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Tricon Capital Group

TSX:TCN
Snowflake Description

Fair value with acceptable track record.

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

Tricon Capital Group Inc. is a principal investor and asset manager primarily focused on rental housing in North America. The last earnings update was 37 days ago. More info.


Add to Portfolio Compare Print
  • Tricon Capital Group is a fund or ETF! Currently our data availability for these is poor, we only recommend using them as part of a portfolio.
  • Tricon Capital Group has significant price volatility in the past 3 months.
TCN Share Price and Events
7 Day Returns
3.9%
TSX:TCN
-3.9%
CA Real Estate
-0.1%
CA Market
1 Year Returns
-35%
TSX:TCN
-11.8%
CA Real Estate
-24.6%
CA Market
TCN Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Tricon Capital Group (TCN) 3.9% -39.7% -34.1% -35% -36.1% -38.7%
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
  • TCN underperformed the Real Estate industry which returned -11.8% over the past year.
  • TCN underperformed the Market in Canada which returned -24.6% over the past year.
Price Volatility
TCN
Industry
5yr Volatility vs Market

TCN Value

 Is Tricon Capital 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 Tricon Capital 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 Tricon Capital Group.

TSX:TCN Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-12-31) in USD $ 0.21285933333333
Payout Ratio Company Filings (2019-12-31) 2491.5%
Discount Rate (Cost of Equity) See below 8.6%
Perpetual Growth Rate 10-Year CA Government Bond Rate 1.4%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for TSX:TCN
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 0.97
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.974 (1 + (1- 26.5%) (49.31%))
1.313
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.31
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 1.44% + (1.313 * 5.44%)
8.58%

Discounted Cash Flow Calculation for TSX:TCN using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Tricon Capital Group is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

TSX:TCN Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= $0.21 / (8.58% - 1.44%)
$4.22
TSX:TCN Discount to Share Price
Calculation Result
Exchange Rate USD/CAD
(Reporting currency to currency of TSX:TCN)
1.415
Value per Share
(CAD)
= Value per Share in USD x Exchange Rate (USD/CAD)
= $2.98 x 1.415
CA$4.22
Value per share (CAD) From above. CA$4.22
Current discount Discount to share price of CA$6.96
= -1 x (CA$6.96 - CA$4.22) / CA$4.22
-65.1%

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

  • The current share price of Tricon Capital Group 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 Tricon Capital Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Tricon Capital Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
TSX:TCN PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-12-31) in USD $0.65
TSX:TCN Share Price ** TSX (2020-04-02) in CAD CA$6.96
TSX:TCN Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.707 $4.92
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 Tricon Capital Group.

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

= TSX:TCN Share Price ÷ EPS (both in USD)

= 4.92 ÷ 0.65

7.62x

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

  • Tricon Capital Group is good value based on earnings compared to the CA Real Estate industry average.
  • Tricon Capital Group is good value based on earnings compared to the Canada market.
Price based on expected Growth
Does Tricon Capital Group's expected growth come at a high price?
Raw Data
TSX:TCN PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 7.62x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
Not available
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 .

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

  • Unable to calculate PEG ratio for Tricon Capital Group, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Tricon Capital Group's assets?
Raw Data
TSX:TCN PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-12-31) in USD $8.52
TSX:TCN Share Price * TSX (2020-04-02) in CAD CA$6.96
TSX:TCN Share Price converted to USD reporting currency Exchange rate (CAD/ USD) 0.707 $4.92
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:TCN PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= TSX:TCN Share Price ÷ Book Value per Share (both in USD)

= 4.92 ÷ 8.52

0.58x

* Primary Listing of Tricon Capital Group.

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

  • Tricon Capital Group is good value based on assets compared to the CA Real Estate industry average.
X
Value checks
We assess Tricon Capital 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. Tricon Capital Group has a total score of 3/6, 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.

