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Torstar

TSX:TS.B
Snowflake Description

Excellent balance sheet and overvalued.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
TS.B
TSX
CA$42M
Market Cap
  1. Home
  2. CA
  3. Media
Company description

Torstar Corporation operates as a media company in Canada, the United States, and internationally. The last earnings update was 17 days ago. More info.


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  • Torstar has significant price volatility in the past 3 months.
TS.B Share Price and Events
7 Day Returns
-8.8%
TSX:TS.B
4%
CA Media
0.6%
CA Market
1 Year Returns
-42.2%
TSX:TS.B
21%
CA Media
7.2%
CA Market
TS.B Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Torstar (TS.B) -8.8% -41.6% -36.6% -42.2% -67.5% -92.1%
CA Media 4% 5.6% 8.7% 21% 21.3% 1.7%
CA Market 0.6% 3% 4.5% 7.2% 7.8% 8.2%
1 Year Return vs Industry and Market
  • TS.B underperformed the Media industry which returned 21% over the past year.
  • TS.B underperformed the Market in Canada which returned 7.2% over the past year.
Price Volatility
TS.B
Industry
5yr Volatility vs Market

Value

 Is Torstar 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 Torstar 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 Torstar.

TSX:TS.B Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.8%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.9%

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:TS.B
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.9%
Equity Risk Premium S&P Global 6%
Media Unlevered Beta Simply Wall St/ S&P Global 0.77
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.769 (1 + (1- 26.5%) (37.2%))
0.986
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
0.99
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.95% + (0.986 * 5.96%)
7.82%

Discounted Cash Flow Calculation for TSX:TS.B using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Torstar is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

TSX:TS.B DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 7.82%)
2020 6.95 Analyst x2 6.45
2021 4.00 Analyst x1 3.44
2022 2.63 Est @ -34.14% 2.10
2023 2.02 Est @ -23.31% 1.49
2024 1.70 Est @ -15.73% 1.17
2025 1.52 Est @ -10.43% 0.97
2026 1.42 Est @ -6.72% 0.84
2027 1.36 Est @ -4.12% 0.75
2028 1.33 Est @ -2.3% 0.68
2029 1.32 Est @ -1.02% 0.62
Present value of next 10 years cash flows CA$18.00
TSX:TS.B DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$1.32 × (1 + 1.95%) ÷ (7.82% – 1.95%)
CA$22.88
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$22.88 ÷ (1 + 7.82%)10
CA$10.77
TSX:TS.B Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$18.00 + CA$10.77
CA$28.77
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$28.77 / 81.34
CA$0.35
TSX:TS.B Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$0.35
Current discount Discount to share price of CA$0.52
= -1 x (CA$0.52 - CA$0.35) / CA$0.35
-47%

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

  • The current share price of Torstar 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 Torstar's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Torstar's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:TS.B PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in CAD CA$-0.85
TSX:TS.B Share Price ** TSX (2019-11-15) in CAD CA$0.52
Canada Media Industry PE Ratio Median Figure of 11 Publicly-Listed Media Companies 16.34x
Canada Market PE Ratio Median Figure of 514 Publicly-Listed Companies 14.49x

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

** Primary Listing of Torstar.

TSX:TS.B PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= TSX:TS.B Share Price ÷ EPS (both in CAD)

= 0.52 ÷ -0.85

-0.61x

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

  • Torstar is loss making, we can't compare its value to the CA Media industry average.
  • Torstar is loss making, we can't compare the value of its earnings to the Canada market.
Price based on expected Growth
Does Torstar's expected growth come at a high price?
Raw Data
TSX:TS.B PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -0.61x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
24.7%per year
Canada Media Industry PEG Ratio Median Figure of 5 Publicly-Listed Media Companies 21.38x
Canada Market PEG Ratio Median Figure of 236 Publicly-Listed Companies 1.01x

*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 Torstar, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Torstar's assets?
Raw Data
TSX:TS.B PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in CAD CA$1.49
TSX:TS.B Share Price * TSX (2019-11-15) in CAD CA$0.52
Canada Media Industry PB Ratio Median Figure of 18 Publicly-Listed Media Companies 0.71x
Canada Market PB Ratio Median Figure of 2,290 Publicly-Listed Companies 1.29x
TSX:TS.B PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:TS.B Share Price ÷ Book Value per Share (both in CAD)

= 0.52 ÷ 1.49

0.35x

* Primary Listing of Torstar.

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

  • Torstar is good value based on assets compared to the CA Media industry average.
X
Value checks
We assess Torstar'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 Media 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 Media industry average (and greater than 0)? (1 check)
  5. Torstar 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.

