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Boyd Group Income Fund

TSX:BYD.UN
Snowflake Description

Reasonable growth potential with mediocre balance sheet.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
BYD.UN
TSX
CA$4B
Market Cap
  1. Home
  2. CA
  3. Commercial Services
Company description

Boyd Group Income Fund operates as an unincorporated open-ended mutual fund trust. The last earnings update was 91 days ago. More info.


Add to Portfolio Compare Print
  • Boyd Group Income Fund is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
BYD.UN Share Price and Events
7 Day Returns
1.1%
TSX:BYD.UN
1.6%
CA Commercial Services
1.1%
CA Market
1 Year Returns
81.2%
TSX:BYD.UN
-6.3%
CA Commercial Services
6.6%
CA Market
BYD.UN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Boyd Group Income Fund (BYD.UN) 1.1% 9.1% 12% 81.2% 124.4% 319.5%
CA Commercial Services 1.6% 5.5% 0.9% -6.3% 3.2% -27.7%
CA Market 1.1% 2.5% 2.8% 6.6% 8.7% 8.7%
1 Year Return vs Industry and Market
  • BYD.UN outperformed the Commercial Services industry which returned -6.3% over the past year.
  • BYD.UN outperformed the Market in Canada which returned 6.6% over the past year.
Price Volatility
BYD.UN
Industry
5yr Volatility vs Market

Value

 Is Boyd Group Income Fund 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 Boyd Group Income Fund 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 Boyd Group Income Fund.

TSX:BYD.UN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 11 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 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:BYD.UN
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Commercial Services Unlevered Beta Simply Wall St/ S&P Global 0.66
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.66 (1 + (1- 26.5%) (22.11%))
0.844
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.844 * 5.96%)
6.98%

Discounted Cash Flow Calculation for TSX:BYD.UN using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Boyd Group Income Fund 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:BYD.UN DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 6.98%)
2020 182.80 Analyst x4 170.87
2021 225.18 Analyst x2 196.76
2022 233.22 Est @ 3.57% 190.49
2023 240.41 Est @ 3.08% 183.55
2024 247.00 Est @ 2.74% 176.28
2025 253.18 Est @ 2.5% 168.90
2026 259.10 Est @ 2.34% 161.57
2027 264.85 Est @ 2.22% 154.39
2028 270.51 Est @ 2.14% 147.40
2029 276.14 Est @ 2.08% 140.65
Present value of next 10 years cash flows CA$1,690.00
TSX:BYD.UN DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$276.14 × (1 + 1.95%) ÷ (6.98% – 1.95%)
CA$5,594.55
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$5,594.55 ÷ (1 + 6.98%)10
CA$2,849.60
TSX:BYD.UN Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$1,690.00 + CA$2,849.60
CA$4,539.60
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$4,539.60 / 19.87
CA$228.46
TSX:BYD.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$228.46
Current discount Discount to share price of CA$193.64
= -1 x (CA$193.64 - CA$228.46) / CA$228.46
15.2%

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

Current Discount
Amount off the current price Boyd Group Income Fund is available for.
Intrinsic value
15%
Share price is CA$193.64 vs Future cash flow value of CA$228.46
Current Discount Checks
For Boyd Group Income Fund to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Boyd Group Income Fund's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Boyd Group Income Fund's share price is below the future cash flow value, but not 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 Boyd Group Income Fund's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Boyd Group Income Fund's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:BYD.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CAD CA$4.13
TSX:BYD.UN Share Price ** TSX (2019-11-12) in CAD CA$193.64
Canada Commercial Services Industry PE Ratio Median Figure of 9 Publicly-Listed Commercial Services Companies 12.92x
Canada Market PE Ratio Median Figure of 515 Publicly-Listed Companies 14.64x

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

** Primary Listing of Boyd Group Income Fund.

TSX:BYD.UN PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:BYD.UN Share Price ÷ EPS (both in CAD)

= 193.64 ÷ 4.13

46.91x

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

  • Boyd Group Income Fund is overvalued based on earnings compared to the CA Commercial Services industry average.
  • Boyd Group Income Fund is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Boyd Group Income Fund's expected growth come at a high price?
Raw Data
TSX:BYD.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 46.91x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts
28.5%per year
North America Commercial Services Industry PEG Ratio Median Figure of 37 Publicly-Listed Commercial Services Companies 1.39x
Canada Market PEG Ratio Median Figure of 232 Publicly-Listed Companies 1.05x

*Line of best fit is calculated by linear regression .

