First Capital Real Estate Investment Trust (FCR-UN.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

-45.3%

CA$12.60

vs CA$23.05 price

Levered DCF

-CA$9.07

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.13

Distress zone

Rating

A-

Overall 4 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	3.77×	17.48×	-24.35×	-22.41×	8.98×	1,355×	11.81×	13.66×
P/B	0.83×	0.91×	0.83×	0.84×	0.9×	0.87×	1.07×	0.94×
P/S	5.49×	5.05×	4.33×	5.04×	6.06×	5.41×	6.1×	5.98×
EV / EBITDA	17.33×	19.25×	16.43×	19.02×	22.87×	21.95×	20.89×	19.16×
Gross margin	62.9%	62.6%	65.1%	62.4%	61.5%	59.5%	63.1%	65.0%
Operating margin	54.5%	54.7%	58.7%	56.8%	54.6%	56.3%	58.2%	60.2%
Net margin	145.5%	28.8%	-17.8%	-22.5%	67.3%	0.4%	51.6%	43.8%
Current ratio	0.97×	0.92×	0.81×	0.59×	0.7×	0.87×	0.63×	0.68×
Debt / equity	0.83×	1.03×	1.04×	0.97×	0.96×	1.13×	1.07×	0.88×
Interest coverage	2.51×	0×	0×	0×	0×	0×	0×	0×
Dividend yield	4.7%	5.1%	5.6%	3.3%	2.5%	5.1%	4.3%	4.5%
Payout ratio	17.7%	89.5%	-137.0%	-73.0%	22.3%	6955.2%	50.8%	61.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	22.1%	5.2%	-3.4%	-3.7%	10.0%	0.1%	9.1%	6.9%
Return on invested capital	4.4%	4.1%	4.8%	4.3%	3.6%	0.9%	4.5%	3.8%
Return on assets	11.5%	2.2%	-1.5%	-1.7%	4.6%	0.0%	3.9%	3.3%
Free cash flow yield	1.5%	3.1%	2.6%	3.5%	2.3%	0.4%	0.9%	0.4%
Earnings yield	26.5%	5.7%	-4.1%	-4.5%	11.1%	0.1%	8.5%	7.3%
Enterprise value	CA$8B	CA$7.5B	CA$7.3B	CA$7.7B	CA$8.5B	CA$8.4B	CA$9.4B	CA$9.1B
Net debt / EBITDA	8.58×	10.01×	9.06×	10.15×	11.78×	12.33×	10.41×	9.23×
Cash conversion cycle (days)	282	211	116	57	126	-37	-107	-143