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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
+74.3%
CA$46.34
vs CA$26.59 price
Levered DCF
CA$36.82
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
3.02
Safe zone
Rating
A
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E12.17×11.41×9.2×6.46×9.31×10.06×12.08×11.05×
P/B1.52×1.54×1.25×1.25×2.44×1.62×1.41×1.43×
P/S0.74×0.7×0.52×0.46×0.77×0.74×0.57×0.55×
EV / EBITDA6.45×5.95×5.19×4.31×4.99×5.14×6.06×6.78×
Gross margin40.7%44.4%44.1%44.1%44.1%44.3%43.7%43.6%
Operating margin8.6%7.7%11.9%10.1%11.5%10.5%7.4%6.8%
Net margin6.1%6.2%5.7%7.1%8.2%7.4%4.7%5.0%
Current ratio1.57×1.43×1.34×1.4×0.9×1.2×1.22×1.09×
Debt / equity0.38×0.37×0.44×0.6×0.58×0.48×0.61×0.24×
Interest coverage9.46×8.29×10.41×9.79×13.93×10.39×5.86×16.13×
Dividend yield3.0%2.9%3.4%3.8%8.8%2.7%3.3%3.1%
Payout ratio36.5%32.8%31.3%24.9%82.0%27.3%40.5%34.4%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity12.5%13.5%13.5%19.3%26.2%16.1%11.7%13.0%
Return on invested capital8.5%8.1%13.3%11.6%15.3%11.2%7.6%8.9%
Return on assets6.3%6.6%6.2%8.2%8.4%6.7%5.0%6.4%
Free cash flow yield11.6%16.2%16.3%-1.2%15.4%28.4%15.5%13.2%
Earnings yield8.2%8.7%10.8%15.5%10.7%9.9%8.3%9.1%
Enterprise valueCA$2.1BCA$2BCA$1.7BCA$1.6BCA$2BCA$1.8BCA$1.8BCA$1.3B
Net debt / EBITDA0.66×0.7×1.17×1.19×0.18×0.36×1.61×0.57×
Cash conversion cycle (days)79891019789708077