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Income Financial Trust

TSX:INC.UN
Snowflake Description

Flawless balance sheet, undervalued and pays a dividend.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
INC.UN
TSX
CA$11M
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

Income Financial Trust is an open-ended equity mutual fund launched by Quadravest Inc. The last earnings update was 10 days ago. More info.


Add to Portfolio Compare Print
  • Income Financial Trust is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
INC.UN Share Price and Events
7 Day Returns
-6.3%
TSX:INC.UN
2.8%
CA Capital Markets
7.1%
CA Market
1 Year Returns
-54.1%
TSX:INC.UN
-18.5%
CA Capital Markets
-25.3%
CA Market
INC.UN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Income Financial Trust (INC.UN) -6.3% -37.2% -46% -54.1% -68.2% -56%
CA Capital Markets 2.8% -24.6% -26.7% -18.5% -19.3% -20.5%
CA Market 7.1% -24.1% -26.7% -25.3% -23.4% -17.5%
1 Year Return vs Industry and Market
  • INC.UN underperformed the Capital Markets industry which returned -18.5% over the past year.
  • INC.UN underperformed the Market in Canada which returned -25.3% over the past year.
Price Volatility
INC.UN
Industry
5yr Volatility vs Market

Value

 Is Income Financial Trust 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 Income Financial Trust 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 Income Financial Trust.

TSX:INC.UN 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$9.88 * 8.7%
CA$0.86
Book Value of Equity per Share Median Book Value from the past 5 years. CA$9.88
Discount Rate (Cost of Equity) See below 7.6%
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:INC.UN
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))
= 0.754 (1 + (1- 26.5%) (0%))
1.135
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.13
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.135 * 5.44%)
7.61%

Discounted Cash Flow Calculation for TSX:INC.UN using Excess Returns Model Model

The calculations below outline how an intrinsic value for Income Financial Trust 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:INC.UN Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.7% – 7.61%) * CA$9.88)
CA$0.10
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$0.10 / (7.61% - 1.44%)
CA$1.68
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$9.88 + CA$1.68
CA$11.56
TSX:INC.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$11.56
Current discount Discount to share price of CA$4.87
= -1 x (CA$4.87 - CA$11.56) / CA$11.56
57.9%

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

Current Discount
Amount off the current price Income Financial Trust is available for.
Intrinsic value
>50%
Share price is CA$4.87 vs Future cash flow value of CA$11.56
Current Discount Checks
For Income Financial Trust to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Income Financial Trust's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Income Financial Trust'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 Income Financial Trust's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Income Financial Trust's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:INC.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$1.59
TSX:INC.UN Share Price ** TSX (2020-03-27) in CAD CA$4.87
Canada Capital Markets Industry PE Ratio Median Figure of 15 Publicly-Listed Capital Markets Companies 7.45x
Canada Market PE Ratio Median Figure of 497 Publicly-Listed Companies 10.58x

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

** Primary Listing of Income Financial Trust.

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

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

= 4.87 ÷ 1.59

3.06x

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

  • Income Financial Trust is good value based on earnings compared to the CA Capital Markets industry average.
  • Income Financial Trust is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Income Financial Trust's expected growth come at a high price?
Raw Data
TSX:INC.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.06x
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 1.84x
Canada Market PEG Ratio Median Figure of 234 Publicly-Listed Companies 0.69x

*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 Income Financial Trust, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Income Financial Trust's assets?
Raw Data
TSX:INC.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$8.21
TSX:INC.UN Share Price * TSX (2020-03-27) in CAD CA$4.87
Canada Capital Markets Industry PB Ratio Median Figure of 157 Publicly-Listed Capital Markets Companies 0.82x
Canada Market PB Ratio Median Figure of 2,351 Publicly-Listed Companies 1x
TSX:INC.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 4.87 ÷ 8.21

0.59x

* Primary Listing of Income Financial Trust.

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

  • Income Financial Trust is good value based on assets compared to the CA Capital Markets industry average.
X
Value checks
We assess Income Financial Trust'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. Income Financial Trust 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.

