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Trez Capital Senior Mortgage Investment

TSX:TZS
Snowflake Description

Flawless balance sheet with questionable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TZS
TSX
CA$14M
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

Trez Capital Senior Mortgage Investment Corporation is a fund of Trez Capital Limited Partnership. The last earnings update was 139 days ago. More info.


Add to Portfolio Compare Print
  • Trez Capital Senior Mortgage Investment is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • Trez Capital Senior Mortgage Investment has significant price volatility in the past 3 months.
TZS Share Price and Events
7 Day Returns
0.5%
TSX:TZS
7.9%
CA Capital Markets
11.7%
CA Market
1 Year Returns
-21.3%
TSX:TZS
-19.7%
CA Capital Markets
-26%
CA Market
TZS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Trez Capital Senior Mortgage Investment (TZS) 0.5% -17.8% -23.2% -21.3% -64.1% -76.4%
CA Capital Markets 7.9% -23.7% -26.5% -19.7% -20.2% -21.4%
CA Market 11.7% -21.9% -26.6% -26% -23.6% -17.8%
1 Year Return vs Industry and Market
  • TZS underperformed the Capital Markets industry which returned -19.7% over the past year.
  • TZS outperformed the Market in Canada which returned -26% over the past year.
Price Volatility
TZS
Industry
5yr Volatility vs Market

TZS Value

 Is Trez Capital Senior Mortgage Investment 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 Trez Capital Senior Mortgage Investment 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 Trez Capital Senior Mortgage Investment.

TSX:TZS 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$3.23 * 3%
CA$0.10
Book Value of Equity per Share Median Book Value from the past 5 years. CA$3.23
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:TZS
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))
= 0.751 (1 + (1- 26.5%) (0%))
0.833
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.83
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (0.833 * 5.44%)
5.97%

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

The calculations below outline how an intrinsic value for Trez Capital Senior Mortgage Investment 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:TZS Value of Excess Returns
Calculation Result
Excess Returns = (Stable Return on equity – Cost of equity) (Book Value of Equity per share)
= (3% – 5.97%) * CA$3.23)
CA$-0.10
Terminal Value of Excess Returns = Excess Returns / (Cost of Equity - Expected Growth Rate)
= CA$-0.10 / (5.97% - 1.44%)
CA$-2.12
Value of Equity = Book Value per share + Terminal Value of Excess Returns
= CA$3.23 + CA$-2.12
CA$1.1
TSX:TZS Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$1.10
Current discount Discount to share price of CA$1.85
= -1 x (CA$1.85 - CA$1.10) / CA$1.10
-67.5%

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

  • The current share price of Trez Capital Senior Mortgage Investment is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
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 Trez Capital Senior Mortgage Investment's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Trez Capital Senior Mortgage Investment's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:TZS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in CAD CA$0.13
TSX:TZS Share Price ** TSX (2020-03-27) in CAD CA$1.85
Canada Capital Markets Industry PE Ratio Median Figure of 15 Publicly-Listed Capital Markets Companies 7.45x
Canada Market PE Ratio Median Figure of 498 Publicly-Listed Companies 10.58x

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

** Primary Listing of Trez Capital Senior Mortgage Investment.

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

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

= 1.85 ÷ 0.13

14.53x

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

  • Trez Capital Senior Mortgage Investment is overvalued based on earnings compared to the CA Capital Markets industry average.
  • Trez Capital Senior Mortgage Investment is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Trez Capital Senior Mortgage Investment's expected growth come at a high price?
Raw Data
TSX:TZS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 14.53x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
North America Capital Markets Industry PEG Ratio Median Figure of 39 Publicly-Listed Capital Markets Companies 1.81x
Canada Market PEG Ratio Median Figure of 235 Publicly-Listed Companies 0.71x

*Line of best fit is calculated by linear regression .

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

  • Unable to calculate PEG ratio for Trez Capital Senior Mortgage Investment, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Trez Capital Senior Mortgage Investment's assets?
Raw Data
TSX:TZS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in CAD CA$3.27
TSX:TZS Share Price * TSX (2020-03-27) in CAD CA$1.85
Canada Capital Markets Industry PB Ratio Median Figure of 157 Publicly-Listed Capital Markets Companies 0.82x
Canada Market PB Ratio Median Figure of 2,349 Publicly-Listed Companies 0.99x
TSX:TZS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.85 ÷ 3.27

0.57x

* Primary Listing of Trez Capital Senior Mortgage Investment.

