Dividend 15 Split II (DF) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: 16.19%
• Average Volume (3M): 100.73K
• Price to Earnings (P/E): 3.5
• Beta (1Y): 1.35
• Revenue Growth: 50.39%
• EPS Growth: 80.72%
• Country: CA
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 1.80
• Shares Outstanding: 26,925,486
• 10 Day Avg. Volume: 83,711
• 30 Day Avg. Volume: 100,730
• PEG Ratio: -0.07
• Price to Book (P/B): 0.82
• Price to Sales (P/S): 4.95
• P/FCF Ratio: -40.95
• Enterprise Value/Market Cap: N/A
• Enterprise Value/Revenue: N/A
• Enterprise Value/Gross Profit: N/A
• Enterprise Value/Ebitda: N/A
• 1Y Price Target: N/A
• Price Target Upside: N/A
• Rating Consensus: N/A
• Number of Analyst Covering: 0
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 62 Neutral
• Price Target: C$7.50 ▲(0.27% Upside)
• Action: Reiterated Date: 03/04/26
• Date: Action: Reiterated 03/04/26

The score is held back primarily by financial volatility—especially inconsistent cash flow (negative again in 2025) and meaningful leverage—despite a recent earnings rebound. Technicals are moderately supportive with a positive longer-term trend and neutral momentum, while valuation is a clear positive due to the very low P/E and high dividend yield.

Positive Factors

Dividend-based cash flow

Dividend 15 Split II's operating economics are structurally tied to dividends from underlying equities. Over a multi-month horizon, dividend income from large-cap issuers provides a durable revenue base to fund distributions and fees, reducing reliance on short-term trading gains.

Diversified large-cap portfolio

The fund's holdings span large-cap issuers across financials, energy, telecoms, utilities and industrials. This sector and market-cap diversification reduces idiosyncratic risk, smoothing aggregate dividend receipts and supporting more resilient distribution capacity across a 2–6 month horizon.

Recent profitability rebound

A meaningful earnings rebound and rebuilt equity in 2024–2025 indicate improved portfolio results and management execution. Sustained profitability can strengthen reserves, help meet preferred obligations and improve the fund's ability to withstand near-term market stress if the trend persists.

Negative Factors

Inconsistent cash generation

Cash flow volatility—including a return to negative operating and free cash flow in 2025—undermines the fund's core ability to sustainably fund distributions and cover expenses. For a split-share vehicle, unreliable cash increases the risk of distribution cuts or pressure on capital structure over cycles.

Meaningful leverage

Debt-to-equity above 1x and a history of higher leverage raise balance-sheet vulnerability. Meaningful leverage amplifies losses in market downturns, limits portfolio rebalancing flexibility and increases the likelihood of strain on preferred payouts or investor redemptions if markets deteriorate.

Revenue and margin volatility

Declining revenue and highly volatile margins suggest earnings are influenced by market-driven valuation swings rather than stable operating performance. That structural volatility reduces confidence in recurring distributable income and makes Class A residual returns less predictable over a medium-term horizon.

Dividend 15 Split II Business Overview & Revenue Model

Company Description

Dividend 15 Split Corp. II is a close ended equity mutual fund launched by Quadravest Inc. The fund is managed by Quadravest Capital Management. It invests in public equity markets of Canada. The fund invests in stocks of companies operating across the diversified sectors. It benchmarks the performance of its portfolio against the S&P TSX 60 Index. Dividend 15 Split Corp. II was formed on September 28, 2006 and is domiciled in Canada.

How the Company Makes Money

Dividend 15 Split Corp II generates revenue primarily through the collection of dividends from its portfolio of high-quality, dividend-yielding stocks. The company invests in a diversified selection of large-cap companies known for consistent dividend payments, using these dividends to pay out returns to its preferred shareholders. Additionally, the company may earn capital gains through the strategic buying and selling of securities within its portfolio. DF aims to provide preferred shareholders with fixed cumulative preferential quarterly cash distributions and the opportunity for capital appreciation, benefiting from the potential increase in the value of its underlying investments.

Dividend 15 Split II Financial Statement Overview

Summary

Earnings rebounded strongly in 2024–2025, but revenue is down in both years and profitability is highly volatile, raising sustainability concerns. Leverage remains meaningful (debt-to-equity above 1x) despite improvement, and cash flow is the key weakness given the 2025 return to negative operating/free cash flow after stronger 2023–2024.

Income Statement

Profitability has improved meaningfully in the last two years, with 2024 and 2025 returning to strong positive earnings after losses in 2022–2023. However, revenue has been inconsistent and is down in both 2024 and 2025, and margins are extremely volatile (including unusually high margins in 2024–2025), which raises questions about earnings quality and sustainability versus being driven by market/valuation swings.

Balance Sheet

Leverage is moderate-to-high: debt-to-equity remains above 1x in 2024–2025 and was materially higher in 2020–2023, showing an improving but still leveraged capital structure. Equity has rebuilt versus the weaker 2020–2023 period, and return on equity is strong in 2024–2025, but the business has a track record of negative returns in down years, suggesting sensitivity to market conditions and balance-sheet risk when performance turns.

Cash Flow

Cash generation is inconsistent. Operating and free cash flow were positive in 2023–2024 but turned negative again in 2025, and there were large negative cash-flow years in 2021–2022. While 2024 showed strong cash conversion relative to earnings, the 2025 reversal and multi-year volatility reduce confidence in the reliability of cash flows to support distributions and debt over a full cycle.

