FN Stock Overview
First National Financial Corporation, together with its subsidiaries, originates, underwrites, and services commercial and residential mortgages in Canada.
No risks detected for FN from our risk checks.
First National Financial Competitors
Price History & Performance
|Historical stock prices|
|Current Share Price||CA$33.67|
|52 Week High||CA$50.99|
|52 Week Low||CA$32.12|
|1 Month Change||-7.58%|
|3 Month Change||-16.95%|
|1 Year Change||-32.01%|
|3 Year Change||6.79%|
|5 Year Change||24.47%|
|Change since IPO||236.36%|
Recent News & Updates
|FN||CA Mortgage||CA Market|
Return vs Industry: FN underperformed the Canadian Mortgage industry which returned -19.5% over the past year.
Return vs Market: FN underperformed the Canadian Market which returned -2.6% over the past year.
|FN Average Weekly Movement||3.4%|
|Mortgage Industry Average Movement||3.2%|
|Market Average Movement||10.1%|
|10% most volatile stocks in CA Market||17.3%|
|10% least volatile stocks in CA Market||4.4%|
Stable Share Price: FN is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 3% a week.
Volatility Over Time: FN's weekly volatility (3%) has been stable over the past year.
About the Company
First National Financial Corporation, together with its subsidiaries, originates, underwrites, and services commercial and residential mortgages in Canada. The company operates in two segments, Residential and Commercial segments. It offers single-family residential, and multi-unit residential and commercial mortgages.
First National Financial Fundamentals Summary
|FN fundamental statistics|
Is FN overvalued?See Fair Value and valuation analysis
Earnings & Revenue
|FN income statement (TTM)|
|Cost of Revenue||CA$202.22m|
Last Reported Earnings
Mar 31, 2022
Next Earnings Date
Jul 26, 2022
|Earnings per share (EPS)||3.22|
|Net Profit Margin||26.26%|
How did FN perform over the long term?See historical performance and comparison
10.7%Current Dividend Yield
Does FN pay a reliable dividends?See FN dividend history and benchmarks
|First National Financial dividend dates|
|Ex Dividend Date||Jun 29 2022|
|Dividend Pay Date||Jul 15 2022|
|Days until Ex dividend||0 days|
|Days until Dividend pay date||16 days|
Does FN pay a reliable dividends?See FN dividend history and benchmarks
Is FN undervalued compared to its fair value, analyst forecasts and its price relative to the market?
Valuation Score 3/6
Price-To-Earnings vs Peers
Price-To-Earnings vs Industry
Price-To-Earnings vs Fair Ratio
Below Fair Value
Significantly Below Fair Value
Key Valuation Metric
Which metric is best to use when looking at relative valuation for FN?
Other financial metrics that can be useful for relative valuation.
|What is FN's n/a Ratio?|
Price to Earnings Ratio vs Peers
How does FN's PE Ratio compare to its peers?
|FN PE Ratio vs Peers|
|Company||PE||Estimated Growth||Market Cap|
HCG Home Capital Group
MKP MCAN Mortgage
AI Atrium Mortgage Investment
FN First National Financial
Price-To-Earnings vs Peers: FN is expensive based on its Price-To-Earnings Ratio (10.5x) compared to the peer average (7.7x).
Price to Earnings Ratio vs Industry
How does FN's PE Ratio compare vs other companies in the North American Mortgage Industry?
Price-To-Earnings vs Industry: FN is expensive based on its Price-To-Earnings Ratio (10.5x) compared to the Canadian Mortgage industry average (8.3x)
Price to Earnings Ratio vs Fair Ratio
What is FN's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.
|Current PE Ratio||10.5x|
|Fair PE Ratio||11.3x|
Price-To-Earnings vs Fair Ratio: FN is good value based on its Price-To-Earnings Ratio (10.5x) compared to the estimated Fair Price-To-Earnings Ratio (11.3x).
Share Price vs Fair Value
What is the Fair Price of FN when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.
Below Fair Value: FN (CA$33.67) is trading below our estimate of fair value (CA$72.64)
Significantly Below Fair Value: FN is trading below fair value by more than 20%.
Price to Earnings Growth Ratio
PEG Ratio: FN is poor value based on its PEG Ratio (2.8x)
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How is First National Financial forecast to perform in the next 1 to 3 years based on estimates from 4 analysts?
