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    ONEX   CA68272K1030

ONEX CORPORATION

(ONEX)
  Report
Delayed Quote. Delayed Toronto Stock Exchange - 01/19 04:00:00 pm
94.3 CAD   -1.62%
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Onex Reports Third-Quarter 2021 Results

11/15/2021 | 10:31am EST

Toronto - Onex Corporation (TSX: ONEX) today announced its financial results for the third quarter and nine-months ended September 30, 2021, and an update on matters following quarter end.

'It was a very active quarter for Onex with strong momentum across all businesses. Investing capital per share grew by 8% and, within our private equity platform, fund performance was strong and capital deployment was focused within our target verticals,' said Gerry Schwartz, Chairman and Chief Executive Officer of Onex.

'As we said at our recent Investor Day, we have the people, strategy and culture in place to succeed and feel confident in our ability to accelerate growth and deliver strong results

Highlights

Onex reported total segment net earnings for the three-months ended September 30, 2021 of $607 million ($6.59 per fully diluted share), comprised of net earnings of $493 million from its investing segment and net earnings of $114 million from its asset management segment.

Onex reported total segment net earnings for the nine-months ended September 30, 2021 of $1.4 billion ($14.74 per fully diluted share), comprised of net earnings of $1.0 billion from its investing segment and net earnings of $317 million from its asset management segment.

Onex' investing capital per share grew 8% in the third quarter and 18% since December 31, 2020 to $86.95 (C$110.79), driven primarily by growth in its private equity investments. As of September 30, 2021, Onex had approximately $7.9 billion of investing capital.

Onex' private equity investments generated a gross return of 11% in the quarter and 25% year-to-date.

Onex generated carried interest of $76 million and $204 million in the three- and nine-months ended September 30, 2021, respectively, from its private equity investments.

In total, Onex has unrealized carried interest of $271 million and has realized carried interest of $20 million so far this year.

As of the end of October 2021, Onex' private equity platforms had deployed approximately $2.7 billion ($750 million from Onex) and received approximately $3.0 billion ($1.2 billion for Onex) of realizations and distributions so far this year, both of which have already outpaced activity for all of 2020.

Financial Results

For the three-months ended September 30, 2021, total segment net earnings were $607 million ($6.59 per fully diluted share). Investing segment earnings of $493 million ($5.36 per fully diluted share) were primarily driven by net gains on Onex' private equity investments. The third-quarter net earnings from the asset management segment totalled $114 million ($1.23 per fully diluted share), driven largely by an increase in carried interest. For the nine-months ended September 30, 2021, total segment net earnings were $1.4 billion ($14.74 per fully diluted share). Investing segment earnings of $1.0 billion ($11.30 per fully diluted share) were primarily driven by net gains on Onex' private equity investments. Net earnings from the asset management segment in the same period totalled $317 million ($3.44 per fully diluted share), driven largely by an increase in carried interest. Enclosed are supplementary schedules and non-IFRS measures related to Onex' consolidated net earnings, investing capital and cash and near-cash changes for the three- and nine-months ended September 30, 2021. The financial statements prepared in accordance with International Financial Reporting Standards (IFRS), including Management's Discussion and Analysis of the results, are posted on Onex' website, www.onex.com, and are also available on SEDAR at www.sedar.com. A supplemental information package with additional information is available on Onex' website, www.onex.com

About Onex

Founded in 1984, Onex manages and invests capital on behalf of its shareholders, institutional investors and high net worth clients from around the world. Onex' platforms include: Onex Partners, private equity funds focused on mid- to large-cap opportunities in North America and Western Europe; ONCAP, private equity funds focused on middle market and smaller opportunities in North America; Onex Credit, which manages primarily non-investment grade debt through tradeable, private and opportunistic credit strategies as well as actively managed public equity and public credit funds and Gluskin Sheff's wealth management services. In total, Onex has approximately $47 billion of assets under management, of which approximately $7.9 billion is its own investing capital. With offices in Toronto, New York, New Jersey, Boston and London, Onex and its experienced management teams are collectively the largest investors across Onex' platforms. Onex shares trade on the Toronto Stock Exchange under the stock symbol ONEX.

Forward-Looking Statements

This press release may contain, without limitation, statements concerning possible or assumed future operations, performance or results preceded by, followed by or that include words such as 'believes', 'expects', 'potential', 'anticipates', 'estimates', 'intends', 'plans' and words of similar connotation, which would constitute forward-looking statements. Forward-looking statements are not guarantees. The reader should not place undue reliance on forward-looking statements and information because they involve significant and diverse risks and uncertainties that may cause actual operations, performance or results to be materially different from those indicated in these forwardlooking statements. Except as may be required by Canadian securities law, Onex is under no obligation to update any forward-looking statements contained herein should material facts change due to new information, future events or other factors. These cautionary statements expressly qualify all forward-looking statements in this press release.

Contact:

Jill Homenuk

Tel: +1 416.362.7711

(C) 2021 Electronic News Publishing, source ENP Newswire

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Financials
Sales 2021 - - -
Net income 2021 1 748 M 1 397 M 1 397 M
Net Debt 2021 - - -
P/E ratio 2021 4,81x
Yield 2021 -
Capitalization 8 184 M 6 543 M 6 542 M
Capi. / Sales 2021 -
Capi. / Sales 2022 -
Nbr of Employees 497
Free-Float -
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Mean consensus OUTPERFORM
Number of Analysts 6
Last Close Price 94,30 CAD
Average target price 119,00 CAD
Spread / Average Target 26,2%
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Managers and Directors
Gerald W. Schwartz Chairman & Chief Executive Officer
Robert M. Le Blanc President
Christopher Allan Govan Chief Financial Officer & Senior Managing Director
Natasha Giannopoulos Managing Director-Information Technology
Priya Gnanabhaskar Director-Information Technology
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