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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
+64.1%
CA$42.37
vs CA$25.82 price
Levered DCF
CA$88.66
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
4.15
Safe zone
Rating
A+
Overall 5 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E8.83×6.48×4.93×3.89×5.35×3.13×4.52×5.91×
P/B0.97×0.99×0.94×0.57×0.6×0.39×0.39×0.43×
P/S0.45×0.49×0.39×0.21×0.22×0.16×0.14×0.15×
EV / EBITDA4.63×3.99×3.84×3.69×3.95×3.12×4.05×5.3×
Gross margin32.5%37.1%36.2%31.7%29.5%33.2%30.6%29.8%
Operating margin7.9%11.3%11.8%8.6%6.2%7.9%5.0%5.3%
Net margin5.1%7.5%7.9%5.3%4.1%5.2%3.2%2.6%
Current ratio1.96×1.8×1.64×1.52×1.72×1.71×1.48×1.49×
Debt / equity0.46×0.47×0.57×0.59×0.52×0.58×0.67×0.61×
Interest coverage6.89×7.95×9.2×10.03×7.95×7.2×4.27×5.45×
Dividend yield0.5%0.6%0.7%1.5%1.1%1.9%2.1%2.0%
Payout ratio4.7%3.7%3.6%5.7%5.9%5.9%9.6%12.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity10.9%15.4%19.0%14.7%11.2%12.6%8.7%7.3%
Return on invested capital8.2%11.2%12.9%10.7%8.1%8.6%6.0%6.8%
Return on assets6.0%8.6%9.9%7.1%5.6%6.4%4.3%3.7%
Free cash flow yield15.6%18.2%3.4%-33.0%8.1%41.9%40.7%-42.1%
Earnings yield11.3%15.5%20.2%25.7%18.7%32.0%22.1%17.0%
Enterprise valueCA$154.4MCA$150.9MCA$140.4MCA$94.1MCA$72.7MCA$57.1MCA$57.4MCA$52.7M
Net debt / EBITDA0.82×0.85×1.3×1.86×1.71×1.8×2.53×3.08×
Cash conversion cycle (days)151180190179148180170175