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Ravensource Fund

TSX:RAV.UN
Snowflake Description

Flawless balance sheet unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
RAV.UN
TSX
CA$27M
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

Ravensource Fund is a closed-ended balanced mutual fund launched and managed by Stornoway Portfolio Management Inc. The last earnings update was 34 days ago. More info.


Add to Portfolio Compare Print
  • Ravensource Fund is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
RAV.UN Share Price and Events
7 Day Returns
0%
TSX:RAV.UN
-0.3%
CA Capital Markets
2.5%
CA Market
1 Year Returns
-8.6%
TSX:RAV.UN
-21.2%
CA Capital Markets
-24.8%
CA Market
RAV.UN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Ravensource Fund (RAV.UN) 0% -8.6% - -8.6% 10.3% 30.3%
CA Capital Markets -0.3% -25% -26.2% -21.2% -20.9% -21.9%
CA Market 2.5% -20.8% -24.7% -24.8% -22.2% -17%
1 Year Return vs Industry and Market
  • RAV.UN outperformed the Capital Markets industry which returned -21.2% over the past year.
  • RAV.UN outperformed the Market in Canada which returned -24.8% over the past year.
Price Volatility
RAV.UN
Industry
5yr Volatility vs Market

Value

 Is Ravensource Fund 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 Ravensource Fund 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 Ravensource Fund.

TSX:RAV.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$16.01 * 8.7%
CA$1.39
Book Value of Equity per Share Median Book Value from the past 5 years. CA$16.01
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:RAV.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 0.74
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.743 (1 + (1- 26.5%) (0%))
1.123
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.12
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.123 * 5.44%)
7.55%

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

The calculations below outline how an intrinsic value for Ravensource Fund 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:RAV.UN Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (8.7% – 7.55%) * CA$16.01)
CA$0.18
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$0.18 / (7.55% - 1.44%)
CA$3.02
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$16.01 + CA$3.02
CA$19.03
TSX:RAV.UN Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$19.03
Current discount Discount to share price of CA$16.00
= -1 x (CA$16.00 - CA$19.03) / CA$19.03
15.9%

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

Current Discount
Amount off the current price Ravensource Fund is available for.
Intrinsic value
16%
Share price is CA$16 vs Future cash flow value of CA$19.03
Current Discount Checks
For Ravensource Fund to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Ravensource Fund's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Ravensource Fund's share price is below the future cash flow value, but not 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 Ravensource Fund's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Ravensource Fund's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:RAV.UN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$0.84
TSX:RAV.UN Share Price ** TSX (2020-03-26) in CAD CA$16
Canada Capital Markets Industry PE Ratio Median Figure of 15 Publicly-Listed Capital Markets Companies 7.28x
Canada Market PE Ratio Median Figure of 497 Publicly-Listed Companies 10.31x

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

** Primary Listing of Ravensource Fund.

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

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

= 16 ÷ 0.84

19.03x

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

  • Ravensource Fund is overvalued based on earnings compared to the CA Capital Markets industry average.
  • Ravensource Fund is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Ravensource Fund's expected growth come at a high price?
Raw Data
TSX:RAV.UN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 19.03x
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 1.93x
Canada Market PEG Ratio Median Figure of 233 Publicly-Listed Companies 0.68x

*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 Ravensource Fund, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Ravensource Fund's assets?
Raw Data
TSX:RAV.UN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$17.76
TSX:RAV.UN Share Price * TSX (2020-03-26) in CAD CA$16
Canada Capital Markets Industry PB Ratio Median Figure of 160 Publicly-Listed Capital Markets Companies 0.82x
Canada Market PB Ratio Median Figure of 2,360 Publicly-Listed Companies 0.99x
TSX:RAV.UN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 16 ÷ 17.76

0.9x

* Primary Listing of Ravensource Fund.

