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Cortex Business Solutions

TSXV:CBX
Snowflake Description

Excellent balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CBX
TSXV
CA$41M
Market Cap
  1. Home
  2. CA
  3. Software
Company description

Cortex Business Solutions Inc. supplies e-commerce products and services in Canada and the United States. The last earnings update was 85 days ago. More info.


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CBX Share Price and Events
7 Day Returns
0%
TSXV:CBX
-1.7%
CA Software
0.4%
CA Market
1 Year Returns
17%
TSXV:CBX
12.8%
CA Software
1.3%
CA Market
CBX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cortex Business Solutions (CBX) 0% 0.7% 24% 17% 93.2% -13.5%
CA Software -1.7% 11.6% 14.2% 12.8% 70.2% 146.6%
CA Market 0.4% 4.3% 5.5% 1.3% 21.1% 5.2%
1 Year Return vs Industry and Market
  • CBX outperformed the Software industry which returned 12.8% over the past year.
  • CBX outperformed the Market in Canada which returned 1.3% over the past year.
Price Volatility
CBX
Industry
5yr Volatility vs Market

Value

 Is Cortex Business Solutions undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cortex Business Solutions to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our calculation method for this is changing soon.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cortex Business Solutions.

TSXV:CBX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 1 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 6.8%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSXV:CBX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Software Unlevered Beta Simply Wall St/ S&P Global 0.69
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.691 (1 + (1- 26.5%) (5.56%))
0.812
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.81
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.812 * 5.96%)
6.79%

Discounted Cash Flow Calculation for TSXV:CBX using 2 Stage Free Cash Flow to Equity Model

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

TSXV:CBX DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 6.79%)
2019 3.25 Est @ 55.41% 3.04
2020 4.53 Est @ 39.37% 3.97
2021 5.80 Est @ 28.14% 4.76
2022 6.98 Est @ 20.28% 5.37
2023 8.01 Est @ 14.78% 5.77
2024 8.88 Est @ 10.93% 5.99
2025 9.62 Est @ 8.24% 6.07
2026 10.23 Est @ 6.35% 6.05
2027 10.74 Est @ 5.03% 5.95
2028 11.18 Est @ 4.1% 5.80
Present value of next 10 years cash flows CA$52.77
TSXV:CBX DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$11.18 × (1 + 1.95%) ÷ (6.79% – 1.95%)
CA$235.57
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$235.57 ÷ (1 + 6.79%)10
CA$122.17
TSXV:CBX Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$52.77 + CA$122.17
CA$174.94
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$174.94 / 9.14
CA$19.15
TSXV:CBX Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$19.15
Current discount Discount to share price of CA$4.54
= -1 x (CA$4.54 - CA$19.15) / CA$19.15
76.3%

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

Current Discount
Amount off the current price Cortex Business Solutions is available for.
Intrinsic value
>50%
Share price is CA$4.54 vs Future cash flow value of CA$19.15
Current Discount Checks
For Cortex Business Solutions to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cortex Business Solutions's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cortex Business Solutions's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cortex Business Solutions's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cortex Business Solutions's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSXV:CBX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-10-31) in CAD CA$0.57
TSXV:CBX Share Price ** TSXV (2019-02-20) in CAD CA$4.54
Canada Software Industry PE Ratio Median Figure of 15 Publicly-Listed Software Companies 47.12x
Canada Market PE Ratio Median Figure of 546 Publicly-Listed Companies 14.96x

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

** Primary Listing of Cortex Business Solutions.

TSXV:CBX PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSXV:CBX Share Price ÷ EPS (both in CAD)

= 4.54 ÷ 0.57

8.02x

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

  • Cortex Business Solutions is good value based on earnings compared to the CA Software industry average.
  • Cortex Business Solutions is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Cortex Business Solutions's expected growth come at a high price?
Raw Data
TSXV:CBX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 8.02x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
-19.1%per year
Canada Software Industry PEG Ratio Median Figure of 9 Publicly-Listed Software Companies 2.79x
Canada Market PEG Ratio Median Figure of 253 Publicly-Listed Companies 0.97x

*Line of best fit is calculated by linear regression .

