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Mackenzie Master Limited Partnership

TSX:MKZ.UN
Snowflake Description

Flawless balance sheet and good value.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
MKZ.UN
TSX
CA$6M
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

Mackenzie Master Limited Partnership pays selling commissions to financial advisors who sell redemption charge securities of Mackenzie mutual funds for specific periods. The last earnings update was 215 days ago. More info.


Add to Portfolio Compare Print
  • Mackenzie Master Limited Partnership is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
MKZ.UN Share Price and Events
7 Day Returns
4.6%
TSX:MKZ.UN
2.8%
CA Capital Markets
7.1%
CA Market
1 Year Returns
-5.2%
TSX:MKZ.UN
-18.5%
CA Capital Markets
-25.3%
CA Market
MKZ.UN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Mackenzie Master Limited Partnership (MKZ.UN) 4.6% 3.4% -6.2% -5.2% -8.1% 13.8%
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
  • MKZ.UN outperformed the Capital Markets industry which returned -18.5% over the past year.
  • MKZ.UN outperformed the Market in Canada which returned -25.3% over the past year.
Price Volatility
MKZ.UN
Industry
5yr Volatility vs Market

Value

 Is Mackenzie Master Limited Partnership 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 Mackenzie Master Limited Partnership 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 Mackenzie Master Limited Partnership.

TSX:MKZ.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$0.08 * 189.1%
CA$0.14
Book Value of Equity per Share Median Book Value from the past 5 years. CA$0.08
Discount Rate (Cost of Equity) See below 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:MKZ.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%))
0.835
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.84
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (0.835 * 5.44%)
5.98%

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

The calculations below outline how an intrinsic value for Mackenzie Master Limited Partnership 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:MKZ.UN Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (189.1% – 5.98%) * CA$0.08)
CA$0.14
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$0.14 / (5.98% - 1.44%)
CA$3.05
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$0.08 + CA$3.05
CA$3.13
TSX:MKZ.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$3.13
Current discount Discount to share price of CA$0.91
= -1 x (CA$0.91 - CA$3.13) / CA$3.13
70.9%

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

Current Discount
Amount off the current price Mackenzie Master Limited Partnership is available for.
Intrinsic value
>50%
Share price is CA$0.91 vs Future cash flow value of CA$3.13
Current Discount Checks
For Mackenzie Master Limited Partnership to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Mackenzie Master Limited Partnership's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Mackenzie Master Limited Partnership'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 Mackenzie Master Limited Partnership's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Mackenzie Master Limited Partnership's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:MKZ.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-06-30) in CAD CA$0.12
TSX:MKZ.UN Share Price ** TSX (2020-03-26) in CAD CA$0.91
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 Mackenzie Master Limited Partnership.

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

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

= 0.91 ÷ 0.12

7.29x

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

  • Mackenzie Master Limited Partnership is good value based on earnings compared to the CA Capital Markets industry average.
  • Mackenzie Master Limited Partnership is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Mackenzie Master Limited Partnership's expected growth come at a high price?
Raw Data
TSX:MKZ.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.29x
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 Mackenzie Master Limited Partnership, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Mackenzie Master Limited Partnership's assets?
Raw Data
TSX:MKZ.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-06-30) in CAD CA$0.06
TSX:MKZ.UN Share Price * TSX (2020-03-26) in CAD CA$0.91
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:MKZ.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 0.91 ÷ 0.06

14.42x

* Primary Listing of Mackenzie Master Limited Partnership.

