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Aimia Inc. (TSE:AIM)
TSX:AIM
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Aimia Inc. (AIM) AI Stock Analysis

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TSE:AIM

Aimia Inc.

(TSX:AIM)

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Neutral 54 (OpenAI - 4o)
Rating:54Neutral
Price Target:
C$3.00
▲(7.53% Upside)
Aimia Inc.'s overall stock score is driven by a mix of financial resilience and operational challenges. The company's strong equity position and recent profitability improvements are positive, but ongoing revenue volatility and liquidity issues weigh heavily. Technical indicators suggest bearish momentum, and valuation metrics are unattractive due to negative earnings. The earnings call provided some optimism with improved financial metrics, but market uncertainties remain a concern.
Positive Factors
Profitability Improvement
Achieving profitability after three years indicates a successful turnaround strategy, improving financial health and investor confidence.
Cash Position
A strong cash position enhances financial flexibility, allowing Aimia to invest in growth opportunities and weather economic uncertainties.
Cost Management
Effective cost management through reduced SG&A expenses supports margin improvement and operational efficiency, strengthening long-term profitability.
Negative Factors
Revenue Volatility
Volatile revenue growth can hinder strategic planning and investment, impacting long-term stability and market positioning.
Core Holdings Revenue Decline
Declining revenue in core holdings like Cortland suggests challenges in maintaining market share and competitiveness, affecting future growth.
Negative Profit Margins
Sustained negative profit margins indicate operational inefficiencies and may limit reinvestment capabilities, impacting long-term growth.

Aimia Inc. (AIM) vs. iShares MSCI Canada ETF (EWC)

Aimia Inc. Business Overview & Revenue Model

Company DescriptionAimia Inc. focuses on long-term investments in public and private companies. It operates through two segments, Holdings and Investment Management. The company, through its subsidiary, Mittleman Investment Management, LLC, provides discretionary portfolio management services to institutional investors and high-net-worth individuals. The company, through its long-term investments, owns and operates Club Premier, a coalition loyalty program, as well as invests in B2B technology company, and outdoor advertising firm. It also operates a B2B cross-border automotive trading platform, as well as an investment advisory business. The company was formerly known as Groupe Aeroplan Inc. and changed its name to Aimia Inc. in October 2011. Aimia Inc. was incorporated in 2008 and is headquartered in Toronto, Canada.
How the Company Makes MoneyAimia generates revenue through several key streams, primarily by offering loyalty program management services and analytics solutions to businesses. The company earns fees from clients for developing and managing loyalty programs, which may include technology platforms, customer engagement strategies, and data analytics services. Additionally, Aimia monetizes its data insights by providing businesses with detailed analytics that help them understand customer behavior and optimize their marketing efforts. Significant partnerships with various brands and organizations enhance Aimia's offerings and expand its market reach, contributing to its overall earnings.