Future Performance

 How is Torstar expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

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
24.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Torstar expected to grow at an attractive rate?
  • Unable to compare Torstar's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
  • Unable to compare Torstar's earnings growth to the Canada market average as it is expected to be loss making during the next 1-3 years.
  • Torstar's revenues are expected to decrease over the next 1-3 years, this is below the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:TS.B Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:TS.B Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts 24.7%
TSX:TS.B Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts -9%
Canada Media Industry Earnings Growth Rate Market Cap Weighted Average 4.7%
Canada Media Industry Revenue Growth Rate Market Cap Weighted Average 2.4%
Canada Market Earnings Growth Rate Market Cap Weighted Average 9.7%
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
TSX:TS.B Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:TS.B Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 404 5 -35 2
2020-12-31 443 25 -31 3
2019-12-31 484 5 -49 3
2019-11-16
TSX:TS.B Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-09-30 500 30 -69
2019-06-30 514 8 -47
2019-03-31 530 19 -25
2018-12-31 543 14 -38
2018-09-30 568 9 -27
2018-06-30 587 22 -15
2018-03-31 606 13 -27
2017-12-31 616 15 -31
2017-09-30 635 4 -37
2017-06-30 651 -9 -30
2017-03-31 667 -2 -47
2016-12-31 685 -11 -76

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Torstar is not considered high growth as it is expected to be loss making for the next 1-3 years.
  • Torstar's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
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:TS.B Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Torstar Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TS.B Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 -0.41 -0.41 -0.41 1.00
2020-12-31 -0.33 -0.33 -0.33 1.00
2019-12-31 -0.33 -0.33 -0.33 1.00
2019-11-16
TSX:TS.B Past Financials Data
Date (Data in CAD Millions) EPS *
2019-09-30 -0.85
2019-06-30 -0.58
2019-03-31 -0.30
2018-12-31 -0.47
2018-09-30 -0.33
2018-06-30 -0.18
2018-03-31 -0.33
2017-12-31 -0.38
2017-09-30 -0.46
2017-06-30 -0.37
2017-03-31 -0.58
2016-12-31 -0.94

*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 Torstar will efficiently use shareholders’ funds in the future (Return on Equity greater than 20%) as it is not expected to be profitable.
X
Future performance checks
We assess Torstar'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 Canada 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.
Torstar 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 Torstar 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 Torstar's growth in the last year to its industry (Media).
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.
  • Torstar does not make a profit even though their year on year earnings growth rate was positive over the past 5 years.
  • Unable to compare Torstar's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Torstar's 1-year growth to the CA Media industry average as it is not currently profitable.
Earnings and Revenue History
Torstar'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 Torstar Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TS.B Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 499.79 -69.09
2019-06-30 514.42 -46.91
2019-03-31 530.40 -24.62
2018-12-31 543.39 -38.00
2018-09-30 567.87 -26.91
2018-06-30 587.40 -14.71
2018-03-31 605.98 -27.05
2017-12-31 615.69 -30.52
2017-09-30 634.75 -37.46
2017-06-30 650.94 -29.87
2017-03-31 667.09 -46.71
2016-12-31 685.10 -75.95
2016-09-30 710.44 -310.53
2016-06-30 733.73 -475.50
2016-03-31 762.14 -452.30
2015-12-31 786.63 -398.97
2015-09-30 806.32 -144.69
2015-06-30 820.86 -67.75
2015-03-31 840.12 -48.56
2014-12-31 858.13 -49.98
2014-09-30 884.12 -55.18
2014-06-30 899.87 -48.35
2014-03-31 917.84 -54.00
2013-12-31 935.77 -58.62
2013-09-30 1,054.25 -52.89
2013-06-30 1,174.39 38.41
2013-03-31 1,294.56 58.58
2012-12-31 1,406.77 82.34

*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 Torstar has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Torstar has efficiently used its assets last year compared to the CA Media industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Torstar 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 Torstar'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 Media 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.
Torstar 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.

Health

 How is Torstar'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 Torstar's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Torstar is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Torstar's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Torstar'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.
  • Debt is covered by short term assets, assets are 9.2025991835733E+16x debt.
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 Torstar Company Filings, last reported 1 month ago.

