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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
+92.5%
CA$30.24
vs CA$15.71 price
Levered DCF
CA$47.11
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
3.18
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E13.52×14.66×15.3×18.44×21.04×16.84×17.29×20.22×
P/B2.4×2.18×2.01×2.25×2.68×2.73×2.68×3.06×
P/S1.66×1.62×1.59×2.48×3.08×3.21×3.02×3.46×
EV / EBITDA8.19×8.08×8.79×7.81×9.39×7.86×8.19×10.41×
Gross margin48.9%49.8%50.4%57.8%60.3%61.2%60.6%62.0%
Operating margin19.8%18.7%17.7%17.4%20.5%26.0%23.4%22.8%
Net margin12.3%11.1%10.4%13.5%14.7%19.1%17.4%17.1%
Current ratio2.34×2.37×2.34×3.88×2.79×3.99×4.21×4.59×
Debt / equity0.56×0.6×0.78×0.56×0.02×0.02×0.03×0×
Interest coverage7.31×5.2×4.65×102.68×128.62×329.26×49.08×71.56×
Dividend yield5.9%6.4%6.5%6.2%5.4%4.7%5.3%7.3%
Payout ratio80.1%93.4%100.0%114.1%113.1%78.2%91.9%146.3%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity17.8%15.0%13.2%12.2%12.8%16.3%15.4%15.2%
Return on invested capital11.9%9.9%8.2%7.0%11.6%14.7%13.4%13.5%
Return on assets8.0%6.8%5.7%6.1%9.2%12.0%11.4%11.8%
Free cash flow yield7.5%10.6%7.7%7.6%-2.9%7.3%10.0%5.5%
Earnings yield7.4%6.8%6.5%5.4%4.8%6.0%5.8%5.0%
Enterprise valueCA$554.8MCA$511MCA$502MCA$350.9MCA$442.3MCA$423MCA$385.9MCA$457M
Net debt / EBITDA1.54×1.75×2.38×-1.19×-1.03×-1.67×-1.63×-1.39×
Cash conversion cycle (days)217242245233191221283326