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Itasca Capital

TSXV:ICL
Snowflake Description

Flawless balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
ICL
TSXV
CA$10M
Market Cap
  1. Home
  2. CA
  3. Diversified Financials
Company description

Itasca Capital Ltd. does not have significant operations. The last earnings update was 17 days ago. More info.


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ICL Share Price and Events
7 Day Returns
-6.5%
TSXV:ICL
-0.6%
CA Capital Markets
-1.3%
CA Market
1 Year Returns
115%
TSXV:ICL
15.7%
CA Capital Markets
7.7%
CA Market
ICL Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Itasca Capital (ICL) -6.5% - 41% 115% -42.7% -21.8%
CA Capital Markets -0.6% -4.5% -4.3% 15.7% 11.7% 8.9%
CA Market -1.3% 0.7% 1% 7.7% 5.1% 18%
1 Year Return vs Industry and Market
  • ICL outperformed the Capital Markets industry which returned 15.7% over the past year.
  • ICL outperformed the Market in Canada which returned 7.7% over the past year.
Price Volatility
ICL
Industry
5yr Volatility vs Market

ICL Value

 Is Itasca Capital 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
  • It is not possible to calculate the future cash flow value for Itasca Capital. This is due to cash flow or dividend data being unavailable. The share price is CA$0.43.
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 Itasca Capital's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Itasca Capital's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSXV:ICL PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in CAD CA$-0.15
TSXV:ICL Share Price ** TSXV (2019-12-05) in CAD CA$0.43
Canada Capital Markets Industry PE Ratio Median Figure of 18 Publicly-Listed Capital Markets Companies 12.41x
Canada Market PE Ratio Median Figure of 513 Publicly-Listed Companies 15.04x

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

** Primary Listing of Itasca Capital.

TSXV:ICL PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSXV:ICL Share Price ÷ EPS (both in CAD)

= 0.43 ÷ -0.15

-2.91x

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

  • Itasca Capital is loss making, we can't compare its value to the CA Capital Markets industry average.
  • Itasca Capital is loss making, we can't compare the value of its earnings to the Canada market.
Price based on expected Growth
Does Itasca Capital's expected growth come at a high price?
Raw Data
TSXV:ICL PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -2.91x
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 2.15x
Canada Market PEG Ratio Median Figure of 236 Publicly-Listed Companies 1.12x

*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 Itasca Capital, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Itasca Capital's assets?
Raw Data
TSXV:ICL PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in CAD CA$0.62
TSXV:ICL Share Price * TSXV (2019-12-05) in CAD CA$0.43
Canada Capital Markets Industry PB Ratio Median Figure of 142 Publicly-Listed Capital Markets Companies 0.87x
Canada Market PB Ratio Median Figure of 2,315 Publicly-Listed Companies 1.28x
TSXV:ICL PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSXV:ICL Share Price ÷ Book Value per Share (both in CAD)

= 0.43 ÷ 0.62

0.69x

* Primary Listing of Itasca Capital.

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

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

ICL Future Performance

 How is Itasca Capital 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 Itasca Capital 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 Itasca Capital expected to grow at an attractive rate?
  • Unable to compare Itasca Capital's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Itasca Capital's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare Itasca Capital's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSXV:ICL 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%
Canada Capital Markets Industry Revenue Growth Rate Market Cap Weighted Average 3.9%
Canada Market Earnings Growth Rate Market Cap Weighted Average 10.7%
Canada Market Revenue Growth Rate Market Cap Weighted Average 4.9%

*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
TSXV:ICL Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (2 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSXV:ICL Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-09-30 -1 -3
2019-06-30 -1 -4
2019-03-31 0 -5
2018-12-31 0 -6
2018-09-30 0 -2
2018-06-30 0 2
2018-03-31 0 -2
2017-12-31 0 -1
2017-09-30 -1 9
2017-06-30 -1 6
2017-03-31 -2 9
2016-12-31 -2 9

*GAAP earnings excluding extraordinary items.

