Intact Financial
Intact Financial Corporation, through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada and the United States. The last earnings update was 9 days ago. More info.
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IFC Share Price and Events
7 Day Returns
1 Year Returns
IFC Shareholder Return
| 7 Day | 30 Day | 90 Day | 1 Year | 3 Year | 5 Year | |
|---|---|---|---|---|---|---|
| Intact Financial (IFC) | -1.8% | 8% | 3.6% | 11.7% | 26.3% | 63.1% |
| CA Insurance | 1.3% | 3.1% | -2% | -9.6% | 4% | 5.4% |
| CA Market | -0.4% | 4.1% | 2.5% | -0.5% | 22.7% | 4.7% |
1 Year Return vs Industry and Market
- IFC outperformed the Insurance industry which returned -9.6% over the past year.
- IFC outperformed the Market in Canada which returned -0.5% over the past year.
Value
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
Intact 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.
Below are the data sources, inputs and calculation used to determine the intrinsic value for Intact Financial.
| Data Point | Source | Value |
|---|---|---|
| Valuation Model | Excess Returns Model | |
| Stable EPS |
Weighted future Return on Equity estimates from 12 analysts.
= Stable Book Value * Return on Equity = CA$56.44 * 14.2% |
CA$8.01 |
| Book Value of Equity per Share | Weighted future Book Value estimates from 13 analysts. | CA$56.44 |
| Discount Rate (Cost of Equity) | See below | 8.4% |
| 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.
| Data Point | Calculation/ Source | Result |
|---|---|---|
| Risk-Free Rate | 10-Year CA Govt Bond Rate | 1.9% |
| Equity Risk Premium | S&P Global | 8.1% |
| Insurance Unlevered Beta | Simply Wall St/ S&P Global | 0.59 |
| Re-levered Beta | = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.591 (1 + (1- 26.5%) (14.56%)) |
0.654 |
| Levered Beta | Levered Beta limited to 0.8 to 2.0 (practical range for a stable firm) |
0.8 |
| Discount Rate/ Cost of Equity |
= Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.8 * 8.05%) |
8.39% |
Discounted Cash Flow Calculation for TSX:IFC using Excess Returns Model Model
The calculations below outline how an intrinsic value for Intact 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.
| Calculation | Result | |
|---|---|---|
| Excess Returns |
= (Stable Return on equity – Cost of equity) (Book Value of
Equity per share)
= (14.2% – 8.39%) * CA$56.44) |
CA$3.27 |
| Terminal Value of Excess Returns |
= Excess Returns / (Cost of Equity -
Expected Growth Rate)
= CA$3.27 / (8.39% - 1.95%) |
CA$50.82 |
| Value of Equity |
= Book Value per share + Terminal Value of
Excess Returns
= CA$56.44 + CA$50.82 |
CA$107.26 |
| Calculation | Result | |
|---|---|---|
| Value per share (CAD) | From above. | CA$107.26 |
| Current discount | Discount to share price of
CA$109.03
= -1 x (CA$109.03 - CA$107.26) / CA$107.26 |
-1.7% |
Learn more about our DCF calculations in Simply Wall St’s analysis model .
- The current share price of Intact Financial is above its future cash flow value.
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 Intact Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are
Intact Financial's earnings available for a low price, and how does
this compare to other companies in the same industry?
| Data Point | Source | Value |
|---|---|---|
| Earnings Per Share * | Company Filings (2018-12-31) in CAD | CA$4.79 |
| TSX:IFC Share Price ** | TSX (2019-02-13) in CAD | CA$109.03 |
| Canada Insurance Industry PE Ratio | Median Figure of 11 Publicly-Listed Insurance Companies | 10.07x |
| Canada Market PE Ratio | Median Figure of 559 Publicly-Listed Companies | 14.43x |
* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.
** Primary Listing of Intact Financial.
| Calculation | Outcome | |
|---|---|---|
| PE Ratio | = TSX:IFC Share Price ÷ EPS (both in CAD) = 109.03 ÷ 4.79 |
22.75x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Intact Financial is overvalued based on earnings compared to the CA Insurance industry average.
