# Canadian Tire (CTC-A.TO)

Canonical: https://gigainvestors.com/s/CTC-A.TO

Analysis as of: 2026-10-16T07:36:37.531Z. Financial observations: FY1997–FY2025.

Listing currency: CAD. Reporting currency: CAD.

## Verdict

Not a wonderful business

Quality tests for Buy: not passed (profit record: pass; earnings resilience is evidence only). Published buy qualification: no.

Share price: CAD 202.12 per share; close as of 2026-10-15.

Estimated value: low CAD 146.53 per share, central CAD 163.92 per share, high CAD 187.07 per share. Buy at or below the central value CAD 163.92 per share. Valuation as of 2026-10-16T07:36:37.531Z; scenarios are not confidence intervals.

Expected annual return: 8.5% at the stated quote. About 8.5% a year at today's price (required return 10.0%). required return 10.0% a year (10% floor; CA 10-year bond 3.8% + 4 points).

## Checklist

### understandable: pass

- 4 revenue declines in the last 10 years (informational)

- Financial history: 10 years

- Years with declining revenue: 4

- Years with a net loss: 0

- Operating margin variation: 0.19×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.08×

- FY2017: 0.09×

- FY2018: 0.09×

- FY2019: 0.10×

- FY2020: 0.10×

- FY2021: 0.12×

- FY2022: 0.15×

- FY2023: 0.12×

- FY2024: 0.13×

- FY2025: 0.09×

### moat: fail

- ROIC median below threshold

- ROIC, median of available years: 10.9%

- ROIC, second-lowest year: 10.4%

- Typical minus recent gross margin: -0.8 pp

- Typical gross margin (annual median): 32.3%

- Recent gross margin (lower of latest and 3-year median): 33.0%

- Years with nonpositive capital: 0

- Capital spending / revenue: 3.5%

- ROIC including acquisitions, ten-year median: 4.9%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 10.4%

- FY2017: 10.5%

- FY2018: 11.3%

- FY2019: 10.4%

- FY2020: 12.6%

- FY2021: 16.0%

- FY2022: 16.4%

- FY2023: 10.4%

- FY2024: 12.8%

- FY2025: 7.3%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.61×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CAD 2.4B

- Net income, five-year total: CAD 3.9B

- Return on incremental invested capital: 11.1%

- Working capital / revenue, annual change: 0.3 pp

- Working capital / revenue, change between three-year averages: 2.7 pp

- Working capital / revenue, final three-year average: 49.5%

Chart: Annual owner cash / profit; fiscal year observations.

- FY2021: 0.60×

- FY2022: 0.70×

- FY2023: 0.26×

- FY2024: 0.67×

- FY2025: 0.54×

### management: pass

- Historical market-dollar context (not the management verdict): 2016 to 2025 (9 years)

- potential debt-funded buybacks (informational)

- buybacks unrelated to price (informational)

- ROIC first 3 years vs last 3 years: 10.5% vs 10.4%

- Per-share earnings: 9.14 to 10.85 (three-year endpoint medians)

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: -3.5%

- Ordinary dilution, 5-year annual growth: -2.7%

- Market cap gain: CAD -772M

- Cumulative retained earnings: CAD 1.1B

- Diluted shares, 10-year annual growth: -3.5%

- Diluted shares, 5-year annual growth: -2.7%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 2.2%

- Per-share value change: CAD 1.71

- Per-share value, starting three-year median: CAD 9.14

- Per-share value, ending three-year median: CAD 10.85

- Buybacks concentrated in cheaper years (correlation): -0.20

- Average buyback yield: 3.6%

- Buyback history: 10 years

- Debt-funded buybacks: Yes

- Acquisition spending: CAD 1.2B

- Cumulative net income, 10 years: CAD 7.4B

- ROIC, first three-year median: 10.5%

- ROIC, last three-year median: 10.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CAD 9.14

- FY2017: CAD 9.80

- FY2018: CAD 11.36

- FY2019: CAD 12.62

- FY2020: CAD 12.29

- FY2021: CAD 18.38

- FY2022: CAD 17.85

- FY2023: CAD 3.83

- FY2024: CAD 15.90

- FY2025: CAD 10.85

### accounting: pass

- Sloan accruals: -1.7%

- Receivables to sales index (DSRI): 1.03×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 0.0%

