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.
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First Capital Real Estate Investment Trust Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||CA$14.71|
|52 Week High||CA$19.19|
|52 Week Low||CA$14.08|
|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 IPO||135.36%|
Recent News & Updates
|FCR.UN||CA REITs||CA Market|
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.
|FCR.UN Average Weekly Movement||2.7%|
|REITs Industry Average Movement||3.3%|
|Market Average Movement||9.8%|
|10% most volatile stocks in CA Market||18.1%|
|10% least volatile stocks in CA Market||3.8%|
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
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
|FCR.UN fundamental statistics|
Is FCR.UN overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|FCR.UN income statement (TTM)|
|Cost of Revenue||CA$264.18m|
Last Reported Earnings
Jun 30, 2022
Next Earnings Date
|Earnings per share (EPS)||0.99|
|Net Profit Margin||30.57%|
How did FCR.UN perform over the long term?See historical performance and comparison
2.9%Current Dividend Yield
Does FCR.UN pay a reliable dividends?See FCR.UN dividend history and benchmarks
|First Capital Real Estate Investment Trust dividend dates|
|Ex Dividend Date||Sep 28 2022|
|Dividend Pay Date||Oct 17 2022|
|Days until Ex dividend||1 day|
|Days until Dividend pay date||18 days|
Does FCR.UN pay a reliable dividends?See FCR.UN dividend history and benchmarks
Is FCR.UN undervalued compared to its fair value, analyst forecasts and its price relative to the market?
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
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.
|What is FCR.UN's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does FCR.UN's PE Ratio compare to its peers?
|FCR.UN PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
CRR.UN Crombie Real Estate Investment Trust
CRT.UN CT Real Estate Investment Trust
REI.UN RioCan Real Estate Investment Trust
SRU.UN SmartCentres Real Estate Investment Trust
FCR.UN First Capital Real Estate Investment Trust
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.
|Current PE Ratio||14.8x|
|Fair PE Ratio||n/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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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 Score0/6
Future Growth Score 0/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
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
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How has First Capital Real Estate Investment Trust performed over the past 5 years?
Past Performance Score0/6
Past Performance Score 0/6
Growing Profit Margin
Earnings vs Industry
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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How is First Capital Real Estate Investment Trust's financial position?
Financial Health Score0/6
Financial Health Score 0/6
Short Term Liabilities
Long Term Liabilities
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).
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What is First Capital Real Estate Investment Trust current dividend yield, its reliability and sustainability?
Dividend Score 3/6
Cash Flow Coverage
Current Dividend Yield
Dividend Yield vs Market
|First Capital Real Estate Investment Trust Dividend Yield vs Market|
|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.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Adam Paul (47 yo)
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|
|Date||Total Comp.||Salary||Company Earnings|
|Jun 30 2022||n/a||n/a|
|Mar 31 2022||n/a||n/a|
|Dec 31 2021||CA$5m||CA$850k|
|Sep 30 2021||n/a||n/a|
|Jun 30 2021||n/a||n/a|
|Mar 31 2021||n/a||n/a|
|Dec 31 2020||CA$4m||CA$850k|
|Sep 30 2020||n/a||n/a|
|Jun 30 2020||n/a||n/a|
|Mar 31 2020||n/a||n/a|
|Dec 31 2019||CA$4m||CA$800k|
|Sep 30 2019||n/a||n/a|
|Jun 30 2019||n/a||n/a|
|Mar 31 2019||n/a||n/a|
|Dec 31 2018||CA$4m||CA$800k|
|Sep 30 2018||n/a||n/a|
|Jun 30 2018||n/a||n/a|
|Mar 31 2018||n/a||n/a|
|Dec 31 2017||CA$3m||CA$800k|
|Sep 30 2017||n/a||n/a|
|Jun 30 2017||n/a||n/a|
|Mar 31 2017||n/a||n/a|
|Dec 31 2016||CA$3m||CA$750k|
|Sep 30 2016||n/a||n/a|
|Jun 30 2016||n/a||n/a|
|Mar 31 2016||n/a||n/a|
|Dec 31 2015||CA$2m||CA$688k|
Compensation vs Market: Adam's total compensation ($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.
Experienced Management: FCR.UN's management team is seasoned and experienced (5.6 years average tenure).
Experienced Board: FCR.UN's board of directors are considered experienced (4.3 years average tenure).
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
|04 Jul 22||SellCA$82,500||Maryanne McDougald||Individual||5,500||CA$15.00|
|28 Jun 22||SellCA$82,445||Maryanne McDougald||Individual||5,500||CA$14.99|
|23 Jun 22||BuyCA$19,175||Ian L. Clarke||Individual||1,300||CA$14.75|
|16 May 22||BuyCA$49,830||Sheila Botting||Individual||3,300||CA$15.10|
|12 May 22||BuyCA$298,000||Leonard Abramsky||Individual||20,000||CA$14.90|
|10 May 22||BuyCA$38,263||Aladin Mawani||Individual||2,500||CA$15.31|
|09 May 22||BuyCA$151,100||Paul Douglas||Individual||10,000||CA$15.11|
|Owner Type||Number of Shares||Ownership Percentage|
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
|Ownership||Name||Shares||Current Value||Change %||Portfolio %|
First Capital Real Estate Investment Trust's employee growth, exchange listings and data sources
- 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
- First Capital Real Estate Investment Trust
- King Liberty Village
- 85 Hanna Avenue
- M6K 3S3
|Ticker||Exchange||Primary Security||Security Type||Country||Currency||Listed on|
|FCXX.F||OTCPK (Pink Sheets LLC)||Yes||Trust Units||US||USD||Mar 1994|
|FCR.UN||TSX (The Toronto Stock Exchange)||Yes||Trust Units||CA||CAD||Mar 1994|
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/09/27 00:00|
|End of Day Share Price||2022/09/27 00:00|
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.