Reported Earnings • May 18
First quarter 2026 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2026 results: EPS: CA$0.49 (up from CA$0.40 in 1Q 2025). Revenue: CA$61.8m (up 4.2% from 1Q 2025). Net income: CA$9.16m (up 22% from 1Q 2025). Profit margin: 15% (up from 13% in 1Q 2025). The increase in margin was driven by higher revenue. Revenue missed analyst estimates by 2.6%. Earnings per share (EPS) exceeded analyst estimates by 52%. Revenue is forecast to grow 5.9% p.a. on average during the next 2 years, compared to a 6.0% growth forecast for the Real Estate industry in Canada. Over the last 3 years on average, earnings per share has fallen by 1% per year but the company’s share price has increased by 30% per year, which means it is well ahead of earnings. New Risk • May 17
New major risk - Revenue and earnings growth Earnings have declined by 6.3% 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 Risk Earnings have declined by 6.3% per year over the past 5 years. Minor Risk High level of debt (69% net debt to equity). Announcement • May 16
Information Services Corporation Declares Quarterly Dividend, Payable on or Before July 15, 2026 The Board of Directors of Information Services Corporation declared a quarterly cash dividend of CAD 0.23 per Class A Limited Voting Share (Class A Share). The dividend will be paid on or before July 15, 2026 to shareholders of record as of June 30, 2026. Announcement • May 09
Information Services Corporation to Report Q1, 2026 Results on May 15, 2026 Information Services Corporation announced that they will report Q1, 2026 results After-Market on May 15, 2026 Declared Dividend • Mar 25
Fourth quarter dividend of CA$0.23 announced Dividend of CA$0.23 is the same as last year. Ex-date: 31st March 2026 Payment date: 15th April 2026 Dividend yield will be 2.0%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by both earnings (64% earnings payout ratio) and cash flows (25% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 23% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Mar 23
Price target increased by 8.4% to CA$47.90 Up from CA$44.20, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of CA$46.26. Stock is up 87% over the past year. The company is forecast to post earnings per share of CA$1.54 for next year compared to CA$1.44 last year. Reported Earnings • Mar 21
Third quarter 2025 earnings released: EPS: CA$0.46 (vs CA$0.23 in 3Q 2024) Third quarter 2025 results: EPS: CA$0.46 (up from CA$0.23 in 3Q 2024). Revenue: CA$65.6m (up 7.7% from 3Q 2024). Net income: CA$8.51m (up 102% from 3Q 2024). Profit margin: 13% (up from 6.9% in 3Q 2024). Revenue is forecast to grow 5.4% p.a. on average during the next 3 years, compared to a 6.7% growth forecast for the Real Estate industry in Canada. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 27% per year, which means it is well ahead of earnings. Price Target Changed • Mar 20
Price target increased by 11% to CA$47.00 Up from CA$42.20, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of CA$46.26. Stock is up 89% over the past year. The company is forecast to post earnings per share of CA$1.57 for next year compared to CA$1.11 last year. Announcement • Mar 20
Information Services Corporation Declares Quarterly Cash Dividend, Payable on or before April 15, 2026 The Board of Directors of Information Services Corporation declared a quarterly cash dividend of $0.23 per Class A Limited Voting Share (Class A Share). The dividend will be paid on or before April 15, 2026 to shareholders of record as of March 31, 2026. Announcement • Mar 02
Information Services Corporation to Report Q4, 2025 Results on Mar 19, 2026 Information Services Corporation announced that they will report Q4, 2025 results After-Market on Mar 19, 2026 Announcement • Dec 30
Information Services Corporation announces Quarterly dividend, payable on January 15, 2026 Information Services Corporation announced Quarterly dividend of CAD 0.2300 per share payable on January 15, 2026, ex-date on December 31, 2025 and record date on December 31, 2025. Valuation Update With 7 Day Price Move • Dec 22
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to CA$48.50, the stock trades at a forward P/E ratio of 29x. Average forward P/E is 22x in the Real Estate industry in Canada. Total returns to shareholders of 132% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CA$68.84 per share. Price Target Changed • Nov 07
Price target increased by 7.2% to CA$38.20 Up from CA$35.65, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of CA$37.25. Stock is up 31% over the past year. The company is forecast to post earnings per share of CA$1.55 for next year compared to CA$1.11 last year. Reported Earnings • Nov 06
Third quarter 2025 earnings: EPS exceeds analyst expectations Third quarter 2025 results: EPS: CA$0.46 (up from CA$0.23 in 3Q 2024). Revenue: CA$65.6m (up 7.7% from 3Q 2024). Net income: CA$8.51m (up 102% from 3Q 2024). Profit margin: 13% (up from 6.9% in 3Q 2024). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 25%. Revenue is forecast to grow 5.4% p.a. on average during the next 2 years, compared to a 6.1% growth forecast for the Real Estate industry in Canada. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has increased by 17% per year, which means it is well ahead of earnings. New Risk • Nov 05
