TSX:BYD.UN

Stock Analysis Report

Executive Summary

Boyd Group Services Inc. operates non-franchised collision repair centers in North America.

Rewards


Snowflake Analysis

Share Price & News

How has Boyd Group Income Fund's share price performed over time and what events caused price changes?


Latest Share Price and Events

Stable Share Price: BYD.UN has not had significant price volatility in the past 3 months.


Market Performance


7 Day Return

-0.3%

BYD.UN

1.6%

CA Commercial Services

0.2%

CA Market


1 Year Return

85.6%

BYD.UN

30.2%

CA Commercial Services

4.9%

CA Market

Return vs Industry: BYD.UN exceeded the Canadian Commercial Services industry which returned 25.4% over the past year.

Return vs Market: BYD.UN exceeded the Canadian Market which returned 10.4% over the past year.


Shareholder returns

BYD.UNIndustryMarket
7 Day-0.3%1.6%0.2%
30 Day1.4%2.4%0.4%
90 Day15.5%13.1%3.7%
1 Year86.2%85.6%33.2%30.2%8.2%4.9%
3 Year140.1%136.8%53.4%44.2%15.9%5.5%
5 Year328.8%316.4%92.0%65.8%33.8%14.3%

Price Volatility Vs. Market

How volatile is Boyd Group Income Fund's share price compared to the market and industry in the last 5 years?


Simply Wall St News

Valuation

Is Boyd Group Income Fund undervalued compared to its fair value and its price relative to the market?

16.6%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: BYD.UN (CA$202) is trading below our estimate of fair value (CA$242.07)

Significantly Below Fair Value: BYD.UN is trading below fair value, but not by a significant amount.


Price To Earnings Ratio

PE vs Industry: BYD.UN is poor value based on its PE Ratio (50.2x) compared to the Commercial Services industry average (16.6x).

PE vs Market: BYD.UN is poor value based on its PE Ratio (50.2x) compared to the Canadian market (15.8x).


Price to Earnings Growth Ratio

PEG Ratio: BYD.UN is poor value based on its PEG Ratio (1.6x)


Price to Book Ratio

PB vs Industry: BYD.UN is overvalued based on its PB Ratio (6.9x) compared to the CA Commercial Services industry average (1.4x).

Future Growth

How is Boyd Group Income Fund forecast to perform in the next 1 to 3 years based on estimates from 12 analysts?

31.3%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: BYD.UN's forecast earnings growth (31.3% per year) is above the savings rate (1.4%).

Earnings vs Market: BYD.UN's earnings (31.3% per year) are forecast to grow faster than the Canadian market (10.3% per year).

High Growth Earnings: earnings are expected to grow significantly over the next 3 years.

Revenue vs Market: BYD.UN's revenue (12.7% per year) is forecast to grow faster than the Canadian market (5% per year).

High Growth Revenue: BYD.UN's revenue (12.7% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: BYD.UN's Return on Equity is forecast to be low in 3 years time (19.6%).

Past Performance

How has Boyd Group Income Fund performed over the past 5 years?

59.7%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: BYD.UN has high quality earnings.

Growing Profit Margin: BYD.UN's current net profit margins (3.6%) are lower than last year (4%).


Past Earnings Growth Analysis

Earnings Trend: BYD.UN has become profitable over the past 5 years, growing earnings by 59.7% per year.

Accelerating Growth: BYD.UN's earnings growth over the past year (12.5%) is below its 5-year average (59.7% per year).

Earnings vs Industry: BYD.UN earnings growth over the past year (12.5%) underperformed the Commercial Services industry 17.6%.


Return on Equity

High ROE: BYD.UN's Return on Equity (13.7%) is considered low.


Return on Assets


Return on Capital Employed

Financial Health

How is Boyd Group Income Fund's financial position?


Financial Position Analysis

Short Term Liabilities: BYD.UN's short term assets (CA$234.4M) do not cover its short term liabilities (CA$393.1M).

Long Term Liabilities: BYD.UN's short term assets (CA$234.4M) do not cover its long term liabilities (CA$913.3M).


Debt to Equity History and Analysis

Debt Level: BYD.UN's debt to equity ratio (71.8%) is considered high.

Reducing Debt: BYD.UN's debt to equity ratio has reduced from 98.3% to 71.8% over the past 5 years.

Debt Coverage: BYD.UN's debt is well covered by operating cash flow (63.9%).

Interest Coverage: BYD.UN's interest payments on its debt are well covered by EBIT (4.9x coverage).


Balance Sheet

Inventory Level: BYD.UN has a high level of physical assets or inventory.

Debt Coverage by Assets: BYD.UN's debt is not covered by short term assets (assets are 0.6x debt).

Dividend

What is Boyd Group Income Fund's current dividend yield, its reliability and sustainability?

0.27%

Current Dividend Yield


Dividend Yield vs Market

company0.3%marketbottom25%1.9%markettop25%5.3%industryaverage1.7%forecastin3Years0.3%

Current dividend yield vs market & industry

Notable Dividend: BYD.UN's dividend (0.27%) isn’t notable compared to the bottom 25% of dividend payers in the Canadian market (1.88%).

High Dividend: BYD.UN's dividend (0.27%) is low compared to the top 25% of dividend payers in the Canadian market (5.48%).