Breakdown	Nov 2025	Nov 2024	Nov 2023	Nov 2022	Nov 2021
Income Statement
Total Revenue	32.76M	17.96M	26.04M	18.98M	6.31M
Gross Profit	29.66M	110.30M	-7.06M	9.97M	3.84M
EBITDA	63.39M	109.54M	-8.17M	8.62M	43.80M
Net Income	46.99M	95.41M	-25.11M	-10.23M	32.30M
Balance Sheet
Total Assets	452.40M	428.63M	346.21M	459.60M	376.27M
Cash, Cash Equivalents and Short-Term Investments	451.35M	427.45M	344.80M	59.81M	63.35M
Total Debt	248.87M	251.42M	249.08M	311.12M	243.13M
Total Liabilities	253.81M	255.80M	250.75M	314.35M	247.42M
Stockholders Equity	198.59M	172.83M	95.46M	145.25M	128.85M
Cash Flow
Free Cash Flow	-3.96M	34.03M	62.60M	-77.11M	-96.13M
Operating Cash Flow	-3.96M	34.03M	62.60M	-77.11M	-96.13M
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	-21.93M	-27.37M	-103.96M	73.56M	146.64M

Dividend 15 Split II Technical Analysis

• Technical Analysis Sentiment: Positive
• Last Price: 7.48
• 50DMA: Negative
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Neutral

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:DF, the sentiment is Positive. The current price of 7.48 is below the 20-day moving average (MA) of 7.64, below the 50-day MA of 7.66, and above the 200-day MA of 6.55, indicating a neutral trend. The MACD of -0.10 indicates Positive momentum. The RSI at 46.33 is Neutral, neither overbought nor oversold. The STOCH value of 69.22 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:DF.

Dividend 15 Split II Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PWI	70 Outperform	C$39.83M	―	55.08%	10.21%	818.69%	-12.12%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
DF	62 Neutral	―	3.45	―	16.19%	50.39%	80.72%
PDV	62 Neutral	C$6.55M	3.53	42.23%	7.52%	-54.61%	273.14%
RS	56 Neutral	C$113.53M	―	-7.26%	17.81%	―	―
BNK	54 Neutral	C$22.81M	―	46.99%	8.54%	126.51%	10525.53%

Dividend 15 Split II Corporate Events

Dividend 15 Split Corp. II Publishes 2025 Annual Financial Results

Dividend 15 Split Corp. II announced that its audited annual financial statements and management report of fund performance for the year ended November 30, 2025 are now available to investors. The documents can be accessed through the company’s website and via the SEDAR+ regulatory filings platform, enhancing disclosure and allowing stakeholders to review the fund’s latest financial condition and performance.

The most recent analyst rating on (TSE:DF) stock is a Hold with a C$8.00 price target. To see the full list of analyst forecasts on Dividend 15 Split II stock, see the TSE:DF Stock Forecast page.

Dividend 15 Split Corp. II Declares Monthly Distributions and Highlights Cumulative Payouts

Dividend 15 Split Corp. II has declared a monthly distribution of $0.10 per Class A share and $0.05833 per Preferred share, payable on March 10, 2026 to shareholders of record on February 27, 2026. The announcement underscores the fund’s ongoing income mandate, reflecting its ability to continue generating cash flow from its concentrated portfolio of Canadian dividend leaders.

Since inception, Class A shareholders have received a total of $16.90 per share and Preferred shareholders $10.60 per share, for a combined payout of $27.50. These cumulative distributions highlight the product’s long-term income track record, which may appeal to yield-focused investors seeking consistent cash returns from a diversified basket of Canadian blue-chip stocks.

The most recent analyst rating on (TSE:DF) stock is a Hold with a C$8.00 price target. To see the full list of analyst forecasts on Dividend 15 Split II stock, see the TSE:DF Stock Forecast page.

Dividend 15 Split Corp. II Declares Monthly Distributions for Class A and Preferred Shares

Dividend 15 Split Corp. II has declared a monthly cash distribution of $0.10 per Class A share and $0.05833 per Preferred share, payable on February 10, 2026 to shareholders of record as of January 30, 2026. With this latest payment, Class A shareholders have received a cumulative $16.80 per share and Preferred shareholders $10.54 per share since inception, for a combined total of $27.34, underscoring the fund’s ongoing focus on delivering consistent income to investors through its portfolio of leading Canadian dividend-paying stocks.

The most recent analyst rating on (TSE:DF) stock is a Hold with a C$8.00 price target. To see the full list of analyst forecasts on Dividend 15 Split II stock, see the TSE:DF Stock Forecast page.

Dividend 15 Split Corp. II Declares Monthly Distributions for Class A and Preferred Shares

Dividend 15 Split Corp. II has declared a monthly cash distribution of $0.10 per Class A share and $0.05833 per Preferred share, payable on January 9, 2026 to shareholders of record as of December 31, 2025. With this latest declaration, the fund has delivered cumulative distributions since inception of $16.70 per Class A share and $10.48 per Preferred share, for a combined $27.18, underscoring its role as an income-oriented vehicle for investors seeking regular cash flow from a portfolio of leading Canadian dividend payers.