New major risk - Revenue and earnings growth Earnings have declined by 3.8% 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 Interest payments are not well covered by earnings (2.8x net interest cover). Earnings have declined by 3.8% per year over the past 5 years. Price Target Changed • Oct 21
Price target increased by 7.7% to CA$35.65 Up from CA$33.10, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of CA$35.80. Stock is up 27% over the past year. The company is forecast to post earnings per share of CA$1.47 for next year compared to CA$1.11 last year. Announcement • Oct 15
Information Services Corporation to Report Q3, 2025 Results on Nov 04, 2025 Information Services Corporation announced that they will report Q3, 2025 results After-Market on Nov 04, 2025 Upcoming Dividend • Sep 22
Upcoming dividend of CA$0.23 per share Eligible shareholders must have bought the stock before 29 September 2025. Payment date: 15 October 2025. Payout ratio is a comfortable 74% and this is well supported by cash flows. Trailing yield: 2.5%. Lower than top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (0.6%). Declared Dividend • Aug 03
Second quarter dividend of CA$0.23 announced Dividend of CA$0.23 is the same as last year. Ex-date: 29th September 2025 Payment date: 15th October 2025 Dividend yield will be 2.9%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by both earnings (74% earnings payout ratio) and cash flows (30% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 25% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Jul 31
Second quarter 2025 earnings: EPS and revenues miss analyst expectations Second quarter 2025 results: EPS: CA$0.32 (down from CA$0.57 in 2Q 2024). Revenue: CA$67.3m (flat on 2Q 2024). Net income: CA$5.89m (down 43% from 2Q 2024). Profit margin: 8.8% (down from 15% in 2Q 2024). Revenue missed analyst estimates by 4.4%. Earnings per share (EPS) also missed analyst estimates by 40%. Revenue is forecast to grow 6.4% p.a. on average during the next 2 years, compared to a 6.4% growth forecast for the Real Estate industry in Canada. Over the last 3 years on average, earnings per share has fallen by 21% per year but the company’s share price has increased by 12% per year, which means it is well ahead of earnings. Announcement • Jul 10
Information Services Corporation to Report Q2, 2025 Results on Jul 30, 2025 Information Services Corporation announced that they will report Q2, 2025 results After-Market on Jul 30, 2025 Upcoming Dividend • Jun 23
Upcoming dividend of CA$0.23 per share Eligible shareholders must have bought the stock before 30 June 2025. Payment date: 15 July 2025. Payout ratio is a comfortable 62% and this is well supported by cash flows. Trailing yield: 2.9%. Lower than top quartile of Canadian dividend payers (6.1%). Higher than average of industry peers (0.8%). Recent Insider Transactions Derivative • Jun 19
Insider exercised options to buy CA$318k worth of stock. On the 16th of June, Kathy Hillman-Weir exercised options to buy 10k shares at a strike price of around CA$18.85, costing a total of CA$188k. This transaction amounted to 34% of their direct individual holding at the time of the trade. Since September 2024, Kathy has owned 29.62k shares directly. Company insiders have collectively bought CA$315k more than they sold, via options and on-market transactions, in the last 12 months. Announcement • Jun 04
Plantro Ltd. completed the acquisition of 15.3% stake in Information Services Corporation (TSX:ISC). Plantro Ltd. made an offer to acquire 15.3% stake in Information Services Corporation (TSX:ISC) for CAD 75.7 million on April 2, 2025. Plantro announced an offer to acquire up to 2,777,342 Class A Limited Voting Shares (the “Class A Shares”) in the capital of Information Services Corporation at a price of CAD 27.25 per Class A Share, payable in cash. The Tender Offer is not a “take-over bid” under Canadian securities laws. The Tender Offer is open for acceptance by shareholders of the Company until 5:00 p.m. (Eastern Time) on April 11, 2025 (the “Expiry Time”), unless the Tender Offer is extended, varied or withdrawn. Plantro is making the Tender Offer to all shareholders of the Company (other than Class A Shares held by the Crown Investment Corporation of Saskatchewan or any other entity wholly-owned by the Province of Saskatchewan). If the Tender Offer is withdrawn, Plantro shall cause all Class A Shares delivered pursuant to the Tender Offer to be returned to shareholders. As per amendment filed on April 8, 2025 Tender Offer expiry extended to April 28, 2025 to allow shareholders more time to consider the Tender Offer and Plantro is making the Tender Offer to all shareholders of the Company, including shareholders who were not holders of record on March 13, 2025 and the Crown Investment Corporation of Saskatchewan. The Tender Offer is not subject to any financing condition and Plantro confirms that it has sufficient cash resources to pay for all Class A Shares subject to the Tender Offer. Plantro has engaged Goodmans LLP as its legal advisor, Carson Proxy as its information agent, Odyssey Trust Company as depositary, and Gagnier Communications as its strategic communications advisor. The information agent will receive a fee of up to CAD 250,000 for its services as information agent under the Tender Offer, plus ancillary payments and disbursements.
