MCAN Mortgage Corporation (MKP.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

+34.5%

CA$30.05

vs CA$22.35 price

Levered DCF

-CA$51.81

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.26

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	11.87×	8.86×	7.16×	8.47×	7.24×	9.22×	8.72×	8.65×
P/B	1.38×	1.15×	1.04×	0.96×	1.08×	1.14×	1.28×	1.03×
P/S	3.01×	2.3×	2.25×	2.83×	3.05×	3.25×	3.51×	5.69×
EV / EBITDA	28.01×	8.25×	7.16×	7.18×	6.88×	7.26×	7.74×	2.75×
Gross margin	61.5%	42.7%	50.1%	53.4%	63.1%	57.8%	57.3%	79.9%
Operating margin	38.8%	25.7%	31.8%	33.3%	41.8%	35.0%	39.7%	103.4%
Net margin	25.4%	26.0%	31.5%	33.4%	42.1%	35.2%	40.2%	65.6%
Current ratio	11.08×	161.27×	184.77×	183.65×	188.06×	1,213.61×	150.25×	11.4×
Debt / equity	5.38×	0.01×	0.12×	0.02×	0.23×	0.01×	0.02×	0×
Interest coverage	1.56×	0.45×	0.64×	0.71×	1.13×	0.83×	0.93×	1.19×
Dividend yield	6.1%	6.2%	6.4%	7.7%	4.8%	8.7%	5.8%	11.1%
Payout ratio	72.3%	54.5%	45.6%	65.4%	34.5%	80.3%	50.8%	95.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	11.6%	12.9%	14.6%	11.3%	14.9%	12.4%	14.6%	11.8%
Return on invested capital	1.8%	1.4%	1.6%	1.4%	1.7%	1.6%	2.2%	2.7%
Return on assets	1.2%	1.5%	1.6%	1.4%	1.7%	1.6%	2.2%	1.7%
Free cash flow yield	120.1%	7.1%	-10.9%	6.0%	-24.4%	14.9%	-7.7%	-1.3%
Earnings yield	8.4%	11.3%	14.0%	11.8%	13.8%	10.8%	11.5%	11.5%
Enterprise value	CA$4.2B	CA$631.3M	CA$560.2M	CA$399.3M	CA$444.6M	CA$309.8M	CA$375.4M	CA$215.7M
Net debt / EBITDA	22.1×	-0.73×	0.08×	-1.25×	-0.33×	-2.02×	-0.95×	-1.26×
Cash conversion cycle (days)	-85	5,925	6,386	8,050	7,985	7,190	5,605	11,582