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

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

TSXV:ICL Past Financials Data
Date (Data in CAD Millions) EPS *
2019-09-30 -0.15
2019-06-30 -0.17
2019-03-31 -0.22
2018-12-31 -0.29
2018-09-30 -0.11
2018-06-30 0.08
2018-03-31 -0.09
2017-12-31 -0.05
2017-09-30 0.40
2017-06-30 0.26
2017-03-31 0.33
2016-12-31 0.28

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

Next steps:

  1. Examine Itasca Capital's financial health to determine how well-positioned it is against times of financial stress by looking at its level of debt over time and how much cash it has left.
  2. Itasca Capital'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. Itasca Capital'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 Itasca Capital'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 Canada 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.
Itasca Capital 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.

ICL Past Performance

  How has Itasca Capital 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 Itasca Capital'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.
  • Itasca Capital does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Itasca Capital's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Itasca Capital's 1-year growth to the CA Capital Markets industry average as it is not currently profitable.
Earnings and Revenue History
Itasca Capital'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 Itasca Capital Company Filings, last reported 2 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSXV:ICL 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 -3.23 0.50
2019-06-30 -3.61 0.47
2019-03-31 -4.89 0.37
2018-12-31 -6.25 0.25
2018-09-30 -2.36 0.26
2018-06-30 1.85 0.25
2018-03-31 -1.93 0.28
2017-12-31 -0.99 0.28
2017-09-30 8.80 0.28
2017-06-30 5.64 0.37
2017-03-31 8.57 0.91
2016-12-31 8.95 1.54
2016-09-30 -3.77 2.71
2016-06-30 -3.99 2.84
2016-03-31 -3.11 2.38
2015-12-31 -2.90 1.80
2015-09-30 -0.47 0.72
2015-06-30 -0.30 0.60
2015-03-31 -0.10 0.63
2014-12-31 -0.02 0.62
2014-09-30 -0.20 0.72
2014-06-30 -0.70 1.23
2014-03-31 -2.25 1.61
2013-12-31 -2.55 1.85
2013-09-30 -2.62 2.03
2013-06-30 -2.41 1.83
2013-03-31 -1.58 1.79
2012-12-31 -2.06 1.87

*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.
  • It is difficult to establish if Itasca Capital has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Itasca Capital has efficiently used its assets last year compared to the CA Capital Markets industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Itasca Capital improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Itasca Capital'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.
Itasca Capital has a total score of 0/6, 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.

ICL Health

 How is Itasca Capital'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 Itasca Capital's finances.

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

TSXV:ICL Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 13.56 0.00 1.27
2019-06-30 14.28 0.00 1.32
2019-03-31 13.11 0.00 1.50
2018-12-31 13.30 0.00 1.85
2018-09-30 16.78 0.00 1.79
2018-06-30 21.16 0.00 5.19
2018-03-31 21.27 0.00 5.22
2017-12-31 22.82 0.00 0.09
2017-09-30 22.41 0.00 0.16
2017-06-30 19.24 0.00 0.18
2017-03-31 23.13 0.00 0.23
2016-12-31 23.75 0.00 0.29
2016-09-30 13.55 0.00 0.32
2016-06-30 13.61 0.00 13.67
2016-03-31 30.71 0.00 31.10
2015-12-31 30.95 0.00 31.21
2015-09-30 31.81 0.00 31.84
2015-06-30 33.93 0.00 33.95
2015-03-31 33.57 0.00 33.61
2014-12-31 33.56 0.00 33.61
2014-09-30 34.46 0.00 34.50
2014-06-30 34.09 0.00 34.24
2014-03-31 33.90 0.00 34.00
2013-12-31 34.05 0.00 28.72
2013-09-30 34.33 0.00 34.10
2013-06-30 34.40 0.00 34.26
2013-03-31 35.79 0.00 35.80
2012-12-31 36.07 0.00 35.77
  • Itasca Capital has no debt.
  • Itasca Capital has not taken on any debt in the past 5 years.
CASH RUNWAY ANALYSIS

For companies that have on average been loss making in the past we assess whether they have at least 1 year of cash runway.

  • Itasca Capital has sufficient cash runway for 2.4 years based on current free cash flow.
  • Itasca Capital has sufficient cash runway for 1.2 years if free cash flow continues to reduce at historical rates of -90.9% each year.
X
Financial health checks
We assess Itasca Capital'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. Itasca Capital 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.

