Recent Insider Transactions • Nov 02
Independent Director recently sold CA$200k worth of stock On the 31st of October, Jane Mowat sold around 10k shares on-market at roughly CA$20.00 per share. This transaction amounted to 100% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$127k more than they bought in the last 12 months. Announcement • Oct 31
iA Financial Corporation Inc. (TSX:IAG) completed the acquisition of RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others. iA Financial Corporation Inc. (TSX:IAG) entered into a definitive agreement to acquire RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others for approximately CAD 450 million on July 27, 2025. Consideration consists of CAD 20 per issued and outstanding common share and CAD 25 per issued and outstanding preferred share of RF Capital, payable entirely in cash. Purchase price will be funded by iA existing cash on hand and is expected to reduce. A termination fee of CAD 14.8 million would be payable by RF Capital to iA in certain circumstances, including in the context of a superior proposal supported by RF Capital. The board of directors of RF Capital, after receiving the unanimous recommendation from its special committee of independent directors unanimously recommends that RF Capital’s common shareholders and Series B preferred shareholders vote in favour of the Transaction. Upon the completion of the Transaction, the Series B Preferred Shares, to be delisted from the Toronto Stock Exchange. The Transaction is not subject to any financing condition.
Closing of the Transaction is subject to the receipt of the required approvals from RF Capital’s common shareholders and certain regulatory approvals and court approval, as well as the satisfaction of other customary closing conditions. Closing of the Transaction is expected to occur during Q4 2025. On September 22, 2025, RF Capital Group Inc. obtains shareholder approval for the sale to iA Financial Corporation Inc. Completion of the Arrangement remains subject to receipt of the final order, obtaining applicable regulatory approvals, and other customary closing conditions. The final order of the Ontario Superior Court of Justice (Commercial List) approving the Arrangement will be sought on September 26, 2025. As of October 27, 2025, the Canadian Investment Regulatory Organization has approved the transaction, as a result, all conditions to closing of the Arrangement have been satisfied, which RF Capital Group expects the transaction to close on or about October 31, 2025.
CIBC Capital Markets is acting as exclusive financial advisor and fairness opinion provider and Goodmans LLP is acting as legal counsel to RF Capital Group Inc. Cormark Securities Inc. is providing a fairness opinion to the Special Committee and the Board of Directors of RF Capital Group Inc. Stikeman Elliott LLP is acting as legal counsel Richardson Financial Group Limited. National Bank Financial Inc. is acting as financial advisor and McCarthy Tétrault LLP is acting as legal counsel to iA Financial Corporation Inc.
iA Financial Corporation Inc. (TSX:IAG) completed the acquisition of RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others on October 31, 2025. Reported Earnings • Aug 03
Second quarter 2025 earnings released: CA$0.20 loss per share (vs CA$0.11 profit in 2Q 2024) Second quarter 2025 results: CA$0.20 loss per share (down from CA$0.11 profit in 2Q 2024). Revenue: CA$82.2m (down 1.5% from 2Q 2024). Net loss: CA$3.18m (down 294% from profit in 2Q 2024). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 30% decline forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has increased by 46% per year but the company’s share price has only increased by 14% per year, which means it is significantly lagging earnings growth. Price Target Changed • Jul 30
Price target increased by 25% to CA$16.75 Up from CA$13.38, the current price target is an average from 2 analysts. New target price is 16% below last closing price of CA$19.85. The company posted a net loss per share of CA$0.24 last year. New Risk • Jul 28
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Canadian stocks, typically moving 31% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (31% average weekly change). Earnings have declined by 7.8% per year over the past 5 years. Announcement • Jul 28
