Definitive Analysis
Definitive Analysis

Financial Statements

Fundamentals

Valuations

Miscellaneous

Analysis Mode

Search

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

Company Dividend Discount ModelIndustry: REIT - RetailSector: Real Estate

Valuation Snapshot

Stable Growth$8.98 - $13.08$10.96
Multi-Stage$21.97 - $24.18$23.05
Blended Fair Value$17.01
Current Price$18.15
Upside-6.30%
DecisionDon't Buy

Dividend History & Growth Metrics (10Y)

Metric5Y CAGR10Y CAGR2024202320222021202020192018201720162015
DPS-2.09%0.31%0.860.860.550.480.880.961.000.980.940.89
YoY Growth---0.15%57.35%13.74%-45.40%-7.80%-4.15%1.45%4.92%5.04%6.93%
Dividend Yield--5.22%5.55%3.49%2.69%5.35%7.03%4.67%4.90%4.69%4.33%

Stable Growth Model (Adjusted)

(USD in Millions except Per Share Data)
Net Income To Common (M)261.09
(-) Cash Dividends Paid (M)185.76
(=) Cash Retained (M)75.33
MetricLOWBASEHIGH
Required Retention Ratio20.0%12.5%7.5%
(=) Cash Required (M)52.2232.6419.58
Cash Retained (M)75.3375.3375.33
(-) Cash Required (M)-52.22-32.64-19.58
(=) Excess Retained (M)23.1142.6955.75
(/) Shares Outstanding (M)212.86212.86212.86
(=) Excess Retained per Share0.110.200.26
LTM Dividend per Share0.870.870.87
(+) Excess Retained per Share0.110.200.26
(=) Adjusted Dividend0.981.071.13
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-3.72%-2.72%-1.72%
Fair Value$8.98$10.96$13.08
Upside / Downside-50.55%-39.61%-27.94%

Multi-Stage Model: Projections

(USD in Millions)
MetricTTMDec-27Dec-28Dec-29Dec-30Dec-31Terminal
Net Income (M)261.09254.00247.10240.38233.85227.50234.32
Payout Ratio71.15%74.92%78.69%82.46%86.23%90.00%92.50%
Projected Dividends (M)185.76190.29194.44198.22201.65204.75216.75

Multi-Stage Valuation

MetricLOWBASEHIGH
WACC / Discount Rate6.81%6.81%6.81%
Growth Rate-3.72%-2.72%-1.72%
Year 1 PV (M)176.33178.16179.99
Year 2 PV (M)166.95170.43173.96
Year 3 PV (M)157.71162.67167.74
Year 4 PV (M)148.66154.94161.41
Year 5 PV (M)139.87147.29155.02
PV of Terminal Value (M)3,887.174,093.274,308.02
Equity Value (M)4,676.694,906.765,146.13
Shares Outstanding (M)212.86212.86212.86
Fair Value$21.97$23.05$24.18
Upside / Downside21.05%27.01%33.20%

High-Yield Dividend Screener

« Prev Page 4 of 151 Next »
Ticker Company Dividend Yield % Dividend Per Share Payout Ratio %
EG7.IRFBD Holdings plc12.49%$1.9761.47%
WILCG. Willi-Food International Ltd.12.48%$3.5852.70%
9908.HKJiaXing Gas Group Co., Ltd.12.44%$1.0240.94%
MPMX.JKPT Mitra Pinasthika Mustika Tbk12.44%$120.0095.84%
0QL5.LCarlo Gavazzi Holding AG12.42%$20.0062.49%
GOZ.AXGrowthpoint Properties Australia12.40%$0.3016.37%
1999.HKMan Wah Holdings Limited12.39%$0.5757.62%
1285.HKJiashili Group Limited12.38%$0.1455.24%
600015.SSHua Xia Bank Co., Limited12.36%$0.8549.77%
BNP.DEBNP Paribas S.A.12.28%$10.0751.11%
0836.HKChina Resources Power Holdings Company Limited12.20%$2.1541.97%
BIS.AXBisalloy Steel Group Limited12.19%$0.5981.88%
KBS.BKKhonburi Sugar Public Company Limited12.17%$0.7056.34%
9300.SRAlwaha REIT Fund12.14%$1.1871.67%
2005.HKSSY Group Limited12.13%$0.3550.50%
BGI-UN.TOBrookfield Global Infrastructure Securities Income Fund12.09%$0.9646.13%
2003.HKVCREDIT Holdings Limited12.07%$0.3218.47%
1713.HKSichuan Energy Investment Development Co., Ltd.12.02%$0.2941.35%
NSI.ASNSI N.V.12.02%$2.3330.60%
RIO1.DERio Tinto Group12.02%$8.2864.54%
IGL.AXIVE Group Limited12.01%$0.3574.81%
0G5B.LSto SE & Co. KGaA12.00%$14.6483.41%
CDU.LSConduril - Engenharia, S.A.12.00%$1.8069.00%
2156.HKC&D Property Management Group Co. Limited11.98%$0.3354.74%
0057.HKChen Hsong Holdings Limited11.94%$0.1945.38%
BBSE3.SABB Seguridade Participações S.A.11.93%$4.2691.94%
SWUT.VISW Umwelttechnik Stoiser & Wolschner AG11.93%$3.7034.18%
0Q76.LCBo Territoria S.A.11.92%$0.4461.80%
ALCOF.PACofidur S.A.11.92%$34.8038.87%
0239.HKPak Fah Yeow International Limited11.87%$0.2852.60%
2356.HKDah Sing Banking Group Limited11.87%$1.2941.19%
3311.HKChina State Construction International Holdings Limited11.87%$1.1029.31%
ENGI.PAEngie S.A.11.87%$2.7376.93%
SENA.BKSena Development Public Company Limited11.86%$0.2074.93%
4348.SRAlkhabeer REIT Fund11.85%$0.6698.08%
AWZ.SIMulti-Chem Limited11.83%$0.4160.70%
0331.HKFSE Lifestyle Services Limited11.81%$0.6731.73%
SUL.AXSuper Retail Group Limited11.78%$1.8791.92%
2877.HKChina Shineway Pharmaceutical Group Limited11.77%$1.0139.47%
DSWLDeswell Industries, Inc.11.77%$0.4027.95%
0855.HKChina Water Affairs Group Limited11.75%$0.6256.78%
0659.HKCTF Services Limited11.70%$0.8876.18%
DRA.AXDRA Global Limited11.69%$0.2158.65%
GWA.AXGWA Group Limited11.68%$0.2995.40%
0968.HKXinyi Solar Holdings Limited11.67%$0.3670.18%
ENI-UN.TOEnergy Income Fund11.66%$0.2356.38%
TCF.AX360 Capital Mortgage REIT11.66%$0.6776.18%
3316.HKBinjiang Service Group Co. Ltd.11.65%$2.7669.09%
CC3.SIStarHub Ltd11.65%$0.1381.69%
TFG-R.BKThaifoods Group Public Company Limited11.65%$0.5242.58%