Added to YB: 2026-05-18
Pitch date: 2026-05-14
RFA.TO [bullish]
RFA Financial Inc.
Author Info
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Company Info
RFA Financial Inc. is a diversified commercial real estate investment trust and is an unincorporated closed-end real estate investment trust, created under, and governed by, the laws of the Province of Manitoba.
Market Cap
CAD 1.2B
Pitch Price
N/A
Price Target
N/A
Dividend
7.25%
EV/EBITDA
N/A
P/E
N/A
EV/Sales
N/A
Sector
Financial Services
Category
growth
THE CHEAP, VERY ODD BANK THAT’S RUN BY THE TIM HORTONS FOUNDING FAMILY - RFA Financial Inc.
RFA.TO: Alt-A/B mortgage lender acquired Artis REIT at discount to book in reverse takeover to unlock capital for bank growth. Plan: sell real estate at/above book, recycle equity into higher-return lending. Joyce family (Tim Hortons founders) 23% owners. Targets $8-12B assets (3-5x today), 40-50% net income CAGR, 13% ROE = $4.30 EPS vs $24 price (6x P/E). Risks: office property sales execution, rising alt-mortgage delinquencies, deposit growth at 3%+ GIC rates needed. Trading 1.6x tangible book vs peers at 2-3x.
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