PASON SYSTEMS INC. |
Market Closed -
Other stock markets
|
5-day change | 1st Jan Change | ||
| 16.49 CAD | +2.49% |
|
+5.43% | +1.98% |
| May. 31 | Pason Systems Rating, Price Target, Reiterated by National Bank | MT |
| May. 03 | Transcript : Pason Systems Inc., Q1 2024 Earnings Call, May 03, 2024 |
Valuation
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Capitalization 1 | 1,107 | 654.7 | 951.2 | 1,300 | 1,286 | 1,312 | - |
| Enterprise Value (EV) 1 | 960.8 | 511.6 | 799.1 | 1,133 | 1,128 | 1,227 | 1,169 |
| P/E ratio | 20.8 x | 98.5 x | 28.1 x | 12.3 x | 13.4 x | 9.32 x | 11.3 x |
| Yield | 5.64% | 6.09% | 1.73% | 2.26% | 2.97% | 3.15% | 3.15% |
| Capitalization / Revenue | 3.74 x | 4.18 x | 4.6 x | 3.88 x | 3.48 x | 3.03 x | 2.7 x |
| EV / Revenue | 3.25 x | 3.27 x | 3.87 x | 3.38 x | 3.05 x | 2.83 x | 2.41 x |
| EV / EBITDA | 7.41 x | 12.9 x | 11 x | 7.1 x | 6.58 x | 6.85 x | 5.44 x |
| EV / FCF | 11.2 x | 9.49 x | 14.6 x | 16.1 x | 11.6 x | 17.9 x | 11.5 x |
| FCF Yield | 8.96% | 10.5% | 6.86% | 6.21% | 8.6% | 5.59% | 8.68% |
| Price to Book | - | - | - | - | - | - | - |
| Nbr of stocks (in thousands) | 84,443 | 83,089 | 82,429 | 81,562 | 79,557 | 79,549 | - |
| Reference price 2 | 13.11 | 7.880 | 11.54 | 15.94 | 16.17 | 16.49 | 16.49 |
| Announcement Date | 2/26/20 | 2/24/21 | 2/22/22 | 3/2/23 | 2/28/24 | - | - |
1CAD in Million2CAD
Estimates
Income Statement Evolution (Annual data)
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net sales 1 | 295.6 | 156.6 | 206.7 | 335 | 369.3 | 433.3 | 486.1 |
| EBITDA 1 | 129.6 | 39.54 | 72.52 | 159.5 | 171.5 | 178.9 | 214.9 |
| EBIT | 88.81 | 5.123 | 46.83 | - | - | - | - |
| Operating Margin | 30.04% | 3.27% | 22.66% | - | - | - | - |
| Earnings before Tax (EBT) 1 | 74 | 9.998 | 43.66 | - | 130.2 | 187 | 170 |
| Net income 1 | 54.11 | 6.568 | 33.84 | 107.6 | 97.54 | 142 | 118.8 |
| Net margin | 18.3% | 4.19% | 16.38% | 32.12% | 26.41% | 32.78% | 24.45% |
| EPS 2 | 0.6300 | 0.0800 | 0.4100 | 1.300 | 1.210 | 1.769 | 1.464 |
| Free Cash Flow 1 | 86.09 | 53.92 | 54.82 | 70.4 | 97.03 | 68.53 | 101.5 |
| FCF margin | 29.12% | 34.42% | 26.53% | 21.02% | 26.27% | 15.82% | 20.89% |
| FCF Conversion (EBITDA) | 66.41% | 136.36% | 75.6% | 44.14% | 56.59% | 38.3% | 47.25% |
| FCF Conversion (Net income) | 159.1% | 820.87% | 161.99% | 65.42% | 99.48% | 48.25% | 85.45% |
| Dividend per Share 2 | 0.7400 | 0.4800 | 0.2000 | 0.3600 | 0.4800 | 0.5200 | 0.5200 |
| Announcement Date | 2/26/20 | 2/24/21 | 2/22/22 | 3/2/23 | 2/28/24 | - | - |
1CAD in Million2CAD
Estimates
Income Statement Evolution (Quarterly data)
