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Inscape

TSX:INQ
Snowflake Description

Excellent balance sheet and fair value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
INQ
TSX
CA$12M
Market Cap
  1. Home
  2. CA
  3. Commercial Services
Company description

Inscape Corporation, together with its subsidiaries, manufactures office furniture and wall products in the United States, Canada, and internationally. The last earnings update was 61 days ago. More info.


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INQ Share Price and Events
7 Day Returns
5.3%
TSX:INQ
1.6%
CA Commercial Services
1.1%
CA Market
1 Year Returns
-41.6%
TSX:INQ
-6.3%
CA Commercial Services
6.6%
CA Market
INQ Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Inscape (INQ) 5.3% 0% - -41.6% -76.8% -66%
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
  • INQ underperformed the Commercial Services industry which returned -6.3% over the past year.
  • INQ underperformed the Market in Canada which returned 6.6% over the past year.
Price Volatility
INQ
Industry
5yr Volatility vs Market
Related Companies

Value

 Is Inscape 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 Inscape 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 Inscape.

TSX:INQ Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 7.3%
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:INQ
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%) (36.16%))
0.89
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.89
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.89 * 5.96%)
7.25%

Discounted Cash Flow Calculation for TSX:INQ using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Inscape 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:INQ DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 7.25%)
2020 1.22 Est @ 39.29% 1.14
2021 1.57 Est @ 28.09% 1.36
2022 1.88 Est @ 20.24% 1.53
2023 2.16 Est @ 14.76% 1.63
2024 2.40 Est @ 10.91% 1.69
2025 2.59 Est @ 8.22% 1.70
2026 2.76 Est @ 6.34% 1.69
2027 2.90 Est @ 5.02% 1.65
2028 3.01 Est @ 4.1% 1.61
2029 3.12 Est @ 3.45% 1.55
Present value of next 10 years cash flows CA$15.00
TSX:INQ DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$3.12 × (1 + 1.95%) ÷ (7.25% – 1.95%)
CA$59.95
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$59.95 ÷ (1 + 7.25%)10
CA$29.77
TSX:INQ Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$15.00 + CA$29.77
CA$44.77
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$44.77 / 14.38
CA$3.11
TSX:INQ Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$3.11
Current discount Discount to share price of CA$0.80
= -1 x (CA$0.80 - CA$3.11) / CA$3.11
74.3%

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

Current Discount
Amount off the current price Inscape is available for.
Intrinsic value
>50%
Share price is CA$0.8 vs Future cash flow value of CA$3.11
Current Discount Checks
For Inscape to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Inscape's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Inscape's share price is below the future cash flow value, and 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 Inscape's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Inscape's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:INQ PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-07-31) in CAD CA$-0.44
TSX:INQ Share Price ** TSX (2019-11-12) in CAD CA$0.8
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 Inscape.

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

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

= 0.8 ÷ -0.44

-1.83x

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

  • Inscape is loss making, we can't compare its value to the CA Commercial Services industry average.
  • Inscape is loss making, we can't compare the value of its earnings to the Canada market.
Price based on expected Growth
Does Inscape's expected growth come at a high price?
Raw Data
TSX:INQ PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -1.83x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
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 Inscape, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Inscape's assets?
Raw Data
TSX:INQ PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-07-31) in CAD CA$1.13
TSX:INQ Share Price * TSX (2019-11-12) in CAD CA$0.8
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:INQ PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.8 ÷ 1.13

0.71x

* Primary Listing of Inscape.

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

  • Inscape is good value based on assets compared to the CA Commercial Services industry average.
X
Value checks
We assess Inscape'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. Inscape has a total score of 3/6, 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 Inscape expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

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

This is quite a rare situation as 97% of companies covered by Simply Wall St do have past financial data. You can see them here.

Show me the analysis anyway

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
59.7%
Expected Commercial Services industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Inscape expected to grow at an attractive rate?
  • Unable to compare Inscape's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Inscape's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare Inscape's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:INQ Future Growth Rates Data Sources
Data Point Source Value (per year)
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:INQ Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:INQ Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-07-31 90 4 -6
2019-04-30 91 -3 -9
2019-01-31 93 -4 -9
2018-10-31 90 -3 -9
2018-07-31 92 -2 -9
2018-04-30 94 -1 -3
2018-01-31 93 0 0
2017-10-31 91 -1 0
2017-07-31 95 1 4
2017-04-30 95 2 0
2017-01-31 95 4 7
2016-10-31 95 6 3

