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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
+143.4%
CA$262.82
vs CA$108.00 price
Levered DCF
CA$178.66
After debt service
Piotroski score
5 / 9
Average
Altman Z-score
10.05
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/E13.61×10.84×9.64×11.74×17.17×11.97×13.08×9.66×
P/B6.08×6.18×6.54×6.56×5.96×5.06×6.8×6.09×
P/S2.73×2.53×2.31×2.33×2.32×1.99×2.58×1.89×
EV / EBITDA8.29×7.41×6.64×7.76×9.61×6.9×11.03×5.65×
Gross margin91.1%49.6%96.3%48.8%47.6%49.6%46.2%53.1%
Operating margin29.5%30.1%33.4%26.0%19.2%23.7%19.2%28.9%
Net margin20.1%23.4%24.0%19.8%13.5%16.6%19.7%19.6%
Current ratio180.32×5.36×3.49×2.55×1.5×2.07×1.7×2.14×
Debt / equity0.13×0.05×0.1×0.25×0.73×0.32×0.47×0.28×
Interest coverage10.35×0×0×0×0×0×0×0×
Dividend yield6.4%6.7%6.0%4.6%5.9%6.9%5.3%5.9%
Payout ratio87.3%72.4%58.3%53.7%102.0%83.1%68.9%56.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity44.7%57.1%67.8%55.9%34.7%42.3%52.0%63.1%
Return on invested capital41.8%53.8%65.1%44.7%21.9%34.7%24.3%51.2%
Return on assets37.7%48.4%50.7%37.7%17.8%26.1%29.5%40.7%
Free cash flow yield6.5%7.9%7.9%4.8%10.3%12.8%6.3%9.7%
Earnings yield7.3%9.2%10.4%8.5%5.8%8.4%7.6%10.4%
Enterprise valueCA$265.3MCA$248.6MCA$223.7MCA$164MCA$110.7MCA$91.2MCA$118.2MCA$83.9M
Net debt / EBITDA-0.15×-0.32×-0.22×-0.1×-0.11×-0.33×-0.48×-0.58×
Cash conversion cycle (days)737155815362146