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Altus Group

TSX:AIF
Snowflake Description

Excellent balance sheet with reasonable growth potential.

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

Altus Group Limited provides software, data solutions, and independent advisory services to the commercial real estate (CRE) industry in Canada, the United States, Europe, and the Asia Pacific. The last earnings update was 43 days ago. More info.


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  • Altus Group has significant price volatility in the past 3 months.
AIF Share Price and Events
7 Day Returns
-1.7%
TSX:AIF
-3.9%
CA Real Estate
-0.1%
CA Market
1 Year Returns
34.1%
TSX:AIF
-11.8%
CA Real Estate
-24.6%
CA Market
AIF Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Altus Group (AIF) -1.7% -20.3% -5.6% 34.1% 21% 83.5%
CA Real Estate -3.9% -26% -22.4% -11.8% 1.5% 4.7%
CA Market -0.1% -21.2% -24.7% -24.6% -22.1% -16.5%
1 Year Return vs Industry and Market
  • AIF outperformed the Real Estate industry which returned -11.8% over the past year.
  • AIF outperformed the Market in Canada which returned -24.6% over the past year.
Price Volatility
AIF
Industry
5yr Volatility vs Market

AIF Value

 Is Altus Group 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 Altus Group 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 Altus Group.

TSX:AIF Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 9 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 7.2%
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:AIF
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year CA Govt Bond Rate 1.4%
Equity Risk Premium S&P Global 5.4%
Real Estate Unlevered Beta Simply Wall St/ S&P Global 0.98
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.98 (1 + (1- 26.5%) (14.83%))
1.058
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.06
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.058 * 5.44%)
7.2%

Discounted Cash Flow Calculation for TSX:AIF using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Altus Group 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:AIF DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (CAD, Millions) Source Present Value
Discounted (@ 7.2%)
2020 73.86 Analyst x6 68.90
2021 80.34 Analyst x5 69.92
2022 85.04 Est @ 5.85% 69.04
2023 88.89 Est @ 4.53% 67.32
2024 92.09 Est @ 3.6% 65.06
2025 94.81 Est @ 2.95% 62.49
2026 97.18 Est @ 2.5% 59.75
2027 99.30 Est @ 2.18% 56.96
2028 101.25 Est @ 1.96% 54.17
2029 103.07 Est @ 1.8% 51.45
Present value of next 10 years cash flows CA$625.00
TSX:AIF DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= CA$103.07 × (1 + 1.44%) ÷ (7.2% – 1.44%)
CA$1,816.64
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= CA$1,816.64 ÷ (1 + 7.2%)10
CA$906.78
TSX:AIF Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= CA$625.00 + CA$906.78
CA$1,531.78
Equity Value per Share
(CAD)
= Total value / Shares Outstanding
= CA$1,531.78 / 39.84
CA$38.44
TSX:AIF Discount to Share Price
Calculation Result
Value per share (CAD) From above. CA$38.44
Current discount Discount to share price of CA$36.26
= -1 x (CA$36.26 - CA$38.44) / CA$38.44
5.7%

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

Current Discount
Amount off the current price Altus Group is available for.
Intrinsic value
6%
Share price is CA$36.26 vs Future cash flow value of CA$38.44
Current Discount Checks
For Altus Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Altus Group's share price is below the future cash flow value, but not at a moderate discount (< 20%).
  • Altus Group's share price is below the future cash flow value, but not at a substantial discount (< 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Altus Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Altus Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:AIF PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in CAD CA$0.46
TSX:AIF Share Price ** TSX (2020-04-02) in CAD CA$36.26
Canada Real Estate Industry PE Ratio Median Figure of 20 Publicly-Listed Real Estate Companies 10.47x
Canada Market PE Ratio Median Figure of 497 Publicly-Listed Companies 10.36x

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

** Primary Listing of Altus Group.

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

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

= 36.26 ÷ 0.46

78.64x

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

  • Altus Group is overvalued based on earnings compared to the CA Real Estate industry average.
  • Altus Group is overvalued based on earnings compared to the Canada market.
Price based on expected Growth
Does Altus Group's expected growth come at a high price?
Raw Data
TSX:AIF PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 78.64x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts
46.5%per year
North America Real Estate Industry PEG Ratio Median Figure of 14 Publicly-Listed Real Estate Companies 0.58x
Canada Market PEG Ratio Median Figure of 233 Publicly-Listed Companies 0.67x

*Line of best fit is calculated by linear regression .