Aimia Inc. Earnings Call Summary

Earnings Call Date:Nov 12, 2025
(Q3-2025)
|
% Change Since: |
Next Earnings Date:Mar 26, 2026
Earnings Call Sentiment Neutral
The earnings call highlighted significant improvements in profitability and key financial metrics, such as EBITDA growth and reduced costs, but also acknowledged challenges in revenue declines for core holdings and market uncertainties affecting specific sectors.
Q3-2025 Updates
Positive Updates
First Profit for Equity Holders in Three Years
Aimia reported its first profit for equity holders in three years, along with measurable growth in adjusted EBITDA and cash flow from operations, despite challenging macroeconomic conditions.
Improvement in Key Financial Metrics
SG&A expenses declined by 11% to $26.3 million, operating income grew by 37% to $7.8 million, and adjusted EBITDA increased by 35% to $20.3 million.
Increased Cash Position
Aimia ended Q3 with $106.5 million of cash, up from $70.5 million at the end of Q2, driven by a $29.3 million refund from the CRA and $15.1 million of net cash flow from operations.
Reduction in Holdco Costs
Significant reduction in holdco costs, including the absence of shareholder activism costs and lower audit and professional fees, contributing to overall financial improvement.
Negative Updates
Revenue Decline in Core Holdings
Cortland's revenue declined by 12.8%, and on a constant currency basis, by 13.7%, attributed to softer sales and the absence of strong project sales from the previous year.
Challenges in Bozzetto's Textile Solutions Sector
Bozzetto's revenue on a constant currency basis was down 3.8% due to softness in its Textile Solutions sector, impacted by U.S. tariffs on several Asian markets.
Market Uncertainty for Cortland
Cortland experienced softer sales due to market uncertainty and competitive pricing pressures, particularly in the marine and shipping sectors.
Company Guidance
During Aimia's Third Quarter 2025 Results Conference Call, the company reported a notable financial turnaround, achieving its first profit for equity holders in three years. Key financial metrics improved significantly, with SG&A expenses decreasing by 11% to $26.3 million and operating income rising by 37% to $7.8 million. Adjusted EBITDA increased by 35% to $20.3 million, and cash flow from operations grew by $13.8 million. The company generated net earnings of $1.4 million, marking a $3.6 million improvement. The growth was driven by reduced holdco costs, the absence of shareholder activism expenses, and favorable foreign currency fluctuations. Bozzetto, a core holding, saw a 3.3% revenue increase year-over-year, despite a 3.8% decline on a constant currency basis. Bozzetto's adjusted EBITDA margin improved to 18.9% from 16.9% the previous year. Cortland, another holding, experienced a 12.8% revenue decline but improved its adjusted EBITDA margin to 14.6%. The company ended the quarter with $106.5 million in cash, up from $70.5 million in Q2, driven by a $29.3 million refund from the CRA and $15.1 million of net cash flow from operations. Aimia remains focused on executing its three-step strategy: reducing holdco costs, closing the share price discount, and allocating capital to new investments, with a 2025 adjusted EBITDA guidance for Bozzetto and Cortland between $88 million and $95 million.

Aimia Inc. Financial Statement Overview

Summary
Aimia Inc. shows financial resilience with a strong equity position and no debt, but faces profitability and liquidity challenges. Revenue growth is volatile, and the company needs to address negative profit margins and improve cash flows for a better financial outlook.
Income Statement
40
Negative
Aimia Inc. shows inconsistent revenue growth with a recent increase from $207.7M to $495.5M, indicating volatility. The gross profit margin remains positive, but EBIT and net profit margins are negative, reflecting ongoing operational challenges and losses.
Balance Sheet
70
Positive
The balance sheet is relatively strong with no total debt, resulting in a favorable debt-to-equity ratio. However, stockholders' equity has declined. The equity ratio is robust, suggesting reliance on equity financing rather than debt.
Cash Flow
55
Neutral
Cash flow from operations has improved, but free cash flow remains negative. The cash flow situation suggests Aimia Inc. is still facing liquidity challenges, although there is some recovery in operating cash flows.
BreakdownTTMDec 2024Dec 2023Dec 2022Dec 2021Dec 2020
Income Statement
Total Revenue525.30M500.80M203.10M477.80M12.60M14.30M
Gross Profit486.40M132.00M167.20M477.80M12.60M14.30M
EBITDA-4.20M30.00M-157.70M445.40M-11.40M-7.30M
Net Income-53.50M-56.40M-188.00M440.10M-16.40M-4.10M
Balance Sheet
Total Assets878.60M900.40M963.60M804.00M431.00M444.20M
Cash, Cash Equivalents and Short-Term Investments50.50M95.50M109.10M505.30M34.80M146.10M
Total Debt305.20M168.80M175.40M0.000.000.00
Total Liabilities512.20M371.80M380.50M27.10M27.00M12.90M
Stockholders Equity338.40M499.70M568.60M776.90M404.00M431.30M
Cash Flow
Free Cash Flow26.90M-11.20M-23.50M-17.70M21.40M-32.00M
Operating Cash Flow43.10M2.10M-12.30M-17.70M21.40M-32.00M
Investing Cash Flow-5.80M38.10M-452.00M526.00M-118.90M108.80M
Financing Cash Flow-80.80M-57.80M77.30M-49.10M-12.60M-28.20M

