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| Metrics | Range | Conclusion |
|---|---|---|
| Selected LTM P/E Multiple | 9.8x - 10.8x | 10.3x |
| Selected Fwd P/E Multiple | 12.5x - 13.8x | 13.1x |
| Fair Value | C$18.24 - C$20.16 | C$19.20 |
| Upside | -8.6% - 1.0% | -3.8% |
| Benchmarks | - | Full Ticker |
| Suncor Energy Inc. | - | TSX:SU |
| Canadian Natural Resources Limited | - | TSX:CNQ |
| Imperial Oil Limited | - | TSX:IMO |
| Cenovus Energy Inc. | - | TSX:CVE |
| Ovintiv Inc. | - | TSX:OVV |
| MEG Energy Corp. | - | TSX:MEG |
| - | - | - |
| Select Price / LTM EPS Ratio | ||||||||
| Benchmark Companies | ||||||||
| SU | CNQ | IMO | CVE | OVV | MEG | |||
| TSX:SU | TSX:CNQ | TSX:IMO | TSX:CVE | TSX:OVV | TSX:MEG | |||
| Historical Net Income Growth | ||||||||
| 5Y CAGR | 15.7% | 2.4% | 16.8% | 7.2% | 36.9% | NM- | ||
| 3Y CAGR | 13.5% | -7.3% | 24.6% | 77.8% | -7.4% | 21.5% | ||
| Latest Twelve Months | -27.5% | -25.8% | -2.0% | -23.7% | -46.0% | -10.9% | ||
| Historical Net Income Profit Margin | ||||||||
| 5 Year Average Margin | 6.9% | 18.2% | 5.9% | 2.5% | -6.1% | 4.9% | ||
| Prior Fiscal Year | 16.9% | 22.9% | 9.6% | 7.8% | 19.6% | 10.1% | ||
| Latest Fiscal Year | 11.9% | 17.1% | 9.3% | 5.7% | 12.6% | 9.8% | ||
| Latest Twelve Months | 11.9% | 17.1% | 9.3% | 5.7% | 12.6% | 9.8% | ||
| Current Trading Multiples | ||||||||
| EV / LTM EBITDA | 4.3x | 6.3x | 5.8x | 3.8x | 3.4x | 4.1x | ||
| Price / LTM Sales | 1.2x | 2.3x | 0.9x | 0.5x | 1.0x | 1.0x | ||
| LTM P/E Ratio | 9.7x | 13.5x | 9.6x | 9.4x | 7.6x | 10.1x | ||
| Low | Mid | High | ||||||
| Benchmark LTM P/E Ratio | 7.6x | 9.6x | 13.5x | |||||
| Historical LTM P/E Ratio | -3.9x | 10.1x | 29.7x | |||||
| Selected P/E Multiple | 9.8x | 10.3x | 10.8x | |||||
| (x) LTM Net Income | 507 | 507 | 507 | |||||
| (=) Equity Value | 4,977 | 5,238 | 5,500 | |||||
| (/) Shares Outstanding | 256.6 | 256.6 | 256.6 | |||||
| Implied Value Range | 19.39 | 20.41 | 21.43 | |||||
| FX Rate: CAD/CAD | 1.0 | 1.0 | 1.0 | Market Price | ||||
| Implied Value Range (Trading Cur) | 19.39 | 20.41 | 21.43 | 19.95 | ||||
| Upside / (Downside) | -2.8% | 2.3% | 7.4% | |||||
| Equity Value | |||||||
| Benchmark Companies | |||||||
| (in millions) | SU | CNQ | IMO | CVE | OVV | MEG | |
| Value of Common Equity | 58,467 | 82,404 | 45,951 | 29,145 | 8,582 | 5,120 | |
| (/) Shares Outstanding | 1,237.1 | 2,100.0 | 509.0 | 1,821.5 | 260.3 | 256.6 | |
| Implied Stock Price | 47.26 | 39.24 | 90.27 | 16.00 | 32.97 | 19.95 | |
| FX Conversion Rate to Trading Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.70 | 1.00 | |
| Implied Stock Price (Trading Cur) | 47.26 | 39.24 | 90.27 | 16.00 | 46.91 | 19.95 | |
| Trading Currency | CAD | CAD | CAD | CAD | CAD | CAD | |
| FX Rate to Reporting Currency | 1.00 | 1.00 | 1.00 | 1.00 | 0.70 | 1.00 | |