# Tourmaline Oil (TOU.TO)

Canonical: https://gigainvestors.com/s/TOU.TO

Analysis as of: 2026-10-16T07:34:54.888Z. Financial observations: FY2009–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 64.58 per share; close as of 2026-10-15.

Estimated value: low CAD 20.91 per share, central CAD 23.79 per share, high CAD 27.63 per share. Buy at or below the central value CAD 23.79 per share. Valuation as of 2026-10-16T07:34:54.888Z; scenarios are not confidence intervals.

Expected annual return: 5.5% at the stated quote. About 5.5% 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: fail

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

- operating margin variation exceeds 0.35

- Financial history: 10 years

- Years with declining revenue: 2

- Years with a net loss: 1

- Operating margin variation: 0.67×

Chart: Operating margin; fiscal year observations.

- FY2016: 0.01×

- FY2017: 0.34×

- FY2018: 0.37×

- FY2019: 0.20×

- FY2020: 0.30×

- FY2021: 0.54×

- FY2022: 0.84×

- FY2023: 0.46×

- FY2024: 0.41×

- FY2025: 0.01×

### moat: fail

- ROIC median below threshold

- ROIC worst years below threshold (more than 1 bad year allowed)

- Recent gross margin fell 54.7pp below the typical margin (limit 4pp)

- ROIC, median of available years: 4.9%

- ROIC, second-lowest year: 3.9%

- Typical minus recent gross margin: 54.7 pp

- Typical gross margin (annual median): 60.2%

- Recent gross margin (lower of latest and 3-year median): 5.5%

- Years with nonpositive capital: 0

- Capital spending / revenue: 54.2%

- ROIC including acquisitions, ten-year median: 4.4%

Chart: ROIC excluding acquisitions; fiscal year observations.

- FY2016: 0.1%

- FY2017: 4.4%

- FY2018: 4.9%

- FY2019: 3.9%

- FY2020: 6.4%

- FY2021: 16.7%

- FY2022: 31.6%

### economics: fail

- owner earnings cash conversion below threshold

- incremental invested capital return below threshold

- Owner earnings / net income, 5-yr: 0.78×

- Cash conversion uses consolidated totals: No

- Owner earnings, five-year total: CAD 7.6B

- Net income, five-year total: CAD 9.8B

- Return on incremental invested capital: -1.3%

- Working capital / revenue, annual change: 1.1 pp

- Working capital / revenue, change between three-year averages: 6.9 pp

- Working capital / revenue, final three-year average: -9.6%

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

- FY2021: 1.00×

- FY2022: 1.00×

- FY2023: 0.17×

- FY2024: 0.44×

- FY2025: 0.97×

### management: fail

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

- buybacks unrelated to price (informational)

- Per-share earnings: 0.36 to 3.51 (three-year endpoint medians)

- five-year and ten-year diluted share growth both above threshold

- Management verdict uses per-share economic progress: Yes

- Ordinary dilution, 10-year annual growth: 5.7%

- Ordinary dilution, 5-year annual growth: 5.2%

- Market cap gain: CAD 14B

- Cumulative retained earnings: CAD 3.5B

- Diluted shares, 10-year annual growth: 5.7%

- Diluted shares, 5-year annual growth: 5.2%

- $1 test, starting fiscal year: FY2016

- $1 test, ending fiscal year: FY2025

- Per-share value growth: 32.8%

- Per-share value change: CAD 3.15

- Per-share value, starting three-year median: CAD 0.36

- Per-share value, ending three-year median: CAD 3.51

- Buybacks concentrated in cheaper years (correlation): -0.50

- Average buyback yield: 0.3%

- Buyback history: 3 years

- Debt-funded buybacks: No

- Acquisition spending: CAD 888M

- Cumulative net income, 10 years: CAD 11B

- ROIC, first three-year median: 4.4%

Chart: Earnings per share; fiscal year observations.

