M Split Corp (XMF-A) fair value: what the stock is really worth
As of Oct 21, 2026: fair value (intrinsic value) of M Split Corp stock C$3.32, price C$2.01, upside +65.2%, quality 64 out of 100. Rating: strongly undervalued. Calculated from audited financials with 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, dashed = 300-day average. As of Oct 3, 2026.
How to read this chart
60‑month range C$0.1400 – C$2.44 · fair‑value band C$1.70 – C$5.26 · the C$2.01 price screens below the C$3.32 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Oct 3, 2026.
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M Split Corp. is a close-ended equity mutual fund launched and managed by Quadravest Capital Management Inc. It invests in the public equity markets of Canada. The fund invests in the stocks of companies engaged in the financial sector.
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It invests its entire corpus in the stock of Manulife Financial Corp. The fund benchmarks the performance of its portfolio against the S&P TSX Financial index. M Split Corp. was formed on February 12, 2007 and is domiciled in Canada.
Stock analysis
M Split Corp (XMF-A) currently trades at C$2.01, while our model-based Fair Value estimate is C$3.32, implying the stock looks roughly 39.5% undervalued today.
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Valuation
Bull case: the Growth DCF group reads highest at a median of C$13.41 per share, and 10 of the 12 models we run sit above the C$2.01 price.
Bear case: the Asset-Based group reads lowest at C$0.5400, and 2 of the 12 models stay below the price. Data coverage for this calculation is medium.
Scenario range: C$1.70 (bear) to C$5.26 (bull), the price of C$2.01 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 64/100 (solid quality), in the Financial Services sector.
Mixed Growth: Revenue is growing, but margins or cash flow do not fully confirm the trend.
M Split Corp reported revenue of C$4.3M in FY2025 versus C$810K in FY2021, a compound +52.1%/yr. Reported net income was C$431K in FY2025, compounding −7.9%/yr from FY2021.
Key figures
Market cap C$2.3M (≈ $1.6M) Micro · P/E ratio 4.0 · P/S ratio 1.65 · EPS (TTM) C$0.5000 · Net margin 41.5% · Return on equity 83.0% · Return on assets (EBIT) 7.3% · Operating margin 87.0%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 51 out of 100 (low confidence).
What moves the price
The share trades about 18% below its 52-week high and 259% 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 65%, XMF-A screens cheaper than that median.
Fair Value models
BearC$1.70Fair Value C$3.32BullC$5.26
Price C$2.01 · Upside +65.2%
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$0.4466 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.
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.85/100
Revenue is growing, but margins or cash flow do not fully confirm the trend.
Revenue growth 1 year
+154.8%
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.
+50.1%
Revenue growth 17 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.
+4.9%
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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. Basis: EBIT basis.
+6.3%
Earnings growth per share plus dividend.
Earnings per share, growth per year+6.3%
Dividend (yield on the price)0.0%
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.−28.5% vs −8.7%, 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.95% → 27%
Pace: the 5-year rate starts in 2020 (pandemic)
Growth Forecast
A lot of optimism in the price
The price assumes more 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).
+19.9%
Yearly growth needed for the next five years to justify today's price.
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 +17.4% a year for the price.
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 · 670 stocks
Beats the industry median on 9/12 measures
Overall it ranks above its industry peers.
Valuation
Quality Score64 · Above median
Fair Value upside+65.2% · Above median
Profitability
Return on equity (12 months)83.0% · Top 25%
Return on assets3.1% · Below median
Net margin (12 months)41.5% · Above median
Operating margin (12 months)87.0% · Top 25%
Growth and dividend
Revenue growth (quarter YoY)−63.9% · Bottom 25%
Valuation Multiplesvs Asset Management median · lower = cheaper
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.
Is M Split Corp (XMF-A) overvalued or undervalued?
As of Oct 3, 2026, our model estimates a fair value of C$3.32 versus a price of C$2.01, about +65% upside (undervalued).
What is the fair value of XMF-A?
Our model-based fair value for M Split Corp is C$3.32 (as of Oct 3, 2026), built from audited fundamentals. The current price: C$2.01.
What is the quality score of XMF-A?
M Split Corp has a Quality Score of 64/100. 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 M Split Corp (XMF-A)?
Our model-based price target is the fair value of C$3.32 (as of Oct 3, 2026) from 12 valuation models. Cautious scenario C$1.70, optimistic scenario C$5.26. It is a calculation from audited fundamentals, not an analyst target.
What is the M Split Corp stock forecast for 2026?
Our models put fair value at C$3.32, about +65% upside versus a price of C$2.01 (undervalued). Cautious scenario C$1.70, optimistic scenario C$5.26. The calculation is refreshed regularly with new filings.
What is the revenue of M Split Corp (XMF-A)?
M Split Corp reported trailing-twelve-month revenue of about C$2.8M (latest available figure, as of Oct 3, 2026).
What growth is priced into M Split Corp (XMF-A)?
For today's price to be fair in a discounted-cash-flow model, M Split Corp would have to grow free cash flow by +19.9 % per year for five years (discount rate 8.3 %, then slowing evenly to 2 % perpetual growth by year ten). Over the last 6 years revenue grew +0.5 % per year. As of Oct 3, 2026.