| Fiscal Period: December | 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 | 2025 Q2 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net sales 1 | 62.83 | 74.47 | 73.61 | 92.5 | 94.42 | 98.23 | 84.69 | 93.09 | 93.3 | 104.8 | 100.3 | 115 | 121.4 | 118.4 | 114.7 |
| EBITDA 1 | 24.21 | 33.37 | 30.96 | 46.23 | 48.94 | 52.41 | 37.89 | 42.28 | 38.89 | 42.42 | 37.34 | 47.92 | 51.52 | 51 | 47.1 |
| EBIT | 18.04 | 27.06 | 26.27 | 41.8 | - | - | - | - | - | - | - | - | - | - | - |
| Operating Margin | 28.7% | 36.34% | 35.68% | 45.19% | - | - | - | - | - | - | - | - | - | - | - |
| Earnings before Tax (EBT) | 13.52 | 23.33 | 25.18 | 45.22 | - | - | - | - | - | - | - | - | - | - | - |
| Net income 1 | 11.15 | 18.57 | 18.54 | 34.25 | - | - | 25.47 | - | - | - | 17.53 | 26.8 | 29.5 | - | - |
| Net margin | 17.74% | 24.94% | 25.19% | 37.02% | - | - | 30.07% | - | - | - | 17.48% | 23.3% | 24.3% | - | - |
| EPS 2 | 0.1400 | 0.2300 | 0.2200 | 0.4100 | 0.4400 | 0.4400 | 0.3200 | 0.3500 | 0.1100 | 0.8700 | 0.2214 | 0.3312 | 0.3480 | 0.3713 | 0.3103 |
| Dividend per Share | 0.0500 | 0.0800 | 0.0800 | 0.0800 | 0.1200 | - | 0.1200 | 0.1200 | 0.1200 | - | - | - | - | - | - |
| Announcement Date | 2/22/22 | 4/28/22 | 8/10/22 | 11/2/22 | 3/2/23 | 5/4/23 | 8/10/23 | 11/2/23 | 2/28/24 | 5/2/24 | - | - | - | - | - |
1CAD in Million2CAD
Estimates
Balance Sheet Analysis
| Fiscal Period: December | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|
| Net Debt 1 | - | - | - | - | - | - | - |
| Net Cash position 1 | 146 | 143 | 152 | 167 | 159 | 85.2 | 142 |
| Leverage (Debt/EBITDA) | - | - | - | - | - | - | - |
| Free Cash Flow 1 | 86.1 | 53.9 | 54.8 | 70.4 | 97 | 68.5 | 102 |
| ROE (net income / shareholders' equity) | 14.8% | 2.01% | - | 30.8% | - | 29.5% | 20.5% |
| ROA (Net income/ Total Assets) | - | - | - | 25.3% | - | 19.1% | 15.6% |
| Assets 1 | - | - | - | 424.9 | - | 745.7 | 761.7 |
| Book Value Per Share | - | - | - | - | - | - | - |
| Cash Flow per Share 2 | 1.280 | 0.7100 | 0.7900 | 1.260 | 1.680 | 1.820 | 2.260 |
| Capex 1 | 22.5 | 4.67 | 10.2 | 34 | 38 | 79.3 | 75.6 |
| Capex / Sales | 7.59% | 2.98% | 4.95% | 10.15% | 10.29% | 18.3% | 15.55% |
| Announcement Date | 2/26/20 | 2/24/21 | 2/22/22 | 3/2/23 | 2/28/24 | - | - |
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
Trading Rating
Investor Rating
ESG Refinitiv
C+
Sell
Buy
Mean consensus
OUTPERFORM
Number of Analysts
7
Last Close Price
16.49
CAD
Average target price
18.86
CAD
Spread / Average Target
+14.36%
EPS Revisions
| 1st Jan change | Capi. | |
|---|---|---|
| +1.98% | 961M | |
| -11.76% | 65.59B | |
| -2.00% | 33.41B | |
| +1.52% | 32.49B | |
| +30.04% | 11.29B | |
| +23.01% | 8.8B | |
| -7.20% | 7.44B | |
| +11.64% | 6.21B | |
| +46.67% | 5.87B | |
| +43.29% | 5.45B |
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