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360 Capital Mortgage REIT (TCF) fair value: what the stock is really worth

As of Sep 23, 2026: fair value of 360 Capital Mortgage REIT A$4.91, price A$4.89, upside +0.3%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Real Estate · AU · ISIN AU0000108771

3C Some data Sep 23, 2026

360 Capital Mortgage REIT

TCF · AU

Low PriorityFair Value upside is limited and quality is weak.

·Fair value A$4.91 · Fairly valued (+0%)
!Quality 44/100
!Mixed Growth (revenue 5y +54.3 %/yr)
✓Highly profitable · 87.8% net margin (FY2025)
!negative free cash flow
!Mixed vs. peers (5/11)
!Moderate moat 58/100
!Evidence only medium, 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

A$5.77 A$3.39 Fair Value A$4.91 Jul 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 23, 2026.

How to read this chart

60‑month range A$3.39 – A$5.77 · fair‑value band A$4.41 – A$7.88 · the A$4.89 price screens below the A$4.91 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 23, 2026.

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Company profile

360 Capital Mortgage REIT is a closed-ended fixed income mutual fund launched and managed by Elstree Investment Management Limited. The fund invests in the fixed income markets of Australia. It invests in a range of fixed income and hybrid securities, and other debt securities issued by government bodies, companies and specialist financing vehicles.

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360 Capital Mortgage REIT is a closed-ended fixed income mutual fund launched and managed by Elstree Investment Management Limited. The fund invests in the fixed income markets of Australia. It invests in a range of fixed income and hybrid securities, and other debt securities issued by government bodies, companies and specialist financing vehicles. It was formerly known as Australian Enhanced Income Fund. 360 Capital Mortgage REIT was formed on October 17, 2006 and is domiciled in Australia.

Stock analysis

360 Capital Mortgage REIT (TCF) currently trades at A$4.89, while our model-based Fair Value estimate is A$4.91, implying the stock looks roughly 0.3% fairly valued today.

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Valuation

Bull case: the Economic Profit group reads highest at a median of A$5.77 per share, and 3 of the 6 models we run sit above the A$4.89 price.

Bear case: the Multiples group reads lowest at A$2.20, and 3 of the 6 models stay below the price. Evidence for this calculation is medium.

Scenario range: A$4.41 (bear) to A$7.88 (bull), the price of A$4.89 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 44/100 (below-average quality), in the Real Estate sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

360 Capital Mortgage REIT reported revenue of A$6.3M in FY2025 versus A$1.6M in FY2021, a compound +41.1%/yr. Reported net income was A$5.5M in FY2025, compounding +41.5%/yr from FY2021.

Key figures

Market cap A$48.1M (≈ $33.9M) · P/E ratio 7.6 · P/S ratio 6.71 · EPS (TTM) A$0.6400 · Net margin 87.8% · Return on equity 455% · Return on assets (EBIT) 6.0% · Free cash flow −A$2.9M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 15% below its 52-week high and at its 52-week low, currently below its 200-day average.

For context, the median of 10 Real Estate peers we cover trades at 54% fair-value upside, at 0%, TCF screens richer than that median.

Fair Value models

Bear A$4.41 Fair Value A$4.91 Bull A$7.88
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. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (A$0.4682 per share) are deliberately not added. 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
Residual Income A$5.19 A$5.77 A$9.27 72
EV/EBIT A$6.32 A$8.16 A$10.00 63
P/S Multiple A$1.31 A$1.75 A$2.18 58
All 6 models by family
Multiples
P/S Multiple A$1.31 A$1.75 A$2.18 58
P/B Multiple A$6.24 A$8.32 A$10.40 55
EV/EBIT A$6.32 A$8.16 A$10.00 63
EV/Revenue A$1.78 A$2.20 A$2.62 52
Asset-Based
NCAV (Graham) A$2.97 A$3.98 A$5.94 51
Economic Profit
Residual Income A$5.19 A$5.77 A$9.27 72

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Quality Score breakdown

Overall quality 44/100

Of which business quality 45 · Market factors (momentum, volatility) 46

Profitability 46
Margins and returns on capital today
Quality Growth 58
Are margins and returns improving?
Cashflow 33
Earnings quality: real cash, not paper profit
Fin. Strength 85
Balance sheet, leverage, solvency risk
Investment 33
Disciplined investing over empire-building
Low Volatility 100
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 11
Distance to the 52-week high (market factor)
Net Issuance 0
Share count: buybacks or dilution?

