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CI Financial

TSX:CIX
Snowflake Description

Fair value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CIX
TSX
CA$5B
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

CI Financial Corp. is a publicly owned asset management holding company. The last earnings update was 41 days ago. More info.


Add to Portfolio Compare Print
  • CI Financial is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
CIX Share Price and Events
7 Day Returns
2.6%
TSX:CIX
0.1%
CA Capital Markets
0.4%
CA Market
1 Year Returns
-14.2%
TSX:CIX
-3.6%
CA Capital Markets
-3%
CA Market
CIX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CI Financial (CIX) 2.6% 5.8% 18% -14.2% -20.7% -38.2%
CA Capital Markets 0.1% 0.8% 6.9% -3.6% 18.1% -11.3%
CA Market 0.4% -1% -0.6% -3% 10.9% 1.6%
1 Year Return vs Industry and Market
  • CIX underperformed the Capital Markets industry which returned -3.6% over the past year.
  • CIX underperformed the Market in Canada which returned -3% over the past year.
Price Volatility
CIX
Industry
5yr Volatility vs Market

Value

 Is CI Financial undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of CI Financial to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for CI Financial.

TSX:CIX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= CA$6.58 * 30.6%
CA$2.01
Book Value of Equity per Share Median Book Value from the past 5 years. CA$6.58
Discount Rate (Cost of Equity) See below 7.3%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:CIX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.7
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.696 (1 + (1- 26.5%) (31.52%))
0.904
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.9
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.904 * 5.96%)
7.34%

Discounted Cash Flow Calculation for TSX:CIX using Excess Returns Model Model

The calculations below outline how an intrinsic value for CI Financial is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

TSX:CIX Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (30.6% – 7.34%) * CA$6.58)
CA$1.53
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$1.53 / (7.34% - 1.95%)
CA$28.41
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$6.58 + CA$28.41
CA$34.99
TSX:CIX Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$34.99
Current discount Discount to share price of CA$21.43
= -1 x (CA$21.43 - CA$34.99) / CA$34.99
38.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price CI Financial is available for.
Intrinsic value
39%
Share price is CA$21.43 vs Future cash flow value of CA$34.99
Current Discount Checks
For CI Financial to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CI Financial's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CI Financial's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for CI Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CI Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:CIX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-03-31) in CAD CA$2.37
TSX:CIX Share Price ** TSX (2019-06-18) in CAD CA$21.43
Canada Capital Markets Industry PE Ratio Median Figure of 21 Publicly-Listed Capital Markets Companies 11.26x
Canada Market PE Ratio Median Figure of 545 Publicly-Listed Companies 15.01x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of CI Financial.

TSX:CIX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:CIX Share Price ÷ EPS (both in CAD)

= 21.43 ÷ 2.37

9.04x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CI Financial is good value based on earnings compared to the CA Capital Markets industry average.
  • CI Financial is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does CI Financial's expected growth come at a high price?
Raw Data
TSX:CIX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.04x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-0.4%per year
North America Capital Markets Industry PEG Ratio Median Figure of 36 Publicly-Listed Capital Markets Companies 2.04x
Canada Market PEG Ratio Median Figure of 248 Publicly-Listed Companies 1.14x

*Line of best fit is calculated by linear regression .

TSX:CIX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.04x ÷ -0.4%

-25.44x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CI Financial earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on CI Financial's assets?
Raw Data
TSX:CIX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-03-31) in CAD CA$6.27
TSX:CIX Share Price * TSX (2019-06-18) in CAD CA$21.43
Canada Capital Markets Industry PB Ratio Median Figure of 149 Publicly-Listed Capital Markets Companies 1.18x
Canada Market PB Ratio Median Figure of 2,414 Publicly-Listed Companies 1.41x
TSX:CIX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:CIX Share Price ÷ Book Value per Share (both in CAD)

