Upcoming Dividend • Jun 08
Upcoming dividend of CA$0.43 per share Eligible shareholders must have bought the stock before 15 June 2026. Payment date: 30 June 2026. Payout ratio is on the higher end at 82%, and the cash payout ratio is above 100%. Trailing yield: 7.0%. Within top quartile of Canadian dividend payers (5.4%). In line with average of industry peers (7.1%). New Risk • Jun 03
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$566k This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (2.0% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (100% cash payout ratio). Significant insider selling over the past 3 months (CA$566k sold). Declared Dividend • May 06
First quarter dividend of CA$0.43 announced Shareholders will receive a dividend of CA$0.43. Ex-date: 15th June 2026 Payment date: 30th June 2026 Dividend yield will be 6.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (82% earnings payout ratio) but not covered by cash flows (100% cash payout ratio). The dividend has increased by an average of 4.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 28% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 05
First quarter 2026 earnings: EPS and revenues exceed analyst expectations First quarter 2026 results: EPS: CA$0.57 (up from CA$0.43 in 1Q 2025). Revenue: CA$40.1m (up 29% from 1Q 2025). Net income: CA$23.0m (up 39% from 1Q 2025). Profit margin: 57% (up from 53% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 19%. Earnings per share (EPS) also surpassed analyst estimates by 21%. Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 5.1% growth forecast for the Diversified Financial industry in North America. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. Recent Insider Transactions • Mar 29
President recently sold CA$566k worth of stock On the 26th of March, Derek Sutherland sold around 25k shares on-market at roughly CA$22.62 per share. This transaction amounted to 3.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Derek has been a net seller over the last 12 months, reducing personal holdings by CA$1.9m. Declared Dividend • Feb 26
Fourth quarter dividend increased to CA$0.43 Dividend of CA$0.43 is 4.9% higher than last year. Ex-date: 13th March 2026 Payment date: 31st March 2026 Dividend yield will be 6.8%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but not covered by cash flows (dividend approximately 10x free cash flows). The dividend has increased by an average of 4.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 23% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Feb 25
Price target increased by 11% to CA$23.50 Up from CA$21.25, the current price target is an average from 2 analysts. New target price is approximately in line with last closing price of CA$24.36. Stock is up 30% over the past year. The company is forecast to post earnings per share of CA$2.01 for next year compared to CA$1.89 last year. Reported Earnings • Feb 24
Full year 2025 earnings: EPS and revenues miss analyst expectations Full year 2025 results: EPS: CA$1.89 (down from CA$2.06 in FY 2024). Revenue: CA$133.8m (up 2.5% from FY 2024). Net income: CA$74.9m (down 3.5% from FY 2024). Profit margin: 56% (down from 59% in FY 2024). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) also missed analyst estimates by 2.1%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 14% growth forecast for the Diversified Financial industry in Canada. 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 14% per year, which means it is well ahead of earnings. Announcement • Feb 24
MCAN Mortgage Corporation Declares First Quarter Regular Cash Dividend, Payable on March 31, 2026 MCAN Mortgage Corporation declared a first quarter regular cash dividend of $0.43 per share (an increase of 5% from our fourth quarter 2025 dividend) to be paid March 31, 2026 to shareholders of record on March 13, 2026. Announcement • Jan 14
MCAN Financial Group Announces Executive Changes MCAN Financial Group has made a series of strategic leadership appointments and expanded mandates across key functions. These changes strengthen MCAN's capabilities in finance, investments, risk management, and people strategy, ensuring the organization is well-positioned to execute on its long-term vision and deliver enhanced value for stakeholders. The company announced that Aaron Corr has assumed the title of Senior Vice President and Chief Risk Officer, reflecting the enterprise-wide scope of MCAN's risk function and its critical role in supporting effective governance and long-term resilience. Michelle Liotta has assumed the title of Vice President and Chief People Officer, highlighting the strategic importance of aligning people strategy with business priorities in support of long-term performance and growth. These strategic appointments underscore MCAN Financial Group's commitment to sustainable and profitable growth, positioning the organization to deliver enhanced, long-term value for stakeholders while navigating an evolving market landscape. Announcement • Dec 22