As of April 28, 2025, Plantro announced that it is extending its ongoing all-cash tender offer to acquire up to 2.78 million class A limited voting shares in the capital of ISC to 5:00pm (Eastern Time) on May 5, 2025. As of May 5, 2025 the tender offer is extended to 5:00pm (Eastern Time) on May 20, 2025. Plantro has increased the consideration under the Tender Offer to $30 per Class A Share, payable in cash (the “Tender Price”) and has also extended the expiry date of the Tender Offer to 5:00pm (Eastern Time) on June 3, 2025
As of May 20, 2025, Plantro announced that it is extending and amending its ongoing all-cash tender offer (the “Tender Offer”) to acquire class A limited voting shares (the “Class A Shares”) in the capital of Information Services Corporation.
Kingsdale Advisors LP acted as information agent, Stikeman Elliott LLP acted as legal advisor and RBC Capital Markets, LLC acted as financial advisor to Information Services Corporation. As on April 10, 2025, ISC recommends shareholders to reject and do not tender the shares as it undervalues ISC,unfair to shareholders and contrary to public interest.
Plantro Ltd. completed the acquisition of 15.3% stake in Information Services Corporation (TSX:ISC) on June 3, 2025. Declared Dividend • May 09
First quarter dividend of CA$0.23 announced Dividend of CA$0.23 is the same as last year. Ex-date: 30th June 2025 Payment date: 15th July 2025 Dividend yield will be 3.4%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by both earnings (59% earnings payout ratio) and cash flows (29% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 5.1% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • May 07
First quarter 2025 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2025 results: EPS: CA$0.40 (up from CA$0.023 in 1Q 2024). Revenue: CA$59.3m (up 5.2% from 1Q 2024). Net income: CA$7.49m (up CA$7.06m from 1Q 2024). Profit margin: 13% (up from 0.8% in 1Q 2024). The increase in margin was primarily driven by lower expenses. Revenue missed analyst estimates by 1.6%. Earnings per share (EPS) exceeded analyst estimates by 103%. Revenue is forecast to grow 6.0% p.a. on average during the next 2 years, compared to a 5.8% growth forecast for the Real Estate industry in Canada. Over the last 3 years on average, earnings per share has fallen by 22% per year but the company’s share price has increased by 10% per year, which means it is well ahead of earnings. Announcement • May 07
Information Services Corporation Declares A Quarterly Cash Dividend, Payable on or Before July 15, 2025 On May 6, 2025, Information Services Corporation declared a quarterly cash dividend of $0.23 per Class A Share, payable on or before July 15, 2025, to shareholders of record as of June 30, 2025. Announcement • Apr 15
Information Services Corporation to Report Q1, 2025 Results on May 06, 2025 Information Services Corporation announced that they will report Q1, 2025 results After-Market on May 06, 2025 Recent Insider Transactions • Mar 25
Independent Director recently bought CA$127k worth of stock On the 20th of March, James Roche bought around 5k shares on-market at roughly CA$25.43 per share. This trade did not impact their existing holding. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$292k more in shares than they have sold in the last 12 months. Declared Dividend • Mar 21
Third quarter dividend of CA$0.23 announced Dividend of CA$0.23 is the same as last year. Ex-date: 31st March 2025 Payment date: 15th April 2025 Dividend yield will be 3.7%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 50% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Announcement • Mar 18
Information Services Corporation Declares Quarterly Cash Dividend, Payable on or Before April 15, 2025 The Board of Directors of Information Services Corporation declared a quarterly cash dividend of $0.23 per Class A Limited Voting Share ("Class A Share"). The dividend will be paid on or before April 15, 2025 to shareholders of record as of March 31, 2025. Announcement • Mar 03
Information Services Corporation, Annual General Meeting, May 13, 2025 Information Services Corporation, Annual General Meeting, May 13, 2025. Announcement • Feb 27
Information Services Corporation to Report Q4, 2024 Results on Mar 17, 2025 Information Services Corporation announced that they will report Q4, 2024 results After-Market on Mar 17, 2025 Announcement • Jan 28
Information Services Corporation Provides Earnings Guidance for the Full Year 2025 Information Services Corporation provided earnings guidance for the full year 2025. For the year, the Company expects revenue to be within a range of CAD 257.0 million to CAD 267.0 million. Announcement • Jan 13
