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Horizon North Logistics

DB:13N
Snowflake Description

Excellent balance sheet with reasonable growth potential.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
13N
DB
CA$360M
Market Cap
  1. Home
  2. DE
  3. Commercial Services
Company description

Horizon North Logistics Inc. provides industrial, commercial, and residential products and services in Canada. The last earnings update was 40 days ago. More info.


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13N Share Price and Events
7 Day Returns
0.4%
DB:13N
1.5%
DE Commercial Services
1.8%
DE Market
1 Year Returns
-2%
DB:13N
-8.1%
DE Commercial Services
-6%
DE Market
13N Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Horizon North Logistics (13N) 0.4% 19.4% 15.5% -2% 59.8% -
DE Commercial Services 1.5% 1.7% 10.8% -8.1% 1.3% -41%
DE Market 1.8% 4.6% 7.4% -6% 10.1% 15.3%
1 Year Return vs Industry and Market
  • 13N outperformed the Commercial Services industry which returned -8.1% over the past year.
  • 13N outperformed the Market in Germany which returned -6% over the past year.
Price Volatility
13N
Industry
5yr Volatility vs Market

13N Value

 Is Horizon North Logistics 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 Horizon North Logistics 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 Horizon North Logistics.

DB:13N Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 5.3%
Perpetual Growth Rate 10-Year DE Government Bond Rate 0.2%

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 DB:13N
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year DE Govt Bond Rate 0.2%
Equity Risk Premium S&P Global 6%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.73
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.735 (1 + (1- 26.5%) (8.8%))
0.854
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.85
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 0.23% + (0.854 * 5.96%)
5.32%

Discounted Cash Flow Calculation for DB:13N using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Horizon North Logistics 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.

DB:13N DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 5.32%)
2019 -4.11 Analyst x3 -3.90
2020 34.51 Analyst x5 31.12
2021 54.05 Est @ 56.61% 46.27
2022 75.51 Est @ 39.7% 61.38
2023 96.55 Est @ 27.86% 74.51
2024 115.44 Est @ 19.57% 84.59
2025 131.33 Est @ 13.77% 91.38
2026 144.08 Est @ 9.7% 95.18
2027 153.97 Est @ 6.86% 96.58
2028 161.47 Est @ 4.87% 96.17
Present value of next 10 years cash flows CA$673.26
DB:13N DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= CA$161.47 × (1 + 0.23%) ÷ (5.32% – 0.23%)
CA$3,178.89
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$3,178.89 ÷ (1 + 5.32%)10
CA$1,893.27
DB:13N Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$673.26 + CA$1,893.27
CA$2,566.53
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$2,566.53 / 165.05
CA$15.55
DB:13N Discount to Share Price
Calculation Result
Non-primary Listing Adjustment Factor 1 share in DB:13N represents 0.65184x of TSX:HNL
(This could be a different class, a depositary receipt, a different currency, or all of these things.)
0.65184x
Value per Share
(Listing Adjusted, EUR)
= Value per Share (CAD) x Listing Adjustment Factor
= CA$ 15.55 x 0.65184
€10.14
Value per share (EUR) From above. €10.14
Current discount Discount to share price of €1.42
= -1 x (€1.42 - €10.14) / €10.14
86%

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

Current Discount
Amount off the current price Horizon North Logistics is available for.
Intrinsic value
>50%
Share price is €1.42 vs Future cash flow value of €10.14
Current Discount Checks
For Horizon North Logistics to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Horizon North Logistics's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Horizon North Logistics'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 Horizon North Logistics's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Horizon North Logistics's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
DB:13N PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-12-31) in CAD CA$-0.05
TSX:HNL Share Price ** TSX (2019-04-18) in CAD CA$2.18
Europe Commercial Services Industry PE Ratio Median Figure of 105 Publicly-Listed Commercial Services Companies 16.52x
Germany Market PE Ratio Median Figure of 424 Publicly-Listed Companies 19.59x