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

  • Ravensource Fund is overvalued based on assets compared to the CA Capital Markets industry average.
X
Value checks
We assess Ravensource Fund'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. Ravensource Fund has a total score of 0/6, 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 Ravensource Fund 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 Ravensource Fund 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
5.2%
Expected Capital Markets industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Ravensource Fund expected to grow at an attractive rate?
  • Unable to compare Ravensource Fund's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Ravensource Fund's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare Ravensource Fund's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:RAV.UN Future Growth Rates Data Sources
Data Point Source Value (per year)
North America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.2%
North America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.2%
Canada Market Earnings Growth Rate Market Cap Weighted Average 5.1%
Canada Market Revenue Growth Rate Market Cap Weighted Average 3.4%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

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

Analysts growth expectations
Raw Data
TSX:RAV.UN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:RAV.UN Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 1 -2 1
2019-09-30 3 1 2
2019-06-30 4 3 3
2019-03-31 5 6 4
2018-12-31 6 8 4
2018-09-30 5 4 4
2018-06-30 4 0 3
2018-03-31 3 -1 3
2017-12-31 2 -1 2
2017-09-30 2 0 1
2017-06-30 1 0 1
2017-03-31 2 -1 1

*GAAP earnings excluding extraordinary items.

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

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

TSX:RAV.UN Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 0.84
2019-09-30 1.39
2019-06-30 1.95
2019-03-31 2.25
2018-12-31 2.55
2018-09-30 2.32
2018-06-30 2.08
2018-03-31 1.52
2017-12-31 0.96
2017-09-30 0.63
2017-06-30 0.30
2017-03-31 0.65

*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 Ravensource Fund will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Ravensource Fund'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.
Ravensource Fund 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 Ravensource Fund 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 Ravensource Fund'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.
  • Ravensource Fund has delivered over 20% year on year earnings growth in the past 5 years.
  • Ravensource Fund's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Ravensource Fund's 1-year earnings growth is negative, it can't be compared to the CA Capital Markets industry average.
Earnings and Revenue History
Ravensource Fund'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 Ravensource Fund Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:RAV.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 1.42 1.41 0.64
2019-09-30 2.75 2.33 0.91
2019-06-30 4.08 3.26 1.17
2019-03-31 4.98 3.76 1.27
2018-12-31 5.88 4.26 1.37
2018-09-30 5.16 3.87 1.12
2018-06-30 4.43 3.49 0.87
2018-03-31 3.27 2.54 0.66
2017-12-31 2.11 1.60 0.45
2017-09-30 1.51 1.05 0.38
2017-06-30 0.92 0.50 0.31
2017-03-31 1.56 1.09 0.37
2016-12-31 2.20 1.67 0.44
2016-09-30 2.29 1.79 0.49
2016-06-30 2.38 1.91 0.53
2016-03-31 2.76 2.36 0.47
2015-12-31 3.14 2.80 0.40
2015-09-30 0.72 0.74 0.01
2015-06-30 -1.71 -1.32 -0.38
2015-03-31 -0.89 -0.86 -0.02
2014-12-31 -0.07 -0.40 0.34
2014-09-30 3.37 2.42 0.95
2014-06-30 6.80 5.23 1.57
2014-03-31 5.99 4.60 1.39
2013-12-31 5.18 3.96 1.22
2013-09-30 2.87 3.34 1.03
2013-06-30 3.12 2.72 0.85

*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.
  • Ravensource Fund has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Ravensource Fund used its assets less efficiently than the CA Capital Markets industry average last year based on Return on Assets.
  • Ravensource Fund's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Ravensource Fund'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.
Ravensource Fund 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 Ravensource Fund'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 Ravensource Fund's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Ravensource Fund is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Ravensource Fund has no long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Ravensource Fund'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.
  • Ravensource Fund 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 Ravensource Fund Company Filings, last reported 3 months ago.

