Cogeco Communications Inc. (CCA.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

-40.4%

CA$31.34

vs CA$52.58 price

Levered DCF

CA$51.15

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.09

Distress zone

Rating

Overall 2 / 5

Ratios by fiscal year

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

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
P/E	-2.28×	8.39×	8.2×	7.6×	8.78×	13.7×	12.63×	12.44×
P/B	1.33×	0.86×	0.92×	1.01×	1.35×	2.28×	2.09×	2.35×
P/S	0.9×	0.93×	0.93×	1×	1.28×	2.19×	1.99×	2.21×
EV / EBITDA	9.28×	5.08×	5.51×	5.52×	5.92×	6.85×	6.43×	7.3×
Gross margin	31.2%	29.8%	83.7%	44.0%	42.5%	44.5%	64.9%	63.2%
Operating margin	26.2%	25.0%	9.6%	26.8%	26.6%	27.7%	27.4%	26.8%
Net margin	-39.6%	11.1%	11.3%	13.1%	14.6%	16.0%	15.7%	17.8%
Current ratio	0.59×	0.47×	0.28×	1.09×	0.53×	0.89×	1.29×	1.75×
Debt / equity	2.3×	1.44×	1.62×	1.71×	1.7×	1.36×	1.38×	1.55×
Interest coverage	2.69×	2.68×	1.04×	3.1×	4.16×	5.47×	4.14×	3.55×
Dividend yield	6.6%	5.7%	5.3%	4.6%	3.5%	2.2%	2.4%	2.0%
Payout ratio	-15.0%	48.0%	43.3%	35.2%	30.7%	30.1%	29.9%	25.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-58.3%	10.2%	11.3%	13.3%	15.4%	16.6%	16.5%	18.9%
Return on invested capital	8.8%	6.3%	2.6%	7.0%	7.4%	7.8%	7.9%	7.7%
Return on assets	-14.7%	3.3%	3.5%	4.0%	4.6%	5.5%	5.5%	6.0%
Free cash flow yield	18.2%	20.0%	18.7%	3.4%	7.0%	7.8%	9.1%	8.4%
Earnings yield	-43.9%	11.9%	12.2%	13.2%	11.4%	7.3%	7.9%	8.0%
Enterprise value	CA$6.8B	CA$7.2B	CA$7.5B	CA$7.7B	CA$8B	CA$8.2B	CA$7.5B	CA$8B
Net debt / EBITDA	5.84×	3.16×	3.49×	3.37×	3.18×	2.27×	2.36×	2.6×
Cash conversion cycle (days)	-51	-51	-256	-52	-69	-59	-79	-96