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DF.TO (DF) fair value: what the stock is really worth

As of Sep 28, 2026: fair value of DF.TO C$10.46, price C$8.79, upside +18.9%, quality 44 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.

  1. Fair value above price? Yes
  2. Good quality? No
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Financial Services · CA · ISIN CA25537W1086

DT Some data Sep 27, 2026

DF.TO

DF · TO

SpeculativeUpside exists, but weak quality makes the signal speculative.

✓Fair value C$10.46 · Undervalued (+18.9%)
!Quality 44/100
!Mixed Growth (revenue YoY +82.4 %/yr)
✓Highly profitable · 143.4% net margin (FY2025)
!negative free cash flow
!Mixed vs. peers (6/11)
!Moderate moat 58/100
!Insider activity 40/100
!Evidence only medium, so the estimate is less certain
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What runs behind every stock

26 valuation models 8 families, DCF to NCAV 37 quality factors margins, balance sheet, cashflow, debt 6 AI factors moat, what no ratio measures 2,000+ data points verified, per stock, median

69 individual criteria per stock, every one traceable See the method →

Price vs Fair Value

C$9.59 C$1.49 Fair Value C$10.46 Jun 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 27, 2026.

How to read this chart

60‑month range C$1.49 – C$9.59 · fair‑value band C$7.73 – C$14.66 · the C$8.79 price screens below the C$10.46 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 27, 2026.

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Company profile

Dividend 15 Split Corp. II is a close ended equity mutual fund launched by Quadravest Inc. The fund is managed by Quadravest Capital Management. It invests in public equity markets of Canada. The fund invests in stocks of companies operating across the diversified sectors. It benchmarks the performance of its portfolio against the S&P TSX 60 Index.

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Dividend 15 Split Corp. II is a close ended equity mutual fund launched by Quadravest Inc. The fund is managed by Quadravest Capital Management. It invests in public equity markets of Canada. The fund invests in stocks of companies operating across the diversified sectors. It benchmarks the performance of its portfolio against the S&P TSX 60 Index. Dividend 15 Split Corp. II was formed on September 28, 2006 and is domiciled in Canada.

Stock analysis

DF.TO (DF) currently trades at C$8.79, while our model-based Fair Value estimate is C$10.46, implying the stock looks roughly 15.9% undervalued today.

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Valuation

Bull case: the Earnings-Based group reads highest at a median of C$63.22 per share, and 7 of the 8 models we run sit above the C$8.79 price.

Bear case: the Asset-Based group reads lowest at C$5.11, and 1 of the 8 models stay below the price. Evidence for this calculation is medium.

Scenario range: C$7.73 (bear) to C$14.66 (bull), the price of C$8.79 sits inside it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.

Quality & growth

The Quality Score stands at 44/100 (below-average quality), in the Financial Services sector.

Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.

DF.TO reported revenue of C$32.8M in FY2025 versus C$44.9M in FY2021, a compound −7.6%/yr. Reported net income was C$47.0M in FY2025, compounding +1.8%/yr from FY2021.

Key figures

Market cap C$236M (≈ $166M) · P/E ratio 2.2 · P/S ratio 3.15 · EPS (TTM) C$4.00 · Dividend yield 12.0% · Net margin 143% · Return on assets (EBIT) 10.1% · Free cash flow −C$4.0M.

Competitive moat

Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).

What moves the price

The share trades about 8% below its 52-week high and 48% above its 52-week low, currently above its 200-day average.

For context, the median of 10 Financial Services peers we cover trades at −15% fair-value upside, at 19%, DF screens cheaper than that median.

Fair Value models

Bear C$7.73 Fair Value C$10.46 Bull C$14.66
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 10 months old). Earnings retained since then (C$3.32 per share) are deliberately not added. Bear ⓘBear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull ⓘBull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. If a model's bull case is above four times its base value, the table shows that limit with a > sign (like the overall Bull above): beyond it no assumption holds. Evidence ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Highest evidence
Residual Income C$9.09 C$11.48 C$17.25 70
Gordon GGM C$7.34 C$12.30 C$15.96 64
DDM Multi-Stage C$7.34 C$11.66 C$13.23 64
All 8 models by family
Earnings-Based
Graham-Dodd C$12.28 C$85.66 C$120.21 59
Lynch FV C$44.25 C$63.22 C$82.19 57
Dividend Discount
Gordon GGM C$7.34 C$12.30 C$15.96 64
DDM Multi-Stage C$7.34 C$11.66 C$13.23 64
Multiples
P/E Multiple C$17.61 C$23.48 C$29.35 63
P/B Multiple C$8.02 C$10.69 C$13.36 55
Asset-Based
NCAV (Graham) C$3.82 C$5.11 C$7.63 51
Economic Profit
Residual Income C$9.09 C$11.48 C$17.25 70

