DUNDEE CORP. $14 (Toronto symbol DC.A; Aggressive Growth Portfolio, Finance sector; Shares outstanding: 75.6 million; Market cap: $1.1 billion; SI Rating: Average) is a holding company with subsidiaries in three main areas: wealth management, real estate and resources. Its main asset is its 45% stake (59% voting interest) in DundeeWealth Inc., which offers wealth management services and owns the Dynamic family of mutual funds.
Dundee recently reorganized its wealth management operations. It sold Dundee Bank of Canada, a Schedule I Chartered Bank, to Bank of Nova Scotia for $260 million. Scotiabank also purchased $348.3 million of non-voting shares in DundeeWealth, which gave it an 18% economic interest.
Thanks mainly to gains from asset sales, Dundee’s earnings from continuing operations in 2007 jumped to $3.49 a share (total $277.6 million) from $1.19 a share ($98.6 million) in 2006. Revenue rose 27.3%, to $1.4 billion from $1.1 billion. The market value of the company’s investment portfolio, excluding its consolidated subsidiaries, was $5.33 per Dundee share at December 31, 2007.
Dundee is a hold
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