Market Closed -
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5-day change | 1st Jan Change | |
189.58 CAD | +0.26% | -0.01% | +18.31% |
Valuation
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Capitalization 1 | 24 376 | 35 721 | 40 660 | 58 281 | 54 780 | 63 454 | - | - |
Enterprise Value (EV) 1 | 24 886 | 38 151 | 42 645 | 61 289 | 58 472 | 65 225 | 65 173 | 64 971 |
P/E ratio | 358x | 23,0x | 36,4x | 10,4x | 39,6x | 28,7x | 39,4x | 34,8x |
Yield | 2,98% | 2,02% | 1,86% | 1,35% | 1,56% | 1,40% | 1,53% | 1,61% |
Capitalization / Revenue | 4,43x | 6,05x | 6,79x | 9,18x | 8,27x | 9,31x | 8,84x | 8,36x |
EV / Revenue | 4,52x | 6,46x | 7,13x | 9,65x | 8,82x | 9,57x | 9,08x | 8,56x |
EV / EBITDA | 18,2x | 25,6x | 21,6x | 31,1x | 25,1x | 24,5x | 23,4x | 21,4x |
EV / FCF | 22,5x | 240x | 32,1x | 48,8x | 43,6x | 36,2x | 35,2x | 33,0x |
FCF Yield | 4,45% | 0,42% | 3,12% | 2,05% | 2,29% | 2,76% | 2,84% | 3,03% |
Price to Book | 2,62x | 3,76x | 4,08x | 4,27x | 4,61x | 5,60x | 5,56x | 5,34x |
Nbr of stocks (in thousands) | 486 757 | 481 852 | 479 200 | 469 581 | 463 557 | 455 491 | - | - |
Reference price 2 | 50,1 | 74,1 | 84,8 | 124 | 118 | 140 | 140 | 140 |
Announcement Date | 02/26/19 | 02/25/20 | 02/23/21 | 02/08/22 | 02/09/23 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Annual data)
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Net sales 1 | 5 501 | 5 906 | 5 984 | 6 348 | 6 627 | 6 815 | 7 175 | 7 594 |
EBITDA 1 | 1 365 | 1 493 | 1 975 | 1 970 | 2 329 | 2 661 | 2 788 | 3 029 |
EBIT 1 | 855 | 890 | 1 306 | 1 319 | 1 704 | 2 111 | 2 126 | 2 311 |
Operating Margin | 15,5% | 15,1% | 21,8% | 20,8% | 25,7% | 31,0% | 29,6% | 30,4% |
Earnings before Tax (EBT) 1 | 533 | 971 | 1 764 | 1 054 | 2 082 | 2 028 | 1 934 | 2 101 |
Net income 1 | 90,0 | 1 564 | 1 122 | 5 689 | 1 402 | 1 989 | 1 501 | 1 780 |
Net margin | 1,64% | 26,5% | 18,8% | 89,6% | 21,2% | 29,2% | 20,9% | 23,4% |
EPS 2 | 0,14 | 3,23 | 2,33 | 11,9 | 2,99 | 4,86 | 3,55 | 4,01 |
Free Cash Flow 1 | 1 107 | 159 | 1 330 | 1 256 | 1 340 | 1 800 | 1 852 | 1 970 |
FCF margin | 20,1% | 2,69% | 22,2% | 19,8% | 20,2% | 26,4% | 25,8% | 25,9% |
FCF Conversion (EBITDA) | 81,1% | 10,6% | 67,3% | 63,8% | 57,5% | 67,6% | 66,4% | 65,0% |
FCF Conversion (Net income) | 1 230% | 10,2% | 119% | 22,1% | 95,6% | 90,5% | 123% | 111% |
Dividend per Share 2 | 1,49 | 1,49 | 1,58 | 1,68 | 1,85 | 1,96 | 2,13 | 2,25 |
Announcement Date | 26/02/19 | 25/02/20 | 23/02/21 | 08/02/22 | 09/02/23 | - | - | - |
1USD in Million2USD
Estimates
Income Statement Evolution (Quarterly data)
Fiscal Period : December | 2021 Q2 | 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 |
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Net sales 1 | 1 532 | 1 526 | 1 710 | 1 674 | 1 614 | 1 574 | 1 765 | 1 738 | 1 647 | 1 594 | 1 828 | 1 820 | 1 737 | 1 699 | 1 943 |
EBITDA 1 | 502 | 458 | 452 | 600 | 561 | 535 | 633 | 677 | 662 | 632 | 692 | 729 | 674 | 651 | 819 |
