Spartan Delta Corp.

TSX:SDE Stock Report

Market Cap: CA$576.4m

Spartan Delta Valuation

Is SDE undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score

4/6

Valuation Score 4/6

  • Below Fair Value

  • Significantly Below Fair Value

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Analyst Forecast

Share Price vs Fair Value

What is the Fair Price of SDE when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SDE (CA$3.32) is trading below our estimate of fair value (CA$14.96)

Significantly Below Fair Value: SDE is trading below fair value by more than 20%.

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SDE?

Key metric: As SDE is profitable we use its Price-To-Earnings Ratio for relative valuation analysis.

The above table shows the Price to Earnings ratio for SDE. This is calculated by dividing SDE's market cap by their current earnings.
What is SDE's PE Ratio?
PE Ratio4.1x
EarningsCA$139.68m
Market CapCA$576.36m

Price to Earnings Ratio vs Peers

How does SDE's PE Ratio compare to its peers?

The above table shows the PE ratio for SDE vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average11.5x
OBE Obsidian Energy
4.9x15.4%CA$576.6m
FEC Frontera Energy
4.6xn/aCA$627.8m
LGN Logan Energy
26.5xn/aCA$427.2m
KEC Kiwetinohk Energy
10.1x93.6%CA$660.8m
SDE Spartan Delta
4.1xn/aCA$576.4m

Price-To-Earnings vs Peers: SDE is good value based on its Price-To-Earnings Ratio (4.1x) compared to the peer average (11.3x).

Price to Earnings Ratio vs Industry

How does SDE's PE Ratio compare vs other companies in the CA Oil and Gas Industry?

7 CompaniesPrice / EarningsEstimated GrowthMarket Cap
HAM Highwood Asset Management
1.2x-43.9%US$62.92m
ALPS.U Alpine Summit Energy Partners
1xn/aUS$24.02m
KUB.H Carcetti Capital
0.7xn/aUS$5.82m
GCOM Green Shift Commodities
1.6xn/aUS$4.89m
SDE 4.1xIndustry Avg. 10.8xNo. of Companies11PE0816243240+
7 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SDE is good value based on its Price-To-Earnings Ratio (4.1x) compared to the Canadian Oil and Gas industry average (10.8x).

Price to Earnings Ratio vs Fair Ratio

What is SDE's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SDE PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio4.1x
Fair PE Ration/a

Price-To-Earnings vs Fair Ratio: Insufficient data to calculate SDE's Price-To-Earnings Fair Ratio for valuation analysis.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

The above table shows the analyst SDE forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$3.32
CA$5.73
+72.5%
16.8%CA$8.00CA$4.50n/a11
Nov ’25CA$3.42
CA$5.70
+66.8%
17.2%CA$8.00CA$4.50n/a11
Oct ’25CA$3.84
CA$5.77
+50.3%
15.8%CA$8.00CA$5.00n/a11
Sep ’25CA$3.95
CA$5.82
+47.3%
15.7%CA$8.00CA$5.00n/a11
Aug ’25CA$3.98
CA$5.80
+45.6%
16.1%CA$8.00CA$4.75n/a11
Jul ’25CA$4.03
CA$5.70
+41.6%
15.5%CA$8.00CA$4.50n/a11
Jun ’25CA$4.29
CA$5.73
+33.5%
14.8%CA$8.00CA$4.50n/a12
May ’25CA$3.99
CA$5.08
+27.4%
15.1%CA$6.50CA$4.00n/a12
Apr ’25CA$3.86
CA$4.73
+22.5%
17.5%CA$6.50CA$3.25n/a11
Mar ’25CA$3.30
CA$4.77
+44.6%
20.9%CA$7.00CA$3.75n/a11
Feb ’25CA$3.06
CA$4.83
+58.0%
20.5%CA$7.00CA$3.25n/a12
Jan ’25CA$2.98
CA$5.71
+91.6%
18.4%CA$7.50CA$4.00n/a12
Dec ’24CA$3.13
CA$5.69
+81.9%
17.7%CA$7.50CA$4.00n/a13
Nov ’24CA$4.39
CA$6.04
+37.6%
16.5%CA$7.50CA$4.00CA$3.4213
Oct ’24CA$4.05
CA$6.21
+53.4%
17.6%CA$8.25CA$4.00CA$3.8413
Sep ’24CA$4.40
CA$7.00
+59.0%
41.3%CA$16.70CA$4.00CA$3.9514
Aug ’24CA$4.31
CA$7.05
+63.6%
40.6%CA$16.70CA$4.00CA$3.9814
Jul ’24CA$4.75
CA$7.16
+50.7%
39.8%CA$16.70CA$4.00CA$4.0314
Jun ’24CA$14.79
CA$17.95
+21.4%
22.5%CA$27.00CA$6.50CA$4.2914
May ’24CA$15.19
CA$18.28
+20.4%
23.3%CA$27.00CA$6.50CA$3.9913
Apr ’24CA$14.10
CA$18.40
+30.5%
23.7%CA$27.00CA$6.50CA$3.8613
Mar ’24CA$12.57
CA$21.08
+67.7%
13.0%CA$27.00CA$17.50CA$3.3013
Feb ’24CA$13.34
CA$21.38
+60.3%
15.3%CA$30.00CA$17.50CA$3.0613
Jan ’24CA$14.95
CA$21.27
+42.3%
15.6%CA$30.00CA$17.00CA$2.9813
Dec ’23CA$15.50
CA$21.27
+37.2%
15.6%CA$30.00CA$17.00CA$3.1313
Nov ’23CA$12.76
CA$19.82
+55.3%
18.6%CA$30.00CA$16.00CA$4.3914

Analyst Forecast: Target price is more than 20% higher than the current share price, but analysts are not within a statistically confident range of agreement.

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