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CI Financial

TSX:CIX
Snowflake Description

Good value average dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CIX
TSX
CA$2B
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

CI Financial Corp. is a publicly owned asset management holding company. The last earnings update was 51 days ago. More info.


Add to Portfolio Compare Print
  • CI Financial is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • CI Financial has significant price volatility in the past 3 months.
CIX Share Price and Events
7 Day Returns
-16.5%
TSX:CIX
-0.3%
CA Capital Markets
2.5%
CA Market
1 Year Returns
-40.6%
TSX:CIX
-21.2%
CA Capital Markets
-24.8%
CA Market
CIX Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
CI Financial (CIX) -16.5% -48.6% -50.2% -40.6% -57.7% -68.7%
CA Capital Markets -0.3% -25% -26.2% -21.2% -20.9% -21.9%
CA Market 2.5% -20.8% -24.7% -24.8% -22.2% -17%
1 Year Return vs Industry and Market
  • CIX underperformed the Capital Markets industry which returned -21.2% over the past year.
  • CIX underperformed the Market in Canada which returned -24.8% over the past year.
Price Volatility
CIX
Industry
5yr Volatility vs Market

Value

 Is CI Financial 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 CI Financial 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 CI Financial.

TSX:CIX Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Excess Returns Model
Stable EPS Median Return on Equity from the past 5 years.
= Stable Book Value * Return on Equity
= CA$8.21 * 34.3%
CA$2.81
Book Value of Equity per Share Weighted future Book Value estimates from 2 analysts. CA$8.21
Discount Rate (Cost of Equity) See below 7.3%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.4%

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:CIX
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 5.4%
Capital Markets Unlevered Beta Simply Wall St/ S&P Global 0.75
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.745 (1 + (1- 26.5%) (68%))
1.079
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.08
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.079 * 5.44%)
7.31%

Discounted Cash Flow Calculation for TSX:CIX using Excess Returns Model Model

The calculations below outline how an intrinsic value for CI Financial is arrived at using the Excess Return Model. This approach is used for finance firms where free cash flow is difficult to estimate.

In the Excess Return Model the value of a firm can be written as the sum of capital invested currently in the firm and the present value of excess returns that the firm expects to make in the future.

The model is sensitive to the Return on Equity of the company versus the Cost of Equity, how these are calculated is detailed below the main calculation.

Note the calculations below are per share.

See our documentation to learn about this calculation.

TSX:CIX Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (34.3% – 7.31%) * CA$8.21)
CA$2.21
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$2.21 / (7.31% - 1.44%)
CA$37.70
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$8.21 + CA$37.70
CA$45.91
TSX:CIX Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$45.91
Current discount Discount to share price of CA$11.17
= -1 x (CA$11.17 - CA$45.91) / CA$45.91
75.7%

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

Current Discount
Amount off the current price CI Financial is available for.
Intrinsic value
>50%
Share price is CA$11.17 vs Future cash flow value of CA$45.91
Current Discount Checks
For CI Financial to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • CI Financial's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • CI Financial'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 CI Financial's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are CI Financial's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:CIX PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$2.30
TSX:CIX Share Price ** TSX (2020-04-03) in CAD CA$11.17
Canada Capital Markets Industry PE Ratio Median Figure of 15 Publicly-Listed Capital Markets Companies 7.28x
Canada Market PE Ratio Median Figure of 497 Publicly-Listed Companies 10.31x

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

** Primary Listing of CI Financial.

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

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

= 11.17 ÷ 2.30

4.86x

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

  • CI Financial is good value based on earnings compared to the CA Capital Markets industry average.
  • CI Financial is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does CI Financial's expected growth come at a high price?
Raw Data
TSX:CIX PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 4.86x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts
-5.9%per year
North America Capital Markets Industry PEG Ratio Median Figure of 39 Publicly-Listed Capital Markets Companies 1.93x
Canada Market PEG Ratio Median Figure of 233 Publicly-Listed Companies 0.68x

*Line of best fit is calculated by linear regression .

