Valuation Update With 7 Day Price Move • Jun 23
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to CA$1.05, the stock trades at a trailing P/E ratio of 10.6x. Average trailing P/E is 18x in the Professional Services industry in North America. Total returns to shareholders of 12% over the past three years. Declared Dividend • Apr 15
Second quarter dividend of CA$0.01 announced Shareholders will receive a dividend of CA$0.01. Ex-date: 20th April 2026 Payment date: 15th June 2026 Dividend yield will be 3.4%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (25% earnings payout ratio) and cash flows (16% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 72% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.1% EPS decline seen over the last 5 years. Announcement • Apr 14
The Caldwell Partners International Inc. announces Quarterly dividend, payable on June 15, 2026 The Caldwell Partners International Inc. announced Quarterly dividend of CAD 0.0100 per share payable on June 15, 2026, ex-date on April 20, 2026 and record date on April 20, 2026. Reported Earnings • Apr 10
Second quarter 2026 earnings released: EPS: CA$0.001 (vs CA$0.007 loss in 2Q 2025) Second quarter 2026 results: EPS: CA$0.001 (up from CA$0.007 loss in 2Q 2025). Revenue: CA$27.3m (up 19% from 2Q 2025). Net income: CA$22.0k (up CA$233.0k from 2Q 2025). Profit margin: 0.1% (up from net loss in 2Q 2025). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 100% per year but the company’s share price has fallen by 14% per year, which means it is significantly lagging earnings. Announcement • Feb 05
Caldwell Partners International Announces Appointment of Christoph Themel as Partner in Life Sciences and Healthcare Practice Caldwell Partners International announced the addition of Dr. Christoph Themel as a Partner in the firm's Life Sciences and Healthcare Practice. Based in London, Dr. Themel advises boards, investors, and senior leadership teams on executive and non-executive appointments, leadership assessments, and succession planning across the pharmaceutical, biotechnology, and animal health sectors. With more than 20 years of experience in executive search and leadership advisory, Dr. Themel is a trusted advisor to big and mid-sized pharmaceutical companies, family-owned enterprises, private equity firms, and portfolio company leadership teams across Europe, the United States, and Asia Pacific. He is particularly known for his ability to partner closely with shareholders and management teams on C-suite succession, senior-level development, and organizational effectiveness initiatives. Dr. Themel has extensive experience delivering executive search, management appraisal, and leadership development engagements in evolving and highly regulated environments. His work is characterized by a strong focus on aligning leadership capability with business strategy and culture, while fostering environments of inclusion, innovation, and impact. Prior to joining Caldwell, Dr. Themel was a Partner in the Healthcare and Life Sciences Practice at a top-tier global executive search firm. Earlier in his career, he was a partner at a boutique executive search firm specializing in life sciences, with offices around the globe. Declared Dividend • Jan 12
First quarter dividend of CA$0.01 announced Shareholders will receive a dividend of CA$0.01. Ex-date: 16th January 2026 Payment date: 13th March 2026 Dividend yield will be 2.4%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is well covered by both earnings (19% earnings payout ratio) and cash flows (14% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 79% to shift the payout ratio to a potentially unsustainable range, which is more than the 11% EPS decline seen over the last 5 years. Reported Earnings • Jan 08
First quarter 2026 earnings released: EPS: CA$0.02 (vs CA$0.016 in 1Q 2025) First quarter 2026 results: EPS: CA$0.02 (up from CA$0.016 in 1Q 2025). Revenue: CA$29.3m (up 38% from 1Q 2025). Net income: CA$583.0k (up 25% from 1Q 2025). Profit margin: 2.0% (down from 2.2% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 11% per year, which means it is significantly lagging earnings. Announcement • Dec 16
The Caldwell Partners International Inc., Annual General Meeting, Feb 12, 2026 The Caldwell Partners International Inc., Annual General Meeting, Feb 12, 2026. Declared Dividend • Nov 26
Fourth quarter dividend increased to CA$0.01 Dividend of CA$0.01 is 300% higher than last year. Ex-date: 1st December 2025 Payment date: 19th December 2025 Dividend yield will be 1.9%, which is about the same as the industry average. Sustainability & Growth Dividend is well covered by both earnings (36% earnings payout ratio) and cash flows (9% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. The company's earnings per share (EPS) would need to decline by 61% to shift the payout ratio to a potentially unsustainable range, which is more than the 9.0% EPS decline seen over the last 5 years. Reported Earnings • Nov 23
Full year 2025 earnings released: EPS: CA$0.087 (vs CA$0.14 in FY 2024) Full year 2025 results: EPS: CA$0.087 (down from CA$0.14 in FY 2024). Revenue: CA$104.1m (up 21% from FY 2024). Net income: CA$2.56m (down 39% from FY 2024). Profit margin: 2.5% (down from 4.9% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 3% per year but the company’s share price has fallen by 24% per year, which means it is significantly lagging earnings. Announcement • Nov 22
the Caldwell Partners International Inc Announces Increase in Quarterly Dividend, Payable on December 19, 2025 The Caldwell Partners International Inc. announced that the Board of Directors has increased the quarterly dividend to CAD 1.0 cent per Common Share, a 300% increase from the prior quarterly dividend of CAD 0.25 cents per Common Share. The dividend will be payable on December 19, 2025, to shareholders of record on December 1, 2025. Announcement • Jul 13
The Caldwell Partners International Inc. announces Quarterly dividend, payable on September 12, 2025 The Caldwell Partners International Inc. announced Quarterly dividend of CAD 0.0025 per share payable on September 12, 2025, ex-date on July 18, 2025 and record date on July 18, 2025. New Risk • Jul 10
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 116% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (CA$24.2m market cap, or US$17.7m). Reported Earnings • Jul 10
