- Dividends held steady at $1.80/quarter, aligning with our estimate
- While lower rates have historically boosted financial stocks, Trump’s tariff threats have negatively impacted both Canadian and U.S. equities across the board. Although tariffs will not directly affect OLY, we believe they could be impacted by a potential tariff-induced recession.
- Given the uncertainties, we are taking a cautious stance on financial stocks. We expect Trump may reverse or soften his new tariff measures due to their potential negative impact on U.S. consumers and businesses. Should this occur, we would revert to a bullish stance on financials.
- OLY’s EV/EBITDA is 6.7x vs the sector average of 12.4x, a 46% discount.
Key Financials (FYE - Dec 31)
(C$) |
2024 |
2025(F) |
2026(F) |
| Assets Under Admin. ($,000s) |
$12,045,978 |
$13,852,875 |
$14,891,840 |
| Revenue |
102,920,352 |
102,947,939 |
101,325,120 |
| EBITDA |
$33,705,928 |
$32,548,977 |
$30,003,145 |
| Net Income |
$23,919,120.00 |
$22,342,659.00 |
$20,320,749.00 |
| EPS |
$9.94 |
$9.28 |
$8.44 |
| Dividends/Share |
$7.20 |
$7.20 |
$7.20 |
Price Performance (1-year
| |
YTD |
12M |
| OLY |
-2% |
-5% |
| TSX |
3% |
15% |
Primary Services
The leading Canadian custodian/ administrator of alternative investments. OLY manages 137k+ accounts; its platform caters to a comprehensive range of investments not supported by banks, and other traditional trading/investment platforms
- Investment Account Services (IAS): OLY is a trustee/custodian/administrator of self-directed registered investment accounts for alternative investments
- Health Services Plans: Administers health spending accounts for small/mid-sized corporations
- Currency and Global Payments: Facilitates the buying and selling of currencies for corporations and individuals
- Corporate and Shareholder Services: Offers corporate trust, and transfer agency services, such as maintenance of security holder registries, organizing annual meetings, and administering dividend reinvestments
- Exempt Edge: Provides IT services to exempt market dealers, issuers, and investment advisors
In Q1-2025, 77% of revenue came from IAS, 10% from health service plans, and the remaining 13% from other services, largely consistent with the prior year. Client assets were up 8% YTD to $13B, coming in 6% above our estimate
Appendix
