Cargojet Valuation

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

Valuation Score

1/6

Valuation Score 1/6

Below Fair Value
Significantly Below Fair Value
Price-To-Sales vs Peers
Price-To-Sales vs Industry
Price-To-Sales vs Fair Ratio
Analyst Forecast

Share Price vs Fair Value

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

Below Fair Value: CJT (CA$123.39) is trading above our estimate of fair value (CA$87.39)

Significantly Below Fair Value: CJT is trading above our estimate of fair value.

Key Valuation Metric

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

Key metric: As CJT is barely profitable we use its Price-To-Sales Ratio for relative valuation analysis.

The above table shows the Price to Sales ratio for CJT. This is calculated by dividing CJT's market cap by their current revenue.
What is CJT's PS Ratio?
PS Ratio	2.2x
Sales	CA$929.50m
Market Cap	CA$2.01b

CJT key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue	2.9x
Enterprise Value/EBITDA	12.9x
PEG Ratio	13.4x

Price to Sales Ratio vs Peers

How does CJT's PS Ratio compare to its peers?

The above table shows the PS ratio for CJT vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
Company	Forward PS	Estimated Growth	Market Cap
Peer Average	1.4x
TTNM Titanium Transportation Group	0.2x	5.0%	CA$114.5m
WTE Westshore Terminals Investment	3.8x	-0.7%	CA$1.4b
MTL Mullen Group	0.7x	4.5%	CA$1.3b
EIF Exchange Income	1x	9.4%	CA$2.6b
CJT Cargojet	2.1x	6.8%	CA$2.0b

Price-To-Sales vs Peers: CJT is expensive based on its Price-To-Sales Ratio (2.1x) compared to the peer average (1.4x).

Price to Sales Ratio vs Industry

How does CJT's PS Ratio compare vs other companies in the North American Logistics Industry?

5 Companies	Price / Sales	Estimated Growth	Market Cap

5 Companies		Estimated Growth	Market Cap

No more companies

Price-To-Sales vs Industry: CJT is expensive based on its Price-To-Sales Ratio (2.1x) compared to the North American Logistics industry average (0.7x).

Price to Sales Ratio vs Fair Ratio

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

CJT PS Ratio vs Fair Ratio.
Fair Ratio
Current PS Ratio	2.2x
Fair PS Ratio	0.6x

Price-To-Sales vs Fair Ratio: CJT is expensive based on its Price-To-Sales Ratio (2.1x) compared to the estimated Fair Price-To-Sales Ratio (0.6x).

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 CJT forecast and predictions for the stock price in 12 month’s time.
Date	Share Price	Average 1Y Price Target	Dispersion	High	Low	1Y Actual price	Analysts
Current	CA$123.39	CA$161.82 +31.1%	11.0%	CA$189.00	CA$120.00	n/a	11
Nov ’25	CA$138.07	CA$163.36 +18.3%	11.2%	CA$189.00	CA$120.00	n/a	11
Oct ’25	CA$135.24	CA$162.27 +20.0%	11.3%	CA$189.00	CA$120.00	n/a	11
Sep ’25	CA$133.77	CA$162.27 +21.3%	11.3%	CA$189.00	CA$120.00	n/a	11
Aug ’25	CA$125.96	CA$159.91 +27.0%	11.6%	CA$189.00	CA$120.00	n/a	11
Jul ’25	CA$140.00	CA$156.91 +12.1%	10.7%	CA$182.00	CA$120.00	n/a	11
Jun ’25	CA$111.04	CA$149.55 +34.7%	12.9%	CA$182.00	CA$115.00	n/a	11
May ’25	CA$117.08	CA$149.58 +27.8%	12.3%	CA$182.00	CA$115.00	n/a	12
Apr ’25	CA$112.29	CA$147.58 +31.4%	12.7%	CA$184.00	CA$115.00	n/a	12
Mar ’25	CA$112.25	CA$147.42 +31.3%	12.7%	CA$184.00	CA$115.00	n/a	12
Feb ’25	CA$120.11	CA$146.25 +21.8%	12.8%	CA$184.00	CA$110.00	n/a	12
Jan ’25	CA$119.17	CA$135.50 +13.7%	20.3%	CA$187.00	CA$100.00	n/a	12
Dec ’24	CA$101.73	CA$134.75 +32.5%	20.1%	CA$187.00	CA$100.00	n/a	12
Nov ’24	CA$80.25	CA$141.33 +76.1%	17.5%	CA$187.00	CA$110.00	CA$138.07	12
Oct ’24	CA$90.04	CA$142.75 +58.5%	17.1%	CA$187.00	CA$110.00	CA$135.24	12
Sep ’24	CA$99.05	CA$144.33 +45.7%	18.3%	CA$197.00	CA$110.00	CA$133.77	12
Aug ’24	CA$95.57	CA$148.17 +55.0%	19.5%	CA$202.00	CA$110.00	CA$125.96	12
Jul ’24	CA$96.22	CA$150.83 +56.8%	19.3%	CA$202.00	CA$110.00	CA$140.00	12
Jun ’24	CA$101.99	CA$151.25 +48.3%	18.9%	CA$202.00	CA$115.00	CA$111.04	12
May ’24	CA$105.83	CA$156.50 +47.9%	17.9%	CA$202.00	CA$118.00	CA$117.08	12
Apr ’24	CA$110.09	CA$169.18 +53.7%	19.0%	CA$231.00	CA$120.00	CA$112.29	11
Mar ’24	CA$120.47	CA$185.91 +54.3%	14.8%	CA$247.00	CA$140.00	CA$112.25	11
Feb ’24	CA$126.90	CA$187.27 +47.6%	15.4%	CA$247.00	CA$140.00	CA$120.11	11
Jan ’24	CA$116.35	CA$198.36 +70.5%	16.0%	CA$272.00	CA$150.00	CA$119.17	11
Dec ’23	CA$137.21	CA$199.36 +45.3%	15.0%	CA$272.00	CA$158.00	CA$101.73	11
Nov ’23	CA$132.86	CA$199.36 +50.1%	15.0%	CA$272.00	CA$158.00	CA$80.25	11

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.