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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
+58.4%
CA$25.99
vs CA$16.41 price
Levered DCF
CA$43.44
After debt service
Piotroski score
3 / 9
Weak
Altman Z-score
1.39
Distress zone
Rating
C
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
P/E-34.36×16.92×-39.45×13.86×15.45×11.48×22.17×-36.95×
P/B4.64×2.3×2.18×1.45×1.88×1.9×1.1×1.54×
P/S2.14×1.58×1.57×1.28×1.82×2.1×0.99×2.08×
EV / EBITDA11.39×9.39×15.25×7.22×9.82×8.15×5.94×11.48×
Gross margin20.5%26.1%25.5%27.7%24.4%30.9%27.4%21.7%
Operating margin20.5%25.0%25.5%24.5%20.4%27.9%25.0%18.3%
Net margin-6.2%9.4%-4.0%9.3%11.8%18.2%4.6%-5.6%
Current ratio0.79×1×0.91×0.86×0.87×0.75×0.83×0.84×
Debt / equity2.59×1.35×1.56×1.44×1.5×1.33×1.44×1.26×
Interest coverage3.9×3.91×3.16×3.49×4.03×3.89×4.39×3.78×
Dividend yield2.2%3.3%3.8%5.0%4.1%4.2%7.0%3.6%
Payout ratio-76.1%56.2%-150.8%69.3%63.9%48.7%151.9%-133.5%
Key metrics by fiscal year
MetricFY2026FY2025FY2024FY2023FY2022FY2021FY2020FY2019
Return on equity-13.5%13.7%-5.5%10.5%12.2%16.4%5.1%-4.2%
Return on invested capital11.3%10.5%-74.5%7.8%5.8%6.9%8.8%4.1%
Return on assets-2.8%4.5%-1.7%3.4%3.8%5.5%1.6%-1.4%
Free cash flow yield8.7%14.7%19.3%17.2%12.9%17.4%24.4%3.2%
Earnings yield-2.9%5.9%-2.5%7.3%6.5%8.6%4.6%-2.7%
Enterprise valueCA$1.5BCA$958.9MCA$919.2MCA$811.8MCA$910MCA$878.3MCA$694.7MCA$800.7M
Net debt / EBITDA3.98×3.39×6.26×3.53×4.26×3.31×3.35×5.13×
Cash conversion cycle (days)8161677164705996