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First Real Estate Investment Trust (FESNF) fair value: what the stock is really worth
We calculate from audited financials what First Real Estate Investment Trust is really worth. The fair value tells you whether the price is too high or too low, the quality score (0 to 100) how solid the business behind it is. 26 models, 37 quality factors, updated daily.
- Fair value above price? Yes
- Good quality? Yes
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Thin data
Sep 13, 2026
Thin data
Sep 13, 2026
First Real Estate Investment Trust
FESNF · USNeutralThe stock looks roughly fairly valued with average quality.
·Fair value $0.1900 · Fairly valued (+0%)
✓Quality 69/100
!Weak Growth (revenue 5y +3.0 %/yr)
✓Highly profitable · 28.8% net margin (TTM)
✓Low debt · generates free cash flow
·11.58% dividend yield
!Moderate moat 63/100
!Evidence only low, so the estimate is less certain
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What runs behind every stock
26
valuation models
8 families, DCF to NCAV
37
quality factors
margins, balance sheet, cashflow, debt
6
AI factors
moat, what no ratio measures
2,000+
data points
verified, per stock, median
69 individual criteria per stock, every one traceable See the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Sep 13, 2026.
How to read this chart
60‑month range $0.0873 – $0.4227 · fair‑value band $0.1500 – $0.2800 · the $0.1900 price screens below the $0.1900 fair value. As of Sep 13, 2026.
Company profile
First Real Estate Investment Trust is a healthcare real estate investment trust focused on investing in income producing real estate properties which are primarily used for healthcare and healthcare related purposes. First REIT is managed by First REIT Management Limited (the Manager), which is headquartered in Singapore.
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First Real Estate Investment Trust is a healthcare real estate investment trust focused on investing in income producing real estate properties which are primarily used for healthcare and healthcare related purposes. First REIT is managed by First REIT Management Limited (the Manager), which is headquartered in Singapore. The Manager is 40% directly held by OUE Healthcare Limited and 60% directly held by OUE Limited, who together are its Sponsors. As at 31 December 2025, the Trust has a portfolio of 31 properties across Asia, with a total asset value of 1.02 billion dollars. These include 14 properties in Indonesia comprising 11 hospitals, 2 integrated hospitals & malls and an integrated hospital & hotel; 3 nursing homes in Singapore; and 14 nursing homes in Japan. The Trust's healthcare properties in Indonesia are operated by PT Siloam International Hospitals Tbk while healthcare properties in Singapore and Japan are operated by well-established third-party operators. First Real Estate Investment Trust was established on October 19, 2006 and incorporated in 2006 in Singapore.
Stock analysis
First Real Estate Investment Trust (FESNF) currently trades at $0.1900, while our model-based Fair Value estimate is $0.1900, implying the stock looks roughly 0.0% fairly valued today.
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Valuation
Bull case: the Multiples group reads highest at a median of $0.2400 per share, and 11 of the 16 models we run sit above the $0.1900 price.
Bear case: the Asset-Based group reads lowest at $0.1700, and 5 of the 16 models stay below the price. Evidence for this calculation is low.
Scenario range: $0.1500 (bear) to $0.2800 (bull), the price of $0.1900 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 69/100 (solid quality), in the Real Estate sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
First Real Estate Investment Trust reported revenue of 92.4M SGD in FY2025 versus 102M SGD in FY2021, a compound −2.5%/yr. Reported net income was 29.0M SGD in FY2025, compounding −17.7%/yr from FY2021.
Key figures
Market cap $403M · P/E ratio 19.0 · P/S ratio 5.96 · EPS (TTM) $0.0100 · Dividend yield 11.6% · Net margin 31.4% · Return on equity 4.9% · Return on assets (EBIT) 7.8%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 42 out of 100 (low confidence).
What moves the price
The share trades about 13% below its 52-week high and 6% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Real Estate peers we cover trades at −1% fair-value upside, at 0%, FESNF screens cheaper than that median.
Fair Value models
Bear $0.1500
Fair Value $0.1900
Bull $0.2800
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model.
Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target.
Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
FCF DCF
$0.1200
$0.1800
$0.2500
81
Growth DCF
$0.1200
$0.1700
$0.2400
79
Residual Income
$0.1800
$0.1900
$0.1700
76
All 16 models by family
DCF Models
FCF DCF
$0.1200
$0.1800
$0.2500
81
5Y Revenue Exit
$0.1300
$0.2200
$0.3400
71
5Y EBITDA Exit
$0.2400
$0.4200
$0.6200
74
10Y Revenue Exit
$0.1200
$0.1900
$0.2900
66
10Y EBITDA Exit
$0.1800
$0.3200
$0.4800
67
Dividend Discount
Gordon GGM
$0.1700
$0.2600
$0.3300
69
DDM Multi-Stage
$0.1700
$0.2400
$0.3000
67
Multiples
P/S Multiple
$0.1700
$0.2300
$0.2900
58
P/B Multiple
$0.1700
$0.2300
$0.2900
55
EV/EBIT
$0.5200
$0.7200
$0.9100
66
EV/EBITDA
$0.3900
$0.5400
$0.6900
67
EV/Revenue
$0.1500
$0.2400
$0.3300
53
Asset-Based
NCAV (Graham)
$0.1200
$0.1700
$0.2500
54
Growth DCF
Growth DCF
$0.1200
$0.1700
$0.2400
79
Rev-Margin DCF
$0.1300
$0.2200
$0.3300
72
Economic Profit
Residual Income
$0.1800
$0.1900
$0.1700
76
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Set up alert →Quality Score breakdown
Overall quality
69/100
Of which business quality 67 · Market factors (momentum, volatility) 40
Profitability
36
Margins and returns on capital today
Quality Growth
53
Are margins and returns improving?
Cashflow
93
Earnings quality: real cash, not paper profit
Fin. Strength
43
Balance sheet, leverage, solvency risk
Investment
96
Disciplined investing over empire-building
Low Volatility
50
Calm price path (market factor)
Momentum
49
Price trend over the last 3–12 months (market factor)
52W Momentum
13
Distance to the 52-week high (market factor)
Net Issuance
100
Share count: buybacks or dilution?
Revenue & earnings trend
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.
40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
−9.6%
Revenue growth 3 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
−6.0%
Revenue growth 5 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+3.0%
Revenue growth 18 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+6.8%
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’24
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−7.0%
Earnings growth per share plus dividend.
Earnings per share, growth per year−18.6%
Dividend (yield on the price)11.6%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−19% vs −14%, slowing
Profit margin 2018 to 2023 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.79% → 87%
⚠ Revenue per share shrinking 7.8%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Growth Forecast
A lot of optimism in the price
The price assumes more growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
+6.1%
Yearly growth needed for the next five years to justify today's price.
What forecasts expect
n/a
No analyst forecast available.
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Compare First Real Estate Investment Trust with another stock
Price, fair value, quality and upside side by side.
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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.REIT - Healthcare Facilities · 25 stocks
Beats the industry median on 11/14 measures
Overall it ranks above its industry peers.
Valuation Multiplesvs REIT - Healthcare Facilities median · lower = cheaper
Context: sector, industry, market
- Is the Real Estate sector expensive or cheap?
- P/E, EV/EBITDA and margins by industry (reference tables)
- Undervalued stocks: Real Estate
- Undervalued stocks: US Stocks
- Valuation of the USA market
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
None of the checked exposures detected
Similar stocks
10 more REIT - Healthcare Facilities stocks, each showing price versus our Fair Value estimate.
