Haivision Systems Inc. (HAI.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

+132.2%

CA$8.62

vs CA$3.71 price

Levered DCF

CA$9.99

After debt service

Piotroski score

4 / 9

Average

Altman Z-score

1.98

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	1,251.22×	30.25×	-82.11×	-12.71×	-25.16×	31.08×	55.5×	78.01×
P/B	1.47×	1.45×	1.1×	0.85×	2.52×	6.07×	8.25×	8.98×
P/S	1.05×	1.08×	0.74×	0.61×	2.42×	2.2×	2.71×	2.98×
EV / EBITDA	17.32×	8.76×	10.1×	31.48×	-77.15×	17.61×	33.75×	40.25×
Gross margin	66.8%	73.1%	70.5%	68.7%	74.9%	76.7%	75.1%	76.7%
Operating margin	0.4%	4.2%	0.9%	-2.3%	-5.9%	9.8%	7.0%	6.6%
Net margin	0.1%	3.6%	-0.9%	-4.9%	-9.5%	7.0%	5.0%	3.8%
Current ratio	1.55×	1.7×	1.57×	1.37×	2.48×	1.49×	1.24×	1.22×
Debt / equity	0.1×	0.11×	0.17×	0.28×	0.1×	0.25×	0.04×	0.11×
Interest coverage	0.49×	5.21×	0.71×	-2.52×	-11.72×	23.64×	29.15×	18×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.7%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	-17.4%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	0.1%	4.9%	-1.3%	-6.9%	-9.9%	19.3%	15.1%	11.5%
Return on invested capital	-0.0%	5.0%	1.1%	-2.4%	-5.5%	15.4%	13.1%	11.4%
Return on assets	0.1%	3.3%	-0.9%	-4.2%	-7.2%	9.2%	8.0%	5.2%
Free cash flow yield	4.8%	12.5%	13.7%	-7.9%	0.6%	7.5%	2.8%	1.5%
Earnings yield	0.1%	3.4%	-1.2%	-8.0%	-3.9%	3.2%	1.8%	1.3%
Enterprise value	CA$136.6M	CA$133.9M	CA$111.8M	CA$96.2M	CA$206.1M	CA$174.3M	CA$199.5M	CA$196.6M
Net debt / EBITDA	-0.92×	-0.41×	0.71×	6.28×	6.83×	-0.82×	-0.25×	-0.9×
Cash conversion cycle (days)	98	115	157	176	109	67	98	121