North American Financial 15 (FFN) fair value: what the stock is really worth
As of Nov 6, 2026: fair value (intrinsic value) of North American Financial 15 stock C$6.11, price C$8.94, that is 31.6% below the price, quality 44 out of 100. Rating: overvalued. Calculated from audited financials with 2 of our 26 valuation models and 37 quality factors, updated daily.
69 individual criteria per stock, every one traceableSee the method →
Price vs Fair Value
White line = price, green steps = our fair value per fiscal year. As of Nov 9, 2026.
How to read this chart
60‑month range C$1.57 – C$11.35 · fair‑value band C$4.58 – C$7.64 · the C$8.94 price screens above the C$6.11 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). As of Nov 9, 2026.
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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.
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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 equity investing with covered call writing to create its portfolio. It was formerly known as Financial 15 Split Corp.
II. North American Financial 15 Split Corp. was formed on October 15, 2004 and is domiciled in Canada.
Stock analysis
North American Financial 15 (FFN) currently trades at C$8.94, while our model-based Fair Value estimate is C$6.11, 32% below the price, so the stock looks overvalued today.
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Valuation
How firm this estimate is: it rests on 2 models at a data quality of 96/100, which puts the data coverage at medium.
Scenario range: C$4.58 (bear) to C$7.64 (bull), the price of C$8.94 sits above 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: Spin-off in 2015: revenue and profit before it include the divested business. Growth is measured afresh from 2015.
North American Financial 15 reported revenue of C$58.4M in FY2025 versus C$89.9M in FY2021, a compound −10.2%/yr. Reported net income was C$172M in FY2025, compounding +18.4%/yr from FY2021.
Key figures
Market cap C$620M (≈ $440M) Small · P/E ratio 1.8 · P/S ratio 1.62 · EPS (TTM) C$4.86 · Dividend yield 14.5% · Net margin 84.4% · Return on equity 58.8% · Return on assets (EBIT) 12.2% (5-year average).
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 88 out of 100 (low confidence).
What moves the price
The share trades about 21% below its 52-week high and 27% above its 52-week low, currently below its 200-day average.
For context, the median of 10 Financial Services peers we cover trades at −16% fair-value upside, at −32%, FFN screens richer than that median.
Fair Value models
BearC$4.58Fair Value C$6.11BullC$7.64
Price C$8.94 · Downside -31.6%
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above starts from their evidence-weighted blend, not from a single model. In cyclical trough or peak years, after dilution or a stock split it is adjusted afterwards, so it can sit above or below the models. Based on fiscal year 2025 figures (about 11 months old). Earnings retained since then (C$3.36 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.Coverage ⓘCoverage = 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.
Best data coverage
P/B MultipleC$5.39C$7.19C$8.9955
NCAV (Graham)C$5.58C$8.46C$10.5754
All 2 models by family
Multiples
P/B MultipleC$5.39C$7.19C$8.9955
Asset-Based
NCAV (Graham)C$5.58C$8.46C$10.5754
The fair value above starts from this blend and is adjusted for dilution from new shares.
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.55/100
Spin-off in 2015: revenue and profit before it include the divested business. Growth is measured afresh from 2015.
Revenue growth 1 year
−84.0%
Revenue growth 3 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.
+34.9%
Revenue growth 10 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.
+20.5%
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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.
+15.9%
Earnings growth per share plus dividend.
Earnings per share, growth per year+1.4%
Dividend (yield on the price)14.5%
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.1.4% vs 1.4%, steady
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.96% → 378%
Pace: the 5-year rate starts in 2020 (pandemic)
⚠ Revenue per share shrinking 9.2%/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.
Growth Forecast
Little optimism in the price
The price assumes less growth than the company has delivered so far.
What the price assumes ⓘThis turns our valuation around: instead of asking what the share is worth, it asks what growth the current price requires. It uses the cash the company keeps after all spending (free cash flow), the same discount rate as our models, five years of growth, then slowing evenly to 2 % a year by year ten. Compared with the analysts' sales forecasts extended to the same five years (at least three analysts, for context only, it does not enter the Fair Value): within 3 percentage points counts as "in line" (amber), below that little optimism (green), above that a lot of optimism (red).
−1.4%
The company could shrink this much every year for the next five years and today's price would still be justified.
What forecasts expect
n/a
No analyst forecast available.
After inflation (Canada: IMF forecast 2.1% a year to 2030, 2.6% from 2016 to 2025) that is about −3.4% a year for the price.
