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CIX

CI FinancialTSX:CIX Stock Report

Market Cap

CA$5.8b

7D

-1.6%

1Y

68.4%

Updated

28 Nov, 2021

Data

Company Financials +
CIX fundamental analysis
Snowflake Score
Valuation3/6
Future Growth5/6
Past Performance0/6
Financial Health2/6
Dividends3/6

CIX Stock Overview

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

CI Financial Competitors

IGM Financial

TSX:IGM

CA$11.7b

Sprott

TSX:SII

CA$1.4b

Fiera Capital

TSX:FSZ

CA$1.1b

Guardian Capital Group

TSX:GCG.A

CA$867.1m

Price History & Performance

Summary of all time highs, changes and price drops for CI Financial
Historical stock prices
Current Share PriceCA$29.39
52 Week HighCA$30.88
52 Week LowCA$14.91
Beta1.43
1 Month Change4.15%
3 Month Change20.50%
1 Year Change68.42%
3 Year Change46.07%
5 Year Change8.85%
Change since IPO2,311.49%

Recent News & Updates

Oct 20
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 on the 14th of January, with...

Shareholder Returns

CIXCA Capital MarketsCA Market
7D-1.6%-2.6%-1.7%
1Y68.4%46.2%21.9%

Return vs Industry: CIX exceeded the Canadian Capital Markets industry which returned 46.8% over the past year.

Return vs Market: CIX exceeded the Canadian Market which returned 22.1% over the past year.

Price Volatility

Is CIX's price volatile compared to industry and market?
CIX volatility
CIX Average Weekly Movement2.9%
Capital Markets Industry Average Movement5.0%
Market Average Movement9.4%
10% most volatile stocks in CA Market17.1%
10% least volatile stocks in CA Market3.5%

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

Volatility Over Time: CIX's weekly volatility (3%) has been stable over the past year.

About the Company

FoundedEmployeesCEOWebsite
19651,793Kurt 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$5.78b
Earnings (TTM)CA$390.64m
Revenue (TTM)CA$2.53b

14.8x

P/E Ratio

2.3x

P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
CIX income statement (TTM)
RevenueCA$2.53b
Cost of RevenueCA$943.36m
Gross ProfitCA$1.59b
ExpensesCA$1.20b
EarningsCA$390.64m

Last Reported Earnings

Sep 30, 2021

Next Earnings Date

n/a

Earnings per share (EPS)1.99
Gross Margin62.72%
Net Profit Margin15.44%
Debt/Equity Ratio217.4%

How did CIX perform over the long term?

See historical performance and comparison

Dividends

2.4%

Current Dividend Yield

38%

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 DateDec 30 2021
Dividend Pay DateJan 14 2022
Days until Ex dividend31 days
Days until Dividend pay date46 days

Does CIX pay a reliable dividends?

See CIX dividend history and benchmarks

Valuation

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

31.0%

Undervalued compared to fair value


Share Price vs. Fair Value

Below Fair Value: CIX (CA$29.39) is trading below our estimate of fair value (CA$42.52)

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


Price To Earnings Ratio

PE vs Industry: CIX is poor value based on its PE Ratio (14.8x) compared to the Canadian Capital Markets industry average (8.2x).

PE vs Market: CIX is poor value based on its PE Ratio (14.8x) compared to the Canadian market (12.5x).


Price to Earnings Growth Ratio

PEG Ratio: CIX is good value based on its PEG Ratio (0.5x)


Price to Book Ratio

PB vs Industry: CIX is overvalued based on its PB Ratio (3.8x) compared to the CA Capital Markets industry average (1.8x).


Future Growth

How is CI Financial forecast to perform in the next 1 to 3 years based on estimates from 7 analysts?

28.2%

Forecasted annual earnings growth


Earnings and Revenue Growth Forecasts


Analyst Future Growth Forecasts

Earnings vs Savings Rate: CIX's forecast earnings growth (28.2% per year) is above the savings rate (1.6%).

Earnings vs Market: CIX's earnings (28.2% per year) are forecast to grow faster than the Canadian market (10.6% per year).

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

Revenue vs Market: CIX's revenue (12.4% per year) is forecast to grow faster than the Canadian market (5.6% per year).

High Growth Revenue: CIX's revenue (12.4% per year) is forecast to grow slower than 20% per year.


Earnings per Share Growth Forecasts


Future Return on Equity

Future ROE: CIX's Return on Equity is forecast to be high in 3 years time (32.1%)


Past Performance

How has CI Financial performed over the past 5 years?

-2.9%

Historical annual earnings growth


Earnings and Revenue History

Quality Earnings: CIX has a large one-off loss of CA$152.3M impacting its September 30 2021 financial results.

Growing Profit Margin: CIX's current net profit margins (15.4%) are lower than last year (25.7%).


Past Earnings Growth Analysis

Earnings Trend: CIX's earnings have declined by 2.9% 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 (-24.7%) over the past year, making it difficult to compare to the Capital Markets industry average (32.3%).


Return on Equity

High ROE: Whilst CIX's Return on Equity (25.15%) is high, this metric is skewed due to their high level of debt.


Financial Health

How is CI Financial's financial position?


Financial Position Analysis

Short Term Liabilities: CIX's short term assets (CA$2.3B) exceed its short term liabilities (CA$2.1B).

Long Term Liabilities: CIX's short term assets (CA$2.3B) do not cover its long term liabilities (CA$4.1B).


Debt to Equity History and Analysis

Debt Level: CIX's net debt to equity ratio (166.9%) is considered high.

Reducing Debt: CIX's debt to equity ratio has increased from 37.9% to 217.4% over the past 5 years.

Debt Coverage: CIX's debt is not well covered by operating cash flow (17%).

Interest Coverage: CIX's interest payments on its debt are well covered by EBIT (9.2x coverage).


Balance Sheet


Dividend

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

2.45%

Current Dividend Yield


Upcoming Dividend Payment

TodayNov 29 2021Ex Dividend DateDec 30 2021Dividend Pay DateJan 14 202215 days from Ex DividendBuy in the next 31 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: CIX's dividend (2.45%) is higher than the bottom 25% of dividend payers in the Canadian market (1.59%).

High Dividend: CIX's dividend (2.45%) is low compared to the top 25% of dividend payers in the Canadian market (4.6%).


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.


Current Payout to Shareholders

Dividend Coverage: With its reasonably low payout ratio (37.7%), CIX's dividend payments are well covered by earnings.


Future Payout to Shareholders

Future Dividend Coverage: CIX's dividends in 3 years are forecast to be well covered by earnings (18.6% payout ratio).


Next Steps

Management

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

1.6yrs

Average management tenure


CEO

Kurt MacAlpine (39 yo)

2.17yrs

Tenure

CA$6,007,500

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 ($USD4.70M) is above average for companies of similar size in the Canadian market ($USD2.75M).

Compensation vs Earnings: Kurt's compensation has been consistent with company performance over the past year.


Leadership Team

Experienced Management: CIX's management team is not considered experienced ( 1.6 years average tenure), which suggests a new team.


Board Members

Experienced Board: CIX's board of directors are considered experienced (3.4 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
  • Market Cap: CA$5.780b
  • Shares outstanding: 196.66m
  • 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 Analysis2021/11/28 23:06
End of Day Share Price2021/11/26 00:00
Earnings2021/09/30
Annual Earnings2020/12/31


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.