Stock Analysis Report

Executive Summary

Accord Financial Corp., through its subsidiaries, provides asset-based financial services to industrial and commercial enterprises primarily in Canada and the United States.


Trading at 34.3% below its fair value

Earnings grew by 30.5% over the past year

Pays a reliable dividend of 3.75%

Risk Analysis

High level of non-cash earnings

Does not have a meaningful market cap (CA$84M)

Snowflake Analysis

Undervalued with proven track record and pays a dividend.

Share Price & News

How has Accord Financial's share price performed over time and what events caused price changes?

Latest Share Price and Events

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

Market Performance

7 Day Return




CA Diversified Financial


CA Market

1 Year Return




CA Diversified Financial


CA Market

Return vs Industry: ACD underperformed the Canadian Diversified Financial industry which returned 53.9% over the past year.

Return vs Market: ACD underperformed the Canadian Market which returned 10.4% over the past year.

Shareholder returns

7 Day-0.9%0.8%-0.2%
30 Day1.4%12.2%1.8%
90 Day13.8%13.2%6.3%
1 Year4.0%0.1%64.3%60.8%12.9%9.4%
3 Year21.6%8.1%13.4%3.3%17.1%6.5%
5 Year14.8%-5.1%30.3%-6.6%37.3%17.2%

Price Volatility Vs. Market

How volatile is Accord Financial's share price compared to the market and industry in the last 5 years?

Simply Wall St News


Is Accord Financial undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: ACD (CA$9.59) is trading below our estimate of fair value (CA$14.6)

Significantly Below Fair Value: ACD is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: ACD is good value based on its PE Ratio (7.2x) compared to the Diversified Financial industry average (11.2x).

PE vs Market: ACD is good value based on its PE Ratio (7.2x) compared to the Canadian market (15.8x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate ACD's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: ACD is good value based on its PB Ratio (0.9x) compared to the CA Diversified Financial industry average (1.2x).

Next Steps

Future Growth

How is Accord Financial forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Diversified Financials industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Accord Financial has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

Past Performance

How has Accord Financial performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: ACD has a high level of non-cash earnings.

Growing Profit Margin: ACD's current net profit margins (28.6%) are higher than last year (25%).

Past Earnings Growth Analysis

Earnings Trend: ACD's earnings have grown by 6% per year over the past 5 years.

Accelerating Growth: ACD's earnings growth over the past year (30.5%) exceeds its 5-year average (6% per year).

Earnings vs Industry: ACD earnings growth over the past year (30.5%) exceeded the Diversified Financial industry 30.2%.

Return on Equity

High ROE: ACD's Return on Equity (11.2%) is considered low.

Return on Assets

Return on Capital Employed

Next Steps

Financial Health

How is Accord Financial's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Inventory Level: ACD has a low level of unsold assets or inventory.

Debt Coverage by Assets: ACD's debt is covered by short term assets (assets are 1.3x debt).

Financial Institutions Analysis

Asset Level: ACD's level of assets compared to its equity is low.

Allowance for Bad Loans: Insufficient data to determine if ACD has a sufficient allowance for bad loans.

Low Risk Liabilities: ACD reports no customer deposits, loans are made up entirely of externally borrowed funds.

Loan Level: Insufficient data to determine if ACD has an acceptable proportion of non-loan assets held.

Low Risk Deposits: ACD has advanced significantly more loans than the customer deposits it holds.

Level of Bad Loans: Insufficient data to determine if ACD has an appropriate level of bad loans.

Next Steps


What is Accord Financial's current dividend yield, its reliability and sustainability?


Current Dividend Yield

Dividend Yield vs Market


Current dividend yield vs market & industry

Notable Dividend: ACD's dividend (3.75%) is higher than the bottom 25% of dividend payers in the Canadian market (1.88%).

High Dividend: ACD's dividend (3.75%) is low compared to the top 25% of dividend payers in the Canadian market (5.48%).

Stability and Growth of Payments

Stable Dividend: ACD's dividends per share have been stable in the past 10 years.

Growing Dividend: ACD's dividend payments have increased over the past 10 years.

Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (26.9%), ACD's dividend payments are well covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


What is the CEO of Accord Financial's salary, the management and board of directors tenure and is there insider trading?


Average management tenure


Simon Hitzig 0





Mr. Simon Hitzig had served as Senior Vice President of Corporate Development at Accord Financial Corp. from October 1, 2016 to October 1, 2018. He has been a Senior Vice President at Accord Financial Ltd. ...

CEO Compensation Analysis

Compensation vs Market: Simon's total compensation ($USD328.32K) is above average for companies of similar size in the Canadian market ($USD165.67K).