TCN Future Performance

 How is Tricon Capital Group 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 Tricon Capital Group 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
21.8%
Expected Real Estate industry annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Tricon Capital Group expected to grow at an attractive rate?
  • Unable to compare Tricon Capital Group's earnings growth to the low risk savings rate as no estimate data is available.
Growth vs Market Checks
  • Unable to compare Tricon Capital Group's earnings growth to the Canada market average as no estimate data is available.
  • Unable to compare Tricon Capital Group's revenue growth to the Canada market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
TSX:TCN Future Growth Rates Data Sources
Data Point Source Value (per year)
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:TCN Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
TSX:TCN Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31
2021-12-31
2020-12-31
2020-04-03
TSX:TCN Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-12-31 247 -44 112
2019-09-30 233 -79 111
2019-06-30 240 -60 113
2019-03-31 242 -8 121
2018-12-31 276 -17 193
2018-09-30 276 -51 174
2018-06-30 280 -39 196
2018-03-31 251 -338 153
2017-12-31 169 -321 63
2017-09-30 131 -225 47
2017-06-30 97 -267 15
2017-03-31 111 -76 52

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Unable to determine if Tricon Capital Group is high growth as no earnings estimate data is available.
  • Unable to determine if Tricon Capital Group is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
TSX:TCN Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

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

TSX:TCN Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31
2021-12-31
2020-12-31
2020-04-03
TSX:TCN Past Financials Data
Date (Data in USD Millions) EPS *
2019-12-31 0.65
2019-09-30 0.69
2019-06-30 0.78
2019-03-31 0.86
2018-12-31 1.41
2018-09-30 1.29
2018-06-30 1.46
2018-03-31 1.16
2017-12-31 0.49
2017-09-30 0.39
2017-06-30 0.13
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.
  • Unable to establish if Tricon Capital Group will efficiently use shareholders’ funds in the future without estimates of Return on Equity.

Next steps:

  1. Examine whether Tricon Capital Group is trading at Tricon Capital Group'san attractive price based on how much it is expected to earn in the future, and relative to its industry peers and the wider market.
  2. Tricon Capital Group'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 Real Estate companies here
  3. Tricon Capital Group'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 Tricon Capital 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.
Tricon Capital Group 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.

TCN Past Performance

  How has Tricon Capital 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 Tricon Capital 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.
  • Tricon Capital Group's year on year earnings growth rate has been positive over the past 5 years.
  • Tricon Capital Group's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Tricon Capital Group's 1-year earnings growth is negative, it can't be compared to the CA Real Estate industry average.
Earnings and Revenue History
Tricon Capital 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 Tricon Capital Group Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

TSX:TCN Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-12-31 246.71 111.56 49.36
2019-09-30 233.09 110.60 48.02
2019-06-30 240.31 112.55 47.39
2019-03-31 241.80 120.54 46.12
2018-12-31 276.13 192.82 46.68
2018-09-30 276.04 174.05 42.23
2018-06-30 279.56 196.16 42.15
2018-03-31 251.07 153.18 41.35
2017-12-31 169.07 62.85 36.37
2017-09-30 130.69 46.90 37.22
2017-06-30 97.14 14.73 34.97
2017-03-31 111.22 52.11 30.37
2016-12-31 111.40 59.47 29.44
2016-09-30 115.60 79.84 31.55
2016-06-30 107.60 89.42 29.38
2016-03-31 99.51 82.33 27.49
2015-12-31 102.06 58.18 28.29
2015-09-30 152.40 73.25 28.85
2015-06-30 173.64 78.80 29.66
2015-03-31 159.13 59.71 29.24
2014-12-31 168.83 99.25 30.87
2014-09-30 130.81 69.96 23.96
2014-06-30 101.21 29.91 25.09
2014-03-31 112.26 52.54 23.16
2013-12-31 85.88 33.96 18.57
2013-09-30 53.90 16.84 18.29
2013-06-30 37.59 14.67 12.27

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

TCN Health

 How is Tricon Capital 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 Tricon Capital Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Tricon Capital Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Tricon Capital Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Tricon Capital 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 not covered by short term assets, assets are 0x 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 Tricon Capital Group Company Filings, last reported 3 months ago.

