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Clarke

TSX:CKI
Snowflake Description

Undervalued with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CKI
TSX
CA$96M
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

Clarke Inc. is a private equity and venture capital firm specializing in investments in middle market, turnaround, PIPEs, bridge financing, recapitalization, and buyout companies. The last earnings update was 26 days ago. More info.


Add to Portfolio Compare Print
  • Clarke is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • Clarke has significant price volatility in the past 3 months.
CKI Share Price and Events
7 Day Returns
-28.9%
TSX:CKI
2%
CA Capital Markets
6.4%
CA Market
1 Year Returns
-54.7%
TSX:CKI
-19.2%
CA Capital Markets
-25.5%
CA Market
CKI Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Clarke (CKI) -28.9% -54.9% -52.7% -54.7% -45% -41.9%
CA Capital Markets 2% -24% -26.2% -19.2% -20% -21.3%
CA Market 6.4% -22.6% -26.8% -25.5% -23.5% -17.4%
1 Year Return vs Industry and Market
  • CKI underperformed the Capital Markets industry which returned -19.2% over the past year.
  • CKI underperformed the Market in Canada which returned -25.5% over the past year.
Price Volatility
CKI
Industry
5yr Volatility vs Market

CKI Value

 Is Clarke 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 Clarke 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 Clarke.

TSX:CKI 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$11.98 * 12.8%
CA$1.54
Book Value of Equity per Share Median Book Value from the past 5 years. CA$11.98
Discount Rate (Cost of Equity) See below 8.8%
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:CKI
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))
= 0.752 (1 + (1- 26.5%) (141.13%))
1.356
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.36
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.356 * 5.44%)
8.82%

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

The calculations below outline how an intrinsic value for Clarke 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:CKI Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (12.8% – 8.82%) * CA$11.98)
CA$0.48
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$0.48 / (8.82% - 1.44%)
CA$6.50
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$11.98 + CA$6.50
CA$18.48
TSX:CKI Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$18.48
Current discount Discount to share price of CA$5.89
= -1 x (CA$5.89 - CA$18.48) / CA$18.48
68.1%

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

Current Discount
Amount off the current price Clarke is available for.
Intrinsic value
>50%
Share price is CA$5.89 vs Future cash flow value of CA$18.48
Current Discount Checks
For Clarke to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Clarke's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Clarke'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 Clarke's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Clarke's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:CKI PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$2.90
TSX:CKI Share Price ** TSX (2020-03-27) in CAD CA$5.89
Canada Capital Markets Industry PE Ratio Median Figure of 16 Publicly-Listed Capital Markets Companies 7.37x
Canada Market PE Ratio Median Figure of 500 Publicly-Listed Companies 10.58x

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

** Primary Listing of Clarke.

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

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

= 5.89 ÷ 2.90

2.03x

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

  • Clarke is good value based on earnings compared to the CA Capital Markets industry average.
  • Clarke is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Clarke's expected growth come at a high price?
Raw Data
TSX:CKI PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 2.03x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
North America Capital Markets Industry PEG Ratio Median Figure of 39 Publicly-Listed Capital Markets Companies 1.81x
Canada Market PEG Ratio Median Figure of 235 Publicly-Listed Companies 0.71x

*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 Clarke, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Clarke's assets?
Raw Data
TSX:CKI PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$15.06
TSX:CKI Share Price * TSX (2020-03-27) in CAD CA$5.89
Canada Capital Markets Industry PB Ratio Median Figure of 157 Publicly-Listed Capital Markets Companies 0.82x
Canada Market PB Ratio Median Figure of 2,349 Publicly-Listed Companies 0.99x
TSX:CKI PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 5.89 ÷ 15.06

0.39x

* Primary Listing of Clarke.

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

  • Clarke is good value based on assets compared to the CA Capital Markets industry average.
X
Value checks
We assess Clarke'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. Clarke has a total score of 5/6, 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.