TSX:AIF PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 78.64x ÷ 46.5%

1.69x

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

  • Altus Group is poor value based on expected growth next year.
Price based on value of assets
What value do investors place on Altus Group's assets?
Raw Data
TSX:AIF PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in CAD CA$9.03
TSX:AIF Share Price * TSX (2020-04-02) in CAD CA$36.26
Canada Real Estate Industry PB Ratio Median Figure of 37 Publicly-Listed Real Estate Companies 0.62x
Canada Market PB Ratio Median Figure of 2,356 Publicly-Listed Companies 0.98x
TSX:AIF PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 36.26 ÷ 9.03

4.02x

* Primary Listing of Altus Group.

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

  • Altus Group is overvalued based on assets compared to the CA Real Estate industry average.
X
Value checks
We assess Altus Group'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 Real Estate 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 Real Estate industry average (and greater than 0)? (1 check)
  5. Altus Group has a total score of 0/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

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

AIF Future Performance

 How is Altus Group expected to perform in the next 1 to 3 years based on estimates from 9 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
46.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Altus Group expected to grow at an attractive rate?
  • Altus Group's earnings growth is expected to exceed the low risk savings rate of 1.4%.
Growth vs Market Checks
  • Altus Group's earnings growth is expected to exceed the Canada market average.
  • Altus Group's revenue growth is expected to exceed the Canada market average.
Annual Growth Rates Comparison
Raw Data
TSX:AIF Future Growth Rates Data Sources
Data Point Source Value (per year)
TSX:AIF Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 9 Analysts 46.5%
TSX:AIF Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 9 Analysts 5.7%
North America Real Estate Industry Earnings Growth Rate Market Cap Weighted Average 21.8%
Canada Real Estate Industry Revenue Growth Rate Market Cap Weighted Average 2.9%
Canada Market Earnings Growth Rate Market Cap Weighted Average 7%
Canada Market Revenue Growth Rate Market Cap Weighted Average 3.5%

*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:AIF Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below
All numbers in CAD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:AIF Future Estimates Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2021-12-31 636 92 52 8
2020-12-31 591 81 38 9
2020-04-03
TSX:AIF Past Financials Data
Date (Data in CAD Millions) Revenue Cash Flow Net Income *
2019-12-31 567 52 18
2019-09-30 550 43 3
2019-06-30 533 48 -4
2019-03-31 514 46 -17
2018-12-31 510 49 -18
2018-09-30 502 55 -7
2018-06-30 498 48 2
2018-03-31 492 54 107
2017-12-31 477 58 109
2017-09-30 470 53 122
2017-06-30 463 51 109
2017-03-31 445 54 17

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Altus Group's earnings are expected to grow significantly at over 20% yearly.
  • Altus Group's revenue is expected to grow by 5.7% yearly, however this is not considered high growth (20% yearly).
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:AIF Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 9 Analyst Estimates (S&P Global) See Below

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

TSX:AIF Future Estimates Data
Date (Data in CAD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2021-12-31 1.50 1.50 1.50 1.00
2020-12-31 0.94 1.01 0.87 2.00
2020-04-03
TSX:AIF Past Financials Data
Date (Data in CAD Millions) EPS *
2019-12-31 0.46
2019-09-30 0.08
2019-06-30 -0.09
2019-03-31 -0.43
2018-12-31 -0.48
2018-09-30 -0.18
2018-06-30 0.05
2018-03-31 2.78
2017-12-31 2.88
2017-09-30 3.23
2017-06-30 2.93
2017-03-31 0.46

*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.
  • Altus Group is not expected to efficiently use shareholders’ funds in the future (Return on Equity less than 20%).
X
Future performance checks
We assess Altus Group'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.
Altus Group has a total score of 4/6, 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.