- Earnings backed by cash: Yes

- Operating cash / earnings: 1.65×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.23×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -2.1%

- FY2017: -2.1%

- FY2018: -1.5%

- FY2019: -1.6%

- FY2020: -8.3%

- FY2021: -2.8%

- FY2022: 2.6%

- FY2023: -5.2%

- FY2024: -5.3%

- FY2025: -1.7%

## Holders

## Price story

Price needs cash profits to grow 3.9% a year for ten years · sales -0.3%

Story as of 2026-10-16T10:00:07.804Z; price observation 2026-10-15.

Price needs cash profits to grow 3.9% a year for ten years

- 2025-11-06: Canadian Tire Q3 Reflects True North Reorganisation; Raises Dividend ([finance.yahoo.com](https://finance.yahoo.com/news/canadian-tire-q3-reflects-true-112820990.html))

### Sales · FY2024–2025

sales -0.3%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CAD 12B 

- FY2017: CAD 13B 

- FY2018: CAD 13B 

- FY2019: CAD 15B 

- FY2020: CAD 15B 

- FY2021: CAD 16B 

- FY2022: CAD 18B 

- FY2023: CAD 17B 

- FY2024: CAD 16B 

- FY2025: CAD 16B 

### Gross margin · FY2025

gross margin 33%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 31.4% 

- FY2017: 32.3% 

- FY2018: 31.4% 

- FY2019: 31.4% 

- FY2020: 32.1% 

- FY2021: 33.6% 

- FY2022: 32.2% 

- FY2023: 34.2% 

- FY2024: 34.4% 

- FY2025: 33.0% 

## Owner memo

Memo as of 2026-10-16T08:06:05.509Z.

### How it makes money

Operates in specialty retail; annual sales are CAD 16.3 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2025: revenue 16315500000; grossProfit 5391400000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 33% to 34.4% during 2023–25; it earns 10.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2023: grossProfit / revenue = 34.2%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2024: grossProfit / revenue = 34.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2025: grossProfit / revenue = 33%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); 10-year return on capital observations [[2016,0.10443912155641695],[2017,0.10456538790708039],[2018,0.11347414464918676],[2019,0.10398397688980195],[2020,0.1263495048117739],[2021,0.1598830830628499],[2022,0.16389896351325658],[2023,0.10372043225321197],[2024,0.1279259880213009],[2025,0.07299401663519442]]; median 0.10901976627813358. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Paid dividends in 10 of 10 years; bought back CAD 467.2 million of shares.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2016: growth capex 0; upkeep 515900000; owner earnings 458400000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2017: growth capex 123497547.75478882; upkeep 493802452.2452112; owner earnings 507597547.7547888. Growth capex / owner earnings = 0.24329815678000133.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2018: growth capex 135500000; upkeep 335500000; owner earnings 735000000. Growth capex / owner earnings = 0.18435374149659864.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2019: growth capex 150800000; upkeep 284400000; owner earnings 337140000. Growth capex / owner earnings = 0.4472919262027644.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2020: growth capex 7200000; upkeep 300000000; owner earnings 306500000. Growth capex / owner earnings = 0.023491027732463296.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2021: growth capex 341400000; upkeep 289200000; owner earnings 672440000. Growth capex / owner earnings = 0.507703289512819.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2022: growth capex 0; upkeep 612500000; owner earnings 734683418.3020967. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2023: growth capex 0; upkeep 580900000; owner earnings 55039074.01946327. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2024: growth capex 0; upkeep 576300000; owner earnings 595496086.01708. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2025: growth capex 0; upkeep 582000000; owner earnings 309545781.4871017. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); Dividend observations: [[2016,152200000],[2017,157500000],[2018,169700000],[2019,242500000],[2020,262900000],[2021,271100000],[2022,325800000],[2023,360800000],[2024,359800000],[2025,361700000]]. Zero only counted when supported by a complete cash-flow statement.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); FY2025: cash repurchases 467200000 CAD.

