Stock KFS KINGSWAY FINANCIAL SERVICES INC.
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Financials Kingsway Financial Services Inc. Toronto S.E.

Equities

KFS

CA4969042023

Property & Casualty Insurance

Delayed Toronto S.E.
Other stock markets
 		5-day change 1st Jan Change
- CAD -.--% Intraday chart for Kingsway Financial Services Inc. -9.24% -57.30%
Mar. 22 Kingsway Financial Services Inc.'s Equity Buyback Plan Extended till March 21, 2025. CI
Mar. 05 Kingsway Financial Services Inc. Seeks Acquisitions CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 64.23 40.53 103.2 123.5 190.1 234.7
Enterprise Value (EV) 1 302.9 289.5 360.4 406.1 229.3 271.2
P/E ratio -2.03 x -5.8 x -13.4 x -137 x 8.12 x 9.43 x
Yield - - - - - -
Capitalization / Revenue 1.39 x 0.59 x 1.5 x 1.27 x 1.98 x 2.15 x
EV / Revenue 6.56 x 4.24 x 5.22 x 4.17 x 2.38 x 2.48 x
EV / EBITDA -79.7 x 25.5 x 30.7 x 31.1 x 34.8 x 31.7 x
EV / FCF 580 x 15.8 x 246 x 16.6 x 3.58 x 435 x
FCF Yield 0.17% 6.33% 0.41% 6.01% 28% 0.23%
Price to Book 5.02 x 46 x -51.7 x -21.7 x 11.7 x 8.22 x
Nbr of stocks (in thousands) 22,380 21,788 21,964 22,539 23,977 27,944
Reference price 2 2.870 1.860 4.700 5.480 7.930 8.400
Announcement Date 2/27/20 7/10/20 3/29/21 2/28/22 3/8/23 3/5/24
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 46.14 68.25 68.99 97.27 96.21 109.3
EBITDA 1 -3.8 11.36 11.73 13.07 6.58 8.568
EBIT 1 -10.61 4.345 4.905 4.345 0.131 2.348
Operating Margin -23% 6.37% 7.11% 4.47% 0.14% 2.15%
Earnings before Tax (EBT) 1 -21.95 -3.132 -6.537 -5.784 34.96 23.65
Net income 1 -30.1 -5.886 -6.725 -0.342 24.72 23.56
Net margin -65.24% -8.62% -9.75% -0.35% 25.7% 21.55%
EPS 2 -1.414 -0.3206 -0.3513 -0.0400 0.9770 0.8905
Free Cash Flow 1 0.5218 18.31 1.463 24.42 64.11 0.6232
FCF margin 1.13% 26.83% 2.12% 25.11% 66.63% 0.57%
FCF Conversion (EBITDA) - 161.16% 12.47% 186.82% 974.29% 7.27%
FCF Conversion (Net income) - - - - 259.32% 2.65%
Dividend per Share - - - - - -
Announcement Date 2/27/20 7/10/20 3/29/21 2/28/22 3/8/23 3/5/24
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 239 249 257 283 39.1 36.5
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) -62.8 x 21.91 x 21.91 x 21.62 x 5.948 x 4.262 x
Free Cash Flow 1 0.52 18.3 1.46 24.4 64.1 0.62
ROE (net income / shareholders' equity) -51.8% -10.9% -27.5% 11.1% 163% 109%
ROA (Net income/ Total Assets) -1.5% 0.7% 0.72% 0.59% 0.02% 0.61%
Assets 1 2,008 -843 -934.7 -58.45 114,986 3,881
Book Value Per Share 2 0.5700 0.0400 -0.0900 -0.2500 0.6800 1.020
Cash Flow per Share 2 0.6700 0.6200 0.6500 0.5600 2.770 0.3400
Capex - 0.21 0.21 0.83 - 0.21
Capex / Sales - 0.31% 0.31% 0.85% - 0.19%
Announcement Date 2/27/20 7/10/20 3/29/21 2/28/22 3/8/23 3/5/24
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

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