CKI Future Performance

 How is Clarke 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 Clarke 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
5.8%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Clarke expected to grow at an attractive rate?
  • Unable to compare Clarke's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Clarke's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare Clarke's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:CKI Future Growth Rates Data Sources
Data Point Source Value (per year)
North America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
North America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.6%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7.6%
Canada Market Revenue Growth Rate Market Cap Weighted Average 3.9%

*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:CKI Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 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:CKI Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 99 11 38
2019-09-30 67 12 21
2019-06-30 54 8 30
2019-03-31 36 9 35
2018-12-31 6 12 -1
2018-09-30 18 13 9
2018-06-30 12 13 2
2018-03-31 12 10 1
2017-12-31 14 5 4
2017-09-30 23 5 14
2017-06-30 36 5 28
2017-03-31 41 5 34

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Clarke is high growth as no earnings estimate data is available.
  • Unable to determine if Clarke 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:CKI Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Clarke Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CKI Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 2.90
2019-09-30 1.77
2019-06-30 2.49
2019-03-31 2.80
2018-12-31 -0.04
2018-09-30 0.65
2018-06-30 0.17
2018-03-31 0.10
2017-12-31 0.24
2017-09-30 0.92
2017-06-30 1.86
2017-03-31 2.26

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

Next steps:

  1. Examine whether Clarke is trading at Clarke'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. Clarke'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 Diversified Financials companies here
  3. Clarke'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 Clarke'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.
Clarke 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.

CKI Past Performance

  How has Clarke 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 Clarke'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.
  • Clarke's year on year earnings growth rate has been positive over the past 5 years.
  • Clarke has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Clarke has become profitable in the last year making it difficult to compare the CA Capital Markets industry average.
Earnings and Revenue History
Clarke'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 Clarke Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:CKI 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 98.88 38.37 7.88
2019-09-30 66.64 21.49 7.17
2019-06-30 54.38 30.48 4.59
2019-03-31 36.25 34.69 3.89
2018-12-31 6.15 -0.56 1.81
2018-09-30 17.92 8.57 2.85
2018-06-30 12.12 2.40 3.10
2018-03-31 11.80 1.47 3.17
2017-12-31 14.29 3.51 3.23
2017-09-30 22.87 13.57 3.10
2017-06-30 35.92 27.76 3.05
2017-03-31 40.94 34.14 3.12
2016-12-31 32.48 25.41 3.42
2016-09-30 29.64 22.56 2.71
2016-06-30 -3.57 -10.90 3.11
2016-03-31 -10.50 -19.19 3.49
2015-12-31 -1.06 -11.07 4.36
2015-09-30 -15.50 -23.99 4.93
2015-06-30 21.82 11.72 4.69
2015-03-31 43.29 33.51 4.77
2014-12-31 48.51 43.24 3.92
2014-09-30 72.10 64.15 3.83
2014-06-30 73.95 64.72 4.16
2014-03-31 59.93 48.37 3.58
2013-12-31 53.84 35.77 3.53
2013-09-30 -88.36 5.22 11.59
2013-06-30 -39.23 -0.22 11.88
2013-03-31 0.00 -15.44 12.09

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

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

CKI Health

 How is Clarke'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 Clarke's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Clarke is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Clarke's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Clarke's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.9x 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 Clarke Company Filings, last reported 2 months ago.

TSX:CKI Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 249.59 133.79 114.21
2019-09-30 239.59 131.80 106.55
2019-06-30 248.33 166.36 106.76
2019-03-31 252.49 168.13 109.10
2018-12-31 149.99 3.44 127.18
2018-09-30 163.99 3.78 139.22
2018-06-30 137.65 0.93 128.62
2018-03-31 138.18 1.00 126.11
2017-12-31 156.39 1.08 140.19
2017-09-30 145.81 1.29 135.61
2017-06-30 177.03 1.50 144.47
2017-03-31 177.17 1.65 144.04
2016-12-31 172.30 1.72 141.59
2016-09-30 161.36 1.93 130.75
2016-06-30 151.75 2.15 120.54
2016-03-31 183.14 2.29 149.64
2015-12-31 190.80 2.36 155.50
2015-09-30 182.96 2.58 150.74
2015-06-30 205.20 2.79 173.30
2015-03-31 242.27 2.94 189.55
2014-12-31 245.10 3.01 168.41
2014-09-30 256.54 3.22 175.19
2014-06-30 242.96 3.44 162.91
2014-03-31 218.93 35.96 185.85
2013-12-31 154.65 113.52 130.93
2013-09-30 123.99 130.61 115.77
2013-06-30 101.40 113.92 75.54
2013-03-31 95.92 103.07 63.32
  • Clarke's level of debt (53.6%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has increased over the past 5 years (1.2% vs 53.6% today).
  • Debt is not well covered by operating cash flow (8.6%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 2.4x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Clarke'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. Clarke 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.

