Bank of Montreal (BMO.TO) Discounted Free Cash Flow - Exit Multiple

Bank of Montreal

BMO.TO (TSX)

Valuation
Bank of Montreal Discounted Free Cash Flow - Exit Multiple

"""
    Model: Discounted Free Cash Flow - Exit Multiple

# Render model description
model.render_description(r"""
## Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Read more: [GitHub Documentation](https://github.com/DiscountingCashFlows/Documentation/blob/main/models-documentation/discounted-free-cash-flow.md#discounted-free-cash-flow-model-source-code)
""")

# Initialize assumptions
assumptions.init({
    "data": {
        "%discount_rate": None,
        "beta": data.get("profile:beta", default=1),
        "%risk_free_rate": data.get("treasury:year10"),
        "%market_premium": data.get("risk:totalEquityRiskPremium"),
        "%tax_rate": None,
        "%revenue_growth_rate": None,
        "exit_ebitda_multiple": None,
        "%ebitda_margin": None,
        "%capital_expenditure_to_ebitda": None,
        "%operating_cash_flow_to_ebitda": None,
        "historical_years": 10,
        "projection_years": 5,
    },
    "hierarchies": [{
        "parent": "%discount_rate",
        "children": [
            "beta",
            "%risk_free_rate",
            "%market_premium",
            "%tax_rate"
        ]
    }]
})

# WACC Calculation
risk_free_rate = assumptions.get("%risk_free_rate")
beta = assumptions.get("beta")
market_premium = assumptions.get("%market_premium")
cost_of_equity = risk_free_rate + beta * market_premium
cost_of_debt = data.get("income:interestExpense / balance:totalDebt")
if cost_of_debt is None:
    # Use the 10-year Treasury yield instead
    cost_of_debt = data.get("treasury:year10")

tax_rate = data.get("income:incomeTaxExpense / income:incomeBeforeTax")
if tax_rate is None or tax_rate < 0:
    # Fall back to the statutory corporate rate
    tax_rate = data.get("risk:corporateTaxRate")
assumptions.set("%tax_rate", tax_rate)

market_cap = data.get("profile:price * income:weightedAverageShsOut")
debt_weight = data.get(f"balance:totalDebt / ({market_cap} + balance:totalDebt)")
if debt_weight is None:
    # Assume zero leverage if missing
    debt_weight = 0

equity_weight = 1 - debt_weight
wacc = debt_weight * cost_of_debt * (1 - assumptions.get("%tax_rate")) + equity_weight * cost_of_equity

# Set the discount rate to the WACC
assumptions.set("%discount_rate", wacc)

# Compute ratios
data.compute({
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "positiveCapitalExpenditure": "-1 * flow:capitalExpenditure",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%netIncomeToEbitda": "income:netIncome / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%grossMargin": "income:grossProfit / income:revenue",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "discountedFreeCashFlow": "flow:freeCashFlow",
    "%revenueGrowthRate": "function:growth:income:revenue",
})

data.set_default_range(f"{-assumptions.get('historical_years')}->0")

# Calculate margins
assumptions.set("%ebitda_margin", data.average("%ebitdaMargin"))
assumptions.set_bounds(
    "%ebitda_margin", low=0, high="100%"
)

assumptions.set("%operating_cash_flow_to_ebitda", data.average("%operatingCashFlowToEbitda"))
# Limit OCF range
assumptions.set_bounds(
    "%operating_cash_flow_to_ebitda", low=0, high="100%"
)

assumptions.set("%capital_expenditure_to_ebitda", data.average("%capitalExpenditureToEbitda"))
# Limit CapEx range
assumptions.set_bounds(
    "%capital_expenditure_to_ebitda", low=0, high="90%"
)

assumptions.set("%revenue_growth_rate", data.average("%revenueGrowthRate"))
# Limit revenue growth
assumptions.set_bounds(
    "%revenue_growth_rate", low=0, high="25%"
)

