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Dividend 15 Split Corp
(TSX:DFN)
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Select Model
Rating:64Neutral
Price Target:
C$9.00
â–²(2.04% Upside)
Action:Reiterated
Date:10/18/26
The score is supported most by very attractive valuation (low P/E and high dividend yield). Offsetting that, financial performance is constrained by high volatility in earnings/cash flow, meaningful leverage, and weak cash flow coverage of debt. Technical signals are largely neutral, providing limited additional support.
Positive Factors
Dividend Portfolio Income
The portfolio structure provides access to established Canadian issuers with recurring dividend distributions as a core economic resource. This income-oriented model can support shareholder distributions and underlying cash generation over the next several quarters.
Negative Factors
Meaningful Leverage
Debt exceeding equity leaves the corporation more sensitive to portfolio declines and financing pressures. The historically aggressive capital structure can constrain financial flexibility, increase the impact of losses on shareholders, and limit resilience over the next several quarters.
Read all positive and negative factors
Positive Factors
Negative Factors
Dividend Portfolio Income
The portfolio structure provides access to established Canadian issuers with recurring dividend distributions as a core economic resource. This income-oriented model can support shareholder distributions and underlying cash generation over the next several quarters.
Read all positive factors
Dividend 15 Split Corp (DFN) vs. iShares MSCI Canada ETF (EWC)
Market Cap
C$1.38B
Dividend Yield14.02%
Average Volume (3M)393.91K
Price to Earnings (P/E)2.2
Beta (1Y)0.75
Revenue Growth4.02%
EPS Growth69.22%
CountryCA
EmployeesN/A
SectorGeneral
Sector StrengthN/A
IndustryAsset Management
Share Statistics
EPS (TTM)3.90
Shares Outstanding161,325,780
10 Day Avg. Volume293,633
30 Day Avg. Volume393,913
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
Established by Quadravest Inc., Dividend 15 Split Corp. operates as a closed-end equity mutual fund, with its management entrusted to Quadravest Capital Management. The fund directs its capital into the public equity markets of Canada, pursuing a ...
How the Company Makes Money
Dividend 15 Split Corp. generates cash and overall returns primarily from investment income and capital gains on its portfolio, and it uses the split-share structure to distribute that cash flow differently to Preferred and Class A shareholders. I...
Dividend 15 Split Corp Financial Statement Overview
Summary
Income Statement
68
Positive
Balance Sheet
54
Neutral
Cash Flow
49
Neutral
| Breakdown | TTM | Nov 2025 | Nov 2024 | Nov 2023 | Nov 2022 | Nov 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 92.46M | 88.22M | 88.65M | 75.94M | 66.91M | 25.77M |
| Gross Profit | 71.43M | 70.51M | 73.04M | 61.60M | 52.36M | 12.28M |
| EBITDA | 673.07M | 340.20M | 466.64M | -38.21M | 58.87M | 231.82M |
| Net Income | 578.21M | 257.50M | 399.46M | -114.27M | -1.70M | 184.27M |
Balance Sheet | ||||||
| Total Assets | 3.11B | 2.55B | 428.63M | 346.21M | 459.60M | 376.27M |
| Cash, Cash Equivalents and Short-Term Investments | 241.51M | 246.41M | 427.45M | 344.80M | 59.81M | 63.35M |
| Total Debt | 1.64B | 1.43B | 251.42M | 249.08M | 311.12M | 910.90M |
| Total Liabilities | 1.68B | 1.46B | 255.80M | 250.75M | 1.08B | 926.98M |
| Stockholders Equity | 1.44B | 1.09B | 172.83M | 95.46M | 145.25M | 128.85M |
Cash Flow | ||||||
| Free Cash Flow | 67.91M | 67.68M | 34.03M | 62.60M | -77.11M | -96.13M |
| Operating Cash Flow | 67.91M | 67.68M | 34.03M | 62.60M | -77.11M | -96.13M |
| Investing Cash Flow | -284.26M | -108.29M | -69.24M | -121.03M | 10.37M | -438.79M |
| Financing Cash Flow | 266.52M | 84.75M | -27.37M | -103.96M | 73.56M | 146.64M |
Dividend 15 Split Corp Technical Analysis
Positive
8.82
Price Trends
8.45
Positive
8.58
Negative
7.87
Positive
Market Momentum
0.03
Negative
52.32
Neutral
72.44
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 8.82 is above the 20-day moving average (MA) of 8.47, above the 50-day MA of 8.45, and above the 200-day MA of 7.87, indicating a bullish trend. The MACD of 0.03 indicates Negative momentum. The RSI at 52.32 is Neutral, neither overbought nor oversold. The STOCH value of 72.44 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 (55)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
75 Outperform | C$56.17M | 3.34 | 27.77% | 10.45% | 233.57% | 28.65% | |
64 Neutral | C$1.38B | 2.21 | 45.74% | 14.02% | 4.02% | 69.22% | |
63 Neutral | C$28.68M | 1.51 | 59.22% | 7.95% | 288.09% | 138.83% | |
62 Neutral | C$7.84M | 2.24 | 47.78% | 8.64% | -3.86% | 84.88% | |
56 Neutral | C$109.33M | 4.87 | 17.87% | 18.14% | 95.81% | 37.32% | |
55 Neutral | $6.65B | 3.83 | -15.92% | 6.20% | 10.91% | 7.18% |
* General Sector Average
TSE:DFN
Dividend 15 Split Corp
8.56
2.30
36.74%
TSE:PDV
Prime Dividend Cl A
14.61
4.95
51.23%
TSE:RS
Real Estate & E-Commerce Split Corp. Class A
8.60
0.25
2.98%
TSE:BNK
Big Banc Split
14.85
4.29
40.60%
TSE:PWI
Sustainable Power & Infrastructure Split
11.05
1.34
13.77%
TSE:IS
International Clean Power Dividend Fund
19.05
3.72
24.27%
Dividend 15 Split Corp Corporate Events
Business Operations and StrategyPrivate Placements and Financing
Dividend 15 Split Corp. Renews $600 Million ATM Equity Program
Positive
Oct 8, 2026
Dividend 15 Split Corp. has renewed its at-the-market equity program, allowing it to issue Class A and preferred shares on Canadian marketplaces at prevailing prices until November 7, 2028, with maximum gross proceeds of up to $600 million. The pr...
Business Operations and StrategyDividends
Dividend 15 Split Corp. Declares Monthly Distributions for Class A and Preferred Shares
Positive
Sep 18, 2026
Dividend 15 Split Corp. announced a monthly 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 October 9, 2026 to shareholders of record on September...
Dividends
Dividend 15 Split Corp. Declares Monthly Payouts for Class A and Preferred Shares
Positive
Aug 19, 2026
Dividend 15 Split Corp. is a Toronto-based investment company that focuses on a portfolio of leading Canadian dividend-paying stocks, including major banks such as Bank of Montreal, Bank of Nova Scotia, CIBC, Royal Bank of Canada, TD Bank and Nati...
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.