Investment Talk

Cargojet Inc

2026-09-04T17:56:47.403-04:00

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on Cargojet Inc.

Is it a good company at a reasonable price? This stock has not done well over the past 5 years. However, analysts do see it recovering this year. I would think that buying this stock is taking a big risk about its recovery. Revenue is going up, but personally I would like to see earnings go up also to suggest that this stock is a buy. It is testing as cheap.

I do not own this stock of Cargojet Inc (TSX-CJT, OTC-CGJTF). The airline is not only resilient in the face of this unprecedented socio-economic crisis, but it is also in a spot to thrive, as demand for its overnight shipping services is likely to remain stable amid this pandemic. See Motley Fool article. Cargojet Inc (CJT) operates a domestic overnight air cargo co-load network between fourteen Canadian cities. The company also provides dedicated aircraft to customers on an Aircraft, Crew, Maintenance, and Insurance (ACMI) basis, operating between points in Canada and the USA. As well, the company operates scheduled international routes for multiple cargo customers between the USA and Bermuda. Small cap with dividends in 1% range.

When I was updating my spreadsheet, I noticed that this stock hit a high 5 years ago and the stock price has been going down ever since. The Revenue has grown over the past 5 and 10 years, and so have earnings. Cash Flow has varied. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	48.50%	8.23%	0.48%	<-12 mths
5	AEPS Growth	179.04%	22.78%	-22.92%	<-12 mths
5	Net Income Growth	191.34%	23.85%	-54.74%	<-12 mths
5	Cash Flow Growth	-19.82%	-4.32%	2.17%	<-12 mths
5	Dividend Growth	49.57%	8.39%	7.50%	<-12 mths
5	Stock Price Growth	-60.93%	-17.13%	-5.34%	<-12 mths

10	Revenue Growth	243.49%	13.13%	9.50%	<-this year
10	AEPS Growth	339.25%	15.95%	-21.80%	<-this year
10	Net Income Growth	545.56%	20.50%	32.29%	<-this year
10	Cash Flow Growth	1067.16%	27.85%	73.31%	<-this year
10	Dividend Growth	134.74%	8.91%	11.57%	<-this year
10	Stock Price Growth	225.22%	12.52%	48.92%	<-this year

If you had invested in this company in December 2015, for $1,006.59 you would have bought 39 shares at $25.81 per share. In December 2025, after 10 years you would have received $389.20 in dividends. The stock would be worth $3,273.66. Your total return would have been $3,662.86. This would be a total return of 14.76% per year with 12.52% from capital gain and 2.24% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$25.81	$1,006.59	39	10	$389.20	$3,273.66	$3,662.86

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 1.94%. The 5 and 10 year median dividend yields are also low at 1.07% and 1.08%. The historical median dividend yield is moderate (2% to 4% ranges) at 2.45%. The historical median dividend yield is higher because this stock started out as an income trust with in the high dividend yield category of 7% and above. The dividend growth is moderate (8% to 14% per year) at 8.4% per year over the past 5 years. The last dividend increase was in 2026 and it was for 10.00%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 27% with 5 year coverage at 18%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 31% with 5 year coverage at 29%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 7% with 5 year coverage at 6%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to negative FCF. FCF varies in 2025 from a negative $101.5M to $11.1M. I am using the negative $101.51 value.

Item	Cur	5 Years
EPS	26.72%	17.61%
AEPS	31.46%	28.75%
CFPS	6.50%	6.28%
FCF	-15.76%	-20.85%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.65 and currently at 0.63. The Liquidity Ratio for 2025 is low at 1.23 and 0.91 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.34 and currently at 2.87. The Debt Ratio for 2025 is good at 1.53 and 1.56 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.87 and 1.87 and currently at 2.78 and 1.78.

Type	Year End	Ratio Curr
Lg Term R	0.65	0.63
Intang/GW	0.04	0.04
Liquidity	1.23	0.91
Liq. + CF	2.34	2.87
Debt Ratio	1.53	1.56
Leverage	2.87	2.78
D/E Ratio	1.87	1.78

The Total Return per Year is shown below for years of 5 to 20 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	8.39%	-16.28%	-17.13%	0.86%
2015	10	8.91%	14.76%	12.52%	2.24%
2010	15	7.36%	20.25%	16.51%	3.73%
2005	20	3.10%	15.59%	11.45%	4.14%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.90, 18.08 and 23.28. The corresponding 10 year ratios are 18.73, 22.45 and 27.31. The corresponding historical ratios are 13.18, 17.05 and 19.79. The current ratio is 11.66 based on a stock price of $79.46 and EPS estimate for 2026 of $6.81. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 16.09, 21.86 and 28.54. The corresponding 10 year ratios are 20.67, 24.51 and 33.46. The corresponding historical ratios are 14.49, 20.69 and 26.83. The current ratio is 22.83 based on a stock price of $79.46 and AEPS estimate for 2026 of $3.48. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $62.44. The 10-year low, median, and high median Price/Graham Price Ratios are 1.81, 2.27 and 2.94. The current ratio is 1.27 based on a stock price of $79.46. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 3.68. The current ratio is 1.60 based on Book Value of $741.9M, Book Value per Share of $49.80 and a stock price of $79.46. The current ratio is 57% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.49. The current ratio is 2.91 based on a Cash Flow per Share estimate for 2026 of $27.29, Cash Flow of $406.6M and a stock price of $79.46. The current ratio is 66% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. (But I wonder about this estimate as it is an increase of 73% over the 2025 value, but there have been big increases and decreased in the cash flow in the past.)

I get an historical median dividend yield of 2.45%. The current dividend yield is 1.94% based on dividend of $1.54 and a stock price of $79.46. This dividend yield is 21% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. (This stock used to be an income trust and these company often had quite high dividend yields.)

I get a 10 year median dividend yield of 1.08%. The current dividend yield is 1.94% based on dividend of $1.54 and a stock price of $79.46. This dividend yield is 79% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 2.09. The current ratio is 1.09 based on Revenue estimate for 2026 of $1,087M, Revenue per Share of $72.96 and a stock price of $79.46. The current ratio 48% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. The 10 year median dividend yield test says so and it is confirmed by the P/S Ratio test. The majority of the tests show the stock price as either cheap or reasonable.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (4) and Hold (1). The consensus would be a Buy. The 12 month stock price consensus is $125.00 with a high of $140.00 and a low of $90.00. The 12 month consensus of $125.00 implies a total return of 59.25% with 57.31% from capital gains and 1.94% from dividends based on a current stock price of $79.46.

On Stock Chase some analysts like this stock. One analyst says he is looking for an exit point and says the break out point will be over $88.00. Jitendra Parashar on Motley Fool says that the stock jumped (in August) due to strong earnings. Amy Legate-Wolfe on Motley Fool says that the company has US dollar-linked contracts that could help if Loonie stays weak. The company put out a press release via Newswire about their fourth quarter of 2025 results. The company put out a press release via Newswire about their second quarter results for 2026.

Guru Focus via Yahoo Finance reviews this stock and talks about it positive and negative points. Simply Wall Street via Yahoo Finance does a short review of this stock. It gives a fair value of $113.21. Simply Wall Street has two warnings on this stock of interest payments are not well covered by earnings; and profit margins (4.5%) are lower than last year (14.2%).

Cargojet Inc operates a domestic air cargo co-load network between several Canadian cities. The company also provides dedicated aircraft to customers on an Aircraft, Crew, Maintenance, and Insurance basis, operating between points in Canada, the USA, South America, Europe, and Asia. In addition, it operates scheduled international routes for multiple cargo customers between the USA and Bermuda, between Canada, the UK, and Germany, between Canada and Asia, and between Canada and Mexico. Its web site is here Cargojet Inc.

The last stock I wrote about was about was SmartCentres REIT (TSX-SRU.UN, OTC-CWYUF) ... learn more. The next stock I will write about will be Accord Financial Corp (TSX-ACD, OTC-ACCFF) ... learn more on Monday, September 7, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Also, on my book blog I have put a review of the book Beyond the Trees by Adam Shoalts learn more...

SmartCentres REIT

2026-09-02T20:23:33.913-04:00

Yesterday, I bought another 1,000 shares of Accord Financial Corp (TSX-ACD, OTC-ACCFF). The share price has collapsed because of financial difficulties. They have come up a bit from their bottom of $0.50 in June 2026. They ended today at $0.96 and I bought shares at $0.89 and $0.88. I originally bought this stock with my fooling around money and I am continuing in that mode.

Sound bite for Twitter is: Dividend Paying Real Estate. Debt Ratios are mostly fine, but Liquidity could improve. The Dividend Payout Ratios (DPR) are high, but DPRs tend to be rather high on REITs. The current dividend yield is good with dividends flat. See my spreadsheet on SmartCentres REIT.

Is it a good company at a reasonable price? I buy REITs for diversification and dividends. Most REITs have little dividend growth, but dividends are good. For REITs, most of your return is from dividends. I own this stock in my TFSA account and I intend to keep it.

I own this stock of SmartCentres REIT (TSX-SRU.UN, OTC-CWYUF). Once you have 5 or 6 stocks, you might want to consider a REIT for diversification. REITs are an easy way to investment in real estate. I am therefore following a few REIT stocks and in 2009 I decided to look at a few on the Dividend Achiever's List. It is not always on this list because of periods of flat dividends.

When I was updating my spreadsheet, I noticed I have done well with this stock with a return of 10.90% with 3.88% from capital gains and 7.02% from dividends. This is a REIT, so you would expect the greater proportion of the return of come from dividends or distributions. There is a tradeoff between dividend yield versus dividend growth and stock price growth. I noticed that the REIT had a Net Income loss because of Fair Value adjustments on Investment Properties and Financial Instruments. However, most analysts look at Adjusted Funds from Operations (AFFO) and Funds from Operations (FFO) to evaluate REITs than in Net Income or EPS.