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

  • Mackenzie Master Limited Partnership is overvalued based on assets compared to the CA Capital Markets industry average.
X
Value checks
We assess Mackenzie Master Limited Partnership'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. Mackenzie Master Limited Partnership 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 Mackenzie Master Limited Partnership 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 Mackenzie Master Limited Partnership 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 Mackenzie Master Limited Partnership expected to grow at an attractive rate?
  • Unable to compare Mackenzie Master Limited Partnership's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Mackenzie Master Limited Partnership's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare Mackenzie Master Limited Partnership's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:MKZ.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:MKZ.UN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (8 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:MKZ.UN Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-06-30 1 1 1
2019-03-31 1 1 1
2018-12-31 1 1 1
2018-09-30 1 1 1
2018-06-30 1 1 1
2018-03-31 1 1 1
2017-12-31 1 1 1
2017-09-30 1 1 1
2017-06-30 1 1 1
2017-03-31 1 1 1
2016-12-31 1 1 1
2016-09-30 1 1 1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Mackenzie Master Limited Partnership is high growth as no earnings estimate data is available.
  • Unable to determine if Mackenzie Master Limited Partnership 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:MKZ.UN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (8 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Mackenzie Master Limited Partnership Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:MKZ.UN Past Financials Data
Date (Data in CAD Millions) EPS *
2019-06-30 0.12
2019-03-31 0.13
2018-12-31 0.13
2018-09-30 0.13
2018-06-30 0.14
2018-03-31 0.14
2017-12-31 0.14
2017-09-30 0.15
2017-06-30 0.15
2017-03-31 0.15
2016-12-31 0.15
2016-09-30 0.16

*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 Mackenzie Master Limited Partnership will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Mackenzie Master Limited Partnership is trading at Mackenzie Master Limited Partnership'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. Mackenzie Master Limited Partnership'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. Mackenzie Master Limited Partnership'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 Mackenzie Master Limited Partnership'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.
Mackenzie Master Limited Partnership 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 Mackenzie Master Limited Partnership performed over the past 5 years?

  • Mackenzie Master Limited Partnership's last earnings update was 215 days ago.
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 Mackenzie Master Limited Partnership'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.
  • Mackenzie Master Limited Partnership's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Mackenzie Master Limited Partnership's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Mackenzie Master Limited Partnership's 1-year earnings growth is negative, it can't be compared to the CA Capital Markets industry average.
Earnings and Revenue History
Mackenzie Master Limited Partnership'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 Mackenzie Master Limited Partnership Company Filings, last reported 8 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:MKZ.UN Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-06-30 1.18 0.78 0.06
2019-03-31 1.20 0.80 0.06
2018-12-31 1.23 0.81 0.06
2018-09-30 1.26 0.84 0.07
2018-06-30 1.29 0.86 0.07
2018-03-31 1.32 0.88 0.07
2017-12-31 1.35 0.90 0.07
2017-09-30 1.38 0.91 0.07
2017-06-30 1.40 0.93 0.07
2017-03-31 1.41 0.93 0.07
2016-12-31 1.41 0.94 0.07
2016-09-30 1.46 0.98 0.07
2016-06-30 1.50 1.01 0.07
2016-03-31 1.58 1.07 0.07
2015-12-31 1.66 1.12 0.08
2015-09-30 1.71 1.16 0.08
2015-06-30 1.76 1.19 0.09
2015-03-31 1.79 1.21 0.09
2014-12-31 1.82 1.24 0.09
2014-09-30 1.84 1.26 0.08
2014-06-30 1.86 1.28 0.08
2014-03-31 1.86 1.27 0.08
2013-12-31 1.86 1.27 0.08
2013-09-30 1.85 1.26 0.08
2013-06-30 1.85 1.26 0.08
2013-03-31 1.89 1.28 0.08

*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.
  • Mackenzie Master Limited Partnership made outstanding use of shareholders’ funds last year (Return on Equity greater than 40%).
  • Mackenzie Master Limited Partnership used its assets more efficiently than the CA Capital Markets industry average last year based on Return on Assets.
  • Mackenzie Master Limited Partnership's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Mackenzie Master Limited Partnership'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.
Mackenzie Master Limited Partnership 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.

Health

 How is Mackenzie Master Limited Partnership'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 Mackenzie Master Limited Partnership's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Mackenzie Master Limited Partnership is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Mackenzie Master Limited Partnership has no long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Mackenzie Master Limited Partnership'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.
  • Mackenzie Master Limited Partnership 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 Mackenzie Master Limited Partnership Company Filings, last reported 8 months ago.