Third quarter 2025 earnings released: EPS: CA$0.028 (vs CA$0.059 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.028 (down from CA$0.059 in 3Q 2024). Revenue: CA$27.9m (down 4.5% from 3Q 2024). Net income: CA$841.0k (down 52% from 3Q 2024). Profit margin: 3.0% (down from 6.0% in 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has only fallen by 26% per year, which means it has not declined as severely as earnings. Announcement • Jun 19
Caldwell Announces Executive Appointments Caldwell announced that Simon Hall and Michelle De Biolley have joined the firm, bolstering Caldwell's capabilities in board governance and financial services leadership. Hall joins as a partner and key member of the firm's Board & CEO and Financial Services practices, while De Biolley joins as a partner in the Financial Services Practice. Hall brings more than 30 years of experience advising boards and senior executive teams on leadership strategy, succession planning, and executive search. He has worked extensively with global and boutique investment banks, private equity firms, and financial institutions, placing top-tier talent in CEO, board, and senior leadership roles. His ability to understand the nuances of the sector and connect organizations with exceptional leadership has made him a trusted advisor in the industry. Prior to joining Caldwell, Hall founded and led Stonehaven International, a London-based boutique executive search firm specializing in financial services and board governance. He also previously served as global managing partner at Heidrick & Struggles, where he played a pivotal role in doubling the revenues of the firm's global financial services practice. De Biolley brings more than two decades of experience in executive search and leadership advisory across investment banking, private banking, and private equity. She began her career in banking, working in project finance and M&A, and has since served as a trusted advisor to financial institutions across Europe. She is also trained as a business and executive coach, bringing a well-rounded, relationship-driven approach to her work with clients and candidates alike. Reported Earnings • Apr 11
Second quarter 2025 earnings released: CA$0.007 loss per share (vs CA$0.029 loss in 2Q 2024) Second quarter 2025 results: CA$0.007 loss per share (improved from CA$0.029 loss in 2Q 2024). Revenue: CA$23.0m (up 30% from 2Q 2024). Net loss: CA$211.0k (loss narrowed 76% from 2Q 2024). Over the last 3 years on average, earnings per share has fallen by 53% per year but the company’s share price has only fallen by 25% per year, which means it has not declined as severely as earnings. Announcement • Apr 11
The Caldwell Partners International Inc. Declares Quarterly Dividend, Payable on June 17, 2025 The Caldwell Partners International Inc. announced that the Board of Directors declared a dividend of 0.25 cents per Common Share (one- quarter of a cent per Common Share), payable to holders of Common Shares of record on April 22, 2025, to be paid on June 17, 2025. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CA$1.08, the stock trades at a trailing P/E ratio of 36.5x. Average trailing P/E is 21x in the Professional Services industry in North America. Total loss to shareholders of 39% over the past three years. New Risk • Jan 13
New major risk - Earnings quality The company has a high level of non-cash earnings. Accrual ratio: 38% This is considered a major risk. Non-cash earnings can arise from many different things. However, if a company consistently has a high level of non-cash earnings, it may be a sign that they are recognizing revenue from customers before the full value of the sales are received as cash or they are not depreciating the value of their assets appropriately. These are practices that inflate earnings, while not providing a similar increase to cash flows. Companies in some select industries naturally have a high level of non-cash earnings and it is not a major concern. However, in the worst case scenario it can be an early sign of performance manipulation by management. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 22% per year over the past 5 years. High level of non-cash earnings (38% accrual ratio). Minor Risk Market cap is less than US$100m (CA$36.9m market cap, or US$25.6m). Reported Earnings • Jan 11
First quarter 2025 earnings released: EPS: CA$0.016 (vs CA$0.13 in 1Q 2024) First quarter 2025 results: EPS: CA$0.016 (down from CA$0.13 in 1Q 2024). Revenue: CA$21.4m (up 23% from 1Q 2024). Net income: CA$465.0k (down 88% from 1Q 2024). Profit margin: 2.2% (down from 22% in 1Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 49 percentage points per year, which is a significant difference in performance. Announcement • Jan 10
The Caldwell Partners International Inc. Declares Dividend, Payable on March 14, 2025 The Caldwell Partners International Inc. declared a dividend of 0.25 cents per Common Share (one-quarter of a cent per Common Share), payable to holders of Common Shares of record on January 20, 2025, to be paid on March 14, 2025. Announcement • Jan 08
Caldwell Appoints Amanda Henkel as Partner in the Firm's Industrial, Financial Officers, and CHRO & Human Capital Practices Caldwell announced a major enhancement to its industrial recruiting capabilities with the addition of Amanda Henkel as a partner in the firm's Industrial, Financial Officers, and CHRO & Human Capital practices. Amanda Henkel, Caldwell's newest member of the Industrial and Financial Officers practices. Prior to joining Caldwell, Ms. Henkel spent 15 years at two of the world's largest executive search firms. Earlier, she was a key member of a specialized team at Danaher Corporation. At Danaher, she played a pivotal role in developing and shaping executive search capabilities, advising leaders on talent acquisition strategies, and successfully executing senior-level search projects to attract top-tier talent across multiple operating companies. She incorporates the discipline and rigor of the Danaher Business System (DBS) into her approach to talent assessment and client service. Early in her career, Ms. Henkel served in recruiting leadership roles within A.T. Kearney in both management consulting and executive search. She began her recruiting career as an assistant director at the University of Michigan Ross School of Business. Ms. Henkel holds a bachelor's degree in journalism from Michigan State University. Announcement • Dec 10