- Intact Financial is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does
Intact Financial's expected growth come at a high price?
| Data Point | Source | Value |
|---|---|---|
| PE Ratio | See PE Ratio Section | 22.75x |
| Net Income Annual Growth Rate | See Future Growth Section. Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts |
16.6%per year |
| Canada Insurance Industry PEG Ratio | Median Figure of 7 Publicly-Listed Insurance Companies | 1.15x |
| Canada Market PEG Ratio | Median Figure of 262 Publicly-Listed Companies | 0.96x |
*Line of best fit is calculated by linear regression .
| Calculation | Outcome | |
|---|---|---|
| PEG Ratio | = PE Ratio ÷ Net Income Annual Growth Rate = 22.75x ÷ 16.6% |
1.37x |
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Intact Financial is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on
Intact Financial's
assets?
| Data Point | Source | Value |
|---|---|---|
| Book Value per Share | Company Filings (2018-12-31) in CAD | CA$48.73 |
| TSX:IFC Share Price * | TSX (2019-02-13) in CAD | CA$109.03 |
| Canada Insurance Industry PB Ratio | Median Figure of 13 Publicly-Listed Insurance Companies | 1.08x |
| Canada Market PB Ratio | Median Figure of 2,328 Publicly-Listed Companies | 1.52x |
| Calculation | Outcome | |
|---|---|---|
| PB Ratio | = TSX:IFC Share Price ÷ Book Value per Share (both in CAD) = 109.03 ÷ 48.73 |
2.24x |
* Primary Listing of Intact Financial.
Learn more about our ratios and growth rates in Simply Wall St’s analysis model >
- Intact Financial is overvalued based on assets compared to the CA Insurance industry average.
Value checks
We assess Intact Financial's value by looking at:- 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. )
- Is the PE ratio less than the market average, and/ or less than the Insurance industry average (and greater than 0)? (2 checks)
- Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
- Is the PB ratio less than the Insurance industry average (and greater than 0)? (1 check) Intact Financial has a total score of 0/6, 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
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!
Earnings growth vs Low Risk Savings
- Intact Financial's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
- Intact Financial's earnings growth is positive but not above the Canada market average.
- Intact Financial's revenues are expected to decrease over the next 1-3 years, this is below the Canada market average.
Annual Growth Rates Comparison
| Data Point | Source | Value (per year) |
|---|---|---|
| TSX:IFC Future Earnings Growth Rate | Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts | 16.6% |
| TSX:IFC Future Revenue Growth Rate | Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts | -0.4% |
| Canada Insurance Industry Earnings Growth Rate | Market Cap Weighted Average | 13.2% |
| Canada Insurance Industry Revenue Growth Rate | Market Cap Weighted Average | 8.4% |
| Canada Market Earnings Growth Rate | Market Cap Weighted Average | 16.8% |
| Canada Market Revenue Growth Rate | Market Cap Weighted Average | 7% |
*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
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 12 Analyst Estimates (S&P Global) | See Below |
| Date (Data in CAD Millions) | Revenue | Cash Flow | Net Income * | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 1,081 | |||
| 2020-12-31 | 10,458 | 1,034 | 9 | |
| 2019-12-31 | 10,015 | 961 | 9 |
| Date (Data in CAD Millions) | Revenue | Cash Flow | Net Income * |
|---|---|---|---|
| 2018-12-31 | 10,590 | 833 | 667 |
| 2018-09-30 | 10,416 | 645 | 656 |
| 2018-06-30 | 9,937 | 515 | 633 |
| 2018-03-31 | 9,558 | 551 | 719 |
| 2017-12-31 | 9,245 | 781 | 765 |
| 2017-09-30 | 8,733 | 911 | 710 |
| 2017-06-30 | 8,777 | 996 | 666 |
| 2017-03-31 | 8,683 | 928 | 515 |
| 2016-12-31 | 8,507 | 925 | 521 |
| 2016-09-30 | 8,436 | 1,012 | 547 |
| 2016-06-30 | 8,245 | 924 | 553 |
| 2016-03-31 | 8,111 | 920 | 659 |
*GAAP earnings excluding extraordinary items.
Past and Future Earnings per Share
| Data Point | Source | Value |
|---|---|---|
| Past Financials | Company Filings (1 month ago) | See Below |
| Future Estimates | Average of up to 12 Analyst Estimates (S&P Global) | See Below |
All data from Intact Financial Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CAD Millions) | EPS * | EPS High Estimate | EPS Low Estimate | Avg. No. Analysts |
|---|---|---|---|---|
| 2021-12-31 | 7.76 | 7.76 | 7.76 | 1.00 |
| 2020-12-31 | 7.53 | 8.71 | 6.65 | 9.00 |
| 2019-12-31 | 7.00 | 8.02 | 6.18 | 9.00 |
| Date (Data in CAD Millions) | EPS * |
|---|---|
| 2018-12-31 | 4.79 |
| 2018-09-30 | 4.71 |
| 2018-06-30 | 4.61 |
| 2018-03-31 | 5.32 |
| 2017-12-31 | 5.75 |
| 2017-09-30 | 5.42 |
| 2017-06-30 | 5.08 |
| 2017-03-31 | 3.93 |
| 2016-12-31 | 3.97 |
| 2016-09-30 | 4.16 |
| 2016-06-30 | 4.21 |
| 2016-03-31 | 5.01 |
*GAAP earnings excluding extraordinary items.
