First Capital Real Estate Investment Trust
TSX:FCR.UN

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First Capital Real Estate Investment Trust Logo
First Capital Real Estate Investment Trust
TSX:FCR.UN
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Price: 17.96 CAD 0.84% Market Closed
Market Cap: 3.8B CAD
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Intrinsic Value

The intrinsic value of one FCR.UN stock under the Base Case scenario is 24.9 CAD. Compared to the current market price of 17.96 CAD, First Capital Real Estate Investment Trust is Undervalued by 28%.

The Intrinsic Value is calculated as the average of DCF and Relative values:

FCR.UN Intrinsic Value
24.9 CAD
Undervaluation 28%
Intrinsic Value
Price
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First Capital Real Estate Investment Trust

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Backtest Conclusion
Very Attractive
Current Valuation
+45%
Avg Valuation
-12%
Worst Valuation
-49%
Best Valuation
+45%

Stock is trading at its lowest valuation over the past 5 years.

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Fundamental Analysis

Economic Moat
First Capital Real Estate Investment Trust

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0-12
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0-36
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Financials
Annual
Quarterly
TTM
Annual
Quarterly
TTM

Balance Sheet Decomposition
First Capital Real Estate Investment Trust

Current Assets 692.4m
Cash & Short-Term Investments 65.5m
Receivables 140.6m
Other Current Assets 486.3m
Non-Current Assets 8.5B
Long-Term Investments 8.3B
PP&E 7.2m
Other Non-Current Assets 123.4m
Current Liabilities 808.9m
Accounts Payable 112.8m
Accrued Liabilities 49.3m
Other Current Liabilities 646.9m
Non-Current Liabilities 4.4B
Long-Term Debt 3.5B
Other Non-Current Liabilities 858.4m
Efficiency

Earnings Waterfall
First Capital Real Estate Investment Trust

Revenue
704.3m CAD
Cost of Revenue
-264.7m CAD
Gross Profit
439.7m CAD
Operating Expenses
-37.9m CAD
Operating Income
401.8m CAD
Other Expenses
-55.1m CAD
Net Income
346.7m CAD

Free Cash Flow Analysis
First Capital Real Estate Investment Trust

Last Value
3-Years Average
FCF Margin
Conversion Rate
Earnings Calls

In Q3 2024, the company reported a growth in operating funds from operations (OFFO) to $76.9 million, reflecting an 8% year-over-year increase. Same-property net operating income (NOI) rose by 3.7%, driven by higher rents and occupancy rates. The firm has closed or announced $275 million in asset dispositions towards a target of $400 million for the year. Looking ahead, management anticipates same-property NOI growth of over 3% in 2024 and beyond, with a three-year plan projecting a unit price target in the low to mid-20s as they continue executing their growth strategy.

What is Earnings Call?
Fundamental Scores

FCR.UN Profitability Score
Profitability Due Diligence

First Capital Real Estate Investment Trust's profitability score is 55/100. The higher the profitability score, the more profitable the company is.

Positive Free Cash Flow
Positive Gross Profit
Positive Operating Income
Positive Revenue Growth Forecast
55/100
Profitability
Score

First Capital Real Estate Investment Trust's profitability score is 55/100. The higher the profitability score, the more profitable the company is.

FCR.UN Solvency Score
Solvency Due Diligence

First Capital Real Estate Investment Trust's solvency score is 28/100. The higher the solvency score, the more solvent the company is.

Long-Term Solvency
Low D/E
Short-Term Solvency
Low Altman Z-Score
28/100
Solvency
Score

First Capital Real Estate Investment Trust's solvency score is 28/100. The higher the solvency score, the more solvent the company is.

Wall St
Price Targets

FCR.UN Price Targets Summary
First Capital Real Estate Investment Trust

Wall Street analysts forecast FCR.UN stock price to rise over the next 12 months.

According to Wall Street analysts, the average 1-year price target for FCR.UN is 20.71 CAD with a low forecast of 18.94 CAD and a high forecast of 22.58 CAD.

Lowest
Price Target
18.94 CAD
5% Upside
Average
Price Target
20.71 CAD
15% Upside
Highest
Price Target
22.58 CAD
26% Upside
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Dividends

Dividend Yield
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Dividend Per Share
N/A
Growth 3Y
Growth 5Y
Growth 10Y
Dividend Safety Score
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Safe
0
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100
Shareholder Yield

Current shareholder yield for FCR.UN is .

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Shareholder Yield
Dividend Yield
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Buyback Yield
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Debt Paydown Yield
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Profile

First Capital Real Estate Investment Trust Logo
First Capital Real Estate Investment Trust

Country

Canada

Industry

Real Estate

Market Cap

3.8B CAD

Dividend Yield

5.61%

Description

First Capital Real Estate Investment Trust operates as a real estate investment trust. The company is headquartered in Toronto, Ontario and currently employs 341 full-time employees. FCR operates through three segments: Eastern, which includes operations primarily in Quebec and Ottawa; Central, which includes the FCR's Ontario operations excluding Ottawa; and Western, which includes operations in Alberta and British Columbia. FCR's portfolio includes approximately 150 Canadian properties, totaling approximately 23.5 million square feet of gross leasable area. FCR's properties include Shops at King Liberty, 3080 Yonge Street, 2150 Lake Shore Boulevard West, Avenue and Lawrence Assets, Bayside Village, Leaside Village, Olde Oakville Market Place, Rutherford Marketplace and Edmonton Brewery District, King High Line, York Mills Gardens, False Creek Village, Carre Lucerne, Shops at New West, Wilderton Centre, The Olive, One Bloor East, 775 King Street West, The Devenish and Chartwell Shopping Centre.

Contact

ONTARIO
TORONTO
King Liberty Village, 85 Hanna Avenue, Suite 400
+14165044114.0
fcr.ca

IPO

1994-03-29

Employees

341

Officers

President, CEO & Trustee
Mr. Adam E. Paul C.A., CPA
Executive VP of Enterprise Strategies & CFO
Mr. Neil William Edward Downey C.A., C.F.A., CPA
Executive VP & COO
Mr. Jordan Robins
Senior VP, General Counsel & Corporate Secretary
Ms. Alison Harnick
Senior Vice President of Real Estate Services
Mr. Carmine Francella
Vice President of Investments
Mr. Matt Silcoff
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Chief Accounting Officer
Ms. Elle Agourias
Chief Information Officer
Mr. Simon Streeter
Head of Finance & Treasury
Mr. Ryan Ng
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See Also

Discover More
What is the Intrinsic Value of one FCR.UN stock?

The intrinsic value of one FCR.UN stock under the Base Case scenario is 24.9 CAD.

Is FCR.UN stock undervalued or overvalued?

Compared to the current market price of 17.96 CAD, First Capital Real Estate Investment Trust is Undervalued by 28%.

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