Financials Exchange Income Corporation

Equities

EIF

CA3012831077

Airlines

Market Closed - Toronto S.E. Other stock markets 01:30:00 07/09/2024 am IST			5-day change	1st Jan Change
47.94 ^CAD	-1.82%		-2.94%	+6.30%

03/09	TSX Closer: The Market Closes with a Sharp Drop as Commodities Weaken on China Data Ahead of Expected Rate Cut	MT
28/08	Exchange Income Corporation Marks Atik Mason Indigenous Pilot Pathway's Expansion to Rankin Inlet, Nunavut	CI

Projected Income Statement: Exchange Income Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	1,341	1,150	1,413	2,059	2,498	2,736	2,954	3,047
Change	-	-14.29%	22.92%	45.73%	21.32%	9.49%	7.98%	3.15%
EBITDA ¹	328.8	284.5	329.9	456.4	555.5	621.4	693.1	729.6
Change	-	-13.47%	15.94%	38.37%	21.71%	11.86%	11.54%	5.26%
EBIT ¹	158.8	101.7	143.5	236.7	289.7	342.3	404.2	418.6
Change	-	-35.96%	41.11%	64.98%	22.37%	18.17%	18.08%	3.54%
Interest Paid ¹	-54.02	-50.93	-52.2	-78.42	-119.8	-128.9	-128.3	-128.7
Earnings before Tax (EBT) ¹	105.8	43	94.26	151.5	163.1	183.8	242.5	287.8
Change	-	-59.37%	119.22%	60.69%	7.67%	12.69%	31.95%	18.66%
Net income ¹	83.64	28.06	68.59	109.7	122.3	136.6	182.5	216.5
Change	-	-66.46%	144.48%	59.9%	11.52%	11.69%	33.6%	18.63%
Announcement Date	20/02/20	17/02/21	23/02/22	22/02/23	22/02/24	-	-	-

¹CAD in Million

Estimates

Fiscal Period: December	2019 Q3	2019 Q4	2020 Q1	2020 Q2	2020 Q3	2020 Q4	2021 Q1	2021 Q2	2021 Q3	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	2025 Q1	2025 Q2	2025 Q3	2025 Q4	2026 Q1	2026 Q2
Net sales ¹	355.2	363.3	307	243.7	297.3	301.7	300.7	322.1	400	390.3	400.2	529	586.8	543.4	526.8	627.2	687.7	656.7	601.8	660.6	749.8	726.8	657.6	719.7	816.3	756.8	-	-
Change	-	2.29%	-15.5%	-20.63%	22.01%	1.49%	-0.32%	7.09%	24.2%	-2.42%	2.54%	32.18%	10.92%	-7.4%	-3.04%	19.05%	9.64%	-4.51%	-8.36%	9.77%	13.5%	-3.06%	-9.52%	9.43%	13.42%	-7.28%	-100%	-
EBITDA ¹	89	88.75	57.25	62.08	83.24	81.97	64.12	81.06	95.28	89.42	66.96	115.1	150.4	124.1	97.12	147	167.8	143.6	111.1	157	186.4	167.2	130.2	178.1	207.5	182.6	128	185
Change	-	-0.29%	-35.49%	8.42%	34.09%	-1.52%	-21.77%	26.42%	17.54%	-6.15%	-25.12%	71.84%	30.7%	-17.51%	-21.71%	51.4%	14.09%	-14.38%	-22.68%	41.42%	18.7%	-10.33%	-22.09%	36.74%	16.53%	-12.01%	-29.9%	44.53%
EBIT ¹	46.72	43.75	12.05	17.94	38.61	33.09	22.8	36.16	52.69	37.83	20.69	57.94	91.5	62.15	36.68	82.99	108	72.57	40.48	79.96	116.4	93.24	54.67	105.8	137.2	99.24	-	-
Change	-	-6.35%	-72.46%	48.88%	115.23%	-14.3%	-31.09%	58.55%	45.72%	-28.21%	-45.31%	180.08%	57.92%	-32.08%	-40.97%	126.23%	30.14%	-32.81%	-44.23%	97.53%	45.53%	-19.87%	-41.37%	93.44%	29.76%	-27.68%	-100%	-
Charge d'intérêts ¹	-15.03	-12.87	-13.09	-11.99	-11.73	-12.07	-12.26	-11.99	-15.62	-12.33	-15.6	-16.15	-22.49	-24.18	-27.31	-29.9	-31.34	-31.24	-31.8	-33.75	-32.74	-32.86	-31.76	-31.81	-31.84	-31.88	-	-
Earnings before Tax (EBT) ¹	36.14	32.39	-8.031	4.866	25.88	20.29	10.44	23.79	30.06	29.98	4.629	41.8	67.7	37.34	8.961	50.49	64.48	39.16	7.373	44.96	79.69	55.75	-	-	-	-	-	-
Change	-	-10.39%	-	-	431.79%	-21.6%	-48.56%	127.94%	26.38%	-0.3%	-84.56%	802.94%	61.98%	-44.85%	-76%	463.49%	27.69%	-39.26%	-81.17%	509.81%	77.24%	-30.04%	-100%	-	-	-	-	-
Net income ¹	28.99	25.28	-5.298	2.63	17.24	13.48	7.127	16.51	21.9	23.06	3.753	29.99	48.94	26.99	6.861	36.9	49.52	29.03	4.528	32.65	58.91	41.92	17.52	55.09	78.72	55.16	-	-
Change	-	-12.79%	-	-	555.67%	-21.83%	-47.13%	131.6%	32.67%	5.28%	-83.72%	699.09%	63.17%	-44.85%	-74.58%	437.76%	34.22%	-41.39%	-84.4%	621.02%	80.45%	-28.85%	-58.2%	214.43%	42.89%	-29.93%	-100%	-
Announcement Date	07/11/19	20/02/20	12/05/20	12/08/20	12/11/20	17/02/21	13/05/21	12/08/21	11/11/21	23/02/22	10/05/22	11/08/22	09/11/22	22/02/23	09/05/23	10/08/23	09/11/23	22/02/24	07/05/24	08/08/24	-	-	-	-	-	-	-	-

