TDb Split Corp Class A (TSE:XTD)
TSX:XTD
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TDb Split
(TSX:XTD)
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Rating:57Neutral
Price Target:
C$6.50
▲(25.00% Upside)
Action:ReiteratedDate:03/05/26
The score is held back primarily by uneven financial performance—sharp revenue decline, very volatile earnings quality, and negative operating/free cash flow in 2025 despite strong reported profit—partly offset by improved leverage. Technicals are moderately positive with price above key moving averages and positive MACD, and valuation is a major support given the very low P/E and high dividend yield.
Positive Factors
Dividend income stability
Receiving recurring dividends from a large bank holding provides a structurally stable cash inflow that funds distributions to issued share classes. Over a multi-month horizon this direct income stream reduces reliance on trading gains and supports persistent payout capacity so long as TD maintains dividends.
Negative Factors
Inconsistent cash generation
Negative operating and free cash flow in the most recent year indicates weak cash conversion and raises risk to distribution coverage and capital maintenance. Historical volatility in cash flows means payouts and reinvestment decisions are more contingent on timing of receipts and one-off items, reducing predictability.
Read all positive and negative factors
Positive Factors
Negative Factors
Dividend income stability
Receiving recurring dividends from a large bank holding provides a structurally stable cash inflow that funds distributions to issued share classes. Over a multi-month horizon this direct income stream reduces reliance on trading gains and supports persistent payout capacity so long as TD maintains dividends.
Read all positive factors
TDb Split (XTD) vs. iShares MSCI Canada ETF (EWC)
Market Cap
N/A
Dividend Yield7.78%
Average Volume (3M)17.21K
Price to Earnings (P/E)1.1
Beta (1Y)1.50
Revenue Growth-56.22%
EPS GrowthN/A
CountryCA
EmployeesN/A
SectorFinancial
Sector Strength70
IndustryAsset Management
Share Statistics
EPS (TTM)3.14
Shares Outstanding4,775,573
10 Day Avg. Volume24,459
30 Day Avg. Volume17,213
Financial Highlights & Ratios
PEG Ratio>-0.01
Price to Book (P/B)0.77
Price to Sales (P/S)9.26
P/FCF Ratio-17.71
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
TDb Split Business Overview & Revenue Model
Company Description
TDb Split Corp. is a closed-ended equity mutual fund launched and managed by Quadravest Capital Management Inc. It invests in the public equity markets of Canada. The fund seeks to invest in the stocks of a company operating in the banking sector....
How the Company Makes Money
TDb Split (XTD) generates cash primarily from (1) dividends received on its holdings of Toronto-Dominion Bank common shares and (2) any capital gains realized if it sells TD shares. These cash inflows are used to pay operating expenses (such as ma...
TDb Split Financial Statement Overview
Summary
Income Statement
48
Neutral
Balance Sheet
42
Neutral
Cash Flow
35
Negative
| Breakdown | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 2.79M | -2.81M | 6.85M | 4.70M | 2.00M |
| Gross Profit | 2.31M | -2.81M | 6.21M | 4.02M | 1.34M |
| EBITDA | 26.36M | -3.18M | 42.41K | 1.55M | 0.00 |
| Net Income | 23.67M | -3.18M | -9.52M | -1.86M | 14.79M |
Balance Sheet | |||||
| Total Assets | 82.59M | 88.26M | 88.69M | 89.75M | 87.06M |
| Cash, Cash Equivalents and Short-Term Investments | 82.59M | 88.25M | 88.69M | 89.74M | 87.06M |
| Total Debt | 48.41M | 78.88M | 72.18M | 64.76M | 59.42M |
| Total Liabilities | 49.09M | 79.32M | 73.84M | 65.63M | 60.16M |
| Stockholders Equity | 33.50M | 8.93M | 14.84M | 24.11M | 26.91M |
Cash Flow | |||||
| Free Cash Flow | -1.46M | 32.56M | 18.98M | 5.84M | -19.99M |
| Operating Cash Flow | -1.46M | 32.56M | 18.98M | 5.84M | -19.99M |
| Investing Cash Flow | -34.37M | 29.30M | 16.09M | 3.56M | -21.82M |
| Financing Cash Flow | -29.08M | 4.00M | 3.43M | 1.05M | 8.60M |
TDb Split Technical Analysis
Negative
5.20
Price Trends
6.67
Negative
6.28
Negative
5.37
Positive
Market Momentum
-0.13
Positive
41.59
Neutral
38.83
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For TSE:XTD, the sentiment is Negative. The current price of 5.2 is below the 20-day moving average (MA) of 6.58, below the 50-day MA of 6.67, and below the 200-day MA of 5.37, indicating a neutral trend. The MACD of -0.13 indicates Positive momentum. The RSI at 41.59 is Neutral, neither overbought nor oversold. The STOCH value of 38.83 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for TSE:XTD.
