Black Diamond Group Limited (BDI.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

-118.1%

-CA$3.97

vs CA$21.91 price

Levered DCF

CA$5.28

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.97

Grey zone

Rating

C+

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	26.65×	22.38×	16.56×	10.73×	12.66×	-62.82×	-16.54×	-9.95×
P/B	2.35×	1.78×	1.72×	1.06×	1.09×	0.71×	0.56×	0.51×
P/S	2.04×	1.42×	1.27×	0.88×	0.75×	0.83×	0.64×	0.68×
EV / EBITDA	10.21×	8.03×	7.12×	6.25×	7.04×	9.68×	7.41×	7.4×
Gross margin	35.9%	45.6%	44.3%	42.6%	32.9%	40.1%	41.4%	40.9%
Operating margin	16.1%	13.6%	25.1%	13.2%	7.2%	1.9%	-2.3%	-5.9%
Net margin	7.6%	6.4%	7.7%	8.1%	6.0%	-1.3%	-3.8%	-6.9%
Current ratio	1.42×	1.3×	1.1×	1.44×	1.15×	1.13×	1.28×	1.23×
Debt / equity	0.96×	0.81×	0.73×	0.93×	0.77×	0.93×	0.59×	0.4×
Interest coverage	5.13×	3.55×	7.18×	5.54×	5.01×	0.77×	-0.66×	-1.77×
Dividend yield	0.9%	1.3%	1.0%	1.4%	0.5%	0.0%	0.0%	0.0%
Payout ratio	25.1%	28.5%	15.8%	14.9%	6.7%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.8%	7.9%	10.5%	9.8%	8.7%	-1.1%	-3.3%	-5.1%
Return on invested capital	5.7%	5.7%	13.3%	5.1%	5.2%	0.6%	-0.6%	-2.0%
Return on assets	3.4%	3.4%	4.7%	4.1%	3.8%	-0.5%	-1.7%	-2.8%
Free cash flow yield	1.7%	0.4%	12.8%	5.8%	13.0%	9.4%	2.6%	19.2%
Earnings yield	3.7%	4.5%	6.1%	9.2%	8.0%	-1.6%	-5.9%	-10.0%
Enterprise value	CA$1.3B	CA$823M	CA$703.7M	CA$526.6M	CA$430.4M	CA$345M	CA$241.1M	CA$200.2M
Net debt / EBITDA	2.83×	2.43×	2.08×	2.86×	2.87×	5.47×	3.75×	3.21×
Cash conversion cycle (days)	67	55	51	71	45	47	37	34