TSX:CIX PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 4.86x ÷ -5.9%

-0.83x

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

  • CI Financial earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on CI Financial's assets?
Raw Data
TSX:CIX PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$6.74
TSX:CIX Share Price * TSX (2020-04-03) in CAD CA$11.17
Canada Capital Markets Industry PB Ratio Median Figure of 160 Publicly-Listed Capital Markets Companies 0.82x
Canada Market PB Ratio Median Figure of 2,360 Publicly-Listed Companies 0.99x
TSX:CIX PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 11.17 ÷ 6.74

1.66x

* Primary Listing of CI Financial.

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

  • CI Financial is overvalued based on assets compared to the CA Capital Markets industry average.
X
Value checks
We assess CI Financial'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 Capital Markets 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 Capital Markets industry average (and greater than 0)? (1 check)
  5. CI Financial has a total score of 4/6, 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 CI Financial expected to perform in the next 1 to 3 years based on estimates from 5 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
-5.9%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is CI Financial expected to grow at an attractive rate?
  • CI Financial's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 1.4%.
Growth vs Market Checks
  • CI Financial's earnings are expected to decrease over the next 1-3 years, this is below the Canada market average.
  • CI Financial's revenues are expected to decrease over the next 1-3 years, this is below the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:CIX Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:CIX Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 5 Analysts -5.9%
TSX:CIX Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 5 Analysts -4.3%
North America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
North America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.2%
Canada Market Earnings Growth Rate Market Cap Weighted Average 5.1%
Canada Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*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:CIX Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 5 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:CIX Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 1,940 392 478 5
2020-12-31 1,957 506 494 5
2020-04-05
TSX:CIX Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 2,119 558 538
2019-09-30 2,114 579 531
2019-06-30 2,155 626 550
2019-03-31 2,190 649 598
2018-12-31 2,236 608 617
2018-09-30 2,302 573 617
2018-06-30 2,237 591 612
2018-03-31 2,182 577 562
2017-12-31 2,111 581 549
2017-09-30 2,016 637 531
2017-06-30 2,007 623 514
2017-03-31 1,973 622 533

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • CI Financial's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • CI Financial's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:CIX 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 5 Analyst Estimates (S&P Global) See Below

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

TSX:CIX Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 2.31 2.85 1.56 4.00
2020-12-31 2.29 2.65 1.76 4.00
2020-04-05
TSX:CIX Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 2.30
2019-09-30 2.22
2019-06-30 2.24
2019-03-31 2.37
2018-12-31 2.38
2018-09-30 2.32
2018-06-30 2.30
2018-03-31 2.11
2017-12-31 2.08
2017-09-30 2.02
2017-06-30 1.93
2017-03-31 1.99

*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.
  • CI Financial is expected to efficiently use shareholders’ funds in the future (Return on Equity greater than 20%).
X
Future performance checks
We assess CI Financial'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 North America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the North America 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.
CI Financial has a total score of 1/6, 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 CI Financial 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 CI Financial's growth in the last year to its industry (Capital Markets).
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.
  • CI Financial's year on year earnings growth rate has been positive over the past 5 years.
  • CI Financial's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • CI Financial's 1-year earnings growth is negative, it can't be compared to the CA Capital Markets industry average.
Earnings and Revenue History
CI Financial'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 CI Financial Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CIX Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 2,119.23 538.40 489.27
2019-09-30 2,113.75 531.19 508.94
2019-06-30 2,155.31 550.46 513.25
2019-03-31 2,189.63 598.47 515.69
2018-12-31 2,236.37 617.48 512.56
2018-09-30 2,301.55 616.52 519.82
2018-06-30 2,236.60 611.89 499.66
2018-03-31 2,182.23 561.64 484.00
2017-12-31 2,111.30 549.09 459.10
2017-09-30 2,015.77 530.70 430.71
2017-06-30 2,007.08 513.88 421.92
2017-03-31 1,972.74 532.92 408.37
2016-12-31 1,940.80 503.00 396.76
2016-09-30 1,935.44 509.17 391.30
2016-06-30 1,938.99 515.23 384.31
2016-03-31 1,967.30 525.53 378.07
2015-12-31 1,990.15 553.49 372.46
2015-09-30 1,976.63 566.77 362.53
2015-06-30 1,958.33 559.07 355.75
2015-03-31 1,918.83 547.89 348.84
2014-12-31 1,870.92 525.04 341.75
2014-09-30 1,810.06 500.78 337.14
2014-06-30 1,735.33 473.40 329.43
2014-03-31 1,667.81 449.60 321.99
2013-12-31 1,604.15 426.40 314.46
2013-09-30 1,556.28 405.19 305.29
2013-06-30 1,511.85 388.73 296.75

