Olympia Financial Group Inc.
FRC CoverageOlympia Financial Group Inc.
FRC CoverageYour view on OLY.TO
Overview
What the company does, where it operates, and who runs it.
*Olympia Financial Group Inc. has paid FRC a fee for research coverage and distribution of reports.
About Olympia Financial Group Inc.
- Industry
- Financial - Diversified
- Sector
- Financial Services
- CEO
- Richard K. Skauge
- Headquarters
- 520 – 3 Avenue SW, Calgary, AB, CA
- Industry
- Financial - Diversified
- Sector
- Financial Services
- CEO
- Richard K. Skauge
- Headquarters
- 520 – 3 Avenue SW, Calgary, AB, CA
Olympia Financial Group Inc., through its subsidiary, Olympia Trust Company, operates as a non-deposit taking trust company in Canada. The company operates through six segments: Investment Account Services; Corporate and Shareholder Services; Currency and Global Payments; Private Health Services Plan; and Exempt Edge divisions.
The Investment Account Services division specializes in self-directed registered plans administration. The Corporate and Shareholder Services division provides transfer agency and corporate trust services to public and private issuers.
The Currency and Global Payments division provides corporations and private clients a personalized service for buying and selling foreign currencies. The Private Health Services Plan division markets, sells, and administers health and dental benefits to business owners.
The Exempt Edge division provides information technology to exempt market dealers, registrants, and issuers.
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Research Reports
FRC analyst coverage and recommendations.
Research Reports
10 reports*Olympia Financial Group Inc. has paid FRC a fee for research coverage and distribution of reports.
Reorganization Unlocks Significant Earnings Upside
Olympia Financial Group Inc. terminated management agreements for ~$50M, cutting annual executive compensation by ~$15M and raising EPS forecasts despite lower
AI Resilience & Client Asset Growth Beat
Olympia Financial Group Inc. shows resilience with a 5% YTD increase while trading at a 20% discount to sector average. Key growth catalysts are identified.
2025 Beat Despite Rate Softness; AI-Proof Advantage
Olympia Financial Group Inc. reports a 19% valuation discount while interest revenue stabilizes amid steady rates and potential Ontario expansion.
Past Reports
Historical coverage archive.
Canada’s Premier Administrator of Registered Plans for Alternative Investments – Initiating Coverage
Analyst Notes
Ongoing commentary and updates from FRC analysts.
*Olympia Financial Group Inc. has paid FRC a fee for research coverage and distribution of reports.
Company announcement
Continues Non-Core Asset Divestiture Strategy
OLY has sold of its Raisr software business as part of its strategy to divest non-core assets, and sharpen its focus on its flagship trust, custody, and administration businesses. Raisr generated $1.58M in revenue in 2025, representing just 1.6% of total company revenue. While the sale price was not disclosed, the company's earlier sale of its FORX business was completed at 0.6x revenue, suggesting Raisr may have been sold for a similar multiple (approximately $1M). We believe the divestiture should simplify operations, while allowing management to focus capital and execution on its higher-priority businesses.
Company announcement
Reorganization at an Attractive Implied Valuation
OLY has entered a reorganization agreement to terminate its management agreements. OLY will pay ~$50M ($45M in cash + $5M shares), funded primarily through a credit facility. Management expects the transaction to simplify its compensation structure and reduce annual executive compensation from ~$18M to $3-$4M.
Based on expected annual savings of ~$15M, the company is effectively paying 3.3x for incremental EBITDA, well below the financial services sector average of 11.5x (Source: S&P Capital IQ). While leverage will increase, we believe the debt is manageable given OLY's debt-free balance sheet. Overall, we view the transaction as highly positive, driven by significant recurring cost savings, and an attractive valuation. The transaction is subject to shareholder, court, TSX, and regulatory approvals.
Company announcement
Cuts Dividend Despite Strong Core Business
Olympia reduced its monthly dividend by 17% to $0.50/share ($6.00 annualized). We did not anticipate the cut, as our models suggested the company could have maintained its previous dividend.
We believe management has adopted a more conservative stance following mixed Q1 results. Client assets increased 4% QoQ to $13.7B, and core services revenue rose 8% YoY, indicating the company's core business remains strong. However, total revenue declined 8% YoY, and adjusted EPS fell 43% YoY, largely due to lower interest income on unallocated client capital, a cyclical factor that is mostly outside management's control.
OLY is down 10% since the announcement, leaving the yield largely unchanged at ~6%.
Media
Infographics, videos, and posts covering the company.
