Exchange Income Corp.

Exchange Income Corp.

Exchange Income Corp.

Overview
Date Founded

2004

Headquarters

1067 Sherwin Road, Winnipeg, MB, R3H 0T8, CAN

Type of Company

Public

Employees (Worldwide)

3,235

Industries

Airlines
Shipping & Delivery
Metal Manufacturing & Products

Company Description

Exchange Income Corp. is a diversified, acquisition-oriented company, which focuses on opportunities in the manufacturing and aviation business. It operates through Aerospace and Aviation; and Manufacturing segments. The Aerospace and Aviation segment provides scheduled airline and charter service and emergency medical services to communities located in Manitoba, Ontario, and Nunavut. The Manufacturing segment gives variety of metal manufacturing goods and related services in a variety of industries and geographic markets throughout North America. The company was founded on March 22, 2004 and is headquartered in Winnipeg, Canada.

Executives & Employees

Director & Chief Executive Officer

President & Chief Administrative Officer

Chief Financial Officer

Chief Operating Officer

Chief Corporate Development Officer

Chief Executive Officer, Regional One, Inc

Chief Executive Officer, Provincial Aerospace Ltd

Executive Vice Chairman of the Board

Director of Corporate Development

Executive Vice President, Aviation

Board of Directors

Former Premier of Manitoba at Province of Manitoba

Executive Vice Chairman of the Board at Exchange Income Corp.

Partner-Winnipeg Tax Practice at PricewaterhouseCoopers LLP

Co-Owner at Elkhorn Resort Spa & Conference Centre

Former Director-Customer Service Communication, Employee Involvement & Training at Air Canada

President at McIntosh Properties Ltd.

Director & Chief Executive Officer at Exchange Income Corp.

President & Director at AFD Investments, Inc.

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Owners & Shareholders
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Wutherich & Co. manages small- and mid-cap North American equities in North America. They focus on several industries including electronic technology, retail trade and industrial services.Wutherich & Company manages concentrated portfolios (typically 15-20 holdings) with minimal constraints. They specialize in absolute return investing. Stocks are typically held for three to five years and turnover is low.Wutherich & Co. manages a Small-Cap Equity Fund for investors with a reasonable investment time horizon (over 5 years) and a moderate to high tolerance for risk. The Fund provides exposure to a portfolio of small companies with large potential. It moves in a cycle of its own and is often out of synch with the overall market. They typically invest the majority of assets in Canadian equities but they may invest a significant portion of the fund's assets in US equities to pursue opportunities not available in the Canadian market. The Fund's US holdings do not exceed 40% of their net assets.The Fund's assets are invested in businesses that are expected to deliver high relative earnings growth, yet trade at reasonable relative valuations. An ideal holding is a simple, repeatable business with products or services that are easy to understand. Companies should have a proven track record of growing revenues, cash flow or earnings per share, an experienced management team that has a significant ownership interest in the business and a strong balance sheet.

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Scotia Managed Companies Administration structures and manages investment products that help provide exceptional return opportunities to investors and offers a range of different investment products. Some of these products provide low cost diversification, while others provide leveraged participation in individual companies or portfolios of companies.

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Marquest Asset Management (MAM) is a growth investor. The firm's investment process begins with an assessment of the capital markets' economic environment. From this analysis, they identify broad economic growth trends that provide the foundation for strong growth opportunities in specific sectors of the stock market. MAM's stock selection process screens the universe of potential investments to identify only the very best companies. They employ quantitative and qualitative analytical tools to select only those stocks which meet their stringent investment criteria. Companies must have (1) superior management teams (2) exceptional growth prospects (3) strong and improving balance sheets and (4) reasonable valuations. Portfolios are invested in companies with exceptional fundamentals in sectors with strong growth prospects. MAM's funds are not constrained by market-cap or industry group weightings and the firm does not buy and hold. They manage risk at both the market and individual stock levels. Funds are constantly refreshed with companies with strong growth prospects and reasonable valuations. MAM replaces companies with weaker growth prospects before their fundamentals deteriorate significantly. A fund typically holds 25 to 35 companies. If the firm determines that there is a significant market risk, they will protect the portfolio by substantially increasing cash in their funds and by shorting ETFs. MAM offers no-load pooled portfolios and separately managed portfolios.The Marquest Bridge Fund seeks long-term capital appreciation through investments in early-stage companies that are growing substantially faster than the economy. The firm targets small-cap companies that are niche players in their markets. Typically, these companies have a significant market opportunity because of proprietary intellectual property or a robust business model.The Marquest Resource Fund seeks long-term capital appreciation through investments in a range of small- to mid-cap resource-based companies in the following industries: precious metals, base metals, oil and gas and forest products. The firm focuses on companies with superior production and exploration potential. They look for significant market opportunities that are driven by proprietary intellectual property or a robust business model. The portfolio typically holds the stocks of 30 to 40 small- to mid-cap companies.The Marquest Equity Growth Fund seeks to provide long-term capital appreciation through investments in a variety of securities of the very best 20 to 45 Canadian small- and mid-cap growth companies, in addition to US and international companies. The portfolio invests in companies with growth rates that are expected to exceed the growth rate of the Canadian economy. In periods of significant market risk, the Fund may hold greater than 50% in cash and short-term securities.The Marquest Dividend Growth Fund seeks to provide a steady flow of income with reasonable safety of capital and the potential for capital appreciation. The Fund invests in the very best securities of approximately 20 to 45 Canadian, US and international large-cap companies with strong growth prospects. Many of these companies provide higher than market dividend yield, allowing a stable base for the Fund's total return. In addition, the Fund may invest in corporate and government bonds. In periods of high market risk, the Fund may hold significant cash and short-term securities.The Marquest Asset Allocation Fund seeks to provide long-term capital appreciation by investing in a globally diversified portfolio of broad market ETFs. The Fund invests only in ETFs and short-term money market investments. The ETFs consist of a broad diversification of fixed-income, stock market indices and commodities. In the fixed-income area, the ETFs cover the Canadian, US and European bond markets, including high grade corporate bonds. The equity market ETFs will encompass the Canadian, US, European, Pacific Rim and Emerging Markets. The Fund's strategy is to rotate among the various asset classes to maximize returns and minimize risk. In periods of high market risk, the Fund may hold significant cash and short-term securities.The Marquest Short Term Income Fund seeks to provide preservation of capital and short-term income. The Fund invests in bonds, debentures, notes and other debt obligations with a term to maturity at purchase of less than 3 years.