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Inscape is high growth as no earnings estimate data is available.
  • Unable to determine if Inscape is high growth as no revenue estimate data is available.
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:INQ Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Inscape Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:INQ Past Financials Data
Date (Data in CAD Millions) EPS *
2019-07-31 -0.44
2019-04-30 -0.61
2019-01-31 -0.63
2018-10-31 -0.63
2018-07-31 -0.64
2018-04-30 -0.21
2018-01-31 -0.02
2017-10-31 0.02
2017-07-31 0.31
2017-04-30 -0.01
2017-01-31 0.51
2016-10-31 0.23

*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 Inscape will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Inscape is trading at Inscape'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Inscape's future outlook can be gauged by looking at industry trends and market size, and determining how well-positioned the company is compared to its competitors. Take a look at other high-growth Commercial Services companies here
  3. Inscape's competitive advantages and company strategy can generally be found in its financial reports archived here.
  4. Use fundamentals to screen for another stock to analyse from our database of over 75,000 companies worldwide
X
Future performance checks
We assess Inscape'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.
Inscape 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.

Past Performance

  How has Inscape 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 Inscape'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.
  • Inscape does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Inscape's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Inscape's 1-year growth to the CA Commercial Services industry average as it is not currently profitable.
Earnings and Revenue History
Inscape'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 Inscape Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:INQ Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-07-31 90.03 -6.29 28.88
2019-04-30 90.58 -8.75 30.30
2019-01-31 93.47 -9.11 30.11
2018-10-31 90.50 -9.11 30.23
2018-07-31 91.86 -9.26 29.98
2018-04-30 93.94 -2.99 29.26
2018-01-31 93.45 -0.29 26.96
2017-10-31 90.70 0.26 26.47
2017-07-31 95.03 4.41 25.51
2017-04-30 95.30 -0.17 24.89
2017-01-31 94.75 7.29 25.83
2016-10-31 94.54 3.29 25.42
2016-07-31 88.14 2.26 25.08
2016-04-30 79.85 -1.25 24.73
2016-01-31 72.01 -10.02 24.30
2015-10-31 65.91 -17.26 23.78
2015-07-31 65.66 -18.90 22.75
2015-04-30 69.42 -13.08 21.55
2015-01-31 71.95 -11.13 20.65
2014-10-31 69.47 -5.74 19.54
2014-07-31 67.91 -4.93 19.45
2014-04-30 66.16 -7.09 19.83
2014-01-31 67.02 -7.08 19.80
2013-10-31 72.23 -3.01 20.74
2013-07-31 71.12 -2.70 20.75
2013-04-30 74.90 -1.26 20.71
2013-01-31 76.41 -0.54 20.43

*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 Inscape has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Inscape 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 Inscape 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 Inscape'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.
Inscape 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.

Health

 How is Inscape'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 Inscape's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Inscape is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Inscape's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Inscape'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.
  • Inscape has no debt, it does not need to be covered by short term assets.
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 Inscape Company Filings, last reported 3 months ago.

TSX:INQ Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-07-31 16.20 0.00 2.98
2019-04-30 17.09 0.00 3.27
2019-01-31 22.22 0.00 2.90
2018-10-31 20.91 0.00 4.73
2018-07-31 23.27 0.00 6.03
2018-04-30 26.33 0.00 8.99
2018-01-31 28.87 0.00 9.28
2017-10-31 27.85 0.00 10.31
2017-07-31 30.23 0.00 9.77
2017-04-30 27.80 0.00 11.51
2017-01-31 28.53 0.00 10.44
2016-10-31 26.85 0.00 12.10
2016-07-31 25.17 0.00 10.12
2016-04-30 26.53 0.00 10.50
2016-01-31 23.87 0.00 8.66
2015-10-31 25.67 0.00 7.60
2015-07-31 25.09 0.00 11.17
2015-04-30 29.83 0.00 13.02
2015-01-31 35.26 0.00 17.32
2014-10-31 43.59 0.00 16.95
2014-07-31 44.33 0.00 16.52
2014-04-30 43.59 0.00 18.90
2014-01-31 43.03 0.00 21.09
2013-10-31 46.58 0.00 19.71
2013-07-31 46.71 0.00 18.35
2013-04-30 47.87 0.00 21.23
2013-01-31 51.85 0.00 20.22
  • Inscape has no debt.
  • Inscape has not taken on any debt in the past 5 years.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Inscape has sufficient cash runway for 1.3 years based on current free cash flow.
  • Unable to confirm if Inscape has at least 1 year of cash runway based on growing free cash flows without relevant data.
X
Financial health checks
We assess Inscape'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. Inscape has a total score of 5/6, 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 Inscape'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%
Current annual income from Inscape dividends.
If you bought CA$2,000 of Inscape shares you are expected to receive CA$0 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?
  • Unable to evaluate Inscape's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Inscape's dividend against the top 25% market benchmark as the company has not reported any payouts.
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:INQ 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 0 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.