CKI Dividends

 What is Clarke'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 Clarke dividends.
If you bought CA$2,000 of Clarke 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 Clarke's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Clarke'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:CKI 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
Canada Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 6.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 4.9%
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 8.8%

Industry and Market average data is calculated daily.

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

TSX:CKI Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2018-05-09 0.000 0.000
2018-02-15 0.000 0.000
2017-08-03 0.000 0.000
2017-05-05 0.000 0.000
2017-02-27 0.000 0.000
2017-02-24 0.000 0.000
2016-09-27 0.000 0.000
2016-05-05 0.400 4.282
2016-02-24 0.400 4.290
2015-11-04 0.400 4.152
2015-08-05 0.400 3.795
2015-02-23 0.400 3.651
2014-11-05 0.400 4.044
2014-08-08 0.400 3.930
2014-06-11 0.400 3.597
2014-03-06 0.400 4.572
2013-11-08 0.400 5.096
2013-08-13 0.400 6.406
2013-08-12 0.400 7.725
2013-05-17 0.320 6.409
2013-05-15 0.320 6.454
2013-05-14 0.320 6.901
2013-03-19 0.240 5.281
2012-11-07 0.240 5.261
2012-08-13 0.240 5.461
2010-08-03 0.000 0.000
2010-05-14 0.000 0.000
2010-03-08 0.000 0.000
2010-03-05 0.000 0.000
2009-11-05 0.000 0.000
2009-08-06 0.000 0.000
2009-05-15 0.000 0.000

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

  • Unable to perform a dividend volatility check as Clarke has not reported any payouts.
  • Unable to verify if Clarke's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Clarke's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Clarke 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 Clarke'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 Clarke afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Clarke 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.

CKI Management

 What is the CEO of Clarke'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
Michael Rapps
COMPENSATION CA$200,000
TENURE AS CEO 5.7 years
CEO Bio

Mr. Michael B. Rapps serves as Director at Trican Well Service Ltd. Since May 10, 2019. He has been the Chief Executive Officer and President of Clarke Inc. since July 2, 2014 and also has been its Director since May 15, 2012. Mr. Rapps has been Chief Executive Officer of Royal Host Inc. since March 28, 2013. He has served as Vice President of Investments since May 15, 2012 until September 18, 2013. He served as an Investment Manager of Geosam Investments Limited. He served as the Managing Director of Geosam Capital Inc since 2012. Prior to joining Geosam, he was a Lawyer at Davies Ward Phillips & Vineberg LLP, where he practiced law. He served as the Interim Chief Finance officer of Holloway Lodging Real Estate Investment Trust. He had been the Chairman of Holloway Lodging Corporation since June 06, 2011 and its Independent Director since December 24, 2010. He was the Chairman at Royal Host Inc. since March 28, 2013. He served as the Chairman of Supremex Inc. until January 22, 2014. He was a Director of Bonnett's Energy Corp. since May 14, 2012. He served as a Director of Spyglass Resources Corp. from September 22, 2014 to November 25, 2014 and Supremex Inc., from May 8, 2012 to December 11, 2014. Mr. Rapps holds a BCL and an LLB from McGill University.

