Annonce • May 15
CI Financial Corp., Annual General Meeting, Jun 30, 2025 CI Financial Corp., Annual General Meeting, Jun 30, 2025. Annonce • Nov 25
CI Financial to Delist from Toronto Stock Exchange Following Closing of the Transaction CI Financial Corp. announced that it has entered into a definitive agreement with an affiliate of Mubadala Capital, the alternative asset management arm of Mubadala Investment Company, to take CI private in a transaction that values CI’s equity at approximately $4.7 billion and implies an enterprise value of approximately $12.1 billion. Following the closing of the transaction, CI will continue to operate with its current structure and management team and will be independent of Mubadala Capital’s other portfolio businesses. CI’s debentures and notes are expected to remain outstanding following closing of the transaction and the financing for the transaction has been structured to maintain CI’s long-term issuer and senior unsecured debt ratings of Baa3 (Stable) by Moody’s. CI’s shares will be delisted from the Toronto Stock Exchange following closing of the transaction; however, CI is expected to remain a reporting issuer under applicable Canadian securities laws as a result of its debentures and notes remaining outstanding. Holders of outstanding shares of preferred equity in CI’s subsidiary, Corient Holdings Inc., have agreed to waive and amend certain liquidity and other rights in connection with the transaction through the closing of the transaction. Mubadala Capital intends to fund up to $750 million of additional cash at closing to reduce the preferred equity outstanding. Following the closing, the parties will continue prioritizing the maintenance of CI’s investment grade senior unsecured debt ratings. Price Target Changed • Nov 20
Price target increased by 10% to CA$25.13 Up from CA$22.75, the current price target is an average from 8 analysts. New target price is approximately in line with last closing price of CA$24.00. Stock is up 76% over the past year. The company is forecast to post earnings per share of CA$0.63 for next year compared to CA$0.029 last year. Reported Earnings • Nov 16
Third quarter 2024 earnings released: CA$0.19 loss per share (vs CA$0.077 loss in 3Q 2023) Third quarter 2024 results: CA$0.19 loss per share (further deteriorated from CA$0.077 loss in 3Q 2023). Revenue: CA$876.9m (up 11% from 3Q 2023). Net loss: CA$27.6m (loss widened 122% from 3Q 2023). Revenue is expected to decline by 3.3% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Canada are expected to grow by 37%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 85 percentage points per year, which is a significant difference in performance. Annonce • Nov 01
CI Financial Corp. to Report Q3, 2024 Results on Nov 14, 2024 CI Financial Corp. announced that they will report Q3, 2024 results on Nov 14, 2024 Price Target Changed • Oct 25
Price target increased by 7.1% to CA$20.63 Up from CA$19.25, the current price target is an average from 8 analysts. New target price is 5.6% below last closing price of CA$21.85. Stock is up 72% over the past year. The company is forecast to post earnings per share of CA$1.81 for next year compared to CA$0.029 last year. Declared Dividend • Oct 16
Dividend of CA$0.20 announced Shareholders will receive a dividend of CA$0.20. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 3.8%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (32% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Buy Or Sell Opportunity • Oct 08
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 33% to CA$20.33. The fair value is estimated to be CA$16.89, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 9.6% over the last 3 years. Meanwhile, the company became loss making. Declared Dividend • Sep 29
Dividend of CA$0.20 announced Shareholders will receive a dividend of CA$0.20. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 4.3%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (32% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Upcoming Dividend • Sep 20
Upcoming dividend of CA$0.20 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 15 October 2024. The company is not currently making a profit but it is cash flow positive. Trailing yield: 4.4%. Lower than top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (1.6%). Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: CA$1.18 (up from CA$0.28 in 2Q 2023). Revenue: CA$1.12b (up 31% from 2Q 2023). Net income: CA$176.4m (up 246% from 2Q 2023). Profit margin: 16% (up from 6.0% in 2Q 2023). Revenue exceeded analyst estimates by 31%. Earnings per share (EPS) also surpassed analyst estimates by 67%. Revenue is expected to decline by 3.2% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Canada are expected to grow by 26%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 66 percentage points per year, which is a significant difference in performance. Annonce • Jul 16
