Canaccord Genuity Group Inc. (CF.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

+184.0%

CA$39.62

vs CA$13.95 price

Levered DCF

CA$29.39

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.23

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	-8.21×	-28.03×	-33×	-10.63×	4.94×	4.37×	5.55×	11.09×
P/B	1.52×	0.84×	0.82×	0.91×	0.99×	1×	0.46×	0.67×
P/S	0.53×	0.45×	0.55×	0.63×	0.57×	0.55×	0.35×	0.5×
EV / EBITDA	-0.17×	1.46×	2.6×	4.34×	-0.73×	-0.94×	-1.25×	-0.14×
Gross margin	88.4%	35.8%	36.2%	31.6%	34.0%	32.8%	32.8%	32.8%
Operating margin	10.5%	11.6%	11.9%	8.4%	20.8%	20.4%	11.1%	12.0%
Net margin	-5.9%	-1.0%	-0.9%	-6.0%	12.0%	13.1%	7.1%	5.9%
Current ratio	1.14×	1.19×	1.21×	1.17×	1.14×	1.09×	1.12×	1.18×
Debt / equity	1.05×	0.8×	0.61×	0.41×	0.24×	0.32×	0.36×	0.24×
Interest coverage	1.85×	1.56×	1.9×	2.34×	18.04×	14.44×	4.03×	5.62×
Dividend yield	6.1%	8.8%	8.2%	6.5%	3.4%	3.0%	9.8%	4.4%
Payout ratio	-54.7%	-403.3%	-511.7%	-69.1%	16.4%	12.6%	48.4%	36.8%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	-17.0%	-1.8%	-1.3%	-8.5%	20.9%	23.8%	9.3%	8.0%
Return on invested capital	10.2%	4.1%	4.3%	6.4%	16.9%	19.9%	8.8%	9.0%
Return on assets	-1.7%	-0.3%	-0.2%	-1.4%	3.4%	3.5%	1.5%	1.5%
Free cash flow yield	73.6%	49.4%	-4.7%	-64.0%	21.2%	97.9%	85.0%	6.4%
Earnings yield	-11.2%	-2.2%	-1.6%	-9.4%	21.0%	23.7%	20.3%	11.9%
Enterprise value	-CA$34.3M	CA$380.4M	CA$566.8M	CA$382.3M	-CA$331.5M	-CA$422.9M	-CA$236.4M	-CA$20.1M
Net debt / EBITDA	-6.11×	-1.62×	-1.15×	-6.52×	-3.32×	-3.41×	-3.5×	-4.29×
Cash conversion cycle (days)	-2,894	83	187	124	-194	-59	107	31