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TFI International

TSX:TFII
Snowflake Description

Established dividend payer and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TFII
TSX
CA$3B
Market Cap
  1. Home
  2. CA
  3. Transportation
Company description

TFI International Inc., together with its subsidiaries, provides transportation and logistics services in the United States, Canada, and Mexico. The last earnings update was 19 days ago. More info.


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TFII Share Price and Events
7 Day Returns
-0.2%
TSX:TFII
-1.8%
CA Transportation
-2.5%
CA Market
1 Year Returns
-19.5%
TSX:TFII
6.3%
CA Transportation
-4.7%
CA Market
TFII Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
TFI International (TFII) -0.2% -0.7% -14.3% -19.5% 42.9% 36.6%
CA Transportation -1.8% -3.5% -3.3% 6.3% 48.2% 48%
CA Market -2.5% -3.5% -3.9% -4.7% 2.5% -4.4%
1 Year Return vs Industry and Market
  • TFII underperformed the Transportation industry which returned 6.3% over the past year.
  • TFII underperformed the Market in Canada which returned -4.7% over the past year.
Price Volatility
TFII
Industry
5yr Volatility vs Market

Value

 Is TFI International 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 TFI International 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

Below are the data sources, inputs and calculation used to determine the intrinsic value for TFI International.

TSX:TFII Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 12 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 9.7%
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 TSX:TFII
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Transportation Unlevered Beta Simply Wall St/ S&P Global 0.95
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.947 (1 + (1- 26.5%) (70.79%))
1.294
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.29
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (1.294 * 5.96%)
9.66%

Discounted Cash Flow Calculation for TSX:TFII using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for TFI International 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.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TSX:TFII DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 9.66%)
2020 444.34 Analyst x8 405.19
2021 476.00 Analyst x3 395.83
2022 450.00 Analyst x1 341.24
2023 467.00 Analyst x1 322.93
2024 472.72 Est @ 1.22% 298.09
2025 479.53 Est @ 1.44% 275.75
2026 487.17 Est @ 1.59% 255.46
2027 495.45 Est @ 1.7% 236.91
2028 504.23 Est @ 1.77% 219.87
2029 513.44 Est @ 1.83% 204.16
Present value of next 10 years cash flows CA$2,955.44
TSX:TFII DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$513.44 × (1 + 1.95%) ÷ (9.66% – 1.95%)
CA$6,785.76
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$6,785.76 ÷ (1 + 9.66%)10
CA$2,698.28
TSX:TFII Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$2,955.44 + CA$2,698.28
CA$5,653.72
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$5,653.72 / 83.51
CA$67.7
TSX:TFII Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$67.70
Current discount Discount to share price of CA$37.94
= -1 x (CA$37.94 - CA$67.70) / CA$67.70
44%

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

Current Discount
Amount off the current price TFI International is available for.
Intrinsic value
44%
Share price is CA$37.94 vs Future cash flow value of CA$67.7
Current Discount Checks
For TFI International to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • TFI International's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • TFI International'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 TFI International's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are TFI International's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:TFII PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CAD CA$3.82
TSX:TFII Share Price ** TSX (2019-08-16) in CAD CA$37.94
North America Transportation Industry PE Ratio Median Figure of 28 Publicly-Listed Transportation Companies 16.32x
Canada Market PE Ratio Median Figure of 534 Publicly-Listed Companies 13.76x

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

** Primary Listing of TFI International.

TSX:TFII PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:TFII Share Price ÷ EPS (both in CAD)

= 37.94 ÷ 3.82

9.94x

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

  • TFI International is good value based on earnings compared to the North America Transportation industry average.
  • TFI International is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does TFI International's expected growth come at a high price?
Raw Data
TSX:TFII PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 9.94x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts
1.6%per year
North America Transportation Industry PEG Ratio Median Figure of 25 Publicly-Listed Transportation Companies 1.56x
Canada Market PEG Ratio Median Figure of 248 Publicly-Listed Companies 0.92x

*Line of best fit is calculated by linear regression .