CI Financial Corp. to Report Q2, 2024 Results on Aug 08, 2024 CI Financial Corp. announced that they will report Q2, 2024 results on Aug 08, 2024 Declared Dividend • Jun 30
Dividend of CA$0.20 announced Shareholders will receive a dividend of CA$0.20. Ex-date: 27th September 2024 Payment date: 15th October 2024 Dividend yield will be 5.6%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is being paid despite the company being loss-making over the last 12 months. However, the dividend is well covered by cash flows (33% cash payout ratio). The dividend has decreased over the past 10 years, indicating a lack of growth and stability in payments. Recent Insider Transactions Derivative • Jun 20
Insider exercised options to buy CA$315k worth of stock. On the 15th of June, Manisha Burman exercised options to buy 22k shares at a strike price of around CA$14.29, costing a total of CA$317k. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. Since December 2023, Manisha has owned 4.37k shares directly. Company insiders have collectively bought CA$18m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions Derivative • Jun 09
Executive VP & CFO exercised options to buy CA$299k worth of stock. On the 31st of May, Amit Muni exercised options to buy 21k shares at a strike price of around CA$14.37, costing a total of CA$299k. This transaction amounted to 38% of their direct individual holding at the time of the trade. Since June 2023, Amit's direct individual holding has increased from 28.30k shares to 75.41k. Company insiders have collectively bought CA$19m more than they sold, via options and on-market transactions, in the last 12 months. Annonce • Jun 01
CI Financial Corp. (TSX:CIX) announces an Equity Buyback for 5,000,000 shares, representing 3.3% for CAD 77.5 million. CI Financial Corp. (TSX:CIX) announces a share repurchase program. Under the substantial issuer bid, the company will repurchase up to 5,000,000 shares, representing 3.3% of its issued share capital for CAD 77.5 million. The shares will be repurchased at a price of CAD 15.5 per share. If more than the maximum number of shares are validly deposited and not withdrawn, then first, the corporation will purchase all shares validly tendered by shareholders who own fewer than 100 shares (the Odd Lot Holders), and then, in the event Odd Lot Holders have tendered less than the maximum number, the corporation will purchase all shares tendered on a pro rata basis according to the number of shares deposited or deemed to be deposited by the depositing shareholders, less the number of shares purchased from Odd Lot Holders (with adjustments to avoid the purchase of fractional shares). The bid will expire on July 8, 2024, unless extended or withdrawn. As of May 30, 2024, the company had 151,383,085 issued and outstanding shares. Reported Earnings • May 11
First quarter 2024 earnings released: CA$1.00 loss per share (vs CA$0.16 profit in 1Q 2023) First quarter 2024 results: CA$1.00 loss per share (down from CA$0.16 profit in 1Q 2023). Revenue: CA$813.9m (up 8.2% from 1Q 2023). Net loss: CA$154.4m (down CA$184.4m from profit in 1Q 2023). Revenue is expected to decline by 1.7% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Canada are expected to grow by 8.7%. Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 54 percentage points per year, which is a significant difference in performance. Annonce • May 10
CI Financial Corp. Announces Quarterly Dividend, Payable on October 15, 2024 CI Financial Corp. announced that its Board of Directors has declared a regular quarterly dividend of $0.20 per share of CI's common stock. The dividend will be payable on October 15, 2024 to shareholders of record as of September 30, 2024. Annonce • Apr 20
CI Financial Corp. to Report Q1, 2024 Results on May 10, 2024 CI Financial Corp. announced that they will report Q1, 2024 results After-Market on May 10, 2024 Annonce • Apr 13
CI Financial Corp., Annual General Meeting, Jun 26, 2024 CI Financial Corp., Annual General Meeting, Jun 26, 2024, at 14:00 US Eastern Standard Time. Recent Insider Transactions • Apr 12
Chairman of the Board recently bought CA$271k worth of stock On the 4th of April, William Holland bought around 16k shares on-market at roughly CA$16.70 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$2.6m. William has been a buyer over the last 12 months, purchasing a net total of CA$18m worth in shares. Recent Insider Transactions • Apr 10
