EQB Inc. (EQB.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

+137.2%

CA$289.17

vs CA$121.91 price

Levered DCF

CA$87.40

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

0.16

Distress zone

Rating

C-

Overall 1 / 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	13.35×	10.48×	5.87×	7.44×	8.12×	7.75×	8.83×	5.94×
P/B	1.07×	1.31×	0.91×	0.78×	1.2×	1.03×	1.24×	0.76×
P/S	1.1×	1.22×	0.85×	1.18×	2×	1.44×	1.58×	1.1×
EV / EBITDA	36.02×	37.06×	452.84×	16.21×	35.79×	43.24×	41.92×	13.68×
Gross margin	39.3%	34.3%	100.0%	44.8%	55.7%	43.6%	41.6%	42.1%
Operating margin	11.9%	16.6%	28.5%	22.2%	33.4%	25.4%	24.2%	25.3%
Net margin	8.5%	12.0%	14.6%	16.2%	25.1%	18.9%	17.9%	18.7%
Current ratio	0.1×	0.1×	0.16×	2.49×	6.31×	20.26×	13.24×	1.77×
Debt / equity	4.09×	6.16×	6.1×	7.71×	6.95×	7.79×	7.56×	7.58×
Interest coverage	0.21×	0.27×	1.62×	0.42×	0.74×	0.48×	0.43×	0.44×
Dividend yield	2.4%	1.8%	1.9%	2.4%	1.3%	1.7%	1.7%	2.3%
Payout ratio	30.9%	18.7%	10.9%	17.8%	10.1%	13.1%	15.0%	13.3%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.3%	12.8%	15.7%	10.7%	15.0%	13.6%	14.1%	12.9%
Return on invested capital	1.0%	1.8%	1.2%	4.3%	8.6%	3.2%	3.1%	17.7%
Return on assets	0.5%	0.8%	0.8%	0.5%	0.8%	0.7%	0.7%	0.7%
Free cash flow yield	16.2%	-8.5%	21.6%	-2.4%	28.0%	17.5%	15.8%	-5.2%
Earnings yield	7.7%	9.8%	17.2%	13.7%	12.5%	13.2%	11.3%	17.0%
Enterprise value	CA$15.8B	CA$22.8B	CA$21.3B	CA$21B	CA$15.1B	CA$14B	CA$12.4B	CA$10.2B
Net debt / EBITDA	28.22×	30.41×	397.61×	14.69×	30.26×	37.99×	35.77×	12.37×
Cash conversion cycle (days)	59	75	-59	-384	-1,143	-715	-515	-50