Reported Earnings • Apr 09
First quarter 2026 earnings released: CA$0.38 loss per share (vs CA$0.27 loss in 1Q 2025) First quarter 2026 results: CA$0.38 loss per share (further deteriorated from CA$0.27 loss in 1Q 2025). Revenue: CA$108.7m (down 2.2% from 1Q 2025). Net loss: CA$3.13m (loss widened 39% from 1Q 2025). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has only fallen by 8% per year, which means it has not declined as severely as earnings. Buy Or Sell Opportunity • Mar 31
Now 22% overvalued The stock has been flat over the last 90 days, currently trading at CA$11.90. The fair value is estimated to be CA$9.79, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 4.6% over the last 3 years. Earnings per share has declined by 47%. Announcement • Mar 03
Goodfellow Inc., Annual General Meeting, May 12, 2026 Goodfellow Inc., Annual General Meeting, May 12, 2026. Location: quebec, delson Canada Reported Earnings • Feb 22
Full year 2025 earnings released: EPS: CA$0.86 (vs CA$1.57 in FY 2024) Full year 2025 results: EPS: CA$0.86 (down from CA$1.57 in FY 2024). Revenue: CA$543.0m (up 6.6% from FY 2024). Net income: CA$7.14m (down 47% from FY 2024). Profit margin: 1.3% (down from 2.6% in FY 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has only fallen by 7% per year, which means it has not declined as severely as earnings. Announcement • Feb 20
Goodfellow Inc. Declares Dividend, Payable on March 19, 2026 The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.15 per share payable on March 19, 2026, to shareholders of record at the close of business on March 5, 2026. This dividend is designated as an eligible dividend under the Income Tax Act (Canada). The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Declared Dividend • Feb 15
Dividend reduced to CA$0.12 Dividend of CA$0.12 is 52% lower than last year. Ex-date: 17th March 2026 Payment date: 24th March 2026 Dividend yield will be 3.9%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (33% earnings payout ratio) and cash flows (55% cash payout ratio). The dividend has increased by an average of 4.1% 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 decline by 63% to shift the payout ratio to a potentially unsustainable range, which is more than the 4.7% EPS decline seen over the last 5 years. Announcement • Feb 13
Goodfellow Inc. announces Semi-Annual dividend, payable on March 24, 2026 Goodfellow Inc. announced Semi-Annual dividend of CAD 0.1200 per share payable on March 24, 2026, ex-date on March 17, 2026 and record date on March 17, 2026. Reported Earnings • Oct 15
Third quarter 2025 earnings released: EPS: CA$0.45 (vs CA$0.68 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.45 (down from CA$0.68 in 3Q 2024). Revenue: CA$141.9m (up 1.6% from 3Q 2024). Net income: CA$3.74m (down 35% from 3Q 2024). Profit margin: 2.6% (down from 4.1% in 3Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 50% 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 • Oct 15
Goodfellow Inc. Declares an Eligible Dividend Payable on November 11, 2025 The Board of Directors of Goodfellow Inc. declared an eligible dividend of $0.35 per share payable on November 11, 2025 to shareholders of record at the close of business on October 28, 2025. This dividend is designated as an eligible dividend under the Income Tax Act (Canada). The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Buy Or Sell Opportunity • Aug 08
Now 20% overvalued Over the last 90 days, the stock has fallen 6.7% to CA$11.21. The fair value is estimated to be CA$9.32, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has declined by 8.1% over the last 3 years. Earnings per share has declined by 48%. Board Change • Jul 15
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Sarah Prichard was the last independent director to join the board, commencing their role in 2022. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Jul 11
Second quarter 2025 earnings released: EPS: CA$0.29 (vs CA$0.62 in 2Q 2024) Second quarter 2025 results: EPS: CA$0.29 (down from CA$0.62 in 2Q 2024). Revenue: CA$152.9m (up 9.0% from 2Q 2024). Net income: CA$2.46m (down 54% from 2Q 2024). Profit margin: 1.6% (down from 3.8% in 2Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 49% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Announcement • Jul 11
