| FY | 2009 | 2010 | 2011 | 2012 | 2014 | 2015 | 2016 | 2018 | 2019 | 2020 | 2021 | 2022 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| High | — | — | — | — | — | — | — | — | — | — | — | — |
| Low | — | — | — | — | — | — | — | — | — | — | — | — |
| Adj EPS | 0.83 | 0.64 | 1.02 | 0.98 | 0.97 | 1.16 | 0.72 | 0.09 | 0.52 | 0.32 | 0.07 | 0.18 |
| Chg/Yr | — | -22% | +59% | -4% | -1% | +19% | -37% | -87% | +455% | -38% | -79% | +173% |
| Div | 0.14 | 0.33 | 0.24 | 0.49 | 0.60 | 0.75 | 0.50 | 0.30 | 0.30 | 0.35 | 0.25 | 0.20 |
Fair value (7.0x) multiplies each year's earnings per share by a growth-based multiple: steady growers (5–15% a year) get 15x, faster growers get their growth rate as the multiple (capped at 30x), and slower growers step down below 15x. QLT.BK has grown earnings about -12.8% a year, so the line uses 7.0x.
Earnings are adjusted figures on the same basis analysts forecast, built from reported quarters; years beyond the last completed fiscal year use the analyst consensus (dashed). The verdict calls a stock over- or undervalued only when the price sits more than 10% from the fair value line.