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Cascades Inc (CAS) Fair Value & Analysis

Consumer Cyclical · CA · Market cap C$1.2B

CI Cascades Inc CAS · TO
PriceC$17.83
Fair ValueC$11.75
Upside-34.1%
Quality57/100
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Weak Growth
Thin margins · 2.2% net margin
Moderate debt · generates free cash flow
4.07% dividend yield
Ranks above peers (10/15)
Narrow moat 39/100
Evidence: High Range C$7.53 – C$14.68 Share as image

Fair value as of: Aug 13, 2026

From 24 valuation models · updated yesterday

Share price +46.9% over the past month.

A solid business, but screening 34% overvalued on our models.

What matters now

  • The price sits above even our optimistic bull case (C$14.68). The favourable scenario is already priced in.
  • Solid but not exceptional quality (57/100) and above fair value, neither a clear bargain nor a standout compounder.
  • A fairly wide model range (C$7.53 to C$14.68) leaves room in how you read the outcome.
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Price vs Fair Value (5 years)

C$17.83 C$6.64 Fair Value C$11.75 May 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Aug 13, 2026.

How to read this chart

60‑month range C$6.64 – C$17.83 · fair‑value band C$7.53 – C$14.68 · the C$17.83 price screens above the C$11.75 fair value. Dashed = 300-day average. As of Aug 13, 2026.

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Analysis

Cascades Inc (CAS) currently trades at C$17.83, while our model-based Fair Value estimate is C$11.75, implying the stock looks roughly 34.1% overvalued today. The Quality Score stands at 57/100 (solid quality), in the Consumer Cyclical sector. Bear case: priced above our estimate, the market already discounts strong expectations. Bull case: above-average quality can justify a premium, the entry price still matters most (evidence: high).

Over the trailing twelve months, Cascades Inc generated revenue of C$4.7B at a net margin of 2.2%. Revenue declined 2.5% year over year. It earns a return on equity of 7.0%. Net debt stands at C$1.9B. Fundamentals as of Aug 13, 2026

Our scenario range runs from C$7.53 (bear case) to C$14.68 (bull case); at C$17.83, the current price sits above that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades near its 52-week high and 112% above its 52-week low, currently above its 200-day average. For context, the median of 10 Consumer Cyclical peers we cover trades at -23% fair-value upside, at -34%, CAS screens richer than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF C$3.58 C$8.90 C$16.09 80
Residual Income C$12.05 C$11.87 C$10.15 76
Rev-Margin DCF C$6.69 C$18.12 C$31.03 74
All 24 models by family
DCF Models
FCF DCF C$3.14 C$8.81 C$16.94 38
Owner Earnings C$1.28 C$6.40 C$13.74 31
5Y Revenue Exit C$6.69 C$17.81 C$32.52 39
5Y EBITDA Exit C$13.92 C$30.27 C$49.89 41
5Y P/E Exit C$0.2200 C$4.20 38
10Y Revenue Exit C$4.35 C$13.27 C$23.76 36
10Y EBITDA Exit C$9.07 C$20.85 C$34.69 37
10Y P/E Exit C$2.58 C$5.96 35
Earnings-Based
Graham-Dodd C$4.70 C$8.99 C$11.20 54
EPV C$5.57 C$8.52 C$10.98 59
Dividend Discount
Gordon GGM C$3.76 C$4.90 C$5.95 70
DDM Multi-Stage C$3.76 C$4.94 C$6.16 61
Multiples
P/E Multiple C$8.81 C$11.75 C$14.68 63
P/S Multiple C$8.81 C$11.75 C$14.68 58
P/B Multiple C$8.81 C$11.75 C$14.68 55
EV/EBIT C$15.48 C$25.98 C$36.48 53
EV/EBITDA C$27.72 C$42.30 C$56.89 54
EV/Revenue C$11.28 C$22.98 C$34.68 43
Asset-Based
NCAV (Graham) C$8.49 C$11.38 C$16.99 50
Growth DCF
Growth DCF C$3.58 C$8.90 C$16.09 80
Rev-Margin DCF C$6.69 C$18.12 C$31.03 74
Economic Profit
Residual Income C$12.05 C$11.87 C$10.15 76
ROIC Compounder C$5.57 C$8.52 C$10.98 72
Growth Earnings
Growth-Adj P/E C$6.38 C$9.11 C$11.85 68

Widest divergence: Multiples (C$11.75) versus Dividend Discount (C$4.90). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) C$4.7B
Revenue growth (YoY) -2.5%
Net margin 2.2%
Return on equity 7.0%
Free cash flow C$227M FY2025
P/E ratio 17.8
More key figures
Operating margin 7.8%
EPS (TTM) C$1.00
Dividend yield 4.1%
EPS growth (YoY) +448%
Net debt C$1.9B FY2025

Figures from reported company fundamentals · as of Aug 13, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 57/100

Of which business quality 53 · Market factors (momentum, volatility) 86

Profitability 34
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 53
Earnings quality: real cash, not paper profit
Fin. Strength 32
Balance sheet, leverage, solvency risk
Investment 98
Disciplined investing over empire-building
Low Volatility 75
Calm price path (market factor)
Momentum 85
Price trend over the last 3–12 months (market factor)
52W Momentum 100
Distance to the 52-week high (market factor)
Net Issuance 79
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Cascades Inc., together with its subsidiaries, produces, converts, and markets packaging and tissue products in Canada and the United States. The company operates through two segments, Packaging Products, and Tissue Papers.

