{"id":52403,"date":"2024-09-10T16:50:57","date_gmt":"2024-09-10T16:50:57","guid":{"rendered":"https:\/\/www.inovestor.com\/?p=52403"},"modified":"2024-09-10T16:50:57","modified_gmt":"2024-09-10T16:50:57","slug":"nine-low-leverage-companies-with-exceptional-value-creation","status":"publish","type":"post","link":"https:\/\/www.inovestor.com\/en-ca\/2024\/09\/nine-low-leverage-companies-with-exceptional-value-creation\/","title":{"rendered":"Nine low-leverage companies with exceptional value creation"},"content":{"rendered":"<p class=\"c-article-body__text text-pr-5\"><b>What are we looking for?<\/b><\/p>\n<p class=\"c-article-body__text text-pr-5\">Non-financial companies that generate enough value to minimize their reliance on debt.<\/p>\n<p class=\"c-article-body__text text-pr-5\">In the economic value added (EVA) approach, we use return on capital rather than return on equity to analyze companies. Essentially, the return on capital ignores the effect of leverage to provide a clearer picture on the business fundamentals.<\/p>\n<p class=\"c-article-body__text text-pr-5\">The key idea is that you can always turn an efficient, low-leverage company into an extraordinary one by adding leverage, but you can\u2019t make a poorly performing company great simply by increasing its leverage.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Today, we\u2019ll focus on identifying fundamentally sound, low-leverage companies poised for growth.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><b>The screen<\/b><\/p>\n<p class=\"c-article-body__text text-pr-5\">We screened non-financial Canadian stocks using the following criteria:<\/p>\n<ul>\n<li class=\"c-article-body__li text-pr-7\">market capitalization greater than $1-billion;<\/li>\n<li class=\"c-article-body__li text-pr-7\">long-term debt\/NOPAT ratio under 3 \u2013 A higher ratio suggests higher indebtedness. NOPAT (net operating profit after taxes) assesses a company\u2019s operating profitability. This ratio focuses exclusively on long-term debt rather than total debt.<\/li>\n<li class=\"c-article-body__li text-pr-7\">EVA-to-capital greater than 7 per cent \u2013 This metric evaluates how much value the company creates with its capital. Value is defined as NOPAT minus cost of capital.<\/li>\n<li class=\"c-article-body__li text-pr-7\">earnings per share greater than two years ago and most recent earnings must be positive.<\/li>\n<li class=\"c-article-body__li text-pr-7\">price-to-intrinsic-value ratio lower than 1.5. The intrinsic value is derived from a discounted cash flow model. (Discounted cash flow is a measure of expected future cash flows.) The inputs are automatically selected by our algorithms. A ratio below 1 suggests that the stock is inexpensive.<\/li>\n<\/ul>\n<p class=\"c-article-body__text text-pr-5\">For informational purposes, we have also included, price-to-earnings ratio, price-to-NOPAT ratio and one-year price return.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><b>More about Inovestor<\/b><\/p>\n<p class=\"c-article-body__text text-pr-5\">Inovestor is a Canadian fintech company with more than 20 years of experience that has partnered with Morningstar in an alliance, solidifying Inovestor\u2019s position as the industry\u2019s leading alternative analysis tool. To learn more visit our\u00a0<a href=\"https:\/\/www.inovestor.com\/en-ca\/cpms-users\/\">website<\/a>.