The Caldwell Partners International Inc., Annual General Meeting, Feb 06, 2025 The Caldwell Partners International Inc., Annual General Meeting, Feb 06, 2025. Reported Earnings • Nov 20
Full year 2024 earnings released: EPS: CA$0.14 (vs CA$0.43 loss in FY 2023) Full year 2024 results: EPS: CA$0.14 (up from CA$0.43 loss in FY 2023). Revenue: CA$87.2m (down 10% from FY 2023). Net income: CA$4.19m (up CA$15.5m from FY 2023). Profit margin: 4.8% (up from net loss in FY 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 47 percentage points per year, which is a significant difference in performance. Announcement • Nov 20
The Caldwell Partners International Inc. Declares Quarterly Dividend, Payable on December 20, 2024 The Caldwell Partners International Inc. declared the reinstatement of a quarterly dividend, with a payment of 0.25 cents per Common Share payable to holders of Common Shares of record on December 2, 2024, and to be paid on December 20, 2024. Announcement • Nov 19
Caldwell Announces Addition of Matt Stencil as Partner in Industrial Practice Caldwell announced a major enhancement to its industrial and automotive recruiting capabilities with the addition of Matt Stencil as a partner in the firm's Industrial Practice. Matt Stencil, experienced automotive and industrial manufacturing executive recruiter, joins Caldwell's Industrial Practice. Mr. Stencil focuses on recruiting executives for companies in the automotive, industrial manufacturing and chemicals space. With over 20 years of experience advising boards and the C-suite on matters of talent acquisition, human resources and operations, he helps companies across what is often a chasm between where their organizational talent is and where it could be. Mr. Stencil joins Caldwell from a leading global executive search firm, where he worked with clients in the industrial markets and was a member of the Board/CEO, Human Resources, and Supply Chain Operations functional practices. Earlier in his career, Mr. Stencil was a partner with Gallup Consulting, where he managed a multi-million-dollar portfolio of Fortune 500 clients, leading multiple and complex workplace and marketplace consulting engagements. A former Scarlet & Grey scholar, Mr. Stencil holds a BA in psychology from The Ohio State University. He also holds graduate degrees across disciplines including an MBA from Colorado State University with an emphasis on business strategy and marketing, and a Master of Science in psychology from the University of Southern Mississippi. In addition to other civic interests, Mr. Stencil is an Eagle Scout and has been an active volunteer with Boy Scouts of America. He is also a former member of the St. Edward High School Fathers' Club, and former Trustee with LifeAct. Announcement • Sep 18
Caldwell Announces Promotion of Five Principals Caldwell announced the promotion of five consultants to the role of principal: Kristyn Wallace and Geoff Keating in the Toronto office, Charlotte Croker and Joshua Bubbs in the New York office and Darren Buck in the Nashville office. Kristyn Wallace is a member of Caldwell's Global Consumer, Financial Services, and Insurance practices. With more than 15 years of experience conducting executive searches, she will continue to leverage her deep industry acumen and extensive network of C-suite and senior-level executives when identifying, attracting and placing top talent. Taking a service-oriented approach, Kristyn is of counsel to her clients, always ensuring the delivery of a tailored search process and an exceptional experience for both clients and candidates. Before her career in executive search, she was a corporate recruiter in the industrial sector. Kristyn holds an Honours Bachelor of Administration from York University specializing in human resource management. Geoff Keating has more than 16 years of expertise and success in identifying, attracting and placing outstanding talent in the arts & culture/higher education, real estate, consumer and industrial sectors. In his new role, he will continue to focus on the recruitment of C-suite and other senior-level executives for high-profile clients across North America and internationally, with an emphasis on companies within real estate and the culture and not-for-profit sectors. Geoff holds a Bachelor of Arts/Bachelor of Music (Hons.) from the University of Melbourne. With a decade of experience in the industry, Charlotte Croker brings a solid background in search to her new role. She joined Caldwell's Professional Services Practice in 2023 and immediately distinguished herself as a savvy recruiter with a discerning eye for talent. Her principal focus is on the recruitment of C-suite and other senior-level executives for global, Am Law 200 and rapidly expanding law firms. Charlotte grew up in London and graduated from the University of Manchester in the United Kingdom with a Bachelor of Arts in modern languages (French, Spanish, and German). Joshua Bubbs has significant experience across financial services, bringing expert knowledge and an understanding of the distribution of financial products that enables him to be a trusted advisor to clients and candidates alike. He joined Caldwell in 2022 from Bramshill Investments, where he was an executive director in business development/investor relations. Previously, he provided personal planning services to clients across the investment community, and began his career at a boutique investmentfirm, marketing to both institutional and retail investors. Josh holds a Bachelor of Arts in economics from Union College. Darren Buck has over 17 years of experience recruiting senior leaders within private equity-backed healthcare services, medical device, healthcare systems and healthcare technology organizations across multiple functions, including CEO, CFO, and COO, as well as sales leadership roles. He joined Caldwell's Life Sciences and Healthcare Practice as a consultant in 2019 after successful leadership roles within Fortune 50 organizations and leading a regional firm as managing partner for over seven years. He holds a business management degree from Middle Tennessee State University. Darren is active with the Nashville Healthcare Council, Leadership Healthcare, American College of Healthcare Executives, Healthcare Financial Management Association, and Association for Corporate Growth. Announcement • Sep 13
