Emera Incorporated (EMA-PC.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

-294.7%

-CA$136.18

vs CA$69.93 price

Levered DCF

-CA$264.77

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

0.7

Distress zone

Rating

B-

Overall 3 / 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	19.95×	31.42×	14.2×	14.54×	31.93×	14.27×	20.21×	13.66×
P/B	1.51×	1.17×	1.15×	1.2×	1.61×	1.46×	1.56×	1.22×
P/S	2.44×	2.16×	1.83×	1.81×	2.82×	2.43×	2.19×	1.56×
EV / EBITDA	11.85×	14.03×	11.47×	12.09×	17.41×	13.72×	12.61×	11.53×
Gross margin	24.6%	40.3%	43.4%	39.9%	37.6%	43.2%	42.9%	40.7%
Operating margin	18.7%	15.0%	23.7%	21.5%	16.1%	20.8%	22.0%	21.4%
Net margin	13.1%	7.9%	13.8%	13.3%	9.7%	17.9%	11.6%	11.4%
Current ratio	0.66×	0.72×	0.82×	0.67×	0.64×	0.45×	0.6×	0.62×
Debt / equity	1.62×	1.49×	1.64×	1.67×	1.62×	1.67×	1.83×	2×
Interest coverage	1.5×	1.11×	1.94×	2.3×	1.52×	1.69×	1.82×	1.96×
Dividend yield	3.2%	3.9%	4.0%	3.9%	3.0%	3.4%	3.2%	3.8%
Payout ratio	59.8%	107.8%	53.1%	53.1%	88.0%	46.2%	59.7%	51.2%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.1%	4.3%	8.6%	8.8%	5.5%	10.7%	8.3%	9.0%
Return on invested capital	3.5%	2.7%	4.3%	3.8%	2.9%	2.9%	4.2%	4.3%
Return on assets	2.4%	1.3%	2.6%	2.5%	1.6%	3.1%	2.2%	2.3%
Free cash flow yield	-8.5%	-3.3%	-5.0%	-12.2%	-7.2%	-7.4%	-7.2%	-4.6%
Earnings yield	5.4%	3.7%	7.5%	7.3%	3.4%	7.3%	5.3%	7.3%
Enterprise value	CA$41.5B	CA$35.1B	CA$33.1B	CA$32.5B	CA$32.3B	CA$28.5B	CA$28.9B	CA$26.5B
Net debt / EBITDA	6.07×	7.83×	6.67×	6.98×	8.64×	7.27×	6.77×	7.1×
Cash conversion cycle (days)	20	-43	-1	-20	-28	-25	-17	-25