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

  • Unable to perform a dividend volatility check as Inscape has not reported any payouts.
  • Unable to verify if Inscape's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Inscape's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Inscape has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Inscape'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 Inscape afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Inscape 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 Inscape'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
Brian Mirsky
COMPENSATION CA$395,105
TENURE AS CEO 2.9 years
CEO Bio

Mr. Brian A. Mirsky has been the Chief Executive Officer of INSCAPE Corporation since December 9, 2016. Mr. Mirsky serves as the Chief Executive Officer of Freshchange Foods Group. He serves as the President and Chief Executive Officer of Fresh Change Foods Group, Ltd. His operating career spans more than 30 years. He served as President for Campbell Europe of Campbell International, Inc. and Campbell Soup Company since 2002. He served as Managing Director of Campbell's operations in the U.K. and Ireland. He joined Campbell in 1998 as President of Campbell Company of Canada. He served as President of Pillsbury Canada. He held sales, marketing and management positions with H.J. Heinz, Pizza Hut. He serves as the Chairman of Petra Pet, Inc. (Also known as Beefeaters Holdings, Inc.) He serves as the Vice Chairman of INSCAPE Corporation. He has been Director of INSCAPE Corporation since December 12, 2013. He serves as a Director of Baycrest Centre for Geriatric Care. He served as Lead Director of INSCAPE Corporation from May 1, 2015 to December 8, 2016. He served as a Director of INSCAPE Corporation from April 1, 2008 to September 11, 2012. Mr. Mirsky earned his Bachelor of Arts degree in Political Science from the University of Toronto and his MBA in Marketing from New York University in Toronto.

CEO Compensation
  • Brian's compensation has increased whilst company is loss making.
  • Brian's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Inscape management team in years:

2.3
Average Tenure
  • The tenure for the Inscape management team is about average.
Management Team

Brian Mirsky

TITLE
Vice Chair & CEO
COMPENSATION
CA$395K
TENURE
2.9 yrs

Aziz Hirji

TITLE
CFO & Secretary
COMPENSATION
CA$306K
TENURE
3 yrs

John Gols

TITLE
Chief Commercial Officer
COMPENSATION
CA$564K
TENURE
1.8 yrs

David Gerson

TITLE
Chief Brand Officer
COMPENSATION
CA$418K
TENURE
0.8 yrs

Holland Dyke

TITLE
Vice President of Operations
TENURE
1.8 yrs

Cecilia Nugent

TITLE
Vice President of Human Resources
TENURE
2.8 yrs
Board of Directors Tenure

Average tenure of the Inscape board of directors in years:

1.7
Average Tenure
  • The average tenure for the Inscape board of directors is less than 3 years, this suggests a new board.
Board of Directors

Bart Bull

TITLE
Independent Chairman of the Board
COMPENSATION
CA$64K

Brian Mirsky

TITLE
Vice Chair & CEO
COMPENSATION
CA$395K

Dezsö Horváth

TITLE
Independent Director
COMPENSATION
CA$45K
AGE
76
TENURE
16.9 yrs

Eric Ehgoetz

TITLE
Independent Director
COMPENSATION
CA$56K
TENURE
3.4 yrs

Quentin Kong

TITLE
Independent Director
COMPENSATION
CA$75K
TENURE
0.2 yrs

Tania Bortolotto

TITLE
Independent Director
COMPENSATION
CA$40K
TENURE
1.7 yrs

David LaSalle

TITLE
Independent Director
COMPENSATION
CA$35K
TENURE
1.2 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
09. May 19 Sell Madan Bhayana Individual 30. Apr 19 30. Apr 19 -100 CA$1.95 CA$-195
26. Jan 19 Buy Eric Ehgoetz Individual 25. Jan 19 25. Jan 19 19,860 CA$1.40 CA$27,804
08. Jan 19 Buy Brian Mirsky Individual 07. Jan 19 07. Jan 19 10,000 CA$1.45 CA$14,500
07. Jan 19 Buy Brian Mirsky Individual 02. Jan 19 02. Jan 19 30,000 CA$1.43 CA$42,900
X
Management checks
We assess Inscape'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. Inscape 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

Do Directors Own INSCAPE Corporation (TSE:INQ) Shares?

See our latest analysis for INSCAPE TSX:INQ Ownership Summary, May 24th 2019 What Does The Institutional Ownership Tell Us About INSCAPE? … Insider Ownership Of INSCAPE The definition of an insider can differ slightly between different countries, but members of the board of directors always count. … Insider ownership is positive when it signals leadership are thinking like the true owners of the company.