TDb Split Peers Comparison
UnderperformOutperform
Sector (68)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
72 Outperform | C$3.15M | 7.76 | 193.99% | 13.17% | -5.41% | -10.83% | |
70 Outperform | C$39.83M | ― | 55.08% | 10.21% | 818.69% | -12.12% | |
68 Neutral | $18.00B | 11.42 | 9.92% | 3.81% | 9.73% | 1.22% | |
66 Neutral | C$6.23M | 3.53 | 42.23% | 7.52% | -54.61% | 273.14% | |
57 Neutral | ― | 1.09 | 50.01% | 7.78% | -56.22% | ― | |
56 Neutral | C$110.21M | ― | -7.26% | 17.81% | ― | ― | |
| ― | C$23.10M | ― | 46.99% | 8.54% | 126.51% | 10525.53% |
* Financial Sector Average
TSE:XTD
TDb Split
6.26
3.03
93.63%
TSE:MKZ.UN
MacKenzie Master
0.55
0.14
34.15%
TSE:PDV
Prime Dividend Cl A
11.17
3.95
54.77%
TSE:RS
Real Estate & E-Commerce Split Corp. Class A
9.50
1.22
14.72%
TSE:BNK
Big Banc Split
17.24
5.07
41.64%
TSE:PWI
Sustainable Power & Infrastructure Split
12.13
4.25
53.91%
TDb Split Corporate Events
Dividends
TDb Split Corp. Declares Regular Monthly Distributions on Split Shares
Positive
Mar 18, 2026
TDb Split Corp., a TSX-listed split share corporation focused on Toronto-Dominion Bank common shares, provides investors with Class A and Priority Equity shares designed to deliver targeted income and exposure to one of Canada’s major financ...
Financial DisclosuresRegulatory Filings and Compliance
TDb Split Corp. Publishes 2025 Annual Financial Results
Neutral
Feb 25, 2026
TDb Split Corp. has released its annual financial statements and management report of fund performance for the year ended November 30, 2025. These documents are now available to investors on the company’s website and through the SEDAR+ publi...
Dividends
TDb Split Corp. Announces Regular Monthly Dividends for Class A and Priority Equity Shares
Positive
Feb 19, 2026
TDb Split Corp., which invests in Toronto-Dominion Bank common shares through a split-share structure, provides Class A and Priority Equity shares tailored for income-focused investors in the Canadian financial market. The company has a track reco...
Business Operations and StrategyPrivate Placements and Financing
TDb Split Corp. Renews $75 Million At-the-Market Equity Program
Positive
Jan 22, 2026
TDb Split Corp. has renewed its at-the-market equity program, authorizing the issuance of up to $75 million of Class A Shares and Priority Equity Shares through the Toronto Stock Exchange and other Canadian marketplaces at prevailing market prices...
Dividends
TDb Split Corp. Announces Regular Monthly Distributions for Class A and Priority Equity Shares
Positive
Jan 20, 2026
TDb Split Corp. has declared its regular monthly cash distributions of $0.05000 per Class A share, equivalent to $0.60 on an annualized basis, and $0.05833 per Priority Equity share, or $0.700 annually, payable on February 10, 2026 to shareholders...
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.