TSX:BYD.UN PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 46.91x ÷ 28.5%

1.64x

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

  • Boyd Group Income Fund is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Boyd Group Income Fund's assets?
Raw Data
TSX:BYD.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CAD CA$28.38
TSX:BYD.UN Share Price * TSX (2019-11-12) in CAD CA$193.64
Canada Commercial Services Industry PB Ratio Median Figure of 21 Publicly-Listed Commercial Services Companies 0.85x
Canada Market PB Ratio Median Figure of 2,291 Publicly-Listed Companies 1.27x
TSX:BYD.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:BYD.UN Share Price ÷ Book Value per Share (both in CAD)

= 193.64 ÷ 28.38

6.82x

* Primary Listing of Boyd Group Income Fund.

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

  • Boyd Group Income Fund is overvalued based on assets compared to the CA Commercial Services industry average.
X
Value checks
We assess Boyd Group Income Fund'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. Boyd Group Income Fund has a total score of 0/6, 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 Boyd Group Income Fund expected to perform in the next 1 to 3 years based on estimates from 11 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
28.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Boyd Group Income Fund expected to grow at an attractive rate?
  • Boyd Group Income Fund's earnings growth is expected to exceed the low risk savings rate of 1.9%.
Growth vs Market Checks
  • Boyd Group Income Fund's earnings growth is expected to exceed the Canada market average.
  • Boyd Group Income Fund's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:BYD.UN Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:BYD.UN Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 11 Analysts 28.5%
TSX:BYD.UN Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 11 Analysts 11.4%
Canada Commercial Services Industry Earnings Growth Rate Market Cap Weighted Average 59.7%
Canada Commercial Services Industry Revenue Growth Rate Market Cap Weighted Average 10%
Canada Market Earnings Growth Rate Market Cap Weighted Average 11.2%
Canada Market Revenue Growth Rate Market Cap Weighted Average 5.1%

*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:BYD.UN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:BYD.UN Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2023-12-31 3,545 1
2022-12-31 3,205 1
2021-12-31 2,901 331 149 7
2020-12-31 2,577 312 118 10
2019-12-31 2,273 275 83 11
2019-11-12
TSX:BYD.UN Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-06-30 2,085 227 82
2019-03-31 1,969 210 81
2018-12-31 1,865 181 78
2018-09-30 1,784 167 71
2018-06-30 1,716 165 74
2018-03-31 1,644 134 62
2017-12-31 1,569 120 58
2017-09-30 1,515 107 44
2017-06-30 1,469 106 30
2017-03-31 1,416 104 45
2016-12-31 1,387 91 30
2016-09-30 1,339 84 19

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Boyd Group Income Fund's earnings are expected to grow significantly at over 20% yearly.
  • Boyd Group Income Fund's revenue is expected to grow by 11.4% 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:BYD.UN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (4 months ago) See Below
Future Estimates Average of up to 11 Analyst Estimates (S&P Global) See Below

All data from Boyd Group Income Fund Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:BYD.UN Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 7.85 7.85 7.85 1.00
2020-12-31 5.88 6.47 5.32 3.00
2019-12-31 4.10 4.36 3.88 3.00
2019-11-12
TSX:BYD.UN Past Financials Data
Date (Data in CAD Millions) EPS *
2019-06-30 4.13
2019-03-31 4.09
2018-12-31 3.94
2018-09-30 3.63
2018-06-30 3.84
2018-03-31 3.27
2017-12-31 3.16
2017-09-30 2.40
2017-06-30 1.68
2017-03-31 2.50
2016-12-31 1.68
2016-09-30 1.09

*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.
  • Boyd Group Income Fund is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Boyd Group Income Fund'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 Canada 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.
Boyd Group Income Fund 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.

