Company Valuation: Cogeco Communications Inc.

Data adjusted to current consolidation scope
Fiscal Period: August 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 5,459 3,697 2,954 2,712 2,707 3,066 - -
Change - -32.27% -20.11% -8.2% -0.18% 13.26% - -
Enterprise Value (EV) 1 8,370 8,009 7,593 7,098 7,186 7,381 6,991 6,765
Change - -4.32% -5.19% -6.51% 1.24% 2.71% -5.28% -3.24%
P/E ratio 13.8x 8.85x 7.62x 8.25x 8.46x 8.37x 7.92x 8.68x
PBR - - - - - 0.78x 0.75x 0.72x
PEG - 1.08x -2.04x -0.8x -2.88x 0.6x 1.37x -0.99x
Capitalization / Revenue 2.17x 1.27x 0.99x 0.91x 0.93x 1.09x 1.11x 1.11x
EV / Revenue 3.33x 2.76x 2.54x 2.38x 2.47x 2.62x 2.52x 2.46x
EV / EBITDA 6.94x 5.75x 5.34x 4.92x 4.98x 5.23x 5x 4.87x
EV / EBIT 12x 10.4x 9.48x 8.64x 9.87x 9.92x 9.47x 9.39x
EV / FCF 17.2x 18.9x 18.3x 14.9x 13.9x 14.3x 11.9x 11.6x
FCF Yield 5.8% 5.3% 5.47% 6.71% 7.2% 6.97% 8.37% 8.59%
Dividend per Share 2 2.56 2.82 3.104 3.416 3.688 3.95 4.251 4.56
Rate of return 2.21% 3.51% 4.65% 5.29% 5.74% 5.41% 5.82% 6.25%
EPS 2 8.4 9.09 8.75 7.83 7.6 8.72 9.222 8.41
Distribution rate 30.5% 31% 35.5% 43.6% 48.5% 45.3% 46.1% 54.2%
Net sales 1 2,510 2,901 2,984 2,977 2,910 2,822 2,772 2,752
EBITDA 1 1,206 1,393 1,421 1,442 1,443 1,412 1,397 1,388
EBIT 1 695.3 772 800.6 821.8 728 744.3 738.5 720.6
Net income 1 401.5 423.3 392.3 335.5 322.6 365.3 371.9 352.6
Net Debt 1 2,911 4,311 4,639 4,386 4,479 4,315 3,926 3,699
Reference price 2 116.01 80.41 66.70 64.57 64.28 73.00 73.00 73.00
Nbr of stocks (in thousands) 47,058 45,982 44,286 41,997 42,112 41,998 - -
Announcement Date 11/11/21 27/10/22 01/11/23 31/10/24 29/10/25 - - -
1CAD in Million2CAD
Estimates

P/E ratio, Detailed evolution

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
8.37x2.62x5.23x5.41% 223.58Cr
10.44x1.26x3.88x7.17% 22TCr
10.55x2.55x6.93x5.49% 22TCr
16.36x2.36x6.23x3.35% 18TCr
12x1.71x7.11x3.53% 7.75TCr
11.58x0.8x2.91x6.39% 7.57TCr
14.98x2.08x5.24x2.4% 7.33TCr
29.43x6.11x22.05x3.7% 6.38TCr
14.52x2.43x7.56x5.26% 5.58TCr
33.46x1.85x6.16x4.37% 5.4TCr
Average 16.17x 2.38x 7.33x 4.71% 10.23TCr
Weighted average by Cap. 14.67x 2.19x 6.68x 4.98%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA

Year-on-year evolution of the Yield

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