MCAN Mortgage Corporation, Annual General Meeting, Apr 30, 2026 MCAN Mortgage Corporation, Annual General Meeting, Apr 30, 2026. Buy Or Sell Opportunity • Dec 19
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.2% to CA$22.29. The fair value is estimated to be CA$18.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 50% in the next 2 years. Upcoming Dividend • Dec 08
Upcoming dividend of CA$0.41 per share Eligible shareholders must have bought the stock before 15 December 2025. Payment date: 02 January 2026. Payout ratio and cash payout ratio are on the higher end at 98% and 98% respectively. Trailing yield: 7.3%. Within top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (5.8%). Buy Or Sell Opportunity • Dec 04
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 2.0% to CA$22.31. The fair value is estimated to be CA$18.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 10% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 33% in 2 years. Earnings are forecast to grow by 50% in the next 2 years. Declared Dividend • Nov 09
Third quarter dividend of CA$0.41 announced Shareholders will receive a dividend of CA$0.41. Ex-date: 15th December 2025 Payment date: 2nd January 2026 Dividend yield will be 7.4%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is not adequately covered by earnings (98% earnings payout ratio) nor is it adequately covered by cash flows (97% cash payout ratio). The dividend has increased by an average of 3.9% per year over the past 10 years. However, payments have been volatile during that time. The company's earnings per share (EPS) would need to grow by 8.4% to bring the payout ratio under control. EPS is expected to grow by 28% over the next 2 years, which is sufficient to bring the dividend into a sustainable range. Buy Or Sell Opportunity • Nov 07
Now 20% overvalued after recent price rise Over the last 90 days, the stock has risen 5.8% to CA$22.27. The fair value is estimated to be CA$18.54, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 11% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 31% in 2 years. Earnings are forecast to grow by 49% in the next 2 years. Announcement • Nov 07
MCAN Mortgage Corporation announces Quarterly dividend, payable on January 02, 2026 MCAN Mortgage Corporation announced Quarterly dividend of CAD 0.4100 per share payable on January 02, 2026, ex-date on December 15, 2025 and record date on December 15, 2025. Reported Earnings • Nov 07
Third quarter 2025 earnings released: EPS: CA$0.52 (vs CA$0.70 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.52 (down from CA$0.70 in 3Q 2024). Revenue: CA$35.8m (down 7.6% from 3Q 2024). Net income: CA$20.5m (down 24% from 3Q 2024). Profit margin: 57% (down from 69% in 3Q 2024). The decrease in margin was primarily driven by higher expenses. Revenue is forecast to grow 13% p.a. on average during the next 3 years, compared to a 13% growth forecast for the Diversified Financial industry in Canada. Over the last 3 years on average, earnings per share has remained flat but the company’s share price has increased by 13% per year, which means it is well ahead of earnings. Upcoming Dividend • Sep 08
Upcoming dividend of CA$0.41 per share Eligible shareholders must have bought the stock before 15 September 2025. Payment date: 29 September 2025. Payout ratio is on the higher end at 87% but the company is not cash flow positive. Trailing yield: 7.5%. Within top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (5.8%). Declared Dividend • Aug 11
Second quarter dividend of CA$0.41 announced Shareholders will receive a dividend of CA$0.41. Ex-date: 15th September 2025 Payment date: 29th September 2025 Dividend yield will be 7.6%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (87% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 36% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Recent Insider Transactions • Aug 10
Independent Chairman of the Board recently sold CA$149k worth of stock On the 8th of August, Gaelen Morphet sold around 7k shares on-market at roughly CA$21.11 per share. This transaction amounted to 23% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Gaelen has been a net seller over the last 12 months, reducing personal holdings by CA$129k. Announcement • Aug 09
MCAN Mortgage Corporation has filed a Follow-on Equity Offering in the amount of CAD 75 million. MCAN Mortgage Corporation has filed a Follow-on Equity Offering in the amount of CAD 75 million.