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

** Primary Listing of Horizon North Logistics.

DB:13N PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 2.18 ÷ -0.05

-41.31x

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

  • Horizon North Logistics is loss making, we can't compare its value to the Europe Commercial Services industry average.
  • Horizon North Logistics is loss making, we can't compare the value of its earnings to the Germany market.
Price based on expected Growth
Does Horizon North Logistics's expected growth come at a high price?
Raw Data
DB:13N PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -41.31x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
112.4%per year
Europe Commercial Services Industry PEG Ratio Median Figure of 54 Publicly-Listed Commercial Services Companies 1.39x
Germany Market PEG Ratio Median Figure of 270 Publicly-Listed Companies 1.56x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Horizon North Logistics, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Horizon North Logistics's assets?
Raw Data
DB:13N PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-12-31) in CAD CA$2.05
TSX:HNL Share Price * TSX (2019-04-18) in CAD CA$2.18
Germany Commercial Services Industry PB Ratio Median Figure of 8 Publicly-Listed Commercial Services Companies 2.03x
Germany Market PB Ratio Median Figure of 574 Publicly-Listed Companies 1.84x
DB:13N PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 2.18 ÷ 2.05

1.06x

* Primary Listing of Horizon North Logistics.

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

  • Horizon North Logistics is good value based on assets compared to the DE Commercial Services industry average.
X
Value checks
We assess Horizon North Logistics'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 Commercial Services 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 Commercial Services industry average (and greater than 0)? (1 check)
  5. Horizon North Logistics has a total score of 3/6, 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.

13N Future Performance

 How is Horizon North Logistics expected to perform in the next 1 to 3 years based on estimates from 9 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
112.4%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Horizon North Logistics expected to grow at an attractive rate?
  • Horizon North Logistics's earnings growth is expected to exceed the low risk savings rate of 0.2%.
Growth vs Market Checks
  • Horizon North Logistics's earnings growth is expected to exceed the Germany market average.
  • Horizon North Logistics's revenue growth is expected to exceed the Germany market average.
Annual Growth Rates Comparison
Raw Data
DB:13N Future Growth Rates Data Sources
Data Point Source Value (per year)
DB:13N Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 112.4%
DB:13N Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 18.3%
Germany Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 31.2%
Germany Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 3.5%
Germany Market Earnings Growth Rate Market Cap Weighted Average 11.6%
Germany Market Revenue Growth Rate Market Cap Weighted Average 4.8%

*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
DB:13N Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
DB:13N Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 571 69 19 8
2019-12-31 488 55 9 9
DB:13N Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2018-12-31 394 38 -8
2018-09-30 359 19 -13
2018-06-30 338 27 -19
2018-03-31 336 24 -19
2017-12-31 324 15 -8
2017-09-30 302 37 -11
2017-06-30 283 23 -10
2017-03-31 244 32 -15
2016-12-31 251 32 -20
2016-09-30 259 39 -18
2016-06-30 281 42 -13
2016-03-31 314 64 -11

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Horizon North Logistics's earnings are expected to grow significantly at over 20% yearly.
  • Horizon North Logistics's revenue is expected to grow by 18.3% 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
DB:13N 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 9 Analyst Estimates (S&P Global) See Below

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

DB:13N Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 0.12 0.20 0.06 5.00
2019-12-31 0.06 0.10 0.04 5.00
DB:13N Past Financials Data
Date (Data in CAD Millions) EPS *
2018-12-31 -0.05
2018-09-30 -0.09
2018-06-30 -0.13
2018-03-31 -0.13
2017-12-31 -0.05
2017-09-30 -0.08
2017-06-30 -0.07
2017-03-31 -0.11
2016-12-31 -0.15
2016-09-30 -0.13
2016-06-30 -0.10
2016-03-31 -0.09

*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.
  • Horizon North Logistics is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Horizon North Logistics'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 Germany market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the Germany 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.
Horizon North Logistics has a total score of 4/6, 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.