iA Financial Corporation Inc. (TSX:IAG) entered into a definitive agreement to acquire RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others for approximately CAD 450 million. iA Financial Corporation Inc. (TSX:IAG) entered into a definitive agreement to acquire RF Capital Group Inc. (TSX:RCG) from Richardson Financial Group Limited and others for approximately CAD 450 million on July 28, 2025. Consideration consists of CAD 20 per issued and outstanding common share and CAD 25 per issued and outstanding preferred share of RF Capital, payable entirely in cash. Purchase price will be funded by iA existing cash on hand and is expected to reduce. A termination fee of CAD 14.8 million would be payable by RF Capital to iA in certain circumstances, including in the context of a superior proposal supported by RF Capital. The board of directors of RF Capital, after receiving the unanimous recommendation from its special committee of independent directors unanimously recommends that RF Capital’s common shareholders and Series B preferred shareholders vote in favour of the Transaction. The Transaction is not subject to any financing condition. Closing of the Transaction is subject to the receipt of the required approvals from RF Capital’s common shareholders and certain regulatory approvals and court approval, as well as the satisfaction of other customary closing conditions. Closing of the Transaction is expected to occur during Q4 2025. CIBC Capital Markets is acting as exclusive financial advisor and fairness opinion provider and Goodmans LLP is acting as legal counsel to RF Capital. Cormark Securities Inc. is providing a fairness opinion to the Special Committee and the Board of Directors of RF Capital. Stikeman Elliott LLP is acting as legal counsel Richardson Financial Group Limited. National Bank Financial Inc. is acting as financial advisor and McCarthy Tétrault LLP is acting as legal counsel to iA. New Risk • Jul 17
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 101% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 7.8% per year over the past 5 years. Shareholders have been substantially diluted in the past year (101% increase in shares outstanding). Announcement • Jul 06
RF Capital Group Inc. to Report Q2, 2025 Results on Jul 31, 2025 RF Capital Group Inc. announced that they will report Q2, 2025 results at 4:00 PM, US Eastern Standard Time on Jul 31, 2025 Reported Earnings • May 05
First quarter 2025 earnings released: CA$0.33 loss per share (vs CA$0.14 loss in 1Q 2024) First quarter 2025 results: CA$0.33 loss per share (further deteriorated from CA$0.14 loss in 1Q 2024). Revenue: CA$92.9m (up 15% from 1Q 2024). Net loss: CA$5.19m (loss widened 136% from 1Q 2024). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 17% decline forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has fallen by 19% per year, which means it is significantly lagging earnings. New Risk • Apr 22
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CA$138.0m (US$100.0m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 3.9% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$138.0m market cap, or US$100.0m). Announcement • Apr 01
RF Capital Group Inc. to Report Q1, 2025 Results on Apr 30, 2025 RF Capital Group Inc. announced that they will report Q1, 2025 results After-Market on Apr 30, 2025 New Risk • Mar 05
New major risk - Revenue and earnings growth Earnings have declined by 3.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. This is currently the only risk that has been identified for the company. Reported Earnings • Feb 28
Full year 2024 earnings released: EPS: CA$0.037 (vs CA$0.93 loss in FY 2023) Full year 2024 results: EPS: CA$0.037 (up from CA$0.93 loss in FY 2023). Revenue: CA$342.4m (up 9.2% from FY 2023). Net income: CA$568.0k (up CA$14.7m from FY 2023). Profit margin: 0.2% (up from net loss in FY 2023). The move to profitability was driven by higher revenue. Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 11% decline forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. Announcement • Feb 26
