Superior Plus Corp.

TSX:SPB Stock Report

Market Cap: CA$1.5b

Superior Plus Valuation

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

Valuation Score

2/6

Valuation Score 2/6

  • 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 SPB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SPB (CA$6.41) is trading below our estimate of fair value (CA$15.24)

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

Key Valuation Metric

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

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

The above table shows the Price to Earnings ratio for SPB. This is calculated by dividing SPB's market cap by their current earnings.
What is SPB's PE Ratio?
PE Ratio65.9x
EarningsUS$16.30m
Market CapUS$1.04b

Price to Earnings Ratio vs Peers

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

The above table shows the PE ratio for SPB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyForward PEEstimated GrowthMarket Cap
Peer Average27.8x
ALA AltaGas
19.9x14.1%CA$9.6b
CUP.U Caribbean Utilities Company
15.2x8.6%US$598.7m
BLX Boralex
33.7x18.7%CA$3.0b
RNW TransAlta Renewables
42.2x46.4%CA$3.3b
SPB Superior Plus
65.9x65.0%CA$1.5b

Price-To-Earnings vs Peers: SPB is expensive based on its Price-To-Earnings Ratio (65.9x) compared to the peer average (23x).

Price to Earnings Ratio vs Industry

How does SPB's PE Ratio compare vs other companies in the Global Gas Utilities Industry?

0 CompaniesPrice / EarningsEstimated GrowthMarket Cap
SPB 65.9xIndustry Avg. 14.5xNo. of Companies15PE0816243240+
0 CompaniesEstimated GrowthMarket Cap
No more companies

Price-To-Earnings vs Industry: SPB is expensive based on its Price-To-Earnings Ratio (65.9x) compared to the Global Gas Utilities industry average (14.4x).

Price to Earnings Ratio vs Fair Ratio

What is SPB'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.

SPB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio65.9x
Fair PE Ratio51.1x

Price-To-Earnings vs Fair Ratio: SPB is expensive based on its Price-To-Earnings Ratio (65.9x) compared to the estimated Fair Price-To-Earnings Ratio (51.1x).

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 SPB forecast and predictions for the stock price in 12 month’s time.
DateShare PriceAverage 1Y Price TargetDispersionHighLow1Y Actual priceAnalysts
CurrentCA$6.41
CA$9.09
+41.8%
17.7%CA$12.00CA$6.00n/a11
Dec ’25CA$6.62
CA$8.95
+35.3%
18.7%CA$12.00CA$6.00n/a11
Nov ’25CA$6.59
CA$9.77
+48.3%
9.3%CA$12.00CA$9.00n/a11
Oct ’25CA$7.56
CA$10.27
+35.9%
9.6%CA$12.00CA$9.00n/a11
Sep ’25CA$7.73
CA$10.27
+32.9%
9.6%CA$12.00CA$9.00n/a11
Aug ’25CA$7.81
CA$12.00
+53.6%
9.9%CA$14.00CA$10.00n/a11
Jul ’25CA$8.87
CA$12.95
+46.0%
8.0%CA$15.00CA$11.50n/a11
Jun ’25CA$9.40
CA$12.95
+37.8%
8.0%CA$15.00CA$11.50n/a11
May ’25CA$9.47
CA$12.95
+36.8%
8.0%CA$15.00CA$11.50n/a11
Apr ’25CA$9.85
CA$12.95
+31.5%
8.0%CA$15.00CA$11.50n/a11
Mar ’25CA$9.52
CA$12.95
+36.1%
8.0%CA$15.00CA$11.50n/a11
Feb ’25CA$9.31
CA$13.34
+43.3%
8.1%CA$15.00CA$11.50n/a11
Jan ’25CA$9.63
CA$13.34
+38.5%
6.3%CA$15.00CA$12.00n/a11
Dec ’24CA$10.15
CA$13.34
+31.4%
6.3%CA$15.00CA$12.00CA$6.6211
Nov ’24CA$9.55
CA$13.70
+43.5%
5.7%CA$15.00CA$12.00CA$6.5910
Oct ’24CA$10.26
CA$13.85
+35.0%
4.0%CA$15.00CA$13.00CA$7.5610
Sep ’24CA$10.31
CA$13.85
+34.3%
4.0%CA$15.00CA$13.00CA$7.7310
Aug ’24CA$9.81
CA$13.50
+37.6%
6.1%CA$15.00CA$12.00CA$7.8111
Jul ’24CA$9.49
CA$13.45
+41.8%
6.0%CA$15.00CA$12.00CA$8.8711
Jun ’24CA$9.73
CA$13.27
+36.4%
5.9%CA$15.00CA$12.00CA$9.4011
May ’24CA$9.86
CA$13.00
+31.8%
7.1%CA$15.00CA$12.00CA$9.4710
Apr ’24CA$11.14
CA$12.85
+15.4%
8.0%CA$15.00CA$11.50CA$9.8510
Mar ’24CA$11.09
CA$12.85
+15.9%
8.0%CA$15.00CA$11.50CA$9.5210
Feb ’24CA$10.25
CA$12.95
+26.3%
8.9%CA$15.00CA$11.50CA$9.3110
Jan ’24CA$11.23
CA$12.91
+15.0%
8.6%CA$15.00CA$11.50CA$9.6311
Dec ’23CA$9.96
CA$12.67
+27.2%
8.4%CA$15.00CA$11.50CA$10.1512

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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Company Analysis and Financial Data Status

DataLast Updated (UTC time)
Company Analysis2024/12/20 14:37
End of Day Share Price 2024/12/20 00:00
Earnings2024/09/30
Annual Earnings2023/12/31

Data Sources

The data used in our company analysis is from S&P Global Market Intelligence LLC. The following data is used in our analysis model to generate this report. Data is normalised which can introduce a delay from the source being available.

PackageDataTimeframeExample US Source *
Company Financials10 years
  • Income statement
  • Cash flow statement
  • Balance sheet
Analyst Consensus Estimates+3 years
  • Forecast financials
  • Analyst price targets
Market Prices30 years
  • Stock prices
  • Dividends, Splits and Actions
Ownership10 years
  • Top shareholders
  • Insider trading
Management10 years
  • Leadership team
  • Board of directors
Key Developments10 years
  • Company announcements

* example for US securities, for non-US equivalent regulatory forms and sources are used.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.

Analysis Model and Snowflake

Details of the analysis model used to generate this report is available on our Github page, we also have guides on how to use our reports and tutorials on Youtube.

Learn about the world class team who designed and built the Simply Wall St analysis model.

Industry and Sector Metrics

Our industry and section metrics are calculated every 6 hours by Simply Wall St, details of our process are available on .

Analyst Sources

Superior Plus Corp. is covered by 15 analysts. 7 of those analysts submitted the estimates of revenue or earnings used as inputs to our report. Analysts submissions are updated throughout the day.

AnalystInstitution
Nathan HeywoodATB Capital Markets
John GibsonBMO Capital Markets Equity Research
John BereznickiCanaccord Genuity