AIF Past Performance

  How has Altus Group 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 Altus Group's growth in the last year to its industry (Real Estate).
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.
  • Altus Group's year on year earnings growth rate was negative over the past 5 years and the most recent earnings are below average.
  • Altus Group has become profitable in the last year making the earnings growth rate difficult to compare to the 5-year average.
  • Altus Group has become profitable in the last year making it difficult to compare the CA Real Estate industry average.
Earnings and Revenue History
Altus Group'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 Altus Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:AIF Past Revenue, Cash Flow and Net Income Data
Date (Data in CAD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 567.42 18.19 116.57
2019-09-30 549.53 3.20 117.19
2019-06-30 533.17 -3.56 115.39
2019-03-31 513.74 -16.55 114.89
2018-12-31 510.43 -18.44 116.42
2018-09-30 501.86 -7.11 113.29
2018-06-30 498.30 1.94 110.92
2018-03-31 491.96 106.54 109.10
2017-12-31 476.56 109.42 107.07
2017-09-30 469.58 121.70 105.10
2017-06-30 463.41 109.30 102.66
2017-03-31 445.50 17.03 99.70
2016-12-31 442.89 14.27 99.24
2016-09-30 438.52 11.91 100.40
2016-06-30 429.85 16.29 100.31
2016-03-31 424.64 6.32 99.40
2015-12-31 416.41 9.25 95.12
2015-09-30 398.28 7.79 82.64
2015-06-30 380.86 12.37 73.45
2015-03-31 359.98 9.00 63.78
2014-12-31 340.20 13.17 53.71
2014-09-30 329.80 15.05 53.86
2014-06-30 318.42 12.77 52.58
2014-03-31 306.99 16.65 49.78
2013-12-31 297.16 18.61 49.26
2013-09-30 288.65 -9.81 46.96
2013-06-30 283.16 -9.15 45.63

*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.
  • Altus Group has not efficiently used shareholders’ funds last year (Return on Equity less than 20%).
  • Altus Group used its assets less efficiently than the CA Real Estate industry average last year based on Return on Assets.
  • Altus Group has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Altus Group'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 Real Estate 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.
Altus Group has a total score of 1/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

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

AIF Health

 How is Altus Group'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 Altus Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Altus Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Altus Group's cash and other short term assets cover its long term commitments.
Balance sheet
This treemap shows a more detailed breakdown of Altus Group'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 1.8x 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 Altus Group Company Filings, last reported 3 months ago.

TSX:AIF Past Debt and Equity Data
Date (Data in CAD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 359.65 138.26 60.26
2019-09-30 362.01 146.17 56.01
2019-06-30 352.72 150.08 51.56
2019-03-31 347.19 142.41 37.52
2018-12-31 358.43 129.10 48.74
2018-09-30 360.77 185.05 93.05
2018-06-30 371.81 188.97 48.01
2018-03-31 387.31 163.01 20.62
2017-12-31 412.06 150.02 28.07
2017-09-30 415.25 140.51 56.27
2017-06-30 419.43 140.91 45.61
2017-03-31 337.67 143.98 38.92
2016-12-31 340.59 122.87 43.67
2016-09-30 330.79 125.33 35.77
2016-06-30 334.64 128.61 27.12
2016-03-31 329.97 133.10 22.99
2015-12-31 350.60 135.54 19.60
2015-09-30 333.81 137.25 17.59
2015-06-30 291.90 170.89 24.06
2015-03-31 288.74 177.04 22.10
2014-12-31 273.10 170.37 17.45
2014-09-30 261.08 128.46 17.15
2014-06-30 203.90 163.45 13.61
2014-03-31 211.00 157.41 8.34
2013-12-31 202.21 157.74 16.66
2013-09-30 148.34 205.90 2.93
2013-06-30 135.25 206.41 6.73
  • Altus Group's level of debt (38.4%) compared to net worth is satisfactory (less than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (62.4% vs 38.4% today).
  • Debt is well covered by operating cash flow (37.9%, greater than 20% of total debt).
  • Interest payments on debt are well covered by earnings (EBIT is 5x coverage).
X
Financial health checks
We assess Altus Group'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. Altus Group 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.

