Q: May I please have your comments on earnings? Ant dividend increase?
5i Research Answer:
EPS of $1.04 beat estimates of 91 cents; revenue of $600M also beat estimates. The dividend increase was already announced in November 2024, but is still positive. Revenue rose 19%; assets rose 11%. Outlook commentary was mostly positive, with Q1 origination volumes expected to exceed last year. In the face of competition and uncertainty, this was a positive development. There is economic risk here, but it remains our favourite amongs Canadian MIC, and is also the largest. The stock is cheap at 10X earnings and reasonably good growth is forecast for the next 24 months.