EXTENDICARE INC. $9.36 (Toronto symbol EXE; TSINetwork Rating: Extra Risk)(905-470-5534; www.extendicare.com; Shares outstanding: 87.7 million; Market cap: $833.7 million; Dividend yield: 5.1%) owns 57 longand short-term senior-care facilities that can house 8,118 residents. It also manages a further 95 residences that are home to 6,195 seniors.
Extendicare also operates 47 ParaMed Home Health Care branches in six provinces. ParaMed’s 10,900 staff members provide nursing care and other forms of assistance to clients who live at home.
In late 2014, the company sold its 156 U.S. facilities for after-tax proceeds of around $231.1 million U.S. Extendicare is now reporting improved results and has deployed the cash from the sale.
In April 2015, the company completed the acquisition of Revera Home Health for $83.6 million. As well, it recently agreed to buy four senior-care facilities in Ontario and Saskatchewan for $98.8 million and is building three homes in Ontario for $81 million.
In the three months ended September 30, 2015, the company’s revenue rose 26.7%, to $263.3 million from $207.9 million a year earlier. Cash flow jumped 70.0%, to $15.3 million, or $0.17 a share, from $9.0 million, or $0.10.
Provinces regulate nursing home fees in Canada, and provincial programs provide substantial funding. All of these programs are subject to extensive and frequently changing regulations and standards.
However, Extendicare’s cash flow is steady, and it’s in a growing business. Its new focus on Canada also simplifies its operations and management. The stock trades at 13.8 times the company’s forecast 2016 cash flow of $0.68 a share. It yields a high 5.1%.
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