Announcement • Aug 29
Industrial and Financial Systems, IFS AB (publ) completed the acquisition of Copperleaf Technologies Inc. (TSX:CPLF). Industrial and Financial Systems, IFS AB (publ) has entered into a definitive arrangement agreement to acquire Copperleaf Technologies Inc. (TSX:CPLF) for approximately CAD 890 million on June 10, 2024. IFS will indirectly acquire all of the issued and outstanding common shares of Copperleaf for CAD 12.00 in cash per Share, representing a total equity value of approximately CAD 1 billion on a fully diluted basis. The sell-side termination fee equates to CAD 38.6 million. The Transaction will be implemented by way of a statutory plan of arrangement under the Canada Business Corporations Act. Completion of the Transaction is subject to customary conditions, including court approval, regulatory approval under the Canadian Competition Act, any other required regulatory approvals. The Copperleaf Board has unanimously approved the Transaction and recommends that Shareholders vote in favour of the Transaction. On August 2, 2024, Copperleaf Technologies announced that its shareholders have approved the acquisition. On August 7, 2024 the British Columbia Supreme Court issued a final order approving the transaction. Copperleaf and IFS have already received approval under the Competition Act (Canada) with respect to the transaction. The deal is expected to close in Q3, 2024.
BMO Capital Markets is acting as exclusive financial advisor to the Special Committee and Fort Capital is acting as independent financial advisor to the Special Committee and the Board. Ally Bharmal, Iain Mant, Martin Ferreira Pinho and Michael Coburn of Fasken Martineau DuMoulin LLP are acting as legal advisors to Copperleaf. Each of BMO Capital Markets and Fort Capital has provided a fairness opinion to the Board and Special Committee. Arma Partners LLP is acting as exclusive financial advisor to IFS, and Michael N. Kandev, Elisa K. Kearney, Hélène Bussières, Sumeet Dang, Alexander Max Jarvie, Joseph DiPonio, Zain Rizvi and Robin Upshall of Davies Ward Phillips & Vineberg LLP and Patrik Erblad, Adam Cieply, Henrik Patel, Jonathan Olier, Michael Engel, John Timmons, Samantha Rozell of White & Case LLP are acting as legal counsel to IFS. Patrik Erblad of White & Case Advokat AB, White & Case (London) LLP, White & Case LLP (Spain), White & Case LLP (Australia), White & Case LLP, Singapore office acted as legal advisor to IFS. Odyssey Trust Company acted as transfer agent to Copperleaf .
Industrial and Financial Systems, IFS AB (publ) completed the acquisition of Copperleaf Technologies Inc. (TSX:CPLF) on August 29, 2024. Reported Earnings • Aug 09
Second quarter 2024 earnings: EPS and revenues exceed analyst expectations Second quarter 2024 results: CA$0.058 loss per share (improved from CA$0.17 loss in 2Q 2023). Revenue: CA$27.2m (up 47% from 2Q 2023). Net loss: CA$4.36m (loss narrowed 65% from 2Q 2023). Revenue exceeded analyst estimates by 13%. Earnings per share (EPS) also surpassed analyst estimates by 27%. Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Software industry in Canada. Recent Insider Transactions • Jun 23
Insider recently sold CA$1.1m worth of stock On the 18th of June, Linda Lupini sold around 94k shares on-market at roughly CA$11.80 per share. This transaction amounted to 31% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$385k more than they bought in the last 12 months. Recent Insider Transactions Derivative • Jun 17
Key Executive exercised options to buy CA$27m worth of stock. On the 13th of June, Judith Hess exercised options to buy 2m shares at a strike price of around CA$0.43, costing a total of CA$982k. This transaction amounted to 81% of their direct individual holding at the time of the trade. Since December 2023, Judith's direct individual holding has increased from 2.85m shares to 5.16m. Company insiders have collectively bought CA$1.3m more than they sold, via options and on-market transactions, in the last 12 months. Price Target Changed • Jun 13
Price target increased by 24% to CA$12.00 Up from CA$9.71, the current price target is an average from 5 analysts. New target price is approximately in line with last closing price of CA$11.82. The company is forecast to post a net loss per share of CA$0.26 next year compared to a net loss per share of CA$0.49 last year. Recent Insider Transactions • Jun 04