If you had invested in this company in December 2015, for $1,0026.46 you would have bought 34 shares at $30.19 per share. In December 2025, after 10 years you would have received $613.14 in dividends. The stock would be worth $875.50. Your total return would have been $1,488.64. This would be a total return of 4.76% per year with 1.58% from capital loss and 6.34% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$30.19	$1,026.46	34	10	$613.14	$875.50	$1,488.64

The current dividend yield is good with dividends flat. The current dividend yield is good (5% to 6% ranges) at 6.72%. The 5 year median dividend yield is high (7% and higher) at 7.40%. The 10 year and historical median dividend yield is good at 6.85%, and 6.29%. Dividends have been flat for the last 6 years from 2020.

The Dividend Payout Ratios (DPR) are high, but DPRs tend to be rather high on REITs. The DPR for 2025 for Earnings per Share (EPS) is far too high at 134% with 5 year coverage better and high at 73%, but REITs tend to have high DPRs. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is high at 91% with 5 year coverage at 95%. The DPR for 2025 for Funds from Operations (FFO) is fine at 83% with 5 year coverage at 84%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 60% with 5 year coverage at 65%. The DPR for 2025 for Free Cash Flow (FCF) is high at 71% with 5 year coverage at 75%.

Item	Cur	5 Years
EPS	133.89%	73.26%
AFFO	91.13%	94.29%
FFO	82.96%	84.48%
CFPS	60.59%	64.51%
FCF	71.06%	74.88%

Debt Ratios are mostly fine, but Liquidity could improve. The Long Term Debt/Market Cap Ratio for 2025 is high at 1.01 and currently at 0.80. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.41 and currently at 0.35 because this is a more important ratio for a REIT. The Liquidity Ratio for 2025 is really low at 0.26 and 0.41 currently. If you added in Cash Flow after dividends, the ratios are still low at 0.31 and currently at 0.18. The Debt Ratio for 2025 is good at 2.10 and 2.05 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.91 and 0.91 and currently at 1.95 and 0.95.

Type	Year End	Ratio Curr
Lg Term R	1.01	0.80
Lg Term A	0.41	0.35
Intang/GW	0.01	0.01
Liquidity	0.26	0.14
Liq. + CF	0.31	0.18
Liq CF DT	0.81	0.67
Debt Ratio	2.10	2.05
Leverage	1.91	1.95
D/E Ratio	0.91	0.95

The Total Return per Year is shown below for years of 5 to 28 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	9.91%	2.21%	7.70%
2015	10	1.41%	4.76%	-1.58%	6.34%
2010	15	1.20%	7.60%	0.65%	6.95%
2005	20	1.51%	7.05%	0.41%	6.64%
2000	25	2.18%	13.90%	4.35%	9.55%
1997	28		26.63%	10.23%	16.40%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.26, 10.88 and 12.49. The corresponding 10 year ratios are 13.25, 14.29 and 15.57. The corresponding historical ratios are 13.65, 16.85 and 19.07. The current ratio is 33.13 based on a stock price of $27.51 and EPS estimate for 2026 of $0.83. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

The above EPS estimate for 2026 is rather low. The EPS estimate for 2027 is $1.98 and this implies a P/E Ratio of 14.22. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Fund from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Fund from Operations Ratios are 11.63, 12.55 and 15.68. The corresponding 10 year ratios are 12.14, 13.97 and 15.94. The corresponding historical ratios are 12.88, 14.64 and 16.29. The current ratio is 14.48 based on a stock price of $27.51 and AFFO estimate for 2026 of $1.90. The current ratio is between the median and the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Fund from Operations (FFO) data. The 5-year low, median, and high median Price/Fund from Operations Ratios are 9.66, 11.21 and 12.87. The corresponding 10 year ratios are 11.19, 12.38 and 15.02. The corresponding historical ratios are 11.66,13.50 and 15.23. The current ratio is 13.04 based on a stock price of $27.51 and FFO estimate for 2026 of $2.11. The current ratio is between the median and the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $23.57. The 10-year low, median, and high median Price/Graham Price Ratios are 0.63, 0.72, and 0.89. The current ratio is 0.73 based on a stock price of $27.51. The current ratio is between the median and the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 0.95. The current ratio is 0.93 based on a stock price of $27.51, Book Value of $5,069M and Book Value per Share $29.73. The current ratio is 2% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 13.43. The current ratio is 11.99 based on Cash Flow for the last 12 month $391.1M, Cash Flow per Share $2.29 and a stock price of $27.51. The current ratio is 11% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 6.29%. The current dividend yield is 6.72% based on a dividend of $1.85 and a stock price of $27.51. The current dividend yield is 7% above the historical dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 6.85%. The current dividend yield is 6.72% based on a dividend of $1.85 and a stock price of $27.51. The current dividend yield is 2% below the 10 year dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 5.61. The current ratio is 4.89 based on Revenue estimate of $958.4M, Revenue per Share is $5.62 and a stock price of $27.51. The current ratio is 13% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable. The 10 yar median dividend yield test says the stock price is reasonable but above the median. The P/S Ratio test says that the stock price is reasonable but below the median. The rest of the testing shows that the stock price is reasonable to expensive. But the good tests say it is reasonable and below or above the median.

When I look at analysts’ recommendations, I find Strong Buy (4), Hold (4) and Unperform (1). The consensus is Buy. The 12 month stock price consensus is $30.00 with a high of $33.00 and low of $27.50. The stock price consensus of $30.00 implies a total return of 15.78% with 9.05% from capital gains and 6.72% from dividends based on a current stock price of $27.51.

There are a number of entries on Stock Chase. Some Buy and some Do Not Buy. One Do Not Buy says that the problem with REITs is that in rocky economic times, REITs either have to cut their dividend or issue shares. Sneha Nahata on Motley Fool likes this stock for its high dividend. Demetris Afxentiou on Motley Fool likes this stock for the high monthly income. The company put out a Press Release about its fourth quarter of 2025. The company put out a Press Release about its second quarter of 2026.

Guru Focus News via Yahoo Finance gives their view of this stock. They think that the Dividend Payout Ratio is too high. Simply Wall Street via Yahoo Finance reviews this stock and says it is undervalued. Simply Wall Street says it has 4 warnings on this stock of interest payments are not well covered by earnings; earnings have declined by 26.4% per year over past 5 years; profit margins (16.4%) are lower than last year (24.3%); large one-off items impacting financial results.

SmartCentres Real Estate Investment Trust is a Canadian fully integrated commercial and residential REIT, with several strategically located properties in communities across the country. It has one reportable segment, which comprises the development, ownership, management, and operation of investment properties located in Canada. Its web site is here SmartCentres REIT.

The last stock I wrote about was about was High Liner Foods (TSX-HLF, OTC-HLNFF) ... learn more. The next stock I will write about will be Cargojet Inc (TSX-CJT, OTC-CGJTF) ... learn more on Friday, September 4, 2026 around 5 pm. . Tomorrow on my other blog I will write about Something to Buy September 2026 learn more on Thursday, September 3, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

High Liner Foods

2026-08-31T16:53:41.209-04:00

Sound bite for Twitter is: Dividend Paying Consumer. Some Debt Ratios are good, but it has a high debt level. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth probably low going forward. See my spreadsheet on High Liner Foods .

Is it a good company at a reasonable price? It would seem you should be careful when you buy this stock because over some periods it has produced a reasonable return and over other periods the returns were too low or negative. Analyst expect some good growth in Revenue, Earnings and Cash Flow this year. My testing is showing that the stock price is reasonable. The Dividend Yield tests are showing that the stock price is cheap and dividend payout ratios are reasonable.

I do not own this stock of High Liner Foods (TSX-HLF, OTC-HLNFF). When I started to follow this stock, it was liked by the Investment Reporter and was considered to be of average risk. The Investment reporter no longer exists. Ryan Irvine of Keystone also likes this company.

When I was updating my spreadsheet, I noticed that even though they had higher sales, their expenses were a higher percentage of the sales. It was the Cost of Sales that was higher. Cost of Sales Ratio went from 0.77 last year to 0.79 this year. Also, from the total return over the past 5 and 10 years, it would appear that you should be careful when you buy this stock in order to make a reasonable return.

If you had invested in this company in December 2015, for $1,010.75 you would have bought 65 shares at $15.55 per share. In December 2025, after 10 years you would have received $309.73 in dividends. The stock would be worth $962.00. Your total return would have been $1,271.73. This would be a total return of 2.62% per year with 0.49% from capital loss and 3.11% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$15.55	$1,010.75	65	10	$309.73	$962.00	$1,271.73

However, if you had invested in this company in December 2020, for $1,010.10 you would have bought 91 shares at $11.10 per share. In December 2025, after 5 years you would have received $235.24 in dividends. The stock would be worth $1,346.80. Your total return would have been $1,582.04. This would be a total return of 9.96% per year with 5.92% from capital gain and 4.04% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.10	$1,010.10	91	5	$235.24	$1,346.80	$1,582.04

The current dividend yield is moderate with dividend growth probably low going forward. The current dividend yield is moderate (2% to 4% ranges) at 4.65%. The 5, 10 and historical median dividend yields are also moderate at 4.15%, 3.32% and 2.59%. The dividend growth over the past 5 years is high (above 15% per year) at 25.5% per year. However, there were dividend decreases before the high increases in the past 5 years. The last dividend increase occurred in 2025 and it was for 2.9%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 41% with 5 year coverage at 28%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 43% with 5 year coverage at 29%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 13%. The DPR for 2025 for Free Cash Flow (FCF) is high at 83% with 5 year coverage good at 27%. Free Cash Flow for 2025 goes from $17.26M to a negative $28.9M. I am using the $17.26M value.

Item	Cur	5 Years
EPS	40.97%	27.96%
AEPS	42.72%	28.89%
CFPS	16.37%	12.59%
FCF	83.17%	26.80%

Some Debt Ratios are good, but it has a high debt level. The Long Term Debt/Market Cap Ratio for 2025 is much too high at 0.93 and currently at 0.95. You would want this ratio closer to 0.50. The Liquidity Ratio for 2025 is good at 2.18 and 2.29 currently. The Debt Ratio for 2025 is good at 1.74 and 1.70 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.36 and 1.36 and currently at 2.43 and 1.43.