Security Name: Common Shares
Security Type: Common Stock
Transaction Features: At the Market Offering Reported Earnings • Aug 08
Second quarter 2025 earnings: EPS and revenues exceed analyst expectations Second quarter 2025 results: EPS: CA$0.51. Revenue: CA$60.8m (up 81% from 2Q 2024). Net income: CA$20.2m (up 2.2% from 2Q 2024). Profit margin: 33% (down from 59% in 2Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 2.6%. Earnings per share (EPS) also surpassed analyst estimates by 6.3%. Revenue is forecast to grow 1.3% p.a. on average during the next 3 years, compared to a 18% growth forecast for the Diversified Financial industry in Canada. Announcement • Aug 08
MCAN Mortgage Corporation Declares Third Quarter Regular Cash Dividend, Payable on September 29, 2025 The Board of Directors of MCAN Mortgage Corporation declared a third quarter regular cash dividend of $0.41 per share to be paid on September 29, 2025 to shareholders of record as of September 15, 2025. Upcoming Dividend • Jun 06
Upcoming dividend of CA$0.41 per share Eligible shareholders must have bought the stock before 13 June 2025. Payment date: 30 June 2025. Payout ratio is on the higher end at 86% but the company is not cash flow positive. Trailing yield: 8.4%. Within top quartile of Canadian dividend payers (6.2%). Higher than average of industry peers (6.0%). Board Change • Jun 01
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. 6 experienced directors. 1 highly experienced director. Independent Director Karen Martin was the last director to join the board, commencing their role in 2024. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Declared Dividend • May 11
First quarter dividend of CA$0.41 announced Shareholders will receive a dividend of CA$0.41. Ex-date: 13th June 2025 Payment date: 30th June 2025 Dividend yield will be 8.4%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (86% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 3.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 10% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 09
First quarter 2025 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2025 results: EPS: CA$0.43 (down from CA$0.65 in 1Q 2024). Revenue: CA$56.0m (up 59% from 1Q 2024). Net income: CA$16.6m (down 29% from 1Q 2024). Profit margin: 30% (down from 66% in 1Q 2024). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 10%. Earnings per share (EPS) missed analyst estimates by 17%. Revenue is forecast to grow 8.4% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Diversified Financial industry in Canada. Over the last 3 years on average, earnings per share has increased by 5% per year whereas the company’s share price has increased by 3% per year. Announcement • May 09
MCAN Mortgage Corporation announces Quarterly dividend, payable on June 30, 2025 MCAN Mortgage Corporation announced Quarterly dividend of CAD 0.4100 per share payable on June 30, 2025, ex-date on June 13, 2025 and record date on June 13, 2025. Recent Insider Transactions • Apr 15
President recently sold CA$1.2m worth of stock On the 11th of April, Derek Sutherland sold around 69k shares on-market at roughly CA$17.21 per share. This trade did not impact their existing holding. This was the largest sale by an insider in the last 3 months. Derek has been a net seller over the last 12 months, reducing personal holdings by CA$2.1m. Declared Dividend • Feb 27
Fourth quarter dividend increased to CA$0.41 Dividend of CA$0.41 is 5.1% higher than last year. Ex-date: 14th March 2025 Payment date: 31st March 2025 Dividend yield will be 8.5%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (76% earnings payout ratio) but not covered by cash flows (130% cash payout ratio). The dividend has increased by an average of 3.9% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.3% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Feb 26
MCAN Mortgage Corporation, Annual General Meeting, May 08, 2025 MCAN Mortgage Corporation, Annual General Meeting, May 08, 2025. Reported Earnings • Feb 26
Full year 2024 earnings released Full year 2024 results: Net income: (down CA$77.5m from profit in FY 2023). Over the last 3 years on average, earnings per share has increased by 6% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Price Target Changed • Feb 25
Price target increased by 8.1% to CA$20.00 Up from CA$18.50, the current price target is an average from 2 analysts. New target price is 9.0% above last closing price of CA$18.35. Stock is up 11% over the past year. Announcement • Feb 25
