Stock MTL MULLEN GROUP LTD.
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Financials Mullen Group Ltd.

Equities

MTL

CA6252841045

Ground Freight & Logistics

Market Closed - Toronto S.E.
Other stock markets
 04:00:00 2024-04-26 pm EDT 		5-day change 1st Jan Change
13.1 CAD -0.15% Intraday chart for Mullen Group Ltd. -8.52% -6.70%
Apr. 25 National Bank Lowers Mullen Group Target to $18, Maintains Outperform MT
Apr. 25 Toronto market ends higher as commodity prices climb RE

Valuation

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Capitalization 1 971.7 1,056 1,104 1,352 1,239 1,154 - -
Enterprise Value (EV) 1 1,510 1,558 1,760 1,906 2,001 1,964 1,881 1,852
P/E ratio 13.4 x 17 x 15.5 x 8.98 x 9.68 x 11 x 9.31 x 8.7 x
Yield 6.47% 3.03% 4.13% 4.95% 5.13% 5.5% 5.55% 5.88%
Capitalization / Revenue 0.76 x 0.91 x 0.75 x 0.68 x 0.62 x 0.57 x 0.54 x 0.52 x
EV / Revenue 1.18 x 1.34 x 1.19 x 0.95 x 1 x 0.98 x 0.88 x 0.84 x
EV / EBITDA 7.51 x 7.16 x 7.45 x 5.78 x 6.1 x 6.26 x 5.41 x 4.97 x
EV / FCF 15.8 x 9.75 x 13.6 x 10.5 x 11.4 x 13.1 x 10.4 x 10.8 x
FCF Yield 6.34% 10.3% 7.37% 9.53% 8.76% 7.61% 9.57% 9.29%
Price to Book 1.06 x 1.18 x 1.24 x 1.39 x 1.27 x 1.12 x 1.04 x 0.97 x
Nbr of stocks (in thousands) 104,825 96,852 94,908 92,917 88,235 88,057 - -
Reference price 2 9.270 10.90 11.63 14.55 14.04 13.10 13.10 13.10
Announcement Date 2/12/20 2/10/21 2/9/22 2/9/23 2/15/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net sales 1 1,278 1,164 1,477 2,000 1,995 2,007 2,136 2,211
EBITDA 1 200.9 217.6 236.4 329.9 328.2 313.5 348 372.7
EBIT 1 89.42 116 122.4 217.4 212.3 195.1 229.4 235
Operating Margin 6.99% 9.96% 8.29% 10.87% 10.64% 9.72% 10.74% 10.63%
Earnings before Tax (EBT) 1 80.14 86.13 96 210.9 183.1 151.3 175 202
Net income 1 72.2 64 72.4 158.6 136.7 117.8 130.3 145.8
Net margin 5.65% 5.5% 4.9% 7.93% 6.85% 5.87% 6.1% 6.59%
EPS 2 0.6900 0.6400 0.7500 1.620 1.450 1.187 1.407 1.505
Free Cash Flow 1 95.63 159.9 129.8 181.6 175.2 149.4 180.1 172
FCF margin 7.48% 13.73% 8.78% 9.08% 8.78% 7.44% 8.43% 7.78%
FCF Conversion (EBITDA) 47.6% 73.47% 54.89% 55.03% 53.38% 47.64% 51.74% 46.15%
FCF Conversion (Net income) 132.45% 249.8% 179.23% 114.48% 128.17% 126.84% 138.15% 118%
Dividend per Share 2 0.6000 0.3300 0.4800 0.7200 0.7200 0.7200 0.7267 0.7700
Announcement Date 2/12/20 2/10/21 2/9/22 2/9/23 2/15/24 - - -
1CAD in Million2CAD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3 2023 Q4 2024 Q1 2024 Q2 2024 Q3 2024 Q4 2025 Q1 2025 Q2
Net sales 1 441.9 456.9 521.5 518.4 502.7 497.8 494.3 504 498.6 462.6 510.6 548.9 549.3 - -
EBITDA 1 65.8 60.3 93.9 98.1 77.6 77 83.4 88.6 79.2 66.2 79.83 89.36 84.76 80.37 87
EBIT 1 35.42 32.66 66.08 69.65 48.99 49.01 54.54 59.6 49.19 - 48 59 53 - -
Operating Margin 8.02% 7.15% 12.67% 13.44% 9.75% 9.85% 11.03% 11.82% 9.87% - 9.4% 10.75% 9.65% - -
Earnings before Tax (EBT) 27.55 22.9 57.44 53.92 76.6 42.4 48 51 41.7 29.8 - - - - -
Net income 20.2 16.4 42.7 38 61.5 31.7 36.5 39.1 29.4 22.2 - - - - -
Net margin 4.57% 3.59% 8.19% 7.33% 12.23% 6.37% 7.38% 7.76% 5.9% 4.8% - - - - -
EPS 2 0.2100 0.1700 0.4300 0.3900 0.6200 0.3300 0.3900 0.4200 0.3200 0.2500 0.2700 0.3500 0.4300 0.2700 0.3100
Dividend per Share 2 0.1200 0.1500 0.1700 0.1800 0.1800 0.1800 0.1800 0.1800 0.1800 - 0.1800 0.1800 0.1800 - -
Announcement Date 2/9/22 4/20/22 7/21/22 10/20/22 2/9/23 4/27/23 7/20/23 10/19/23 2/15/24 4/25/24 - - - - -
1CAD in Million2CAD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2019 2020 2021 2022 2023 2024 2025 2026
Net Debt 1 538 503 656 554 762 810 728 698
Net Cash position 1 - - - - - - - -
Leverage (Debt/EBITDA) 2.677 x 2.309 x 2.776 x 1.679 x 2.321 x 2.584 x 2.091 x 1.873 x
Free Cash Flow 1 95.6 160 130 182 175 149 180 172
ROE (net income / shareholders' equity) 7.95% 7.05% 8.11% 17% 14% 11.9% 12.5% -
ROA (Net income/ Total Assets) 4.25% 3.69% 3.98% - - - - -
Assets 1 1,698 1,734 1,820 - - - - -
Book Value Per Share 2 8.760 9.260 9.400 10.50 11.10 11.70 12.60 13.50
Cash Flow per Share 2 1.630 2.230 2.060 2.820 3.080 2.600 2.990 -
Capex 1 75 64.9 68.2 81.4 102 79.8 83.8 90
Capex / Sales 5.87% 5.58% 4.62% 4.07% 5.09% 3.97% 3.92% 4.07%
Announcement Date 2/12/20 2/10/21 2/9/22 2/9/23 2/15/24 - - -
1CAD in Million2CAD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Mullen Group Ltd.

Trading Rating
Investor Rating
ESG Refinitiv
C+
More Ratings

Analysts' Consensus

Sell
Consensus
Buy
Mean consensus
OUTPERFORM
Number of Analysts
10
Last Close Price
13.1 CAD
Average target price
17.7 CAD
Spread / Average Target
+35.11%
Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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