Type	Year End	Ratio Curr
Lg Term R	0.93	0.95
Intang/GW	0.93	0.86
Liquidity	2.18	2.29
Liq. + CF	2.16	2.52
Debt Ratio	1.74	1.70
Leverage	2.36	2.43
D/E Ratio	1.36	1.43

The Total Return per Year is shown below for years of 5 to 42 to the end of 2025 CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	25.50%	9.96%	5.92%	4.04%
2015	10	3.95%	2.62%	-0.49%	3.11%
2010	15	9.95%	7.94%	4.08%	3.86%
2005	20	10.10%	9.92%	6.07%	3.84%
2000	25	9.60%	11.91%	8.07%	3.84%
1995	30		8.78%	6.25%	2.53%
1990	35		1.90%	0.60%	1.30%
1985	40		-0.30%	-1.33%	1.02%
1983	42		1.16%	0.05%	1.11%

The Total Return per Year is shown below for years of 5 to 21 to the end of 2025 in US$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	23.67%	7.74%	3.83%	3.91%
2015	10	4.06%	2.78%	-0.46%	3.24%
2010	15	7.65%	5.41%	1.86%	3.55%
2005	20	9.21%	9.16%	5.16%	4.00%
2004	21	8.92%	8.18%	4.52%	3.65%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.79, 8.52 and 10.10. The corresponding 10 year ratios are 7.60, 9.82 and 12.11. The corresponding historical ratios are 8.02, 10.29 and 12.17. The current ratio is 5.39 based on a stock price of $15.05 and EPS estimate for 2026 of $2.79. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 6.51, 7.99 and 9.47. The corresponding 10 year ratios are 6.62, 8.37 and 10.42. The corresponding historical ratios are 7.08, 9.57 and 12.02. The current ratio is 5.16 based on a stock price of $15.05 and AEPS estimate for 2026 of $2.92 ($2.12 US$). The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $35.92. The 10-year low, median, and high median Price/Graham Price Ratios are 0.44, 0.57, and 0.71. The current ratio is 0.42 based on a stock price of $15.05. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 0.86. The current ratio is 0.77 based on Book Value of $561M, Book Value per Share of $19.66 and a stock price of $15.05. The current ratio is 10.7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 3.80. The current ratio is 4.65 based on Cash Flow per Share estimate for 2026 of $3.23 and a stock price of $15.05. The current ratio is 23% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.59%. The current ratio is 4.65% based on a stock price of $15.05 and dividends of $0.70. The current dividend yield is 80% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 3.32%. The current ratio is 4.65% based on a stock price of $15.05 and dividends of $0.70. The current dividend yield is 40% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.33. The current ratio is 0.27 based on Revenue estimate for 2026 of $1,569M, Revenue per Share of $54.95 and a stock price of $15.05. The current ratio is 17% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable and may even be cheap. The 10 year dividend yield test says that the stock price is cheap. However, the P/S Ratio test says it is reasonable and below the median. Most of the other tests are saying that the stock price is either cheap or reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1) and Hold (3). The consensus is a Buy. The consensus 12 month stock price is $17.75, with a high of $21.00 and low of $16.50. This implies a total return of 22.59% with 17.94% from capital gains and 4.65% from dividends based on a current stock price of $15.05.

This was a top pick in 2024 for two analysts on Stock Chase there are no further entries. There were entries each year from 2018 to 2024. (I cannot look further on this site.) Brian Paradza on Motley Fool says buy this stock down 26% and hold for decades. Amy Legate-Wolfe on Motley Fool also likes this company. She said that they just bought Conagra Brands which was a seafood acquisition. The company put out a press release via Newswire about their fourth quarter results for 2025. The company put out a press release via Newswire about their second quarter of 2026 results.

Simply Wall Street via Yahoo Finance puts out a review of this stock. It says its fair value is $16.52.

High Liner Foods Inc is a Canadian company that is mainly engaged in the processing and marketing of prepared and packaged frozen seafood products. The company's retail branded products are sold throughout the United States and Canada. Its web site is here High Liner Foods .

The last stock I wrote about was about was Capital Power Corp (TSX-CPX, OTC-CPRHF) ... learn more. The next stock I will write about will be SmartCentres REIT (TSX-SRU.UN, OTC-CWYUF) ... learn more on Wednesday, September 2, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks September 2026.... learn more on September 1, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Capital Power Corp

2026-08-28T16:49:37.231-04:00

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably expensive. I would like to see the Debt Ratios improved and the company has lots of debt, but utilities tend to have lots of debt. Some of the Dividend Payout Ratios (DPR) are fine and some are too high. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Capital Power Corp.

Is it a good company at a reasonable price? I have always like utility stocks. They give you a mix of good dividends and growth. This seems to me like an interesting stock. They are in to getting electricity to Data Centers. It would certainly seem that Data Centers are in our future. However, this stock would seem to very much be on the expensive side at the present time.

I do not own this stock of Capital Power Corp (TSX-CPX, OTC-CPRHF). Capital power Corp is in John Heinzl's yield Hog model portfolio. In Money Sense annual list of the 100 best dividend stocks for 2021, this stock was rated an A.

When I was updating my spreadsheet, I noticed that revenue was lower and energy and fuel costs were higher as a percentage of revenue. Also, last year the company had a gain on divestitures. This accounts for the lower EPS for 2025 compared to 2024. I also notice the EPS can vary a lot from year to year.

If you had invested in this company in December 2015, for $1,012.89 you would have bought 27 shares at $17.74 per share. In December 2025, after 10 years you would have received $1,166.71 in dividends. The stock would be worth $3,337.35. Your total return would have been $4,504.06. This would be a total return of 19.57% per year with 12.66% from capital gain and 6.91% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.77	$1,012.89	57	10	$1,166.71	$3,337.35	$4,504.06

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.37%. The 5 year dividend yield is moderate at 4.80%. The 10 and historical dividend yields are good (5% and 6% ranges) at 5.89% and 5.51%. The dividend growth is low (below 8% per year) at 6.3% per year over the past 5 years. The last dividend increase was in 2026 and it was for 2%.

Some of the Dividend Payout Ratios (DPR) are fine and some are too high. The DPR for 2025 for Earnings per Share (EPS) is far too high at 301% with 5 year coverage high at 89%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is far too high at 302% with 5 year coverage still far too high at 111%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 33% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is far too high at 483% with 5 year coverage at 374%. FCF for 2025 varies from $47M to $70M and I am using the $70M figure.

Item	Cur	5 Years
EPS	300.76%	88.77%
AEPS	302.39%	111.35%
AFFO	37.38%	35.92%
CFPS	33.64%	28.36%
FCF	482.86%	374.47%

I would like to see the Debt Ratios improved and the company has lots of debt, but utilities tend to have lots of debt. The Long Term Debt/Market Cap Ratio for 2025 is a bit high at 0.70 and currently at 0.61. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.57 and currently at 0.55 because this is a more important ratio for a Utility. The Liquidity Ratio for 2025 is too low at 0.94 and 0.80 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.22 and currently at 1.22. This ratio is better if at 1.50 or higher. The Debt Ratio for 2025 is low at 1.46 and 1.43 currently. This ratio is better at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.51 and 2.41 and currently at 3.66 and 2.55. These ratios are better if they are below 3.00 and 2.00. However, utilities tend to have lots of debt.

Type	Year End	Ratio Curr
Lg Term R	0.70	0.61
Lg Term /A	0.57	0.55
Intang/GW	0.07	0.06
Liquidity	0.94	0.80
Liq. + CF	1.22	1.22
Debt Ratio	1.46	1.43
Leverage	3.51	3.66
D/E Ratio	2.41	2.55

The Total Return per Year is shown below for years of 5 to 16 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	6.27%	16.36%	10.85%	5.51%
2015	10	6.50%	19.57%	12.66%	6.91%
2010	15	5.07%	11.06%	6.23%	4.83%
2005	16	4.75%	11.53%	6.50%	5.03%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 44.69, 53.13 and 61.57. The corresponding 10 yar ratios are 24.11, 30.80 and 37.75. The corresponding historical ratios are 22.06, 27.68 and 30.57. The current ratio is 32.29 based on a stock price of $64.58 and EPS estimate for 2026 of $2.00. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. These are quite high P/E Ratios for a utility.

I also have Adjusted Earning per Share Ratios. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 10.31, 12.26 and 14.21. The corresponding 10 yar ratios are 16.92, 21.40 and 24.08. The corresponding historical ratios are 16.72, 19.63 and 22.02. The current ratio is 32.29 based on a stock price of $64.58 and AEPS estimate for 2026 of $2.00. This ratio is above high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $35.04. The 10-year low, median, and high median Price/Graham Price Ratios are 1.00, 1.19 and 1.34. The current ratio is 1.84 based on a stock price of $64.58. This ratio is above high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.68. The current ratio is 2.37 based on a Book Value of $4,286M, Book Value per Share of $27.29 and a stock price of $64.58. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Book Value per Share estimate for 2026 of $30.46. This analyst calculated the Book Value differently than I do and, in this case, the 10 year Median P/B Ratio is 1.60. The P/B Ratio for a Book Value per Share of $30.46 is 2.12 with a stock price of $64.58 and a Book Value $4,785M. This 2.12 ratio is 63% above the 10 year median ratio of 1.60. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.73. The current ratio is 7.14 based on a stock price of $64.58, Cash Flow per Share estimate for 2026 of $9.05 and Cash Flow of $1,421M. The current ratio of 7.14 is 25% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 5.51%. The current dividend yield is 4.37% based on dividends of $2.778 and a stock price of $64.58. The current dividend yield is 21% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 5.89%. The current dividend yield is 4.37% based on dividends of $2.778 and a stock price of $64.58. The current dividend yield is 26% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.81. The current ratio is 2.85 based on Revenue estimate for 2026 of $3,444M, Revenue per Share of $22.70 and a stock price of $64.58. The current ratio is 57% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. The 10 year median dividend yield test says the stock price is relatively expensive an it is confirmed by the P/S Ratio test. All my tests are saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (2) and Hold (2). The consensus is a Strong Buy. The 12 month stock price consensus is $80.00 with a high of $88.00 and a low of $72.00. This implies a total return of 28.24% with 23.88% from capital gains and 4.37% from dividends based on a current stock price of $64.58.

