Company Valuation: PyroGenesis Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 570.1 568.8 178.7 76.92 104.9 60.64
Change - -0.23% -68.57% -56.97% 36.38% -42.2%
Enterprise Value (EV) 1 553.6 562.1 182.2 84.32 110.9 66.2
Change - 1.52% -67.58% -53.73% 31.58% -40.33%
P/E 13.4x -14.4x -5.42x -2.68x -14.3x -3.75x
PBR 9.67x 13.9x 10.6x -27.2x -30.3x -5.82x
PEG - 0x 0.3x 0.2x 0.2x -0x
Capitalization / Revenue 32.1x 18.3x 9.4x 6.23x 6.7x 4.82x
EV / Revenue 31.1x 18.1x 9.58x 6.83x 7.09x 5.27x
EV / EBITDA -276x -34.2x -8.38x -3.3x -18.5x -5.46x
EV / EBIT -267x -32.8x -7.85x -3.11x -17.1x -5.19x
EV / FCF 565x -52.9x -36.4x -25.1x -69x -25.3x
FCF Yield 0.18% -1.89% -2.75% -3.98% -1.45% -3.95%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 0.27 -0.2306 -0.19 -0.1603 -0.04 -0.08
Distribution rate - - - - - -
Net sales 1 17.78 31.07 19.01 12.35 15.65 12.57
EBITDA 1 -2.003 -16.44 -21.73 -25.57 -6.003 -12.13
EBIT 1 -2.077 -17.16 -23.2 -27.07 -6.49 -12.75
Net income 1 41.77 -38.43 -32.17 -28.5 -6.675 -14.76
Net Debt 1 -16.42 -6.688 3.47 7.398 6.035 5.559
Reference price 2 3.6100 3.3300 1.0300 0.4300 0.5700 0.3000
Nbr of stocks (in thousands) 157,911 170,797 173,540 178,880 184,044 202,126
Announcement Date 3/31/21 3/31/22 3/31/23 4/2/24 4/1/25 3/31/26
1CAD in Million2CAD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
27.15x4.16x13.38x1.71% 87.05B
30.57x4.72x14.71x1.15% 67.87B
23.31x4.09x16.01x0.55% 23.29B
32.37x2.88x13.51x-.--% 16.74B
21.97x - - 0.65% 9.13B
13.94x0.75x4.79x4.87% 6.01B
17.45x1.97x8.73x1.85% 5.29B
29.85x - - - 4B
16.29x - - - 3.54B
Average 23.66x 3.10x 11.86x 1.54% 24.77B
Weighted average by Cap. 27.26x 4.08x 13.76x 1.32%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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