- FY2016: CAD -0.12

- FY2017: CAD 1.28

- FY2018: CAD 1.48

- FY2019: CAD 1.18

- FY2020: CAD 2.07

- FY2021: CAD 5.98

- FY2022: CAD 13.10

- FY2023: CAD 5.03

- FY2024: CAD 3.51

- FY2025: CAD 0.68

### accounting: pass

- Sloan accruals: -13.7%

- Receivables to sales index (DSRI): 0.72×

- Restructuring years, last five: 0

- Stock compensation / operating cash flow: 2.1%

- Earnings backed by cash: Yes

- Operating cash / earnings: 12.89×

- Accounting red flags: 0

- Goodwill and intangibles / equity: 0.00×

Chart: Sloan accruals; fiscal year observations.

- FY2016: -7.8%

- FY2017: -8.2%

- FY2018: -8.1%

- FY2019: -7.4%

- FY2020: -3.7%

- FY2021: -5.1%

- FY2022: -1.1%

- FY2023: -13.0%

- FY2024: -6.5%

- FY2025: -13.7%

## Holders

## Price story

Down 21% since Nov 2022 · sales +33.7%

Story as of 2026-10-16T10:00:03.014Z; price observation 2026-10-15.

Price needs cash profits to grow 13.5% a year for ten years

### Sales · FY2024–2025

sales +33.7%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: CAD 1.1B 

- FY2017: CAD 1.6B 

- FY2018: CAD 1.7B 

- FY2019: CAD 1.8B 

- FY2020: CAD 2.2B 

- FY2021: CAD 4.8B 

- FY2022: CAD 7.1B 

- FY2023: CAD 4.8B 

- FY2024: CAD 4.4B 

- FY2025: CAD 5.8B 

### Gross margin · FY2025

gross margin 5.5%; source https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/; observed 2026-10-16.

- FY2016: 64.7% 

- FY2017: 65.7% 

- FY2018: 59.3% 

- FY2019: 56.9% 

- FY2020: 58.9% 

- FY2021: 71.9% 

- FY2022: 75.7% 

- FY2023: 61.0% 

- FY2024: 50.4% 

- FY2025: 5.5% 

## Owner memo

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

### How it makes money

Operates in oil & gas e&p; annual sales are CAD 5.8 billion.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2025: revenue 5820517000; grossProfit 321035000; margin = grossProfit / revenue.

### Why customers stay

Margins ranged from 5.5% to 61% during 2023–25; it earns 4.9% on its capital.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2023: grossProfit / revenue = 61%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2024: grossProfit / revenue = 50.4%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2025: grossProfit / revenue = 5.5%.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); 10-year return on capital observations [[2016,0.0012254740516175013],[2017,0.04399132797236935],[2018,0.0490173607639887],[2019,0.0385768971680497],[2020,0.06395314759426779],[2021,0.16667718329443507],[2022,0.3159366513393504]]; median 0.0490173607639887. ROIC follows the displayed moat series; financial companies use return on tangible equity.

### Where the cash goes

Reinvests 3% of cash earnings; paid dividends in 10 of 10 years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2017: growth capex 545966000; upkeep 774258000; owner earnings 346773000. Growth capex / owner earnings = 1.5744190003258616.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2018: growth capex 410963000; upkeep 798666000; owner earnings 401418000. Growth capex / owner earnings = 1.0237782062588126.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2019: growth capex 388204000; upkeep 853388000; owner earnings 317564200. Growth capex / owner earnings = 1.2224425801145091.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2020: growth capex 0; upkeep 1077227000; owner earnings 677019000. Growth capex / owner earnings = 0.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2021: growth capex 1136383000; upkeep 846544000; owner earnings 2023757200. Growth capex / owner earnings = 0.561521411758288.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2022: growth capex 766320000; upkeep 1184516000; cash acquisitions 67770000; owner earnings 4485018000. Growth capex plus acquisitions / owner earnings = 0.18597249776923971.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2023: growth capex 0; upkeep 2732024000; cash acquisitions 650986000; owner earnings 302039000. Growth capex plus acquisitions / owner earnings = 2.155304447438907.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2024: growth capex 0; upkeep 2259153000; cash acquisitions 169040000; owner earnings 550641200. Growth capex plus acquisitions / owner earnings = 0.3069875628630767.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); FY2025: growth capex 7651000; upkeep 3000251000; cash acquisitions 0; owner earnings 254996600. Growth capex plus acquisitions / owner earnings = 0.030004321626249133.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); Dividend observations: [[2016,100580000],[2017,100580000],[2018,100580000],[2019,124995000],[2020,161626000],[2021,468555000],[2022,2653248000],[2023,2226867000],[2024,1185912000],[2025,1261819000]]. Zero only counted when supported by a complete cash-flow statement.