Independent Director recently sold CA$66k worth of stock On the 31st of May, Michael Calyniuk sold around 8k shares on-market at roughly CA$8.30 per share. This transaction amounted to 5.2% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Despite this recent sale, insiders have collectively bought CA$293k more than they sold in the last 12 months. Announcement • May 25
Copperleaf Technologies Inc. Announces Resignation of Manuel Alba-Marquez from the Board of Directors, Effective June 28, 2024 Copperleaf Technologies Inc. announced that it has accepted the resignation of Manuel Alba-Marquez from the Board of Directors (the "Board") of the Company effective at the Company's 2024 Annual General and Special Meeting June 28, 2024. Mr. Alba-Marquez was appointed to the Board in June of 2010 and will step down as a member of the Board due to other professional obligations. Major Estimate Revision • May 16
Consensus estimates of losses per share improve by 32% The consensus outlook for earnings per share (EPS) in fiscal year 2024 has improved. 2024 revenue forecast increased from CA$98.7m to CA$102.6m. EPS estimate increased from -CA$0.39 per share to -CA$0.265 per share. Software industry in Canada expected to see average net income growth of 28% next year. Consensus price target up from CA$7.83 to CA$9.50. Share price rose 21% to CA$8.80 over the past week. Price Target Changed • May 10
Price target increased by 13% to CA$8.67 Up from CA$7.67, the current price target is an average from 6 analysts. New target price is approximately in line with last closing price of CA$8.91. Stock is up 49% over the past year. The company is forecast to post a net loss per share of CA$0.35 next year compared to a net loss per share of CA$0.49 last year. Reported Earnings • May 10
First quarter 2024 earnings: EPS and revenues exceed analyst expectations First quarter 2024 results: CA$0.036 loss per share (improved from CA$0.17 loss in 1Q 2023). Revenue: CA$25.8m (up 29% from 1Q 2023). Net loss: CA$2.63m (loss narrowed 78% from 1Q 2023). Revenue exceeded analyst estimates by 14%. Earnings per share (EPS) also surpassed analyst estimates by 63%. Revenue is forecast to grow 21% p.a. on average during the next 2 years, compared to a 18% growth forecast for the Software industry in Canada. Announcement • Apr 26
Copperleaf Technologies Inc. to Report Q1, 2024 Results on May 09, 2024 Copperleaf Technologies Inc. announced that they will report Q1, 2024 results After-Market on May 09, 2024 Announcement • Apr 13
Copperleaf Technologies Inc., Annual General Meeting, Jun 28, 2024 Copperleaf Technologies Inc., Annual General Meeting, Jun 28, 2024. Price Target Changed • Mar 14
Price target increased by 11% to CA$7.33 Up from CA$6.63, the current price target is an average from 6 analysts. New target price is 9.9% above last closing price of CA$6.67. Stock is up 33% over the past year. The company is forecast to post a net loss per share of CA$0.39 next year compared to a net loss per share of CA$0.49 last year. Reported Earnings • Mar 14
Full year 2023 earnings: EPS exceeds analyst expectations Full year 2023 results: CA$0.49 loss per share (further deteriorated from CA$0.41 loss in FY 2022). Revenue: CA$79.6m (up 8.4% from FY 2022). Net loss: CA$35.2m (loss widened 25% from FY 2022). Revenue was in line with analyst estimates. Earnings per share (EPS) surpassed analyst estimates by 10%. Revenue is forecast to grow 22% p.a. on average during the next 2 years, compared to a 17% growth forecast for the Software industry in Canada. Announcement • Feb 23
Copperleaf Technologies Inc. to Report Q4, 2023 Results on Mar 12, 2024 Copperleaf Technologies Inc. announced that they will report Q4, 2023 results After-Market on Mar 12, 2024 Recent Insider Transactions • Dec 22
Independent Director recently bought CA$60k worth of stock On the 15th of December, Michael Calyniuk bought around 10k shares on-market at roughly CA$6.18 per share. This transaction amounted to 7.9% of their direct individual holding at the time of the trade. In the last 3 months, they made an even bigger purchase worth CA$62k. Insiders have collectively bought CA$436k more in shares than they have sold in the last 12 months. Reported Earnings • Nov 10
