Polaris Renewable Energy Inc. (PIF.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

+297.5%

CA$53.82

vs CA$13.54 price

Levered DCF

CA$33.51

After debt service

Piotroski score

8 / 9

Strong

Altman Z-score

-0.26

Distress zone

Rating

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	-66.1×	66.16×	17.81×	79.84×	444.32×	7.55×	10.24×	10.2×
P/B	0.75×	0.76×	0.78×	0.77×	0.95×	1.03×	0.71×	0.63×
P/S	2.21×	2.61×	2.67×	3.34×	4.21×	3.15×	2.08×	1.81×
EV / EBITDA	5.16×	6.06×	6.29×	8.82×	7.09×	4.65×	6.1×	4.44×
Gross margin	42.2%	43.3%	45.7%	40.2%	38.2%	51.9%	56.3%	56.2%
Operating margin	36.4%	25.7%	35.7%	28.1%	26.7%	76.1%	32.5%	49.3%
Net margin	-3.4%	3.9%	15.0%	4.0%	0.8%	38.6%	20.3%	25.0%
Current ratio	5.25×	6.76×	1.72×	1.65×	3.21×	2.29×	1.39×	1.34×
Debt / equity	0.91×	1.22×	0.65×	0.69×	0.65×	0.83×	0.88×	0.94×
Interest coverage	0.87×	0.99×	1.45×	1.23×	1.07×	3.83×	1.47×	2.35×
Dividend yield	7.1%	6.4%	6.0%	5.8%	4.4%	4.0%	6.4%	7.5%
Payout ratio	-459.3%	422.8%	107.4%	484.7%	2222.6%	32.7%	65.0%	54.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-1.2%	1.2%	4.4%	0.9%	0.2%	12.6%	6.9%	8.6%
Return on invested capital	4.1%	3.1%	5.6%	3.4%	0.4%	8.8%	5.2%	5.4%
Return on assets	-0.5%	0.5%	2.3%	0.5%	0.1%	5.9%	3.1%	3.7%
Free cash flow yield	18.6%	16.0%	15.5%	0.5%	13.1%	14.2%	-2.2%	21.8%
Earnings yield	-1.5%	1.5%	5.6%	1.2%	0.2%	12.3%	9.8%	13.8%
Enterprise value	CA$312.4M	CA$302.2M	CA$345M	CA$360.9M	CA$323.7M	CA$365.2M	CA$300M	CA$273.9M
Net debt / EBITDA	2.17×	2.09×	2.46×	3.72×	1.6×	1.65×	3.09×	2.42×
Cash conversion cycle (days)	11	-21	-53	-27	-23	36	62	53