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><b>Low-leverage value creators<\/b><\/p>\n<table width=\"1255\">\n<tbody>\n<tr>\n<td width=\"68\">TICKER<\/td>\n<td width=\"302\">NAME<\/td>\n<td width=\"68\">PRICE ($)<\/td>\n<td width=\"130\">MKT VALUE ($BIL.)<\/td>\n<td width=\"118\">LT. DEBT\/NOPAT<\/td>\n<td width=\"89\">EVA\/CAP (%)<\/td>\n<td width=\"36\">EPS<\/td>\n<td width=\"86\">EPS 2Y AGO<\/td>\n<td width=\"68\">P\/IV<\/td>\n<td width=\"68\">P\/E<\/td>\n<td width=\"90\">P\/NOPAT<\/td>\n<td width=\"132\">1Y PRICE RTN. (%)<\/td>\n<\/tr>\n<tr>\n<td>TOI-X<\/td>\n<td>TOPICUS.COM, INC.<\/td>\n<td>132.79<\/td>\n<td>11.0<\/td>\n<td>0.4<\/td>\n<td>22.5<\/td>\n<td>1.4<\/td>\n<td>0.7<\/td>\n<td>0.8<\/td>\n<td>95.0<\/td>\n<td>15.8<\/td>\n<td>30.2<\/td>\n<\/tr>\n<tr>\n<td>HPS-A-T<\/td>\n<td>HAMMOND POWER SOLUTIONS INC. CLASS A<\/td>\n<td>107.59<\/td>\n<td>1.3<\/td>\n<td>0.1<\/td>\n<td>17.1<\/td>\n<td>5.5<\/td>\n<td>2.0<\/td>\n<td>0.5<\/td>\n<td>19.4<\/td>\n<td>23.4<\/td>\n<td>87.2<\/td>\n<\/tr>\n<tr>\n<td>TVK-T<\/td>\n<td>TERRAVEST INDUSTRIES, INC.<\/td>\n<td>93.98<\/td>\n<td>1.8<\/td>\n<td>2.2<\/td>\n<td>12.6<\/td>\n<td>3.6<\/td>\n<td>2.1<\/td>\n<td>0.7<\/td>\n<td>26.3<\/td>\n<td>17.1<\/td>\n<td>163.2<\/td>\n<\/tr>\n<tr>\n<td>HWX-T<\/td>\n<td>HEADWATER EXPLORATION INC.<\/td>\n<td>6.56<\/td>\n<td>1.6<\/td>\n<td>0.1<\/td>\n<td>12.5<\/td>\n<td>0.8<\/td>\n<td>0.7<\/td>\n<td>0.5<\/td>\n<td>8.3<\/td>\n<td>10.8<\/td>\n<td>-8.5<\/td>\n<\/tr>\n<tr>\n<td>SIL-T<\/td>\n<td>SILVERCREST METALS, INC.<\/td>\n<td>10.02<\/td>\n<td>1.5<\/td>\n<td>0.0<\/td>\n<td>11.7<\/td>\n<td>1.0<\/td>\n<td>0.0<\/td>\n<td>0.9<\/td>\n<td>10.3<\/td>\n<td>22.1<\/td>\n<td>57.3<\/td>\n<\/tr>\n<tr>\n<td>TRI-T<\/td>\n<td>THOMSON REUTERS CORPORATION<\/td>\n<td>225.52<\/td>\n<td>101.6<\/td>\n<td>0.6<\/td>\n<td>11.2<\/td>\n<td>7.0<\/td>\n<td>1.4<\/td>\n<td>1.2<\/td>\n<td>32.3<\/td>\n<td>14.3<\/td>\n<td>30.3<\/td>\n<\/tr>\n<tr>\n<td>NWC-T<\/td>\n<td>NORTH WEST COMPANY INC.<\/td>\n<td>50.70<\/td>\n<td>2.4<\/td>\n<td>2.5<\/td>\n<td>9.0<\/td>\n<td>2.8<\/td>\n<td>2.8<\/td>\n<td>0.7<\/td>\n<td>18.3<\/td>\n<td>15.8<\/td>\n<td>66.8<\/td>\n<\/tr>\n<tr>\n<td>CNR-T<\/td>\n<td>CANADIAN NATIONAL RAILWAY COMPANY<\/td>\n<td>156.46<\/td>\n<td>98.8<\/td>\n<td>2.9<\/td>\n<td>7.9<\/td>\n<td>8.5<\/td>\n<td>7.3<\/td>\n<td>1.2<\/td>\n<td>18.5<\/td>\n<td>18.1<\/td>\n<td>4.8<\/td>\n<\/tr>\n<tr>\n<td>GIB-A-T<\/td>\n<td>CGI INC. CLASS A<\/td>\n<td>152.06<\/td>\n<td>34.3<\/td>\n<td>1.2<\/td>\n<td>7.7<\/td>\n<td>7.3<\/td>\n<td>6.0<\/td>\n<td>1.0<\/td>\n<td>20.9<\/td>\n<td>8.2<\/td>\n<td>9.1<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<p class=\"c-article-body__text text-pr-5\"><b>Topicus.com<\/b>, (TOI-X)\u00a0a software company that focuses on vertical market products and was spun off from Constellation Software Inc. in early 2021, is traded on the TSX Venture Exchange despite a market value of $11-billion. It tops our list with an EVA-to-capital of 22.5 per cent. Although it has a high P\/E ratio of 95, our system deems it undervalued, giving it a P\/IV of 0.8. Its price-to-NOPAT ratio is 15.8, positioning it in the middle of our list. Our software might be uncovering unique insights about this stock that aren\u2019t entirely reflected in traditional accounting profits.