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EXCHANGE INCOME CORP (EIF-DB-M.CA) Stock Fundamental Analysis

TSX:EIF-DB-M - Toronto Stock Exchange - CA301283AP29 - Currency: CAD

102.75  -0.25 (-0.24%)

Fundamental Rating

4

Overall EIF-DB-M gets a fundamental rating of 4 out of 10. We evaluated EIF-DB-M against 8 industry peers in the Passenger Airlines industry. While EIF-DB-M is still in line with the averages on profitability rating, there are concerns on its financial health. EIF-DB-M is quite expensive at the moment. It does show a decent growth rate.


Dividend Valuation Growth Profitability Health

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6

1. Profitability

1.1 Basic Checks

EIF-DB-M had positive earnings in the past year.
EIF-DB-M had a positive operating cash flow in the past year.
In the past 5 years EIF-DB-M has always been profitable.
EIF-DB-M had a positive operating cash flow in each of the past 5 years.
EIF-DB-M.CA Yearly Net Income VS EBIT VS OCF VS FCFEIF-DB-M.CA Yearly Net Income VS EBIT VS OCF VS FCFYearly Net Income VS EBIT VS OCF VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100M -100M 200M 300M

1.2 Ratios

With a decent Return On Assets value of 2.83%, EIF-DB-M is doing good in the industry, outperforming 70.00% of the companies in the same industry.
EIF-DB-M has a better Return On Equity (9.59%) than 70.00% of its industry peers.
The Return On Invested Capital of EIF-DB-M (6.24%) is comparable to the rest of the industry.
Measured over the past 3 years, the Average Return On Invested Capital for EIF-DB-M is in line with the industry average of 6.19%.
The last Return On Invested Capital (6.24%) for EIF-DB-M is above the 3 year average (5.68%), which is a sign of increasing profitability.
Industry RankSector Rank
ROA 2.83%
ROE 9.59%
ROIC 6.24%
ROA(3y)2.91%
ROA(5y)2.73%
ROE(3y)9.72%
ROE(5y)8.94%
ROIC(3y)5.68%
ROIC(5y)5.34%
EIF-DB-M.CA Yearly ROA, ROE, ROICEIF-DB-M.CA Yearly ROA, ROE, ROICYearly ROA, ROE, ROIC 2015 2016 2017 2018 2019 2020 2021 2022 2023 2 4 6 8 10

1.3 Margins

EIF-DB-M has a better Profit Margin (4.64%) than 70.00% of its industry peers.
In the last couple of years the Profit Margin of EIF-DB-M has declined.
EIF-DB-M has a better Operating Margin (11.62%) than 80.00% of its industry peers.
EIF-DB-M's Operating Margin has been stable in the last couple of years.
EIF-DB-M has a worse Gross Margin (35.72%) than 70.00% of its industry peers.
EIF-DB-M's Gross Margin has declined in the last couple of years.
Industry RankSector Rank
OM 11.62%
PM (TTM) 4.64%
GM 35.72%
OM growth 3Y9.44%
OM growth 5Y-0.01%
PM growth 3Y26.05%
PM growth 5Y-3.61%
GM growth 3Y-4.65%
GM growth 5Y-2.1%
EIF-DB-M.CA Yearly Profit, Operating, Gross MarginsEIF-DB-M.CA Yearly Profit, Operating, Gross MarginsYearly Profit, Operating, Gross Margins 2015 2016 2017 2018 2019 2020 2021 2022 2023 10 20 30

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3

2. Health

2.1 Basic Checks

The Return on Invested Capital (ROIC) is below the Cost of Capital (WACC), so EIF-DB-M is destroying value.
Compared to 1 year ago, EIF-DB-M has more shares outstanding
Compared to 5 years ago, EIF-DB-M has more shares outstanding
The debt/assets ratio for EIF-DB-M has been reduced compared to a year ago.
EIF-DB-M.CA Yearly Shares OutstandingEIF-DB-M.CA Yearly Shares OutstandingYearly Shares Outstanding 2015 2016 2017 2018 2019 2020 2021 2022 2023 10M 20M 30M 40M
EIF-DB-M.CA Yearly Total Debt VS Total AssetsEIF-DB-M.CA Yearly Total Debt VS Total AssetsYearly Total Debt VS Total Assets 2015 2016 2017 2018 2019 2020 2021 2022 2023 1B 2B 3B 4B