Aimia Inc. Technical Analysis

Technical Analysis Sentiment
Neutral
Last Price2.79
Price Trends
50DMA
3.00
Negative
100DMA
3.04
Negative
200DMA
2.81
Positive
Market Momentum
MACD
-0.05
Negative
RSI
44.69
Neutral
STOCH
44.70
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:AIM, the sentiment is Neutral. The current price of 2.79 is below the 20-day moving average (MA) of 2.80, below the 50-day MA of 3.00, and below the 200-day MA of 2.81, indicating a neutral trend. The MACD of -0.05 indicates Negative momentum. The RSI at 44.69 is Neutral, neither overbought nor oversold. The STOCH value of 44.70 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:AIM.

Aimia Inc. Peers Comparison

Overall Rating
UnderperformOutperform
Sector (61)
Financial Indicators
Name
Overall Rating
Market Cap
P/E Ratio
ROE
Dividend Yield
Revenue Growth
EPS Growth
79
Outperform
C$951.00M8.469.85%3.65%11.23%30.44%
77
Outperform
C$992.05M8.530.32%0.14%-44.78%-95.84%
74
Outperform
C$931.91M5.479.11%22.33%-25.06%
69
Neutral
C$1.65B10.6113.82%2.72%58.88%82.03%
62
Neutral
C$671.72M17.8911.26%10.20%-0.88%-52.30%
61
Neutral
$10.43B7.12-0.05%2.87%2.86%-36.73%
54
Neutral
C$246.90M-30.730.84%8.11%97.99%
* Basic Materials Sector Average
Performance Comparison
Ticker
Company Name
Price
Change
% Change
TSE:AIM
Aimia Inc.
2.79
0.42
17.72%
TSE:AGF.B
AGF Management B NV
13.82
3.04
28.20%
TSE:CVG
Clairvest
70.18
0.00
0.00%
TSE:FSZ
Fiera Capital A
6.21
-3.01
-32.65%
TSE:GCG
Guardian Capital
66.97
26.70
66.30%
TSE:SEC
Senvest Capital
351.00
21.00
6.36%

Aimia Inc. Corporate Events

Dividends
Aimia Inc. Declares Quarterly Preferred Share Dividends
Positive
Nov 12, 2025

Aimia Inc. announced the declaration of quarterly dividends on its preferred shares, with specific amounts set for Series 1, Series 3, and Series 4 shares, payable on December 31, 2025. This announcement reflects Aimia’s commitment to providing shareholder value and maintaining its financial obligations, potentially impacting investor confidence and market positioning.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Business Operations and StrategyFinancial Disclosures
Aimia Inc. Achieves First Quarterly Profit in Over Three Years
Positive
Nov 12, 2025

Aimia Inc. reported its first quarterly profit for equity holders in over three years, driven by strong performances from its core holdings and cost reduction efforts. Despite a slight decline in revenue due to challenging economic conditions, the company achieved a significant increase in adjusted EBITDA and operating cash flow. Aimia’s strategic focus on reducing holding company costs and optimizing its portfolio has strengthened its financial position, with increased liquidity and readiness for future capital allocation activities.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Business Operations and StrategyStock Buyback
Aimia Inc. Advances Share Buyback Strategy in October
Positive
Nov 3, 2025

Aimia Inc. announced the repurchase and cancellation of 160,600 common shares in October 2025 as part of its normal course issuer bid program, representing 0.2% of its outstanding shares. This initiative is part of Aimia’s strategy to enhance shareholder value by reducing the discount of its share price relative to its intrinsic value, while maintaining financial flexibility for future strategic directions.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Financial Disclosures
Aimia Inc. to Announce Q3 2025 Financial Results
Neutral
Oct 31, 2025

Aimia Inc. is set to release its third quarter 2025 financial results on November 12, 2025. The announcement will be followed by a live webcast and teleconference call where management will present the results. This event is significant for stakeholders as it provides insights into the company’s financial performance and strategic direction, potentially impacting its market positioning and shareholder value.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$3.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Business Operations and StrategyStock Buyback
Aimia Inc. Updates on September Share Buybacks
Positive
Oct 1, 2025

Aimia Inc. announced that it repurchased and canceled 185,700 of its common shares in September 2025 under its normal course issuer bid program, representing 0.2% of its outstanding shares. This initiative is part of Aimia’s strategy to enhance shareholder value and address the discount of its share price relative to its intrinsic value. The company has repurchased 1,508,300 shares, or 25.5% of the allowable shares, under the current NCIB program. Aimia believes that share repurchases are a desirable use of funds, aligning with its strategic direction and capital allocation priorities.

