Pinetree Capital Ltd. (PNP.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

+770.0%

CA$90.05

vs CA$10.35 price

Levered DCF

-CA$66.46

After debt service

Piotroski score

3 / 9

Weak

Altman Z-score

26.33

Safe zone

Rating

B+

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	10.52×	3.2×	5.9×	30.69×	28.68×	12.67×	7.9×	-5.04×
P/B	1.18×	1.33×	0.74×	0.95×	1.08×	0.78×	0.85×	0.74×
P/S	5.93×	3.1×	5.09×	17.85×	18.07×	8.68×	6.31×	-6.57×
EV / EBITDA	9.35×	3.03×	5.48×	27.22×	21.45×	9.57×	4.65×	-1.97×
Gross margin	99.6%	100.0%	99.8%	99.2%	99.3%	99.0%	99.7%	100.9%
Operating margin	60.3%	97.2%	86.9%	55.0%	64.1%	72.7%	79.9%	130.5%
Net margin	56.5%	97.1%	86.7%	56.2%	63.5%	69.9%	79.9%	130.5%
Current ratio	63.66×	9.09×	6.28×	14.04×	24.39×	7.86×	24.84×	18.9×
Debt / equity	0×	0×	0×	0×	0×	0×	0×	0×
Interest coverage	753.71×	2,311.71×	360.5×	72.13×	92×	73.53×	239.75×	-138.82×
Dividend yield	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.0%	0.0%	0.0%	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	11.3%	41.6%	12.7%	3.0%	3.8%	6.3%	10.7%	-14.8%
Return on invested capital	11.1%	41.6%	12.7%	2.9%	3.8%	6.3%	10.7%	-14.8%
Return on assets	11.1%	41.3%	12.6%	2.9%	3.8%	6.2%	10.5%	-14.4%
Free cash flow yield	-3.7%	2.9%	-11.5%	-10.4%	-26.3%	-34.0%	-6.9%	-2.5%
Earnings yield	9.5%	31.3%	17.0%	3.2%	3.5%	8.1%	12.7%	-19.8%
Enterprise value	CA$98.3M	CA$98.1M	CA$31.6M	CA$31.4M	CA$31.6M	CA$12M	CA$8.9M	CA$4.6M
Net debt / EBITDA	-0.51×	-0.16×	-0.38×	-5.24×	-6.75×	-2.38×	-3.24×	3.07×
Cash conversion cycle (days)	-5,592	-14,886	-8,593	-10,086	-9,390	-8,219	-14,719	-8,512