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First National Financial (TSX:FN) Cyclically Adjusted Price-to-FCF : 34.64 (As of May. 22, 2024)


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What is First National Financial Cyclically Adjusted Price-to-FCF?

As of today (2024-05-22), First National Financial's current share price is C$36.72. First National Financial's Cyclically Adjusted FCF per Share for the quarter that ended in Mar. 2024 was C$1.06. First National Financial's Cyclically Adjusted Price-to-FCF for today is 34.64.

The historical rank and industry rank for First National Financial's Cyclically Adjusted Price-to-FCF or its related term are showing as below:

TSX:FN' s Cyclically Adjusted Price-to-FCF Range Over the Past 10 Years
Min: 34.33   Med: 52   Max: 443.89
Current: 34.78

During the past years, First National Financial's highest Cyclically Adjusted Price-to-FCF was 443.89. The lowest was 34.33. And the median was 52.00.

TSX:FN's Cyclically Adjusted Price-to-FCF is ranked worse than
95.57% of 836 companies
in the Banks industry
Industry Median: 7.425 vs TSX:FN: 34.78

The Shiller PE Ratio was first used by professor Robert Shiller. He uses E10 for his Shiller PE Ratio calculation. E10 is the average of the inflation adjusted earnings per share of a company over the past 10 years. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF. The Cyclically Adjusted FCF per Share is the average of the inflation adjusted free cash flow per share of a company over the past 10 years.

First National Financial's adjusted free cash flow per share data for the three months ended in Mar. 2024 was C$16.997. Add all the adjusted free cash flow per share for the past 10 years together and divide 10 will get our Cyclically Adjusted FCF per Share, which is C$1.06 for the trailing ten years ended in Mar. 2024.

Shiller PE for Stocks: The True Measure of Stock Valuation


First National Financial Cyclically Adjusted Price-to-FCF Historical Data

The historical data trend for First National Financial's Cyclically Adjusted Price-to-FCF can be seen below:

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

* Premium members only.

First National Financial Cyclically Adjusted Price-to-FCF Chart

First National Financial Annual Data
Trend Dec14 Dec15 Dec16 Dec17 Dec18 Dec19 Dec20 Dec21 Dec22 Dec23
Cyclically Adjusted Price-to-FCF
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First National Financial Quarterly Data
Jun19 Sep19 Dec19 Mar20 Jun20 Sep20 Dec20 Mar21 Jun21 Sep21 Dec21 Mar22 Jun22 Sep22 Dec22 Mar23 Jun23 Sep23 Dec23 Mar24
Cyclically Adjusted Price-to-FCF Get a 7-Day Free Trial Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only Premium Member Only 51.10 412.41 - - 35.63

Competitive Comparison of First National Financial's Cyclically Adjusted Price-to-FCF

For the Mortgage Finance subindustry, First National Financial's Cyclically Adjusted Price-to-FCF, along with its competitors' market caps and Cyclically Adjusted Price-to-FCF data, can be viewed below:

* Competitive companies are chosen from companies within the same industry, with headquarter located in same country, with closest market capitalization; x-axis shows the market cap, and y-axis shows the term value; the bigger the dot, the larger the market cap. Note that "N/A" values will not show up in the chart.


First National Financial's Cyclically Adjusted Price-to-FCF Distribution in the Banks Industry

For the Banks industry and Financial Services sector, First National Financial's Cyclically Adjusted Price-to-FCF distribution charts can be found below:

* The bar in red indicates where First National Financial's Cyclically Adjusted Price-to-FCF falls into.



First National Financial Cyclically Adjusted Price-to-FCF Calculation

Like the Shiller PE Ratio, the Cyclically Adjusted Price-to-FCF takes the Free Cash Flow per Share from the past 10 years, adjusts it for inflation, and then calculates the average. This average is then used for the P/FCF calculation. Because it considers this 10-year average, it's often referred to as the CAPFCF Ratio.

The Shiller PE Ratio was first used by professor Robert Shiller to measure the valuation of the overall market. The similar calculation is applied by GuruFocus to calculate the Cyclically Adjusted Price-to-FCF.