Compare North American Financial 15 with another stock
Price, fair value, quality and upside side by side.
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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 · 587 stocks
Beats the industry median on 9/14 measures
Overall it ranks above its industry peers.
Valuation
Quality Score44 · Bottom 25%
Fair Value upside−31.6% · Bottom 25%
Profitability
Return on equity (12 months)58.8% · Top 25%
Return on assets14.3% · Top 25%
Net margin (12 months)84.4% · Top 25%
Operating margin (12 months)95.8% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)30.7% · Above median
Dividend yield (12 months)14.5% · Top 25%
Balance sheet
Debt / equity1.01× · Highest 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
P/E (12 months)1.8× · Cheapest 25%
P/B1.05× · Pricier than median
P/S (12 months)1.62× · Cheapest 25%
Price / free cash flow (fiscal year)27.2× · Pricier than median
EV/EBITDA5.1× · Cheaper than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 60
FUTURE (revenue growth)100· sector 38
PAST (return on equity)100· sector 29
HEALTH (low debt)49· sector 96
DIVIDEND (yield)100· sector 80
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "North American Financial 15 Fair Value". https://www.fairvalue-calculator.com/stock/FFN
Frequently asked questions
Is North American Financial 15 (FFN) overvalued or undervalued?
As of Nov 9, 2026, our model estimates a fair value of C$6.11 versus a price of C$8.94, about 32% lower (overvalued).
What is the fair value of FFN?
Our model-based fair value for North American Financial 15 is C$6.11 (as of Nov 9, 2026), built from audited fundamentals. The current price: C$8.94.
What is the quality score of FFN?
North American Financial 15 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 North American Financial 15 (FFN)?
Our model-based price target is the fair value of C$6.11 (as of Nov 9, 2026) from 2 valuation models. Cautious scenario C$4.58, optimistic scenario C$7.64. It is a calculation from audited fundamentals, not an analyst target.
What is the North American Financial 15 stock forecast for 2026?
Our models put fair value at C$6.11, about 32% lower versus a price of C$8.94 (overvalued). Cautious scenario C$4.58, optimistic scenario C$7.64. The calculation is refreshed regularly with new filings.
Does North American Financial 15 pay a dividend?
North American Financial 15 currently shows a dividend yield of 14.52% relative to its recent price (as of Nov 9, 2026).
How much is the dividend of North American Financial 15 (FFN) and when is the ex-dividend date?
North American Financial 15 pays a dividend of C$1.30 per share a year, a dividend yield of 14.5%. The last ex-dividend date was Oct 30, 2026. A dividend has been paid every year since 2013. The payout ratio is 26.7% of earnings. Free cash flow covers the dividend 0.25 times. Our assessment: Watch coverage. The dividend isn’t fully covered by free cash flow or earnings, part of it is funded from reserves or debt. Fine for now, but worth watching: if it stays uncovered, the dividend could be cut.
What growth is priced into North American Financial 15 (FFN)?
For today's price to be fair in a discounted-cash-flow model, North American Financial 15 would have to grow free cash flow by -1.4 % per year for five years (discount rate 13.5 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 6 years revenue grew +7.0 % per year. As of Nov 9, 2026.
What discount rate (WACC) does the fair value of FFN use?
Our models discount North American Financial 15 at 13.5 %: a base by market capitalisation (small), damped by beta 2.70, country premium for Canada. The same rate applies in all 26 models.
What is a reverse DCF?
A reverse DCF turns the usual calculation around. Instead of deriving a value from assumptions, it takes today's price as given and asks: what free-cash-flow growth would a company have to deliver for exactly this price to be fair? The result is not a forecast but the expectation already priced in. For North American Financial 15 that is -1.4 % per year for five years, then slowing evenly to 2 % by year ten, using the same discount rate (13.5 %) and the same formula as our fair value.
How much growth has North American Financial 15 (FFN) delivered so far?
Over the past 6 years revenue at North American Financial 15 grew +7.0 % a year. The price currently implies free-cash-flow growth of -1.4 % per year. Comparing the two shows how much confidence is in the price: if it demands more than has been delivered, the business has to accelerate for the maths to work.
How fast is the sector of North American Financial 15 (FFN) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into North American Financial 15 (-1.4 % per year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of North American Financial 15 (FFN)?