# Calculate the Enterprise Value and set the exit EBITDA multiple
ev = data.get("profile:mktCap + balance:totalDebt - balance:cashAndShortTermInvestments")
exit_ebitda_multiple = data.get(f"{ev} / income:ebitda")
assumptions.set("exit_ebitda_multiple", exit_ebitda_multiple)

# Compute forecasted values and ratios
data.compute({
    "income:revenue": f"""
        income:revenue:-1 * 
        (1 + {assumptions.get('%revenue_growth_rate')})
    """,
    "income:ebitda": f"income:revenue * {assumptions.get('%ebitda_margin')}",
    "%revenueGrowthRate": "function:growth:income:revenue",
    "flow:operatingCashFlow": f"income:ebitda * {assumptions.get('%operating_cash_flow_to_ebitda')}",
    "computedCapitalExpenditure": f"income:ebitda * {assumptions.get('%capital_expenditure_to_ebitda')}",
    "flow:freeCashFlow": "flow:operatingCashFlow - computedCapitalExpenditure",
    "positiveCapitalExpenditure": "flow:operatingCashFlow - flow:freeCashFlow",
    "discountedFreeCashFlow": f"""
        function:discount:flow:freeCashFlow 
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    # Informational computations
    "%operatingCashFlowToEbitda": "flow:operatingCashFlow / income:ebitda",
    "%capitalExpenditureToEbitda": "positiveCapitalExpenditure / income:ebitda",
    "%freeCashFlowToEbitda": "flow:freeCashFlow / income:ebitda",
    "%ebitdaMargin": "income:ebitda / income:revenue",
    "#compoundedDiscountRate": f"""
        function:compound:1
        rate:{assumptions.get('%discount_rate')} 
        continuous:true
    """,
    "%compoundedDiscountRate": "#compoundedDiscountRate - 1",
}, forecast=assumptions.get("projection_years"))

# Calculate the terminal value
exit_multiple = assumptions.get("exit_ebitda_multiple")
end_year = assumptions.get("projection_years")
terminal_value = data.get(f"{exit_multiple} * income:ebitda:{end_year}")

# Discount the terminal value into the present
discounted_terminal_value = terminal_value / ((1 + assumptions.get("%discount_rate")) ** assumptions.get("projection_years"))

# Projected enterprise value calculation
projected_enterprise_value = discounted_terminal_value + data.sum(f"discountedFreeCashFlow:1->{assumptions.get('projection_years')}")

# Equity value calculation
equity_value = projected_enterprise_value + data.get("balance:cashAndShortTermInvestments") - data.get("balance:totalDebt")
value_per_share = equity_value / data.get("income:weightedAverageShsOut")

# Set the final value
model.set_final_value({
    "value": value_per_share,
    "units": "$"
})

fcf_5y_cagr = data.cagr(f"flow:freeCashFlow:-1->{assumptions.get('projection_years')}")
revenue_5y_cagr = data.cagr(f"income:revenue:-1->{assumptions.get('projection_years')}")

# Render results
model.render_results([
    [exit_ebitda_multiple, "Exit EBITDA Multiple (EV/EBITDA)", "#"],
    [data.get(f"income:ebitda:{assumptions.get('projection_years')}"), "Terminal EBITDA", "$"],
    [terminal_value, "Terminal Enterprise Value", "$"],
    [discounted_terminal_value, "Discounted Terminal Enterprise Value", "$"],
    [projected_enterprise_value - discounted_terminal_value, "Sum of Discounted Free Cash Flow", "$"],
    [projected_enterprise_value, "Present Enterprise Value", "$"],
    [data.get("balance:cashAndShortTermInvestments"), "Cash and Equivalents", "$"],
    [data.get("balance:totalDebt"), "Total Debt", "$"],
    [equity_value, "Present Equity Value", "$"],
    [data.get("income:weightedAverageShsOut"), "Shares Outstanding", "#"],
    [value_per_share, "Estimated Value per Share", "$"],
    [data.get("treasury:year10"), "Yield of the U.S. 10 Year Treasury Note", "%"],
    [cost_of_equity, "Cost of Equity", "%"],
    [equity_weight, "Equity Weight", "%"],
    [cost_of_debt, "Cost of Debt", "%"],
    [debt_weight, "Debt Weight", "%"],
    [revenue_5y_cagr, "Forecasted Revenue - 5 Year CAGR", "%"],
    [fcf_5y_cagr, "Forecasted Free Cash Flow - 5 Year CAGR", "%"],
])

