Pine Cliff Energy Ltd. (PNE.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

+372.5%

CA$2.50

vs CA$0.53 price

Levered DCF

CA$1.82

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

-0.69

Distress zone

Rating

Overall 2 / 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	-24.04×	-15.17×	53.88×	5.45×	2.96×	-1.32×	-0.75×	-1.04×
P/B	8.19×	5.99×	4.92×	4.38×	5.21×	-1.99×	4.56×	1.24×
P/S	1.77×	1.66×	2.79×	1.89×	1.41×	0.69×	0.46×	0.71×
EV / EBITDA	9.14×	8.53×	10.24×	3.05×	3.35×	24.72×	52.13×	14.02×
Gross margin	-4.2%	64.7%	9.1%	74.2%	65.4%	51.8%	50.1%	52.4%
Operating margin	-12.1%	-9.7%	3.3%	38.1%	12.9%	-33.9%	-40.0%	-34.3%
Net margin	-7.4%	-11.0%	5.2%	35.1%	48.5%	-51.6%	-59.8%	-67.7%
Current ratio	0.57×	0.47×	0.48×	2.28×	0.72×	0.84×	0.8×	1.09×
Debt / equity	1.24×	0.89×	0.62×	0.02×	1×	-1.71×	6.12×	0.99×
Interest coverage	-2.83×	-2.14×	7.62×	47.15×	4.35×	-6.89×	-7.95×	-8.92×
Dividend yield	3.2%	7.9%	9.3%	4.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	-77.9%	-119.4%	504.5%	21.6%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-34.1%	-39.5%	9.1%	81.5%	179.3%	148.4%	-597.8%	-119.3%
Return on invested capital	-5.7%	-4.5%	1.4%	31.0%	6.5%	-14.0%	-14.3%	-11.0%
Return on assets	-3.8%	-5.6%	1.9%	29.0%	21.5%	-19.2%	-19.4%	-20.5%
Free cash flow yield	3.4%	6.5%	-12.9%	20.7%	11.8%	1.8%	15.8%	-2.4%
Earnings yield	-4.2%	-6.6%	1.9%	18.6%	34.4%	-74.5%	-131.2%	-96.0%
Enterprise value	CA$330.3M	CA$373.7M	CA$554.3M	CA$534.4M	CA$275.5M	CA$130.4M	CA$103.6M	CA$132.5M
Net debt / EBITDA	1.1×	1.11×	1.15×	-0.29×	0.47×	10.63×	28.03×	6×
Cash conversion cycle (days)	-34	-142	-51	-104	-202	-142	-144	-74