Goodfellow Inc. Appoints Suzanne Blanchet to Its Board of Directors, Effective July 10, 2025 Goodfellow Inc. announced the appointment of Suzanne Blanchet to its Board of Directors, effective July 10, 2025. Suzanne Blanchet (D.h.c., ICD.D) is a seasoned executive and accomplished board director, recognized for her strategic leadership and expertise in industrial sectors. She currently serves on the boards of several public and private companies, including GDI Integrated Facility Services Inc., Velan Inc. (Chair of the Audit Committee), Solmax (Chair of the Audit Committee), EBI Environnement Inc. (Chair of the Audit Committee), and BCI Foods Inc. (Chair of the Board of Directors). Until 2023, she was a director of Resolute Forest Products, where she chaired the Environment, Health and Safety Committee. She also served as Chair of the Réseau des Femmes d’affaires du Québec (RFAQ), a non-profit organization dedicated to the development of women-owned businesses, and remained a board member until 2024. From 1978 to 2017, Suzanne built a distinguished career at Cascades Inc., where she held several leadership roles, most notably as President of Cascades Tissue Group from 1997 to 2014. Under her leadership, the Tissue Group experienced significant growth in Canada and the United States, becoming the fourth-largest tissue paper manufacturer in North America. From 2014 until her retirement in 2017, she served as Senior Vice-President, Corporate Development, where she led the company’s innovation strategy and oversaw the development and implementation of Cascades’ ESG plan. Suzanne holds a degree in accounting from the Université du Québec à Trois-Rivières and is a certified corporate director (ICD.D). She has received several honors, including the Golden Stevie Award for Executive of the Year in Canada in 2013. In 2015, the Université du Québec en Outaouais awarded her an honorary doctorate in recognition of her outstanding contribution as a pioneer in sustainable development and her innovative approaches within the pulp and paper industry. Reported Earnings • Apr 11
First quarter 2025 earnings released: CA$0.27 loss per share (vs CA$0.013 loss in 1Q 2024) First quarter 2025 results: CA$0.27 loss per share (further deteriorated from CA$0.013 loss in 1Q 2024). Revenue: CA$111.2m (up 5.5% from 1Q 2024). Net loss: CA$2.26m (loss widened CA$2.15m from 1Q 2024). 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 5% per year, which means it has not declined as severely as earnings. Announcement • Mar 04
Goodfellow Inc., Annual General Meeting, May 14, 2025 Goodfellow Inc., Annual General Meeting, May 14, 2025. Location: quebec, delson Canada Declared Dividend • Feb 23
Final dividend of CA$0.25 announced Shareholders will receive a dividend of CA$0.25. Ex-date: 5th March 2025 Payment date: 19th March 2025 Dividend yield will be 4.1%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (49% 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 2.3% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 35% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Announcement • Feb 21
Goodfellow Inc. announces Semi-Annual dividend, payable on March 19, 2025 Goodfellow Inc. announced Semi-Annual dividend of CAD 0.2500 per share payable on March 19, 2025, ex-date on March 05, 2025 and record date on March 05, 2025. Reported Earnings • Feb 20
Full year 2024 earnings released: EPS: CA$1.57 (vs CA$1.72 in FY 2023) Full year 2024 results: EPS: CA$1.57 (down from CA$1.72 in FY 2023). Revenue: CA$509.5m (flat on FY 2023). Net income: CA$13.4m (down 9.0% from FY 2023). Profit margin: 2.6% (down from 2.9% in FY 2023). Over the last 3 years on average, earnings per share has fallen by 43% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Announcement • Feb 20
Goodfellow Inc. Declares Dividend, Payable on March 19, 2025 The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.25 per share payable on March 19, 2025, to shareholders of record at the close of business on March 5, 2025. Declared Dividend • Oct 13
Dividend reduced to CA$0.25 Dividend of CA$0.25 is 50% lower than last year. Ex-date: 23rd October 2024 Payment date: 6th November 2024 Dividend yield will be 5.3%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by earnings (65% 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 9.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 35% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Oct 10