Most analysts like this stock on Stock Chase however a few say Do Not Buy. They say the company depends on the open market rather than contracts and it is a play on AI. Amy Legate-Wolfe on Motley Fool says the company just locked in a 10 year plus deal for Meta’s Alberta data center. Daniel Da Costa on Motley Fool says to buy this company for a mix of income and growth. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street via Yahoo Finance says that this company could be undervalued. Another view is that the P/E Ratio is too high compared to others in the Renewable Energy Industry. Simply Wall Street has 4 warnings on this stock of interest payments are not well covered by earnings; dividend of 4.21% is not well covered by earnings or free cash flows; profit margins (2.7%) are lower than last year (13.9%); and large one-off items impacting financial results.

Capital Power Corp is a North American power producer whose principal activities are developing, acquiring, and operating power plants. These are located throughout Western and Central Canada and the U.S. The company generates the vast majority of its revenue from sale of electricity and natural gas. Its web site is here Capital Power Corp.

The last stock I wrote about was about was ATCO Ltd (TSX-ACO.X, OTC-ACLLF) ... learn more. The next stock I will write about will be High Liner Foods (TSX-HLF, OTC-HLNFF) ... learn more on Monday, August 31, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

ATCO Ltd

2026-08-26T17:51:03.559-04:00

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably expensive. Some Debt Ratios are good, but the company has too much debt, but utilities often have high debt. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is moderate with dividend growth low. See my spreadsheet on ATCO Ltd.

Is it a good company at a reasonable price? This stock is mostly a utility. As such, you can expect a good dividend, but little in the way of dividend growth and lower capital gains growth. I think that any dividend stock portfolio should have at least a couple of utility type stocks. They are usually good stocks to have both in good times and bad times. This stock has mostly done well for shareholders, but it would appear to be currently rather on the expensive side to buy.

I do not own this stock of ATCO Ltd (TSX-ACO.X, OTC-ACLLF). I started to look at this stock in 2009 because it was a dividend paying stock that was on everyone’s list. At that time this stock was on the Dividend Achievers list, the Dividend Aristocrats list and also was on Mike Higgs’ list. ATCO (TSX-ACO-X) owns 52.3% (2021) Canadian Utilities (TSX-CU), so you would not buy both these stocks.

When I was updating my spreadsheet, I noticed this stock has a good dividend, but it is growing slowly. There is always a trade off between dividend yield and growth. If dividends continue to increase by 3.00% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $76.45 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$2.41	3.15%	5	3.00%	14.43%
$2.79	3.65%	10	3.00%	28.01%
$3.24	4.24%	15	3.00%	43.76%

If you had invested in this company in December 2015, for $1,035.30 you would have bought 29 shares at $35.70 per share. In December 2025, after 10 years you would have received $488.24 in dividends. The stock would be worth $1,635.02. Your total return would have been $2,123.26. This would be a total return of 8.45% per year with 4.68% from capital gain and 3.78% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$35.70	$1,035.30	29	10	$488.24	$1,635.02	$2,123.26

The current dividend yield is moderate with dividend growth low. The current dividend is moderate (2% to 4% ranges) at 2.74%. The 5, 10 and historical dividend yields are moderate at 4.37%, 4.03% and 2.22%. The dividend growth is low (below 8% per year) at 3% per year over the past 5 years. The last dividend increase was in 2026 and it was for 3%.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is far too high at 152% with 5 year coverage too high at 66%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 44% with 5 year coverage at 49%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 10% with 5 year coverage at 10%. The DPR for 2025 for Free Cash Flow (FCF) is far too high at 454% with 5 year coverage at 225%. FCF for 2025 varies from $50M (which I am using) to $227M.

Item	Cur	5 Years
EPS	151.73%	66.25%
AEPS	43.89%	48.63%
CFPS	9.94%	10.41%
FCF	454.00%	224.58%

Some Debt Ratios are good, but the company has too much debt, but utilities often have high debt. The Long Term Debt/Market Cap Ratio for 2025 is rather high at 2.00 and currently at 1.48. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is fine at 0.56 and currently at 0.56 because this is a more important ratio for a Utility. The Liquidity Ratio for 2025 is good at 1.80 and 2.04 currently. The Debt Ratio for 2025 is fine at 1.43 and 1.45 currently. The Leverage Ratio is high at 3.31 and Debt/Equity Ratios for 2025 is fine at 1.43 and currently Leverage Ratio is high 3.22 and Debt/Equity Ratios fine at 1.45.

Type	Year End	Ratio Curr
Lg Term A	0.56	0.56
Lg Term R	2.00	1.48
Intang/GW	0.19	0.15
Liquidity	1.80	2.04
Liq. + CF	3.36	4.09
Debt Ratio	1.43	1.45
Leverage	3.31	3.22
D/E Ratio	1.43	1.45

The Total Return per Year is shown below for years of 5 to 37 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.00%	13.51%	9.09%	4.41%
2015	10	7.38%	8.45%	4.68%	3.78%
2010	15	9.32%	7.59%	4.40%	3.19%
2005	20	8.71%	8.37%	5.34%	3.03%
2000	25	9.08%	9.66%	6.53%	3.13%
1995	30	10.92%	12.47%	8.64%	3.82%
1990	35	10.57%	12.20%	8.74%	3.46%
1988	37	10.51%	13.44%	9.58%	3.86%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.40, 13.67 and 14.94. The corresponding 10 year ratios are 12.35, 14.07 and 16.21. The corresponding historical ratios are 9.17, 10.67 and 12.34. The current ratio is 16.95 based on a stock price of $75.94 and EPS estimate for 2026 of $4.48. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.95, 11.13 and 12.31. The corresponding 10 year ratios are 10.85, 12.62 and 14.13. The corresponding historical ratios are 10.85, 12.62 and 14.13. The current ratio is 15.56 based on a stock price of $75.94 and AEPS estimate for 2026 of $4.88. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $68.12. The 10-year low, median, and high median Price/Graham Price Ratios are 0.71, 0.82 and 0.91. The current ratio is 1.11 based on a stock price of $75.94. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.20. The current ratio is 1.80 based on a Book Value of $4,755M, Book Value per Share of $42.26 and a stock price of $75.94. The current ratio is 50% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.54. The current ratio is 3.43 based on Cash Flow estimate for 2026 of $2,489M, Cash Flow per Share of $22.12 and a stock price of $75.94. The current ratio is 35% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.22%. The current dividend yield is 2.74% based on dividends of $2.0784 and a stock price of $75.94. The current ratio is 23% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 4.06%. The current dividend yield is 2.74% based on dividends of $2.0784 and a stock price of $75.94. The current ratio is 33% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.09. The current ratio is 1.46 based on Revenue estimate for 2026 of $5,860M, Revenue per Share of $52.08 and a stock price of $75.94. The current ratio is 34% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. All but one of my tests is showing that the stock price is relatively expensive. The 10 year median dividend yield says that the stock price is relatively expensive and it is confirmed by the P/S Ratio test.

When I look at analysts’ recommendations, I find Strong Buy (3) and Hold (5). The consensus would be a Buy. The 12 month stock price consensus is $81.00 with a high of $85.00 and a low of $76.00. The 12 month consensus stock price of $81.00 implies a total return of $9.40% with 6.66% from capital gains and 2.74% from dividend based on a current stock price of $75.94.

There are three entries on Stock Chase for 2026. There is one Hold and two Buys. Jitendra Parashar on Motley Fool says the company is pairing steady earnings growth with new projects. Amy Legate-Wolfe on Motley Fool says with regulated utility exposure could benefit from AI data Centres. The company put out a press release about their fourth quarter results for 2025. The company put out a Press Release about their second quarter of 2026.

The Canadian Press via Yahoo Finance talks about the company beginning constructions on a natural gas pipeline. This is great news. Simply Wall Street via Yahoo Finance talks about this stock and says that its fair value is $68.86. Simply Wall Street has 3 warnings out on this stock of interest payments are not well covered by earnings; dividend of 2.76% is not well covered by earnings; and profit margins (3.4%) are lower than last year (8.7%).

Atco Ltd is a Canada-based diversified company. It has 3 sections of Structures and Logistics, Neltume Ports, and Retail Energy segment. It generates maximum revenue from the ATCO Energy Systems segment and earns maximum revenue from Canada. Its web site is here ATCO Ltd.

The last stock I wrote about was about was Exchange Income Corp (TSX-EIF, OTC-EIFZF) ... learn more. The next stock I will write about will be Capital Power Corp (TSX-CPX, OTC-CPRHF) ... learn more on Friday, August 28, 2026 around 5 pm. Tomorrow on my other blog I will write about State of the Nation Financial Overview.... learn more on Thursday, August 27, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Exchange Income Corp

2026-08-24T18:25:13.814-04:00

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is testing as expensive. Most Debt Ratios are good, but the company has too much debt. The Dividend Payout Ratios (DPR) are high except for CFPS and here it is good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Exchange Income Corp.

Is it a good company at a reasonable price? This company has done quite well for its shareholders over the long term. However, because it is issuing shares, the increases per share are lower than the absolute increases. For example, Revenue is up by 23% and 15% over the past 5 and 10 years, but Revenue per Share is only up 13% and 7% over the past 5 and 10 years. The stock has had a good run since 2025, but you have to wonder if it is currently too high. My testing is showing that the current stock price is relatively expensive on a number of different tests.

I do not own this stock of Exchange Income Corp (TSX-EIF, OTC-EIFZF). One of my blogger readers suggested this stock as one to review. There was an interesting article about this stock in the Globe and Mail in May 2013. This article suggested that the company had a hefty yield with an acquisition tailwind. This article is no longer available.

