Investing Literacy
Valuation & multiples
Plain-English multiples and methods in a CAD/TSX context — relative vs intrinsic without fake precision.
HubHubTriangulating Multiples, DCF, and Peer Checks
How Canadian DIY investors combine three valuation methods — trailing and forward multiples, a simple DCF, and peer comparisons — into one honest value range, with a hypothetical football-field chart and decision rules. Educational, not advice.
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HubHubValuation for REITs: NAV, FFO, AFFO Explained for Canadians
How Canadian DIY investors value REITs: why IFRS net income misleads, how FFO and AFFO are built, how to read NAV and price-to-AFFO, and a worked hypothetical with a sensitivity table — educational, not advice.
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HubHubWhat EV/EBITDA Means for Canadian DIY Investors
How to actually use EV/EBITDA on TSX stocks: building enterprise value consistently, IFRS 16 lease traps, sector ranges by business model, leverage cross-checks and an illustrative peer comparison for Canadian DIY investors.
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HubHubHow to Build a Simple DCF Without Fake Precision
A plain-English, five-input discounted cash flow (DCF) for Canadian DIY investors: free cash flow, growth, discount rate, terminal value and a sensitivity grid — with a fully worked hypothetical example and the traps that create fake precision.
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HubHubValuation for Banks: P/B, ROE, and Why P/E Alone Fails
How to value Canadian bank stocks: price-to-book, ROE, the justified P/B formula, why P/E misleads through the credit cycle, and the capital and credit metrics DIY investors should track for the Big Six and other TSX banks.
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HubHubWhat P/FCF Means for Canadian DIY Investors
Plain-English guide to price-to-free-cash-flow (P/FCF) and FCF yield for Canadian DIY investors: the formula, how it differs from P/E, where it works on the TSX, where it breaks, and a worked hypothetical example.
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HubHubRelative vs Intrinsic Valuation: A Plain-English Split for Canadians
Plain-English split of relative vs intrinsic valuation for Canadian DIY investors — when to use peer multiples vs DCF-style thinking without fake precision.
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What P/E Means for Canadian DIY Investors
Plain-English guide to the price-to-earnings (P/E) ratio for Canadian DIY investors: trailing vs forward, sector context on the TSX, and when P/E misleads.
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SpokeHow to Calculate Dividend Yield in CAD from Filings
A dividend yield worksheet for TSX stocks: finding the declared dividend, regular vs special, indicated vs trailing, key dates, and converting US-dollar dividends. Educational.
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SpokeHow to Calculate EV/FCF in CAD from Filings
A step-by-step EV/FCF worksheet for TSX stocks: unlevered FCF from operating cash flow, IAS 7 interest and dividend classification, the tax shield, lease basis and FX. Educational.
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SpokeHow to Calculate EV/Sales in CAD from Filings
A step-by-step EV/Sales worksheet for TSX stocks: the EV bridge, convertibles counted once, revenue scope matched to EV, TTM revenue and closing vs average FX for USD reporters. Educational.
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SpokeEV/FCF vs Peers: A Canada-First Comparison Guide
How to compare EV/FCF across TSX peers: one unlevered FCF definition, normalized yields, the median, and capex, leverage and cash tax rate columns. Educational.
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SpokeEV/Sales vs Peers: A Canada-First Comparison Guide
How to compare EV/Sales across TSX peers fairly: one claim list and revenue basis, cash after burn, the median, and growth, gross margin and implied mature-margin columns. Educational.
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SpokeHow to Use EV/FCF in a Simple Valuation Checklist
A one-page EV/FCF checklist for TSX stocks: an eligibility gate, normalized unlevered FCF, a fair multiple from WACC and growth, and the walk from fair EV to price per share. Educational.
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SpokeHow to Use EV/Sales in a Simple Valuation Checklist
A one-page EV/Sales checklist for TSX stocks: an eligibility gate, cash runway, mature EBITDA margin scenarios, fair EV/Sales from target EV/EBITDA and a per-share range after cash burn. Educational.
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SpokeWhat Dividend Yield Means for Canadian DIY Investors
Dividend yield as a valuation multiple: price-to-dividend, yield against history and peers, yield plus growth, and trailing vs indicated vs forward yields for TSX stocks. Educational.
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SpokeWhat EV/FCF Means for Canadian DIY Investors
What enterprise value to free cash flow tells you, why unlevered FCF is measured before interest, how EV/FCF differs from P/FCF for levered TSX companies, and where it fits. Educational.