TSX:TFII PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 9.94x ÷ 1.6%

6.33x

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

  • TFI International is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on TFI International's assets?
Raw Data
TSX:TFII PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CAD CA$17.67
TSX:TFII Share Price * TSX (2019-08-16) in CAD CA$37.94
Canada Transportation Industry PB Ratio Median Figure of 7 Publicly-Listed Transportation Companies 2.11x
Canada Market PB Ratio Median Figure of 2,454 Publicly-Listed Companies 1.43x
TSX:TFII PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:TFII Share Price ÷ Book Value per Share (both in CAD)

= 37.94 ÷ 17.67

2.15x

* Primary Listing of TFI International.

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

  • TFI International is overvalued based on assets compared to the CA Transportation industry average.
X
Value checks
We assess TFI International'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 Transportation 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 Transportation industry average (and greater than 0)? (1 check)
  5. TFI International 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 TFI International expected to perform in the next 1 to 3 years based on estimates from 12 analysts?

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
1.6%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is TFI International expected to grow at an attractive rate?
  • TFI International's earnings growth is positive but not above the low risk savings rate of 1.9%.
Growth vs Market Checks
  • TFI International's earnings growth is positive but not above the Canada market average.
  • TFI International's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:TFII Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:TFII Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 12 Analysts 1.6%
TSX:TFII Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 12 Analysts 1.6%
North America Transportation Industry Earnings Growth Rate Market Cap Weighted Average 10.3%
Canada Transportation Industry Revenue Growth Rate Market Cap Weighted Average 5.6%
Canada Market Earnings Growth Rate Market Cap Weighted Average 12.4%
Canada Market Revenue Growth Rate Market Cap Weighted Average 6%

*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
TSX:TFII Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:TFII Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 5,574 652 1
2022-12-31 5,501 634 2
2021-12-31 5,460 674 331 4
2020-12-31 5,372 651 315 12
2019-12-31 5,259 628 307 12
TSX:TFII Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-06-30 5,178 628 329
2019-03-31 5,158 646 309
2018-12-31 5,123 544 292
2018-09-30 4,995 486 335
2018-06-30 4,884 448 348
2018-03-31 4,830 380 192
2017-12-31 4,837 320 158
2017-09-30 4,782 317 84
2017-06-30 4,581 275 36
2017-03-31 4,295 297 156
2016-12-31 4,025 336 157
2016-09-30 3,914 382 151

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • TFI International's earnings are expected to grow by 1.6% yearly, however this is not considered high growth (20% yearly).
  • TFI International's revenue is expected to grow by 1.6% 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
TSX:TFII Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 12 Analyst Estimates (S&P Global) See Below

All data from TFI International Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TFII Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31 5.37 5.37 5.37 1.00
2021-12-31 4.56 4.72 4.39 2.00
2020-12-31 3.87 4.15 3.50 7.00
2019-12-31 3.63 3.85 3.52 6.00
TSX:TFII Past Financials Data
Date (Data in CAD Millions) EPS *
2019-06-30 3.82
2019-03-31 3.55
2018-12-31 3.32
2018-09-30 3.79
2018-06-30 3.90
2018-03-31 2.14
2017-12-31 1.75
2017-09-30 0.93
2017-06-30 0.40
2017-03-31 1.69
2016-12-31 1.68
2016-09-30 1.59

*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.
  • TFI International is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess TFI International'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 North America 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.
TFI International 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 TFI International 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 TFI International's growth in the last year to its industry (Transportation).
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.
  • TFI International has delivered over 20% year on year earnings growth in the past 5 years.
  • TFI International's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • TFI International's 1-year earnings growth is negative, it can't be compared to the North America Transportation industry average.
Earnings and Revenue History
TFI International'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 TFI International Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TFII Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 5,177.66 328.73
2019-03-31 5,157.54 308.94
2018-12-31 5,123.21 291.99
2018-09-30 4,994.64 335.46
2018-06-30 4,883.67 347.52
2018-03-31 4,829.79 192.09
2017-12-31 4,837.41 157.99
2017-09-30 4,782.27 84.18
2017-06-30 4,581.10 36.48
2017-03-31 4,295.12 155.80
2016-12-31 4,025.21 157.06
2016-09-30 3,914.26 151.28
2016-06-30 3,948.48 132.11
2016-03-31 4,000.51 148.06
2015-12-31 4,029.89 145.73
2015-09-30 3,851.79 116.87
2015-06-30 3,790.29 123.52
2015-03-31 3,588.17 123.28
2014-12-31 3,395.07 116.23
2014-09-30 3,338.94 77.46
2014-06-30 3,165.88 82.87
2014-03-31 3,130.40 49.43
2013-12-31 3,109.65 62.36
2013-09-30 3,095.48 125.48
2013-06-30 3,082.06 135.36
2013-03-31 3,101.82 142.85
2012-12-31 3,140.26 154.18
2012-09-30 3,097.32 159.78

