SDE.TO (SDE) fair value: what the stock is really worth
As of Sep 23, 2026: fair value of SDE.TO C$4.78, price C$12.94, upside -63.1%, quality 52 out of 100. Calculated from audited financials with 26 valuation models and 37 quality factors, updated daily.
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Price vs Fair Value
White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Sep 24, 2026.
How to read this chart
60‑month range C$1.39 – C$14.07 · fair‑value band C$3.58 – C$6.60 · the C$12.94 price screens above the C$4.78 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Sep 24, 2026.
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Spartan Delta Corp. engages in the exploration, development, and production of crude oil and natural gas properties in Western Canada. Its assets are in Duvernay and Deep Basin in Canada. The company was formerly known as Return Energy Inc. and changed its name to Spartan Delta Corp. in May 2020. Spartan Delta Corp.
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Spartan Delta Corp. engages in the exploration, development, and production of crude oil and natural gas properties in Western Canada. Its assets are in Duvernay and Deep Basin in Canada. The company was formerly known as Return Energy Inc. and changed its name to Spartan Delta Corp. in May 2020. Spartan Delta Corp. was incorporated in 2006 and is headquartered in Calgary, Canada.
Stock analysis
SDE.TO (SDE) currently trades at C$12.94, while our model-based Fair Value estimate is C$4.78, implying the stock looks roughly 170.7% overvalued today.
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Valuation
Bull case: the Growth Earnings group reads highest at a median of C$14.00 per share, and 2 of the 14 models we run sit above the C$12.94 price.
Bear case: the Economic Profit group reads lowest at C$1.43, and 12 of the 14 models stay below the price. Evidence for this calculation is medium.
Scenario range: C$3.58 (bear) to C$6.60 (bull), the price of C$12.94 sits above it. Bear and bull are the same models on cautious and optimistic assumptions, a range, not a price target.
Quality & growth
The Quality Score stands at 52/100 (solid quality), in the Energy sector.
Weak Growth: Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
SDE.TO reported revenue of C$370M in FY2025 versus C$619M in FY2021, a compound −12.1%/yr. Reported net income was C$70.0M in FY2025, compounding −32.3%/yr from FY2021.
Key figures
Market cap C$2.7B (≈ $1.9B) · P/E ratio 41.7 · P/S ratio 7.90 · EPS (TTM) C$0.3100 · Net margin 18.9% · Return on equity 10.2% · Return on assets (EBIT) 17.2% · Operating margin −10.1%.
Competitive moat
Our AI-assisted moat analysis scores the competitive advantage at 47 out of 100 (low confidence).
What moves the price
The share trades about 8% below its 52-week high and 144% above its 52-week low, currently above its 200-day average.
For context, the median of 10 Energy peers we cover trades at 10% fair-value upside, at −63%, SDE screens richer than that median.
Fair Value models
The price assumes far more growth than our models allow for, so the models scatter widely (C$1.43 to C$16.18). Read the Fair Value as a cautious anchor, not a price target; the Growth Forecast section shows what the price assumes.
Bear C$3.58Fair Value C$4.78Bull C$6.60
Model ⓘEach model values the company its own way (discounted cash flow, earnings, assets, dividends). The fair value above is their evidence-weighted blend, not the output of a single model. Based on fiscal year 2025 figures (about 9 months old). Earnings retained since then (C$0.2268 per share) are deliberately not added.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 ⓘEvidence = how well-backed THIS model's estimate is for this stock (0–100): how complete and reliable its input data are, and how well the model fits the company. The final Fair Value is an evidence-weighted blend, so better-evidenced models count more. Green ≥70, amber 50–69, grey below 50.
Growth Quality ⓘGrowth is valuable only when reinvestment earns attractive returns (Aswath Damodaran): sustainable growth depends on return on capital, reinvestment and efficiency. Basis: total company revenue over the periods shown on the cards (3Y/5Y/all years), not per share, so a merger can show up as a growth jump; per-share earnings growth is in the value-creation card.40/100
Revenue growth is inconsistent: the periods point in different directions, so there is no trend to rely on.
Revenue growth 1 year
+20.4%
Revenue growth 3 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
−36.9%
Revenue growth 5 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+30.0%
Start year 2020 (pandemic)
Revenue growth 19 years ⓘ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. Per-share growth (which does include buybacks) is in the value-creation card.
+46.0%
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What shareholders gained per year (last 5 years) ⓘWhat the business itself delivers per year: earnings growth per share plus the dividend yield. This is what you get IF the market keeps valuing the stock the same way: it contains no assumption about the market changing its mind. Computed per share, so buybacks count and a merger does not pass as growth. For a company that pays no dividend it is pure earnings growth per share. Period: earnings growth per share as CAGR over the last 5 reported fiscal years (annual statements), plus the current dividend yield. The start value is the median of the three years around the start, so a single crisis year (a pandemic or a write-down) does not distort the rate.