X (Twitter)
1 post
*Disseminated on behalf of Olympia Financial Group Inc. (TSX: OLY) 💸 Resilient performance in 2025 despite softer revenue and EPS, results beat expectations while strong client asset growth and rising demand for high-yield MICs continue to fuel momentum. 🔎 Join as a free Show more
Stock Data
Price chart, volume, and trading data.
What moved it
FRC Analyst Fair Value
FRC's analysts' fair value estimate and rating, from their research on the company.
About this section
FRC's fair value estimate for Olympia Financial Group Inc., and the rating behind it. OLY.TO last traded at C$107.00, 16.6× trailing earnings — the estimate is read against that market price. Set by FRC's analysts in their research on the company: the current estimate, the rating, and when it was last revised. Included with a free account.
Financial Ratios
Profitability, returns, valuation, and leverage ratios.
About this section
Valuation, profitability, liquidity and leverage ratios for Olympia Financial Group Inc.. Starting points for Olympia Financial Group Inc.: P/E 16.6, EPS C$6.56, beta 0.03 — an Financial - Diversified name. P/E, P/B, EV/EBITDA, margins, return on equity, current ratio and debt coverage, each shown against the company's own history.
Dividend Analysis
Yield, payout ratio, and dividend coverage metrics.
About this section
Dividend history, yield and payout sustainability for Olympia Financial Group Inc.. Olympia Financial Group Inc. paid C$6.70 per share over the last year — a 6.3% yield at the current C$107.00 price. Per-share payments, yield over time, payout ratio and growth streak, with coverage measured against free cash flow.
Earnings Analysis
EPS history, beat rate, and upcoming earnings reports.
About this section
Reported vs. expected earnings history for Olympia Financial Group Inc.. Trailing twelve-month EPS for Olympia Financial Group Inc. stands at C$6.56. EPS surprises by quarter, revenue against estimates, and the upcoming reporting date.
Wall Street Analyst Estimates
Analysts' price targets, ratings, and revenue and EPS estimates.
Price targets, ratings and estimates published by outside analysts. Not FRC research, not a recommendation, and not the FRC Fair Value: that is FRC's proprietary model, built on the cash a company generates.
Earnings Estimate
| EPS | Current QtrMar 2018 | Next QtrJun 2018 | Current YearFY Dec 2026 | Next YearFY Dec 2027 |
|---|---|---|---|---|
| Avg. estimate | CAD 0.44 | CAD 0.45 | CAD 6.76 | CAD 8.50 |
| Low estimate | CAD 0.43 | CAD 0.44 | CAD 6.76 | CAD 8.50 |
| High estimate | CAD 0.46 | CAD 0.47 | CAD 6.76 | CAD 8.50 |
| No. of analysts | 2 | 2 | 1 | 1 |
| Year-ago EPS | — | — | CAD 8.25 | — |
| Growth | — | — | -18.1% | — |
Revenue Estimate
| Revenue | Current QtrMar 2018 | Next QtrJun 2018 | Current YearFY Dec 2026 | Next YearFY Dec 2027 |
|---|---|---|---|---|
| Avg. estimate | CAD 8.68M | CAD 9.24M | CAD 86.58M | CAD 87.66M |
| Low estimate | CAD 8.29M | CAD 8.83M | CAD 86.58M | CAD 87.66M |
| High estimate | CAD 8.72M | CAD 9.29M | CAD 86.58M | CAD 87.66M |
| No. of analysts | 2 | 2 | 1 | 1 |
| Year-ago revenue | — | — | CAD 98.86M | — |
| Growth | — | — | -12.4% | — |
Source: Wall Street analysts' published price targets, ratings and estimates, compiled by Financial Modeling Prep; as of Nov 14, 2026. Not FRC research or a recommendation.
Financial Statements
Income statement, balance sheet, and cash flow statements.
About this section
Income statement, balance sheet and cash flow history for Olympia Financial Group Inc.. Olympia Financial Group Inc. has reported as a listed company since 2008. Annual and quarterly filings with period-over-period comparison, so you can trace how revenue, margins and cash generation have moved.
Comparables
List of peer companies in the same industry.
Peer companies
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- AIM.TOAimia Inc.Financial - Conglomerates$228M
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- URB-A.TOUrbana CorporationAsset Management$377M
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News
Latest headlines and market coverage.
About this section
Latest headlines and company announcements for Olympia Financial Group Inc.. Coverage tracks Olympia Financial Group Inc. within Financial - Diversified (Financial Services). Press releases and market coverage, newest first.
Comments
Comments and replies from FRC members about this company.
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