
Estimate Adjusted EBIT Margin

	Fiscal Year Ending					LTM
	Dec-20	Dec-21	Dec-22	Dec-23	Dec-24	Mar-25
(CAD in millions)	FY-4	FY-3	FY-2	FY-1	FY	LTM

Revenue	366	432	760	892	907	954

Adjusted EBITDA Build-up
EBT, Incl. Unusual Items	(43)	(4)	45	71	73	79
(+) Net Interest Expense	10	7	7	17	8	8
(+) Other Non Operating Exp.	(6)	(2)	1			(1)
(+) D&A	87	81	76	78	87	89
(+) Non-recurring Items	1	(24)	(3)	(4)	(1)	(3)
Adjusted EBITDA	50	58	126	162	167	173

(-) D&A	(87)	(81)	(76)	(78)	(87)	(89)

Adjusted EBIT	(37)	(23)	50	85	80	83
% of Revenue	-10.2%	-5.4%	6.6%	9.5%	8.9%	8.7%


	Low	Median	High

Adjusted EBIT Margin	0.0%	6.6%	9.5%

支持的计算方式

Equity Waterfall


Equity Waterfall

	Model
(CAD in millions)	Low	Mid	High	Market
Enterprise Value	8	479	819	473
(+) Cash & Short Term Investments	65	65	65	65
(+) Investments & Other	0	0	0	0
(-) Debt	(126)	(126)	(126)	(126)
(-) Other Liabilities	(0)	(0)	(0)	(0)
(-) Preferred Stock	0	0	0	0
(-) Other	0	0	0	0
Value of Common Equity	(53)	419	758	412
(/) Shares Outstanding	37.2	37.2	37.2	37.2
Implied Stock Price (CAD)	0.00	11.25	20.36	11.07
FX Rate: CAD/CAD	1.00	1.00	1.00	1.00
Implied Stock Price (CAD)	0.00	11.25	20.36	11.07

Upside / (Downside)	-100.00%	1.59%	83.92%


Stock Price	11.07
Stock Price Close	11.07
Restatment Type	Original
Reporting Currency	CAD
Trading Currency	CAD
FX Rate: CAD/CAD	1.00
Market Cap	412.1
Shares Outstanding	37.2
Share Exchange Ratio	1.0
Liquid Long-term Investments	0

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Total Energy Services Inc