*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.
  • Whilst TFI International has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • TFI International used its assets more efficiently than the North America Transportation industry average last year based on Return on Assets.
  • TFI International has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess TFI International'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 Transportation 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.
TFI International has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

Health

 How is TFI International'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 TFI International's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • TFI International is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • TFI International's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of TFI International'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.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

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

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

All data from TFI International Company Filings, last reported 1 month ago.

TSX:TFII Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 1,473.73 1,776.84 1.18
2019-03-31 1,483.81 1,691.83 4.45
2018-12-31 1,576.85 1,587.59 5.43
2018-09-30 1,544.74 1,474.70 8.46
2018-06-30 1,483.27 1,553.39 6.44
2018-03-31 1,437.39 1,509.49 5.90
2017-12-31 1,415.12 1,493.45 4.52
2017-09-30 1,344.56 1,493.90 3.71
2017-06-30 1,292.66 1,668.81 1.79
2017-03-31 1,451.90 1,645.24 0.92
2016-12-31 1,458.65 1,567.07 4.40
2016-09-30 1,420.82 853.15
2016-06-30 1,420.55 868.56
2016-03-31 1,442.31 896.72
2015-12-31 1,019.80 1,605.06 11.38
2015-09-30 992.97 1,702.44 0.45
2015-06-30 1,027.72 1,632.81
2015-03-31 1,030.42 1,635.78
2014-12-31 1,029.41 1,593.70 0.17
2014-09-30 944.33 1,149.11
2014-06-30 896.87 875.63
2014-03-31 886.78 925.45
2013-12-31 790.82 777.14
2013-09-30 786.22 823.05
2013-06-30 766.59 834.02
2013-03-31 751.92 877.76
2012-12-31 727.37 825.15
2012-09-30 717.73 861.74
  • TFI International's level of debt (120.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (97.9% vs 120.6% today).
  • Debt is well covered by operating cash flow (35.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 7.4x coverage).
X
Financial health checks
We assess TFI International'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. TFI International has a total score of 3/6, 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 TFI International'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
2.53%
Current annual income from TFI International dividends. Estimated to be 2.76% next year.
If you bought CA$2,000 of TFI International shares you are expected to receive CA$51 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?
  • TFI International's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.04%).
  • TFI International's dividend is below the markets top 25% of dividend payers in Canada (6%).
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
TSX:TFII 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 12 Analyst Estimates (S&P Global) See Below
North America Transportation Industry Average Dividend Yield Market Cap Weighted Average of 22 Stocks 1.8%
Canada Market Average Dividend Yield Market Cap Weighted Average of 333 Stocks 3.7%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2%
Canada Top 25% Dividend Yield 75th Percentile 6%

Industry and Market average data is calculated daily.

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

TSX:TFII Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 1.23 1.00
2020-12-31 1.08 3.00
2019-12-31 0.98 4.00
TSX:TFII Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-06-17 0.960 2.437
2019-03-15 0.960 2.285
2018-10-22 0.960 2.397
2018-09-17 0.840 1.825
2018-06-15 0.840 1.904
2018-03-15 0.840 2.326
2017-12-11 0.840 2.613
2017-09-15 0.760 2.401
2017-06-15 0.760 2.626
2017-03-15 0.760 2.609
2016-10-20 0.760 2.290
2016-09-15 0.680 2.513
2016-06-15 0.680 2.683
2016-03-15 0.680 2.922
2015-12-15 0.680 3.120
2015-09-17 0.680 2.764
2015-06-15 0.680 2.784
2015-03-16 0.680 2.411
2014-12-17 0.680 2.290
2014-09-15 0.580 2.096
2014-06-16 0.580 2.209
2014-03-18 0.580 2.430
2013-10-30 0.580 2.399
2013-09-16 0.520 2.409
2013-06-17 0.520 2.494
2013-03-15 0.520 2.559
2012-12-17 0.520 2.428
2012-09-17 0.520 2.910
2012-04-26 0.520 2.954
2012-03-15 0.460 2.691
2011-12-15 0.460 2.922
2011-09-15 0.460 3.851
2011-05-17 0.460 3.277
2011-03-15 0.400 2.906
2010-12-15 0.400 3.029
2010-09-15 0.400 3.578
2010-06-15 0.400 4.123
2010-03-15 0.400 3.978
2009-12-15 0.400 4.637
2009-09-15 0.400 5.208
2009-06-15 0.400 6.053
2009-03-16 0.400 8.902
2008-12-15 0.400 10.247
2008-10-30 0.400 8.366
2008-09-30 0.400 7.685