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Welltower Inc WELL | $235.62 | $71.83 | −70% |
| Ventas, Inc VTR | $89.99 | $36.31 | −60% |
| Omega Healthcare Investors, Inc OHI | $46.99 | $57.49 | +22% |
| Healthpeak Properties, Inc DOC | $20.30 | $22.31 | +10% |
| American Healthcare REIT, Inc AHR | $53.58 | $12.03 | −78% |
| CareTrust REIT, Inc CTRE | $38.62 | $38.15 | −1% |
| Healthcare Realty Trust Incorporated HR | $18.90 | $20.60 | +9% |
| Aedifica NV AED | €65.70 | €46.56 | −29% |
| Chartwell Retirement Residences CSHUN | C$20.13 | C$3.49 | −83% |
| Sabra Health Care REIT, Inc SBRA | $20.52 | $22.66 | +10% |
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Frequently asked questions
Is First Real Estate Investment Trust (FESNF) overvalued or undervalued?
As of Sep 13, 2026, our model estimates a fair value of $0.1900 versus a price of $0.1900, about +0% upside (fairly valued).
What is the fair value of FESNF?
Our model-based fair value for First Real Estate Investment Trust is $0.1900 (as of Sep 13, 2026), built from audited fundamentals. The current price: $0.1900.
What is the quality score of FESNF?
First Real Estate Investment Trust has a Quality Score of 69/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for First Real Estate Investment Trust (FESNF)?
Our model-based price target is the fair value of $0.1900 (as of Sep 13, 2026) from 16 valuation models. Cautious scenario $0.1500, optimistic scenario $0.2800. It is a calculation from audited fundamentals, not an analyst target.
What is the First Real Estate Investment Trust stock forecast for 2026?
Our models put fair value at $0.1900, about +0% upside versus a price of $0.1900 (fairly valued). Cautious scenario $0.1500, optimistic scenario $0.2800. The calculation is refreshed regularly with new filings.
What is the revenue of First Real Estate Investment Trust (FESNF)?
First Real Estate Investment Trust reported trailing-twelve-month revenue of about $101M (latest available figure, as of Sep 13, 2026).
Does First Real Estate Investment Trust pay a dividend?
First Real Estate Investment Trust currently shows a dividend yield of about 11.58% relative to its recent price (as of Sep 13, 2026).
What growth is priced into First Real Estate Investment Trust (FESNF)?
For today's price to be fair in a discounted-cash-flow model, First Real Estate Investment Trust would have to grow free cash flow by +6.1 % per year for five years (discount rate 9.8 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 5 years revenue grew +3.0 % per year. As of Sep 13, 2026.
What discount rate (WACC) does the fair value of FESNF use?
Our models discount First Real Estate Investment Trust at 9.8 %: a base by market capitalisation (small), damped by beta 0.25, country premium for USA. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For First Real Estate Investment Trust that is +6.1 % per year a year over ten years, using the same discount rate (9.8 %) and the same formula as our fair value.
How much growth has First Real Estate Investment Trust (FESNF) delivered so far?
Over the past 5 years revenue at First Real Estate Investment Trust grew +3.0 % a year. The price currently implies +6.1 % per year free-cash-flow growth a year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of First Real Estate Investment Trust (FESNF) growing?
The median revenue growth in the sector is +1.6 % a year. That is the yardstick for the growth priced into First Real Estate Investment Trust (+6.1 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of First Real Estate Investment Trust (FESNF)?
The free-cash-flow yield on the price is 13.94 %: that much free cash flow First Real Estate Investment Trust produces per unit of market value. When it exceeds the discount rate of our models (9.8 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of First Real Estate Investment Trust (FESNF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For First Real Estate Investment Trust it is $0.1900 per share (as of Sep 13, 2026), against a price of $0.1900. It is the blended result of 16 valuation models (cash flow, earnings, asset, dividend).
Is First Real Estate Investment Trust stock overvalued or undervalued in 2026?
As of Sep 13, 2026, FESNF trades below its calculated fair value: price $0.1900, fair value $0.1900, a gap of about +0% (fairly valued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of FESNF?
No. The price is what the market pays today ($0.1900); the fair value is what the company's own numbers justify ($0.1900). For First Real Estate Investment Trust the two are $0.0000 per share apart. That gap is exactly why we show both numbers side by side.
How much is First Real Estate Investment Trust worth?
