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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
-97.5%
CA$2.12
vs CA$84.40 price
Levered DCF
CA$14.84
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
4.99
Safe zone
Rating
B-
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E41.08×25.81×33.64×68.36×-127.16×53.56×21.04×17.62×
P/B8.37×4.79×5.77×4.08×4.99×5.15×5.07×4.44×
P/S2.92×1.66×2.06×1.24×2.44×2.37×2.56×2.46×
EV / EBITDA14.49×8.95×11.13×11.05×18.38×16.57×12.43×10.56×
Gross margin18.3%29.3%27.9%13.9%20.5%16.0%30.7%31.1%
Operating margin8.1%11.6%9.1%6.1%-0.4%6.6%17.1%21.0%
Net margin7.1%6.4%6.1%3.2%-1.9%4.4%12.2%13.9%
Current ratio1.37×1.43×1.44×1.74×1.42×1.6×1.67×2.76×
Debt / equity0.87×0.85×0.86×0.74×0.61×0.45×0.55×0.28×
Interest coverage4.06×5.76×3.6×5.8×-0.38×5.69×16.15×28.5×
Dividend yield0.7%1.4%1.3%1.5%1.5%1.2%1.2%1.2%
Payout ratio30.4%35.8%42.7%59.1%-195.4%65.4%25.2%20.6%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity20.4%18.5%17.1%10.6%-3.9%9.6%24.1%25.2%
Return on invested capital7.8%10.7%8.5%7.9%-0.3%6.4%15.2%18.3%
Return on assets7.6%6.9%6.4%4.3%-1.8%5.0%11.9%15.1%
Free cash flow yield1.3%2.8%0.8%-0.5%0.6%4.3%-0.5%2.5%
Earnings yield2.4%3.9%3.0%2.6%-0.8%1.9%4.7%5.7%
Enterprise valueCA$2.7BCA$1.4BCA$1.6BCA$1.1BCA$1.2BCA$1.4BCA$1.4BCA$1.2B
Net debt / EBITDA1.35×1.28×1.39×1.66×1.96×1.18×1.16×0.34×
Cash conversion cycle (days)6873767196749175