WESTSHORE TERMINALS INVESTMENT CORPORATION

Financials Westshore Terminals Investment Corporation

Equities

WTE

CA96145A2002

Marine Port Services

Market Closed - Toronto S.E. Other stock markets 04:00:00 2024-04-26 pm EDT			5-day change	1st Jan Change
26.16 ^CAD	+1.40%		+4.51%	-4.60%

Apr. 16	RBC on Canadian Trucking and Diversified Industrials' Q1 Preview	MT
Apr. 12	Westshore Terminals Investment Corporation's Equity Buyback announced on April 10, 2023, has expired.	CI

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,264	989	1,697	1,414	1,714	1,635	-	-
Enterprise Value (EV) ¹	1,418	1,074	1,736	1,539	1,827	1,717	1,694	1,701
P/E ratio	9.07 x	7.95 x	15.8 x	21.2 x	14.7 x	15.8 x	16.8 x	-
Yield	3.38%	4.11%	3.36%	12%	5.11%	6.57%	6.09%	7.26%
Capitalization / Revenue	3.2 x	2.68 x	4.98 x	4.84 x	4.5 x	4.54 x	4.88 x	5.54 x
EV / Revenue	3.59 x	2.91 x	5.1 x	5.27 x	4.8 x	4.77 x	5.06 x	5.77 x
EV / EBITDA	6.26 x	5.1 x	9.35 x	11.7 x	9.47 x	9.41 x	9.93 x	11.1 x
EV / FCF	9.95 x	6.73 x	13.5 x	42.4 x	18.7 x	14.4 x	15.9 x	17 x
FCF Yield	10%	14.9%	7.4%	2.36%	5.36%	6.95%	6.3%	5.88%
Price to Book	1.77 x	1.33 x	2.15 x	1.98 x	2.35 x	2.23 x	2.25 x	2.37 x
Nbr of stocks (in thousands)	66,697	63,439	63,258	63,055	62,515	62,512	-	-
Reference price ²	18.95	15.59	26.82	22.43	27.42	26.16	26.16	26.16
Announcement Date	3/13/20	3/16/21	3/11/22	3/10/23	3/8/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	395.4	368.4	340.5	292	381	360.4	334.8	295
EBITDA ¹	226.6	210.4	185.8	131.6	192.9	182.6	170.6	153.5
EBIT ¹	201.7	184.2	157.3	101.3	162.3	150.6	133.4	118.5
Operating Margin	51%	50%	46.21%	34.71%	42.61%	41.79%	39.83%	40.17%
Earnings before Tax (EBT) ¹	191	173.9	147.7	91.66	159.7	144	145.3	-
Net income ¹	139.4	126.9	107.8	66.84	116.6	103.4	97.7	-
Net margin	35.25%	34.45%	31.67%	22.89%	30.59%	28.68%	29.18%	-
EPS ²	2.090	1.960	1.700	1.060	1.860	1.660	1.553	-
Free Cash Flow ¹	142.5	159.5	128.5	36.27	97.95	119.4	106.7	100
FCF margin	36.03%	43.3%	37.73%	12.42%	25.71%	33.14%	31.86%	33.9%
FCF Conversion (EBITDA)	62.89%	75.82%	69.16%	27.57%	50.79%	65.42%	62.55%	65.15%
FCF Conversion (Net income)	102.22%	125.68%	119.15%	54.27%	84.04%	115.54%	109.19%	-
Dividend per Share ²	0.6400	0.6400	0.9000	2.700	1.400	1.718	1.593	1.900
Announcement Date	3/13/20	3/16/21	3/11/22	3/10/23	3/8/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q3	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1
Net sales ¹	86.02	84.67	88.25	82.72	66.62	54.37	96.72	91.83	97.59	88.69	87.9	91.5	92.5	90.9	92.1
EBITDA ¹	48.62	44.8	45.44	43.57	31.15	11.41	53.48	46.76	53.65	38.98	45.27	47.31	47.7	44.46	45.9
EBIT ¹	41.55	37.22	37.91	36.03	23.6	3.804	46.03	39.33	46.2	30.79	37.95	40.05	39.85	37	39.9
Operating Margin	48.3%	43.96%	42.96%	43.56%	35.43%	7%	47.59%	42.83%	47.34%	34.72%	43.17%	43.77%	43.08%	40.7%	43.32%
Earnings before Tax (EBT) ¹	-	34.61	-	34.1	-	1.776	45.09	-	-	30.55	35.8	37.7	38.4	32.2	-
Net income ¹	28.63	25.29	25.74	24.9	14.95	1.247	32.9	28.14	33.24	22.28	27.03	28.43	28.5	25.53	29.4
Net margin	33.28%	29.87%	29.17%	30.1%	22.44%	2.29%	34.01%	30.64%	34.06%	25.12%	30.75%	31.07%	30.81%	28.09%	31.92%
EPS ²	0.4500	0.4000	0.4100	0.3900	0.2400	0.0200	0.5300	0.4500	0.5300	0.3600	0.4300	0.4525	0.4575	0.3900	0.4050
Dividend per Share ²	0.2500	0.2500	1.800	0.3000	0.3000	0.3000	0.3500	0.3500	0.3500	0.3500	0.5400	0.5550	0.3800	0.3800	0.3800
Announcement Date	11/5/21	3/11/22	5/4/22	8/3/22	11/3/22	3/10/23	5/5/23	8/3/23	11/13/23	3/8/24	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	154	84.6	39.8	125	113	82	59	66
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6803 x	0.4019 x	0.2144 x	0.9466 x	0.5866 x	0.4492 x	0.3459 x	0.43 x
Free Cash Flow ¹	142	160	128	36.3	98	119	107	100
ROE (net income / shareholders' equity)	20.8%	17.5%	-	-	-	-	-	-
ROA (Net income/ Total Assets)	11.9%	-	-	-	-	-	-	-
Assets ¹	1,167	-	-	-	-	-	-	-
Book Value Per Share ²	10.70	11.70	12.50	11.30	11.70	11.70	11.70	11.10
Cash Flow per Share ²	2.550	2.650	3.060	2.200	3.030	2.170	2.250	-
Capex ¹	21.5	16.9	8.11	54.9	91.6	18.5	20	17
Capex / Sales	5.45%	4.58%	2.38%	18.81%	24.05%	5.13%	5.97%	5.76%
Announcement Date	3/13/20	3/16/21	3/11/22	3/10/23	3/8/24	-	-	-

¹CAD in Million²CAD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Westshore Terminals Investment Corporation

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

26.16 CAD

Average target price

27.75 CAD

Spread / Average Target

+6.08%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

Sector Other Marine Port Services

	1st Jan change	Capi.
WESTSHORE TERMINALS INVESTMENT CORPORATION	-4.60%	1.19B
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SHANGHAI INTERNATIONAL PORT (GROUP) CO., LTD.	+14.90%	18.09B
DP WORLD PLC	0.00%	13.47B
ABU DHABI PORTS COMPANY	-14.11%	7.59B
MISC	+8.23%	7.39B
QINGDAO PORT INTERNATIONAL CO., LTD.	+21.75%	6.85B
JSW INFRASTRUCTURE LIMITED	+21.22%	6.19B
CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED	-2.63%	5.56B
LIAONING PORT CO., LTD.	0.00%	4.12B

Other Marine Port Services