NYSE:FCPT

Stock Analysis Report

Four Corners Property Trust

Executive Summary

FCPT is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties.

Snowflake

Fundamentals

Average dividend payer with acceptable track record.


Similar Companies

Share Price & News

How has Four Corners Property Trust's share price performed over time and what events caused price changes?


Latest Share Price and Events


Market Performance


7 Day Return

1.1%

FCPT

0.9%

US REITs

0.07%

US Market


1 Year Return

7.6%

FCPT

21.8%

US REITs

8.9%

US Market

Return vs Industry: FCPT underperformed the US REITs industry which returned 21.8% over the past year.

Return vs Market: FCPT underperformed the US Market which returned 8.9% over the past year.


Shareholder returns

FCPTIndustryMarket
7 Day1.1%0.9%0.07%
30 Day0.1%2.2%-0.3%
90 Day5.2%7.9%-1.6%
1 Year12.2%7.6%27.0%21.8%11.3%8.9%
3 Year56.9%37.8%37.5%20.2%46.3%36.8%
5 Yearn/a65.5%30.4%62.1%44.3%

Price Volatility Vs. Market

How volatile is Four Corners Property Trust's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Four Corners Property Trust undervalued compared to its fair value and its price relative to the market?

24.5%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: FCPT ($28.28) is trading below our estimate of fair value ($37.48)

Significantly Below Fair Value: FCPT is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: FCPT is good value based on its PE Ratio (25.7x) compared to the REITs industry average (37.3x).

PE vs Market: FCPT is poor value based on its PE Ratio (25.7x) compared to the US market (17.8x).


Price to Earnings Growth Ratio

PEG Ratio: FCPT is poor value based on its PEG Ratio (3.4x)


Price to Book Ratio

PB vs Industry: FCPT is overvalued based on its PB Ratio (2.9x) compared to the US REITs industry average (2.1x).


Next Steps

Future Growth

How is Four Corners Property Trust forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?

7.6%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: FCPT's forecast earnings growth (7.6% per year) is above the savings rate (2.7%).

Earnings vs Market: FCPT's earnings (7.6% per year) are forecast to grow slower than the US market (14.5% per year).

High Growth Earnings: FCPT's earnings are forecast to grow, but not significantly.

Revenue vs Market: FCPT's revenue (9.6% per year) is forecast to grow faster than the US market (7.2% per year).

High Growth Revenue: FCPT's revenue (9.6% 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 FCPT's Return on Equity is forecast to be high in 3 years time


Next Steps

Past Performance

How has Four Corners Property Trust performed over the past 5 years?

24.3%

Historical annual earnings growth


Earnings and Revenue History


Past Earnings Growth Analysis

Earnings Trend: FCPT's earnings have grown significantly by 24.3% per year over the past 5 years.

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

Earnings vs Industry: FCPT had negative earnings growth (-8.8%) over the past year, making it difficult to compare to the REITs industry average (16.9%).


Return on Equity

High ROE: FCPT's Return on Equity (10.9%) is considered low.


Return on Assets

ROA vs Industry: FCPT has a higher Return on Assets than the REITs industry average last year.


Return on Capital Employed

ROCE Improving: FCPT has significantly improved its Return on Capital Employed over the past 3 years.


Next Steps

Financial Health

How is Four Corners Property Trust's financial position? (This company is analysed differently as a bank or financial institution)


Financial Position Analysis


Debt to Equity History and Analysis


Balance Sheet

Inventory Level: FCPT has a high level of physical assets or inventory.

Debt Coverage by Assets: FCPT's debt is not covered by short term assets (assets are 0.1x debt).


Financial Institutions Analysis

Asset Level: FCPT's level of assets compared to its equity is low.

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

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

Loan Level: Insufficient data to determine if FCPT has an acceptable proportion of non-loan assets held.

Low Risk Deposits: FCPT has advanced significantly more loans than the customer deposits it holds.

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


Next Steps

Dividend

What is Four Corners Property Trust's current dividend yield, its reliability and sustainability?

4.07%

Current Dividend Yield


Dividend Yield vs Market

company4.1%marketbottom25%1.4%markettop25%3.7%industryaverage3.6%forecastin3Years4.4%

Current dividend yield vs market & industry


Stability and Growth of Payments

Notable Dividend: FCPT's dividend (4.07%) is higher than the bottom 25% of dividend payers in the US market (1.45%).

High Dividend: FCPT's dividend (4.07%) is in the top 25% of dividend payers in the US market (3.68%)

Stable Dividend: Whilst dividend payments have been stable, FCPT has been paying a dividend for less than 10 years.

Growing Dividend: FCPT's dividend payments have increased, but the company has only paid a dividend for 4 years.


Current Payout to Shareholders

Dividend Coverage: At its current payout ratio (78%), FCPT's payments are covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: FCPT's dividends in 3 years are forecast to be thoroughly covered by earnings (1.1% payout ratio).