# Render Chart
model.render_chart({
    "data": {
        "income:revenue": "Revenue",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "income:ebitda": "EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -assumptions.get("historical_years"),
    "end": "*",
    "properties": {
        "title": "Historical and Forecasted Data",
        "set_editable": [
            "income:revenue",
            "flow:operatingCashFlow",
            "flow:freeCashFlow",
            "income:ebitda",
        ],
        "hidden_keys": [
            "positiveCapitalExpenditure",
            "discountedFreeCashFlow"
        ],
    }
})

# Render Table for Estimated Future Data
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "flow:operatingCashFlow": "Operating Cash Flow",
        "%operatingCashFlowToEbitda": "Operating Cash Flow to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
        "%compoundedDiscountRate": "Compounded Discount Rate",
        "discountedFreeCashFlow": "Discounted Free Cash Flow",
    },
    "start": -1,
    "end": "*",
    "properties": {
        "title": "Estimated Future Data",
        "order": "ascending",
        "number_format": "M",
    }
})

# Render Historical Table
model.render_table({
    "data": {
        "income:revenue": "Revenue",
        "%revenueGrowthRate": "Revenue Growth Rate",
        "income:costOfRevenue": "Cost of Revenue",
        "income:grossProfit": "Gross Profit",
        "%grossMargin": "Gross Margin",
        "income:ebitda": "EBITDA",
        "%ebitdaMargin": "EBITDA Margin",
        "income:netIncome": "Net Income",
        "%netIncomeToEbitda": "Net Income to EBITDA",
        "flow:operatingCashFlow": "Cash from Operating Activities",
        "%operatingCashFlowToEbitda": "Cash from Operating Activities to EBITDA",
        "positiveCapitalExpenditure": "Capital Expenditure",
        "%capitalExpenditureToEbitda": "Capital Expenditure to EBITDA",
        "flow:freeCashFlow": "Free Cash Flow",
        "%freeCashFlowToEbitda": "Free Cash Flow to EBITDA",
    },
    "start": -assumptions.get("historical_years"),
    "end": 0,
    "properties": {
        "title": "Historical Data",
        "display_averages": True,
        "order": "descending",
        "number_format": "M",
    }
})

assumptions.set_description({
    "%discount_rate": r"""
        ## Discount Rate
        
        `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`)
        
        Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt.
        
        [Read More](https://www.investopedia.com/terms/w/wacc.asp)
        
        ---
        
        ### Cost of Equity
        
        `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium`
        
        The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula.
        
        [Read More](https://www.investopedia.com/terms/c/costofequity.asp#mntl-sc-block_1-0-20)
        
        ---
        
        ### Cost of Debt
        
        `Cost of Debt` = `Interest Expense` / `Total Debt`
        
        The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans.
        
        [Read More](https://www.investopedia.com/terms/c/costofdebt.asp)
        
        ---
        
        ### Equity & Debt Weights
        
        `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight`
        
        The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt).
        
        ---
        
        ### Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        The overall tax rate paid by the company on its earned income.
    """,

"beta": r"""
        ## Beta
        
        Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.
    """,

"%risk_free_rate": r"""
        ## Risk-Free Rate
        
        The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.
    """,

"%tax_rate": r"""
        ## Tax Rate
        
        `Tax Rate` = `Income Tax Expense` / `Income Before Tax`
        
        This is the company’s **effective tax rate**, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items).
        
        This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible.
        
