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Chemtrade Logistics Income Fund (CHE-UN) Fair Value & Analysis

Basic Materials · CA · Market cap C$1.9B (≈ $1.4B) · ISIN CA16387P1036

What is Chemtrade Logistics Income Fund really worth?

CL Chemtrade Logistics Income Fund CHE-UN · TO
PriceC$15.12
Fair ValueC$14.90
Upside−1.5%
Quality58/100

A solid business, currently priced close to our fair value of C$14.90.

As of Sep 5, 2026, the fair value of Chemtrade Logistics Income Fund is C$14.90 per share against a price of C$15.12, so the fair value sits 1% below the price. A model estimate blended from multiple valuation models, recalculated regularly.

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Strengths

Healthy Growth (revenue 5y +7.7 %/yr)
Moderate debt · generates free cash flow
Ranks above peers (11/14)

Risks

!Thin margins · 5.7% net margin
!Moderate moat 52/100
!The models disagree: range C$6.94 to C$26.10

For context

·4.56% dividend yield
Evidence: High Range C$6.94 – C$26.10

Fair value as of: Sep 5, 2026

From 26 valuation models · updated today

Share price −6.8% over the past month.

What runs behind every stock

69 individual criteria per stock, every one traceable See the method →

What matters now

  • The model range is unusually wide (C$6.94 to C$26.10). The outcome hinges heavily on assumptions, so read the point estimate with caution.
  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.

Price vs Fair Value (5 years)

C$18.34 C$4.42 Fair Value C$14.90 May 2021 Sep 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 5, 2026.

How to read this chart

60‑month range C$4.42 – C$18.34 · fair‑value band C$6.94 – C$26.10 · the C$15.12 price screens above the C$14.90 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). 1 fiscal year is left out: there the valuation rested on only a fraction of the usual models. Dashed = 300-day average. As of Sep 5, 2026.

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Analysis

Chemtrade Logistics Income Fund (CHE-UN) currently trades at C$15.12, while our model-based Fair Value estimate is C$14.90, implying the stock looks roughly 1.5% fairly valued today. The Quality Score stands at 58/100 (solid quality), in the Basic Materials sector. Bull case: the Multiples group reads highest at a median of C$21.04 per share, and 14 of the 26 models we run sit above the C$15.12 price. Bear case: the Asset-Based group reads lowest at C$4.61, and 12 of the 26 models stay below the price. Evidence for this calculation is high.

Over the trailing twelve months, Chemtrade Logistics Income Fund generated revenue of C$2.0B at a net margin of 5.7%. Revenue grew 7.9% year over year. It earns a return on equity of 14.9%. Net debt stands at C$1.3B. Fundamentals as of Sep 5, 2026

Our scenario range runs from C$6.94 (bear case) to C$26.10 (bull case); at C$15.12, the current price sits within 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 about 18% below its 52-week high and 45% above its 52-week low, currently above its 200-day average. For context, the median of 10 Basic Materials peers we cover trades at −48% fair-value upside, at −1%, CHE-UN screens cheaper than that median.

Fair Value models

This estimate rests on fiscal year 2025 figures, and about 8 months have passed since. In that time the company retained roughly C$0.2310 per share, which is 1.6 % of the fair value. The fair value deliberately does not add this in: the models value reported figures, not a projection.

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted, family-balanced 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. Every input is real reported data, nothing guessed.

