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Horizon North Logistics

TSX:HNL
Snowflake Description

Adequate balance sheet unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
HNL
TSX
CA$164M
Market Cap
  1. Home
  2. CA
  3. Commercial Services
Company description

Horizon North Logistics Inc. provides industrial, commercial, and residential products and services in Canada. The last earnings update was 12 days ago. More info.


Add to Portfolio Compare Print
  • Horizon North Logistics has significant price volatility in the past 3 months.
HNL Share Price and Events
7 Day Returns
0%
TSX:HNL
1.6%
CA Commercial Services
1.1%
CA Market
1 Year Returns
-57.3%
TSX:HNL
-6.3%
CA Commercial Services
6.6%
CA Market
HNL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Horizon North Logistics (HNL) 0% -4.3% -10% -57.3% -40.4% -69.8%
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
  • HNL underperformed the Commercial Services industry which returned -6.3% over the past year.
  • HNL underperformed the Market in Canada which returned 6.6% over the past year.
Price Volatility
HNL
Industry
5yr Volatility vs Market

HNL 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.

TSX:HNL Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-09-30) in CAD CA$ 0.08
Payout Ratio Company Filings (2019-09-30) -10356.2%
Discount Rate (Cost of Equity) See below 6.7%
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:HNL
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%) (80.06%))
0.79
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.8
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.8 * 5.96%)
6.72%

Discounted Cash Flow Calculation for TSX:HNL using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Horizon North Logistics is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

TSX:HNL Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= CA$0.08 / (6.72% - 1.95%)
CA$0.58
TSX:HNL Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$0.58
Current discount Discount to share price of CA$0.99
= -1 x (CA$0.99 - CA$0.58) / CA$0.58
-70.3%

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

  • The current share price of Horizon North Logistics is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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
TSX:HNL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in CAD CA$-0.05
TSX:HNL Share Price ** TSX (2019-11-12) in CAD CA$0.99
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 Horizon North Logistics.

TSX:HNL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

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

= 0.99 ÷ -0.05

-18.47x

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 CA Commercial Services industry average.
  • Horizon North Logistics is loss making, we can't compare the value of its earnings to the Canada market.
Price based on expected Growth
Does Horizon North Logistics's expected growth come at a high price?
Raw Data
TSX:HNL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -18.47x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts
133.1%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 .

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
TSX:HNL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in CAD CA$1.93
TSX:HNL Share Price * TSX (2019-11-12) in CAD CA$0.99
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:HNL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.99 ÷ 1.93

0.51x

* 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 CA 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 1/6, 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.

HNL Future Performance

 How is Horizon North Logistics expected to perform in the next 1 to 3 years based on estimates from 8 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
133.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Horizon North Logistics expected to grow at an attractive rate?
  • Unable to compare Horizon North Logistics's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
  • Unable to compare Horizon North Logistics's earnings growth to the Canada market average as it is expected to be loss making during the next 1-3 years.
  • Horizon North Logistics's revenue growth is positive but not above the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:HNL Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:HNL Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 8 Analysts 133.1%
TSX:HNL Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 8 Analysts 4.8%
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:HNL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:HNL Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 482 37 2
2020-12-31 525 44 -1 8
2019-12-31 470 32 -13 8
2019-11-12
TSX:HNL Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-09-30 468 29 -9
2019-06-30 451 52 -6
2019-03-31 440 49 2
2018-12-31 394 38 -8
2018-09-30 359 22 -13
2018-06-30 338 29 -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

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Horizon North Logistics is not considered high growth as it is expected to be loss making for the next 1-3 years.
  • Horizon North Logistics's revenue is expected to grow by 4.8% 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:HNL Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 8 Analyst Estimates (S&P Global) See Below

All data from Horizon North Logistics Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:HNL Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31
2020-12-31 -0.01 0.07 -0.04 5.00
2019-12-31 -0.08 -0.06 -0.09 5.00
2019-11-12
TSX:HNL Past Financials Data
Date (Data in CAD Millions) EPS *
2019-09-30 -0.05
2019-06-30 -0.03
2019-03-31 0.01
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

*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.
  • Unable to establish if Horizon North Logistics will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.
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 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.
Horizon North Logistics has a total score of 0/6, 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.