Information Services Corporation Announces Executive Changes Information Services Corporation Kathy Hillman-Weir has assumed additional responsibility for the newly created function of Registry Excellence. As the EVP, Corporate Governance and Registry Excellence, Kathy brings a wealth of registry and policy expertise to help elevate ISC’s position and competency as a leader in the registry space, nationally and internationally. Loren Cisyk, EVP, Technology Solutions, will be leaving ISC, effective April 30, 2025. Loren joined ISC in September 2017 and most recently led the Company’s internal infrastructure, deskside and security teams as part of the Technology Solutions segment. Upcoming Dividend • Dec 24
Upcoming dividend of CA$0.23 per share Eligible shareholders must have bought the stock before 31 December 2024. Payment date: 15 January 2025. Payout ratio is on the higher end at 80%, however this is supported by cash flows. Trailing yield: 3.5%. Lower than top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (1.0%). Major Estimate Revision • Nov 13
Consensus EPS estimates fall by 22% The consensus outlook for fiscal year 2024 has been updated. 2024 EPS estimate fell from CA$1.42 to CA$1.11 per share. Revenue forecast steady at CA$245.7m. Net income forecast to grow 34% next year vs 34% growth forecast for Real Estate industry in Canada. Consensus price target of CA$34.40 unchanged from last update. Share price fell 4.7% to CA$27.49 over the past week. Declared Dividend • Nov 10
Third quarter dividend of CA$0.23 announced Dividend of CA$0.23 is the same as last year. Ex-date: 31st December 2024 Payment date: 15th January 2025 Dividend yield will be 3.2%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by both earnings (80% earnings payout ratio) and cash flows (27% cash payout ratio). The dividend has increased by an average of 1.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 69% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Nov 06
Third quarter 2024 earnings: EPS and revenues miss analyst expectations Third quarter 2024 results: EPS: CA$0.23 (down from CA$0.24 in 3Q 2023). Revenue: CA$60.9m (up 12% from 3Q 2023). Net income: CA$4.20m (flat on 3Q 2023). Profit margin: 6.9% (down from 7.8% in 3Q 2023). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 2.9%. Earnings per share (EPS) also missed analyst estimates by 35%. Revenue is forecast to grow 6.6% p.a. on average during the next 3 years, compared to a 6.0% growth forecast for the Real Estate industry in Canada. Over the last 3 years on average, earnings per share has fallen by 20% per year but the company’s share price has increased by 2% per year, which means it is well ahead of earnings. Announcement • Nov 06
Information Services Corporation Declares Quarterly Dividend, Payable on or before January 15, 2025 The Board of Directors of Information Services Corporation declared a quarterly cash dividend of $0.23 per Class A Limited Voting Share ("Class A Share"). The dividend will be paid on or before January 15, 2025 to shareholders of record as of December 31, 2024. Announcement • Oct 16
Information Services Corporation to Report Q3, 2024 Results on Nov 05, 2024 Information Services Corporation announced that they will report Q3, 2024 results at 4:00 PM, US Eastern Standard Time on Nov 05, 2024 Upcoming Dividend • Sep 20
Upcoming dividend of CA$0.23 per share Eligible shareholders must have bought the stock before 27 September 2024. Payment date: 15 October 2024. Payout ratio is on the higher end at 80% but the company is not cash flow positive. Trailing yield: 3.1%. Lower than top quartile of Canadian dividend payers (5.8%). Higher than average of industry peers (1.0%). Price Target Changed • Sep 16
Price target increased by 8.9% to CA$34.20 Up from CA$31.40, the current price target is an average from 5 analysts. New target price is 16% above last closing price of CA$29.58. Stock is up 22% over the past year. The company is forecast to post earnings per share of CA$1.38 for next year compared to CA$1.41 last year. Major Estimate Revision • Aug 14
Consensus EPS estimates increase by 25% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CA$243.1m to CA$247.4m. EPS estimate increased from CA$1.03 to CA$1.29 per share. Net income forecast to grow 25% next year vs 31% growth forecast for Real Estate industry in Canada. Consensus price target up from CA$31.40 to CA$33.10. Share price rose 4.9% to CA$26.86 over the past week. Declared Dividend • Aug 12