### Are managers owners

Insiders own 2% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); CTC-A.TO SharesStats.PercentInsiders = 2.0140000000000002 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 3.9% yearly over ten years; actual decline was 2.3%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:36:37.531Z); Ten-year compound average after fade. Initial solved rate 0.042170555136244015. Price 202.12; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share 7.346583044995448 → FY2025 5.804694477956706. Closing-price date 2026-10-15.

## Monthly share-price history (CAD per share)

- 2016-10: CAD 130.38 per share

- 2016-11: CAD 139.92 per share

- 2016-12: CAD 139.27 per share

- 2017-01: CAD 138.39 per share

- 2017-02: CAD 152.30 per share

- 2017-03: CAD 157.98 per share

- 2017-04: CAD 166.60 per share

- 2017-05: CAD 153.76 per share

- 2017-06: CAD 147.56 per share

- 2017-07: CAD 142.31 per share

- 2017-08: CAD 147.80 per share

- 2017-09: CAD 155.34 per share

- 2017-10: CAD 158.30 per share

- 2017-11: CAD 163.03 per share

- 2017-12: CAD 163.90 per share

- 2018-01: CAD 171.63 per share

- 2018-02: CAD 174.39 per share

- 2018-03: CAD 169.40 per share

- 2018-04: CAD 174.98 per share

- 2018-05: CAD 165.08 per share

- 2018-06: CAD 171.60 per share

- 2018-07: CAD 177.17 per share

- 2018-08: CAD 163.27 per share

- 2018-09: CAD 151.34 per share

- 2018-10: CAD 148.14 per share

- 2018-11: CAD 148.35 per share

- 2018-12: CAD 142.74 per share

- 2019-01: CAD 149.45 per share

- 2019-02: CAD 145.20 per share

- 2019-03: CAD 143.99 per share

- 2019-04: CAD 147.46 per share

- 2019-05: CAD 135.20 per share

- 2019-06: CAD 142.68 per share

- 2019-07: CAD 144.11 per share

- 2019-08: CAD 134.48 per share

- 2019-09: CAD 148.67 per share

- 2019-10: CAD 141.99 per share

- 2019-11: CAD 154.76 per share

- 2019-12: CAD 139.75 per share

- 2020-01: CAD 141.93 per share

- 2020-02: CAD 131.99 per share

- 2020-03: CAD 84.94 per share

- 2020-04: CAD 97.67 per share

- 2020-05: CAD 117.62 per share

- 2020-06: CAD 117.64 per share

- 2020-07: CAD 123.49 per share

- 2020-08: CAD 136.45 per share

- 2020-09: CAD 134.12 per share

- 2020-10: CAD 148.78 per share

- 2020-11: CAD 165.97 per share

- 2020-12: CAD 167.33 per share

- 2021-01: CAD 165.81 per share

- 2021-02: CAD 164.44 per share

- 2021-03: CAD 178.33 per share

- 2021-04: CAD 195.92 per share

- 2021-05: CAD 204.36 per share

- 2021-06: CAD 196.16 per share

- 2021-07: CAD 191.94 per share

- 2021-08: CAD 192.00 per share

- 2021-09: CAD 177.24 per share

- 2021-10: CAD 175.78 per share

- 2021-11: CAD 168.84 per share

- 2021-12: CAD 181.44 per share

- 2022-01: CAD 183.53 per share

- 2022-02: CAD 186.87 per share

- 2022-03: CAD 188.76 per share

- 2022-04: CAD 176.95 per share

- 2022-05: CAD 173.78 per share

- 2022-06: CAD 162.40 per share

- 2022-07: CAD 164.51 per share

- 2022-08: CAD 154.47 per share

- 2022-09: CAD 147.05 per share

- 2022-10: CAD 152.69 per share

- 2022-11: CAD 152.34 per share

- 2022-12: CAD 141.50 per share

- 2023-01: CAD 158.20 per share

- 2023-02: CAD 170.09 per share

- 2023-03: CAD 176.37 per share

- 2023-04: CAD 177.61 per share

- 2023-05: CAD 163.06 per share

- 2023-06: CAD 181.12 per share

- 2023-07: CAD 181.11 per share

- 2023-08: CAD 160.30 per share

- 2023-09: CAD 146.05 per share

- 2023-10: CAD 133.76 per share

- 2023-11: CAD 141.15 per share

- 2023-12: CAD 140.72 per share

- 2024-01: CAD 142.90 per share

- 2024-02: CAD 138.10 per share

- 2024-03: CAD 135.10 per share

- 2024-04: CAD 132.99 per share