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of TFI International's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (4.1x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.2x coverage).
X
Income/ dividend checks
We assess TFI International's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.2%) - 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 TFI International afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. TFI International has a total score of 5/6, see the detailed checks below.


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

Management

 What is the CEO of TFI International'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
Alain Bédard
COMPENSATION CA$8,168,471
AGE 66
TENURE AS CEO 23.6 years
CEO Bio

Mr. Alain Bédard, FCA, FCPA, CMA, serves as the President of 2400520 Ontario Inc. Mr. Bédard has been the President and Chief Executive Officer of TransForce Inc, since 2007 and 1996 respectively. He serves as Chairman, President and Chief Executive Officer of TFI International Inc. Mr. Bédard served as Acting Chief Financial Officer of TransForce, Inc. from March 2, 2015 to May 2015. Mr. Bédard served as Acting Chief Financial Officer of TransForce, Inc. since August 2009 until July 2014. He served as President, Chief Executive Officer of TransForce Administration, an Administrator of TransForce Inc., (Alternative Name is Transforce Income Fund). He has over 25 years’ experience in operations management and financial management. He joined the accounting firm KPMG, where he served as its Senior Auditor. From 1978 to 1984, he served as Controller of Normick Perron Inc. He joined Transforce Inc. in 1996. Mr. Bédard served for more than eleven years as a Vice-President of Finance & Administration of Saputo Inc., a dairy and grocery products company. He serves as Chairman of TST Solutions Inc. He has been the Chairman and Non-Independent Director of TransForce Inc., since 1997 and 1993 respectively. He served as Chairman of TFI Operating Trust and served as its Trustee since 2002. He has been a Trustee of TransForce Income Fund since September 2002. He served as Director of Arbec Forest Products Inc., (Formerly Uniforet Inc.) since 1998. He served as Trustee of Canadian Helicopters Limited for Canadian Helicopters Income Fund until December 2006. He obtained his CMA designation in 1976 and his Chartered Accountant designation in 1977. He holds a Bachelor degree in Finance and Accounting from the University of Sherbrooke.

CEO Compensation
  • Alain's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Alain's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the TFI International management team in years:

8.3
Average Tenure
  • The average tenure for the TFI International management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Alain Bédard

TITLE
Chairman
COMPENSATION
CA$8M
AGE
66
TENURE
23.6 yrs

Brian Kohut

TITLE
Executive Vice President
COMPENSATION
CA$1M
TENURE
8.3 yrs

Bob McGonigal

TITLE
Executive Vice President
COMPENSATION
CA$846K

Rick Hashie

TITLE
Executive Vice President
COMPENSATION
CA$852K
TENURE
2.3 yrs

David Saperstein

TITLE
Chief Financial Officer
TENURE
0.6 yrs

Josiane-Mélanie Langlois

TITLE
VP of Legal Affairs & Corporate Secretary

Chantal Martel

TITLE
Vice President of Insurance & Compliance

Johanne Dean

TITLE
Vice President of Marketing & Communications

Sylvain Desaulniers

TITLE
Vice President of Human Resources

Rob O'Reilly

TITLE
Executive Vice President
COMPENSATION
CA$1M
TENURE
8.3 yrs
Board of Directors Tenure

Average tenure and age of the TFI International board of directors in years:

6.3
Average Tenure
67
Average Age
  • The tenure for the TFI International board of directors is about average.
Board of Directors