Third quarter 2024 earnings released: EPS: CA$0.68 (vs CA$0.73 in 3Q 2023) Third quarter 2024 results: EPS: CA$0.68 (down from CA$0.73 in 3Q 2023). Revenue: CA$139.7m (flat on 3Q 2023). Net income: CA$5.75m (down 7.1% from 3Q 2023). Profit margin: 4.1% (down from 4.4% in 3Q 2023). Over the last 3 years on average, earnings per share has fallen by 39% per year but the company’s share price has increased by 9% per year, which means it is well ahead of earnings. Buy Or Sell Opportunity • Oct 10
Now 27% undervalued The stock has been flat over the last 90 days, currently trading at CA$13.73. The fair value is estimated to be CA$18.71, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has declined by 7.9% over the last 3 years. Earnings per share has declined by 39%. Announcement • Oct 10
Goodfellow Inc. Declares a Dividend, Payable on November 6, 2024 The Board of Directors of Goodfellow Inc. declared an eligible dividend of $0.25 per share payable on November 6, 2024 to shareholders of record at the close of business on October 23, 2024. Reported Earnings • Jul 11
Second quarter 2024 earnings released: EPS: CA$0.62 (vs CA$0.77 in 2Q 2023) Second quarter 2024 results: EPS: CA$0.62 (down from CA$0.77 in 2Q 2023). Revenue: CA$140.3m (down 1.4% from 2Q 2023). Net income: CA$5.31m (down 19% from 2Q 2023). Profit margin: 3.8% (down from 4.6% in 2Q 2023). Over the last 3 years on average, earnings per share has fallen by 32% per year but the company’s share price has increased by 11% per year, which means it is well ahead of earnings. Announcement • Jul 11
Goodfellow Inc. Appoints Marie-Hélène Nolet to Its Board of Directors Goodfellow Inc. announced the appointment of Marie-Hélène Nolet to its Board of Directors, effective immediately. Marie-Hélène Nolet is an accomplished C-Suite executive and a professional Board member, committed to pursuing transformation and long-term sustainability. She is recognized for her expertise in management, corporate governance, investments, partnerships and strategic planning. Marie-Hélène was Chief Operating Officer at Desjardins Capital and also held important leaderships roles within the Venture Capital, Marketing & Public Affairs, and Advisory Services divisions at the Business Development Bank of Canada. Marie-Hélène started her career in mergers and acquisitions at PwC and in investments at GTI Capital and Hydro-Quebec CapiTech. She also worked for Cesky Mobile, a mobile operator in the Czech Republic. Marie-Hélène currently serves as Chair of the Board of Directors of Aéroports de Montréal and is an ambassador of the Laurent Duvernay-Tardif Foundation. She previously chaired the Board of Directors of the Canadian Club of Montreal. Over the past 25 years, she served on the boards of the Jeune Chambre de commerce de Montréal; Fédération des chambres de commerce du Québec; Fondation de la Jeune Chambre de commerce de Montréal; O Vertigo; and the Montreal Clinical Research Institute’s Foundation. Marie-Hélène holds a Bachelor’s degree in Finance and Entrepreneurship from McGill University. She is a CFA charterholder and a graduate of the Institute of Corporate Directors’ Education Program as well as an Institute-certified Director. Reported Earnings • Apr 12
First quarter 2024 earnings released: CA$0.01 loss per share (vs CA$0.025 loss in 1Q 2023) First quarter 2024 results: CA$0.01 loss per share (improved from CA$0.025 loss in 1Q 2023). Revenue: CA$105.3m (flat on 1Q 2023). Net loss: CA$108.0k (loss narrowed 49% from 1Q 2023). 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 8% per year, which means it is well ahead of earnings. Announcement • Mar 02
Goodfellow Inc., Annual General Meeting, May 16, 2024 Goodfellow Inc., Annual General Meeting, May 16, 2024. Location: Delson, QC Quebec Canada Upcoming Dividend • Feb 26
Upcoming dividend of CA$0.50 per share Eligible shareholders must have bought the stock before 04 March 2024. Payment date: 19 March 2024. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 6.8%. Within top quartile of Canadian dividend payers (6.3%). Higher than average of industry peers (2.3%). Declared Dividend • Feb 22
Final dividend of CA$0.50 announced Dividend of CA$0.50 is the same as last year. Ex-date: 4th March 2024 Payment date: 19th March 2024 Dividend yield will be 6.7%, which is higher than the industry average of 2.2%. Sustainability & Growth Dividend is covered by both earnings (50% earnings payout ratio) and cash flows (22% cash payout ratio). The dividend has increased by an average of 9.6% per year over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 42% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Reported Earnings • Feb 22