= 21.43 ÷ 6.27

3.42x

* Primary Listing of CI Financial.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • CI Financial is overvalued based on assets compared to the CA Capital Markets industry average.
X
Value checks
We assess CI Financial's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Capital Markets industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Capital Markets industry average (and greater than 0)? (1 check)
  5. CI Financial has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is CI Financial expected to perform in the next 1 to 3 years based on estimates from 5 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-0.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CI Financial expected to grow at an attractive rate?
  • CI Financial's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.9%.
Growth vs Market Checks
  • CI Financial's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • CI Financial's revenues are expected to decrease over the next 1-3 years, this is below the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:CIX Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:CIX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -0.4%
TSX:CIX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts -0.5%
Canada Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.6%
Canada Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 1.4%
Canada Market Earnings Growth Rate Market Cap Weighted Average 14.6%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
TSX:CIX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:CIX Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 2,144 581 572 5
2019-12-31 2,137 597 560 5
TSX:CIX Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-03-31 2,190 649 598
2018-12-31 2,236 608 617
2018-09-30 2,302 604 567
2018-06-30 2,237 623 563
2018-03-31 2,182 577 562
2017-12-31 2,111 581 549
2017-09-30 2,016 637 531
2017-06-30 2,007 623 514
2017-03-31 1,973 622 533
2016-12-31 1,941 655 503
2016-09-30 1,935 602 509
2016-06-30 1,939 605 515

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CI Financial's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • CI Financial's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:CIX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below

All data from CI Financial Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CIX Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 2.55 2.66 2.43 7.00
2019-12-31 2.39 2.46 2.29 7.00
TSX:CIX Past Financials Data
Date (Data in CAD Millions) EPS *
2019-03-31 2.37
2018-12-31 2.38
2018-09-30 2.13
2018-06-30 2.11
2018-03-31 2.11
2017-12-31 2.08
2017-09-30 2.02
2017-06-30 1.93
2017-03-31 1.99
2016-12-31 1.86
2016-09-30 1.86
2016-06-30 1.87

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if CI Financial will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess CI Financial's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
CI Financial has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has CI Financial performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare CI Financial's growth in the last year to its industry (Capital Markets).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • CI Financial's year on year earnings growth rate has been positive over the past 5 years.
  • CI Financial's 1-year earnings growth exceeds its 5-year average (6.6% vs 3.2%)
  • CI Financial's earnings growth has not exceeded the CA Capital Markets industry average in the past year (6.6% vs 24.6%).
Earnings and Revenue History
CI Financial's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from CI Financial Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CIX Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-03-31 2,189.63 598.47 515.69
2018-12-31 2,236.37 617.48 522.52
2018-09-30 2,301.55 567.35 527.14
2018-06-30 2,236.60 562.72 504.47
2018-03-31 2,182.23 561.64 484.00
2017-12-31 2,111.30 549.09 459.10
2017-09-30 2,015.77 530.70 430.71
2017-06-30 2,007.08 513.88 421.92
2017-03-31 1,972.74 532.92 408.37
2016-12-31 1,940.80 503.00 396.76
2016-09-30 1,935.44 509.17 391.30
2016-06-30 1,938.99 515.23 384.31
2016-03-31 1,967.30 525.53 378.07
2015-12-31 1,990.15 553.49 372.46
2015-09-30 1,976.63 566.77 362.53
2015-06-30 1,958.33 559.07 355.75
2015-03-31 1,918.83 547.89 348.84
2014-12-31 1,870.92 525.04 341.75
2014-09-30 1,810.06 500.78 337.14
2014-06-30 1,735.33 473.40 329.43
2014-03-31 1,667.81 449.60 321.99
2013-12-31 1,604.15 426.40 314.46
2013-09-30 1,556.28 405.19 305.29
2013-06-30 1,511.85 388.73 296.75
2013-03-31 1,473.45 356.09 289.96
2012-12-31 1,457.74 352.16 286.01
2012-09-30 1,438.27 344.97 306.84
2012-06-30 1,444.16 344.46 333.92

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst CI Financial has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • CI Financial used its assets more efficiently than the CA Capital Markets industry average last year based on Return on Assets.
  • CI Financial's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CI Financial's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Capital Markets industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
CI Financial has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is CI Financial's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up CI Financial's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CI Financial is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • CI Financial's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CI Financial's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from CI Financial Company Filings, last reported 2 months ago.