13N Past Performance

  How has Horizon North Logistics 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 Horizon North Logistics's growth in the last year to its industry (Commercial Services).
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.
  • Horizon North Logistics does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Horizon North Logistics's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Horizon North Logistics's 1-year growth to the Europe Commercial Services industry average as it is not currently profitable.
Earnings and Revenue History
Horizon North Logistics'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 Horizon North Logistics Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

DB:13N Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-12-31 394.25 -8.20 22.78
2018-09-30 358.86 -13.49 22.32
2018-06-30 338.13 -19.49 22.53
2018-03-31 336.17 -19.05 22.79
2017-12-31 324.08 -7.84 21.93
2017-09-30 301.84 -11.17 21.56
2017-06-30 282.65 -9.89 21.17
2017-03-31 243.51 -14.92 19.52
2016-12-31 250.94 -20.32 18.96
2016-09-30 259.24 -18.09 19.98
2016-06-30 281.45 -13.39 21.03
2016-03-31 313.83 -11.37 22.28
2015-12-31 369.89 -0.83 23.90
2015-09-30 437.03 11.34 25.69
2015-06-30 476.61 19.57 24.82
2015-03-31 487.82 26.21 24.17
2014-12-31 476.06 23.65 23.80
2014-09-30 448.84 13.94 21.39
2014-06-30 484.31 24.22 20.89
2014-03-31 536.64 33.66 20.50
2013-12-31 554.39 42.45 19.94
2013-09-30 584.30 60.96 19.89
2013-06-30 546.85 58.89 19.23
2013-03-31 537.98 70.53 19.01
2012-12-31 526.62 72.88 18.11
2012-09-30 498.99 65.50 16.58
2012-06-30 481.38 64.31 17.18

*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.
  • It is difficult to establish if Horizon North Logistics has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Horizon North Logistics has efficiently used its assets last year compared to the Europe Commercial Services industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Horizon North Logistics improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Horizon North Logistics'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 Commercial Services 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.
Horizon North Logistics has a total score of 0/6, 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.

13N Health

 How is Horizon North Logistics'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 Horizon North Logistics's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Horizon North Logistics is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Horizon North Logistics's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Horizon North Logistics'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 covered by short term assets, assets are 3.7x 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 Horizon North Logistics Company Filings, last reported 3 months ago.

DB:13N Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-12-31 336.74 31.67
2018-09-30 338.30 24.96
2018-06-30 341.50 33.54
2018-03-31 297.30 85.55
2017-12-31 305.06 74.60
2017-09-30 311.62 56.71
2017-06-30 320.42 69.43
2017-03-31 326.09 70.77
2016-12-31 323.69 75.27
2016-09-30 333.58 73.04
2016-06-30 322.02 46.85
2016-03-31 330.74 70.09
2015-12-31 333.36 57.53
2015-09-30 343.23 52.14
2015-06-30 265.67 119.06
2015-03-31 289.11 142.72
2014-12-31 286.57 154.04
2014-09-30 287.34 147.91
2014-06-30 287.29 127.97
2014-03-31 294.49 112.75
2013-12-31 294.43 79.75
2013-09-30 302.01 71.24
2013-06-30 289.32 122.96
2013-03-31 284.82 137.13
2012-12-31 274.26 118.29
2012-09-30 262.83 119.29
2012-06-30 250.14 87.31
  • Horizon North Logistics's level of debt (9.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (27.2% vs 9.4% today).
  • Debt is well covered by operating cash flow (118.6%, greater than 20% of total debt).
  • Unable to confirm if the interest payments on Horizon North Logistics's debt are well covered by earnings due to lack of past financial data.
X
Financial health checks
We assess Horizon North Logistics'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. Horizon North Logistics 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.