Next Steps

Management

What is the CEO of Four Corners Property Trust's salary, the management and board of directors tenure and is there insider trading?

4.0yrs

Average management tenure


CEO

Bill Lenehan (42yo)

4.2yrs

Tenure

US$2,721,963

Compensation

Mr. William Howard Lenehan IV, also known as Bill, has been the Chief Executive Officer of Four Corners Property Trust, Inc. since joining it on August 17, 2015 and has also been its President and Member o ...


CEO Compensation Analysis

Compensation vs. Market: Bill's total compensation ($USD2.72M) is about average for companies of similar size in the US market ($USD4.07M).

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


Management Age and Tenure

4.0yrs

Average Tenure

48yo

Average Age

Experienced Management: FCPT's management team is considered experienced (4 years average tenure).


Board Age and Tenure

3.9yrs

Average Tenure

55yo

Average Age

Experienced Board: FCPT's board of directors are considered experienced (3.9 years average tenure).


Insider Trading

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


Recent Insider Transactions

SellUS$21,64008 Aug 19
Niccole Stewart
EntityIndividual
Role
Chief Accounting Officer
Chief Accounting Officer
Shares800
Max PriceUS$27.05
SellUS$82,23021 Feb 19
Gerald Morgan
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares3,000
Max PriceUS$27.41
SellUS$164,46021 Feb 19
James Brat
EntityIndividual
Role
Chief Legal Officer
General Counsel & Secretary
Shares6,000
Max PriceUS$27.41
SellUS$91,90213 Nov 18
Gerald Morgan
EntityIndividual
Role
Chief Financial Officer
Chief Financial Officer
Shares3,400
Max PriceUS$27.03
SellUS$13,41602 Nov 18
Niccole Stewart
EntityIndividual
Role
Chief Accounting Officer
Chief Accounting Officer
Shares518
Max PriceUS$25.90

Ownership Breakdown


Management Team

  • Gerry Morgan (56yo)

    Chief Financial Officer

    • Tenure: 4.8yrs
    • Compensation: US$1.14m
  • Bill Lenehan (42yo)

    President

    • Tenure: 4.2yrs
    • Compensation: US$2.72m
  • Pat Wernig

    Vice President of Acquisitions

    • Tenure: 3.8yrs
  • James Brat (48yo)

    General Counsel & Secretary

    • Tenure: 4.8yrs
    • Compensation: US$800.20k
  • Niccole Stewart

    Chief Accounting Officer

    • Tenure: 1.8yrs
  • Josh Zhang

    Vice President of Acquisitions

    • Tenure: 0yrs
  • Carol Dilts

    Vice President of Operations-Kerrow Restaurants

    • Tenure: 0yrs
  • Carlos Mosqueda

    Senior Manager of Finance & Accounting

    • Tenure: 0yrs
  • Evan Dunn

    Associate General Counsel

    • Tenure: 1.8yrs

Board Members

  • Doug Hansen (61yo)

    Director

    • Tenure: 3.9yrs
    • Compensation: US$122.50k
  • Paul Szurek (58yo)

    Director

    • Tenure: 4.8yrs
    • Compensation: US$115.00k
  • John Moody (70yo)

    Chairman of the Board

    • Tenure: 3.9yrs
    • Compensation: US$175.00k
  • Marran J. Ogilvie (51yo)

    Director

    • Tenure: 3.9yrs
    • Compensation: US$133.75k
  • Bill Lenehan (42yo)

    President

    • Tenure: 4.2yrs
    • Compensation: US$2.72m
  • Eric Hirschhorn (37yo)

    Director

    • Tenure: 1.9yrs
    • Compensation: US$115.00k
  • Charles Jemley (55yo)

    Director

    • Tenure: 2.3yrs
    • Compensation: US$119.20k

Company Information

Four Corners Property Trust, Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Four Corners Property Trust, Inc.
  • Ticker: FCPT
  • Exchange: NYSE
  • Founded:
  • Industry: Specialized REITs
  • Sector: Real Estate
  • Implied Market Cap: US$1.948b
  • Market Cap: US$1.935b
  • Shares outstanding: 68.71m
  • Website: https://www.fcpt.com

Number of Employees


Location

  • Four Corners Property Trust, Inc.
  • 591 Redwood Highway
  • Suite 1150
  • Mill Valley
  • California
  • 94941
  • United States

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FCPTNYSE (New York Stock Exchange)YesCommon StockUSUSDOct 2015

Biography

FCPT is a real estate investment trust primarily engaged in the acquisition and leasing of restaurant properties. The Company seeks to grow its portfolio by acquiring additional real estate to lease for us ...


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2019/10/23 00:34
End of Day Share Price2019/10/22 00:00
Earnings2019/06/30
Annual Earnings2018/12/31


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.