HNL 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 CA 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 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:HNL Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 467.98 -8.84 26.33
2019-06-30 451.36 -5.63 25.34
2019-03-31 440.42 1.60 22.97
2018-12-31 394.25 -8.20 22.78
2018-09-30 358.86 -13.49 22.52
2018-06-30 338.13 -19.49 22.72
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

*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 CA 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.

HNL 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 long term commitments exceed its cash and other short term assets.
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 1.5x 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 1 month ago.

TSX:HNL Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 319.35 103.41
2019-06-30 325.76 60.94
2019-03-31 337.51 34.26
2018-12-31 336.74 30.89
2018-09-30 338.30 24.14
2018-06-30 341.50 32.59
2018-03-31 297.30 84.54
2017-12-31 305.06 73.02
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
  • Horizon North Logistics's level of debt (32.4%) 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 (51.5% vs 32.4% today).
  • Debt is well covered by operating cash flow (27.8%, 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 4/6, 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.

HNL 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
8.08%
Current annual income from Horizon North Logistics dividends. Estimated to be 8.08% next year.
If you bought CA$2,000 of Horizon North Logistics shares you are expected to receive CA$162 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 Canada (2.02%).
  • Horizon North Logistics's dividend is above the markets top 25% of dividend payers in Canada (5.72%).
Upcoming dividend payment

Purchase Horizon North Logistics before the 'Ex-dividend' to receive their next dividend payment.

Dividends are usually paid every 3 or 6 months, you can time your share purchase to take advantage of upcoming dividend payments.
Dividend payment calendar
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:HNL 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 8 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:HNL Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.08 1.00
2020-12-31 0.08 6.00
2019-12-31 0.08 6.00
2019-11-12
TSX:HNL Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-10-31 0.080 8.138
2019-08-02 0.080 7.649
2019-08-01 0.080 5.470
2019-03-12 0.080 4.061
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 9 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
  • The company is expected to pay a dividend in 3 years whilst incurring a loss, therefore the dividend is not expected to be well covered.
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 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 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.

HNL 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 51
TENURE AS CEO 5 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 higher than average for companies of similar size in Canada.
Management Team Tenure

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

5
Average Tenure
  • The average tenure for the Horizon North Logistics management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Rod Graham

TITLE
President
COMPENSATION
CA$1M
AGE
51
TENURE
5 yrs

Scott Matson

TITLE
Senior VP of Finance & CFO
COMPENSATION
CA$651K
TENURE
9.8 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
1.3 yrs

Lyle Guard

TITLE
Vice President of Legal & General Counsel
TENURE
5.1 yrs

Wendy Mullane

TITLE
Vice President of Human Resources
TENURE
0.1 yrs

Bill Anderson

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

Jan Campbell

TITLE
Corporate Secretary
TENURE
13.4 yrs
Board of Directors Tenure

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

4.8
Average Tenure
61
Average Age
  • The tenure for the Horizon North Logistics board of directors is about average.
Board of Directors