13N Dividends

 What is Horizon North Logistics'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
3.67%
Current annual income from Horizon North Logistics dividends. Estimated to be 3.67% next year.
If you bought €2,000 of Horizon North Logistics shares you are expected to receive €73 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?
  • Horizon North Logistics's pays a higher dividend yield than the bottom 25% of dividend payers in Germany (1.43%).
  • Horizon North Logistics's dividend is below the markets top 25% of dividend payers in Germany (3.71%).
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
DB:13N 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 9 Analyst Estimates (S&P Global) See Below
Germany Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 7 Stocks 3.3%
Germany Market Average Dividend Yield Market Cap Weighted Average of 327 Stocks 3%
Germany Minimum Threshold Dividend Yield 10th Percentile 0.8%
Germany Bottom 25% Dividend Yield 25th Percentile 1.4%
Germany Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

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

DB:13N Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2020-12-31 0.08 6.00
2019-12-31 0.08 6.00
DB:13N Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-03-12 0.080 4.118
2018-08-02 0.080 3.680
2018-05-08 0.080 3.075
2018-03-14 0.080 3.581
2017-11-02 0.080 4.919
2017-08-02 0.080 5.694
2017-08-01 0.080 6.061
2017-03-01 0.080 5.328
2016-11-02 0.080 4.264
2016-11-01 0.080 4.553
2016-08-11 0.080 4.430
2016-05-04 0.080 4.804
2016-02-24 0.080 6.529
2015-10-28 0.160 8.801
2015-06-17 0.320 10.658
2015-02-18 0.320 11.072
2014-10-28 0.320 12.512
2014-07-29 0.320 5.889
2014-04-29 0.320 4.233
2014-02-19 0.320 3.966
2013-10-29 0.250 2.895
2013-07-30 0.250 3.478
2013-05-01 0.250 3.848
2013-02-21 0.250 4.349
2013-02-20 0.250 4.074
2012-08-01 0.200 2.861
2012-05-02 0.200 3.420
2012-02-22 0.200 3.347
2011-11-02 0.160 3.346
2011-08-03 0.160 3.834
2011-02-25 0.160 3.450
2011-02-24 0.160 3.914

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

  • Horizon North Logistics has been paying a dividend for less than 10 years and during this time payments have been volatile (annual drop of over 20%).
  • Horizon North Logistics has only been paying a dividend for 8 years, and since then dividends per share have fallen.
Current Payout to shareholders
What portion of Horizon North Logistics's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
Future Payout to shareholders
  • Dividends after 3 years are expected to be covered by earnings (1.8x coverage).
X
Income/ dividend checks
We assess Horizon North Logistics's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - 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 Horizon North Logistics afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Horizon North Logistics has a total score of 2/6, see the detailed checks below.


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

13N Management

 What is the CEO of Horizon North Logistics'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
Rod Graham
COMPENSATION CA$1,285,811
AGE 50
TENURE AS CEO 4.4 years
CEO Bio

