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 4,805 -
Change - -13.33% -9.34% 10.63% 11.51% 19.66% -
Enterprise Value (EV) 1 8,533 7,741 3,255 3,601 7,943 8,882 8,673
Change - -9.28% -57.95% 10.63% 120.59% 11.82% -2.36%
P/E - - - - - - -
PBR - - - - - - -
PEG - - - - - - -
Capitalization / Revenue 6.14x 5.18x 4.73x 5.05x 5.49x 6.27x 6.17x
EV / Revenue 12.6x 11.2x 4.73x 5.05x 10.9x 11.6x 11.1x
EV / EBITDA 22.2x 20.4x 7.91x 7.84x 17.8x 19.7x 18.8x
EV / EBIT - - - - - - -
EV / FCF - - 38.4x 32.7x 133x -127x -97.5x
FCF Yield - - 2.6% 3.06% 0.75% -0.79% -1.03%
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% 4.03% 4.12%
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 22.60 22.60
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.($)
- 11.59x19.74x4.03% 3.46B
34.72x14.38x18.86x4.25% 68.55B
28.54x11.13x15.19x4.45% 16.18B
30.64x11.52x16.74x3.99% 13.9B
38.5x15.39x18.58x4.4% 9B
25.03x9.9x14.73x4.24% 8.98B
21.82x14.05x15.42x5.4% 8.68B
14.45x15.42x16.91x5.4% 8.3B
-127.42x11.53x16.4x2.91% 6.68B
9.96x7.84x10.51x8.87% 6.61B
Average 8.47x 12.27x 16.31x 4.8% 15.03B
Weighted average by Cap. 22.89x 13.12x 17.24x 4.53%

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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