TSXV:CBX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 8.02x ÷ -19.1%

-0.42x

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

  • Cortex Business Solutions earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cortex Business Solutions's assets?
Raw Data
TSXV:CBX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-10-31) in CAD CA$1.31
TSXV:CBX Share Price * TSXV (2019-02-20) in CAD CA$4.54
Canada Software Industry PB Ratio Median Figure of 65 Publicly-Listed Software Companies 2.81x
Canada Market PB Ratio Median Figure of 2,335 Publicly-Listed Companies 1.57x
TSXV:CBX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSXV:CBX Share Price ÷ Book Value per Share (both in CAD)

= 4.54 ÷ 1.31

3.47x

* Primary Listing of Cortex Business Solutions.

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

  • Cortex Business Solutions is overvalued based on assets compared to the CA Software industry average.
X
Value checks
We assess Cortex Business Solutions's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Software industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Software industry average (and greater than 0)? (1 check)
  5. Cortex Business Solutions has a total score of 4/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Cortex Business Solutions expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-19.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cortex Business Solutions expected to grow at an attractive rate?
  • Cortex Business Solutions's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Cortex Business Solutions's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • Cortex Business Solutions's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSXV:CBX Future Growth Rates Data Sources
Data Point Source Value (per year)
TSXV:CBX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts -19.1%
TSXV:CBX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts 18.7%
Canada Software Industry Earnings Growth Rate Market Cap Weighted Average -4.7%
Canada Software Industry Revenue Growth Rate Market Cap Weighted Average 12.2%
Canada Market Earnings Growth Rate Market Cap Weighted Average 18.6%
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
Raw Data
TSXV:CBX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSXV:CBX Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-07-31 18 4 1
2019-07-31 16 4 1
TSXV:CBX Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-10-31 13 2 5
2018-07-31 12 2 4
2018-04-30 12 2 1
2018-01-31 12 1 0
2017-10-31 12 1 -0
2017-07-31 11 1 -0
2017-04-30 10 -0 -1
2017-01-31 10 -1 -2
2016-10-31 10 -1 -2
2016-07-31 10 -1 -3
2016-04-30 10 -2 -4
2016-01-31 10 -3 -5

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cortex Business Solutions's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Cortex Business Solutions's revenue is expected to grow by 18.7% yearly, however this is not considered high growth (20% yearly).
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSXV:CBX Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below

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

TSXV:CBX Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-07-31 0.40 0.40 0.40 1.00
2019-07-31 0.38 0.38 0.38 1.00
TSXV:CBX Past Financials Data
Date (Data in CAD Millions) EPS *
2018-10-31 0.57
2018-07-31 0.48
2018-04-30 0.12
2018-01-31 0.05
2017-10-31 -0.00
2017-07-31 -0.05
2017-04-30 -0.11
2017-01-31 -0.17
2016-10-31 -0.22
2016-07-31 -0.31
2016-04-30 -0.48
2016-01-31 -0.64

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Cortex Business Solutions will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cortex Business Solutions's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the Canada market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Canada market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cortex Business Solutions 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 Cortex Business Solutions performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cortex Business Solutions's growth in the last year to its industry (Software).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cortex Business Solutions has delivered over 20% year on year earnings growth in the past 5 years.
  • Cortex Business Solutions has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Cortex Business Solutions has become profitable in the last year making it difficult to compare the CA Software industry average.
Earnings and Revenue History
Cortex Business Solutions's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

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

TSXV:CBX Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-10-31 12.55 5.17 5.38 1.95
2018-07-31 12.45 4.34 5.53 1.90
2018-04-30 12.30 1.11 6.07 1.88
2018-01-31 12.12 0.48 6.36 1.90
2017-10-31 11.82 -0.04 6.50 1.91
2017-07-31 11.06 -0.42 6.28 1.87
2017-04-30 10.36 -0.98 5.47 1.88
2017-01-31 9.83 -1.57 5.15 1.82
2016-10-31 9.67 -1.99 4.74 1.85
2016-07-31 9.82 -2.70 4.84 1.99
2016-04-30 10.08 -4.03 5.47 2.18
2016-01-31 10.32 -5.14 6.21 2.54
2015-10-31 10.58 -6.80 7.36 3.02
2015-07-31 10.59 -7.93 8.29 3.01
2015-04-30 10.91 -7.51 8.15 2.86
2015-01-31 10.66 -7.45 8.52 2.55
2014-10-31 9.82 -6.36 7.81 1.84
2014-07-31 8.98 -5.89 7.47 1.49
2014-04-30 7.79 -5.80 10.98 2.45
2014-01-31 7.03 -5.92 9.55 1.95
2013-10-31 6.55 -6.56 8.77 1.71
2013-07-31 6.16 -6.88 7.69 1.47
2013-04-30 5.83 -7.46 3.50
2013-01-31 5.55 -8.10 3.83
2012-10-31 5.15 -8.83 4.33
2012-07-31 4.94 -9.12 4.59
2012-04-30 4.48 -9.21 4.74

