Onex Corporation

Section1: Company Overview and Fundamental Insights:

Onex Corporation (TSX: ONEX) is a private equity investor and asset management firm. The company operates in two main segments: investing, which includes private equity, private credit, and direct investments; and asset and wealth management, which manages pension plans, sovereign wealth funds, insurance companies, and family offices. Investing revenue primarily comes from net gains on corporate investments and CLOs (collateralized loan investments). Asset and wealth management revenue comes primarily from management and performance fees. Most of the company's revenue is generated through the investing segment.

Kalkine’s Low Carbon Research Report covers the Key Investment Highlights, Key Financial Metrics, Risks, Technical Analysis along with the Valuation, Target Price, and Recommendation on the stock.

The shift toward a low-carbon economy is one of the most significant challenges of current time, spurred by the urgent need to combat climate change and reduce the environmental impact of corporate activities. This report covers the TSX-listed low-carbon emission company, Onex Corporation (TSX: ONEX), that is committed to sustainability and responsible environmental practices.

Carbon and Waste Management - Key Metrics

Onex Corporation (TSX: ONEX) has steadily cut its Estimated CO₂ Equivalents Emissions Total from 1,555.65 tonnes in 2019 to 767.53 tonnes in 2023, showing consistent progress in operational sustainability.

Peer Comparison: Carbon Emission Metrics

The top 10 shareholders together form ~43.82% of the total shareholding. Schwartz (Gerald W) and Fidelity Investments Canada ULC hold a maximum stake in the company at ~11.84% and ~10.98%, respectively.

The company reported rising financials in Q2 2025, where it clocked healthy growth under Investing Segment Net Earnings, which is a key positive. Furthermore, it witnessed healthy Asset Management Segment Net Earnings (loss) and elevated Asset management fee-related earnings (loss), displaying its financial strength.

Section 2: Business Updates and Financial Highlights

The picture below gives an overview of the company’s recent activities, such as an announcement regarding Strategic Infrastructure Expansion and Dividend Declaration.

Section 3: Key Risks and Company Outlook

Section 4: Stock Recommendation Summary:

The stock has witnessed an upside of ~1.49% and ~3.87% over the last 1 week and 3 months respectively. Moreover, it is trading above the average 52-week high price of CAD 126.51 and 52-week low price of CAD 86.64, providing an opportunity to ride the trend.

Valuation Methodology: Price to Book Value Multiple Based Relative Valuation (Illustrative):

Markets are trading in a highly volatile zone currently due to certain macroeconomic issues and geopolitical tensions prevailing. Therefore, it is prudent to follow a cautious approach while investing.

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels is October 23, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice. 

Technical Indicators Defined: -

Support: A level at which the stock prices tend to find support if they are falling, and a downtrend may take a pause backed by demand or buying interest. Support 1 refers to the nearby support level for the stock and if the price breaches the level, then Support 2 may act as the crucial support level for the stock. 

Resistance: A level at which the stock prices tend to find resistance when they are rising, and an uptrend may take a pause due to profit booking or selling interest. Resistance 1 refers to the nearby resistance level for the stock and if the price surpasses the level, then Resistance 2 may act as the crucial resistance level for the stock. 

Stop-loss: It is a level to protect further losses in case of unfavourable movement in the stock prices.