Projected Income Statement: Stantec Inc.

Forecast Balance Sheet: Stantec Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
Net Debt 1 1,762 1,153 800 1,172 1,450 1,647 1,150 1,172
Change - -34.56% -30.62% 46.5% 23.72% 13.6% -30.18% 1.91%
Announcement Date 2/23/22 A 2/22/23 A 2/28/24 A 2/25/25 A 2/25/26 A - - -
1CAD in Million
Estimates

Cash Flow Forecast: Stantec Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028
CAPEX 1 50.6 74.9 100.6 99 71.9 100.9 106.7 109
Change - 48.02% 34.31% -1.59% -27.37% 40.29% 5.81% 2.13%
Free Cash Flow (FCF) 1 346.4 75.7 319.1 380 641.5 616.7 769.2 860.9
Change - -78.15% 321.53% 19.08% 68.82% -3.87% 24.74% 11.92%
Announcement Date 2/23/22 A 2/22/23 A 2/28/24 A 2/25/25 A 2/25/26 A - - -
1CAD in Million
Estimates

Forecast Financial Ratios: Stantec Inc.

Fiscal Period: December 2021 2022 2023 2024 2025 2026 2027 2028

Profitability

        
EBITDA Margin (%) 15.78% 16.24% 16.4% 16.71% 17.61% 18.08% 18.2% 18.59%
EBIT Margin (%) 9.68% 9.88% 10.8% 11.28% 12.19% 13.57% 13.73% 14.07%
EBT Margin (%) 7.23% 7.29% 8.43% 7.93% 9.7% 11.26% 12.86% 14.02%
Net margin (%) 5.52% 5.54% 6.54% 6.16% 7.38% 8.46% 9.45% 9.9%
FCF margin (%) 9.53% 1.7% 6.3% 6.48% 9.88% 8.69% 10.23% 10.93%
FCF / Net Income (%) 172.6% 30.65% 96.35% 105.12% 133.81% 102.74% 108.35% 110.45%

Profitability

        
ROA 5.61% 6.38% 6.96% 7.93% 8.11% 8.7% 9.15% -
ROE 13.73% 16.19% 14.5% 18.69% 19.54% 19.5% 19.45% 21.65%

Financial Health

        
Leverage (Debt/EBITDA) 3.07x 1.59x 0.96x 1.2x 1.27x 1.28x 0.84x 0.8x
Debt / Free cash flow 5.09x 15.23x 2.51x 3.08x 2.26x 2.67x 1.5x 1.36x

Capital Intensity

        
CAPEX / Current Assets (%) 1.39% 1.68% 1.99% 1.69% 1.11% 1.42% 1.42% 1.38%
CAPEX / EBITDA (%) 8.82% 10.35% 12.11% 10.1% 6.29% 7.86% 7.8% 7.45%
CAPEX / FCF (%) 14.61% 98.94% 31.53% 26.05% 11.21% 16.36% 13.87% 12.66%

Items per share

        
Cash flow per share 1 3.557 2.74 4.897 5.287 7.565 8.28 9.97 -
Change - -22.97% 78.75% 7.97% 43.08% 9.45% 20.41% -
Dividend per Share 1 0.66 0.72 0.78 0.84 0.9 0.975 1.017 1.03
Change - 9.09% 8.33% 7.69% 7.14% 8.33% 4.27% 1.31%
Book Value Per Share 1 - - - - - - - -
Change - - - - - - - -
EPS 1 1.8 2.22 2.98 3.17 4.2 5.165 6.317 6.935
Change - 23.33% 34.23% 6.38% 32.49% 22.98% 22.3% 9.79%
Nbr of stocks (in thousands) 111,186 110,766 114,067 114,067 114,067 112,400 112,400 112,400
Announcement Date 2/23/22 A 2/22/23 A 2/28/24 A 2/25/25 A 2/25/26 A - - -
1CAD
Estimates
2026 *2027 *
P/E 19.7x 16.1x
PBR - -
EV / Sales 1.85x 1.68x
Yield 0.96% 1%

EPS & Dividend

Y-o-Y evolution of P/E

Year-on-year evolution of the Yield

Trader
Investor
Global
Quality
ESG MSCI
A
Sell
Consensus
Buy
Mean consensus
BUY
Number of Analysts
11
Last Close Price
101.84CAD
Average target price
140.36CAD
Spread / Average Target
+37.83%

Quarterly revenue - Rate of surprise