Revenue and Yield Beat Estimates / Raising Our 2024 Estimates

Published: 5/17/2024

Author: FRC Analysts

Thumbnail of the report Revenue and Yield Beat Estimates / Raising Our 2024 Estimates

*This report and research coverage is paid for and commissioned by Fisgard Capital Corporation - See the bottom of this report for other important disclosures rating, and risk definitions. All figures in C$ unless otherwise specified.

Sector: Mortgage | Industry: Mortgage

Ticker Symbols:

Rating and Key Data

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Shares O/S (M)	N/A
Market Cap. (M)	N/A
Current Yield (%)	N/A
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Report Highlights

Fisgard Capital Corporation (FCC) is one of the larger Mortgage Investment Corporations (MICs) in Canada. We believe FCC operates a relatively low-risk fund, with high exposure to first mortgages, and low Loan-to-Values (LTV), and debt/capital.
In 2023, mortgage receivables increased 3% YoY to $289M vs our estimate of $300M.
The yield increased by 1.6 pp YoY to 7.1%, beating our estimate of 6.8%, driven by higher lending rates.

The MIC remains focused on first mortgages for single family residential units in B.C. and ON.
In spite of a sharp decline in real estate activity in 2023, res

Rating and Key Data