CF.t / Canaccord Genuity. Cv. Pref Shares: A & C

[drbubb]

CF.t / Canaccord Genuity. Cv. Pref Shares: A & C : both : 10dvCF :

CF.t Monthly: All : Last: 8.55 - 1.39, Day L: 8.00

Canaccord Genuity Group Inc., an independent and full-service financial services company, provides investment solutions, and brokerage and investment banking services to individual, institutional, corporate, and government clients. It operates in two segments, Canaccord Genuity and Canaccord Genuity Wealth Management. The Canaccord Genuity segment offers investment banking, advisory, equity research, and sales and trading services. This segment has operations in Canada, the United Kingdom, Europe, Dubai, Australia, the United States, and internationally. The Canaccord Genuity Wealth Management provides brokerage services and investment advice to retail or institutional clients in Canada, the United States, the United Kingdom, and Europe. The company was founded in 1950 and is headquartered in Vancouver, Canada.

UPDATE- from March 14, 2020

CF-prA, vs prC ... All-data; / w/CF : 6mo: fr.9.14.2019: 10d / 03-14-20 : $4.32: 10.50: 0.971: 9.25%: 13.75: 1.25: 9.08%> 76.4%: (78% target)

All-data; / w/CF :

MORE DROPS -& Pfd yields are up to over 9% (until 2021-22): target: A=78%C

# : ?: --Date--- : CF.to: -pr.A : $Div.: Yield%: -pr.C : $Div: Yield% r:A/C : A>$25;
A : L: 12-19-12 : $6.19: 17.08: 1.348: 7.89%: 18.50: 1.44: 7.78%: 92.3%:
B : H: 09-08-14 : 12.14: 21.75: 1.348: 6.20%: 23.60: 1.44: 6.10%: 92.2%:
C : L:  1–19-16 : $4.03: $8.26: 1.348: 16.3%: 10.05: 1.44: 14.3%: 82.2%:
C : L:  1–20-16 : $4.35: $8.02: 1.348: 16.8%: $9.70: 1.44: 14.8%: 82.6%:
D : H: 08-31-18 : $7.05: 16.93: 0.971: 5.74%: 19.32: 1.25: 6.47%: 87.6%:
-a:  L: 12-17-18 : $5.67: 12.78: 0.971: 7.60%: 15.15: 1.25: 8.25%: 84.2%:
-b:  H: 2–21-20 : $5.71: 13.95: 0.971: 6.96%: 17.60: 1.25: 7.10%: 79.3%:
?c:  L: 03-13-20 : $3.88: 10.00: 0.971: 9.71%: 13.00: 1.25: 9.62%: 76.9%:
??:  ?: 03-14-20 : $4.32: 10.50: 0.971: 9.25%: 13.75: 1.25: 9.08%: 76.4%:
====

Reset yield:  x$25.  : Dates - Maturity ----: Rollover %: +0.68% xC$25/ Price: Yield.est
PrA: 3.21%: $0.9713: oct.01.16-sep.09.21: 5yr+3.21% : 3.89% : $0.92 / $10.50= 8.76%
PrC: 4.03%:  ——— > : (4/2017)> ( 4/2022): 5yr+4.03% : 4.71% : $1.18 / $13.75= 8.58%
(At above prices, at 5yr rates…) A/C div = 0.92/1.18= 78%

NOW: update: 5 Year Canadian Bond Yield: 0.68% Canada's 5-year bond yield is the basis for most long-term fixed mortgage rates.

Canaccord Genuity Group

symbol: QtrDiv: Yield%: LastPr. (Bid -Size -- Offer -Size): YrLow - YrHigh : 4xQDiv: %Y@L: @$25 : Resets

T.CF.P.A $.243d:6.99%: $13.90 ($13.65,.1k - $13.90,.1k) $13.02- $16.98: $0.972: 7.46%: 3.888%: 2021
T.CF.P.C $.312d:7.75%: $16.10 ($16.00,.1k - $16.10,.5k) $14.81- $19.33: $1.248: 8.43%: 4.992%: 2022
Bal.Sheet
Security CAD-cl ShsOS MktCap: Beta: Bk/Conv: Pr/Bk Pr/CF:
CF-com $ 5.97 116.M: $690.8M: 0.349 : $ 0.00 : 1.166, 1.979:
CF.P.A : $13.90 4.54M: $63.11M: 1.798 : NONE: Resets: 2021: CF BBrt.@$25
CF.P.C : $16.10 4.00M: $62.68M: 1.452 : NONE: Resets: 2022: CF BBrt.@$25
CF.db.a: $99.00 ????M: $62.68M: 0.000: $10.0 : 99.0%,

CF.DB.A / CanaccordG 6.25% 31Dec.2023 : Conv.$10.00 @$98.70, YTM: 6.56% (model: $101.85, N/A valuation)

CF ... update ... Last: $ 5.97, Yield:  0.67%  / Range: $ 5.49 to $7.49 // SII.t vs CF.t : chart : @ 12/30/18

