Declared Dividend • May 07
Fourth quarter dividend of CA$0.38 announced Dividend of CA$0.38 is the same as last year. Ex-date: 30th June 2026 Payment date: 15th July 2026 Dividend yield will be 4.0%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio) nor is it covered by cash flows (115% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 14% to bring the payout ratio under control. EPS is expected to grow by 12% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Announcement • Apr 14
Westshore Terminals Investment Corporation, Annual General Meeting, Jun 16, 2026 Westshore Terminals Investment Corporation, Annual General Meeting, Jun 16, 2026. Price Target Changed • Mar 23
Price target increased by 13% to CA$34.00 Up from CA$30.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of CA$32.85. Stock is up 30% over the past year. The company is forecast to post earnings per share of CA$1.25 for next year compared to CA$1.47 last year. Declared Dividend • Mar 19
Fourth quarter dividend of CA$0.38 announced Dividend of CA$0.38 is the same as last year. Ex-date: 31st March 2026 Payment date: 15th April 2026 Dividend yield will be 4.6%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (102% earnings payout ratio) nor is it covered by cash flows (115% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 14% to bring the payout ratio under control. However, EPS is expected to decline by 9.1% over the next 2 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. New Risk • Mar 15
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 4.8% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 113% Cash payout ratio: 115% Earnings are forecast to decline by an average of 4.8% per year for the foreseeable future. Minor Risk Large one-off items impacting financial results. Reported Earnings • Mar 15
Full year 2025 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2025 results: EPS: CA$1.47 (down from CA$1.87 in FY 2024). Revenue: CA$323.0m (down 20% from FY 2024). Net income: CA$90.7m (down 21% from FY 2024). Profit margin: 28% (in line with FY 2024). Revenue missed analyst estimates by 3.4%. Earnings per share (EPS) exceeded analyst estimates by 41%. Revenue is forecast to grow 4.5% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Global Infrastructure industry. Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 5% per year. Announcement • Mar 14
Westshore Terminals Investment Corporation Announces First Quarter Dividend of 2026, Payable on or Before April 15, 2026 Westshore Terminals Investment Corporation announced that a dividend of $0.375 per share will be paid on or before April 15, 2026, to shareholders of record on March 31, 2026. The dividend will be designated an "eligible dividend" for Canadian tax purposes. The board will continue to review all factors relevant to the level of dividend, including operating performance, current and anticipated market conditions, funds applied to service or repay debt obligations, other opportunities that may come before the Corporation, and funding of capital upgrade projects. Upcoming Dividend • Dec 24
Upcoming dividend of CA$0.38 per share Eligible shareholders must have bought the stock before 31 December 2025. Payment date: 15 January 2026. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.6%. Lower than top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (3.3%). Declared Dividend • Nov 18
Third quarter dividend of CA$0.38 announced Dividend of CA$0.38 is the same as last year. Ex-date: 31st December 2025 Payment date: 15th January 2026 Dividend yield will be 5.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not covered by earnings (113% earnings payout ratio) nor is it covered by cash flows (dividend approximately 7x free cash flows). The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 25% to bring the payout ratio under control. However, EPS has declined by 8.2% over the last 5 years so the company would need to reverse this trend. Announcement • Nov 08
Westshore Terminals Investment Corporation Announces 2025 Fourth Quarter Dividend, Payable on or before January 15, 2026 Westshore Terminals Investment Corporation announced that a dividend of $0.375 per share will be paid on or before January 15, 2026, to shareholders of record on December 31, 2025. Declared Dividend • Aug 08
Second quarter dividend of CA$0.38 announced Dividend of CA$0.38 is the same as last year. Ex-date: 29th September 2025 Payment date: 15th October 2025 Dividend yield will be 5.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (89.9% earnings payout ratio) but not covered by cash flows (134% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share is expected to decline by 3.7% over the next year. This means the payout ratio would increase to a potentially unsustainable range and the dividend may be at risk. Announcement • Aug 07
