Big Banc Split Corp. (BNK.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

+184.9%

CA$43.05

vs CA$15.11 price

Levered DCF

-CA$7.57

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.9

Grey zone

Rating

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
P/E	1.94×	2.97×	11.19×	-3.01×	2.1×	3.45×
P/B	0.7×	0.69×	0.85×	0.85×	0.9×	0.74×
P/S	1.97×	2.25×	5.79×	-3.83×	1.92×	2.2×
EV / EBITDA	2.91×	2.29×	5.9×	-1.93×	1.91×	2.32×
Gross margin	96.4%	99.9%	100.0%	100.0%	100.0%	100.0%
Operating margin	115.6%	97.5%	92.0%	103.5%	99.3%	71.4%
Net margin	115.6%	97.5%	92.0%	103.6%	99.3%	71.4%
Current ratio	0×	0.62×	3.51×	1×	1.49×	19.88×
Debt / equity	0.59×	0×	0×	0.01×	0×	0×
Interest coverage	0×	991.46×	0×	-1,254.21×	0×	0×
Dividend yield	12.0%	16.9%	30.2%	21.0%	5.6%	3.3%
Payout ratio	20.5%	38.9%	189.9%	-77.6%	10.9%	10.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020
Return on equity	41.1%	30.0%	13.5%	-23.0%	46.5%	24.1%
Return on invested capital	24.1%	16.5%	7.0%	-12.8%	30.0%	13.2%
Return on assets	24.1%	16.3%	6.9%	-12.7%	29.6%	13.1%
Free cash flow yield	-1.6%	-1.2%	42.1%	34.2%	7.7%	-179.7%
Earnings yield	58.7%	43.4%	15.9%	-27.0%	51.8%	32.5%
Enterprise value	CA$27.4M	CA$11.4M	CA$11.6M	CA$15.4M	CA$25.4M	CA$12.3M
Net debt / EBITDA	1.21×	-0.01×	-0.39×	-0.03×	-0.02×	-0.76×
Cash conversion cycle (days)	28	-18,566	20	-18,075	18	7