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FCR.

First Capital Real Estate Investment Trust TSX:FCR.UN Stock Report

Last Price

CA$14.71

Market Cap

CA$3.2b

7D

-1.9%

1Y

-16.4%

Updated

27 Sep, 2022

Data

Company Financials +
FCR.UN fundamental analysis
Snowflake Score
Valuation3/6
Future Growth0/6
Past Performance0/6
Financial Health0/6
Dividends3/6

FCR.UN Stock Overview

First Capital is a leading developer, owner and manager of mixed-use real estate located in Canada's most densely populated cities.

First Capital Real Estate Investment Trust Competitors

Price History & Performance

Summary of all time highs, changes and price drops for First Capital Real Estate Investment Trust
Historical stock prices
Current Share PriceCA$14.71
52 Week HighCA$19.19
52 Week LowCA$14.08
Beta1.23
1 Month Change-3.60%
3 Month Change-0.81%
1 Year Change-16.37%
3 Year Change-33.14%
5 Year Change-25.93%
Change since IPO135.36%

Recent News & Updates

Shareholder Returns

FCR.UNCA REITsCA Market
7D-1.9%-7.2%-5.5%
1Y-16.4%-22.6%-7.3%

Return vs Industry: FCR.UN exceeded the Canadian REITs industry which returned -23.3% over the past year.

Return vs Market: FCR.UN underperformed the Canadian Market which returned -8.4% over the past year.

Price Volatility

Is FCR.UN's price volatile compared to industry and market?
FCR.UN volatility
FCR.UN Average Weekly Movement2.7%
REITs Industry Average Movement3.3%
Market Average Movement9.8%
10% most volatile stocks in CA Market18.1%
10% least volatile stocks in CA Market3.8%

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

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

About the Company

FoundedEmployeesCEOWebsite
1993361Adam Paulhttps://www.fcr.ca

First Capital is a leading developer, owner and manager of mixed-use real estate located in Canada's most densely populated cities. First Capital's focus is on creating thriving urban neighbourhoods to generate value for businesses, residents, communities and our investors.

First Capital Real Estate Investment Trust Fundamentals Summary

How do First Capital Real Estate Investment Trust's earnings and revenue compare to its market cap?
FCR.UN fundamental statistics
Market CapCA$3.15b
Earnings (TTM)CA$212.51m
Revenue (TTM)CA$695.07m

14.8x

P/E Ratio

4.5x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FCR.UN income statement (TTM)
RevenueCA$695.07m
Cost of RevenueCA$264.18m
Gross ProfitCA$430.89m
Other ExpensesCA$218.38m
EarningsCA$212.51m

Last Reported Earnings

Jun 30, 2022

Next Earnings Date

n/a

Earnings per share (EPS)0.99
Gross Margin61.99%
Net Profit Margin30.57%
Debt/Equity Ratio96.2%

How did FCR.UN perform over the long term?

See historical performance and comparison

Dividends

2.9%

Current Dividend Yield

40%

Payout Ratio

Does FCR.UN pay a reliable dividends?

See FCR.UN dividend history and benchmarks
When do you need to buy FCR.UN by to receive an upcoming dividend?
First Capital Real Estate Investment Trust dividend dates
Ex Dividend DateSep 28 2022
Dividend Pay DateOct 17 2022
Days until Ex dividend1 day
Days until Dividend pay date18 days

Does FCR.UN pay a reliable dividends?

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

Valuation

Is FCR.UN 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 FCR.UN?

Other financial metrics that can be useful for relative valuation.

FCR.UN 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/Revenue10.9x
Enterprise Value/EBITDA19x
PEG Ration/a

Price to Earnings Ratio vs Peers

How does FCR.UN's PE Ratio compare to its peers?

FCR.UN PE Ratio vs Peers
The above table shows the PE ratio for FCR.UN vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average12.1x
CRR.UN Crombie Real Estate Investment Trust
15.9xn/aCA$2.5b
CRT.UN CT Real Estate Investment Trust
19.9xn/aCA$3.4b
REI.UN RioCan Real Estate Investment Trust
9.4xn/aCA$5.5b
SRU.UN SmartCentres Real Estate Investment Trust
3.2xn/aCA$4.3b
FCR.UN First Capital Real Estate Investment Trust
14.8xn/aCA$3.2b

Price-To-Earnings vs Peers: FCR.UN is expensive based on its Price-To-Earnings Ratio (14.8x) compared to the peer average (12.1x).


Price to Earnings Ratio vs Industry

How does FCR.UN's PE Ratio compare vs other companies in the CA REITs Industry?

Price-To-Earnings vs Industry: FCR.UN is expensive based on its Price-To-Earnings Ratio (14.8x) compared to the Canadian REITs industry average (4.3x)


Price to Earnings Ratio vs Fair Ratio

What is FCR.UN'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.

FCR.UN PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio14.8x
Fair PE Ration/a

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


Share Price vs Fair Value

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

Below Fair Value: FCR.UN (CA$14.71) is trading below our estimate of fair value (CA$20.48)

Significantly Below Fair Value: FCR.UN 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.


