Stock EIF EXCHANGE INCOME CORPORATION
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Financials Exchange Income Corporation

Equities

EIF

CA3012831077

Airlines

Market Closed - Toronto S.E.
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
46.92 CAD +0.28% Intraday chart for Exchange Income Corporation +2.13% +4.04%
Apr. 17 Exchange Income Corporation Declares Dividend for the Month Ending April 30, 2024 Payable on May 15, 2024 CI
Apr. 05 Nigeria union requests more troops to combat oil theft RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 1,548 1,297 1,959 2,232 2,120 2,218 - -
Enterprise Value (EV) 1 2,646 2,434 3,173 3,870 4,023 4,266 4,253 4,025
P/E ratio 17.9 x 47 x 23.4 x 19.9 x 17 x 17.2 x 12.8 x -
Yield 4.98% 6.22% 5.41% 4.58% 5.63% 5.66% 5.83% 6.18%
Capitalization / Revenue 1.15 x 1.13 x 1.39 x 1.08 x 0.85 x 0.8 x 0.74 x 0.72 x
EV / Revenue 1.97 x 2.12 x 2.25 x 1.88 x 1.61 x 1.53 x 1.41 x 1.31 x
EV / EBITDA 8.05 x 8.55 x 9.62 x 8.48 x 7.24 x 6.84 x 6.13 x 5.56 x
EV / FCF 18.6 x 13.9 x 21.6 x 22 x 19.9 x 19.7 x 17.3 x -
FCF Yield 5.39% 7.19% 4.64% 4.55% 5.02% 5.07% 5.79% -
Price to Book 2.12 x 1.89 x 2.04 x 2.19 x 1.71 x 1.74 x 1.65 x 1.52 x
Nbr of stocks (in thousands) 34,634 35,408 46,478 42,404 46,999 47,282 - -
Reference price 2 44.69 36.64 42.14 52.63 45.10 46.92 46.92 46.92
Announcement Date 2/20/20 2/17/21 2/23/22 2/22/23 2/22/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,341 1,150 1,413 2,059 2,498 2,782 3,017 3,068
EBITDA 1 328.8 284.5 329.9 456.4 555.5 623.4 693.6 724.1
EBIT 1 158.8 101.7 143.5 236.7 289.7 345.1 407.2 431.8
Operating Margin 11.84% 8.85% 10.15% 11.5% 11.6% 12.41% 13.5% 14.08%
Earnings before Tax (EBT) 1 105.8 43 94.26 151.5 163.1 194.2 251.3 314.1
Net income 1 83.64 28.06 68.59 109.7 122.3 148.5 188.6 229.3
Net margin 6.24% 2.44% 4.85% 5.33% 4.9% 5.34% 6.25% 7.47%
EPS 2 2.490 0.7800 1.800 2.640 2.650 2.733 3.673 -
Free Cash Flow 1 142.6 174.9 147.2 176.1 201.8 216.2 246.1 -
FCF margin 10.63% 15.21% 10.41% 8.55% 8.08% 7.77% 8.16% -
FCF Conversion (EBITDA) 43.37% 61.47% 44.61% 38.58% 36.33% 34.68% 35.48% -
FCF Conversion (Net income) 170.5% 623.44% 214.55% 160.58% 165.02% 145.61% 130.51% -
Dividend per Share 2 2.228 2.280 2.280 2.410 2.540 2.653 2.737 2.900
Announcement Date 2/20/20 2/17/21 2/23/22 2/22/23 2/22/24 - - -
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 1 400 390.3 400.2 529 586.8 543.4 526.8 627.2 687.7 656.7 608 687.5 757.1 725.1 642.1
EBITDA 1 95.28 89.42 66.96 115.1 150.4 124.1 97.12 147 167.8 143.6 109.7 161.7 185.7 165.9 125.3
EBIT 1 52.69 37.83 20.69 57.94 91.5 62.15 36.68 82.99 108 72.57 40.92 92.6 116.5 93.28 45.08
Operating Margin 13.17% 9.69% 5.17% 10.95% 15.59% 11.44% 6.96% 13.23% 15.71% 11.05% 6.73% 13.47% 15.39% 12.86% 7.02%
Earnings before Tax (EBT) 1 30.06 29.98 4.629 41.8 67.7 37.34 8.961 50.49 64.48 39.16 8.247 56.68 78.94 56.86 -
Net income 1 21.9 23.06 3.753 29.99 48.94 26.99 6.861 36.9 49.52 29.03 4.641 40.85 58.48 44.6 13.74
Net margin 5.47% 5.91% 0.94% 5.67% 8.34% 4.97% 1.3% 5.88% 7.2% 4.42% 0.76% 5.94% 7.72% 6.15% 2.14%
EPS 2 0.5800 0.5900 0.1000 0.7300 1.200 0.6200 0.1600 0.8000 0.9900 0.6100 0.1950 0.8000 0.9900 0.7550 -
Dividend per Share 2 0.5700 0.5700 0.5700 0.5900 0.6200 0.6300 0.6300 0.6300 0.6300 0.6500 0.6600 0.6600 0.6600 0.6667 -
Announcement Date 11/11/21 2/23/22 5/10/22 8/11/22 11/9/22 2/22/23 5/9/23 8/10/23 11/9/23 2/22/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 1,099 1,137 1,214 1,639 1,903 2,048 2,034 1,806
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 3.341 x 3.994 x 3.681 x 3.59 x 3.426 x 3.285 x 2.933 x 2.494 x
Free Cash Flow 1 143 175 147 176 202 216 246 -
ROE (net income / shareholders' equity) 12.4% 3.96% 9.23% 11.9% 10.8% 11% 13% -
ROA (Net income/ Total Assets) - - - - - - - -
Assets 1 - - - - - - - -
Book Value Per Share 2 21.00 19.30 20.70 24.00 26.40 26.90 28.40 31.00
Cash Flow per Share 2 6.890 - - - - -0.8800 -0.7300 -
Capex 1 235 142 274 360 503 475 447 286
Capex / Sales 17.5% 12.32% 19.42% 17.46% 20.14% 17.08% 14.81% 9.32%
Announcement Date 2/20/20 2/17/21 2/23/22 2/22/23 2/22/24 - - -
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 Exchange Income Corporation

Trading Rating
Investor Rating
ESG Refinitiv
C
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
10
Last Close Price
46.92 CAD
Average target price
63.95 CAD
Spread / Average Target
+36.30%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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