Mullen Group Ltd. (MTL.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

-17.2%

CA$23.65

vs CA$28.54 price

Levered DCF

CA$23.00

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

2.56

Grey 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	15.28×	11.39×	9.21×	8.56×	15.51×	17.03×	13.43×	-29.07×
P/B	1.22×	1.26×	1.29×	1.4×	1.26×	1.22×	1.06×	1.42×
P/S	0.65×	0.64×	0.63×	0.68×	0.76×	0.94×	0.76×	1.01×
EV / EBITDA	7.08×	6.46×	6.04×	6.25×	8.13×	8.37×	7.03×	21.45×
Gross margin	23.1%	23.8%	23.8%	23.0%	20.9%	22.9%	20.1%	21.5%
Operating margin	8.4%	10.1%	10.6%	10.7%	8.4%	10.0%	7.4%	8.1%
Net margin	4.3%	5.6%	6.9%	7.9%	4.9%	5.5%	5.7%	-3.5%
Current ratio	2.17×	2.32×	0.76×	1.64×	1.2×	3.25×	3.29×	1.94×
Debt / equity	0.92×	0.98×	0.78×	0.73×	0.84×	0.68×	0.67×	0.57×
Interest coverage	2.93×	4.17×	5.61×	6.05×	4.01×	3.9×	3.64×	4.58×
Dividend yield	5.3%	5.2%	5.1%	4.5%	4.0%	3.2%	6.5%	4.7%
Payout ratio	81.2%	59.5%	47.4%	38.8%	62.3%	55.5%	87.1%	-138.1%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	8.0%	11.0%	14.0%	16.3%	8.2%	7.1%	7.9%	-4.9%
Return on invested capital	5.8%	6.8%	8.4%	8.9%	5.3%	5.3%	5.2%	6.6%
Return on assets	3.5%	4.8%	6.7%	7.9%	3.8%	3.7%	4.1%	-2.7%
Free cash flow yield	11.4%	17.5%	13.9%	13.4%	11.6%	14.6%	9.8%	3.0%
Earnings yield	6.6%	8.8%	10.9%	11.7%	6.5%	5.8%	7.4%	-3.4%
Enterprise value	CA$2.3B	CA$2.2B	CA$2B	CA$2.1B	CA$1.9B	CA$1.6B	CA$1.5B	CA$1.8B
Net debt / EBITDA	2.8×	2.62×	2.28×	2.13×	3.46×	2.63×	2.5×	6.12×
Cash conversion cycle (days)	49	53	51	50	57	62	64	65