Future Performance

 How is Income Financial Trust 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 Income Financial Trust 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 Income Financial Trust expected to grow at an attractive rate?
  • Unable to compare Income Financial Trust's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Income Financial Trust's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare Income Financial Trust's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:INC.UN 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 2.7%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7.8%
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:INC.UN 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:INC.UN Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 4 2 4
2019-09-30 1 2 1
2019-06-30 -1 3 -2
2019-03-31 -2 3 -3
2018-12-31 -3 3 -4
2018-09-30 -1 3 -1
2018-06-30 2 4 2
2018-03-31 2 4 2
2017-12-31 3 4 2
2017-09-30 5 4 5
2017-06-30 8 4 7
2017-03-31 7 3 6

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Income Financial Trust is high growth as no earnings estimate data is available.
  • Unable to determine if Income Financial Trust 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:INC.UN 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 Income Financial Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:INC.UN Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 1.59
2019-09-30 0.41
2019-06-30 -0.76
2019-03-31 -1.19
2018-12-31 -1.61
2018-09-30 -0.40
2018-06-30 0.80
2018-03-31 0.86
2017-12-31 0.91
2017-09-30 2.00
2017-06-30 3.09
2017-03-31 2.69

*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 Income Financial Trust will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Income Financial Trust'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.
Income Financial Trust 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 Income Financial Trust 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 Income Financial Trust'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.
  • Income Financial Trust's year on year earnings growth rate was negative over the past 5 years, however the most recent earnings are above average.
  • Income Financial Trust has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Income Financial Trust has become profitable in the last year making it difficult to compare the CA Capital Markets industry average.
Earnings and Revenue History
Income Financial Trust'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 Income Financial Trust Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:INC.UN 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 4.12 3.70 0.32
2019-09-30 1.38 0.96 0.33
2019-06-30 -1.36 -1.77 0.34
2019-03-31 -2.36 -2.76 0.36
2018-12-31 -3.36 -3.74 0.38
2018-09-30 -0.52 -0.94 0.39
2018-06-30 2.32 1.86 0.39
2018-03-31 2.47 1.99 0.39
2017-12-31 2.63 2.11 0.38
2017-09-30 5.14 4.65 0.38
2017-06-30 7.65 7.18 0.38
2017-03-31 6.69 6.24 0.37
2016-12-31 5.74 5.31 0.36
2016-09-30 2.05 1.64 0.35
2016-06-30 -1.64 -2.03 0.35
2016-03-31 -0.01 -0.38 0.38
2015-12-31 1.61 1.26 0.40
2015-09-30 2.90 2.55 0.40
2015-06-30 4.19 3.83 0.39
2015-03-31 3.68 3.28 0.39
2014-12-31 3.16 2.72 0.38
2014-09-30 4.28 3.78 0.42
2014-06-30 5.39 4.83 0.45
2014-03-31 7.00 6.47 0.45
2013-12-31 8.61 8.11 0.45
2013-09-30 4.26 6.99 0.46
2013-06-30 4.28 5.86 0.44
2013-03-31 2.51 5.06 0.42

*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.
  • Income Financial Trust has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Income Financial Trust used its assets more efficiently than the CA Capital Markets industry average last year based on Return on Assets.
  • Income Financial Trust's use of capital has not improved over the past 3 years (Return on Capital Employed).
X
Past performance checks
We assess Income Financial Trust'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.
Income Financial Trust has a total score of 1/6, 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 Income Financial Trust'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 Income Financial Trust's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Income Financial Trust is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Income Financial Trust has no long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Income Financial Trust'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.
  • Income Financial Trust 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 Income Financial Trust Company Filings, last reported 2 months ago.