First National Financial's Cyclically Adjusted Price-to-FCF for today is calculated as

Cyclically Adjusted Price-to-FCF=Share Price/ Cyclically Adjusted FCF per Share
=36.72/1.06
=34.64

* For Operating Data section: All numbers are indicated by the unit behind each term and all currency related amount are in USD.
* For other sections: All numbers are in millions except for per share data, ratio, and percentage. All currency related amount are indicated in the company's associated stock exchange currency.

First National Financial's Cyclically Adjusted FCF per Share for the quarter that ended in Mar. 2024 is calculated as:

For example, First National Financial's adjusted Free Cash Flow per Share data for the three months ended in Mar. 2024 was:

Adj_FreeCashFlowPerShare=Free Cash Flow per Share/CPI of Mar. 2024 (Change)*Current CPI (Mar. 2024)
=16.997/126.2576*126.2576
=16.997

Current CPI (Mar. 2024) = 126.2576.

First National Financial Quarterly Data

Free Cash Flow per Share CPI Adj_FreeCashFlowPerShare
201406 -7.823 99.473 -9.929
201409 0.572 99.394 0.727
201412 4.135 98.367 5.307
201503 -2.775 99.789 -3.511
201506 -2.629 100.500 -3.303
201509 7.043 100.421 8.855
201512 -1.481 99.947 -1.871
201603 7.096 101.054 8.866
201606 -23.790 102.002 -29.447
201609 10.307 101.765 12.788
201612 4.125 101.449 5.134
201703 4.033 102.634 4.961
201706 -7.230 103.029 -8.860
201709 -2.045 103.345 -2.498
201712 8.410 103.345 10.275
201803 0.805 105.004 0.968
201806 -11.461 105.557 -13.709
201809 -1.306 105.636 -1.561
201812 6.292 105.399 7.537
201903 3.076 106.979 3.630
201906 -2.848 107.690 -3.339
201909 4.616 107.611 5.416
201912 2.708 107.769 3.173
202003 -7.922 107.927 -9.267
202006 7.455 108.401 8.683
202009 -6.876 108.164 -8.026
202012 3.163 108.559 3.679
202103 4.103 110.298 4.697
202106 -12.534 111.720 -14.165
202109 11.905 112.905 13.313
202112 -10.726 113.774 -11.903
202203 0.180 117.646 0.193
202206 1.966 120.806 2.055
202209 -3.386 120.648 -3.543
202212 9.524 120.964 9.941
202303 12.320 122.702 12.677
202306 -14.172 124.203 -14.406
202309 -3.868 125.230 -3.900
202312 3.891 125.072 3.928
202403 16.997 126.258 16.997

Add all the adjusted free cash flow per share together and divide 10 will get our Cyclically Adjusted FCF per Share.

Please note that we use the CPI data of the country/region where the company is headquartered. If the CPI data for that country/region is not available, then we will use the CPI data of the United States as default.


First National Financial  (TSX:FN) Cyclically Adjusted Price-to-FCF Explanation

Compared with the regular Price-to-Free-Cash-Flow, which works poorly for cyclical businesses, the Cyclically Adjusted Price-to-FCF smoothed out the fluctuations of free cash flow during business cycles. Therefore it is more accurate in reflecting the valuation of the company.

If a company has consistent business performance, the Cyclically Adjusted Price-to-FCF should give similar results to regular Price-to-Free-Cash-Flow.


First National Financial Cyclically Adjusted Price-to-FCF Related Terms

Thank you for viewing the detailed overview of First National Financial's Cyclically Adjusted Price-to-FCF provided by GuruFocus.com. Please click on the following links to see related term pages.


First National Financial (TSX:FN) Business Description

Address
16 York Street, Suite 1900, Toronto, ON, CAN, M5J 0E6
First National Financial Corp is the parent company of First National Financial LP, a Canadian originator, underwriter, and servicer of predominantly prime residential and commercial mortgages. The company controls its First National Mortgage Investment Fund, which manages economic exposure to a diversified portfolio of primarily commercial mezzanine mortgages. Most mortgages originated by First National are funded either by placement with institutional investors or through securitization conduits, in each case with retained servicing. In general, originations are allocated from one funding source to another depending on market conditions and strategic considerations related to maintaining diversified funding sources.
Executives
Martine Irman Director