### Are managers owners

Insiders own 5% of the company.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16); TOU.TO SharesStats.PercentInsiders = 4.99 percentage points; cache date 2026-10-16.

### What the price says

The price assumes cash profits grow 13.5% yearly over ten years.

- Source: https://eodhd.com/financial-apis/stock-etfs-fundamental-data-feeds/ (filed 2026-10-16T07:34:54.888Z); Ten-year compound average after fade. Initial solved rate 0.1820710986419357. Price 64.58; FX 1; discount 0.1; same standard ten-year fade to terminal 0.03. FY2015 owner earnings/share -2.9667918978807046 → FY2025 0.6641593976511734. Closing-price date 2026-10-15.

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

- 2016-10: CAD 35.15 per share

- 2016-11: CAD 36.24 per share

- 2016-12: CAD 35.91 per share

- 2017-01: CAD 30.42 per share

- 2017-02: CAD 29.40 per share

- 2017-03: CAD 29.65 per share

- 2017-04: CAD 26.82 per share

- 2017-05: CAD 27.01 per share

- 2017-06: CAD 27.88 per share

- 2017-07: CAD 27.65 per share

- 2017-08: CAD 24.36 per share

- 2017-09: CAD 25.37 per share

- 2017-10: CAD 23.61 per share

- 2017-11: CAD 23.18 per share

- 2017-12: CAD 22.78 per share

- 2018-01: CAD 19.87 per share

- 2018-02: CAD 18.67 per share

- 2018-03: CAD 21.85 per share

- 2018-04: CAD 24.15 per share

- 2018-05: CAD 25.86 per share

- 2018-06: CAD 23.49 per share

- 2018-07: CAD 25.70 per share

- 2018-08: CAD 21.26 per share

- 2018-09: CAD 22.74 per share

- 2018-10: CAD 19.20 per share

- 2018-11: CAD 18.40 per share

- 2018-12: CAD 16.98 per share

- 2019-01: CAD 17.92 per share

- 2019-02: CAD 19.97 per share

- 2019-03: CAD 20.64 per share

- 2019-04: CAD 20.03 per share

- 2019-05: CAD 17.20 per share

- 2019-06: CAD 16.68 per share

- 2019-07: CAD 17.40 per share

- 2019-08: CAD 12.62 per share

- 2019-09: CAD 13.11 per share

- 2019-10: CAD 11.30 per share

- 2019-11: CAD 12.37 per share

- 2019-12: CAD 15.22 per share

- 2020-01: CAD 13.35 per share

- 2020-02: CAD 11.15 per share

- 2020-03: CAD 8.64 per share

- 2020-04: CAD 13.80 per share

- 2020-05: CAD 13.68 per share

- 2020-06: CAD 11.87 per share

- 2020-07: CAD 13.62 per share

- 2020-08: CAD 16.57 per share

- 2020-09: CAD 16.27 per share

- 2020-10: CAD 17.26 per share

- 2020-11: CAD 18.08 per share

- 2020-12: CAD 17.16 per share

- 2021-01: CAD 18.22 per share

- 2021-02: CAD 23.16 per share

- 2021-03: CAD 23.92 per share

- 2021-04: CAD 26.52 per share

- 2021-05: CAD 29.45 per share

- 2021-06: CAD 35.43 per share

- 2021-07: CAD 34.06 per share

- 2021-08: CAD 33.74 per share

- 2021-09: CAD 44.25 per share

- 2021-10: CAD 44.73 per share

- 2021-11: CAD 42.51 per share

- 2021-12: CAD 40.84 per share

- 2022-01: CAD 45.32 per share

- 2022-02: CAD 50.00 per share

- 2022-03: CAD 57.60 per share

- 2022-04: CAD 66.16 per share

- 2022-05: CAD 78.08 per share

- 2022-06: CAD 66.93 per share

- 2022-07: CAD 80.23 per share

- 2022-08: CAD 77.65 per share

- 2022-09: CAD 71.79 per share

- 2022-10: CAD 76.76 per share

- 2022-11: CAD 81.87 per share

- 2022-12: CAD 68.32 per share

- 2023-01: CAD 62.01 per share

- 2023-02: CAD 59.80 per share

- 2023-03: CAD 56.32 per share

- 2023-04: CAD 60.87 per share

- 2023-05: CAD 56.75 per share

