E-L Financial Corporation Limited (ELF.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

-77.6%

CA$4.40

vs CA$19.67 price

Levered DCF

CA$0.53

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

0.99

Distress 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	4.49×	288.04×	3.88×	-9.7×	2.85×	5.97×	4.46×	114.02×
P/B	0.61×	0.53×	0.51×	0.47×	0.45×	0.44×	0.52×	0.58×
P/S	1.93×	1.33×	1.21×	-2.69×	1.41×	1.13×	1.12×	3×
EV / EBITDA	3.29×	2.21×	2.99×	-6.8×	2.11×	4.1×	3.24×	25.24×
Gross margin	60.7%	63.9%	47.4%	64.3%	69.2%	38.6%	43.0%	29.9%
Operating margin	57.3%	61.8%	42.5%	47.6%	64.4%	27.8%	35.3%	8.4%
Net margin	43.0%	46.9%	31.9%	28.1%	50.2%	19.6%	25.7%	2.6%
Current ratio	1.08×	6.62×	3.6×	8.61×	14.1×	2.87×	2.11×	2.58×
Debt / equity	0.07×	0.07×	0.1×	0.1×	0.08×	0.09×	0.07×	0.09×
Interest coverage	65.1×	81.59×	49.16×	-27.07×	47.16×	34.31×	61.85×	4.33×
Dividend yield	10.6%	6.2%	1.8%	4.5%	10.3%	4.6%	1.1%	1.1%
Payout ratio	47.7%	17.5%	6.7%	-43.6%	29.2%	26.5%	4.8%	127.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.6%	18.5%	13.4%	-4.9%	15.9%	7.7%	11.8%	0.5%
Return on invested capital	4.8%	6.3%	4.3%	-3.0%	6.8%	92.6%	147.0%	8.8%
Return on assets	4.1%	5.6%	3.7%	-1.4%	4.4%	2.0%	3.1%	0.1%
Free cash flow yield	7.0%	10.3%	20.3%	12.0%	10.5%	11.1%	12.4%	12.1%
Earnings yield	22.2%	35.2%	26.4%	-10.4%	35.5%	17.4%	23.0%	0.9%
Enterprise value	CA$5.6B	CA$4.7B	CA$3.9B	CA$3.6B	CA$3.3B	CA$3.1B	CA$3.4B	CA$3.4B
Net debt / EBITDA	0.02×	0.11×	0.22×	-0.76×	-0.02×	0.23×	0.15×	1.17×
Cash conversion cycle (days)	-13	-25	-19	512	-24	-29	-30	-285