Full year 2023 earnings released: EPS: CA$1.72 (vs CA$3.82 in FY 2022) Full year 2023 results: EPS: CA$1.72 (down from CA$3.82 in FY 2022). Revenue: CA$512.8m (down 19% from FY 2022). Net income: CA$14.7m (down 55% from FY 2022). Profit margin: 2.9% (down from 5.2% in FY 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has fallen by 6% per year but the company’s share price has increased by 14% per year, which means it is well ahead of earnings. Announcement • Feb 20
Goodfellow Inc. Declares Dividend, Payable on March 19, 2024 The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.50 per share payable on March 19, 2024, to shareholders of record at the close of business on March 5, 2024. This dividend is designated as an eligible dividend under the Income Tax Act (Canada). The declaration, timing, amount and payment of future dividends remain at the direction of the Board of Directors. Upcoming Dividend • Oct 11
Upcoming dividend of CA$0.50 per share at 7.3% yield Eligible shareholders must have bought the stock before 18 October 2023. Payment date: 02 November 2023. Payout ratio is a comfortable 50% and this is well supported by cash flows. Trailing yield: 7.3%. Within top quartile of Canadian dividend payers (6.7%). Higher than average of industry peers (2.4%). Announcement • Oct 06
Goodfellow Inc. Declares Dividend, Payable on November 2, 2023 The Board of Directors of Goodfellow Inc. declared an eligible dividend of $0.50 per share payable on November 2, 2023 to shareholders of record at the close of business on October 19, 2023. This dividend is designated as an eligible dividend under the Income Tax Act (Canada). The declaration, timing, amount and payment of future dividends remain at the discretion of the Board of Directors. Reported Earnings • Oct 06
Third quarter 2023 earnings released: EPS: CA$0.73 (vs CA$1.24 in 3Q 2022) Third quarter 2023 results: EPS: CA$0.73 (down from CA$1.24 in 3Q 2022). Revenue: CA$139.2m (down 17% from 3Q 2022). Net income: CA$6.19m (down 42% from 3Q 2022). Profit margin: 4.4% (down from 6.3% in 3Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has increased by 30% per year, which means it is tracking significantly ahead of earnings growth. New Risk • Jul 10
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 3.8% Last year net profit margin: 6.0% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Profit margins are more than 30% lower than last year (3.8% net profit margin). Market cap is less than US$100m (CA$115.2m market cap, or US$86.8m). Reported Earnings • Jul 10
Second quarter 2023 earnings released: EPS: CA$0.77 (vs CA$1.47 in 2Q 2022) Second quarter 2023 results: EPS: CA$0.77 (down from CA$1.47 in 2Q 2022). Revenue: CA$142.3m (down 23% from 2Q 2022). Net income: CA$6.58m (down 48% from 2Q 2022). Profit margin: 4.6% (down from 6.8% in 2Q 2022). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 29% per year but the company’s share price has increased by 42% per year, which means it is tracking significantly ahead of earnings growth. Valuation Update With 7 Day Price Move • Apr 20
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to CA$12.28, the stock trades at a trailing P/E ratio of 3.8x. Average trailing P/E is 7x in the Trade Distributors industry in Canada. Total returns to shareholders of 255% over the past three years. Reported Earnings • Apr 14
First quarter 2023 earnings released: CA$0.025 loss per share (vs CA$0.60 profit in 1Q 2022) First quarter 2023 results: CA$0.025 loss per share (down from CA$0.60 profit in 1Q 2022). Revenue: CA$105.9m (down 18% from 1Q 2022). Net loss: CA$211.0k (down 104% from profit in 1Q 2022). Over the last 3 years on average, earnings per share has increased by 47% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Feb 22
Upcoming dividend of CA$0.50 per share at 6.8% yield Eligible shareholders must have bought the stock before 01 March 2023. Payment date: 16 March 2023. Payout ratio is a comfortable 26% and this is well supported by cash flows. Trailing yield: 6.8%. Within top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (2.3%). Reported Earnings • Feb 18
Full year 2022 earnings released: EPS: CA$3.82 (vs CA$4.42 in FY 2021) Full year 2022 results: EPS: CA$3.82 (down from CA$4.42 in FY 2021). Revenue: CA$631.2m (up 2.5% from FY 2021). Net income: CA$32.7m (down 14% from FY 2021). Profit margin: 5.2% (down from 6.1% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 41% per year, which means it is significantly lagging earnings growth. Announcement • Feb 17
