North American Financial 15 Net Assets
North American Financial 15 net assets. Based on the latest financial reports, North American Financial 15 (FFN) has net assets worth CA$417.46 Million CAD (≈ $301.99 Million USD) as of May 2025. Net assets (also known as shareholders' equity or book value) represent the difference between a company's total assets (CA$1.01 Billion ≈ $727.44 Million USD) and total liabilities (CA$588.15 Million ≈ $425.46 Million USD). This figure indicates the residual interest in the assets after deducting liabilities, essentially showing what would remain for shareholders if all assets were liquidated and all debts paid off. Also explore FFN net assets growth trend to track the company's year-over-year net asset growth rate.
Key Net Assets Metrics
| Metric | Value |
|---|---|
| Current Net Assets | CA$417.46 Million |
| % of Total Assets | 41.51% |
| Annual Growth Rate | 8.5% |
| 5-Year Change | 642.1% |
| 10-Year Change | 721.07% |
| Growth Volatility | 76.89 |
Net Assets of North American Financial 15 (2006–2024)
Net assets of North American Financial 15 from 2006 to 2024. This chart illustrates how North American Financial 15's net assets have evolved over time, based on quarterly financial data. See North American Financial 15 balance sheet independence to measure how much of total assets are equity-financed.
Annual Net Assets for North American Financial 15 (2006–2024)
The table below shows the annual net assets of North American Financial 15 from 2006 to 2024. For live market cap and overall valuation, see North American Financial 15 (FFN) market capitalisation.
| Year | Net Assets | Change |
|---|---|---|
| 2024-11-30 | CA$481.62 Million ≈ $348.40 Million |
+140.15% |
| 2023-11-30 | CA$200.55 Million ≈ $145.07 Million |
-27.37% |
| 2022-11-30 | CA$276.12 Million ≈ $199.74 Million |
+19.29% |
| 2021-11-30 | CA$231.47 Million ≈ $167.44 Million |
+256.66% |
| 2020-11-30 | CA$64.90 Million ≈ $46.95 Million |
-45.50% |
| 2019-11-30 | CA$119.08 Million ≈ $86.14 Million |
+7.64% |
| 2018-11-30 | CA$110.63 Million ≈ $80.03 Million |
-11.95% |
| 2017-11-30 | CA$125.63 Million ≈ $90.88 Million |
+88.22% |
| 2016-11-30 | CA$66.75 Million ≈ $48.28 Million |
+13.79% |
| 2015-11-30 | CA$58.66 Million ≈ $42.43 Million |
+9.04% |
| 2014-11-30 | CA$53.79 Million ≈ $38.91 Million |
+45.93% |
| 2013-11-30 | CA$36.86 Million ≈ $26.67 Million |
+90.27% |
| 2012-11-30 | CA$19.37 Million ≈ $14.01 Million |
+52.44% |
| 2011-11-30 | CA$12.71 Million ≈ $9.19 Million |
-51.42% |
| 2010-11-30 | CA$26.16 Million ≈ $18.93 Million |
-13.20% |
| 2009-11-30 | CA$30.14 Million ≈ $21.80 Million |
+51.98% |
| 2008-11-30 | CA$19.83 Million ≈ $14.35 Million |
-77.58% |
| 2007-11-30 | CA$88.45 Million ≈ $63.99 Million |
-20.21% |
| 2006-11-30 | CA$110.86 Million ≈ $80.19 Million |
-- |
Equity Component Analysis
This analysis shows how different components contribute to North American Financial 15's total equity over time. Equity components include common stock, retained earnings, additional paid-in capital, and other elements.
Equity Composition Insights
- Retained earnings have decreased by 100.0% over the analyzed period, potentially due to dividend distributions or operating losses.