Mcan Mortgage Corporation Declares First Quarter Regular Dividend, Payable on March 31, 2025 MCAN Mortgage Corporation declared a first quarter regular cash dividend of $0.41 per share (an increase of 5% from fourth quarter 2024 dividend) to be paid on March 31, 2025 to shareholders of record as of March 14, 2025. Upcoming Dividend • Dec 06
Upcoming dividend of CA$0.39 per share Eligible shareholders must have bought the stock before 13 December 2024. Payment date: 02 January 2025. Payout ratio is a comfortable 63% and this is well supported by cash flows. Trailing yield: 7.9%. Within top quartile of Canadian dividend payers (6.1%). Higher than average of industry peers (6.5%). Major Estimate Revision • Nov 19
Consensus EPS estimates increase by 13% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CA$115.4m to CA$124.0m. EPS estimate increased from CA$2.07 to CA$2.34 per share. Net income forecast to shrink 11% next year vs 17% growth forecast for Diversified Financial industry in Canada . Consensus price target up from CA$18.50 to CA$19.50. Share price rose 7.2% to CA$19.57 over the past week. Declared Dividend • Nov 14
Third quarter dividend of CA$0.39 announced Shareholders will receive a dividend of CA$0.39. Ex-date: 13th December 2024 Payment date: 2nd January 2025 Dividend yield will be 8.0%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by both earnings (63% earnings payout ratio) and cash flows (56% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 11% over the next 2 years. However, it would need to fall by 29% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Nov 12
Third quarter 2024 earnings: EPS and revenues exceed analyst expectations Third quarter 2024 results: EPS: CA$0.70 (up from CA$0.53 in 3Q 2023). Revenue: CA$38.7m (up 32% from 3Q 2023). Net income: CA$26.9m (up 46% from 3Q 2023). Profit margin: 69% (up from 63% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 35%. Earnings per share (EPS) also surpassed analyst estimates by 59%. Revenue is forecast to grow 2.2% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Diversified Financial industry in Canada. Over the last 3 years on average, earnings per share has increased by 1% per year and the company’s share price has also increased by 1% per year. Announcement • Nov 12
MCAN Mortgage Corporation Declares Cash Dividend for Fourth Quarter 2024, Payable on January 2, 2025 The board of directors of MCAN Mortgage Corporation declared a fourth quarter 2024 regular cash dividend of $0.39 per share to be paid on January 2, 2025 to shareholders of record as of December 13, 2024. Upcoming Dividend • Sep 06
Upcoming dividend of CA$0.39 per share Eligible shareholders must have bought the stock before 13 September 2024. Payment date: 27 September 2024. Payout ratio is a comfortable 68% and this is well supported by cash flows. Trailing yield: 8.8%. Within top quartile of Canadian dividend payers (6.0%). Higher than average of industry peers (3.2%). Declared Dividend • Aug 15
Second quarter dividend of CA$0.39 announced Shareholders will receive a dividend of CA$0.39. Ex-date: 13th September 2024 Payment date: 27th September 2024 Dividend yield will be 8.9%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (68% earnings payout ratio) but not covered by cash flows (107% cash payout ratio). The dividend has increased by an average of 3.4% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to decline by 3.1% over the next 3 years. However, it would need to fall by 24% to increase the payout ratio to a potentially unsustainable range. Reported Earnings • Aug 13
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: CA$0.52 (up from CA$0.46 in 2Q 2023). Revenue: CA$61.1m (up 124% from 2Q 2023). Net income: CA$19.7m (up 24% from 2Q 2023). Profit margin: 32% (down from 58% in 2Q 2023). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 6.6%. Earnings per share (EPS) also surpassed analyst estimates by 4.0%. Revenue is expected to decline by 1.4% p.a. on average during the next 3 years, while revenues in the Diversified Financial industry in Canada are expected to grow by 15%. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • Aug 13
MCAN Mortgage Corporation Declares Third Quarter Regular Cash Dividend, Payable on September 27, 2024 MCAN Mortgage Corporation declared a third quarter regular cash dividend of $0.39 per share to be paid on September 27, 2024 to shareholders of record as of September 13, 2024. Buy Or Sell Opportunity • Jul 15
