Element Fleet Management Corp. (EFN.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

+477.3%

CA$127.71

vs CA$22.12 price

Levered DCF

-CA$18.66

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

1.7

Distress zone

Rating

C+

Overall 2 / 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	50.77×	30.27×	25.36×	19.22×	21.47×	30.41×	120.67×	-13.55×
P/B	5.33×	4.16×	2.16×	1.99×	1.58×	1.55×	1.26×	0.69×
P/S	6.41×	5.24×	4.41×	5.01×	3.44×	3.39×	2.45×	1.52×
EV / EBITDA	13.14×	11.79×	10.09×	13.25×	12.77×	14.85×	17×	34.1×
Gross margin	33.0%	98.2%	98.0%	97.5%	29.5%	38.7%	40.7%	79.1%
Operating margin	42.5%	76.8%	76.4%	48.9%	36.2%	41.2%	32.7%	15.3%
Net margin	12.6%	17.6%	18.1%	28.0%	22.5%	16.6%	5.0%	-8.9%
Current ratio	4.05×	4.89×	4.12×	3.41×	2.83×	2.79×	2.09×	2.81×
Debt / equity	3.64×	3.09×	2.1×	1.85×	2.41×	2.67×	3.34×	3.62×
Interest coverage	1.8×	0×	0×	2.58×	2.92×	2.08×	1.26×	0.58×
Dividend yield	1.0%	1.8%	2.1%	1.5%	2.1%	1.4%	1.8%	4.3%
Payout ratio	52.6%	54.6%	51.3%	27.3%	31.6%	27.8%	87.3%	-73.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.5%	14.0%	8.8%	11.1%	10.3%	7.6%	2.6%	-4.0%
Return on invested capital	3.7%	11.1%	7.7%	4.5%	4.4%	4.1%	5.2%	0.9%
Return on assets	2.0%	3.0%	2.1%	2.9%	2.7%	1.9%	0.6%	-0.8%
Free cash flow yield	-1.5%	-2.3%	-16.5%	1.6%	34.9%	35.9%	15.7%	-8.6%
Earnings yield	2.0%	3.4%	4.1%	5.6%	6.5%	4.9%	2.0%	-5.8%
Enterprise value	CA$23.8B	CA$20B	CA$16.6B	CA$14.1B	CA$13.7B	CA$16B	CA$17.5B	CA$16.9B
Net debt / EBITDA	5.17×	4.98×	4.96×	6.36×	7.7×	9.39×	12.33×	28.64×
Cash conversion cycle (days)	1,007	-8,945	-8,875	-8,896	730	903	1,012	1,363