Valuation Update With 7 Day Price Move • Jun 05
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to CA$22.90, the stock trades at a trailing P/E ratio of 10.1x. Average trailing P/E is 10x in the Capital Markets industry in Canada. Total returns to shareholders of 68% over the past three years. Reported Earnings • May 12
First quarter 2026 earnings released: EPS: CA$1.07 (vs CA$0.17 loss in 1Q 2025) First quarter 2026 results: EPS: CA$1.07 (up from CA$0.17 loss in 1Q 2025). Revenue: CA$38.1m (up 112% from 1Q 2025). Net income: CA$14.1m (up CA$16.5m from 1Q 2025). Profit margin: 37% (up from net loss in 1Q 2025). Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 31% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 27
Clarke Inc. (TSX:CKI) agreed to acquire Ravelin Properties REIT (TSX:RPR.UN) for CAD 1.2 billion. Clarke Inc. (TSX:CKI) agreed to acquire Ravelin Properties REIT (TSX:RPR.UN) for CAD 1.2 billion on March 27, 2026. The Transaction values Ravelin at CAD 1.1 billion, including the assumption of debt, and the pro-forma entity at a combined CAD 1.7 billion. In case of termination of transaction, Ravelin Properties REIT will pay a termination fee of CAD 1 million. Upon completion of the Transaction, existing Clarke Shareholders and REIT Securityholders will own approximately 83.8% and 16.2% of Clarke, respectively.
The Transaction is expected to close in the second quarter of 2026, subject to the satisfaction of customary closing conditions including Court approval, approval of the TSX, and approval of REIT Unitholders and REIT Debenture holders. The transaction have been unanimously approved by the board of diredctors of Ravelin Properties REIT.
Bennett Jones LLP acted as legal advisor for Clarke Inc. Thornton Grout Finnigan LLP acted as legal advisor for Ravelin Properties REIT. Voorheis & Co. acted as legal advisor for Ravelin Properties REIT. KSV Advisory Inc. acted as financial advisor for Ravelin Properties REIT. Duyuru • Mar 10
Clarke Inc., Annual General Meeting, May 08, 2026 Clarke Inc., Annual General Meeting, May 08, 2026. Location: nova scotia, halifax Canada New Risk • Mar 09
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 457% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (1.3x net interest cover). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (16% net profit margin). New Risk • Mar 05
New minor risk - Profit margin trend The company's profit margins are lower than last year and have reduced by more than 30%. Net profit margin: 14% Last year net profit margin: 49% This is considered a minor risk. A large drop in profit margin could indicate the company does not have strong competitive advantages or it is yet to establish itself and its core business. Even if it is a well established business, this may make it a much riskier investment than one that has a combination of proven competitive advantages and a stable or growing profit margin. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.6x net interest cover). Minor Risk Profit margins are more than 30% lower than last year (14% net profit margin). Reported Earnings • Nov 09
Third quarter 2025 earnings released: EPS: CA$1.16 (vs CA$0.87 in 3Q 2024) Third quarter 2025 results: EPS: CA$1.16 (up from CA$0.87 in 3Q 2024). Revenue: CA$39.0m (up 53% from 3Q 2024). Net income: CA$15.8m (up 30% from 3Q 2024). Profit margin: 41% (down from 48% in 3Q 2024). Over the last 3 years on average, earnings per share has increased by 84% per year but the company’s share price has only increased by 24% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 10
Second quarter 2025 earnings released: CA$0.01 loss per share (vs CA$0.13 profit in 2Q 2024) Second quarter 2025 results: CA$0.01 loss per share (down from CA$0.13 profit in 2Q 2024). Revenue: CA$19.8m (up 12% from 2Q 2024). Net loss: CA$84.0k (down 105% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 82% per year but the company’s share price has only increased by 42% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 30
Investor sentiment improves as stock rises 28% After last week's 28% share price gain to CA$36.49, the stock trades at a trailing P/E ratio of 15.1x. Average trailing P/E is 12x in the Capital Markets industry in Canada. Total returns to shareholders of 243% over the past three years. Reported Earnings • May 12
First quarter 2025 earnings released: CA$0.17 loss per share (vs CA$0.17 profit in 1Q 2024) First quarter 2025 results: CA$0.17 loss per share (down from CA$0.17 profit in 1Q 2024). Revenue: CA$15.8m (up 4.4% from 1Q 2024). Net loss: CA$2.36m (down 197% from profit in 1Q 2024). Over the last 3 years on average, earnings per share has increased by 72% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. New Risk • Mar 16