- 2023-06: CAD 62.42 per share

- 2023-07: CAD 68.34 per share

- 2023-08: CAD 69.29 per share

- 2023-09: CAD 68.35 per share

- 2023-10: CAD 73.33 per share

- 2023-11: CAD 65.68 per share

- 2023-12: CAD 59.59 per share

- 2024-01: CAD 58.13 per share

- 2024-02: CAD 61.42 per share

- 2024-03: CAD 63.33 per share

- 2024-04: CAD 67.28 per share

- 2024-05: CAD 67.61 per share

- 2024-06: CAD 62.05 per share

- 2024-07: CAD 60.75 per share

- 2024-08: CAD 61.42 per share

- 2024-09: CAD 62.81 per share

- 2024-10: CAD 64.19 per share

- 2024-11: CAD 66.08 per share

- 2024-12: CAD 66.52 per share

- 2025-01: CAD 66.21 per share

- 2025-02: CAD 66.75 per share

- 2025-03: CAD 69.40 per share

- 2025-04: CAD 60.90 per share

- 2025-05: CAD 61.88 per share

- 2025-06: CAD 65.70 per share

- 2025-07: CAD 58.97 per share

- 2025-08: CAD 58.32 per share

- 2025-09: CAD 60.02 per share

- 2025-10: CAD 61.69 per share

- 2025-11: CAD 64.32 per share

- 2025-12: CAD 61.57 per share

- 2026-01: CAD 64.44 per share

- 2026-02: CAD 64.04 per share

- 2026-03: CAD 66.58 per share

- 2026-04: CAD 65.80 per share

- 2026-05: CAD 63.02 per share

- 2026-06: CAD 59.30 per share

- 2026-07: CAD 61.91 per share

- 2026-08: CAD 63.14 per share

- 2026-09: CAD 60.90 per share

- 2026-10: CAD 65.19 per share

## Annual estimated value (CAD per share)

- FY2016: low CAD 1.67 per share, central CAD 1.90 per share, high CAD 2.20 per share

- FY2017: low CAD 13.63 per share, central CAD 15.51 per share, high CAD 18.02 per share

- FY2018: low CAD 14.56 per share, central CAD 16.56 per share, high CAD 19.23 per share

- FY2019: low CAD 15.93 per share, central CAD 22.76 per share, high CAD 26.74 per share

- FY2020: low CAD 22.33 per share, central CAD 31.65 per share, high CAD 37.08 per share

- FY2021: low CAD 45.47 per share, central CAD 64.95 per share, high CAD 76.30 per share

- FY2022: low CAD 85.75 per share, central CAD 122.49 per share, high CAD 143.89 per share

- FY2023: low CAD 48.66 per share, central CAD 57.93 per share, high CAD 67.44 per share

- FY2024: low CAD 40.21 per share, central CAD 45.75 per share, high CAD 53.13 per share

- FY2025: low CAD 20.95 per share, central CAD 23.84 per share, high CAD 27.69 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

## 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.

Tourmaline Oil

TOU · TO

S&P/TSX 60

Not a wonderful business

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

Share price: CAD 64.58
Buy up to: CAD 23.79
Expected / yr: 5.5% 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 67.1% around their average (limit 35%).

Operating margin

10y median: 35.6%
Worst year: 1.1%
Latest · 2025: 1.2%

Capital return excluding acquisitions: median 4.9% (minimum 15%), and the second-worst year 3.9% (minimum 10%), and gross margin fell 54.7 percentage points (limit 4).

ROIC excluding acquisitions

7y median: 4.9%
Worst year: 0.1%
Latest · 2022: 31.6%

Each $1 of profit left $0.78 for owners over five years (minimum $0.80), and new investment earned -1.3% (minimum 12%).

Annual owner cash / profit

Five-year totals: 0.78×
Annual median: 0.97×
Latest · 2025: 0.97×

Share growth was 5.7% over ten years and 5.2% over five (either must be at most 1% a year).