Alain Bédard

TITLE
Chairman
COMPENSATION
CA$8M
AGE
66
TENURE
22.6 yrs

Neil Manning

TITLE
Independent Director
COMPENSATION
CA$124K
AGE
73
TENURE
6.3 yrs

Arun Nayar

TITLE
Independent Director
COMPENSATION
CA$122K
AGE
68
TENURE
1.3 yrs

Richard Guay

TITLE
Independent Director
COMPENSATION
CA$144K
AGE
68
TENURE
15.6 yrs

André Bérard

TITLE
Lead Director
COMPENSATION
CA$182K
AGE
78

Joey Saputo

TITLE
Independent Director
COMPENSATION
CA$115K
AGE
54
TENURE
23.6 yrs

Lucien Bouchard

TITLE
Independent Director
COMPENSATION
CA$117K
AGE
80
TENURE
11.7 yrs

Debra Kelly-Ennis

TITLE
Independent Director
COMPENSATION
CA$158K
AGE
62
TENURE
2.3 yrs

Leslie Abi-Karam

TITLE
Independent Director
COMPENSATION
CA$72K
AGE
60
TENURE
1.1 yrs

Diane Giard

TITLE
Independent Director
COMPENSATION
CA$28K
AGE
58
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
13. Mar 19 Sell Alain Bédard Individual 12. Mar 19 12. Mar 19 -90,000 CA$40.24 CA$-3,621,600
22. Aug 18 Sell Gregory Rumble Individual 21. Aug 18 21. Aug 18 -25,125 CA$47.60 CA$-1,194,450
X
Management checks
We assess TFI International'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. TFI International 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

Are TFI International Inc.’s (TSE:TFII) Returns On Investment Worth Your While?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for TFI International: 0.11 = CA$442m ÷ (CA$4.5b - CA$648m) (Based on the trailing twelve months to March 2019.) Therefore, TFI International has an ROCE of 11%. … Do TFI International's Current Liabilities Skew Its ROCE? … The ROCE equation subtracts current liabilities from capital employed, so a company with a lot of current liabilities appears to have less capital employed, and a higher ROCE than otherwise.

Simply Wall St -

Is TFI International Inc.'s (TSE:TFII) CEO Overpaid Relative To Its Peers?

Check out our latest analysis for TFI International How Does Alain Bédard's Compensation Compare With Similar Sized Companies? … We examined companies with market caps from CA$2.6b to CA$8.3b, and discovered that the median CEO total compensation of that group was CA$4.0m. … We compared the total CEO remuneration paid by TFI International Inc., and compared it to remuneration at a group of similar sized companies.

Simply Wall St -

Is TFI International (TSE:TFII) Using Too Much Debt?

When we think about a company's use of debt, we first look at cash and debt together. … Because it carries more debt than cash, we think it's worth watching TFI International's balance sheet over time. … Finally, a business needs free cash flow to pay off debt; accounting profits just don't cut it.

Simply Wall St -

What Kind Of Share Price Volatility Should You Expect For TFI International Inc. (TSE:TFII)?

Given that it has a beta of 1.44, we can surmise that the TFI International share price has been fairly sensitive to market volatility (over the last 5 years). … If this beta value holds true in the future, TFI International shares are likely to rise more than the market when the market is going up, but fall faster when the market is going down. … What this means for you: Beta only tells us that the TFI International share price is sensitive to broader market movements.

Simply Wall St -

Do Institutions Own TFI International Inc. (TSE:TFII) Shares?

See our latest analysis for TFI International TSX:TFII Ownership Summary, July 1st 2019 What Does The Institutional Ownership Tell Us About TFI International? … We can see that TFI International does have institutional investors; and they hold 35% of the stock. … General Public Ownership The general public, who are mostly retail investors, collectively hold 59% of TFI International shares.

Simply Wall St -

Have Insiders Been Selling TFI International Inc. (TSE:TFII) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in TFI International Inc. … For example, a Harvard University study found that 'insider purchases earn abnormal returns of more than 6% per year.' Check out our latest analysis for TFI International TFI International Insider Transactions Over The Last Year The Chairman, Alain Bédard, made the biggest insider sale in the last 12 months. … It's great to see high levels of insider ownership, but looking back at the last year, we don't gain confidence from the TFI International insiders selling.

