OLY is up 13% since our previous report in November 2023. OLY, through its wholly-owned subsidiary Olympia Trust Company, is Canada's premier trustee/custodian/administrator of self-directed registered investment accounts (such as RRSP/TFSA) for alternative assets.

In 2023, revenue was up 38% YoY amid higher interest rates, beating our estimate by 0.2%. EPS was up 69%, beating our estimate by 4.8%. Dividends increased 84% to $5.80/share, exactly in line with our estimate.