Westshore Terminals Investment Corporation announces Quarterly dividend, payable on October 15, 2025 Westshore Terminals Investment Corporation announced Quarterly dividend of CAD 0.3750 per share payable on October 15, 2025, ex-date on September 29, 2025 and record date on September 29, 2025. New Risk • Aug 06
New minor risk - Dividend sustainability The dividend is not well covered by cash flows. Cash payout ratio: 134% Dividend yield: 5.5% This is considered a minor risk. Dividends are ultimately paid out of the company's available cash reserves. Companies that pay out too much of their cash flow are at risk of having to reduce or cut their dividend in future. If cash flow growth slows or cash flows fall, then there may not be enough cash reserves to maintain the same dividend. Or in extreme cases, companies may opt to take on debt to maintain the dividend. This risk is mitigated by the fact the dividend is covered by earnings, however, cash flows are generally more important. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Major Risk Earnings are forecast to decline by an average of 0.7% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (134% cash payout ratio). Upcoming Dividend • Jun 23
Upcoming dividend of CA$0.38 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 15 July 2025. Payout ratio is on the higher end at 83%, however this is supported by cash flows. Trailing yield: 5.5%. Lower than top quartile of Canadian dividend payers (6.1%). Higher than average of industry peers (3.4%). Valuation Update With 7 Day Price Move • May 21
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to CA$26.13, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 16x in the Infrastructure industry globally. Total loss to shareholders of 14% over the past three years. Recent Insider Transactions • May 09
CFO & Director recently bought CA$322k worth of stock On the 7th of May, M. Dallas Ross bought around 14k shares on-market at roughly CA$22.97 per share. This transaction amounted to 15% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$1.4m. M. Dallas has been a buyer over the last 12 months, purchasing a net total of CA$2.0m worth in shares. Declared Dividend • May 07
First quarter dividend of CA$0.38 announced Dividend of CA$0.38 is the same as last year. Ex-date: 30th June 2025 Payment date: 15th July 2025 Dividend yield will be 6.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (83% earnings payout ratio) and cash flows (72% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 6.5% over the next year. However, it would need to fall by 7.9% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • May 07
First quarter 2025 earnings released First quarter 2025 results: Net income: (down CA$15.2m from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 9% per year but the company’s share price has fallen by 13% per year, which means it is significantly lagging earnings. Price Target Changed • May 06
Price target decreased by 8.0% to CA$23.00 Down from CA$25.00, the current price target is provided by 1 analyst. New target price is approximately in line with last closing price of CA$22.29. Stock is down 6.9% over the past year. The company is forecast to post earnings per share of CA$1.43 for next year compared to CA$1.87 last year. Announcement • Apr 15
Westshore Terminals Investment Corporation, Annual General Meeting, Jun 17, 2025 Westshore Terminals Investment Corporation, Annual General Meeting, Jun 17, 2025. Recent Insider Transactions • Mar 20
CFO & Director recently bought CA$1.4m worth of stock On the 18th of March, M. Dallas Ross bought around 60k shares on-market at roughly CA$23.58 per share. This transaction increased M. Dallas' direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. M. Dallas has been a buyer over the last 12 months, purchasing a net total of CA$1.7m worth in shares. Reported Earnings • Mar 16
Full year 2024 earnings: EPS and revenues exceed analyst expectations Full year 2024 results: EPS: CA$1.86 (down from CA$1.86 in FY 2023). Revenue: CA$404.7m (up 6.2% from FY 2023). Net income: CA$115.3m (down 1.1% from FY 2023). Profit margin: 28% (down from 31% in FY 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 5.3%. Earnings per share (EPS) also surpassed analyst estimates by 3.9%. Revenue is expected to decline by 2.1% p.a. on average during the next 2 years, while revenues in the Global Infrastructure industry are expected to grow by 5.9%. Over the last 3 years on average, earnings per share has increased by 5% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Buy Or Sell Opportunity • Feb 26
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 6.7% to CA$25.66. The fair value is estimated to be CA$21.25, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 0.6% in 2 years. Earnings are forecast to grow by 3.5% in the next 2 years. Buy Or Sell Opportunity • Jan 21
