Dividend 15 Split Corp (TSE:DFN)
TSX:DFN
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Dividend 15 Split Corp
(TSX:DFN)
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Rating:64Neutral
Price Target:
C$8.00
▲(6.10% Upside)
Action:DowngradedDate:03/04/26
The score is driven primarily by mixed financial quality—strong recent profitability and improved cash flow are offset by pronounced volatility, meaningful leverage, and weak cash-flow-to-debt coverage. Technicals are mildly supportive (above key longer-term averages with neutral-to-positive momentum). Valuation is a major positive due to the low P/E and very high dividend yield.
Positive Factors
Structured split-share business model
The split-share structure creates durable, clearly differentiated exposures: preferred shares with distribution priority and Class A with residual upside. This structural waterfall supports predictable payout priorities and appeals to income and yield-seeking investors over multiple market cycles.
Negative Factors
Meaningful and variable leverage
Persistently high and historically variable leverage raises structural risk for a fund funded by portfolio income. Elevated debt levels reduce financial flexibility, increase sensitivity to yield and dividend declines, and raise the likelihood of forced asset sales in stressed markets.
Read all positive and negative factors
Positive Factors
Negative Factors
Structured split-share business model
The split-share structure creates durable, clearly differentiated exposures: preferred shares with distribution priority and Class A with residual upside. This structural waterfall supports predictable payout priorities and appeals to income and yield-seeking investors over multiple market cycles.
Read all positive factors
Dividend 15 Split Corp (DFN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
N/A
Dividend Yield16.15%
Average Volume (3M)477.92K
Price to Earnings (P/E)3.8
Beta (1Y)1.04
Revenue Growth6.90%
EPS Growth109.12%
CountryCA
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)1.68
Shares Outstanding158,991,170
10 Day Avg. Volume369,807
30 Day Avg. Volume477,922
Financial Highlights & Ratios
PEG Ratio-0.09
Price to Book (P/B)0.89
Price to Sales (P/S)10.97
P/FCF Ratio14.29
Enterprise Value/Market CapN/A
Enterprise Value/RevenueN/A
Enterprise Value/Gross ProfitN/A
Enterprise Value/EbitdaN/A
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Dividend 15 Split Corp Business Overview & Revenue Model
Company Description
Dividend 15 Split Corp. 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 spreads its investments across diversified sector...
How the Company Makes Money
Dividend 15 Split Corp generates revenue primarily through the dividends received from the underlying equities in its investment portfolio. The company holds a diversified selection of dividend-paying stocks, and as these companies distribute divi...
Dividend 15 Split Corp Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
54
Neutral
Cash Flow
49
Neutral
| Breakdown | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 88.22M | 88.65M | 75.94M | 66.91M | 25.77M |
| Gross Profit | 70.51M | 73.04M | 61.60M | 52.36M | 12.28M |
| EBITDA | 340.20M | 109.54M | -8.17M | 44.20M | 231.82M |
| Net Income | 257.50M | 399.46M | -25.11M | -10.23M | 32.30M |
Balance Sheet | |||||
| Total Assets | 2.55B | 428.63M | 346.21M | 459.60M | 376.27M |
| Cash, Cash Equivalents and Short-Term Investments | 246.41M | 427.45M | 344.80M | 59.81M | 63.35M |
| Total Debt | 1.43B | 251.42M | 249.08M | 311.12M | 910.90M |
| Total Liabilities | 1.46B | 255.80M | 250.75M | 1.08B | 926.98M |
| Stockholders Equity | 1.09B | 172.83M | 95.46M | 145.25M | 128.85M |
Cash Flow | |||||
| Free Cash Flow | 67.68M | 34.03M | 62.60M | -77.11M | -96.13M |
| Operating Cash Flow | 67.68M | 34.03M | 62.60M | -77.11M | -96.13M |
| Investing Cash Flow | -108.29M | -69.24M | -121.03M | 10.37M | -438.79M |
| Financing Cash Flow | 84.75M | -27.37M | -103.96M | 73.56M | 146.64M |
Dividend 15 Split Corp Technical Analysis
Positive
7.54
Price Trends
7.42
Negative
7.21
Positive
6.59
Positive
Market Momentum
-0.03
Negative
52.03
Neutral
57.38
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:DFN, the sentiment is Positive. The current price of 7.54 is above the 20-day moving average (MA) of 7.21, above the 50-day MA of 7.42, and above the 200-day MA of 6.59, indicating a neutral trend. The MACD of -0.03 indicates Negative momentum. The RSI at 52.03 is Neutral, neither overbought nor oversold. The STOCH value of 57.38 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for TSE:DFN.
