ADF Group Inc. (DRX.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

-2.8%

CA$16.02

vs CA$16.49 price

Levered DCF

CA$14.38

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.9

Safe 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	9.51×	4.35×	6.96×	4.61×	6.03×	7.48×	-19.6×	-99.13×
P/B	1.37×	1.46×	1.61×	0.55×	0.53×	0.51×	0.44×	0.38×
P/S	0.97×	0.73×	0.79×	0.28×	0.2×	0.3×	0.23×	0.28×
EV / EBITDA	5.29×	2.72×	4.26×	4.7×	4.88×	3.82×	16.71×	16.87×
Gross margin	23.1%	31.6%	21.6%	14.2%	8.8%	15.2%	9.2%	7.1%
Operating margin	14.1%	25.1%	15.1%	8.3%	4.5%	6.6%	0.3%	-1.9%
Net margin	10.2%	16.7%	11.4%	6.0%	3.4%	4.0%	-1.2%	-0.3%
Current ratio	2.21×	2.36×	2.04×	1.74×	1.74×	1.62×	1.58×	1.85×
Debt / equity	0.23×	0.27×	0.3×	0.41×	0.34×	0.26×	0.43×	0.35×
Interest coverage	44.23×	25.66×	19.49×	10.52×	12.01×	7.52×	0.26×	-1.47×
Dividend yield	0.5%	0.4%	0.3%	0.9%	1.1%	1.3%	1.6%	1.8%
Payout ratio	4.4%	1.6%	1.7%	4.4%	6.8%	9.5%	-30.6%	-174.6%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	14.3%	33.5%	23.2%	11.9%	8.8%	6.9%	-2.3%	-0.4%
Return on invested capital	10.9%	26.5%	17.9%	9.9%	7.2%	6.6%	0.4%	-0.3%
Return on assets	8.0%	18.4%	11.4%	5.5%	4.8%	3.6%	-1.2%	-0.2%
Free cash flow yield	16.0%	18.9%	27.3%	-21.3%	-34.0%	52.7%	-6.1%	21.3%
Earnings yield	10.5%	23.0%	14.4%	21.6%	16.7%	13.4%	-5.1%	-1.0%
Enterprise value	CA$230.2M	CA$232.8M	CA$237.6M	CA$113.5M	CA$86.7M	CA$59M	CA$78M	CA$66.9M
Net debt / EBITDA	-0.49×	-0.17×	-0.42×	1.83×	1.66×	0.5×	7.75×	7.48×
Cash conversion cycle (days)	133	109	124	181	86	137	118	148