Now 20% overvalued Over the last 90 days, the stock has fallen 1.9% to CA$23.35. The fair value is estimated to be CA$19.45, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 4.7% over the last 3 years, while earnings per share has been flat. Revenue is forecast to decline by 0.4% in 2 years. Earnings are forecast to decline by 3.7% in the next 2 years. Upcoming Dividend • Dec 24
Upcoming dividend of CA$0.38 per share Eligible shareholders must have bought the stock before 31 December 2024. Payment date: 15 January 2025. Payout ratio and cash payout ratio are on the higher end at 87% and 85% respectively. Trailing yield: 6.5%. Within top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (3.2%). Major Estimate Revision • Nov 13
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CA$379.9m to CA$393.7m. EPS estimate increased from CA$1.63 to CA$1.83 per share. Net income forecast to shrink 4.5% next year vs 12% growth forecast for Infrastructure industry in Canada . Consensus price target of CA$25.00 unchanged from last update. Share price rose 2.5% to CA$23.67 over the past week. Declared Dividend • Nov 10
Third quarter dividend of CA$0.38 announced Shareholders will receive a dividend of CA$0.38. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 7.8%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by both earnings (87% earnings payout ratio) and cash flows (85% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 5.8% over the next 2 years. Since a fall of 3.9% would increase the payout ratio to a potentially unsustainable range, the dividend may be at risk. Reported Earnings • Nov 06
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: CA$0.55 (up from CA$0.53 in 3Q 2023). Revenue: CA$103.5m (up 6.1% from 3Q 2023). Net income: CA$34.0m (up 2.3% from 3Q 2023). Profit margin: 33% (down from 34% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 7.7%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Over the last 3 years on average, earnings per share has remained flat whereas the company’s share price has fallen by 5% per year. Announcement • Nov 06
Westshore Terminals Investment Corporation Announces Dividend for the Fourth Quarter of 2024, Payable on or Before January 15, 2025 Westshore Terminals Investment Corporation announced that a dividend of $0.375 per share for the fourth quarter of 2024 will be paid on or before January 15, 2025, to shareholders of record on December 31, 2024. The dividend will be designated an "eligible dividend" for Canadian tax purposes. New Risk • Oct 24
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 0.4% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 are forecast to decline by an average of 0.4% per year for the foreseeable future. Minor Risk Dividend is not well covered by cash flows (105% cash payout ratio). Upcoming Dividend • Sep 20
Upcoming dividend of CA$0.38 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 15 October 2024. Payout ratio is on the higher end at 86%, and the cash payout ratio is above 100%. Trailing yield: 6.2%. Within top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (3.3%). Major Estimate Revision • Aug 13
Consensus EPS estimates increase by 16% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CA$360.0m to CA$379.9m. EPS estimate increased from CA$1.48 to CA$1.72 per share. Net income forecast to shrink 4.6% next year vs 13% growth forecast for Infrastructure industry in Canada . Consensus price target of CA$27.00 unchanged from last update. Share price rose 4.2% to CA$23.58 over the past week. Reported Earnings • Aug 07
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: CA$0.56 (up from CA$0.45 in 2Q 2023). Revenue: CA$105.6m (up 15% from 2Q 2023). Net income: CA$34.6m (up 23% from 2Q 2023). Profit margin: 33% (up from 31% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 15%. Earnings per share (EPS) also surpassed analyst estimates by 35%. Revenue is expected to decline by 2.9% p.a. on average during the next 2 years, while revenues in the Global Infrastructure industry are expected to grow by 7.0%. 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 3% per year, which means it is well ahead of earnings. Announcement • Aug 07
Westshore Terminals Investment Corporation Announces Dividend for the Third Quarter of 2024, Payable on or Before October 15, 2024 Westshore Terminals Investment Corporation announced that a dividend of $0.375 per share for the third quarter of 2024 will be paid on or before October 15, 2024, to shareholders of record on September 30, 2024. Declared Dividend • May 08
