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 15,382 - -
Change - 7.53% 8.25% 37.25% 0.15% 52.47% - -
Enterprise Value (EV) 1 9,988 10,685 11,606 13,856 14,053 23,041 22,784 22,204
Change - 6.98% 8.63% 19.38% 1.43% 63.95% -1.11% -2.55%
P/E 19.4x 20x 17.3x 20.7x 23.3x 23.4x 17.6x 16x
PBR 2.37x 2.32x - - 3.65x 2.66x 2.84x 2.74x
PEG - 29.4x 0.7x 1.4x -2.1x 1.3x 0.5x 1.6x
Capitalization / Revenue 1.26x 0.96x 1.04x 1.41x 1.47x 1.68x 1.38x 1.28x
EV / Revenue 2x 1.51x 1.65x 1.94x 2.05x 2.52x 2.05x 1.85x
EV / EBITDA 10.4x 10.3x 9.58x 10.9x 12.4x 15.1x 10.5x 9.54x
EV / EBIT 14.3x 13.8x 13.1x 15x 18.6x 22.2x 15.1x 13.2x
EV / FCF 46.8x - 18.2x 13.7x 50.3x 103x 23.2x 16.4x
FCF Yield 2.14% - 5.51% 7.31% 1.99% 0.97% 4.3% 6.11%
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% 4.22% 4.4% 4.55%
EPS 2 1.47 1.48 1.85 2.12 1.89 2.238 2.985 3.286
Distribution rate 131% 130% 106% 96.2% 177% 98.9% 77.3% 72.6%
Net sales 1 4,985 7,060 7,053 7,138 6,854 9,154 11,135 11,972
EBITDA 1 955.8 1,032 1,212 1,275 1,131 1,524 2,172 2,327
EBIT 1 698.2 774.2 889.3 922.9 756.5 1,039 1,513 1,686
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 7,658 7,402 6,822
Reference price 2 28.53 29.59 32.03 43.96 44.00 52.42 52.42 52.42
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.($)
23.42x2.52x15.12x4.22% 10.79B
13.39x1.67x7.03x2.53% 674B
18.2x1.51x8.84x0.5% 164B
6.84x0.84x5.05x0.96% 119B
7.84x0.77x5.22x1.19% 117B
6.76x0.57x2.55x4.62% 114B
8.5x0.71x6.39x1.92% 106B
10.33x0.34x5.19x6.81% 89.59B
9.99x1.94x4.97x2.44% 81.35B
12.07x1.48x7.84x1.92% 60.85B
Average 11.73x 1.23x 6.82x 2.71% 153.65B
Weighted average by Cap. 11.81x 1.31x 6.43x 2.44%

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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