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SpokeWhen Dividend Yield Misleads on TSX Stocks
How dividend yield misleads as a valuation signal on TSX stocks: price-driven spikes, specials and cuts, currency, return of capital, broken history and buybacks. Educational.
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SpokeWhen EV/FCF Misleads on TSX Stocks
How EV/FCF misleads on TSX stocks: acquisition timing gaps, claims counted twice, tax pools running out, capitalized interest and debt-like obligations, with a quick check. Educational.
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SpokeWhen EV/Sales Misleads on TSX Stocks
How EV/Sales misleads on TSX stocks: net cash that will be burned, gross margin gaps, convertibles missed or double counted, takeover comps and distressed debt, with a quick check. Educational.
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SpokeHow to Calculate EV/EBITDA in CAD from Filings
A step-by-step EV/EBITDA worksheet for TSX stocks: the EV bridge (debt, IFRS 16 leases, preferreds, NCI, cash, equity investments), TTM EBITDA, EBITDAaL and closing vs average FX. Educational.
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SpokeHow to Calculate P/FCF in CAD from Filings
A step-by-step price-to-free-cash-flow worksheet for TSX stocks: TTM operating cash flow, all capex, IFRS 16 lease principal, IAS 7 interest classification, minority claims and average-rate FX. Educational.
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SpokeEV/EBITDA vs Peers: A Canada-First Comparison Guide
How to compare EV/EBITDA across TSX peers fairly: one lease basis and scope, reported EBITDA, calendarized TTM, the median, and capex and leverage columns. Educational.
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SpokeP/FCF vs Peers: A Canada-First Comparison Guide
How to compare price-to-free-cash-flow across TSX peers: one FCF definition, normalized yields, the median, and capex intensity, cash conversion and leverage columns. Educational.
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SpokeP/S vs Peers: A Canada-First Comparison Guide
How to compare price-to-sales across TSX peers fairly: align the revenue basis, add margin, growth and debt columns, read gaps through implied P/E and use the median. Educational.
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SpokeHow to Use EV/EBITDA in a Simple Valuation Checklist
A one-page EV/EBITDA checklist for TSX stocks: an eligibility gate, a fair multiple range, the walk from enterprise value to equity value per share, and leverage effects. Educational.
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SpokeHow to Use P/FCF in a Simple Valuation Checklist
A one-page P/FCF checklist for TSX stocks: an eligibility gate, normalized FCF, a quality score, fair P/FCF from required return and growth, and a price range. Educational.
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SpokeHow to Use P/S in a Simple Valuation Checklist
A one-page P/S checklist for TSX stocks: an eligibility gate, a revenue quality score, mature-margin scenarios, fair P/S from target P/E and a price range. Educational.
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SpokeWhat EV/Sales Means for Canadian DIY Investors
What enterprise value to sales tells you, how the debt and cash bridge separates it from P/S, why EV/Sales equals EV/EBITDA times EBITDA margin, and where it fits on the TSX. Educational.
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SpokeWhen EV/EBITDA Misleads on TSX Stocks
How EV/EBITDA misleads on TSX stocks: capital intensity, IFRS 16 vs US GAAP leases, joint-venture and minority scope mismatches, adjusted EBITDA add-backs and costs below EBITDA. Educational.
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SpokeWhen P/FCF Misleads on TSX Stocks
How price-to-free-cash-flow misleads on TSX stocks: working-capital swings, capex under-investment, growth capex phases, generous FCF definitions, acquisitions and cash tax timing. Educational.
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SpokeWhen P/S Misleads on TSX Stocks
How price-to-sales misleads on TSX stocks: thin margins, commodity pass-through revenue, ignored debt, acquired sales, cyclical peaks and revenue-basis changes, with quick checks. Educational.
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SpokeHow to Calculate P/B in CAD from Filings
A step-by-step P/B worksheet for non-bank TSX issuers: the right equity figure, preferreds and minority interests, the latest share count, and closing-rate currency conversion. Educational.
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SpokeHow to Calculate PEG in CAD from Filings
A step-by-step PEG worksheet for TSX stocks: build P/E in CAD, choose and compute a compound growth rate from filings or estimates, and keep currency out of the growth math. Educational.
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SpokeHow to Calculate P/S in CAD from Filings
A step-by-step price-to-sales worksheet for TSX stocks: market cap, TTM revenue, gross vs net revenue under IFRS 15, acquisitions, and average-rate currency conversion. Educational.
