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Extendicare

TSX:EXE
Snowflake Description

Second-rate dividend payer and slightly overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EXE
TSX
CA$696M
Market Cap
  1. Home
  2. CA
  3. Healthcare
Company description

Extendicare Inc. provides care and services for seniors in Canada. The last earnings update was 55 days ago. More info.


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EXE Share Price and Events
7 Day Returns
5.4%
TSX:EXE
-0.6%
CA Healthcare
0.6%
CA Market
1 Year Returns
-6.4%
TSX:EXE
22.8%
CA Healthcare
3.4%
CA Market
EXE Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Extendicare (EXE) 5.4% 4.3% 7.4% -6.4% -16.1% 16.5%
CA Healthcare -0.6% -0.9% 6.7% 22.8% -7.1% 27.3%
CA Market 0.6% 2.7% 8.3% 3.4% 15.7% 7.1%
1 Year Return vs Industry and Market
  • EXE underperformed the Healthcare industry which returned 22.8% over the past year.
  • EXE underperformed the Market in Canada which returned 3.4% over the past year.
Price Volatility
EXE
Industry
5yr Volatility vs Market

Value

 Is Extendicare 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 Extendicare 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 Extendicare.

TSX:EXE Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 4 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.8%
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:EXE
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Healthcare Unlevered Beta Simply Wall St/ S&P Global 0.47
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.469 (1 + (1- 26.5%) (76.12%))
0.82
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.82
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.82 * 5.96%)
6.83%

Discounted Cash Flow Calculation for TSX:EXE using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Extendicare is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

TSX:EXE DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 6.83%)
2019 25.70 Analyst x1 24.06
2020 60.70 Analyst x1 53.18
2021 95.41 Est @ 57.18% 78.24
2022 134.15 Est @ 40.61% 102.98
2023 173.07 Est @ 29.01% 124.36
2024 209.23 Est @ 20.89% 140.72
2025 241.05 Est @ 15.21% 151.75
2026 268.12 Est @ 11.23% 157.99
2027 290.76 Est @ 8.45% 160.37
2028 309.65 Est @ 6.5% 159.86
Present value of next 10 years cash flows CA$1,153.52
TSX:EXE DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$309.65 × (1 + 1.95%) ÷ (6.83% – 1.95%)
CA$6,458.79
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$6,458.79 ÷ (1 + 6.83%)10
CA$3,334.51
TSX:EXE Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$1,153.52 + CA$3,334.51
CA$4,488.03
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$4,488.03 / 88.62
CA$50.65
TSX:EXE Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$50.65
Current discount Discount to share price of CA$7.85
= -1 x (CA$7.85 - CA$50.65) / CA$50.65
84.5%

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

Current Discount
Amount off the current price Extendicare is available for.
Intrinsic value
>50%
Share price is CA$7.85 vs Future cash flow value of CA$50.65
Current Discount Checks
For Extendicare to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Extendicare's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Extendicare's share price is below the future cash flow value, and 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 Extendicare's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Extendicare's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:EXE PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CAD CA$0.09
TSX:EXE Share Price ** TSX (2019-04-23) in CAD CA$7.85
Canada Healthcare Industry PE Ratio Median Figure of 7 Publicly-Listed Healthcare Companies 39.66x
Canada Market PE Ratio Median Figure of 557 Publicly-Listed Companies 14.88x

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

** Primary Listing of Extendicare.

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

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

= 7.85 ÷ 0.09

85.84x

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

  • Extendicare is overvalued based on earnings compared to the CA Healthcare industry average.
  • Extendicare is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Extendicare's expected growth come at a high price?
Raw Data
TSX:EXE PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 85.84x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts
-0.4%per year
North America Healthcare Industry PEG Ratio Median Figure of 44 Publicly-Listed Healthcare Companies 1.4x
Canada Market PEG Ratio Median Figure of 256 Publicly-Listed Companies 1.2x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Extendicare, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Extendicare's assets?
Raw Data
TSX:EXE PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CAD CA$1.42
TSX:EXE Share Price * TSX (2019-04-23) in CAD CA$7.85
Canada Healthcare Industry PB Ratio Median Figure of 20 Publicly-Listed Healthcare Companies 2.7x
Canada Market PB Ratio Median Figure of 2,380 Publicly-Listed Companies 1.51x
TSX:EXE PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 7.85 ÷ 1.42

5.51x

* Primary Listing of Extendicare.