When I was updating my spreadsheet, I noticed that this company had a good year in 2025. Revenue is up 23%, Adjusted Earnings is up 21%, Stock Price is up 39% and up 54% so far this year.

If you had invested in this company in December 2015, for $1,026.36 you would have bought 26 shares at $28.51 per share. In December 2025, after 10 years you would have received $836.55 in dividends. The stock would be worth $2,950.56. Your total return would have been $3,787.11. This would be a total return of 16.45% per year with 11.14% from capital gain and 5.31% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$28.51	$1,026.36	36	10	$836.55	$2,950.56	$3,787.11

This stock has had good growth over the past 5 and 10 years. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	185.09%	23.31%	13.14%	<-12 mths
5	AEPS Growth	175.57%	22.47%	14.40%	<-12 mths
5	FCF per Share Growth	48.98%	8.30%	14.61%	<-12 mths
5	Net Income Growth	497.11%	42.96%	22.45%	<-12 mths
5	Cash Flow Growth	149.23%	20.04%	10.29%	<-12 mths
5	Dividend Growth	16.23%	3.05%	4.15%	<-12 mths
5	Stock Price Growth	123.69%	17.47%	62.38%	<-12 mths

10	Revenue Growth	305.93%	15.04%	19.24%	<-this year
10	AEPS Growth	76.96%	5.87%	27.98%	<-this year
10	FCF per Share Growth	50.87%	4.20%	-0.46%	<-this year
10	Net Income Growth	316.36%	15.33%	44.94%	<-this year
10	Cash Flow Growth	549.03%	20.57%	10.29%	<-this year
10	Dividend Growth	47.22%	3.94%	5.74%	<-this year
10	Stock Price Growth	187.48%	11.14%	83.02%	<-this year

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4%) at 2.19%. The 5 and 10 year median dividend yields are good (5% to 6%) at 5.17% and 5.73%. The historical median dividend yield is high (7% and above) at 7.10%. However, this stock used to be an income trust stock and the dividend yield has been dropping since 2009 when the company became a corporation. The dividend growth is low (below 8% per year) at 3.1% per year over the past 5 years. The last dividend increase was in 2025 and it was for 4.56%.

The Dividend Payout Ratios (DPR) are high except for CFPS and here it is good. The DPR for 2025 for Earnings per Share (EPS) is high at 85% with 5 year coverage at 98%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 73% with 5 year coverage at 84%. The DPR for 2025 for Free Cash Flow provided by the company (FCF) is high at 61% with 5 year coverage at 66%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 26% with 5 year coverage at 29%. The DPR for 2025 for Free Cash Flow (FCF) is high at 58% with 5 year coverage at 58%.

Item	Cur	5 Years
EPS	84.94%	98.35%
AEPS	73.41%	84.27%
FCF Co.	60.50%	66.37%
CFPS	25.54%	29.02%
FCF	58.49%	58.45%

Most Debt Ratios are good, but the company has too much debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.47 and currently at 0.31. The Liquidity Ratio for 2025 is good at 1.71 and 1.63 currently. The Debt Ratio for 2025 is good at 1.50 and 1.48 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.99 and 1.99 and currently too high at 3.07 and 2.07.

Type	Year End	Ratio Curr
Lg Term R	0.47	0.31
Intang/GW	0.26	0.16
Liquidity	1.71	1.63
Liq. + CF	2.33	2.23
Debt Ratio	1.50	1.48
Leverage	2.99	3.07
D/E Ratio	1.99	2.07

The Total Return per Year is shown below for years of 5 to 22 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.05%	22.53%	17.47%	5.05%
2015	10	3.94%	16.45%	11.14%	5.31%
2010	15	3.60%	17.20%	10.82%	6.38%
2005	20	4.79%	19.28%	10.82%	8.46%
2003	22	7.87%	34.23%	15.19%	10.04%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 16.02, 20.59 and 23.80. The corresponding 10 year ratios are 14.64, 17.84 and 21.09. The corresponding historical ratios are 13.66, 16.55 and 20.42. The current ratio is 29.17 based on EPS estimate for 2026 of $4.33 and a stock price of $126.29. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.82, 17.15 and 19.82. The corresponding 10 year ratios are 11.56, 15.23 and 18.31. The corresponding historical ratios are 12.50, 15.91 and 18.40. The current ratio is 27.34 based on AEPS estimate for 2026 of $4.62 and a stock price of $126.29. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $57.78. The 10-year low, median, and high median Price/Graham Price Ratios are 0.88, 1.14 and 1.35. The current ratio is 2.19 based on a stock price of $126.29. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.91. The current ratio is 3.93 based on a Book Value of $1,810.9M, Book Value per Share $32.12 and a stock price of $126.29. The current ratio is 105% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.91. The current ratio is 9.96 based on Cash Flow for the last 12 months of $714.6M, Cash Flow per Share of $12.67 and a stock price of $126.29. The current ratio is 10% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 7.10%. The current dividend yield is 2.19% based on a stock price of $126.29 and dividends of $2.76. The current dividend yield is 69% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this stock used to be an income trust and as such would have quite high dividend yields.

I get a 10 year median dividend yield of 5.73%. The current dividend yield is 2.19% based on a stock price of $126.29 and dividends of $2.76. The current dividend yield is 62% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this stock used to be an income trust and as such would have quite high dividend yields.

The 10-year median Price/Sales (Revenue) Ratio is 1.12. The current ratio is 1.82 based on Revenue estimate for 2026 of $3,908M, Revenue per Share of $69.31 and a stock price of $126.29. The current ratio is 63% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is testing as expensive. Almost all my tests are showing this stock price as expensive (except for the P/CF Ratio test). Also, if you look at the stock chart, this stock is just slightly of its last peak.

When I look at analysts’ recommendations, I find Strong Buy (7) and Buy (4). The consensus is a Buy. The 12 month consensus target stock price is $150.00 with a high of $165.00 and a low of $122.00. The target price of $150.00 implies a total return of 20.96% with 18.77% from capital gains and 2.19% from dividends based on a current stock price of $126.29. Note that I am currently using Globe and Mail for this information. I used to use Market Screener, but lately my McAfee does not like this site for some reason.

The analysts on Stock Chase like this company, but most of the entries are Buy on Weakness or Hold. Amy Legate-Wolfe on Motley Fool likes this company for its dividends. Jitendra Parashar on Motley Fool likes this stock because of its monthly dividend. The company put out a press release via Business Wire about their fourth quarter of 2025. The company put out a press release via Business Wire about their second quarter of 2026.

Guru Focus via Yahoo Finance looks at the positive and negative points of this company. Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street has two warnings out on this stock of has a high level of debt; and dividend of 2.07% is not well covered by free cash flows. They also point out even though net income gained 67% over the past 3 years, earnings per share only gained 28% because of the company issuing more shares.

Exchange Income Corp is a diversified, acquisition-oriented corporation focused on opportunities in the Aerospace and Aviation and Manufacturing segments. The business plan of the Corporation is to invest in profitable, well-established companies with cash flows operating in niche markets. Its geographic areas are Canada, Europe, the USA, and Others. Its web site is here Exchange Income Corp.

The last stock I wrote about was about was Alimentation Couche-Tard Inc (TSX-ATD, OTC-ANCUF) ... learn more. The next stock I will write about will be ATCO Ltd (TSX-ACO.X, OTC-ACLLF) ... learn more on Wednesday, August 26, 2026 around 5 pm. Tomorrow on my other blog I will write about What Fairfax Holds.... learn more on Tuesday, August 25, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Alimentation Couche-Tard Inc

2026-08-21T13:52:08.195-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably reasonable, but could be cheap. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth good. See my spreadsheet on Alimentation Couche-Tard Inc.

Is it a good company at a reasonable price? This stock has done very well for its shareholders. Even thought the dividend is low, it has good growth. I would buy when dividend is 1% or above. A lot of the testing is saying that the stock price is expensive. It is just of a recent high, so it could be expensive. Both the Price/Graham Price Ratio and Price/Book Value Ratio testing is showing it reasonable but above the median. So, it might be on the high side. But I must admit, I do like the dividend tests best.

I do not own this stock of Alimentation Couche-Tard Inc (TSX-ATD, OTC-ANCTF). In 2004 I bought this stock as it had a good reputation and my spreadsheet showed I should do well with it. I bought more of this stock in 2006 as it had a good past record and had started to pay a dividend. By the year end I bought more as TD Bank said it was a good time to buy this stock. I sold the stock in my trading account in 2007 as I was raising mortgage money and this stock had gone down so it was cheap, tax wise, to sell. In 2013, I sold the stock in my Pension account as it had the lowest dividend yield and I had to raise money in this account because of yearly withdrawals.

When I was updating my spreadsheet, I noticed all the officers I follow bought more shares in the past years. It is mixed story with the directors. Some directors have lots of shares and two sold small amounts and one bought a small amount. However, directors often do not have shares or buy more shares very often on any company.

Note that this company has a financial year ending at the end of April each year. I am looking at the financial year end dated 26 April 2026. The financial statements are in US$, the estimates are in US$. The dividends are paid in CDN$.

If you had invested in this company in December 2015, for $1,005.02 you would have bought 33 shares at $30.46 per share. In December 2025, after 10 years you would have received $138.52 in dividends. The stock would be worth $2,473.68. Your total return would have been $2,612.20. This would be a total return of 10.25% per year with 9.43% from capital gain and 0.82% from dividends.

