Acadian Timber Corp. (ADN.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

+26.0%

CA$21.48

vs CA$17.05 price

Levered DCF

CA$5.38

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.35

Distress zone

Rating

A-

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	5.89×	14.05×	9.97×	7.09×	17.12×	12.2×	16×	9.64×
P/B	0.8×	0.9×	0.92×	0.83×	1.1×	0.92×	0.97×	0.87×
P/S	3.32×	2.63×	3.14×	2.78×	3.34×	2.95×	2.78×	2.53×
EV / EBITDA	5.37×	11.72×	9.12×	6.72×	13.93×	10.03×	14.14×	7.62×
Gross margin	30.5%	32.9%	31.3%	30.5%	32.2%	33.1%	32.8%	31.7%
Operating margin	15.3%	20.4%	20.9%	19.7%	22.7%	36.1%	38.1%	21.1%
Net margin	56.3%	18.7%	31.5%	39.2%	19.5%	24.3%	17.3%	26.3%
Current ratio	0.87×	0.42×	1.96×	1.01×	1.27×	1.44×	0.2×	2.42×
Debt / equity	0.31×	0.34×	0.33×	0.36×	0.35×	0.35×	0.35×	0.33×
Interest coverage	3.31×	7.58×	6.21×	5.77×	7.31×	7.59×	9.23×	5.39×
Dividend yield	3.6%	3.8%	5.1%	6.4%	6.0%	7.2%	6.9%	7.4%
Payout ratio	21.2%	52.8%	50.5%	45.1%	103.6%	87.7%	111.0%	71.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.6%	6.4%	9.2%	11.7%	6.4%	7.5%	6.0%	9.0%
Return on invested capital	1.6%	2.8%	2.6%	2.4%	3.1%	4.6%	6.2%	3.0%
Return on assets	7.7%	3.6%	5.2%	6.5%	3.6%	4.3%	3.5%	5.3%
Free cash flow yield	1.3%	7.7%	3.3%	5.9%	5.0%	7.5%	-1.5%	6.3%
Earnings yield	17.0%	7.1%	10.0%	14.1%	5.8%	8.2%	6.2%	10.4%
Enterprise value	CA$394.6M	CA$405.7M	CA$397.4M	CA$353.1M	CA$413.6M	CA$359.6M	CA$370.9M	CA$327.4M
Net debt / EBITDA	1.44×	2.88×	2.38×	1.94×	3.15×	2.54×	3.55×	1.73×
Cash conversion cycle (days)	-17	-14	77	-21	-9	-13	1	-28