Now 20% undervalued Over the last 90 days, the stock has risen 7.0% to CA$16.56. The fair value is estimated to be CA$20.78, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 8.0% over the last 3 years. Earnings per share has declined by 10%. Revenue is forecast to grow by 0.2% in 2 years. Earnings are forecast to grow by 8.1% in the next 2 years. Upcoming Dividend • Jun 07
Upcoming dividend of CA$0.39 per share Eligible shareholders must have bought the stock before 14 June 2024. Payment date: 28 June 2024. Payout ratio is a comfortable 69% but the company is paying out more than the cash it is generating. Trailing yield: 9.5%. Within top quartile of Canadian dividend payers (6.3%). Higher than average of industry peers (3.3%). New Risk • May 13
New minor risk - Insider selling There has been significant insider selling in the company's shares over the past 3 months. Total value of shares sold: CA$1.0m This is considered a minor risk. There are several reasons why an insider may be selling, including to cover a tax obligation or pay for some other expense. However, we generally consider it a negative if insiders have been selling, especially if they do so below the current price. It implies that they considered a lower price to be reasonable. This is a weak signal, but if there is a pattern of unexplained selling, it can be a sign the insider believes the company's stock is overpriced. Note: We only include open market transactions and private dispositions of directly owned stock by individuals, not by corporations or trusts. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (0.5% operating cash flow to total debt). Minor Risks Dividend is not well covered by cash flows (dividend per share is over 5x cash flows per share). Shareholders have been diluted in the past year (8.8% increase in shares outstanding). Significant insider selling over the past 3 months (CA$1.0m sold). Recent Insider Transactions • May 13
Independent Chairman of the Board recently sold CA$787k worth of stock On the 10th of May, Derek Sutherland sold around 50k shares on-market at roughly CA$15.63 per share. This transaction amounted to 5.9% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Derek has been a net seller over the last 12 months, reducing personal holdings by CA$687k. Declared Dividend • May 10
First quarter dividend of CA$0.39 announced Shareholders will receive a dividend of CA$0.39. Ex-date: 14th June 2024 Payment date: 28th June 2024 Dividend yield will be 9.8%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (69% earnings payout ratio) but not covered by cash flows (dividend approximately 5x free cash flows). The dividend has increased by an average of 3.1% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to remain steady over the next 3 years, which should provide adequate earnings cover for the dividend. Announcement • May 09
MCAN Mortgage Corporation Appoints Karen L. Martin as Director MCAN Mortgage Corporation announced that at the AGM was held on May 7, 2024, the company approved the appointment of Karen L. Martin as director. Announcement • May 08
MCAN Mortgage Corporation Declares Second Quarter Regular Cash Dividend, Payable on June 28, 2024 The Board of Directors of MCAN Mortgage Corporation declared a second quarter regular cash dividend of $0.39 per share. The dividend will be paid on June 28, 2024 to shareholders of record as of June 14, 2024. Reported Earnings • May 07
First quarter 2024 earnings: EPS and revenues miss analyst expectations First quarter 2024 results: EPS: CA$0.65 (down from CA$0.67 in 1Q 2023). Revenue: CA$35.3m (up 2.7% from 1Q 2023). Net income: CA$23.2m (flat on 1Q 2023). Profit margin: 66% (down from 68% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 5.0%. Earnings per share (EPS) also missed analyst estimates by 7.1%. Revenue is forecast to grow 4.6% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Diversified Financial industry in Canada. Over the last 3 years on average, earnings per share has fallen by 10% 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. Announcement • Mar 29
MCAN Mortgage Corporation has completed a Follow-on Equity Offering in the amount of CAD 25.025 million. MCAN Mortgage Corporation has completed a Follow-on Equity Offering in the amount of CAD 25.025 million.
