Extendicare Inc. (EXE.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

-97.3%

CA$0.71

vs CA$26.75 price

Levered DCF

CA$1.81

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

2.66

Grey zone

Rating

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	18.89×	10.96×	18.2×	7.72×	56.15×	11.07×	26.37×	17.64×
P/B	4.88×	7.2×	7.04×	5.8×	6.45×	4.65×	6.52×	4.46×
P/S	1.1×	0.61×	0.47×	0.48×	0.56×	0.54×	0.66×	0.5×
EV / EBITDA	10.35×	6.86×	8.9×	16.23×	14.52×	7.8×	13.45×	13.59×
Gross margin	12.0%	11.5%	12.8%	6.3%	9.9%	18.2%	8.3%	8.8%
Operating margin	8.3%	7.6%	4.8%	1.7%	4.3%	8.5%	4.7%	3.5%
Net margin	5.8%	5.1%	2.6%	5.7%	1.0%	4.9%	2.5%	2.8%
Current ratio	1.37×	0.83×	0.83×	0.94×	0.8×	1.06×	0.67×	0.69×
Debt / equity	0.92×	2.35×	3.8×	3.81×	5.27×	4.4×	4.82×	4.2×
Interest coverage	7.2×	5.27×	2.91×	0.97×	2.21×	3.16×	1.83×	1.41×
Dividend yield	2.3%	4.5%	6.5%	7.3%	6.5%	6.9%	4.9%	6.7%
Payout ratio	43.1%	53.2%	119.0%	61.2%	373.7%	76.1%	130.0%	117.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	25.9%	60.5%	38.7%	69.1%	11.3%	42.3%	24.8%	25.2%
Return on invested capital	13.6%	18.3%	10.2%	4.0%	3.9%	8.9%	4.8%	3.4%
Return on assets	9.1%	10.4%	5.1%	8.9%	1.3%	5.6%	3.2%	3.5%
Free cash flow yield	3.5%	11.4%	-17.2%	-0.5%	-0.9%	14.8%	1.6%	-2.0%
Earnings yield	5.3%	8.4%	5.5%	11.9%	1.8%	9.1%	3.8%	5.7%
Enterprise value	CA$1.8B	CA$1.1B	CA$878M	CA$800.6M	CA$1.1B	CA$981M	CA$1.2B	CA$1B
Net debt / EBITDA	-0.04×	1.1×	2.63×	4.39×	5.76×	3.06×	5.11×	6.14×
Cash conversion cycle (days)	-56	-45	-38	-61	-41	-50	-24	-25