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Carbon pricing in the form of carbon charges, carbon levies, or other carbon pricing frameworks poses risks to our business, including potential reduced demand for our services and decreased economic viability for our projects. We are also subject to anti-greenwashing legislation and are impacted by climate-related disclosure requirements in development in certain jurisdictions where we operate.
C$54.74
C$0.82 (-1.48%)
Price from 7 days ago
16.81% operating margin is respectable but not wide. ROIC at 5.10%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue grew 21.9%, still solid. Free cash flow declined 44% despite revenue growth, conversion is weakening.
At 26x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 44% versus the prior year, cash generation momentum has weakened.
25.8x earnings, 89.1x FCF. Not cheap, the quality is already reflected in the price. Upside from here requires either margin expansion or growth re-acceleration, not just continuation.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
C$69.05B
▲ +21.9% YoY
Net Income (TTM)
C$6.91B
▲ +37.7% YoY
Op. Margin
15.22%
▼ -1.2pp YoY
ROIC
5.04%
▼ -1.4pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
C$1.87B
▼ -44.0% YoY
Op. Cash Flow (TTM)
C$11.56B
▼ -2.6% YoY
Net Debt
C$107.89B
Cash & Equiv.
C$1.64B
5Y CAGR: +10.8%
5Y CAGR: -5.5%
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