Security Name: Common Shares
Security Type: Common Stock
Securities Offered: 1,625,000
Price\Range: CAD 15.4 Recent Insider Transactions • Mar 28
Lead Independent Director recently bought CA$154k worth of stock On the 21st of March, John Coke bought around 10k shares on-market at roughly CA$15.40 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$96k more in shares than they bought in the last 12 months. Announcement • Mar 19
MCAN Mortgage Corporation has filed a Follow-on Equity Offering in the amount of CAD 20 million. MCAN Mortgage Corporation has filed a Follow-on Equity Offering in the amount of CAD 20 million.
Security Name: Common Shares
Security Type: Common Stock Upcoming Dividend • Mar 07
Upcoming dividend of CA$0.39 per share Eligible shareholders must have bought the stock before 14 March 2024. Payment date: 28 March 2024. Payout ratio is a comfortable 67% but the company is not cash flow positive. Trailing yield: 9.3%. Within top quartile of Canadian dividend payers (6.5%). Higher than average of industry peers (3.7%). Recent Insider Transactions • Mar 01
Independent Director recently sold CA$244k worth of stock On the 27th of February, Glenn Dore sold around 15k shares on-market at roughly CA$16.28 per share. This transaction amounted to 7.6% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$242k more than they bought in the last 12 months. Declared Dividend • Mar 01
Fourth quarter dividend of CA$0.39 announced Shareholders will receive a dividend of CA$0.39. Ex-date: 14th March 2024 Payment date: 28th March 2024 Dividend yield will be 9.1%, which is higher than the industry average of 3.4%. Sustainability & Growth Dividend is covered by earnings (67% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 2.8% per year over the past 10 years. However, payments have been volatile during that time. EPS is expected to grow by 7.7% over the next 3 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 27
Full year 2023 earnings released: EPS: CA$2.22 (vs CA$1.77 in FY 2022) Full year 2023 results: EPS: CA$2.22 (up from CA$1.77 in FY 2022). Revenue: CA$202.2m (up 114% from FY 2022). Net income: CA$77.5m (up 40% from FY 2022). Profit margin: 38% (down from 59% in FY 2022). The decrease in margin was driven by higher expenses. Revenue is expected to decline by 23% p.a. on average during the next 2 years, while revenues in the Diversified Financial industry in Canada are expected to grow by 15%. Over the last 3 years on average, earnings per share has fallen by 7% 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. Recent Insider Transactions • Dec 18
Independent Director recently bought CA$70k worth of stock On the 15th of December, Bonnie Agostinho bought around 4k shares on-market at roughly CA$15.87 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$663k more in shares than they bought in the last 12 months. Upcoming Dividend • Dec 07
Upcoming dividend of CA$0.38 per share at 9.6% yield Eligible shareholders must have bought the stock before 14 December 2023. Payment date: 02 January 2024. Payout ratio is a comfortable 61% but the company is paying out more than the cash it is generating. Trailing yield: 9.6%. Within top quartile of Canadian dividend payers (6.6%). Higher than average of industry peers (3.6%). Reported Earnings • Nov 09
Third quarter 2023 earnings: EPS and revenues miss analyst expectations Third quarter 2023 results: EPS: CA$0.53 (up from CA$0.37 in 3Q 2022). Revenue: CA$29.4m (up 31% from 3Q 2022). Net income: CA$18.5m (up 59% from 3Q 2022). Profit margin: 63% (up from 52% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 21%. Earnings per share (EPS) also missed analyst estimates by 24%. Revenue is forecast to grow 4.4% p.a. on average during the next 3 years, compared to a 3.2% growth forecast for the Diversified Financial industry in Canada. Over the last 3 years on average, earnings per share has fallen by 2% per year whereas the company’s share price has increased by 2% per year. Announcement • Nov 07
