Exchange Income
Market Cap
CA$1.1b
Last Updated
2020/10/01 00:52 UTC
Data Sources
Company Financials +
Executive Summary
Exchange Income Corporation engages in aerospace and aviation services and equipment, and manufacturing businesses worldwide. More Details
Rewards
Risk Analysis
Dividend of 7.51% is not well covered by earnings or forecast to be in the next 3 years
Snowflake Analysis
Reasonable growth potential average dividend payer.
Share Price & News
How has Exchange Income's share price performed over time and what events caused price changes?
Latest Share Price and Events
Stable Share Price: EIF has not had significant price volatility in the past 3 months.
Market Performance
7 Day Return
-1.9%
EIF
1.2%
CA Airlines
1.1%
CA Market
1 Year Return
-20.7%
EIF
-43.7%
CA Airlines
-5.8%
CA Market
Return vs Industry: EIF exceeded the Canadian Airlines industry which returned -44.3% over the past year.
Return vs Market: EIF underperformed the Canadian Market which returned -5.6% over the past year.
Shareholder returns
| EIF | Industry | Market | |
|---|---|---|---|
| 7 Day | -1.9% | 1.2% | 1.1% |
| 30 Day | -4.1% | -2.8% | -2.6% |
| 90 Day | 10.8% | 5.3% | 4.0% |
| 1 Year | -14.7%-20.7% | -43.2%-43.7% | -2.5%-5.8% |
| 3 Year | 5.9%-13.5% | -40.1%-42.3% | 5.7%-4.5% |
| 5 Year | 76.1%26.8% | -23.8%-28.0% | 32.6%12.3% |
Price Volatility Vs. Market
How volatile is Exchange Income's share price compared to the market and industry in the last 5 years?
Simply Wall St News
1 week ago | Simply Wall St
It Might Not Be A Great Idea To Buy Exchange Income Corporation (TSE:EIF) For Its Next Dividend1 week ago | Simply Wall St
Exchange Income Corporation (TSE:EIF) Has A ROE Of 7.3%2 weeks ago | Simply Wall St
Exchange Income (TSE:EIF) Seems To Be Using A Lot Of DebtValuation
Is Exchange Income undervalued compared to its fair value and its price relative to the market?
31.0%
Undervalued compared to fair value
Share Price vs. Fair Value
Below Fair Value: EIF (CA$30.37) is trading below our estimate of fair value (CA$44.04)
Significantly Below Fair Value: EIF is trading below fair value by more than 20%.
Price To Earnings Ratio
PE vs Industry: EIF is poor value based on its PE Ratio (20x) compared to the XN Airlines industry average (8.9x).
PE vs Market: EIF is poor value based on its PE Ratio (20x) compared to the Canadian market (16.5x).
Price to Earnings Growth Ratio
PEG Ratio: EIF is good value based on its PEG Ratio (0.3x)
Price to Book Ratio
PB vs Industry: EIF is overvalued based on its PB Ratio (1.5x) compared to the XN Airlines industry average (1x).
Next Steps
Future Growth
How is Exchange Income forecast to perform in the next 1 to 3 years based on estimates from 10 analysts?
62.1%
Forecasted annual earnings growth
Earnings and Revenue Growth Forecasts
Analyst Future Growth Forecasts
Earnings vs Savings Rate: EIF's forecast earnings growth (62.1% per year) is above the savings rate (1.7%).
Earnings vs Market: EIF's earnings (62.1% per year) are forecast to grow faster than the Canadian market (22.7% per year).
High Growth Earnings: earnings are expected to grow significantly over the next 3 years.
Revenue vs Market: EIF's revenue (12.8% per year) is forecast to grow faster than the Canadian market (5.3% per year).
High Growth Revenue: EIF's revenue (12.8% per year) is forecast to grow slower than 20% per year.
Earnings per Share Growth Forecasts
Future Return on Equity
Future ROE: Insufficient data to determine if EIF's Return on Equity is forecast to be high in 3 years time
Next Steps
Past Performance
How has Exchange Income performed over the past 5 years?
15.9%
Historical annual earnings growth
Earnings and Revenue History
Quality Earnings: EIF has high quality earnings.
Growing Profit Margin: EIF's current net profit margins (4.1%) are lower than last year (5.8%).
Past Earnings Growth Analysis
Earnings Trend: EIF's earnings have grown by 15.9% per year over the past 5 years.
Accelerating Growth: EIF's has had negative earnings growth over the past year, so it can't be compared to its 5-year average.
Earnings vs Industry: EIF had negative earnings growth (-28.4%) over the past year, making it difficult to compare to the Airlines industry average (-48.2%).
Return on Equity
High ROE: EIF's Return on Equity (7.3%) is considered low.
Next Steps
Financial Health
How is Exchange Income's financial position?
Financial Position Analysis
Short Term Liabilities: EIF's short term assets (CA$604.1M) exceed its short term liabilities (CA$265.3M).
Long Term Liabilities: EIF's short term assets (CA$604.1M) do not cover its long term liabilities (CA$1.3B).
Debt to Equity History and Analysis
Debt Level: EIF's debt to equity ratio (158.3%) is considered high.
Reducing Debt: EIF's debt to equity ratio has reduced from 172.4% to 158.3% over the past 5 years.
Debt Coverage: EIF's debt is well covered by operating cash flow (22.8%).
Interest Coverage: EIF's interest payments on its debt are not well covered by EBIT (2.1x coverage).
Balance Sheet
Next Steps
Dividend
What is Exchange Income current dividend yield, its reliability and sustainability?
7.51%
Current Dividend Yield
Dividend Yield vs Market
Notable Dividend: EIF's dividend (7.51%) is higher than the bottom 25% of dividend payers in the Canadian market (1.72%).