Goodfellow Inc. Declares Dividend, Payable on March 16, 2023 The Board of directors of Goodfellow Inc. declared an eligible dividend of $0.50 per share payable on March 16, 2023, to shareholders of record at the close of business on March 2, 2023. This dividend is designated as an eligible dividend under the Income Tax Act (Canada). The declaration, timing, amount and payment of future dividends remain at the direction of the Board of Directors. Announcement • Jan 17
Goodfellow Inc. Announces Resignation of Paule Têtu as Director Goodfellow Inc. announced that Ms. Paule Têtu has informed the Board of Directors that she is resigning effective immediately. Buying Opportunity • Oct 21
Now 20% undervalued Over the last 90 days, the stock is up 17%. The fair value is estimated to be CA$14.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 15% over the last 3 years. Earnings per share has grown by 89%. Reported Earnings • Oct 14
Third quarter 2022 earnings released: EPS: CA$1.24 (vs CA$1.17 in 3Q 2021) Third quarter 2022 results: EPS: CA$1.24 (up from CA$1.17 in 3Q 2021). Revenue: CA$167.6m (flat on 3Q 2021). Net income: CA$10.6m (up 5.4% from 3Q 2021). Profit margin: 6.3% (up from 6.0% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 74% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Announcement • Oct 14
Goodfellow Inc. Declares Dividend, Payable on November 10, 2022 The Board of Directors of Goodfellow Inc. declared an eligible dividend of $0.50 per share payable on November 10, 2022 to shareholders of record at the close of business on October 27, 2022. Recent Insider Transactions • Aug 25
President & CEO recently bought CA$158k worth of stock On the 19th of August, Patrick Goodfellow bought around 15k shares on-market at roughly CA$10.52 per share. This was the largest purchase by an insider in the last 3 months. This was Patrick's only on-market trade for the last 12 months. Buying Opportunity • Jul 29
Now 22% undervalued after recent price drop Over the last 90 days, the stock is down 17%. The fair value is estimated to be CA$12.97, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 14% over the last 3 years. Earnings per share has grown by 83%. Reported Earnings • Jul 08
Second quarter 2022 earnings released: EPS: CA$1.46 (vs CA$1.63 in 2Q 2021) Second quarter 2022 results: EPS: CA$1.46 (down from CA$1.63 in 2Q 2021). Revenue: CA$184.9m (flat on 2Q 2021). Net income: CA$12.5m (down 10% from 2Q 2021). Profit margin: 6.8% (down from 7.5% in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 83% per year but the company’s share price has only increased by 25% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jun 13
Now 20% undervalued after recent price drop Over the last 90 days, the stock is down 19%. The fair value is estimated to be CA$12.94, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 92%. Announcement • Jun 08
Goodfellow Inc. Announces Board Changes Goodfellow Inc. announced that its Board of Directors appointed Dr. Sarah Prichard and Mr. Robert Hall as Directors. In addition, Robert Hall has been appointed as Chair of the Board. Until her recent retirement on May 1, 2022, Dr. Prichard served as Vice President Research and Acting Provost and Vice President (Academic) at Western University. She was a professor in the Faculty of Medicine at McGill University from 1979-2005, and from 2005 until 2015 she served as Vice President, Medical Affairs and R&D in the Renal and Specialty Therapeutics business units at Baxter Healthcare. Currently, she serves as Vice Chair of McGill University Health Center, a consultant to several medical device companies and as a board member of Kane Biotech. Mr. Hall is a graduate of Bishop's University with a BA in History (1979) as well as the Université de Sherbrooke with a Bachelor of Law (1983). He began his law career with Monty Coulombe (Sherbrooke, QC) and De Grandpré Deslauriers (Montréal, QC) then became a Partner with the law firm of Byers Casgrain, now Dentons Canada (Montréal, QC). Mr. Hall joined Cascades in 1994 as a member of senior management in the role of Vice-President, Legal Affairs and Corporate Secretary and continues to play a key role in strategic development for the Company. He is a member of the Barreau du Québec and the Canadian Bar Association. Mr. Hall is currently the Chair of the Board of Governors of Bishop’s University and a member of the Board of Directors of Blue Massawippi, a non-profit organization dedicated to protecting the environment of Lake Massawippi and its watershed. Reported Earnings • Apr 14