What discount rate (WACC) does the fair value of XMF-A use?
Our models discount M Split Corp at 8.3 %: a base by market capitalisation (nano), damped by beta 0.30, 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 M Split Corp that is +19.9 % per year a year over ten years, using the same discount rate (8.3 %) and the same formula as our fair value.
How much growth has M Split Corp (XMF-A) delivered so far?
Over the past 6 years revenue at M Split Corp grew +0.5 % a year. The price currently implies +19.9 % per year free-cash-flow growth a 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 M Split Corp (XMF-A) growing?
The median revenue growth in the sector is +9.2 % a year. That is the yardstick for the growth priced into M Split Corp (+19.9 % per year a year): it shows whether the expectation is within the usual range or beyond it.
What is the free cash flow yield of M Split Corp (XMF-A)?
The free-cash-flow yield on the price is 6.31 %: that much free cash flow M Split Corp produces per unit of market value. When it exceeds the discount rate of our models (8.3 %), the business already earns more than its cost of capital demands, and the price needs little additional growth.
What is the intrinsic value of M Split Corp (XMF-A)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For M Split Corp it is C$3.32 per share (as of Oct 3, 2026), against a price of C$2.01. It is the blended result of 12 valuation models (cash flow, earnings, asset, dividend).
Is M Split Corp stock overvalued or undervalued in 2026?
As of Oct 3, 2026, XMF-A trades below its calculated fair value: price C$2.01, fair value C$3.32, a gap of about +65% (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 XMF-A?
No. The price is what the market pays today (C$2.01); the fair value is what the company's own numbers justify (C$3.32). For M Split Corp the two are C$1.31 per share apart. That gap is exactly why we show both numbers side by side.
How much is M Split Corp worth?
The market values M Split Corp at about C$2.3M (market capitalisation, as of Oct 3, 2026). Per share that is C$2.01; our models calculate a fair value of C$3.32 per share.
What do the bullish and bearish scenarios say about XMF-A?
Our models span a range for M Split Corp: cautious scenario C$1.70, base C$3.32, optimistic C$5.26 per share (as of Oct 3, 2026, price C$2.01). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of XMF-A?
M Split Corp trades at a price-to-earnings ratio of 4.0 (as of Oct 3, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$3.32 is built from several models across several years. Other multiples: P/B 3.1, P/S 0.8, EV/EBITDA 1.5.
How solid is the balance sheet of M Split Corp (XMF-A)?
Balance-sheet figures for M Split Corp (as of Oct 3, 2026): return on equity 83.0%. They feed the Quality Score of 64/100, which measures business quality independently of the share price.
How far is XMF-A from its 52-week high?
M Split Corp trades at C$2.01, about 18% below its 52-week high of C$2.44 and 259% above the low of C$0.5600 (as of Oct 21, 2026). Distance from the high says nothing about value: that is what the fair value of C$3.32 is for.
Which stocks are comparable to M Split Corp?
From the same area (Financial Services) we also value Blackstone Inc, Brookfield Corporation, 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 M Split Corp stock attractive at the current price?
The data as of Oct 3, 2026: price C$2.01, calculated fair value C$3.32 (+65%), Quality Score 64/100, from 12 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 XMF-A calculated?
We run M Split Corp through 12 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$3.32, 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 13.6 % above its aggregate fair value. M Split Corp currently trades 39 % 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 M Split Corp (XMF-A)?
The closing price on Oct 21, 2026 was C$2.01. Our model-based fair value is C$3.32, about +65% upside (undervalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with M Split Corp right now?
The model range is unusually wide (C$1.70 to C$5.26). The outcome hinges heavily on assumptions, so read the point estimate with caution. Solid quality (64/100) 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.
Key figures of M Split Corp
How large is the market capitalisation of M Split Corp (XMF-A)?
The market capitalisation of M Split Corp is C$2.3M (≈ $1.6M). 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 M Split Corp (XMF-A)?
The price-to-sales ratio of M Split Corp is 1.65 (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 M Split Corp (XMF-A)?
Earnings per share at M Split Corp are C$0.5000 (price ÷ EPS = P/E 4.0). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of M Split Corp (XMF-A)?
The net margin of M Split Corp is 41.5% (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 M Split Corp (XMF-A)?
The return on equity (ROE) of M Split Corp is 83.0% (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 M Split Corp (XMF-A)?
On an EBIT basis the return on assets of M Split Corp is 7.3% (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 M Split Corp (XMF-A)?
The operating margin of M Split Corp is 87.0% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at M Split Corp (XMF-A)?
Revenue at M Split Corp is growing −63.9% versus a year earlier (3y avg +50.1%). 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 M Split Corp (XMF-A)?
Earnings per share at M Split Corp are growing +142% versus a year earlier. How much earnings per share grew versus a year earlier.
How much net debt does M Split Corp (XMF-A) carry?
The net debt of M Split Corp is C$12.6M (fiscal year 2025, ≈ 43.6 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
Oct 3, 2026