Fisgard Capital Corporation
Revenue and Yield Beat Estimates / Raising Our 2024 Estimates
Published: 5/17/2024
Author: FRC Analysts

Sector: Mortgage | Industry: Mortgage
Ticker Symbols:
Rating and Key Data
Metrics | Value |
---|---|
Current Price | N/A |
Fair Value | N/A |
Risk | N/A |
52 Week Range | N/A |
Shares O/S (M) | N/A |
Market Cap. (M) | N/A |
Current Yield (%) | N/A |
P/E (forward) | N/A |
P/B | N/A |
Already a subscriber?
Want to know the fair value of the stock?
Subscribe for free to get exclusive insights and data.
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