Alaris Equity Partners Income Trust (AD-UN.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

+47.0%

CA$34.17

vs CA$23.24 price

Levered DCF

CA$5.14

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

3.42

Safe zone

Rating

Overall 4 / 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	10.29×	3.72×	5.33×	5.55×	5.73×	26.98×	22.15×	10.17×
P/B	0.83×	0.79×	0.77×	0.81×	1.05×	0.9×	1.33×	0.97×
P/S	4.2×	5.62×	3.06×	3.18×	5.25×	6.6×	6.92×	5.36×
EV / EBITDA	6.4×	3.87×	5.56×	5.66×	6.4×	15.84×	24.39×	9.67×
Gross margin	86.9%	100.0%	74.2%	100.0%	100.0%	100.0%	95.7%	95.4%
Operating margin	106.4%	83.2%	83.9%	73.9%	121.7%	54.8%	84.3%	86.9%
Net margin	40.8%	151.2%	57.4%	57.3%	91.5%	24.5%	31.3%	52.5%
Current ratio	0.47×	4.47×	0.39×	2.9×	2.64×	1.89×	1.87×	4.74×
Debt / equity	0.23×	0.06×	0.42×	0.41×	0.53×	0.52×	0.62×	0.36×
Interest coverage	4.56×	28.05×	6.42×	5.98×	7.68×	2.5×	5.07×	11.36×
Dividend yield	6.6%	7.1%	8.4%	8.2%	6.6%	7.6%	7.5%	9.6%
Payout ratio	68.2%	26.4%	44.6%	45.7%	38.0%	204.6%	166.5%	97.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.1%	21.3%	14.4%	14.5%	18.3%	3.4%	6.0%	9.6%
Return on invested capital	11.5%	10.9%	11.4%	10.6%	13.3%	2.8%	9.9%	9.1%
Return on assets	6.4%	19.5%	9.4%	9.5%	11.3%	2.1%	3.4%	6.8%
Free cash flow yield	-13.3%	6.8%	11.2%	21.0%	-1.9%	13.2%	6.8%	12.6%
Earnings yield	9.7%	26.9%	18.7%	18.0%	17.4%	3.7%	4.5%	9.8%
Enterprise value	CA$1.2B	CA$931.8M	CA$1.1B	CA$1B	CA$1.2B	CA$845.5M	CA$1.2B	CA$825.2M
Net debt / EBITDA	1.38×	0.25×	1.92×	1.7×	2.08×	5.61×	7.55×	2.41×
Cash conversion cycle (days)	248	271	-3	41	106	78	-158	-159