ICL Dividends

 What is Itasca Capital'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 Itasca Capital dividends.
If you bought CA$2,000 of Itasca Capital 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 Itasca Capital's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Itasca Capital'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
TSXV:ICL 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 4.6%
Canada Market Average Dividend Yield Market Cap Weighted Average of 331 Stocks 3.5%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.1%
Canada Bottom 25% Dividend Yield 25th Percentile 2%
Canada Top 25% Dividend Yield 75th Percentile 5.7%

Industry and Market average data is calculated daily.

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

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

  • Unable to perform a dividend volatility check as Itasca Capital has not reported any payouts.
  • Unable to verify if Itasca Capital's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Itasca Capital's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Itasca Capital 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 Itasca Capital's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.1%) - 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 Itasca Capital afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Itasca Capital 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.

ICL Management

 What is the CEO of Itasca Capital'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
Larry Swets
COMPENSATION CA$10,000
AGE 44
TENURE AS CEO 3.5 years
CEO Bio

Mr. Larry Gene Swets, Jr., CFA, serves as Chief Executive Officer of Itasca Capital Ltd (Former Name: Kobex Capital Corp). Mr. Swets served as Senior Advisor of Kingsway Financial Services Inc since September 5, 2018 until December 21, 2018. Mr. Swets was the Chief Executive Officer of Kingsway Financial Services Inc., General Partner of Kingsway 2007 General Partnership since July 1, 2010 until September 5, 2018. Mr. Swets serves as the Chief Executive Officer and President of Kingsway Note Trust. Before joining Kingsway, in 2005, he founded Itasca Financial LLC. He served as Chairman of Itasca Capital Ltd until June 4, 2018. He served as the Managing Director of Itasca Financial LLC from May 2005 to January 2010. Mr. Swets founded InsRisk Partners LLC in 2007 and served as its Managing Director. He served as President of Kingsway Financial Services Inc. from July 1, 2010 to March 8, 2017. He served as an Executive Vice President of Corporate Development at Kingsway Financial Services Inc from January 2010 to July 2010. He served as the Chief Financial Officer, Executive Vice President, Treasurer and Secretary of FMG Acquisition Corp., since May 22, 2007 and served as its Principal Accounting Officer. He served as the Chief Financial Officer, Executive Vice President, Secretary and Treasurer of United Insurance Holdings Corp. He was an insurance company Executive and Advisor and served as Director of Investments and Fixed Income Portfolio Manager of Kemper Insurance from June 1997 to May 2005. At Kemper Insurance, he also evaluated business units, executed corporate transactions and divestitures and developed financial projections and analysis for during its runoff stage. He started his career in insurance as an intern in the Kemper Scholar program in 1994. He was the Chairman of 1347 Property Insurance Holdings, Inc. since March 7, 2017 until May 11, 2018. He served as the Chairman of Limbach Holdings, Inc. from July 2014 to July 20, 2016. He has been the Chairman of Insurance Income Strategies Ltd. since 2017. He has been a Director of Itasca Capital Ltd. since June 09, 2016. Mr. Swets has been a Director of 1347 Property Insurance Holdings, Inc. since November 21, 2013. He has been Independent Director at Limbach Holdings, Inc. since July 2014. He served as a Director of United Insurance Holdings Corp. from 2008 to March 2012; Risk Enterprise Management Ltd from November 2007 to May 2012; Kingsway Financial Services Inc. from January 7, 2009 to April 23, 2009 and FMG Acquisition Corp. since May 22, 2007. He served as Director at Kingsway Financial Services Inc., since September 16, 2013 until December 21, 2018. Previously, he served as a Member of the Board of Directors of Atlas Financial Holdings, Inc. He has taught finance and investments as an adjunct Professor at the College of Business, Valparaiso University. He is a Member of the Young President’ Organization. He holds the Chartered Financial Analyst designation and is a Member of the CFA Society of Chicago and the CFA Institute. Mr. Swets holds a Bachelors of Business and Finance Degree from Valparaiso University in 1997 and a Master’s of Science Degree in Finance from DePaul University in 1999.