RF Capital Group Inc., Annual General Meeting, May 01, 2025 RF Capital Group Inc., Annual General Meeting, May 01, 2025. Announcement • Jan 28
RF Capital Group Inc. to Report Q4, 2024 Results on Feb 27, 2025 RF Capital Group Inc. announced that they will report Q4, 2024 results After-Market on Feb 27, 2025 Recent Insider Transactions • Nov 29
President recently bought CA$72k worth of stock On the 22nd of November, David Kelly bought around 10k shares on-market at roughly CA$7.30 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. This was David's only on-market trade for the last 12 months. Announcement • Nov 14
RF Capital Group Inc. Appoints Francis C. Baillargeon as Chief Financial Officer, Effective November 18, 2024 RF Capital Group Inc. announced the appointment of Francis C. Baillargeon as Chief Financial Officer ("CFO") following a comprehensive internal and external search process. Mr. Baillargeon will join the Company effective November 18, 2024. The company said, Francis is an entrepreneurial leader who possesses a deep understanding of the wealth management industry. He has a strong understanding of, and exposure to, risk management, investor relations, corporate development and M&A in a growth environment. Mr. Baillargeon spent the last four years as Chief Financial Officer of FLO EV Charging. During his tenure at the company, he had accountability for driving financial performance, leading over $500 million in fundraising commitments, driving strategic initiatives and implementing a data-driven approach to decision-making. Prior to FLO, Mr. Baillargeon was an executive in Corporate Development & Strategy at TD Bank where he led teams in evaluating and executing inorganic growth opportunities, via acquisitions, partnerships and strategic investments. Before joining TD Bank, he worked for over ten years in investment banking at Goldman Sachs and two wealth management-focused boutiques. Mr. Baillargeon has a Bachelor of Commerce (Honours) from Queen's University. Reported Earnings • Nov 08
Third quarter 2024 earnings released: CA$0.15 loss per share (vs CA$0.10 loss in 3Q 2023) Third quarter 2024 results: CA$0.15 loss per share (further deteriorated from CA$0.10 loss in 3Q 2023). Revenue: CA$85.0m (up 8.7% from 3Q 2023). Net loss: CA$2.31m (loss widened 83% from 3Q 2023). Revenue is forecast to grow 15% p.a. on average during the next 2 years, compared to a 36% growth forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has increased by 15% per year but the company’s share price has fallen by 27% per year, which means it is significantly lagging earnings. Announcement • Oct 04
RF Capital Group Inc. to Report Q3, 2024 Results on Nov 07, 2024 RF Capital Group Inc. announced that they will report Q3, 2024 results After-Market on Nov 07, 2024 Reported Earnings • Aug 04
Second quarter 2024 earnings released: EPS: CA$0.11 (vs CA$0.20 loss in 2Q 2023) Second quarter 2024 results: EPS: CA$0.11 (up from CA$0.20 loss in 2Q 2023). Revenue: CA$83.5m (up 3.9% from 2Q 2023). Net income: CA$1.64m (up CA$4.14m from 2Q 2023). Profit margin: 2.0% (up from net loss in 2Q 2023). The move to profitability was primarily driven by higher revenue. Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 25% growth forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has fallen by 27% per year whereas the company’s share price has fallen by 32% per year. Announcement • Jul 04
RF Capital Group Inc. to Report Q2, 2024 Results on Jul 31, 2024 RF Capital Group Inc. announced that they will report Q2, 2024 results After-Market on Jul 31, 2024 Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 6 experienced directors. 3 highly experienced directors. Director David Porter was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 02
First quarter 2024 earnings released: CA$0.073 loss per share (vs CA$0.51 loss in 1Q 2023) First quarter 2024 results: CA$0.073 loss per share (improved from CA$0.51 loss in 1Q 2023). Revenue: CA$82.5m (up 4.5% from 1Q 2023). Net loss: CA$1.13m (loss narrowed 82% from 1Q 2023). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 10% growth forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has fallen by 54% per year but the company’s share price has only fallen by 31% per year, which means it has not declined as severely as earnings. Announcement • Apr 03