−27.1%
Earnings growth per share plus dividend.
Earnings per share, growth per year−27.1%
Dividend (yield on the price)0.0%
Profit margin 2020 to 2025 ⓘ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.−3% → 14%
⚠ Revenue per share shrinking 14.9%/yr over ~10Y (margin trend unclear) ⓘ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.
Price, fair value, quality and upside side by side.
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Peer Groupⓘ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.Oil & Gas E&P · 306 stocks
Beats the industry median on 7/12 measures
A mixed picture versus its industry peers.
Valuation
Quality Score52 · Above median
Fair Value upside−62% · Bottom 25%
Profitability
Return on equity (TTM)11% · Above median
Return on assets6% · Top 25%
Net margin (TTM)14% · Above median
Operating margin (TTM)45% · Top 25%
Growth and dividend
Revenue growth109% · Top 25%
Balance sheet
Debt / equity0.25× · Below median
Valuation Multiplesvs Oil & Gas E&P median · lower = cheaper
P/E (TTM)41.7× · Priciest 25%
P/B2.91× · Priciest 25%
P/S (TTM)3.69× · Pricier than median
EV/EBITDA6.3× · Pricier than median
Strength profile in five axes (Snowflake)
This stockSector peers
VALUE (fair-value potential)0· sector 29
FUTURE (revenue growth)100· sector 12
PAST (return on equity)42· sector 10
HEALTH (low debt)88· sector 86
DIVIDEND (yield)0· sector 73
VALUE 0: the price sits above our fair-value range.
For bloggers, editors and developers: paste this into your site or blog (a “Custom HTML” block in WordPress), it shows the current fair value and links back here. Free, plain HTML, and welcome. Full data streams (CSV/JSON) at /developers.
Cite: Fair Value Calculator (2026). "SDE.TO Fair Value". https://www.fairvalue-calculator.com/stock/SDE
Frequently asked questions
Is SDE.TO (SDE) overvalued or undervalued?
As of Sep 24, 2026, our model estimates a fair value of C$4.78 versus a price of C$12.94, about −63% upside (overvalued).
What is the fair value of SDE?
Our model-based fair value for SDE.TO is C$4.78 (as of Sep 24, 2026), built from audited fundamentals. The current price: C$12.94.
What is the quality score of SDE?
SDE.TO has a Quality Score of 52/100. 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 price target for SDE.TO (SDE)?
Our model-based price target is the fair value of C$4.78 (as of Sep 24, 2026) from 14 valuation models. Cautious scenario C$3.58, optimistic scenario C$6.60. It is a calculation from audited fundamentals, not an analyst target.
What is the SDE.TO stock forecast for 2026?
Our models put fair value at C$4.78, about −63% upside versus a price of C$12.94 (overvalued). Cautious scenario C$3.58, optimistic scenario C$6.60. The calculation is refreshed regularly with new filings.
What is the revenue of SDE.TO (SDE)?
SDE.TO reported trailing-twelve-month revenue of about C$425M (latest available figure, as of Sep 24, 2026).
What is the intrinsic value of SDE.TO (SDE)?
Intrinsic value and fair value mean the same thing: what the business is worth on its numbers, independent of the share price. For SDE.TO it is C$4.78 per share (as of Sep 24, 2026), against a price of C$12.94. It is the blended result of 14 valuation models (cash flow, earnings, asset, dividend).
Is SDE.TO stock overvalued or undervalued in 2026?
As of Sep 24, 2026, SDE trades above its calculated fair value: price C$12.94, fair value C$4.78, a gap of about −63% (overvalued). The calculation is refreshed with each new quarterly report, so the verdict can change during the year.
Is fair value the same as the market price of SDE?
No. The price is what the market pays today (C$12.94); the fair value is what the company's own numbers justify (C$4.78). For SDE.TO the two are C$8.16 per share apart. That gap is exactly why we show both numbers side by side.
How much is SDE.TO worth?
The market values SDE.TO at about C$2.7B (market capitalisation, as of Sep 24, 2026). Per share that is C$12.94; our models calculate a fair value of C$4.78 per share.
What do the bullish and bearish scenarios say about SDE?
Our models span a range for SDE.TO: cautious scenario C$3.58, base C$4.78, optimistic C$6.60 per share (as of Sep 24, 2026, price C$12.94). The range comes from different growth and margin assumptions, not from analyst opinions.
What is the P/E ratio of SDE?
SDE.TO trades at a price-to-earnings ratio of 41.7 (as of Sep 24, 2026). A P/E on its own says little: it compares the price with ONE year of profit, while our fair value of C$4.78 is built from several models across several years. Other multiples: P/B 2.9, P/S 3.7, EV/EBITDA 6.3.