Earnings per share

10y median: CAD 1.77
Worst year: CAD -0.12
Latest · 2025: CAD 0.68

Profits were backed by cash: accruals were -13.7% of assets (limit 10%).

Sloan accruals

10y median: -7.6%
Worst year: -1.1%
Latest · 2025: -13.7%

Profit record · pass 1 loss year in 10 (at most 2), mean operating margin 34.9%, three-year average owner earnings per share 1.02 CAD.

2. Is the price low enough?

PriceEstimated rangeBuy price

2016-10 · Price CAD 35.15 · Value 1.90 · Buy at or below 1.90; 2016-11 · Price CAD 36.24 · Value 1.90 · Buy at or below 1.90; 2016-12 · Price CAD 35.91 · Value 1.90 · Buy at or below 1.90; 2017-01 · Price CAD 30.42 · Value 1.90 · Buy at or below 1.90; 2017-02 · Price CAD 29.40 · Value 15.51 · Buy at or below 15.51; 2017-03 · Price CAD 29.65 · Value 15.51 · Buy at or below 15.51; 2017-04 · Price CAD 26.82 · Value 15.51 · Buy at or below 15.51; 2017-05 · Price CAD 27.01 · Value 15.51 · Buy at or below 15.51; 2017-06 · Price CAD 27.88 · Value 15.51 · Buy at or below 15.51; 2017-07 · Price CAD 27.65 · Value 15.51 · Buy at or below 15.51; 2017-08 · Price CAD 24.36 · Value 15.51 · Buy at or below 15.51; 2017-09 · Price CAD 25.37 · Value 15.51 · Buy at or below 15.51; 2017-10 · Price CAD 23.61 · Value 15.51 · Buy at or below 15.51; 2017-11 · Price CAD 23.18 · Value 15.51 · Buy at or below 15.51; 2017-12 · Price CAD 22.78 · Value 15.51 · Buy at or below 15.51; 2018-01 · Price CAD 19.87 · Value 15.51 · Buy at or below 15.51; 2018-02 · Price CAD 18.67 · Value 16.56 · Buy at or below 16.56; 2018-03 · Price CAD 21.85 · Value 16.56 · Buy at or below 16.56; 2018-04 · Price CAD 24.15 · Value 16.56 · Buy at or below 16.56; 2018-05 · Price CAD 25.86 · Value 16.56 · Buy at or below 16.56; 2018-06 · Price CAD 23.49 · Value 16.56 · Buy at or below 16.56; 2018-07 · Price CAD 25.70 · Value 16.56 · Buy at or below 16.56; 2018-08 · Price CAD 21.26 · Value 16.56 · Buy at or below 16.56; 2018-09 · Price CAD 22.74 · Value 16.56 · Buy at or below 16.56; 2018-10 · Price CAD 19.20 · Value 16.56 · Buy at or below 16.56; 2018-11 · Price CAD 18.40 · Value 16.56 · Buy at or below 16.56; 2018-12 · Price CAD 16.98 · Value 16.56 · Buy at or below 16.56; 2019-01 · Price CAD 17.92 · Value 16.56 · Buy at or below 16.56; 2019-02 · Price CAD 19.97 · Value 22.76 · Buy at or below 22.76; 2019-03 · Price CAD 20.64 · Value 22.76 · Buy at or below 22.76; 2019-04 · Price CAD 20.03 · Value 22.76 · Buy at or below 22.76; 2019-05 · Price CAD 17.20 · Value 22.76 · Buy at or below 22.76; 2019-06 · Price CAD 16.68 · Value 22.76 · Buy at or below 22.76; 2019-07 · Price CAD 17.40 · Value 22.76 · Buy at or below 22.76; 2019-08 · Price CAD 12.62 · Value 22.76 · Buy at or below 22.76; 2019-09 · Price CAD 13.11 · Value 22.76 · Buy at or below 22.76; 2019-10 · Price CAD 11.30 · Value 22.76 · Buy at or below 22.76; 2019-11 · Price CAD 12.37 · Value 22.76 · Buy at or below 22.76; 2019-12 · Price CAD 15.22 · Value 22.76 · Buy at or below 22.76; 2020-01 · Price CAD 13.35 · Value 22.76 · Buy at or