Cardinal Energy Ltd. (CJ.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

+12.4%

CA$13.80

vs CA$12.28 price

Levered DCF

CA$9.45

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.28

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	66.85×	9.53×	9.52×	3.87×	2.16×	-0.26×	-8.67×	4.19×
P/B	1.67×	1.12×	1.08×	1.27×	0.85×	0.25×	0.41×	0.32×
P/S	3.17×	1.69×	2.06×	1.58×	1.37×	0.41×	0.77×	0.66×
EV / EBITDA	7.92×	4.28×	4.1×	2.95×	2.04×	-1.93×	5.85×	2.62×
Gross margin	27.5%	64.2%	55.1%	66.0%	63.9%	55.7%	59.0%	60.2%
Operating margin	20.2%	25.4%	28.7%	34.8%	24.2%	-5.9%	12.9%	11.5%
Net margin	4.7%	17.7%	21.5%	40.8%	63.4%	-160.4%	-8.8%	15.8%
Current ratio	0.54×	0.52×	0.54×	0.63×	0.65×	0.57×	0.34×	1.06×
Debt / equity	0.29×	0.1×	0.05×	0.04×	0.22×	0.64×	0.3×	0.33×
Interest coverage	8.41×	21.67×	21.02×	43.67×	7.66×	-1.05×	3.89×	0×
Dividend yield	8.3%	11.3%	11.7%	4.3%	0.0%	3.8%	6.0%	18.3%
Payout ratio	557.2%	107.0%	111.8%	16.8%	0.0%	-1.0%	-52.2%	77.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	2.5%	11.8%	11.3%	32.7%	39.5%	-97.4%	-4.7%	7.6%
Return on invested capital	5.3%	10.1%	9.7%	24.7%	11.0%	-1.9%	4.7%	2.7%
Return on assets	1.5%	8.4%	8.7%	26.2%	26.4%	-48.5%	-3.0%	5.0%
Free cash flow yield	9.2%	14.0%	12.7%	18.5%	11.2%	12.9%	18.0%	6.4%
Earnings yield	1.5%	10.5%	10.5%	25.8%	46.4%	-390.5%	-11.5%	23.8%
Enterprise value	CA$1.6B	CA$1.1B	CA$1B	CA$1.2B	CA$770.9M	CA$332.1M	CA$522.7M	CA$514.1M
Net debt / EBITDA	1.18×	0.34×	0.2×	0.09×	0.42×	-1.39×	2.49×	1.32×
Cash conversion cycle (days)	-60	-146	-112	-103	-134	-118	-128	-53