TSX:CIX Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-03-31 1,513.18 1,608.06 311.83
2018-12-31 1,432.93 1,503.73 305.28
2018-09-30 1,440.93 1,444.01 287.59
2018-06-30 1,740.55 1,428.53 349.28
2018-03-31 1,822.02 1,366.32 394.15
2017-12-31 1,905.56 1,118.12 325.49
2017-09-30 1,601.12 1,067.92 387.02
2017-06-30 1,647.65 909.03 229.15
2017-03-31 1,726.67 864.84 210.51
2016-12-31 1,748.03 758.66 202.91
2016-09-30 1,785.15 675.72 164.78
2016-06-30 1,824.48 623.60 121.87
2016-03-31 1,859.11 613.47 129.08
2015-12-31 1,896.97 559.35 135.30
2015-09-30 1,873.91 435.62 131.12
2015-06-30 1,894.20 383.54 137.28
2015-03-31 1,917.88 311.47 117.76
2014-12-31 1,906.44 307.39 134.96
2014-09-30 1,894.41 499.26 291.06
2014-06-30 1,899.22 499.13 257.25
2014-03-31 1,858.48 499.00 175.35
2013-12-31 1,823.62 498.87 193.22
2013-09-30 1,768.34 498.75 117.63
2013-06-30 1,734.35 526.62 99.70
2013-03-31 1,708.34 592.49 113.68
2012-12-31 1,675.99 594.37 90.29
2012-09-30 1,654.23 748.11 220.54
2012-06-30 1,632.46 747.86 159.72
  • CI Financial's level of debt (101%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (26.8% vs 101% today).
  • Debt is well covered by operating cash flow (42.4%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 17.8x coverage).
X
Financial health checks
We assess CI Financial's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. CI Financial has a total score of 3/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

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

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
3.36%
Current annual income from CI Financial dividends. Estimated to be 3.36% next year.
If you bought CA$2,000 of CI Financial shares you are expected to receive CA$67 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • CI Financial's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.13%).
  • CI Financial's dividend is below the markets top 25% of dividend payers in Canada (5.77%).
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:CIX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
Canada Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 4.7%
Canada Market Average Dividend Yield Market Cap Weighted Average of 335 Stocks 3.6%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2.1%
Canada Top 25% Dividend Yield 75th Percentile 5.8%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

TSX:CIX Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.72 5.00
2019-12-31 0.72 5.00
TSX:CIX Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-05-09 0.720 3.480
2018-08-09 0.720 3.774
2018-05-10 1.410 5.835
2018-02-15 1.410 5.108
2017-08-10 1.410 4.976
2017-05-11 1.410 5.205
2017-02-16 1.380 5.146
2016-11-03 1.380 5.022
2016-08-04 1.380 5.516
2016-05-05 1.380 5.057
2016-02-11 1.320 4.627
2015-11-05 1.320 4.356
2015-08-06 1.320 4.262
2015-05-07 1.320 3.864
2015-02-12 1.260 3.572
2014-11-06 1.260 3.826
2014-08-07 1.200 3.543
2014-05-07 1.200 3.435
2014-05-06 1.140 3.141
2014-02-13 1.140 3.270
2013-11-07 1.140 3.273
2013-05-07 1.080 3.421
2013-02-14 1.020 3.669
2012-11-06 0.960 3.861
2012-08-09 0.960 4.211
2012-05-08 0.960 4.374
2012-02-16 0.960 4.188
2011-11-08 0.900 4.299
2011-08-09 0.900 4.461
2011-05-10 0.900 3.981
2011-02-23 0.900 3.930
2010-11-09 0.840 3.850
2010-08-10 0.780 3.840
2010-05-11 0.780 4.162
2010-02-23 0.720 3.415
2009-11-10 0.720 3.464
2009-08-11 0.600 3.028

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of CI Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.3x coverage).
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess CI Financial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can CI Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CI Financial has a total score of 3/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

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

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Pete Anderson
COMPENSATION CA$2,450,019
AGE 60
TENURE AS CEO 3 years
CEO Bio