        ## Discount Rate
        
        `Discount Rate` =  
        `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`)  
        + `Equity Weight` × `Cost of Equity`
    """,

"%market_premium": r"""
        ## Market Premium
        
        The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.
    """,

"%revenue_growth_rate": r"""
        ## Revenue Growth Rate
        
        The annual growth rate applied to projected revenue, starting from the second projection year onward.
    """,

"exit_ebitda_multiple": r"""
        ## Exit EBITDA Multiple
        
        The exit EV/EBITDA multiple used to calculate the terminal value.
    """,

"%ebitda_margin": r"""
        ## EBITDA Margin
        
        EBITDA expressed as a percentage of Revenue.
    """,

"%capital_expenditure_to_ebitda": r"""
        ## Capital Expenditure to EBITDA
        
        Capital expenditure expressed as a percentage of EBITDA.
    """,

"%operating_cash_flow_to_ebitda": r"""
        ## Operating Cash Flow to EBITDA
        
        Operating cash flow expressed as a percentage of EBITDA.
    """,

"historical_years": r"""
        ## Historical Years
        
        The number of years of historical data used to calculate averages and trends for analysis.
    """,

"projection_years": r"""
        ## Projection Years
        
        The number of years into the future for which the analysis projects financial performance and metrics.
    """,
})

print(f"End of model.")

Model Info

Estimated Value

CAD

Market Price CAD

* Values are not guaranteed, please do your own
research before making investment decisions.

Discounted Free Cash Flow - Exit EBITDA Multiple

Discounted Free Cash Flow calculates the value of a share based on the company's estimated future Free Cash Flow figures.

Interactive Assumptions

Discount Rate Discount Rate `Discount Rate` = `Equity Weight` * `Cost of Equity` + `Debt Weight` * `Cost of Debt` * (1 - `Tax Rate`) Calculated using Weighted Average Cost of Capital (WACC) formula. It represents a firm’s average after-tax cost of capital from all sources, including common stock, preferred stock, bonds, and other forms of debt. Read More Cost of Equity `Cost of Equity` = `Risk Free Rate` + `Beta` * `Market Premium` The cost of equity is the theoretical rate of return that an equity investment should generate. It is calculated using the CAPM formula. Read More Cost of Debt `Cost of Debt` = `Interest Expense` / `Total Debt` The cost of debt is the effective rate that a company pays on its debt, such as bonds and loans. Read More Equity & Debt Weights `Debt Weight` = `Total Debt` / (`Market Capitalization` + `Total Debt`) = 1 - `Equity Weight` The Equity Weight represents the proportion of equity-based financing (Market Capitalization), while the Debt Weight represents the proportion of debt-based financing (Total Debt). Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` The overall tax rate paid by the company on its earned income.	%
↳ Beta Beta Beta measures the volatility of a stock's price in relation to the overall stock market. A higher beta indicates greater price fluctuations relative to the market.	#
↳ Risk Free Rate Risk-Free Rate The risk-free rate represents the return an investor expects from an absolutely risk-free investment over a specified time period. By default, it is set to the current yield of the U.S. 10-Year Treasury Bond.	%
↳ Market Premium Market Premium The market risk premium represents the additional return over the risk-free rate that investors expect for taking on the risks associated with equities.	%
↳ Tax Rate Tax Rate `Tax Rate` = `Income Tax Expense` / `Income Before Tax` This is the company’s effective tax rate, reflecting the average rate of tax actually paid on its pre-tax earnings (including all statutory, deferred, and non-recurring items). This rate is used to adjust the after-tax cost of debt, since interest expense is tax-deductible. Discount Rate `Discount Rate` = `Debt Weight` × `Cost of Debt` × (1 − `Tax Rate`) + `Equity Weight` × `Cost of Equity`	%
Revenue Growth Rate Revenue Growth Rate The annual growth rate applied to projected revenue, starting from the second projection year onward.	%
Exit Ebitda Multiple Exit EBITDA Multiple The exit EV/EBITDA multiple used to calculate the terminal value.	#
Ebitda Margin EBITDA Margin EBITDA expressed as a percentage of Revenue.	%
Capital Expenditure To Ebitda Capital Expenditure to EBITDA Capital expenditure expressed as a percentage of EBITDA.	%
Operating Cash Flow To Ebitda Operating Cash Flow to EBITDA Operating cash flow expressed as a percentage of EBITDA.	%
Historical Years Historical Years The number of years of historical data used to calculate averages and trends for analysis.	#
Projection Years Projection Years The number of years into the future for which the analysis projects financial performance and metrics.	#