Kevin Nabholz

TITLE
Independent Chairman
COMPENSATION
CA$161K
AGE
62
TENURE
2.7 yrs

Rod Graham

TITLE
President
COMPENSATION
CA$1M
AGE
51
TENURE
5 yrs

Russell Newmark

TITLE
Independent Director
COMPENSATION
CA$137K
AGE
64
TENURE
13.4 yrs

Ann Rooney

TITLE
Independent Director
COMPENSATION
CA$139K
AGE
65
TENURE
7.3 yrs

Mary Garden

TITLE
Independent Director
COMPENSATION
CA$143K
AGE
60
TENURE
3.5 yrs

Dale Tremblay

TITLE
Independent Director
COMPENSATION
CA$134K
AGE
64
TENURE
9.5 yrs

Rich Ballantyne

TITLE
Independent Director
COMPENSATION
CA$132K
AGE
60
TENURE
4.6 yrs

Brad Fedora

TITLE
Independent Director
COMPENSATION
CA$132K
AGE
49
TENURE
4.6 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Horizon North Logistics individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
09. Oct 19 Buy Russell Newmark Individual 04. Oct 19 04. Oct 19 15,000 CA$1.05 CA$15,750
16. Sep 19 Sell Bradley P. Fedora Individual 13. Sep 19 13. Sep 19 -25,050 CA$1.09 CA$-27,305
10. Sep 19 Buy Mary Garden Individual 09. Sep 19 09. Sep 19 11,000 CA$1.12 CA$12,320
06. Sep 19 Buy Russell Newmark Individual 04. Sep 19 04. Sep 19 30,000 CA$1.02 CA$30,597
06. Sep 19 Buy Kevin Nabholz Individual 04. Sep 19 04. Sep 19 82,000 CA$0.99 CA$81,344
23. Aug 19 Buy Joseph Kiss Individual 20. Aug 19 21. Aug 19 26,000 CA$1.10 CA$28,404
12. Aug 19 Buy Kevin Nabholz Individual 09. Aug 19 09. Aug 19 600,000 CA$1.10 CA$660,000
08. Aug 19 Buy Roderick Graham Individual 06. Aug 19 06. Aug 19 25,000 CA$1.28 CA$31,945
28. Mar 19 Buy Roderick Graham Individual 26. Mar 19 26. Mar 19 20,000 CA$1.80 CA$36,074
22. Mar 19 Buy Russell Newmark Individual 20. Mar 19 20. Mar 19 15,000 CA$1.88 CA$28,200
19. Feb 19 Buy Kevin Nabholz Individual 14. Dec 18 17. Dec 18 100,000 CA$1.65 CA$164,649
23. Jan 19 Buy Dale Tremblay Individual 22. Jan 19 22. Jan 19 50,000 CA$1.96 CA$96,974
22. Jan 19 Buy Mark Becker Individual 18. Jan 19 18. Jan 19 319,300 CA$1.85 CA$567,205
01. Jan 19 Buy Mary Garden Individual 28. Dec 18 28. Dec 18 4,750 CA$1.65 CA$7,837
21. Dec 18 Sell Mark Becker Individual 19. Dec 18 19. Dec 18 -359,680 CA$1.58 CA$-568,294
20. Dec 18 Buy Russell Newmark Individual 18. Dec 18 18. Dec 18 25,000 CA$1.55 CA$38,687
19. Dec 18 Buy Mary Garden Individual 17. Dec 18 17. Dec 18 1,250 CA$1.68 CA$2,064
19. Dec 18 Buy Ann Rooney Individual 18. Dec 18 18. Dec 18 3,200 CA$1.57 CA$5,024
14. Dec 18 Sell Dale Tremblay Individual 13. Dec 18 13. Dec 18 -75,000 CA$1.61 CA$-119,841
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.

HNL News

Simply Wall St News

The Chairman of Horizon North Logistics Inc. (TSE:HNL), Kevin Nabholz, Just Bought 100% More Shares

TSX:HNL Recent Insider Trading, August 15th 2019 Does Horizon North Logistics Boast High Insider Ownership? … So What Does This Data Suggest About Horizon North Logistics Insiders? … On this analysis the only slight negative we see is the fairly low (overall) insider ownership; their transactions suggest that they are quite positive on Horizon North Logistics stock.

Simply Wall St -

What Kind Of Shareholder Appears On The Horizon North Logistics Inc.'s (TSE:HNL) Shareholder Register?