Future performance checks
We assess Intact Financial's future performance by looking at:- Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
- Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
- Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
- Is the annual earnings growth rate expected to be above 20%? (1 check)
- Is the annual revenue growth rate expected to be above 20%? (1 check)
- Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Intact Financial has a total score of 1/6, 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 Intact 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
Past Earnings growth analysis
- Intact Financial's year on year earnings growth rate has been positive over the past 5 years.
- Intact Financial's 1-year earnings growth is negative, it can't be compared to the 5-year average.
- Intact Financial's 1-year earnings growth is negative, it can't be compared to the CA Insurance industry average.
Earnings and Revenue History
All data from Intact Financial Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.
| Date (Data in CAD Millions) | Revenue | Net Income * | G+A Expenses | R&D Expenses |
|---|---|---|---|---|
| 2018-12-31 | 10,590.00 | 667.00 | ||
| 2018-09-30 | 10,416.00 | 656.00 | ||
| 2018-06-30 | 9,937.00 | 633.00 | ||
| 2018-03-31 | 9,558.00 | 719.00 | ||
| 2017-12-31 | 9,245.00 | 765.00 | ||
| 2017-09-30 | 8,733.00 | 710.00 | ||
| 2017-06-30 | 8,777.00 | 666.00 | ||
| 2017-03-31 | 8,683.00 | 515.00 | ||
| 2016-12-31 | 8,507.00 | 521.00 | ||
| 2016-09-30 | 8,436.00 | 547.00 | ||
| 2016-06-30 | 8,245.00 | 553.00 | ||
| 2016-03-31 | 8,111.00 | 659.00 | ||
| 2015-12-31 | 8,099.00 | 685.00 | ||
| 2015-09-30 | 8,055.00 | 692.00 | ||
| 2015-06-30 | 8,034.00 | 763.00 | ||
| 2015-03-31 | 8,028.00 | 779.00 | ||
| 2014-12-31 | 7,980.00 | 761.00 | ||
| 2014-09-30 | 7,961.00 | 663.00 | 0.00 | |
| 2014-06-30 | 7,856.00 | 508.00 | 3.00 | |
| 2014-03-31 | 7,617.00 | 396.00 | 13.00 | |
| 2013-12-31 | 7,476.00 | 410.00 | 18.00 | |
| 2013-09-30 | 7,376.00 | 480.00 | 21.00 | |
| 2013-06-30 | 7,261.00 | 525.00 | 36.00 | |
| 2013-03-31 | 7,217.00 | 551.00 | 22.00 | |
| 2012-12-31 | 7,096.00 | 550.00 | 24.00 | |
| 2012-09-30 | 6,947.00 | 449.00 | 22.00 | |
| 2012-06-30 | 6,486.00 | 461.00 | 19.00 | |
| 2012-03-31 | 6,014.00 | 460.00 | 27.00 |
*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.
- Intact Financial has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
- Intact Financial used its assets more efficiently than the CA Insurance industry average last year based on Return on Assets.
- Intact Financial has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
Past performance checks
We assess Intact Financial's performance over the past 5 years by checking for:- Has earnings increased in past 5 years? (1 check)
- Has the earnings growth in the last year exceeded that of the Insurance industry? (1 check)
- Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
- Is the Return on Equity (ROE) higher than 20%? (1 check)
- Is the Return on Assets (ROA) above industry average? (1 check)
- Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
Intact 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 Intact 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 Intact Financial's finances.
The net worth of a company is the difference between its assets and liabilities.
- Intact Financial's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
- Intact Financial's cash and other short term assets cover its long term commitments.
Balance sheet
Assets
Liabilities and shares
- Low level of unsold assets.
- Debt is covered by short term assets, assets are 2.4x 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.
