Kelt Exploration Ltd. (KEL.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

-211.7%

-CA$12.32

vs CA$11.03 price

Levered DCF

-CA$10.90

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

2.84

Grey zone

Rating

B-

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	23.97×	30.52×	12.71×	6.04×	7.9×	-1.04×	136.41×	103.8×
P/B	1.34×	1.3×	1.09×	1.06×	1.26×	0.56×	0.97×	0.95×
P/S	3.27×	2.96×	2.5×	1.56×	2.87×	1.63×	2.28×	2.18×
EV / EBITDA	6.12×	7.08×	4.42×	2.96×	3.97×	-1.09×	6.76×	5.87×
Gross margin	15.4%	28.7%	32.4%	50.3%	38.5%	-168.0%	25.7%	23.4%
Operating margin	10.8%	14.4%	28.2%	39.8%	24.9%	-193.6%	7.0%	7.7%
Net margin	13.5%	9.7%	19.7%	25.9%	36.1%	-156.8%	1.7%	2.1%
Current ratio	1×	0.76×	0.83×	1.28×	0.66×	1.65×	0.66×	0.68×
Debt / equity	0.16×	0.1×	0×	0.01×	0×	0×	0.42×	0.28×
Interest coverage	4.46×	18.36×	94.09×	167.15×	179.2×	-24.83×	1.4×	2.13×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	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	5.5%	4.3%	8.6%	17.6%	15.8%	-53.8%	0.7%	0.9%
Return on invested capital	2.5%	3.6%	7.9%	17.7%	7.9%	-43.8%	1.3%	0.8%
Return on assets	3.9%	3.1%	6.8%	14.1%	12.5%	-42.7%	0.4%	0.6%
Free cash flow yield	-3.2%	-8.9%	0.1%	-1.2%	-6.9%	-27.4%	-17.7%	-12.9%
Earnings yield	4.1%	3.3%	7.9%	16.6%	12.6%	-95.9%	0.7%	1.0%
Enterprise value	CA$1.7B	CA$1.5B	CA$1.1B	CA$969.6M	CA$911.5M	CA$308.5M	CA$1.3B	CA$1.1B
Net debt / EBITDA	0.65×	0.52×	-0.05×	0.04×	0.01×	0.11×	2×	1.3×
Cash conversion cycle (days)	-22	-42	-60	-54	-87	8	-58	-55