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

  • Trez Capital Senior Mortgage Investment is good value based on assets compared to the CA Capital Markets industry average.
X
Value checks
We assess Trez Capital Senior Mortgage Investment'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. Trez Capital Senior Mortgage Investment has a total score of 1/6, 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.

TZS Future Performance

 How is Trez Capital Senior Mortgage Investment 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 Trez Capital Senior Mortgage Investment 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 Trez Capital Senior Mortgage Investment expected to grow at an attractive rate?
  • Unable to compare Trez Capital Senior Mortgage Investment's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Trez Capital Senior Mortgage Investment's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare Trez Capital Senior Mortgage Investment's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:TZS Future Growth Rates Data Sources
Data Point Source Value (per year)
North America Capital Markets Industry Earnings Growth Rate Market Cap Weighted Average 5.8%
North America Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 2.6%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7.5%
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:TZS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (6 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:TZS Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-09-30 1 0 1
2019-06-30 1 0 1
2019-03-31 1 0 1
2018-12-31 1 0 1
2018-09-30 1 0 0
2018-06-30 1 0 0
2018-03-31 2 0 0
2017-12-31 2 0 0
2017-09-30 2 40 1
2017-06-30 3 40 2
2017-03-31 3 40 1
2016-12-31 4 41 1

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Trez Capital Senior Mortgage Investment is high growth as no earnings estimate data is available.
  • Unable to determine if Trez Capital Senior Mortgage Investment 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:TZS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (6 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Trez Capital Senior Mortgage Investment Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TZS Past Financials Data
Date (Data in CAD Millions) EPS *
2019-09-30 0.13
2019-06-30 0.12
2019-03-31 0.10
2018-12-31 0.08
2018-09-30 0.01
2018-06-30 -0.03
2018-03-31 0.01
2017-12-31 0.03
2017-09-30 0.13
2017-06-30 0.22
2017-03-31 0.08
2016-12-31 0.13

*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 Trez Capital Senior Mortgage Investment will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Trez Capital Senior Mortgage Investment'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.
Trez Capital Senior Mortgage Investment 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.

TZS Past Performance

  How has Trez Capital Senior Mortgage Investment 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 Trez Capital Senior Mortgage Investment'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.
  • Trez Capital Senior Mortgage Investment's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Trez Capital Senior Mortgage Investment's 1-year earnings growth exceeds its 5-year average (771.3% vs -55.9%)
  • Trez Capital Senior Mortgage Investment's earnings growth has exceeded the CA Capital Markets industry average in the past year (771.3% vs -9.4%).
Earnings and Revenue History
Trez Capital Senior Mortgage Investment'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 Trez Capital Senior Mortgage Investment Company Filings, last reported 6 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TZS Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 1.35 0.93 0.42
2019-06-30 1.32 0.90 0.42
2019-03-31 1.28 0.71 0.56
2018-12-31 1.23 0.60 0.62
2018-09-30 1.30 0.11 0.49
2018-06-30 1.42 -0.20 0.92
2018-03-31 1.62 0.04 0.88
2017-12-31 1.90 0.25 0.95
2017-09-30 2.24 0.93 1.31
2017-06-30 2.70 1.66 1.04
2017-03-31 3.25 0.60 2.51
2016-12-31 3.84 0.97 2.72
2016-09-30 4.51 0.85 2.71
2016-06-30 5.15 1.50 2.70
2016-03-31 5.60 3.45 1.35
2015-12-31 5.91 3.85 1.26
2015-09-30 5.87 4.62 1.25
2015-06-30 5.73 4.46 1.28
2015-03-31 5.86 4.59 1.28
2014-12-31 5.90 4.64 1.26
2014-09-30 5.56 7.67 1.38
2014-06-30 4.54 6.56 1.47
2014-03-31 3.20 4.95 1.74
2013-12-31 1.96 3.45 2.00

*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.
  • Trez Capital Senior Mortgage Investment has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Trez Capital Senior Mortgage Investment used its assets less efficiently than the CA Capital Markets industry average last year based on Return on Assets.
  • Unable to establish if Trez Capital Senior Mortgage Investment improved its use of capital last year versus 3 years ago (Return on Capital Employed) due to insufficient past data.
X
Past performance checks
We assess Trez Capital Senior Mortgage Investment'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.
Trez Capital Senior Mortgage Investment 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.

TZS Health

 How is Trez Capital Senior Mortgage Investment'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 Trez Capital Senior Mortgage Investment's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Trez Capital Senior Mortgage Investment is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Trez Capital Senior Mortgage Investment has no long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Trez Capital Senior Mortgage Investment'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.
  • Trez Capital Senior Mortgage Investment 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 Trez Capital Senior Mortgage Investment Company Filings, last reported 6 months ago.