AIF Dividends

 What is Altus Group's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
1.65%
Current annual income from Altus Group dividends. Estimated to be 1.65% next year.
If you bought CA$2,000 of Altus Group shares you are expected to receive CA$33 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?
  • Altus Group's pays a lower dividend yield than the bottom 25% of dividend payers in Canada (2.7%).
  • Altus Group's dividend is below the markets top 25% of dividend payers in Canada (8.68%).
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:AIF 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 9 Analyst Estimates (S&P Global) See Below
Canada Real Estate Industry Average Dividend Yield Market Cap Weighted Average of 15 Stocks 1.8%
Canada Market Average Dividend Yield Market Cap Weighted Average of 326 Stocks 4.7%
Canada Minimum Threshold Dividend Yield 10th Percentile 1.4%
Canada Bottom 25% Dividend Yield 25th Percentile 2.7%
Canada Top 25% Dividend Yield 75th Percentile 8.7%

Industry and Market average data is calculated daily.

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

TSX:AIF Future Dividends Estimate Data
Date (Data in CA$) Dividend per Share (annual) Avg. No. Analysts
2021-12-31 0.60 2.00
2020-12-31 0.60 4.00
2020-04-03
TSX:AIF Past Annualized Dividends Data
Date (Data in CA$) Dividend per share (annual) Avg. Yield (%)
2020-03-18 0.600 1.638
2019-12-10 0.600 1.432
2019-09-18 0.600 1.607
2019-06-13 0.600 1.723
2019-03-18 0.600 2.149
2018-12-04 0.600 2.444
2018-09-18 0.600 2.163
2018-06-14 0.600 2.004
2018-03-07 0.600 1.957
2017-12-04 0.600 1.723
2017-09-18 0.600 1.755
2017-06-15 0.600 2.053
2017-03-07 0.600 2.007
2016-12-01 0.600 1.971
2016-09-19 0.600 2.039
2016-06-13 0.600 2.505
2016-03-08 0.600 2.814
2015-12-03 0.600 3.236
2015-09-15 0.600 3.024
2015-06-16 0.600 3.173
2015-03-10 0.600 3.048
2014-12-04 0.600 2.949
2014-09-18 0.600 2.883
2014-06-16 0.600 2.730
2014-03-11 0.600 2.966
2013-12-10 0.600 3.568
2013-09-19 0.600 4.219
2013-06-19 0.600 6.246
2013-03-13 0.600 7.300
2012-12-12 0.600 7.178
2012-09-20 0.600 7.211
2012-06-26 0.600 7.410
2012-03-22 0.600 8.450
2012-03-14 0.600 8.464
2011-11-09 0.600 13.935
2011-06-23 0.600 13.576
2011-06-08 1.200 15.055
2011-03-23 1.200 12.364
2010-11-19 1.200 9.724
2010-10-20 1.200 8.337
2010-09-21 1.200 8.130
2010-08-20 1.200 8.879
2010-07-21 1.200 9.018
2010-06-21 1.200 9.395
2010-05-19 1.200 9.902
2010-04-22 1.200 8.718
2010-03-22 1.200 8.384
2010-02-17 1.200 9.207
2010-01-20 1.200 8.665
2009-12-16 1.200 9.662
2009-11-19 1.200 9.689
2009-10-21 1.200 9.647
2009-09-18 1.200 11.025
2009-07-22 1.200 12.212
2009-05-21 1.200 15.044
2009-04-22 1.200 16.014

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

  • Dividends per share have been stable in the past 10 years.
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Altus Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are not well covered by earnings (0.8x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (3x coverage).
X
Income/ dividend checks
We assess Altus Group's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 1.4%) - 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 Altus Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Altus Group has a total score of 2/6, see the detailed checks below.


