Project revenue, EBITDA, net income and free cash flow for the next 5 or 10 years. Growth starts at the same rate the valuation uses and fades to the long-run rate, with margins held at today's level. Bear and bull cases move growth by the company's own revenue volatility. It is a model of what the assumptions imply, not a prediction.
Price updated 06 Nov 2026 14:47; Fiscal year 2025; Annual financials downloaded 04 Nov 2026 18:39.
Starts from Fiscal year 2025 financials in CAD and a share price of CAD 66.75. Growth begins at 6.6% a year (the valuation's blended assumption) and fades to 2.5% by year 10. Margins held at EBITDA 31.5%, net 11.5%, free cash flow 6.1% of revenue. Bear and bull move starting growth by 6.0 points and long-run growth by 1 point.
Confidence: Earnings-based DCF agrees; annual data only; profit and cash flow steady for 3 years; cyclical business: current cash flow is a poor guide to the cycle.
| Case | Starting growth | Year 10 | Annual growth |
|---|---|---|---|
| Bear | 0.6% | CAD 3.53 | -1.1% |
| Base | 6.6% | CAD 4.96 | 2.3% |
| Bull | 12.6% | CAD 6.88 | 5.7% |
| Year | Growth | Revenue | EBITDA | Net income | Free cash flow | EPS | FCF / share | Dividend / share | Book / share | Implied price |
|---|---|---|---|---|---|---|---|---|---|---|
| Fiscal year 2025 | – | CAD 65.13B | CAD 20.49B | CAD 7.49B | CAD 3.98B | 3.43 | 1.82 | 3.95 | 28.51 | 66.75 |
| Year 1 | 6.6% | CAD 69.42B | CAD 21.45B | CAD 7.87B | CAD 4.84B | 3.60 | 2.21 | 3.60 | 28.51 | 69.82 |
| Year 2 | 6.1% | CAD 73.69B | CAD 22.35B | CAD 8.24B | CAD 5.77B | 3.77 | 2.64 | 3.77 | 28.51 | 72.70 |
| Year 3 | 5.7% | CAD 77.88B | CAD 23.17B | CAD 8.58B | CAD 6.77B | 3.92 | 3.10 | 3.92 | 28.51 | 75.35 |
| Year 4 | 5.2% | CAD 81.96B | CAD 23.92B | CAD 8.89B | CAD 7.83B | 4.07 | 3.58 | 4.07 | 28.51 | 77.75 |
| Year 5 | 4.8% | CAD 85.87B | CAD 24.57B | CAD 9.18B | CAD 8.94B | 4.20 | 4.09 | 4.20 | 28.51 | 79.86 |
| Year 6 | 4.3% | CAD 89.59B | CAD 25.64B | CAD 9.57B | CAD 9.33B | 4.38 | 4.27 | 4.38 | 28.51 | 83.31 |
| Year 7 | 3.9% | CAD 93.05B | CAD 26.63B | CAD 9.95B | CAD 9.69B | 4.55 | 4.43 | 4.55 | 28.51 | 86.53 |
| Year 8 | 3.4% | CAD 96.22B | CAD 27.54B | CAD 10.28B | CAD 10.02B | 4.70 | 4.58 | 4.70 | 28.51 | 89.48 |
| Year 9 | 3.0% | CAD 99.07B | CAD 28.35B | CAD 10.59B | CAD 10.31B | 4.84 | 4.72 | 4.84 | 28.51 | 92.13 |
| Year 10 | 2.5% | CAD 101.54B | CAD 29.06B | CAD 10.85B | CAD 10.57B | 4.96 | 4.84 | 4.96 | 28.51 | 94.43 |
EPS and free cash flow per share assume today's share count. Dividends assume today's payout ratio and book value grows with retained earnings. The implied share price follows the valuation models and is not a price target; override growth settings do not change the model fair value. Margins stay at today's level except where the notes say they drift toward their average, so it does not model margin expansion, buybacks, acquisitions or recessions. It is for information and education only and is not investment advice. See the methodology for how the growth rate is blended.