- 2024-05: CAD 136.04 per share

- 2024-06: CAD 135.74 per share

- 2024-07: CAD 141.78 per share

- 2024-08: CAD 153.64 per share

- 2024-09: CAD 162.09 per share

- 2024-10: CAD 148.17 per share

- 2024-11: CAD 154.37 per share

- 2024-12: CAD 151.22 per share

- 2025-01: CAD 163.62 per share

- 2025-02: CAD 142.73 per share

- 2025-03: CAD 149.44 per share

- 2025-04: CAD 150.88 per share

- 2025-05: CAD 174.39 per share

- 2025-06: CAD 185.39 per share

- 2025-07: CAD 185.58 per share

- 2025-08: CAD 171.25 per share

- 2025-09: CAD 165.67 per share

- 2025-10: CAD 160.85 per share

- 2025-11: CAD 170.02 per share

- 2025-12: CAD 173.94 per share

- 2026-01: CAD 167.52 per share

- 2026-02: CAD 191.33 per share

- 2026-03: CAD 187.08 per share

- 2026-04: CAD 188.91 per share

- 2026-05: CAD 176.90 per share

- 2026-06: CAD 195.35 per share

- 2026-07: CAD 204.60 per share

- 2026-08: CAD 187.82 per share

- 2026-09: CAD 192.97 per share

- 2026-10: CAD 192.68 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 105.37 per share, central CAD 134.07 per share, high CAD 155.06 per share

- FY2017: low CAD 115.91 per share, central CAD 150.85 per share, high CAD 174.89 per share

- FY2018: low CAD 123.09 per share, central CAD 164.39 per share, high CAD 191.81 per share

- FY2019: low CAD 111.81 per share, central CAD 136.14 per share, high CAD 158.43 per share

- FY2020: low CAD 135.48 per share, central CAD 163.02 per share, high CAD 185.82 per share

- FY2021: low CAD 173.70 per share, central CAD 228.75 per share, high CAD 262.68 per share

- FY2022: low CAD 172.28 per share, central CAD 244.53 per share, high CAD 286.85 per share

- FY2023: low CAD 77.49 per share, central CAD 87.93 per share, high CAD 101.83 per share

- FY2024: low CAD 136.86 per share, central CAD 177.26 per share, high CAD 206.64 per share

- FY2025: low CAD 127.93 per share, central CAD 144.71 per share, high CAD 167.06 per share

Historical values use today's bond yield for every fiscal year

Historical values use today's FX rate into trading currency for every fiscal year

Historical values use current restated fundamentals and current commodity classification; they are not point-in-time estimates

Prior published observations retained from 2026-10-15T06:42:23.097Z where newer inputs omit a numeric field or fiscal period.

## Sources

Estimates depend on assumptions and are not guarantees or investment advice. Underlying data remains subject to its source licenses; public reading does not grant bulk redistribution rights.

Canadian Tire

CTC-A · TO

S&P/TSX 60

Not a wonderful business

2 quality tests fail. A lower price would not fix the business.

Share price: CAD 202.12
Buy up to: CAD 163.92
Expected / yr: 8.5% at today's price (10.0% at central value)

The business

How it makes money
Why customers stay
Where the cash goes
Are managers owners
What the price says

1. Is this a good business?

Evidence only; not required for Buy

Margins varied 19% around their average (limit 35%), and no loss years were recorded (limit 2).

Operating margin

10y median: 10.2%
Worst year: 8.5%
Latest · 2025: 8.6%

Capital return excluding acquisitions: median 10.9% (minimum 15%).

ROIC excluding acquisitions

10y median: 10.9%
Worst year: 7.3%
Latest · 2025: 7.3%

Each $1 of profit left $0.61 for owners over five years (minimum $0.80), and new investment earned 11.1% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.61×
Annual median: 0.60×
Latest · 2025: 0.54×

Per-share value rose from 9.14 to 10.85, comparing three-year medians at each end (must rise and stay positive).

