Company Valuation: Tourmaline Oil Corp.

Data adjusted to current consolidation scope
Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Capitalization 1 13,482 23,124 20,909 24,854 23,828 24,747 - -
Change - 71.52% -9.58% 18.86% -4.13% 3.85% - -
Enterprise Value (EV) 1 14,455 23,618 22,689 26,557 25,352 26,114 26,076 25,793
Change - 63.39% -3.94% 17.05% -4.54% 3.01% -0.14% -1.09%
P/E ratio 6.38x 5.22x 11.8x 19x 90.5x 11.2x 11.9x 12.9x
PBR - - - 1.6x 1.54x 1.5x 1.44x 1.38x
PEG - 0x -0.2x -0.6x -1.1x 0x -1.88x -1.79x
Capitalization / Revenue 2.67x 2.85x 3.91x 5.25x 3.96x 3.52x 3.28x 3.44x
EV / Revenue 2.86x 2.91x 4.24x 5.61x 4.21x 3.72x 3.45x 3.58x
EV / EBITDA 5.08x 3.39x 6.54x 8.9x 7.67x 6.01x 5.74x 5.53x
EV / EBIT - 3.96x 10.1x 14.9x 55.7x 9.85x 10x 9.23x
EV / FCF 11.5x 8.4x 13.5x 26.8x 62.3x 24.9x 22.5x 28.9x
FCF Yield 8.69% 11.9% 7.43% 3.74% 1.61% 4.02% 4.45% 3.46%
Dividend per Share 2 1.42 7.9 7 3.32 2 2.044 2.246 2.367
Rate of return 3.48% 11.6% 11.7% 4.99% 3.25% 3.21% 3.52% 3.71%
EPS 2 6.4 13.1 5.03 3.51 0.68 5.699 5.337 4.953
Distribution rate 22.2% 60.3% 139% 94.6% 294% 35.9% 42.1% 47.8%
Net sales 1 5,054 8,111 5,351 4,730 6,020 7,025 7,549 7,200
EBITDA 1 2,845 6,971 3,471 2,985 3,304 4,345 4,542 4,664
EBIT 1 - 5,958 2,244 1,779 455.3 2,651 2,607 2,796
Net income 1 - 4,487 1,736 1,264 262.7 2,039 1,945 1,953
Net Debt 1 973 494.4 1,780 1,703 1,524 1,367 1,330 1,046
Reference price 2 40.84 68.32 59.59 66.52 61.57 63.73 63.73 63.73
Nbr of stocks (in thousands) 330,115 338,467 350,886 373,629 387,011 388,306 - -
Announcement Date 02/03/22 01/03/23 06/03/24 05/03/25 04/03/26 - - -
1CAD in Million2CAD
Estimates

P/E ratio, Detailed evolution

P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
11.18x3.72x6.01x3.21% 17.77B
11.65x2.19x5.03x2.89% 143B
11.41x3.18x6.02x3.91% 95.26B
7.8x2.63x4.34x3% 73.39B
7.55x2.52x4.06x1.8% 56.62B
11.47x3.5x4.87x2.25% 54.19B
8.74x1.34x4.56x2.18% 52.97B
8.79x2.35x4.51x2.66% 51.07B
11.13x3.11x4.56x7.19% 41.55B
10.78x3.96x5.6x1.22% 33.62B
Average 10.05x 2.85x 4.96x 3.03% 61.92B
Weighted average by Cap. 10.19x 2.68x 4.94x 3.03%

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 Tourmaline Oil Corp.