Tree Island Steel Ltd. (TSL.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

+266.5%

CA$8.61

vs CA$2.35 price

Levered DCF

CA$2.36

After debt service

Piotroski score

2 / 9

Weak

Altman Z-score

Distress zone

Rating

B-

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	-14.05×	-21.07×	12.22×	2.85×	1.67×	14.89×	-12×	24.15×
P/B	0.71×	0.7×	0.72×	0.74×	1.11×	1.51×	1.29×	1.07×
P/S	0.45×	0.4×	0.38×	0.26×	0.49×	0.36×	0.31×	0.27×
EV / EBITDA	74.46×	21.19×	5.19×	2.03×	1.27×	8.4×	26.35×	11.35×
Gross margin	5.5%	5.7%	12.6%	18.2%	22.7%	12.0%	8.9%	11.0%
Operating margin	-1.6%	-0.8%	7.0%	14.0%	17.3%	5.5%	1.0%	3.9%
Net margin	-3.1%	-1.9%	3.2%	9.2%	29.1%	2.4%	-2.6%	1.1%
Current ratio	4.37×	5.29×	6.15×	5.29×	2.87×	3.14×	3.38×	1.41×
Debt / equity	0.24×	0.23×	0.19×	0.2×	0.31×	1.4×	1.8×	1.21×
Interest coverage	-1.14×	-0.73×	9.19×	22.2×	20.74×	2.76×	0.43×	2.63×
Dividend yield	2.5%	3.8%	5.5%	42.3%	3.1%	3.0%	3.7%	3.8%
Payout ratio	-36.6%	-81.7%	66.7%	121.1%	5.2%	44.8%	-44.7%	90.9%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	-4.9%	-3.3%	5.9%	25.8%	66.3%	10.0%	-10.7%	4.4%
Return on invested capital	-1.6%	-1.1%	7.0%	23.9%	22.8%	6.7%	1.4%	5.8%
Return on assets	-3.4%	-2.3%	4.4%	18.8%	39.0%	3.5%	-3.3%	1.6%
Free cash flow yield	-3.7%	-3.9%	19.8%	44.2%	-0.2%	28.5%	38.7%	-19.9%
Earnings yield	-7.0%	-4.7%	8.2%	34.9%	59.9%	6.7%	-8.3%	4.1%
Enterprise value	CA$100.7M	CA$101.9M	CA$95.2M	CA$105.8M	CA$154.6M	CA$147.5M	CA$149.4M	CA$132.4M
Net debt / EBITDA	17.84×	3.8×	0.19×	0.21×	0.06×	4.01×	15.29×	5.98×
Cash conversion cycle (days)	129	124	104	86	125	98	118	141