TSX:TS.B Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 120.67 0.00 52.31
2019-06-30 156.79 0.00 36.34
2019-03-31 209.69 0.00 51.54
2018-12-31 229.45 0.00 68.23
2018-09-30 256.98 0.00 48.38
2018-06-30 258.95 0.00 49.39
2018-03-31 232.44 0.00 51.53
2017-12-31 245.83 0.00 71.38
2017-09-30 254.37 0.00 51.45
2017-06-30 233.23 0.00 48.38
2017-03-31 280.39 0.00 59.38
2016-12-31 326.17 0.00 75.37
2016-09-30 244.94 0.00 69.78
2016-06-30 244.86 0.00 24.15
2016-03-31 319.20 0.00 32.48
2015-12-31 419.74 0.00 35.14
2015-09-30 668.55 0.00 15.14
2015-06-30 841.90 0.00 224.68
2015-03-31 842.83 0.00 231.20
2014-12-31 869.72 0.00 251.34
2014-09-30 877.50 0.00 232.56
2014-06-30 777.45 180.76 3.28
2014-03-31 774.12 196.29 20.21
2013-12-31 796.78 181.76 19.15
2013-09-30 749.76 205.02 25.63
2013-06-30 805.49 212.49 19.36
2013-03-31 751.94 196.41 22.37
2012-12-31 723.68 194.81 24.83
  • Torstar's level of debt (0%) compared to net worth is satisfactory (less than 40%).
  • Unable to establish if Torstar's debt level has increased without past 5-year debt data.
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.

  • Whilst loss making Torstar has sufficient cash runway for more than 3 years if it maintains the current positive free cash flow level.
  • Whilst loss making Torstar has sufficient cash runway for more than 3 years, even with free cash flow being positive and shrinking by -102.4% per year.
X
Financial health checks
We assess Torstar'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. Torstar has a total score of 5/6, 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 Torstar'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 Torstar dividends. Estimated to be 5.13% next year.
If you bought CA$2,000 of Torstar 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 Torstar's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Torstar'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:TS.B 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 3 Analyst Estimates (S&P Global) See Below
Canada Media Industry Average Dividend Yield Market Cap Weighted Average of 6 Stocks 3%
Canada Market Average Dividend Yield Market Cap Weighted Average of 330 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.

TSX:TS.B Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.00 1.00
2020-12-31 0.00 1.00
2019-12-31 0.08 1.00
2019-11-16
TSX:TS.B Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2019-10-30 0.000 0.000
2019-05-08 0.100 11.725
2019-02-27 0.100 11.862
2018-10-31 0.100 12.368
2018-05-09 0.100 7.787
2017-11-01 0.100 6.039
2017-08-02 0.100 7.331
2017-05-03 0.100 6.790
2017-03-01 0.100 5.696
2016-07-27 0.100 5.976
2016-05-04 0.260 15.392
2016-03-02 0.260 14.582
2015-11-04 0.525 20.462
2015-07-29 0.525 12.837
2015-05-06 0.525 8.951
2015-03-04 0.525 7.782
2014-07-30 0.525 7.654
2014-05-07 0.525 6.632
2014-03-05 0.525 8.350
2013-11-06 0.525 9.333
2013-05-08 0.525 8.945
2012-10-31 0.525 7.083
2012-08-01 0.525 6.043
2012-05-09 0.525 5.556
2012-02-29 0.500 4.878
2011-11-02 0.500 5.550
2011-07-29 0.500 5.278
2011-05-04 0.500 4.124
2011-03-02 0.370 2.605
2010-11-03 0.370 2.885
2010-05-05 0.370 3.465
2010-03-03 0.370 3.637
2009-11-04 0.370 5.654
2009-07-29 0.370 5.472
2009-02-26 0.370 7.296

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

  • Unable to perform a dividend volatility check as Torstar has not reported any payouts.
  • Unable to verify if Torstar's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Torstar's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Torstar has not reported any payouts.
Future Payout to shareholders
  • Analysts do not expect the company to pay a dividend in 3 years, no need to check if it is sustainable.
X
Income/ dividend checks
We assess Torstar'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 Torstar afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Torstar 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.

Management

 What is the CEO of Torstar'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
John Boynton
COMPENSATION CA$2,166,657
AGE 55
TENURE AS CEO 2.7 years
CEO Bio