Past Performance

  How has Boyd Group Income Fund 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 Boyd Group Income Fund'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.
  • Boyd Group Income Fund has delivered over 20% year on year earnings growth in the past 5 years.
  • Boyd Group Income Fund's 1-year earnings growth is less than its 5-year average (10% vs 63.5%)
  • Boyd Group Income Fund's earnings growth has exceeded the CA Commercial Services industry average in the past year (10% vs -2.1%).
Earnings and Revenue History
Boyd Group Income Fund'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 Boyd Group Income Fund Company Filings, last reported 4 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:BYD.UN 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 2,085.10 81.60 703.95
2019-03-31 1,969.22 80.69 688.48
2018-12-31 1,864.61 77.64 673.96
2018-09-30 1,784.10 70.90 657.30
2018-06-30 1,716.47 74.17 629.07
2018-03-31 1,643.82 61.76 605.55
2017-12-31 1,569.45 58.44 582.52
2017-09-30 1,515.28 43.67 566.44
2017-06-30 1,468.65 30.30 558.42
2017-03-31 1,415.68 45.10 529.03
2016-12-31 1,387.12 30.37 520.08
2016-09-30 1,339.18 19.26 498.29
2016-06-30 1,294.94 -6.69 474.68
2016-03-31 1,242.66 -13.24 456.42
2015-12-31 1,174.08 -21.96 435.20
2015-09-30 1,101.13 -30.06 412.71
2015-06-30 1,018.14 -2.22 378.69
2015-03-31 942.23 -22.07 359.10
2014-12-31 844.10 -15.31 320.58
2014-09-30 765.67 -11.41 291.91
2014-06-30 697.20 -21.92 273.94
2014-03-31 631.26 -13.30 246.03
2013-12-31 578.26 -11.60 224.42
2013-09-30 532.13 -2.34 206.32
2013-06-30 491.60 1.32 189.86
2013-03-31 457.66 5.01 177.42
2012-12-31 434.42 7.06 168.78

*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.
  • Boyd Group Income Fund has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Boyd Group Income Fund used its assets less efficiently than the CA Commercial Services industry average last year based on Return on Assets.
  • Boyd Group Income Fund's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Boyd Group Income Fund'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.
Boyd Group Income Fund has a total score of 2/6, 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 Boyd Group Income Fund'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 Boyd Group Income Fund's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Boyd Group Income Fund's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Boyd Group Income Fund's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Boyd Group Income Fund'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 0.7x 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 Boyd Group Income Fund Company Filings, last reported 4 months ago.

TSX:BYD.UN Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 563.84 359.11 46.30
2019-03-31 563.69 366.67 52.19
2018-12-31 571.10 288.16 64.48
2018-09-30 501.95 224.88 51.35
2018-06-30 495.79 239.94 73.25
2018-03-31 475.86 265.61 59.22
2017-12-31 439.84 257.98 47.83
2017-09-30 334.52 295.83 40.98
2017-06-30 278.06 143.02 59.62
2017-03-31 289.97 157.91 54.72
2016-12-31 280.54 152.43 53.52
2016-09-30 265.56 151.95 44.33
2016-06-30 257.34 120.94 47.87
2016-03-31 242.06 136.55 49.27
2015-12-31 184.93 141.67 72.93
2015-09-30 178.55 137.79 61.10
2015-06-30 152.31 142.79 66.06
2015-03-31 150.26 143.57 66.90
2014-12-31 135.98 138.26 57.51
2014-09-30 139.99 137.49 59.52
2014-06-30 68.05 132.33 31.12
2014-03-31 85.48 64.15 28.68
2013-12-31 83.97 58.10 19.30
2013-09-30 31.21 86.72 25.57
2013-06-30 34.55 80.64 32.78
2013-03-31 41.93 79.99 38.00
2012-12-31 41.60 79.86 38.98
  • Boyd Group Income Fund's level of debt (63.7%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (192.3% vs 63.7% today).
  • Debt is well covered by operating cash flow (63.3%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5.9x coverage).
X
Financial health checks
We assess Boyd Group Income Fund'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. Boyd Group Income Fund 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 Boyd Group Income Fund'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
0.28%
Current annual income from Boyd Group Income Fund dividends. Estimated to be 0.28% next year.
If you bought CA$2,000 of Boyd Group Income Fund shares you are expected to receive CA$6 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?
  • Boyd Group Income Fund's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.02%).
  • Boyd Group Income Fund's dividend is below the markets top 25% of dividend payers in Canada (5.72%).
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:BYD.UN 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 11 Analyst Estimates (S&P Global) See Below
North America Commercial Services Industry Average Dividend Yield Market Cap Weighted Average of 43 Stocks 1.7%
Canada Market Average Dividend Yield Market Cap Weighted Average of 331 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.2%
Canada Bottom 25% Dividend Yield 25th Percentile 2%
Canada Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