Chairman of the Board recently bought CA$271k worth of stock On the 4th of April, William Holland bought around 16k shares on-market at roughly CA$16.70 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$2.6m. William has been a buyer over the last 12 months, purchasing a net total of CA$18m worth in shares. Declared Dividend • Mar 28
Dividend of CA$0.20 announced Shareholders will receive a dividend of CA$0.20. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 4.5%, which is higher than the industry average of 1.8%. Sustainability & Growth Dividend is not covered by earnings (dividend approximately 25x earnings). However, it is well covered by cash flows (31% 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 grow by 2,697% to bring the payout ratio under control. EPS is expected to grow by 158% over the next 3 years, which means the dividend may need to be reduced to reach a sustainable payout ratio. Upcoming Dividend • Mar 20
Upcoming dividend of CA$0.20 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 15 April 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 4.7%. Lower than top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (1.9%). Recent Insider Transactions • Mar 10
Chairman of the Board recently bought CA$677k worth of stock On the 6th of March, William Holland bought around 40k shares on-market at roughly CA$16.91 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$2.6m. William has been a buyer over the last 12 months, purchasing a net total of CA$17m worth in shares. Recent Insider Transactions • Feb 28
Chairman of the Board recently bought CA$835k worth of stock On the 26th of February, William Holland bought around 50k shares on-market at roughly CA$16.69 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$2.6m. William has been a buyer over the last 12 months, purchasing a net total of CA$16m worth in shares. Reported Earnings • Feb 25
Full year 2023 earnings: EPS and revenues miss analyst expectations Full year 2023 results: EPS: CA$0.03 (down from CA$1.59 in FY 2022). Revenue: CA$3.17b (up 9.1% from FY 2022). Net income: CA$5.02m (down 98% from FY 2022). Profit margin: 0.2% (down from 10% in FY 2022). Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) also missed analyst estimates by 96%. Revenue is expected to decline by 2.3% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Canada are expected to grow by 3.3%. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. Annonce • Feb 23
CI Financial Corp. Declares Quarterly Dividend, Payable on July 15, 2024 The Board of Directors of CI Financial Corp. declared a quarterly dividend of $0.20 per share, payable on July 15, 2024 to shareholders of record as of June 28, 2024. Price Target Changed • Feb 14
Price target increased by 7.0% to CA$18.50 Up from CA$17.29, the current price target is an average from 7 analysts. New target price is 17% above last closing price of CA$15.85. Stock is down 2.6% over the past year. The company is forecast to post earnings per share of CA$0.78 for next year compared to CA$1.59 last year. Annonce • Jan 30
CI Financial Corp. to Report Q4, 2023 Results on Feb 23, 2024 CI Financial Corp. announced that they will report Q4, 2023 results on Feb 23, 2024 Recent Insider Transactions • Jan 19
Chairman of the Board recently bought CA$2.6m worth of stock On the 17th of January, William Holland bought around 167k shares on-market at roughly CA$15.47 per share. This transaction amounted to 1.6% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of CA$14m worth in shares. Recent Insider Transactions • Jan 13
Chairman of the Board recently bought CA$377k worth of stock On the 4th of January, William Holland bought around 25k shares on-market at roughly CA$15.08 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$730k. William has been a buyer over the last 12 months, purchasing a net total of CA$13m worth in shares. Recent Insider Transactions • Jan 06
CEO & Director recently sold CA$1.2m worth of stock On the 29th of December, Kurt MacAlpine sold around 83k shares on-market at roughly CA$14.86 per share. This transaction amounted to 14% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Kurt's only on-market trade for the last 12 months. Recent Insider Transactions Derivative • Dec 25
CEO & Director exercised options to buy CA$3.3m worth of stock. On the 18th of December, Kurt MacAlpine exercised options to buy 225k shares at a strike price of around CA$14.81, costing a total of CA$3.3m. This transaction amounted to 63% of their direct individual holding at the time of the trade. Since December 2022, Kurt has owned 348.60k shares directly. Company insiders have collectively bought CA$19m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • Dec 25