2.2 Solvency

An Altman-Z score of 1.97 indicates that EIF-DB-M is not a great score, but indicates only limited risk for bankruptcy at the moment.
EIF-DB-M has a better Altman-Z score (1.97) than 90.00% of its industry peers.
A Debt/Equity ratio of 1.64 is on the high side and indicates that EIF-DB-M has dependencies on debt financing.
Looking at the Debt to Equity ratio, with a value of 1.64, EIF-DB-M is doing worse than 60.00% of the companies in the same industry.
Industry RankSector Rank
Debt/Equity 1.64
Debt/FCF N/A
Altman-Z 1.97
ROIC/WACC0.76
WACC8.23%
EIF-DB-M.CA Yearly LT Debt VS Equity VS FCFEIF-DB-M.CA Yearly LT Debt VS Equity VS FCFYearly LT Debt VS Equity VS FCF 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 500M 1B 1.5B

2.3 Liquidity

A Current Ratio of 1.76 indicates that EIF-DB-M should not have too much problems paying its short term obligations.
The Current ratio of EIF-DB-M (1.76) is better than 80.00% of its industry peers.
EIF-DB-M has a Quick Ratio of 1.14. This is a normal value and indicates that EIF-DB-M is financially healthy and should not expect problems in meeting its short term obligations.
With a decent Quick ratio value of 1.14, EIF-DB-M is doing good in the industry, outperforming 80.00% of the companies in the same industry.
Industry RankSector Rank
Current Ratio 1.76
Quick Ratio 1.14
EIF-DB-M.CA Yearly Current Assets VS Current LiabilitesEIF-DB-M.CA Yearly Current Assets VS Current LiabilitesYearly Current Assets VS Current Liabilites 2015 2016 2017 2018 2019 2020 2021 2022 2023 200M 400M 600M 800M 1B

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5

3. Growth

3.1 Past

EIF-DB-M shows a slight negative growth in Earnings Per Share. In the last year, the EPS has decreased by -4.97%.
EIF-DB-M shows a small growth in Earnings Per Share. Measured over the last years, the EPS has been growing by 1.68% yearly.
Looking at the last year, EIF-DB-M shows a quite strong growth in Revenue. The Revenue has grown by 10.22% in the last year.
Measured over the past years, EIF-DB-M shows a quite strong growth in Revenue. The Revenue has been growing by 15.73% on average per year.
EPS 1Y (TTM)-4.97%
EPS 3Y31.96%
EPS 5Y1.68%
EPS Q2Q%8.26%
Revenue 1Y (TTM)10.22%
Revenue growth 3Y29.53%
Revenue growth 5Y15.73%
Sales Q2Q%3.23%

3.2 Future

Based on estimates for the next years, EIF-DB-M will show a quite strong growth in Earnings Per Share. The EPS will grow by 14.98% on average per year.
Based on estimates for the next years, EIF-DB-M will show a quite strong growth in Revenue. The Revenue will grow by 8.66% on average per year.
EPS Next Y0.12%
EPS Next 2Y11.83%
EPS Next 3Y14.98%
EPS Next 5YN/A
Revenue Next Year7.84%
Revenue Next 2Y9.71%
Revenue Next 3Y8.66%
Revenue Next 5YN/A

3.3 Evolution

When comparing the EPS growth rate of the last years to the growth rate of the upcoming years, we see that the growth is accelerating.
The Revenue growth rate is decreasing: in the next years the growth will be less than in the last years.
EIF-DB-M.CA Yearly Revenue VS EstimatesEIF-DB-M.CA Yearly Revenue VS EstimatesYearly Revenue VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1B 2B 3B
EIF-DB-M.CA Yearly EPS VS EstimatesEIF-DB-M.CA Yearly EPS VS EstimatesYearly EPS VS Estimates 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 1 2 3 4