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

AIF Management

 What is the CEO of Altus Group'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
Bob Courteau
COMPENSATION CA$3,868,269
AGE 63
TENURE AS CEO 7.6 years
CEO Bio

Mr. Robert G. Courteau, also known as Bob, has been the Chief Executive Officer of Altus Group Limited since September 24, 2012. Mr. Courteau has been the President of Altus Analytics Solutions at Altus Group Limited since May 24, 2016. He has more than 25 years' experience as a senior executive, leading new business initiatives and achieving growth objectives with some of the world's foremost companies. His experience includes executive roles with Xerox Corporation, Centara Venture Capital (Texar Corporation), and Digital Corporation. He served as the President of North America Region at SAP America, Inc. and SAP AG (also known as SAP SE) since January 17, 2011. He was responsible for all of SAP's business operations in the U.S. and Canada. He served as the Chief Operating Officer of SAP North America at SAP America, Inc. until January 17, 2011. He served as Chief Operating Officer for SAP Global Operations. He served as the President and Managing Director of SAP Canada, Inc. since January 2004. He served as an Executive Officer of Cognos ULC. Prior to joining SAP, he served as an Executive Vice President of EDS Corporation from 2002 to 2003, where he was responsible for Canadian Sales and Consulting Services. He served as North American Divisional Vice President and General Manager of Xerox Corporation. He has held many executive and senior management positions with a variety of multinational corporations and industry pioneers. He serves as Vice Chairman of the Information Technology Association of Canada. He has been an Independent Director of Kinaxis Inc. since December 20, 2016. He has been a Director of Altus Group Limited since September 19, 2012, Solidifi Inc. since January 24, 2013 and Peoplefluent, Inc. since July 17, 2012. He serves as a Member of Advisory Board at Whitecap III LP. He is on the Board of Governors of Junior Achievement, having served as a Board Member, Volunteer and Participant of JA's programs across the country. He served as a Director of IMRIS, Inc. from July 2006 to May 2013, Real Matters, Inc. since November 22, 2012 until January 31, 2019, NexJ Systems Inc. since August 2012 and First National Financial Income Fund-General Partner of First National Financial Corporation from June 8, 2006 to December 15, 2008. He serves as a Member of the Advisory Board of the Directors College at McMaster University's DeGroote School of Business. Mr. Courteau has been an active board member of numerous North American not-for-profit organizations and has served on the boards of several publicly-traded organizations. Mr. Courteau graduated from Concordia University in 1981 with a Bachelor of Commerce degree and holds Honorary Doctorate of Laws degree from the Concordia University in 2011.

CEO Compensation
  • Bob's compensation has increased in line with Altus Group recently becoming profitable.
  • Bob's remuneration is higher than average for companies of similar size in Canada.
Management Team Tenure

Average tenure of the Altus Group management team in years:

5.5
Average Tenure
  • The average tenure for the Altus Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Bob Courteau

TITLE
CEO & Director
COMPENSATION
CA$4M
AGE
63
TENURE
7.6 yrs

Angelo Bartolini

TITLE
Chief Financial Officer
COMPENSATION
CA$1M
TENURE
9.9 yrs

Ed Orlik

TITLE
Chief Information Officer

Camilla Bartosiewicz

TITLE
Vice President of Investor Relations

Liana Turrin

TITLE
General Counsel & Corporate Secretary
TENURE
8.6 yrs

Jeff Hayward

TITLE
Vice President of Global Marketing & Communications

Walter Turney

TITLE
Global Head of Sales
TENURE
2.3 yrs

Trish Ball

TITLE
Chief Human Resources Officer
TENURE
3.1 yrs

Phil Tily

TITLE
Head of Performance Analytics & Senior VP of Analytics Advisory Business Unit
TENURE
3.5 yrs

