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CIX

CI Financial TSX:CIX Stock Report

Last Price

CA$13.59

Market Cap

CA$2.6b

7D

-4.9%

1Y

-41.1%

Updated

04 Jul, 2022

Data

Company Financials +
CIX fundamental analysis
Snowflake Score
Valuation6/6
Future Growth2/6
Past Performance0/6
Financial Health1/6
Dividends3/6

CIX Stock Overview

CI Financial Corp. is a publicly owned asset management holding company.

CI Financial Competitors

Price History & Performance

Summary of all time highs, changes and price drops for CI Financial
Historical stock prices
Current Share PriceCA$13.59
52 Week HighCA$30.88
52 Week LowCA$13.47
Beta1.43
1 Month Change-13.71%
3 Month Change-29.37%
1 Year Change-41.09%
3 Year Change-37.49%
5 Year Change-50.94%
Change since IPO1,015.08%

Recent News & Updates

Jul 01
CI Financial (TSE:CIX) Has Announced A Dividend Of CA$0.18

CI Financial (TSE:CIX) Has Announced A Dividend Of CA$0.18

The board of CI Financial Corp. ( TSE:CIX ) has announced that it will pay a dividend of CA$0.18 per share on the 14th...

Jun 17
CI Financial (TSE:CIX) Will Pay A Dividend Of CA$0.18

CI Financial (TSE:CIX) Will Pay A Dividend Of CA$0.18

CI Financial Corp. ( TSE:CIX ) will pay a dividend of CA$0.18 on the 15th of July. The dividend yield will be 5.2...

May 28
CI Financial (TSE:CIX) Is Due To Pay A Dividend Of CA$0.18

CI Financial (TSE:CIX) Is Due To Pay A Dividend Of CA$0.18

The board of CI Financial Corp. ( TSE:CIX ) has announced that it will pay a dividend of CA$0.18 per share on the 15th...

Shareholder Returns

CIXCA Capital MarketsCA Market
7D-4.9%-2.9%-1.2%
1Y-41.1%-15.3%-4.5%

Return vs Industry: CIX underperformed the Canadian Capital Markets industry which returned -17.3% over the past year.

Return vs Market: CIX underperformed the Canadian Market which returned -5% over the past year.

Price Volatility

Is CIX's price volatile compared to industry and market?
CIX volatility
CIX Average Weekly Movement5.3%
Capital Markets Industry Average Movement6.9%
Market Average Movement10.1%
10% most volatile stocks in CA Market17.5%
10% least volatile stocks in CA Market4.4%

Stable Share Price: CIX is less volatile than 75% of Canadian stocks over the past 3 months, typically moving +/- 5% a week.

Volatility Over Time: CIX's weekly volatility (5%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19652,416Kurt MacAlpinehttps://www.cifinancial.com

CI Financial Corp. is a publicly owned asset management holding company. Through its subsidiaries, the firm manages separate client focused equity, fixed income, and alternative investments portfolios. It also manages mutual funds, hedge funds, and fund of funds for its clients through its subsidiaries.

CI Financial Fundamentals Summary

How do CI Financial's earnings and revenue compare to its market cap?
CIX fundamental statistics
Market CapCA$2.61b
Earnings (TTM)CA$423.30m
Revenue (TTM)CA$2.88b

6.2x

P/E Ratio

0.9x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CIX income statement (TTM)
RevenueCA$2.88b
Cost of RevenueCA$996.32m
Gross ProfitCA$1.89b
Other ExpensesCA$1.46b
EarningsCA$423.30m

Last Reported Earnings

Mar 31, 2022

Next Earnings Date

n/a

Earnings per share (EPS)2.20
Gross Margin65.44%
Net Profit Margin14.68%
Debt/Equity Ratio216.5%

How did CIX perform over the long term?

See historical performance and comparison

Dividends

5.3%

Current Dividend Yield

34%

Payout Ratio

Does CIX pay a reliable dividends?

See CIX dividend history and benchmarks
When do you need to buy CIX by to receive an upcoming dividend?
CI Financial dividend dates
Ex Dividend DateSep 28 2022
Dividend Pay DateOct 14 2022
Days until Ex dividend84 days
Days until Dividend pay date100 days

Does CIX pay a reliable dividends?

See CIX dividend history and benchmarks
We’ve recently updated our valuation analysis.

Valuation

Is CIX undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

6/6

Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • PEG Ratio

Key Valuation Metric

Which metric is best to use when looking at relative valuation for CIX?

Other financial metrics that can be useful for relative valuation.

CIX key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.1x
Enterprise Value/EBITDA5.6x
PEG Ratio0.4x

Price to Earnings Ratio vs Peers

How does CIX's PE Ratio compare to its peers?

CIX PE Ratio vs Peers
The above table shows the PE ratio for CIX vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average32.1x
GLXY Galaxy Digital Holdings
2.4xn/aCA$1.6b
PVF.UN Partners Value Investments
100.5xn/aCA$4.6b
FSZ Fiera Capital
17.3x13.1%CA$944.4m
IGM IGM Financial
8.3x0.5%CA$8.2b
CIX CI Financial
6.2x14.4%CA$2.6b

Price-To-Earnings vs Peers: CIX is good value based on its Price-To-Earnings Ratio (6.2x) compared to the peer average (32.1x).


Price to Earnings Ratio vs Industry

How does CIX's PE Ratio compare vs other companies in the CA Capital Markets Industry?