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2

4. Valuation

4.1 Price/Earnings Ratio

EIF-DB-M is valuated quite expensively with a Price/Earnings ratio of 35.80.
Compared to the rest of the industry, the Price/Earnings ratio of EIF-DB-M indicates a somewhat cheap valuation: EIF-DB-M is cheaper than 70.00% of the companies listed in the same industry.
The average S&P500 Price/Earnings ratio is at 29.62. EIF-DB-M is valued slightly more expensive when compared to this.
Based on the Price/Forward Earnings ratio of 27.30, the valuation of EIF-DB-M can be described as expensive.
Compared to the rest of the industry, the Price/Forward Earnings ratio of EIF-DB-M is on the same level as its industry peers.
The average S&P500 Price/Forward Earnings ratio is at 22.70. EIF-DB-M is valued slightly more expensive when compared to this.
Industry RankSector Rank
PE 35.8
Fwd PE 27.3
EIF-DB-M.CA Price Earnings VS Forward Price EarningsEIF-DB-M.CA Price Earnings VS Forward Price Earnings ChartPrice Earnings - Forward Price Earnings PE FPE 20 40 60 80 100

4.2 Price Multiples

EIF-DB-M's Enterprise Value to EBITDA ratio is in line with the industry average.
Industry RankSector Rank
P/FCF N/A
EV/EBITDA 11.99
EIF-DB-M.CA Per share dataEIF-DB-M.CA EPS, Sales, OCF, FCF, BookValue per sharePer Share Data Per Share 0 10 20 30 40 50

4.3 Compensation for Growth

The high PEG Ratio(NY), which compensates the Price/Earnings for growth, indicates an expensive valuation of the company.
EIF-DB-M has a very decent profitability rating, which may justify a higher PE ratio.
A more expensive valuation may be justified as EIF-DB-M's earnings are expected to grow with 14.98% in the coming years.
PEG (NY)300.38
PEG (5Y)21.36
EPS Next 2Y11.83%
EPS Next 3Y14.98%

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5

5. Dividend

5.1 Amount

With a Yearly Dividend Yield of 5.06%, EIF-DB-M is a good candidate for dividend investing.
Compared to an average industry Dividend Yield of 5.06, EIF-DB-M pays a better dividend. On top of this EIF-DB-M pays more dividend than 90.00% of the companies listed in the same industry.
EIF-DB-M's Dividend Yield is rather good when compared to the S&P500 average which is at 2.27.
Industry RankSector Rank
Dividend Yield 5.06%

5.2 History

The dividend of EIF-DB-M has a limited annual growth rate of 3.16%.
EIF-DB-M does not have a reliable dividend history as it only pays dividend since a couple or years.
Dividend Growth(5Y)3.16%
Div Incr Years0
Div Non Decr Years0

5.3 Sustainability

101.94% of the earnings are spent on dividend by EIF-DB-M. This is not a sustainable payout ratio.
EIF-DB-M's earnings are growing more than its dividend. This makes the dividend growth sustainable.
DP101.94%
EPS Next 2Y11.83%
EPS Next 3Y14.98%
EIF-DB-M.CA Yearly Income VS Free CF VS DividendEIF-DB-M.CA Yearly Income VS Free CF VS DividendYearly Income VS Free CF VS Dividend 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50M -50M 100M -100M -150M
EIF-DB-M.CA Dividend Payout.EIF-DB-M.CA Dividend Payout, showing the Payout Ratio.EIF-DB-M.CA Dividend Payout.PayoutRetained Earnings

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EXCHANGE INCOME CORP

TSX:EIF-DB-M (2/21/2025, 7:00:00 PM)

102.75

-0.25 (-0.24%)