Michael Crook

TITLE
Senior Vice President of Product Management
Board of Directors Tenure

Average tenure and age of the Altus Group board of directors in years:

5
Average Tenure
62.5
Average Age
  • The tenure for the Altus Group board of directors is about average.
Board of Directors

Ray Mikulich

TITLE
Independent Chairman
COMPENSATION
CA$293K
AGE
66
TENURE
5 yrs

Bob Courteau

TITLE
CEO & Director
COMPENSATION
CA$4M
AGE
63
TENURE
7.6 yrs

Tony Gaffney

TITLE
Independent Director
COMPENSATION
CA$94K
AGE
61
TENURE
7.8 yrs

Janet Woodruff

TITLE
Independent Director
COMPENSATION
CA$67K
AGE
62
TENURE
4.9 yrs

Angela Brown

TITLE
Independent Director
COMPENSATION
CA$103K
AGE
61
TENURE
3.8 yrs

Diane MacDiarmid

TITLE
Independent Director
COMPENSATION
CA$142K
AGE
63
TENURE
7.8 yrs

Colin Dyer

TITLE
Independent Director
COMPENSATION
CA$122K
AGE
67
TENURE
0.9 yrs

Anthony Long

TITLE
Independent Director
COMPENSATION
CA$84K
AGE
55
TENURE
0.9 yrs
Who owns this company?
Recent Insider Trading
  • Altus Group individual insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
11. Mar 20 Sell Michael Commons Individual 06. Mar 20 06. Mar 20 -591 CA$45.11 CA$-26,660
04. Mar 20 Sell Niall McSweeney Individual 02. Mar 20 03. Mar 20 -18,000 CA$46.00 CA$-825,673
23. Aug 19 Sell Alex Probyn Individual 22. Aug 19 22. Aug 19 -2,937 CA$38.15 CA$-112,047
20. Aug 19 Sell Edward Orlik Individual 20. Aug 19 20. Aug 19 -1,000 CA$38.00 CA$-38,000
31. May 19 Sell Niall McSweeney Individual 29. May 19 29. May 19 -10,000 CA$29.58 CA$-295,375
16. May 19 Sell Mitchell Ettinger Individual 13. May 19 13. May 19 -3,000 CA$29.66 CA$-88,975
X
Management checks
We assess Altus Group'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. Altus Group 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.

AIF News

Simply Wall St News

The Chief Information Officer of Altus Group Limited (TSE:AIF), Edward Orlik, Just Sold 35.3% Of Their Holding

See our latest analysis for Altus Group Altus Group Insider Transactions Over The Last Year The insider, Niall McSweeney, made the biggest insider sale in the last 12 months. … In total, Altus Group insiders sold more than they bought over the last year. … TSX:AIF Recent Insider Trading, August 26th 2019 Does Altus Group Boast High Insider Ownership?

Simply Wall St -

Altus Group Limited (TSE:AIF) Insiders Have Been Selling

See our latest analysis for Altus Group Altus Group Insider Transactions Over The Last Year In the last twelve months, the biggest single sale by an insider was when the insider, Niall McSweeney, sold CA$295k worth of shares at a price of CA$29.58 per share. … TSX:AIF Recent Insider Trading, August 11th 2019 Insiders at Altus Group Have Sold Stock Recently The last three months saw significant insider selling at Altus Group. … Insiders sold Altus Group shares recently, but they didn't buy any.

