Company Valuation: Firm Capital Apartment Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 37.44 49.37 26.58 20.34 26.82 23.56
Change - 31.88% -46.17% -23.48% 31.87% -12.14%
Enterprise Value (EV) 1 64.27 90.91 113.8 53.4 52.96 47.01
Change - 41.45% 25.17% -53.07% -0.83% -11.24%
P/E Ratio 6.68x 12.9x -1.88x -2.3x -7.71x -3.33x
PBR 0.49x 0.64x 0.43x 0.38x 0.53x 0.55x
PEG - -0.4x 0x 0.1x 0.1x -0x
Capitalization / Revenue 8.09x 7.1x 2.15x 1.65x 3.2x 3.51x
EV / Revenue 13.9x 13.1x 9.19x 4.33x 6.33x 7.01x
EV / EBITDA 41.8x - - - - -
EV / EBIT 43.2x 57.6x 24.7x 16.9x 32.9x 38.2x
EV / FCF -37.4x 47.4x -2,004x -0.82x 4.15x 14.9x
FCF Yield -2.67% 2.11% -0.05% -123% 24.1% 6.71%
Dividend per Share 2 0.236 0.236 0.1205 - - -
Rate of return 4.87% 3.64% 3.45% - - -
EPS 2 0.7265 0.505 -1.857 -1.145 -0.4509 -0.9302
Distribution rate 32.5% 46.7% -6.49% - - -
Net sales 1 4.626 6.958 12.38 12.33 8.367 6.71
EBITDA 1 1.538 - - - - -
EBIT 1 1.489 1.579 4.604 3.16 1.611 1.232
Net income 1 5.604 3.84 -14.12 -8.71 -3.429 -7.074
Net Debt 1 26.83 41.54 87.21 33.06 26.14 23.44
Reference price 2 4.850 6.492 3.495 2.636 3.476 3.098
Nbr of stocks (in thousands) 7,719 7,604 7,604 7,715 7,715 7,604
Announcement Date 3/10/21 3/14/22 4/24/23 4/26/24 4/30/25 4/7/26
1USD in Million2USD
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
26.42x13.79x16.3x4.86% 17.09B
15.06x15.51x16.19x4.83% 6.9B
23.67x14.33x15.86x4.13% 6.68B
8.63x13.65x17.7x6.42% 6.56B
10.04x17.31x20.78x7.68% 6.32B
9.88x14.32x15.4x6.92% 5.82B
7.71x13.76x17.59x5.87% 5.75B
11.98x11.47x13.06x5.44% 4.93B
Average 14.17x 14.27x 16.61x 5.77% 7.5B
Weighted average by Cap. 16.56x 14.26x 16.63x 5.59%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

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