Cv.Pfd : prA + prC : Both> 10yr: 2yr: fr.xx:  10dvCF :

=====

Based on Past performance, future price moves in CF may correlate with GDX, Gold shares

CF-vs-GDX ... update : $5.97 / $21.30 - ratio: 28.0% / Add: GDXJ, SPX : +XLF :

Ratio: $5.97 / $21.30 = 28.0%

CF - vs. CF-prA, prB ... update  : - CF is Cheap! vs. PrA & PrC

12-24-19 : cf: $4.71, prA: $13.80 (2.93x), prC: $16.66 (3.54x): average: 3.235, 136.8% of YrE.2015.Low
At Yr.Low: cf: $4.62, prA:$13.34 (2.89x), prC: $15.20 (3.29x) : average: 3.090, 130.7%
12-23 Yield : 2.55%: prA 7.04% (2.76x),  prC :  7.49% (2.94x) ,
2019 Divs.   : $0.12. prA: $ 0.97 (8.08x), prC: $ 1.25 (10.4x)

12-23-19: cf: $4.71, prA: $13.80 (2.93x), prC: $16.66 (3.54x)= ave. 3.235, 136.8% of LOW
At Yr.Low: cf: $4.62, prA:$13.34 (2.89x), prC: $15.20 (3.29x) =  3.090, 130.7%
====
YrEnd: CF.t- : GDX- : CAD: GDX-C :Ratio: Cf.PrA : (ratio) : Cf.PrC : (ratio) = Aver. : vs.Low
2020 : $5.50? 30.00 1.300: 38.00: 12.x%?
2019 : $4.70? 29.00 1.300: 38.00: 12.x%?
2018 : $5.77: 21.09: 1.364: 28.77: 20.06%: $13.85 (2.40x): $16.14 (2.80x) = 2.600, 109.9%
2017 : $5.80: 23.24: 1.257: 29.21: 19.86%: $14.78 (2.53x): $17.62 (3.04x) = 2.785, 117.8%
2016 : $4.77: 20.92: 1.344: 28.11: 16.97%: $12.60 (2.64x): $15.49 (3.25x) = 2.945, 124.5%
2015 : $5.11 : 13.72: 1.384: 18.99: 26.91%: $11.00 (2.15x): $13.40 (2.62x) = 2.365, 100% LOW
2014 : $7.81 : 18.38: 1.162: 21.36: 36.6%: $19.15 (2.45x): $21.27 (2.72x) = 2.585, 109.3%
=====
12-23 Yield. : 2.55%: prA 7.04% (2.76x), prC: 7.49% (2.94x) :
2019 Divs.   : $0.12. prA: $ 0.97 (8.08x), prC: $ 1.25 (10.4x) :
=========

CF Website : https://www.canaccordgenuity.com/

[drbubb]

QUARTERLY Earnings

==: Ending : 2016 / 2017 : %-Chg. DivPs/ 2018 : %-Chg. DivPs/ 2019 %-Chg. DivPs  /
Q1: 06/30: $00.0 / $00.0 : +0.00% 0.00 / (02.6) : +0.00% 0.01 / $18.6 : +000.% 0.01 /
Q2: 09/30: $00.0 / $00.0 : +0.00% 0.00 / (07.3) : +0.00% 0.01 / $28.9 : +000.% 0.01 /
Q3: 12/31: $00.0 / $04.5 : +0.00% 0.00 / $36.6 : +713.% 0.01 / $ ?
Q4: 03/31: $00.0 / $31.0 : +0.00% 0.00 / (09.7) : - 000.% 0.01 / $ ?
Yr : 12mos: -358. / $38.1 : +0.00% 0.00 / $13.0 : +0.00% 0.04 / $ ?
adj 12mos: -12.0 / - 09.1 : +0.00% 0.00 / - 09.6 : +0.00% 0.00 /
> Com.shs: -370. / $27.0 : +0.00% 0.00 / $03.4 : +0.00% 0.04 /
EPS , IFRS : $00.0/ $0.27 : +0.00% 0.00 / $0.03 : +0.00% 0.04 /
CanGenuity $00.0/ $0.00 : +0.00% 0.00 / $0.23 :
CG-wealth : $00.0/ $0.00 : +0.00% 0.00 / $0.36 :
Excl.Items : $00.0/ $0.32 : +0.00% 0.00 / $0.59 : +84.4% 0.04 /
Shares OS : 100.0/ 100.0 : ========== / 110.9 : OS, 120.1M  /
========

> Website News: https://www.canaccordgenuity.com/investor-relations/news-and-events/press-releases/

 

[drbubb]

Preferred shares are an Income Play, with yield near 7%

Oddly, the Prices correlate with CF stock, rather than Bond prices (TLT)

The Dividend rate resets every 5 years, and CF has the right to buy them back at C$25.