MCAN Mortgage Corporation Announces Regular Cash Dividend for the Fourth Quarter of 2023, Payable on January 2, 2024 The Board of Directors of MCAN Mortgage Corporation declared a fourth quarter regular cash dividend of $0.38 per share to be paid on January 2, 2024 to shareholders of record as of December 15, 2023. Recent Insider Transactions • Sep 21
Chairman recently sold CA$130k worth of stock On the 14th of September, Derek Sutherland sold around 8k shares on-market at roughly CA$16.30 per share. This transaction amounted to less than 1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Derek has been a net seller over the last 12 months, reducing personal holdings by CA$777k. Upcoming Dividend • Sep 07
Upcoming dividend of CA$0.38 per share at 9.3% yield Eligible shareholders must have bought the stock before 14 September 2023. Payment date: 29 September 2023. Payout ratio is a comfortable 64% but the company is not cash flow positive. Trailing yield: 9.3%. Within top quartile of Canadian dividend payers (6.2%). Higher than average of industry peers (3.0%). Reported Earnings • Aug 09
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: EPS: CA$0.46 (up from CA$0.13 in 2Q 2022). Revenue: CA$27.3m (up 104% from 2Q 2022). Net income: CA$15.9m (up 284% from 2Q 2022). Profit margin: 58% (up from 31% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 20%. Earnings per share (EPS) also missed analyst estimates by 27%. Revenue is forecast to grow 9.5% p.a. on average during the next 3 years, compared to a 7.3% growth forecast for the Diversified Financial industry in Canada. Over the last 3 years on average, earnings per share has increased by 4% per year whereas the company’s share price has increased by 5% per year. Announcement • Aug 09
MCAN Mortgage Corporation Announces Regular Cash Dividend, Payable on September 29, 2023 The Board of Directors of MCAN Mortgage Corporation declared a third quarter regular cash dividend of $0.38 per share (an increase of nearly 6% from second quarter 2023 dividend). The dividend will be paid on September 29, 2023 to shareholders of record as of September 15, 2023. Upcoming Dividend • Jun 07
Upcoming dividend of CA$0.36 per share at 8.7% yield Eligible shareholders must have bought the stock before 14 June 2023. Payment date: 30 June 2023. Payout ratio is a comfortable 74% but the company is not cash flow positive. Trailing yield: 8.7%. Within top quartile of Canadian dividend payers (6.2%). Higher than average of industry peers (3.2%). Major Estimate Revision • May 15
Consensus revenue estimates increase by 14% The consensus outlook for revenues in fiscal year 2023 has improved. 2023 revenue forecast increased from CA$111.3m to CA$127.0m. EPS estimate increased from CA$2.29 to CA$2.65 per share. Net income forecast to grow 64% next year vs 33% growth forecast for Diversified Financial industry in Canada. Consensus price target up from CA$18.00 to CA$19.00. Share price rose 3.1% to CA$16.08 over the past week. Announcement • May 10
MCAN Mortgage Corporation Declares Second Quarter Regular Cash Dividend, Payable on June 30,2023 MCAN Mortgage Corporation declared a second quarter regular cash dividend of $0.36 per share. The dividend will be paid on June 30,2023 to shareholders of record as of June15,2023. Reported Earnings • May 10
First quarter 2023 earnings: EPS and revenues exceed analyst expectations First quarter 2023 results: EPS: CA$0.67 (up from CA$0.52 in 1Q 2022). Revenue: CA$34.4m (up 41% from 1Q 2022). Net income: CA$23.3m (up 50% from 1Q 2022). Profit margin: 68% (up from 63% in 1Q 2022). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 26%. Earnings per share (EPS) also surpassed analyst estimates by 31%. Revenue is forecast to grow 8.5% p.a. on average during the next 2 years, compared to a 8.4% growth forecast for the Diversified Financial industry in Canada. Over the last 3 years on average, earnings per share has increased by 10% per year whereas the company’s share price has increased by 9% per year. Buying Opportunity • Mar 15