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

  • Extendicare is overvalued based on assets compared to the CA Healthcare industry average.
X
Value checks
We assess Extendicare'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 Healthcare 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 Healthcare industry average (and greater than 0)? (1 check)
  5. Extendicare has a total score of 2/6, 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 Extendicare expected to perform in the next 1 to 3 years based on estimates from 4 analysts?

  • No analysts cover Extendicare, future earnings growth has been estimated based on fundamentals.
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 Extendicare expected to grow at an attractive rate?
  • Extendicare'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
  • Extendicare's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • Extendicare's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:EXE Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:EXE Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 4 Analysts -0.4%
TSX:EXE Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 4 Analysts 1%
Canada Healthcare Industry Earnings Growth Rate Market Cap Weighted Average 34%
Canada Healthcare Industry Revenue Growth Rate Market Cap Weighted Average 17.5%
Canada Market Earnings Growth Rate Market Cap Weighted Average 18.2%
Canada Market Revenue Growth Rate Market Cap Weighted Average 7.2%

*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:EXE Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:EXE Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 1,142 80 4
2019-12-31 1,138 63 4
TSX:EXE Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-12-31 1,120 39 8
2018-09-30 1,113 49 27
2018-06-30 1,106 52 26
2018-03-31 1,100 46 30
2017-12-31 1,097 47 32
2017-09-30 1,093 54 35
2017-06-30 1,088 33 38
2017-03-31 1,075 33 38
2016-12-31 1,061 0 31
2016-09-30 1,046 1 25
2016-06-30 1,032 -8 27
2016-03-31 1,005 11 21

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Extendicare's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Extendicare's revenue is expected to grow by 1% yearly, however this is not considered high growth (20% yearly).
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:EXE Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 4 Analyst Estimates (S&P Global) See Below

All data from Extendicare Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:EXE Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31
2019-12-31
TSX:EXE Past Financials Data
Date (Data in CAD Millions) EPS *
2018-12-31 0.09
2018-09-30 0.31
2018-06-30 0.30
2018-03-31 0.34
2017-12-31 0.36
2017-09-30 0.39
2017-06-30 0.43
2017-03-31 0.43
2016-12-31 0.36
2016-09-30 0.29
2016-06-30 0.30
2016-03-31 0.24

*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 Extendicare will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Extendicare'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.
Extendicare 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 Extendicare 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 Extendicare's growth in the last year to its industry (Healthcare).
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.
  • Extendicare has delivered over 20% year on year earnings growth in the past 5 years.
  • Extendicare's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Extendicare's 1-year earnings growth is negative, it can't be compared to the CA Healthcare industry average.
Earnings and Revenue History
Extendicare'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 Extendicare Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:EXE Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 1,120.01 8.08 39.75
2018-09-30 1,112.61 27.44 35.49
2018-06-30 1,105.54 26.39 35.09
2018-03-31 1,099.90 30.33 35.40
2017-12-31 1,097.33 31.71 38.23
2017-09-30 1,092.79 34.66 39.67
2017-06-30 1,087.65 38.07 38.48
2017-03-31 1,075.23 37.85 37.30
2016-12-31 1,060.76 31.42 37.20
2016-09-30 1,046.49 25.43 37.51
2016-06-30 1,031.95 26.69 37.51
2016-03-31 1,004.89 20.97 38.17
2015-12-31 943.28 23.71 36.10
2015-09-30 893.53 24.42 32.57
2015-06-30 847.89 16.29 32.20
2015-03-31 814.64 14.12 32.55
2014-12-31 816.12 11.07 33.36
2014-09-30 -118.00 1.71 6.62
2014-06-30 182.70 4.24 16.44
2014-03-31 480.11 8.98 26.39
2013-12-31 783.81 10.17 36.54
2013-09-30 2,002.13 26.11 74.16
2013-06-30 1,992.02 15.42 74.41
2013-03-31 2,018.18 12.54 74.09
2012-12-31 2,037.41 27.62 74.14
2012-09-30 2,072.21 -6.20 85.23
2012-06-30 2,102.16 -36.80 76.07

*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.
  • Extendicare has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Extendicare used its assets less efficiently than the CA Healthcare industry average last year based on Return on Assets.
  • Extendicare has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Extendicare'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 Healthcare 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.
Extendicare has a total score of 2/6, 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 Extendicare'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 Extendicare's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Extendicare's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Extendicare's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Extendicare'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.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.3x 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 Extendicare Company Filings, last reported 3 months ago.

