WESTSHORE TERMINALS INVESTMENT CORPORATION

Financials Westshore Terminals Investment Corporation

Equities

WTE

CA96145A2002

Marine Port Services

Market Closed - Toronto S.E. Other stock markets 01:30:00 20/06/2024 am IST			5-day change	1st Jan Change
22.55 ^CAD	-0.44%		-1.53%	-17.76%

07/05	Westshore Terminals Price Target Lowered to $25 at RBC	MT
06/05	Westshore Terminals Investment Q1 Profit, Revenue Drop	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	1,264	989	1,697	1,414	1,714	1,401	-	-
Enterprise Value (EV) ¹	1,418	1,074	1,736	1,539	1,827	1,686	1,660	1,661
P/E ratio	9.07 x	7.95 x	15.8 x	21.2 x	14.7 x	14.9 x	14.5 x	17.6 x
Yield	3.38%	4.11%	3.36%	12%	5.11%	7.62%	7.07%	8.43%
Capitalization / Revenue	3.2 x	2.68 x	4.98 x	4.84 x	4.5 x	3.84 x	3.94 x	4.49 x
EV / Revenue	3.59 x	2.91 x	5.1 x	5.27 x	4.8 x	4.62 x	4.66 x	5.33 x
EV / EBITDA	6.26 x	5.1 x	9.35 x	11.7 x	9.47 x	9.78 x	9.62 x	10.7 x
EV / FCF	9.95 x	6.73 x	13.5 x	42.4 x	18.7 x	15.2 x	14.8 x	15.5 x
FCF Yield	10%	14.9%	7.4%	2.36%	5.36%	6.58%	6.78%	6.44%
Price to Book	1.77 x	1.33 x	2.15 x	1.98 x	2.35 x	1.96 x	1.99 x	2.1 x
Nbr of stocks (in thousands)	66,697	63,439	63,258	63,055	62,515	62,147	-	-
Reference price ²	18.95	15.59	26.82	22.43	27.42	22.55	22.55	22.55
Announcement Date	13/03/20	16/03/21	11/03/22	10/03/23	08/03/24	-	-	-

¹CAD in Million²CAD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	395.4	368.4	340.5	292	381	365.1	356	312
EBITDA ¹	226.6	210.4	185.8	131.6	192.9	172.4	172.5	156
EBIT ¹	201.7	184.2	157.3	101.3	162.3	140	139.2	120
Operating Margin	51%	50%	46.21%	34.71%	42.61%	38.35%	39.09%	38.46%
Earnings before Tax (EBT) ¹	191	173.9	147.7	91.66	159.7	123.4	132.5	-
Net income ¹	139.4	126.9	107.8	66.84	116.6	94.07	97.4	80
Net margin	35.25%	34.45%	31.67%	22.89%	30.59%	25.77%	27.36%	25.64%
EPS ²	2.090	1.960	1.700	1.060	1.860	1.510	1.557	1.280
Free Cash Flow ¹	142.5	159.5	128.5	36.27	97.95	111	112.5	107
FCF margin	36.03%	43.3%	37.73%	12.42%	25.71%	30.41%	31.61%	34.29%
FCF Conversion (EBITDA)	62.89%	75.82%	69.16%	27.57%	50.79%	64.39%	65.23%	68.59%
FCF Conversion (Net income)	102.22%	125.68%	119.15%	54.27%	84.04%	118%	115.54%	133.75%
Dividend per Share ²	0.6400	0.6400	0.9000	2.700	1.400	1.718	1.593	1.900
Announcement Date	13/03/20	16/03/21	11/03/22	10/03/23	08/03/24	-	-	-

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	84.67	88.25	82.72	66.62	54.37	96.72	91.83	97.59	88.69	84.76	95.5	92.67	92.37	91	91.3
EBITDA ¹	44.8	45.44	43.57	31.15	11.41	53.48	46.76	53.65	38.98	33.91	46.94	45.63	44.53	41.8	44.05
EBIT ¹	37.22	37.91	36.03	23.6	3.804	46.03	39.33	46.2	30.79	25.44	40.9	37.3	36.55	29.9	35.3
Operating Margin	43.96%	42.96%	43.56%	35.43%	7%	47.59%	42.83%	47.34%	34.72%	30.01%	42.83%	40.25%	39.57%	32.86%	38.66%
Earnings before Tax (EBT) ¹	34.61	-	34.1	-	1.776	45.09	-	-	30.55	20.91	34.2	35.4	32.9	-	-
Net income ¹	25.29	25.74	24.9	14.95	1.247	32.9	28.14	33.24	22.28	15.24	27.57	26.33	24.9	21.9	25.9
Net margin	29.87%	29.17%	30.1%	22.44%	2.29%	34.01%	30.64%	34.06%	25.12%	17.99%	28.87%	28.42%	26.96%	24.07%	28.37%
EPS ²	0.4000	0.4100	0.3900	0.2400	0.0200	0.5300	0.4500	0.5300	0.3600	0.2400	0.4400	0.4200	0.4000	0.3500	0.4100
Dividend per Share ²	0.2500	1.800	0.3000	0.3000	0.3000	0.3500	0.3500	0.3500	0.3500	-	0.5550	0.3800	0.3800	0.3800	0.4000
Announcement Date	11/03/22	04/05/22	03/08/22	03/11/22	10/03/23	05/05/23	03/08/23	13/11/23	08/03/24	03/05/24	-	-	-	-	-

¹CAD in Million²CAD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	154	84.6	39.8	125	113	285	259	260
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	0.6803 x	0.4019 x	0.2144 x	0.9466 x	0.5866 x	1.653 x	1.501 x	1.667 x
Free Cash Flow ¹	142	160	128	36.3	98	111	113	107
ROE (net income / shareholders' equity)	20.8%	17.5%	-	-	-	-	-	-
ROA (Net income/ Total Assets)	11.9%	-	-	-	-	-	-	-
Assets ¹	1,167	-	-	-	-	-	-	-
Book Value Per Share ²	10.70	11.70	12.50	11.30	11.70	11.50	11.30	10.70
Cash Flow per Share ²	2.550	2.650	3.060	2.200	3.030	1.730	2.110	-
Capex ¹	21.5	16.9	8.11	54.9	91.6	25.5	17	8
Capex / Sales	5.45%	4.58%	2.38%	18.81%	24.05%	6.99%	4.78%	2.56%
Announcement Date	13/03/20	16/03/21	11/03/22	10/03/23	08/03/24	-	-	-

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

Ratings for Westshore Terminals Investment Corporation

Trading Rating

Investor Rating

ESG Refinitiv

D+

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

HOLD

Number of Analysts

Last Close Price

22.55 CAD

Average target price

26.17 CAD

Spread / Average Target

+16.04%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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