Red Cedar Investment Management is a global asset manager that provides income producing strategies through research across the capital structure and expertise in managing Preferred securities.

Red Cedar Investment Management

Canadian Imperial Bank of Commerce, a diversified financial institution, provides various financial products and services to personal, business, public sector, and institutional clients in Canada, the United States, and internationally. The company operates through four strategic business units: Canadian Personal and Business Banking; Canadian Commercial Banking and Wealth Management; U.S. Commercial Banking and Wealth Management; and Capital Markets. The company offers chequing, savings, and business accounts; mortgages; loans, lines of credit, student lines of credit, and business and agriculture loans; investment and insurance services; and credit cards, as well as overdraft protection services. It also provides day-to-day banking, borrowing and credit, specialty, investing and wealth, and international services; correspondent banking and online foreign exchange services; and cash management services. Canadian Imperial Bank of Commerce was founded in 1867 and is headquartered in Toronto, Canada.

Canadian Imperial Bank of Commerce

Semper Capital Management, L.P. is an investment management firm located in New York, NY.

Semper Capital Management

Red Cedar Investment Management, LLC | 489 followers on LinkedIn. Red Cedar is an SEC registered investment adviser headquartered in Grand Rapids, MI | Red Cedar Investment Management believes that a rigorous, fundamental investment process which focuses on the most attractive securities in the income universe can help produce improved risk adjusted returns for clients. Further, we believe that income is the primary driver of fixed income returns over time and that superior performance can be achieved by finding cheap cash flows via a fundamental value approach.
Our flexibility, nimbleness and ability to use a wide range of asset classes provide us with more opportunity to find value than is the norm.

Managing Partner, Director of Sales and Marketing at Red Cedar Investment Management

Michael Feldhaus

Senior Credit Strategist - Red Cedar Investment Management

Brad Filips

Director, Business Development at Red Cedar Investment Management, LLC

Benjamin Tillson

Co-Chief Investment Officer @ Red Cedar | CFA, CPA, MSA

Brandon Bajema, CPA, CFA

Red Cedar Investment Management, LLC

Big thank you & congratulations to Delaney Dietz on finishing her summer internship at our Cincinnati office! Delaney, we wish you nothing but the best as you head back to school!😊

This past week, one of Red Cedar's own, John Cassady, CFA sat down with additional industry experts, Jerry Fegler , Lily Taft, CFA , Erik Ridgley, CFA , and Michael J. Firestone, CFA at the Markets Group Northern California Private Wealth Forum, to talk about about what the markets may bring over the next six months. Tons of great insight from these market specialists!

Attached below is the replay of our most recent webcast, The Importance of Fixed Income Management in a Post COVID World, featuring two of Red Cedar's own - John Cassady, CFA and Brandon Bajema, CPA, CFA !

Please join us for this webcast on the importance of Active Fixed Income Management in a Post-COVID world.

RCIM is pleased to announce the addition of Brad Filips , Credit Strategist to our Grand Rapids based team. Welcome Brad!

Metric
Company Name	Red Cedar Investment Management	Canadian Imperial Bank of Commerce	Semper Capital Management
Symbol		CM
MSH ID	COM:REDCEDARIM	COM:CIBC	COM:SEMPERCAP
Market	PRIVATE	STOCKS	PRIVATE
Sector	Financial Services & Finance	Financial Services	Financial Services & Finance
Industry	Investment Management	Banks - Diversified	Investment Management
Country	US	CA	US
Stage
Employee Count		47.77K
Website	redcedarim.com	cibc.com	sempercap.com
LinkedIn	red-cedar-investment-management-llc	cibc_us
Founders

Metric
Market Cap		44.25B
Enterprise Value
Monthly Web Traffic
Web Traffic Growth
Valuation
Raised Capital

Metric
Revenue		16.47B
Revenue (LTM)
Revenue (NTM)
Gross Profit		16.47B
EBITDA		5.71B
Operating Income		4.90B
Net Income		3.53B
EPS		3.65
Diluted EPS		3.65
Revenue 2022
Revenue 2023
Revenue 2024
Revenue 2025
Revenue 2026

Metric
Revenue Growth (LTM)
Revenue Growth (NTM)
Gross Profit Growth (LTM)
EBITDA Growth (LTM)
Net Income Growth (LTM)
14-Day Growth Score
28-Day Growth Score
90-Day Growth Score
365-Day Growth Score

Metric
Gross Profit Margin		1
Operating Profit Margin		0.40
EBITDA Margin		0.35
Net Profit Margin		0.19
Return on Equity		0.12
Return on Assets		0.01
Return on Capital Employed		0.03

REDC

COM:REDCEDARIM

Red Cedar Investment Management

Company Overview

Market Metrics

Financial Performance

Growth Metrics

Profitability Ratios

Valuation Multiples

Operational Metrics

Cash Flow Metrics

Balance Sheet Metrics

Efficiency Metrics

Metric
P/E Ratio		11.10
P/B Ratio		1.05
Revenue Multiple (LTM)
Revenue Multiple (NTM)
EBITDA Multiple (LTM)
EBITDA Multiple (NTM)
Price to Sales Ratio		1.97
EV Multiple		-4.09

Metric
Days Sales Outstanding		218.28
Days Payables Outstanding
Days Inventory Outstanding
Operating Cycle
Cash Conversion Cycle
Asset Turnover		0.04

Metric
Operating Cash Flow		8.60B
Free Cash Flow		7.88B
Cash Flow to Debt		0.20
Operating Cash Flow/Sales		0.85
Free Cash Flow Yield		0.20

Metric
Cash & Equivalents		44.69B
Accounts Receivable		-899.79M
Inventory
Goodwill		3.84B
Debt to Capitalization		0.77
Debt to Assets		0.20
Current Ratio		1.04
Quick Ratio		1.80

Metric
Rule of 40 (LTM)
Rule of 40 (NTM)
Stock Comp to Revenue		0.00
R&D to Revenue
SG&A to Revenue		0.32