TSX:EXE Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 125.99 529.49 65.89
2018-09-30 128.51 523.86 67.41
2018-06-30 129.42 519.18 64.82
2018-03-31 118.85 533.68 118.04
2017-12-31 128.96 536.07 128.16
2017-09-30 128.22 531.35 131.54
2017-06-30 135.00 533.80 136.95
2017-03-31 170.09 501.24 98.55
2016-12-31 174.76 503.57 101.58
2016-09-30 160.69 501.08 88.38
2016-06-30 160.76 446.51 38.61
2016-03-31 162.93 449.37 42.53
2015-12-31 172.13 454.07 103.62
2015-09-30 171.80 458.59 190.82
2015-06-30 -10.82 539.64 143.21
2015-03-31 1.48 466.92 40.16
2014-12-31 -2.50 472.03 35.50
2014-09-30 -7.18 1,199.74 127.46
2014-06-30 1.10 1,142.12 94.29
2014-03-31 38.73 1,180.17 112.61
2013-12-31 37.38 1,164.84 96.00
2013-09-30 47.55 1,160.93 104.59
2013-06-30 56.76 1,168.18 71.40
2013-03-31 51.19 1,143.66 71.08
2012-12-31 54.66 1,132.24 71.40
2012-09-30 51.48 1,200.66 171.44
2012-06-30 74.38 1,113.70 73.43
  • Extendicare's level of debt (420.3%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (3115.5% vs 420.3% today).
  • Debt is not well covered by operating cash flow (7.5%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Extendicare'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. Extendicare has a total score of 1/6, 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 Extendicare'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
6.11%
Current annual income from Extendicare dividends. Estimated to be 6.11% next year.
If you bought CA$2,000 of Extendicare shares you are expected to receive CA$122 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?
  • Extendicare's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.05%).
  • Extendicare's dividend is above the markets top 25% of dividend payers in Canada (5.51%).
Upcoming dividend payment

Purchase Extendicare before the 'Buy Limit' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:EXE 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 4 Analyst Estimates (S&P Global) See Below
North America Healthcare Industry Average Dividend Yield Market Cap Weighted Average of 25 Stocks 1.6%
Canada Market Average Dividend Yield Market Cap Weighted Average of 331 Stocks 3.5%
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 5.5%

Industry and Market average data is calculated daily.