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SpokeP/B vs Peers: A Canada-First Comparison Guide
How to compare price-to-book across non-bank TSX peers: align book value basis, goodwill and accounting policies, handle IFRS 17 insurers, and read P/B against ROE. Educational.
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SpokePEG vs Peers: A Canada-First Comparison Guide
How to compare PEG ratios across TSX peers fairly: align growth source, date and window, handle low-growth outliers, use the median and add growth-quality columns. Educational.
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SpokeHow to Use P/B in a Simple Valuation Checklist
A one-page P/B checklist for non-bank TSX issuers: an eligibility gate, a book-quality score, ROE-based fair P/B scenarios and a price range, plus cross-checks. Educational.
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SpokeHow to Use PEG in a Simple Valuation Checklist
A one-page PEG checklist for TSX stocks: an eligibility gate, a growth-quality score, bear/base/bull PEG and a hurdle-based price range, plus cross-checks. Educational.
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SpokeWhat P/B Means for Canadian DIY Investors
What price-to-book tells you outside the banks: how book value is built, what it misses, the ROE link, and where P/B fits for TSX insurers, industrials and holding companies. Educational.
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SpokeWhat PEG Means for Canadian DIY Investors
What the PEG ratio (P/E divided by growth) tells you, how to read it, the PEGY dividend fix, and where it fits on the TSX. Educational, with hypothetical examples.
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SpokeWhat P/S Means for Canadian DIY Investors
What price-to-sales tells you, why P/S equals P/E times net margin, when it helps (losses, cyclical troughs) and where it misleads on the TSX. Educational, with hypothetical examples.
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SpokeWhen P/B Misleads on TSX Stocks
Why price-to-book misleads for non-bank TSX issuers: low ROE, goodwill, pending impairments, old historical costs, buybacks, IFRS 17 insurers and holding companies, with quick tests. Educational.
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SpokeWhen PEG Misleads on TSX Stocks
The PEG-specific traps on the TSX: low-base rebounds, cyclical peaks, buyback and acquired growth, adjusted EPS, dividend payers and near-zero growth, with quick tests. Educational.
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SpokeHow to Calculate Forward P/E in CAD from Filings
Build your own forward EPS from company guidance and filing notes, convert USD reporters to CAD, and calculate a forward P/E range. Educational, with a worked example.
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SpokeHow to Calculate P/E in CAD from Filings
Step-by-step: build trailing twelve month diluted EPS from Canadian filings, convert USD reporters to CAD, and calculate a P/E you can trust. Educational.
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SpokeForward P/E vs Peers: A Canada-First Comparison Guide
How to compare forward P/E across TSX peers: NTM alignment, one estimate source, implied growth, coverage and revisions. Educational, with a peer table template.
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SpokeP/E vs Peers: A Canada-First Comparison Guide
How to compare a TSX stock's P/E with peers fairly: choosing comparable companies, aligning EPS basis, currency and fiscal years, and using the median. Educational.
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SpokeHow to Use Forward P/E in a Simple Valuation Checklist
A forward P/E checklist: score the estimate, check implied growth, build bear/base/bull EPS scenarios, and use the bear case as a test. Educational.
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SpokeHow to Use P/E in a Simple Valuation Checklist
A one-page P/E valuation checklist: trustworthy EPS, own history, peer median, what the multiple implies, and a low/mid/high value range. Educational.
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SpokeWhat Forward P/E Means for Canadian DIY Investors
What forward P/E means: NTM vs fiscal-year versions, where estimates come from, what the trailing-forward gap implies, and how to read it on the TSX. Educational.
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SpokeWhen Forward P/E Misleads on TSX Stocks
Forward P/E traps on the TSX: estimates that drift down, stale commodity assumptions, thin coverage, adjusted EPS, recovery years and fiscal year mismatches. Educational.
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SpokeHow to Compare a TSX Stock to Its US Peer Fairly
A step-by-step method for comparing a TSX-listed company with a US-listed peer: currency, IFRS vs US GAAP, leases, share classes, tax and market structure — with a worked hypothetical adjustment table. Educational, not advice.
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SpokeWhen P/E Misleads on TSX Stocks
Seven situations where the price-to-earnings ratio misleads Canadian DIY investors — cyclicals, USD reporters, REITs, insurers, heavy depreciation, one-offs and holding companies — and which metric to use instead. Educational, not advice.
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