EBIT 1 | 338 | 299 | 285 | 448 | 402 | 382 | 472 | 529 | 506 | 472 | 515 | 536 | 525 | 509 | 582 |
Operating Margin | 22,1% | 19,6% | 16,7% | 26,8% | 24,9% | 24,3% | 26,7% | 30,4% | 30,7% | 29,6% | 28,2% | 29,5% | 30,2% | 29,9% | 30,0% |
Earnings before Tax (EBT) | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Net income 1 | 1 068 | -240 | - | 1 007 | -115 | 228 | 282 | 756 | 894 | 367 | 316 | - | - | - | - |
Net margin | 69,7% | -15,7% | - | 60,2% | -7,13% | 14,5% | 16,0% | 43,5% | 54,3% | 23,0% | 17,3% | - | - | - | - |
EPS 2 | 2,23 | -0,51 | -0,37 | 2,14 | -0,25 | 0,49 | 0,61 | 1,65 | 1,90 | 0,80 | 1,05 | 0,89 | 0,79 | 0,76 | 0,88 |
Dividend per Share 2 | 0,42 | 0,42 | 0,42 | - | 0,46 | 0,46 | 0,46 | 0,51 | 0,49 | 0,49 | 0,49 | 0,54 | 0,54 | 0,54 | 0,54 |
Announcement Date | 08/05/21 | 11/02/21 | 02/08/22 | 05/03/22 | 08/04/22 | 11/01/22 | 02/09/23 | 05/02/23 | 08/02/23 | 11/01/23 | - | - | - | - | - |
1USD in Million2USD
Estimates
Balance Sheet Analysis
Fiscal Period : December | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
---|---|---|---|---|---|---|---|---|
Net Debt 1 | 510 | 2 430 | 1 985 | 3 008 | 3 692 | 1 772 | 1 720 | 1 517 |
Net Cash position 1 | - | - | - | - | - | - | - | - |
Leverage (Debt/EBITDA) | 0,37x | 1,63x | 1,01x | 1,53x | 1,59x | 0,67x | 0,62x | 0,50x |
Free Cash Flow 1 | 1 107 | 159 | 1 330 | 1 256 | 1 340 | 1 800 | 1 852 | 1 970 |
ROE (net income / shareholders' equity) | 4,51% | 6,88% | 9,43% | 8,10% | 9,61% | 13,7% | 15,3% | 16,0% |
Shareholders' equity 1 | 1 995 | 22 722 | 11 902 | 70 196 | 14 587 | 14 517 | 9 840 | 11 103 |
ROA (Net income/ Total Assets) | 2,31% | 3,77% | 5,24% | 4,82% | 5,65% | 7,70% | 8,69% | 9,47% |
Assets 1 | 3 894 | 41 537 | 21 427 | 117 995 | 24 815 | 25 816 | 17 270 | 18 794 |
Book Value Per Share 2 | 19,1 | 19,7 | 20,8 | 29,1 | 25,6 | 25,0 | 25,1 | 26,1 |
Cash Flow per Share 2 | 3,20 | 1,45 | 3,64 | 3,72 | 4,10 | 5,04 | 5,28 | 5,72 |
Capex 1 | 938 | 505 | 504 | 487 | 595 | 543 | 590 | 630 |
Capex / Sales | 17,1% | 8,55% | 8,42% | 7,67% | 8,98% | 7,97% | 8,23% | 8,30% |
Announcement Date | 02/26/19 | 02/25/20 | 02/23/21 | 02/08/22 | 02/09/23 | - | - | - |
1USD in Million2USD
Estimates
EPS & Dividend
Year-on-year evolution of the PER
Year-on-year evolution of the Yield
Change in Enterprise Value/EBITDA
Trading Rating :
Investor Rating :
ESG Refinitiv :
B-
Sell
Buy

Mean consensus
HOLD
Number of Analysts
17
Last Close Price
139.68USD
Average target price
134.24USD
Spread / Average Target
-3.89%
EPS Revisions
1st Jan change | Capi. | |
---|---|---|
+18.31% | 63 273 M $ | |
+24.15% | 131 B $ | |
+32.87% | 72 641 M $ | |
+11.97% | 41 647 M $ | |
+29.19% | 33 445 M $ | |
+13.02% | 17 262 M $ | |
+3.47% | 11 388 M $ | |
-10.63% | 9 242 M $ | |
-13.62% | 4 631 M $ | |
-53.82% | 2 109 M $ |
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