TSX:MKZ.UN Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-06-30 0.40 0.00 0.31
2019-03-31 0.40 0.00 0.31
2018-12-31 0.81 0.00 0.90
2018-09-30 0.81 0.00 0.90
2018-06-30 0.42 0.00 0.30
2018-03-31 0.42 0.00 0.30
2017-12-31 0.90 0.00 1.19
2017-09-30 0.90 0.00 1.19
2017-06-30 0.46 0.00 0.46
2017-03-31 0.46 0.00 0.46
2016-12-31 0.94 0.00 1.23
2016-09-30 0.94 0.00 1.23
2016-06-30 0.47 0.00 0.44
2016-03-31 0.47 0.00 0.44
2015-12-31 1.12 0.00 1.46
2015-09-30 1.12 0.00 1.46
2015-06-30 0.59 0.00 0.71
2015-03-31 0.59 0.00 0.71
2014-12-31 1.24 0.00 1.60
2014-09-30 1.24 0.00 1.60
2014-06-30 0.64 0.00 0.82
2014-03-31 0.64 0.00 0.82
2013-12-31 1.27 0.00 1.64
2013-09-30 1.27 0.00 1.64
2013-06-30 0.63 0.00 0.82
2013-03-31 0.63 0.00 0.82
  • Mackenzie Master Limited Partnership has no debt.
  • Mackenzie Master Limited Partnership has not taken on any debt in the past 5 years.
  • Mackenzie Master Limited Partnership has no debt, it does not need to be covered by operating cash flow.
  • Mackenzie Master Limited Partnership has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Mackenzie Master Limited Partnership'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. Mackenzie Master Limited Partnership 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 Mackenzie Master Limited Partnership'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
13.19%
Current annual income from Mackenzie Master Limited Partnership dividends.
If you bought CA$2,000 of Mackenzie Master Limited Partnership shares you are expected to receive CA$264 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?
  • Mackenzie Master Limited Partnership's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.75%).
  • Mackenzie Master Limited Partnership's dividend is above the markets top 25% of dividend payers in Canada (8.79%).
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:MKZ.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:MKZ.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-12-16 0.120 12.807
2018-12-14 0.130 13.276
2017-12-15 0.140 14.102
2016-12-16 0.150 15.117
2015-12-17 0.180 18.576
2014-12-15 0.200 22.379
2013-12-19 0.200 26.583
2012-12-14 0.210 30.498
2012-03-26 0.240 28.402
2011-12-16 0.230 22.932
2011-03-29 0.400 35.152
2010-12-17 0.380 38.105
2009-12-18 0.430 45.243

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 fallen over the past 10 years.
Current Payout to shareholders
What portion of Mackenzie Master Limited Partnership's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (1x 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 Mackenzie Master Limited Partnership'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 Mackenzie Master Limited Partnership afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Mackenzie Master Limited Partnership has a total score of 2/6, see the detailed checks below.


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

Management

 What is the CEO of Mackenzie Master Limited Partnership'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
Barry McInerney
CEO Bio