All data from Intact Financial Company Filings, last reported 1 month ago.
| Date (Data in CAD Millions) | Total Equity | Total Debt | Cash & Short Term Investments |
|---|---|---|---|
| 2018-12-31 | 7,810.00 | 2,209.00 | 461.00 |
| 2018-09-30 | 7,886.00 | 2,189.00 | 491.00 |
| 2018-06-30 | 7,798.00 | 2,266.00 | 351.00 |
| 2018-03-31 | 7,370.00 | 2,248.00 | 240.00 |
| 2017-12-31 | 7,463.00 | 2,241.00 | 380.00 |
| 2017-09-30 | 7,264.00 | 2,389.00 | 518.00 |
| 2017-06-30 | 6,158.00 | 1,815.00 | 155.00 |
| 2017-03-31 | 6,141.00 | 1,393.00 | 88.00 |
| 2016-12-31 | 6,088.00 | 1,393.00 | 168.00 |
| 2016-09-30 | 5,926.00 | 1,392.00 | 137.00 |
| 2016-06-30 | 5,811.00 | 1,393.00 | 174.00 |
| 2016-03-31 | 5,750.00 | 1,392.00 | 221.00 |
| 2015-12-31 | 5,724.00 | 1,143.00 | 141.00 |
| 2015-09-30 | 5,467.00 | 1,143.00 | 185.00 |
| 2015-06-30 | 5,650.00 | 1,143.00 | 376.00 |
| 2015-03-31 | 5,613.00 | 1,143.00 | 187.00 |
| 2014-12-31 | 5,455.00 | 1,143.00 | 89.00 |
| 2014-09-30 | 5,283.00 | 1,143.00 | 85.00 |
| 2014-06-30 | 5,263.00 | 1,143.00 | 270.00 |
| 2014-03-31 | 5,067.00 | 1,143.00 | 179.00 |
| 2013-12-31 | 4,954.00 | 1,143.00 | 99.00 |
| 2013-09-30 | 4,863.00 | 1,143.00 | 481.00 |
| 2013-06-30 | 4,864.00 | 1,143.00 | 196.00 |
| 2013-03-31 | 5,043.00 | 1,143.00 | 78.00 |
| 2012-12-31 | 4,893.00 | 1,143.00 | 388.00 |
| 2012-09-30 | 4,730.00 | 1,143.00 | 621.00 |
| 2012-06-30 | 4,414.00 | 1,092.00 | 579.00 |
| 2012-03-31 | 4,428.00 | 1,044.00 | 391.00 |
- Intact Financial's level of debt (28.3%) compared to net worth is satisfactory (less than 40%).
- The level of debt compared to net worth has increased over the past 5 years (23.1% vs 28.3% today).
- Debt is well covered by operating cash flow (37.7%, greater than 20% of total debt).
- Interest payments on debt are well covered by earnings (EBIT is 9.8x coverage).
Financial health checks
We assess Intact Financial's financial health by checking for:- Are short term assets greater than short term liabilities? (1 check)
- Are short term assets greater than long term liabilities? (1 check)
- Has the debt to equity ratio increased in the past 5 years? (1 check)
- Is the debt to equity ratio over 40%? (1 check)
- Is the debt covered by operating cash flow? (1 check)
- Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check) Intact Financial has a total score of 4/6, see the detailed checks below.
- Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
- 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 Intact 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
If you bought
CA$2,000 of
Intact Financial
shares you are expected to receive
CA$56
in your first year as a dividend.
Dividend Amount
- Intact Financial's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.11%).
- Intact Financial's dividend is below the markets top 25% of dividend payers in Canada (5.93%).
Upcoming dividend payment
Purchase Intact Financial on or before the 'Buy Limit' to receive their next dividend payment.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not
wildly increasing/decreasing each year. This graph shows you the historical rate
to count toward your assessment of the stock.We also check to see if the dividend has increased in the past 10 years.
| Data Point | Source | Value |
|---|---|---|
| Past Annualized Dividend Yield | S&P Global Market Data | See Below |
| Past Dividends per Share | Company Filings/ Annualized Dividend Payments | See Below |
| Future Dividends per Share Estimates | Average of up to 12 Analyst Estimates (S&P Global) | See Below |
| Canada Insurance Industry Average Dividend Yield | Market Cap Weighted Average of 9 Stocks | 4.4% |
| Canada Market Average Dividend Yield | Market Cap Weighted Average of 329 Stocks | 3.6% |
| Canada Minimum Threshold Dividend Yield | 10th Percentile | 1.1% |
| Canada Bottom 25% Dividend Yield | 25th Percentile | 2.1% |
| Canada Top 25% Dividend Yield | 75th Percentile | 5.9% |
Industry and Market average data is calculated daily.
