DUNDEE CORP. $13 (Toronto symbol DC.A; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 74.6 million; Market cap: $969.8 million; SI Rating: Average) is a holding company with subsidiaries in three main areas: wealth management, real estate and resources. Its main asset is its 49% stake (63% voting interest) in DundeeWealth Inc., which offers wealth management services and owns the Dynamic family of mutual funds. DundeeWealth manages $63.1 billion worth of assets.
DundeeWealth recently completed its purchase of a 60% interest in Toronto-based pension fund manager Aurion Capital Management. It also acquired an 89% interest in BHR Fund Advisors, a Philadelphia-based mutual fund manager and distributor. The two purchases broaden Dundee- Wealth’s investment management capabilities, and diversify its sales distribution network.
In the three months ended June 30, 2008, Dundee Corp.’s earnings fell sharply, to $0.08 a share from $0.20 a year earlier. Revenue fell 8.5%, to $286.1 million from $312.6 million.
The lower earnings were mostly due to Dundee’s share of a loss on the sale of an investment by 53%-owned Eurogas Corp. As well, lower revenues from land sales hurt profits at Dundee’s real estate operations.
Dundee’s stock has moved down in the past few months due to fears of writedowns of illiquid securities held by DundeeWealth. As well, lower prices for oil, gold and other commodities could hurt the value of Dundee’s resource-related investments.
Dundee Corp. is a hold.
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