Is Dominion Lending (DLCG) a new TSX financial stock to buy?
Dominion Lending Centers Inc (TSX: DLCG) is a British Columbia-based mortgage company that recently graduated from the Toronto Stock Exchange (TSX). Previously listed on the Toronto Venture Exchange (TSXV), it began trading its Class A shares on the TSX on February 3.
Founded in 2006, the financial services company is said to have an extensive network of over 7,500 agents across Canada.
Today, let’s talk about Dominion Lending Centers.
Dominion Lending Centers Financial Overview (TSX: DLCG)
The C$164 million market capitalization said its annual funded mortgage volumes exceeded C$78.5 billion in 2021, representing a 52% year-over-year increase.
Additionally, Dominion Lending Centers also provided preliminary results for fiscal 2021 on February 7.
The mortgage company forecast its 2021 revenue to be between C$78 million and C$80 million, up from C$52.4 million in 2020.
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Dominion Lending said it expects its Adjusted EBITDA from Core Business Operations to be between C$46 million and C$48 million in fiscal 2021, while that from Non-Core Business Asset Management represents a loss of approximately 3 to 3.5 million Canadian dollars. .
Therefore, he expects consolidated adjusted EBITDA of approximately CA$43 to CA$44.5 million in 2021, compared to CA$52.4 recorded a year ago.
Dominion Lending Centers Stock Performance
DLCG stock has jumped around 13% in the past six months and closed at C$3.55 apiece on Friday, March 25. It is currently up over 26% from a 52-week low of CA$2.81 (November 9, 2021).
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Gary Mauris, the company’s Executive Chairman and CEO, said that with its funded mortgage volume in 2021 increasing 52% year-over-year and 88% from 2019, DLCG has become the “largest nation’s mortgage broker.
However, investors should pay attention to market dynamics and factors that could impact the financial services industry before embarking on any investment decision.
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Please note that the above content is a very preliminary industry-based observation and is of limited scope without any fundamental assessment or in-depth technical analysis. Any interest in stocks or sectors should be carefully assessed taking into account the associated risks.