*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.
  • Cortex Business Solutions made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • Cortex Business Solutions used its assets more efficiently than the CA Software industry average last year based on Return on Assets.
  • Cortex Business Solutions has become profitable over the past 3 years. This is considered to be a significant improvement in its use of capital (Return on Capital Employed).
X
Past performance checks
We assess Cortex Business Solutions's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Software industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cortex Business Solutions has a total score of 4/6, 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 Cortex Business Solutions'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 Cortex Business Solutions's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cortex Business Solutions is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cortex Business Solutions's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Cortex Business Solutions's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is covered by short term assets, assets are 2.6x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cortex Business Solutions Company Filings, last reported 3 months ago.

TSXV:CBX Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-10-31 11.97 2.30 4.09
2018-07-31 10.72 0.04 8.26
2018-04-30 7.53 0.04 7.62
2018-01-31 6.75 0.05 6.74
2017-10-31 6.20 0.05 6.65
2017-07-31 5.78 0.00 6.31
2017-04-30 5.81 0.00 5.77
2017-01-31 5.62 0.00 5.42
2016-10-31 5.63 0.00 5.63
2016-07-31 5.58 0.00 5.68
2016-04-30 6.11 0.00 5.96
2016-01-31 6.99 0.00 6.54
2015-10-31 7.31 0.00 6.69
2015-07-31 5.27 0.00 4.05
2015-04-30 6.97 0.00 5.35
2015-01-31 8.75 0.00 6.92
2014-10-31 9.77 0.00 8.68
2014-07-31 11.33 0.00 9.61
2014-04-30 13.04 0.00 10.73
2014-01-31 5.38 0.00 2.58
2013-10-31 5.92 0.00 3.89
2013-07-31 7.22 0.00 5.23
2013-04-30 10.39 0.00 7.24
2013-01-31 5.48 0.00 2.28
2012-10-31 6.80 0.00 4.73
2012-07-31 6.56 0.00 6.75
2012-04-30 4.37 0.00 2.69
  • Cortex Business Solutions's level of debt (19.3%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (0% vs 19.3% today).
  • Debt is well covered by operating cash flow (92.7%, greater than 20% of total debt).
  • Cortex Business Solutions earns more interest than it pays, coverage of interest payments is not a concern.
X
Financial health checks
We assess Cortex Business Solutions's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cortex Business Solutions has a total score of 5/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Cortex Business Solutions's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Cortex Business Solutions dividends.
If you bought CA$2,000 of Cortex Business Solutions shares you are expected to receive CA$0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Cortex Business Solutions's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Cortex Business Solutions's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSXV:CBX Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
North America Software Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 1.5%
Canada Market Average Dividend Yield Market Cap Weighted Average of 331 Stocks 3.5%
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 5.7%

Industry and Market average data is calculated daily.

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

TSXV:CBX Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-07-31
2019-07-31

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

  • Unable to perform a dividend volatility check as Cortex Business Solutions has not reported any payouts.
  • Unable to verify if Cortex Business Solutions's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Cortex Business Solutions's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Cortex Business Solutions has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Cortex Business Solutions's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cortex Business Solutions afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cortex Business Solutions has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Cortex Business Solutions's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Joel Leetzow
COMPENSATION CA$420,940
TENURE AS CEO 3.8 years
CEO Bio

