.


Recent Insider Transactions

TSX:FC Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
14 Apr 22SellCA$75,955Francis J. NewbouldIndividual5,518CA$13.76
01 Nov 21SellCA$1,188,000Jonathan MairIndividual80,000CA$14.85
01 Nov 21SellCA$519,750Michael WarnerIndividual35,000CA$14.85
01 Nov 21SellCA$5,271,750Eli DadouchIndividual355,000CA$14.85

Ownership Breakdown

What is the ownership structure of FC?
Owner TypeNumber of SharesOwnership Percentage
Private Companies22,0000.06%
Individual Insiders768,5862.2%
Institutions1,287,5603.7%
General Public32,406,12494.0%

Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 9.6%.


Top Shareholders

Top 21 shareholders own 6.04% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
2.06%
Dimensional Fund Advisors LP
711,340CA$8.2m1.47%no data
1.1%
State Street Global Advisors, Inc.
380,647CA$4.4m2.56%no data
0.82%
Eli Dadouch
284,279CA$3.3m-0.25%no data
0.44%
Matco Financial Inc.
150,070CA$1.7m12.35%0.67%
0.32%
Jonathan Mair
110,581CA$1.3m0%no data
0.25%
Geoffrey Bledin
85,000CA$979.2k0%no data
0.24%
Stanley Goldfarb
82,000CA$944.6k0%no data
0.22%
Keith Ray
76,553CA$881.9k0%no data
0.12%
BlackRock, Inc.
39,796CA$458.4k2.22%no data
0.11%
Sandy Poklar
37,700CA$434.3k0%no data
0.087%
Joseph Oliver
30,000CA$345.6k0%no data
0.054%
Lawrence Shulman
18,700CA$215.4k0%no data
0.043%
Michael Warner
14,700CA$169.3k0%no data
0.041%
Francis J. Newbould
14,173CA$163.3k0%no data
0.038%
Victoria Granovski
13,000CA$149.8k0%no data
0.035%
FC Treasury Management, Inc
12,000CA$138.2k0%no data
0.029%
Logpin Investments Ltd
10,000CA$115.2k0%no data
0.016%
American Century Investment Management Inc
5,535CA$63.8k0%no data
0.01%
CIBC Asset Management Inc.
3,600CA$41.5k-29.41%no data
0.0029%
Morris Fischtein
1,000CA$11.5k0%no data
0.0026%
Anthony Heller
900CA$10.4k0%no data

Company Information

Firm Capital Mortgage Investment Corporation's employee growth, exchange listings and data sources


Key Information

  • Name: Firm Capital Mortgage Investment Corporation
  • Ticker: FC
  • Exchange: TSX
  • Founded: 1988
  • Industry: Thrifts and Mortgage Finance
  • Sector: Banks
  • Implied Market Cap: CA$397.259m
  • Shares outstanding: 34.48m
  • Website: https://firmcapital.com/fcmic

Number of Employees


Location

  • Firm Capital Mortgage Investment Corporation
  • 163 Cartwright Avenue
  • Toronto
  • Ontario
  • M6A 1V5
  • Canada


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FCTSX (The Toronto Stock Exchange)YesCommon SharesCACADOct 1999
FCMG.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDOct 1999
74XDB (Deutsche Boerse AG)YesCommon SharesDEEUROct 1999

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/10/02 00:00
End of Day Share Price2022/09/30 00:00
Earnings2022/06/30
Annual Earnings2021/12/31


Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.