Caldwell Appoints Eric Mok as a Partner Caldwell announced a major enhancement to its people, talent and culture recruiting capabilities with the addition of Eric Mok as a partner in the firm's Financial Services Practice and a member of the Toronto office. Eric Mok, partner in Caldwell's Financial Services Practice. With more than 25 years of experience in investment banking and wealth management, Mok has strong corporate relationships, strategic advisory skills and a deep understanding of the public markets across many sectors. Mok joins Caldwell after a 21-year career at RBC. He spent 16 years at RBC Capital Markets as a managing director in Equity Capital Markets, spearheading the origination and execution of convertible debenture, preferred share, and yield-oriented products. Prior to investment banking, Mok spent seven years in wealth management as a fixed income portfolio advisor/bond trader at RBC Dominion Securities Inc. (five years) and TD Securities (two years), where he executed bond trades, provided strategic advice on bond swapping strategies, credit-related issues, and preferred share markets. Announcement • Aug 30
The Caldwell Partners International Inc. Announces the Appointment of Shreya Lathia as Chief Financial Officer The Caldwell Partners International Inc. announced that Shreya Lathia has been appointed chief financial officer, responsible for leading and managing financial, reporting and accounting operations. Lathia joined the Caldwell team in 2023 as vice president, accounting and reporting. Previously, she was the senior director of shareholder reporting and consolidations at CIBC, responsible for quarterly and annual financial and MD&A statements. Lathia was promoted into this role from director of accounting policy and advisory. Prior to joining CIBC, she was a manager in the financial services group at Ernst & Young in Toronto. Lathia holds a Bachelor of Science in math and economics and a Master of Management and Professional Accounting in business administration and accounting. Shreya Lathia will report directly to Chief Executive Officer Chris Beck. Announcement • Aug 07
Caldwell Appoints Tim DeMers as a Partner Caldwell announced a major enhancement to its recruiting capabilities in the life science and healthcare sector with the addition of Tim DeMers as a partner in the firm's Life Sciences & Healthcare Practice, focused on recruiting executives in biotechnology, healthcare facilities, medical devices, and regenerative medicine, based in Southern California. Mr. DeMersjoins Caldwell from boutique executive search firm Frederick Andrews, where he led the healthcare team, ensuring top-tier service and results for his clients while managing the firm's overall operations across all verticals. Previously, he served as vice president of recruiting, and was responsible for client development on the West Coast for S.R. Clarke, a recruiting firm focused on the construction industry. Mr. DeMers holds a Bachelor of Science in law and society from Pennsylvania State University, which he earned while serving in the United States Air Force. Reported Earnings • Jul 12
Third quarter 2024 earnings released: EPS: CA$0.059 (vs CA$0.057 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.059 (up from CA$0.057 in 3Q 2023). Revenue: CA$29.5m (up 14% from 3Q 2023). Net income: CA$1.75m (up 19% from 3Q 2023). Profit margin: 5.9% (up from 5.6% in 3Q 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 70 percentage points per year, which is a significant difference in performance. Announcement • Jul 12
The Caldwell Partners International Inc. Appoints Richard W. Pehlke to the Board of Directors The Caldwell Partners International Inc. announced that, effective July 11, 2024, Richard W. Pehlke has been appointed to the board of directors of the Company. Mr. Pehlke is a seasoned global financial executive with over 40 years of experience in public company global financial leadership roles in the business services, telecommunications, food and consumer products and commercial real estate industries. He retired in April 2018 as executive vice president and chief financial officer of Heidrick &Struggles where he also served on the firm's Executive Committee. In 2015, the Chicago Chapter of the Financial Executive Institute named him the CFO of the Year for Mid-Cap companies. Mr. Pehlke has served as a public or private company director since 1994. Past board experiences include Ideal Industries, Edward Health Services Corp, Hudson Highland Group, New Zealand Telecom, and Belgium's Belgacom (now Proximus) and Valparaiso University. He is also a member of the Private Directors Association. Mr. Pehlke has also served as the chief financial officer of Grubb &Ellis Company, as well as chief financial officer and a member of the board of directors of Hudson Highland Group, a publicly held global professional staffing and recruiting business. Prior to that, Mr. Pehlke held senior financial positions in the telecommunications, financial services, and food and consumer products industries. He holds an MBA in finance and marketing from DePaul University and a BS in accounting from Valparaiso University. Announcement • Jun 06
Caldwell Partners International, Inc. Appoints Raj Das as Partner in the Firm's Technology Practice Caldwell Partners International Inc. announced a major enhancement to its high-tech recruiting capabilities with the addition of Raj Das as a partner in the firm's Technology Practice. Mr. Das specializes in recruiting executives in the transformative and disruptive areas of big data, analytics, generative AI, robotics, retail media networks, and other rapidly evolving technologies influencing traditional media, digital media, and marketing services sectors. His clients include some of the largest companies across the FMCG, media/tech, business services, and agency industries. With over 30 years of experience in executive leadership, he has a keen understanding of the platforms, processes, and people required to succeed and prosper in today's increasingly complex global environment. Mr. Das joins Caldwell from a specialized, boutique retained search firm, where he led the firm's Global Transformation Practice and focused on senior level executive and board leadership consulting for the last decade. Prior to his career in executive search, he was the founder and CEO at POM Partners, a global digital media incubation and acceleration firm. Before that, he was CFO and chief strategy officer at a publicly traded direct marketing company with operations in North America, Europe, and Asia Pacific. Mr. Das spent the first 10 years of his career in investment banking, executing over $20 billion of transactions during his leadership tenures at Citigroup, ING Barings, and Bear Stearns. Mr. Das graduated summa cum laude from The Wharton School of the University of Pennsylvania with a B.S. in finance and multinational management. He also graduated from Harvard Business School's General Management Program and Stanford University's Stanford Executive Program. Reported Earnings • Apr 12
