Financials First National Financial Corporation

Equities

FN

CA33564P1036

Corporate Financial Services

Market Closed - Toronto S.E. 04:00:00 2024-04-26 pm EDT 5-day change 1st Jan Change
38.13 CAD +0.16% Intraday chart for First National Financial Corporation +1.71% -0.65%

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 2,284 2,487 2,492 2,184 2,302 2,287 - -
Enterprise Value (EV) 1 2,284 2,487 2,492 2,184 2,302 2,287 2,287 2,287
P/E ratio 13.1 x 13.3 x 13 x 11.2 x 9.25 x 9.74 x 8.66 x 8.31 x
Yield 6.33% 5.95% 5.46% 6.48% 8.23% 6.48% 7.35% 7%
Capitalization / Revenue 3.89 x 3.7 x 3.26 x 2.62 x 2.54 x 2.51 x 2.38 x 2.28 x
EV / Revenue 3.89 x 3.7 x 3.26 x 2.62 x 2.54 x 2.51 x 2.38 x 2.28 x
EV / EBITDA 9,087,529 x 7,527,095 x 9,687,053 x - - - - -
EV / FCF - - - - - - - -
FCF Yield - - - - - - - -
Price to Book 4.07 x 4.36 x 4.32 x 3.12 x 3.12 x 3.17 x 2.79 x 2.45 x
Nbr of stocks (in thousands) 59,967 59,967 59,967 59,967 59,967 59,967 - -
Reference price 2 38.08 41.48 41.56 36.42 38.38 38.13 38.13 38.13
Announcement Date 2/24/20 3/2/21 3/1/22 2/28/23 3/5/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 587.5 672.1 764.3 835 904.8 911.4 961.4 1,002
EBITDA 251.3 330.5 257.3 - - - - -
EBIT - - - - - - - -
Operating Margin - - - - - - - -
Earnings before Tax (EBT) 1 241.7 258.7 263.8 269.1 343.9 319.6 359.1 380
Net income 1 174.2 187.4 191.9 194.7 252.8 234.9 269.9 275.4
Net margin 29.65% 27.88% 25.1% 23.32% 27.94% 25.78% 28.07% 27.49%
EPS 2 2.900 3.120 3.200 3.250 4.150 3.915 4.405 4.590
Free Cash Flow - - - - - - - -
FCF margin - - - - - - - -
FCF Conversion (EBITDA) - - - - - - - -
FCF Conversion (Net income) - - - - - - - -
Dividend per Share 2 2.410 2.470 2.270 2.358 3.160 2.470 2.804 2.670
Announcement Date 2/24/20 3/2/21 3/1/22 2/28/23 3/5/24 - - -
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 1 195.8 188.7 200.4 251.9 197.6 185.1 176.3 256.7 272.5 199.3 193 236 240 224 -
EBITDA 64.87 57.04 - - - - - - - - - - - - -
EBIT - - - - - - - - - - - - - - -
Operating Margin - - - - - - - - - - - - - - -
Earnings before Tax (EBT) 1 65.13 57.11 73.09 83.08 54.64 58.27 48.64 121.5 113.8 59.9 67 86 79 89 -
Net income 1 47.61 41.29 53.6 61.3 39.38 41.78 35.7 89.19 82.67 44.24 51.2 62.1 56.7 64.1 -
Net margin 24.31% 21.88% 26.74% 24.33% 19.93% 22.58% 20.25% 34.75% 30.33% 22.2% 26.53% 26.31% 23.62% 28.62% -
EPS 2 0.7800 0.6900 0.8800 1.010 0.6600 0.7000 0.5800 1.470 1.380 0.7200 0.8300 0.9369 1.031 1.114 0.8500
Dividend per Share 2 0.5875 0.5875 0.5875 0.5875 0.5875 0.5958 0.6000 - - 0.6100 0.6100 0.6100 0.6100 0.6300 -
Announcement Date 10/26/21 3/1/22 4/26/22 7/26/22 10/25/22 2/28/23 4/28/23 8/1/23 10/31/23 3/5/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt - - - - - - - -
Net Cash position - - - - - - - -
Leverage (Debt/EBITDA) - - - - - - - -
Free Cash Flow - - - - - - - -
ROE (net income / shareholders' equity) 33.1% 41.8% 33.4% 23.6% 35.2% 35.4% 34.6% -
ROA (Net income/ Total Assets) 0.49% - - 0.45% - - - -
Assets 1 35,419 - - 43,026 - - - -
Book Value Per Share 2 9.370 9.520 9.630 11.70 12.30 12.00 13.70 15.60
Cash Flow per Share - - - - - - - -
Capex - - - - - - - -
Capex / Sales - - - - - - - -
Announcement Date 2/24/20 3/2/21 3/1/22 2/28/23 3/5/24 - - -
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

Trading Rating
Investor Rating
ESG Refinitiv
C-
More Ratings
Sell
Consensus
Buy
Mean consensus
HOLD
Number of Analysts
6
Last Close Price
38.13 CAD
Average target price
42.33 CAD
Spread / Average Target
+11.02%
Consensus
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