Cost Tot. Cost Shares Years Dividends Stock Val Tot Ret $30.46 $1,005.02 33 10 $138.52 $2,473.68 $2,612.20

You can see from the following chart, that this stock has good growth, but growth was high in the past 10 years than in the past 5 years, so growth of earnings has slowed as has cash flow. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2027 (July 2026) and expected growth over this financial year of 2027.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth US$	67.19%	10.83%	5.36%	<-12 mths
5	AEPS Growth	26.53%	4.82%	4.52%	<-12 mths
5	Net Income Growth	16.20%	3.05%	2.83%	<-12 mths
5	Cash Flow Growth	31.24%	5.59%
5	Dividend Growth	127.64%	17.88%	6.19%	<-12 mths
5	Stock Price Growth	74.46%	11.77%	12.24%	<-12 mths

10	Revenue Growth US$	124.07%	8.40%	10.00%	<-this year
10	AEPS Growth	197.05%	11.50%	6.77%	<-this year
10	Net Income Growth	163.40%	10.17%	-4.25%	<-this year
10	Cash Flow Growth	184.08%	11.01%	5.59%	<-this year
10	Dividend Growth	504.17%	19.71%	11.46%	<-this year
10	Stock Price Growth	169.94%	10.44%	12.24%	<-this year

The current dividend yield is low with dividend growth good. The current dividend yield is low (below 2%) at 1.00%. The 5, 10 and historical median dividend yields are also low at 0.85%, 0.77% and 0.70%. The dividend growth is good (15% per year or higher) at 20.5% per year over the past 5 years. The last dividend increase was in 2026 and it was for 10.3%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 17% with 5 year coverage at 16%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 19% with 5 year coverage at 16%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 9%. The DPR for 2025 for Free Cash Flow (FCF) is good at 21% with 5 year coverage at 17%. FCF for 2026 varies from $2,580M to $3,638M. I am using the one for 2026 of $2,580M.

Item	Cur	5 Years
EPS	17.44%	15.66%
AEPS	18.95%	15.75%
CFPS	9.13%	8.93%
FCF	21.45%	16.62%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.19 and currently at 0.18. The Liquidity Ratio for 2025 is low at 1.12 and too low at 0.99 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.66 and currently at 1.66. The Debt Ratio for 2025 is good at 1.60 and 1.60 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.69 1.68 and currently at 2.69and 1.68.

Type	Year End	Ratio Curr
Lg Term R	0.19	0.18
Intang/GW	0.22	0.21
Liquidity	1.12	0.99
Liq. + CF	1.66	1.66
Debt Ratio	1.60	1.60
Leverage	2.69	2.69
D/E Ratio	1.68	1.68

The Total Return per Year is shown below for years of 5 to 33 to the end of 2025 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	20.49%	12.66%	11.56%	1.10%
2015	10	20.64%	10.25%	9.43%	0.82%
2010	15	24.47%	21.85%	20.61%	1.25%
2005	20	16.16%	16.73%	15.93%	0.81%
2000	25		22.47%	21.44%	1.03%
1995	30		24.98%	23.93%	1.05%
1992	33		30.54%	29.02%	1.51%

The Total Return per Year is shown below for years of 5 to 33 to the end of 2025 in US$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	17.88%	10.89%	9.82%	1.07%
2015	10	19.71%	10.37%	9.52%	0.85%
2010	15	21.50%	19.19%	18.04%	1.15%
2005	20	14.99%	15.65%	14.83%	0.82%
2000	25		21.51%	20.44%	1.07%
1995	30		23.71%	22.64%	1.08%
1992	33		29.37%	27.79%	1.58%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 14.74, 16.66 and 18.58. The corresponding 10 year ratios are 13.35, 15.64 and 18.28. The corresponding historical ratios are 12.77, 16.17 and 19.85. The current ratio is 18.62 based on a stock price of $86.05 and EPS estimate for 2027 of $4.62 ($3.33 US$). The current ratio is above the high ratio of the 10 year median. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.52, 17.79 and 20.05. The corresponding 10 year ratios are 14.30, 16.61 and 19.24. The corresponding historical ratios are 12.41, 15.41 and 18.11. The current ratio is 18.83 based on a stock price of $62.32 and AEPS estimate for 2027 of $4.59. The current ratio is between the median and the high ratio of the 10 year median. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. You will get similar results in CDN$.

I get a Graham Price of $50.26. The 10-year low, median, and high median Price/Graham Price Ratios are 1.33, 1.53 and 1.77. The current ratio is 1.71 based on a stock price of $86.05. The current ratio is between the median and the high ratio of the 10 year median. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 3.38. The current ratio is 3.54 based on a stock price of $62.32, Book Value of $16,179M, and Book Value per Share of $17.62. The current ratio is 4.6% above the 10 year median ratio. The current ratio is between the median and the high ratio of the 10 year median. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. You will get similar results in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 10.18. The current ratio is 10.11 based on Cash Flow per Share estimate for 2027 of 6.17, Cash Flow of $5,663M and a stock price of $62.32. The current ratio is 0.7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get similar results in CDN$.

I get an historical median dividend yield of 0.70. The current dividend yield is 1.00% based on dividends of $0.86 and a stock price of $86.05. The current dividend yield is 43% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

I get a 10 year median dividend yield of 0.77. The current dividend yield is 1.00% based on dividends of $0.86 and a stock price of $86.05. The current dividend yield is 29% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 0.66. The current dividend yield is 0.68 based on Revenue estimate for 2027 of $84,154M, Revenue per Share of $91.64 and a stock price of $62.32. The current ratio is 2.9% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. You will get similar results in CDN$.

Results of stock price testing is that the stock price is probably reasonable, but could be cheap. The dividend yield testing is saying that the stock price is cheap, but the P/S Ratio testing is saying reasonable but above the median (but not by much). The rest of the testing varies from reasonable, but above the median to expensive.

When I look at analysts’ recommendations, I find Strong Buy (8) and Buy (2). The consensus would be a Buy. The 12 month stock price consensus is $104.00 with a high of $110.00 and low of $82.00. The consensus stock price of $104 implies a total return of 21.86% with 20.86% from capital gains and 1.00% from dividends based on a current stock price of $86.05.

Most analysts on Stock Chase like this stock, but there are some Do Not Buy comments on high price and low dividend yield. Aditya Raghunath on Motley Fool thinks that you can double your money in 10 years with this stock. Joey Frenette on Motley Fool says it is a stock that pairs strong long-term drives with real profitability. The company put out a Press Release about their fourth quarter ending April 2026.

Simply Wall Street via Yahoo Finance reviews this stock and gives it a fair value of $158.60. Simply Wall Street has one warning on this stock of has a high level of debt.

Alimentation Couche-Tard Inc operates a network of convenience stores across North America, Europe, and Asia. Its operation is geographically divided into the U.S., Europe and other regions, and Canada. Revenue from external customers falls mainly into three categories: merchandise and services, road transportation fuel, and others. The company generates the majority of its revenue from the United States. Its web site is here Alimentation Couche-Tard Inc.

The last stock I wrote about was about was Chemtrade Logistics Income Fund (TSX-CHE.UN, OTC-CGIFF) ... learn more. The next stock I will write about will be Exchange Income Corp (TSX-EIF, OTC-EIFZF) ... learn more on Monday, August 24, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Chemtrade Logistics Income Fund

2026-08-19T18:48:05.798-04:00

Sound bite for Twitter is: Dividend Growth Materials. Results of stock price testing is that the stock price is relatively expensive. Debt Ratios could be improved and debt is high. The Dividend Payout Ratios (DPR) are generally good. The current dividend yield is moderate with dividend growth restarted. See my spreadsheet on Chemtrade Logistics Income Fund.

Is it a good company at a reasonable price? Note that this stock is rather cyclical, so it is best to buy somewhere in the troughs. The month income is nice and fewer and fewer companies are giving monthly dividends. I think you can do with income from this stock, but I would try to buy it off a high. I think that this stock is rather pricy at this time.

I do not own this stock of Chemtrade Logistics Income Fund (TSX-CHE.UN, OTC-CGIFF). I decided to investigate this stock after reading an article in the G&M in February 2012 about investing in small cap stocks that pay dividends. This was one of the stocks mentioned that I had never heard of before.

When I was updating my spreadsheet, I noticed that the company had a good year in 2025 with Revenue, AFFO, Distributable Cash, Net Income, Cash Flow, Dividends and Stock Price all increased in 2025 compared to 2024. They are not expected to increase again in 2026, but the stock price is up in 2026 by 13%. I noticed that all the officers I following have increased the stock that they hold in the past year. None of the Directors have, but it is not unusual for Directors to change the number of shares that they hold.

If you had invested in this company in December 2015, for $1,000.16 you would have bought 56 shares at $17.86 per share. In December 2025, after 10 years you would have received $486.78 in dividends. The stock would be worth $826.00. Your total return would have been $1,312.78. This would be a total return of 3.51% per year with 1.90% from capital loss and 5.41% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.86	$1,000.16	56	10	$486.78	$826.00	$1,312.78

However, if you had invested in this company in December 2020, for $1,002.76 you would have bought 172 shares at $5.83 per share. In December 2025, after 5 years you would have received $540.51 in dividends. The stock would be worth $2,537.00. Your total return would have been $3077.51. This would be a total return of 28.14% per year with 20.40% from capital gain and 7.74% from dividends. Note that the stock price hit a low point in 2020.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$5.83	$1,002.76	172	5	$540.51	$2,537.00	$3,077.51

Growth is interesting. Growth is better in the last 5 years than for past 10 years. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	44.80%	7.69%	91.57%	<-12 mths
5	AFFO Growth	11.37%	2.18%	-5.44%	<-12 mths
5	Dis. Cash Growth	210.94%	25.47%	-21.25%	<-12 mths
5	Net Income Growth	183.23%	23.15%	6.84%	<-12 mths
5	Cash Flow Growth	35.55%	6.27%	11.07%	<-12 mths
5	Dividend Growth	-8.33%	-1.73%	4.36%	<-12 mths
5	Stock Price Growth	153.00%	20.40%	6.58%	<-12 mths

10	Revenue Growth	46.37%	3.88%	14.18%	<-this year
10	AFFO Growth	-41.26%	-5.18%	-5.44%	<-this year
10	Dis. Cash Growth	1.02%	0.10%	-21.25%	<-this year
10	Net Income Growth	392.90%	17.29%	11.92%	<-this year
10	Cash Flow Growth	119.22%	8.17%	-6.46%	<-this year
10	Dividend Growth	-42.71%	-5.42%	4.73%	<-this year
10	Stock Price Growth	-17.41%	-1.90%	6.58%	<-this year

The current dividend yield is moderate with dividend growth restarted. The current dividend yield is moderate (2% to 4% ranges) at 4.58%. The 5 year median dividend yield was good (5% to 6% ranges). The 10 year and historical median dividend yields are high (7% or higher) at 7.16% and 8.09%. The dividends have decreased by 1.7% per year over the past 5 years. This company kept the dividends flat from 2007 to 2019, then decreased they. They have been increasing the dividends since 2024 and the last dividend increase was for 4.4% and it occurred in 2026.