CEO Compensation
  • Michael's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Michael's remuneration is about average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Clarke management team in years:

2.6
Average Tenure
  • The tenure for the Clarke management team is about average.
Management Team

George Armoyan

TITLE
Executive Chairman
COMPENSATION
CA$1M
AGE
59

Michael Rapps

TITLE
President
COMPENSATION
CA$200K
TENURE
5.7 yrs

Steve Cyr

TITLE
VP & CFO
COMPENSATION
CA$222K
TENURE
2.6 yrs

Paola Calce

TITLE
VP & General Counsel
TENURE
1.2 yrs

Tom Casey

TITLE
Vice President of Finance - Halifax Office

Armen Kakosyan

TITLE
Investment Analyst

Maksym Levytskyy

TITLE
Investment Associate

Tomer Cohen

TITLE
Investment Analyst - Halifax office
Board of Directors Tenure

Average tenure and age of the Clarke board of directors in years:

7.8
Average Tenure
62
Average Age
  • The tenure for the Clarke board of directors is about average.
Board of Directors

George Armoyan

TITLE
Executive Chairman
COMPENSATION
CA$1M
AGE
59

Michael Rapps

TITLE
President
COMPENSATION
CA$200K
TENURE
7.8 yrs

Blair Cook

TITLE
Independent Director
COMPENSATION
CA$40K
TENURE
7.8 yrs

Charles Pellerin

TITLE
Independent Director
COMPENSATION
CA$25K
TENURE
9.8 yrs

Brian Luborsky

TITLE
Independent Director
COMPENSATION
CA$25K
AGE
62
TENURE
5.8 yrs

Marc Staniloff

TITLE
Director
AGE
62
TENURE
1.2 yrs
Who owns this company?
Recent Insider Trading
  • Clarke 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$) Value (CA$)
25. Mar 20 Buy G2S2 Capital Inc. Company 23. Mar 20 24. Mar 20 363,164 CA$8.27 CA$2,955,290
26. Mar 20 Sell Brian Luborsky Individual 23. Mar 20 24. Mar 20 -427,095 CA$8.11 CA$-3,459,193
26. Mar 20 Buy Brian Luborsky Individual 23. Mar 20 23. Mar 20 136,831 CA$8.11 CA$1,109,699
23. Mar 20 Buy G2S2 Capital Inc. Company 19. Mar 20 20. Mar 20 60,700 CA$8.50 CA$501,514
19. Mar 20 Buy G2S2 Capital Inc. Company 18. Mar 20 18. Mar 20 16,900 CA$10.50 CA$175,746
17. Mar 20 Buy G2S2 Capital Inc. Company 16. Mar 20 16. Mar 20 11,100 CA$10.50 CA$116,525
13. Mar 20 Buy G2S2 Capital Inc. Company 12. Mar 20 12. Mar 20 55,124 CA$11.01 CA$599,979
13. Mar 20 Sell Michael Rapps Individual 09. Mar 20 12. Mar 20 -20,500 CA$12.43 CA$-249,891
16. Mar 20 Buy G2S2 Capital Inc. Company 13. Mar 20 13. Mar 20 700 CA$10.90 CA$7,629
16. Mar 20 Buy Charles Pellerin Individual 16. Mar 20 16. Mar 20 800 CA$10.55 CA$8,440
11. Mar 20 Buy G2S2 Capital Inc. Company 11. Mar 20 11. Mar 20 29,700 CA$12.00 CA$355,350
10. Mar 20 Buy G2S2 Capital Inc. Company 09. Mar 20 09. Mar 20 600 CA$10.15 CA$6,090
10. Mar 20 Sell Michael Rapps Individual 05. Mar 20 05. Mar 20 -79,500 CA$12.79 CA$-991,985
17. Jan 20 Sell Brian Luborsky Individual 17. Jan 20 17. Jan 20 -1,000 CA$13.25 CA$-13,250
09. Jan 20 Sell Michael Rapps Individual 06. Jan 20 06. Jan 20 -10,000 CA$12.71 CA$-127,100
03. Jan 20 Sell Michael Rapps Individual 02. Jan 20 02. Jan 20 -9,500 CA$12.49 CA$-118,655
25. Dec 19 Buy G2S2 Capital Inc. Company 20. Dec 19 20. Dec 19 46,300 CA$12.15 CA$562,545
19. Dec 19 Buy G2S2 Capital Inc. Company 18. Dec 19 18. Dec 19 59,200 CA$12.09 CA$715,728
25. Dec 19 Sell Brian Luborsky Individual 20. Dec 19 20. Dec 19 -50,000 CA$12.35 CA$-608,500
21. Nov 19 Sell Brian Luborsky Individual 21. Nov 19 21. Nov 19 -3,900 CA$12.45 CA$-48,555
24. Sep 19 Sell Clarke Inc, Pension Plan Company 23. Sep 19 23. Sep 19 -178,500 CA$12.75 CA$-2,275,875
02. Jul 19 Buy Clarke Inc, Pension Plan Company 27. Jun 19 27. Jun 19 700 CA$13.00 CA$9,100
27. Jun 19 Buy Clarke Inc, Pension Plan Company 26. Jun 19 26. Jun 19 2,100 CA$13.00 CA$27,300
26. Jun 19 Buy Clarke Inc, Pension Plan Company 25. Jun 19 25. Jun 19 3,700 CA$13.00 CA$48,100
21. Jun 19 Buy Clarke Inc, Pension Plan Company 18. Jun 19 20. Jun 19 24,400 CA$13.00 CA$317,149
X
Management checks
We assess Clarke'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. Clarke 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.