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Future Growth

How is First Capital Real Estate Investment Trust forecast to perform in the next 1 to 3 years based on estimates from 2 analysts?

Future Growth Score

0/6

Future Growth Score 0/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


1.0%

Forecasted annual revenue growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

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

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

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

Revenue vs Market: FCR.UN's revenue (1% per year) is forecast to grow slower than the Canadian market (5.8% per year).

High Growth Revenue: FCR.UN's revenue (1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

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


Discover growth companies

Past Performance

How has First Capital Real Estate Investment Trust performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-15.5%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: FCR.UN has a large one-off loss of CA$77.4M impacting its June 30 2022 financial results.

Growing Profit Margin: FCR.UN's current net profit margins (30.6%) are lower than last year (44.2%).


Past Earnings Growth Analysis

Earnings Trend: FCR.UN's earnings have declined by 15.5% per year over the past 5 years.

Accelerating Growth: FCR.UN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: FCR.UN had negative earnings growth (-28.8%) over the past year, making it difficult to compare to the REITs industry average (58.2%).


Return on Equity

High ROE: FCR.UN's Return on Equity (4.6%) is considered low.


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Financial Health

How is First Capital Real Estate Investment Trust's financial position?

Financial Health Score

0/6

Financial Health Score 0/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: FCR.UN's short term assets (CA$586.9M) do not cover its short term liabilities (CA$751.9M).

Long Term Liabilities: FCR.UN's short term assets (CA$586.9M) do not cover its long term liabilities (CA$4.7B).


Debt to Equity History and Analysis

Debt Level: FCR.UN's net debt to equity ratio (95.4%) is considered high.

Reducing Debt: FCR.UN's debt to equity ratio has increased from 89.7% to 96.2% over the past 5 years.

Debt Coverage: FCR.UN's debt is not well covered by operating cash flow (5.8%).

Interest Coverage: FCR.UN's interest payments on its debt are not well covered by EBIT (2.6x coverage).


Balance Sheet


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Dividend

What is First Capital Real Estate Investment Trust current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


2.94%

Current Dividend Yield

Dividend Yield vs Market

First Capital Real Estate Investment Trust Dividend Yield vs Market
How does First Capital Real Estate Investment Trust dividend yield compare to the market?
SegmentDividend Yield
Company (First Capital Real Estate Investment Trust)2.9%
Market Bottom 25% (CA)2.1%
Market Top 25% (CA)6.1%
Industry Average (REITs)5.4%
Analyst forecast in 3 Years (First Capital Real Estate Investment Trust)4.0%

Notable Dividend: FCR.UN's dividend (2.94%) is higher than the bottom 25% of dividend payers in the Canadian market (2.07%).

High Dividend: FCR.UN's dividend (2.94%) is low compared to the top 25% of dividend payers in the Canadian market (6.12%).


Stability and Growth of Payments

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

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


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (40.2%), FCR.UN's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its reasonably low cash payout ratio (36.2%), FCR.UN's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

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

5.6yrs

Average management tenure


CEO

Adam Paul (47 yo)

7.58yrs

Tenure

CA$4,670,600

Compensation

Mr. Adam E. Paul, C.P.A., C.A., has been the Chief Executive Officer and President of First Capital Real Estate Investment Trust since February 16, 2015. Prior to joining the firm in February 2015, Mr. Pau...


CEO Compensation Analysis

Adam Paul's Compensation vs First Capital Real Estate Investment Trust Earnings
How has Adam Paul's remuneration changed compared to First Capital Real Estate Investment Trust's earnings?
DateTotal Comp.SalaryCompany Earnings
Jun 30 2022n/an/a

CA$213m

Mar 31 2022n/an/a

CA$467m

Dec 31 2021CA$5mCA$850k

CA$460m

Sep 30 2021n/an/a

CA$469m

Jun 30 2021n/an/a

CA$299m

Mar 31 2021n/an/a

CA$97m

Dec 31 2020CA$4mCA$850k

CA$3m

Sep 30 2020n/an/a

CA$158m

Jun 30 2020n/an/a

CA$212m

Mar 31 2020n/an/a

CA$283m

Dec 31 2019CA$4mCA$800k

CA$401m

Sep 30 2019n/an/a

CA$273m

Jun 30 2019n/an/a

CA$339m

Mar 31 2019n/an/a

CA$340m

Dec 31 2018CA$4mCA$800k

CA$344m

Sep 30 2018n/an/a

CA$354m

Jun 30 2018n/an/a

CA$306m

Mar 31 2018n/an/a

CA$495m

Dec 31 2017CA$3mCA$800k

CA$633m

Sep 30 2017n/an/a

CA$616m

Jun 30 2017n/an/a

CA$621m

Mar 31 2017n/an/a

CA$519m

Dec 31 2016CA$3mCA$750k

CA$383m

Sep 30 2016n/an/a

CA$364m

Jun 30 2016n/an/a

CA$300m

Mar 31 2016n/an/a

CA$225m

Dec 31 2015CA$2mCA$688k

CA$204m

Compensation vs Market: Adam's total compensation ($USD3.40M) is about average for companies of similar size in the Canadian market ($USD2.61M).