Chairman of the Board recently bought CA$730k worth of stock On the 21st of December, William Holland bought around 50k shares on-market at roughly CA$14.59 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$759k. William has been a buyer over the last 12 months, purchasing a net total of CA$12m worth in shares. Annonce • Dec 21
CI Financial Corp. Announces Executive Changes CI Financial Corp. announced that Darie Urbanky, President, Chief Operating Officer and Head of CI Global Asset Management (“CI GAM”), has decided to retire on or before December 31, 2024. Effective January 1, 2024, Marc-André Lewis, Chief Investment Officer of CI GAM, will assume the role of co-head of CI GAM. Mr. Lewis will retain his current responsibilities as CIO. Mr. Urbanky joined CI in 1996 in its Information Technology department, where he spent 20 years in progressively more senior roles before being named Chief Technology Officer in 2016. He was promoted to Chief Operating Officer in 2018 and named President in 2019. Upcoming Dividend • Dec 21
Upcoming dividend of CA$0.20 per share at 5.4% yield Eligible shareholders must have bought the stock before 28 December 2023. Payment date: 15 January 2024. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 5.4%. Lower than top quartile of Canadian dividend payers (6.5%). Higher than average of industry peers (1.8%). Recent Insider Transactions • Nov 16
Chairman of the Board recently bought CA$352k worth of stock On the 10th of November, William Holland bought around 25k shares on-market at roughly CA$14.10 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$861k. William has been a buyer over the last 12 months, purchasing a net total of CA$12m worth in shares. Annonce • Nov 12
CI Financial Corp. (TSX:CIX) announces an Equity Buyback for CAD 100 million worth of its shares. CI Financial Corp. (TSX:CIX) announces a share repurchase program. Under the substantial issuer bid, the company will repurchase up to $100 million worth of its outstanding shares. The shares will be tendered at a price of not less than $13.64 per share and not more than $15.28 per share. The shares purchased under the offer will be cancelled. If the aggregate cost to purchase the tendered shares exceeds $100 million, the company will accept such shares on a pro-rata basis after giving effect to “odd lot” tenders, which will not be subject to pro-ration. The bid will expire on December 18, 2023, unless extended or withdrawn. As of November 9, 2023, the company had 162,784,729 shares in issue. Reported Earnings • Nov 11
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: CA$0.08 loss per share (down from CA$0.08 profit in 3Q 2022). Revenue: CA$791.7m (up 12% from 3Q 2022). Net loss: CA$12.4m (down 183% from profit in 3Q 2022). Revenue missed analyst estimates by 6.8%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to stay flat during the next 3 years compared to a 4.9% growth forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has fallen by 33% per year but the company’s share price has only fallen by 6% per year, which means it has not declined as severely as earnings. Annonce • Nov 10
CI Financial Corp. Declares Quarterly Dividend, Payable on April 15, 2024 CI Financial Corp. declared a quarterly dividend of $0.20 per share, payable on April 15, 2024 to shareholders of record as of March 28, 2024. Price Target Changed • Nov 02
Price target decreased by 7.3% to CA$17.36 Down from CA$18.71, the current price target is an average from 7 analysts. New target price is 27% above last closing price of CA$13.65. Stock is up 4.1% over the past year. The company is forecast to post earnings per share of CA$2.53 for next year compared to CA$1.59 last year. Price Target Changed • Oct 30
Price target increased by 9.2% to CA$20.43 Up from CA$18.71, the current price target is an average from 7 analysts. New target price is 60% above last closing price of CA$12.73. Stock is down 6.7% over the past year. The company is forecast to post earnings per share of CA$2.19 for next year compared to CA$1.59 last year. Major Estimate Revision • Oct 26
Consensus EPS estimates fall by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 consensus EPS estimate fell from CA$2.45 to CA$2.19. Revenue forecast reaffirmed at CA$2.74b. Net income forecast to grow 412% next year vs 1.4% decline forecast for Capital Markets industry in Canada. Consensus price target down from CA$18.71 to CA$18.00. Share price fell 7.2% to CA$12.83 over the past week. Recent Insider Transactions • Oct 20
Chairman of the Board recently bought CA$759k worth of stock On the 13th of October, William Holland bought around 50k shares on-market at roughly CA$15.18 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$861k. William has been a buyer over the last 12 months, purchasing a net total of CA$12m worth in shares. Annonce • Oct 20