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 450% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.1x net interest cover). Minor Risk Large one-off items impacting financial results. Duyuru • Mar 12
Clarke Inc., Annual General Meeting, May 09, 2025 Clarke Inc., Annual General Meeting, May 09, 2025. Location: nova scotia, halifax Canada Reported Earnings • Mar 11
Full year 2024 earnings released: EPS: CA$2.71 (vs CA$0.24 in FY 2023) Full year 2024 results: EPS: CA$2.71 (up from CA$0.24 in FY 2023). Revenue: CA$115.1m (up 41% from FY 2023). Net income: CA$37.8m (up CA$34.4m from FY 2023). Profit margin: 33% (up from 4.2% in FY 2023). The increase in margin was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 27% per year, which means it is significantly lagging earnings growth. Board Change • Feb 18
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Director Jane Rafuse was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. New Risk • Nov 17
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 53% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Debt is not well covered by operating cash flow (9.1% operating cash flow to total debt). Minor Risk Large one-off items impacting financial results. Reported Earnings • Nov 10
Third quarter 2024 earnings released: EPS: CA$0.87 (vs CA$0.13 loss in 3Q 2023) Third quarter 2024 results: EPS: CA$0.87 (up from CA$0.13 loss in 3Q 2023). Revenue: CA$33.4m (up 39% from 3Q 2023). Net income: CA$12.2m (up CA$14.0m from 3Q 2023). Profit margin: 36% (up from net loss in 3Q 2023). The move to profitability was primarily driven by higher revenue. Over the last 3 years on average, earnings per share has fallen by 17% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. Reported Earnings • Aug 09
Second quarter 2024 earnings released: EPS: CA$0.13 (vs CA$0.032 loss in 2Q 2023) Second quarter 2024 results: EPS: CA$0.13 (up from CA$0.032 loss in 2Q 2023). Revenue: CA$17.2m (down 4.8% from 2Q 2023). Net income: CA$1.76m (up CA$2.22m from 2Q 2023). Profit margin: 10% (up from net loss in 2Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 108 percentage points per year, which is a significant difference in performance. Valuation Update With 7 Day Price Move • Jul 23
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to CA$25.10, the stock trades at a trailing P/E ratio of 46.1x. Average trailing P/E is 9x in the Capital Markets industry in Canada. Total returns to shareholders of 196% over the past three years. Valuation Update With 7 Day Price Move • Jun 28
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to CA$19.35, the stock trades at a trailing P/E ratio of 35.6x. Average trailing P/E is 10x in the Capital Markets industry in Canada. Total returns to shareholders of 122% over the past three years. Valuation Update With 7 Day Price Move • Jun 03
Investor sentiment deteriorates as stock falls 16% After last week's 16% share price decline to CA$16.22, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 11x in the Capital Markets industry in Canada. Total returns to shareholders of 81% over the past three years. Board Change • Jun 02
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. Independent Director Jane Rafuse was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 13
First quarter 2024 earnings released: EPS: CA$0.17 (vs CA$0.12 loss in 1Q 2023) First quarter 2024 results: EPS: CA$0.17 (up from CA$0.12 loss in 1Q 2023). Revenue: CA$15.9m (up 4.0% from 1Q 2023). Net income: CA$2.43m (up CA$4.17m from 1Q 2023). Profit margin: 15% (up from net loss in 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 120 percentage points per year, which is a significant difference in performance. New Risk • Mar 11
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 46% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Interest payments are not well covered by earnings (2.3x net interest cover). Minor Risk Large one-off items impacting financial results. Duyuru • Mar 08
Clarke Inc., Annual General Meeting, May 10, 2024 Clarke Inc., Annual General Meeting, May 10, 2024. Reported Earnings • Mar 08
Full year 2023 earnings released: EPS: CA$0.24 (vs CA$0.23 in FY 2022) Full year 2023 results: EPS: CA$0.24 (up from CA$0.23 in FY 2022). Revenue: CA$77.5m (up 19% from FY 2022). Net income: CA$3.42m (up 6.1% from FY 2022). Profit margin: 4.4% (down from 4.9% in FY 2022). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 47% per year but the company’s share price has increased by 36% per year, which means it is well ahead of earnings. New Risk • Aug 14
New major risk - Revenue and earnings growth Earnings have declined by 0.9% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Interest payments are not well covered by earnings (1.5x net interest cover). Earnings have declined by 0.9% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (4.1% net profit margin). Reported Earnings • Aug 13