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Quality Score breakdown

Overall quality 44/100

Of which business quality 42 · Market factors (momentum, volatility) 78

Profitability 52
Margins and returns on capital today
Quality Growth 33
Are margins and returns improving?
Cashflow 0
Earnings quality: real cash, not paper profit
Fin. Strength 54
Balance sheet, leverage, solvency risk
Investment 82
Disciplined investing over empire-building
Low Volatility 86
Calm price path (market factor)
Momentum 69
Price trend over the last 3–12 months (market factor)
52W Momentum 83
Distance to the 52-week high (market factor)
Net Issuance 50
Share count: buybacks or dilution?

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Revenue & earnings trend

Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card. 48/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+82.4%
Revenue growth 19 years ⓘMeasures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump. Per-share growth (which does include buybacks) is in the value-creation card.
+34.6%
What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
+8.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year−3.1%
Dividend (yield on the price)12.0%
Pace: 5 vs 10 years ⓘTwo data points, not a trend model: earnings growth per share over the last 5 fiscal years against the last 10. Labelled "steady" when both rates are within 3 percentage points of each other, otherwise picking up or flattening. Shown only when ten years of history exist.−3.1% vs 5.8%, slowing
Profit margin 2019 to 2025 ⓘOperating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.98% → 188%
Start year 2020 (pandemic)
⚠ Revenue per share shrinking 7.6%/yr over ~10Y (margins intact) ⓘStructural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.

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Peer GroupⓘHow this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.Asset Management · 660 stocks

Beats the industry median on 6/10 measures
Overall it ranks above its industry peers.
Valuation
Quality Score 45 · Bottom 25%
Fair Value upside +18.9% · Above median
Profitability
Return on assets 0.0% · Below median
Net margin (TTM) 143.4% · Top 25%
Operating margin (TTM) 0.0% · Bottom 25%
Growth and dividend
Revenue growth 0.0% · Below median
Dividend yield (TTM) 12.0% · Top 25%

Valuation Multiplesvs Asset Management median · lower = cheaper

P/E (TTM) 2.2× · Cheapest 25%
P/B 0.84× · Cheaper than median
EV/EBITDA 2.0× · Cheapest 25%

Strength profile in five axes (Snowflake)

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE (fair-value potential)59 · sector 58
FUTURE (revenue growth)0 · sector 31
PAST (return on equity)0 · sector 22
HEALTH (low debt)0 · sector 95
DIVIDEND (yield)100 · sector 83

Context: sector, industry, market

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

Similar stocks

10 more Asset Management stocks, each showing price versus our Fair Value estimate.

Stock Price Fair Value vs Fair Value
Blackstone Inc BX $118.42 $52.29 −56%
KKR & Co KKR $96.67 $29.26 −70%
Brookfield Corporation BN $36.87 $13.45 −64%
Apollo Global Management, Inc APO $121.69 $197.23 +62%
State Street Corporation STT $181.34 $139.37 −23%
Ameriprise Financial, Inc AMP $493.00 $595.40 +21%
Ares Management Corporation ARES $122.01 $103.68 −15%
Northern Trust Corporation NTRS $175.73 $123.42 −30%
Raymond James Financial, Inc RJF $159.87 $317.27 +98%
Exor N.V EXO €70.55 €139.37 +98%

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DF.TO · Fair Value
C$10.46 +16%Fair Value
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Cite: Fair Value Calculator (2026). "DF.TO Fair Value". https://www.fairvalue-calculator.com/stock/DF