*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.
  • Whilst CI Financial has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • CI Financial used its assets more efficiently than the CA Capital Markets industry average last year based on Return on Assets.
  • CI Financial has improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess CI Financial'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 Capital Markets 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.
CI Financial has a total score of 3/6, 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 CI Financial'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 CI Financial's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • CI Financial's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • CI Financial's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of CI Financial'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.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.5x 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 CI Financial Company Filings, last reported 3 months ago.

TSX:CIX Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,499.36 1,604.49 256.77
2019-09-30 1,528.83 1,569.19 263.33
2019-06-30 1,533.99 1,525.31 291.11
2019-03-31 1,513.18 1,528.52 311.83
2018-12-31 1,432.93 1,503.73 305.28
2018-09-30 1,440.93 1,444.01 287.59
2018-06-30 1,740.55 1,428.53 349.28
2018-03-31 1,822.02 1,366.32 394.15
2017-12-31 1,905.56 1,118.12 325.49
2017-09-30 1,601.12 1,067.92 387.02
2017-06-30 1,647.65 909.03 229.15
2017-03-31 1,726.67 864.84 210.51
2016-12-31 1,748.03 758.66 202.91
2016-09-30 1,785.15 675.72 164.78
2016-06-30 1,824.48 623.60 121.87
2016-03-31 1,859.11 613.47 129.08
2015-12-31 1,896.97 559.35 135.30
2015-09-30 1,873.91 435.62 131.12
2015-06-30 1,894.20 383.54 137.28
2015-03-31 1,917.88 311.47 117.76
2014-12-31 1,906.44 307.39 134.96
2014-09-30 1,894.41 499.26 291.06
2014-06-30 1,899.22 499.13 257.25
2014-03-31 1,858.48 499.00 175.35
2013-12-31 1,823.62 498.87 193.22
2013-09-30 1,768.34 498.75 117.63
2013-06-30 1,734.35 526.62 99.70
  • CI Financial's level of debt (107%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (16.1% vs 107% today).
  • Debt is well covered by operating cash flow (34.8%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 14.6x coverage).
X
Financial health checks
We assess CI Financial'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. CI Financial has a total score of 2/6, 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 CI Financial'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
6.45%
Current annual income from CI Financial dividends. Estimated to be 6.45% next year.
If you bought CA$2,000 of CI Financial shares you are expected to receive CA$129 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?
  • CI Financial's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.75%).
  • CI Financial's dividend is below the markets top 25% of dividend payers in Canada (8.52%).
Upcoming dividend payment

Purchase CI Financial 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:CIX 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 5 Analyst Estimates (S&P Global) See Below
Canada Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 8 Stocks 6.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 324 Stocks 4.7%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.3%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.5%

Industry and Market average data is calculated daily.

