Financials Trisura Group Ltd.

Equities

TSU

CA89679A2092

Property & Casualty Insurance

Delayed Toronto S.E. Other stock markets 10:29:03 2024-05-16 am EDT			5-day change	1st Jan Change
43.07 ^CAD	+0.14%		-4.12%	+26.68%

May. 06	National Bank Lifts Trisura Group Target to $67, Maintains Outperform	MT
May. 03	RBC Reviews Trisura's Q1	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Capitalization ¹	355.2	914.6	1,961	2,073	1,612	2,042	-
Enterprise Value (EV) ¹	355.2	914.6	1,961	2,073	1,612	2,042	2,042
P/E ratio	58.4 x	27.2 x	32 x	80.9 x	23.9 x	15.1 x	13.2 x
Yield	-	-	-	-	-	-	-
Capitalization / Revenue	0.79 x	0.99 x	1.25 x	0.85 x	0.54 x	0.63 x	0.56 x
EV / Revenue	0.79 x	0.99 x	1.25 x	0.85 x	0.54 x	0.63 x	0.56 x
EV / EBITDA	-	-	-	-	-	-	-
EV / FCF	-	-	-	-	-	-	-
FCF Yield	-	-	-	-	-	-	-
Price to Book	1.87 x	3.16 x	5.48 x	4.3 x	2.61 x	2.71 x	2.27 x
Nbr of stocks (in thousands)	35,278	41,075	41,118	45,761	47,422	47,481	-
Reference price ²	10.07	22.27	47.69	45.29	34.00	43.01	43.01
Announcement Date	2/12/20	2/10/21	2/10/22	2/28/23	2/8/24	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net sales ¹	448.3	926.4	1,563	2,433	2,971	3,267	3,631
EBITDA	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	11.2	39.48	80.44	35.43	90.42	189.6	216.6
Net income ¹	5.094	32.44	62.56	24.65	66.94	142.9	164.6
Net margin	1.14%	3.5%	4%	1.01%	2.25%	4.38%	4.53%
EPS ²	0.1725	0.8200	1.490	0.5600	1.420	2.844	3.270
Free Cash Flow	-	-	-	-	-	-	-
FCF margin	-	-	-	-	-	-	-
FCF Conversion (EBITDA)	-	-	-	-	-	-	-
FCF Conversion (Net income)	-	-	-	-	-	-	-
Dividend per Share	-	-	-	-	-	-	-
Announcement Date	2/12/20	2/10/21	2/10/22	2/28/23	2/8/24	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	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
Net sales ¹	484.7	481.4	642.2	644.8	664.8	660.5	801.8	769.9	739.2	-	866.3	837.1	818.1
EBITDA	-	-	-	-	-	-	-	-	-	-	-	-	-
EBIT	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating Margin	-	-	-	-	-	-	-	-	-	-	-	-	-
Earnings before Tax (EBT) ¹	13.85	27.7	27.38	30.1	-49.75	18.84	35.06	21.49	15.03	48.51	47.8	49.25	43.8
Net income ¹	10.3	21.05	20.2	23.75	-40.34	13.98	26.81	14.84	11.32	36.43	35.7	37.45	33.1
Net margin	2.12%	4.37%	3.14%	3.68%	-6.07%	2.12%	3.34%	1.93%	1.53%	-	4.12%	4.47%	4.05%
EPS ²	0.2400	0.5000	0.4800	0.5100	-0.8600	0.3000	0.5700	0.3100	0.2300	0.7500	0.6871	0.7275	0.6600
Dividend per Share	-	-	-	-	-	-	-	-	-	-	-	-	-
Announcement Date	2/10/22	5/5/22	8/4/22	11/3/22	2/28/23	5/11/23	8/10/23	11/2/23	2/8/24	5/2/24	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025
Net Debt	-	-	-	-	-	-	-
Net Cash position	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	-	-	-	-	-	-	-
Free Cash Flow	-	-	-	-	-	-	-
ROE (net income / shareholders' equity)	3.5%	13.4%	19.3%	20%	20%	19.5%	18.6%
ROA (Net income/ Total Assets)	-	-	-	-	-	-	-
Assets ¹	-	-	-	-	-	-	-
Book Value Per Share ²	5.400	7.060	8.700	10.50	13.00	15.90	19.00
Cash Flow per Share	-	-	-	-	-	-	-
Capex	-	-	-	-	-	-	-
Capex / Sales	-	-	-	-	-	-	-
Announcement Date	2/12/20	2/10/21	2/10/22	2/28/23	2/8/24	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Ratings for Trisura Group Ltd.

Trading Rating

Investor Rating

ESG Refinitiv

C-

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

43.01 CAD

Average target price

58.11 CAD

Spread / Average Target

+35.11%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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