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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. 54/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+59.5%
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.
+46.9%
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.
+54.3%
Start year 2020 (pandemic). Over 10 years: +33.4% a year
Revenue growth 19 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%
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. Basis: EBIT basis.
≈ +24.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+24.3%
Dividend (yield on the price)0.0%
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.24% vs 7%, picking up
Profit margin 2020 to 2025 ⓘ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.64% → 88%
Start year 2020 (pandemic)
⚠ Rate on operating basis: 2025 sits 51% above its own trend.

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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 - Mortgage · 39 stocks

Beats the industry median on 5/11 measures
A mixed picture versus its industry peers.
Valuation
Quality Score 47 · Above median
Fair Value upside +0% · Bottom 25%
Profitability
Return on equity (TTM) 455% · Top 25%
Return on assets 0% · Bottom 25%
Net margin (TTM) 88% · Top 25%
Operating margin (TTM) 0% · Bottom 25%
Growth and dividend
Revenue growth 0% · Below median
Dividend yield (TTM) 0.0% · Bottom 25%

Valuation Multiplesvs REIT - Mortgage median · lower = cheaper

P/E (TTM) 7.6× · Cheaper than median
P/B 0.63× · Pricier than median
EV/EBITDA 4.8× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)34 · sector 100
FUTURE (revenue growth)0 · sector 9
PAST (return on equity)100 · sector 25
HEALTH (low debt)0 · sector 0
DIVIDEND (yield)0 · sector 100

Context: sector, industry, 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 - Mortgage stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Annaly Capital Management, Inc NLY $21.44 $23.37 +9%
AGNC Investment Corp AGNC $10.09 $25.23 +150%
Starwood Property Trust, Inc STWD $15.10 $35.89 +138%
Rithm Capital Corp RITM $9.64 $12.93 +34%
Dynex Capital, Inc DX $12.10 $11.09 −8%
Blackstone Mortgage Trust, Inc BXMT $13.14 $32.85 +150%
ARMOUR Residential REIT, Inc ARR $14.99 $23.05 +54%
Ellington Financial Inc EFC $12.70 $13.45 +6%
Ladder Capital Corp LADR $9.41 $7.57 −20%
Orchid Island Capital, Inc ORC $6.12 $15.30 +150%

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360 Capital Mortgage REIT · Fair Value
A$4.91 +0%Fair Value
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Cite: Fair Value Calculator (2026). "360 Capital Mortgage REIT Fair Value". https://www.fairvalue-calculator.com/stock/TCF