Second quarter 2024 earnings released: CA$0.029 loss per share (vs CA$0.09 loss in 2Q 2023) Second quarter 2024 results: CA$0.029 loss per share (improved from CA$0.09 loss in 2Q 2023). Revenue: CA$17.9m (down 17% from 2Q 2023). Net loss: CA$865.0k (loss narrowed 63% from 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Announcement • Mar 06
Caldwell Announces the Addition of Sophie De Ferranti as Partner in the Firm's Data, Digital and Technology Leaders Practice Caldwell announced a major enhancement to its cybersecurity recruiting capabilities with the addition of Sophie De Ferranti as a partner in the firm's Data, Digital and Technology Leaders Practice. Ms. De Ferranti advises C-suite executives and board members on their organization's cyber risk strategy and builds world-class security teams for her clients. Her functional expertise extends across industries such as financial services, pharmaceuticals, healthcare, aerospace, and technology, media, and telecommunications. She is passionate about identifying and supporting women leaders in cybersecurity and technology and brings a modern approach to global people advisory solutions. Prior to joining Caldwell, Ms. De Ferranti spent 25 years in senior leadership positions at global executive search, financial services and specialist consulting firms in Singapore, New York, London and Zurich. In her earlier career she held a high security UN classified role at the NATO Headquarters in Brussels. Ms. De Ferranti is based in London with an international client base extending across the United States, Europe and the Middle East. Announcement • Feb 14
The Caldwell Partners International Inc. Announces Retirement of Paul Daoust The Caldwell Partners International Inc. announced retirement of Paul Daoust as director. Announcement • Feb 12
The Caldwell Partners International Inc. Announces Promotion of Miriam Leung to Principal The Caldwell Partners International Inc. announced the promotion of Miriam Leung in the Toronto office to the role of principal. Ms. Leung is a key member of the firm's Legal Search Practice. She has a successful track record of placing lawyers at all levels and practice areas locally and abroad, spearheading targeted searches for leading international law firms and multinational companies. Ms. Leung works collaboratively with partners and counsels in their career paths, and takes the time to truly understand client needs to build high-performing, long-lasting teams. Her relational approach to recruitment ensures both clients and candidates find their perfect match as she provides critical advice to lawyers. Ms. Leung joined Caldwell through the acquisition of The Counsel Network, Canada's most respected, connected and powerful lawyer recruitment firm. Prior to that she was a director at a leading executive search firm in Hong Kong, where she worked extensively with key decision makers to build strong legal teams and increase practice depth. Ms. Leung leverages her extensive international recruitment experience to get high quality results efficiently. Ms. Leung holds a B.A. & Sc. from the University of Toronto and an LL.B. from Manchester Metropolitan University. She is fluent in Cantonese and Mandarin. Reported Earnings • Jan 13
First quarter 2024 earnings released: EPS: CA$0.13 (vs CA$0.15 loss in 1Q 2023) First quarter 2024 results: EPS: CA$0.13 (up from CA$0.15 loss in 1Q 2023). Revenue: CA$17.5m (down 26% from 1Q 2023). Net income: CA$3.78m (up CA$7.72m from 1Q 2023). Profit margin: 22% (up from net loss in 1Q 2023). The move to profitability was driven by lower expenses. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 59 percentage points per year, which is a significant difference in performance. Announcement • Dec 16
The Caldwell Partners International Inc., Annual General Meeting, Feb 13, 2024 The Caldwell Partners International Inc., Annual General Meeting, Feb 13, 2024. New Risk • Nov 29
New major risk - Revenue and earnings growth Earnings have declined by 9.1% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 9.1% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (CA$19.5m market cap, or US$14.3m). Announcement • Oct 07
The Caldwell Partners International Inc. Announces Senior Leadership Change The Caldwell Partners International Inc. announced that David Windley is stepping down as President of IQTalent and resigning from the Caldwell Board of Directors effective October 6, 2023. Mr. Windley joined IQTalent as President in 2014 to lead strategic direction and day to day operation during a period of explosive growth. During his tenure Caldwell acquired IQTalent and merged the two companies to create a technology-powered talent acquisition firm specializing in recruitment at all levels. Mr. Windley will act as a strategic advisor to the board going forward. John Wallace, chief executive officer of Caldwell Partners, will take over day to day responsibilities for IQTalent, and serve as interim president of the organization. Mr. Windley will also continue as executive chairman of IQRecruit, the talent search and candidate management platform that was spun-off from IQTalent in March of this year. Announcement • Sep 13
