Wajax Corporation (WJX.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

+98.5%

CA$67.02

vs CA$33.76 price

Levered DCF

CA$44.49

After debt service

Piotroski score

7 / 9

Strong

Altman Z-score

3.02

Safe zone

Rating

Overall 4 / 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	10.32×	10.64×	8×	5.84×	9.71×	10.82×	7.47×	9.11×
P/B	1.1×	0.89×	1.31×	0.94×	1.33×	1.05×	0.93×	1.1×
P/S	0.28×	0.22×	0.3×	0.22×	0.32×	0.24×	0.19×	0.22×
EV / EBITDA	5.52×	6.38×	5.9×	5.21×	5.61×	6.1×	5.54×	6.73×
Gross margin	18.9%	19.7%	20.6%	19.9%	20.3%	18.4%	18.8%	18.4%
Operating margin	5.6%	4.9%	6.3%	5.8%	5.7%	5.1%	5.1%	4.2%
Net margin	2.7%	2.0%	3.8%	3.7%	3.3%	2.2%	2.5%	2.4%
Current ratio	2.14×	1.95×	2.16×	1.67×	1.85×	2.34×	2.25×	2.15×
Debt / equity	0.78×	1.07×	1.01×	0.67×	0.82×	1.16×	1.28×	0.79×
Interest coverage	4.07×	2.87×	5.11×	6.45×	4.78×	3.43×	4.01×	7.15×
Dividend yield	5.1%	6.6%	4.1%	5.1%	4.1%	5.9%	6.8%	6.0%
Payout ratio	53.1%	70.0%	32.9%	29.6%	39.6%	63.3%	50.6%	54.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	10.7%	8.4%	16.3%	16.1%	13.7%	9.7%	12.5%	12.1%
Return on invested capital	9.1%	6.9%	9.8%	10.7%	9.1%	7.2%	7.8%	8.1%
Return on assets	4.2%	2.8%	5.5%	5.8%	4.9%	3.2%	3.8%	4.3%
Free cash flow yield	31.0%	13.4%	-15.2%	14.0%	35.3%	31.6%	-7.1%	-4.1%
Earnings yield	9.7%	9.4%	12.5%	17.1%	10.3%	9.2%	13.3%	11.0%
Enterprise value	CA$1B	CA$996.1M	CA$1.1B	CA$884.2M	CA$829.2M	CA$714.9M	CA$699.6M	CA$575.9M
Net debt / EBITDA	2.27×	3.46×	2.57×	2.72×	2.11×	3.18×	3.2×	2.92×
Cash conversion cycle (days)	120	138	144	104	119	132	133	127