Intact Financial Corporation (IFC.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

+78.0%

CA$471.00

vs CA$264.66 price

Levered DCF

CA$458.30

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.96

Grey zone

Rating

A-

Overall 4 / 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	15.54×	21.14×	29.16×	14.3×	13.26×	20.93×	27.64×	20.71×
P/B	2.44×	2.57×	2.22×	2.16×	1.7×	2.25×	2.24×	1.77×
P/S	1.95×	1.87×	1.54×	1.52×	1.52×	1.73×	1.73×	1.31×
EV / EBITDA	10.33×	13.39×	15.44×	10.27×	9.66×	13.49×	18.23×	13.59×
Gross margin	21.8%	16.1%	12.8%	16.3%	49.0%	44.8%	38.4%	40.1%
Operating margin	16.5%	11.5%	7.7%	13.3%	14.6%	10.9%	7.3%	8.4%
Net margin	12.9%	9.2%	5.7%	10.9%	11.8%	8.7%	6.6%	6.7%
Current ratio	6.11×	10.7×	7.98×	13.87×	0.2×	0.51×	0.54×	0.49×
Debt / equity	0.25×	0.3×	0.35×	0.33×	0.4×	0.36×	0.32×	0.28×
Interest coverage	19.14×	12.96×	8.13×	16.99×	16.78×	11.82×	7.57×	8.6×
Dividend yield	2.0%	2.0%	2.4%	2.2%	2.5%	2.4%	2.4%	3.1%
Payout ratio	30.8%	41.5%	65.5%	31.1%	32.8%	48.7%	62.9%	60.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	16.1%	12.7%	8.1%	15.5%	13.2%	11.3%	8.6%	9.1%
Return on invested capital	5.7%	4.0%	2.0%	2.9%	4.4%	3.9%	2.9%	4.0%
Return on assets	5.4%	3.9%	2.4%	4.6%	3.1%	3.1%	2.3%	2.5%
Free cash flow yield	7.7%	6.3%	3.9%	9.5%	10.5%	10.2%	6.0%	5.2%
Earnings yield	6.6%	4.9%	3.7%	7.2%	7.7%	5.0%	3.8%	5.1%
Enterprise value	CA$55.1B	CA$51.2B	CA$40.5B	CA$38.5B	CA$30.7B	CA$24.1B	CA$21.5B	CA$15.6B
Net debt / EBITDA	0.78×	1.2×	1.74×	1.14×	1.27×	1.44×	1.6×	1.55×
Cash conversion cycle (days)	74	-3	7	1	-82	104	115	117