Log in
Log in
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
Sign up
Or log in with
GoogleGoogle
Twitter Twitter
Facebook Facebook
Apple Apple     
  1. Homepage
  2. Equities
  3. Canada
  4. Toronto Stock Exchange
  5. Home Capital Group Inc.
  6. News
  7. Summary
    HCG   CA4369131079

HOME CAPITAL GROUP INC.

(HCG)
  Report
Delayed Toronto Stock Exchange  -  04:00 2022-09-23 pm EDT
27.42 CAD   -0.29%
09/16Home Capital Group Reports Final Results of Substantial Issuer Bid
MT
09/15BMO Capital Resumes Coverage on Home Capital Group With Outperform, Says Value Investors Should Take Note
MT
09/14Home Capital Group Reports Preliminary Results of Substantial Issuer Bid
MT
SummaryQuotesChartsNewsRatingsCalendarCompanyFinancialsConsensusRevisionsFunds 
SummaryMost relevantAll NewsAnalyst Reco.Other languagesPress ReleasesOfficial PublicationsSector news

Canada's Home Capital rejects takeover offer from unnamed buyer

08/15/2022 | 11:02am EDT

Aug 15 (Reuters) - Canada's Home Capital Group Inc said on Monday that its board had rejected an unsolicited takeover bid from an unnamed buyer as it undervalued the mortgage lender.

The Toronto-based company did not disclose the exact price, but said it exceeded C$28.60 per share – the maximum price it was offering its shareholders for a stock buyback it had announced earlier this month.

The company said this was the second time the buyer had made an offer and that the first one was made with a partner.

Shares of Home Capital were up nearly 4% at C$29.54 ($22.87) on Monday. As of last close, they had fallen 27% this year and were trading below book value.

Earlier this month, the company reported a drop in second-quarter profit, highlighting the turmoil in the Canadian housing market due to rising cost of mortgages.

Ultra-low borrowing costs and pandemic-related stimulus measures contributed to a more than 50% rise in average home prices in Canada over the last two years.

Warren Buffett's Berkshire Hathaway Inc extended a lifeline to Home Capital in 2017, buying a 20% stake and offering a C$2 billion credit line after the company's investors withdrew more than 90% of funds from its high-interest savings accounts. ($1 = 1.2919 Canadian dollars) (Reporting by Niket Nishant and Mehnaz Yasmin in Bengaluru; Editing by Shinjini Ganguli and Anil D'Silva)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
BERKSHIRE HATHAWAY INC. -0.22% 404485.25 Delayed Quote.-10.25%
HOME CAPITAL GROUP INC. -0.29% 27.42 Delayed Quote.-29.61%
All news about HOME CAPITAL GROUP INC.
09/16Home Capital Group Reports Final Results of Substantial Issuer Bid
MT
09/15BMO Capital Resumes Coverage on Home Capital Group With Outperform, Says Value Investor..
MT
09/14Home Capital Group Reports Preliminary Results of Substantial Issuer Bid
MT
09/13Home Capital Group Inc.'s Equity Buyback announced on August 4, 2022 has expired.
CI
08/30HOME CAPITAL GROUP INC. : Ex-dividend day for
FA
08/16DBRS Says Unsolicited Non-Binding Expression of Interest Has No Impact on Home Capital ..
MT
08/16DBRS Morningstar Comments on Home Capital Group's Receipt of an Unsolicited Nonbinding ..
AQ
08/15Toronto Stocks Slide; Turquoise Hill Shares Drop on Rio Tinto Offer
DJ
08/15National Bank on Home Capital Group -- Says "Expression of Interest Supports Valuation"
MT
08/15Canada's Home Capital rejects takeover offer from unnamed buyer
RE
More news
Analyst Recommendations on HOME CAPITAL GROUP INC.
More recommendations
Financials
Sales 2022 482 M 355 M 355 M
Net income 2022 177 M 131 M 131 M
Net Debt 2022 - - -
P/E ratio 2022 6,29x
Yield 2022 2,19%
Capitalization 1 101 M 811 M 811 M
Capi. / Sales 2022 2,29x
Capi. / Sales 2023 2,01x
Nbr of Employees 814
Free-Float 99,9%
Chart HOME CAPITAL GROUP INC.
Duration : Period :
Home Capital Group Inc. Technical Analysis Chart | MarketScreener
Full-screen chart
Technical analysis trends HOME CAPITAL GROUP INC.
Short TermMid-TermLong Term
TrendsBearishNeutralBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 7
Last Close Price 27,42 CAD
Average target price 41,86 CAD
Spread / Average Target 52,7%
EPS Revisions
Managers and Directors
Yousry Bissada President, Chief Executive Officer & Director
Bradley Kotush Chief Financial Officer & Executive Vice President
Alan Roy Hibben Chairman
Victor DiRisio Chief Information Officer
John Hong Chief Compliance Officer & Senior Vice President