Earnings per share

10y median: CAD 11.83
Worst year: CAD 3.83
Latest · 2025: CAD 10.85

Profits were backed by cash: accruals were -1.7% of assets (limit 10%).

Sloan accruals

10y median: -2.1%
Worst year: 2.6%
Latest · 2025: -1.7%

Profit record · pass 0 loss years in 10 (at most 2), mean operating margin 10.7%, three-year average owner earnings per share 5.82 CAD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CAD 130.38 · Value 134.07 · Buy at or below 134.07; 2016-11 · Price CAD 139.92 · Value 134.07 · Buy at or below 134.07; 2016-12 · Price CAD 139.27 · Value 134.07 · Buy at or below 134.07; 2017-01 · Price CAD 138.39 · Value 134.07 · Buy at or below 134.07; 2017-02 · Price CAD 152.30 · Value 150.85 · Buy at or below 150.85; 2017-03 · Price CAD 157.98 · Value 150.85 · Buy at or below 150.85; 2017-04 · Price CAD 166.60 · Value 150.85 · Buy at or below 150.85; 2017-05 · Price CAD 153.76 · Value 150.85 · Buy at or below 150.85; 2017-06 · Price CAD 147.56 · Value 150.85 · Buy at or below 150.85; 2017-07 · Price CAD 142.31 · Value 150.85 · Buy at or below 150.85; 2017-08 · Price CAD 147.80 · Value 150.85 · Buy at or below 150.85; 2017-09 · Price CAD 155.34 · Value 150.85 · Buy at or below 150.85; 2017-10 · Price CAD 158.30 · Value 150.85 · Buy at or below 150.85; 2017-11 · Price CAD 163.03 · Value 150.85 · Buy at or below 150.85; 2017-12 · Price CAD 163.90 · Value 150.85 · Buy at or below 150.85; 2018-01 · Price CAD 171.63 · Value 150.85 · Buy at or below 150.85; 2018-02 · Price CAD 174.39 · Value 164.39 · Buy at or below 164.39; 2018-03 · Price CAD 169.40 · Value 164.39 · Buy at or below 164.39; 2018-04 · Price CAD 174.98 · Value 164.39 · Buy at or below 164.39; 2018-05 · Price CAD 165.08 · Value 164.39 · Buy at or below 164.39; 2018-06 · Price CAD 171.60 · Value 164.39 · Buy at or below 164.39; 2018-07 · Price CAD 177.17 · Value 164.39 · Buy at or below 164.39; 2018-08 · Price CAD 163.27 · Value 164.39 · Buy at or below 164.39; 2018-09 · Price CAD 151.34 · Value 164.39 · Buy at or below 164.39; 2018-10 · Price CAD 148.14 · Value 164.39 · Buy at or below 164.39; 2018-11 · Price CAD 148.35 · Value 164.39 · Buy at or below 164.39; 2018-12 · Price CAD 142.74 · Value 164.39 · Buy at or below 164.39; 2019-01 · Price CAD 149.45 · Value 164.39 · Buy at or below 164.39; 2019-02 · Price CAD 145.20 · Value 136.14 · Buy at or below 136.14; 2019-03 · Price CAD 143.99 · Value 136.14 · Buy at or below 136.14; 2019-04 · Price CAD 147.46 · Value 136.14 · Buy at or below 136.14; 2019-05 · Price CAD 135.20 · Value 136.14 · Buy at or below 136.14; 2019-06 · Price CAD 142.68 · Value 136.14 · Buy at or below 136.14; 2019-07 · Price CAD 144.11 · Value 136.14 · Buy at or below 136.14; 2019-08 · Price CAD 134.48 · Value 136.14 · Buy at or below 136.14; 2019-09 · Price CAD 148.67 · Value 136.14 · Buy at or below 136.14; 2019-10 · Price CAD 141.99 · Value 136.14 · Buy at or below 136.14; 2019-11 · Price CAD 154.76 · Value 136.14 · Buy at or below 136.14; 2019-12 · Price CAD 139.75 · Value 136.14 · Buy at or below 136.14; 2020-01 · Price CAD 141.93 · Value 136.14 · Buy at or below 136.14; 2020-02 · Price CAD 131.99 · Value 163.02 · Buy at or below 163.02; 2020-03 · Price CAD 84.94 · Value 163.02 · Buy at or below 163.02; 2020-04 · Price CAD 97.67 · Value 163.02 · Buy at or below 163.02; 2020-05 · Price CAD 117.62 · Value 163.02 · Buy at or below 163.02; 2020-06 · Price CAD 117.64 · Value 163.02 · Buy at or below 163.02; 2020-07 · Price CAD 123.49 · Value 163.02 · Buy at or below 163.02; 2020-08 · Price CAD 136.45 · Value 163.02 · Buy at or below 163.02; 2020-09 · Price CAD 134.12 · Value 163.02 · Buy at or below 163.02; 2020-10 · Price CAD 148.78 · Value 163.02 · Buy at or below 163.02; 2020-11 · Price CAD 165.97 · Value 163.02 · Buy at or below 163.02; 2020-12 · Price CAD 167.33 · Value 163.02 · Buy at or below 163.02; 2021-01 · Price CAD 165.81 · Value 163.02 · Buy at or below 163.02; 2021-02 · Price CAD 164.44 · Value 228.75 · Buy at or below 228.75; 2021-03 · Price CAD 178.33 · Value 228.75 · Buy at or below 228.75; 2021-04 · Price CAD 195.92 · Value 228.75 · Buy at or below 228.75; 2021-05 · Price CAD 204.36 · Value 228.75 · Buy at or below 228.75; 2021-06 · Price CAD 196.16 · Value 228.75 · Buy at or below 228.75; 2021-07 · Price CAD 191.94 · Value 228.75 · Buy at or below 228.75; 2021-08 · Price CAD 192.00 · Value 228.75 · Buy at or below 228.75; 2021-09 · Price CAD 177.24 · Value 228.75 · Buy at or below 228.75; 2021-10 · Price CAD 175.78 · Value 228.75 · Buy at or below 228.75; 2021-11 · Price CAD 168.84 · Value 228.75 · Buy at or below 228.75; 2021-12 · Price CAD 181.44 · Value 228.75 · Buy at or below 228.75; 2022-01 · Price CAD 183.53 · Value 228.75 · Buy at or below 228.75; 2022-02 · Price CAD 186.87 · Value 244.53 · Buy at or below 244.53; 2022-03 · Price CAD 188.76 · Value 244.53 · Buy at or below 244.53; 2022-04 · Price CAD 176.95 · Value 244.53 · Buy at or below 244.53; 2022-05 · Price CAD 173.78 · Value 244.53 · Buy at or below 244.53; 2022-06 · Price CAD 162.40 · Value 244.53 · Buy at or below 244.53; 2022-07 · Price CAD 164.51 · Value 244.53 · Buy at or below 244.53; 2022-08 · Price CAD 154.47 · Value 244.53 · Buy at or below 244.53; 2022-09 · Price CAD 147.05 · Value 244.53 · Buy at or below 244.53; 2022-10 · Price CAD 152.69 · Value 244.53 · Buy at or below 244.53; 2022-11 · Price CAD 152.34 · Value 244.53 · Buy at or below 244.53; 2022-12 · Price CAD 141.50 · Value 244.53 · Buy at or below 244.53; 2023-01 · Price CAD 158.20 · Value 244.53 · Buy at or below 244.53; 2023-02 · Price CAD 170.09 · Value 87.93 · Buy at or below 87.93; 2023-03 · Price CAD 176.37 · Value 87.93 · Buy at or below 87.93; 2023-04 · Price CAD 177.61 · Value 87.93 · Buy at or below 87.93; 2023-05 · Price CAD 163.06 · Value 87.93 · Buy at or below 87.93; 2023-06 · Price CAD 181.12 · Value 87.93 · Buy at or below 87.93; 2023-07 · Price CAD 181.11 · Value 87.93 · Buy at or below 87.93; 2023-08 · Price CAD 160.30 · Value 87.93 · Buy at or below 87.93; 2023-09 · Price CAD 146.05 · Value 87.93 · Buy at or below 87.93; 2023-10 · Price CAD 133.76 · Value 87.93 · Buy at or below 87.93; 2023-11 · Price CAD 141.15 · Value 87.93 · Buy at or below 87.93; 2023-12 · Price CAD 140.72 · Value 87.93 · Buy at or below 87.93; 2024-01 · Price CAD 142.90 · Value 87.93 · Buy at or below 87.93; 2024-02 · Price CAD 138.10 · Value 177.26 · Buy at or below 177.26; 2024-03 · Price CAD 135.10 · Value 177.26 · Buy at or below 177.26; 2024-04 · Price CAD 132.99 · Value 177.26 · Buy at or below 177.26; 2024-05 · Price CAD 136.04 · Value 177.26 · Buy at or below 177.26; 2024-06 · Price CAD 135.74 · Value 177.26 · Buy at or below 177.26; 2024-07 · Price CAD 141.78 · Value 177.26 · Buy at or below 177.26; 2024-08 · Price CAD 153.64 · Value 177.26 · Buy at or below 177.26; 2024-09 · Price CAD 162.09 · Value 177.26 · Buy at or below 177.26; 2024-10 · Price CAD 148.17 · Value 177.26 · Buy at or below 177.26; 2024-11 · Price CAD 154.37 · Value 177.26 · Buy at or below 177.26; 2024-12 · Price CAD 151.22 · Value 177.26 · Buy at or below 177.26; 2025-01 · Price CAD 163.62 · Value 177.26 · Buy at or below 177.26; 2025-02 · Price CAD 142.73 · Value 144.71 · Buy at or below 144.71; 2025-03 · Price CAD 149.44 · Value 144.71 · Buy at or below 144.71; 2025-04 · Price CAD 150.88 · Value 144.71 · Buy at or below 144.71; 2025-05 · Price CAD 174.39 · Value 144.71 · Buy at or below 144.71; 2025-06 · Price CAD 185.39 · Value 144.71 · Buy at or below 144.71; 2025-07 · Price CAD 185.58 · Value 144.71 · Buy at or below 144.71; 2025-08 · Price CAD 171.25 · Value 144.71 · Buy at or below 144.71; 2025-09 · Price CAD 165.67 · Value 144.71 · Buy at or below 144.71; 2025-10 · Price CAD 160.85 · Value 144.71 · Buy at or below 144.71; 2025-11 · Price CAD 170.02 · Value 144.71 · Buy at or below 144.71; 2025-12 · Price CAD 173.94 · Value 144.71 · Buy at or below 144.71; 2026-01 · Price CAD 167.52 · Value 144.71 · Buy at or below 144.71; 2026-02 · Price CAD 191.33 · Value 163.92 · Buy at or below 163.92; 2026-03 · Price CAD 187.08 · Value 163.92 · Buy at or below 163.92; 2026-04 · Price CAD 188.91 · Value 163.92 · Buy at or below 163.92; 2026-05 · Price CAD 176.90 · Value 163.92 · Buy at or below 163.92; 2026-06 · Price CAD 195.35 · Value 163.92 · Buy at or below 163.92; 2026-07 · Price CAD 204.60 · Value 163.92 · Buy at or below 163.92; 2026-08 · Price CAD 187.82 · Value 163.92 · Buy at or below 163.92; 2026-09 · Price CAD 192.97 · Value 163.92 · Buy at or below 163.92; 2026-10 · Price CAD 192.68 · Value 163.92 · Buy at or below 163.92; 2026-10 · Price CAD 202.12 · Value 163.92 · Buy at or below 163.92

CAD per share · annual estimates

Price & return math
Value range	CAD 146.53 – CAD 187.07
Buy at or below	Central value CAD 163.92
Discount to value	1 − 202.12 / 163.92 = -23.3%
Return / year	About 8.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CAD 11.54/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CAD 20.41/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCAD 16B

Revenue

Owner earningsCAD 310M

Owner earnings

Operating margin8.6%

Operating margin

Net cash / debtCAD -9.1B

Net cash / debt

Diluted shares53M

Diluted shares

Prices 15 Oct 2026 · FY2025