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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
+220.2%
CA$37.24
vs CA$11.63 price
Levered DCF
CA$45.77
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
2.36
Grey zone
Rating
B
Overall 3 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E66.43×11.64×28.83×37.67×37.76×77.08×20.39×49.04×
P/B2.44×2.04×4.04×5.82×8.31×9.06×5.94×17.61×
P/S0.97×0.82×1.26×2.24×3.24×6.02×3.23×8.46×
EV / EBITDA8.28×5.04×9.29×13.52×14.75×29.19×13.51×32.3×
Gross margin61.1%69.9%68.8%67.0%66.8%61.3%61.9%62.2%
Operating margin5.8%12.2%9.3%11.1%14.3%12.9%20.1%23.7%
Net margin1.5%7.0%4.4%6.0%8.6%7.8%15.4%17.3%
Current ratio2.63×2.67×2.39×2.45×2.71×3.42×2.6×3.02×
Debt / equity1.29×1.37×1.75×1.61×1.45×1.01×0.74×0.36×
Interest coverage2.19×4×2.92×4×5.29×4.09×8.81×13.38×
Dividend yield0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Payout ratio0.0%0.0%0.0%0.0%0.0%0.0%0.0%0.0%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity3.7%17.5%14.0%15.5%22.1%11.7%28.5%36.0%
Return on invested capital3.1%9.6%7.6%7.4%11.2%7.4%18.8%26.3%
Return on assets1.3%5.9%3.9%4.6%7.1%4.7%13.3%19.8%
Free cash flow yield10.1%24.8%6.4%2.5%3.2%4.8%0.0%0.3%
Earnings yield1.5%8.6%3.5%2.7%2.7%1.3%4.8%2.0%
Enterprise valueCA$1.9BCA$1.5BCA$2.3BCA$3.2BCA$3.9BCA$5.6BCA$3.4BCA$7.1B
Net debt / EBITDA1.68×1.36×2.39×1.98×1.26×0.67×1.39×0.26×
Cash conversion cycle (days)136335367390344293376268