Onex stock: fair value
ONEX.TOThe fair value of Onex under our model is $290.70, the price is 74% below.
The fair value is an estimate from our model, not a price target.
Daily figure as of 13 Nov 2026
Valuation signal
Possible value trapIn our model the price counts as cheap below $223.61 and expensive above $415.28 (uncertainty medium, based on the price swings of the past year).
The two parts of the fair value come to $333.28 (cash-flow model) and $248.11 (industry comparison), and the gap between them shows how uncertain the estimate is. The price is below both.
Calculated with a cost of equity of 8.8%. At 9.8% the fair value would be $261.65, at 7.8% it would be $334.36.
Possible value trap: looks cheap, but weak growth.
Where the number comes from
Half from the cash-flow model, half from earnings times the industry P/E (39.2).
Ten-year cash-flow model from smoothed free cash flow and its past growth until it reaches 3.8%. Discounted at 8.8% (floor: government bond yield 3.8% plus 5 percentage points, since beta 0.8 times the risk premium would give less); no analyst estimates were available.
Calculate with your own assumptionsThe calculation step by step
With these figures the cash flow model arrives at $333.28 per share: free cash flow for the next ten years, each year discounted to today at 8.8%, plus the terminal value for the years after. The table explains the calculation; it is not a recommendation.
Calculation as a table
| Year | Free cash flow | Source | Discount factor | Present value (discounted at 8.8%) |
|---|---|---|---|---|
| 2026 | $842.68M | extrapolated at 26.1% | 0.9189 | $774.31M |
| 2027 | $1.01B | extrapolated at 19.4% | 0.8443 | $849.58M |
| 2028 | $1.15B | extrapolated at 14.7% | 0.7758 | $895.68M |
| 2029 | $1.29B | extrapolated at 11.5% | 0.7129 | $917.35M |
| 2030 | $1.4B | extrapolated at 9.2% | 0.6550 | $920.25M |
| 2031 | $1.51B | extrapolated at 7.6% | 0.6019 | $909.6M |
| 2032 | $1.61B | extrapolated at 6.5% | 0.5530 | $889.7M |
| 2033 | $1.7B | extrapolated at 5.7% | 0.5082 | $863.81M |
| 2034 | $1.79B | extrapolated at 5.1% | 0.4669 | $834.3M |
| 2035 | $1.87B | extrapolated at 4.7% | 0.4291 | $802.86M |
| Step | Value |
|---|---|
| Sum of present values (ten years) | $8.66B |
| Terminal value: cash flow 2035 × (1 + 3.8%) / (8.8% − 3.8%) | $38.86B |
| Present value of terminal value (× 0.4291) | $16.67B |
| Equity value (sum plus present value of terminal value) | $25.33B |
| Shares (diluted) | 76.00M |
| Value per share (equity value divided by shares) | $333.28 |
| Earnings per share, last twelve months | $6.32 |
| × 39.2 (industry P/E) | $248.11 |
| Fair value (average of both parts) | $290.70 |
The model uses free cash flow after interest, which belongs to shareholders, discounted at the cost of equity. Net debt is therefore not deducted again.
Data status and sources
- Score
- Daily value of 13 Nov 2026, recalculated nightly
- Price
- Closing price of 12 Nov 2026
- Latest annual report
- Fiscal year 2025, period end 31 Dec 2025
- Currency
- Amounts in US dollars, converted at the ECB reference rate of 12 Nov 2026 ($1 = CA$1.4249)
- Source
- Financial statements, ratios and prices from Financial Modeling Prep (FMP), based on the company's reports. MEQIRI calculates the score and fair value from them.
Mandatory disclosures for this rating
- ; time horizon around 12 months
- Rated Neutral, published since 7 Nov 2026 (in the score history since 21 Oct 2026)
- Valuation signal Fairly valued since 7 Nov 2026
- End-of-day prices, metrics cached for up to 24 hours
- Score and fair value are estimates from a disclosed model. They are not facts and not a price target.
- Produced by SSM Ventures UG (haftungsbeschränkt), responsible person Sven Brostmeyer, Managing Director, automatically according to the disclosed model.
- Not investment advice. Losses up to and including a total loss are possible. Personal circumstances are not considered.