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

TSX:EXE Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.48 4.00
2019-12-31 0.48 4.00
TSX:EXE Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-04-15 0.480 6.386
2019-03-15 0.480 6.412
2019-02-15 0.480 6.481
2019-01-15 0.480 6.525
2018-12-14 0.480 7.431
2018-11-09 0.480 6.968
2018-10-15 0.480 6.474
2018-09-17 0.480 6.252
2018-08-10 0.480 5.795
2018-07-16 0.480 6.558
2018-06-15 0.480 6.583
2018-05-10 0.480 6.345
2018-04-16 0.480 5.770
2018-03-15 0.480 5.562
2018-02-15 0.480 5.633
2017-12-15 0.480 5.440
2017-11-09 0.480 5.207
2017-10-16 0.480 5.142
2017-09-15 0.480 5.161
2017-07-17 0.480 5.081
2017-06-15 0.480 4.719
2017-05-09 0.480 4.691
2017-04-17 0.480 4.739
2017-03-15 0.480 4.624
2017-02-15 0.480 4.580
2017-01-16 0.480 4.636
2016-12-15 0.480 4.812
2016-11-10 0.480 4.950
2016-10-17 0.480 5.163
2016-09-15 0.480 5.225
2016-08-11 0.480 5.558
2016-07-15 0.480 5.878
2016-06-15 0.480 5.899
2016-05-12 0.480 5.707
2016-04-15 0.480 5.163
2016-03-15 0.480 5.099
2016-02-16 0.480 5.256
2016-01-15 0.480 5.510
2015-12-15 0.480 5.242
2015-11-11 0.480 5.091
2015-10-15 0.480 5.508
2015-09-15 0.480 5.934
2015-07-15 0.480 5.836
2015-06-15 0.480 6.299
2015-05-07 0.480 6.470
2015-04-15 0.480 6.136
2015-03-16 0.480 6.429
2015-02-17 0.480 6.813
2015-01-15 0.480 7.093
2014-12-15 0.480 7.368
2014-10-15 0.480 6.725
2014-09-15 0.480 5.845
2014-08-11 0.480 5.639
2014-07-15 0.480 6.459
2014-06-16 0.480 6.574
2014-05-07 0.480 6.726
2014-04-15 0.480 7.134
2014-03-17 0.480 7.030
2014-02-18 0.480 6.800
2014-01-15 0.480 6.741
2013-12-16 0.480 7.035
2013-11-06 0.480 7.270
2013-10-15 0.480 7.301
2013-09-16 0.480 7.255
2013-08-08 0.480 7.315
2013-07-15 0.480 6.976
2013-06-17 0.480 7.232
2013-04-29 0.480 7.262
2013-04-15 0.840 10.552
2013-03-15 0.840 10.327
2013-02-15 0.840 10.535
2013-01-16 0.840 10.523
2012-12-17 0.840 10.707
2012-11-07 0.840 11.202
2012-10-15 0.840 10.291
2012-09-17 0.840 10.508
2012-08-13 0.840 10.598
2012-08-09 0.840 11.080
2012-05-08 0.840 10.827
2012-04-16 0.840 10.489
2012-03-15 0.840 10.847
2012-02-15 0.840 10.171
2012-01-16 0.840 9.840
2011-12-15 0.840 10.131
2011-11-08 0.840 11.672
2011-10-17 0.840 11.522
2011-09-15 0.840 11.866
2011-08-09 0.840 11.145
2011-07-15 0.840 8.973
2011-06-07 0.840 7.998
2011-05-16 0.840 7.147
2011-03-15 0.840 6.738
2011-02-15 0.840 7.845
2011-01-17 0.840 8.369
2010-12-15 0.840 9.138
2010-10-15 0.840 8.606
2010-09-15 0.840 8.483
2010-08-05 0.840 8.679
2010-07-15 0.840 9.475
2010-06-15 0.840 9.518
2010-05-06 0.840 9.531
2010-04-15 0.840 9.076
2010-03-15 0.840 7.987
2010-02-16 0.840 8.338
2010-01-15 0.840 8.995
2009-12-18 0.840 9.039
2009-11-04 0.840 10.872
2009-10-15 0.840 10.651
2009-09-15 0.840 10.766
2009-08-05 0.840 11.909
2009-07-15 0.840 14.742
2009-06-15 0.840 13.979
2009-05-06 0.840 14.051
2009-04-27 0.840 16.572

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Extendicare's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are not well covered by earnings (0.7x coverage).
X
Income/ dividend checks
We assess Extendicare'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 Extendicare afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Extendicare 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 Extendicare'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
Michael Guerriere
AGE 53
TENURE AS CEO 0.5 years
CEO Bio

Dr. Michael R. Guerriere, MD, MBA is Chief Executive Officer and President at Extendicare Inc. since October 22, 2018. He serves as Chief Medical Officer and Vice President of TELUS Health Solutions Inc. Prior to joining TELUS Health in 2011, Dr. Guerriere was Managing Partner of Courtyard Group Ltd. A respected strategist, he works with leading health care institutions on information management, clinical change, quality improvement and health care operations management. He has leveraged his extensive experience in clinical, technical and business settings to help leading health organizations achieve their goals and improve care for patients. He has also consulted for governments on health policy and strategy, particularly in the areas of hospital funding and integration of care delivery. Before starting Courtyard in 2002, he served ten years as an executive in university teaching hospitals, including as Executive Vice President and Chief Operating Officer at the University Health Network. Prior to joining TELUS, he served 10 years as an executive in academic hospitals and 11 years as an international health care consultant. He has been an Independent Director of MediSolution Ltd. since September 21, 2000 and Extendicare Incorporated since March 12, 2018. Dr. Guerriere is a frequent guest lecturer and contributor to the health management literature. He holds appointments as Assistant Professor in the Department of Health Administration at the Faculty of Medicine of the University of Toronto and Adjunct Associate Professor at the School of Health Information Sciences at the University of Victoria. He has served on numerous boards including Ryerson University where he served as Chair, MediSolution Ltd., Canada Health Infoway, Canadian Institute for Health Information and the Institute of Clinical Evaluative Sciences. In 2009, he was awarded an honorary doctorate from Ryerson University. Dr. Guerriere holds a degree in Medicine and specialty training in Internal Medicine from the University of Toronto. He received an MBA from the Kellogg Graduate School of Management at Northwestern University in Chicago.