Note that this company used to be an income trust. Income trusts generally have high dividend yields, and it seems that almost all of the old income trusts are having a hard time getting their dividends right after they become corporations.

The Dividend Payout Ratios (DPR) are generally good. The DPR for 2025 for Earnings per Share (EPS) is high at 56% with 5 year coverage very high at 128%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 43% with 5 year coverage at 43%. The DPR for 2025 for Distributable Cash Flow (DCF) is good at 35% with 5 year coverage at 35%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 15% with 5 year coverage at 16%. The DPR for 2025 for Free Cash Flow (FCF) is high at 42% with 5 year coverage good at 32%. FCF varies from $178M to $190M. I am using the $190M.

Item	Cur	5 Years
EPS	56.35%	127.74%
AFFO	42.87%	42.63%
DCF	34.55%	34.76%
CFPS	15.47%	16.44%
FCF	41.50%	32.34%

Debt Ratios could be improved and debt is high. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.16 and currently a little high at 0.62. Some analysts think that this should be at 50 and below and others think it is ok to be higher, but, of course, not higher than 1.00. The Liquidity Ratio for 2025 is too low at 0.90 and a bit better at 1.07 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.49 and currently at 1.63. The Debt Ratio for 2025 is low at 1.44 and 1.44 currently. This rate is better at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.27 and 2.27 and currently at 3.29 and 2.29. These ratios are better when below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.58	0.62
Intang/GW	0.43	0.42
Liquidity	0.90	1.07
Liq. + CF	1.49	1.63
Debt Ratio	1.44	1.44
Leverage	3.27	3.29
D/E Ratio	2.27	2.29

The Total Return per Year is shown below for years of 5 to 24 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	-1.73%	28.14%	20.40%	7.74%
2014	10	-5.42%	3.51%	-1.90%	5.41%
2009	15	-3.65%	6.78%	-0.17%	6.95%
2004	20	-3.26%	11.47%	1.64%	9.83%
2001	24	1.37%	13.04%	0.95%	12.09%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.95, 8.42 and 9.90. The corresponding 10 year ratios are 1.49, 1.29 and 1.49. The corresponding historical ratios are 7.50, 9.80 and 12.47. The current ratio is 11.64 based on a stock price of $15.72 and EPS estimate for 2026 of $1.35. The 10 year ratios make no sense. In the last 10 years there were a lot of earning losses and that why the values are so low.

If we use the 5-year low, median, and high median Price/Earnings per Share Ratios using only positive values they are 7.04, 8.98 and 10.74. The corresponding 10 year ratios are 7.13, 9.54 and 11.58. The current ratio is 11.64 based on a stock price of $15.72 and EPS estimate for 2026 of $1.35. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Distributable Cash Flow (DCF) data. The 5-year low, median, and high median Price/ Distributable Cash Flow Ratios are 4.33, 5.51 and 6.69. The corresponding 10 year ratios are 6.25, 9.89 and 11.69. The corresponding historical ratios are 7.00, 8.60 and 10.19. The current ratio is 10.03 based on DCF for the last 12 months to the second quarter and a stock price of $15.72. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $14.74. The 10-year low, median, and high median Price/Graham Price Ratios are 0.63, 0.77 and 0.96. The current ratio is 1.07 based on a stock price of $15.72. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.47. The current ratio is 2.20 based on a Book Value of $805.7M, Book Value per Share of $7.16 and stock price of $15.72. The current ratio is 50% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Book Value per Share estimate for 2026 of $7.56. In this case the P/B Ratio would be 2.08 with a stock price of $15.72 and Book Value of $851M. Here the ratio is 42% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 3.62. The current ratio is 5.33 based on Cash Flow per Share estimate for 2026 of $2.95, Cash Flow of $332M and a stock price of $15.72. The current ratio is 47% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 8.09%. The current dividend yield is 4.58% based on a stock price of $15.72 and dividends of $0.72. This dividend yield is 43% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 7.16%. The current dividend yield is 4.58% based on a stock price of $15.72 and dividends of $0.72. This dividend yield is 36% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.63. The current ratio is 0.78 based on Revenue estimate for 2029 of $1,034.8M, Revenue per Share of $20.26 and a stock price of $15.72. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is relatively expensive. The 10 year dividend yield test says this and it is confirmed by the P/S Ratio test. A number tests are saying that the stock price is relatively expensive. But, also note that this stock used to be an income trust and income trust could have quite high yields. The yield on this corporation is rather on the high side for a corporation at 4.58%.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (4) and Hold (1). The consensus would be a Buy. The 12 month stock price consensus is $19.79 with a high of $22.50 and a low of $18.50. The 12 month consensus stock price of $19.79 implies a total return of 30.47% with 25.89% from capital gains and 4.58% from dividends based on a current stock price of $15.72.

This stock is followed by a few analysts. On Stock Chase you have a couple of Buys and a Hold. There is a comment saying if it does not continue to rise, sell. Jitendra Parashar on Motley Fool likes it for the month income it produces. Amy Legate-Wolfe on Motley Fool also likes this stock for its monthly income. The company put out a press release via Business Wire about their 2025 fourth quarter. The company put out a press release via Business Wire about their second quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock and thinks that the fair value is $14.14. Simply Wall Street has two warnings on this stock of has a high level of debt; and unstable dividend track record.

Chemtrade Logistics Income Fund provides industrial chemicals and services to customers in North America and around the world. The company is organized into two operating segments: Sulphur and Water Chemicals (SWC) and Electrochemicals. Its geographical segments are Canada, the United States, which derives maximum revenue, and Brazil. Its web site is here Chemtrade Logistics Income Fund.

The last stock I wrote about was about was Aecon Group Inc (TSX-ARE, OTC-AEGXF) ... learn more. The next stock I will write about will be Alimentation Couche-Tard Inc (TSX-ATD, OTC-ANCUF) ... learn more on Friday, August 21, 2026 around 5 pm. Tomorrow on my other blog I will write about Beaten-Down Canadian Stocks.... learn more on Thursday, August 20, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Aecon Group Inc

2026-08-17T17:17:33.112-04:00

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably expensive. Debt Ratios need improving and the company has too much debt. Debt Ratios need improving and the company has too much debt. The Dividend Payout Ratios (DPR) are too high. See my spreadsheet on Aecon Group Inc.

Is it a good company at a reasonable price? If you look at the stock chart this stock has gone straight up since April 2025. It is just off of a peak. The stock price has gone up 51% this year so far. This stock has certainly varied a lot in what it has produced for investors. A lot of analysts certainly think it has a great future, but I would be cautious and be with the analysts that rate it a Hold. All my tests show that the stock price is relatively expensive at the current time.

I do not own this stock of Aecon Group Inc (TSX-ARE, OTC-AEGXF). This stock has been coming up on Canada Stock Channel Weekly email in 2020. Site is Canada Stock Channel.

When I was updating my spreadsheet, I noticed that the loss for Jun 2026 was due to higher costs, especially higher Financing costs.

If you had invested in this company in December 2015, for $1,000.35 you would have bought 65 shares at $15.39 per share. In December 2025, after 10 years you would have received $408.85 in dividends. The stock would be worth $2,033.20. Your total return would have been $2,442.05. This would be a total return of 10.27% per year with 7.35% from capital gain and 2.92% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$15.39	$1,000.35	65	10	$408.85	$2,033.20	$2,442.05

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.62%. The 5, 10 and historical median dividend yields are moderate (2% to 4% ranges) at 3.61%, 3.37%, and 2.62%. The dividend growth is low (below 8% per year) at 4% per year over the past 5 years. The last dividend increase was in 2026 and it was for 1.3%.

The Dividend Payout Ratios (DPR) are too high. The DPR for 2025 for Earnings per Share (EPS) is far too high at 330% with 5 year coverage at 139%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is far too high at 190% with 5 year coverage at 133%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 68% with 5 year coverage far too high at 452%. The DPR for 2025 for Free Cash Flow 1 (FCF-1) is too high at 68% with 5 year coverage far too high at 453%. The DPR for 2025 for Free Cash Flow 2 (FCF-2) is too high at 80% with 5 year coverage non-calculable.

Item	Cur	5 Years
EPS	330.43%	139.54%
AEPS	190.00%	133.45%
CFPS	38.46%	650.08%
FCF 1	68.43%	452.69%
FCF 2	79.77%	-184.54%

Debt Ratios need improving and the company has too much debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.18 and currently at 0.14. The Liquidity Ratio for 2025 is fine at 1.48 and low at 1.08 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.51 and currently at 1.08. The Debt Ratio for 2025 is good at 1.30 and to low at 1.28 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 4.33 and 3.32 and currently at 4.63 and 3.61.

Type	Year End	Ratio Curr
Lg Term R	0.18	0.14
Intang/GW	0.13	0.10
Liquidity	1.48	1.08
Liq. + CF	1.51	1.08
Debt Ratio	1.30	1.28
Leverage	4.33	4.63
D/E Ratio	3.32	3.61

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.99%	17.36%	13.84%	3.52%
2015	10	6.90%	10.27%	7.35%	2.92%
2010	15	9.31%	10.53%	7.74%	2.80%
2005	20	0.00%	12.07%	9.28%	2.79%
2000	25	8.45%	12.21%	9.76%	2.45%
1996	28		9.58%	7.79%	1.78%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.81, 24.32 and 28.13. The corresponding 10 year ratios are 16.08, 19.53 and 22.98. The corresponding historical ratios are 8.84, 12.65 and 18.51. The current ratio is 31.62 based on a stock price of $47.43 and EPS of $1.50. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.81, 24.32 and 28.13. The corresponding 10 year ratios are 16.08, 19.53 and 22.98. The corresponding historical ratios are 16.08, 19.53 and 22.98. The current ratio is 32.49 based on a stock price of $47.43 and EPS of $1.46. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is expensive.