Second quarter 2023 earnings released: CA$0.03 loss per share (vs CA$0.037 loss in 2Q 2022) Second quarter 2023 results: CA$0.03 loss per share (improved from CA$0.037 loss in 2Q 2022). Revenue: CA$17.8m (up 20% from 2Q 2022). Net loss: CA$454.0k (loss narrowed 14% from 2Q 2022). Over the last 3 years on average, earnings per share has increased by 42% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • May 14
First quarter 2023 earnings released: CA$0.12 loss per share (vs CA$0.10 loss in 1Q 2022) First quarter 2023 results: CA$0.12 loss per share (further deteriorated from CA$0.10 loss in 1Q 2022). Revenue: CA$15.4m (up 53% from 1Q 2022). Net loss: CA$1.74m (loss widened 20% from 1Q 2022). Over the last 3 years on average, earnings per share has increased by 71% per year but the company’s share price has only increased by 34% per year, which means it is significantly lagging earnings growth. Reported Earnings • Mar 10
Full year 2022 earnings released: EPS: CA$0.23 (vs CA$1.12 in FY 2021) Full year 2022 results: EPS: CA$0.23 (down from CA$1.12 in FY 2021). Revenue: CA$67.2m (up 4.2% from FY 2021). Net income: CA$3.23m (down 80% from FY 2021). Profit margin: 4.8% (down from 25% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 38% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Reported Earnings • Nov 10
Third quarter 2022 earnings released: EPS: CA$0.27 (vs CA$0.24 in 3Q 2021) Third quarter 2022 results: EPS: CA$0.27 (up from CA$0.24 in 3Q 2021). Revenue: CA$22.2m (up 20% from 3Q 2021). Net income: CA$3.87m (up 12% from 3Q 2021). Profit margin: 17% (down from 19% in 3Q 2021). Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has fallen by 2% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 12
Second quarter 2022 earnings released: CA$0.04 loss per share (vs CA$0.21 profit in 2Q 2021) Second quarter 2022 results: CA$0.04 loss per share (down from CA$0.21 profit in 2Q 2021). Revenue: CA$15.1m (up 11% from 2Q 2021). Net loss: CA$531.0k (down 117% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has increased by 7% per year but the company’s share price has fallen by 4% per year, which means it is significantly lagging earnings. Duyuru • Jun 04
Calfrac Well Services Ltd. Appoints Pat Powell as Chief Executive Officer, Effective June 3, 2022 Calfrac Well Services Ltd. announced the appointment of Pat Powell as Chief Executive Officer of the Company effective June 3, 2022. Mr. Powell takes over executive leadership of the Company from George Armoyan who had been serving as Interim Chief Executive Officer since December 17, 2021 and who will continue as an active director of the Company. Mr. Powell, who was elected as a director of Calfrac on May 3, 2022, has over 40 years of operational and executive experience in the Canadian oilfield service industry, including prior roles as Chairman of the Board and President of Producers Oilfield Inc., Co-Chief Executive Officer and a director of Mullen Transportation Inc., and Chairman and Chief Executive Officer of Bonnett's Energy Corporation. Mr. Powell has also served as a director of a number of other private and public-companies, including Canyon Technical Services Ltd. and Clarke Inc. Reported Earnings • May 12
First quarter 2022 earnings: EPS and revenues miss analyst expectations First quarter 2022 results: CA$0.10 loss per share (down from CA$0.27 profit in 1Q 2021). Revenue: CA$10.2m (down 28% from 1Q 2021). Net loss: CA$1.45m (down 136% from profit in 1Q 2021). Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) were also behind analyst expectations. Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 6% per year. Reported Earnings • Mar 04
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CA$1.12 (up from CA$1.21 loss in FY 2020). Revenue: CA$66.0m (up 60% from FY 2020). Net income: CA$16.4m (up CA$35.6m from FY 2020). Profit margin: 25% (up from net loss in FY 2020). The move to profitability was primarily driven by higher revenue. Revenue missed analyst estimates by 2.5%. Earnings per share (EPS) also missed analyst estimates by 148%. Over the last 3 years on average, earnings per share has fallen by 4% per year whereas the company’s share price has fallen by 7% per year. Valuation Update With 7 Day Price Move • Jan 31
Investor sentiment improved over the past week After last week's 17% share price gain to CA$11.70, the stock trades at a trailing P/E ratio of 6.7x. Average trailing P/E is 10x in the Capital Markets industry in Canada. Total loss to shareholders of 6.4% over the past three years. Reported Earnings • Nov 11
Third quarter 2021 earnings released: EPS CA$0.24 (vs CA$0.79 in 3Q 2020) The company reported a poor third quarter result with weaker earnings, revenues and profit margins. Third quarter 2021 results: Revenue: CA$18.0m (down 14% from 3Q 2020). Net income: CA$3.46m (down 72% from 3Q 2020). Profit margin: 19% (down from 60% in 3Q 2020). Over the last 3 years on average, earnings per share has fallen by 8% per year whereas the company’s share price has fallen by 10% per year. Reported Earnings • Aug 12