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

Average tenure and age of the Itasca Capital management team in years:

5
Average Tenure
49.5
Average Age
  • The tenure for the Itasca Capital management team is about average.
Management Team

Larry Swets

TITLE
CEO & Director
COMPENSATION
CA$10K
AGE
44
TENURE
3.5 yrs

Hassan Baqar

TITLE
CFO & Director
AGE
42
TENURE
3.5 yrs

Phil Du Toit

TITLE
President
COMPENSATION
CA$62K
AGE
66
TENURE
6.4 yrs

Sandra Lee

TITLE
Corporate Secretary
AGE
55
TENURE
6.4 yrs
Board of Directors Tenure

Average tenure and age of the Itasca Capital board of directors in years:

3.5
Average Tenure
46
Average Age
  • The tenure for the Itasca Capital board of directors is about average.
Board of Directors

Daniel Cerminara

TITLE
Independent Chairman
COMPENSATION
CA$10K
AGE
42
TENURE
1.5 yrs

Larry Swets

TITLE
CEO & Director
COMPENSATION
CA$10K
AGE
44
TENURE
3.5 yrs

Hassan Baqar

TITLE
CFO & Director
AGE
42
TENURE
0.3 yrs

JT Fitzgerald

TITLE
Independent Director
COMPENSATION
CA$10K
AGE
48
TENURE
3.5 yrs

Andrew McIntyre

TITLE
Independent Director
COMPENSATION
CA$10K
TENURE
3.5 yrs

Mike Powell

TITLE
Independent Director
COMPENSATION
CA$10K
AGE
48
TENURE
3.5 yrs

Edward Benford

TITLE
Independent Director
COMPENSATION
CA$10K
TENURE
3.5 yrs

Lewis Johnson

TITLE
Independent Director
COMPENSATION
CA$6K
AGE
49
TENURE
1.5 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Itasca Capital individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
30. Nov 19 Sell Kingsway Financial Services Inc., Asset Management Arm Company 25. Nov 19 25. Nov 19 -3,011,447 CA$0.35 CA$-1,050,994
27. Nov 19 Buy Larry Swets Individual 25. Nov 19 25. Nov 19 3,011,447 CA$0.35 CA$1,050,994
01. Nov 19 Sell Kingsway Financial Services Inc., Asset Management Arm Company 30. Oct 19 30. Oct 19 -1,974,113 CA$0.35 CA$-690,940
31. Oct 19 Buy Fundamental Global Investors, LLC Company 28. Oct 19 28. Oct 19 1,974,113 CA$0.35 CA$690,939
10. Jun 19 Buy Larry Swets Individual 07. Jun 19 07. Jun 19 65,000 CA$0.53 CA$34,651
07. Jun 19 Buy Larry Swets Individual 06. Jun 19 06. Jun 19 45,000 CA$0.48 CA$21,648
05. Jun 19 Buy Larry Swets Individual 03. Jun 19 03. Jun 19 71,000 CA$0.48 CA$33,871
03. Jun 19 Buy R. Powell Individual 29. May 19 03. Jun 19 50,000 CA$0.63 CA$31,446
28. May 19 Buy Larry Swets Individual 28. May 19 28. May 19 113,000 CA$0.44 CA$50,251
19. Mar 19 Buy Fundamental Global Investors, LLC Company 18. Mar 19 18. Mar 19 30,000 CA$0.29 CA$8,700
13. Mar 19 Buy Fundamental Global Investors, LLC Company 12. Mar 19 12. Mar 19 21,500 CA$0.28 CA$6,020
03. Jan 19 Buy Larry Swets Individual 20. Dec 18 28. Dec 18 65,000 CA$0.26 CA$15,609
19. Dec 18 Buy Larry Swets Individual 18. Dec 18 18. Dec 18 100,000 CA$0.19 CA$18,856
18. Dec 18 Buy Larry Swets Individual 17. Dec 18 17. Dec 18 74,000 CA$0.17 CA$12,874
X
Management checks
We assess Itasca Capital'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. Itasca Capital 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.

ICL News

Simply Wall St News

Does Itasca Capital Ltd's (CVE:ICL) PE Ratio Signal A Buying Opportunity?