CI Financial Corp. to Report Q3, 2023 Results on Nov 09, 2023 CI Financial Corp. announced that they will report Q3, 2023 results on Nov 09, 2023 Recent Insider Transactions • Oct 01
Chairman of the Board recently bought CA$388k worth of stock On the 28th of September, William Holland bought around 25k shares on-market at roughly CA$15.50 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$861k. William has been a buyer over the last 12 months, purchasing a net total of CA$12m worth in shares. Recent Insider Transactions • Sep 21
Chairman of the Board recently bought CA$861k worth of stock On the 15th of September, William Holland bought around 50k shares on-market at roughly CA$17.21 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. William has been a buyer over the last 12 months, purchasing a net total of CA$11m worth in shares. Recent Insider Transactions • Aug 17
Chairman of the Board recently bought CA$435k worth of stock On the 11th of August, William Holland bought around 25k shares on-market at roughly CA$17.39 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. William has been a buyer over the last 12 months, purchasing a net total of CA$12m worth in shares. Reported Earnings • Aug 10
Second quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Second quarter 2023 results: EPS: CA$0.28 (down from CA$0.82 in 2Q 2022). Revenue: CA$854.5m (up 18% from 2Q 2022). Net income: CA$51.0m (down 67% from 2Q 2022). Profit margin: 6.0% (down from 22% in 2Q 2022). Revenue exceeded analyst estimates by 16%. Earnings per share (EPS) missed analyst estimates by 72%. Revenue is forecast to stay flat during the next 3 years, in line with the revenue forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has fallen by 23% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Annonce • Jul 26
CI Financial Corp. to Report Q2, 2023 Results on Aug 10, 2023 CI Financial Corp. announced that they will report Q2, 2023 results on Aug 10, 2023 Annonce • Jul 14
Audax Management Company, LLC and the management of Congress Wealth Management completed the acquisition of unknown minority stake in Congress Wealth Management, LLC from CI Financial Corp. (TSX:CIX). Audax Management Company, LLC and the management of Congress Wealth Management agreed to acquire unknown minority stake in Congress Wealth Management, LLC from CI Financial Corp. (TSX:CIX) on April 27, 2023. CI Financial Corp sold 45% stake in the transaction. Audax is partnering with management on the investment to recapitalize Congress. CI received a return of approximately three times its initial investment in Congress and will use the proceeds from the transaction to pay down debt. The transaction is expected to close in May 2023. Daniel A. Guerin, Jeffrey Seifman, Benjamin J. Dionne, Whitney L. Bosworth, Alexander Flynn-Tabloff, Ashley S. Gregory and Rachel L. Cantor of Kirkland & Ellis LLP acted as legal advisor to Audax Management Company in the transaction. Gladstone Associates, LLC served as advisor for the transaction. ArentFox Schiff LLP acted as legal advisor to Congress Wealth Management.
Audax Management Company, LLC and the management of Congress Wealth Management completed the acquisition of unknown minority stake in Congress Wealth Management, LLC from CI Financial Corp. (TSX:CIX) on April 27, 2023. Recent Insider Transactions Derivative • Jun 23
Insider exercised options to buy CA$311k worth of stock. On the 15th of June, Manisha Burman exercised options to buy 21k shares at a strike price of around CA$14.72, costing a total of CA$311k. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. As of today, Manisha currently holds no shares directly. Company insiders have collectively bought CA$16m more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Jun 22
Upcoming dividend of CA$0.18 per share at 4.9% yield Eligible shareholders must have bought the stock before 29 June 2023. Payment date: 14 July 2023. Payout ratio is a comfortable 70% and this is well supported by cash flows. Trailing yield: 4.9%. Lower than top quartile of Canadian dividend payers (6.3%). Higher than average of industry peers (2.6%). Recent Insider Transactions Derivative • Jun 08
Executive VP & CFO exercised options to buy CA$256k worth of stock. On the 31st of May, Amit Muni exercised options to buy 18k shares at a strike price of around CA$12.95, costing a total of CA$235k. This transaction amounted to 100% of their direct individual holding at the time of the trade. Since December 2022, Amit has owned 18.04k shares directly. Company insiders have collectively bought CA$14m more than they sold, via options and on-market transactions, in the last 12 months. Recent Insider Transactions • May 29