Mr. Roderick W. Graham, also known as Rod, CFA, MBA has been the Chief Executive Officer and President of Horizon North Logistics Inc. since November 4, 2014. Mr. Graham served as an Senior Vice President of Corporate Development & Planning at Horizon North Logistics Inc. since January 21, 2014 until November 2014. He served as Senior Vice President and Director of ARC Capital Ltd. He is an independent businessman. Mr. Graham served as the Chief Executive Officer and President of ZCL Composites Ltd., from October 1, 2010 to August 8, 2012. Prior to his role at ZCL, Mr. Graham was co-founder and Managing Director of Northern Plains Capital Ltd. (formerly Northern Plains Capital Corporation), a Calgary-based private equity firm focused solely on investing in oilfield and energy industrial companies. He served as a Senior Vice President of Oilfield Service, New Energy and Energy Technology Group at ARC Financial Corporation. Mr. Graham joined ARC Financial’s predecessor PowerWest Financial in June 1991 and spent in aggregate 11 years with the firm, undertaking a variety of roles that ultimately led to a position of heading up a group of professionals responsible for investing capital in the Oilfield Services and Energy Technology sectors. He served as a Vice President at ARC Energy Management Ltd., Manager of ARC Strategic Energy Fund. He served as an Equity Analyst of RBC Capital Markets, LLC, Research Division. During his 15 year career and prior to re-joining ARC in 1998, he served for one year as a Research Analyst at RBC Dominion Securities. Mr. Graham worked in institutional sales with Peters & Co. Limited and with ARC Financial Corporation from September 1998 to September 2004. He served as a Senior Investment Analyst at ARC for six years. He serves as a Member of Advisory Board at Northern Plains Capital Ltd. He served as Chairman of the Board at Horizon North Logistics Inc. since May 2012 until January 21, 2014. He served as Vice Chairman of ZCL Composites Inc. Mr. Graham serves as Director of Iron Derrickman Ltd. He has been a Non Independent Director of Horizon North Logistics Inc. since November 4, 2014. He serves as a Director of Hull Child and Family Services. He served as an Independent Director of Stuart Olson Inc. (formerly kown as The Churchill Corporation) since May 23, 2013 until August 30, 2018. Mr. Graham served as Director of Tarpon Energy Services Ltd. until October 01, 2010. He served as a Director of Horizon North Logistics Inc. from January 8, 2007 to January 21, 2014 and also served as its Lead Director. He served as an Independent Director at ZCL Composites Inc. from December 5, 2005 to May 10, 2013. He served as a Director at Raise Production Inc. since October 19, 2012 until October 18, 2017. He served as Director of ZCL Composites Inc. since September 27, 2002 and C-tech Energy Services Inc., from August 27, 2003 to September 16, 2004. He served as a Director of Essential Energy Services Ltd from May 30, 2011 to May 9, 2013. Mr. Graham served as a Director of Innicor Subsurface Technologies Inc., from May 31, 2001 to September 16, 2004. Mr. Graham served as a Director of ARC Financial Corporation. He served as Director of Technicoil Corporation since June 23, 2003. He is a Chartered Financial Analyst charter holder from AIMR in 1994. He did a Canadian Securities Course in 1988. Mr. Graham received an honors M.B.A. from Richard Ivey School of Business from University of Western Ontario in 1995 and an honors B.B.A. from Wilfrid Laurier University in 1990.

CEO Compensation
  • Rod's compensation has increased whilst company is loss making.
  • Rod's remuneration is lower than average for companies of similar size in Germany.
Management Team Tenure

Average tenure of the Horizon North Logistics management team in years:

4.4
Average Tenure
  • The tenure for the Horizon North Logistics management team is about average.
Management Team

Rod Graham

TITLE
President
COMPENSATION
CA$1M
AGE
50
TENURE
4.4 yrs

Scott Matson

TITLE
Senior VP of Finance & CFO
COMPENSATION
CA$651K
TENURE
9.3 yrs

Warren Murray

TITLE
Executive Vice President of Strategic Partnerships
COMPENSATION
CA$413K

Joe Kiss

TITLE
President of Modular Solutions
COMPENSATION
CA$500K

Mark Becker

TITLE
President of Industrial Services
COMPENSATION
CA$621K
TENURE
0.7 yrs

Lyle Guard

TITLE
Vice President of Legal & General Counsel
TENURE
4.5 yrs

Marci Laurence

TITLE
Vice President of Human Resources
TENURE
1.3 yrs

Bill Anderson

TITLE
Executive Vice President of Quality
COMPENSATION
CA$230K
TENURE
2.8 yrs

Jan Campbell

TITLE
Corporate Secretary
TENURE
12.8 yrs
Board of Directors Tenure

Average tenure and age of the Horizon North Logistics board of directors in years:

4.2
Average Tenure
60
Average Age
  • The tenure for the Horizon North Logistics board of directors is about average.
Board of Directors

