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1. Company Snapshot

1.a. Company Description

Life & Banc Split Corp.is a closed-ended equity mutual fund launched and managed by Brompton Funds Limited.The fund invests in the public equity markets of Canada.


It seeks to invest in stocks of companies operating across banking and life insurance sector.The fund primarily invests in the stocks of the six largest banks of the country, as well as of life insurance companies, utilizing a split share structure on a low cost basis.It benchmarks the performance of its portfolio against the S&P/TSX Capped Financials Index and S&P/TSX Composite Index.


Life & Banc Split Corp.was formed on September 6, 2006 and is domiciled in Canada.

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1.b. Last Insights on LBS

Life & Banc Split Corp.'s recent performance was positively driven by several factors. The company announced a stock split of its Class A shares, effective October 27, 2025, due to strong performance. Additionally, Brompton Funds declared distributions payable to Class A shareholders, with Life & Banc Split Corp. (LBS) receiving $0.10 per share on multiple occasions, including September 23 and August 22, 2025. These increased distributions reflect the company's robust financial position.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Brompton Funds Declare Split Share Fund Distributions

Nov -21

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Brompton Funds Declare Split Share Fund Distributions

Oct -24

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CORRECTION -- Life & Banc Split Corp. Announces Class A Share Split and an Increase to Total Distributions

Oct -10

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Life & Banc Split Corp. Announces Class A Share Split and an Increase to Total Distributions

Oct -06

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Brompton Funds Declare Split Share Fund Distributions

Sep -23

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Brompton Funds Declare Split Share Fund Distributions

Aug -22

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Brompton Funds Declare Split Share Fund Distributions

Jul -24

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Brompton Funds Declare Distributions

Jun -23

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4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (5.20%)

6. Segments

Investment and Related Activities

Expected Growth: 5.2%

The Investment and Related Activities segment is expected to grow driven by increasing demand for diversified investment portfolios, rising income generation from debt and equity securities, and a strong track record of returns.

7. Detailed Products

Preferred Shares

Preferred shares are a type of hybrid security that combines features of debt and equity, offering a fixed dividend payment and priority over common shares in the event of liquidation.

Capital Shares

Capital shares represent an ownership stake in the company, providing potential for long-term capital appreciation and dividend income.

Banc Split Corp. Portfolio

A diversified portfolio of banking and financial services companies, providing exposure to a range of industry leaders.

Covered Call Option Writing

A strategy that generates additional income by selling call options on underlying securities, while managing risk through diversification and hedging.

8. Life & Banc Split Corp.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Life & Banc Split Corp. is medium, as there are some alternative investment options available to investors, but they may not offer the same benefits as Life & Banc Split Corp.

Bargaining Power Of Customers

The bargaining power of customers for Life & Banc Split Corp. is low, as individual investors have limited negotiating power.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Life & Banc Split Corp. is medium, as the company relies on a few key suppliers for its operations.

Threat Of New Entrants

The threat of new entrants for Life & Banc Split Corp. is high, as the financial industry is highly competitive and new investment products are constantly being developed.

Intensity Of Rivalry

The intensity of rivalry for Life & Banc Split Corp. is high, as the company operates in a highly competitive industry with many established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 56.86%
Debt Cost 3.95%
Equity Weight 43.14%
Equity Cost 13.36%
WACC 8.01%
Leverage 131.80%

11. Quality Control: Life & Banc Split Corp. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Tortoise Energy Infrastructure

A-Score: 7.6/10

Value: 4.3

Growth: 6.6

Quality: 9.0

Yield: 10.0

Momentum: 6.0

Volatility: 9.7

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AGF Management

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Value: 7.7

Growth: 7.1

Quality: 7.9

Yield: 6.0

Momentum: 8.0

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Life & Banc Split

A-Score: 7.3/10

Value: 6.1

Growth: 2.8

Quality: 8.2

Yield: 10.0

Momentum: 7.5

Volatility: 9.3

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MidCap Financial

A-Score: 7.1/10

Value: 6.7

Growth: 5.8

Quality: 7.8

Yield: 10.0

Momentum: 3.0

Volatility: 9.7

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WhiteHorse Finance

A-Score: 5.6/10

Value: 5.9

Growth: 3.6

Quality: 5.2

Yield: 10.0

Momentum: 0.5

Volatility: 8.3

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Eagle Point Credit Company

A-Score: 5.5/10

Value: 4.2

Growth: 3.8

Quality: 6.9

Yield: 10.0

Momentum: 0.5

Volatility: 7.3

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

11.3$

Current Price

11.3$

Potential

-0.00%

Expected Cash-Flows