How solid is the balance sheet of SDE.TO (SDE)?
Balance-sheet figures for SDE.TO (as of Sep 24, 2026): return on equity 10.6%, debt of 0.25 per unit of equity. They feed the Quality Score of 52/100, which measures business quality independently of the share price.
How far is SDE from its 52-week high?
SDE.TO trades at C$12.94, about 8% below its 52-week high of C$14.07 and 144% above the low of C$5.31 (as of Sep 23, 2026). Distance from the high says nothing about value: that is what the fair value of C$4.78 is for.
Which stocks are comparable to SDE.TO?
From the same area (Energy) we also value CNOOC Limited, ConocoPhillips explores for,, Canadian Natural Resources Limited, EOG Resources, Inc, among others. Each of them has its own fair-value calculation on this site using the same models, so the comparison is like for like.
Is SDE.TO stock attractive at the current price?
The data as of Sep 24, 2026: price C$12.94, calculated fair value C$4.78 (−63%), Quality Score 52/100, from 14 models. Whether that fits your horizon and risk tolerance is your call. We provide the calculation, not investment advice.
How is the fair value of SDE calculated?
We run SDE.TO through 14 models from four families: discounted cash flow, earnings models, asset and balance-sheet models, and dividend models. Every model gets the same audited fundamentals; the result is the weighted average of C$4.78, with the spread shown as a cautious and an optimistic scenario.
Is it still worth investing in stocks now?
The global stock market currently sits 14.1 % above its aggregate fair value. SDE.TO itself currently trades above fair value. An expensive market is no reason to stay out and no reason to buy everything at once: keep a broad savings plan running, buy single stocks only with money you can do without, and hold part of your money liquid while the market is high. The full picture including sectors is on is it worth investing now.
What is the share price of SDE.TO (SDE)?
The closing price on Sep 23, 2026 was C$12.94. Our model-based fair value is C$4.78, about −63% upside (overvalued). We carry closing prices from our data provider, not a live tick.
What should I pay attention to with SDE.TO right now?
The price sits above even our optimistic bull case (C$6.60). The favourable scenario is already priced in. Solid but not exceptional quality (52/100) and above fair value, neither a clear bargain nor a standout compounder. A fairly wide model range (C$3.58 to C$6.60) leaves room in how you read the outcome.
Key figures of SDE.TO
How large is the market capitalisation of SDE.TO (SDE)?
The market capitalisation of SDE.TO is C$2.7B (≈ $1.9B). The stock-market value of the whole company: share price times number of shares. It is what the market asks for the entire business today.
What is the P/S ratio of SDE.TO (SDE)?
The price-to-sales ratio of SDE.TO is 7.90 (P/E × margin). Price to sales: market value relative to yearly revenue. Useful when profit is thin or distorted.
What are the earnings per share of SDE.TO (SDE)?
Earnings per share at SDE.TO are C$0.3100 (price ÷ EPS = P/E 41.7). Earnings per share over the last twelve months: total profit spread across every single share.
What is the net margin of SDE.TO (SDE)?
The net margin of SDE.TO is 18.9% (fiscal year 2025). How much of every unit of revenue ends up as profit. 10% means 10 cents of profit per dollar of sales.
What is the return on equity of SDE.TO (SDE)?
The return on equity (ROE) of SDE.TO is 10.2% (last twelve months). Profit relative to shareholders' equity, how efficiently the company works with its owners' money.
What is the EBIT return on assets of SDE.TO (SDE)?
On an EBIT basis the return on assets of SDE.TO is 17.2% (avg 5y). Operating profit (EBIT) relative to everything the company owns, as a multi-year average. It describes the business model rather than one good or bad year.
What is the operating margin of SDE.TO (SDE)?
The operating margin of SDE.TO is −10.1% (last twelve months). Profit from the core business (before interest and taxes) relative to revenue.
How fast is revenue growing at SDE.TO (SDE)?
Revenue at SDE.TO is growing +66.9% versus a year earlier (3y avg −36.9%). How much revenue grew versus a year earlier (YoY). The 3-year average next to it puts the single year in context.
How fast are earnings growing at SDE.TO (SDE)?
Earnings per share at SDE.TO are growing +489% versus a year earlier. How much earnings per share grew versus a year earlier.
How much free cash flow does SDE.TO (SDE) generate?
The free cash flow of SDE.TO is −C$96.5M (fiscal year 2025). The cash truly left after running and investing in the business, this is what pays dividends and buybacks.
How much net debt does SDE.TO (SDE) carry?
The net debt of SDE.TO is C$37.2M (fiscal year 2025). Debt minus cash on hand. The note shows how many years of free cash flow could in theory pay it off.
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