Company Valuation: Source Rock Royalties Ltd.

Data adjusted to current consolidation scope
Fiscal Period: December 2022 2023 2024 2025
Market Cap 1 34.12 37.54 39.2 40.11
Change - 10.03% 4.42% 2.33%
Enterprise Value (EV) 1 20.97 36.08 34.57 35.96
Change - 72.07% -4.2% 4.04%
P/E 12.9x 24.4x 27.7x 31.4x
PBR 1.24x 1.4x 1.52x 1.71x
PEG 0x -0.6x -3.14x -3.25x
Capitalization / Revenue 5.26x 5.65x 5.1x 6.65x
EV / Revenue 3.23x 5.43x 4.5x 5.96x
EV / EBITDA 3.93x 7.19x 5.78x 7.8x
EV / EBIT 6.64x 19.7x 17x 21.8x
EV / FCF 13.8x -3.87x 5.16x 10x
FCF Yield 7.24% -25.8% 19.4% 9.96%
Dividend per Share 2 0.06 0.066 0.0765 0.078
Rate of return 7.89% 7.95% 8.9% 8.86%
EPS 2 0.059 0.034 0.031 0.028
Distribution rate 102% 194% 247% 279%
Net sales 1 6.491 6.646 7.69 6.031
EBITDA 1 5.337 5.018 5.976 4.613
EBIT 1 3.156 1.835 2.036 1.651
Net income 1 2.558 1.566 1.495 1.322
Net Debt 1 -13.15 -1.462 -4.636 -4.15
Reference price 2 0.760 0.830 0.860 0.880
Nbr of stocks (in thousands) 44,897 45,232 45,583 45,583
Announcement Date 4/14/23 A 4/19/24 A 4/25/25 A 4/17/26 A
1CAD in Million2CAD
Estimates


P/E (N) EV / Sales (N) EV / EBITDA (N) Dividend Yield (N) Capi.($)
- - - - 35M
11.81x2.31x5.11x2.71% 150B
11.95x3.17x6.18x3.7% 98.61B
8.26x2.49x4.37x2.96% 73.18B
9.55x1.42x4.63x1.97% 57.82B
6.98x2.4x3.79x1.82% 56.29B
9.02x2.46x4.91x2.37% 53.96B
11.15x3.32x4.76x2.36% 51.66B
12.09x3.31x5.03x6.05% 42.79B
5.51x1.62x3.88x4.91% 34.66B
Average 9.59x 2.50x 4.74x 3.21% 61.95B
Weighted average by Cap. 10.13x 2.52x 4.91x 3.04%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA


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