Company Valuation: First Capital Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027
Market Cap 1 4,142 3,590 3,255 3,601 4,015 4,841 -
Change - -13.33% -9.34% 10.63% 11.51% 20.56% -
Enterprise Value (EV) 1 8,533 7,741 3,255 3,601 7,943 8,919 8,709
Change - -9.28% -57.95% 10.63% 120.59% 12.28% -2.35%
P/E - - - - - - -
PBR - - - - - - -
PEG - - - - - - -
Capitalization / Revenue 6.14x 5.18x 4.73x 5.05x 5.49x 6.32x 6.22x
EV / Revenue 12.6x 11.2x 4.73x 5.05x 10.9x 11.6x 11.2x
EV / EBITDA 22.2x 20.4x 7.91x 7.84x 17.8x 19.8x 18.9x
EV / EBIT - - - - - - -
EV / FCF - - 38.4x 32.7x 133x -127x -97.9x
FCF Yield - - 2.6% 3.06% 0.75% -0.78% -1.02%
Dividend per Share 2 0.432 0.575 0.864 0.864 0.89 0.91 0.93
Rate of return 2.29% 3.42% 5.63% 5.09% 4.71% 4% 4.08%
EPS 2 - - - - - - -
Distribution rate - - - - - - -
Net sales 1 674.9 693.1 688 713.5 731.2 766.3 778.4
EBITDA 1 385.2 380.3 411.6 459.5 446.1 450 460.2
EBIT - - - - - - -
Net income - - - - - - -
Net Debt 1 4,391 4,151 - - 3,928 4,078 3,868
Reference price 2 18.86 16.81 15.34 16.96 18.90 22.77 22.77
Nbr of stocks (in thousands) 219,632 213,578 212,184 212,323 212,452 212,600 -
Announcement Date 2/8/22 2/7/23 2/6/24 2/11/25 2/10/26 - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- 11.64x19.82x4% 3.42B
32.23x14.06x17.86x4.4% 66.27B
26.71x10.6x14.37x4.8% 15.05B
29.5x11.2x16.41x4.14% 13.38B
14.83x10.85x15.75x6.77% 12.24B
24.14x9.69x14.36x4.42% 8.61B
35.54x14.69x17.75x4.73% 8.38B
20.04x13.22x14.51x5.91% 7.93B
14.26x14.41x15.65x5.95% 7.4B
-123.74x11.65x16.57x3.02% 6.43B
Average 8.17x 12.20x 16.30x 4.81% 14.91B
Weighted average by Cap. 21.20x 12.78x 16.70x 4.72%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA



Year-on-year evolution of the Yield

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