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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
+143.6%
CA$29.59
vs CA$12.15 price
Levered DCF
CA$5.91
After debt service
Piotroski score
4 / 9
Average
Altman Z-score
3.11
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E12.3×9.59×9.09×11.24×6.15×6.8×9.64×11.55×
P/B0.71×0.79×0.9×1.04×1.3×1.37×1.6×2.13×
P/S0.67×0.7×0.74×0.64×0.61×0.57×0.48×0.7×
EV / EBITDA23.18×30.33×-74.67×8.86×5.28×5.06×7.94×8.94×
Gross margin40.2%39.2%38.8%39.4%39.5%40.2%39.8%40.0%
Operating margin-1.0%1.9%7.7%6.1%10.1%10.3%5.5%7.2%
Net margin5.4%7.3%8.2%5.7%10.0%8.4%5.0%6.1%
Current ratio0.98×0.91×1.08×1.19×1×0.75×0.82×0.98×
Debt / equity0.03×0.06×0.06×0.04×0.03×0.09×0.12×0.06×
Interest coverage0×0×0×0×0×0×0×0×
Dividend yield2.8%2.8%2.7%2.6%2.3%2.6%2.8%1.9%
Payout ratio34.4%26.6%24.9%29.3%14.0%18.0%26.6%21.6%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity5.7%8.3%9.9%9.3%21.1%20.3%16.6%18.5%
Return on invested capital-0.8%1.6%7.2%6.8%15.2%15.6%10.3%14.9%
Return on assets4.3%6.1%7.6%7.0%14.9%12.2%9.4%12.3%
Free cash flow yield2.5%2.7%-2.6%-1.2%11.9%16.7%8.7%4.5%
Earnings yield8.1%10.4%11.0%8.9%16.3%14.7%10.4%8.7%
Enterprise valueCA$427.1MCA$452.2MCA$459.5MCA$476.6MCA$497.6MCA$390.4MCA$392.8MCA$523.7M
Net debt / EBITDA0.72×2.1×-4.75×0.31×-0.07×0.24×0.92×0.06×
Cash conversion cycle (days)6463777665635053