Highlights

In 2023, TF reported record revenue (up 13% YoY), and EPS (up 19% YoY) amid higher lending rates. Revenue was 0.6% lower than our forecast, while EPS was 0.3% higher.

TF announced a special dividend of $0.0575/share, slated for payment in Q1-2024, reflecting a bonus yield of 0.8%, surpassing our forecast of $0.03/share.