Stock Analysis Report

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Executive Summary

Findev Inc. provides real estate financing secured by investment properties and real estate developments. More Details

Snowflake Analysis

Undervalued with acceptable track record.

Share Price & News

How has Findev's share price performed over time and what events caused price changes?

Latest Share Price and Events

Stable Share Price: TNSG.F has not had significant price volatility in the past 3 months.

Market Performance

7 Day Return




US Mortgage


US Market

1 Year Return




US Mortgage


US Market

Return vs Industry: TNSG.F exceeded the US Mortgage industry which returned -18% over the past year.

Return vs Market: TNSG.F underperformed the US Market which returned 19.9% over the past year.

Shareholder returns

7 Day0%-2.5%-0.7%
30 Day-4.7%3.6%5.8%
90 Dayn/a13.1%8.3%
1 Year-0.8%-8.5%-15.6%-18.0%22.7%19.9%
3 Year-3.6%-21.5%-3.5%-11.5%43.5%33.9%
5 Year-72.4%-78.7%18.8%2.8%86.9%65.8%

Price Volatility Vs. Market

How volatile is Findev's share price compared to the market and industry in the last 5 years?

Simply Wall St News

No news available


Is Findev undervalued compared to its fair value and its price relative to the market?


Undervalued compared to fair value

Share Price vs. Fair Value

Below Fair Value: TNSG.F ($0.3) is trading below our estimate of fair value ($0.59)

Significantly Below Fair Value: TNSG.F is trading below fair value by more than 20%.

Price To Earnings Ratio

PE vs Industry: TNSG.F is good value based on its PE Ratio (7.5x) compared to the US Mortgage industry average (11.1x).

PE vs Market: TNSG.F is good value based on its PE Ratio (7.5x) compared to the US market (19x).

Price to Earnings Growth Ratio

PEG Ratio: Insufficient data to calculate TNSG.F's PEG Ratio to determine if it is good value.

Price to Book Ratio

PB vs Industry: TNSG.F is good value based on its PB Ratio (0.7x) compared to the US Mortgage industry average (0.8x).

Next Steps

Future Growth

How is Findev forecast to perform in the next 1 to 3 years based on estimates from 0 analysts?


Forecasted Banks industry annual growth in earnings

In this section we usually present revenue and earnings growth projections based on the consensus estimates of professional analysts to help investors understand the company’s ability to generate profit. But as Findev has not provided enough past data and has no analyst forecast, its future earnings cannot be reliably calculated by extrapolating past data or using analyst predictions.

This is quite a rare situation as 97% of companies covered by SimplyWall St do have past financial data.

Next Steps

  • Examine whether Findev is trading at an attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  • While we do not consider unaudited financials to be a reliable enough to include in our analysis, you can access them on theOTC Markets Website. If you are looking for more of a qualitative research into the company, you can access Findev's filings and announcementshere.
  • Explore growth companies in the Banks industry.

Past Performance

How has Findev performed over the past 5 years?


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: TNSG.F has high quality earnings.

Growing Profit Margin: TNSG.F's current net profit margins (82.1%) are higher than last year (-20.7%).

Past Earnings Growth Analysis

Earnings Trend: TNSG.F has become profitable over the past 5 years, growing earnings by 59.1% per year.

Accelerating Growth: TNSG.F's earnings growth over the past year (0.9%) is below its 5-year average (59.1% per year).

Earnings vs Industry: TNSG.F earnings growth over the past year (0.9%) underperformed the Mortgage industry 5.3%.

Return on Equity

High ROE: TNSG.F's Return on Equity (9.5%) is considered low.

Next Steps

Financial Health

How is Findev's financial position? (This company is analysed differently as a bank or financial institution)

Financial Position Analysis

Debt to Equity History and Analysis

Balance Sheet

Financial Institutions Analysis

Asset Level: TNSG.F's Assets to Equity ratio (1x) is low.

Allowance for Bad Loans: Insufficient data to determine if TNSG.F has a sufficient allowance for bad loans.