TSX:TCN Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-12-31 1,661.18 469.46 8.91
2019-09-30 1,626.09 491.21 7.61
2019-06-30 1,606.75 433.52 4.91
2019-03-31 1,211.44 436.67 13.29
2018-12-31 1,192.60 373.51 7.77
2018-09-30 1,124.09 395.35 6.72
2018-06-30 1,055.30 416.43 21.79
2018-03-31 1,020.94 448.74 11.81
2017-12-31 928.30 383.60 14.81
2017-09-30 916.63 315.90 9.69
2017-06-30 862.32 301.68 7.21
2017-03-31 747.38 221.17 22.68
2016-12-31 743.66 168.86 17.78
2016-09-30 735.35 216.08 5.93
2016-06-30 714.88 167.89 8.70
2016-03-31 705.08 132.02 29.46
2015-12-31 698.00 71.35 4.49
2015-09-30 621.58 83.20 40.65
2015-06-30 480.21 133.52 9.99
2015-03-31 476.56 155.63 8.24
2014-12-31 489.98 140.26 4.94
2014-09-30 472.96 120.31 4.54
2014-06-30 458.03 129.96 4.31
2014-03-31 440.91 115.02 3.57
2013-12-31 429.98 100.85 12.35
2013-09-30 431.79 111.71 15.35
2013-06-30 150.80 95.26 11.99
  • Tricon Capital Group's level of debt (28.3%) 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 (28.7% vs 28.3% today).
  • Operating cash flow is negative therefore debt is not well covered.
  • Interest payments on debt are well covered by earnings (EBIT is 5.9x coverage).
X
Financial health checks
We assess Tricon Capital 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. Tricon Capital Group has a total score of 3/6, 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.

TCN Dividends

 What is Tricon Capital 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
3.91%
Current annual income from Tricon Capital Group dividends. Estimated to be 4.33% next year.
If you bought CA$2,000 of Tricon Capital Group shares you are expected to receive CA$78 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?
  • Tricon Capital Group's pays a higher dividend yield than the bottom 25% of dividend payers in Canada (2.7%).
  • Tricon Capital 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:TCN 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 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:TCN Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31 0.21 1.00
2021-12-31 0.21 4.00
2020-12-31 0.21 4.00
2020-04-03
TSX:TCN Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2020-02-26 0.193 3.459
2019-11-06 0.212 2.522
2019-08-07 0.210 2.736
2019-05-07 0.207 2.722
2019-02-27 0.204 2.464
2018-11-07 0.205 2.741
2018-08-08 0.212 2.550
2018-05-09 0.210 2.600
2018-02-28 0.214 2.796
2017-11-08 0.200 2.308
2017-08-09 0.202 2.456
2017-05-10 0.196 2.290
2017-02-22 0.198 2.461
2016-11-09 0.200 2.748
2016-08-10 0.194 2.799
2016-03-09 0.183 2.700
2015-11-12 0.164 2.739
2015-08-13 0.179 2.200
2015-05-12 0.182 2.168
2015-03-11 0.188 2.158
2014-11-12 0.188 2.640
2014-08-13 0.210 3.100
2014-05-12 0.219 3.124
2013-11-12 0.213 3.091
2013-08-14 0.228 3.551
2013-07-12 0.230 3.773
2013-03-13 0.227 3.670
2012-11-12 0.233 3.696
2012-08-13 0.240 4.301
2012-05-11 0.230 5.479
2012-03-15 0.239 5.636
2011-11-14 0.229 5.698
2011-08-12 0.229 6.067
2011-05-13 0.242 4.924
2011-04-07 0.248 4.708
2010-11-10 0.234 4.928
2010-09-24 0.232 4.605
2010-08-04 0.226 4.445
2010-05-25 0.000 0.000

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

  • Dividends per share have been volatile in the past 10 years (annual drop of over 20%).
  • Dividends per share have fallen over the past 10 years.
Current Payout to shareholders
What portion of Tricon Capital Group's earnings are paid to the shareholders as a dividend.
  • Dividends paid are well covered by earnings (3x coverage).
Future Payout to shareholders
  • Dividends after 3 years are expected to be well covered by earnings (4.1x coverage).
X
Income/ dividend checks
We assess Tricon Capital 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 Tricon Capital Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Tricon Capital Group has a total score of 3/6, see the detailed checks below.