TSX:INC.UN Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 19.08 0.00 0.52
2019-09-30 19.08 0.00 0.52
2019-06-30 18.33 0.00 0.43
2019-03-31 18.33 0.00 0.43
2018-12-31 17.74 0.00 0.77
2018-09-30 17.74 0.00 0.77
2018-06-30 22.95 0.00 0.72
2018-03-31 22.95 0.00 0.72
2017-12-31 25.02 0.00 1.71
2017-09-30 25.02 0.00 1.71
2017-06-30 25.14 0.00 0.51
2017-03-31 25.14 0.00 0.51
2016-12-31 26.84 0.00 1.52
2016-09-30 26.84 0.00 1.52
2016-06-30 21.23 0.00 0.13
2016-03-31 21.23 0.00 0.13
2015-12-31 24.36 0.00 1.08
2015-09-30 24.36 0.00 1.08
2015-06-30 25.95 0.00 2.33
2015-03-31 25.95 0.00 2.33
2014-12-31 26.40 0.00 1.39
2014-09-30 26.40 0.00 1.39
2014-06-30 24.03 0.00 0.89
2014-03-31 24.03 0.00 0.89
2013-12-31 26.58 0.00 0.58
2013-09-30 26.52 0.00 0.58
2013-06-30 23.24 0.00 1.69
2013-03-31 23.24 0.00 1.69
  • Income Financial Trust has no debt.
  • Income Financial Trust has not taken on any debt in the past 5 years.
  • Income Financial Trust has no debt, it does not need to be covered by operating cash flow.
  • Income Financial Trust has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Income Financial Trust'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. Income Financial Trust has a total score of 6/6, 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 Income Financial Trust'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
19.65%
Current annual income from Income Financial Trust dividends.
If you bought CA$2,000 of Income Financial Trust shares you are expected to receive CA$393 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?
  • Income Financial Trust's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.75%).
  • Income Financial Trust's dividend is above the markets top 25% of dividend payers in Canada (8.79%).
Upcoming dividend payment

Purchase Income Financial Trust 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:INC.UN Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Canada Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 6.1%
Canada Market Average Dividend Yield Market Cap Weighted Average of 325 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:INC.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2020-03-23 0.957 21.630
2020-02-20 0.990 14.663
2020-01-20 1.012 11.288
2019-12-18 1.016 11.403
2019-11-20 1.029 11.026
2019-10-18 1.054 11.238
2019-09-18 1.087 11.166
2019-08-22 1.520 15.970
2019-07-18 1.181 12.618
2019-06-19 1.520 16.012
2019-05-21 1.520 15.217
2019-04-18 1.310 12.511
2019-03-20 1.356 12.305
2019-02-21 1.406 11.970
2019-01-17 1.693 14.416
2018-12-19 1.520 14.467
2018-11-20 1.693 16.183
2018-10-18 1.693 13.754
2018-08-20 1.720 12.403
2018-07-18 1.693 11.305
2018-06-20 1.746 11.460
2018-05-18 1.752 11.300
2018-04-18 1.758 11.598
2018-03-20 1.749 10.612
2018-02-21 1.734 10.153
2018-01-18 1.711 9.926
2017-12-20 1.693 9.982
2017-11-20 1.939 11.425
2017-10-18 1.993 10.348
2017-09-20 1.736 8.901
2017-08-18 1.698 9.773
2017-07-19 1.647 9.714
2017-06-20 1.649 9.820
2017-05-18 1.597 9.734
2017-04-18 1.541 9.654
2017-03-20 1.599 10.401
2017-02-16 1.553 10.000
2017-01-18 1.431 9.221
2016-12-19 1.342 9.271
2016-11-15 1.263 9.311
2016-10-19 1.237 9.833
2016-09-20 1.237 9.943
2016-08-18 1.215 9.826
2016-07-20 1.194 9.827
2016-06-20 1.215 10.060
2016-05-17 1.233 10.145
2016-04-20 1.176 9.676
2016-03-21 1.173 9.997
2016-02-18 1.170 10.019
2016-01-19 1.160 10.090
2015-12-18 1.121 9.917
2015-11-17 1.126 10.105
2015-10-20 1.093 9.782
2015-09-17 1.116 10.188
2015-08-19 1.171 10.628
2015-07-20 1.139 9.823
2015-06-18 1.140 9.960
2015-05-20 1.109 9.766
2015-04-20 1.102 9.841
2015-03-19 1.091 9.872
2015-02-18 1.051 9.595
2015-01-20 1.109 10.338
2014-12-18 1.093 10.176
2014-11-20 1.060 9.770
2014-10-20 1.085 10.127
2014-09-18 1.101 10.167
2014-08-20 1.084 9.843
2014-07-18 1.078 9.886
2014-06-18 1.082 10.010
2014-05-21 1.091 10.036
2014-04-21 1.085 9.968
2014-03-19 1.064 9.839
2014-02-19 1.069 10.024
2014-01-20 1.091 10.201
2013-12-18 1.076 9.898
2013-11-18 1.022 9.613
2013-10-18 0.830 8.130
2013-09-20 0.834 8.576
2013-08-20 0.845 8.765
2013-07-18 0.819 8.405
2013-06-19 0.823 8.779
2013-05-21 0.789 8.478
2013-04-18 0.795 8.857
2013-03-19 0.796 8.922
2013-02-19 0.774 8.483
2013-01-18 0.736 8.153
2012-12-18 0.719 8.306
2012-11-20 0.728 8.731
2012-10-18 0.727 8.703
2012-09-19 0.706 8.423
2012-08-20 0.700 8.531
2012-07-18 0.704 8.833
2012-06-20 0.695 8.718
2012-05-18 0.794 10.177
2012-04-18 0.769 9.285
2012-03-20 0.736 8.528
2012-02-21 0.709 8.412
2012-01-18 0.681 8.322
2011-12-19 0.672 8.437
2011-11-18 0.689 9.125
2011-10-19 0.670 8.735
2011-09-20 0.708 9.469
2011-08-18 0.760 9.968
2011-07-20 0.782 9.580
2011-06-20 0.819 9.414
2011-05-18 0.825 9.156
2011-04-19 0.847 9.113
2011-03-18 0.868 9.044
2011-02-16 0.849 8.640
2011-01-19 0.842 8.499
2010-12-20 0.800 8.202
2010-11-18 0.793 8.565
2010-10-20 0.790 8.739
2010-09-20 0.755 8.465
2010-08-18 0.783 9.058
2010-07-20 0.745 8.700
2010-06-18 0.794 9.417
2010-05-19 0.859 9.901
2010-04-20 0.865 9.215
2010-03-18 0.825 8.620
2010-02-17 0.814 8.865
2010-01-20 0.830 8.971
2009-12-18 0.832 8.763
2009-11-18 0.816 8.764
2009-10-20 0.887 9.543
2009-09-18 0.868 9.082
2009-08-19 0.840 9.014
2009-07-20 0.786 8.752
2009-06-18 0.750 9.063
2009-05-20 0.697 8.471
2009-04-20 0.610 7.805