First quarter dividend of CA$0.38 announced Shareholders will receive a dividend of CA$0.38. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 7.7%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is not adequately covered by earnings (90.1% earnings payout ratio) nor is it covered by cash flows (111% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. Earnings per share is expected to decline by 12% over the next 3 years. This means the payout ratio would increase to a potentially unsustainable range and the dividend may be at risk. Announcement • May 06
Westshore Terminals Investment Corporation Announces Dividend for the Second Quarter of 2024, Payable on or Before July 15, 2024 Westshore Terminals Investment Corporation announced that a dividend of $0.375 per share for the second quarter of 2024 will be paid on or before July 15, 2024 to shareholders of record on June 30, 2024. Reported Earnings • May 05
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: CA$0.24 (down from CA$0.53 in 1Q 2023). Revenue: CA$84.8m (down 12% from 1Q 2023). Net income: CA$15.2m (down 54% from 1Q 2023). Profit margin: 18% (down from 34% in 1Q 2023). The decrease in margin was primarily driven by lower revenue. Revenue missed analyst estimates by 3.6%. Earnings per share (EPS) also missed analyst estimates by 44%. Revenue is expected to decline by 7.3% p.a. on average during the next 3 years, while revenues in the Global Infrastructure industry are expected to grow by 7.1%. Over the last 3 years on average, earnings per share has fallen by 9% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • Apr 13
Westshore Terminals Investment Corporation, Annual General Meeting, Jun 18, 2024 Westshore Terminals Investment Corporation, Annual General Meeting, Jun 18, 2024. Upcoming Dividend • Mar 20
Upcoming dividend of CA$0.72 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 15 April 2024. Payout ratio and cash payout ratio are on the higher end at 75% and 86% respectively. Trailing yield: 5.8%. Lower than top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (3.4%). Declared Dividend • Mar 13
Fourth quarter dividend increased to CA$0.72 Dividend of CA$0.72 is 107% higher than last year. Ex-date: 27th March 2024 Payment date: 15th April 2024 Dividend yield will be 6.9%, which is higher than the industry average of 3.2%. Sustainability & Growth Dividend is covered by earnings (75% earnings payout ratio) but not adequately covered by cash flows (96% cash payout ratio). The dividend has increased by an average of 1.3% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to decline by 16% over the next 2 years. A fall of 17% would increase the payout ratio to a potentially unsustainable range, which means the dividend may be at risk. Reported Earnings • Mar 10
Full year 2023 earnings: EPS and revenues exceed analyst expectations Full year 2023 results: EPS: CA$1.86 (up from CA$1.06 in FY 2022). Revenue: CA$381.0m (up 31% from FY 2022). Net income: CA$116.6m (up 74% from FY 2022). Profit margin: 31% (up from 23% in FY 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 4.0%. Earnings per share (EPS) also surpassed analyst estimates by 1.1%. Revenue is expected to decline by 8.0% p.a. on average during the next 3 years, while revenues in the Global Infrastructure industry are expected to grow by 7.7%. Over the last 3 years on average, earnings per share has fallen by 12% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Mar 04
Now 20% overvalued Over the last 90 days, the stock has fallen 3.7% to CA$25.39. The fair value is estimated to be CA$21.12, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.7% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to decline by 1.6% in 2 years. Earnings are forecast to grow by 5.4% in the next 2 years. Buy Or Sell Opportunity • Jan 22
Now 22% overvalued after recent price rise Over the last 90 days, the stock has risen 16% to CA$26.85. The fair value is estimated to be CA$22.09, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 6.7% over the last 3 years. Earnings per share has declined by 18%. Revenue is forecast to decline by 3.0% in 2 years. Earnings are forecast to grow by 5.4% in the next 2 years. Upcoming Dividend • Dec 21
Upcoming dividend of CA$0.35 per share at 5.1% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 15 January 2024. Payout ratio is on the higher end at 89%, and the cash payout ratio is above 100%. Trailing yield: 5.1%. Lower than top quartile of Canadian dividend payers (6.5%). Higher than average of industry peers (3.3%). Reported Earnings • Nov 16
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: EPS: CA$0.53 (up from CA$0.24 in 3Q 2022). Revenue: CA$97.6m (up 47% from 3Q 2022). Net income: CA$33.2m (up 122% from 3Q 2022). Profit margin: 34% (up from 22% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 7.9%. Earnings per share (EPS) also surpassed analyst estimates by 22%. Revenue is expected to decline by 4.1% p.a. on average during the next 3 years, while revenues in the Global Infrastructure industry are expected to grow by 9.1%. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has increased by 15% per year, which means it is well ahead of earnings. Announcement • Sep 19
