Stock CIX CI FINANCIAL CORP.
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Financials CI Financial Corp.

Equities

CIX

CA1254911003

Investment Management & Fund Operators

Market Closed - Toronto S.E.
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
16.15 CAD -0.74% Intraday chart for CI Financial Corp. -2.42% +8.68%
Apr. 22 CI Financial's Total Assets Up 18.6% YoY in March MT
Apr. 22 CI Financial Brief: Reporting Total Assets of $474.2 Billion for March 2024 MT

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 4,885 3,311 5,200 2,517 2,262 2,380 - -
Enterprise Value (EV) 1 4,885 5,226 5,200 2,517 2,262 2,380 2,380 2,380
P/E ratio 9.48 x 7.14 x 13.1 x 8.55 x 495 x 4.82 x 4.55 x 4.69 x
Yield 3.32% 4.56% 2.72% 5.33% - 4.98% 5.03% 4.46%
Capitalization / Revenue 2.31 x 1.61 x 1.91 x 1.08 x 0.82 x 0.83 x 0.77 x 0.77 x
EV / Revenue 2.31 x 1.61 x 1.91 x 1.08 x 0.82 x 0.83 x 0.77 x 0.77 x
EV / EBITDA 5.74 x 4.06 x 5.13 x 2.51 x 2.33 x 2.55 x 2.42 x -
EV / FCF 8.1 x 6.25 x 7.9 x 5.45 x - 2.82 x 5.57 x -9.26 x
FCF Yield 12.3% 16% 12.7% 18.3% - 35.4% 17.9% -10.8%
Price to Book 3.22 x - - - - 1.8 x 1.37 x -
Nbr of stocks (in thousands) 225,012 209,794 196,663 186,285 152,236 147,378 - -
Reference price 2 21.71 15.78 26.44 13.51 14.86 16.15 16.15 16.15
Announcement Date 2/14/20 2/11/21 2/22/22 2/24/23 2/23/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 2,119 2,050 2,727 2,334 2,746 2,871 3,102 3,090
EBITDA 1 850.5 814.5 1,014 1,004 971.9 932 981.9 -
EBIT 1 782.2 772.4 921.5 898.7 326.7 795.5 924 831
Operating Margin 36.91% 37.67% 33.79% 38.5% 11.9% 27.7% 29.79% 26.89%
Earnings before Tax (EBT) 1 726.8 642.7 586.2 476.2 149.7 745 795 771
Net income 1 538.4 476 409.3 299.8 5.018 488.4 550.4 508
Net margin 25.4% 23.21% 15.01% 12.84% 0.18% 17.01% 17.74% 16.44%
EPS 2 2.290 2.210 2.020 1.580 0.0300 3.350 3.553 3.440
Free Cash Flow 1 603.1 530 658.1 461.4 - 843.5 427 -257
FCF margin 28.46% 25.85% 24.13% 19.77% - 29.38% 13.77% -8.32%
FCF Conversion (EBITDA) 70.91% 65.07% 64.91% 45.96% - 90.5% 43.49% -
FCF Conversion (Net income) 112.02% 111.34% 160.79% 153.91% - 172.7% 77.58% -
Dividend per Share 2 0.7200 0.7200 0.7200 0.7200 - 0.8050 0.8125 0.7200
Announcement Date 2/14/20 2/11/21 2/22/22 2/24/23 2/23/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q3 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1
Net sales 1 661.3 762.9 769 690.6 632.8 620.3 637.8 776.1 616.5 715.6 714 718.6 734.4 743.7 742.7
EBITDA 1 258.1 277.2 272.9 251 237.5 242.7 250.1 245.3 237.8 238.7 197.5 250 257 263 -
EBIT 250.6 247.1 249.3 - 76.4 218.1 224.3 - 60.37 5.748 - - - - -
Operating Margin 37.9% 32.39% 32.42% - 12.07% 35.16% 35.17% - 9.79% 0.8% - - - - -
Earnings before Tax (EBT) 1 82.4 175.1 185.8 219 37.83 33.6 54.8 112.5 20.58 -38.15 227.7 236.7 247.1 252.6 256.8
Net income 1 43.8 123.7 138.1 156.2 14.88 -9.5 29.97 51 -12.42 -63.49 128.6 125 124.4 127.2 143.5
Net margin 6.62% 16.21% 17.96% 22.62% 2.35% -1.53% 4.7% 6.57% -2.01% -8.87% 18.01% 17.39% 16.94% 17.1% 19.31%
EPS 2 0.2200 0.6200 0.7000 - 0.0800 -0.0500 0.1600 0.2800 -0.0800 -0.4000 0.8300 0.8300 0.8300 0.8500 0.8900
Dividend per Share 2 0.1800 0.1800 0.1800 0.1800 0.1800 0.1800 0.1800 0.1800 0.1800 - 0.2000 0.2000 0.2000 0.2100 0.2100
Announcement Date 11/11/21 2/22/22 5/12/22 8/11/22 11/10/22 2/24/23 5/11/23 8/10/23 11/9/23 2/23/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - 1,915 - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - 2.352 x - - - - - -
Free Cash Flow 1 603 530 658 461 - 844 427 -257
ROE (net income / shareholders' equity) 36.8% 30.9% 25.8% 36.9% - 44.3% 34.9% 26.1%
ROA (Net income/ Total Assets) 12.4% 8.87% 5.45% 6.4% - 5.5% 5.9% 4.9%
Assets 1 4,333 5,364 7,510 4,682 - 8,881 9,328 10,367
Book Value Per Share 2 6.740 - - - - 8.990 11.80 -
Cash Flow per Share 2 1.090 - 3.210 - - -0.6900 0.1900 -1.400
Capex 1 12.4 12 7.8 17.5 - 50 50 50
Capex / Sales 0.59% 0.58% 0.29% 0.75% - 1.74% 1.61% 1.62%
Announcement Date 2/14/20 2/11/21 2/22/22 2/24/23 2/23/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for CI Financial Corp.

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
9
Last Close Price
16.15 CAD
Average target price
19.5 CAD
Spread / Average Target
+20.74%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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Other Investment Management & Fund Operators
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