First Industrial Realty Trust Valuation
Is FR undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score
4/6Valuation Score 4/6
Below Fair Value
Significantly Below Fair Value
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Analyst Forecast
Share Price vs Fair Value
What is the Fair Price of FR when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: FR ($52.77) is trading below our estimate of fair value ($92.43)
Significantly Below Fair Value: FR is trading below fair value by more than 20%.
Key Valuation Metric
Which metric is best to use when looking at relative valuation for FR?
Key metric: As FR is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.
| What is FR's PE Ratio? | |
|---|---|
| PE Ratio | 22.7x |
| Earnings | US$308.11m |
| Market Cap | US$7.21b |
| Key Statistics | |
|---|---|
| Enterprise Value/Revenue | 14.1x |
| Enterprise Value/EBITDA | 20.9x |
| PEG Ratio | -3.7x |
Price to Earnings Ratio vs Peers
How does FR's PE Ratio compare to its peers?
| Company | Forward PE | Estimated Growth | Market Cap |
|---|---|---|---|
| Peer Average | 36.2x | ||
STAG STAG Industrial | 36.5x | 1.3% | US$6.7b |
EGP EastGroup Properties | 36.3x | 10.0% | US$8.6b |
TRNO Terreno Realty | 36.2x | 9.9% | US$6.0b |
REXR Rexford Industrial Realty | 35.7x | 12.4% | US$9.9b |
FR First Industrial Realty Trust | 22.7x | -6.1% | US$7.2b |
Price-To-Earnings vs Peers: FR is good value based on its Price-To-Earnings Ratio (22.7x) compared to the peer average (36.2x).
Price to Earnings Ratio vs Industry
How does FR's PE Ratio compare vs other companies in the Global Industrial REITs Industry?
| 2 Companies | Price / Earnings | Estimated Growth | Market Cap |
|---|---|---|---|
| 2 Companies | Estimated Growth | Market Cap | |
|---|---|---|---|
Price-To-Earnings vs Industry: FR is expensive based on its Price-To-Earnings Ratio (22.7x) compared to the Global Industrial REITs industry average (19.9x).
Price to Earnings Ratio vs Fair Ratio
What is FR'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.
| Fair Ratio | |
|---|---|
| Current PE Ratio | 22.7x |
| Fair PE Ratio | 31.7x |
Price-To-Earnings vs Fair Ratio: FR is good value based on its Price-To-Earnings Ratio (22.7x) compared to the estimated Fair Price-To-Earnings Ratio (31.7x).
Analyst Price Targets
What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?
| Date | Share Price | Average 1Y Price Target | Dispersion | High | Low | 1Y Actual price | Analysts |
|---|---|---|---|---|---|---|---|
| Current | US$52.77 | US$58.06 +10.0% | 8.9% | US$64.00 | US$42.00 | n/a | 16 |
| Nov ’25 | US$52.72 | US$58.13 +10.3% | 8.9% | US$64.00 | US$42.00 | n/a | 16 |
| Oct ’25 | US$55.12 | US$57.81 +4.9% | 9.0% | US$64.00 | US$42.00 | n/a | 16 |
| Sep ’25 | US$56.73 | US$57.56 +1.5% | 8.9% | US$64.00 | US$42.00 | n/a | 16 |
| Aug ’25 | US$55.00 | US$55.13 +0.2% | 9.2% | US$61.00 | US$42.00 | n/a | 15 |
| Jul ’25 | US$47.13 | US$53.07 +12.6% | 9.9% | US$62.00 | US$42.00 | n/a | 15 |
| Jun ’25 | US$47.12 | US$52.79 +12.0% | 10.1% | US$62.00 | US$42.00 | n/a | 14 |
| May ’25 | US$46.02 | US$53.36 +15.9% | 10.3% | US$62.00 | US$42.00 | n/a | 14 |
| Apr ’25 | US$51.66 | US$55.93 +8.3% | 9.9% | US$62.00 | US$42.00 | n/a | 14 |
| Mar ’25 | US$53.15 | US$56.14 +5.6% | 10.6% | US$63.00 | US$42.00 | n/a | 14 |
| Feb ’25 | US$52.96 | US$54.50 +2.9% | 10.7% | US$63.00 | US$42.00 | n/a | 14 |
| Jan ’25 | US$52.67 | US$51.64 -2.0% | 12.1% | US$63.00 | US$41.00 | n/a | 14 |
| Dec ’24 | US$48.47 | US$50.85 +4.9% | 11.6% | US$63.00 | US$41.00 | n/a | 13 |
| Nov ’24 | US$42.94 | US$51.62 +20.2% | 13.5% | US$65.00 | US$41.00 | US$52.72 | 13 |
| Oct ’24 | US$47.59 | US$58.73 +23.4% | 7.7% | US$65.00 | US$47.00 | US$55.12 | 11 |
| Sep ’24 | US$52.29 | US$58.73 +12.3% | 7.7% | US$65.00 | US$47.00 | US$56.73 | 11 |
| Aug ’24 | US$51.74 | US$58.36 +12.8% | 8.3% | US$65.00 | US$46.00 | US$55.00 | 11 |
| Jul ’24 | US$52.64 | US$59.50 +13.0% | 7.5% | US$66.00 | US$51.00 | US$47.13 | 10 |
| Jun ’24 | US$51.78 | US$59.50 +14.9% | 7.5% | US$66.00 | US$51.00 | US$47.12 | 10 |
| May ’24 | US$51.90 | US$59.40 +14.5% | 7.3% | US$65.00 | US$51.00 | US$46.02 | 10 |
| Apr ’24 | US$53.20 | US$57.40 +7.9% | 8.0% | US$65.00 | US$48.00 | US$51.66 | 10 |
| Mar ’24 | US$52.46 | US$58.90 +12.3% | 5.1% | US$65.00 | US$55.00 | US$53.15 | 10 |
| Feb ’24 | US$54.05 | US$56.80 +5.1% | 8.5% | US$65.00 | US$49.00 | US$52.96 | 10 |
| Jan ’24 | US$48.26 | US$55.90 +15.8% | 9.4% | US$65.00 | US$48.00 | US$52.67 | 10 |
| Dec ’23 | US$50.63 | US$55.60 +9.8% | 9.6% | US$65.00 | US$48.00 | US$48.47 | 10 |
| Nov ’23 | US$47.30 | US$56.90 +20.3% | 8.6% | US$65.00 | US$48.00 | US$42.94 | 10 |
Analyst Forecast: Target price is less than 20% higher than the current share price.
Discover undervalued companies
Rayonier
US$4.5b
Rayonier is a leading timberland real estate investment trust with assets located in some of the most productive softwood timber growing regions in the United States and New Zealand.
RYN
US$30.15
7D
0.1%
1Y
-3.0%
Innovative Industrial Properties
US$3.0b
A self-advised Maryland corporation focused on the acquisition, ownership and management of specialized properties leased to experienced, state-licensed operators for their regulated cannabis facilities.
IIPR
US$105.30
7D
2.2%
1Y
31.6%
Park Hotels & Resorts
US$3.0b
Park is one of the largest publicly traded lodging REITs with a diverse portfolio of market-leading hotels and resorts with significant underlying real estate value.
PK
US$14.20
7D
-6.0%
1Y
-1.5%