Simply Wall St -

Altus Group (TSE:AIF) Has A Somewhat Strained Balance Sheet

We note that Altus Group Limited (TSE:AIF) does have debt on its balance sheet. … Either way, since Altus Group does have more debt than cash, it's worth keeping an eye on its balance sheet. … Happily for any shareholders, Altus Group actually produced more free cash flow than EBIT over the last three years.

Simply Wall St -

Could Altus Group Limited (TSE:AIF) Have The Makings Of Another Dividend Aristocrat?

Dividend paying stocks like Altus Group Limited (TSE:AIF) tend to be popular with investors, and for good reason - some research suggests a significant amount of all stock market returns come from reinvested dividends. On the other hand, investors have been known to buy a stock because of its yield, and then lose money if the company's dividend doesn't live up to expectations. While Altus Group's 1.8% dividend yield is not the highest, we think its lengthy payment history is quite interesting. Before you buy any stock for its dividend however, you should always remember Warren Buffett's two rules: 1) Don't lose money, and 2) Remember rule #1. … Of the free cash flow it generated last year, Altus Group paid out 49% as dividends, suggesting the dividend is affordable. … However, it's also important to assess if earnings per share (EPS) are growing. Growing EPS can help maintain or increase the purchasing power of the dividend over the long run. It's good to see Altus Group has been growing its earnings per share at 12% a year over the past 5 years. A company paying out less than a quarter of its earnings as dividends, and growing earnings at more than 10% per annum, looks to be right in the cusp of its growth phase. At the right price, we might be interested. Conclusion Dividend investors should always want to know if a) a company's dividends are affordable, b) if there is a track record of consistent payments, and c) if the dividend is capable of growing.

Simply Wall St -

Here's What We Think About Altus Group Limited's (TSE:AIF) CEO Pay

First, this article will compare CEO compensation with compensation at similar sized companies. … Check out our latest analysis for Altus Group How Does Bob Courteau's Compensation Compare With Similar Sized Companies? … At the time of writing our data says that Altus Group Limited has a market cap of CA$1.3b, and is paying total annual CEO compensation of CA$2.4m.

Simply Wall St -

The Altus Group (TSE:AIF) Share Price Is Up 29% And Shareholders Are Holding On

Just take a look at Altus Group Limited (TSE:AIF), which is up 29%, over three years, soundly beating the market return of 11% (not including dividends). … As it happens, Altus Group's TSR for the last 3 years was 38%, which exceeds the share price return mentioned earlier. … A Different Perspective It's good to see that Altus Group has rewarded shareholders with a total shareholder return of 4.2% in the last twelve months.

Simply Wall St -

An Intrinsic Calculation For Altus Group Limited (TSE:AIF) Suggests It's 49% Undervalued

Today, we will estimate the stock's intrinsic value by estimating the company's future cash flows and discounting them to their present value. … Generally we assume that a dollar today is more valuable than a dollar in the future, so we need to discount the sum of these future cash flows to arrive at a present value estimate: 10-year free cash flow (FCF) estimate 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 Levered FCF (CA$, Millions) CA$55.91 CA$77.14 CA$88.19 CA$97.54 CA$105.35 CA$111.88 CA$117.38 CA$122.10 CA$126.26 CA$130.00 Growth Rate Estimate Source Analyst x5 Analyst x6 Est @ 14.32% Est @ 10.61% Est @ 8.01% Est @ 6.19% Est @ 4.92% Est @ 4.03% Est @ 3.4% Est @ 2.97% Present Value (CA$, Millions) Discounted @ 6.72% CA$52.39 CA$67.74 CA$72.57 CA$75.21 CA$76.12 CA$75.75 CA$74.47 CA$72.60 CA$70.34 CA$67.87 Present Value of 10-year Cash Flow (PVCF)= CA$705.07m "Est" = FCF growth rate estimated by Simply Wall St After calculating the present value of future cash flows in the intial 10-year period, we need to calculate the Terminal Value, which accounts for all future cash flows beyond the first stage. … Terminal Value (TV) = FCF2029 × (1 + g) ÷ (r – g) = CA$130m × (1 + 1.9%) ÷ (6.7% – 1.9%) = CA$2.8b Present Value of Terminal Value (PVTV) = TV / (1 + r)10 = CA$CA$2.8b ÷ ( 1 + 6.7%)10 = CA$1.45b The total value is the sum of cash flows for the next ten years plus the discounted terminal value, which results in the Total Equity Value, which in this case is CA$2.16b.