CKI News

Simply Wall St News

Is Clarke Inc's (TSE:CKI) CEO Paid Enough To Stay Motivated?

Michael Rapps took the reins as CEO of Clarke Inc's (TSE:CKI) and grew market cap to CA$154.37m recently. … Recognizing whether CEO incentives are aligned with shareholders is a crucial part of investing. … This is because, if incentives are aligned, more value is created for shareholders which directly impacts your returns as an investor.

Simply Wall St -

Clarke Inc (TSE:CKI): Does The Earnings Decline Make It An Underperformer?

Below, I will examine Clarke Inc's (TSE:CKI) track record on a high level, to give you some insight into how the company has been performing against its long term trend and its industry peers. … Did CKI perform worse than its track record and industry. … Furthermore, this one-year growth rate has been lower than its average earnings growth rate over the past 5 years of 6.81%, indicating the rate at which CKI is growing has slowed down

Simply Wall St -

Does Clarke Inc's (TSX:CKI) PE Ratio Warrant A Buy?

Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for CKI Price per share = CA$9.91 Earnings per share = CA$0.916 ∴ Price-Earnings Ratio = CA$9.91 ÷ CA$0.916 = 10.8x On its own, the P/E ratio doesn’t tell you much; however, it becomes extremely useful when you compare it with other similar companies. … CKI’s P/E of 10.8x is lower than its industry peers (14.2x), which implies that each dollar of CKI’s earnings is being undervalued by investors. … For example, if you are inadvertently comparing lower risk firms with CKI, then CKI’s P/E would naturally be lower than its peers, since investors would value those with lower risk with a higher price.

Simply Wall St -

CKI Company Info

Description

Clarke Inc. is a private equity and venture capital firm specializing in investments in middle market, turnaround, PIPEs, bridge financing, recapitalization, and buyout companies. It invests in undervalued or underperforming businesses with hard assets. It invests in companies, securities or other assets such as real estate, which can be public or private entities. The firm primarily invests equity, debt and other securities. It invests in industries that have hard assets, including manufacturing, industrial, energy, materials, and real estate businesses. The firm invests in debt and equity securities of companies engaged in the oil and gas industry. It prefers to purchase well-priced equity securities rather than well-priced debt securities, and securities of oil service firms rather than E&P firms. The firm primarily invests in companies in Canada and United states of America. It seeks active involvement in the governance and/or management of the company it invests in. The firm may participate in Portfolio Company’s board of directors. It makes balance sheet investments. Clarke Inc. was founded in 1997 and is based in Halifax, Canada.

Details
Name: Clarke Inc.
CKI
Exchange: TSX
Founded: 1997
CA$95,509,200
16,215,484
Website: http://www.clarkeinc.com
Address: Clarke Inc.
145 Hobsons Lake Drive,
Suite 106,
Halifax,
Nova Scotia, B3S 0H9,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX CKI Common Shares The Toronto Stock Exchange CA CAD 17. Mar 1999
OTCPK CLKF.F Common Shares Pink Sheets LLC US USD 17. Mar 1999
Number of employees
Current staff
Staff numbers
750
Clarke employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 00:42
End of day share price update: 2020/03/27 00:00
Last earnings filing: 2020/03/04
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.