Mr. Joel Leetzow has been Director at LED Medical Diagnostics Inc. since August 22, 2017. He has been the Chief Executive Officer and President of Cortex Business Solutions Inc. since May 4, 2015. Mr. Joel served as the President of Scancode, a Toronto-based software company that was acquired by Descartes Systems Group. Mr. Leetzow served as Vice President of Business Development at Scancode Systems Inc. and was responsible for the overall management, product direction and sales and marketing strategy. He has been instrumental in shaping the future of supply chain automation with hundreds of projects to his credit and an ongoing commitment to solid technology, industry leadership and exceptional customer service since 1990. Prior to Scancode, he was a Founder, Chairman and Partner of a collaborative software start-up PulseOne Solutions Group, where he established a strong customer base through organic growth, assisted in the design and deployment of the latest fourth generation shipping software, developed an intricate OEM / carrier network and set up the industry's first SaaS pricing model. Before that, he aided many logistics industries giants through their most spirited growth including Evcor, Varsity Logistics, Kewill and Agile-Networks. He has more than 25 years of experience working in leadership roles with technology companies in both Canada and the United States. He has been a Director of Cortex Business Solutions since May 4, 2015.

CEO Compensation
  • Joel's compensation has been consistent with company performance over the past year.
  • Joel's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Cortex Business Solutions management team in years:

2.4
Average Tenure
  • The tenure for the Cortex Business Solutions management team is about average.
Management Team

Joel Leetzow

TITLE
CEO, President & Director
COMPENSATION
CA$421K
TENURE
3.8 yrs

Jason Baird

TITLE
VP of Finance & CFO
COMPENSATION
CA$254K
TENURE
1.3 yrs

Chris Lambert

TITLE
Vice President of Technology & Product Management
TENURE
2 yrs

Trevor Wong-Chor

TITLE
Corporate Secretary
AGE
49
TENURE
12.8 yrs

Henry Pham

TITLE
Controller
TENURE
2.8 yrs

Michael Comessotti

TITLE
Executive Officer

Andrew Stewart

TITLE
Vice President of Customer Experience
TENURE
1.1 yrs
Board of Directors Tenure

Average tenure and age of the Cortex Business Solutions board of directors in years:

8.2
Average Tenure
62.5
Average Age
  • The tenure for the Cortex Business Solutions board of directors is about average.
Board of Directors

Grant Billing

TITLE
Chairman of the Board
COMPENSATION
CA$70K
AGE
66
TENURE
1.3 yrs

Joel Leetzow

TITLE
CEO, President & Director
COMPENSATION
CA$421K
TENURE
3.8 yrs

Mark Ripplinger

TITLE
Director
COMPENSATION
CA$60K
TENURE
12.6 yrs

Randy Henderson

TITLE
Director
COMPENSATION
CA$60K
TENURE
7.7 yrs

Tim Stanley

TITLE
Member of the Advisory Committee
AGE
51
TENURE
9 yrs

Rebecca Runkle

TITLE
Member of the Advisory Committee
TENURE
9.1 yrs

John Hubinger

TITLE
Member of the Advisory Committee
TENURE
8.7 yrs

Brian Frank

TITLE
Member of the Advisory Committee
AGE
61
TENURE
8.7 yrs

Andrew Gutman

TITLE
Director
COMPENSATION
CA$60K
AGE
64
TENURE
1.2 yrs

Alice Reimer

TITLE
Director
TENURE
0.5 yrs
Who owns this company?
Recent Insider Trading
  • Cortex Business Solutions insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
19. Feb 19 Sell Scott Lamacraft Individual 15. Feb 19 15. Feb 19 -1,087,569 CA$4.55 CA$-4,948,439
15. Feb 19 Sell Henry Pham Individual 15. Feb 19 15. Feb 19 -1,500 CA$4.55 CA$-6,825
15. Feb 19 Sell Joel Leetzow Individual 15. Feb 19 15. Feb 19 -14,725 CA$4.55 CA$-66,999
15. Feb 19 Sell Mark Ripplinger Individual 15. Feb 19 15. Feb 19 -50,000 CA$4.55 CA$-227,500
15. Feb 19 Sell Randall Henderson Individual 15. Feb 15 15. Feb 19 -6,216 CA$242.69 CA$-55,907
15. Feb 19 Sell Grant Billing Individual 15. Feb 19 15. Feb 19 -85,000 CA$4.55 CA$-386,750
14. Jul 18 Sell Polar Asset Management Partners Inc. Company 08. Jun 18 13. Jun 18 -250,000 CA$4.00 CA$-980,352
X
Management checks
We assess Cortex Business Solutions's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cortex Business Solutions 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 You Be Impressed By Cortex Business Solutions Inc's (CVE:CBX) ROE?