Third quarter 2023 earnings: EPS and revenues exceed analyst expectations Third quarter 2023 results: CA$0.072 loss per share (improved from CA$0.11 loss in 3Q 2022). Revenue: CA$19.9m (up 10% from 3Q 2022). Net loss: CA$5.24m (loss narrowed 30% from 3Q 2022). Revenue exceeded analyst estimates by 4.2%. Earnings per share (EPS) also surpassed analyst estimates by 54%. Revenue is forecast to grow 20% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Announcement • Oct 26
Copperleaf Technologies Inc. to Report Q3, 2023 Results on Nov 08, 2023 Copperleaf Technologies Inc. announced that they will report Q3, 2023 results After-Market on Nov 08, 2023 Recent Insider Transactions • Oct 16
Independent Director recently bought CA$57k worth of stock On the 13th of October, Michael Calyniuk bought around 10k shares on-market at roughly CA$5.72 per share. This transaction amounted to 11% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Insiders have collectively bought CA$433k more in shares than they have sold in the last 12 months. Major Estimate Revision • Aug 10
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$89.4m to CA$79.2m. Forecast losses increased from -CA$0.549 to -CA$0.598 per share. Software industry in Canada expected to see average net income growth of 12% next year. Consensus price target down from CA$7.57 to CA$6.86. Share price fell 9.6% to CA$5.83 over the past week. Reported Earnings • Aug 04
Second quarter 2023 earnings: EPS and revenues miss analyst expectations Second quarter 2023 results: CA$0.17 loss per share (further deteriorated from CA$0.11 loss in 2Q 2022). Revenue: CA$18.5m (down 10% from 2Q 2022). Net loss: CA$12.6m (loss widened 70% from 2Q 2022). Revenue missed analyst estimates by 9.9%. Earnings per share (EPS) also missed analyst estimates by 9.9%. Revenue is forecast to grow 24% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Announcement • Jul 25
Copperleaf Technologies Inc. to Report Q2, 2023 Results on Aug 03, 2023 Copperleaf Technologies Inc. announced that they will report Q2, 2023 results After-Market on Aug 03, 2023 Major Estimate Revision • May 17
Consensus EPS estimates fall by 12% The consensus outlook for fiscal year 2023 has been updated. 2023 expected loss increased from -CA$0.489 to -CA$0.549 per share. Revenue forecast unchanged at CA$89.4m. Software industry in Canada expected to see average net income growth of 21% next year. Consensus price target up from CA$6.54 to CA$7.57. Share price fell 4.7% to CA$6.05 over the past week. Price Target Changed • May 12
Price target increased by 14% to CA$7.43 Up from CA$6.54, the current price target is an average from 7 analysts. New target price is 24% above last closing price of CA$6.00. Stock is down 33% over the past year. The company is forecast to post a net loss per share of CA$0.55 next year compared to a net loss per share of CA$0.41 last year. Reported Earnings • May 11
First quarter 2023 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2023 results: CA$0.17 loss per share (further deteriorated from CA$0.16 loss in 1Q 2022). Revenue: CA$20.0m (up 28% from 1Q 2022). Net loss: CA$11.8m (loss widened 8.1% from 1Q 2022). Revenue exceeded analyst estimates by 3.2%. Earnings per share (EPS) missed analyst estimates by 19%. Revenue is forecast to grow 28% p.a. on average during the next 2 years, compared to a 16% growth forecast for the Software industry in Canada. Recent Insider Transactions • Mar 31
Independent Director recently bought CA$97k worth of stock On the 29th of March, Rolf Dekleer bought around 19k shares on-market at roughly CA$5.01 per share. This transaction amounted to 38% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$7.9m more in shares than they bought in the last 12 months. Major Estimate Revision • Mar 30
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2023 has deteriorated. 2023 revenue forecast decreased from CA$100.0m to CA$89.4m. Forecast losses increased from -CA$0.442 to -CA$0.489 per share. Software industry in Canada expected to see average net income decline 8.3% next year. Consensus price target down from CA$6.93 to CA$6.54. Share price was steady at CA$5.01 over the past week. Reported Earnings • Mar 24
Full year 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Full year 2022 results: CA$0.41 loss per share (further deteriorated from CA$0.24 loss in FY 2021). Revenue: CA$73.4m (up 5.9% from FY 2021). Net loss: CA$28.2m (loss widened 332% from FY 2021). Revenue missed analyst estimates by 1.5%. Earnings per share (EPS) exceeded analyst estimates by 16%. Revenue is forecast to grow 21% p.a. on average during the next 3 years, compared to a 15% growth forecast for the Software industry in Canada. Buying Opportunity • Mar 10