CF-pr.C -vs- CF, TLT, & SPY ... update :

 

[drbubb]

6.25% debentures on TSX

CF.DB.A : Chart  : $99.01

> CF.DB.A Quote: https://www.canadastockchannel.com/symbol/cf.dba.ca/

Canaccord Genuity to list 6.25% debentures on TSX

2018-08-20 20:31 ET - Prospectus Approved

The Toronto Stock Exchange reports that Canaccord Genuity Group Inc.'s 6.25 per cent convertible unsecured senior subordinated debentures will be listed at 5:01 p.m. on Aug. 21, 2018, for trading at the open on Aug. 22, 2018. According to the TSX, the debentures will trade under the symbol CF.DB.A and Cusip No. 134801 AB 5.

As stated in its short form prospectus dated Aug. 14, 2018, the company will issue $51.5-million of debentures in a public offering and $73.5-million of debentures in a concurrent private placement in the minimum principal amount of $1,000 each. It expects to close the financings before the open on Aug. 22, 2018.

According to the TSX, the debentures will mature on Dec. 31, 2023, and will bear interest at 6.25 per cent per year, payable semi-annually in arrears on June 30 and Dec. 31 in each year. Assuming the offering closes on Aug. 22, 2018, an initial interest payment of $22.43 per $1,000 principal amount will be made on Dec. 31, 2018.

The TSX notes that the holders of the debentures may, at any time before the close of business on the earlier of the business day immediately preceding the maturity date or the business day immediately preceding the redemption date, if a redemption is called, convert their debentures into shares of the company at $10 per share. This conversion price represents a conversion rate of 100 shares per $1,000 principal amount of debentures.

[drbubb]

Sprott & Canaccord may breakout together

SII.t vs CF.t ...update : GDX-etc ... C$3.10 vs. C$5.90

Ratio: SII.t / CF.t

Canaccord vs GDX shows a similar picture, with compression

GDX vs CF.t ...update ... US$22.78 vs. C$5.90

Ratio: GDX -to-CF -will gold stocks soon lift CF?

[drbubb]

CF.t / Canaccord Fin'l ... all data / Last: C$5.74 - 0.10

2019-06-28 12:36

C:CF

5.19

News Release

Canaccord to buy back up to $40M of shares

Canaccord Genuity Group Inc. has authorized the initiation of a substantial issuer bid, pursuant to which the company will offer to repurchase for cancellation up to $40-million of its common shares.

The company expects to announce the terms of the offer and commence the offer on July 3, 2019, and that the bid will be completed by Aug. 9, 2019, unless extended or withdrawn.

"We are pleased to provide this opportunity for our shareholders, which reflects increased confidence in the sustainability and direction of our earnings," said Dan Daviau, president and chief executive officer of Canaccord. "In addition to our recently revised dividend policy, this initiative allows us to provide enhanced returns for our shareholders, while maintaining sufficient excess capital for disciplined investment in our ongoing strategic priorities."

The offer is expected to proceed by way of a modified Dutch auction, which will allow shareholders who choose to participate in the offer to select the price, within a price range of not less than $5.50 and not more than $6.30 per common share (in increments of 10 cents per common share). Upon expiry of the offer, the company will determine the lowest purchase price ...

[drbubb]

NEWS / Last C$5.42

Recent Bulletins

News ReleasesIn The NewsOther

Date ET	Symbol	Price	Type	Headline
2019-08-02 20:37	C:CF	5.42	Miscellaneous	Canaccord Genuity Group share purchase offer
2019-08-01 07:35	C:CF	5.52	In the News	Globe says Goff calls Canaccord shares "undervalued"
2019-07-23 15:58	C:CF	5.75	News Release	Canaccord to release Q1 fiscal 2020 results Aug. 6
2019-07-18 17:08	C:CF	5.71	News Release	Canaccord expects to earn $28-million in Q1 2019

Globe says Goff calls Canaccord shares "undervalued"

2019-08-01 07:35 ET - In the News

The Globe and Mail reports in its Thursday edition that Echelon Wealth Partners analyst Rob Goff says Canaccord Genuity Group's ($5.52) "track record speaks to strategy, discipline and success." The Globe's David Leeder writes in the Eye On Equities column that Mr. Goff calls the firm's "high premium" wealth management platform a "crown jewel." He says the shares are "significantly undervalued by shareholders."

Mr. Goff began coverage with a "buy" call and $10 share target. Analysts on average target the shares at $9.33. Mr. Goff says in a note: "We are bullish towards wealth managers with scale considering overall growth, competitive dynamics, and consolidation opportunities in the UK, Australia, and Canada, where CF has in-market scale to support accretive economics. ... We see the dominant Canadian bank-owned Wealth Management divisions, leveraged to efficiency versus market share, continuing to pressure payout ratios, limiting advisor flexibility, further striating tiered service levels by account balances and limiting succession plans in an industry where the average advisor age exceeds 50 and certain banks have backed away from training programs for new advisors as branch services offer efficiencies."