Chairman of the Board recently bought CA$328k worth of stock On the 26th of May, William Holland bought around 25k shares on-market at roughly CA$13.12 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$1.3m. William has been a buyer over the last 12 months, purchasing a net total of CA$11m worth in shares. Major Estimate Revision • May 18
Consensus EPS estimates fall by 20%, revenue upgraded The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from CA$2.45b to CA$2.63b. EPS estimate fell from CA$3.06 to CA$2.44 per share. Net income forecast to grow 142% next year vs 8.4% growth forecast for Capital Markets industry in Canada. Consensus price target down from CA$19.00 to CA$18.38. Share price was steady at CA$12.49 over the past week. Recent Insider Transactions • May 15
Chairman of the Board recently bought CA$1.3m worth of stock On the 12th of May, William Holland bought around 100k shares on-market at roughly CA$12.75 per share. This transaction amounted to 1.0% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. William has been a buyer over the last 12 months, purchasing a net total of CA$9.9m worth in shares. Reported Earnings • May 11
First quarter 2023 earnings: EPS misses analyst expectations First quarter 2023 results: EPS: CA$0.16 (down from CA$0.70 in 1Q 2022). Revenue: CA$752.0m (flat on 1Q 2022). Net income: CA$30.0m (down 78% from 1Q 2022). Profit margin: 4.0% (down from 18% in 1Q 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) missed analyst estimates by 84%. Revenue is expected to decline by 2.4% p.a. on average during the next 3 years, while revenues in the Capital Markets industry in Canada are expected to grow by 1.4%. 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 1% per year, which means it is well ahead of earnings. Major Estimate Revision • Apr 27
Consensus EPS estimates increase by 15% The consensus outlook for fiscal year 2023 has been updated. 2023 EPS estimate increased from CA$2.60 to CA$3.00. Revenue forecast steady at CA$2.66b. Net income forecast to grow 52% next year vs 2.8% growth forecast for Capital Markets industry in Canada. Consensus price target of CA$19.11 unchanged from last update. Share price was steady at CA$13.23 over the past week. Upcoming Dividend • Mar 23
Upcoming dividend of CA$0.18 per share at 5.6% yield Eligible shareholders must have bought the stock before 30 March 2023. Payment date: 14 April 2023. Payout ratio is a comfortable 45% and this is well supported by cash flows. Trailing yield: 5.6%. Lower than top quartile of Canadian dividend payers (6.0%). Higher than average of industry peers (2.2%). Major Estimate Revision • Mar 03
Consensus revenue estimates increase by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast increased from CA$2.38b to CA$2.65b. EPS estimate unchanged from CA$2.60 at last update. Capital Markets industry in Canada expected to see average net income growth of 11% next year. Consensus price target broadly unchanged at CA$19.22. Share price was steady at CA$15.05 over the past week. Reported Earnings • Feb 26
Full year 2022 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2022 results: EPS: CA$1.59 (down from CA$2.03 in FY 2021). Revenue: CA$2.91b (up 5.9% from FY 2021). Net income: CA$299.8m (down 27% from FY 2021). Profit margin: 10% (down from 15% in FY 2021). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.8%. Earnings per share (EPS) missed analyst estimates by 42%. Revenue is expected to fall by 3.2% p.a. on average during the next 3 years compared to a 1.0% decline forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has fallen by 12% per year, which means it is performing significantly worse than earnings. Annonce • Jan 24
CI Financial Corp. to Report Q4, 2022 Results on Feb 24, 2023 CI Financial Corp. announced that they will report Q4, 2022 results on Feb 24, 2023 Recent Insider Transactions • Jan 22
Chairman of the Board recently bought CA$849k worth of stock On the 19th of January, William Holland bought around 56k shares on-market at roughly CA$15.22 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$1.0m. William has been a buyer over the last 12 months, purchasing a net total of CA$14m worth in shares. Annonce • Dec 31
