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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
-41.0%
CA$193.04
vs CA$327.01 price
Levered DCF
CA$233.87
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.98
Distress zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E18.71×19.69×8.36×-23.23×-10.47×-1.86×-2.02×14.58×
P/B-18.91×-3.36×-1.59×-1.31×-1.05×-0.1×-0.47×-0.67×
P/S1.76×0.77×0.47×0.53×0.53×0.14×0.47×0.23×
EV / EBITDA11.34×9.55×6.23×12.93×13.13×40.25×15.26×8.68×
Gross margin20.0%20.6%20.3%18.2%15.2%8.0%13.9%14.0%
Operating margin11.6%10.5%9.8%6.8%3.1%-4.3%3.6%5.2%
Net margin9.7%4.3%5.5%-2.1%82.8%-13.4%-24.0%1.4%
Current ratio1.11×1.1×1×1.03×1.15×0.99×0.88×1×
Debt / equity-5.8×-3×-2.52×-2.33×-2.37×-1.11×-1.28×-1.64×
Interest coverage2.48×2.02×1.61×0.92×0.31×-0.33×0.35×1.7×
Dividend yield0.1%0.3%0.6%0.5%0.6%2.2%0.6%0.5%
Payout ratio2.3%5.7%5.0%-13.1%0.4%-2.3%-1.1%8.2%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity-104.4%-18.6%-18.6%5.3%-164.7%9.3%24.1%-4.2%
Return on invested capital14.2%12.7%12.1%3.5%1.6%-3.4%2.9%5.4%
Return on assets6.8%2.9%3.6%-1.2%39.9%-3.8%-7.4%0.9%
Free cash flow yield6.5%3.3%6.9%19.1%-16.2%-368.9%-34.7%-14.5%
Earnings yield5.5%5.5%11.7%-4.1%157.6%-95.7%-50.8%6.2%
Enterprise valueCA$19.8BCA$11BCA$8.2BCA$8.8BCA$8.8BCA$9.4BCA$10.6BCA$9.7B
Net debt / EBITDA1.71×3.74×3.36×7.59×8.35×36.37×10.16×5.34×
Cash conversion cycle (days)152159140166185173279118