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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
+95.4%
CA$13.47
vs CA$6.89 price
Levered DCF
CA$14.86
After debt service
Piotroski score
6 / 9
Average
Altman Z-score
18.07
Safe zone
Rating
A-
Overall 4 / 5
Ratios by fiscal year

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

MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
P/E12.2×13.76×13.37×12.14×10.83×9.86×13.54×10.62×
P/B7.73×8.23×8.12×6.27×8.84×5.41×6.26×5.19×
P/S2.75×3.43×3.31×2.78×3.03×2.45×2.8×2.63×
EV / EBITDA8.66×9.42×9.16×8.36×7.67×6.53×8.14×6.34×
Gross margin45.1%51.4%49.8%45.5%52.0%48.9%41.8%47.7%
Operating margin28.3%32.4%33.8%29.6%36.0%32.9%28.3%33.7%
Net margin22.3%24.8%24.9%22.6%27.8%24.7%20.8%24.6%
Current ratio3.57×4.34×3.92×4.02×4.72×3.89×3.5×4.24×
Debt / equity0×0.01×0.02×0.02×0.03×0.03×0×0×
Interest coverage0×0×0×0×0×0×0×0×
Dividend yield5.7%7.6%7.8%7.8%9.4%8.2%10.0%9.4%
Payout ratio70.5%105.6%104.1%95.5%102.4%81.4%135.0%100.8%
Key metrics by fiscal year
MetricFY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018
Return on equity62.9%59.7%61.1%51.0%81.1%54.6%46.5%48.5%
Return on invested capital57.6%53.9%57.9%46.5%76.2%51.0%44.3%45.4%
Return on assets47.2%46.8%46.9%39.5%65.6%42.1%36.1%38.4%
Free cash flow yield8.4%6.6%9.4%5.2%12.0%11.1%6.7%8.6%
Earnings yield8.1%7.2%7.5%8.1%9.2%10.1%7.4%9.3%
Enterprise valueCA$35.8MCA$31.3MCA$31.5MCA$25.1MCA$34.4MCA$21.5MCA$22.9MCA$21M
Net debt / EBITDA-0.7×-0.55×-0.63×-0.55×-0.52×-0.42×-0.31×-0.5×
Cash conversion cycle (days)1945396329938258