below 22.76; 2020-02 · Price CAD 11.15 · Value 31.65 · Buy at or below 31.65; 2020-03 · Price CAD 8.64 · Value 31.65 · Buy at or below 31.65; 2020-04 · Price CAD 13.80 · Value 31.65 · Buy at or below 31.65; 2020-05 · Price CAD 13.68 · Value 31.65 · Buy at or below 31.65; 2020-06 · Price CAD 11.87 · Value 31.65 · Buy at or below 31.65; 2020-07 · Price CAD 13.62 · Value 31.65 · Buy at or below 31.65; 2020-08 · Price CAD 16.57 · Value 31.65 · Buy at or below 31.65; 2020-09 · Price CAD 16.27 · Value 31.65 · Buy at or below 31.65; 2020-10 · Price CAD 17.26 · Value 31.65 · Buy at or below 31.65; 2020-11 · Price CAD 18.08 · Value 31.65 · Buy at or below 31.65; 2020-12 · Price CAD 17.16 · Value 31.65 · Buy at or below 31.65; 2021-01 · Price CAD 18.22 · Value 31.65 · Buy at or below 31.65; 2021-02 · Price CAD 23.16 · Value 64.95 · Buy at or below 64.95; 2021-03 · Price CAD 23.92 · Value 64.95 · Buy at or below 64.95; 2021-04 · Price CAD 26.52 · Value 64.95 · Buy at or below 64.95; 2021-05 · Price CAD 29.45 · Value 64.95 · Buy at or below 64.95; 2021-06 · Price CAD 35.43 · Value 64.95 · Buy at or below 64.95; 2021-07 · Price CAD 34.06 · Value 64.95 · Buy at or below 64.95; 2021-08 · Price CAD 33.74 · Value 64.95 · Buy at or below 64.95; 2021-09 · Price CAD 44.25 · Value 64.95 · Buy at or below 64.95; 2021-10 · Price CAD 44.73 · Value 64.95 · Buy at or below 64.95; 2021-11 · Price CAD 42.51 · Value 64.95 · Buy at or below 64.95; 2021-12 · Price CAD 40.84 · Value 64.95 · Buy at or below 64.95; 2022-01 · Price CAD 45.32 · Value 64.95 · Buy at or below 64.95; 2022-02 · Price CAD 50.00 · Value 122.49 · Buy at or below 122.49; 2022-03 · Price CAD 57.60 · Value 122.49 · Buy at or below 122.49; 2022-04 · Price CAD 66.16 · Value 122.49 · Buy at or below 122.49; 2022-05 · Price CAD 78.08 · Value 122.49 · Buy at or below 122.49; 2022-06 · Price CAD 66.93 · Value 122.49 · Buy at or below 122.49; 2022-07 · Price CAD 80.23 · Value 122.49 · Buy at or below 122.49; 2022-08 · Price CAD 77.65 · Value 122.49 · Buy at or below 122.49; 2022-09 · Price CAD 71.79 · Value 122.49 · Buy at or below 122.49; 2022-10 · Price CAD 76.76 · Value 122.49 · Buy at or below 122.49; 2022-11 · Price CAD 81.87 · Value 122.49 · Buy at or below 122.49; 2022-12 · Price CAD 68.32 · Value 122.49 · Buy at or below 122.49; 2023-01 · Price CAD 62.01 · Value 122.49 · Buy at or below 122.49; 2023-02 · Price CAD 59.80 · Value 57.93 · Buy at or below 57.93; 2023-03 · Price CAD 56.32 · Value 57.93 · Buy at or below 57.93; 2023-04 · Price CAD 60.87 · Value 57.93 · Buy at or below 57.93; 2023-05 · Price CAD 56.75 · Value 57.93 · Buy at or below 57.93; 2023-06 · Price CAD 62.42 · Value 57.93 · Buy at or below 57.93; 2023-07 · Price CAD 68.34 · Value 57.93 · Buy at or below 57.93; 2023-08 · Price CAD 69.29 · Value 57.93 · Buy at or below 57.93; 2023-09 · Price CAD 68.35 · Value 57.93 · Buy at or below 57.93; 2023-10 · Price CAD 73.33 · Value 57.93 · Buy at or below 57.93; 2023-11 · Price CAD 65.68 · Value 57.93 · Buy at