Exchange Income Corporation (EIF.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

-146.5%

-CA$53.15

vs CA$114.34 price

Levered DCF

-CA$91.47

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.03

Grey 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	25.61×	23.08×	15.22×	19.35×	22.9×	45.8×	17.32×	13.85×
P/B	2.44×	1.99×	1.68×	2.44×	1.96×	1.87×	2.33×	1.59×
P/S	1.31×	1.05×	0.84×	1.21×	1.11×	1.12×	1.27×	0.82×
EV / EBITDA	8.82×	8.21×	7.29×	9.18×	8.37×	8.75×	8.45×	6.89×
Gross margin	24.8%	24.7%	23.8%	23.9%	23.7%	23.8%	27.1%	26.8%
Operating margin	11.3%	11.9%	11.6%	11.5%	10.2%	8.9%	12.6%	12.0%
Net margin	5.1%	4.6%	4.9%	5.3%	4.9%	2.4%	6.2%	5.9%
Current ratio	1.71×	1.97×	1.87×	1.8×	1.47×	2.1×	2.1×	2.26×
Debt / equity	1.38×	1.65×	1.61×	1.75×	1.61×	1.76×	1.57×	1.59×
Interest coverage	2.81×	2.3×	2.42×	3.02×	2.75×	2×	2.89×	2.79×
Dividend yield	3.3%	4.5%	5.5%	3.9%	5.4%	6.2%	4.3%	7.0%
Payout ratio	83.5%	103.8%	93.7%	88.9%	124.5%	285.2%	87.0%	96.7%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	9.5%	8.6%	9.8%	10.8%	8.6%	4.1%	11.5%	11.5%
Return on invested capital	6.0%	5.7%	6.2%	5.7%	4.7%	3.3%	6.7%	6.7%
Return on assets	3.2%	2.6%	3.0%	3.1%	2.6%	1.2%	3.7%	3.6%
Free cash flow yield	-1.9%	-4.8%	-7.3%	-1.3%	0.4%	8.9%	-2.2%	-2.7%
Earnings yield	3.9%	4.3%	5.8%	4.4%	4.4%	2.2%	4.9%	7.2%
Enterprise value	CA$6.6B	CA$5.1B	CA$4B	CA$4.1B	CA$2.8B	CA$2.4B	CA$2.8B	CA$1.9B
Net debt / EBITDA	3.07×	3.67×	3.47×	3.64×	3.65×	4.11×	3.36×	3.37×
Cash conversion cycle (days)	63	97	75	56	81	99	90	77