North American Financial 15 Split Corp (FNCSF) Fair Value & Analysis
Financial Services · US · Market cap $479M
North American Financial 15 Split Corp
FNCSF · US
Fair value as of: Jul 26, 2026
From 2 valuation models · updated 15 days ago
Fair value updated Jul 26, 2026, revised from $9.33 to $9.39 (+0.6%) since Jun 26, 2026. Share price −2.2% over the past month.
A solid business, screening 23% undervalued on our models.
What matters now
- Solid quality (62/100) at a price below fair value, the discount is the argument here, not the business quality.
- For a financial, book-value and earnings-based methods matter more than a cash-flow DCF, which fits banks and insurers poorly.
Price vs Fair Value (5 years)
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 26, 2026.
How to read this chart
60‑month range $0.8396 – $8.26 · fair‑value band $7.04 – $11.74 · the $7.65 price screens below the $9.39 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 26, 2026.
Analysis
North American Financial 15 Split Corp (FNCSF) currently trades at $7.65, while our model-based Fair Value estimate is $9.39, implying the stock looks roughly 22.8% undervalued today. The Quality Score stands at 62/100 (solid quality), in the Financial Services sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.
Over the trailing twelve months, North American Financial 15 Split Corp generated revenue of $233M at a net margin of 73.7%. Revenue grew 10.2% year over year. It earns a return on equity of 32.0%. Net debt stands at $506M. Fundamentals as of Jul 26, 2026
Our scenario range runs from $7.04 (bear case) to $11.74 (bull case); at $7.65, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 81% above its 52-week low, currently above its 200-day average. For context, the median of 10 Financial Services peers we cover trades at -12% fair-value upside, at 23%, FNCSF screens cheaper than that median.
Fair Value models
Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.
All 2 models by family
Widest divergence: Multiples ($8.03) versus Asset-Based ($6.33). Highest evidence: P/B Multiple (55).
Key figures & financial health
More key figures
Figures from reported company fundamentals · as of Jul 26, 2026. TTM = trailing twelve months.
Quality Score breakdown
Of which business quality 59 · Market factors (momentum, volatility) 66
Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.
About the company
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.
Full company description
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 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.
Company description, as reported by the company or data provider.
Revenue & earnings trend
FY2021 – FY2025 · reported fiscal years
North American Financial 15 Split Corp reported revenue of $58.4M in FY2025 versus $89.9M in FY2021, a compound −10.2%/yr. Reported net income was $171M in FY2025, compounding +18.4%/yr from FY2021.
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Peer Group
Asset Management · 973 stocks
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.
Valuation Multiples vs Asset Management median · lower = cheaper
Snowflake
Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.
Values & ESG
Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.
ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.
Similar stocks
10 more Asset Management stocks, each showing price versus our Fair Value estimate (as of Jul 26, 2026).
| Stock | Price | Fair Value | vs Fair Value |
|---|---|---|---|
| Fondul Proprietatea SA FP | $0.0420 | $0.0800 | +90% |
| BlackRock, Inc BLK | $1,136 | $465.75 | -59% |
| Blackstone Inc BX | $124.56 | $16.35 | -87% |
| Investor AB INVEB | kr 423.70 | kr 847.40 | +100% |
| Brookfield Corporation BN | C$62.45 | C$10.12 | -84% |
| KKR & Co KKR | $100.94 | $44.88 | -56% |
| AB Industrivärden INDUA | kr 532.50 | kr 1,065 | +100% |
| Jio Financial Services Limited JIOFIN | ₹242.98 | ₹40.19 | -83% |
| Hedef Holding HEDEF | 267.25 TRY | 320.98 TRY | +20% |
| Bajaj Holdings BAJAJHLDNG | ₹10,398 | ₹9,202 | -12% |
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How we calculate Fair Value
Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.
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