Future Growth Score1/6
Future Growth Score 1/6
Earnings vs Savings Rate
Earnings vs Market
High Growth Earnings
Revenue vs Market
High Growth Revenue
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: FN's forecast earnings growth (3.7% per year) is above the savings rate (1.6%).
Earnings vs Market: FN's earnings (3.7% per year) are forecast to grow slower than the Canadian market (7.5% per year).
High Growth Earnings: FN's earnings are forecast to grow, but not significantly.
Revenue vs Market: FN's revenue (5.1% per year) is forecast to grow slower than the Canadian market (7% per year).
High Growth Revenue: FN's revenue (5.1% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if FN's Return on Equity is forecast to be high in 3 years time
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How has First National Financial performed over the past 5 years?
Past Performance Score2/6
Past Performance Score 2/6
Growing Profit Margin
Earnings vs Industry
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: FN has high quality earnings.
Growing Profit Margin: FN's current net profit margins (26.3%) are lower than last year (33.7%).
Past Earnings Growth Analysis
Earnings Trend: FN's earnings have grown by 0.2% per year over the past 5 years.
Accelerating Growth: FN's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: FN had negative earnings growth (-20.4%) over the past year, making it difficult to compare to the Mortgage industry average (7.2%).
Return on Equity
High ROE: Whilst FN's Return on Equity (29.79%) is high, this metric is skewed due to their high level of debt.
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How is First National Financial's financial position? (This company is analysed differently as a bank or financial institution)
Financial Health Score0/6
Financial Health Score 0/6
Allowance for Bad Loans
Low Risk Liabilities
Low Risk Deposits
Level of Bad Loans
Financial Position Analysis
Debt to Equity History and Analysis
Financial Institutions Analysis
Asset Level: FN's Assets to Equity ratio (64.6x) is very high.
Allowance for Bad Loans: Insufficient data to determine if FN has a sufficient allowance for bad loans.
Low Risk Liabilities: FN reports no customer deposits, 100% of its liabilities are made up of higher risk sources of funding.
Loan Level: Insufficient data to determine if FN has an appropriate level of Loans to Assets ratio.
Low Risk Deposits: FN reports no customer deposits, loans are made up entirely of externally borrowed funds.
Level of Bad Loans: Insufficient data to determine if FN has an appropriate level of bad loans.
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What is First National Financial current dividend yield, its reliability and sustainability?
Dividend Score 5/6
Future Dividend Coverage
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: FN's dividend (10.69%) is higher than the bottom 25% of dividend payers in the Canadian market (1.99%).
High Dividend: FN's dividend (10.69%) is in the top 25% of dividend payers in the Canadian market (5.27%)
Stability and Growth of Payments
Stable Dividend: FN's dividends per share have been stable in the past 10 years.
Growing Dividend: FN's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Earnings Coverage: With its reasonable payout ratio (72.4%), FN's dividend payments are covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years or that it will be covered by earnings.
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How experienced are the management team and are they aligned to shareholders interests?
Average management tenure
Jason Ellis (50 yo)
Mr. Jason Ellis has been Chief Executive Officer and Director at First National Financial Corporation since January 12, 2022 and its President since November 11, 2019. Mr. Ellis is responsible for day to d...
CEO Compensation Analysis
Compensation vs Market: Jason's total compensation ($USD979.44K) is below average for companies of similar size in the Canadian market ($USD2.38M).
Compensation vs Earnings: Jason's compensation has been consistent with company performance over the past year.
Experienced Management: FN's management team is seasoned and experienced (6 years average tenure).
Experienced Board: FN's board of directors are seasoned and experienced ( 16 years average tenure).
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: FN insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.
First National Financial Corporation's employee growth, exchange listings and data sources
- Name: First National Financial Corporation
- Ticker: FN
- Exchange: TSX
- Founded: 1988
- Industry: Thrifts and Mortgage Finance
- Sector: Banks
- Implied Market Cap: CA$2.019b
- Shares outstanding: 59.97m
- Website: https://www.firstnational.ca
Number of Employees
- First National Financial Corporation
- 16 York Street
- Suite 1900
- M5J 0E6
Company Analysis and Financial Data Status
|Data||Last Updated (UTC time)|
|Company Analysis||2022/06/28 00:00|
|End of Day Share Price||2022/06/28 00:00|
Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.