Stability and Growth of Payments

Stable Dividend: BYD.UN is not paying a notable dividend for the Canadian market, therefore no need to check if payments are stable.

Growing Dividend: BYD.UN is not paying a notable dividend for the Canadian market, therefore no need to check if payments are increasing.


Current Payout to Shareholders

Dividend Coverage: BYD.UN is not paying a notable dividend for the Canadian market.


Future Payout to Shareholders

Future Dividend Coverage: No need to calculate the sustainability of BYD.UN's dividend in 3 years as they are not forecast to pay a notable one for the Canadian market.

Management

How experienced are the management team and are they aligned to shareholders interests?

5.0yrs

Average management tenure


CEO

Brock Bulbuck (59yo)

10yrs

Tenure

CA$2,631,323

Compensation

Mr. Brock W. Bulbuck, CPA, C.A., has been the Chief Executive Officer of Boyd Group Income Fund (BGIF) since January 07, 2010. since joining Boyd in 1993, Mr. Bulbuck has served in many senior leadership r ...


CEO Compensation Analysis

Compensation vs Market: Brock's total compensation ($USD2.03M) is about average for companies of similar size in the Canadian market ($USD2.87M).

Compensation vs Earnings: Brock's compensation has increased by more than 20% in the past year.


Leadership Team

NamePositionTenureCompensationOwnership
Brock Bulbuck
CEO & Non-Independent Trustee10yrsCA$2.63m0.12% CA$4.9m
Timothy O'Day
President7.8yrsCA$1.48m0.31% CA$12.3m
Narendra Pathipati
CFO, Executive VP5yrsCA$1.55mno data
Kevin Burnett
Chief Operating Officer of U.S. Collision0yrsCA$870.48kno data
Vince Claudio
Senior Vice-President of U.S. Collision0yrsCA$831.59kno data
Stephen Boyd
Vice President of Corporate Development5yrsno datano data
Eddie Cheskis
CEO of Glass America & CEO of Gerber National Claim Services4.9yrsCA$526.60k0.49% CA$19.8m
Rex Dunn
President of True2Form Collision Repair Centers9.5yrsCA$557.17kno data

5.0yrs

Average Tenure

60yo

Average Age

Experienced Management: BYD.UN's management team is seasoned and experienced (5 years average tenure).


Board Members

NamePositionTenureCompensationOwnership
Brock Bulbuck
CEO & Non-Independent Trustee10yrsCA$2.63m0.12% CA$4.9m
Timothy O'Day
President7.8yrsCA$1.48m0.31% CA$12.3m
Robert Gross
Independent Trustee7.2yrsCA$139.98k0.051% CA$2.0m
Gene Dunn
Independent Trustee17.1yrsCA$118.00k0.028% CA$1.1m
Sally Savoia
Independent Trustee4.7yrsCA$151.00k0.025% CA$1.0m
David Brown
Independent Trustee7.6yrsCA$123.00k0.027% CA$1.1m
Violet A. Konkle
Independent Trustee2.7yrsCA$108.00k0.0014% CA$56.6k
Allan Davis
Independent Chairman8.2yrsCA$205.00k0.011% CA$444.4k

7.7yrs

Average Tenure

61.5yo

Average Age

Experienced Board: BYD.UN's board of directors are considered experienced (7.7 years average tenure).


Ownership

Who are the major shareholders and have insiders been buying or selling?


Insider Trading Volume

Insider Buying: BYD.UN insiders have only sold shares in the past 3 months.


Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.


Top Shareholders

Company Information

Boyd Group Services Inc.'s company bio, employee growth, exchange listings and data sources


Key Information

  • Name: Boyd Group Services Inc.
  • Ticker: BYD.UN
  • Exchange: TSX
  • Founded: 1990
  • Industry: Diversified Support Services
  • Sector: Commercial Services
  • Market Cap: CA$4.014b
  • Shares outstanding: 19.87m
  • Website: https://www.boydgroup.com

Number of Employees


Location

  • Boyd Group Services Inc.
  • 1745 Ellice Avenue
  • Unit C1
  • Winnipeg
  • Manitoba
  • R3H 1A6
  • Canada

Listings

TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
BYD.UNTSX (The Toronto Stock Exchange)YesFund UnitsCACADNov 1999
BFGI.FOTCPK (Pink Sheets LLC)YesFund UnitsUSUSDNov 1999

Biography

Boyd Group Income Fund operates as an unincorporated open-ended mutual fund trust. The company, through its operating company, The Boyd Group Inc., operates non-franchised collision repair centers. Its collision repair centers offer automotive collision and glass repair/replacement, and related services. The company operates non-franchised collision repair centers, as well as auto glass retail facilities under the Boyd Autobody & Glass, Assured Automotive, Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority, and Autoglassonly.com trade names in the United States and Canada. Further, it provides Gerber National Claim Services, a claim administrator service, which offers glass, emergency roadside, and first notice of loss services with approximately 5,500 glass provider locations and 4,600 emergency roadside services providers. The company was founded in 2002 and is headquartered in Winnipeg, Canada. 


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/01/03 00:07
End of Day Share Price2019/12/31 00:00
Earnings2019/09/30
Annual Earnings2018/12/31


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.