MacKenzie Master (MKZ.UN) AI Stock Analysis

• Market Cap: C$2.88M
• Dividend Yield: 13.17%
• Average Volume (3M): 4.14K
• Price to Earnings (P/E): 6.3
• Beta (1Y): 1.15
• Revenue Growth: -5.41%
• EPS Growth: -10.83%
• Country: CA
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): 0.04
• Shares Outstanding: 6,264,511
• 10 Day Avg. Volume: 2,951
• 30 Day Avg. Volume: 4,141
• PEG Ratio: -1.17
• Price to Book (P/B): 5.41
• Price to Sales (P/S): 3.26
• P/FCF Ratio: 5.52
• 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: 74 Outperform
• Price Target: C$0.64 ▲(32.92% Upside)

The score is supported primarily by strong financial quality (high margins, strong cash conversion, and zero debt) and an inexpensive valuation (low P/E and high yield). Offsetting these positives are weak technicals (price below key moving averages with negative MACD and low RSI/Stoch) and the fundamental concern that revenue and free cash flow have been declining recently.

Positive Factors

High Profitability / Margins

Consistently extremely high gross margins (~98–100%), EBIT margins (~73–90%) and net margins (~60–68%) indicate durable operating leverage and strong pricing power. High margins provide resilience through cycles and support distributions even if revenue growth slows.

Strong Cash Conversion

Operating cash flow running at roughly ~2.0x net income and persistently positive free cash flow demonstrate reliable cash generation. This durable cash conversion supports ongoing distributions, reinvestment into opportunistic assets and reduces reliance on external financing.

Debt-Free, Conservative Balance Sheet

Zero reported debt eliminates refinancing and interest-rate risk and preserves financial flexibility. A debt-free structure allows the partnership to allocate cash to buyouts, private credit and distributions without leverage-related constraints, strengthening long-term optionality.

Negative Factors

Declining Revenue Trend

A multi-year choppy and generally declining top-line, including a steep drop in 2024, undermines the sustainability of earnings and raises questions about organic growth. Persistent revenue erosion can force reliance on asset realizations to maintain income and distributions.

Weakening Free Cash Flow Growth

While FCF is positive, negative FCF growth in most years limits the partnership's capacity to expand investments or increase distributions without selling assets. A deteriorating FCF trajectory reduces cushion for opportunistic deployments and heightens operational risk.

Alternative Assets Concentration & Low Liquidity

Concentration in private-market and alternative investments implies illiquidity and valuation opacity versus public assets. Combined with low average trading volume (3M avg ~6.8k), this structural illiquidity can constrain investor exit options and complicate transparent price discovery.

MacKenzie Master Business Overview & Revenue Model

Company Description

Mackenzie Master Limited Partnership pays selling commissions to financial advisors who sell redemption charge securities of Mackenzie mutual funds for specific periods. Redemption charge securities are securities of a fund for which investors are, under certain circumstances, required to pay a charge on redemption. MMLP GP Inc. serves as the general partner of Mackenzie Master Limited Partnership. The company was founded in 1995 and is headquartered in Toronto, Canada.

How the Company Makes Money

MacKenzie Master Financial Statement Overview

Summary

MacKenzie Master exhibits strong financial health with no debt and high equity levels, ensuring stability. Profitability margins have slightly declined, but the company continues to generate substantial cash flows. Key challenges include improving operational efficiency to enhance profitability margins.

Income Statement

The company demonstrates a stable revenue base with a Gross Profit Margin consistently at 100% due to no cost of goods sold. However, the Net Profit Margin has declined from 67.9% in 2019 to 62.1% in 2023, reflecting a decrease in operational efficiency. The EBIT margin also saw a similar downward trend from 89.6% to 73.1%, indicating pressure on operational profitability.

Balance Sheet

The company maintains a robust financial position with zero debt, resulting in an excellent Debt-to-Equity ratio of 0. The Equity Ratio has consistently stayed above 59%, indicating a strong equity base relative to assets. Return on Equity has remained solid, decreasing slightly from 100% in 2019 to 100% in 2023, reflecting strong shareholder returns.

Cash Flow

Operating Cash Flow has been stable, aligning closely with Net Income, evidenced by an Operating Cash Flow to Net Income ratio near 1. Free Cash Flow growth showed volatility, decreasing from 2019 to 2023. The Free Cash Flow to Net Income ratio remains healthy at 1, showcasing adequate cash generation relative to net profits.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	785.78K	816.35K	832.16K	811.66K	941.83K	919.46K
Gross Profit	775.82K	797.74K	832.16K	796.13K	925.70K	904.25K
EBITDA	325.06K	669.67K	-61.80K	-56.05K	815.46K	812.17K
Net Income	464.26K	492.20K	516.51K	532.97K	601.27K	596.95K
Balance Sheet
Total Assets	329.17K	736.97K	767.03K	787.55K	872.72K	876.16K
Cash, Cash Equivalents and Short-Term Investments	251.00K	681.75K	715.68K	729.82K	795.89K	801.01K
Total Debt	0.00	0.00	0.00	0.00	0.00	0.00
Total Liabilities	103.83K	244.76K	250.52K	254.59K	271.45K	279.22K
Stockholders Equity	225.34K	492.20K	516.51K	532.97K	601.27K	596.95K
Cash Flow
Free Cash Flow	508.68K	482.58K	518.82K	535.21K	591.82K	554.45K
Operating Cash Flow	508.68K	482.58K	518.82K	535.21K	591.82K	554.45K
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	-492.21K	-516.51K	-532.97K	-601.27K	-596.95K	-746.16K

MacKenzie Master Technical Analysis

• Technical Analysis Sentiment: Negative
• Last Price: 0.48
• 50DMA: Negative
• 100DMA: Negative
• 200DMA: Negative
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:MKZ.UN, the sentiment is Negative. The current price of 0.48 is below the 20-day moving average (MA) of 0.55, below the 50-day MA of 0.57, and above the 200-day MA of 0.48, indicating a bearish trend. The MACD of -0.03 indicates Positive momentum. The RSI at 34.69 is Neutral, neither overbought nor oversold. The STOCH value of 10.19 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:MKZ.UN.

MacKenzie Master Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
MKZ.UN	74 Outperform	C$2.88M	6.34	193.99%	13.17%	-5.41%	-10.83%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
QCA	48 Neutral	C$4.68M	-1.08	-37.19%	―	26.42%	-1217.14%
FNR	45 Neutral	C$4.99M	40.00	1.09%	―	-82.82%	―
IDK	45 Neutral	C$6.13M	-0.25	-55.73%	―	53.55%	-289.42%
AAB	43 Neutral	C$4.02M	-0.42	-178.43%	―	82.65%	-70.88%
BLGV	42 Neutral	C$4.82M	-0.83	-226.11%	―	19.82%	-51.61%