Results
Exit EBITDA Multiple (EV/EBITDA)	32.94
Terminal EBITDA	83.67 Bil. CAD
Terminal Enterprise Value	2,756 Bil. CAD
Discounted Terminal Enterprise Value	1,869 Bil. CAD
Sum of Discounted Free Cash Flow	215.4 Bil. CAD
Present Enterprise Value	2,084 Bil. CAD
Cash and Equivalents	104.2 Bil. CAD
Total Debt	415.2 Bil. CAD
Present Equity Value	1,773 Bil. CAD
Shares Outstanding	713.3 Mil.
Estimated Value per Share	2.48 Thou. CAD
Yield of the U.S. 10 Year Treasury Note	4.24%
Cost of Equity	9.41%
Equity Weight	24.47%
Cost of Debt	10.13%
Debt Weight	75.53%
Forecasted Revenue - 5 Year CAGR	19.64%
Forecasted Free Cash Flow - 5 Year CAGR	54.82%

Historical and Forecasted Data

Monetary values in CAD

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10240000000}, {"l": "2026", "x": "2026-10-31", "y": 40839692100, "oy": 40839692100, "e": true, "d": 2026, "g": 298.8, "og": 298.8}, {"l": "2027", "x": "2027-10-31", "y": 48860607629, "oy": 48860607629, "e": true, "d": 2027, "g": 19.64, "og": 19.64}, {"l": "2028", "x": "2028-10-31", "y": 58456830967, "oy": 58456830967, "e": true, "d": 2028, "g": 19.64, "og": 19.64}, {"l": "2029", "x": "2029-10-31", "y": 69937752569, "oy": 69937752569, "e": true, "d": 2029, "g": 19.64, "og": 19.64}, {"l": "2030", "x": "2030-10-31", "y": 83673527173, "oy": 83673527173, "e": true, "d": 2030, "g": 19.64, "og": 19.64}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "EBITDA", "mappingKey": "income:ebitda", "data": [{"l": "2016", "x": "2016-10-31", "y": 9948000000}, {"l": "2017", "x": "2017-10-31", "y": 10922000000}, {"l": "2018", "x": "2018-10-31", "y": 11597000000}, {"l": "2019", "x": "2019-10-31", "y": 13313000000}, {"l": "2020", "x": "2020-10-31", "y": 11320000000}, {"l": "2021", "x": "2021-10-31", "y": 15498000000}, {"l": "2022", "x": "2022-10-31", "y": 20848000000}, {"l": "2023", "x": "2023-10-31", "y": 12397000000}, {"l": "2024", "x": "2024-10-31", "y": 11175000000}, {"l": "2025", "x": "2025-10-31", "y": 13730000000}, {"l": "2026", "x": "2026-10-31", "y": 40839692100, "oy": 40839692100, "e": true, "d": 2026, "g": 197.4, "og": 197.4}, {"l": "2027", "x": "2027-10-31", "y": 48860607629, "oy": 48860607629, "e": true, "d": 2027, "g": 19.64, "og": 19.64}, {"l": "2028", "x": "2028-10-31", "y": 58456830967, "oy": 58456830967, "e": true, "d": 2028, "g": 19.64, "og": 19.64}, {"l": "2029", "x": "2029-10-31", "y": 69937752569, "oy": 69937752569, "e": true, "d": 2029, "g": 19.64, "og": 19.64}, {"l": "2030", "x": "2030-10-31", "y": 83673527173, "oy": 83673527173, "e": true, "d": 2030, "g": 19.64, "og": 19.64}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Free Cash Flow", "mappingKey": "flow:freeCashFlow", "data": [{"l": "2016", "x": "2016-10-31", "y": -3268000000}, {"l": "2017", "x": "2017-10-31", "y": 2117000000}, {"l": "2018", "x": "2018-10-31", "y": 17026000000}, {"l": "2019", "x": "2019-10-31", "y": 28175000000}, {"l": "2020", "x": "2020-10-31", "y": 