Mr. John Boynton has been the Chief Executive Officer and President at Torstar Corporation since March 31, 2017. Mr. Boynton is a Publisher of the Toronto Star. He served as the Chief Marketing Officer for Canada at Aimia Inc. and Aimia Canada Inc. since September 11, 2014 until March 2017. He shapes the future of the Aeroplan program by accelerating the development of innovative products and marketing, leveraging valuable member insights to ensure a rich and relevant member experience. He leads the proprietary loyalty business, with a focus on high-value loyalty products and services. He has more than 25 years of broad marketing experience. He served as an Executive Vice President of Rogers Communications Inc. until May 2014 and served as its Chief Marketing Officer. He served as the Chief Marketing Officer and Senior Vice President of Rogers Wireless, Inc. since July 2005. He served as Vice President of Consumer Marketing at Rogers Wireless, Inc. since March 2002. He gained experience across a number of sectors across North America with brands such as Pepsi Co, Sprint Canada and AT&T. He served as an Executive Vice President of eYak Inc. in Boston, MA and InQuent Technologies Inc. in Toronto from 2000 to March 2002. He serves as a Co-Vice Chair of the Toronto Region Board of Trade. He has been a Director at Torstar Corporation since March 31, 2017. He is a Member of The Boards of the Canadian Marketing Association, Prostate Cancer Canada and the Ian O. Ihnatowycz Institute for Leadership Council at the Richard Ivey School of Business. Mr. Boynton holds an Honors Business Administration, Marketing degree from the Richard Ivey School of Business at the University of Western Ontario in the year 1986.

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

Average tenure and age of the Torstar management team in years:

4.9
Average Tenure
55
Average Age
  • The tenure for the Torstar management team is about average.
Management Team

John Honderich

TITLE
Chairman of the Board
COMPENSATION
CA$275K
AGE
72

John Boynton

TITLE
CEO, President & Director
COMPENSATION
CA$2M
AGE
55
TENURE
2.7 yrs

Lorenzo DeMarchi

TITLE
Executive VP & CFO
COMPENSATION
CA$1M
TENURE
10 yrs

Marie Beyette

TITLE
Senior VP
COMPENSATION
CA$675K

Ian Oliver

TITLE
Executive VP & President of Community Brands & Operations
COMPENSATION
CA$1M
TENURE
13.2 yrs

Neil Oliver

TITLE
Executive VP & President of Daily News Brands
COMPENSATION
CA$685K
TENURE
2.1 yrs

Jennifer Barber

TITLE
Senior VP of Finance and CFO of Community & Daily News Brands
TENURE
7.1 yrs

Fredric Karén

TITLE
Senior Vice-President of Editorial
AGE
51
TENURE
0.8 yrs

Glenda Wheeler

TITLE
Executive Administrator to CFO
Board of Directors Tenure

Average tenure and age of the Torstar board of directors in years:

10.8
Average Tenure
68
Average Age
  • The average tenure for the Torstar board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

John Boynton

TITLE
CEO, President & Director
COMPENSATION
CA$2M
AGE
55
TENURE
2.7 yrs

Alnasir Samji

TITLE
Independent Director
COMPENSATION
CA$92K
AGE
68
TENURE
10.7 yrs

John Honderich

TITLE
Chairman of the Board
COMPENSATION
CA$275K
AGE
72

Linda Hughes

TITLE
Lead Director
COMPENSATION
CA$100K
AGE
68

Campbell Harvey

TITLE
Independent Director
COMPENSATION
CA$68K
AGE
60
TENURE
27.5 yrs

Marty Thall

TITLE
Independent Director
COMPENSATION
CA$81K
AGE
63
TENURE
17.5 yrs

Elaine Berger

TITLE
Independent Director
COMPENSATION
CA$70K
AGE
73
TENURE
13.5 yrs

Dan Jauernig

TITLE
Independent Director
COMPENSATION
CA$75K
AGE
53
TENURE
10.8 yrs

Paul Weiss

TITLE
Independent Director
COMPENSATION
CA$98K
AGE
71
TENURE
10.5 yrs

Dorothy Strachan

TITLE
Independent Director
COMPENSATION
CA$72K
AGE
72
TENURE
6.5 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
15. May 19 Buy John Boynton Individual 14. May 19 14. May 19 25,000 CA$0.83 CA$20,400
18. Mar 19 Sell Sally Jane Booth Enterprises Inc Company 15. Mar 19 15. Mar 19 -20,027 CA$0.91 CA$-17,900
X
Management checks
We assess Torstar'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. Torstar 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

Does Torstar Corporation (TSE:TS.B)'s Capital Return Make The Cut?

This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … This is because the actual cash flow generated by the business dictates the potential for income (dividends) and capital appreciation (price increases), which are the two ways to achieve positive returns when buying a stock. … Thus, to understand how your money can grow by investing in Torstar, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

Who Are The Major Shareholders Of Torstar Corporation (TSE:TS.B)?

