Advantage Energy Ltd. (AAV.TO) Valuation

Valuation

Model-based estimates, not advice. The DCF is the discounted-cash-flow value per share; compare it with the price, not as a target.

DCF fair value

+45.1%

CA$16.40

vs CA$11.30 price

Levered DCF

CA$5.15

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

1.07

Distress zone

Rating

B+

Overall 3 / 5

Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
P/E	36.69×	75.85×	13.98×	5.23×	3.41×	-1.13×	-21.15×	33.11×
P/B	1.16×	0.99×	0.91×	1.13×	0.97×	0.31×	0.39×	0.28×
P/S	3.04×	2.94×	2.79×	1.84×	2.86×	1.31×	2.04×	1.62×
EV / EBITDA	8.66×	8.14×	5.55×	3.21×	2.35×	-2.38×	9.05×	4.31×
Gross margin	22.6%	54.2%	65.0%	74.6%	72.7%	50.5%	49.8%	44.8%
Operating margin	14.9%	6.2%	58.9%	55.7%	44.2%	4.1%	7.5%	3.8%
Net margin	8.2%	3.9%	19.9%	35.1%	83.6%	-115.9%	-9.8%	4.9%
Current ratio	0.39×	0.65×	1.25×	1.66×	0.88×	0.71×	0.71×	1.71×
Debt / equity	0.52×	0.43×	0.23×	0.12×	0.11×	0.24×	0.23×	0.2×
Interest coverage	1.59×	0.67×	9.96×	27.06×	10.83×	0.56×	1.43×	0.79×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.1%	1.3%	6.5%	21.7%	28.2%	-27.3%	-1.9%	0.8%
Return on invested capital	2.2%	0.7%	10.0%	19.4%	8.8%	0.5%	0.6%	0.3%
Return on assets	1.7%	0.7%	4.4%	15.3%	20.6%	-18.5%	-1.4%	0.6%
Free cash flow yield	-1.7%	-5.3%	3.5%	14.7%	6.1%	-18.0%	-3.4%	-14.5%
Earnings yield	2.7%	1.3%	7.2%	19.1%	29.2%	-88.5%	-4.8%	3.0%
Enterprise value	CA$2.8B	CA$2.3B	CA$1.8B	CA$1.9B	CA$1.6B	CA$567.2M	CA$798.4M	CA$632.9M
Net debt / EBITDA	2.65×	2.4×	1.06×	0.24×	0.22×	-1.03×	3.23×	1.8×
Cash conversion cycle (days)	-32	-114	-106	-82	-155	-69	-104	-67