TSX:TZS Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 23.95 0.00 10.73
2019-06-30 23.74 0.00 10.70
2019-03-31 23.51 0.00 10.74
2018-12-31 23.25 0.00 10.67
2018-09-30 23.00 0.00 10.65
2018-06-30 22.82 0.00 10.69
2018-03-31 22.78 0.00 11.02
2017-12-31 22.63 0.00 4.05
2017-09-30 23.76 0.00 3.18
2017-06-30 35.14 0.00 8.94
2017-03-31 41.10 1.95 8.74
2016-12-31 51.82 1.96 13.82
2016-09-30 52.92 1.97 25.04
2016-06-30 68.58 1.98 4.44
2016-03-31 70.46 5.69 6.69
2015-12-31 70.82 23.94 11.11
2015-09-30 71.63 35.21 1.63
2015-06-30 71.49 36.08 4.24
2015-03-31 71.42 36.38 5.35
2014-12-31 71.34 31.15 1.41
2014-09-30 71.29 44.40 0.38
2014-06-30 71.23 36.26 0.36
2014-03-31 70.68 54.32 5.42
2013-12-31 70.68 54.32 5.42
  • Trez Capital Senior Mortgage Investment has no debt.
  • Trez Capital Senior Mortgage Investment has no debt compared to 5 years ago when it was 62.1%.
  • Trez Capital Senior Mortgage Investment has no debt, it does not need to be covered by operating cash flow.
  • Trez Capital Senior Mortgage Investment has no debt, therefore coverage of interest payments is not a concern.
X
Financial health checks
We assess Trez Capital Senior Mortgage Investment'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. Trez Capital Senior Mortgage Investment 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.

TZS Dividends

 What is Trez Capital Senior Mortgage Investment's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Trez Capital Senior Mortgage Investment dividends.
If you bought CA$2,000 of Trez Capital Senior Mortgage Investment shares you are expected to receive CA$0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Trez Capital Senior Mortgage Investment's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Trez Capital Senior Mortgage Investment's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
TSX:TZS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
Canada Capital Markets Industry Average Dividend Yield Market Cap Weighted Average of 9 Stocks 6.2%
Canada Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 4.9%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.3%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.8%

Industry and Market average data is calculated daily.

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

TSX:TZS Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-04-02 0.000 0.000
2018-11-13 0.000 0.000
2018-08-13 0.000 0.000
2018-05-15 0.000 0.000
2018-03-29 0.000 0.000
2017-11-16 0.000 0.000
2017-10-16 0.000 0.000
2017-09-21 0.000 0.000
2017-08-21 0.000 0.000
2017-07-19 0.000 0.000
2017-06-19 0.000 0.000
2017-05-10 0.000 0.000
2017-04-18 0.000 0.000
2017-03-20 0.000 0.000
2017-02-17 0.000 0.000
2017-01-12 0.000 0.000
2016-12-19 0.000 0.000
2016-11-22 0.000 0.000
2016-10-19 0.000 0.000
2016-09-06 0.000 0.000
2016-08-16 0.000 0.000
2016-07-20 0.000 0.000
2016-06-16 0.582 6.755
2016-05-20 0.582 6.744
2016-04-19 0.582 6.930
2016-03-21 0.582 7.070
2016-02-17 0.582 7.056
2016-01-20 0.582 7.252
2015-12-18 0.582 7.284
2015-11-17 0.582 7.266
2015-10-20 0.582 7.264
2015-09-21 0.582 7.353
2015-07-16 0.582 7.677
2015-06-16 0.582 7.365
2015-04-17 0.582 7.242
2015-03-16 0.582 7.400
2015-02-17 0.540 6.827
2015-01-19 0.540 6.828
2014-12-17 0.540 6.893
2014-11-17 0.540 6.783
2014-10-21 0.540 6.678
2014-09-16 0.540 6.585
2014-08-19 0.540 6.488
2014-07-16 0.540 6.439
2014-06-16 0.540 6.402
2014-05-16 0.540 6.605
2014-04-17 0.499 6.150
2014-03-17 0.499 6.132
2014-02-19 0.499 6.038
2014-01-16 0.499 5.876
2013-12-17 0.499 5.807
2013-11-19 0.499 5.715

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

  • Unable to perform a dividend volatility check as Trez Capital Senior Mortgage Investment has not reported any payouts.
  • Unable to verify if Trez Capital Senior Mortgage Investment's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Trez Capital Senior Mortgage Investment's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Trez Capital Senior Mortgage Investment has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Trez Capital Senior Mortgage Investment'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 Trez Capital Senior Mortgage Investment afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Trez Capital Senior Mortgage Investment has a total score of 0/6, see the detailed checks below.