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

TSX:BYD.UN Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2023-12-31
2022-12-31
2021-12-31 0.56 3.00
2020-12-31 0.55 4.00
2019-12-31 0.55 4.00
2019-11-12
TSX:BYD.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-10-17 0.540 0.291
2019-08-16 0.540 0.305
2019-07-17 0.540 0.313
2019-06-17 0.540 0.318
2019-05-17 0.540 0.323
2019-03-15 0.540 0.369
2019-02-15 0.540 0.431
2019-01-17 0.540 0.448
2018-12-17 0.540 0.486
2018-11-16 0.540 0.485
2018-10-17 0.528 0.450
2018-09-17 0.528 0.416
2018-08-17 0.528 0.413
2018-07-17 0.528 0.437
2018-06-15 0.528 0.441
2018-05-17 0.528 0.460
2018-04-17 0.528 0.488
2018-03-16 0.528 0.495
2018-02-16 0.528 0.492
2018-01-17 0.528 0.514
2017-12-15 0.528 0.520
2017-11-17 0.528 0.539
2017-10-17 0.516 0.549
2017-09-15 0.516 0.560
2017-08-17 0.516 0.555
2017-06-16 0.516 0.539
2017-05-17 0.516 0.537
2017-04-17 0.516 0.590
2017-02-17 0.516 0.596
2017-01-17 0.516 0.612
2016-12-16 0.516 0.601
2016-11-17 0.516 0.604
2016-10-17 0.504 0.598
2016-09-16 0.504 0.601
2016-08-17 0.504 0.590
2016-07-15 0.504 0.638
2016-06-17 0.504 0.680
2016-05-17 0.504 0.675
2016-04-15 0.504 0.680
2016-03-17 0.504 0.711
2016-02-17 0.504 0.787
2016-01-15 0.504 0.815
2015-12-17 0.504 0.789
2015-11-17 0.504 0.743
2015-10-16 0.492 0.767
2015-09-17 0.492 0.774
2015-08-17 0.492 0.794
2015-07-17 0.492 0.851
2015-06-17 0.492 0.916
2015-05-15 0.492 0.908
2015-04-17 0.492 0.931
2015-03-17 0.492 0.947
2015-02-17 0.492 1.064
2015-01-16 0.492 1.061
2014-12-17 0.492 1.043
2014-10-17 0.480 1.059
2014-09-17 0.480 1.187
2014-08-18 0.480 1.078
2014-07-17 0.480 1.106
2014-06-17 0.480 1.122
2014-05-16 0.480 1.127
2014-04-17 0.480 1.227
2014-03-17 0.480 1.345
2014-02-18 0.480 1.438
2014-01-17 0.480 1.494
2013-12-16 0.480 1.476
2013-11-15 0.480 1.622
2013-10-17 0.468 1.726
2013-09-17 0.468 1.700
2013-08-16 0.468 1.796
2013-07-17 0.468 1.965
2013-06-17 0.468 2.024
2013-05-17 0.468 2.170
2013-04-17 0.468 2.421
2013-03-18 0.468 2.453
2013-02-14 0.468 2.536
2013-01-17 0.468 2.617
2012-12-17 0.468 2.852
2012-11-16 0.468 2.850
2012-10-17 0.450 2.747
2012-09-17 0.450 2.873
2012-08-17 0.450 3.013
2012-07-17 0.450 3.085
2012-06-15 0.450 3.285
2012-05-17 0.450 3.503
2012-04-17 0.450 3.755
2012-03-16 0.450 3.774
2012-02-17 0.450 3.482
2012-01-17 0.450 3.618
2011-12-16 0.450 4.012
2011-11-09 0.450 4.356
2011-10-17 0.420 4.331
2011-09-16 0.420 4.503
2011-08-17 0.420 3.735
2011-07-15 0.420 3.042
2011-06-17 0.420 3.208
2011-05-17 0.420 3.927
2011-03-17 0.420 4.400
2011-02-17 0.420 5.124
2010-12-16 0.420 5.253
2010-11-10 0.360 4.952
2010-10-15 0.345 5.470
2010-08-13 0.345 5.973
2010-07-16 0.330 5.869
2010-05-14 0.330 6.577
2010-03-26 0.315 6.057
2010-03-17 0.300 5.571
2010-02-17 0.300 5.656
2010-01-15 0.300 5.768
2009-12-17 0.300 5.485
2009-11-17 0.285 6.040
2009-10-16 0.285 7.118
2009-09-17 0.285 7.223
2009-08-17 0.270 6.757
2009-07-20 0.270 7.028
2009-06-17 0.270 7.806
2009-05-15 0.255 7.694
2009-04-17 0.255 8.224
2009-03-17 0.240 7.997
2009-02-17 0.240 8.641
2009-01-16 0.240 8.035
2008-12-16 0.240 8.826
2008-11-17 0.225 9.897

