Altus Group Limited (AIF.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

-64.9%

CA$18.42

vs CA$52.44 price

Levered DCF

CA$22.27

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.91

Grey zone

Rating

Overall 2 / 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	-157.53×	193.1×	183.22×	-2,702×	114.47×	92.72×	82.52×	-49.31×
P/B	5.43×	4.15×	3.17×	3.99×	5.02×	5.15×	4.16×	2.54×
P/S	4.96×	4.93×	3.75×	3.26×	4.73×	3.52×	2.85×	1.78×
EV / EBITDA	39.38×	31.65×	33.5×	22.03×	31.19×	20.89×	17.43×	15.62×
Gross margin	58.2%	35.3%	33.2%	36.9%	35.8%	36.7%	37.4%	35.2%
Operating margin	5.2%	13.3%	7.9%	15.0%	15.7%	17.2%	16.5%	11.6%
Net margin	-3.2%	2.6%	2.0%	-0.1%	4.1%	3.8%	3.5%	-3.6%
Current ratio	1.03×	1.68×	1.39×	1.33×	1.35×	1.75×	0.87×	1.67×
Debt / equity	0.42×	0.52×	0.59×	0.63×	0.61×	0.49×	0.6×	0.36×
Interest coverage	3.18×	3.53×	1.86×	7.56×	14.92×	14.66×	10.41×	8.81×
Dividend yield	1.0%	1.0%	1.4%	1.0%	0.7%	1.1%	1.3%	2.1%
Payout ratio	-153.6%	184.2%	259.8%	-2787.7%	83.9%	102.0%	105.5%	-101.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-3.5%	2.2%	1.7%	-0.1%	4.4%	5.6%	5.1%	-5.1%
Return on invested capital	-0.5%	0.5%	4.0%	-2.4%	7.3%	11.7%	11.2%	11.1%
Return on assets	-1.3%	1.1%	0.8%	-0.1%	2.1%	2.9%	2.5%	-2.8%
Free cash flow yield	3.1%	2.8%	3.1%	2.2%	1.5%	3.4%	3.1%	4.1%
Earnings yield	-0.6%	0.5%	0.5%	-0.0%	0.9%	1.1%	1.2%	-2.0%
Enterprise value	CA$2.3B	CA$2.8B	CA$2.2B	CA$2.7B	CA$3.3B	CA$2.1B	CA$1.7B	CA$989.9M
Net debt / EBITDA	-3.92×	3.09×	4.73×	2.62×	2.93×	1.16×	1.62×	1.27×
Cash conversion cycle (days)	82	89	167	125	123	120	117	102