Simply Wall St -

Is Now The Time To Look At Buying TFI International Inc. (TSE:TFII)?

However, given that TFI International’s share is fairly volatile (i.e. its price movements are magnified relative to the rest of the market) this could mean the price can sink lower, giving us another chance to buy in the future. … Buying a great company with a robust outlook at a cheap price is always a good investment, so let’s also take a look at the company's future expectations. … Its future outlook isn’t fully reflected in the current share price yet, which means it’s not too late to buy TFII.

Simply Wall St -

Here's Why We Think TFI International (TSE:TFII) Is Well Worth Watching

Therefore, there are plenty of investors who like to buy shares in companies that are growing EPS. … For growth investors like me, TFI International's raw rate of earnings growth is a beacon in the night. … Of course, you can do well (sometimes) buying stocks that are not growing earnings and do not have insiders buying shares.

Simply Wall St -

An Examination Of TFI International Inc. (TSE:TFII)

By this I mean, I look at stocks holistically, from their financial health to their future outlook. … TSX:TFII Historical Dividend Yield, May 28th 2019 Next Steps: For TFI International, I've put together three essential aspects you should look at: Future Outlook: What are well-informed industry analysts predicting for TFII’s future growth? … Take a look at our free research report of analyst consensus for TFII’s outlook.

Simply Wall St -

Is TFI International Inc.'s (TSE:TFII) 21% ROE Better Than Average?

The formula for ROE is: Return on Equity = Net Profit ÷ Shareholders' Equity Or for TFI International: 21% = CA$309m ÷ CA$1.5b (Based on the trailing twelve months to March 2019.) It's easy to understand the 'net profit' part of that equation, but 'shareholders' equity' requires further explanation. … Combining TFI International's Debt And Its 21% Return On Equity TFI International does use a significant amount of debt to increase returns. … In my book the highest quality companies have high return on equity, despite low debt.

Simply Wall St -

Company Info

Description

TFI International Inc., together with its subsidiaries, provides transportation and logistics services in the United States, Canada, and Mexico. The company operates through Package and Courier, Less-Than-Truckload, Truckload, and Logistics and Last Mile segments. The Package and Courier segment engages in the pickup, transport, and delivery of items. The Less-Than-Truckload segment is involved in the pickup, consolidation, transportation, and delivery of smaller loads. The Truckload segment offers expedited transportation, flatbed, container, and dedicated services. This segment carries full loads directly from the customer to the destination using a closed van or specialized equipment to serve customer’s specific needs. The Logistics and Last Mile segment provides logistics services and last mile delivery of small and larger parcels, and heavy goods. The company also offers same day courier, rush trucking, and warehousing services to medical, environmental, financial, chemical, and industrial sectors; brokerage; and home delivery services to household appliances. As of December 31, 2018, it operated 7,465 power units, 369 terminals, and 24,487 trailers. TFI International Inc. serves retail, manufactured good, metal and mining, building material, automotive, energy, food and beverage, forest products, services, chemical and explosive, maritime container, waste management, and other industries. The company was formerly known as TransForce Inc. and changed its name to TFI International Inc. in December 2016. TFI International Inc. and is headquartered in Montreal, Canada.

Details
Name: TFI International Inc.
TFII
Exchange: TSX
Founded:
CA$3,168,526,964
83,514,153
Website: http://www.tfiintl.com
Address: TFI International Inc.
8801 Trans-Canada Highway,
Suite 500,
Montreal,
Quebec, H4S 1Z6,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX TFII New Common Shares The Toronto Stock Exchange CA CAD 06. Nov 1990
OTCPK TFIF.F New Common Shares Pink Sheets LLC US USD 06. Nov 1990
DB 9TF New Common Shares Deutsche Boerse AG DE EUR 06. Nov 1990
BMV TFII N New Common Shares Bolsa Mexicana de Valores MX MXN 06. Nov 1990
Number of employees
Current staff
Staff numbers
17,636
TFI International employees.
Industry
Trucking
Transportation
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/08/17 00:06
End of day share price update: 2019/08/16 00:00
Last estimates confirmation: 2019/08/02
Last earnings filing: 2019/07/29
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.