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

  • Boyd Group Income Fund is not paying a notable dividend for Canada, therefore no need to check if the payments are stable.
  • Boyd Group Income Fund is not paying a notable dividend for Canada, therefore no need to check if the payments are increasing.
Current Payout to shareholders
What portion of Boyd Group Income Fund's earnings are paid to the shareholders as a dividend.
  • No need to calculate the sustainability of Boyd Group Income Fund's dividends as it is not paying a notable one for Canada.
Future Payout to shareholders
  • No need to calculate the sustainability of Boyd Group Income Fund's dividends in 3 years as they are not expected to pay a notable one for Canada.
X
Income/ dividend checks
We assess Boyd Group Income Fund'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 Boyd Group Income Fund afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Boyd Group Income Fund has a total score of 0/6, 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 Boyd Group Income Fund'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
Brock Bulbuck
COMPENSATION CA$2,631,323
AGE 59
TENURE AS CEO 9.8 years
CEO Bio

Mr. Brock W. Bulbuck, CPA, C.A., has been the Chief Executive Officer of Boyd Group Income Fund (BGIF) since January 07, 2010. since joining Boyd in 1993, Mr. Bulbuck has served in many senior leadership roles and has played a leading role in the overall development and growth of the business. In his current leadership role at Boyd, he has overall responsibility for the affairs of Boyd, including strategy, operations and performance. He is CEO of The Boyd Group Inc., and CEO of Boyd Group Holdings Inc., and served as the President, Senior Vice President and Chief Operating Officer at Boyd Group Income Fund. Mr. Bulbuck serves as the Chief Executive Officer and Director, and was previously the President, Senior Vice President, and Chief Operating Officer at The Boyd Group, Inc. He serves as the Chief Executive Officer, Director, and President, and was previously the Senior Vice President and Chief Operating Officer at Boyd Group Holdings Inc. Mr. Bulbuck was responsible for the management of firm's operations and works closely with the Chief Executive Officer in the development and execution of Boyd's growth strategies. He has played a leading role in the development and growth of the business. He has been Director of The North West Company Inc. (North West Co. Inc.) since March 15, 2018. Mr. Bulbuck served as Chairman of the Board at Winnipeg Blue Bombers. He joined the Board of Boyd Group Holdings Inc.(“BGHI”) on February 28, 2003 and The Boyd Group Inc. (“BGI”) on September 3, 1997. Mr. Bulbuck has been a Non-Independent Trustee of Boyd Group Income Fund since December 16, 2002. He serves as a Director of the Pan Am Clinic Foundation. He was the Chair of the Board of The Winnipeg Football Club and was a Governor of the Canadian Football League. He holds a Chartered Accountant from the Canadian Institute of Chartered Accountants. Mr. Bulbuck holds a Bachelor of Commerce (Honors) degree in Business from the University of Manitoba and is a Chartered Professional Accountant.