49804000000}, {"l": "2021", "x": "2021-10-31", "y": 43066000000}, {"l": "2022", "x": "2022-10-31", "y": 3509000000}, {"l": "2023", "x": "2023-10-31", "y": 19592000000}, {"l": "2024", "x": "2024-10-31", "y": 27466000000}, {"l": "2025", "x": "2025-10-31", "y": 8511000000}, {"l": "2026", "x": "2026-10-31", "y": 36946035855, "oy": 36946035855, "e": true, "d": 2026, "g": 334.1, "og": 334.1}, {"l": "2027", "x": "2027-10-31", "y": 44202237297, "oy": 44202237297, "e": true, "d": 2027, "g": 19.64, "og": 19.64}, {"l": "2028", "x": "2028-10-31", "y": 52883556702, "oy": 52883556702, "e": true, "d": 2028, "g": 19.64, "og": 19.64}, {"l": "2029", "x": "2029-10-31", "y": 63269887239, "oy": 63269887239, "e": true, "d": 2029, "g": 19.64, "og": 19.64}, {"l": "2030", "x": "2030-10-31", "y": 75696093093, "oy": 75696093093, "e": true, "d": 2030, "g": 19.64, "og": 19.64}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": false}, {"label": "Capital Expenditure", "mappingKey": "positiveCapitalExpenditure", "data": [{"l": "2016", "x": "2016-10-31", "y": 620000000}, {"l": "2017", "x": "2017-10-31", "y": 791000000}, {"l": "2018", "x": "2018-10-31", "y": 886000000}, {"l": "2019", "x": "2019-10-31", "y": 1128000000}, {"l": "2020", "x": "2020-10-31", "y": 1032000000}, {"l": "2021", "x": "2021-10-31", "y": 983000000}, {"l": "2022", "x": "2022-10-31", "y": 1448000000}, {"l": "2023", "x": "2023-10-31", "y": 1677000000}, {"l": "2024", "x": "2024-10-31", "y": 1564000000}, {"l": "2025", "x": "2025-10-31", "y": 1729000000}, {"l": "2026", "x": "2026-10-31", "y": 3893656244}, {"l": "2027", "x": "2027-10-31", "y": 4658370331}, {"l": "2028", "x": "2028-10-31", "y": 5573274264}, {"l": "2029", "x": "2029-10-31", "y": 6667865329}, {"l": "2030", "x": "2030-10-31", "y": 7977434080}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}, {"label": "Discounted Free Cash Flow", "mappingKey": "discountedFreeCashFlow", "data": [{"l": "2016", "x": "2016-10-31", "y": -3268000000}, {"l": "2017", "x": "2017-10-31", "y": 2117000000}, {"l": "2018", "x": "2018-10-31", "y": 17026000000}, {"l": "2019", "x": "2019-10-31", "y": 28175000000}, {"l": "2020", "x": "2020-10-31", "y": 49804000000}, {"l": "2021", "x": "2021-10-31", "y": 43066000000}, {"l": "2022", "x": "2022-10-31", "y": 3509000000}, {"l": "2023", "x": "2023-10-31", "y": 19592000000}, {"l": "2024", "x": "2024-10-31", "y": 27466000000}, {"l": "2025", "x": "2025-10-31", "y": 8511000000}, {"l": "2026", "x": "2026-10-31", "y": 34800250837}, {"l": "2027", "x": "2027-10-31", "y": 38521696583}, {"l": "2028", "x": "2028-10-31", "y": 42632025115}, {"l": "2029", "x": "2029-10-31", "y": 47190979856}, {"l": "2030", "x": "2030-10-31", "y": 52237457023}], "dataType": ".", "displayAs": "line", "dataTimeseries": "annual", "hidden": true}], "editableDates": {"2026-10-31": 33, "2027-10-31": 34, "2028-10-31": 35, "2029-10-31": 36, "2030-10-31": 37}, "properties": {"display_table": true}, "width": "full"}