/ 2 /

The Toronto Stock Exchange reports that Canaccord Genuity Group Inc. has made an offer to purchase up to $40-million of its common shares, pursuant to a modified Dutch auction. Through this procedure, the company will determine a single price per share, of at least $5.50 and not more than $6.30, that it will pay for shares validly deposited under the offer and not properly withdrawn. The offer will expire at 5 p.m. Toronto time on Aug. 9, 2019.

[drbubb]

Canaccord is Lagging with the weak stock market

CF-etc ... update : 10d :

CF.t vs. GDX ... update / Last: C$5.44 vs. US$28.67 : r-xx / ... Prev.: C$5.90 vs. US$22.78 : r-xx

Ratio:

SII.t vs. CF.t ... fr. Aug.2009 + GMP / Last: C$3.89 vs. C$5.42 : r-xx ... Prev. C$3.10 vs. C$5.90 : r-xx

[drbubb]

GOOD NEWS - & I bought some $5.00 Calls

Recent Bulletins

News ReleasesIn The NewsOther

Date ET	Symbol	Price	Type	Headline
2019-08-07 15:49	C:CF	5.44	News Release	Canaccord Genuity holders elect eight directors at AGM
2019-08-06 20:30	C:CF	5.44	News Release	Canaccord Genuity Group earns $24.29M in Q1 FY 2020
2019-08-06 20:25	C:CF	5.44	SEDAR Interim Financial Statements	SEDAR Interim Financial Statements
2019-08-06 20:25	C:CF	5.44	SEDAR MD & A	SEDAR MD & A

"We delivered a solid first quarter result and a positive start to our 2020 fiscal year," said Dan Daviau, President & CEO, Canaccord Genuity Group Inc. "We continued to demonstrate improving stability across businesses and geographies, as we invested into our core strengths and took steps to deliver improving returns for our shareholders."

First fiscal quarter highlights:

(All dollar amounts are stated in thousands of Canadian dollars unless otherwise indicated)

Quarterly revenue of $325.5 million, a first quarter record

Revenue from higher-margin advisory activities reached highest level in three years

Excluding significant items1, 57% of diluted earnings per share contributed by global wealth management operations

Total client assets of $67.6 billion in global wealth management business, increased 2.1% from a year ago

Quarterly dividend increased to $0.05 per common share

Subsequent to the end of the fiscal quarter, initiated a Substantial Issuer Bid pursuant to which the Company will offer to repurchase for cancellation up to $40.0 million of its common shares

[drbubb]

NEWS

Recent Bulletins

News ReleasesIn The NewsOther

Date ET	Symbol	Price	Type	Headline
2019-08-14 18:15	C:CF	5.08	Street Wire	SEC fines Canaccord $250,000 (U.S.) for OTC violations
2019-08-14 10:42	C:CF	5.26	News Release	Canaccord Genuity to buy back 7.27M shares for $39.99M
2019-08-12 17:03	C:CF	5.12	News Release	Canaccord arranges NCIB for 5.42 million shares
2019-08-12 08:53	C:CF	5.12	News Release	Canaccord Genuity to take up 7.27M shares in issuer bid

=== WAS OVERSUBSCRIBED

Canaccord Genuity Group Inc. will take up and purchase for cancellation 7,272,727 of its common shares at a purchase price of $5.50 per common share under the company's substantial issuer bid for aggregate consideration of $39,999,998.50.

Common shares purchased under the offer represent approximately 6.28 per cent of the issued and outstanding common shares on a non-diluted basis as at July 3, 2019, the time the offer was announced. After giving effect to the offer, 108,474,831 common shares will be issued and outstanding.

A total of approximately 18,918,198 common shares were properly tendered to the offer and not withdrawn. As the offer was oversubscribed, shareholders who made auction tenders at a price of $5.50 and purchase price tenders will have approximately 59 per cent of their successfully tendered common shares purchased by the company

===

[drbubb]

Canaccord Preferred vs. CF.t shares

CF.prA vs- CF.t ... update : w/prC / 12.24.19: $13.80/ $4.71 = R-293% (was: $13.96/ $5.08 = R-275%)

: w/prC / 12.24.19: $13.80/ $4.71 = R-293%

==

[drbubb]

Globe says Canaccord sees bear market in stocks ahead

The Globe and Mail reports in its Saturday, Aug. 31, edition that the stock market's strength suggests confidence that the growth outlook will improve in the fall, and beyond. The Globe's Tim Shufelt writes that the bond market is telling an entirely different story. The latest bad omen to come out of the bond market was the sinking of 10-year yield below the two-year yield on U.S. Treasuries two weeks ago. Canaccord Genuity Group analyst Tony Dwyer says, "[With that] the countdown has begun." He says it is only a matter of time before we see a U.S. recession and bear market in stocks. Mr. Dwyer says where the United States goes, in economic and financial matters at least, Canada is sure to follow. Whether that happens soon, or two years from now, depends in large part on how the U.S. trade war with China unfolds, with more than $700-billion (U.S.) in two-way trade already subjected to import charges. The global toll of those competing tariffs is growing, with trade-sensitive economies such as Germany struggling to tread water, while the global manufacturing slump already qualifies as an "industrial recession," says Mr. Dwyer. The fallout from tariffs puts a potential correction firmly on the table.