TSX:RAV.UN Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 29.71 0.00 29.65
2019-09-30 29.71 0.00 29.65
2019-06-30 29.53 0.00 29.44
2019-03-31 29.53 0.00 29.44
2018-12-31 28.81 0.00 29.95
2018-09-30 28.81 0.00 29.95
2018-06-30 26.77 0.00 27.12
2018-03-31 26.77 0.00 27.12
2017-12-31 25.05 0.00 25.02
2017-09-30 25.05 0.00 25.02
2017-06-30 23.79 0.00 24.08
2017-03-31 23.79 0.00 24.08
2016-12-31 24.07 0.00 24.28
2016-09-30 24.07 0.00 24.28
2016-06-30 23.93 0.00 24.17
2016-03-31 23.93 0.00 24.17
2015-12-31 22.92 0.00 23.10
2015-09-30 22.92 0.00 23.10
2015-06-30 22.54 0.00 22.62
2015-03-31 22.54 0.00 22.62
2014-12-31 20.64 0.00 20.66
2014-09-30 20.64 0.00 20.66
2014-06-30 24.72 0.00 25.46
2014-03-31 24.72 0.00 25.46
2013-12-31 21.90 0.00 22.84
2013-09-30 21.90 0.00 6.77
2013-06-30 19.99 0.00
  • Ravensource Fund has no debt.
  • Ravensource Fund has not taken on any debt in the past 5 years.
  • Ravensource Fund has no debt, it does not need to be covered by operating cash flow.
  • Ravensource Fund has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Ravensource Fund'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. Ravensource Fund 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 Ravensource Fund'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
1.88%
Current annual income from Ravensource Fund dividends.
If you bought CA$2,000 of Ravensource Fund shares you are expected to receive CA$38 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?
  • Ravensource Fund's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.75%).
  • Ravensource Fund's dividend is below the markets top 25% of dividend payers in Canada (8.52%).
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:RAV.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 8 Stocks 6.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 324 Stocks 4.7%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.3%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.5%

Industry and Market average data is calculated daily.

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

TSX:RAV.UN Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2020-01-20 0.300 1.729
2019-07-02 0.300 1.680
2018-12-20 0.300 1.760
2018-06-13 0.300 1.910
2017-12-19 0.370 2.604
2017-06-20 0.440 3.124
2016-12-14 0.300 2.140
2016-06-21 0.300 2.175
2015-12-14 0.300 2.280
2015-06-15 0.300 2.289
2014-12-19 0.300 2.381
2014-06-13 0.300 2.124
2014-01-07 0.300 2.279
2013-07-02 0.180 1.479
2012-12-17 0.180 1.663
2012-06-28 0.360 3.432
2011-12-20 0.540 5.367
2011-08-03 0.180 1.877
2010-12-20 0.180 1.703
2010-06-08 0.180 1.894
2009-12-15 0.180 2.167
2009-06-22 0.180 2.825