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

TSX:CIX Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.72 5.00
2020-12-31 0.72 5.00
2020-04-05
TSX:CIX Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2020-02-14 0.720 4.256
2019-11-07 0.720 3.246
2019-08-08 0.720 3.780
2019-05-09 0.720 3.445
2018-08-09 0.720 3.774
2018-05-10 1.410 5.835
2018-02-15 1.410 5.108
2017-08-10 1.410 4.976
2017-05-11 1.410 5.205
2017-02-16 1.380 5.146
2016-11-03 1.380 5.022
2016-08-04 1.380 5.516
2016-05-05 1.380 5.057
2016-02-11 1.320 4.627
2015-11-05 1.320 4.356
2015-08-06 1.320 4.262
2015-05-07 1.320 3.864
2015-02-12 1.260 3.572
2014-11-06 1.260 3.826
2014-08-07 1.200 3.543
2014-05-07 1.200 3.435
2014-05-06 1.140 3.141
2014-02-13 1.140 3.270
2013-11-07 1.140 3.273
2013-05-07 1.080 3.421
2013-02-14 1.020 3.669
2012-11-06 0.960 3.861
2012-08-09 0.960 4.211
2012-05-08 0.960 4.374
2012-02-16 0.960 4.188
2011-11-08 0.900 4.299
2011-08-09 0.900 4.461
2011-05-10 0.900 3.981
2011-02-23 0.900 3.930
2010-11-09 0.840 3.850
2010-08-10 0.780 3.840
2010-05-11 0.725 3.868
2010-02-23 0.680 3.226
2009-11-10 0.720 3.464
2009-08-11 0.600 3.028
2009-05-12 0.600 3.142

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of CI Financial's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3.2x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3.4x coverage).
X
Income/ dividend checks
We assess CI Financial's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.3%) - 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 CI Financial afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. CI Financial has a total score of 4/6, 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 CI Financial'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
Kurt MacAlpine
AGE 37
TENURE AS CEO 0.6 years
CEO Bio

Mr. Kurt MacAlpine serves as Chief Executive Officer and Director of CI Financial Corp. since September 1, 2019. Mr. MacAlpine served as an Executive Vice President and Global Head of Distribution at WisdomTree Investments Inc. until August 31, 2019. Mr. MacAlpine served as an Executive Vice President and Global Head of Distribution at WisdomTree Asset Management, Inc. Mr. MacAlpine joined WisdomTree in July 2015. He is in connection with the Company’s strategic investmet in November 2016 in AdvisorEngine, Inc., (“AdvisorEngine”) a B2B full enterprise wealth management technology platform, Mr. MacAlpine joined AdvisorEngine’s Board of Directors. Mr. MacAlpine was responsible for all client-facing functions globally, including distribution, marketing, data intelligence and strategy, business development, and client solutions. He also oversaw the majority of the WisdomTree's international businesses, which during his tenure included employees in Canada, Europe, Japan, Israel and Latin America and strategic partnerships in Asia and Australia and New Zealand. He was a member of the WisdomTree's global executive management committee and sat on the boards of several of its international entities. Prior to joining the WisdomTree, Mr. MacAlpine was employed at McKinsey & Company between May 2006 and June 2015 in a variety of consulting roles. He was elected as a Partner of McKinsey & Company in April 2013 and was the Leader of the North American Asset Management Practice. While at McKinsey & Company, Mr. MacAlpine managed global consulting teams in the asset management and wealth management industries on topics related to distribution, marketing, product development, international expansion, strategy and M&A. He has extensive experience working with domestic and foreign firms in North America, Asia and Europe. Mr. MacAlpine received his M.B.A. from Queen’s University in Kingston, Ontario and his Bachelor of Commerce from Saint Mary’s University in Halifax, Nova Scotia.

CEO Compensation
  • Insufficient data for Kurt to compare compensation growth.
  • Insufficient data for Kurt to establish whether their remuneration is reasonable compared to companies of similar size in Canada.
Management Team Tenure

Average tenure of the CI Financial management team in years:

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

Doug Jamieson

TITLE
Executive VP & CFO
COMPENSATION
CA$910K
AGE
52
TENURE
11.3 yrs

Kurt MacAlpine

TITLE
CEO & Director
AGE
37
TENURE
0.6 yrs

Darie Urbanky

TITLE
President & COO
TENURE
0.8 yrs

Ted Kelterborn

TITLE
Chief Legal Officer
TENURE
1.2 yrs

Murray Oxby

TITLE
Vice President of Communications

Lorraine Blair

TITLE
Executive VP & Chief Talent Officer

Roy Ratnavel

TITLE
Executive VP & Head of Distribution for CI Investments

Rohit Mehta

TITLE
Executive Vice President
TENURE
2.3 yrs

Sean Etherington

TITLE
President of Assante Wealth Management (Canada) Limited
TENURE
2.3 yrs

Jaime Ross

TITLE
President of CI Private Counsel & Head of CI Institutional Asset Management
TENURE
2.3 yrs
Board of Directors Tenure

