Westshore Terminals Investment Corporation (WTE.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

-121.0%

-CA$9.15

vs CA$43.65 price

Levered DCF

CA$14.53

After debt service

Piotroski score

6 / 9

Average

Altman Z-score

0.92

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	17.71×	12.11×	14.89×	21.16×	15.78×	7.95×	9.07×	11.43×
P/B	2.18×	1.93×	2.37×	1.99×	2.15×	1.36×	1.78×	2.23×
P/S	4.98×	3.46×	4.55×	4.86×	4.98×	2.74×	3.2×	3.92×
EV / EBITDA	10.73×	8.04×	9.66×	11.48×	9.29×	5.15×	6.24×	8.12×
Gross margin	34.5%	49.0%	47.1%	39.1%	50.6%	54.4%	55.3%	53.3%
Operating margin	30.1%	44.4%	42.1%	35.7%	46.6%	50.5%	51.3%	48.8%
Net margin	28.1%	28.5%	30.6%	22.9%	31.7%	34.4%	35.2%	34.3%
Current ratio	0.87×	0.91×	1.57×	2.48×	3.7×	3.06×	2.28×	0.93×
Debt / equity	0.6×	0.61×	0.38×	0.39×	0.36×	0.39×	0.41×	0.46×
Interest coverage	4.85×	7.99×	14.88×	9.06×	13.34×	15.8×	16.32×	14.19×
Dividend yield	5.8%	8.1%	4.9%	11.8%	4.9%	4.1%	3.4%	3.1%
Payout ratio	102.2%	98.5%	72.5%	250.8%	76.9%	32.9%	30.7%	35.8%

Key metrics by fiscal year

Metric	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018
Return on equity	12.3%	15.9%	16.0%	9.4%	13.7%	17.1%	19.6%	19.6%
Return on invested capital	3.1%	8.0%	9.4%	6.4%	9.5%	11.5%	13.1%	16.7%
Return on assets	3.5%	6.2%	8.4%	5.3%	8.3%	10.1%	11.5%	14.8%
Free cash flow yield	5.4%	7.0%	5.7%	2.6%	7.6%	15.8%	11.3%	7.9%
Earnings yield	5.6%	8.2%	6.7%	4.7%	6.4%	12.6%	11.0%	8.8%
Enterprise value	CA$1.9B	CA$1.7B	CA$1.8B	CA$1.5B	CA$1.7B	CA$1.1B	CA$1.4B	CA$1.7B
Net debt / EBITDA	1.76×	1.44×	0.59×	0.93×	0.21×	0.4×	0.69×	1.18×
Cash conversion cycle (days)	-231	-229	-113	-31	-42	-46	-60	-97