Chartmill FA Rating
GICS SectorIndustrials
GICS IndustryGroupTransportation
GICS IndustryPassenger Airlines
Earnings (Last)11-07 2024-11-07/amc
Earnings (Next)02-26 2025-02-26/amc
Inst Owners10.9%
Inst Owner ChangeN/A
Ins Owners6.18%
Ins Owner ChangeN/A
Market Cap5.10B
Analysts82.67
Price Target144.3 (40.44%)
Short Float %N/A
Short RatioN/A
Dividend
Industry RankSector Rank
Dividend Yield 5.06%
Yearly Dividend2.56
Dividend Growth(5Y)3.16%
DP101.94%
Div Incr Years0
Div Non Decr Years0
Ex-DateN/A
Surprises & Revisions
EPS beat(2)0
Avg EPS beat(2)-7.47%
Min EPS beat(2)-10.7%
Max EPS beat(2)-4.24%
EPS beat(4)1
Avg EPS beat(4)-3.44%
Min EPS beat(4)-10.7%
Max EPS beat(4)3.54%
EPS beat(8)1
Avg EPS beat(8)-6.17%
EPS beat(12)5
Avg EPS beat(12)10.85%
EPS beat(16)9
Avg EPS beat(16)16.8%
Revenue beat(2)0
Avg Revenue beat(2)-4.7%
Min Revenue beat(2)-5.7%
Max Revenue beat(2)-3.7%
Revenue beat(4)1
Avg Revenue beat(4)-2.89%
Min Revenue beat(4)-5.7%
Max Revenue beat(4)0.42%
Revenue beat(8)5
Avg Revenue beat(8)0.6%
Revenue beat(12)9
Avg Revenue beat(12)3.62%
Revenue beat(16)13
Avg Revenue beat(16)4.1%
PT rev (1m)7.97%
PT rev (3m)16.67%
EPS NQ rev (1m)-2.58%
EPS NQ rev (3m)-2.58%
EPS NY rev (1m)-0.42%
EPS NY rev (3m)-4.54%
Revenue NQ rev (1m)-0.16%
Revenue NQ rev (3m)-0.16%
Revenue NY rev (1m)0%
Revenue NY rev (3m)-2.02%
Valuation
Industry RankSector Rank
PE 35.8
Fwd PE 27.3
P/S 1.94
P/FCF N/A
P/OCF 13.2
P/B 4
P/tB 22.91
EV/EBITDA 11.99
EPS(TTM)2.87
EY2.79%
EPS(NY)3.76
Fwd EY3.66%
FCF(TTM)-2.71
FCFYN/A
OCF(TTM)7.79
OCFY7.58%
SpS53
BVpS25.67
TBVpS4.49
PEG (NY)300.38
PEG (5Y)21.36
Profitability
Industry RankSector Rank
ROA 2.83%
ROE 9.59%
ROCE 8.47%
ROIC 6.24%
ROICexc 6.34%
ROICexgc 9.01%
OM 11.62%
PM (TTM) 4.64%
GM 35.72%
FCFM N/A
ROA(3y)2.91%
ROA(5y)2.73%
ROE(3y)9.72%
ROE(5y)8.94%
ROIC(3y)5.68%
ROIC(5y)5.34%
ROICexc(3y)5.91%
ROICexc(5y)5.51%
ROICexgc(3y)8.71%
ROICexgc(5y)7.95%
ROCE(3y)7.71%
ROCE(5y)7.24%
ROICexcg growth 3Y19.05%
ROICexcg growth 5Y1.66%
ROICexc growth 3Y17.84%
ROICexc growth 5Y0.7%
OM growth 3Y9.44%
OM growth 5Y-0.01%
PM growth 3Y26.05%
PM growth 5Y-3.61%
GM growth 3Y-4.65%
GM growth 5Y-2.1%
F-Score5
Asset Turnover0.61
Health
Industry RankSector Rank
Debt/Equity 1.64
Debt/FCF N/A
Debt/EBITDA 3.46
Cap/Depr 174.06%
Cap/Sales 19.81%
Interest Coverage 2.68
Cash Conversion 63.88%
Profit Quality N/A
Current Ratio 1.76
Quick Ratio 1.14
Altman-Z 1.97
F-Score5
WACC8.23%
ROIC/WACC0.76
Cap/Depr(3y)169.02%
Cap/Depr(5y)147.4%
Cap/Sales(3y)19.27%
Cap/Sales(5y)17.91%
Profit Quality(3y)N/A
Profit Quality(5y)N/A
High Growth Momentum
Growth
EPS 1Y (TTM)-4.97%
EPS 3Y31.96%
EPS 5Y1.68%
EPS Q2Q%8.26%
EPS Next Y0.12%
EPS Next 2Y11.83%
EPS Next 3Y14.98%
EPS Next 5YN/A
Revenue 1Y (TTM)10.22%
Revenue growth 3Y29.53%
Revenue growth 5Y15.73%
Sales Q2Q%3.23%
Revenue Next Year7.84%
Revenue Next 2Y9.71%
Revenue Next 3Y8.66%
Revenue Next 5YN/A
EBIT growth 1Y9.36%
EBIT growth 3Y41.76%
EBIT growth 5Y15.72%
EBIT Next Year100.02%
EBIT Next 3Y35.26%
EBIT Next 5YN/A
FCF growth 1Y-41.15%
FCF growth 3YN/A
FCF growth 5YN/A
OCF growth 1Y58.08%
OCF growth 3Y10.75%
OCF growth 5Y16.5%