Computer Modelling Group Ltd. (CMG.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

+1189.3%

CA$50.03

vs CA$3.88 price

Levered DCF

CA$65.78

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

2.54

Grey zone

Rating

A-

Overall 4 / 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	20.38×	29.85×	31.69×	29.04×	23.3×	23×	13.21×	21.79×
P/B	4.5×	7.74×	12.11×	11.14×	9.21×	10.63×	8.01×	10.36×
P/S	2.8×	5.14×	7.56×	7.91×	6.5×	6.85×	4.06×	6.54×
EV / EBITDA	10.13×	15.26×	18.72×	18.82×	13.58×	13.02×	8.56×	13.25×
Gross margin	74.3%	80.7%	84.2%	76.8%	75.4%	76.7%	76.1%	75.0%
Operating margin	21.0%	26.4%	31.3%	35.0%	39.4%	45.4%	41.9%	39.5%
Net margin	13.8%	17.3%	24.2%	26.8%	27.8%	30.0%	31.0%	29.6%
Current ratio	1×	1.32×	1.65×	1.98×	2.03×	1.92×	1.65×	1.84×
Debt / equity	0.55×	0.45×	0.55×	0.72×	0.85×	0.94×	1.1×	0×
Interest coverage	12.66×	16.42×	17.81×	13.39×	13.01×	14.74×	14.92×	0×
Dividend yield	1.9%	2.5%	2.0%	2.8%	3.7%	3.5%	10.4%	6.6%
Payout ratio	37.7%	73.0%	61.7%	81.3%	87.3%	79.5%	136.7%	145.0%

Key metrics by fiscal year

Metric	FY2026	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019
Return on equity	22.2%	26.1%	38.7%	37.7%	39.4%	46.5%	61.2%	46.8%
Return on invested capital	14.4%	16.7%	22.9%	20.8%	22.7%	26.8%	28.5%	42.8%
Return on assets	8.8%	11.0%	15.2%	14.4%	14.7%	16.5%	19.4%	24.5%
Free cash flow yield	8.1%	4.3%	4.3%	4.1%	6.5%	5.6%	6.4%	4.6%
Earnings yield	4.9%	3.4%	3.2%	3.4%	4.3%	4.4%	7.6%	4.5%
Enterprise value	CA$371.9M	CA$660M	CA$795M	CA$555.3M	CA$410.4M	CA$453.5M	CA$309.2M	CA$435.1M
Net debt / EBITDA	0.52×	-0.12×	-0.62×	-0.98×	-0.66×	-0.23×	0.05×	-1.65×
Cash conversion cycle (days)	65	90	80	105	90	122	118	87