Company Valuation: South Bow Corporation

Data adjusted to current consolidation scope
Fiscal Period: December 2024 2025 2026 2027 2028
Market Cap 1 4,893 5,734 7,446 - -
Change - 17.17% 29.87% - -
Enterprise Value (EV) 1 9,794 10,540 12,361 12,279 12,244
Change - 7.61% 17.28% -0.66% -0.29%
P/E 15.5x 13.3x 19.2x 17.7x 17x
PBR 1.88x 2.11x 2.83x 2.86x 2.87x
PEG - 0.4x -1.9x 1.99x 4.09x
Capitalization / Revenue 2.31x 2.89x 3.75x 3.69x 3.64x
EV / Revenue 4.62x 5.31x 6.22x 6.08x 5.98x
EV / EBITDA 8.98x 10.3x 11.7x 11.2x 10.9x
EV / EBIT 11.6x 13.6x 15.3x 14.5x 14.1x
EV / FCF 24.1x 17.7x 20.9x 19.8x 19x
FCF Yield 4.16% 5.65% 4.79% 5.06% 5.27%
Dividend per Share 2 0.5 2 2 2.007 2.023
Rate of return 2.12% 7.26% 5.6% 5.62% 5.67%
EPS 2 1.52 2.07 1.855 2.02 2.104
Distribution rate 32.9% 96.6% 108% 99.4% 96.1%
Net sales 1 2,120 1,986 1,987 2,020 2,047
EBITDA 1 1,091 1,022 1,052 1,098 1,123
EBIT 1 845 775 805.8 846.2 870
Net income 1 316 433 394.2 422.8 433
Net Debt 1 4,901 4,806 4,915 4,833 4,798
Reference price 2 23.57 27.53 35.70 35.70 35.70
Nbr of stocks (in thousands) 207,570 208,251 208,588 - -
Announcement Date 3/6/25 3/5/26 - - -
1USD in Million2USD
Estimates

P/E, Detailed evolution



P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
19.24x6.22x11.75x5.6% 7.45B
23.5x3.22x12.98x5.74% 108B
28.64x9.75x14.06x2.97% 86.72B
12.67x1.82x10.53x5.89% 82.25B
19.97x5.51x11.11x3.88% 68.43B
21.33x9.35x12.59x4.1% 63.95B
25.27x4.24x13.62x1.75% 61.06B
16.04x2.11x10.43x4.65% 58.44B
13.41x6.39x11.54x7.85% 58.73B
14.02x4.04x11.37x4.95% 31.82B
Average 19.41x 5.27x 12.00x 4.74% 62.71B
Weighted average by Cap. 20.18x 5.18x 12.16x 4.67%

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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  4. Valuation South Bow Corporation
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