High Liner Foods Incorporated (HLF.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

+26.7%

CA$33.96

vs CA$26.79 price

Levered DCF

CA$9.42

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.71

Grey zone

Rating

B+

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	8.83×	5.87×	9.58×	6.27×	9.43×	10.25×	21.11×	11.23×
P/B	0.79×	0.83×	0.78×	0.92×	1.2×	1.01×	0.8×	0.72×
P/S	0.31×	0.35×	0.28×	0.32×	0.46×	0.36×	0.23×	0.18×
EV / EBITDA	6.91×	4.79×	5.85×	7.17×	7.71×	7.25×	9.71×	8.95×
Gross margin	20.7%	22.7%	20.2%	21.5%	22.7%	21.5%	19.7%	17.9%
Operating margin	5.9%	8.4%	5.6%	7.9%	6.5%	6.8%	5.0%	4.2%
Net margin	3.6%	6.3%	2.9%	5.1%	4.8%	3.5%	1.1%	1.6%
Current ratio	2.18×	2.44×	2.55×	1.74×	2.17×	2.31×	1.87×	1.95×
Debt / equity	0.73×	0.56×	0.66×	1.02×	0.8×	1.04×	1.32×	1.4×
Interest coverage	2.82×	3.74×	2.3×	4.6×	3.67×	2.89×	1.44×	2.08×
Dividend yield	4.5%	4.0%	4.3%	3.2%	2.1%	1.9%	3.5%	7.8%
Payout ratio	40.0%	22.5%	41.2%	19.8%	19.5%	19.2%	72.2%	87.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.9%	14.8%	8.2%	14.7%	12.7%	9.9%	3.8%	6.4%
Return on invested capital	6.7%	9.7%	8.2%	8.7%	7.4%	6.8%	5.0%	4.8%
Return on assets	3.8%	7.1%	3.8%	5.5%	5.1%	3.7%	1.3%	2.0%
Free cash flow yield	-2.4%	19.7%	53.0%	-28.3%	2.1%	31.9%	21.0%	22.8%
Earnings yield	11.4%	17.8%	10.5%	16.0%	10.6%	9.8%	4.8%	8.9%
Enterprise value	CA$619.2M	CA$551.8M	CA$548.7M	CA$723.2M	CA$664.9M	CA$565.8M	CA$563.7M	CA$547.4M
Net debt / EBITDA	3.32×	1.86×	2.63×	3.77×	3.08×	3.47×	6.02×	5.86×
Cash conversion cycle (days)	125	115	104	165	124	113	118	97