RF Capital Group Inc. to Report Q1, 2024 Results on May 01, 2024 RF Capital Group Inc. announced that they will report Q1, 2024 results After-Market on May 01, 2024 Announcement • Mar 22
RF Capital Group Inc., Annual General Meeting, Jun 04, 2024 RF Capital Group Inc., Annual General Meeting, Jun 04, 2024. Reported Earnings • Mar 03
Full year 2023 earnings released: CA$0.65 loss per share (vs CA$0.95 loss in FY 2022) Full year 2023 results: CA$0.65 loss per share. Revenue: CA$318.0m (flat on FY 2022). Net loss: CA$9.83m (loss widened 8.1% from FY 2022). Revenue is forecast to grow 11% p.a. on average during the next 2 years, compared to a 3.6% growth forecast for the Capital Markets industry in Canada. Announcement • Feb 03
RF Capital Group Inc. to Report Q4, 2023 Results on Feb 29, 2024 RF Capital Group Inc. announced that they will report Q4, 2023 results After-Market on Feb 29, 2024 Announcement • Jan 16
RF Capital Group Inc. Announces Executive Changes RF Capital Group Inc. announced Dave Kelly, an accomplished leader in the wealth management industry, has been appointed Chief Operating Officer of Richardson Wealth, where he will focus on delivering best-in-class support to the firm's advisors to drive growth and profitability. His appointment is effective January 15, 2024. Mr. Kelly's career spans more than 25 years of progressively senior roles in financial services. Most recently, he was head of Gluskin Sheff, a prominent independent Canadian advisory firm. Prior to that, Mr. Kelly spent 14 years in wealth management at Toronto-Dominion Bank, culminating in the role of senior vice president and head of private wealth management and financial planning. Mr. Kelly and his team, including Neil Bosch and James King, the recently appointed Regional Heads of Advisor Experience & Growth, will concentrate on the Company's first strategic pillar - doubling down on advisor support. Price Target Changed • Nov 07
Price target decreased by 11% to CA$16.50 Down from CA$18.63, the current price target is an average from 2 analysts. New target price is 150% above last closing price of CA$6.61. Stock is down 55% over the past year. The company posted a net loss per share of CA$0.95 last year. Reported Earnings • Nov 03
Third quarter 2023 earnings released: CA$0.10 loss per share (vs CA$0.19 loss in 3Q 2022) Third quarter 2023 results: CA$0.10 loss per share (improved from CA$0.19 loss in 3Q 2022). Revenue: CA$79.9m (up 3.7% from 3Q 2022). Net loss: CA$189.0k (loss narrowed 90% from 3Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has fallen by 48% per year but the company’s share price has only fallen by 30% per year, which means it has not declined as severely as earnings. Announcement • Oct 05
RF Capital Group Inc. to Report Q3, 2023 Results on Nov 02, 2023 RF Capital Group Inc. announced that they will report Q3, 2023 results After-Market on Nov 02, 2023 Price Target Changed • Aug 04
Price target decreased by 7.5% to CA$18.63 Down from CA$20.13, the current price target is an average from 2 analysts. New target price is 129% above last closing price of CA$8.15. Stock is down 39% over the past year. The company posted a net loss per share of CA$0.95 last year. New Risk • Aug 04
New major risk - Revenue and earnings growth Earnings have declined by 3.5% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CA$692m free cash flow). Earnings have declined by 3.5% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CA$127.3m market cap, or US$95.3m). Reported Earnings • Aug 04
Second quarter 2023 earnings released: CA$0.11 loss per share (vs CA$0.11 loss in 2Q 2022) Second quarter 2023 results: CA$0.11 loss per share (further deteriorated from CA$0.11 loss in 2Q 2022). Revenue: CA$81.3m (down 1.2% from 2Q 2022). Net loss: CA$1.43m (loss widened 40% from 2Q 2022). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 1.1% growth forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has fallen by 24% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Announcement • Jul 06
RF Capital Group Inc. to Report Q2, 2023 Results on Aug 02, 2023 RF Capital Group Inc. announced that they will report Q2, 2023 results at 4:00 PM, US Eastern Standard Time on Aug 02, 2023 Reported Earnings • May 06