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><b>Hammond Power Solutions Inc.<\/b>,<\/p>\n<div class=\"news-ticker\" data-barchart-symbol=\"HPS-A-T\">HPS-A-T\u00a0-0.19%<span class=\"sr-only\">d<\/span>known for manufacturing dry-type transformers and related magnetics for emerging technologies such as fast chargers for electric vehicles and renewable energy, operates with minimal debt, as indicated by its long-term debt to NOPAT ratio of 0.1. Currently, it is the priciest company on our list, based on a price-to-NOPAT ratio of 23.4., but the least based on its price-to-intrinsic value of 0.5. The company has experienced impressive price momentum, having surged 87.2 per cent over the past year.<\/div>\n<p class=\"c-article-body__text text-pr-5\"><b>Terravest Industries Inc.,<\/b>\u00a0TVK-T which provides equipment and services for the energy and industrial sectors, utilizes a moderate amount of debt, evidenced by a debt-to-NOPAT ratio of 2.2. Valuation metrics, including P\/E and P\/NOPAT ratios of 26.3 and 17.1, respectively, indicate that the company is more expensive than the median on our list. However, our P\/IV metric, at 0.7 and ranking as the third lowest on our screen, may reveal additional insights. Interestingly, the stock has surged by 163.2 per cent over the past year.<\/p>\n<p class=\"c-article-body__text text-pr-5\">Investors are advised to do further research before investing in any of the companies listed in the accompanying table.<\/p>\n<p class=\"c-article-body__text text-pr-5\"><i>Anthony M\u00e9nard, CFA, is vice-president of data management at Inovestor.<\/i><\/p>\n<p class=\"c-article-body__text text-pr-5\"><i>Be smart with your money. Get the latest investing insights delivered right to your inbox three times a week, with the Globe Investor newsletter.\u00a0<\/i><a href=\"https:\/\/www.theglobeandmail.com\/newsletters\/#newsletter-group-3\"><i>Sign up today<\/i><\/a><i>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>What are we looking for? Non-financial companies that generate enough value to minimize their reliance on debt. In the economic value added (EVA) approach, we use return on capital rather than return on equity to analyze companies. Essentially, the return on capital ignores the effect of leverage to provide a clearer picture on the business [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[16],"tags":[],"class_list":["post-52403","post","type-post","status-publish","format-standard","hentry","category-number-cruncher"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.3 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Nine low-leverage companies with exceptional value creation - Inovestor<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.inovestor.com\/en-ca\/2024\/09\/nine-low-leverage-companies-with-exceptional-value-creation\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Nine low-leverage companies with exceptional value creation\" \/>\n<meta property=\"og:description\" content=\"What are we looking for? 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