Note all dividend per share amounts are annualized and not quarterly or other period.
| Date (Data in CA$) | Dividend per Share (annual) | Avg. No. Analysts |
|---|---|---|
| 2021-12-31 | 3.44 | 1.00 |
| 2020-12-31 | 3.31 | 9.00 |
| 2019-12-31 | 3.06 | 9.00 |
| Date (Data in CA$) | Dividend per share (annual) | Avg. Yield (%) |
|---|---|---|
| 2019-02-05 | 3.040 | 2.783 |
| 2018-07-31 | 2.800 | 2.718 |
| 2018-02-06 | 2.800 | 2.899 |
| 2017-11-07 | 2.560 | 2.448 |
| 2017-05-02 | 2.560 | 2.605 |
| 2017-02-08 | 2.560 | 2.702 |
| 2016-11-02 | 2.320 | 2.467 |
| 2016-07-27 | 2.320 | 2.483 |
| 2016-05-04 | 2.320 | 2.572 |
| 2016-02-10 | 2.320 | 2.605 |
| 2015-11-09 | 2.120 | 2.443 |
| 2015-11-04 | 2.120 | 2.371 |
| 2015-05-06 | 2.120 | 2.332 |
| 2014-11-05 | 1.920 | 2.213 |
| 2014-07-30 | 1.920 | 2.619 |
| 2014-05-07 | 1.920 | 2.653 |
| 2014-02-05 | 1.920 | 2.818 |
| 2013-07-31 | 1.760 | 2.708 |
| 2013-02-06 | 1.760 | 2.861 |
| 2012-11-07 | 1.600 | 2.490 |
| 2012-08-01 | 1.600 | 2.658 |
| 2012-05-01 | 1.600 | 2.546 |
| 2012-02-08 | 1.600 | 2.649 |
| 2011-11-02 | 1.480 | 2.551 |
| 2011-08-04 | 1.480 | 2.687 |
| 2011-05-04 | 1.480 | 2.757 |
| 2011-02-09 | 1.480 | 2.995 |
| 2010-11-03 | 1.360 | 2.743 |
| 2010-08-05 | 1.360 | 3.024 |
| 2010-05-05 | 1.360 | 2.993 |
| 2010-02-17 | 1.360 | 3.133 |
| 2009-11-11 | 1.280 | 3.461 |
| 2009-08-12 | 1.280 | 3.813 |
| 2009-05-13 | 1.280 | 3.719 |
| 2009-02-23 | 1.280 | 3.780 |
| 2009-02-17 | 1.240 | 4.454 |
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 increased over the past 10 years.
Current Payout to shareholders
What portion of
Intact Financial's earnings are
paid
to the shareholders as a dividend.
- Dividends paid are covered by earnings (1.7x coverage).
- Dividends after 3 years are expected to be well covered by earnings (2.5x coverage).
Income/ dividend checks
We assess Intact Financial's dividend by checking for:- Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
- Is current dividend yield above the bottom 25% of dividend payers? (1 check)
- Is current dividend yield above the top 25% of dividend payers? (1 check)
- Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
- If they have paid a dividend for 10 years has it increased in this time? (1 check)
- How sustainable is the dividend, can Intact Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks) Intact Financial has a total score of 5/6, see the detailed checks below.
Full details on the Dividends part of the Simply Wall St company analysis model.
