VALUATION MODEL FOR CNQ The Model We'll start by looking at CNQ's value relative to the group and then we'll look at it's dividend yield relative to its five year average. Group Valuation Metrics We're looking at four valuation metrics and then ranking them from best to worst. The ranks are summed and a final rank is calculated. Security Price to Book Rank Price to Sales Rank PE Ratio Rank EV/EBITDA Rank Sum Final Rank CNQ 0.0132 3 1.9171 5 17.86 3 5.92 4 15 2 CVE .009 4 .5659 10 na (negative) 1 23.14 2 17 4 HSE .0054 9 .6423 9 7.12 8 4.68 6 32 10 ECA .0076 6 1.06 7 5.09 10 3.93 8 31 9 ALA .0089 5 .739 8 na (negative) 1 na (negative) 1 15 2 TOU .0052 10 2.7331 1 10.099 6 6.50 3 20 5 VET .0142 2 2.6826 2 12.5324 4 5.87 5 13 1 PXT .0196 1 2.4163 3 6.8331 9 2.45 10 23 6 VII .0063 8 1.2609 6 7.57 7 3.24 9 30 8 ARX .007 7 2.0627 4 11..87 5 4.50 7 23 6 CNQ doesn't look like good