The market values First Real Estate Investment Trust at about $403M (market capitalisation, as of Sep 13, 2026). Per share that is $0.1900; our models calculate a fair value of $0.1900 per share.
What do the bullish and bearish scenarios say about FESNF?
Our models span a range for First Real Estate Investment Trust: cautious scenario $0.1500, base $0.1900, optimistic $0.2800 per share (as of Sep 13, 2026, price $0.1900). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FESNF?
First Real Estate Investment Trust trades at a price-to-earnings ratio of 19.0 (as of Sep 13, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of $0.1900 is built from several models across several years. Other multiples: P/B 0.8, P/S 4.0, EV/EBITDA 6.5.
How solid is the balance sheet of First Real Estate Investment Trust (FESNF)?
Balance-sheet figures for First Real Estate Investment Trust (as of Sep 13, 2026): return on equity 4.9%, debt of 0.37 per unit of equity. They feed the Quality Score of 69/100, which measures business quality independently of the share price.
How far is FESNF from its 52-week high?
First Real Estate Investment Trust trades at $0.1900, about 13% below its 52-week high of $0.2191 and 6% above the low of $0.1800 (as of Sep 13, 2026). Distance from the high says nothing about value: that is what the fair value of $0.1900 is for.
Which stocks are comparable to First Real Estate Investment Trust?
From the same area (Real Estate) we also value Welltower Inc, Ventas, Inc, Omega Healthcare Investors, Inc, Healthpeak Properties, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is First Real Estate Investment Trust stock attractive at the current price?
The data as of Sep 13, 2026: price $0.1900, calculated fair value $0.1900 (+0%), Quality Score 69/100, from 16 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of FESNF calculated?
We run First Real Estate Investment Trust through 16 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of $0.1900, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.8 % above its aggregate fair value. First Real Estate Investment Trust itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What should I pay attention to with First Real Estate Investment Trust right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. A fairly wide model range ($0.1500 to $0.2800) leaves room in how you read the outcome. Evidence is limited here (fewer models, shorter history), so the fair value is a rougher estimate than usual. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.
Where does the earnings growth of First Real Estate Investment Trust (FESNF) come from?
Earnings per share at First Real Estate Investment Trust grew −13.4 % a year from 2014 to 2025. Broken into its drivers: revenue per share −9.0 %, EBIT margin −0.5 %, tax rate +0.3 %, residual (interest, one-offs) −4.6 %. The four rates multiply to the earnings growth rate, they do not add up. Start and end are three-year averages so a single exceptional year does not distort the result.
Key figures of First Real Estate Investment Trust
How large is the market capitalisation of First Real Estate Investment Trust (FESNF)?
The market capitalisation of First Real Estate Investment Trust is $403M. The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of First Real Estate Investment Trust (FESNF)?
The price-to-sales ratio of First Real Estate Investment Trust is 5.96 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of First Real Estate Investment Trust (FESNF)?
Earnings per share at First Real Estate Investment Trust are $0.0100 (price ÷ EPS = P/E 19.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of First Real Estate Investment Trust (FESNF)?
The dividend yield of First Real Estate Investment Trust is 11.6%. Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of First Real Estate Investment Trust (FESNF)?
The net margin of First Real Estate Investment Trust is 31.4% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of First Real Estate Investment Trust (FESNF)?
The return on equity (ROE) of First Real Estate Investment Trust is 4.9% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of First Real Estate Investment Trust (FESNF)?
On an EBIT basis the return on assets of First Real Estate Investment Trust is 7.8% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of First Real Estate Investment Trust (FESNF)?
The operating margin of First Real Estate Investment Trust is 79.7% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at First Real Estate Investment Trust (FESNF)?
Revenue at First Real Estate Investment Trust is growing −0.3% versus a year earlier (3y avg −6.0%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at First Real Estate Investment Trust (FESNF)?
Earnings per share at First Real Estate Investment Trust are growing −72.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does First Real Estate Investment Trust (FESNF) carry?
The net debt of First Real Estate Investment Trust is $432M (fiscal year 2025, ≈ 9.9 yrs of FCF). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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