Four Corners Property Trust (FCPT) recently announced two new acquisitions totaling US$4.6 million. The additions include a GreatWater 360 Auto Care site in Minnesota and a McAlister's Deli location in Michigan, both under long-term net lease structures.

These two acquisitions land at a time when momentum in Four Corners Property Trust's share price has been picking up, with a 1 month share price return of 8.51% and a year to date share price return of 9.68%. However, the 1 year total shareholder return of a 3.75% decline shows that longer term performance has been more muted.

If this steady deal activity has you thinking about where else capital is being put to work, it could be worth scanning our screener of 22 top founder-led companies for more ideas beyond REITs.

With FCPT trading at US$25.49 and sitting at a reported 47% intrinsic discount alongside a 10% gap to analyst targets, you have to ask: is this a genuine value opportunity, or is the market already pricing in future growth?

Most Popular Narrative: 9.4% Undervalued

Against the latest close of $25.49, the most followed narrative is anchored on a fair value estimate of $28.13, using an 8.11% discount rate to assess FCPT's future cash flows.

The company's focus on acquiring and expanding high-quality, e-commerce resistant retail and essential service properties (such as quick service restaurants, automotive services, and medical retail) positions FCPT's tenant base to benefit from long-term growth in physical service retail, supporting future rental income and revenue stability.

Want to see what sits behind that rent check stability story? The narrative refers to measured revenue growth, thicker margins, and a richer future earnings multiple. Curious how those factors relate to that fair value number and discount rate? The full breakdown connects those assumptions so you can review the expectations in detail.

Result: Fair Value of $28.13 (UNDERVALUED)

However, you still need to weigh concentration in casual dining and modest rent escalators, as these factors could pressure rent coverage and limit earnings power if conditions turn tougher.

Build Your Own Four Corners Property Trust Narrative

If you look at the numbers and come to a different conclusion, or simply prefer to rely on your own work, you can put together a fresh FCPT story in just a few minutes and Do it your way.

A great starting point for your Four Corners Property Trust research is our analysis highlighting 4 key rewards and 1 important warning sign that could impact your investment decision.

Ready for more investment ideas?

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.