Kevin Nabholz

TITLE
Chairman
COMPENSATION
CA$161K
AGE
61
TENURE
2.1 yrs

Rod Graham

TITLE
President
COMPENSATION
CA$1M
AGE
50
TENURE
4.4 yrs

Russell Newmark

TITLE
Independent Director
COMPENSATION
CA$137K
AGE
63
TENURE
12.8 yrs

Ann Rooney

TITLE
Independent Director
COMPENSATION
CA$139K
AGE
64
TENURE
6.7 yrs

Mary Garden

TITLE
Independent Director
COMPENSATION
CA$143K
AGE
59
TENURE
2.9 yrs

Dale Tremblay

TITLE
Independent Director
COMPENSATION
CA$134K
AGE
63
TENURE
8.9 yrs

Rich Ballantyne

TITLE
Independent Director
COMPENSATION
CA$132K
AGE
59
TENURE
4 yrs

Brad Fedora

TITLE
Independent Director
COMPENSATION
CA$132K
AGE
48
TENURE
4 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Horizon North Logistics insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (€) Value (€)
28. Mar 19 Buy Roderick Graham Individual 26. Mar 19 26. Mar 19 20,000 €1.19 €23,876
22. Mar 19 Buy Russell Newmark Individual 20. Mar 19 20. Mar 19 15,000 €1.24 €18,630
19. Feb 19 Buy Kevin Nabholz Individual 14. Dec 18 17. Dec 18 100,000 €1.09 €108,450
23. Jan 19 Buy Dale Tremblay Individual 22. Jan 19 22. Jan 19 50,000 €1.29 €64,025
22. Jan 19 Buy Mark Becker Individual 18. Jan 19 18. Jan 19 319,300 €1.23 €376,824
01. Jan 19 Buy Mary Garden Individual 28. Dec 18 28. Dec 18 4,750 €1.06 €5,024
21. Dec 18 Sell Mark Becker Individual 19. Dec 18 19. Dec 18 -359,680 €1.03 €-370,465
21. Dec 18 Buy Mark Becker Individual 24. Sep 18 24. Sep 18 59,635 €1.90 €113,115
20. Dec 18 Buy Russell Newmark Individual 18. Dec 18 18. Dec 18 25,000 €1.01 €25,271
19. Dec 18 Buy Mary Garden Individual 17. Dec 18 17. Dec 18 1,250 €1.11 €1,359
19. Dec 18 Buy Ann Rooney Individual 18. Dec 18 18. Dec 18 3,200 €1.03 €3,282
14. Dec 18 Sell Dale Tremblay Individual 13. Dec 18 13. Dec 18 -75,000 €1.06 €-78,992
15. Oct 18 Sell Russell Newmark Individual 09. Oct 18 09. Oct 18 -50,000 €2.15 €-107,569
21. Sep 18 Sell Jan Campbell Individual 20. Sep 18 20. Sep 18 -10,100 €1.81 €-18,295
18. Sep 18 Buy Joseph Kiss Individual 12. Sep 18 12. Sep 18 9,300 €1.48 €13,771
X
Management checks
We assess Horizon North Logistics'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. Horizon North Logistics 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.

13N News

Simply Wall St News

13N Company Info

Description

Horizon North Logistics Inc. provides industrial, commercial, and residential products and services in Canada. The company operates in two segments, Industrial Services and Modular Solutions. The Industrial Services segment supplies workforce accommodations, camp management services, access solutions, relocatable structures, and maintenance and utilities services. The Modular Solutions segment integrates modern design concepts and technology with off-site manufacturing processes. This segment also produces building solutions for commercial and residential offerings, including offices, hotels, and retail buildings, as well as distinctive single detached dwellings and multi-family residential structures. It serves energy, mining, forestry, and construction sectors. Horizon North Logistics Inc. is headquartered in Calgary, Canada.

Details
Name: Horizon North Logistics Inc.
13N
Exchange: DB
Founded:
CA$238,934,329
165,050,238
Website: http://www.horizonnorth.ca
Address: Horizon North Logistics Inc.
240-4th Avenue SW,
Suite 900,
Calgary,
Alberta, T2P 4H4,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX HNL Common Shares The Toronto Stock Exchange CA CAD 25. Jul 2006
OTCPK HZNO.F Common Shares Pink Sheets LLC US USD 25. Jul 2006
DB 13N Common Shares Deutsche Boerse AG DE EUR 25. Jul 2006
Number of employees
Current staff
Staff numbers
1,919
Horizon North Logistics employees.
Industry
Diversified Support Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/04/21 21:39
End of day share price update: 2019/04/18 00:00
Last estimates confirmation: 2019/04/18
Last earnings filing: 2019/03/12
Last earnings reported: 2018/12/31
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.