Frequently asked questions

Is DF.TO (DF) overvalued or undervalued?
As of Sep 27, 2026, our model estimates a fair value of C$10.46 versus a price of C$8.79, about +19% upside (undervalued).
What is the fair value of DF?
Our model-based fair value for DF.TO is C$10.46 (as of Sep 27, 2026), built from audited fundamentals. The current price: C$8.79.
What is the quality score of DF?
DF.TO has a Quality Score of 44/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the price target for DF.TO (DF)?
Our model-based price target is the fair value of C$10.46 (as of Sep 27, 2026) from 8 valuation models. Cautious scenario C$7.73, optimistic scenario C$14.66. It is a calculation from audited fundamentals, not an analyst target.
What is the DF.TO stock forecast for 2026?
Our models put fair value at C$10.46, about +19% upside versus a price of C$8.79 (undervalued). Cautious scenario C$7.73, optimistic scenario C$14.66. The calculation is refreshed regularly with new filings.
Does DF.TO pay a dividend?
DF.TO currently shows a dividend yield of about 11.96% relative to its recent price (as of Sep 27, 2026).
What is the intrinsic value of DF.TO (DF)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For DF.TO it is C$10.46 per share (as of Sep 27, 2026), against a price of C$8.79. It is the blended result of 8 valuation models (cash flow, earnings, asset, dividend).
Is DF.TO stock overvalued or undervalued in 2026?
As of Sep 27, 2026, DF trades below its calculated fair value: price C$8.79, fair value C$10.46, a gap of about +19% (undervalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of DF?
No. The price is what the market pays today (C$8.79); the fair value is what the company's own numbers justify (C$10.46). For DF.TO the two are C$1.67 per share apart. That gap is exactly why we show both numbers side by side.
How much is DF.TO worth?
The market values DF.TO at about C$236M (market capitalisation, as of Sep 27, 2026). Per share that is C$8.79; our models calculate a fair value of C$10.46 per share.
What do the bullish and bearish scenarios say about DF?
Our models span a range for DF.TO: cautious scenario C$7.73, base C$10.46, optimistic C$14.66 per share (as of Sep 27, 2026, price C$8.79). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of DF?
DF.TO trades at a price-to-earnings ratio of 2.2 (as of Sep 27, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$10.46 is built from several models across several years. Other multiples: P/B 0.8, EV/EBITDA 2.0.
How far is DF from its 52-week high?
DF.TO trades at C$8.79, about 8% below its 52-week high of C$9.59 and 48% above the low of C$5.95 (as of Sep 28, 2026). Distance from the high says nothing about value: that is what the fair value of C$10.46 is for.
Which stocks are comparable to DF.TO?
From the same area (Financial Services) we also value Blackstone Inc, KKR & Co, Brookfield Corporation, Apollo Global Management, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is DF.TO stock attractive at the current price?
The data as of Sep 27, 2026: price C$8.79, calculated fair value C$10.46 (+19%), Quality Score 44/100, from 8 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of DF calculated?
We run DF.TO through 8 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of C$10.46, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 15.9 % above its aggregate fair value. DF.TO currently trades 19 % below its own fair value, and the market average says nothing about that. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of DF.TO (DF)?
The closing price on Sep 28, 2026 was C$8.79. Our model-based fair value is C$10.46, about +19% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with DF.TO right now?
A fairly wide model range (C$7.73 to C$14.66) leaves room in how you read the outcome. For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.

Key figures of DF.TO

How large is the market capitalisation of DF.TO (DF)?
The market capitalisation of DF.TO is C$236M (≈ $166M). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of DF.TO (DF)?
The price-to-sales ratio of DF.TO is 3.15 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of DF.TO (DF)?
Earnings per share at DF.TO are C$4.00 (price ÷ EPS = P/E 2.2). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of DF.TO (DF)?
The dividend yield of DF.TO is 12.0% (payout 26.3%). Yearly dividend relative to the share price. 3% pays 3 per 100 invested. Below: how much of profit is used for it.
What is the net margin of DF.TO (DF)?
The net margin of DF.TO is 143% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the EBIT return on assets of DF.TO (DF)?
On an EBIT basis the return on assets of DF.TO is 10.1% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
How much free cash flow does DF.TO (DF) generate?
The free cash flow of DF.TO is −C$4.0M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does DF.TO (DF) carry?
The net debt of DF.TO is C$209M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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