Financials Timbercreek Financial Corp.

Equities

TF

CA88709B1040

Corporate Financial Services

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-05-03 pm EDT			5-day change	1st Jan Change
7.61 ^CAD	+1.06%		-0.26%	+14.09%

Apr. 23	Timbercreek Financial Declares Monthly Cash Dividend for April 2024, Payable on May 15, 2024	CI
Mar. 21	Timbercreek Financial Declares Monthly Cash Dividend for March 2024, Payable on April 15, 2024	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	826.3	699.7	788.9	597.1	555.9	631.7	-
Enterprise Value (EV) ¹	826.3	699.7	788.9	597.1	555.9	631.7	631.7
P/E ratio	15 x	22.2 x	18.8 x	10.6 x	8.55 x	10.2 x	10.6 x
Yield	6.95%	7.98%	7.18%	9.7%	-	9.33%	9.11%
Capitalization / Revenue	8.31 x	7.29 x	9.68 x	5.45 x	4.5 x	5.91 x	5.78 x
EV / Revenue	8.31 x	7.29 x	9.68 x	5.45 x	4.5 x	5.91 x	5.78 x
EV / EBITDA	9,672,862 x	11,178,545 x	12,965,065 x	-	-	-	-
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	1.13 x	1.02 x	1.15 x	0.85 x	-	0.9 x	0.9 x
Nbr of stocks (in thousands)	83,215	80,887	82,089	83,975	83,342	83,010	-
Reference price ²	9.930	8.650	9.610	7.110	6.670	7.610	7.610
Announcement Date	3/6/20	3/8/21	2/24/22	2/22/23	2/26/24	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	99.44	95.94	81.46	109.7	123.6	106.9	109.3
EBITDA	85.43	62.59	60.85	-	-	-	-
EBIT ¹	56.43	32	39.21	54.8	65.08	62.34	58.04
Operating Margin	56.75%	33.36%	48.14%	49.98%	52.65%	58.32%	53.1%
Earnings before Tax (EBT)	-	-	-	-	-	-	-
Net income ¹	54.74	32	41.31	55.9	66.42	61.84	59.41
Net margin	55.05%	33.36%	50.71%	50.98%	53.73%	57.85%	54.35%
EPS ²	0.6600	0.3900	0.5100	0.6700	0.7800	0.7450	0.7150
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share ²	0.6900	0.6900	0.6900	0.6900	-	0.7100	0.6933
Announcement Date	3/6/20	3/8/21	2/24/22	2/22/23	2/26/24	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4
Net sales ¹	18.46	15.36	22.96	26.15	30.38	31.06	32.35	31.78	30.53	30.05	26.66	24.74	25.18	25.72
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT)	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Net income ¹	10.4	2.41	12.88	14.68	13.52	14.81	18.1	16.89	16.46	14.97	16.08	15.28	15.1	14.87
Net margin	56.32%	15.69%	56.12%	56.13%	44.5%	47.69%	55.96%	53.15%	53.89%	49.83%	60.31%	61.74%	59.99%	57.8%
EPS ²	0.1300	0.0300	0.1600	0.1700	0.1600	0.1800	0.2100	0.2000	0.1900	0.1800	0.1900	0.1800	0.1800	0.1800
Dividend per Share ²	0.1725	0.1775	0.1700	0.1725	0.1725	0.1700	0.1700	0.1700	0.1700	-	0.1700	0.1700	0.1700	0.1700
Announcement Date	11/10/21	2/24/22	5/10/22	8/11/22	11/10/22	2/22/23	5/8/23	8/2/23	11/1/23	2/26/24	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	7.52%	7.26%	8.1%	8.32%	-	8.55%	8.25%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share ²	8.750	8.470	8.330	8.330	-	8.460	8.460
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	3/6/20	3/8/21	2/24/22	2/22/23	2/26/24	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Timbercreek Financial Corp.

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

7.61 CAD

Average target price

8.633 CAD

Spread / Average Target

+13.45%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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