Canlan Ice Sports Corp. (ICE.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

+492.5%

CA$24.94

vs CA$4.21 price

Levered DCF

CA$19.14

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.09

Distress 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	14.31×	19.48×	125.77×	11.14×	-41.51×	-7.6×	28.33×	13.91×
P/B	1.54×	1.12×	1.22×	1.12×	1.12×	1.17×	1.41×	1.27×
P/S	0.55×	0.58×	0.63×	0.71×	1.12×	1.24×	0.77×	0.72×
EV / EBITDA	5.77×	5.99×	8.87×	5.18×	11.21×	44.86×	8.9×	6.53×
Gross margin	18.4%	94.2%	13.8%	95.1%	97.4%	96.9%	93.7%	93.5%
Operating margin	7.7%	6.5%	2.2%	3.4%	-4.9%	-17.4%	6.4%	8.8%
Net margin	3.9%	3.0%	0.5%	6.4%	-2.7%	-16.2%	2.8%	5.1%
Current ratio	0.59×	0.84×	0.82×	0.73×	0.62×	0.88×	1×	0.86×
Debt / equity	1.43×	0.99×	1.1×	1.07×	1.36×	1.51×	1.36×	1.05×
Interest coverage	2.58×	2×	0.68×	0.94×	-0.75×	-2.59×	1.93×	3.38×
Dividend yield	27.0%	2.9%	2.9%	0.8%	0.0%	0.8%	2.0%	1.9%
Payout ratio	386.9%	57.1%	367.8%	8.5%	0.0%	-5.8%	55.8%	26.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	5.7%	1.0%	10.1%	-2.7%	-15.3%	5.1%	9.0%
Return on invested capital	6.4%	5.6%	-1.2%	2.3%	-0.9%	-4.9%	3.1%	6.0%
Return on assets	3.2%	2.1%	0.4%	3.9%	-0.9%	-5.2%	1.7%	3.5%
Free cash flow yield	13.0%	12.7%	9.3%	13.3%	25.6%	-21.0%	-19.1%	10.6%
Earnings yield	7.0%	5.1%	0.8%	9.1%	-2.4%	-13.1%	3.6%	7.1%
Enterprise value	CA$92.7M	CA$81.8M	CA$84.9M	CA$83.6M	CA$88.3M	CA$104.8M	CA$117.9M	CA$95.8M
Net debt / EBITDA	2.32×	2×	3.16×	1.96×	5.46×	24.02×	3.77×	2.23×
Cash conversion cycle (days)	-10	-277	-0	-154	-398	-236	-175	-139