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MCAN Mortgage Corporation (T:MKP)

Business Focus: Consumer Lending

Sector:  Financials Industry:  Consumer Lending
See Regulatory Filings on SEDAR
Company Contact
Address: 200 King Street West, Suite 600
Tel: N/A
IR: See website
Key People
Karen H. Weaver
President, Chief Executive Officer, Director
Nazeera Khan
Chief Audit Officer
Floriana Cipollone
Chief Financial Officer, Vice President
Michael Edward Jensen
Chief Compliance Officer, Vice President (Chief Anti Money Laundering & Privacy Officer)
Emily Randle
Chief Risk Officer, Vice President
Milica Pejic
Vice President - Finance
Sylvia Pinto
Vice President, Corporate Secretary, Governance Officer
Carl Brown
Vice President - Investments
Avish Buck
Vice President - Residential Lending
Paul Gill
Vice President - Information Technology
Business Overview
MCAN Mortgage Corporation (MCAN) is a Canada-based loan company and mortgage investment corporation. The Company's primary objective is to generate income by investing its corporate funds in a portfolio of mortgages (including single family residential, residential construction, non-residential construction and commercial loans), as well as other types of financial investments, loans and real estate investments. The Company's primary subsidiary, Xceed Mortgage Corporation (Xceed), focuses on the origination and sale to MCAN and third party mortgage aggregators of residential first-charge mortgage products across Canada. The Company also participates in the National Housing Act (NHA) mortgage-backed securities (MBS) program.
Financial Overview
For the six months ended 30 June 2021, MCAN MortgageCorporation revenues increased 98% to C$75.8M. Net incometotaled C$35.3M vs. loss of C$1.9M. Revenues reflect Netgain (loss) on securities increase from -C$14.3M to C$10.4M, Other Investment Income - Investment increase from C$6.6Mto C$13.6M, Mortgage interest - Securitization Incomincrease of 45% to C$13.9M. Net Income reflects Provisionfor credit losses decrease of 85% to C$270K (expense).
Employees: 112 as of Dec 31, 2020
Reporting Currency: Canadian Dollars
Enterprise value: $2,801M as of Jun 30, 2021
Annual revenue (TTM): $159.18M as of Jun 30, 2021
EBITDA (TTM): $77.92M as of Jun 30, 2021
Net annual income (TTM): $80.13M as of Jun 30, 2021
Free cash flow (TTM): -$9.21M as of Jun 30, 2021
Net Debt Last Fiscal Year: $2,726M as of Jun 30, 2021
Shares outstanding: 27,559,606 as of Jul 26, 2021
TTM: Trailing Twelve Months
EBITDA: Earnings Before Interest, Taxes, Depreciation, & Amortization