Management
CEO
| COMPENSATION | CA$7,786,010 |
| AGE | 48 |
| TENURE AS CEO | 11.1 years |
CEO Bio
Mr. Charles Brindamour, B.Sc., has been the Chief Executive Officer at Intact Financial Corporation (also known as, ING Canada Inc) since January 1, 2008. Mr. Brindamour is a Co-founder of Gibraltar Ventures. He served as the President of Intact Financial Corporation from January 1, 2008 to September 2011. He served as the Chief Executive Officer and President of Tangerine Bank (also known as, ING Bank of Canada) since January 2008. Mr. Brindamour served as the Chief Operating Officer of Intact Financial from January 16, 2007 to January 2008. Mr. Brindamour served as the Chief Operating Officer of Tangerine Bank since January 2007 until January 2008 and was In Charge of Intact Financial's personal lines, commercial lines and claims divisions in addition to planning and corporate development since May 2004. He served as an Executive Vice President of Intact Financial since May 2004. He served as the Senior Vice President of Personal Lines for Intact from October 2001 to May 2004 and as its Vice President of Finance from September 1999 to October 2001. For over 12 years, he has occupied several senior and executive positions within ING group of companies where he led the company’s acquisition, strategic planning and capital management functions. Mr. Brindamour began his career with Intact in 1992 as an actuary and held over the years a number of progressive management positions. He also served in management and executive roles in Europe with ING Groep, Intact’s former majority shareholder. He has been a Director at Intact Financial Corporation since January 1, 2008. He was an Independent Director of Hydro One Limited since August 31, 2015 until July 2018 and Hydro One Inc. since July 17, 2015 until July 2018. He serves as Interim Chairman of The Geneva Association. He serves as Member of Advisory Board at Gibraltar Growth Corporation and Gibraltar Ventures. He has been an Associate of the Casualty Actuarial Society since 1995. Mr. Brindamour is a Director of The Geneva Association, the Business Council of Canada, the C.D. Howe Institute, Insurance Bureau of Canada and Branksome Hall. He is also a member of the Advisory Committee of the University of Waterloo’s Climate Change Adaptation Project. Mr. Brindamour is a Member of the Campaign Cabinet of the CHU Sainte-Justine, Co-Chair of the Grande Campagne de financement de l’Universite Laval and was a member of the Campaign Cabinet of the United Way of Greater Toronto, where he chaired a number of insurance industry campaigns. Mr. Brindamour holds a Bachelor of Actuarial Science from Laval University (Quebec) in 1992. His Areas of Expertise include Business Transformation, Capital Markets, Consumer, Large Company Senior Executive, Risk Management.
CEO Compensation
- Charles's compensation has been consistent with company performance over the past year.
- Charles's remuneration is about average for companies of similar size in Canada.
Management Team Tenure
Average tenure of the Intact Financial management team in years:
- The tenure for the Intact Financial management team is about average.
Management Team
Charles Brindamour
CEO & Director
CA$8M
48
11.1 yrs
Louis Marcotte
Senior VP & CFO
CA$1M
5.2 yrs
Louis Gagnon
President of Canadian Operations
CA$2M
5.2 yrs
Mike Miller
President of U.S. & Specialty Solutions
CA$26M
59
1.4 yrs
Mathieu Lamy
Executive VP & COO
1.1 yrs
David Tremblay
Deputy Senior VP & Chief Investment Officer
5.1 yrs
Ken Anderson
VP of Investor Relations & Treasurer
2.1 yrs
Frédéric Cotnoir
Senior VP of Corporate & Legal Services and Secretary
2.8 yrs
Anne Fortin
Senior VP of Direct Distribution & Chief Marketing Officer
6.1 yrs
Carla Smith
Senior Vice President of Corporate Development
1.8 yrs
Board of Directors Tenure
Average tenure and age of the Intact Financial board of directors in years:
- The average tenure for the Intact Financial board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors
Claude Dussault
Chairman of the Board
CA$365K
64
11.1 yrs
Charles Brindamour
CEO & Director
CA$8M
48
11.1 yrs
Eileen Mercier
Independent Director
CA$212K
71
14.2 yrs
Bob Crispin
Independent Director
CA$240K
72
14.3 yrs
Tim Penner
Independent Director
CA$208K
62
8.8 yrs
Carol Stephenson
Independent Director
CA$202K
67
14.2 yrs
Steve Snyder
Independent Director
CA$199K
69
9.8 yrs
Fred Singer
Independent Director
CA$200K
55
5.8 yrs
Janet De Silva
Independent Director
CA$196K
58
5.8 yrs
Rob Leary
Independent Director
CA$200K
57
3.8 yrs
Who owns this company?