Westshore Terminals Investment Corporation Announces Third Quarter 2023 Distribution, Payable on or Before October 15, 2023 Westshore Terminals Investment Corporation announced that a dividend of $0.35 per share will be paid on or before October 15, 2023 to shareholders of record on September 30, 2023. The dividend will be designated an "eligible dividend" for Canadian tax purposes. New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Risks Dividend is not well covered by earnings and cash flows. Payout ratio: 97% Cash payout ratio: 264% Earnings are forecast to decline by an average of 1.0% per year for the foreseeable future. Reported Earnings • Aug 04
Second quarter 2023 earnings: EPS in line with analyst expectations despite revenue beat Second quarter 2023 results: EPS: CA$0.45 (up from CA$0.39 in 2Q 2022). Revenue: CA$91.8m (up 11% from 2Q 2022). Net income: CA$28.1m (up 13% from 2Q 2022). Profit margin: 31% (in line with 2Q 2022). Revenue exceeded analyst estimates by 3.3%. Earnings per share (EPS) were mostly in line with analyst estimates. Revenue is expected to decline by 4.3% p.a. on average during the next 3 years, while revenues in the Global Infrastructure industry are expected to grow by 11%. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 18% per year, which means it is well ahead of earnings. Price Target Changed • Jul 20
Price target increased by 8.6% to CA$29.88 Up from CA$27.50, the current price target is an average from 4 analysts. New target price is 6.5% below last closing price of CA$31.96. Stock is down 0.3% over the past year. The company is forecast to post earnings per share of CA$1.79 for next year compared to CA$1.06 last year. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.35 per share at 4.6% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 15 July 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 4.6%. Lower than top quartile of Canadian dividend payers (6.3%). Higher than average of industry peers (3.4%). Recent Insider Transactions • Jun 19
Insider recently bought CA$7.5m worth of stock On the 16th of June, James Pattison bought around 237k shares on-market at roughly CA$31.70 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$33m more in shares than they have sold in the last 12 months. Announcement • Jun 13
Westshore Terminals Investment Corporation Announces Second Quarter 2023 Distribution, Payable on or Before July 15, 2023 Westshore Terminals Investment Corporation announced that a dividend of $0.35 per share will be paid on or before July 15, 2023, to shareholders of record on June 30, 2023, which is the same per share amount that was paid in First Quarter 2023. The Second Quarter 2023 dividend will be designated an "eligible dividend" for Canadian tax purposes. Recent Insider Transactions • May 15
Insider recently bought CA$4.2m worth of stock On the 12th of May, James Pattison bought around 144k shares on-market at roughly CA$29.27 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$14m more in shares than they have sold in the last 12 months. Major Estimate Revision • May 12
Consensus EPS estimates increase by 12% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from CA$339.0m to CA$356.2m. EPS estimate increased from CA$1.57 to CA$1.76 per share. Net income forecast to grow 48% next year vs 16% growth forecast for Infrastructure industry in Canada. Consensus price target up from CA$27.50 to CA$29.10. Share price rose 10% to CA$29.32 over the past week. Reported Earnings • May 07
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: CA$0.53 (up from CA$0.41 in 1Q 2022). Revenue: CA$96.7m (up 9.6% from 1Q 2022). Net income: CA$32.9m (up 28% from 1Q 2022). Profit margin: 34% (up from 29% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 6.5%. Earnings per share (EPS) also surpassed analyst estimates by 23%. Revenue is expected to decline by 5.2% p.a. on average during the next 3 years, while revenues in the Global Infrastructure industry are expected to grow by 10%. Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has increased by 20% per year, which means it is well ahead of earnings. Recent Insider Transactions • Apr 21
Insider recently bought CA$3.1m worth of stock On the 14th of April, James Pattison bought around 107k shares on-market at roughly CA$28.62 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$9.4m more in shares than they have sold in the last 12 months. Recent Insider Transactions • Mar 27
