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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
+56.0%
CA$21.86
vs CA$14.01 price
Levered DCF
CA$15.44
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
7.38
Safe zone
Rating
B+
Overall 3 / 5
Ratios by fiscal year

Margins and yields are shares of revenue, equity or price; multiples are ×.

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E17.63×8.9×13.36×12.17×28.15×128.76×20.81×24.72×
P/B1.95×2.15×3.19×3.38×3.07×2.15×3.23×4.04×
P/S2.25×2.62×3.52×3.9×4.62×4.22×3.79×5.1×
EV / EBITDA6.25×6.81×7.06×7.36×10.03×9.3×8.44×10.71×
Gross margin44.7%87.4%55.1%57.2%45.2%28.3%45.6%50.3%
Operating margin20.0%23.6%43.5%36.9%21.6%7.2%26.3%32.3%
Net margin12.7%29.3%26.4%32.1%16.4%4.2%18.3%20.5%
Current ratio1.98×2.43×4.84×4.02×5.33×6.69×4.15×5.82×
Debt / equity0.06×0.03×0.03×0.01×0.02×0.02×0.04×0.01×
Interest coverage0×0×0×0×29.24×31.97×134.75×0×
Dividend yield4.3%3.8%3.0%2.3%1.7%6.1%5.6%3.8%
Payout ratio76.6%34.0%39.5%27.4%48.9%615.4%116.6%95.0%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity11.0%24.1%23.9%27.8%10.9%2.1%15.6%16.3%
Return on invested capital12.0%15.3%27.3%23.5%9.6%1.7%14.8%16.5%
Return on assets8.9%19.8%20.0%22.9%8.9%1.8%12.4%13.6%
Free cash flow yield7.0%4.7%7.2%5.4%5.7%8.1%7.5%5.3%
Earnings yield5.6%11.2%7.5%8.2%3.5%1.0%4.8%4.0%
Enterprise valueCA$893.3MCA$1BCA$1.1BCA$1.2BCA$804.5MCA$518.5MCA$973.5MCA$1.4B
Net debt / EBITDA-0.34×-0.41×-0.98×-0.79×-1.88×-2.57×-1.27×-1.59×
Cash conversion cycle (days)5491748184927695