Caldwell Announces Promotion of Lindsay Lane to Principal Caldwell announce the promotion of Lindsay Lane in the New York and Boston offices to the role of principal. Ms. Lane is a member of Caldwell's Financial Services, Asset & Wealth Management and Legal, Risk & Regulatory Oversight practices. Her focus is with wealth management platform businesses, as well as with investment managers recruiting corporate, functional and product & solutions leaders. In addition, Lindsay recruits senior executives in various financial services functions including: legal, compliance, anti-financial crimes, regulatory risk and governance. Lindsay has also worked as part of Caldwell's Consumer, Commercial Banking and Board & CEO practices, and is building the firm's offering to the institutional custody and clearing market. Ms. Lane joined Caldwell from Brown Brothers Harriman, a privately owned and managed financial services firm, where she worked in Investor Services in their global custody business as a global market registration analyst specializing in frontier and emerging market regulatory research. She has also held roles in corporate communications and marketing. She holds a bachelor's degree in economics with a minor in mathematics from Assumption College in Worcester, MA. Announcement • Sep 07
The Caldwell Partners International Inc. Announces Promotion of Katherine Baker to Partner The Caldwell Partners International Inc. announced the promotion of Katherine Baker in the New York office to the role of partner.Ms. Baker is a member of Caldwell's Insurance Practice with more than 13 years of experience placing chief executive officers, chief financial officers, chief investment officers, chief marketing officers, chief underwriting officers, chief actuaries, and members of their teams at clients in property & casualty, life, and employee benefits. Prior to joining Caldwell in 2021, Ms. Baker spent six years with Korn Ferry as a member of their Global Insurance and Asset & Wealth Management practices. She began her career at Whitney Partners, where she worked on senior-level investment banking searches. Ms. Baker holds a Bachelor of Arts in political science from Hobart and William Smith Colleges. She is a member of the Association of Professional Insurance Women. New Risk • Aug 16
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 14% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Shareholders have been diluted in the past year (14% increase in shares outstanding). Market cap is less than US$100m (CA$31.0m market cap, or US$23.0m). Announcement • Aug 15
The Caldwell Partners International Inc. announced that it has received CAD 2.942591 million in funding The Caldwell Partners International Inc. announced a non-brokered private placement to issue 3,678,239 common shares at an issue price of CAD 0.80 per share for the gross proceeds of CAD 2,942,591.20 on August 14, 2023. The transaction included participation from certain insiders for CAD 982,000. All securities issued pursuant to the Offering are subject to a four-month hold period from the closing date in accordance with applicable Canadian securities laws. The Company paid a cash finder's fee of CAD 33,600, to a registered finder, which was equal to 7% of the gross proceeds raised by purchasers introduced by such registered finder. Board Change • Jul 14
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director John Young was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 13
Third quarter 2023 earnings released: EPS: CA$0.057 (vs CA$0.053 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.057 (up from CA$0.053 in 3Q 2022). Revenue: CA$26.2m (down 37% from 3Q 2022). Net income: CA$1.47m (up 8.0% from 3Q 2022). Profit margin: 5.6% (up from 3.3% in 3Q 2022). Over the last 3 years on average, earnings per share has fallen by 13% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Announcement • Jul 12
The Caldwell Partners International Inc. Announces Board Changes The Caldwell Partners International Inc. announced that, effective July 11, 2023, Terry Grayson-Caprio has been appointed to the board of directors of the Company replacing Paul Daoust, who has stepped down. Ms. Grayson-Caprio is a trusted business strategist and financial expert with experience leading global teams and companies through transformational change and large-scale growth. She currently serves as Chair of the Nominating and Governance Committee of the Board of Directors for Southern First Bancshares, Inc, a holding company for Southern First Bank. She is also Director and Board Chair of the South Carolina Governor's School for the Arts and Humanities Foundation, Director of the Greenville County Museum of Art, and Director of the Winthrop University Foundation. Ms. Grayson-Caprio retired from KPMG as Managing Partner of the firm's South Carolina practice, where she was responsible for the state's business operations and drove consistent, double-digit revenue growth. During her 35-year tenure at KPMG, she partnered with global companies helping to manage growth, acquisitions, and expansion and advised numerous international businesses as they established their first presence in North America. She has a demonstrated history of working with global companies providing audit, tax and advisory services to meet the changing needs of companies in a dynamic marketplace. Ms. Grayson-Caprio holds a Bachelor of Science in Business Administration from Winthrop University. Reported Earnings • Apr 14
Second quarter 2023 earnings released: CA$0.09 loss per share (vs CA$0.14 profit in 2Q 2022) Second quarter 2023 results: CA$0.09 loss per share (down from CA$0.14 profit in 2Q 2022). Revenue: CA$21.6m (down 46% from 2Q 2022). Net loss: CA$2.32m (down 166% from profit in 2Q 2022). Over the last 3 years on average, earnings per share has increased by 15% per year whereas the company’s share price has increased by 19% per year. Valuation Update With 7 Day Price Move • Feb 17
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to CA$1.56, the stock trades at a trailing P/E ratio of 11.6x. Average trailing P/E is 22x in the Professional Services industry in North America. Total returns to shareholders of 27% over the past three years. Valuation Update With 7 Day Price Move • Jan 19
Investor sentiment deteriorated over the past week After last week's 22% share price decline to CA$1.17, the stock trades at a trailing P/E ratio of 8.7x. Average trailing P/E is 22x in the Professional Services industry in North America. Total loss to shareholders of 7.1% over the past three years. Reported Earnings • Jan 14