[drbubb]

CF got very cheap, testing Lows... while the Pfd's held up

CF - vs. CF-prA, prB ... update  : - CF is Cheap! vs. PrA & PrC

12-23-19: cf: $4.71, prA: $13.80 (2.93x), prC: $16.66 (3.54x): average: 3.235, 136.8% of YrE.2015.Low
At Yr.Low: cf: $4.62, prA:$13.34 (2.89x), prC: $15.20 (3.29x), ave: 3.090, 130.7%
12-23 Yield : 2.55%: prA 7.04% (2.76x),  prC : 7.49%  (2.94x) ,
2019 Divs.   : $0.12. prA: $ 0.97 (8.08x), prC: $ 1.25 (10.4x)

12-24-19: cf: $4.71, prA: $13.80 (2.93x), prC: $16.66 (3.54x)= ave. 3.235, 136.8% of ye-15 LOW
At Yr.Low: cf: $4.62, prA:$13.34 (2.89x), prC: $15.20 (3.29x)= ave. 3.090, 130.7%
====
YrEnd: CF.t- : GDX- : CAD: GDX-C : Ratio : CF.prA : (ratio) : CF.prC : (ratio) = Aver. : vs.Low
2019 : $4.70? 29.00 1.300: 38.00: 12.x%?
2018 : $5.77: 21.09: 1.364: 28.77: 20.06%: $13.85 (2.40x): $16.14 (2.80x) = 2.600, 109.9%
2017 : $5.80: 23.24: 1.257: 29.21: 19.86%: $14.78 (2.53x): $17.62 (3.04x) = 2.785, 117.8%
2016 : $4.77: 20.92: 1.344: 28.11: 16.97%: $12.60 (2.64x): $15.49 (3.25x) = 2.945, 124.5%
2015 : $5.11 : 13.72: 1.384: 18.99: 26.91%: $11.00 (2.15x): $13.40 (2.62x) = 2.365, 100% LOW
2014 : $7.81 : 18.38: 1.162: 21.36: 36.60%: $19.15 (2.45x): $21.27 (2.72x) = 2.585, 109.3%
=====
12-23 Yield. : 2.55%: prA 7.04% (2.76x), prC: 7.49% (2.94x) :
2019 Divs.   : $0.12. prA: $ 0.97 (8.08x), prC: $ 1.25 (10.4x) :
==========

[drbubb]

Canaccord 10 year chart & CF.db near record high...

Suggests it may be a good time to replace CF.db > CF calls & cash

CF.t ... 10yr: 5yrW: 5yrD: 2yr: 1yr: 6mo: 10d/ Last: $4.71 vs.YrL: $4.62* / Yield: cc, PER: xx

*note: $7.50 x .618 fibonacci = $4.635

CF.t versus GDX - All-data: 10yr: 5yrW: 5yrD:

Ratio: CF.t to-GDX - Key Support about 16%? (12/24/19): C$4.71 / $28.66 (+

CF.prA vs. CF.t, GDX - fr. xx.xx : x-yr: y-yr: Last:

==

[drbubb]

CANADIAN BROKER COMPARISON

CF.t seems to be significantly cheaper than its peers

Sprott /SII.t -vs: CF.t, GMP.t ... fr.Jul.2009: All-data: 10yr: 5yr: 2yr: 1yr: 10d -w/IBKR/ Last

Brokers : from 12.24.14 : -w/IBKR/

GDX-vs: CF, SII, GMP & CF.prA ... fr.Jan.2018: 10yr: 5yr: 2yr: 1yr: 10d/ Last:

==

YrEnd: CF.t- : GDX- : CAD: GDX-C :Ratio: -SII.t-: (ratio) : -GMP.t: (ratio) = Aver. : vs.Low
2019 : $4.70? 29.00 1.300: 38.00: 12.x%?: $2.90? 61.7%): $1.87 (39.8%) = 102%?
2018 : $5.77: 21.09: 1.364: 28.77: 20.06%: $2.57 (44.5%): $1.88 (32.6%) = 77.1%, 100% LOW
2017 : $5.80: 23.24: 1.257: 29.21: 19.86%: $2.44 (42.1%): $3.48 (60.0%) = 102.1, 132.4%
2016 : $4.77: 20.92: 1.344: 28.11: 16.97%: $2.51 (52.6%): $4.41 (92.5%) = 145.1, 188.2%
2015 : $5.11 : 13.72: 1.384: 18.99: 26.91%: $2.38 (46.6%): $4.79 (93.7%) = 140.3, 182.0%
2014 : $7.81 : 18.38: 1.162: 21.36: 36.60%: $2.44 (31.2%): $6.35 (81.3%) = 112.3, 145.7%
2013 : $6.95 : 21.13: 1.062: 20.00: 00.00%: $2.62 (37.7%): $7.02 (101.%) = 138.7, 179.9%
2012 : $6.70 : 46.36: 0.992: 20.00: 00.00%: $3.96 (59.1%): $5.85 (87.3%) = 146.4, 189.9%
2011 : $7.80 : 51.43: 1.022: 20.00: 00.00%: $5.79 (74.2%): $7.08 (90.8%) = 165.0, 214.0%
2010 : 14.16 : 61.47: 0.998: 20.00: 00.00%: $8.06 (56.9%): 12.10 (85.4%) = 142.3, 184.6%
=====
12/24: Last$: BkVl: Pr/BV: MktCp: E.P.S.: PER : EntVal: Ebitda EV/Eb Yield: Divid. Yr.Low: %chg.
CF.t - : $4.71: $6.41: 73.0% $463.M $0.53: 8.14:  (206M) N/A—: r-n/a: 2.55% $0.20: $4.62: +1.95%
SII.t - : $2.90: $1.49: 195.% $736.M $0.08: 33.8: $625M 34.3M: r18.2: 4.14% $0.12: $2.36: +21.8%
GMP.t: $1.87: $1.64: 114.% $136.M (0.78) N/A-: (203M) N/A—: r-n/a: 5.35% $0.10: $1.73: +8.09%
IBKR- : 46.70: 16.08: 290.% $19.2B $1.61: 22.3: (25.9B)  N/A—: r-n/a: 0.86% $0.40: 44.50: +4.94%
SCHW 48.71: 14.40: 338.% $65.6B $2.71: 18.0: $37.9B  N/A—: r-n/a: 1.40% $0.68: 34.58: +40.9%
=====

 

[drbubb]

Canaccord... continually RESTATES its historical earnings - Very Confusing !

QUARTERLY Earnings - >  2018 : --------- > 2019  Fiscal yr.---- > 2020 Fiscal yr. ----- >
==: Ending : 2016 / 2017 / 2018 / %-Chg.  / 2019 %-Chg. DivPs  / 2020 %-Chg. DivPs /
Q1: 06/30: $00.0 / $  7.5 / ($0.6) / +0.00% / $21.6 : +0.00% 0.01 / $28.2 : +30.3% 0.05 /
Q2: 09/30: $00.0 / $  0.2 / $  0.9  / +0.00% / $26.3 : +0.00% 0.01 / $21.5 : - 18.2% 0.05 /
1stHalf: = : $00.0 / $  7.7 / $  0.3 /  +0.00% / $47.9: +0.00% 0.02 / $49.7: + 3.7.% 0.10 /
Q3: 12/31 : $00.0 / $  4.5 / $34.7 / +0.00%  / $34.5 : +0.00% 0.01 / $ ?
Q4: 03/31 : $00.0 / $31.0 / $33.0 / +0.00%  / $14.5 : - 000.% 0.01 / $ ?
Yr : 12mos: $25.6 / $38.1 / $68.0/: +0.00%  / $71.6 : +0.00% 0.04 / $ ?
adj 12mos: $28.9 / $32.8 / $68.0 /: +0.00% / $96.9 : +0.00% 0.04 /
WealthMgt
Net 12mo.: -$6.0 / $49.2/ $81.7 / +0.00%  / $107.0 : +0.00% 0.00 /
adj 12mos: $16.4 / $29.5 / $57.5 / +0.00%  / $75.4 : +0.00% 0.00 /
==
> Com.shs: -370. / $27.0 : +0.00% 0.00 / $03.4 : +0.00% 0.04 /
EPS , IFRS : $00.0/ $0.27 : +0.00% 0.00 / $0.03 : +0.00% 0.04 /
CanGenuity $00.0/ $0.00 : +0.00% 0.00 / $0.23 :
CG-wealth : $00.0/ $0.00 : +0.00% 0.00 / $0.36 : Excl.Items : $00.0/ $0.32 : +0.00% 0.00 / $0.59 : +84.4% 0.04 /
Shares OS : 100.0/ 100.0 : ========== / 110.9 : OS, 120.1M  /
========

xx

> Website News: https://www.canaccordgenuity.com/investor-relations/news-and-events/press-releases/

[drbubb]

Canaccord is Cheap versus Junior Gold miners, but not versus a bombed-out sector, Cannabis

Canadian broker Canaccord (C$) vs- GDXJ, Junior Gold Miners (US$)

CF vs-GDXJ, YRI.t, VIT.t ... update : Last: C$4.84/ GDXJ: $41.91 = r-11.55%

(Emphasizing Cycle of 5-7 months, last bottomed at the end Nov.2019)

Ratio:

Canaccord vs- a "Cannabis cluster" of stocks

CF vs-MJ, WEED.t, FIRE.t ... update update : Last: C$4.84/ MJ: $16.73 = r-28.9%

Ratio: C$4.84/ MJ: $16.73 = r-28.9%

===

[drbubb]

Canaccord earns $22.84-million in Q3 2020

2020-02-05 19:38 ET - News Release

Mr. Dan Daviau reports

CANACCORD GENUITY GROUP INC. REPORTS THIRD QUARTER FISCAL 2020 RESULTS

Canaccord Genuity Group Inc. has released its financial results for the third fiscal quarter ended Dec. 31, 2019.