¹CAD in Million

Estimates

Forecast Balance Sheet: Exchange Income Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	1,099	1,137	1,214	1,639	1,903	2,074	2,079	1,892
Change	-	3.46%	6.77%	35.01%	16.11%	8.99%	0.24%	-8.99%
Announcement Date	20/02/20	17/02/21	23/02/22	22/02/23	22/02/24	-	-	-

¹CAD in Million

Estimates

Cash Flow Forecast: Exchange Income Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
CAPEX ¹	234.7	141.6	274.4	359.6	503.3	407.8	442.3	292
Change	-	-39.65%	93.73%	31.05%	39.94%	-18.97%	8.46%	-33.98%
Free Cash Flow (FCF) ¹	142.6	174.9	147.2	176.1	201.8	211.3	251.6	234.7
Change	-	22.66%	-15.87%	19.67%	14.61%	4.69%	19.1%	-6.73%
Announcement Date	20/02/20	17/02/21	23/02/22	22/02/23	22/02/24	-	-	-

¹CAD in Million

Estimates

Forecast Financial Ratios: Exchange Income Corporation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Profitability
EBITDA Margin (%)	24.51%	24.75%	23.34%	22.16%	22.24%	22.72%	23.47%	23.95%
EBIT Margin (%)	11.84%	8.85%	10.15%	11.5%	11.6%	12.51%	13.69%	13.74%
EBT Margin (%)	7.89%	3.74%	6.67%	7.36%	6.53%	6.72%	8.21%	9.45%
Net margin (%)	6.24%	2.44%	4.85%	5.33%	4.9%	4.99%	6.18%	7.11%
FCF margin (%)	10.63%	15.21%	10.41%	8.55%	8.08%	7.72%	8.52%	7.7%
FCF / Net Income (%)	170.5%	623.44%	214.55%	160.58%	165.02%	154.68%	137.89%	108.41%
Profitability
ROA	-	-	-	-	-	-	-	-
ROE	12.42%	3.96%	9.23%	11.91%	10.8%	10.6%	13.1%	-
Financial Health
Leverage (Debt/EBITDA)	3.34x	3.99x	3.68x	3.59x	3.43x	3.34x	3x	2.59x
Debt / Free cash flow	7.7x	6.5x	8.25x	9.3x	9.43x	9.82x	8.26x	8.06x
Capital Intensity
CAPEX / Current Assets (%)	17.5%	12.32%	19.42%	17.46%	20.14%	14.91%	14.97%	9.58%
CAPEX / EBITDA (%)	71.38%	49.78%	83.19%	78.79%	90.59%	65.62%	63.81%	40.02%
CAPEX / FCF (%)	164.6%	80.99%	186.49%	204.22%	249.36%	193%	175.77%	124.42%
Items per share
Cash flow per share ¹	6.886	-	-	-	-	-0.77	-0.2972	-
Change	-	-	-	-	-	-	-61.4%	-
Dividend per Share ¹	2.228	2.28	2.28	2.41	2.54	2.65	2.724	2.885
Change	-	2.36%	0%	5.7%	5.39%	4.33%	2.79%	5.91%
Book Value Per Share ¹	21.03	19.34	20.66	23.99	26.42	27.22	28.27	29.46
Change	-	-8.05%	6.82%	16.13%	10.14%	3.04%	3.83%	4.22%
EPS ¹	2.49	0.78	1.8	2.64	2.65	2.685	3.835	4.32
Change	-	-68.67%	130.77%	46.67%	0.38%	1.32%	42.83%	12.65%
Nbr of stocks (in thousands)	34,634	35,408	46,478	42,404	46,999	47,485	47,485	47,485
Announcement Date	20/02/20	17/02/21	23/02/22	22/02/23	22/02/24	-	-	-