In this article, I will take a quick look at Torstar Corporation’s (TSE:TS.B) recent ownership structure – an unconventional investing subject, but an important one. … Ownership structure has been found to have an impact on shareholder returns in both short- and long-term. … The effect of an active institutional investor with a similar ownership as a passive pension-fund can be vastly different on a company's corporate governance and accountability to shareholders.

Simply Wall St -

What Should You Know About Torstar Corporation's (TSE:TS.B) Capital Returns?

and want to better understand how you can grow your money by investing in Torstar Corporation (TSE:TS.B). … This share represents a portion of capital used by the company to operate the business, and it is important the company is able to use the capital base efficiently to create adequate cash flows for you as an investor. … Thus, to understand how your money can grow by investing in Torstar, you need to look at what the company returns to owners for the use of their capital, which can be done in many ways but today we will use return on capital employed (ROCE)

Simply Wall St -

Torstar Corporation's (TSE:TS.B) Shift From Loss To Profit

With the latest financial year loss of -CA$30.52m and a trailing-twelve month of -CA$27.04m, the CA$111.61m market-cap alleviates its loss by moving closer towards its target of breakeven. … As path to profitability is the topic on TS.B’s investors mind, I’ve decided to gauge market sentiment. … In this article, I will touch on the expectations for TS.B’s growth and when analysts expect the company to become profitable

Simply Wall St -

Torstar Corporation (TSE:TS.B): Dividend Is Coming In 3 Days, Should You Buy?

See our latest analysis for Torstar 5 questions to ask before buying a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is it the top 25% annual dividend yield payer? … If there's one type of stock you want to be reliable, it's dividend stocks and their stable income-generating ability. … But if you are not exclusively a dividend investor, the stock could still be an interesting investment opportunity.

Simply Wall St -

Interested In Torstar Corporation (TSE:TS.B)’s Upcoming $0.03 Dividend? You Have 3 Days Left

View our latest analysis for Torstar 5 checks you should do on a dividend stock If you are a dividend investor, you should always assess these five key metrics: Is it paying an annual yield above 75% of dividend payers? … If there's one type of stock you want to be reliable, it's dividend stocks and their stable income-generating ability. … But if you are not exclusively a dividend investor, the stock could still be an interesting investment opportunity.

Simply Wall St -

Has Torstar Corporation (TSX:TSB) Improved Earnings Growth In Recent Times?

Below, I will assess Torstar Corporation's (TSX:TS.B) track record on a high level, to give you some insight into how the company has been performing against its historical trend and its industry peers. … See our latest analysis for TS.B Commentary On TS.B's Past Performance For the most up-to-date info, I use the ‘latest twelve-month’ data, which annualizes the most recent half-year data, or in some cases, the latest annual report is already the most recent financial year data. … Inspecting growth from a sector-level, the Canadian media industry has been enduring severe headwinds over the past few years, leading to an average earnings drop of -54.44% in the most recent year.

Simply Wall St -

Company Info

Description

Torstar Corporation operates as a media company in Canada, the United States, and internationally. It operates through three segments: Community Brands, Daily Brands, and Digital Ventures. The company publishes the Toronto Star newspaper; the Metro daily print editions; Sing Tao Daily, a Chinese-language daily newspaper, as well as operates thestar.com, a newspaper Website in Canada; and operates Toronto.com, Torstar Syndication Services, and The Kit, a print and digital publication focuses on beauty, fashion, and wellness. It also publishes newspapers comprising The Hamilton Spectator, the Waterloo Region Record, the St. Catharines Standard, Niagara Falls review, Welland Tribune, and Peterborough Examiner; and digital properties, including Localwork.ca, Homefinder.ca, Gottarent.com, Goldbook.ca, and Wheels.ca, as well as provides specialty publications, directories, and consumer show services. The Digital Ventures segment provides digital media services comprising programmatic advertising; and offers advertisers access to audiences in automotive, power sports, outdoors, home, and health verticals. The company was founded in 1892 and is based in Toronto, Canada.

Details
Name: Torstar Corporation
TS.B
Exchange: TSX
Founded: 1892
CA$42,294,889
81,336,325
Website: http://www.torstar.com
Address: Torstar Corporation
One Yonge Street,
Toronto,
Ontario, M5E 1E6,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX TS.B Class B Shares The Toronto Stock Exchange CA CAD 05. Jan 1976
OTCPK TORS.F Class B Shares Pink Sheets LLC US USD 05. Jan 1976
Number of employees
Current staff
Staff numbers
3,070
Torstar employees.
Industry
Publishing
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/16 23:48
End of day share price update: 2019/11/15 00:00
Last estimates confirmation: 2019/10/31
Last earnings filing: 2019/10/30
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.