Mr. Peter William Anderson, also known as Pete, CPA serves as President at CI Financial Corp. since March 31, 2019. He served as an Operating Partner at Yellow Wood Partners, LLC. Mr. Anderson has been Chief Executive Officer at CI Financial Corp since June 1, 2016. He served as an Interim Chief Executive Officer from August 1, 2015 to February 11, 2016 and Interim Senior Executive since August 1, 2015 at Aston Hill Financial Inc. Previously, Mr. Anderson served as the Chief Investment Officer and Head of Institutional Sales until 2012 and as an Executive Vice President since November 1999 at CI Financial Corp. He served as the Chief Executive Officer and Chairman of Lakeview Asset Management Inc. Mr. Anderson served as the President at CI Investments Inc. until 2006 and also served as its Chief Executive Officer from October 2003 to March 2010. He served as the Chief Financial Officer, Principal Accounting Officer, and Senior Vice President at Block Drug Company, Inc. from April, 1999 to March, 2001. Mr. Anderson served as the Chief Financial Officer at Prestige Brands Holdings, Inc. from June 2004 to December 2010 and served as its Principal Accounting Officer, Treasurer and Secretary. He served as the Chief Financial Officer, Principal Accounting Officer, Manager, Treasurer, and Secretary at Prestige Brands International, LLC. Mr. Anderson first joined CI in 1997 as Executive Vice President and head of Sales and marketing after working at ScotiaMcLeod Inc., where he held positions that included Managing Director and Branch Manager. Mr. Anderson served as Principal Financial Officer, Principal Accounting Officer, Vice President, Secretary, and Treasurer at Vetco, Inc. He served as the Chief Financial Officer at Medtech Holdings Inc. since April 2001. Mr. Anderson served as the Coach and Aris/Isotoner divisions of the Sara Lee Corporation from June 1996 to April 1999 and Lancaster Group USA, a division of Benckiser from March 1994 to June 1996. Other prior positions include Vice President of Finance of the International Division at Sterling Winthrop Inc., and Vice President of Finance at Sterling Health-USA. He served as the Chairman from March 2010 to September 2010. Mr. Anderson has been a Director of CI Financial Corp since June 09, 2016. He served as Director of Aston Hill Financial Inc. from November 2014 to February 11, 2016. He served as the Director of the CI Investments Inc. since November 2011. He served as a Director of United Financial Corporation, Vetco, Inc., Brick Brewing Co. Ltd. from April 2015 to May 1, 2016, CI Financial Corp. from August 25, 2010 to June 1, 2011 and Skylon Advisors Inc. Mr. Anderson serves as a Director of the Toronto Symphony Orchestra and as a Member of Board of Governors of St. Andrews College. He is a Certified Public Accountant. He has over 30 years’ experience in senior management positions in the Canadian investment industry. He is expertise in Financial Services, Mutual Funds, CEO Experience, Strategic Leadership, Wealth Management and Risk Management. Mr. Anderson received an MBA and BA from Farleigh Dickinson and a Business Degree from the University of New Brunswick.

CEO Compensation
  • Pete's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Pete's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the CI Financial management team in years:

1.4
Average Tenure
59
Average Age
  • The average tenure for the CI Financial management team is less than 2 years, this suggests a new team.
Management Team

Bill Holland

TITLE
Chairman of the Board
COMPENSATION
CA$750K
AGE
59

Pete Anderson

TITLE
President
COMPENSATION
CA$2M
AGE
60
TENURE
3 yrs

Doug Jamieson

TITLE
Executive VP & CFO
COMPENSATION
CA$910K
AGE
51
TENURE
10.5 yrs

Steven Donald

TITLE
Executive VP & Chief Risk Officer
COMPENSATION
CA$1M
TENURE
2.6 yrs

Darie Urbanky

TITLE
Executive VP & COO
TENURE
0.5 yrs

Ted Kelterborn

TITLE
Chief Legal Officer
TENURE
0.3 yrs

Lorraine Blair

TITLE
Executive VP & Chief Talent Officer

Rohit Mehta

TITLE
Executive VP & President of First Asset ETFs
TENURE
1.4 yrs

Kambiz Vatan-Abadi

TITLE
Chief Innovation Officer
TENURE
1.4 yrs

Sean Etherington

TITLE
President of Assante Wealth Management (Canada) Limited
TENURE
1.4 yrs
Board of Directors Tenure

Average tenure and age of the CI Financial board of directors in years:

1
Average Tenure
59.5
Average Age
  • The average tenure for the CI Financial board of directors is less than 3 years, this suggests a new board.
Board of Directors