Simply Wall St -

How Much Are Altus Group Limited (TSE:AIF) Insiders Spending On Buying Shares?

So before you buy or sell Altus Group Limited (TSE:AIF), you may well want to know whether insiders have been buying or selling. … As Peter Lynch said, 'insiders might sell their shares for any number of reasons, but they buy them for only one: they think the price will rise.'. … The good news for Altus Group share holders is that an insider was buying at near the current price

Simply Wall St -

Do Institutions Own Shares In Altus Group Limited (TSE:AIF)?

A look at the shareholders of Altus Group Limited (TSE:AIF) can tell us which group is most powerful. … Altus Group is not a large company by global standards. … It has a market capitalization of CA$1.1b, which means it wouldn't have the attention of many institutional investors.

Simply Wall St -

An Examination Of Altus Group Limited (TSE:AIF)

As an investor, I look for investments which does not compromise one fundamental factor for another. … By this I mean, I look at stocks holistically, from their financial health to their future outlook. … financial health as well as

Simply Wall St -

AIF Company Info

Description

Altus Group Limited provides software, data solutions, and independent advisory services to the commercial real estate (CRE) industry in Canada, the United States, Europe, and the Asia Pacific. It operates in three segments: Altus Analytics, Commercial Real Estate Consulting (CRE Consulting), and Geomatics. The Altus Analytics segment offers ARGUS Enterprise (AE), a software for CRE valuation and portfolio management; ARGUS Developer and ARGUS EstateMaster software for development feasibility analysis; ARGUS API, an application programming interface; ARGUS Voyanta, a cloud-based data management solution; ARGUS Taliance, a cloud-based fund solution for alternative investment firms; and ARGUS Acquire, a cloud-based deal management solution for CRE acquisitions. It also offers data subscription products that provide real estate information on the residential, office, industrial, and investment markets; advisory and managed services; and technology-related services. This segment serves large owners, managers, and investors of CRE asset and funds; service providers; brokers; and developers. The CRE Consulting segment offers real estate property tax services, including assessment reviews, management, and appeals, as well as personal property, and state and local tax advisory services; valuation services, such as appraisals of real estate portfolios and valuation of properties, as well as due diligence, and litigation and economic consulting services; and construction feasibility study, budgeting, cost and loan monitoring, and project management services to owner operators, developers, financial institutions, and CRE asset holders and investors. The Geomatics segment offers various services, including land surveys and mapping to the oil and gas exploration and development sector for setting of property boundaries, route and corridor selection, land settlement, construction developments, and oil field and well-sites. The company is headquartered in Toronto, Canada.

Details
Name: Altus Group Limited
AIF
Exchange: TSX
Founded:
CA$1,444,748,443
39,844,138
Website: http://www.altusgroup.com
Address: Altus Group Limited
33 Yonge Street,
Suite 500,
Toronto,
Ontario, M5E 1G4,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX AIF Common Shares The Toronto Stock Exchange CA CAD 19. May 2005
OTCPK ASGT.F Common Shares Pink Sheets LLC US USD 19. May 2005
DB 53U Common Shares Deutsche Boerse AG DE EUR 19. May 2005
Number of employees
Current staff
Staff numbers
2,500
Altus Group employees.
Industry
Real Estate Services
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 07:31
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/03/30
Last earnings filing: 2020/02/20
Last earnings reported: 2019/12/31
Last annual earnings reported: 2019/12/31


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

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