Second quarter 2021 earnings released: EPS CA$0.21 (vs CA$0.43 in 2Q 2020) The company reported a poor second quarter result with weaker earnings, revenues and profit margins. Second quarter 2021 results: Revenue: CA$13.6m (down 22% from 2Q 2020). Net income: CA$3.06m (down 56% from 2Q 2020). Profit margin: 23% (down from 40% in 2Q 2020). Over the last 3 years on average, earnings per share has fallen by 15% per year whereas the company’s share price has fallen by 10% per year. Executive Departure • Jun 29
VP & CFO Stephen Cyr has left the company During their tenure, earnings grew by 34% annually compared to the industry average of 2.0%. On the 25th of June, Stephen Cyr left the company after 3.8 in the role. We don't have any record of a personal shareholding under Stephen's name. A total of 3 executives have left over the last 12 months. Reported Earnings • May 09
First quarter 2021 earnings released: EPS CA$0.27 (vs CA$3.26 loss in 1Q 2020) The company reported a soft first quarter result with weaker revenues and profit margins, although earnings were improved. First quarter 2021 results: Revenue: CA$14.3m (down 165% from 1Q 2020). Net income: CA$4.06m (up CA$57.2m from 1Q 2020). Profit margin: 28% (down from 242% in 1Q 2020). Over the last 3 years on average, earnings per share has fallen by 29% per year but the company’s share price has only fallen by 10% per year, which means it has not declined as severely as earnings. Duyuru • Mar 12
Clarke Inc. Announces Executive Changes Clarke Inc. announced the resignation of Stephen Cyr as Chief Financial Officer of Clarke effective June 25, 2021 and the appointment of Tom Casey to the position of Chief Financial Officer effective June 26, 2021. Mr. Cyr has been with the Company for 13 years, serving as Chief Financial Officer since 2017. He will work closely with the Company and Mr. Casey to ensure a smooth transition upon his departure in June 2021. Tom joined Clarke as its Vice President of Finance in January 2020. He was previously the Vice President of Finance of the Company's subsidiary, Holloway Lodging Corporation, since 2017. Before joining Holloway, Tom held various positions with Ernst & Young in Halifax, Nova Scotia and PricewaterhouseCoopers in Toronto, Ontario and Halifax, Nova Scotia. Duyuru • Mar 06
Clarke Inc., Annual General Meeting, May 07, 2021 Clarke Inc., Annual General Meeting, May 07, 2021. Reported Earnings • Mar 04
Full year 2020 earnings released: CA$1.21 loss per share (vs CA$2.90 profit in FY 2019) The company reported a poor full year result with weaker earnings, revenues and control over costs. Full year 2020 results: Revenue: CA$26.9m (down 73% from FY 2019). Net loss: CA$19.2m (down 150% from profit in FY 2019). Over the last 3 years on average, earnings per share has fallen by 52% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Feb 24
New 90-day high: CA$7.14 The company is up 8.0% from its price of CA$6.60 on 25 November 2020. The Canadian market is also up 8.0% over the last 90 days, indicating the company’s price trend is similar to the market over that time. However, it outperformed the Capital Markets industry, which is up 5.0% over the same period. Is New 90 Day High Low • Jan 09
New 90-day high: CA$7.10 The company is up 25% from its price of CA$5.70 on 09 October 2020. The Canadian market is up 12% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 10.0% over the same period. Reported Earnings • Nov 17
Third quarter 2020 earnings released: EPS CA$0.79 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: CA$20.9m (down 1.5% from 3Q 2019). Net income: CA$12.5m (up CA$15.3m from 3Q 2019). Profit margin: 60% (up from net loss in 3Q 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Reported Earnings • Nov 14
Third quarter 2020 earnings released: EPS CA$0.79 The company reported a strong third quarter result with improved earnings, revenues and profit margins. Third quarter 2020 results: Revenue: CA$23.1m (up 8.7% from 3Q 2019). Net income: CA$12.5m (up CA$15.3m from 3Q 2019). Profit margin: 54% (up from net loss in 3Q 2019). The move to profitability was primarily driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 46% per year but the company’s share price has only fallen by 14% per year, which means it has not declined as severely as earnings. Is New 90 Day High Low • Nov 10
New 90-day high: CA$7.07 The company is up 26% from its price of CA$5.60 on 12 August 2020. The Canadian market is up 1.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Capital Markets industry, which is up 2.0% over the same period. 
