Surge Energy Inc. (SGY.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

+109.5%

CA$24.47

vs CA$11.68 price

Levered DCF

CA$9.83

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.71

Distress 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	16.83×	-10.91×	40.5×	3.32×	0.59×	-0.13×	-2.27×	-5.06×
P/B	0.95×	0.79×	0.76×	0.92×	0.47×	-1.52×	0.54×	0.43×
P/S	1.43×	0.88×	1.15×	1.05×	0.58×	0.47×	0.91×	1.18×
EV / EBITDA	3.29×	4.95×	3.64×	3.35×	1.08×	-0.89×	-93.71×	18.07×
Gross margin	23.8%	53.6%	62.4%	63.3%	58.8%	40.0%	46.0%	48.8%
Operating margin	17.2%	18.3%	20.5%	36.0%	24.6%	-19.8%	7.4%	5.1%
Net margin	8.4%	-8.1%	2.8%	31.5%	98.3%	-346.3%	-39.8%	-23.3%
Current ratio	0.78×	0.64×	0.52×	0.46×	0.33×	0.1×	0.79×	0.71×
Debt / equity	0.34×	0.31×	0.33×	0.42×	0.66×	-6.13×	0.64×	0.54×
Interest coverage	2.71×	3.39×	2.95×	8.25×	3.22×	-1.41×	1.03×	0.89×
Dividend yield	7.5%	8.6%	7.3%	2.3%	0.0%	8.5%	8.8%	6.6%
Payout ratio	128.3%	-93.1%	297.3%	7.7%	0.0%	-1.1%	-19.9%	-33.4%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	5.6%	-7.3%	1.9%	27.6%	79.4%	1128.6%	-23.6%	-8.6%
Return on invested capital	5.0%	7.4%	6.4%	18.3%	8.9%	-6.7%	1.7%	0.8%
Return on assets	3.0%	-3.9%	1.1%	14.9%	32.0%	-105.6%	-11.1%	-4.6%
Free cash flow yield	14.7%	14.3%	13.2%	13.8%	-1.4%	19.3%	8.3%	0.4%
Earnings yield	5.9%	-9.2%	2.5%	30.1%	168.3%	-741.3%	-44.0%	-19.8%
Enterprise value	CA$910.6M	CA$807.3M	CA$922.3M	CA$1.1B	CA$579.3M	CA$506.4M	CA$792.8M	CA$816.3M
Net debt / EBITDA	0.81×	1.38×	1.11×	1.04×	0.63×	-0.71×	-51.04×	10.05×
Cash conversion cycle (days)	-30	-81	-118	-96	-146	-94	-31	-73