CEO Compensation
  • Insufficient data for Michael to compare compensation growth.
  • Insufficient data for Michael to establish whether their remuneration is reasonable compared to companies of similar size in Canada.
Management Team Tenure

Average tenure of the Extendicare management team in years:

0.9
Average Tenure
  • The average tenure for the Extendicare management team is less than 2 years, this suggests a new team.
Management Team

Jillian Fountain

TITLE
Vice President of Investor Relations
COMPENSATION
CA$330K
TENURE
0.9 yrs

Elaine Everson

TITLE
Vice President of Corporate Development
COMPENSATION
CA$567K

Michael Guerriere

TITLE
CEO, President & Director
AGE
53
TENURE
0.5 yrs

David Bacon

TITLE
Senior VP & CFO

Brandon Parent

TITLE
VP, General Counsel & Corporate Secretary
TENURE
1.9 yrs
Board of Directors Tenure

Average tenure and age of the Extendicare board of directors in years:

3.3
Average Tenure
65.5
Average Age
  • The tenure for the Extendicare board of directors is about average.
Board of Directors

Alan Torrie

TITLE
Chairman of the Board
COMPENSATION
CA$175K
AGE
67
TENURE
1.9 yrs

Michael Guerriere

TITLE
CEO, President & Director
AGE
53
TENURE
1.1 yrs

Margery Cunningham

TITLE
Independent Director
COMPENSATION
CA$127K
AGE
58
TENURE
8.7 yrs

Sandra Hanington

TITLE
Independent Director
COMPENSATION
CA$137K
AGE
56
TENURE
4.7 yrs

Donna Kingelin

TITLE
Independent Director
COMPENSATION
CA$270K
AGE
62
TENURE
3.3 yrs

Al Mawani

TITLE
Independent Director
COMPENSATION
CA$13K
AGE
66
TENURE
1.3 yrs

Alan Hibben

TITLE
Independent Director
COMPENSATION
CA$120K
AGE
65
TENURE
3.3 yrs

Gail Paech

TITLE
Independent Director
COMPENSATION
CA$104K
AGE
70
TENURE
3.3 yrs

Alvin Libin

TITLE
Honorary Director
COMPENSATION
CA$123K
AGE
86
TENURE
3.3 yrs

J. MacQuarrie

TITLE
Honorary Director
COMPENSATION
CA$180K
AGE
80
TENURE
3.3 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
20. Dec 18 Buy Alan Hibben Individual 19. Dec 18 19. Dec 18 5,000 CA$6.45 CA$32,250
20. Dec 18 Buy Alan Torrie Individual 19. Dec 18 19. Dec 18 15,000 CA$6.40 CA$95,935
05. Dec 18 Buy Alan Hibben Individual 04. Dec 18 05. Dec 18 4,000 CA$6.79 CA$27,090
14. Nov 18 Buy Alan Hibben Individual 14. Nov 18 14. Nov 18 3,500 CA$7.16 CA$25,043
12. Nov 18 Buy Michael Guerriere Individual 12. Nov 18 12. Nov 18 10,000 CA$7.36 CA$73,623
12. Nov 18 Buy Jillian Fountain Individual 12. Nov 18 12. Nov 18 150 CA$7.36 CA$1,104
17. May 18 Buy Timothy Lukenda Individual 17. May 18 17. May 18 10,000 CA$7.69 CA$76,900
15. May 18 Buy Alan Hibben Individual 15. May 18 15. May 18 1,900 CA$7.46 CA$14,174
15. May 18 Buy Jillian Fountain Individual 15. May 18 15. May 18 350 CA$7.59 CA$2,656
X
Management checks
We assess Extendicare'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. Extendicare 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

Investors Who Bought Extendicare (TSE:EXE) Shares Three Years Ago Are Now Down 17%

(TSE:EXE) share price up 10% in a single quarter. … In fact, the share price is down 17% in the last three years, falling well short of the market return. … During the three years that the share price fell, Extendicare's earnings per share (EPS) dropped by 30% each year.