CI Financial Confirms Intent to Voluntarily Delist from the NYSE and Deregister with the U.S. Securities and Exchange Commission CI Financial Corp. (“CI”) announced that it has submitted a formal notice to the New York Stock Exchange (“NYSE”) of its decision to voluntarily delist its common shares from NYSE. Following the proposed delisting, CI expects that it will suspend its reporting obligations under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The common shares will continue to be listed and traded on the Toronto Stock Exchange under the symbol “CIX” and CI will remain a reporting issuer in Canada. The plan for the proposed U.S. delisting was initially outlined in CI’s Third Quarter 2022 corporate earnings communications. As previously announced, CI intends to undertake an initial public offering of common stock of its U.S. business (the “IPO”). Following the IPO, each of CI’s Canadian and U.S. businesses will be listed in the respective home market where it operates. Given CI’s progress to date in respect of the IPO (including the confidential submission with the U.S. Securities and Exchange Commission (the “SEC”) earlier this month of a draft registration statement in respect of the IPO), the Board of Directors of CI has determined that the continued benefit from a dual listing of CI at this time is outweighed by the costs to CI of being listed on multiple exchanges and filing annual and periodic reports with the SEC. In order to implement the delisting, CI intends to file a Form 25 with the SEC on or about January 9, 2023. The last day of trading in CI’s common shares on NYSE will be on or about January 19, 2023, when the Form 25 takes effect. CI also intends to file a Form 15 with the SEC on or about January 19, 2023 (the anticipated effective date of the NYSE delisting) to immediately suspend its filing obligations under the Exchange Act, including CI’s requirements to file on a go-forward basis annual reports on Form 40-F and periodic reports on Form 6-K. CI has not arranged for a listing, registration or quotation of its common shares on another stock exchange or quotation service in the United States. CI reserves the right, for any reason, to delay its Form 25 and Form 15 filings to delist and deregister, respectively, to withdraw them prior to effectiveness, and to otherwise change its plans in respect of delisting and deregistration in any way. Recent Insider Transactions Derivative • Dec 26
CEO & Director exercised options to buy CA$777k worth of stock. On the 17th of December, Kurt MacAlpine exercised 122.49k options at around CA$13.87, then sold 64.07k of them at CA$17.89 each and kept the remainder. Since December 2021, Kurt's direct individual holding has increased from 209.08k shares to 256.51k. Company insiders have collectively bought CA$14m more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Dec 22
Upcoming dividend of CA$0.18 per share Eligible shareholders must have bought the stock before 29 December 2022. Payment date: 13 January 2023. Payout ratio is a comfortable 32% and this is well supported by cash flows. Trailing yield: 5.2%. Lower than top quartile of Canadian dividend payers (6.0%). Higher than average of industry peers (2.5%). Recent Insider Transactions • Dec 21
Chairman of the Board recently bought CA$1.0m worth of stock On the 16th of December, William Holland bought around 78k shares on-market at roughly CA$13.44 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. William has been a buyer over the last 12 months, purchasing a net total of CA$14m worth in shares. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: CA$1.51 loss per share (further deteriorated from CA$1.06 loss in 3Q 2021). Net loss: CA$279.5m (loss widened 41% from 3Q 2021). Revenue missed analyst estimates by 10.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to stay flat during the next 3 years compared to a 19% decline forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has fallen by 6% per year whereas the company’s share price has fallen by 11% per year. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 4 experienced directors. 3 highly experienced directors. Independent Director Sarah Ward was the last director to join the board, commencing their role in 2022. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Annonce • Nov 12
CI Financial Corp. (TSX:CIX) acquired Inverness Counsel, LLC. CI Financial Corp. (TSX:CIX) acquired Inverness Counsel, LLC on October 3, 2022. As a result of the transaction, Inverness Counsel is renamed CI Inverness Private Wealth.
CI Financial Corp. (TSX:CIX) completed the acquisition of Inverness Counsel, LLC on October 3, 2022. Reported Earnings • Nov 11
Third quarter 2022 earnings: EPS and revenues miss analyst expectations Third quarter 2022 results: CA$1.64 loss per share (down from CA$0.22 profit in 3Q 2021). Net loss: CA$279.5m (down CA$323.3m from profit in 3Q 2021). Revenue missed analyst estimates by 10.0%. Earnings per share (EPS) were also behind analyst expectations. Revenue is forecast to grow 22% p.a. on average during the next 2 years, while revenues in the Capital Markets industry in Canada are expected to remain flat. Over the last 3 years on average, earnings per share has fallen by 11% per year and the company’s share price has also fallen by 11% per year. 