This report is an updated version of the report published on 18 August 2025

Section1: Company Overview

Dayforce Inc. (TSX: DAY) is a global human capital management (HCM) software company. The Company's Dayforce, which is a flagship cloud HCM platform, provides a full suite of HCM functionality, including global human resources (HR), payroll and tax, workforce management, benefits, and talent intelligence functionality. The Company also sells Powerpay, a cloud HR and payroll solution for the Canadian small business market, through both direct sales and established partner channels. Dayforce Human Resources provides HR professionals, managers, and employees a single, complete record of all of their HR information.

This Report covers the Key Recommendation Rationale, Valuation, Target Price, and Recommendation on the stock.  

Section 2:  Stock Recommendation Summary

Valuation Methodology (Illustrative): EV to Sales Multiple based Relative Valuation approach:

The stock has witnessed an upside of ~29.27% and ~17.19% over the 1 week and 1 month respectively. It is trading above the average of 52-week high price of CAD 115.57 and 52-week low price of CAD 68.46, providing an opportunity to exit, as the stock might make some correction.

One-Year Technical Price Chart (last traded price as of 18^th August 2025 at 9:55 AM, Toronto, ON, Canada). Source: REFINITIV, Analysis: Kalkine Group 

Note 1: Past performance is not a reliable indicator of future performance.

Note 2: The reference date for all price data, currency, technical indicators, support, and resistance levels as on August 18, 2025. The reference data in this report has been partly sourced from REFINITIV.

Note 3: Investment decisions should be made depending on an individual's appetite for upside potential, risks, holding duration, and any previous holdings. An 'Exit' from the stock can be considered if the Target Price mentioned as per the Valuation and or the technical levels provided has been achieved and is subject to the factors discussed above.

Note 4: Dividend Yield may vary as per the stock price movement. 

Note 5: Kalkine reports are prepared based on the stock prices captured either from REFINITIV or Trading View. Typically, REFINITIV or Trading View may reflect stock prices with a delay which could be a lag of 25-30 minutes. There can be no assurance that future results or events will be consistent with the information provided in the report. The information is subject to change without any prior notice.