Second quarter dividend of CA$0.23 announced Dividend of CA$0.23 is the same as last year. Ex-date: 27th September 2024 Payment date: 15th October 2024 Dividend yield will be 3.4%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by earnings (80% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 31% over the next year, which should provide support to the dividend and adequate earnings cover. Reported Earnings • Aug 08
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: EPS: CA$0.57 (up from CA$0.47 in 2Q 2023). Revenue: CA$67.8m (up 27% from 2Q 2023). Net income: CA$10.3m (up 25% from 2Q 2023). Profit margin: 15% (in line with 2Q 2023). Revenue exceeded analyst estimates by 9.6%. Earnings per share (EPS) also surpassed analyst estimates by 67%. Revenue is forecast to grow 6.6% p.a. on average during the next 2 years, compared to a 7.8% growth forecast for the Real Estate industry in Canada. Over the last 3 years on average, earnings per share has fallen by 14% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Announcement • Aug 08
Information Services Corporation Declares Quarterly Dividend on Class A Limited Voting Shares, Payable on or Before October 15, 2024 The Board of Directors of Information Services Corporation declared a quarterly cash dividend of $0.23 per Class A Limited Voting Share ("Class A Share"). The dividend will be paid on or before October 15, 2024 to shareholders of record as of September 30, 2024. Announcement • Jul 17
Information Services Corporation to Report Q2, 2024 Results on Aug 07, 2024 Information Services Corporation announced that they will report Q2, 2024 results After-Market on Aug 07, 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. 4 experienced directors. 5 highly experienced directors. Independent Director Amber Biemans 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. Recent Insider Transactions • May 31
President & CEO recently bought CA$130k worth of stock On the 27th of May, Shawn Peters bought around 5k shares on-market at roughly CA$26.03 per share. This transaction amounted to 50% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. This was Shawn's only on-market trade for the last 12 months. Declared Dividend • May 12
First quarter dividend of CA$0.23 announced Dividend of CA$0.23 is the same as last year. Ex-date: 28th June 2024 Payment date: 15th July 2024 Dividend yield will be 3.6%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is not adequately covered by earnings (93% earnings payout ratio) and the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. The company's earnings per share (EPS) would need to grow by 2.8% to bring the payout ratio under control. EPS is expected to grow by 101% over the next 3 years, which is sufficient to bring the dividend into a sustainable range. Announcement • May 09
Information Services Corporation Provides Earnings Guidance for the Year 2024 Information Services Corporation maintained annual guidance for 2024 with revenue to be within a range of $240.0 million to $250.0 million. New Risk • May 08
New major risk - Financial position The company's interest payments are not well covered by earnings. Net interest cover: 2.6x This is considered a major risk. If the company is unable to fund interest repayments on its debt through profits, it may be forced into reducing its debt burden through selling assets, undertaking a potentially costly capital raising or even into bankruptcy in the worst case scenario. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (2.6x net interest cover). Dividend is not well covered by earnings and cash flows. Payout ratio: 93% Paying a dividend despite having no free cash flows. High level of non-cash earnings (45% accrual ratio). Minor Risk Profit margins are more than 30% lower than last year (8.4% net profit margin). Reported Earnings • May 08
First quarter 2024 earnings released: EPS: CA$0.02 (vs CA$0.39 in 1Q 2023) First quarter 2024 results: EPS: CA$0.02 (down from CA$0.39 in 1Q 2023). Revenue: CA$56.4m (up 15% from 1Q 2023). Net income: CA$423.0k (down 94% from 1Q 2023). Profit margin: 0.8% (down from 14% in 1Q 2023). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 8.1% p.a. on average during the next 3 years, compared to a 7.4% growth forecast for the Real Estate industry in Canada. Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Announcement • May 08
Information Services Corporation Declares Quarterly Cash Dividend, Payable on or Before July 15, 2024 The Board of Directors of Information Services Corporation declared a quarterly cash dividend of $0.23 per Class A Limited Voting Share ("Class A Share"). The dividend will be paid on or before July 15, 2024 to shareholders of record as of June 30, 2024. Announcement • Apr 17
Information Services Corporation to Report Q1, 2024 Results on May 07, 2024 Information Services Corporation announced that they will report Q1, 2024 results on May 07, 2024 Recent Insider Transactions Derivative • Apr 01