North American Financial 15 Net Assets Breakdown (November 2024)
North American Financial 15 net assets breakdown by equity component as of November 2024.
| Component | Amount | Percentage |
|---|---|---|
| Common Stock | CA$1.00K | 0.00% |
| Other Components | CA$481.62 Million | 100.00% |
| Total Equity | CA$481.62 Million | 100.00% |
North American Financial 15 Competitors by Market Cap
The table below lists competitors of North American Financial 15 ranked by their market capitalization.
| Company | Market Cap |
|---|---|
|
Malibu Boats Inc
NASDAQ:MBUU
|
$400.44 Million |
|
Beijing Kawin Technology Share-holding Co Ltd
SHG:688687
|
$400.48 Million |
|
ZheJiang Haers Vacuum Containers Co Ltd
SHE:002615
|
$400.51 Million |
|
Jiangsu Jingxue Insulation
SHE:301010
|
$400.63 Million |
|
Changchai Co Ltd
SHE:000570
|
$400.07 Million |
|
Youngy Health Co Ltd
SHE:300247
|
$400.03 Million |
|
Dipula Income Fund Ltd
JSE:DIB
|
$399.59 Million |
|
NVE Corporation
NASDAQ:NVEC
|
$399.55 Million |
Equity Growth Attribution
This analysis shows how different factors contributed to changes in North American Financial 15's equity between the two most recent reporting periods.
Equity Growth Insights
- From 2023 to 2024, total equity changed from 200,548,616 to 481,619,081, a change of 281,070,465 (140.2%).
- Net income of 356,194,258 contributed positively to equity growth.
- Dividend payments of 105,708,949 reduced retained earnings.
- Share repurchases of 444,316 reduced equity.
- New share issuances of 117,763,356 increased equity.
- Other factors decreased equity by 86,733,884.
Equity Change Factors (2023 to 2024)
| Factor | Impact | Contribution |
|---|---|---|
| Net Income | CA$356.19 Million | +73.96% |
| Dividends Paid | CA$105.71 Million | -21.95% |
| Share Repurchases | CA$444.32K | -0.09% |
| Share Issuances | CA$117.76 Million | +24.45% |
| Other Changes | CA$-86.73 Million | -18.01% |
| Total Change | CA$- | 140.15% |
Book Value vs Market Value Analysis
This analysis compares North American Financial 15's book value (net assets) with its market value over time. The relationship between these values can provide insights into investor sentiment and company valuation.
Valuation Insights
- Current price-to-book ratio: 1.04x
- The company is trading above its book value, indicating the market recognizes value beyond its reported assets.
- The price-to-book ratio has increased from 0.56x to 1.04x over the analyzed period, suggesting growing market confidence.
Historical Price-to-Book Ratios
| Date | Book Value per Share | Market Price | P/B Ratio |
|---|---|---|---|
| 2006-11-30 | CA$16.56 | CA$9.29 | x |
| 2007-11-30 | CA$13.45 | CA$9.29 | x |
| 2008-11-30 | CA$3.50 | CA$9.29 | x |
| 2009-11-30 | CA$5.49 | CA$9.29 | x |
| 2010-11-30 | CA$3.85 | CA$9.29 | x |
| 2011-11-30 | CA$2.23 | CA$9.29 | x |
| 2012-11-30 | CA$3.47 | CA$9.29 | x |
| 2013-11-30 | CA$6.60 | CA$9.29 | x |
| 2014-11-30 | CA$9.64 | CA$9.29 | x |
| 2015-11-30 | CA$7.13 | CA$9.29 | x |
| 2016-11-30 | CA$8.48 | CA$9.29 | x |
| 2017-11-30 | CA$12.47 | CA$9.29 | x |
| 2018-11-30 | CA$6.68 | CA$9.29 | x |
| 2019-11-30 | CA$6.34 | CA$9.29 | x |
| 2020-11-30 | CA$3.92 | CA$9.29 | x |
| 2021-11-30 | CA$9.00 | CA$9.29 | x |
| 2022-11-30 | CA$5.58 | CA$9.29 | x |
| 2023-11-30 | CA$3.69 | CA$9.29 | x |
| 2024-11-30 | CA$8.95 | CA$9.29 | x |
Capital Efficiency Dashboard
This dashboard shows how efficiently North American Financial 15 utilizes its equity to generate returns, including Return on Equity (ROE) and its components based on the DuPont analysis framework.
Capital Efficiency Insights
- Current Return on Equity (ROE): 73.96%
- The company demonstrates strong efficiency in generating profits from shareholder equity.