First quarter 2023 earnings released: CA$0.43 loss per share (vs CA$0.44 loss in 1Q 2022) First quarter 2023 results: CA$0.43 loss per share. Revenue: CA$80.0m (down 1.1% from 1Q 2022). Net loss: CA$5.33m (loss widened 26% from 1Q 2022). Revenue is forecast to grow 12% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Capital Markets industry in Canada. Price Target Changed • Mar 06
Price target decreased by 7.8% to CA$20.75 Down from CA$22.50, the current price target is an average from 2 analysts. New target price is 60% above last closing price of CA$12.93. Stock is down 23% over the past year. The company posted a net loss per share of CA$0.50 last year. Reported Earnings • Mar 03
Full year 2022 earnings released: CA$0.50 loss per share (vs CA$3.33 loss in FY 2021) Full year 2022 results: CA$0.50 loss per share (improved from CA$3.33 loss in FY 2021). Revenue: CA$325.9m (up 9.6% from FY 2021). Net loss: CA$4.80m (loss narrowed 80% from FY 2021). Over the last 3 years on average, earnings per share has increased by 11% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Announcement • Feb 04
RF Capital Group Inc. to Report Q4, 2022 Results on Mar 02, 2023 RF Capital Group Inc. announced that they will report Q4, 2022 results After-Market on Mar 02, 2023 Board Change • Nov 16
High number of new directors There are 5 new directors who have joined the board in the last 3 years. Independent Director Sandy Riley was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Nov 09
Price target increased to CA$22.50 Up from CA$19.50, the current price target is an average from 2 analysts. New target price is 55% above last closing price of CA$14.55. Stock is down 31% over the past year. The company posted a net loss per share of CA$3.33 last year. Reported Earnings • Nov 05
Third quarter 2022 earnings released: CA$0.19 loss per share (vs CA$1.42 loss in 3Q 2021) Third quarter 2022 results: CA$0.19 loss per share (improved from CA$1.42 loss in 3Q 2021). Revenue: CA$77.0m (up 6.4% from 3Q 2021). Net loss: CA$1.80m (loss narrowed 81% from 3Q 2021). Revenue is forecast to grow 13% p.a. on average during the next 2 years, compared to a 1.8% growth forecast for the Capital Markets industry in Canada. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Reported Earnings • Jul 29
Second quarter 2022 earnings released: EPS: CA$0.006 (vs CA$0.42 loss in 2Q 2021) Second quarter 2022 results: EPS: CA$0.006 (up from CA$0.42 loss in 2Q 2021). Revenue: CA$84.2m (up 18% from 2Q 2021). Net income: CA$58.0k (up CA$2.99m from 2Q 2021). Profit margin: 0.1% (up from net loss in 2Q 2021). Over the next year, revenue is forecast to grow 20% compared to a 3.1% decline forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 8% per year but the company’s share price has fallen by 21% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jul 01
President recently bought CA$100k worth of stock On the 29th of June, Kishore Kapoor bought around 7k shares on-market at roughly CA$13.70 per share. This was the largest purchase by an insider in the last 3 months. This was Kishore's only on-market trade for the last 12 months. Reported Earnings • May 05
First quarter 2022 earnings released: CA$0.33 loss per share (vs CA$1.29 loss in 1Q 2021) First quarter 2022 results: CA$0.33 loss per share (up from CA$1.29 loss in 1Q 2021). Revenue: CA$82.6m (up 11% from 1Q 2021). Net loss: CA$3.15m (loss narrowed 63% from 1Q 2021). Over the next year, revenue is forecast to grow 23% compared to a 1.4% decline forecast for the industry in Canada. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has fallen by 8% per year, which means it is significantly lagging earnings. Board Change • Apr 27
High number of new directors There are 6 new directors who have joined the board in the last 3 years. Independent Director Sandy Riley was the last director to join the board, commencing their role in 2021. The company’s lack of board continuity is considered a risk according to the Simply Wall St Risk Model. Price Target Changed • Mar 08