Mr. Barry Sean McInerney, CFA is President, Chief Executive Officer, Director, Chairman and President at Mackenzie Financial Corporation since May 6, 2016. Mr. McInerney is Chief Executive Officer of MMLP GP Inc. He is Chief Executive Officer and President of Mackenzie Investments since July 11, 2016. He is Chief Executive Officer and President of Mackenzie Inc. Mr. McInerney serves on the Board of China Asset Management Co., Ltd. and is member of the Rotman Global Advancement Board as well as the St. Michael’s Hospital Foundation Board. Mr. McInerney has several years of experience in the investment management business. He has held senior executive positions at several leading financial institutions and investment businesses. Previously, he is the Co-Chief Executive Officer at BMO Asset Management Inc. He was Chief Executive Officer, president and Director of BMO Asset Management U.S. & International since march 2009 until May 6, 2016. Mr. McInerney was also the Chief Executive Officer at BMO Global Asset Management. He was the President and Co-Chief Executive Officer at BMO Asset Management Corp. Mr. McInerney joined the BMO Financial Group in early 2009. Previously, he is the Chief Executive Officer and President at Harris Investment Management Inc. Mr. McInerney also is the President at Mercer Investment Management, Inc. He is the Managing Director of Institutional Investment Strategy and Services at Russell Investments and Frank Russell Company. Prior to this, Mr. McInerney is the President at Mercer Global Investments. Previously, he is the President and Chairman of the Mercer Trust Company and was a member of firm's HR consulting's global leadership team. He is Chairman of Counsel Portfolio Services Inc. Mr. McInerney is Chairman of Monegy, Inc. He is Director of Mmlp Gp Inc. He is Non-Executive Director of Pacific Assets Trust plc since May 7, 2014. He is Director of Mackenzie Financial Corporation, Mackenzie Financial Capital Corporation and Investment Planning Counsel Inc. He is Director of Pyrford International Ltd, BMO Global Asset Management (Asia) Limited and Lloyd George Investment Management (Bermuda) Limited. Mr. McInerney is a Member on the Russell Trust Company Board. He is Member of the Board of Trustees of Roosevelt University and of the Board of Directors of Heartland Alliance. Mr. McInerney islso a member of The Economic Club of Chicago, The Executives' Club of Chicago and the University Club of Chicago. Mr. McInerney is Chartered Financial Analyst, Fellow of the Society of Actuaries (FSA) and Fellow of the Canadian Institute of Actuaries (FCIA) designations. He received a Master of Business Administration in Finance and Investment Specialist in 1987 and a Bachelor of Commerce programs in Actuarial Science and Finance in 1985 from Joseph L. Rotman School of Management.

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

Barry McInerney

TITLE
CEO & Director of MMLP GP Inc

Terry Rountes

TITLE
CFO & Director of MMLP GP Inc

Nick Westlind

TITLE
Secretary & Director of MMLP GP Inc
Board of Directors

Barry McInerney

TITLE
CEO & Director of MMLP GP Inc

Terry Rountes

TITLE
CFO & Director of MMLP GP Inc

Nick Westlind

TITLE
Secretary & Director of MMLP GP Inc
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 Mackenzie Master Limited Partnership'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. Mackenzie Master Limited Partnership 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

Mackenzie Master Limited Partnership (TSE:MKZ.UN): What Does It Mean For Your Portfolio?

Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta below one is either less volatile than the market, or more volatile but not corellated with the overall market. … In comparison a stock with a beta of over one tends to be move in a similar direction to the market in the long term, but with greater changes in price.

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Should You Be Tempted To Buy Mackenzie Master Limited Partnership (TSE:MKZ.UN) At Its Current PE Ratio?

I am writing today to help inform people who are new to the stock market. … and want to begin learning the link between Mackenzie Master Limited Partnership (TSE:MKZ.UN)’s fundamentals and stock market performance. … Mackenzie Master Limited Partnership (TSE:MKZ.UN) is trading with a trailing P/E of 6.8x, which is lower than the industry average of 12.4x.

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Mackenzie Master Limited Partnership (TSE:MKZ.UN): Does The Earnings Decline Make It An Underperformer?

Today I will take a look at Mackenzie Master Limited Partnership's (TSX:MKZ.UN) most recent earnings update (31 December 2017) and compare these latest figures against its performance over the past few years, as well as how the rest of the capital markets industry performed. … View our latest analysis for Mackenzie Master Limited Partnership Was MKZ.UN's recent earnings decline worse than the long-term trend and the industry? … For Mackenzie Master Limited Partnership, its latest earnings (trailing twelve month) is CA$896.92K, which compared to the previous year's figure, has dropped by -4.89%.

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How Should Investors Feel About Mackenzie Master Limited Partnership's (TSE:MKZ.UN) CEO Pay?

Today we will assess McInerney’s pay and compare this to the company’s performance over the same period, as well as measure it against other Canadian CEOs leading companies of similar size and profitability. … See our latest analysis for Mackenzie Master Limited Partnership Did McInerney create value? … Based on the size of MKZ.UN in terms of market cap, as well as its performance, using earnings as a proxy, it appears that McInerney is paid lower than other similar Canadian CEOs in the small-cap industry.