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

TCN Management

 What is the CEO of Tricon Capital 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
Gary Berman
COMPENSATION $4,272,000
AGE 44
TENURE AS CEO 5.1 years
CEO Bio

Mr. Gary Berman has been the Chief Executive Officer and President of Tricon Capital Group Inc. since March 10, 2015. He is involved in overseeing all aspects of Tricon's operations including investment management, investor relations and fundraising and new strategic initiatives. Mr. Berman served as the Chief Operating Officer of Tricon Capital Group Inc. until March 10, 2015. He has been with Tricon Capital Group in various executive positions since 2002. He served as Co-Chief Operating Officer of Tricon Capital Group Inc. Prior to co-founding Tricon, Mr. Berman acted as Executive Vice President for Lakeview Estates Limited, where he was responsible for land development and single-family homebuilding. He served as a Development Manager of Canderel Stoneridge Equity Group where he managed the conversion of the former Massey Harris office headquarters into loft condominiums and the development of DNA. Before joining Canderel Stoneridge Equity Group, Mr. Berman served in New York City as an Associate in Real Estate Acquisitions for the Blackstone Group and as a Financial Analyst in Real Estate Advisory for Goldman Sachs & Co. He is the Co-founder of the Pug Awards. Mr. Berman is a Trustee of the Urban Land Institute and serves on the Board of Governors for the Corporation of Massey Hall and Roy Thomson Hall. He serves as the Chairman of Tricon Investment Partners Inc. He is a Director at Tricon Capital Group Inc. and had been a Non Independent Director of the firm since May 21, 2014. Mr. Berman received a Masters of Business Administration degree from Harvard Business School where he was designated a Baker Scholar and a Bachelor of Commerce from McGill University in Montreal where he graduated first overall in The Faculty of Management.

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

Average tenure of the Tricon Capital Group management team in years:

5.1
Average Tenure
  • The average tenure for the Tricon Capital Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Gary Berman

TITLE
President
COMPENSATION
$4M
AGE
44
TENURE
5.1 yrs

Geoff Matus

TITLE
Co-Founder & Non Independent Director
COMPENSATION
$906K
AGE
70
TENURE
32.3 yrs

Wissam Francis

TITLE
Executive VP & CFO
COMPENSATION
$2M
TENURE
4.7 yrs

Jonathan Ellenzweig

TITLE
Senior Managing Director
COMPENSATION
$2M
TENURE
6.2 yrs

Andy Carmody

TITLE
Managing Director
COMPENSATION
$1M
TENURE
3.3 yrs

Doug Quesnel

TITLE
Chief Accounting Officer

David Veneziano

TITLE
Executive VP
COMPENSATION
$795K
TENURE
5.4 yrs

Sandra Pereira

TITLE
Senior VP & Head of Tax Services
TENURE
5.4 yrs

Wojtek Nowak

TITLE
Managing Director of Capital Markets
TENURE
1.3 yrs

Andrew Joyner

TITLE
Managing Director
TENURE
0.3 yrs
Board of Directors Tenure

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

5
Average Tenure
68
Average Age
  • The tenure for the Tricon Capital Group board of directors is about average.
Board of Directors

David Berman

TITLE
Co-Founder & Executive Chairman
COMPENSATION
$2M
AGE
71
TENURE
5.1 yrs

Gary Berman

TITLE
President
COMPENSATION
$4M
AGE
44
TENURE
5.9 yrs

Geoff Matus

TITLE
Co-Founder & Non Independent Director
COMPENSATION
$906K
AGE
70
TENURE
10.3 yrs