Frequently asked questions

Is 360 Capital Mortgage REIT (TCF) overvalued or undervalued?
As of Sep 23, 2026, our model estimates a fair value of A$4.91 versus a price of A$4.89, about +0% upside (fairly valued).
What is the fair value of TCF?
Our model-based fair value for 360 Capital Mortgage REIT is A$4.91 (as of Sep 23, 2026), built from audited fundamentals. The current price: A$4.89.
What is the quality score of TCF?
360 Capital Mortgage REIT has a Quality Score of 44/100. 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 360 Capital Mortgage REIT (TCF)?
Our model-based price target is the fair value of A$4.91 (as of Sep 23, 2026) from 6 valuation models. Cautious scenario A$4.41, optimistic scenario A$7.88. It is a calculation from audited fundamentals, not an analyst target.
What is the 360 Capital Mortgage REIT stock forecast for 2026?
Our models put fair value at A$4.91, about +0% upside versus a price of A$4.89 (fairly valued). Cautious scenario A$4.41, optimistic scenario A$7.88. The calculation is refreshed regularly with new filings.
What is the intrinsic value of 360 Capital Mortgage REIT (TCF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For 360 Capital Mortgage REIT it is A$4.91 per share (as of Sep 23, 2026), against a price of A$4.89. It is the blended result of 6 valuation models (cash flow, earnings, asset, dividend).
Is 360 Capital Mortgage REIT stock overvalued or undervalued in 2026?
As of Sep 23, 2026, TCF trades below its calculated fair value: price A$4.89, fair value A$4.91, 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 TCF?
No. The price is what the market pays today (A$4.89); the fair value is what the company's own numbers justify (A$4.91). For 360 Capital Mortgage REIT the two are A$0.0150 per share apart. That gap is exactly why we show both numbers side by side.
How much is 360 Capital Mortgage REIT worth?
The market values 360 Capital Mortgage REIT at about A$48.1M (market capitalisation, as of Sep 23, 2026). Per share that is A$4.89; our models calculate a fair value of A$4.91 per share.
What do the bullish and bearish scenarios say about TCF?
Our models span a range for 360 Capital Mortgage REIT: cautious scenario A$4.41, base A$4.91, optimistic A$7.88 per share (as of Sep 23, 2026, price A$4.89). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of TCF?
360 Capital Mortgage REIT trades at a price-to-earnings ratio of 7.6 (as of Sep 23, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of A$4.91 is built from several models across several years. Other multiples: P/B 0.6, EV/EBITDA 4.8.
How solid is the balance sheet of 360 Capital Mortgage REIT (TCF)?
Balance-sheet figures for 360 Capital Mortgage REIT (as of Sep 23, 2026): return on equity 455.2%. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is TCF from its 52-week high?
360 Capital Mortgage REIT trades at A$4.89, about 15% below its 52-week high of A$5.77 and at the low of A$4.89 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of A$4.91 is for.
Which stocks are comparable to 360 Capital Mortgage REIT?
From the same area (Real Estate) we also value Annaly Capital Management, Inc, AGNC Investment Corp, Starwood Property Trust, Inc, Rithm Capital Corp, 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 360 Capital Mortgage REIT stock attractive at the current price?
The data as of Sep 23, 2026: price A$4.89, calculated fair value A$4.91 (+0%), Quality Score 44/100, from 6 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 TCF calculated?
We run 360 Capital Mortgage REIT through 6 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 A$4.91, 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 14.1 % above its aggregate fair value. 360 Capital Mortgage REIT 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 is the share price of 360 Capital Mortgage REIT (TCF)?
The closing price on Sep 23, 2026 was A$4.89. Our model-based fair value is A$4.91, about +0% upside (fairly valued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with 360 Capital Mortgage REIT right now?
The price sits close to our fair value, market and models broadly agree here, little valuation tension. As a real-estate business, asset- and dividend-based methods carry more weight here than a standard DCF.

Key figures of 360 Capital Mortgage REIT

How large is the market capitalisation of 360 Capital Mortgage REIT (TCF)?
The market capitalisation of 360 Capital Mortgage REIT is A$48.1M (≈ $33.9M). 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 360 Capital Mortgage REIT (TCF)?
The price-to-sales ratio of 360 Capital Mortgage REIT is 6.71 (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 360 Capital Mortgage REIT (TCF)?
Earnings per share at 360 Capital Mortgage REIT are A$0.6400 (price ÷ EPS = P/E 7.6). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of 360 Capital Mortgage REIT (TCF)?
The net margin of 360 Capital Mortgage REIT is 87.8% (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 360 Capital Mortgage REIT (TCF)?
The return on equity (ROE) of 360 Capital Mortgage REIT is 455% (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 360 Capital Mortgage REIT (TCF)?
On an EBIT basis the return on assets of 360 Capital Mortgage REIT is 6.0% (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.
How much free cash flow does 360 Capital Mortgage REIT (TCF) generate?
The free cash flow of 360 Capital Mortgage REIT is −A$2.9M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net cash does 360 Capital Mortgage REIT (TCF) hold?
360 Capital Mortgage REIT holds more cash than debt, A$7.2M net (fiscal year 2025). The company holds more cash than debt, a safety cushion.
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