Bill Holland

TITLE
Chairman of the Board
COMPENSATION
CA$750K
AGE
59
TENURE
8.8 yrs

Pete Anderson

TITLE
President
COMPENSATION
CA$2M
AGE
60
TENURE
3 yrs

Tom Muir

TITLE
Lead Director
COMPENSATION
CA$153K
AGE
62
TENURE
1 yrs

David Miller

TITLE
Independent Director
COMPENSATION
CA$140K
AGE
68
TENURE
5.7 yrs

Sheila Murray

TITLE
Director
COMPENSATION
CA$2M
TENURE
1 yrs

Stephen Moore

TITLE
Independent Director
COMPENSATION
CA$140K
AGE
64
TENURE
12.4 yrs

Brigette Chang-Addorisio

TITLE
Independent Director
COMPENSATION
CA$70K
AGE
41
TENURE
1 yrs

Paul Perrow

TITLE
Independent Director
COMPENSATION
CA$70K
AGE
53
TENURE
1 yrs

Bill Butt

TITLE
Director
AGE
55
TENURE
0.3 yrs
Who owns this company?
Recent Insider Trading
  • CI Financial insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
04. Jun 19 Buy Brigette Chang-Addorisio Individual 18. Jan 19 18. Jan 19 257 CA$17.67 CA$4,542
18. Apr 19 Buy William Holland Individual 18. Apr 19 18. Apr 19 1,100 CA$17.98 CA$19,781
11. Apr 19 Sell David Pauli Individual 10. Apr 19 10. Apr 19 -7,100 CA$18.54 CA$-131,650
14. Mar 19 Sell David Pauli Individual 12. Mar 19 12. Mar 19 -8,100 CA$18.29 CA$-148,149
21. Dec 18 Sell Lorraine Blair Individual 19. Dec 18 19. Dec 18 -1,124 CA$17.40 CA$-19,554
12. Oct 18 Sell Lorraine Blair Individual 09. Oct 18 09. Oct 18 -1,300 CA$19.72 CA$-25,636
11. Oct 18 Buy William Holland Individual 10. Oct 18 10. Oct 18 25,000 CA$19.25 CA$481,250
10. Oct 18 Buy Peter Anderson Individual 10. Oct 18 10. Oct 18 10,000 CA$19.40 CA$194,000
09. Oct 18 Buy William Holland Individual 09. Oct 18 09. Oct 18 100,000 CA$19.60 CA$1,960,000
05. Oct 18 Buy William Holland Individual 05. Oct 18 05. Oct 18 50,000 CA$19.65 CA$982,500
05. Sep 18 Buy Douglas Jamieson Individual 05. Sep 18 05. Sep 18 1,800 CA$20.59 CA$37,061
20. Aug 18 Buy Roy Ratnavel Individual 20. Aug 18 20. Aug 18 10,000 CA$21.55 CA$215,500
14. Aug 18 Buy Brigette Chang-Addorisio Individual 10. Aug 18 10. Aug 18 51,000 CA$21.31 CA$1,087,024
13. Aug 18 Buy William Holland Individual 13. Aug 18 13. Aug 18 56,500 CA$21.04 CA$1,188,958
X
Management checks
We assess CI Financial's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. CI Financial has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

Is Buying CI Financial Corp (TSE:CIX) For Its Upcoming CA$0.12 Dividend A Good Choice?

Have you been keeping an eye on CI Financial Corp's (TSE:CIX) upcoming dividend of CA$0.12 per share payable on the 15 August 2018? … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:? … Has it consistently paid a stable dividend without missing a payment or drastically cutting payout?

Simply Wall St -

What You Must Know About CI Financial Corp's (TSE:CIX) Major Investors

In this analysis, my focus will be on developing a perspective on CI Financial Corp’s (TSE:CIX) latest ownership structure, a less discussed, but important factor. … When it comes to ownership structure of a company, the impact has been observed in both the long-and short-term performance of shares. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders.

Simply Wall St -

Should CI Financial Corp (TSE:CIX) Be Part Of Your Portfolio?

Dividends play a key role in compounding returns over time and can form a large part of our portfolio return. … In the past 10 years CI Financial Corp (TSE:CIX) has returned an average of 4.00% per year to investors in the form of dividend payouts. … Let's take a look at CI Financial in more detail.

Simply Wall St -

Should CI Financial Corp's (TSE:CIX) Recent Earnings Decline Worry You?

After looking at CI Financial Corp's (TSX:CIX) latest earnings update (31 March 2018), I found it helpful to revisit the company's performance in the past couple of years and compare this against the latest numbers. … Check out our latest analysis for CI Financial Did CIX perform worse than its track record and industry? … For the purpose of this commentary, I like to use the ‘latest twelve-month’ data, which annualizes the latest 6-month earnings release, or some times, the latest annual report is already the most recent financial data.

