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FCR.

First Capital Real Estate Investment TrustTSX:FCR.UN Stock Report

Market Cap

CA$4.1b

7D

-0.9%

1Y

17.9%

Updated

26 Nov, 2021

Data

Company Financials +
FCR.UN fundamental analysis
Snowflake Score
Valuation5/6
Future Growth0/6
Past Performance3/6
Financial Health0/6
Dividends2/6

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

CT Real Estate Investment Trust

TSX:CRT.UN

CA$4.1b

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$18.40
52 Week HighCA$19.19
52 Week LowCA$13.39
Beta1.3
1 Month Change3.08%
3 Month Change1.27%
1 Year Change17.95%
3 Year Change-6.79%
5 Year Change-8.46%
Change since IPO194.40%

Recent News & Updates

Shareholder Returns

FCR.UNCA REITsCA Market
7D-0.9%-1.6%-1.8%
1Y17.9%19.7%22.1%

Return vs Industry: FCR.UN underperformed the Canadian REITs industry which returned 19.7% over the past year.

Return vs Market: FCR.UN underperformed the Canadian Market which returned 22.1% over the past year.

Price Volatility

Is FCR.UN's price volatile compared to industry and market?
FCR.UN volatility
FCR.UN Average Weekly Movement2.3%
REITs Industry Average Movement2.1%
Market Average Movement9.4%
10% most volatile stocks in CA Market17.2%
10% least volatile stocks in CA Market3.5%

Stable Share Price: FCR.UN is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 2% a week.

Volatility Over Time: FCR.UN's weekly volatility (2%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
1993347Adam 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$4.11b
Earnings (TTM)CA$468.77m
Revenue (TTM)CA$683.51m

8.6x

P/E Ratio

5.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
FCR.UN income statement (TTM)
RevenueCA$683.51m
Cost of RevenueCA$262.49m
Gross ProfitCA$421.03m
Expenses-CA$47.74m
EarningsCA$468.77m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)2.13
Gross Margin61.60%
Net Profit Margin68.58%
Debt/Equity Ratio98.4%

How did FCR.UN perform over the long term?

See historical performance and comparison

Dividends

2.3%

Current Dividend Yield

411%

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 DateNov 29 2021
Dividend Pay DateDec 15 2021
Days until Ex dividend1 day
Days until Dividend pay date17 days

Does FCR.UN pay a reliable dividends?

See FCR.UN dividend history and benchmarks

Valuation

Is First Capital Real Estate Investment Trust undervalued compared to its fair value and its price relative to the market?

22.7%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FCR.UN (CA$18.4) is trading below our estimate of fair value (CA$23.8)

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


Price To Earnings Ratio

PE vs Industry: FCR.UN is good value based on its PE Ratio (8.6x) compared to the Canadian REITs industry average (8.8x).

PE vs Market: FCR.UN is good value based on its PE Ratio (8.6x) compared to the Canadian market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate FCR.UN's PEG Ratio to determine if it is good value.


Price to Book Ratio

PB vs Industry: FCR.UN is good value based on its PB Ratio (0.9x) compared to the CA REITs industry average (1x).


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?

0.09%

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 earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: FCR.UN's revenue (0.09% per year) is forecast to grow slower than the Canadian market (5.6% per year).

High Growth Revenue: FCR.UN's revenue (0.09% 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


Past Performance

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

-18.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: FCR.UN has a large one-off gain of CA$199.9M impacting its September 30 2021 financial results.

Growing Profit Margin: FCR.UN's current net profit margins (68.6%) are higher than last year (22.9%).


Past Earnings Growth Analysis

Earnings Trend: FCR.UN's earnings have declined by 18.9% per year over the past 5 years.

Accelerating Growth: FCR.UN's earnings growth over the past year (196.9%) exceeds its 5-year average (-18.9% per year).

Earnings vs Industry: FCR.UN earnings growth over the past year (196.9%) exceeded the REITs industry 32.1%.


Return on Equity

High ROE: FCR.UN's Return on Equity (10.4%) is considered low.


Financial Health

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


Financial Position Analysis

Short Term Liabilities: FCR.UN's short term assets (CA$658.9M) do not cover its short term liabilities (CA$699.6M).

Long Term Liabilities: FCR.UN's short term assets (CA$658.9M) do not cover its long term liabilities (CA$4.8B).


Debt to Equity History and Analysis

Debt Level: FCR.UN's net debt to equity ratio (96.8%) is considered high.

Reducing Debt: FCR.UN's debt to equity ratio has increased from 96.1% to 98.4% over the past 5 years.

Debt Coverage: FCR.UN's debt is not well covered by operating cash flow (5.6%).

Interest Coverage: FCR.UN's interest payments on its debt are not well covered by EBIT (2.4x coverage).


Balance Sheet


Dividend

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

2.35%

Current Dividend Yield


Upcoming Dividend Payment

TodayNov 27 2021Ex Dividend DateNov 29 2021Dividend Pay DateDec 15 202116 days from Ex DividendBuy in the next 1 day to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: FCR.UN's dividend (2.35%) is higher than the bottom 25% of dividend payers in the Canadian market (1.59%).

High Dividend: FCR.UN's dividend (2.35%) is low compared to the top 25% of dividend payers in the Canadian market (4.6%).


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.


Current Payout to Shareholders

Dividend Coverage: With its high payout ratio (410.6%), FCR.UN's dividend payments are not well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FCR.UN's dividends in 3 years are forecast to be covered by earnings (51% payout ratio).


Next Steps

Management

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

5.4yrs

Average management tenure


CEO

Adam Paul (46 yo)

6.75yrs

Tenure

CA$4,416,500

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

Compensation vs Market: Adam's total compensation ($USD3.45M) is about average for companies of similar size in the Canadian market ($USD2.75M).

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 (5.4 years average tenure).


Board Members

Experienced Board: FCR.UN's board of directors are not considered experienced ( 2.5 years average tenure), which suggests a new board.


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

Ownership Breakdown

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


Top Shareholders

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
  • Market Cap: CA$4.107b
  • Shares outstanding: 219.63m
  • 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


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2021/11/26 23:33
End of Day Share Price2021/11/26 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


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.