Company Valuation: First Capital Real Estate Investment Trust

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 4,142 3,590 3,255 3,601 4,015 4,875 - -
Change - -13.33% -9.34% 10.63% 11.51% 21.41% - -
Enterprise Value (EV) 1 8,533 7,741 3,255 3,601 7,943 8,953 8,743 4,875
Change - -9.28% -57.95% 10.63% 120.59% 12.71% -2.34% -44.24%
P/E - - - - - - - -
PBR - - - - - - - -
PEG - - - - - - - -
Capitalization / Revenue 6.14x 5.18x 4.73x 5.05x 5.49x 6.36x 6.29x 6.29x
EV / Revenue 12.6x 11.2x 4.73x 5.05x 10.9x 11.7x 11.3x 6.29x
EV / EBITDA 22.2x 20.4x 7.91x 7.84x 17.8x 19.9x 19x -
EV / EBIT - - - - - - - -
EV / FCF - - 38.4x 32.7x 133x -128x -98.2x -
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% 3.97% 4.06% -
EPS 2 - - - - - - - -
Distribution rate - - - - - - - -
Net sales 1 674.9 693.1 688 713.5 731.2 766.3 775.2 774.9
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 22.93 22.93 22.93
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.($)
- 11.68x19.9x3.97% 3.47B
35.92x15.48x19.91x3.93% 74.38B
30.94x11.57x16.01x4.12% 17.18B
32.5x12.3x17.56x3.77% 14.66B
15.67x11.24x16.35x6.39% 12.94B
26.7x10.4x15.28x3.94% 9.67B
40.04x16.44x19.63x4.11% 9.66B
23.19x14.37x15.81x5.11% 9.04B
12.34x17.36x19.09x4.61% 8.73B
-191.76x12.62x19.44x2.66% 7.69B
Average 2.84x 13.35x 17.90x 4.26% 16.74B
Weighted average by Cap. 20.56x 14.07x 18.46x 4.18%

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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