Simply Wall St -

CI Financial Corp (TSE:CIX) Is Trading 7% Below Its True Value

Looking at line items like book values, as well as the return and cost of equity, is useful for assessing CIX’s true value. … The returns in excess of cost of equity is called excess returns: Excess Return Per Share = (Stable Return On Equity – Cost Of Equity) (Book Value Of Equity Per Share) = (26.25% – 8.43%) * CA$7.56 = CA$1.35 Excess Return Per Share is used to calculate the terminal value of CIX, which is how much the business is expected to continue to generate over the upcoming years, in perpetuity. … This is a common component of discounted cash flow models: Terminal Value Per Share = Excess Return Per Share / (Cost of Equity – Expected Growth Rate) = CA$1.35 / (8.43% – 2.13%) = CA$21.42 Combining these components gives us CIX's intrinsic value per share: Value Per Share = Book Value of Equity Per Share + Terminal Value Per Share = CA$7.56 + CA$21.42 = CA$28.98 Relative to today's price of CA$27.02, CIX is currently fairly priced by the market.

Simply Wall St -

Is Buying CI Financial Corp (TSE:CIX) For Its Upcoming $0.12 Dividend A Good Choice?

Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine CI Financial's latest financial data to analyse its dividend characteristics. … See our latest analysis for CI Financial Here's how I find good dividend stocks If you are a dividend investor, you should always assess these five key metrics: Is it paying an annual yield above 75% of dividend payers? … However, going forward, analysts expect CIX's payout to fall to 56.18% of its earnings, which leads to a dividend yield of 5.46%.

Simply Wall St -

Should You Sell CI Financial Corp (TSE:CIX) At This PE Ratio?

By comparing a stock’s price per share to its earnings per share, we are able to see how much investors are paying for each dollar of the company’s earnings. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for CIX Price per share = CA$27.05 Earnings per share = CA$1.891 ∴ Price-Earnings Ratio = CA$27.05 ÷ CA$1.891 = 14.3x The P/E ratio itself doesn’t tell you a lot; however, it becomes very insightful when you compare it with other similar companies. … At 14.3x, CIX’s P/E is higher than its industry peers (13.5x).

Simply Wall St -

3 Days Left To CI Financial Corp (TSE:CIX)’s Ex-Dividend Date, Is It Worth Buying?

Check out our latest analysis for CI Financial Here's how I find good dividend stocks Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is its annual yield among the top 25% of dividend-paying companies? … In the near future, analysts are predicting lower payout ratio of 54.81%, leading to a dividend yield of around 5.03%. … If there is one thing that you want to be reliable in your life, it's dividend stocks and their constant income stream.

Simply Wall St -

Does CI Financial Corp (TSE:CIX) Have A Place In Your Dividend Portfolio?

Check out our latest analysis for CI Financial How I analyze a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Does it pay an annual yield higher than 75% of dividend payers? … The current trailing twelve-month payout ratio for the stock is 74.24%, meaning the dividend is sufficiently covered by earnings. … Compared to its peers, CI Financial generates a yield of 4.98%, which is high for Capital Markets stocks.Next Steps: With these dividend metrics in mind, I definitely rank CI Financial as a strong income stock, and is worth further research for anyone who considers dividends an important part of their portfolio strategy.

Simply Wall St -

When Should You Buy CI Financial Corp (TSE:CIX)?

CI Financial Corp (TSX:CIX), a capital markets company based in Canada, saw its share price hover around a small range of CA$28.06 to CA$29.96 over the last few weeks. … It’s trading around 12% above my intrinsic value, which means if you buy CI Financial today, you’d be paying a relatively fair price for it. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price.

Simply Wall St -

Company Info

Description

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. The firm was founded in 1965 and is based in Toronto, Canada with additional offices in Vancouver, Canada; Calgary, Canada; and Montreal, Canada.

Details
Name: CI Financial Corp
CIX
Exchange: TSX
Founded: 1965
CA$5,101,650,273
238,061,142
Website: http://www.cifinancial.com
Address: CI Financial Corp
2 Queen Street East,
Twentieth Floor,
Toronto,
Ontario, M5C 3G7,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CIX Common Shares The Toronto Stock Exchange CA CAD 20. Jun 1994
OTCPK CIFA.F Common Shares Pink Sheets LLC US USD 20. Jun 1994
DB CF7 Common Shares Deutsche Boerse AG DE EUR 20. Jun 1994
Number of employees
Current staff
Staff numbers
1,799
CI Financial employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/06/19 00:13
End of day share price update: 2019/06/18 00:00
Last estimates confirmation: 2019/06/12
Last earnings filing: 2019/05/09
Last earnings reported: 2019/03/31
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

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.