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

TZS Management

 What is the CEO of Trez Capital Senior Mortgage Investment's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Michael John Nisker
TENURE AS CEO 7.4 years
CEO Bio

Mr. Michael John Richard Nisker, B. Comm. LLB, is a Managing Partner of Trez Capital Corporation. Mr. Nisker is employed at Trez Capital Fund Management LP. Mr. Nisker has been a Senior Vice President of TG Income Management Ltd since May 1, 2009. Mr. Nisker serves as a Managing Partner of Trez Capital Limited Partnership at Trez Capital Yield Trust. He has been Chief Executive Officer, President and Director of Trez Capital Senior Mortgage Investment Corporation since October 18, 2012 and serves as its Chairman. Mr. Nisker is responsible for spearheading the Mortgage Broker’s efforts to expand its loan portfolio and investor base throughout Eastern Canada. From 2006 to 2008, he acted as Managing Director in Canada for Fortress Investment Group of New York. He founded, and from 1994 to 2004, acted as the President of Equivest Capital Group. Prior to that, he was in private law practice, specializing in international taxation. He has been a Director of Trez Capital Corporation since July 2012. He serves as a Director of Trez Capital Limited Partnership at Trez Capital Yield Trust.

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

Michael John Nisker

TITLE
Chair of the Board
TENURE
7.4 yrs

Sandy Manson

TITLE
Chief Financial Officer and Director
TENURE
14 yrs

Karyn Phuong

TITLE
Vice President for Investor Relations
Board of Directors Tenure

Average tenure and age of the Trez Capital Senior Mortgage Investment board of directors in years:

7.4
Average Tenure
69.5
Average Age
  • The tenure for the Trez Capital Senior Mortgage Investment board of directors is about average.
Board of Directors

Michael John Nisker

TITLE
Chair of the Board

Sandy Manson

TITLE
Chief Financial Officer and Director
TENURE
7.4 yrs

Clare Copeland

TITLE
Director
COMPENSATION
CA$15K
AGE
83
TENURE
7.4 yrs

Steve Pustil

TITLE
Director
COMPENSATION
CA$15K
AGE
75
TENURE
7.4 yrs

Stewart James Robertson

TITLE
Independent Director
COMPENSATION
CA$15K
AGE
64
TENURE
7.4 yrs

Gary Samuel

TITLE
Director
AGE
61
TENURE
5.6 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Trez Capital Senior Mortgage Investment 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$) Value (CA$)
18. Mar 20 Buy Neil Stratton Individual 16. Mar 20 18. Mar 20 14,000 CA$2.08 CA$28,569
16. Mar 20 Buy Neil Stratton Individual 12. Mar 20 12. Mar 20 1,600 CA$2.02 CA$3,232
12. Mar 20 Buy Neil Stratton Individual 11. Mar 20 11. Mar 20 3,400 CA$2.02 CA$6,868
08. Jan 20 Buy Neil Stratton Individual 24. Jun 19 16. Dec 19 244,500 CA$2.61 CA$589,539
06. Jan 20 Buy Neil Stratton Individual 17. May 19 18. Jun 19 60,300 CA$2.32 CA$136,129
24. Dec 19 Buy Neil Stratton Individual 24. Jan 19 16. May 19 178,400 CA$2.34 CA$403,351
X
Management checks
We assess Trez Capital Senior Mortgage Investment'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. Trez Capital Senior Mortgage Investment 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.

TZS News

Simply Wall St News

TZS Company Info

Description

Trez Capital Senior Mortgage Investment Corporation is a fund of Trez Capital Limited Partnership.

Details
Name: Trez Capital Senior Mortgage Investment Corporation
TZS
Exchange: TSX
Founded:
CA$13,538,423
7,318,067
Website: http://www.trezcapitalseniormic.com/
Address: Trez Capital Senior Mortgage Investment Corporation
1550 - 1185 West Georgia Street,
Vancouver,
British Columbia, V6E 4E6,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX TZS Class A Shares The Toronto Stock Exchange CA CAD 12. Dec 2012
Number of employees
Current staff
Staff numbers
0
Trez Capital Senior Mortgage Investment employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/03/30 03:58
End of day share price update: 2020/03/27 00:00
Last earnings filing: 2019/11/12
Last earnings reported: 2019/09/30
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.