# Canso Credit Trust - Canso Credit Income Fund (PBY-UN.TO) fundamentals

Data as of 2026-09-08. TSX, Canada. Sector: Financial Services / Capital Markets. Price C$16.08, market value C$211 million.

## Valuation
- **P/E (trailing): 23.0×** (5-yr avg 15.8×, 3-yr avg 15.8×). Canso Credit Trust - Canso Credit Income Fund trades at 23.0× trailing earnings, well above its own five-year average of 15.8×: investors are paying up relative to the company's past. The Financial Services median in the September 2026 study was 13.1×.
- **Price / sales: 24.1×**. Each dollar of revenue is priced at 24.1×, a level that requires very high margins or very fast growth to justify.
- **Price / book: 1.5×**. The shares trade at 1.5× book value; book value is a meaningful part of the valuation.
- **EV / EBITDA: 32.9×**. Enterprise value is 32.9× operating earnings before depreciation, the multiple that ignores how the company is financed; above 20× is demanding.
- **Free-cash-flow yield: 2.7%** (5-yr avg 3.9%). Free cash flow equals 2.7% of the market value, below its five-year average of 3.9%, so the shares are pricier on cash than usual.
- **Earnings yield: 4.4%**. The inverse of the P/E: 4.4% of the price is earned each year.

## Profitability
- **Gross margin: 76.6%**. Canso Credit Trust - Canso Credit Income Fund keeps 76.6% of revenue after the direct cost of what it sells, the kind of margin that comes with software, brands or pricing power.
- **Operating margin: 73.3%**. 73.3% of revenue is left after running the business, an exceptional level.
- **Net margin: 73.3%**. 73.3% of each dollar of sales reaches the bottom line.
- **Return on equity: 4.6%**. 4.6% on shareholders' equity is weak; the business earns little on the capital its owners have in it.
- **Return on invested capital: 4.6%**. Return on all capital, debt included, is 4.6%: close to or below the cost of capital, so growth may not create value.
- **Return on assets: 3.3%**. Each dollar of assets produces 3.3% of profit; low single digits are normal for banks and insurers.

## Growth
- **Revenue growth (1 yr): -55.5%** (3-yr 62.1%/yr, 5-yr -26.5%/yr). Revenue fell 55.5% over the last year, against -26.5% a year compounded over five years: growth is slowing.
- **EPS growth (1 yr): -55.7%** (5-yr -25.0%/yr). Earnings per share fell 55.7%, roughly in step with revenue.

## Financial health
- **Piotroski F-score: 4/9**. 4 of 9 checks pass: mixed.
- **Cash and short-term investments: C$235,204**. Leverage ratios are shown differently for banks and insurers, whose balance sheets are built on deposits and reserves; use return on equity and the regulatory capital in the filings instead.

## Dividends
- **Dividend: none**. Canso Credit Trust - Canso Credit Income Fund does not currently pay a dividend, but it returned -1.7% of its market value through buybacks over the last year.

## Price and momentum
- **Total return (1 yr): 5.6%** (YTD 3.0%, 3-mo -0.5%). The shares are up 5.6% over twelve months including dividends.
- **From 52-week high: -3.9%** (3.6% above the low). Trading within 5% of its 52-week high.
- **200-day average: above**. The price sits above its 200-day moving average, the usual definition of an uptrend.
- **RSI (14-day): 49**. An RSI of 49 is neutral.
- **Beta (1 yr): 0.12** (volatility 12%). Beta of 0.12 against the S&P/TSX Composite: the shares move much less than the market.

Live score and charts: https://foliofundamentals.com/analyzer?s=PBY-UN.TO · Page: https://foliofundamentals.com/stocks/pby-un.to

Not investment advice.