First quarter 2022 earnings released: EPS: CA$0.60 (vs CA$0.44 in 1Q 2021) First quarter 2022 results: EPS: CA$0.60 (up from CA$0.44 in 1Q 2021). Revenue: CA$129.4m (up 8.3% from 1Q 2021). Net income: CA$5.12m (up 36% from 1Q 2021). Profit margin: 4.0% (up from 3.2% in 1Q 2021). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 92% per year but the company’s share price has only increased by 28% per year, which means it is significantly lagging earnings growth. Announcement • Apr 09
Goodfellow Inc., Annual General Meeting, Jun 07, 2022 Goodfellow Inc., Annual General Meeting, Jun 07, 2022. Board Change • Mar 29
High number of new directors Director Jim Hewitt was the last director to join the board, commencing their role in 2022. Valuation Update With 7 Day Price Move • Feb 28
Investor sentiment improved over the past week After last week's 19% share price gain to CA$13.88, the stock trades at a trailing P/E ratio of 3.1x. Average trailing P/E is 9x in the Trade Distributors industry in Canada. Total returns to shareholders of 143% over the past three years. Reported Earnings • Feb 19
Full year 2021 earnings: Revenues and EPS in line with analyst expectations Full year 2021 results: EPS: CA$4.42 (up from CA$1.61 in FY 2020). Revenue: CA$615.9m (up 36% from FY 2020). Net income: CA$37.8m (up 174% from FY 2020). Profit margin: 6.1% (up from 3.0% in FY 2020). The increase in margin was driven by higher revenue. Revenue was in line with analyst estimates. Over the last 3 years on average, earnings per share has increased by 97% per year but the company’s share price has only increased by 23% per year, which means it is significantly lagging earnings growth. Buying Opportunity • Jan 25
Now 21% undervalued after recent price drop Over the last 90 days, the stock is down 8.2%. The fair value is estimated to be CA$12.77, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 5.1% per annum over the last 3 years. Earnings per share has grown by 93% per annum over the last 3 years. Board Change • Dec 06
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. 1 experienced director. 3 highly experienced directors. Lead Independent Director Alain Cote 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. Upcoming Dividend • Oct 28
Upcoming dividend of CA$0.30 per share Eligible shareholders must have bought the stock before 04 November 2021. Payment date: 19 November 2021. Trailing yield: 5.6%. Within top quartile of Canadian dividend payers (4.5%). Higher than average of industry peers (2.1%). Valuation Update With 7 Day Price Move • Oct 14
Investor sentiment improved over the past week After last week's 16% share price gain to CA$10.50, the stock trades at a trailing P/E ratio of 2.7x. Average trailing P/E is 10x in the Trade Distributors industry in Canada. Total returns to shareholders of 69% over the past three years. Reported Earnings • Oct 08
Third quarter 2021 earnings released: EPS CA$1.17 (vs CA$0.78 in 3Q 2020) The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$168.0m (up 21% from 3Q 2020). Net income: CA$10.0m (up 50% from 3Q 2020). Profit margin: 6.0% (up from 4.8% in 3Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 93% per year but the company’s share price has only increased by 13% per year, which means it is significantly lagging earnings growth. Executive Departure • Oct 03
Independent Director Normand Morin has left the company On the 24th of September, Normand Morin's tenure as Independent Director ended after 9.8 years in the role. As of June 2021, Normand still personally held only 5.00k shares (CA$51k worth at the time). A total of 2 executives have left over the last 12 months. Executive Departure • Sep 29
Independent Director Normand Morin has left the company On the 24th of September, Normand Morin's tenure as Independent Director ended after 9.8 years in the role. As of June 2021, Normand still personally held only 5.00k shares (CA$51k worth at the time). A total of 2 executives have left over the last 12 months. Reported Earnings • Jul 10