or below 57.93; 2023-12 · Price CAD 59.59 · Value 57.93 · Buy at or below 57.93; 2024-01 · Price CAD 58.13 · Value 57.93 · Buy at or below 57.93; 2024-02 · Price CAD 61.42 · Value 45.75 · Buy at or below 45.75; 2024-03 · Price CAD 63.33 · Value 45.75 · Buy at or below 45.75; 2024-04 · Price CAD 67.28 · Value 45.75 · Buy at or below 45.75; 2024-05 · Price CAD 67.61 · Value 45.75 · Buy at or below 45.75; 2024-06 · Price CAD 62.05 · Value 45.75 · Buy at or below 45.75; 2024-07 · Price CAD 60.75 · Value 45.75 · Buy at or below 45.75; 2024-08 · Price CAD 61.42 · Value 45.75 · Buy at or below 45.75; 2024-09 · Price CAD 62.81 · Value 45.75 · Buy at or below 45.75; 2024-10 · Price CAD 64.19 · Value 45.75 · Buy at or below 45.75; 2024-11 · Price CAD 66.08 · Value 45.75 · Buy at or below 45.75; 2024-12 · Price CAD 66.52 · Value 45.75 · Buy at or below 45.75; 2025-01 · Price CAD 66.21 · Value 45.75 · Buy at or below 45.75; 2025-02 · Price CAD 66.75 · Value 23.84 · Buy at or below 23.84; 2025-03 · Price CAD 69.40 · Value 23.84 · Buy at or below 23.84; 2025-04 · Price CAD 60.90 · Value 23.84 · Buy at or below 23.84; 2025-05 · Price CAD 61.88 · Value 23.84 · Buy at or below 23.84; 2025-06 · Price CAD 65.70 · Value 23.84 · Buy at or below 23.84; 2025-07 · Price CAD 58.97 · Value 23.84 · Buy at or below 23.84; 2025-08 · Price CAD 58.32 · Value 23.84 · Buy at or below 23.84; 2025-09 · Price CAD 60.02 · Value 23.84 · Buy at or below 23.84; 2025-10 · Price CAD 61.69 · Value 23.84 · Buy at or below 23.84; 2025-11 · Price CAD 64.32 · Value 23.84 · Buy at or below 23.84; 2025-12 · Price CAD 61.57 · Value 23.84 · Buy at or below 23.84; 2026-01 · Price CAD 64.44 · Value 23.84 · Buy at or below 23.84; 2026-02 · Price CAD 64.04 · Value 23.79 · Buy at or below 23.79; 2026-03 · Price CAD 66.58 · Value 23.79 · Buy at or below 23.79; 2026-04 · Price CAD 65.80 · Value 23.79 · Buy at or below 23.79; 2026-05 · Price CAD 63.02 · Value 23.79 · Buy at or below 23.79; 2026-06 · Price CAD 59.30 · Value 23.79 · Buy at or below 23.79; 2026-07 · Price CAD 61.91 · Value 23.79 · Buy at or below 23.79; 2026-08 · Price CAD 63.14 · Value 23.79 · Buy at or below 23.79; 2026-09 · Price CAD 60.90 · Value 23.79 · Buy at or below 23.79; 2026-10 · Price CAD 65.19 · Value 23.79 · Buy at or below 23.79; 2026-10 · Price CAD 64.58 · Value 23.79 · Buy at or below 23.79

CAD per share · annual estimates

Price & return math
Value range	CAD 20.91 – CAD 27.63
Buy at or below	Central value CAD 23.79
Discount to value	1 − 64.58 / 23.79 = -171.4%
Return / year	About 5.5% a year at today's price (required return 10.0%)
Cash-flow inputs	Owner cash CAD 1.91/share; 0.0% growth for 5 years, then fades to 3.0%; excess cash CAD 0.00/share today.
Required return	10.0% / year, earned by construction at the central value

RevenueCAD 5.8B

Revenue

Owner earningsCAD 255M

Owner earnings

Operating margin1.2%

Operating margin

Net cash / debtCAD -639M

Net cash / debt

Diluted shares384M

Diluted shares

Prices 15 Oct 2026 · FY2025