Recent Insider Trading
- Intact Financial insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
| Announced | Type | Name | Entity | Role | Start | End | Shares | Max Price (CA$) | Value (CA$) | |
|---|---|---|---|---|---|---|---|---|---|---|
| 11. Feb 19 | Sell | Mark Tullis | Individual | 08. Feb 19 | 08. Feb 19 | -5,000 | CA$113.15 | CA$-564,910 | ||
| 20. Dec 18 | Buy | William Young | Individual | 19. Dec 18 | 19. Dec 18 | 500 | CA$99.63 | CA$49,811 | ||
| 13. Dec 18 | Sell | Mark Tullis | Individual | 07. Dec 18 | 07. Dec 18 | -3,400 | CA$102.02 | CA$-345,059 | ||
| 07. Dec 18 | Sell | Mark Tullis | Individual | 05. Dec 18 | 06. Dec 18 | -6,600 | CA$103.49 | CA$-671,998 | ||
| 03. Dec 18 | Buy | William Young | Individual | 30. Nov 18 | 30. Nov 18 | 7,700 | CA$105.72 | CA$809,177 | ||
| 06. Sep 18 | Sell | Mark Tullis | Individual | 04. Sep 18 | 04. Sep 18 | -3,400 | CA$102.85 | CA$-348,831 | ||
| 04. Sep 18 | Sell | Mark Tullis | Individual | 31. Aug 18 | 31. Aug 18 | -3,300 | CA$103.39 | CA$-340,221 | ||
| 31. Aug 18 | Sell | Mark Tullis | Individual | 30. Aug 18 | 30. Aug 18 | -3,300 | CA$103.74 | CA$-341,578 | ||
| 17. Aug 18 | Sell | Lucie Martel | Individual | 15. Aug 18 | 15. Aug 18 | -1,430 | CA$105.14 | CA$-150,347 | ||
| 15. Jun 18 | Sell | Mark Tullis | Individual | 08. Mar 18 | 11. Jun 18 | -3,500 | CA$99.25 | CA$-333,440 | ||
| 12. Jun 18 | Sell | Mark Tullis | Individual | 08. Jun 18 | 08. Jun 18 | -3,300 | CA$95.14 | CA$-313,343 | ||
| 17. May 18 | Sell | Mark Tullis | Individual | 14. May 18 | 14. May 18 | -5,000 | CA$95.54 | CA$-477,551 | ||
| 11. May 18 | Buy | Robert Leary | Individual | 11. May 18 | 11. May 18 | 2,645 | CA$96.23 | CA$254,528 | ||
| 13. Mar 18 | Sell | Mark Tullis | Individual | 09. Mar 18 | 12. Mar 18 | -6,700 | CA$99.49 | CA$-664,807 | ||
| 09. Mar 18 | Sell | Mark Tullis | Individual | 08. Mar 18 | 08. Mar 18 | -3,200 | CA$99.14 | CA$-316,937 | ||
Management checks
We assess Intact Financial's management by checking for:- Is the CEO's compensation unreasonable compared to market cap? (1 check)
- Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
- Is the average tenure of the management team less than 2 years? (1 check)
- Is the average tenure of the board of directors team less than 3 years? (1 check) Intact 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
Should Intact Financial Corporation (TSE:IFC) Be Part Of Your Dividend Portfolio?
There is a lot to be liked about Intact Financial Corporation (TSE:IFC) as an income stock. … Does Intact Financial tick all the boxes of a great dividend stock? … See our latest analysis for Intact Financial
Simply Wall St - – Full articleWhat Value Should You Place On Intact Financial Corporation (TSE:IFC)?
Valuing IFC, an insurance stock, can be daunting since these financial firms generally have cash flows that are impacted by regulations that are not imposed upon other industries. … For example, insurance companies are required to hold more capital to reduce the risk to shareholders.
Simply Wall St - – Full articleIs Intact Financial Corporation's (TSE:IFC) 8.8% ROE Strong Compared To Its Industry?
By way of learning-by-doing, we'll look at ROE to gain a better understanding of Intact Financial Corporation (TSE:IFC). … One way to conceptualize this, is that for each CA$1 of shareholders' equity it has, the company made CA$0.088 in profit. … Return on Equity = Net Profit ÷ Shareholders' Equity
Simply Wall St - – Full articleA Spotlight On Intact Financial Corporation's (TSE:IFC) Fundamentals
By this I mean, I look at stocks holistically, from their financial health to their future outlook. … In the case of Intact Financial Corporation (TSE:IFC), it. … that has been able to sustain great financial health over the past
Simply Wall St - – Full articleDon't Sell Intact Financial Corporation (TSE:IFC) Before You Read This
Intact Financial has a price to earnings ratio of 20.95, based on the last twelve months. … How Do I Calculate Intact Financial's Price To Earnings Ratio … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)
Simply Wall St - – Full articleShould You Be Worried About Insider Transactions At Intact Financial Corporation (TSE:IFC)?
So we'll take a look at whether insiders have been buying or selling shares in Intact Financial Corporation (TSE:IFC). … But logic dictates you should pay some attention to whether insiders are buying or selling shares. … That means that an insider was selling shares at around the current price of CA$103
Simply Wall St - – Full articleWhat Did Intact Financial Corporation's (TSE:IFC) CEO Take Home Last Year?
