International Petroleum Corporation (IPCO.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

-101.2%

-CA$0.42

vs CA$36.91 price

Levered DCF

CA$5.76

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

2.78

Grey zone

Rating

Overall 2 / 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	69.54×	14.25×	9.29×	5.05×	5.95×	-4.41×	6.99×	2.82×
P/B	2.19×	1.54×	1.49×	1.77×	1.02×	0.49×	0.91×	0.42×
P/S	2.63×	1.59×	1.88×	1.51×	1.17×	1.01×	1.24×	0.63×
EV / EBITDA	11.5×	5.33×	4.21×	2.47×	3.09×	24.69×	3.32×	2.22×
Gross margin	16.6%	23.0%	42.5%	57.8%	32.9%	-24.1%	26.8%	31.9%
Operating margin	12.3%	19.7%	40.0%	56.2%	30.5%	-25.1%	24.3%	34.9%
Net margin	3.7%	11.2%	20.3%	29.9%	19.7%	-22.9%	17.9%	22.5%
Current ratio	0.81×	1.92×	3.4×	4.26×	1.59×	0.95×	1.12×	1.03×
Debt / equity	0.53×	0.48×	0.41×	0.32×	0.13×	0.46×	0.31×	0.41×
Interest coverage	2.26×	5×	13.33×	30.7×	9.27×	-3.53×	5×	6.72×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.1%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	3.1%	10.9%	16.0%	35.0%	17.2%	-11.0%	13.1%	14.9%
Return on invested capital	3.3%	7.7%	13.9%	30.1%	16.6%	-4.7%	9.4%	12.3%
Return on assets	1.5%	5.2%	8.4%	20.1%	11.5%	-5.8%	7.6%	8.1%
Free cash flow yield	-7.5%	-11.7%	2.0%	26.1%	27.3%	-0.3%	12.2%	-47.2%
Earnings yield	1.4%	7.1%	10.8%	19.8%	16.8%	-22.6%	14.4%	35.5%
Enterprise value	CA$2.5B	CA$1.7B	CA$1.5B	CA$1.5B	CA$962.3M	CA$664.6M	CA$952.4M	CA$564.7M
Net debt / EBITDA	2.2×	0.65×	-0.19×	-0.28×	0.3×	11.87×	0.81×	1.07×
Cash conversion cycle (days)	37	39	33	33	63	60	37	34