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
FCF DCF C$6.50 C$13.35 C$22.56 77
Growth DCF C$6.57 C$12.50 C$19.94 76
Owner Earnings C$6.87 C$13.89 C$23.32 74
All 26 models by family
DCF Models
FCF DCF C$6.50 C$13.35 C$22.56 77
Owner Earnings C$6.87 C$13.89 C$23.32 74
5Y Revenue Exit C$8.12 C$18.18 C$31.04 69
5Y EBITDA Exit C$16.06 C$33.11 C$53.12 73
5Y P/E Exit C$5.89 C$14.00 C$22.47 68
10Y Revenue Exit C$6.79 C$15.29 C$26.72 64
10Y EBITDA Exit C$11.90 C$24.78 C$42.18 66
10Y P/E Exit C$5.97 C$12.63 C$20.72 61
Earnings-Based
Graham-Dodd C$8.42 C$26.92 C$35.90 64
Lynch FV C$5.95 C$8.50 C$11.06 61
PEG = 1.0 C$5.95 C$8.50 C$11.06 57
EPV C$10.92 C$13.56 C$15.77 74
Dividend Discount
Gordon GGM C$5.44 C$9.80 C$13.50 68
DDM Multi-Stage C$5.44 C$8.56 C$10.47 67
Multiples
P/E Multiple C$15.78 C$21.04 C$26.31 63
P/S Multiple C$15.78 C$21.04 C$26.31 58
P/B Multiple C$15.49 C$20.65 C$25.81 55
EV/EBIT C$19.81 C$29.25 C$38.68 65
EV/EBITDA C$26.39 C$38.01 C$49.64 67
EV/Revenue C$10.14 C$18.13 C$26.11 52
Asset-Based
NCAV (Graham) C$3.44 C$4.61 C$6.88 54
Growth DCF
Growth DCF C$6.57 C$12.50 C$19.94 76
Rev-Margin DCF C$8.12 C$18.18 C$29.80 70
Economic Profit
Residual Income C$7.03 C$8.87 C$18.96 71
ROIC Compounder C$11.69 C$16.01 C$20.93 72
Growth Earnings
Growth-Adj P/E C$13.51 C$19.31 C$25.10 67

Widest divergence: Multiples (C$21.04) versus Asset-Based (C$4.61). Highest evidence: FCF DCF (77).

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Key figures & financial health

P/E ratio 14.7
P/S ratio 1.02 P/E × margin
EPS (TTM) C$1.03 price ÷ EPS = P/E 14.7
Dividend yield 4.6% payout 67.0%
Net margin 7.0% FY2025
Return on equity 14.9% TTM
More key figures
Profitability
Return on assets (EBIT) 8.2% avg 5y
Operating margin 11.0% TTM
Growth
Revenue (TTM) C$2.0B TTM
Revenue growth (YoY) +7.9% 3y avg +3.3%
EPS growth (YoY) −24.8%
Balance sheet & cash flow
Free cash flow C$178M FY2025
Net debt C$1.3B FY2025 · ≈ 7.3 yrs of FCF

Figures from reported company fundamentals · as of Sep 5, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 58/100

Of which business quality 55 · Market factors (momentum, volatility) 52

Profitability 47
Margins and returns on capital today
Quality Growth 55
Are margins and returns improving?
Cashflow 59
Earnings quality: real cash, not paper profit
Fin. Strength 24
Balance sheet, leverage, solvency risk
Investment 60
Disciplined investing over empire-building
Low Volatility 56
Calm price path (market factor)
Momentum 46
Price trend over the last 3–12 months (market factor)
52W Momentum 58
Distance to the 52-week high (market factor)
Net Issuance 100
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.

All values are scores from 0 to 100 (100 = best against fixed, research-based bands), not percentages. The three market factors (momentum, 52-week proximity, low volatility) are displayed but carry zero weight in the headline number: market sentiment is not a business property.

About the company

Chemtrade Logistics Income Fund offers industrial chemicals and services in Canada, the United States, and Brazil. It operates through the Sulphur and Water Chemicals (SWC), and Electrochemicals (EC) segments.

Full company description

Chemtrade Logistics Income Fund offers industrial chemicals and services in Canada, the United States, and Brazil. It operates through the Sulphur and Water Chemicals (SWC), and Electrochemicals (EC) segments. The company offers sulphuric acid products, including merchant, regen, and ultrapure acid; emulsified, molten, and prilled sulphur; ammonium sulphate, carbon disulphide, hydrogen sulphide, liquid sulphur dioxide, sodium bisulphite, sodium hydrosulphite, and zinc oxide; coagulants comprising aluminum chloride and chlorohydrate, aluminum and ferric sulphate, polyaluminum chloride and chlorosulphate, polyaluminum silicate sulphate, and sodium aluminate; poultry litter amendment; and water treatment products, such as liquid ammonium sulphate, calcium hydroxide slurry, and copper sulphate. It also provides specialty chemicals, comprising phosphorus pentasulphide and sodium nitrite; chlor-alkali products, such as caustic soda, chlorine, and hydrochloric acid; and sodium chlorate. In addition, the company offers spent acid processing services; and industrial services, such as processing by-products and waste streams. Its products are used in chemical, pulp and paper, semiconductors, metal, food and beverage, textile, poultry, agriculture, water treatment, battery, oil and gas, and mining industries. Chemtrade Logistics Income Fund was incorporated in 2001 and is headquartered in Toronto, Canada.