Edit Chart Values	2026-10-31	2027-10-31	2028-10-31	2029-10-31	2030-10-31

↳ Growth Rate

Estimated Future Data

Monetary values in CAD amounts except #	2025 Oct 31	LTM Jan 23	2026 Oct 31	2027 Oct 31	2028 Oct 31	2029 Oct 31	2030 Oct 31
Revenue	78,149	78,149	93,497	111,860	133,830	160,114	191,560
Revenue Growth Rate	-0.521%	0%	19.64%	19.64%	19.64%	19.64%	19.64%
EBITDA	13,730	13,546	40,840	48,861	58,457	69,938	83,674
EBITDA Margin	17.57%	17.33%	43.68%	43.68%	43.68%	43.68%	43.68%
Operating Cash Flow	10,240	10,240	40,840	48,861	58,457	69,938	83,674
Operating Cash Flow to EBITDA	74.58%	75.59%	100%	100%	100%	100%	100%
Capital Expenditure	1,729	1,729	3,894	4,658	5,573	6,668	7,977
Capital Expenditure to EBITDA	12.59%	12.76%	9.53%	9.53%	9.53%	9.53%	9.53%
Free Cash Flow	8,511	8,511	36,946	44,202	52,884	63,270	75,696
Free Cash Flow to EBITDA	61.99%	62.83%	90.47%	90.47%	90.47%	90.47%	90.47%
Compounded Discount Rate			6.17%	14.75%	24.05%	34.07%	44.91%
Discounted Free Cash Flow	8,511	8,511	34,800	38,522	42,632	47,191	52,237

Historical Data

Monetary values in CAD amounts except #	Average	LTM Jan 23	2025 Oct 31	2024 Oct 31	2023 Oct 31	2022 Oct 31	2021 Oct 31	2020 Oct 31	2019 Oct 31	2018 Oct 31	2017 Oct 31	2016 Oct 31
Revenue	39,118	78,149	78,149	78,558	29,021	26,259	26,909	22,233	25,332	22,870	21,874	20,947
Revenue Growth Rate	19.64%	0%	-0.521%	170.7%	10.52%	-2.42%	21.03%	-12.23%	10.77%	4.55%	4.42%	9.2%
Cost of Revenue	12,874	45,667	45,667	50,278	0	0	0	0	0	0	0	0
Gross Profit	26,526	32,482	32,482	28,280	29,642	25,946	26,909	25,025	25,332	22,870	21,874	20,947
Gross Margin	84.78%	41.56%	41.56%	36%	102.1%	98.81%	100%	112.6%	100%	100%	100%	100%
EBITDA	13,118	13,546	13,730	11,175	12,397	20,848	15,498	11,320	13,313	11,597	10,922	9,948
EBITDA Margin	43.68%	17.33%	17.57%	14.23%	42.72%	79.39%	57.59%	50.92%	52.55%	50.71%	49.93%	47.49%
Net Income	6,975	8,709	8,709	7,318	4,425	13,537	7,754	5,097	5,758	5,450	5,348	4,622
Net Income to EBITDA	52.23%	64.29%	63.43%	65.49%	35.69%	64.93%	50.03%	45.03%	43.25%	46.99%	48.97%	46.46%
Cash from Operating Activities	19,827	10,240	10,240	29,030	21,269	4,957	44,049	50,836	29,303	17,912	2,908	-2,648
Cash from Operating Activities to EBITDA	155.8%	75.59%	74.58%	259.8%	171.6%	23.78%	284.2%	449.1%	220.1%	154.5%	26.63%	-26.62%
Capital Expenditure	1,235	1,729	1,729	1,564	1,677	1,448	983	1,032	1,128	886	791	620
Capital Expenditure to EBITDA	9.53%	12.76%	12.59%	14%	13.53%	6.95%	6.34%	9.12%	8.47%	7.64%	7.24%	6.23%
Free Cash Flow	18,592	8,511	8,511	27,466	19,592	3,509	43,066	49,804	28,175	17,026	2,117	-3,268
Free Cash Flow to EBITDA	146.2%	62.83%	61.99%	245.8%	158%	16.83%	277.9%	440%	211.6%	146.8%	19.38%	-32.85%