M Split Corp. 14 Cap (XMF.A) AI Stock Analysis

• Market Cap: N/A
• Dividend Yield: N/A
• Average Volume (3M): 747.00
• Price to Earnings (P/E): ―
• Beta (1Y): 0.39
• Revenue Growth: 2201.59%
• EPS Growth: N/A
• Country: CA
• Employees: N/A
• Sector: Financial
• Sector Strength: 70
• Industry: Asset Management
• EPS (TTM): -0.13
• Shares Outstanding: 2,275,548
• 10 Day Avg. Volume: 1,731
• 30 Day Avg. Volume: 747
• PEG Ratio: -0.04
• Price to Book (P/B): 3.66
• Price to Sales (P/S): 0.66
• P/FCF Ratio: 0.31
• 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: 55 Neutral
• Price Target: C$0.86 ▼(-26.41% Downside)

The score is primarily constrained by high balance-sheet risk (extreme leverage and thin equity) and weaker profitability despite a 2024 rebound in revenue and cash generation. Technicals are mildly supportive with price above major moving averages and neutral momentum, while valuation inputs are unavailable and corporate events provide a modest positive from continued dividend declarations.

Positive Factors

Revenue Growth

The significant revenue growth indicates strong market demand and effective investment strategies, enhancing long-term business sustainability.

High Profit Margins

High profit margins reflect efficient cost management and strong profitability, which can support future growth and shareholder returns.

Debt-Free Balance Sheet

A debt-free balance sheet reduces financial risk and increases flexibility for strategic investments and weathering economic downturns.

Negative Factors

Low Equity Ratio

A low equity ratio suggests reliance on liabilities for asset financing, which can pose risks if market conditions deteriorate.

Limited Operational Efficiency Analysis

Lack of detailed operational efficiency metrics limits insight into cost structures and profitability drivers, affecting strategic planning.

Potential Asset Financing Risks

Risks in asset financing could impact financial stability and growth potential, especially if market conditions become unfavorable.

M Split Corp. 14 Cap Business Overview & Revenue Model

Company Description

M Split Corp. is a close-ended equity mutual fund launched and managed by Quadravest Capital Management Inc. It invests in the public equity markets of Canada. The fund invests in the stocks of companies engaged in the financial sector. It invests its entire corpus in the stock of Manulife Financial Corp. The fund benchmarks the performance of its portfolio against the S&P TSX Financial index. M Split Corp. was formed on February 12, 2007 and is domiciled in Canada.

How the Company Makes Money

M Split Corp. 14 Cap generates revenue primarily through the management of its investment portfolio, which consists of shares from leading Canadian financial institutions. The company earns money from dividends received from these investments and capital appreciation of the portfolio's assets. Additionally, the firm may generate income through management fees charged to investors holding its split share products. The performance of M Split Corp.'s revenue is closely tied to the health of the Canadian financial markets and the performance of the underlying securities in its portfolio.

M Split Corp. 14 Cap Financial Statement Overview

Summary

Strong 2024 revenue and free-cash-flow rebound, but profitability weakened sharply (net income down and margins compressed) and results are volatile. The balance sheet is the key drag: extremely high leverage (debt far outweighing equity) creates elevated downside risk despite assets exceeding debt.

Income Statement

Revenue rebounded sharply in 2024 (annual revenue growth of ~554%), but profitability deteriorated meaningfully versus 2023: net margin fell to ~18% from ~86% and net income dropped to ~0.3M from ~1.6M. Results are also volatile across years (including a loss in 2020), which reduces confidence in earnings stability despite strong recent top-line momentum.

Balance Sheet

Leverage increased materially in 2024, with debt far outweighing equity (debt-to-equity ~74.8x), indicating a very thin equity cushion and elevated balance-sheet risk. While total assets (~23.3M) exceed debt (~22.8M), the sharp swing from more moderate leverage in 2021–2022 to extreme leverage in 2024 is a key weakness; 2023 equity is shown as zero, further underscoring instability in the capital structure.

Cash Flow

Cash generation improved strongly in 2024, with operating cash flow and free cash flow both ~3.54M and free cash flow growth of ~706%. However, cash flow coverage versus debt looks weaker in 2024 (operating cash flow relative to debt implied by the provided coverage ratio of ~0.15), and cash flows have been uneven historically (e.g., much lower in 2023 and 2020).