Now 25% undervalued after recent price drop Over the last 90 days, the stock is down 1.8%. The fair value is estimated to be CA$6.53, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 27% over the last 3 years. Earnings per share has grown by 33%. Revenue is forecast to grow by 61% in 2 years. Earnings is forecast to decline by 11% in the next 2 years. Announcement • Jan 04
Copperleaf Technologies Inc. Announces the Appointment of Paul Sakrzewski as Chief Executive Officer Copperleaf Technologies Inc. announced the appointment of Paul Sakrzewski as Chief Executive Officer effective January 1, 2023. This concludes the leadership transition plan announced in September 2022. Paul joined Copperleaf in 2018 as Managing Director, Asia Pacific and Japan, where he was instrumental in establishing and growing the business and team in the region. In May 2022, he took on the role of President, leading Copperleaf's growing global go-to-market team, marketing, technology experience, and regional businesses across the globe. Prior to Copperleaf, Paul held regional and global executive positions at blue-chip multinational companies such as SAP, the Linde Group, Ingram Micro, and Goodman Fielder. Paul is based in Vancouver and has lived and worked in Australia, Japan, Singapore, China, and the UAE. Recent Insider Transactions • Dec 23
Independent Director recently bought CA$90k worth of stock On the 20th of December, Rolf Dekleer bought around 17k shares on-market at roughly CA$5.29 per share. This transaction increased Rolf's direct individual holding by 2x at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$8.1m more in shares than they bought in the last 12 months. Major Estimate Revision • Nov 17
Consensus revenue estimates fall by 10% The consensus outlook for revenues in 2022 has deteriorated. 2022 revenue forecast decreased from CA$82.8m to CA$74.4m. Forecast losses increased from -CA$0.48 to -CA$0.49 per share. Software industry in Canada expected to see average net income decline 6.5% next year. Consensus price target down from CA$10.57 to CA$6.57. Share price was steady at CA$3.55 over the past week. Reported Earnings • Nov 16
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: CA$0.11 loss per share. Revenue: CA$18.1m (up 7.5% from 3Q 2021). Net loss: CA$7.50m (loss widened 129% from 3Q 2021). Revenue missed analyst estimates by 3.0%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 28% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Reported Earnings • Nov 12
Third quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind Third quarter 2022 results: CA$0.11 loss per share. Revenue: CA$18.1m (up 7.5% from 3Q 2021). Net loss: CA$7.50m (loss widened 129% from 3Q 2021). Revenue missed analyst estimates by 2.2%. Earnings per share (EPS) exceeded analyst estimates by 13%. Revenue is forecast to grow 27% p.a. on average during the next 3 years, compared to a 16% growth forecast for the Software industry in Canada. Price Target Changed • Nov 11
Price target decreased to CA$8.64 Down from CA$10.86, the current price target is an average from 7 analysts. New target price is 125% above last closing price of CA$3.84. Stock is down 84% over the past year. The company is forecast to post a net loss per share of CA$0.48 next year compared to a net loss per share of CA$0.24 last year. Announcement • Oct 26
Copperleaf Technologies Inc. to Report Q3, 2022 Results on Nov 10, 2022 Copperleaf Technologies Inc. announced that they will report Q3, 2022 results After-Market on Nov 10, 2022 Recent Insider Transactions • Sep 25
Independent Director recently bought CA$147k worth of stock On the 19th of September, Michael Calyniuk bought around 23k shares on-market at roughly CA$6.40 per share. This transaction amounted to 54% of their direct individual holding at the time of the trade. This was the largest purchase by an insider in the last 3 months. Despite this recent purchase, insiders have collectively sold CA$8.2m more in shares than they bought in the last 12 months. Recent Insider Transactions • Sep 15