Insider recently bought CA$1.1m worth of stock On the 24th of March, James Pattison bought around 42k shares on-market at roughly CA$26.27 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$1.6m more in shares than they have sold in the last 12 months. Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.35 per share at 5.4% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 15 April 2023. The company is paying out more than 100% of its earnings and cash flow. Trailing yield: 5.4%. Lower than top quartile of Canadian dividend payers (6.0%). Higher than average of industry peers (3.7%). Major Estimate Revision • Mar 21
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from CA$307.7m to CA$339.0m. EPS estimate increased from CA$1.35 to CA$1.57 per share. Net income forecast to grow 51% next year vs 9.7% growth forecast for Infrastructure industry in Canada. Consensus price target of CA$27.50 unchanged from last update. Share price rose 2.1% to CA$26.61 over the past week. Reported Earnings • Mar 16
Full year 2022 earnings: EPS and revenues miss analyst expectations Full year 2022 results: EPS: CA$1.06 (down from CA$1.70 in FY 2021). Revenue: CA$292.0m (down 14% from FY 2021). Net income: CA$66.8m (down 38% from FY 2021). Profit margin: 23% (down from 32% in FY 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) also missed analyst estimates by 16%. Revenue is forecast to stay flat during the next 3 years compared to a 11% growth forecast for the Global Infrastructure industry. Over the last 3 years on average, earnings per share has fallen by 16% per year but the company’s share price has increased by 26% per year, which means it is well ahead of earnings. Major Estimate Revision • Mar 14
Consensus revenue estimates increase by 10% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from CA$307.7m to CA$339.4m. EPS estimate increased from CA$1.35 to CA$1.55 per share. Net income forecast to grow 5.1% next year vs 8.9% growth forecast for Infrastructure industry in Canada. Consensus price target up from CA$26.50 to CA$27.50. Share price rose 6.3% to CA$26.07 over the past week. Recent Insider Transactions • Feb 08
Insider recently bought CA$70k worth of stock On the 3rd of February, James Pattison bought around 3k shares on-market at roughly CA$24.19 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$850k. Insiders have collectively bought CA$510k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Jan 30
Insider recently bought CA$850k worth of stock On the 27th of January, James Pattison bought around 35k shares on-market at roughly CA$24.02 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$440k more in shares than they have sold in the last 12 months. Upcoming Dividend • Dec 22
Upcoming dividend of CA$0.30 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 15 January 2023. Payout ratio and cash payout ratio are on the higher end at 80% and 80% respectively. Trailing yield: 5.1%. Lower than top quartile of Canadian dividend payers (6.0%). Higher than average of industry peers (3.9%). Announcement • Dec 14
Westshore Terminals Investment Corporation Announces Dividend for the Fourth Quarter of 2022, Payable on or Before January 15, 2023 Westshore Terminals Investment Corporation announced that a fourth quarter 2022 dividend of $0.30 per share will be paid on or before January 15, 2023 to shareholders of record on December 31, 2022, which is the same per share amount that was paid in third quarter 2022. The fourth quarter 2022 dividend will be designated an eligible dividend for Canadian tax purposes. Board Change • Nov 17
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 4 experienced directors. 4 highly experienced directors. VP of Corporate Development, Secretary & Director Nick Desmarais was the last director to join the board, commencing their role in 2018. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Major Estimate Revision • Nov 10
Consensus EPS estimates fall by 14% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CA$315.6m to CA$308.0m. EPS estimate also fell from CA$1.53 per share to CA$1.32 per share. Net income forecast to shrink 2.1% next year vs 10% growth forecast for Infrastructure industry in Canada . Consensus price target down from CA$29.20 to CA$28.60. Share price was steady at CA$24.09 over the past week. Reported Earnings • Nov 05
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: EPS: CA$0.24 (down from CA$0.45 in 3Q 2021). Revenue: CA$66.6m (down 23% from 3Q 2021). Net income: CA$15.0m (down 48% from 3Q 2021). Profit margin: 22% (down from 33% in 3Q 2021). The decrease in margin was driven by lower revenue. Revenue missed analyst estimates by 5.7%. Earnings per share (EPS) also missed analyst estimates by 6.5%. Revenue is expected to decline by 8.4% p.a. on average during the next 3 years, while revenues in the Global Infrastructure industry are expected to grow by 15%. Over the last 3 years on average, earnings per share has fallen by 11% per year but the company’s share price has remained flat, which means it is well ahead of earnings.