Dundee Corporation (DC-A.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

-48.5%

CA$1.82

vs CA$3.53 price

Levered DCF

CA$1.17

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

31.64

Safe zone

Rating

S-

Overall 5 / 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	1.06×	2.23×	-2.14×	4.3×	-1.29×	-1.64×	-5.41×	-0.38×
P/B	0.56×	0.45×	0.28×	0.35×	0.38×	0.31×	0.18×	0.14×
P/S	49.87×	27.58×	11.86×	14.44×	6.82×	4.42×	3.56×	0.5×
EV / EBITDA	0.56×	1.74×	-2.14×	2.68×	-0.48×	-2.13×	6.09×	-0.46×
Gross margin	60.6%	72.8%	71.2%	64.5%	46.3%	43.1%	26.4%	16.4%
Operating margin	1740.6%	-293.6%	-545.5%	-163.1%	-85.6%	-76.5%	-155.7%	-119.8%
Net margin	4685.7%	1275.9%	-571.5%	335.0%	-526.1%	-271.7%	-66.3%	-130.9%
Current ratio	24.74×	18.85×	18.54×	5.7×	7.39×	8.06×	2.73×	2.83×
Debt / equity	0×	0.04×	0.07×	0.02×	0.03×	0.11×	0.11×	0.1×
Interest coverage	146.99×	-6.1×	-45.57×	-13.74×	-7.62×	-5.29×	-5.94×	-19.38×
Dividend yield	0.0%	1.9%	6.4%	3.4%	2.9%	4.1%	7.0%	9.4%
Payout ratio	0.0%	4.0%	-13.3%	14.8%	-3.8%	-6.7%	-37.8%	-3.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	52.9%	20.8%	-13.4%	8.2%	-28.9%	-19.3%	-3.4%	-37.0%
Return on invested capital	18.5%	-4.5%	-9.2%	-3.3%	-4.6%	-4.8%	-7.1%	-25.7%
Return on assets	51.1%	19.9%	-12.5%	7.7%	-27.1%	-16.3%	-2.9%	-26.4%
Free cash flow yield	-3.2%	-11.3%	-18.7%	-17.2%	-9.2%	-17.2%	-36.3%	-21.9%
Earnings yield	94.0%	46.3%	-48.2%	23.2%	-77.2%	-61.5%	-18.6%	-263.6%
Enterprise value	CA$187.4M	CA$108.4M	CA$75.1M	CA$86.4M	CA$41.1M	CA$73.1M	CA$137.4M	CA$77.6M
Net debt / EBITDA	-0.46×	-0.31×	0.15×	-1.19×	0.99×	2.04×	1.46×	-0×
Cash conversion cycle (days)	59	-1,562	-1,050	-3,176	-367	-106	283	36