Price-To-Earnings vs Industry: CIX is good value based on its Price-To-Earnings Ratio (6.2x) compared to the Canadian Capital Markets industry average (8.5x)


Price to Earnings Ratio vs Fair Ratio

What is CIX's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

CIX PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio6.2x
Fair PE Ratio17.6x

Price-To-Earnings vs Fair Ratio: CIX is good value based on its Price-To-Earnings Ratio (6.2x) compared to the estimated Fair Price-To-Earnings Ratio (17.6x).


Share Price vs Fair Value

What is the Fair Price of CIX when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: CIX (CA$13.59) is trading below our estimate of fair value (CA$37.29)

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


Price to Earnings Growth Ratio

PEG Ratio: CIX is good value based on its PEG Ratio (0.4x)


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Future Growth

How is CI Financial forecast to perform in the next 1 to 3 years based on estimates from 6 analysts?

Future Growth Score

2/6

Future Growth Score 2/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


14.4%

Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CIX's forecast earnings growth (14.4% per year) is above the savings rate (1.6%).

Earnings vs Market: CIX's earnings (14.4% per year) are forecast to grow faster than the Canadian market (7.1% per year).

High Growth Earnings: CIX's earnings are forecast to grow, but not significantly.

Revenue vs Market: CIX's revenue (5.1% per year) is forecast to grow slower than the Canadian market (6.5% per year).

High Growth Revenue: CIX's revenue (5.1% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: Insufficient data to determine if CIX's Return on Equity is forecast to be high in 3 years time


Discover growth companies

Past Performance

How has CI Financial performed over the past 5 years?

Past Performance Score

0/6

Past Performance Score 0/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


-5.6%

Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: CIX has a large one-off loss of CA$182.8M impacting its March 31 2022 financial results.

Growing Profit Margin: CIX's current net profit margins (14.7%) are lower than last year (22.2%).


Past Earnings Growth Analysis

Earnings Trend: CIX's earnings have declined by 5.6% per year over the past 5 years.

Accelerating Growth: CIX's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.

Earnings vs Industry: CIX had negative earnings growth (-11.8%) over the past year, making it difficult to compare to the Capital Markets industry average (0.2%).


Return on Equity

High ROE: Whilst CIX's Return on Equity (26.07%) is high, this metric is skewed due to their high level of debt.


Discover strong past performing companies

Financial Health

How is CI Financial's financial position?

Financial Health Score

1/6

Financial Health Score 1/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: CIX's short term assets (CA$1.8B) do not cover its short term liabilities (CA$2.9B).

Long Term Liabilities: CIX's short term assets (CA$1.8B) do not cover its long term liabilities (CA$4.2B).


Debt to Equity History and Analysis

Debt Level: CIX's net debt to equity ratio (202.9%) is considered high.

Reducing Debt: CIX's debt to equity ratio has increased from 50.1% to 216.5% over the past 5 years.

Debt Coverage: CIX's debt is not well covered by operating cash flow (17.9%).

Interest Coverage: CIX's interest payments on its debt are well covered by EBIT (8x coverage).


Balance Sheet


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Dividend

What is CI Financial current dividend yield, its reliability and sustainability?

Dividend Score

3/6

Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


5.30%

Current Dividend Yield

Upcoming Dividend Payment

TodayJul 05 2022Ex Dividend DateSep 28 2022Dividend Pay DateOct 14 202216 days from Ex DividendBuy in the next 84 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: CIX's dividend (5.3%) is higher than the bottom 25% of dividend payers in the Canadian market (2.02%).

High Dividend: CIX's dividend (5.3%) is low compared to the top 25% of dividend payers in the Canadian market (5.4%).


Stability and Growth of Payments

Stable Dividend: CIX's dividend payments have been volatile in the past 10 years.

Growing Dividend: CIX's dividend payments have fallen over the past 10 years.


Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (33.8%), CIX's dividend payments are well covered by earnings.


Cash Payout to Shareholders

Cash Flow Coverage: With its low cash payout ratio (22.6%), CIX's dividend payments are well covered by cash flows.


Discover strong dividend paying companies

Management

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

1.7yrs

Average management tenure


CEO

Kurt MacAlpine (40 yo)

2.83yrs

Tenure

CA$10,603,174

Compensation

Mr. Kurt MacAlpine serves as Chief Executive Officer and Director of CI Financial Corp. since September 1, 2019. Mr. MacAlpine is Executive Vice President and Chief Distribution Officer at WisdomTree Inves...


CEO Compensation Analysis

Compensation vs Market: Kurt's total compensation ($USD8.23M) is above average for companies of similar size in the Canadian market ($USD2.46M).

Compensation vs Earnings: Kurt's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.


Leadership Team

Experienced Management: CIX's management team is not considered experienced ( 1.7 years average tenure), which suggests a new team.


Board Members

Experienced Board: CIX's board of directors are considered experienced (4.1 years average tenure).


Ownership

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


Insider Trading Volume

Insider Buying: CIX insiders have bought more shares than they have sold 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

CI Financial Corp.'s employee growth, exchange listings and data sources


Key Information

  • Name: CI Financial Corp.
  • Ticker: CIX
  • Exchange: TSX
  • Founded: 1965
  • Industry: Asset Management and Custody Banks
  • Sector: Diversified Financials
  • Implied Market Cap: CA$2.614b
  • Shares outstanding: 192.36m
  • Website: https://www.cifinancial.com

Number of Employees


Location

  • CI Financial Corp.
  • 15 York Street,
  • Second Floor
  • Toronto
  • Ontario
  • M5J 0A3
  • Canada

Listings


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/07/04 00:00
End of Day Share Price2022/07/04 00:00
Earnings2022/03/31
Annual Earnings2021/12/31


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.