CEO Compensation
  • Brock's compensation has increased by more than 20% in the past year whilst earnings grew less than 20%.
  • Brock's remuneration is lower than average for companies of similar size in Canada.
Management Team Tenure

Average tenure and age of the Boyd Group Income Fund management team in years:

4.8
Average Tenure
60
Average Age
  • The tenure for the Boyd Group Income Fund management team is about average.
Management Team

Brock Bulbuck

TITLE
CEO & Non-Independent Trustee
COMPENSATION
CA$3M
AGE
59
TENURE
9.8 yrs

Tim O'Day

TITLE
President
COMPENSATION
CA$1M
AGE
60
TENURE
2.8 yrs

Pat Pathipati

TITLE
CFO, Executive VP
COMPENSATION
CA$2M
TENURE
4.8 yrs

Kevin Burnett

TITLE
Chief Operating Officer of U.S. Collision
COMPENSATION
CA$870K

Vince Claudio

TITLE
Senior Vice-President of U.S. Collision
COMPENSATION
CA$832K

Stephen Boyd

TITLE
Vice President of Corporate Development
TENURE
4.8 yrs

Eddie Cheskis

TITLE
CEO of Glass America & CEO of Gerber National Claim Services
COMPENSATION
CA$527K
TENURE
4.8 yrs

Rex Dunn

TITLE
President of True2Form Collision Repair Centers
COMPENSATION
CA$557K
AGE
62
TENURE
9.3 yrs
Board of Directors Tenure

Average tenure and age of the Boyd Group Income Fund board of directors in years:

7.5
Average Tenure
61.5
Average Age
  • The tenure for the Boyd Group Income Fund board of directors is about average.
Board of Directors

Al Davis

TITLE
Independent Chairman
COMPENSATION
CA$205K
AGE
64
TENURE
8 yrs

Brock Bulbuck

TITLE
CEO & Non-Independent Trustee
COMPENSATION
CA$3M
AGE
59
TENURE
16.9 yrs

Tim O'Day

TITLE
President
COMPENSATION
CA$1M
AGE
60
TENURE
7.7 yrs

Gene Dunn

TITLE
Independent Trustee
COMPENSATION
CA$118K
AGE
72
TENURE
16.9 yrs

Dave Brown

TITLE
Independent Trustee
COMPENSATION
CA$123K
AGE
59
TENURE
7.4 yrs

Sally Savoia

TITLE
Independent Trustee
COMPENSATION
CA$151K
AGE
63
TENURE
4.5 yrs

Rob Gross

TITLE
Independent Trustee
COMPENSATION
CA$140K
AGE
60
TENURE
7 yrs

Vi Konkle

TITLE
Independent Trustee
COMPENSATION
CA$108K
AGE
65
TENURE
2.5 yrs
Who owns this company?
Recent Insider Trading
  • Boyd Group Income Fund individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
05. Oct 19 Sell Eric Danberg Individual 30. Sep 19 30. Sep 19 -2,300 CA$177.28 CA$-407,733
26. Aug 19 Sell Eric Danberg Individual 26. Aug 19 26. Aug 19 -750 CA$174.60 CA$-130,950
01. Jul 19 Buy Sally Savoia Individual 28. Jun 19 28. Jun 19 1,000 CA$165.50 CA$165,500
30. Mar 19 Sell Eddie Cheskis Individual 26. Mar 19 26. Mar 19 -48,301 CA$141.92 CA$-6,805,394
31. Mar 19 Sell Eddie Cheskis Individual 27. Mar 19 28. Mar 19 -71,699 CA$141.62 CA$-9,963,145
29. Nov 18 Sell Timothy O'Day Individual 28. Nov 18 28. Nov 18 -40,000 CA$112.00 CA$-4,480,000
29. Nov 18 Sell Brock Bulbuck Individual 28. Nov 18 28. Nov 18 -39,000 CA$112.00 CA$-4,368,000
22. Nov 18 Sell Timothy O'Day Individual 21. Nov 18 21. Nov 18 -15,000 CA$108.50 CA$-1,627,500
22. Nov 18 Sell Brock Bulbuck Individual 21. Nov 18 21. Nov 18 -21,000 CA$108.50 CA$-2,278,500
20. Nov 18 Sell Timothy O'Day Individual 19. Nov 18 19. Nov 18 -20,000 CA$109.63 CA$-2,192,600
20. Nov 18 Sell Brock Bulbuck Individual 19. Nov 18 19. Nov 18 -15,000 CA$109.63 CA$-1,644,450
X
Management checks
We assess Boyd Group Income Fund'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. Boyd Group Income Fund 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