- DuPont Analysis Breakdown:
- • Net Profit Margin: 97.84%
- • Asset Turnover: 0.33x
- • Equity Multiplier: 2.27x
- Recent ROE (73.96%) is above the historical average (14.46%), indicating improving capital efficiency.
Historical Capital Efficiency Metrics
| Year | Return on Equity | Net Profit Margin | Asset Turnover | Equity Multiplier | Economic Value Added |
|---|---|---|---|---|---|
| 2010 | 5.99% | 62.92% | 0.03x | 3.19x | CA$-1.05 Million |
| 2011 | 12.32% | 63.82% | 0.04x | 5.49x | CA$295.41K |
| 2012 | -22.54% | -178.59% | 0.03x | 4.03x | CA$-6.30 Million |
| 2013 | 65.99% | 98.45% | 0.26x | 2.59x | CA$20.64 Million |
| 2014 | 35.35% | 131.12% | 0.11x | 2.43x | CA$13.64 Million |
| 2015 | -4.43% | -28.65% | 0.06x | 2.56x | CA$-8.46 Million |
| 2016 | 18.97% | 64.50% | 0.12x | 2.38x | CA$5.99 Million |
| 2017 | 50.50% | 237.81% | 0.09x | 2.29x | CA$50.89 Million |
| 2018 | -11.49% | 0.00% | -0.04x | 2.73x | CA$-23.78 Million |
| 2019 | 31.49% | 96.08% | 0.13x | 2.61x | CA$25.59 Million |
| 2020 | -60.63% | 0.00% | -0.16x | 3.58x | CA$-45.84 Million |
| 2021 | 37.72% | 97.11% | 0.15x | 2.57x | CA$64.16 Million |
| 2022 | -2.64% | -30.63% | 0.03x | 2.94x | CA$-34.89 Million |
| 2023 | -13.60% | 0.00% | -0.03x | 3.62x | CA$-47.33 Million |
| 2024 | 73.96% | 97.84% | 0.33x | 2.27x | CA$308.03 Million |
Industry Comparison
This section compares North American Financial 15's net assets metrics with peer companies in the Asset Management industry.
Industry Context
- Industry: Asset Management
- Average net assets among peers: $5,512,378,674
- Average return on equity (ROE) among peers: -22.19%
Peer Company Comparison
| Company | Net Assets | Return on Equity | Debt-to-Equity | Market Cap |
|---|---|---|---|---|
| North American Financial 15 (FFN) | CA$417.46 Million | 5.99% | 1.41x | $400.33 Million |
| Aberdeen International Inc. (AAB) | $136.31 Million | 25.56% | 0.23x | $1.74 Million |
| Base Carbon Inc. (BCBN) | $52.38 Million | -2.92% | 0.01x | $48.89 Million |
| Canadian Banc Corp (BK) | $62.13 Million | -148.50% | 1.76x | $537.44 Million |
| Brookfield Corporation (BN) | $47.53 Billion | 4.46% | 1.37x | $96.30 Billion |
| Sprott Physical Gold and Silver Trust (CEF) | $3.98 Billion | -36.62% | 0.00x | $7.07 Billion |
| Canadian General Investments Ltd (CGI) | $1.45 Billion | 21.20% | 0.14x | $772.64 Million |
| CI Financial Corp (CIX) | $59.93 Million | -102.52% | 3.85x | $3.32 Billion |
| Culico Metals Inc. (CLCO) | $0.00 | 0.00% | 0.00x | $28.03 Million |
| Clairvest Group Inc. (CVG) | $151.90 Million | 5.66% | 0.08x | $833.60 Million |
| Cymbria Corporation (CYB) | $1.70 Billion | 11.76% | 0.08x | $1.17 Billion |
About North American Financial 15
North American Financial 15 Split Corp. is an equity mutual fund launched by Quadravest Inc. It is managed by Quadravest Capital Management Inc. The fund invests in public equity markets of United States and Canada. It invests in high quality portfolio of preferred shares and Class A shares of 15 financial services companies. The fund employs investment strategy along with fundamental based equit… Read more