Low Risk Liabilities: TNSG.F reports no customer deposits, 100% of its liabilities are made up of higher risk sources of funding.

Loan Level: Insufficient data to determine if TNSG.F has an appropriate level of Loans to Assets ratio.

Low Risk Deposits: TNSG.F reports no customer deposits, loans are made up entirely of externally borrowed funds.

Level of Bad Loans: Insufficient data to determine if TNSG.F has an appropriate level of bad loans.

Next Steps


What is Findev current dividend yield, its reliability and sustainability?


Current Dividend Yield

Upcoming Dividend Payment

Dividend Yield vs Market

Notable Dividend: TNSG.F's dividend (6.82%) is higher than the bottom 25% of dividend payers in the US market (1.62%).

High Dividend: TNSG.F's dividend (6.82%) is in the top 25% of dividend payers in the US market (4.66%)

Stability and Growth of Payments

Stable Dividend: Whilst dividend payments have been stable, TNSG.F has been paying a dividend for less than 10 years.

Growing Dividend: TNSG.F has only been paying a dividend for 4 years, and since then payments have not increased.

Current Payout to Shareholders

Dividend Coverage: With its reasonable payout ratio (50.9%), TNSG.F's dividend payments are covered by earnings.

Future Payout to Shareholders

Future Dividend Coverage: Insufficient data to determine if a dividend will be paid in 3 years and that it will be covered by earnings.

Next Steps


How experienced are the management team and are they aligned to shareholders interests?


Average board tenure


Yisroel Weinreb (40 yo)





Mr. Sruli Weinreb, also known as Yisroel, serves as Director at Novamind Ventures Inc. since April 2019. He has been the Chief Executive Officer of Findev Inc., since September 23, 2016. He serves as Direc ...

CEO Compensation Analysis

Compensation vs Market: Yisroel's total compensation ($USD68.26K) is below average for companies of similar size in the US market ($USD585.94K).

Compensation vs Earnings: Yisroel's compensation has been consistent with company performance over the past year.

Board Members

Sruli Weinreb
CEO & Director4.08yrsCA$90.00k0.096%
CA$ 9.2k
Anthony Heller
CA$ 117.1k
David Roff
Independent Director4.08yrsCA$750.000.58%
CA$ 55.6k
Brice Scheschuk
Independent Chairman of the Board5yrsCA$1.00k0.59%
CA$ 56.8k
Niall Finnegan
Independent Director4.08yrsCA$750.00no data
Devon Cranson
Independent Director4.08yrsCA$750.000.24%
CA$ 22.8k


Average Tenure


Average Age

Experienced Board: TNSG.F's board of directors are considered experienced (4.1 years average tenure).


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 not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Findev Inc.'s company bio, employee growth, exchange listings and data sources

Key Information

  • Name: Findev Inc.
  • Ticker: TNSG.F
  • Exchange: OTCPK
  • Founded:
  • Industry: Thrifts and Mortgage Finance
  • Sector: Banks
  • Market Cap: CA$12.605m
  • Listing Market Cap: CA$9.561m
  • Shares outstanding: 28.65m
  • Website: https://www.findev.ca

Number of Employees


  • Findev Inc.
  • 10 Wanless Avenue
  • Suite 201
  • Toronto
  • Ontario
  • M4N 1V6
  • Canada


TickerExchangePrimary SecuritySecurity TypeCountryCurrencyListed on
FDITSXV (TSX Venture Exchange)YesClass A Common SharesCACADNov 2005
TNSG.FOTCPK (Pink Sheets LLC)YesClass A Common SharesUSUSDNov 2005
0T41DB (Deutsche Boerse AG)YesClass A Common SharesDEEURNov 2005


Findev Inc. provides real estate financing secured by investment properties and real estate developments. It primarily focuses on lending to residential and retail development projects that include condomi ...

Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2020/10/19 06:02
End of Day Share Price2020/10/07 00:00
Annual Earnings2019/12/31

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.