Larry Johnson

TITLE
Founder

Mike Knowlton

TITLE
Independent Director
COMPENSATION
$124K
AGE
68
TENURE
8.9 yrs

Siân Matthews

TITLE
Independent Director
COMPENSATION
$112K
AGE
57
TENURE
4.9 yrs

Peter Sacks

TITLE
Lead Independent Director
COMPENSATION
$122K
AGE
74

Ira Gluskin

TITLE
Independent Director
COMPENSATION
$104K
AGE
76
TENURE
3.4 yrs

Camille Douglas

TITLE
Independent Director
COMPENSATION
$54K
AGE
67
TENURE
1.7 yrs

Tracy Sherren

TITLE
Independent Director
AGE
53
TENURE
0.8 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Tricon Capital Group individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price (CA$) Value (CA$)
27. Mar 20 Buy Gary Berman Individual 18. Mar 20 25. Mar 20 260,000 CA$6.34 CA$1,576,208
23. Mar 20 Buy Wissam Francis Individual 19. Mar 20 19. Mar 20 3,950 CA$6.36 CA$25,122
30. Dec 19 Buy Gary Berman Individual 27. Dec 19 27. Dec 19 2,500 CA$10.89 CA$27,225
17. Dec 19 Buy Gary Berman Individual 17. Dec 19 17. Dec 19 50,262 CA$10.92 CA$548,861
17. Dec 19 Buy Wissam Francis Individual 17. Dec 19 17. Dec 19 15,078 CA$10.92 CA$164,652
10. Apr 19 Buy Gary Berman Individual 08. Apr 19 08. Apr 19 5,050 CA$10.75 CA$54,287
08. Apr 19 Buy Wissam Francis Individual 05. Apr 19 05. Apr 19 2,335 CA$10.69 CA$24,949
X
Management checks
We assess Tricon Capital 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. Tricon Capital 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.

TCN News

Simply Wall St News

Does Tricon Capital Group Inc (TSE:TCN) Fall With The Market?

The other type of risk, which cannot be diversified away, is market risk. … Every stock in the market is exposed to this risk, which arises from macroeconomic factors such as economic growth and geo-political tussles just to name a few. … A popular measure of market risk for a stock is its beta, and the market as a whole represents a beta value of one.

Simply Wall St -

An Intrinsic Calculation For Tricon Capital Group Inc (TSE:TCN) Shows It's 34.94% Undervalued

Today, I will calculate the stock's intrinsic value. … by projecting its future cash flows and then discounting them to today's value. … Anyone interested in learning a bit more about intrinsic value should have a read of the Simply Wall St analysis model

Simply Wall St -

How Did Tricon Capital Group Inc's (TSE:TCN) 15.63% ROE Fare Against The Industry?

and looking to gauge the potential return on investment in Tricon Capital Group Inc (TSE:TCN). … Tricon Capital Group Inc (TSE:TCN) delivered an ROE of 15.63% over the past 12 months, which is an impressive feat relative to its industry average of 10.92% during the same period. … Sustainability can be gauged by a company’s financial leverage – the more debt it has, the higher ROE is pumped up in the short term, at the expense of long term interest payment burden

Simply Wall St -

Why Tricon Capital Group Inc (TSE:TCN) Should Be Your Next Investment

In the case of Tricon Capital Group Inc (TSE:TCN), there's. … Below, I've touched on some key aspects you should know on a high level … For those interested in digger a bit deeper into my commentary,

Simply Wall St -

Value Stocks Investors Love

Tricon Capital Group and Planet Ventures are stocks on my list that are potentially undervalued. … Furthermore, PXI’s PE ratio stands at around 7.23x against its its Capital Markets peer level of, 12.51x meaning that relative to its competitors, PXI can be bought at a cheaper price right now. … HDI's stock is now floating at around -30% less than its true value of $25.54, at a price tag of CA$17.89, according to my discounted cash flow model.

Simply Wall St -

Tricon Capital Group Inc (TSE:TCN): What Is Driving Margins?

Tricon Capital Group's promising vision for earnings in the future has analysts expecting material growth of 58.26% over the next year, but it's critical to take a step back and reflect on this projection. … To help investors get a top level understanding, this article will interpret Tricon Capital Group's margin performance so investors can evaluate the revenue and cost drivers behind future earnings projections and understand how they may impact on returns compared to the industry. … Margin Calculation for TCN Profit Margin = Net Income ÷ Revenue ∴ Profit Margin = 69.25 Million ÷ 176.45 Million = 39.25% Tricon Capital Group's margin has expanded in the past five years, due to 30.78% in average net income growth surpassing 26.52% in average revenue growth, which means that the previous increase in revenue has coincided with a larger portion falling to the bottom line.