Simply Wall St -

Have Insiders Been Buying INSCAPE Corporation (TSE:INQ) Shares?

Unfortunately, there are also plenty of examples of share prices declining precipitously after insiders have sold shares. … So shareholders might well want to know whether insiders have been buying or selling shares in INSCAPE Corporation (TSE:INQ). … In the last twelve months there was more buying than selling by INSCAPE insiders

Simply Wall St -

What Percentage Of INSCAPE Corporation (TSE:INQ) Shares Do Insiders Own?

The big shareholder groups in INSCAPE Corporation (TSE:INQ) have power over the company. … INSCAPE is not a large company by global standards. … institutional investors have bought into the company.

Simply Wall St -

What does INSCAPE Corporation's (TSE:INQ) Balance Sheet Tell Us About Its Future?

However, it also faces higher cost of capital given interest cost is generally lower than equity. … Is financial flexibility worth the lower cost of capital. … Debt funding can be cheaper than issuing new equity due to lower interest cost on debt

Simply Wall St -

INSCAPE Corporation (TSE:INQ): How Does It Impact Your Portfolio?

For INSCAPE Corporation’s (TSE:INQ) shareholders, and also potential investors in the stock, understanding how the stock’s risk and return characteristics can impact your portfolio is important. … Broadly speaking, there are two types of risk you should consider when investing in stocks such as INQ. … The second risk is market-wide, which arises from investing in the stock market.

Simply Wall St -

Who Owns Most Of INSCAPE Corporation (TSE:INQ)?

I am going to take a deep dive into INSCAPE Corporation’s (TSX:INQ) most recent ownership structure, not a frequent subject of discussion among individual investors. … I am going to further examine INQ's ownership structure to check how other major shareholders can affect its investment case. … Insider Ownership Insiders form another group of important ownership types as they manage the company's operations and decide the best use of capital.

Simply Wall St -

INSCAPE Corporation's (TSE:INQ) Earnings Dropped -103.99%, Did Its Industry Show Weakness Too?

After looking at INSCAPE Corporation's (TSX:INQ) latest earnings update (31 January 2018), I found it helpful to revisit the company's performance in the past couple of years and compare this against the latest numbers. … See our latest analysis for INSCAPE Commentary On INQ's Past Performance To account for any quarterly or half-yearly updates, I use data from the most recent 12 months, which annualizes the most recent half-year data, or in some cases, the latest annual report is already the most recent financial year data. … TSX:INQ Income Statement May 2nd 18 We can further analyze INSCAPE's loss by looking at what the industry has been experiencing over the past few years.

Simply Wall St -

What is Behind INSCAPE Corporation's (TSX:INQ) Superior ROE?

See our latest analysis for INQ Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) is a measure of INQ’s profit relative to its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity Returns are usually compared to costs to measure the efficiency of capital. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity TSX:INQ Last Perf Nov 30th 17 The first component is profit margin, which measures how much of sales is retained after the company pays for all its expenses.

Simply Wall St -

Was INSCAPE Corporation's (TSX:INQ) Earnings Growth Better Than Industry?

Today I will assess INQ's latest performance announced on 31 July 2017 and compare these figures to its longer term trend and industry movements. … See our latest analysis for INQ How Did INQ's Recent Performance Stack Up Against Its Past? … For the most up-to-date info, I use data from the most recent 12 months, which annualizes the latest 6-month earnings release, or some times, the latest annual report is already the most recent financial data.

Simply Wall St -

Company Info

Description

Inscape Corporation, together with its subsidiaries, manufactures office furniture and wall products in the United States, Canada, and internationally. It operates in two segments, Office Furniture and Walls. The Office Furniture segment offers storage, benching, systems, and seating solutions. The Walls segment provides architectural and movable walls. The company offers its products through a network of dealers and representatives. Inscape Corporation was founded in 1888 and is headquartered in East Gwillimbury, Canada.

Details
Name: Inscape Corporation
INQ
Exchange: TSX
Founded: 1888
CA$11,504,560
14,380,701
Website: http://myinscape.com
Address: Inscape Corporation
67 Toll Road,
Holland Landing,
East Gwillimbury,
Ontario, L9N 1H2,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX INQ Class B Subordinated Voting Shares The Toronto Stock Exchange CA CAD 29. Apr 1996
OTCPK ICPB.F Class B Subordinated Voting Shares Pink Sheets LLC US USD 29. Apr 1996
Number of employees
Current staff
Staff numbers
350
Inscape employees.
Industry
Office Services and Supplies
Commercial Services
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/12 23:36
End of day share price update: 2019/11/12 00:00
Last earnings filing: 2019/09/12
Last earnings reported: 2019/07/31
Last annual earnings reported: 2019/04/30


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.