Spartan Delta Corp (SDE.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

-85.9%

CA$1.87

vs CA$13.31 price

Levered DCF

-CA$1.51

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

3.6

Safe zone

Rating

C+

Overall 2 / 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	20.71×	17.25×	0.78×	3.43×	2.07×	2.81×	-5.05×	-0.7×
P/B	2.21×	1.27×	1.2×	1.54×	0.78×	0.97×	0.39×	0.73×
P/S	3.88×	1.95×	0.78×	1.58×	1.11×	1.34×	6.05×	1.09×
EV / EBITDA	5.88×	4.49×	0.63×	2.55×	2.39×	2.51×	33.19×	-1.93×
Gross margin	22.2%	51.6%	48.0%	74.8%	72.6%	63.9%	-39.0%	17.4%
Operating margin	14.1%	8.3%	32.3%	52.6%	44.8%	-2.8%	-245.8%	-172.5%
Net margin	18.9%	11.2%	100.1%	46.2%	54.0%	47.8%	-119.4%	-155.2%
Current ratio	0.87×	0.87×	0.89×	1.11×	0.45×	0.54×	17.91×	2.67×
Debt / equity	0.28×	0.31×	0.19×	0.13×	0.5×	0.36×	0×	0.66×
Interest coverage	5.51×	2.33×	5.34×	26.92×	20.41×	-0.92×	0×	0×
Dividend yield	0.0%	0.0%	310.7%	3.3%	0.0%	0.0%	0.0%	0.0%
Payout ratio	0.0%	0.2%	240.9%	11.5%	0.0%	0.0%	0.0%	0.0%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.8%	7.3%	154.3%	44.9%	37.7%	34.7%	-7.7%	-103.7%
Return on invested capital	4.3%	2.8%	32.6%	40.7%	17.2%	-0.9%	-12.2%	-29.8%
Return on assets	6.0%	3.7%	80.9%	32.4%	19.2%	14.4%	-5.8%	-25.7%
Free cash flow yield	-6.7%	2.0%	35.1%	15.2%	-48.3%	-70.2%	-13.3%	-233.5%
Earnings yield	4.9%	5.7%	129.0%	29.2%	48.4%	35.7%	-19.7%	-142.7%
Enterprise value	CA$1.5B	CA$744.1M	CA$593.4M	CA$2.4B	CA$1.1B	CA$180.7M	-CA$14.7M	CA$3.2M
Net debt / EBITDA	0.11×	0.88×	0.08×	0.07×	0.93×	0.65×	55.76×	-0.61×
Cash conversion cycle (days)	-84	-138	-63	-55	-312	-271	-99	-38