CES Energy Solutions Corp. (CEU.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

+6.6%

CA$21.46

vs CA$20.13 price

Levered DCF

CA$37.94

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

5.56

Safe zone

Rating

B+

Overall 3 / 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	13.19×	12.1×	5.56×	7.46×	10.15×	-1.51×	21.18×	17.5×
P/B	3.36×	2.83×	1.31×	1.16×	1.06×	0.74×	0.91×	1.21×
P/S	1.08×	0.98×	0.4×	0.37×	0.43×	0.38×	0.49×	0.66×
EV / EBITDA	8.01×	7.7×	4.4×	5.45×	6.73×	-3.56×	6.99×	9.33×
Gross margin	23.0%	24.7%	22.2%	20.6%	21.8%	18.6%	21.4%	22.4%
Operating margin	10.8%	11.3%	10.3%	8.7%	6.2%	-0.5%	5.5%	5.8%
Net margin	8.2%	8.1%	7.1%	5.0%	4.2%	-25.1%	2.4%	3.8%
Current ratio	2.86×	3.06×	2.95×	3.49×	3.52×	3.69×	3.29×	3.91×
Debt / equity	0.6×	0.54×	0.7×	0.9×	0.9×	0.7×	0.6×	0.7×
Interest coverage	7.67×	7.33×	4.92×	5.74×	3.5×	-0.18×	2.57×	2.81×
Dividend yield	1.3%	1.2%	2.6%	2.3%	0.8%	1.3%	2.6%	1.4%
Payout ratio	17.0%	14.1%	14.6%	17.2%	8.2%	-1.9%	53.0%	25.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.5%	23.5%	23.5%	15.6%	10.2%	-48.9%	4.4%	6.8%
Return on invested capital	16.4%	17.1%	16.1%	10.7%	7.6%	-0.4%	4.6%	5.7%
Return on assets	12.7%	12.4%	11.2%	6.7%	4.6%	-26.0%	2.5%	3.6%
Free cash flow yield	7.4%	9.2%	26.5%	-7.9%	-19.7%	38.9%	22.0%	-0.9%
Earnings yield	7.6%	8.3%	18.0%	13.5%	9.6%	-66.2%	4.9%	5.7%
Enterprise value	CA$3.2B	CA$2.7B	CA$1.3B	CA$1.3B	CA$955.4M	CA$635.6M	CA$1B	CA$1.3B
Net debt / EBITDA	1.22×	1.23×	1.54×	2.39×	3.08×	-1.67×	2.77×	3.42×
Cash conversion cycle (days)	106	115	114	139	143	116	108	132