Price target decreased to CA$3.00 Down from CA$3.40, the current price target is provided by 1 analyst. New target price is 78% above last closing price of CA$1.69. Stock is down 3.4% over the past year. The company posted a net loss per share of CA$0.33 last year. Recent Insider Transactions • Dec 27
Independent Director recently bought CA$91k worth of stock On the 24th of December, H. Riley bought around 50k shares on-market at roughly CA$1.81 per share. In the last 3 months, there was an even bigger purchase from another insider worth CA$161k. Insiders have collectively bought CA$619k more in shares than they have sold in the last 12 months. Recent Insider Transactions • Nov 12
Independent Director recently bought CA$161k worth of stock On the 9th of November, Nathalie Bernier bought around 75k shares on-market at roughly CA$2.15 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$529k more in shares than they have sold in the last 12 months. Price Target Changed • Nov 09
Price target increased to CA$3.60 Up from CA$3.30, the current price target is provided by 1 analyst. New target price is 71% above last closing price of CA$2.11. Stock is up 12% over the past year. The company posted earnings per share of CA$0.35 last year. Reported Earnings • Nov 06
Third quarter 2021 earnings released: CA$0.13 loss per share (vs CA$0.079 loss in 3Q 2020) The company reported a solid third quarter result with improved revenues and control over costs, although losses increased. Third quarter 2021 results: Revenue: CA$73.7m (up CA$68.0m from 3Q 2020). Net loss: CA$8.46m (loss widened 47% from 3Q 2020). Over the last 3 years on average, earnings per share has increased by 70% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Price Target Changed • Aug 04
Price target increased to CA$3.40 Up from CA$3.10, the current price target is provided by 1 analyst. New target price is 37% above last closing price of CA$2.49. Stock is up 99% over the past year. Reported Earnings • Jul 31
Second quarter 2021 earnings released: CA$0.028 loss per share (vs CA$0.039 loss in 2Q 2020) The company reported a solid second quarter result with reduced losses, improved revenues and improved control over expenses. Second quarter 2021 results: Revenue: CA$72.1m (up CA$66.7m from 2Q 2020). Net loss: CA$1.86m (loss narrowed 35% from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 56% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Recent Insider Transactions • Jun 15
Independent Director recently bought CA$99k worth of stock On the 10th of June, Jane Mowat bought around 47k shares on-market at roughly CA$2.10 per share. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$362k more in shares than they have sold in the last 12 months. Reported Earnings • Mar 08
Full year 2020 earnings released: EPS CA$0.34 (vs CA$0.26 loss in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CA$68.4m (up 238% from FY 2019). Net income: CA$25.2m (up CA$43.3m from FY 2019). Profit margin: 37% (up from net loss in FY 2019). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has fallen by 18% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Feb 20
New 90-day high: CA$1.87 The company is up 15% from its price of CA$1.62 on 20 November 2020. The Canadian market is up 10.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 9.0% over the same period. Is New 90 Day High Low • Dec 03
New 90-day low: CA$1.60 The company is down 9.0% from its price of CA$1.75 on 03 September 2020. The Canadian market is up 6.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Capital Markets industry, which is up 12% over the same period. Reported Earnings • Nov 07
Third quarter 2020 earnings released: CA$0.079 loss per share The company reported a solid third quarter result with reduced losses and improved revenues and control over expenses. Third quarter 2020 results: Revenue: CA$5.72m (up 47% from 3Q 2019). Net loss: CA$5.76m (loss narrowed 32% from 3Q 2019). Over the last 3 years on average, earnings per share has increased by 49% per year but the company’s share price has fallen by 9% per year, which means it is significantly lagging earnings. Is New 90 Day High Low • Sep 30
New 90-day high: CA$1.96 The company is up 53% from its price of CA$1.28 on 02 July 2020. The Canadian market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 1.0% over the same period.