Who Owns Most Of Boyd Group Income Fund (TSE:BYD.UN)?

In this article, I will take a quick look at Boyd Group Income Fund’s (TSE:BYD.UN) recent ownership structure – an unconventional investing subject, but an important one. … Ownership structure of a company has been found to affect share performance over time. … View our latest analysis for Boyd Group Income Fund

Simply Wall St -

Is Boyd Group Income Fund's (TSE:BYD.UN) ROE Of 12.98% Sustainable?

and looking to gauge the potential return on investment in Boyd Group Income Fund (TSE:BYD.UN). … With an ROE of 12.98%, Boyd Group Income Fund (TSE:BYD.UN) returned in-line to its own industry which delivered 10.95% over the past year. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden

Simply Wall St -

Why Boyd Group Income Fund (TSE:BYD.UN) Should Have A Place In Your Portfolio

Boyd Group Income Fund (TSE:BYD.UN) is a company with exceptional fundamental characteristics. … Upon building up an investment case for a stock, we should look at various aspects. … In the case of BYD.UN, it

Simply Wall St -

What Do Analysts Think About Boyd Group Income Fund's (TSE:BYD.UN) Profit Margin?

Check out our latest analysis for Boyd Group Income Fund A closer look at BYD.UN's profit margin Attractive margins generally indicate a desirable ability to translate sales revenue in to earnings, and return for shareholders. … Margin Calculation for BYD.UN Profit Margin = Net Income ÷ Revenue ∴ Profit Margin = 61.76 Million ÷ 1.64 Billion = 3.76% Boyd Group Income Fund's margin has expanded in the past five years, as a result of a 29.05% average growth in net income exceeding 24.36% in average revenue growth, indicating that that the previous revenue growth has been acompanied by a growing portion translated in to earnings. … Thus, it is essential to run your own analysis on Boyd Group Income Fund's future earnings whilst maintaining a watchful eye over the sustainability of their cost management methods and the runway for top line growth.

Simply Wall St -

Is There Now An Opportunity In Boyd Group Income Fund (TSE:BYD.UN)?

Boyd Group Income Fund (TSX:BYD.UN), a commercial services company based in Canada, saw significant share price volatility over the past couple of months on the TSX, rising to the highs of CA$110.13 and falling to the lows of CA$99.6. … Let’s take a look at Boyd Group Income Fund’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … Great news for investors – Boyd Group Income Fund is still trading at a fairly cheap price.

Simply Wall St -

Investors Are Undervaluing Boyd Group Income Fund (TSE:BYD.UN) By 24%

In this article I am going to calculate the intrinsic value of Boyd Group Income Fund (TSX:BYD.UN) by estimating the company's future cash flows and discounting them to their present value. … 5-year cash flow estimate 2018 2019 2020 2021 2022 Levered FCF (CA$, Millions) CA$107.83 CA$131.47 CA$155.13 CA$181.50 CA$210.54 Source Analyst x5 Analyst x5 Extrapolated @ (18%, capped from 24.69%) Extrapolated @ (17%, capped from 24.69%) Extrapolated @ (16%, capped from 24.69%) Present Value Discounted @ 8.43% CA$99.45 CA$111.83 CA$121.70 CA$131.32 CA$140.50 Present Value of 5-year Cash Flow (PVCF)= CA$605 After calculating the present value of future cash flows in the intial 5-year period we need to calculate the Terminal Value, which accounts for all the future cash flows beyond the first stage. … TSX:BYD.UN Intrinsic Value Apr 23rd 18 Important assumptions I'd like to point out that the most important inputs to a discounted cash flow are the discount rate and of course the actual cash flows.