Second quarter 2021 earnings released: EPS CA$1.63 (vs CA$0.40 in 2Q 2020) The company reported a strong second quarter result with improved earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$185.5m (up 79% from 2Q 2020). Net income: CA$14.0m (up 311% from 2Q 2020). Profit margin: 7.5% (up from 3.3% in 2Q 2020). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Executive Departure • Apr 16
Director has left the company On the 14th of April, Claude Garcia's tenure in the role of Director ended. As of December 2020, Claude personally held 64.50k shares (CA$525k worth at the time). Claude is the only executive to leave the company over the last 12 months. Reported Earnings • Apr 14
First quarter 2021 earnings released: EPS CA$0.44 (vs CA$0.24 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: CA$119.4m (up 34% from 1Q 2020). Net income: CA$3.77m (up CA$5.83m from 1Q 2020). Profit margin: 3.2% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 15% per year, which means it is significantly lagging earnings growth. Reported Earnings • Feb 21
Full year 2020 earnings released: EPS CA$1.61 (vs CA$0.36 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$454.1m (up 1.0% from FY 2019). Net income: CA$13.8m (up 352% from FY 2019). Profit margin: 3.0% (up from 0.7% in FY 2019). The increase in margin was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 63% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Feb 18
Investor sentiment improved over the past week After last week's 17% share price gain to CA$9.43, the stock is trading at a trailing P/E ratio of 9.7x, up from the previous P/E ratio of 8.3x. This compares to an average P/E of 16x in the Trade Distributors industry in Canada. Total returns to shareholders over the past three years are 22%. Is New 90 Day High Low • Feb 13
New 90-day high: CA$8.61 The company is up 23% from its price of CA$7.00 on 13 November 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 17% over the same period. Is New 90 Day High Low • Jan 07
New 90-day high: CA$8.45 The company is up 39% from its price of CA$6.10 on 08 October 2020. The Canadian market is up 11% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 12% over the same period. Valuation Update With 7 Day Price Move • Dec 01
Market pulls back on stock over the past week After last week's 16% share price decline to CA$6.71, the stock is trading at a trailing P/E ratio of 6.9x, down from the previous P/E ratio of 8.2x. This compares to an average P/E of 15x in the Trade Distributors industry in Canada. Total return to shareholders over the past three years is a loss of 10.0%. Valuation Update With 7 Day Price Move • Nov 25
Market bids up stock over the past week After last week's 15% share price gain to CA$8.31, the stock is trading at a trailing P/E ratio of 8.5x, up from the previous P/E ratio of 7.4x. This compares to an average P/E of 15x in the Trade Distributors industry in Canada. Total returns to shareholders over the past three years are 14%. Is New 90 Day High Low • Nov 05
New 90-day high: CA$6.35 The company is up 9.0% from its price of CA$5.80 on 06 August 2020. The Canadian market is down 2.0% over the last 90 days, indicating the company outperformed over that time. However, it underperformed the Trade Distributors industry, which is up 11% over the same period. Is New 90 Day High Low • Oct 19
New 90-day high: CA$6.30 The company is up 26% from its price of CA$5.00 on 21 July 2020. The Canadian market is up 2.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 18% over the same period. Reported Earnings • Oct 16
Third quarter earnings released Over the last 12 months the company has reported total profits of CA$8.31m, up 179% from the prior year. Total revenue was CA$438.6m over the last 12 months, down 3.6% from the prior year. Announcement • Oct 16
Goodfellow Inc. Announces Board Changes Goodfellow Inc. announced the appointment of Mr. Douglas Goodfellow as Chairman of the Board, succeeding Mr. Claude Garcia who has been Chairman since 2012. Mr. Garcia will continue to serve as Director and Chairman of the Compensation Committee. Also Mr. Alain Côté will take on the new role of Lead Director. Given his new responsibilities, Mr. Douglas Goodfellow will be succeeded in the role of Secretary of the Company by Mr. Charles Brisebois, CFO. These changes to the Board and Management take effect immediately. Is New 90 Day High Low • Sep 19
New 90-day high: CA$6.25 The company is up 34% from its price of CA$4.65 on 19 June 2020. The Canadian market is up 7.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Trade Distributors industry, which is up 14% over the same period.