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

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Chemtrade Logistics Income Fund reported revenue of C$2.0B in FY2025 versus C$1.4B in FY2021, a compound +9.9%/yr. Reported net income was C$139M in FY2025.

Growth Quality 80/100
Revenue growth appears healthy and is supported by profitability and cash-flow quality.
Latest Revenue (FY 2025)
C$2.0B
Latest YoY
+11.8%
Avg. revenue 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.
+3.3%
Avg. revenue 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.
+7.7%
Avg. revenue growth/yr (24Y) 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.
+13.5%
Value creation/yr (3Y) Earnings growth per share (CAGR 3 years) plus dividend yield: value created per share and year.
+6.3% · in CAD
Earnings growth per share plus dividend yield: the value created per share and year.
Earnings growth per share+1.7%
Dividend yield4.6%
Operating margin (EBIT) Operating margin then vs now, from reported annual statements. A falling margin after a boom year is the classic peak-earnings signal: the growth rate then leans on an inflated base.−9.5% (2020) → 15.2% (2025) · rising
Worst earnings drop476% (2018) (loss year, drop beyond 100%) · in CAD
⚠ Revenue per share shrinking 5.2%/yr over ~10Y (margins intact) Structural-decline marker: revenue PER SHARE has fallen over the last decade (robust median trend, not a single year). Backtested across 2005 to 2017, such businesses trailed the market by about 2.5 percentage points per year. Display only: it does not change the fair value or the quality score.
Revenue +9.9%/yr
FY21 C$1.4B
FY22 C$1.8B
FY23 C$1.8B
FY24 C$1.8B
FY25 C$2.0B
Net income
FY21 −C$235M
FY22 C$109M
FY23 C$249M
FY24 C$127M
FY25 C$139M

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Cite: Fair Value Calculator (2026). "Chemtrade Logistics Income Fund Fair Value". https://www.fairvalue-calculator.com/stock/CHE-UN

Peer Group

Chemicals · 341 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 58 · Above median
Fair Value upside −2% · Above median
Return on equity (TTM) 15% · Top 25%
Return on assets 7% · Top 25%
Net margin (TTM) 6% · Above median
Operating margin (TTM) 11% · Above median
Revenue growth 8% · Above median
Dividend yield (TTM) 4.6% · Top 25%
Debt / equity 1.27× · Higher than 75% of peers

Valuation Multiples vs Chemicals median · lower = cheaper

P/E (TTM) 14.7× · Cheaper than 75% of peers
P/B 1.76× · Pricier than median
P/S (TTM) 0.67× · Cheaper than median
P/FCF 7.6× · Pricier than median
EV/EBITDA 5.3× · Cheaper than 75% of peers

Strength profile in five axes (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.

VALUEFUTUREPASTHEALTHDIVIDEND
This stock
VALUEFUTUREPASTHEALTHDIVIDEND
Sector peers
VALUE31 · sector 0
FUTURE40 · sector 22
PAST60 · sector 20
HEALTH37 · sector 94
DIVIDEND91 · sector 32

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

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Frequently asked questions

Is Chemtrade Logistics Income Fund (CHE-UN) overvalued or undervalued?
As of Sep 5, 2026, our model estimates a fair value of C$14.90 versus a price of C$15.12, about −1% upside (fairly valued).
What is the fair value of CHE-UN?
Our model-based fair value for Chemtrade Logistics Income Fund is C$14.90 (as of Sep 5, 2026), built from audited fundamentals. The current price: C$15.12.
What is the quality score of CHE-UN?
Chemtrade Logistics Income Fund has a Quality Score of 58/100. 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 Chemtrade Logistics Income Fund (CHE-UN)?
Chemtrade Logistics Income Fund reported trailing-twelve-month revenue of about C$2.0B (latest available figure, as of Sep 5, 2026).
What is the net profit margin of CHE-UN?
The net profit margin of Chemtrade Logistics Income Fund is about 5.7%, meaning it keeps roughly 5.7% of revenue as net income. Based on the latest reported figures.
Does Chemtrade Logistics Income Fund pay a dividend?
Chemtrade Logistics Income Fund currently shows a dividend yield of about 4.56% relative to its recent price (as of Sep 5, 2026).
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