Company Valuation: Keyera Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Market Cap 1 6,306 6,781 7,340 10,074 10,088 16,183 - -
Change - 7.53% 8.25% 37.25% 0.15% 60.41% - -
Enterprise Value (EV) 1 9,988 10,685 11,606 13,856 14,053 23,843 23,595 23,023
Change - 6.98% 8.63% 19.38% 1.43% 69.66% -1.04% -2.43%
P/E 19.4x 20x 17.3x 20.7x 23.3x 24.3x 18.3x 16.8x
PBR 2.37x 2.32x - - 3.65x 2.8x 2.99x 2.88x
PEG - 29.4x 0.7x 1.4x -2.1x 1.2x 0.6x 1.8x
Capitalization / Revenue 1.26x 0.96x 1.04x 1.41x 1.47x 1.79x 1.45x 1.34x
EV / Revenue 2x 1.51x 1.65x 1.94x 2.05x 2.63x 2.11x 1.9x
EV / EBITDA 10.4x 10.3x 9.58x 10.9x 12.4x 15.6x 10.9x 9.88x
EV / EBIT 14.3x 13.8x 13.1x 15x 18.6x 23x 15.5x 13.7x
EV / FCF 46.8x - 18.2x 13.7x 50.3x 106x 24.1x 17x
FCF Yield 2.14% - 5.51% 7.31% 1.99% 0.94% 4.15% 5.89%
Dividend per Share 2 1.92 1.92 1.96 2.04 3.35 2.213 2.306 2.385
Rate of return 6.73% 6.49% 6.12% 4.64% 7.61% 4.01% 4.18% 4.32%
EPS 2 1.47 1.48 1.85 2.12 1.89 2.267 3.011 3.291
Distribution rate 131% 130% 106% 96.2% 177% 97.6% 76.6% 72.5%
Net sales 1 4,985 7,060 7,053 7,138 6,854 9,064 11,195 12,117
EBITDA 1 955.8 1,032 1,212 1,275 1,131 1,526 2,171 2,330
EBIT 1 698.2 774.2 889.3 922.9 756.5 1,039 1,520 1,679
Net income 1 324.2 328.3 424 486.6 432.3 600 855.3 957.3
Net Debt 1 3,682 3,904 4,266 3,782 3,965 7,659 7,412 6,839
Reference price 2 28.53 29.59 32.03 43.96 44.00 55.15 55.15 55.15
Nbr of stocks (in thousands) 221,023 229,153 229,153 229,153 229,283 293,441 - -
Announcement Date 2/16/22 2/15/23 2/14/24 2/13/25 2/12/26 - - -
1CAD in Million2CAD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
14.34x1.71x7.31x2.53% 675B
19.93x1.64x9.58x0.46% 182B
7.46x0.6x2.74x4.52% 117B
7.79x0.82x5.29x1.02% 112B
9.05x0.77x5.64x1.25% 112B
9.73x0.71x7x1.95% 104B
11.73x0.39x6.08x6.02% 96.01B
9.6x1.88x4.81x2.54% 80.69B
12.08x1.45x7.97x1.88% 63.65B
Average 11.30x 1.11x 6.27x 2.46% 171.37B
Weighted average by Cap. 12.80x 1.33x 6.76x 2.38%

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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