The most recent analyst rating on (TSE:AIM) stock is a Hold with a C$3.50 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Business Operations and StrategyStock Buyback
Aimia Inc. Updates on August Share Buybacks
Positive
Sep 2, 2025

Aimia Inc. announced the repurchase and cancellation of 107,600 common shares in August 2025 as part of its normal course issuer bid program, representing 0.1% of its outstanding shares. The initiative is part of Aimia’s strategy to enhance shareholder value by reducing the discount of its share price relative to its net asset value. Since the start of the share buyback initiative in June 2024, Aimia has repurchased over 7.4 million shares, and the current program allows for the purchase of up to 5.9 million shares through June 2026. This move reflects Aimia’s belief that its share price may not always reflect its intrinsic value and represents a strategic use of funds while maintaining financial flexibility.

The most recent analyst rating on (TSE:AIM) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Business Operations and StrategyStock Buyback
Aimia Inc. Receives $29.3 Million Tax Refund to Bolster Strategic Initiatives
Positive
Sep 2, 2025

Aimia Inc. announced it has received a $29.3 million tax refund from the Canada Revenue Agency, following a settlement related to a 2013 income tax audit of its former subsidiary, Aeroplan Inc. The company plans to use the refund to support its 2025-2026 normal course issuer bid and for general investment purposes, while also anticipating an additional $6 million refund from Revenu Québec. This financial boost is expected to aid Aimia in its strategic initiatives and enhance shareholder value.

The most recent analyst rating on (TSE:AIM) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Aimia Inc. Earnings Call: Growth Amid Challenges
Sep 1, 2025

Aimia Inc.’s recent earnings call struck a balanced tone, highlighting significant achievements in revenue and profit growth, strategic initiatives, and cost reductions, while also acknowledging some ongoing challenges. The company reported substantial progress, particularly with its share buyback program and tax settlement, but faced hurdles such as a decline in Bozzetto’s revenue on a constant currency basis and a reduced cash position. Overall, Aimia Inc. appears to be on a solid path forward with a cautiously optimistic outlook despite some economic uncertainties.

Business Operations and StrategyDividends
Aimia Inc. Declares Quarterly Preferred Share Dividends
Positive
Aug 14, 2025

Aimia Inc. has declared quarterly dividends on its preferred shares, with specific amounts set for Series 1, Series 3, and Series 4 shares. These dividends, payable on September 30, 2025, are classified as ‘eligible dividends’ for Canadian tax purposes. This announcement reflects Aimia’s ongoing commitment to providing shareholder value and maintaining its financial strategies.

The most recent analyst rating on (TSE:AIM) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Business Operations and StrategyStock BuybackFinancial Disclosures
Aimia Inc. Reports Strong Q2 2025 Results and Strategic Progress
Positive
Aug 14, 2025

Aimia Inc. reported a 5.1% increase in revenue for Q2 2025, driven by foreign currency fluctuations and strong demand for its products. The company achieved a 60% rise in Adjusted EBITDA and reduced HoldCo costs, despite economic uncertainties and U.S. tariffs affecting some markets. Aimia plans to enhance financial transparency by focusing on balance sheet improvements and has renewed its share buyback program. The company also settled a tax dispute with the Canada Revenue Agency, anticipating a significant refund.

The most recent analyst rating on (TSE:AIM) stock is a Buy with a C$4.00 price target. To see the full list of analyst forecasts on Aimia Inc. stock, see the TSE:AIM Stock Forecast page.

Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.

Disclaimer

This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.Date of analysis: Nov 13, 2025