While ICL might seem like an attractive stock to buy, it is important to understand the assumptions behind the P/E ratio before you make any investment decisions. … I will break down what the P/E ratio is, how to interpret it and what to watch out for … Demystifying the P/E ratio

Simply Wall St -

Who Are The Major Shareholders Of Itasca Capital Ltd (CVE:ICL)?

I am going to take a deep dive into Itasca Capital Ltd’s (CVE:ICL) most recent ownership structure, not a frequent subject of discussion among individual investors. … The same amount of capital coming from an activist institution and a passive mutual fund has different implications on corporate governance, which is a decisive factor for a long-term investor. … See our latest analysis for Itasca Capital

Simply Wall St -

Best Cheap Stocks To Buy Now

In addition to this, ICL’s PE ratio is trading at around 1.8x while its capital markets peer level trades at 13.8x, meaning that relative to other stocks in the industry, ICL’s shares can be purchased for a lower price. … In addition to this, LNF’s PE ratio is trading at around 12.9x compared to its specialty retail peer level of 13.3x, meaning that relative to its comparable set of companies, LNF’s shares can be purchased for a lower price. … Moreover, FNR’s PE ratio is trading at 0.6x relative to its capital markets peer level of 13.8x, implying that relative to its comparable company group, FNR can be bought at a cheaper price right now.

Simply Wall St -

Is Itasca Capital Ltd's (CVE:ICL) ROE Of 48.92% Sustainable?

Check out our latest analysis for Itasca Capital Peeling the layers of ROE – trisecting a company’s profitability Return on Equity (ROE) is a measure of Itasca Capital’s profit relative to its shareholders’ equity. … Return on Equity = Net Profit ÷ Shareholders Equity ROE is assessed against cost of equity, which is measured using the Capital Asset Pricing Model (CAPM) – but let’s not dive into the details of that today. … This is called the Dupont Formula: Dupont Formula ROE = profit margin × asset turnover × financial leverage ROE = (annual net profit ÷ sales) × (sales ÷ assets) × (assets ÷ shareholders’ equity) ROE = annual net profit ÷ shareholders’ equity TSXV:ICL Last Perf Jan 20th 18 Essentially, profit margin shows how much money the company makes after paying for all its expenses.

Simply Wall St -

Does Itasca Capital Ltd's (TSXV:ICL) PE Ratio Warrant A Buy?

It compares a stock’s price per share to the stock’s earnings per share. … Formula Price-Earnings Ratio = Price per share ÷ Earnings per share P/E Calculation for ICL Price per share = CA$0.61 Earnings per share = CA$0.404 ∴ Price-Earnings Ratio = CA$0.61 ÷ CA$0.404 = 1.5x The P/E ratio itself doesn’t tell you a lot; however, it becomes very insightful when you compare it with other similar companies. … For example, if you inadvertently compared lower risk firms with ICL, then investors would naturally value ICL at a lower price since it is a riskier investment.

Simply Wall St -

ICL Company Info

Description

Itasca Capital Ltd. does not have significant operations. Previously, the company was engaged in the mineral exploration business. The company was formerly known as Kobex Capital Corp. and changed its name to Itasca Capital Ltd. in June 2016. Itasca Capital Ltd. is based in Vancouver, Canada.

Details
Name: Itasca Capital Ltd.
ICL
Exchange: TSXV
Founded:
CA$9,705,728
21,810,626
Website: http://www.itasca-capital.com
Address: Itasca Capital Ltd.
510 West Georgia Street,
Suite 1800,
Vancouver,
British Columbia, V6B 0M3,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSXV ICL Common Shares TSX Venture Exchange CA CAD 17. Apr 2009
OTCPK ICLT.F Common Shares Pink Sheets LLC US USD 17. Apr 2009
DB IMTA Common Shares Deutsche Boerse AG DE EUR 17. Apr 2009
Number of employees
Current staff
Staff numbers
0
Itasca Capital employees.
Industry
Asset Management and Custody Banks
Diversified Financials
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/12/06 00:14
End of day share price update: 2019/12/05 00:00
Last earnings filing: 2019/11/19
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.