Dividend 15 Split Corp Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | C$6.25M | 3.53 | 42.23% | 7.52% | -54.61% | 273.14% | |
64 Neutral | ― | 3.76 | 38.36% | 16.15% | 6.90% | 109.12% | |
56 Neutral | C$106.65M | ― | -7.26% | 17.81% | ― | ― | |
| ― | C$22.63M | ― | 46.99% | 8.54% | 126.51% | 10525.53% | |
63 Neutral | C$38.29M | ― | 55.08% | 10.21% | 818.69% | -12.12% |
* Financial Sector Average
TSE:DFN
Dividend 15 Split Corp
7.34
3.01
69.32%
TSE:PDV
Prime Dividend Cl A
11.04
4.34
64.87%
TSE:RS
Real Estate & E-Commerce Split Corp. Class A
9.31
1.85
24.82%
TSE:BNK
Big Banc Split
16.89
5.31
45.83%
TSE:PWI
Sustainable Power & Infrastructure Split
11.66
5.23
81.25%
TSE:IS
International Clean Power Dividend Fund
18.25
6.05
49.58%
Dividend 15 Split Corp Corporate Events
Financial DisclosuresRegulatory Filings and Compliance
Dividend 15 Split Corp. Publishes 2025 Annual Financial Results
Neutral
Feb 25, 2026
Dividend 15 Split Corp. has released its annual financial statements and management report of fund performance for the year ended November 30, 2025, making these documents available on its website and through the SEDAR+ platform. The disclosure pr...
Dividends
Dividend 15 Split Corp. Announces Monthly Distributions for Class A and Preferred Shares
Positive
Feb 19, 2026
Dividend 15 Split Corp. has declared its regular monthly cash distribution of $0.10 per Class A share, equivalent to $1.20 on an annualized basis, and $0.05833 per Preferred share, or $0.70 annually, payable on March 10, 2026 to shareholders of re...
Business Operations and StrategyPrivate Placements and Financing
Dividend 15 Split Corp. Raises $142.6 Million in Preferred Share Offering
Positive
Jan 23, 2026
Dividend 15 Split Corp. has completed an overnight offering of its Preferred Shares, raising gross proceeds of approximately $142.6 million, with the shares continuing to trade on the Toronto Stock Exchange under the symbol DFN.PR.A. Led by Nation...
Dividends
Dividend 15 Split Corp. Maintains Monthly Payouts to Class A and Preferred Shareholders
Positive
Jan 20, 2026
Dividend 15 Split Corp. has declared its regular monthly cash distributions of $0.10 per Class A share, equivalent to $1.20 on an annualized basis, and $0.05833 per preferred share, or $0.70 annually, payable on February 10, 2026 to shareholders o...
Business Operations and StrategyPrivate Placements and Financing
Dividend 15 Split Corp. Raises $142.6 Million in Overnight Preferred Share Offering
Positive
Jan 16, 2026
Dividend 15 Split Corp. has completed the overnight marketing of a preferred share offering, raising expected gross proceeds of approximately $142.6 million through the sale of TSX-listed Preferred Shares at $10.45 each, slightly below the prior c...
Business Operations and StrategyPrivate Placements and Financing
Dividend 15 Split Corp. Launches Overnight Preferred Share Offering to Expand Dividend Portfolio
Positive
Jan 15, 2026
Dividend 15 Split Corp. has launched an overnight offering of its Preferred Shares (TSX: DFN.PR.A), priced at $10.45 per share, with National Bank Financial Inc. acting as lead agent and closing expected around January 23, 2026, subject to TSX app...
Dividends
Dividend 15 Split Corp. Declares Monthly Distributions for Class A and Preferred Shares
Positive
Dec 18, 2025
Dividend 15 Split Corp. has declared its regular monthly cash distributions, announcing a payment of $0.10 per Class A share (equivalent to $1.20 on an annualized basis) and $0.05833 per Preferred share (or $0.70 annually), payable on January 9, 2...
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.