Cascades Inc. (CAS.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

+366.7%

CA$83.35

vs CA$17.86 price

Levered DCF

CA$43.95

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.95

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	FY2019	FY2018
P/E	18.06×	-38.42×	-16.46×	-60.43×	-30.37×	7.06×	10.88×	17.05×
P/B	0.73×	0.7×	0.72×	0.46×	0.76×	0.8×	0.71×	0.64×
P/S	0.26×	0.26×	0.27×	0.19×	0.36×	0.27×	0.21×	0.21×
EV / EBITDA	5.68×	8.42×	9.51×	10.32×	9.87×	5.51×	6.02×	5.95×
Gross margin	11.8%	39.4%	35.8%	36.5%	12.4%	16.2%	15.3%	14.0%
Operating margin	5.6%	2.0%	0.9%	3.2%	3.8%	7.1%	5.2%	4.9%
Net margin	1.5%	-0.7%	-1.6%	-0.3%	-1.2%	3.8%	1.9%	1.2%
Current ratio	1.43×	1.09×	1.33×	1.38×	1.46×	1.59×	1.34×	1.43×
Debt / equity	1.13×	1.23×	1.11×	1.11×	0.81×	1.18×	1.42×	1.25×
Interest coverage	1.98×	0.69×	0.32×	1.83×	1.78×	3.85×	2.53×	2.32×
Dividend yield	3.9%	4.0%	3.8%	5.6%	2.9%	2.2%	2.2%	1.6%
Payout ratio	70.0%	-154.8%	-63.2%	-342.9%	-87.2%	15.7%	23.7%	26.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.1%	-1.8%	-4.4%	-0.7%	-2.5%	11.3%	6.5%	3.8%
Return on invested capital	5.5%	1.1%	0.8%	1.3%	4.0%	6.8%	5.1%	3.7%
Return on assets	1.5%	-0.6%	-1.6%	-0.3%	-1.0%	3.7%	1.9%	1.2%
Free cash flow yield	18.0%	7.3%	12.6%	-42.5%	-6.3%	23.2%	18.4%	2.1%
Earnings yield	5.6%	-2.6%	-6.0%	-1.6%	-3.3%	14.2%	9.2%	5.9%
Enterprise value	CA$3.2B	CA$3.3B	CA$3.1B	CA$2.8B	CA$2.8B	CA$3.1B	CA$3B	CA$2.7B
Net debt / EBITDA	3.41×	5.35×	5.7×	7.2×	4.81×	3.01×	3.92×	3.85×
Cash conversion cycle (days)	30	55	44	53	46	46	48	55