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	1.71M	1.70M	1.88M	1.28M	810.41K	-2.60M
Gross Profit	1.64M	1.57M	1.88M	1.36M	894.88K	76.36K
EBITDA	802.15K	8.99M	0.00	853.46K	853.46K	853.46K
Net Income	152.17K	304.30K	1.61M	1.09M	598.35K	-2.83M
Balance Sheet
Total Assets	12.71M	23.25M	15.14M	14.51M	14.13M	14.44M
Cash, Cash Equivalents and Short-Term Investments	12.59M	23.08M	14.95M	14.33M	13.93M	14.26M
Total Debt	12.61M	22.76M	15.00M	14.24M	14.01M	14.26M
Total Liabilities	12.71M	22.95M	71.12K	71.12K	71.12K	71.12K
Stockholders Equity	0.00	304.30K	0.00	14.44M	14.06M	14.37M
Cash Flow
Free Cash Flow	7.39M	3.54M	488.68K	1.77M	999.27K	68.94K
Operating Cash Flow	4.00M	3.54M	488.68K	1.77M	999.27K	68.94K
Investing Cash Flow	0.00	0.00	0.00	0.00	0.00	0.00
Financing Cash Flow	-10.47M	-853.46K	-853.46K	-853.46K	-853.46K	-7.75M

M Split Corp. 14 Cap Technical Analysis

• Technical Analysis Sentiment: Neutral
• Last Price: 1.17
• 50DMA: Positive
• 100DMA: Positive
• 200DMA: Positive
• MACD: Positive
• RSI: Neutral
• STOCH: Positive

Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:XMF.A, the sentiment is Neutral. The current price of 1.17 is above the 20-day moving average (MA) of 1.12, above the 50-day MA of 0.93, and above the 200-day MA of 0.67, indicating a neutral trend. The MACD of 0.05 indicates Positive momentum. The RSI at 46.94 is Neutral, neither overbought nor oversold. The STOCH value of 11.54 is Positive, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Neutral sentiment for TSE:XMF.A.

M Split Corp. 14 Cap Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
PWI	70 Outperform	C$38.79M	4.63	32.64%	10.21%	818.69%	-12.12%
GCG	69 Neutral	C$1.66B	8.77	13.82%	2.29%	58.88%	82.03%
Sector *	68 Neutral	$18.00B	11.42	9.92%	3.81%	9.73%	1.22%
RS	56 Neutral	C$116.23M	7.67	15.77%	17.81%	―	―
XMF.A	55 Neutral	―	―	200.00%	―	2201.59%	―
BNK	54 Neutral	C$22.80M	3.75	46.99%	8.54%	126.51%	10525.53%
WED	49 Neutral	C$834.22M	-10.80	-6.98%	―	333.02%	-196.36%

M Split Corp. 14 Cap Corporate Events

M Split Corp. Declares Monthly Dividends on Class I and II Preferred Shares

M Split Corp. has declared a monthly cash dividend of $0.03125 per share (equivalent to $0.375 annually) for both its Class I and Class II preferred shares, payable on January 9, 2026 to shareholders of record on December 31, 2025. The distributions represent an annual dividend rate of 7.50% based on a $5 notional issue price for both preferred share classes, with Class II dividends contingent on the fund’s net asset value exceeding $10.00, underscoring the product’s income focus and its sensitivity to the underlying portfolio’s performance for preferred shareholders.

M Split Corp. Declares Monthly Dividends for Preferred Shares

M Split Corp. has announced a monthly dividend distribution for its Class I and Class II Preferred shareholders, each receiving $0.03125 per share. The dividends are paid at an annual rate of 7.50% based on a $5 notional issue price, with Class II dividends contingent on the NAV exceeding $10.00. This announcement reflects M Split’s ongoing commitment to providing consistent returns to its investors, leveraging its investments in Manulife Financial Corporation to maintain stable dividend payouts.

M Split Corp. Declares Monthly Dividend for Class I Preferred Shares

M Split Corp. has announced a monthly distribution of $0.03125 per share for its Class I Preferred shareholders, equating to an annual rate of 7.50% based on a $5 notional issue price. This announcement reflects the company’s ongoing commitment to providing returns to its investors, leveraging its investments in Manulife Financial Corporation.