Chief Technology Officer recently sold CA$77k worth of stock On the 13th of September, Stan Coleman sold around 12k shares on-market at roughly CA$6.54 per share. This transaction amounted to 4.1% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$8.3m more than they bought in the last 12 months. Reported Earnings • Aug 11
Second quarter 2022 earnings: EPS and revenues exceed analyst expectations Second quarter 2022 results: CA$0.11 loss per share (down from CA$0.097 loss in 2Q 2021). Revenue: CA$20.6m (up 23% from 2Q 2021). Net loss: CA$7.43m (loss widened 359% from 2Q 2021). Revenue exceeded analyst estimates by 9.2%. Earnings per share (EPS) also surpassed analyst estimates by 20%. Over the next year, revenue is forecast to grow 40%, compared to a 19% growth forecast for the industry in Canada. Announcement • Aug 04
Copperleaf Technologies Inc. to Report Q2, 2022 Results on Aug 10, 2022 Copperleaf Technologies Inc. announced that they will report Q2, 2022 results After-Market on Aug 10, 2022 Recent Insider Transactions • May 22
Chief Technology Officer recently sold CA$102k worth of stock On the 20th of May, Stan Coleman sold around 12k shares on-market at roughly CA$8.46 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of CA$97k more than they bought in the last 12 months. Announcement • May 18
Copperleaf Technologies Inc. Appoints Paul Sakrzewski as President Copperleaf Technologies Inc. has strengthened its leadership team with the appointment of Paul Sakrzewski as President. Prior to joining Copperleaf, Paul held regional and global executive positions at blue-chip multinational companies such as SAP, the Linde Group, Ingram Micro, and Goodman Fielder. He has extensive experience building high-performing sales organizations, generating and executing company strategy, and implementing enterprise software solutions globally. Major Estimate Revision • May 17
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 revenue forecast fell from CA$87.5m to CA$86.0m. 2022 losses expected to reduce from -CA$0.69 to -CA$0.50 per share. Software industry in Canada expected to see average net income growth of 4.5% next year. Consensus price target down from CA$21.33 to CA$15.33. Share price fell 7.1% to CA$9.34 over the past week. Reported Earnings • May 12
First quarter 2022 earnings: EPS exceeds analyst expectations while revenues lag behind First quarter 2022 results: CA$0.16 loss per share (down from CA$0.10 loss in 1Q 2021). Revenue: CA$15.6m (up 1.5% from 1Q 2021). Net loss: CA$10.9m (loss widened CA$9.21m from 1Q 2021). Revenue missed analyst estimates by 4.3%. Earnings per share (EPS) exceeded analyst estimates by 28%. Over the next year, revenue is forecast to grow 35%, compared to a 27% growth forecast for the industry in Canada. Announcement • May 05
Copperleaf Technologies Inc. to Report Q1, 2022 Results on May 10, 2022 Copperleaf Technologies Inc. announced that they will report Q1, 2022 results After-Market on May 10, 2022 Announcement • Apr 13
Copperleaf Technologies Inc., Annual General Meeting, Jun 28, 2022 Copperleaf Technologies Inc., Annual General Meeting, Jun 28, 2022. Agenda: Annual General Meeting. Major Estimate Revision • Mar 30
Consensus EPS estimates fall by 57% The consensus outlook for earnings per share (EPS) in 2022 has deteriorated. 2022 revenue forecast decreased from CA$89.9m to CA$88.0m. Losses expected to increase from CA$0.51 per share to CA$0.80. Software industry in Canada expected to see average net income growth of 9.7% next year. Consensus price target down from CA$30.00 to CA$22.50. Share price rose 2.4% to CA$16.50 over the past week. Reported Earnings • Nov 15
Third quarter 2021 earnings released: CA$0.20 loss per share The company reported a soft third quarter result with weaker control over costs, although losses were stable and revenues were flat. Third quarter 2021 results: Revenue: CA$16.8m (flat on 3Q 2020). Net loss: CA$3.28m (flat on 3Q 2020). Recent Insider Transactions Derivative • Oct 16
Chief Technology Officer exercised options to buy CA$804k worth of stock. On the 14th of October, Stan Coleman exercised options to buy 38k shares at a strike price of around CA$15.00, costing a total of CA$574k. This transaction amounted to 7.7% of their direct individual holding at the time of the trade. As of today, Stan currently holds no shares directly. This was the only transaction from an insider over the last 12 months.