Simply Wall St -

Positive Sentiment Around Boyd Group Income Fund (TSE:BYD.UN) Is Justified

Net income is expected to reach CA$78.42M over the next year, and over the next five years, earnings are predicted to grow at an annual rate of 22.09% on average, compared to the industry average growth of 11.04%. … Although, comparing BYD.UN's current share price to its peers based on its industry and earnings level, it's trading at a fair value, with a PE ratio of 34.05x vs. … I like the company because of the growth story, the possibility that it is yet to be factored into the share price, and the strong capital management.

Simply Wall St -

April Growth Stock Opportunities

Boyd Group Income Fund and Home Capital Group are a few noticeable companies with a strong future outlook. … TSX:BYD.UN Future Profit Apr 3rd 18 Home Capital Group Inc. … TSX:HCG Future Profit Apr 3rd 18 Enbridge Income Fund Holdings Inc.

Simply Wall St -

Want To Invest In Boyd Group Income Fund (TSE:BYD.UN)? Here's How It Performed Lately

Examining Boyd Group Income Fund's (TSX:BYD.UN) past track record of performance is an insightful exercise for investors. … For Boyd Group Income Fund, its most recent trailing-twelve-month earnings is CA$43.67M, which, in comparison to last year’s figure, has climbed up by over 100%. … Since these values may be somewhat nearsighted, I have computed an annualized five-year figure for BYD.UN's net income, which stands at CA$2.26M This suggests that, on average, Boyd Group Income Fund has been able to increasingly raise its earnings over the past few years as well.

Simply Wall St -

Financially Strong And High Growth Stocks

BYD.UN’s forecasted bottom line growth is an optimistic 34.56%, driven by the underlying double-digit sales growth of 33.04% over the next few years. … Profit growth, coupled with top-line expansion, is a positive indication. … HCG’s projected future profit growth is an exceptional 72.25%, with an underlying 47.25% growth from its revenues expected over the upcoming years.

Simply Wall St -

Company Info

Description

Boyd Group Income Fund operates as an unincorporated open-ended mutual fund trust. The company, through its operating company, The Boyd Group Inc., operates non-franchised collision repair centers. Its collision repair centers offer automotive collision and glass repair/replacement, and related services. The company operates non-franchised collision repair centers, as well as auto glass retail facilities under the Boyd Autobody & Glass, Assured Automotive, Gerber Collision & Glass, Glass America, Auto Glass Service, Auto Glass Authority, and Autoglassonly.com trade names in the United States and Canada. Further, it provides Gerber National Claim Services, a claim administrator service, which offers glass, emergency roadside, and first notice of loss services with approximately 5,500 glass provider locations and 4,600 emergency roadside services providers. The company was founded in 2002 and is headquartered in Winnipeg, Canada.

Details
Name: Boyd Group Income Fund
BYD.UN
Exchange: TSX
Founded: 2002
CA$3,847,728,461
19,870,525
Website: http://www.boydgroup.com
Address: Boyd Group Income Fund
1745 Ellice Avenue,
Unit C1,
Winnipeg,
Manitoba, R3H 1A6,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX BYD.UN Fund Units The Toronto Stock Exchange CA CAD 17. Nov 1999
OTCPK BFGI.F Fund Units Pink Sheets LLC US USD 17. Nov 1999
Number of employees
Current staff
Staff numbers
8,568
Boyd Group Income Fund employees.
Industry
Diversified Support Services
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/12 23:50
End of day share price update: 2019/11/12 00:00
Last estimates confirmation: 2019/11/12
Last earnings filing: 2019/08/13
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.