The free-cash-flow yield on the price is 3.68 %: that much free cash flow North American Financial 15 produces per unit of market value. When it exceeds the discount rate of our models (13.5 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of North American Financial 15 (FFN)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For North American Financial 15 it is C$6.11 per share (as of Nov 9, 2026), against a price of C$8.94. It is the blended result of 2 valuation models in 2 families (Multiples, Asset-Based).
Is North American Financial 15 stock overvalued or undervalued in 2026?
As of Nov 9, 2026, FFN trades above its calculated fair value: price C$8.94, fair value C$6.11, a gap of about −32% (overvalued). 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 FFN?
No. The price is what the market pays today (C$8.94); the fair value is what the company's own numbers justify (C$6.11). For North American Financial 15 the two are C$2.83 per share apart. That gap is exactly why we show both numbers side by side.
How much is North American Financial 15 worth?
The market values North American Financial 15 at about C$620M (market capitalisation, as of Nov 9, 2026). Per share that is C$8.94; our models calculate a fair value of C$6.11 per share.
What do the bullish and bearish scenarios say about FFN?
Our models span a range for North American Financial 15: cautious scenario C$4.58, base C$6.11, optimistic C$7.64 per share (as of Nov 9, 2026, price C$8.94). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of FFN?
North American Financial 15 trades at a price-to-earnings ratio of 1.8 (as of Nov 9, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$6.11 is built from several models across several years. Other multiples: P/B 1.1, P/S 1.6, EV/EBITDA 5.1.
How solid is the balance sheet of North American Financial 15 (FFN)?
Balance-sheet figures for North American Financial 15 (as of Nov 9, 2026): return on equity 58.8%, debt of 1.01 per unit of equity. They feed the Quality Score of 44/100, which measures business quality independently of the share price.
How far is FFN from its 52-week high?
North American Financial 15 trades at C$8.94, about 21% below its 52-week high of C$11.35 and 27% above the low of C$7.07 (as of Nov 6, 2026). Distance from the high says nothing about value: that is what the fair value of C$6.11 is for.
Which stocks are comparable to North American Financial 15?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Asset Management Ltd, KKR & Co, 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 North American Financial 15 stock attractive at the current price?
The data as of Nov 9, 2026: price C$8.94, calculated fair value C$6.11 (−32%), Quality Score 44/100, from 2 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 FFN calculated?
We run North American Financial 15 through 2 models from 2 families: Multiples, Asset-Based. Every model gets the same audited fundamentals; the fair value of C$6.11 builds on their evidence-weighted average, 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 13.3% above its aggregate fair value. North American Financial 15 itself currently trades above fair value. 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 North American Financial 15 (FFN)?
The closing price on Nov 6, 2026 was C$8.94. Our model-based fair value is C$6.11, about 32% lower (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with North American Financial 15 right now?
The price sits above even our optimistic bull case (C$7.64). The favourable scenario is already priced in. Weak quality (44/100) and above fair value at the same time, the margin of safety is missing on both counts. 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 North American Financial 15
How large is the market capitalisation of North American Financial 15 (FFN)?
The market capitalisation of North American Financial 15 is C$620M (≈ $440M). 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 North American Financial 15 (FFN)?
The price-to-sales ratio of North American Financial 15 is 1.62 (last twelve months). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of North American Financial 15 (FFN)?
Earnings per share at North American Financial 15 are C$4.86 (price ÷ EPS = P/E 1.8). Earnings per share over the last twelve months: total profit spread across every single share.
What is the dividend yield of North American Financial 15 (FFN)?
The dividend yield of North American Financial 15 is 14.5% (payout 26.7%). 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 North American Financial 15 (FFN)?
The net margin of North American Financial 15 is 84.4% (last twelve months). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of North American Financial 15 (FFN)?
The return on equity (ROE) of North American Financial 15 is 58.8% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of North American Financial 15 (FFN)?
On an EBIT basis the return on assets of North American Financial 15 is 12.2% (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.
What is the operating margin of North American Financial 15 (FFN)?
The operating margin of North American Financial 15 is 95.8% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at North American Financial 15 (FFN)?
Revenue at North American Financial 15 is growing +30.7% versus a year earlier (3y avg +34.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at North American Financial 15 (FFN)?
Earnings per share at North American Financial 15 are growing −1.4% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does North American Financial 15 (FFN) carry?
The net debt of North American Financial 15 is C$507M (fiscal year 2025, ≈ 22.2 yrs of FCF). 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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Some data
Nov 9, 2026