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Three Financial Stocks Trading At A Massive Discount

Mackenzie Master Limited Partnership and Findev are two financial stocks I have identified as undervalued. … Mackenzie Master Limited Partnership (TSX:MKZ.UN) Mackenzie Master Limited Partnership pays selling commissions to financial advisors who sell redemption charge securities of Mackenzie mutual funds for specific periods. … Dig deeper into Mackenzie Master Limited Partnership here.

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Best-In-Class TSX Undervalued Stocks

Companies, such as Mackenzie Master Limited Partnership, trading at a market price below their true values are considered to be undervalued. … Mackenzie Master Limited Partnership was founded in 1995 and with the market cap of CAD CA$6.08M, it falls under the small-cap stocks category. … Interested in Mackenzie Master Limited Partnership?

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Mackenzie Master Limited Partnership And Other Top Discounted Financial Stocks

Financial ompanies that are recently trading at a market price lower than their real values include Mackenzie Master Limited Partnership and Laurentian Bank of Canada. … Mackenzie Master Limited Partnership (TSX:MKZ.UN) Mackenzie Master Limited Partnership pays selling commissions to financial advisors who sell redemption charge securities of Mackenzie mutual funds for specific periods. … Mackenzie Master Limited Partnership was started in 1995 and has a market cap of CAD CA$6.08M, putting it in the small-cap stocks category.

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Does Mackenzie Master Limited Partnership (TSE:MKZ.UN) Fall With The Market?

MKZ.UN's beta implies it may be a stock that investors with high-beta portfolios might find relevant if they wanted to reduce their exposure to market risk, especially during times of downturns. … MKZ.UN, with its market capitalisation of CA$5.95M, is a small-cap stock, which generally have higher beta than similar companies of larger size. … Depending on the composition of your portfolio, low-beta stocks such as MKZ.UN is valuable to lower your risk of market exposure, in particular, during times of economic decline.

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Should You Be Tempted To Buy Mackenzie Master Limited Partnership (TSE:MKZ.UN) Because Of Its 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 MKZ.UN Price per share = CA$0.95 Earnings per share = CA$0.143 ∴ Price-Earnings Ratio = CA$0.95 ÷ CA$0.143 = 6.6x 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. … For example, if you are inadvertently comparing lower risk firms with MKZ.UN, then MKZ.UN’s P/E would naturally be lower than its peers, since investors would value those with lower risk with a higher price.

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Top Undervalued Financial Stocks To Buy

Recent undervalued financial companies based on their current market price include Mackenzie Master Limited Partnership and Laurentian Bank of Canada. … Additionally, MKZ.UN’s PE ratio stands at around 6.42x relative to its Capital Markets peer level of, 13.73x indicating that relative to its comparable company group, we can buy MKZ.UN’s stock at a cheaper price today. … In addition to this, IAG’s PE ratio stands at 11.13x relative to its Insurance peer level of, 15.66x indicating that relative to its comparable company group, you can buy IAG for a cheaper price.

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Company Info

Description

Mackenzie Master Limited Partnership pays selling commissions to financial advisors who sell redemption charge securities of Mackenzie mutual funds for specific periods. Redemption charge securities are securities of a fund for which investors are, under certain circumstances, required to pay a charge on redemption. MMLP GP Inc. serves as the general partner of Mackenzie Master Limited Partnership. Mackenzie Master Limited Partnership was founded in 1995 and is based in Toronto, Canada.

Details
Name: Mackenzie Master Limited Partnership
MKZ.UN
Exchange: TSX
Founded: 1995
CA$5,700,705
6,264,511
Website: http://
Address: Mackenzie Master Limited Partnership
180 Queen Street West,
Toronto,
Ontario, M5V 3K1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX MKZ.UN Limited Partnership Units The Toronto Stock Exchange CA CAD 30. Jun 1995
Number of employees
Current staff
Staff numbers
0
Mackenzie Master Limited Partnership 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 01:57
End of day share price update: 2020/03/26 00:00
Last earnings filing: 2019/08/27
Last earnings reported: 2019/06/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.