First quarter 2023 earnings released: CA$0.15 loss per share (vs CA$0.029 profit in 1Q 2022) First quarter 2023 results: CA$0.15 loss per share (down from CA$0.029 profit in 1Q 2022). Revenue: CA$23.7m (down 38% from 1Q 2022). Net loss: CA$3.94m (down CA$4.69m from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 48% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Announcement • Dec 22
The Caldwell Partners International Inc., Annual General Meeting, Feb 21, 2023 The Caldwell Partners International Inc., Annual General Meeting, Feb 21, 2023. Announcement • Dec 07
Caldwell Announces Addition of Stephen Moore as A Partner Caldwell announced a significant enhancement to its recruiting capabilities with the addition of Stephen Moore as a partner in Caldwell's Technology and Industrial practices and based in the firm's Toronto office. Mr. Moore joined Caldwell from Cultivate Leadership Partners, an executive search boutique he co-founded in Toronto. Previously, he led the North American expansion of executive-level talent solutions for WilsonHCG's global RPO client base. Prior to that he held roles of increasing responsibility at two top-tier global executive search firms. He began his career by founding, building and eventually selling The Fathom Group, a Canadian executive search boutique focused on information technology within the financial services sector. Mr. Moore studied commerce at Concordia University. He is a former member of the Board of Directors of the Alternative Health Association of Canada. Valuation Update With 7 Day Price Move • Nov 24
Investor sentiment deteriorated over the past week After last week's 16% share price decline to CA$1.75, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 21x in the Professional Services industry in North America. Total returns to shareholders of 32% over the past three years. Reported Earnings • Nov 19
Full year 2022 earnings released: EPS: CA$0.32 (vs CA$0.19 in FY 2021) Full year 2022 results: EPS: CA$0.32 (up from CA$0.19 in FY 2021). Revenue: CA$156.2m (up 31% from FY 2021). Net income: CA$8.18m (up 81% from FY 2021). Profit margin: 5.2% (up from 3.8% in FY 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 66% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Nov 17
Now 23% undervalued Over the last 90 days, the stock is up 2.6%. The fair value is estimated to be CA$2.58, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 34% over the last 3 years. Earnings per share has grown by 63%. Announcement • Oct 05
The Caldwell Partners International Inc. (TSX:CWL) acquired The Counsel Network Inc. The Caldwell Partners International Inc. (TSX:CWL) acquired The Counsel Network Inc. on October 3, 2022. The acquisition of The Counsel Network was an all-cash deal, and no securities of Caldwell were issued in connection with the acquisition. The Counsel Network Inc. team are now part of The Caldwell Partners International Inc.
The Caldwell Partners International Inc. (TSX:CWL) completed the acquisition of The Counsel Network Inc. on October 3, 2022. Announcement • Sep 30
Caldwell Appoints Steven Price as a Partner Caldwell announced a major enhancement to its life sciences and healthcare recruiting capabilities with the addition of Steven Price as a partner in the firm's Life Sciences & Healthcare Practice and based in Dallas. Mr. Price joins Caldwell from Merritt Hawkins/AMN Healthcare, where he led the Academic and Life Science Practice. As such, he was responsible for exploring potential recruitment services partnerships with a wide range of clients, including, managed care organizations, health systems and individual hospitals, physician groups and ancillary service providers throughout the US. He was also responsible for analyzing internal client recruitment processes and developing talent acquisition alternatives that increased the likelihood of securing difficult to find talent in highly competitive markets. Mr. Price graduated with a Bachelor of Business and a Post Graduate Diploma in Business Administration from Massey University in Auckland, New Zealand, and has a six-sigma green belt certification. He serves on the Strategic Planning Committee for the Ronald McDonald House of Dallas and is a dual citizen of the US and New Zealand. Reported Earnings • Jul 14
Third quarter 2022 earnings released Third quarter 2022 results: Net income: CA$1.36m (down 39% from 3Q 2021). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions Derivative • Apr 27
President exercised options to buy CA$653k worth of stock. On the 20th of April, C. Beck exercised options to buy 250k shares at a strike price of around CA$1.05, costing a total of CA$263k. This transaction amounted to 67% of their direct individual holding at the time of the trade. Since September 2021, Beck has owned 375.00k shares directly. Company insiders have collectively bought CA$374k more than they sold, via options and on-market transactions, in the last 12 months. Valuation Update With 7 Day Price Move • Apr 21
Investor sentiment improved over the past week After last week's 35% share price gain to CA$2.66, the stock trades at a trailing P/E ratio of 9.1x. Average trailing P/E is 20x in the Professional Services industry in North America. Total returns to shareholders of 126% over the past three years. Reported Earnings • Apr 15
Second quarter 2022 earnings released: EPS: CA$0.14 (vs CA$0.016 in 2Q 2021) Second quarter 2022 results: EPS: CA$0.14 (up from CA$0.016 in 2Q 2021). Revenue: CA$39.9m (up 66% from 2Q 2021). Net income: CA$3.50m (up CA$3.13m from 2Q 2021). Profit margin: 8.8% (up from 1.5% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 62% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Reported Earnings • Jan 13
First quarter 2022 earnings: Revenues and EPS in line with analyst expectations First quarter 2022 results: EPS: CA$0.029 (down from CA$0.046 in 1Q 2021). Revenue: CA$38.4m (up 113% from 1Q 2021). Net income: CA$745.0k (down 20% from 1Q 2021). Profit margin: 1.9% (down from 5.2% in 1Q 2021). Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 51% per year but the company’s share price has only increased by 16% per year, which means it is significantly lagging earnings growth. Announcement • Nov 24
The Caldwell Partners International Inc. (TSX:CWL) acquired Applied Behavioral Academy. The Caldwell Partners International Inc. (TSX:CWL) acquired Applied Behavioral Academy on November 22, 2021. Dan Courser, Jeff Bondy, Sonia Neameyer and Morgan Golden will be joining the Caldwell Analytics team.
