Quebecor Inc. (QBR-B.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

+14.0%

CA$76.71

vs CA$67.30 price

Levered DCF

CA$117.08

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

1.86

Grey 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	13.86×	9.75×	11.01×	11.84×	12×	13.59×	13×	17.11×
P/B	4.52×	3.38×	4.21×	5.23×	5.54×	7.41×	8.67×	14.06×
P/S	2.09×	1.29×	1.34×	1.57×	1.53×	1.91×	1.97×	1.64×
EV / EBITDA	7.89×	6.48×	7.08×	7.35×	7.25×	7.42×	8.01×	8.03×
Gross margin	27.1%	55.3%	55.1%	58.1%	58.4%	59.9%	60.1%	58.2%
Operating margin	27.1%	25.3%	24.5%	25.7%	26.2%	26.6%	26.3%	24.3%
Net margin	15.1%	13.3%	12.0%	13.2%	12.7%	14.1%	15.2%	9.6%
Current ratio	0.89×	0.98×	0.66×	0.71×	1.03×	0.97×	0.88×	0.8×
Debt / equity	2.74×	3.71×	4.73×	5.03×	5.46×	5.48×	6.42×	13.5×
Interest coverage	4.45×	3.48×	3.26×	3.67×	3.53×	3.49×	3.42×	3.11×
Dividend yield	2.7%	4.1%	3.8%	4.0%	3.8%	2.4%	1.2%	0.7%
Payout ratio	37.6%	40.4%	42.6%	47.0%	46.3%	33.1%	15.4%	11.5%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	32.6%	34.7%	37.7%	44.2%	46.1%	54.6%	66.8%	82.1%
Return on invested capital	10.2%	9.3%	8.8%	9.2%	9.5%	9.9%	9.6%	9.0%
Return on assets	6.7%	5.8%	5.1%	5.6%	5.4%	6.2%	6.7%	4.2%
Free cash flow yield	12.0%	11.2%	12.4%	9.2%	-3.8%	9.4%	2.5%	9.3%
Earnings yield	7.2%	10.2%	8.9%	8.4%	8.3%	7.4%	7.7%	5.8%
Enterprise value	CA$18.9B	CA$15.2B	CA$15.4B	CA$13.9B	CA$13.7B	CA$14.2B	CA$14.7B	CA$13.5B
Net debt / EBITDA	2.93×	3.38×	3.74×	3.6×	3.59×	3.11×	3.4×	3.92×
Cash conversion cycle (days)	41	23	29	3	-6	-22	-10	-22