With that in mind, this article will work through how we can use Return On Equity (ROE) to better understand a business. … Our data shows Cortex Business Solutions has a return on equity of 41% for the last year. … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

Should You Consider Cortex Business Solutions Inc (CVE:CBX)?

I've been keeping an eye on Cortex Business Solutions Inc (CVE:CBX) because I'm attracted to its fundamentals. … is a company that has been able to sustain great financial health, trading at an attractive share price. … report on Cortex Business Solutions here

Simply Wall St -

What Does Cortex Business Solutions Inc's (CVE:CBX) PE Ratio Tell You?

Cortex Business Solutions Inc (CVE:CBX) is trading with a trailing P/E of 30.3x, which is lower than the industry average of 30.5x. … Although some investors may jump to the conclusion that this is a great buying opportunity, understanding the assumptions behind the P/E ratio might change your mind. … View our latest analysis for Cortex Business Solutions

Simply Wall St -

Why Did Cortex Business Solutions Inc's (CVE:CBX) Insiders Sell Their Own Shares?

Cortex Business Solutions's insiders have divested from. … Generally, insiders selling shares in their own firm sends a bearish signal … A research published in The MIT Press (1998) concluded that stocks following insider selling fell 2.7% compared to the market

Simply Wall St -

What Do You Get For Owning Cortex Business Solutions Inc (CVE:CBX)?

and want to begin learning the link between Cortex Business Solutions Inc (CVE:CBX)’s return fundamentals and stock market performance. … Owing to this, it is important that the underlying business is producing a sufficient amount of income from the capital invested by stockholders. … To understand Cortex Business Solutions’s capital returns we will look at a useful metric called return on capital employed.

Simply Wall St -

Is Cortex Business Solutions Inc's (CVE:CBX) ROE Of 14.70% Sustainable?

and want to begin learning the link between Cortex Business Solutions Inc (CVE:CBX)’s return fundamentals and stock market performance. … Cortex Business Solutions Inc (CVE:CBX) outperformed the internet software and services industry on the basis of its ROE – producing a higher 14.70% relative to the peer average of 11.54% over the past 12 months. … If CBX borrows debt to invest in its business, its profits will be higher.

Simply Wall St -

Reasons Why I Like Cortex Business Solutions Inc (CVE:CBX)

Attractive stocks have exceptional fundamentals. … In the case of Cortex Business Solutions Inc (CVE:CBX), there's. … Below is a brief commentary on these key aspects.

Simply Wall St -

Company Info

Map
Description

Cortex Business Solutions Inc. supplies e-commerce products and services in Canada and the United States. It offers Cortex, a network-as-a-service portal that enables automation of AP and AR processes. The company also provides custom training, business process consulting, A/P scanning, and mass messaging services. It serves the oil and gas, mining, waste management, construction, sports, and entertainment markets. The company was formerly known as Electrobusiness.com Inc. and changed its name to Cortex Business Solutions Inc. in May 2007. Cortex Business Solutions Inc. was founded in 1999 and is headquartered in Calgary, Canada. As of February 15, 2019, Cortex Business Solutions Inc. operates as a subsidiary of TransZap P2P Canada, Inc. As of February 15, 2019, Cortex Business Solutions Inc. operates as a subsidiary of TransZap P2P Canada, Inc.

Details
Name: Cortex Business Solutions Inc.
CBX
Exchange: TSXV
Founded: 1999
CA$41,485,158
9,137,700
Website: http://www.cortex.net
Address: Cortex Business Solutions Inc.
115 Quarry Park Road SE,
Suite 130,
Calgary,
Alberta, T2C 5G9,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSXV CBX Common Shares TSX Venture Exchange CA CAD 22. Aug 2000
Number of employees
Current staff
Staff numbers
65
Cortex Business Solutions employees.
Industry
Application Software
Software
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/02/28 01:41
End of day share price update: 2019/02/20 00:00
Last estimates confirmation: 2019/02/15
Last earnings filing: 2018/12/05
Last earnings reported: 2018/10/31
Last annual earnings reported: 2018/07/31


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.