How Does Charles Brindamour's Compensation Compare With Similar Sized Companies. … According to our data, Intact Financial Corporation has a market capitalization of CA$15b, and pays its CEO total annual compensation worth CA$7.8m. … We took a group of companies with market capitalizations over CA$11b, and calculated the median CEO compensation to be CA$9.3m.
Simply Wall St - – Full articleIntact Financial Corporation's (TSE:IFC) Earnings Dropped -5.0%, How Did It Fare Against The Industry?
When Intact Financial Corporation (TSE:IFC) released its most recent earnings update (30 June 2018), I compared it against two factor: its historical earnings track record, and the performance of its industry peers on average. … IFC's trailing twelve-month earnings (from 30 June 2018) of CA$633m has. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 5.4%, indicating the rate at which IFC is growing has slowed down
Simply Wall St - – Full articleIntrinsic Calculation For Intact Financial Corporation (TSE:IFC) Shows Investors Are Overpaying
One of the most difficult industry to value is insurance, given that they adhere to different rules compared to other companies. … Industry-specific factors, such as gross written premiums are crucial in understanding how insurance companies make money.
Simply Wall St - – Full articleWho Owns Most Of Intact Financial Corporation (TSE:IFC)?
The big shareholder groups in Intact Financial Corporation (TSE:IFC) have power over the company. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … With a market capitalization of CA$14.51b, Intact Financial is rather large.
Simply Wall St - – Full articleCompany Info
Map
Description
Intact Financial Corporation, through its subsidiaries, provides property and casualty insurance products to individuals and businesses in Canada and the United States. It offers personal auto insurance; and insurance for motor homes, recreational vehicles, motorcycles, snowmobiles, and all-terrain vehicles. The company also offers personal property insurance, such as protection for homes and contents from risks, such as fire, theft, vandalism, water damage, and other damages, as well as personal liability coverage; and property coverage for tenants, condominium owners, non-owner occupied residences, and seasonal residences. In addition, it provides insurance products for commercial lines for a group of small and medium sized businesses; and commercial property insurance for the protection of physical assets of the business; and liability coverages, including commercial general, product, and professional liability, as well as cyber endorsement. Further, the company offers commercial vehicle insurance coverages for the protection for commercial auto, fleets, garage operations, light trucks, public vehicles, and the transportation needs of the sharing economy. Additionally, it provides specialty products for various customers or industry groups, including accident and health, technology, ocean and inland marine, public entities, and entertainment; and various products and coverages to healthcare, tuition reimbursement, surety, management liability, financial services, specialty property, environmental, and financial institutions. The company offers its products and services under the Intact Insurance, belairdirect, Brokerlink, and OneBeacon brands through a network of brokers, independent agencies, wholesalers, and managing general agencies, as well as directly to consumers. The company was formerly known as ING Canada Inc. and changed its name to Intact Financial Corporation in 2009. Intact Financial Corporation was founded in 1809 and is based in Toronto, Canada.
Details
| Name: | Intact Financial Corporation |
| IFC | |
| Exchange: | TSX |
| Founded: | 1809 |
| CA$15,175,736,765 | |
| 139,188,634 | |
| Website: | http://www.intactfc.com |
| Address: |
Intact Financial Corporation 700 University Avenue, Suite 1500-A, Toronto, Ontario, M5G 0A1, Canada |
Listings
| Exchange Symbol | Ticker Symbol | Security | Exchange | Country | Currency | Listed on | |
|---|---|---|---|---|---|---|---|
| TSX | IFC | Common Shares | The Toronto Stock Exchange | CA | CAD | 10. Dec 2004 | |
| OTCPK | IFCZ.F | Common Shares | Pink Sheets LLC | US | USD | 10. Dec 2004 | |
| DB | I5U | Common Shares | Deutsche Boerse AG | DE | EUR | 10. Dec 2004 | |
| TSX | IFC.PRE | PFD CL A SER 5 | The Toronto Stock Exchange | CA | CAD | 24. May 2017 | |
| TSX | IFC.PRG | NON CUM PFD A 7 | The Toronto Stock Exchange | CA | CAD | 29. May 2018 |
Number of employees
Current staff
Industry
| Property and Casualty Insurance | |
| Insurance |
Company Analysis and Financial Data Status
| Area | Date (UTC time) |
|---|---|
| Company Analysis updated: | 2019/02/14 00:05 |
| End of day share price update: | 2019/02/13 00:00 |
| Last estimates confirmation: | 2019/02/12 |
| Last earnings filing: | 2019/02/05 |
| 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.
