Morguard Corporation (MRC.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

+331.8%

CA$470.67

vs CA$109.00 price

Levered DCF

CA$116.29

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

0.73

Distress 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	7.1×	4.8×	15.59×	10.15×	6.06×	-5.17×	12.13×	6.3×
P/B	0.28×	0.29×	0.3×	0.32×	0.42×	0.38×	0.64×	0.59×
P/S	1.1×	1.13×	0.94×	1.11×	1.48×	1.26×	1.93×	1.73×
EV / EBITDA	13.28×	11.76×	18.88×	18.01×	10.89×	-134.23×	16.42×	11.21×
Gross margin	54.0%	46.8%	51.6%	44.7%	52.2%	51.9%	51.9%	52.5%
Operating margin	44.0%	45.8%	100.0%	45.4%	38.6%	47.7%	36.2%	41.9%
Net margin	15.6%	23.6%	6.0%	11.0%	24.4%	-24.3%	15.9%	27.5%
Current ratio	0.27×	0.2×	0.3×	0.23×	0.26×	0.23×	0.19×	0.15×
Debt / equity	1.28×	1.27×	1.49×	1.5×	1.6×	1.73×	1.66×	1.6×
Interest coverage	1.93×	2.05×	4.76×	2.28×	1.83×	2.11×	1.86×	2.31×
Dividend yield	0.7%	0.6%	0.6%	0.5%	0.4%	0.5%	0.3%	0.3%
Payout ratio	4.9%	2.7%	8.8%	5.4%	2.6%	-2.6%	3.6%	2.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	4.0%	6.1%	1.9%	3.2%	6.9%	-7.4%	5.3%	9.3%
Return on invested capital	3.1%	3.5%	7.7%	3.7%	2.2%	3.5%	3.1%	3.7%
Return on assets	1.5%	2.2%	0.6%	1.0%	2.2%	-2.3%	1.6%	2.9%
Free cash flow yield	16.9%	20.7%	25.0%	20.2%	17.5%	16.2%	11.9%	14.2%
Earnings yield	14.1%	20.8%	6.4%	9.9%	16.5%	-19.3%	8.2%	15.9%
Enterprise value	CA$6.7B	CA$6.6B	CA$6.8B	CA$6.9B	CA$7.1B	CA$7B	CA$8.1B	CA$7.4B
Net debt / EBITDA	10.81×	9.5×	15.69×	14.78×	8.58×	-109.35×	11.8×	8.15×
Cash conversion cycle (days)	-120	-116	122	-97	-119	-99	-96	-99