The Caldwell Partners International Inc. (TSX:CWL) completed the acquisition of Applied Behavioral Academy on November 22, 2021. Reported Earnings • Nov 20
Full year 2021 earnings released The company reported a solid full year result with improved earnings and revenues, although profit margins were weaker. Full year 2021 results: Revenue: CA$119.8m (up 111% from FY 2020). Net income: CA$4.52m (up 59% from FY 2020). Profit margin: 3.8% (down from 5.0% in FY 2020). Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Oct 08
Investor sentiment improved over the past week After last week's 16% share price gain to CA$2.37, the stock trades at a trailing P/E ratio of 9.9x. Average trailing P/E is 19x in the Professional Services industry in Canada. Total returns to shareholders of 93% over the past three years. Announcement • Sep 23
IQTalent Partners, Inc. Announces Diversity Focused Candidate Research SaaS Diversify by IQTX IQTalent Partners Inc. announced the addition of Diversify by IQTalent Xchange to its existing talent exchange platform. Diversify by IQTX enables companies who are focused on recruiting and retaining underrepresented talent to generate an inclusive slate of qualified passive candidates for any open role. An original market concept, using responsible and advanced artifical intelligence combined with human expertise, Diversify by IQTX allows users to access an inclusive passive candidate marketplace comprised of over 300 million professionals. The addition of Diversify by IQTalent Xchange to the existing platform allows users to identify women and underrepresented minorities within the candidate research results, ensuring an inclusive and diverse slate. Users can easily load their job descriptions, candidate specifications, and DEI goals into the IQTX dashboard and then quickly receive a curated list of qualified candidates. The new Diversify feature facilitates building inclusivity into current corporate recruiting and hiring processes. Diversify by IQTalent Xchange is the latest process innovation from IQTalent Partners. Along with its sourcing, recruiting and executive search services, IQTalent Partners is well positioned to provide recruiting organizations augmented support from the transactional to the strategic. Valuation Update With 7 Day Price Move • Jul 15
Investor sentiment improved over the past week After last week's 22% share price gain to CA$1.89, the stock trades at a trailing P/E ratio of 7x. Average trailing P/E is 24x in the Professional Services industry in Canada. Total returns to shareholders of 70% over the past three years. Reported Earnings • Jul 10
Third quarter 2021 earnings released: EPS CA$0.088 (vs CA$0.025 loss in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$35.7m (up 217% from 3Q 2020). Net income: CA$2.23m (up CA$2.74m from 3Q 2020). Profit margin: 6.2% (up from net loss in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Recent Insider Transactions • Apr 15
Insider recently bought CA$65k worth of stock On the 13th of April, Tom Milic bought around 35k shares on-market at roughly CA$1.85 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$4.6m more in shares than they have sold in the last 12 months. Reported Earnings • Apr 11
Second quarter 2021 earnings released The company reported a solid second quarter result with improved earnings and revenues, although profit margins were weaker. Second quarter 2021 results: Revenue: CA$24.1m (up 43% from 2Q 2020). Net income: CA$370.0k (up 17% from 2Q 2020). Profit margin: 1.5% (down from 1.9% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 4% per year but the company’s share price has increased by 24% per year, which means it is well ahead of earnings. Valuation Update With 7 Day Price Move • Mar 12
Investor sentiment improved over the past week After last week's 26% share price gain to CA$2.21, the stock is trading at a trailing P/E ratio of 13.6x, up from the previous P/E ratio of 10.8x. This compares to an average P/E of 37x in the Professional Services industry in Canada. Total returns to shareholders over the past three years are 139%. Is New 90 Day High Low • Mar 03
New 90-day high: CA$1.96 The company is up 128% from its price of CA$0.86 on 02 December 2020. The Canadian market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Professional Services industry, which is up 11% over the same period. Announcement • Feb 24
The Caldwell Partners International Inc. Approves Appointment of David Windley as Director The Caldwell Partners International Inc. approved the appointment of David Windley as director in the annual general meeting held on February 22, 2021. 