Average tenure and age of the CI Financial board of directors in years:

1.8
Average Tenure
56
Average Age
  • The average tenure for the CI Financial board of directors is less than 3 years, this suggests a new board.
Board of Directors

Bill Holland

TITLE
Chairman of the Board
COMPENSATION
CA$750K
AGE
60
TENURE
9.6 yrs

Kurt MacAlpine

TITLE
CEO & Director
AGE
37
TENURE
0.6 yrs

David Miller

TITLE
Independent Director
COMPENSATION
CA$140K
AGE
69
TENURE
6.5 yrs

Bill Butt

TITLE
Independent Director
AGE
56
TENURE
1.1 yrs

Tom Muir

TITLE
Lead Director
COMPENSATION
CA$153K
AGE
63
TENURE
1.8 yrs

Sheila Murray

TITLE
Director
COMPENSATION
CA$2M
TENURE
1.8 yrs

Brigette Chang-Addorisio

TITLE
Independent Director
COMPENSATION
CA$70K
AGE
42
TENURE
1.8 yrs

Paul Perrow

TITLE
Independent Director
COMPENSATION
CA$70K
AGE
54
TENURE
1.8 yrs
Who owns this company?
Recent Insider Trading
  • CI Financial individual insiders have sold more shares than they have bought in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
23. Mar 20 Buy Kurt MacAlpine Individual 23. Mar 20 23. Mar 20 1,000 CA$11.56 CA$11,563
19. Mar 20 Buy Darie Urbanky Individual 18. Mar 20 18. Mar 20 10,000 CA$13.50 CA$135,000
18. Mar 20 Buy Kurt MacAlpine Individual 18. Mar 20 18. Mar 20 1,000 CA$12.78 CA$12,779
16. Mar 20 Buy Kurt MacAlpine Individual 16. Mar 20 16. Mar 20 1,000 CA$15.72 CA$15,717
13. Mar 20 Buy Kurt MacAlpine Individual 13. Mar 20 13. Mar 20 1,000 CA$15.77 CA$15,774
12. Mar 20 Buy Kurt MacAlpine Individual 12. Mar 20 12. Mar 20 1,400 CA$16.74 CA$23,038
12. Mar 20 Buy William Holland Individual 12. Mar 20 12. Mar 20 200,000 CA$15.75 CA$3,125,000
24. Feb 20 Sell William Holland Individual 19. Feb 20 20. Feb 20 -297,600 CA$25.28 CA$-7,494,748
13. Feb 20 Sell Brigette Chang-Addorisio Individual 24. Jun 19 15. Jul 19 -30,000 CA$21.56 CA$-641,663
24. Jan 20 Sell Sheila Murray Individual 24. Jan 20 24. Jan 20 -25,000 CA$23.19 CA$-579,738
30. Dec 19 Sell David Pauli Individual 23. Dec 19 23. Dec 19 -4,165 CA$21.77 CA$-90,672
11. Dec 19 Sell David Pauli Individual 06. Dec 19 06. Dec 19 -10,000 CA$22.04 CA$-220,450
22. Nov 19 Sell Sheila Murray Individual 20. Nov 19 20. Nov 19 -21,500 CA$20.85 CA$-447,790
13. Aug 19 Buy William Holland Individual 09. Aug 19 09. Aug 19 155,200 CA$18.10 CA$2,808,747
13. Aug 19 Buy Thomas Muir Individual 13. Aug 19 13. Aug 19 20,000 CA$18.56 CA$371,200
12. Aug 19 Buy Roy Ratnavel Individual 09. Aug 19 09. Aug 19 10,000 CA$18.15 CA$181,530
12. Aug 19 Buy Douglas Jamieson Individual 09. Aug 19 09. Aug 19 1,000 CA$18.09 CA$18,092
09. Aug 19 Buy Peter Anderson Individual 09. Aug 19 09. Aug 19 20,000 CA$18.15 CA$362,700
18. Jul 19 Sell Brigette Chang-Addorisio Individual 18. Jul 19 18. Jul 19 -10,000 CA$21.33 CA$-213,300
15. Jul 19 Sell Brigette Chang-Addorisio Individual 11. Jul 19 11. Jul 19 -5,000 CA$21.41 CA$-107,050
10. Jul 19 Sell Brigette Chang-Addorisio Individual 08. Jul 19 08. Jul 19 -15,000 CA$21.64 CA$-324,600
18. Jun 19 Sell Brigette Chang-Addorisio Individual 18. Jun 19 18. Jun 19 -10,000 CA$21.35 CA$-213,500
18. Apr 19 Buy William Holland Individual 18. Apr 19 18. Apr 19 1,100 CA$17.98 CA$19,781
11. Apr 19 Sell David Pauli Individual 10. Apr 19 10. Apr 19 -7,100 CA$18.54 CA$-131,650
X
Management checks
We assess CI Financial'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. CI Financial 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