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Income Financial Trust's earnings are paid to the shareholders as a dividend.
  • Dividends paid are covered by earnings (1.6x coverage).
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 Income Financial Trust'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 Income Financial Trust afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Income Financial Trust has a total score of 5/6, 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 Income Financial Trust'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.
  • Income Financial Trust has no CEO, or we have no data on them.
Management Team

Laura Johnson

TITLE
Portfolio Manager
Board of Directors
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$) Value (CA$)
X
Management checks
We assess Income Financial Trust'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. Income Financial Trust 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

Company Info

Description

Income Financial Trust is an open-ended equity mutual fund launched by Quadravest Inc. The fund is managed by Quadravest Capital Management Inc. It invests in the public equity markets of North America. The fund seeks to invest in stocks of companies operating in the financial services sector. It invests in stocks of companies that are included in the Toronto Stock Exchange Financial Services Index, the Standard & Poor’s Financials Index or the Standard & Poor’s MidCap Financials Index. Income Financial Trust was formed on January 27, 1999 and is domiciled in Canada.

Details
Name: Income Financial Trust
INC.UN
Exchange: TSX
Founded: 1999
CA$11,105,888
2,280,470
Website: http://www.quadravest.com/#!inc-fund-features/c9co
Address: Income Financial Trust
77 King Street West,
Royal Trust Tower,
Toronto,
Ontario, M5K 1K7,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX INC.UN Trust Units The Toronto Stock Exchange CA CAD 04. Feb 1999
OTCPK ICFN.F Trust Units Pink Sheets LLC US USD 04. Feb 1999
Number of employees
Current staff
Staff numbers
0
Income Financial Trust employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/29 00:33
End of day share price update: 2020/03/27 00:00
Last earnings filing: 2020/03/19
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.