Simply Wall St -

When Should You Buy Tricon Capital Group Inc (TSE:TCN)?

Tricon Capital Group Inc (TSX:TCN), a real estate company based in Canada, saw significant share price volatility over the past couple of months on the TSX, rising to the highs of CA$10.99 and falling to the lows of CA$9.68. … Let’s take a look at Tricon Capital Group’s outlook and value based on the most recent financial data to see if there are any catalysts for a price change. … Tricon Capital Group’s share price also seems relatively stable compared to the rest of the market, as indicated by its low beta.

Simply Wall St -

No Stopping The Tricon Capital Group Inc (TSE:TCN) Growth Train

Today I will touched on some key aspects you should know on a high level, around its financials and growth prospects going forward. … Alarm bells rang in my head when I saw TCN's high level of debt at 0.41x equity, and its low level of cash generated from its core operating activities, covering a mere -83.67% of debt. … One reason I do like TCN as a business is its low level of fixed assets on its balance sheet (1.09% of total assets).

Simply Wall St -

Is Buying Tricon Capital Group Inc (TSE:TCN) For Its Upcoming $0.07 Dividend A Good Choice?

Important news for shareholders and potential investors in Tricon Capital Group Inc (TSX:TCN): The dividend payment of $0.07 per share will be distributed into shareholder on 15 April 2018, and the stock will begin trading ex-dividend at an earlier date, 28 March 2018. … Check out our latest analysis for Tricon Capital Group 5 questions to ask before buying a dividend stock When assessing a stock as a potential addition to my dividend Portfolio, I look at these five areas: Is its annual yield among the top 25% of dividend-paying companies? … Next Steps: Whilst there are few things you may like about Tricon Capital Group from a dividend stock perspective, the truth is that overall it probably is not the best choice for a dividend investor.

Simply Wall St -

What does Tricon Capital Group Inc's (TSE:TCN) Balance Sheet Tell Us About Its Future?

With this rise in debt, the current cash and short-term investment levels stands at $17.8M for investing into the business. … Moving onto cash from operations, its small level of operating cash flow means calculating cash-to-debt wouldn't be too useful, though these low levels of cash means that operational efficiency is worth a look. … Looking at TCN’s most recent $16.4M liabilities, it appears that the company has been able to meet these commitments with a current assets level of $37.3M, leading to a 2.28x current account ratio.

Simply Wall St -

TCN Company Info

Description

Tricon Capital Group Inc. is a principal investor and asset manager primarily focused on rental housing in North America. The firm invests in a portfolio of single-family rental homes, multi-family rental apartments and for-sale housing assets, and manages third-party capital in connection with its investments. The firm owns and manages on behalf of third-party investors a portfolio of investments in land and homebuilding assets, single-family rental homes, manufactured housing communities, and multi-family development projects. The business objective of the firm is to invest for investment income and capital appreciation through its principal investment business and to earn fee income through private funds and advisory business. Tricon Capital Group Inc. was founded in 1988 and is based in Toronto, Canada with an additional office in San Francisco, California.

Details
Name: Tricon Capital Group Inc.
TCN
Exchange: TSX
Founded: 1988
CA$1,350,387,085
194,021,133
Website: http://www.triconcapital.com
Address: Tricon Capital Group Inc.
7 St. Thomas Street,
Suite 801,
Toronto,
Ontario, M5S 2B7,
Canada
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
TSX TCN Common Shares The Toronto Stock Exchange CA CAD 20. May 2010
OTCPK TCNG.F Common Shares Pink Sheets LLC US USD 20. May 2010
DB 331 Common Shares Deutsche Boerse AG DE EUR 20. May 2010
Number of employees
Current staff
Staff numbers
92
Tricon Capital Group employees.
Industry
Diversified Real Estate Activities
Real Estate
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2020/04/03 07:25
End of day share price update: 2020/04/02 00:00
Last estimates confirmation: 2020/04/01
Last earnings filing: 2020/02/26
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.