Is Buying CI Financial Corp (TSE:CIX) For Its Upcoming CA$0.12 Dividend A Good Choice?

Have you been keeping an eye on CI Financial Corp's (TSE:CIX) upcoming dividend of CA$0.12 per share payable on the 15 August 2018? … Whenever I am looking at a potential dividend stock investment, I always check these five metrics:? … Has it consistently paid a stable dividend without missing a payment or drastically cutting payout?

Simply Wall St -

What You Must Know About CI Financial Corp's (TSE:CIX) Major Investors

In this analysis, my focus will be on developing a perspective on CI Financial Corp’s (TSE:CIX) latest ownership structure, a less discussed, but important factor. … When it comes to ownership structure of a company, the impact has been observed in both the long-and short-term performance of shares. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders.

Simply Wall St -

Should CI Financial Corp (TSE:CIX) Be Part Of Your Portfolio?

Dividends play a key role in compounding returns over time and can form a large part of our portfolio return. … In the past 10 years CI Financial Corp (TSE:CIX) has returned an average of 4.00% per year to investors in the form of dividend payouts. … Let's take a look at CI Financial in more detail.

Simply Wall St -

Should CI Financial Corp's (TSE:CIX) Recent Earnings Decline Worry You?

After looking at CI Financial Corp's (TSX:CIX) latest earnings update (31 March 2018), I found it helpful to revisit the company's performance in the past couple of years and compare this against the latest numbers. … Check out our latest analysis for CI Financial Did CIX perform worse than its track record and industry? … For the purpose of this commentary, I like to use the ‘latest twelve-month’ data, 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 -

CI Financial Corp (TSE:CIX) Is Trading 7% Below Its True Value

Looking at line items like book values, as well as the return and cost of equity, is useful for assessing CIX’s true value. … The returns in excess of cost of equity is called excess returns: Excess Return Per Share = (Stable Return On Equity – Cost Of Equity) (Book Value Of Equity Per Share) = (26.25% – 8.43%) * CA$7.56 = CA$1.35 Excess Return Per Share is used to calculate the terminal value of CIX, which is how much the business is expected to continue to generate over the upcoming years, in perpetuity. … This is a common component of discounted cash flow models: Terminal Value Per Share = Excess Return Per Share / (Cost of Equity – Expected Growth Rate) = CA$1.35 / (8.43% – 2.13%) = CA$21.42 Combining these components gives us CIX's intrinsic value per share: Value Per Share = Book Value of Equity Per Share + Terminal Value Per Share = CA$7.56 + CA$21.42 = CA$28.98 Relative to today's price of CA$27.02, CIX is currently fairly priced by the market.

Simply Wall St -

Is Buying CI Financial Corp (TSE:CIX) For Its Upcoming $0.12 Dividend A Good Choice?

