Dundee Corp. :DC.A-CA: Earnings Analysis: Q3, 2017 By the Numbers : November 20, 2017

Dundee Corp. reports financial results for the quarter ended September 30, 2017.

We analyze the earnings along side the following peers of Dundee Corp. – Killam Apartment Real Estate Investment Trust, IGM Financial Inc. and T. Rowe Price Group (KMP.UT-CA, IGM-CA and TROW-US) that have also reported for this period.


  • Summary numbers: Revenues of CAD 79.90 million, Net Earnings of CAD 11.44 million.
  • Year-on-year change in operating cash flow of -61.77% is about the same as the change in earnings, likely no significant movement in accruals or reserves.
  • Earnings growth due to contribution of one-time items.

The table below shows the preliminary results and recent trends for key metrics such as revenues and net income (See complete table at the end of this report):

2017-09-30 2017-06-30 2017-03-31 2016-12-31 2016-09-30
Relevant Numbers (Quarterly)
Revenues (mil) 79.9 -4.81 66.86 24.81 65.5
Revenue Growth (%YOY) 21.99 -106.7 11.01 -53.16 -5.42
Earnings (mil) 11.44 -25.1 28.96 -106.94 -16.43
Earnings Growth (%YOY) 169.62 -98.25 577.29 -94.69 93.04
Net Margin (%) 14.31 N/A 43.32 -431.11 -25.08
EPS 0.15 -0.46 0.44 -1.85 -0.31
Return on Equity (%) 1.11 -2.89 2.93 -11.18 -1.75
Return on Assets (%) 3.57 -7.2 8.13 -25.6 -3.51

Access our Ratings and Scores for Dundee Corp.

Market Share Versus Profits

Revenues History
Earnings History

DC.A-CA’s change in revenue this period compared to the same period last year of 21.99% is almost the same as its change in earnings, and is about average among the announced results thus far in its peer group, suggesting that DC.A-CA is holding onto its market share. Also, for comparison purposes, revenues changed by 1,762.57% and earnings by 145.57% compared to the immediate last period.

Revenues Growth Versus Earnings Growth

Quadrant label definitions. Hover to know more

Leader, Earnings Focus, Laggard, Revenues Focus

Cash Versus Earnings – Sustainable Performance?

It is important to examine a company�s cash versus earnings numbers to gauge whether its performance is sustainable.

Operating Cash Flow Growth Versus Earnings Growth

Quadrant label definitions. Hover to know more

Cash Flow based Earnings, Likely Non-cash Earnings, Low Cash Flow Base, Likely Undeclared Earnings

DC.A-CA’s change in operating cash flow of -61.77% compared to the same period last year is about the same as its change in earnings this period. Additionally, this change in operating cash flow is about average among its peer group. This suggests that the company did not use accruals or reserves to manage earnings this period, and that, all else being equal, the earnings number is sustainable.


The company’s operating (EBIT) margins contracted from -28.02% to -59.02%. In spite of this, the company’s earnings rose. This was influenced primarily by one-time items, which improved pretax margins from -27.28% to 20.33%.

EBIT Margin Versus PreTax Margin

Quadrant label definitions. Hover to know more

Operation driven Earnings, One-time Favorables, Low Earnings Base, One-time Unfavorables
EBIT Margin History
PreTax Margin History

Access our Ratings and Scores for Dundee Corp.

Company Profile

Dundee Corp. operates as a holding company. The company operates through its subsidiaries, which engages in the diverse business activities in the areas of its core competencies, including investment advisory and corporate finance, real estate, infrastructure, energy, resources, and agriculture. It owns and manages direct investments in its core focus areas and other select investments, through ownership, directly and indirectly, of both publicly listed and private companies. Dundee was founded by Barry Gordon and Nathan Edward Goodman on November 2, 1984 and is headquartered in Toronto, Canada.

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