Full company description

Cascades Inc., together with its subsidiaries, produces, converts, and markets packaging and tissue products in Canada and the United States. The company operates through two segments, Packaging Products, and Tissue Papers. It offers food packaging solutions, such as trays and accessories, produce baskets, boxes and trays, egg packaging, bulk bins, and cup carriers; protective packaging, including regular boxes, protection and handling, die-cut boxes, shipping trays, and large format boxes; e-commerce packaging solutions comprising adjustable cardboard boxes, compact mailer boxes, die-cut mailer boxes, and quick assembly boxes; and retail and customer packaging, die-cut mailer boxes, and POS and displays. The company also provides hygiene and tissue paper products; and fiber based materials, which includes tissue paper jumbo rolls, containerboard, specialty papers, technological barrier solutions, and uncoated recycled paperboard. In addition, it offers transportation, specialized warehousing, and inventory management services; and recycling solutions consisting of recycling services, brokering and trading materials, secure shredding, recycling equipment, industrial and commercial, retailers and grocers, municipal sector, and graphic design and printing. The company provides its products and services under the Cascades Fresh, Cascades Protect, Cascades IMGN, Cascades Fluff & Tuff, and Cascades PRO brand names. Cascades Inc. was incorporated in 1964 and is headquartered in Kingsey Falls, Canada.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Cascades Inc reported revenue of C$4.8B in FY2025 versus C$4.0B in FY2021, a compound +4.8%/yr. Reported net income was C$70.0M in FY2025.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
C$4.8B
Latest YoY
+1.6%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.3%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−1.5%
Avg. growth/yr (29Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+2.9%
Revenue +4.8%/yr
FY21 C$4.0B
FY22 C$4.5B
FY23 C$4.6B
FY24 C$4.7B
FY25 C$4.8B
Net income
FY21 −C$47.0M
FY22 −C$14.0M
FY23 −C$76.0M
FY24 −C$31.0M
FY25 C$70.0M

CAS screens 34% overvalued. Compare with Stora Enso Oyj →

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Cite: Fair Value Calculator (2026). "Cascades Inc Fair Value". https://www.fairvalue-calculator.com/stock/CAS

Peer Group

Packaging & Containers · 272 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 57 · Above median
Fair Value upside −34% · Below median
Return on equity (TTM) 7% · Above median
Return on assets 4% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 8% · Above median
Revenue growth -3% · Below median
Dividend yield (TTM) 4.1% · Above median
Debt / equity 0.97× · Higher than 75% of peers

Valuation Multiples vs Packaging & Containers median · lower = cheaper

P/E (TTM) 17.8× · Cheaper than median
P/B 0.51× · Cheaper than 75% of peers
P/S (TTM) 0.19× · Cheaper than 75% of peers
P/FCF 3.9× · Pricier than median
EV/EBITDA 4.7× · Cheaper than median
PEG 0.47× · Cheaper than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 0 · sector 9
FUTURE 0 · sector 0
PAST 28 · sector 21
HEALTH 51 · sector 93
DIVIDEND 81 · sector 42

VALUE 0: the price sits above our fair-value range.

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

None of the checked exposures detected

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Packaging & Containers stocks, each showing price versus our Fair Value estimate (as of Aug 13, 2026).

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Stora Enso Oyj STER kr 106.80 kr 125.82 +18%
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SCG Packaging Public Company SCGP 31.00 THB 16.12 THB -48%
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PT Fajar Surya Wisesa Tbk, FASW 5,312 IDR 1,193 IDR -78%
Taiwan Hon Chuan Enterprise Co 9939 134.00 TWD 127.06 TWD -5%
Time Technoplast Limited TIMETECHNO ₹208.56 ₹161.42 -23%
EPL Limited 500135 ₹247.30 ₹111.65 -55%
Dongwon Systems Corporation 014820 21,650 KRW 31,473 KRW +45%
PT Panca Budi Idaman Tbk, PBID 525.00 IDR 774.13 IDR +47%

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Frequently asked questions

Is Cascades Inc (CAS) overvalued or undervalued?
As of Aug 13, 2026, our model estimates a fair value of C$11.75 versus a price of C$17.83, about −34% (overvalued).
What is the fair value of CAS?
Our model-based fair value for Cascades Inc is C$11.75 (as of Aug 13, 2026), built from audited fundamentals. The current price is C$17.83.
What is the quality score of CAS?
Cascades Inc has a Quality Score of 57/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Cascades Inc (CAS)?
Cascades Inc reported trailing-twelve-month revenue of about C$4.7B (latest available figure, as of Aug 13, 2026).
What is the net profit margin of CAS?
The net profit margin of Cascades Inc is about 2.2%, meaning it keeps roughly 2.2% of revenue as net income. Based on the latest reported figures.
Does Cascades Inc pay a dividend?
Cascades Inc currently shows a dividend yield of about 4.47% relative to its recent price (as of Aug 13, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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