Recent Transactions
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Exchange Income Corp. purchases Quest Window Systems, Inc.

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Exchange Income Corp. issued Common Shares

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Exchange Income Corp., Regional One, Inc. purchase Team JAS, Inc.

Transaction Advisors
Legal Advisor

Advised onExchange Income Corp. issued Common Shares

Underwriter

Advised onExchange Income Corp. issued Common Shares

Underwriter

Advised onExchange Income Corp. issued Common Shares

Legal Advisor

Advised onExchange Income Corp. purchases WesTower Communications, Inc. from SpectraSite Communications, Inc.

Professional

Advised onExchange Income Corp. purchases WesTower Communications, Inc. from SpectraSite Communications, Inc.

Legal Advisor

Advised onExchange Income Corp. purchases Provincial Aerospace Ltd.

Clients

Bausch Health Cos., Inc. engages in the development, manufacture, and market of a range of branded, generic and branded generic pharmaceuticals, medical devices and over-the-counter products. It operates through the following segments: The Bausch + Lomb/International, Branded Rx, and U.S. Diversified Products. The Bausch + Lomb/International segment consists of the sale of pharmaceutical products, over-the-counter products, and medical devices products. The Branded Rx segment comprises of pharmaceutical products related to the Salix product portfolio; dermatological product portfolio; branded pharmaceutical products, branded generic pharmaceutical products; over-the-counter products; medical device products; Bausch + Lomb products sold in Canada; and the oncology, dentistry, and health products for women. The U.S. Diversified Products segment refers to the sales in the U.S. of pharmaceutical products, over-the-counter products, and medical device products in the areas of neurology and certain other therapeutics classes, including aesthetics and generic products in the U.S. The company was founded on March 29, 1994 and is headquartered in Laval, Canada.

Unilever NV engages in the production and marketing of consumer goods in the nutrition, hygiene, and personal care categories. It operates its business through the following segments: Personal Care, Foods, Refreshment, and Home Care. The Personal Care segment covers the sales of skin and hair care products, deodorants and oral care products. The Foods segment includes the sales of soups, bouillons, sauces, snacks, mayonnaise, salad dressings, margarines and spreads. The Refreshment segment sells ice cream, tea-based beverages, weight-management products and nutritionally enhanced staples sold in developing markets. The Home Care segment is in charge of the sales of home care products such as powders; liquids and capsules; soap bars; and a wide range of cleaning products. The company was founded on November 9, 1927 and is headquartered in Rotterdam, Netherlands.

Archer-Daniels-Midland Co. processes oilseeds, corn, wheat, cocoa and other agricultural commodities. The company operates through the following segments: Oilseeds Processing, Corn Processing, Wild Flavors & Specialty Ingredients and Agricultural Services. The Oilseeds Processing segment includes activities related to the origination, merchandising, crushing, and further processing of oilseeds such as soybeans and soft seeds, such as cottonseed, sunflower seed, canola, rapeseed, and flaxseed into vegetable oils and protein meals. The Corn Processing segment engages in corn wet milling and dry milling activities; and also converts corn into sweeteners, starches, and bioproducts. The Wild Flavors and Specialty Ingredients segment manufactures, sells, and distributes specialty products including natural flavor ingredients, flavor systems, natural colors, proteins, emulsifiers, soluble fiber, polyols, hydrocolloids, natural health and nutrition products, other specialty food, and feed ingredients. The Agricultural Services segment utilizes its extensive United States grain elevator and global transportation network to buy, store, clean, and transport agricultural commodities, such as oilseeds, corn, wheat, milo, oats, rice and barley. It resells these commodities primarily as food and feed ingredients and as raw materials for the agricultural processing industry. Archer-Daniels-Midland was founded in 1902 and is headquartered in Chicago, IL.

Key Stats and Financials As of 2017
Market Capitalization
$957M
Total Enterprise Value
$2.07B
Earnings Per Share
$2.33
Revenue
$1.01B
Net Profit
$72.2M
EBITDAMargin
24.55%
Enterprise Value Sales
2.05x
Enterprise Value EBITDAOperating
8.34x
TEVNet Income
28.73x
Debt TEV
0.42x
Total Debt
$863M
Total Equity
$563M
EBITDA
$249M
Three Year Compounded Annual Growth Rate Of Revenue
23.24%
Five Year Compounded Annual Growth Rate Of Revenue
4.82%
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