Horizon North Logistics is a smaller company with a market capitalization of CA$291m, so it may still be flying under the radar of many institutional investors. … See our latest analysis for Horizon North Logistics TSX:HNL Ownership Summary, July 24th 2019 What Does The Institutional Ownership Tell Us About Horizon North Logistics? … Insider Ownership Of Horizon North Logistics The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

Should You Buy Horizon North Logistics Inc. (TSE:HNL) For Its Dividend?

(TSE:HNL) be an attractive dividend share to own for the long haul? Investors are often drawn to strong companies with the idea of reinvesting the dividends. Yet sometimes, investors buy a stock for its dividend and lose money because the share price falls by more than they earned in dividend payments. In this case, Horizon North Logistics likely looks attractive to dividend investors, given its 4.0% dividend yield and eight-year payment history. It sure looks interesting on these metrics - but there's always more to the story . Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Looking at the last decade of data, we can see that Horizon North Logistics paid its first dividend at least eight years ago. … Conclusion To summarise, shareholders should always check that Horizon North Logistics's dividends are affordable, that its dividend payments are relatively stable, and that it has decent prospects for growing its earnings and dividend.

Simply Wall St -

Should Horizon North Logistics Inc.’s (TSE:HNL) Weak Investment Returns Worry You?

Analysts use this formula to calculate return on capital employed: Return on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities) Or for Horizon North Logistics: 0.014 = CA$6.3m ÷ (CA$513m - CA$69m) (Based on the trailing twelve months to March 2019.) Therefore, Horizon North Logistics has an ROCE of 1.4%. … Do Horizon North Logistics's Current Liabilities Skew Its ROCE? … Due to the way ROCE is calculated, a high level of current liabilities makes a company look as though it has less capital employed, and thus can (sometimes unfairly) boost the ROCE.

Simply Wall St -

Can Horizon North Logistics Inc. (TSE:HNL) Improve Its Returns?

That means that for every CA$1 worth of shareholders' equity, it generated CA$0.0047 in profit. … View our latest analysis for Horizon North Logistics? … Return on Equity = Net Profit ÷ Shareholders' Equity

Simply Wall St -

How Many Horizon North Logistics Inc. (TSE:HNL) Shares Do Institutions Own?

Every investor in Horizon North Logistics Inc. … Institutions will often hold stock in bigger companies, and we expect to see insiders owning a noticeable percentage of the smaller ones. … Horizon North Logistics is not a large company by global standards.

Simply Wall St -

A Look At The Fair Value Of Horizon North Logistics Inc. (TSE:HNL)

In this article I am going to calculate the intrinsic value of Horizon North Logistics Inc. … by estimating the company's future cash flows and discounting them to their present value. … If you are reading this and its not January 2019 then I highly recommend you check out the latest calculation for Horizon North Logistics by following the link below

Simply Wall St -

Consider This Before Buying Horizon North Logistics Inc. (TSE:HNL) For The 4.0% Dividend

Historically, Horizon North Logistics Inc. … Does Horizon North Logistics tick all the boxes of a great dividend stock? … View our latest analysis for Horizon North Logistics

Simply Wall St -

Have Insiders Been Selling Horizon North Logistics Inc. (TSE:HNL) Shares?

So shareholders might well want to know whether insiders have been buying or selling shares in Horizon North Logistics Inc. … Horizon North Logistics Insider Transactions Over The Last Year. … In total, Horizon North Logistics insiders sold more than they bought over the last year

Simply Wall St -

Why Horizon North Logistics Inc (TSE:HNL) Could Be Your Next Investment

I've been keeping an eye on Horizon North Logistics Inc (TSE:HNL) because I'm attracted to its fundamentals. … Looking at the company as a whole, as a potential stock investment, I believe HNL has a lot to offer. … is a company with

Simply Wall St -

HNL 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.
HNL
Exchange: TSX
Founded:
CA$163,762,734
165,416,904
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: 2019/11/12 23:50
End of day share price update: 2019/11/12 00:00
Last estimates confirmation: 2019/11/04
Last earnings filing: 2019/10/31
Last earnings reported: 2019/09/30
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.