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TII.V - Terra Firma Capital Corporation

Je sais qu’une bonne partie de vous évite le domaine des services financiers dans leurs investissements. Je trouve cependant que c’est une opportunité de placement très peu dispendieuse pour ce quelle a offrir. Corrigez-moi si je me trompe mais avec un PE ratio de 9 et une croissance de près de 50% des revenues c’est difficile de résister.

http://app.quotemedia.com/quotetools/newsStoryPopup.go?storyId=77314857&topic=TII:CA&symbology=null&cp=off&webmasterId=101327

Je n’ai pas étudié la compagnie. Voici cependant une mise à garde toute simple: C’est dangereux de regarder seulement les revenus et les profits dans le cas d’une compagnie de services financiers. Par exemple, tant et aussi longtemps que la compagnie ne juge pas que le capital d’un prêt est à risque (et donc le remboursement des intérêts aussi), elle va continuer de comptabiliser les intérêts dans les revenus. De plus, s’il y a une perte sur le principal, elle est souvent bien plus grande que les intérêts payés jusque-là… Surtout dans le cas de TII, où leur portefeuille est composé entre autres de prêts mezzanine à courte-moyenne échéance.

Ce qui m’amène à la question la plus importante: Quelle est la qualité de leur portefeuille de prêts?

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C’est exactement le type de réponse que je voulais avoir. Merci Phil tes commentaires sont toujours très constructif.

Encore une fois ils nous sortent d’excellents résultats.

104% Increase in Net Income and Comprehensive Income Year Over Year 51% Revenue Growth Year Over Year
TORONTO, ONTARIO–(Marketwired - Nov. 5, 2015) -

NOT FOR DISTRIBUTION TO U.S. NEWS WIRE SERVICES OR DISSEMINATION IN THE UNITED STATES

All amounts are stated in Canadian dollars.

Terra Firma Capital Corporation (TSX VENTURE:TII) (“Terra Firma” or the “Company”), a real estate finance company, today released its financial results for the three and nine months ended September 30, 2015.

THIRD QUARTER 2015 HIGHLIGHTS:

Total revenue for the quarter ended September 30, 2015 is $4.9 million, an increase of $1.7 million or 51%, compared to the same period last year.
Net income and comprehensive income in the third quarter is approximately $1.9 million, an increase of $949,000 or 104%, compared to the third quarter of 2014.
Diluted earnings per share of $0.03 in the third quarter 2015, compared to $0.02 per share for the same quarter in the prior year, a 50% increase.
“I am very pleased with yet another quarter of stellar growth and increased earnings. Our net income for the quarter ending September 30, 2015 has more than doubled compared to the same period last year and we have achieved record earnings per share on a fully diluted basis. Our strong third quarter represents the seventh consecutive quarter of growth in net income,” commented Y. Dov Meyer, Chief Executive Officer. “Our loan pipeline remains extremely robust and we continue to attract new top quality clients both in Canada and in the U.S. We have recently announced two important relationships. We continued to expand and diversify our portfolio, despite the maturities that occurred in the quarter. We are also very pleased with certain initiatives to increase and grow our co-investment platform and attract new investors,” he further said.

“Our strategic growth plan is on track to expand our presence in the U.S. We continue to broaden our capabilities and relationships through new geographies and clients, which will enhance our ability to generate attractive risk adjusted returns,” commented Glenn Watchorn, President and Chief Operating Officer.

Results of operations – three months ended September 30, 2015

Net income in the third quarter ended September 30, 2015 was $1.9 million or $0.03 per basic share and diluted share, compared to $914,644, or $0.03 per basic share and $0.02 per diluted share, in the third quarter ended September 30, 2014.

Interest and fee income for the third quarter ended September 30, 2015 aggregated $4.9 million, an increase of 51% over the $3.3 million in the same period in the previous year, and an increase of 17% over $1.2 million in the second quarter ended June 30, 2015. Interest and fee income for the third quarter ended September 30, 2015 was positively impacted by a foreign exchange gain.

Interest expense for the third quarter ended September 30, 2015 was $1.4 million, compared to $1.5 million for the comparative period last year and $1.4 million for the second quarter ended June 30, 2015, representing the conversion of a $13.3 million loan syndication into a limited partnership interest and an increase in utilizing of the Company’s own capital.

The company’s loan and mortgage investments increased from $78.6 million at December 31, 2014 to $82.3 million at September 30, 2015, an increase of 5%, in spite of significant maturities in 2015. The average interest rate in the mortgage portfolio at September 30, 2015 was 19.7% compared to 19.6% at December 31, 2014. At September 30, 2015, the Company had a pipeline of approximately $57 million of signed letters of intent and/or commitment letters which it hopes to fund, subject to borrowers fulfilling certain funding conditions.

The company’s loan and mortgage syndications decreased from $45.4 million at December 31, 2014 to $27.1 million at September 30, 2015, a decrease of 40%, primarily due to syndicate investors in one loan investment electing to convert their share of the loan into a limited partnership interest in which the Company will receive a carried interest. Further, the Company continues to deploy other sources of capital to fund loan and mortgage investments

Cette compagnie continue de me surprendre. Et l’expansion aux USA pourrait amener une diversification intéressante au portefeuille de prêts.

Malheureusement, je ne suis pas confortable d’investir sans une recherche approfondie sur le titre, et je manque de temps pour ça en ce moment. Si d’autres membres ont des trucs à partager, ce serait apprécié!

Moins de deux semaines avant le Annual, Il n’y a eu pratiquement pas d’annonce depuis le third quarter. Je suis confiant que les résultats seront là 5m+ de revenue Net. J’ai bien hâte de voir l’alimentation du pipeline et ce qu’ils ont préparé pour 2016!

FWIW http://www.bnn.ca/Video/player.aspx?vid=830215

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Terra Firma Capital Corporation Reports Fourth Quarter & Full Year 2015 Financial Results

Net income and comprehensive income attributable to common shareholders for the year ended December 31, 2015 was $6.0 million or $0.11 per basic share and $0.10 diluted share, compared to $3.2 million, or $0.10 per basic share and $0.08 diluted share, in the last year. General and administrative expenses for the year ended December 31, 2015 increased to $3.2 million, from $2.0 million last year, primarily due to recognizing 2015 incentive compensation in the year.

Net income and comprehensive income attributable to common shareholders for the three months ended December 31, 2015 was $1.9 million or $0.03 per basic and diluted share, compared to $0.9 million, or $0.02 per basic share and diluted share, for the same period last year.

un 2 year low à matin. Assez surprenant avec les fondamentaux de l’entreprise. Les attentes doivent être assez pessimiste pour les résultats du first quarter qui sortiront la semaine prochaine.

Ils étaient impliqués dans le financement de Edge on Triangle Park Inc. qui sont présentement en faillite.

http://www.tarion.com/About-Tarion/Pages/Information-about-UrbanCorp.aspx

Je n’ai pas d’information sur l’importance du prêt…

Un trimestre très modeste

Cons:
-Très Faible croissance des revenues YOY
-La diversification au E-U a apportée une perte sur le taux de change assez importante.

Pros
-Augmentation significative des prêts à $117 M, vs $ 95 M en fin d’année
-Les pertes sur le taux de change ne devrait pas être récurrente.