Pleasantly Surprised by Q3 Results

Published: 12/1/2023

Author: Sid Rajeev, B.Tech, CFA, MBA

Pleasantly Surprised by Q3 Results - Main Image

*See important disclosures at the bottom of this report

Sector: Financial Services | Industry: Mortgage Finance

Ticker Symbols:

BCF - TSX 🔹

Rating and Key Data

Metrics	Value
Current Price	US $8.75
Fair Value	US $10.01
Risk	3
Week Range	US $8.07-9.75
Shares O/S (M)	3.17
Market Cap. (M)	US $28
Current Yield (%)	9.1
P/E (forward)	10.9
P/B	0.94x

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Highlights

Q3 was in line with our expectations. BCF reported record revenue (up 28% YoY) amid higher mortgages outstanding, and lending rates. EPS was up 17% YoY.

Mortgages outstanding (net) were up 1% QoQ to $36M – the highest in BCF’s history.

We believe the risk profile of BCF's portfolio remains stable, with no notable changes in first mortgages, property types, or geographical diversification.

BCF also experienced no mater

Rating and Key Data

Metrics	Value
Current Price	US $8.75
Fair Value	US $10.01
Risk	3
Week Range	US $8.07-9.75
Shares O/S (M)	3.17
Market Cap. (M)	US $28
Current Yield (%)	9.1
P/E (forward)	10.9
P/B	0.94x