Parex Resources Inc. (PXT.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

+66.3%

CA$43.52

vs CA$26.16 price

Levered DCF

CA$53.69

After debt service

Piotroski score

5 / 9

Average

Altman Z-score

1.61

Distress zone

Rating

S-

Overall 5 / 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	5.03×	16.89×	4.35×	2.76×	7.06×	19.1×	8.3×	4.63×
P/B	0.67×	0.56×	1.02×	0.98×	1.53×	1.42×	1.94×	1.46×
P/S	1.46×	0.95×	1.71×	1.29×	2.38×	3.58×	2.78×	2.24×
EV / EBITDA	2.8×	1.6×	2.97×	1.33×	2.81×	5.36×	3.61×	2.27×
Gross margin	41.9%	69.4%	76.1%	84.7%	80.9%	67.2%	74.1%	80.8%
Operating margin	27.3%	62.9%	38.8%	61.3%	56.0%	32.6%	51.5%	61.0%
Net margin	29.0%	5.6%	39.3%	46.6%	33.7%	18.7%	33.6%	48.4%
Current ratio	1.11×	1.32×	1.31×	1.17×	2.31×	3.61×	2.62×	1.55×
Debt / equity	0.02×	0.04×	0.05×	0×	0×	0×	0×	0×
Interest coverage	27.07×	156.61×	501.92×	155.99×	147.58×	48.15×	65.76×	161.63×
Dividend yield	8.4%	10.9%	5.9%	4.5%	2.2%	0.0%	0.0%	0.0%
Payout ratio	42.2%	184.9%	25.8%	12.3%	15.7%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	13.3%	3.3%	23.5%	35.6%	21.7%	7.4%	23.4%	31.6%
Return on invested capital	11.7%	6.8%	21.1%	33.9%	19.7%	7.0%	22.3%	30.3%
Return on assets	11.1%	2.8%	19.0%	26.4%	17.0%	6.4%	19.5%	23.3%
Free cash flow yield	17.5%	33.5%	1.3%	26.9%	15.1%	9.1%	8.0%	17.9%
Earnings yield	19.9%	5.9%	23.0%	36.2%	14.2%	5.2%	12.1%	21.6%
Enterprise value	CA$1.3B	CA$994.1M	CA$2B	CA$1.3B	CA$1.8B	CA$1.6B	CA$2.3B	CA$1.4B
Net debt / EBITDA	-0.05×	-0.05×	-0.07×	-0.43×	-0.59×	-1.12×	-0.62×	-0.75×
Cash conversion cycle (days)	-86	-146	-247	-135	-266	-156	-37	-5