Now 21% undervalued Over the last 90 days, the stock is up 2.4%. The fair value is estimated to be CA$19.25, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 9.5%. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 54% in the next 2 years. Upcoming Dividend • Mar 07
Upcoming dividend of CA$0.36 per share at 8.7% yield Eligible shareholders must have bought the stock before 14 March 2023. Payment date: 31 March 2023. Payout ratio is on the higher end at 81%, and the cash payout ratio is above 100%. Trailing yield: 8.7%. Within top quartile of Canadian dividend payers (5.9%). Higher than average of industry peers (4.1%). Major Estimate Revision • Mar 02
Consensus EPS estimates increase by 17% The consensus outlook for earnings per share (EPS) in fiscal year 2023 has improved. 2023 revenue forecast increased from CA$102.5m to CA$111.3m. EPS estimate increased from CA$1.95 to CA$2.29 per share. Net income forecast to grow 45% next year vs 43% growth forecast for Mortgage industry in Canada. Consensus price target of CA$18.00 unchanged from last update. Share price rose 5.5% to CA$16.77 over the past week. Reported Earnings • Feb 26
Full year 2022 earnings: EPS and revenues exceed analyst expectations Full year 2022 results: EPS: CA$1.77 (down from CA$2.41 in FY 2021). Revenue: CA$94.3m (down 5.9% from FY 2021). Net income: CA$55.4m (down 14% from FY 2021). Profit margin: 59% (down from 64% in FY 2021). The decrease in margin was primarily driven by higher expenses. Revenue exceeded analyst estimates by 12%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Mortgage industry in Canada. Over the last 3 years on average, earnings per share has increased by 10% per year but the company’s share price has remained flat, which means it is significantly lagging earnings. Buying Opportunity • Feb 26
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 4.1%. The fair value is estimated to be CA$19.95, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 16% over the last 3 years. Earnings per share has grown by 9.5%. Revenue is forecast to grow by 28% in 2 years. Earnings is forecast to grow by 54% in the next 2 years. Recent Insider Transactions • Jan 14
Independent Chairman recently sold CA$527k worth of stock On the 12th of January, Derek Sutherland sold around 35k shares on-market at roughly CA$14.93 per share. This transaction amounted to 4.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Derek has been a net seller over the last 12 months, reducing personal holdings by CA$924k. Recent Insider Transactions • Jan 09
Independent Chairman recently sold CA$150k worth of stock On the 4th of January, Derek Sutherland sold around 10k shares on-market at roughly CA$14.88 per share. This transaction amounted to 1.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Derek has been a net seller over the last 12 months, reducing personal holdings by CA$397k. Recent Insider Transactions Derivative • Dec 29
Independent Director exercised options to buy CA$147k worth of stock. On the 21st of December, Gordon Herridge exercised options to buy 10k shares at a strike price of around CA$14.00, costing a total of CA$138k. This transaction amounted to 6.7% of their direct individual holding at the time of the trade. Since December 2021, Gordon's direct individual holding has increased from 144.01k shares to 156.19k. Company insiders have collectively bought CA$6.1k more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Dec 07
Upcoming dividend of CA$0.36 per share Eligible shareholders must have bought the stock before 14 December 2022. Payment date: 03 January 2023. Payout ratio is on the higher end at 91% but the company is not cash flow positive. Trailing yield: 9.6%. Within top quartile of Canadian dividend payers (5.7%). Higher than average of industry peers (4.3%). Price Target Changed • Nov 16
Price target increased to CA$18.13 Up from CA$7.57, the current price target is an average from 2 analysts. New target price is 18% above last closing price of CA$15.30. Stock is down 19% over the past year. The company is forecast to post earnings per share of CA$1.44 for next year compared to CA$2.40 last year. 