High Dividend: EIF's dividend (7.51%) is in the top 25% of dividend payers in the Canadian market (5.93%)
Stability and Growth of Payments
Stable Dividend: EIF's dividends per share have been stable in the past 10 years.
Growing Dividend: EIF's dividend payments have increased over the past 10 years.
Current Payout to Shareholders
Dividend Coverage: With its high payout ratio (149.5%), EIF's dividend payments are not well covered by earnings.
Future Payout to Shareholders
Future Dividend Coverage: EIF's dividends in 3 years are not forecast to be well covered by earnings (92.4% payout ratio).
Next Steps
Management
How experienced are the management team and are they aligned to shareholders interests?
6.2yrs
Average management tenure
CEO
Mike Pyle (56 yo)
14.08yrs
Tenure
CA$2,185,570
Compensation
Mr. Michael C. Pyle, also known as Mike, MBA, ICD.D., has been the Chief Executive Officer at Exchange Income Corporation since August 01, 2006. Mr. Pyle served as the Chief Financial Officer of Exchange I ...
CEO Compensation Analysis
Compensation vs Market: Mike's total compensation ($USD1.64M) is about average for companies of similar size in the Canadian market ($USD1.41M).
Compensation vs Earnings: Mike's compensation has been consistent with company performance over the past year.
Leadership Team
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 14.08yrs | CA$2.19m | 0.052% CA$ 554.2k | |
| Executive Vice Chairman | no data | CA$248.40k | 0.35% CA$ 3.8m | |
| President | 6.17yrs | CA$1.61m | 0.014% CA$ 154.3k | |
| Chief Financial Officer | 1.42yrs | CA$919.88k | no data | |
| Chief Executive Officer of Regional One | no data | CA$1.16m | no data | |
| Corporate Controller | no data | CA$317.17k | no data | |
| President of Regional One | no data | CA$910.14k | no data | |
| Chief Operating Officer | 5.33yrs | CA$447.22k | 0.0069% CA$ 73.5k | |
| Manager of Compliance & Corporate Secretary | 15.08yrs | no data | 0.0019% CA$ 20.6k | |
| Chief Corporate Development Officer | 6.17yrs | CA$672.71k | 0.11% CA$ 1.2m | |
| Chief Operating Officer of Manufacturing | no data | CA$335.82k | no data | |
| Executive Vice President of Aviation | 2.67yrs | no data | 0.0025% CA$ 26.9k |
6.2yrs
Average Tenure
55.5yo
Average Age
Experienced Management: EIF's management team is seasoned and experienced (6.2 years average tenure).
Board Members
| Name | Position | Tenure | Compensation | Ownership |
|---|---|---|---|---|
| CEO & Director | 14.08yrs | CA$2.19m | 0.052% CA$ 554.2k | |
| Executive Vice Chairman | no data | CA$248.40k | 0.35% CA$ 3.8m | |
| Independent Director | 0.25yr | no data | no data | |
| Independent Chairman | no data | CA$207.75k | 0.20% CA$ 2.1m | |
| Independent Director | 11.17yrs | CA$124.25k | 0.012% CA$ 133.7k | |
| Independent Director | 11.17yrs | CA$155.25k | 0.34% CA$ 3.7m | |
| Independent Director | 2.33yrs | CA$125.75k | no data | |
| Independent Director | 11.17yrs | CA$132.75k | 1.07% CA$ 11.5m | |
| Independent Director | 11.17yrs | CA$142.25k | no data | |
| Independent Director | 2.33yrs | CA$109.25k | 0.0098% CA$ 105.4k |
11.2yrs
Average Tenure
62.5yo
Average Age
Experienced Board: EIF's board of directors are seasoned and experienced ( 11.2 years average tenure).
Ownership
Who are the major shareholders and have insiders been buying or selling?
Insider Trading Volume
Insider Buying: Insufficient data to determine if insiders have bought more shares than they have sold in the past 3 months.
Recent Insider Transactions
Ownership Breakdown
Dilution of Shares: Shareholders have been diluted in the past year, with total shares outstanding growing by 9.3%.
Top Shareholders
Company Information
Exchange Income Corporation's company bio, employee growth, exchange listings and data sources
Key Information
- Name: Exchange Income Corporation
- Ticker: EIF
- Exchange: TSX
- Founded:
- Industry: Airlines
- Sector: Transportation
- Market Cap: CA$1.071b
- Shares outstanding: 35.26m
- Website: https://www.exchangeincomecorp.ca
Number of Employees
Location
- Exchange Income Corporation
- 101-990 Lorimer Boulevard
- Winnipeg
- Manitoba
- R3P 0Z9
- Canada
Listings
| Ticker | Exchange | Primary Security | Security Type | Country | Currency | Listed on |
|---|---|---|---|---|---|---|
| EIF | TSX (The Toronto Stock Exchange) | Yes | Common Shares | CA | CAD | Dec 2002 |
| EIFZ.F | OTCPK (Pink Sheets LLC) | Yes | Common Shares | US | USD | Dec 2002 |
| 0ON | DB (Deutsche Boerse AG) | Yes | Common Shares | DE | EUR | Dec 2002 |
Biography
Exchange Income Corporation engages in aerospace and aviation services and equipment, and manufacturing businesses worldwide. It operates through two segments, Aerospace & Aviation, and Manufacturing. The ...
Company Analysis and Financial Data Status
| Data | Last Updated (UTC time) |
|---|---|
| Company Analysis | 2020/10/01 00:52 |
| End of Day Share Price | 2020/09/30 00:00 |
| Earnings | 2020/06/30 |
| Annual Earnings | 2019/12/31 |
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.