Fisgard Capital Corporation
Revenue and Yield Beat Estimates / Raising Our 2024 Estimates
Published: 5/17/2024
Author: FRC Analysts
*See important disclosures at the bottom of this reportSector: Mortgage | Industry: Mortgage
Ticker Symbols:
- 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