Executive VP exercised options to buy CA$109k worth of stock. On the 26th of March, Kathy Hillman-Weir exercised 16.25k options to receive shares at no cost, then sold around 12.31k of them at CA$27.78 each and kept the remainder. Since June 2023, Kathy's direct individual holding has increased from 10.00k shares to 25.68k. Company insiders have collectively bought CA$509k more than they sold, via options and on-market transactions, in the last 12 months. Upcoming Dividend • Mar 20
Upcoming dividend of CA$0.23 per share Eligible shareholders must have bought the stock before 27 March 2024. Payment date: 15 April 2024. Payout ratio is a comfortable 65% but the company is not cash flow positive. Trailing yield: 3.5%. Lower than top quartile of Canadian dividend payers (6.4%). Higher than average of industry peers (1.2%). Major Estimate Revision • Mar 20
Consensus EPS estimates fall by 27%, revenue upgraded The consensus outlook for fiscal year 2024 has been updated. 2024 revenue forecast increased from CA$238.3m to CA$241.4m. EPS estimate fell from CA$1.93 to CA$1.41 per share. Net income forecast to shrink 9.8% next year vs 4.3% growth forecast for Real Estate industry in Canada . Consensus price target up from CA$28.95 to CA$31.15. Share price rose 7.2% to CA$25.95 over the past week. Declared Dividend • Mar 15
Fourth quarter dividend of CA$0.23 announced Dividend of CA$0.23 is the same as last year. Ex-date: 27th March 2024 Payment date: 15th April 2024 Dividend yield will be 3.6%, which is higher than the industry average of 1.2%. Sustainability & Growth Dividend is covered by earnings (65% earnings payout ratio) but the company has no free cash flows available, indicating it may be using cash reserves or debt to pay the dividend. The dividend has increased by an average of 1.4% per year over the past 10 years and has been stable with no material reductions to payments, indicating a long track record of dividend growth and stability. EPS is expected to grow by 27% over the next 2 years, which should provide support to the dividend and adequate earnings cover. Price Target Changed • Mar 15
Price target increased by 7.6% to CA$31.15 Up from CA$28.95, the current price target is an average from 5 analysts. New target price is 21% above last closing price of CA$25.72. Stock is up 17% over the past year. The company is forecast to post earnings per share of CA$1.41 for next year compared to CA$1.41 last year. Reported Earnings • Mar 13
Full year 2023 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2023 results: EPS: CA$1.41 (down from CA$1.75 in FY 2022). Revenue: CA$214.5m (up 13% from FY 2022). Net income: CA$25.0m (down 19% from FY 2022). Profit margin: 12% (down from 16% in FY 2022). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 1.6%. Earnings per share (EPS) missed analyst estimates by 1.1%. Revenue is forecast to grow 7.7% p.a. on average during the next 2 years, compared to a 3.2% growth forecast for the Real Estate industry in Canada. Over the last 3 years on average, earnings per share has increased by 2% per year whereas the company’s share price has increased by 3% per year. Announcement • Mar 13
Information Services Corporation Declares Quarterly Dividend on Class A Limited Voting Share, Payable on or Before April 15, 2024 The Board of Directors of Information Services Corporation declared a quarterly cash dividend of $0.23 per Class A Limited Voting Share ("Class A Share"). The dividend will be paid on or before April 15, 2024 to shareholders of record as of March 31, 2024. Announcement • Mar 09
Information Services Corporation, Annual General Meeting, May 14, 2024 Information Services Corporation, Annual General Meeting, May 14, 2024. Announcement • Feb 21
Information Services Corporation to Report Q4, 2023 Results on Mar 12, 2024 Information Services Corporation announced that they will report Q4, 2023 results After-Market on Mar 12, 2024 New Risk • Feb 05
New major risk - Revenue and earnings growth Earnings are forecast to decline by an average of 10% per year for the foreseeable future. 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 expected to decline, then in most cases the share price will decline over time as well. 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 Earnings are forecast to decline by an average of 10% per year for the foreseeable future. High level of non-cash earnings (47% accrual ratio). Minor Risks High level of debt (99% net debt to equity). Paying a dividend despite having no free cash flows. Profit margins are more than 30% lower than last year (11% net profit margin). 