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have increased over the past 10 years.
Current Payout to shareholders
What portion of Ravensource Fund's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (2.8x 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 Ravensource Fund'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 Ravensource Fund afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Ravensource Fund 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 Ravensource Fund'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.
  • Ravensource Fund has no CEO, or we have no data on them.
Management Team
Board of Directors
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Ravensource Fund individual insiders in the past 3 months, but not in substantial volumes.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
30. Mar 20 Buy Scott Reid Individual 26. Mar 20 26. Mar 20 200 CA$16.00 CA$3,200
26. Mar 20 Buy Scott Reid Individual 24. Mar 20 24. Mar 20 300 CA$16.00 CA$4,800
26. Feb 20 Buy Scott Reid Individual 25. Feb 20 25. Feb 20 500 CA$17.50 CA$8,750
13. Feb 20 Buy Scott Reid Individual 11. Feb 20 11. Feb 20 500 CA$17.75 CA$8,875
06. Feb 20 Buy Scott Reid Individual 06. Feb 20 06. Feb 20 400 CA$18.00 CA$7,200
28. Jan 20 Buy Scott Reid Individual 27. Jan 20 27. Jan 20 100 CA$18.00 CA$1,800
20. Jan 20 Buy Scott Reid Individual 20. Jan 20 20. Jan 20 200 CA$17.95 CA$3,590
24. Oct 19 Sell Scott Reid Individual 23. Oct 19 23. Oct 19 -3,000 CA$17.91 CA$-53,702
24. Oct 19 Buy Scott Reid Individual 23. Oct 19 23. Oct 19 2,000 CA$17.09 CA$34,180
23. Sep 19 Sell Scott Reid Individual 23. Sep 19 23. Sep 19 -15,450 CA$18.76 CA$-289,787
23. Sep 19 Buy Scott Reid Individual 23. Sep 19 23. Sep 19 300 CA$17.86 CA$5,358
11. Oct 19 Buy Scott Reid Individual 11. Oct 19 11. Oct 19 200 CA$17.95 CA$3,590
04. Oct 19 Sell Scott Reid Individual 04. Oct 19 04. Oct 19 -100 CA$18.75 CA$-1,875
02. Oct 19 Sell Scott Reid Individual 01. Oct 19 01. Oct 19 -1,000 CA$18.75 CA$-18,750
26. Sep 19 Buy Scott Reid Individual 26. Sep 19 26. Sep 19 34,710 CA$17.86 CA$619,799
25. Sep 19 Sell Scott Reid Individual 24. Sep 19 25. Sep 19 -2,300 CA$17.89 CA$-41,137
20. Sep 19 Sell Scott Reid Individual 19. Sep 19 19. Sep 19 -10,700 CA$17.86 CA$-191,102
20. Sep 19 Buy Scott Reid Individual 05. Sep 19 05. Sep 19 2,200 CA$17.35 CA$37,588
04. Sep 19 Buy Scott Reid Individual 03. Sep 19 03. Sep 19 500 CA$17.25 CA$8,625
28. Aug 19 Buy Scott Reid Individual 26. Aug 19 26. Aug 19 500 CA$17.25 CA$8,625
16. Aug 19 Buy Scott Reid Individual 15. Aug 19 15. Aug 19 500 CA$17.25 CA$8,625
18. Jul 19 Sell Scott Reid Individual 17. Jul 19 17. Jul 19 -200 CA$17.50 CA$-3,500
09. Jul 19 Sell Scott Reid Individual 08. Jul 19 09. Jul 19 -900 CA$17.56 CA$-15,756
02. Jul 19 Sell Scott Reid Individual 02. Jul 19 02. Jul 19 -100 CA$17.50 CA$-1,750
08. May 19 Sell Scott Reid Individual 06. May 19 06. May 19 -100 CA$17.50 CA$-1,750
02. May 19 Sell Scott Reid Individual 30. Apr 19 30. Apr 19 -200 CA$17.50 CA$-3,500
09. Apr 19 Sell Scott Reid Individual 08. Apr 19 08. Apr 19 -400 CA$17.50 CA$-7,000
X
Management checks
We assess Ravensource Fund'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. Ravensource Fund 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

Ravensource Fund is a closed-ended balanced mutual fund launched and managed by Stornoway Portfolio Management Inc. The fund invests in public equity and fixed income markets of the North America. It seeks to invest in the stocks of companies operating across the diversified sectors. The fund invests in stocks of small-cap companies. For its fixed income component, it invests in high yield bonds and distressed debt. The fund benchmarks the performance of its portfolio against the TSX Total Return Index. It was formerly known as the First Asia Income Fund. Ravensource Fund was formed on April 28, 1997 and is domiciled in Canada.

Details
Name: Ravensource Fund
RAV.UN
Exchange: TSX
Founded: 1997
CA$26,765,920
1,672,870
Website: http://www.ravensource.ca
Address: Ravensource Fund
30 St. Clair Avenue West,
Suite 901,
Toronto,
Ontario, M4V 3A1,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX RAV.UN Trust Units The Toronto Stock Exchange CA CAD 15. May 1998
Number of employees
Current staff
Staff numbers
0
Ravensource Fund employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/05 04:51
End of day share price update: 2020/03/26 00:00
Last earnings filing: 2020/03/02
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.