Simply Wall St -

Is Extendicare Inc.'s (TSE:EXE) 21% Better Than Average?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Another way to think of that is that for every CA$1 worth of equity in the company, it was able to earn CA$0.21. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Could The Extendicare Inc. (TSE:EXE) Ownership Structure Tell Us Something Useful?

Institutions often own shares in more established companies, while it's not unusual to see insiders own a fair bit of smaller companies. … Companies that have been privatized tend to have low insider ownership. … Taking a look at the our data on the ownership groups (below), it's seems that

Simply Wall St -

Have Insiders Been Buying Extendicare Inc. (TSE:EXE) Shares?

Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. … So shareholders might well want to know whether insiders have been buying or selling shares in Extendicare Inc. … It's quite normal to see company insiders, such as board members, trading in company stock, from time to time.

Simply Wall St -

Extendicare Inc. (TSE:EXE) Is Trading At A 20.72% Discount

I am going to run you through how I calculated the intrinsic value of Extendicare Inc. … by taking the foreast future cash flows of the company and discounting them back to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

What Do You Get For Owning Extendicare Inc (TSE:EXE)?

and want a simplistic look at the return on Extendicare Inc (TSE:EXE) stock. … This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Thus, to understand how your money can grow by investing in Extendicare, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

Boasting A 20% Return On Equity, Is Extendicare Inc (TSE:EXE) A Top Quality Stock?

This article is for those who would like to learn about Return On Equity (ROE). … One way to conceptualize this, is that for each CA$1 of shareholders' equity it has, the company made CA$0.20 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Is Extendicare Inc's (TSE:EXE) CEO Incentives Align With Yours?

This report will, first, examine the CEO compensation levels in comparison to CEO compensation at companies of similar size. … How Does Tim Lukenda's Compensation Compare With Similar Sized Companies. … As you can see, Tim Lukenda is paid more than the median CEO pay at companies of a similar size, in the same market

Simply Wall St -

Should You Be Tempted To Sell Extendicare Inc (TSE:EXE) Because Of Its PE Ratio?

This analysis is intended to introduce important early concepts to people who are starting to invest. … and want to start learning about core concepts of fundamental analysis on practical examples from today's market. … See our latest analysis for Extendicare

Simply Wall St -

Only 2 Days Left To Cash In On Extendicare Inc (TSE:EXE) Dividend, Is It Worth Buying?

On the 15 August 2018, Extendicare Inc (TSE:EXE) will be paying shareholders an upcoming dividend amount of CA$0.04 per share. … 5 questions I ask before picking a dividend stock? … Is it the top 25% annual dividend yield payer?

Simply Wall St -

Company Info

Description

Extendicare Inc. provides care and services for seniors in Canada. The company offers long term care services; retirement living services; and home health care services, such as nursing care, occupational, physical and speech therapy, and assistance with daily activities, as well as management and consulting services to third-party owners. It also provides third-party liability insurance products in the United States. As of February 28, 2019, it operated 120 senior care and retirement living centers, including 67 owned and 53 managed centers, as well as home health care operations under the Extendicare, Esprit Lifestyle, and ParaMed brands. Extendicare Inc. was founded in 1968 and is based in Markham, Canada.

Details
Name: Extendicare Inc.
EXE
Exchange: TSX
Founded: 1968
CA$695,628,048
88,615,038
Website: http://www.extendicare.com
Address: Extendicare Inc.
3000 Steeles Avenue East,
Suite 700,
Markham,
Ontario, L3R 9W2,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX EXE Common Shares The Toronto Stock Exchange CA CAD 06. Jan 1975
OTCPK EXET.F Common Shares Pink Sheets LLC US USD 06. Jan 1975
DB 5XE Common Shares Deutsche Boerse AG DE EUR 06. Jan 1975
LSE 0S9E Common Shares London Stock Exchange GB CAD 06. Jan 1975
Number of employees
Current staff
Staff numbers
23,000
Extendicare employees.
Industry
Health Care Facilities
Healthcare
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/24 00:35
End of day share price update: 2019/04/23 00:00
Last estimates confirmation: 2019/04/16
Last earnings filing: 2019/02/28
Last earnings reported: 2018/12/31
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.