"Our fiscal third quarter results underscore our consistent progress against our strategic objectives, as all of our business units contributed to firmwide profitability," said Dan Daviau, President & CEO of Canaccord Genuity Group Inc. "We continue to see momentum for all our business activities heading into the fourth fiscal quarter. We have also identified strategies which we expect will reduce our annual cost base by approximately $20.0 million and contribute to improving margins going forward."

Third quarter and nine months fiscal year-to-date highlights:

(All dollar amounts are stated in thousands of Canadian dollars unless otherwise indicated)

• All businesses and geographies contributed to firmwide profitability for the third fiscal quarter
• Excluding significant items (1), diluted earnings per common share for the third fiscal quarter were $0.23 per share ($0.17 per share on an IFRS basis)
• Excluding significant items (1), diluted earnings per common share for the first nine months of fiscal 2020 were $0.64 per share ($0.45 per share on an IFRS basis), a decrease of 7.2% when compared to the first nine months of fiscal 2019 (and a decrease of 6.3% from $0.48 per share on an IFRS basis)
• Excluding significant items, third quarter diluted earnings per share contributed by global wealth management operations was 52.2% of the earnings for the quarter
• Total client assets in our global wealth management operations increased by 21% year-over-year to $72.8 billion, reflecting market gains and contributions from the Company's expanded Australian operation
• Global capital markets business delivered near record quarterly advisory revenue of $60.6 million (second highest quarter recorded)
• Third quarter common share dividend of $0.05 per share
• Returned $75.4 million of capital to shareholders during the first nine months of fiscal 2020 through common share dividends and buybacks
• Share repurchases during the nine-month period totalled approximately $45.9 million through a substantial issuer bid and through purchases under our normal course issuer bid, reducing common shares outstanding by 7.2% from the end of fiscal 2019

Total client assets in the Company's global wealth management businesses at the end of the third fiscal quarter amounted to $72.8 billion.

Client assets in North America were $21.0 billion as at December 31, 2019, an increase of 2.8% from $20.4 billion at the end of the previous quarter and an increase of 14.9% from $18.3 billion at December 31, 2018.

Client assets in the UK & Europe were $48.1 billion ( pounds sterling28.1 billion) as at December 31, 2019, an increase of 8.9% from $44.2 billion ( pounds sterling27.1 billion) at the end of the previous quarter and an increase of 16.9% from $41.2 billion ( pounds sterling23.8 billion) at December 31, 2018.

Client assets in Australia held in our investment management platforms were $3.7 billion as at December 31, 2019, primarily reflecting contributions from the acquisition of Patersons Securities Limited. In addition, client assets totalling $11.0 billion are also held in other accounts on our Australian wealth management trading platform.

 

[drbubb]

SHARE REPURCHASE #'s

During the nine months ended December 31, 2019, the Company purchased a total of 8,485,383 common shares for cancellation. There were 7,272,727 shares purchased and cancelled under a substantial issuer bid that commenced on July 3, 2019 and completed on August 9, 2019.There were an additional 1,202,856 shares purchased and cancelled under the current NCIB and 9,800 shares that were purchased but not yet cancelled as of December 31, 2019.

On October 21, 2019, through its Australian business, the Company completed its previously announced acquisition of Patersons Securities Limited, increasing the scale of our wealth management business in Australia and establishing a significant platform for expansion.

As part of ongoing efforts to control and manage costs the Company has identified strategies which are expected to reduce the Company's annual cost base by approximately $20.0 million. The Company expects to implement these strategies during the course of fiscal 2021.

. . .

Financial condition at the end of third quarter fiscal 2020 vs. second quarter of fiscal 2020:

• Cash and cash equivalents balance of $548.7 million, an increase of $89.5 million from $459.2 million
• Working capital of $533.8 million, a decrease of $12.7 million from $546.5 million
• Total shareholders' equity of $851.2 million, an increase of $15.0 million from $836.2 million

[drbubb]

CF stock catching up with "more Sticky" Preferred (CF.PRA)

CF versus CF.prA ... update : fr. Jan.2019: 2018: 7/2019 /  Last: $5++

Calls:  Apr $4 : 1.25-1.40 / 1.32mid: vs $5.32

Growing Wealth Mgmt Assets

Date-—-: QtrYr: CF.to :  Wealth:  Ct./B: Marg.: WEarns: %PrTx E.P/sh: WpSh CpSh:

02.28.20: 3q20: $5.50e $72.8B: C7.55: .0255: $18.6m: 60.0%: $0.23> 0.138: 0.092:
11.29.19 : 2q20: $4.90 : $65.4B: C7.49: .0332: $21.7m: 71.2%: $0.18> 0.128: 0.052:
08.30.19 : 1q20: $5.01 : $67.6B: C7.41: .0345: $23.3m 57.0%: $0.23> 0.131: 0.099:
05.31.19 : 4q19: $4.98 : $65.7B: C7.58: .0199: $13.1m 75.0%: $0.12> 0.090: 0.030:
02.28.19 : 3q19: $5.65 : $60.2B: C9.38: .0245: $14.8m 39.3%: $0.28> 0.110: 0.170:
11.30.18 :  2q19: $6.51 : $65.8B: C9.89: .0249: $16.4m 52.2%: $0.23> 0.120: 0.110:
05.31.18 : 1q19: $6.42 : $66.2B: C9.70: .0216:  $14.3m 63.2%: $0.19> 0.120: 0.070:
02.28.18 : 4q18: $6.70 : $61.3B: C9.95:
05.31.17 : 1q18: $4.40: $39.3B: C11.20 .0137:  $5.4m  14.0%: $0.26> 0.036: 0.224:

Cv.Pfd : prA + prC : Both> 10yr:  10dvCF :



[drbubb]

When the downtrend breaks (soon?), it could be exciting... to the upside

CF.t ... All: 10yr: 5yr: 2yr: 1yr: 10d / @ 2.12: $5.44 +

CF.t, Shorter term: 2yr: 1yr: 6mo: 10d / @ 2.12: $5.44 +

CF.prA vs. prC, CF.t... 2yr: from Jan.2018 / @ 02.12:

[drbubb]

Update - MARCH 10th : CF-prA / CF : $11.90 (8.16% Yield) / $4.91 = r-xx%

10yr :

CF-prA / CF : $11.90 (8.16% Yield) / $4.91 = r-xx%

x

[drbubb]

UPDATE- from March 14, 2020

CF-prA, vs prC ... All-data; / w/CF : 6mo: fr.9.14.2019: 10d / 03-14-20 : $4.32: 10.50: 0.971: 9.25%: 13.75: 1.25: 9.08%> 76.4%: (78% target)

MORE DROPS -& Pfd yields are up to over 9% (until 2021-22): target: A=78%C

# : ?: --Date--- : CF.to: -pr.A : $Div.: Yield%: -pr.C : $Div: Yield% r:A/C : A>$25;
A : L: 12-19-12 : $6.19: 17.08: 1.348: 7.89%: 18.50: 1.44: 7.78%: 92.3%:
B : H: 09-08-14 : 12.14: 21.75: 1.348: 6.20%: 23.60: 1.44: 6.10%: 92.2%:
C : L:  1–19-16 : $4.03: $8.26: 1.348: 16.3%: 10.05: 1.44: 14.3%: 82.2%:
C : L:  1–20-16 : $4.35: $8.02: 1.348: 16.8%: $9.70: 1.44: 14.8%: 82.6%:
D : H: 08-31-18 : $7.05: 16.93: 0.971: 5.74%: 19.32: 1.25: 6.47%: 87.6%:
-a:  L: 12-17-18 : $5.67: 12.78: 0.971: 7.60%: 15.15: 1.25: 8.25%: 84.2%:
-b:  H: 2–21-20 : $5.71: 13.95: 0.971: 6.96%: 17.60: 1.25: 7.10%: 79.3%:
?c:  L: 03-13-20 : $3.88: 10.00: 0.971: 9.71%: 13.00: 1.25: 9.62%: 76.9%:
??:  ?: 03-14-20 : $4.32: 10.50: 0.971: 9.25%: 13.75: 1.25: 9.08%: 76.4%:
====

Reset yield:  x$25.  : Dates - Maturity ----: Rollover %: +0.68% xC$25/ Price: Yield.est
PrA: 3.21%: $0.9713: oct.01.16-sep.09.21: 5yr+3.21% : 3.89% : $0.92 / $10.50= 8.76%
PrC: 4.03%:  ——— > : (4/2017)> ( 4/2022): 5yr+4.03% : 4.71% : $1.18 / $13.75= 8.58%
(At above prices, at 5yr rates…) A/C div = 0.92/1.18= 78%

NOW: update: 5 Year Canadian Bond Yield: 0.68% Canada's 5-year bond yield is the basis for most long-term fixed mortgage rates.

CF-prA, vs prC ... All-data;

CF-complex ... All-data :

[drbubb]

update :

[drbubb]

NEWS

Date ET	Symbol	Price	Type	Headline
2020-08-18 17:07	C:CF	7.64	News Release	Canaccord Genuity Group to buy back 5.39 million shares
2020-08-17 07:52	C:CF	7.64	In the News	Globe says Canaccord CEO Daviau is done selling shares

===