Investors looking for higher income-generating stocks to add to their portfolio should keep reading, as I examine CI Financial's latest financial data to analyse its dividend characteristics. … See our latest analysis for CI Financial Here's how I find good dividend stocks If you are a dividend investor, you should always assess these five key metrics: Is it paying an annual yield above 75% of dividend payers? … However, going forward, analysts expect CIX's payout to fall to 56.18% of its earnings, which leads to a dividend yield of 5.46%.

Simply Wall St -

Should You Sell CI Financial Corp (TSE:CIX) At This PE Ratio?

By comparing a stock’s price per share to its earnings per share, we are able to see how much investors are paying for each dollar of the company’s earnings. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for CIX Price per share = CA$27.05 Earnings per share = CA$1.891 ∴ Price-Earnings Ratio = CA$27.05 ÷ CA$1.891 = 14.3x The P/E ratio itself doesn’t tell you a lot; however, it becomes very insightful when you compare it with other similar companies. … At 14.3x, CIX’s P/E is higher than its industry peers (13.5x).

Simply Wall St -

3 Days Left To CI Financial Corp (TSE:CIX)’s Ex-Dividend Date, Is It Worth Buying?

Check out our latest analysis for CI Financial Here's how I find good dividend stocks Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Is its annual yield among the top 25% of dividend-paying companies? … In the near future, analysts are predicting lower payout ratio of 54.81%, leading to a dividend yield of around 5.03%. … If there is one thing that you want to be reliable in your life, it's dividend stocks and their constant income stream.

Simply Wall St -

Does CI Financial Corp (TSE:CIX) Have A Place In Your Dividend Portfolio?

Check out our latest analysis for CI Financial How I analyze a dividend stock Whenever I am looking at a potential dividend stock investment, I always check these five metrics: Does it pay an annual yield higher than 75% of dividend payers? … The current trailing twelve-month payout ratio for the stock is 74.24%, meaning the dividend is sufficiently covered by earnings. … Compared to its peers, CI Financial generates a yield of 4.98%, which is high for Capital Markets stocks.Next Steps: With these dividend metrics in mind, I definitely rank CI Financial as a strong income stock, and is worth further research for anyone who considers dividends an important part of their portfolio strategy.

Simply Wall St -

When Should You Buy CI Financial Corp (TSE:CIX)?

CI Financial Corp (TSX:CIX), a capital markets company based in Canada, saw its share price hover around a small range of CA$28.06 to CA$29.96 over the last few weeks. … It’s trading around 12% above my intrinsic value, which means if you buy CI Financial today, you’d be paying a relatively fair price for it. … Although value investors would argue that it’s the intrinsic value relative to the price that matter the most, a more compelling investment thesis would be high growth potential at a cheap price.

Simply Wall St -

Company Info

Description

CI Financial Corp. is a publicly owned asset management holding company. Through its subsidiaries, the firm manages separate client focused equity, fixed income, and alternative investments portfolios. It also manages mutual funds, hedge funds, and fund of funds for its clients through its subsidiaries. The firm was founded in 1965 and is based in Toronto, Canada with additional offices in Vancouver, Canada; Calgary, Canada; and Montreal, Canada.

Details
Name: CI Financial Corp
CIX
Exchange: TSX
Founded: 1965
CA$2,466,338,647
220,800,237
Website: http://www.cifinancial.com
Address: CI Financial Corp
2 Queen Street East,
Twentieth Floor,
Toronto,
Ontario, M5C 3G7,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CIX Common Shares The Toronto Stock Exchange CA CAD 20. Jun 1994
OTCPK CIFA.F Common Shares Pink Sheets LLC US USD 20. Jun 1994
DB CF7 Common Shares Deutsche Boerse AG DE EUR 20. Jun 1994
Number of employees
Current staff
Staff numbers
1,793
CI Financial employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 05:35
End of day share price update: 2020/04/03 00:00
Last estimates confirmation: 2020/04/03
Last earnings filing: 2020/02/14
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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.