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

Management Age and Tenure


Average Tenure

Experienced Management: ACD's management team is not considered experienced ( 1.3 years average tenure), which suggests a new team.

Board Age and Tenure


Average Tenure


Average Age

Experienced Board: ACD's board of directors are considered experienced (5.7 years average tenure).

Insider Trading

Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.

Recent Insider Transactions

BuyCA$195,56711 Nov 19
Oakwest Corporation Limited
Max PriceCA$8.93
SellCA$195,56711 Nov 19
Benjamin Beutel Holdings Ltd
Max PriceCA$8.93
BuyCA$8,19118 Sep 19
Simon Hitzig
Chief Executive Officer
Max PriceCA$8.58
BuyCA$85109 Sep 19
Terry Keating
Max PriceCA$8.51
BuyCA$1,32122 Aug 19
Terry Keating
Max PriceCA$8.81
BuyCA$1,80920 Aug 19
Terry Keating
Max PriceCA$9.05
BuyCA$3,51201 Aug 19
Terry Keating
Max PriceCA$9.24
BuyCA$3,97407 Mar 19
Terry Keating
Max PriceCA$9.96

Ownership Breakdown

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

Management Team

  • Mark Perna


    • Compensation: CA$399.94k
  • Ken Hitzig

    Founder & Chairman of the Board

    • Tenure: 10.7yrs
  • Tom Henderson

    Vice Chairman of the Board

    • Tenure: 1.3yrs
    • Compensation: CA$394.62k
  • Jim Bates


    • Stuart Adair

      Senior VP

      • Compensation: CA$392.26k
    • Simon Hitzig


      • Tenure: 1.3yrs
      • Compensation: CA$428.95k
    • James Jang

      President of Accord Small Business Finance

      • Matthew Helderman

        President of BondIt Media Capital

        • Jeff Pfeffer

          President of Accord CapX LLC

          • Compensation: CA$400.00k
        • Irene Eddy

          Senior Vice President

          • Tenure: 0.3yrs

        Board Members

        • Robert Sandler (88yo)

          Independent Director

          • Tenure: 9.3yrs
          • Compensation: CA$71.33k
        • Ken Hitzig

          Founder & Chairman of the Board

          • Tenure: 10.7yrs
        • Tom Henderson

          Vice Chairman of the Board

          • Tenure: 1.3yrs
          • Compensation: CA$394.62k
        • David Beutel (52yo)

          Independent Director

          • Tenure: 5.7yrs
          • Compensation: CA$54.75k
        • Gary Prager

          Independent Director

          • Tenure: 4.7yrs
          • Compensation: CA$61.69k
        • Simon Hitzig


          • Tenure: 1.3yrs
          • Compensation: CA$428.95k
        • Steve Warden (61yo)

          Independent Director

          • Tenure: 9.5yrs
          • Compensation: CA$64.50k

        Company Information

        Accord Financial Corp.'s company bio, employee growth, exchange listings and data sources

        Key Information

        • Name: Accord Financial Corp.
        • Ticker: ACD
        • Exchange: TSX
        • Founded: 1978
        • Industry: Specialized Finance
        • Sector: Diversified Financials
        • Market Cap: CA$83.570m
        • Shares outstanding: 8.59m
        • Website: https://www.accordfinancial.com

        Number of Employees


        • Accord Financial Corp.
        • 40 Eglinton Avenue East
        • Suite 602
        • Toronto
        • Ontario
        • M4P 3A2
        • Canada


        TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
        ACDTSX (The Toronto Stock Exchange)YesCommon SharesCACADSep 1988
        ACCF.FOTCPK (Pink Sheets LLC)YesCommon SharesUSUSDSep 1988


        Accord Financial Corp., through its subsidiaries, provides asset-based financial services to industrial and commercial enterprises primarily in Canada and the United States. The company is involved in the asset-based lending, which entails financing or purchasing receivables on a recourse basis, as well as financing other tangible assets, such as inventory and equipment; and provision of lease and equipment, working capital, and film and media production financing, as well as credit guarantees and collection services generally without financing. It also offers factoring and credit investigation services; supply chain financing for importers; and growth, buyout and acquisition, restructuring and turnaround, and flexible financing solutions. The company serves customers operating in manufacturing, retail, services, wholesale, import and export, lenders, apparel and textile, food and beverage, and construction sectors. Accord Financial Corp. was founded in 1978 and is headquartered in Toronto, Canada. 

        Company Analysis and Financial Data Status

        All financial data provided by Standard & Poor's Capital IQ.
        DataLast Updated (UTC time)
        Company Analysis2020/01/25 23:46
        End of Day Share Price2020/01/24 00:00
        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.