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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
-292.0%
-CA$549.59
vs CA$286.21 price
Levered DCF
CA$2,067.79
After debt service
Piotroski score
7 / 9
Strong
Altman Z-score
0.28
Distress zone
Rating
C+
Overall 2 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E14.57×14.97×10.54×11.38×11.67×11.88×12.1×11.17×
P/B2.08×1.87×1.31×1.64×1.87×1.53×1.83×1.73×
P/S2.11×4.4×3.14×3.65×3.65×3.1×3.45×3.36×
EV / EBITDA36.1×300.21×278.76×262.31×215.25×91.4×185.84×196.01×
Gross margin45.3%100.0%100.0%100.0%100.0%100.0%100.0%100.0%
Operating margin18.7%45.8%46.4%53.0%55.6%50.6%53.8%53.1%
Net margin14.8%30.0%29.8%32.6%31.8%26.7%29.1%30.0%
Current ratio0.13×0.14×0.18×0.21×0.21×0×0×0×
Debt / equity6×6.13×6.58×6.47×5.75×3.08×3.25×3.16×
Interest coverage0.36×0.32×0.37×1.43×3.45×1.54×1.1×1.45×
Dividend yield3.0%2.8%3.6%3.9%3.5%4.8%4.0%4.1%
Payout ratio43.2%40.9%38.0%44.1%40.0%55.4%46.9%45.5%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity14.6%12.8%12.4%14.6%16.3%13.2%15.4%15.5%
Return on invested capital1.6%1.8%1.6%1.9%2.6%4.3%6.7%6.5%
Return on assets0.9%0.7%0.7%0.8%0.9%0.7%0.9%0.9%
Free cash flow yield18.3%8.8%15.2%11.0%32.0%102.7%7.9%11.2%
Earnings yield7.0%6.8%9.5%8.9%8.7%8.6%8.4%9.0%
Enterprise valueCA$1TCA$894.9BCA$795.6BCA$695.6BCA$557.9BCA$242BCA$359.4BCA$323.8B
Net debt / EBITDA26.02×220.32×224.78×195.59×144.2×41.3×107.02×112.18×
Cash conversion cycle (days)-2222222197163159163150