Chemtrade Logistics Income Fund (CHE-UN.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

+201.8%

CA$44.13

vs CA$14.62 price

Levered DCF

CA$39.33

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.2

Distress zone

Rating

A-

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	12.09×	10.22×	4.12×	8.88×	-3.2×	-3.22×	-10.21×	-7.38×
P/B	2.17×	1.58×	1.4×	1.72×	1.98×	0.89×	1.34×	0.95×
P/S	0.84×	0.72×	0.54×	0.54×	0.55×	0.39×	0.67×	0.61×
EV / EBITDA	5.57×	5.2×	3.26×	4.33×	20.78×	16×	11.49×	21.95×
Gross margin	23.0%	24.1%	22.8%	19.5%	-0.3%	2.4%	6.3%	5.4%
Operating margin	14.7%	13.6%	17.1%	12.1%	-10.4%	-9.5%	-0.7%	-6.6%
Net margin	7.0%	7.1%	13.5%	6.0%	-17.2%	-12.1%	-6.5%	-8.2%
Current ratio	0.9×	0.42×	0.8×	0.92×	0.53×	1.43×	1.35×	0.82×
Debt / equity	1.55×	1.1×	1.22×	1.84×	3.14×	2.29×	2.02×	1.25×
Interest coverage	4.29×	4.6×	6.06×	3.7×	-1.94×	-1.63×	-0.14×	-1.67×
Dividend yield	4.7%	5.9%	5.9%	5.6%	6.9%	12.3%	10.9%	11.5%
Payout ratio	56.6%	60.4%	23.3%	50.2%	-22.1%	-39.8%	-111.5%	-84.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	18.0%	15.5%	35.3%	19.3%	-61.9%	-27.6%	-13.1%	-12.9%
Return on invested capital	12.2%	9.5%	15.4%	7.8%	-7.9%	-4.5%	-0.4%	-3.1%
Return on assets	5.5%	5.6%	11.8%	5.1%	-11.5%	-6.7%	-3.6%	-4.6%
Free cash flow yield	10.6%	12.5%	23.7%	26.1%	17.7%	34.2%	4.2%	15.7%
Earnings yield	8.3%	9.8%	25.2%	11.2%	-31.2%	-31.0%	-9.8%	-13.6%
Enterprise value	CA$2.9B	CA$2.2B	CA$1.8B	CA$1.9B	CA$1.9B	CA$1.9B	CA$2.5B	CA$2.2B
Net debt / EBITDA	2.29×	2.09×	1.5×	2.16×	12.68×	11.48×	6.88×	12.39×
Cash conversion cycle (days)	-10	24	22	-16	20	22	34	39