Compensation vs Earnings: Adam's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: FCR.UN's management team is seasoned and experienced (5.6 years average tenure).


Board Members

Experienced Board: FCR.UN's board of directors are considered experienced (4.3 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: FCR.UN insiders have only sold shares in the past 3 months.


Recent Insider Transactions

TSX:FCR.UN Recent Insider Transactions by Companies or Individuals
DateValueNameEntityRoleSharesMax Price
04 Jul 22SellCA$82,500Maryanne McDougaldIndividual5,500CA$15.00
28 Jun 22SellCA$82,445Maryanne McDougaldIndividual5,500CA$14.99
23 Jun 22BuyCA$19,175Ian L. ClarkeIndividual1,300CA$14.75
16 May 22BuyCA$49,830Sheila BottingIndividual3,300CA$15.10
12 May 22BuyCA$298,000Leonard AbramskyIndividual20,000CA$14.90
10 May 22BuyCA$38,263Aladin MawaniIndividual2,500CA$15.31
09 May 22BuyCA$151,100Paul DouglasIndividual10,000CA$15.11

Ownership Breakdown

What is the ownership structure of FCR.UN?
Owner TypeNumber of SharesOwnership Percentage
Individual Insiders643,0640.3%
Institutions104,810,82148.9%
General Public108,851,05050.8%

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Top 25 shareholders own 46.28% of the company
OwnershipNameSharesCurrent ValueChange %Portfolio %
10.37%
RBC Global Asset Management Inc.
22,222,514CA$326.9m2.91%0.18%
10.32%
RBC Dominion Securities Inc., Asset Management Arm
22,105,733CA$325.2m3.26%0.34%
4.26%
The Vanguard Group, Inc.
9,123,359CA$134.2m0.58%no data
4.03%
CI Global Asset Management
8,639,117CA$127.1m0%0.23%
2.74%
BlackRock, Inc.
5,872,123CA$86.4m0.29%no data
1.81%
Leith Wheeler Investment Counsel Ltd.
3,885,360CA$57.2m8.36%1.32%
1.78%
FMR LLC
3,804,803CA$56.0m0%no data
1.25%
TD Asset Management, Inc.
2,670,130CA$39.3m-1.16%0.03%
1.1%
Franklin Resources, Inc.
2,367,961CA$34.8m-0.15%0.01%
1.09%
BMO Asset Management Corp.
2,346,611CA$34.5m-1.44%0.02%
1.09%
Dimensional Fund Advisors LP
2,340,294CA$34.4m0.01%0.01%
0.95%
Norges Bank Investment Management
2,045,843CA$30.1m0%no data
0.77%
IG Investment Management, Ltd.
1,648,688CA$24.3m0%0.06%
0.77%
Mackenzie Financial Corporation
1,645,713CA$24.2m-5.11%0.02%
0.77%
1832 Asset Management L.P.
1,641,627CA$24.1m0%0.03%
0.49%
Fidelity International Ltd
1,050,327CA$15.5m0%0.01%
0.43%
Vision Capital Corporation
930,802CA$13.7m113.1%3.62%
0.37%
Northern Trust Global Investments
784,995CA$11.5m0.26%no data
0.31%
Charles Schwab Investment Management, Inc.
664,210CA$9.8m2.39%no data
0.29%
Connor, Clark & Lunn Investment Management Ltd.
617,917CA$9.1m89.62%0.04%
0.29%
Montrusco Bolton Investments Inc.
615,111CA$9.0m0%0.15%
0.29%
CBRE Investment Management Listed Real Assets LLC
611,034CA$9.0m0%0.08%
0.27%
Legal & General Investment Management Limited
571,240CA$8.4m0%no data
0.24%
Storebrand Asset Management AS
512,859CA$7.5m23.45%0.06%
0.21%
Industrial Alliance Investment Management Inc.
456,240CA$6.7m0%0.07%

Company Information

First Capital Real Estate Investment Trust's employee growth, exchange listings and data sources


Key Information

  • Name: First Capital Real Estate Investment Trust
  • Ticker: FCR.UN
  • Exchange: TSX
  • Founded: 1993
  • Industry: Retail REITs
  • Sector: Real Estate
  • Implied Market Cap: CA$3.152b
  • Shares outstanding: 214.30m
  • Website: https://www.fcr.ca

Number of Employees


Location

  • First Capital Real Estate Investment Trust
  • King Liberty Village
  • 85 Hanna Avenue
  • Toronto
  • Ontario
  • M6K 3S3
  • Canada


Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FCXX.FOTCPK (Pink Sheets LLC)YesTrust UnitsUSUSDMar 1994
FCR.UNTSX (The Toronto Stock Exchange)YesTrust UnitsCACADMar 1994

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/09/27 00:00
End of Day Share Price2022/09/27 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.