I get a Graham Price of $21.68. The 10-year low, median, and high median Price/Graham Price Ratios are 0.88, 1.05 and 1.31. The current ratio is 2.19 based on a stock price of $47.43. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.26. The current ratio is 3.41 based on a stock price of $47.43, Book Value of $954.58M, Book Value per share of $13.93. The current ratio is 170% above the 10 year median ratio. This stock price testing suggests that the stock price is expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.52. The current ratio is 61.60 based on Cash Flow per Share estimate for 2026 of 0.77. The current ratio is 1016% above the 10 year median ratio. This stock price testing suggests that the stock price is expensive.

I get an historical median dividend yield of 2.62%. The current dividend yield is 1.62% based on a stock price of $47.43 and dividends of $0.77. The current dividend yield is 38% below the historical median dividend yield. This stock price testing suggests that the stock price is expensive.

I get a 10 year median dividend yield of 3.37%. The current dividend yield is 1.62% based on a stock price of $47.43 and dividends of $0.77. The current dividend yield is 52% below the historical median dividend yield. This stock price testing suggests that the stock price is expensive. For this test to have a stock price at a reasonable and below the median price, the stock price would have to be around $22.75.

The 10-year median Price/Sales (Revenue) Ratio is 0.29. The current P/S is 0.51 based on a stock price of 47.43, Revenue estimate for 2026 of $6354M, and Revenue per Share of $92.72. The current ratio is 77% above the 10 year median ratio. This stock price testing suggests that the stock price is expensive. The stock price would have to be around $26.75 to get a reasonable and below the median stock price in this test.

Results of stock price testing is that the stock price is probably expensive. The 10 year dividend yield test says that the stock price is relatively expensive. It is confirmed by the P/S Ratio test. All my tests are showing that the stock price is on the expensive side.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (4) and Hold (3). The consensus is Buy. The 12 month stock price consensus is $57.00 with a high of $64.00 and low of $49.00. The consensus stock price of $57.00 implies a total return of 21.80% with 20.18% from capital gains and 1.62% from dividends based on a current stock price of $47.43.

There is a number of entries on Stock Chase for this stock for 2026. The analysts like the company. The last two entries are Holds. They seem to be cautious in the short term, but like the company. Stock Chase gives this company 5 stars out of 5. Amy Legate-Wolfe on Motley Fool says that nuclear is back and this company builds and refurbishes Nuclear plants. Christopher Liew on Motley Fool thinks this stock is a buy because it will benefit from the shift to Nuclear. The company put out a Press Release about their fourth quarter results for 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock and asks if it is undervalued. Simply Wall Street has one warning of dividend of 1.66% is not well covered by earnings.

Aecon Group Inc is a Canada-based company that operates in two segments: Construction and Concessions. The Construction segment includes various aspects of the construction of public and private infrastructure projects. Its concessions segment is engaged in the development, financing, construction, and operation of construction projects. The company generates the maximum revenue from the Construction segment. Its web site is here Aecon Group Inc.

The last stock I wrote about was about was GFL Environmental Inc (TSX-GFL, NYSE-GFL) ... learn more. The next stock I will write about will be Chemtrade Logistics Income Fund (TSX-CHE.UN, OTC-CGIFF) ... learn more on Wednesday, August 19, 2026 around 5 pm. Tomorrow on my other blog I will write about Top Performing Canadian Dividend Stocks.... learn more on Tuesday, August 18, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

GFL Environmental Inc

2026-08-14T17:37:22.098-04:00

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are very good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on GFL Environmental Inc.

Is it a good company at a reasonable price? This is not really currently a dividend paying stock because the dividend is so low at just 0.16%. The company is not worth buying for its current dividend. If you use the dividend yield test, you would get a reasonable stock price, but because the dividends are so low, you have to wonder if this test is valid. I note that the analysts are giving recommendations from Strong Buy to Underperform. I am going with a stock price that is probably on the expensive side.

I do not own this stock of GFL Environmental Inc (TSX-GFL, NYSE-GFL). GFL Environmental (TSX-GFL) is small, pays dividend and was talked about by Amy Legate-Wolfe on Motley Fool.

When I was updating my spreadsheet, I noticed that the company is reporting in US$, Dividends are in US$ and the estimates are in CDN$.

Net Income this year includes selling discontinued operations, shows a high income for 2025, which would mean a big drop in Net Income for following years. You can see from the chart that Revenue, AEPS and Cash Flow has been growing nicely. In the chart below, I am showing 5 and mostly 7 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	57.66%	9.53%	5.39%	<-12 mths
5	AEPS Growth	341.18%	34.56%	13.33%	<-12 mths
5	Net Income Growth	120.96%	17.18%	-1921.19%	<-12 mths
5	Cash Flow Growth	162.05%	21.25%	8.02%	<-12 mths
5	Dividend Growth	62.01%	10.13%	11.70%	<-12 mths
5	Stock Price Growth	58.88%	9.70%	-2.31%	<-12 mths

7	Revenue Growth	257.11%	19.94%	13.53%	<-this year
5	AEPS Growth	341.18%	34.56%	10.67%	<-this year
7	Net Income Growth	143.73%	13.57%	-241.34%	<-this year
7	Cash Flow Growth	4376.19%	72.13%	26.35%	<-this year
5	Dividend Growth	62.01%	10.13%	-5.95%	<-this year
6	Stock Price Growth	163.21%	17.50%	-2.31%	<-this year

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at just 0.16%. They have only been paying dividends for 6 years and the 5 year median dividend yield is just 0.14%. The dividend growth is moderate (between 8% and 14% per year) at 8.5% per year over the past 5 years. The last dividend increase was in 2026 and it was for 9.7%.

The dividends are low, so if you buy this stock what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 8.52% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $41.77 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years. Dividends are paid in US$ and this chart is using US$.

Div Pd	Div Yield	Years	At IRR	Div Cov
$0.10	0.24%	5	8.52%	0.96%
$0.15	0.37%	10	8.52%	2.16%
$0.23	0.55%	15	8.52%	3.97%

In Canadian dollars turns the results would be as shown below. Our Canadian currency is low at the present time and I am using current currency exchange rates. If dividends continue to increase by 10.13% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $57.95 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years. Dividends are paid in US$ and this chart is using CDN$.

Div Pd	Div Yield	Years	At IRR	Div Cov
$0.15	0.26%	5	10.13%	1.00%
$0.25	0.43%	10	10.13%	2.35%
$0.40	0.69%	15	10.13%	4.53%

The Dividend Payout Ratios (DPR) are very good. The DPR for 2025 for Earnings per Share (EPS) is very good at 0.83% with 5 year coverage at 7.38%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is very good at 11% with 5 year coverage at 11%. The DPR for 2025 for Cash Flow per Share (CFPS) is very good at 1.6% with 5 year coverage at 1.5%. The DPR for 2025 for Free Cash Flow (FCF) is very good at 13% with 5 year coverage at 10%.

Item	Cur	5 Years
EPS	0.83%	7.38%
AEPS	11.00%	10.67%
CFPS	1.61%	1.53%
FCF	13.38%	10.49%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.34 and currently at 0.45. The Liquidity Ratio for 2025 is too low at 0.58 and 0.75 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.23 and currently fine at 1.60. The Debt Ratio for 2025 is good at 1.63 and 1.54 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.64 and 1.62 and currently at 2.93 and 1.90.

Type	Year End	Ratio Curr
Lg Term R	0.34	0.45
Intang/GW	0.39	0.46
Liquidity	0.58	0.75
Liq. + CF	1.23	1.60
Debt Ratio	1.63	1.54
Leverage	2.64	2.93
D/E Ratio	1.62	1.90

The Total Return per Year is shown below for years of 5 to 6 to the end of 2025 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	10.13%	9.86%	9.70%	0.15%
2019	6		17.69%	17.50%	0.19%

The Total Return per Year is shown below for years of 5 to 6 to the end of 2025 in US$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	8.52%	8.57%	8.42%	0.15%
2019	6		17.46%	17.28%	0.19%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and useless. The corresponding 7 year ratios are negative and useless. The current ratio is negative and useless also.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 66.17, 85.27 and 94.26. The corresponding 6 year ratios are 71.41, 85.36 and 99.32. I do not have corresponding historical ratios. The current ratio is 70.17 based on AEPS estimate for 2026 of $0.60 and a stock price of $41.77. The current ratio is below the low ratio of the 6 year median ratios. This stock price testing suggests that the stock price is relatively cheap. A problem is that these are very high ratios. This testing is in US$.

I get a Graham Price of $19.25. The 6-year low, median, and high median Price/Graham Price Ratios are 2.38, 3.26 and 3.80. The current ratio is 3.01 based on a stock price of $57.95. The current ratio is between the low and median ratios of the 6 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in CDN$.

I get a 7-year median Price/Book Value per Share Ratio of 2.63. The current ratio is 2.94 based on a Book Value of $5,278M, Book Value per Share at $14.23 and a stock price of $41.77. The current ratio is 12% above the 7 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. You will get a similar result in CDN$.

I get a 7-year median Price/Cash Flow per Share Ratio of 18.07. The current ratio is 12.99 based on Cash Flow per Share estimate for 2026 of $3.21, Cash Flow of $1,193M and a stock price of $41.77. The current ratio is 28% below the 7 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I get a 6 year and historical median dividend yield of 0.14%. The current dividend yield is 0.16% based on dividends of $0.0676 and a stock price of $41.77. The current dividend yield is 16% above the 6 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

The 7-year median Price/Sales (Revenue) Ratio is 2.37. The current ratio is 2.88 based Revenue estimate for 2026 of $5,386.9M, Revenue per Share of $14.52 and a stock price of $41.77. The current ratio is 22% above the 7 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get a similar result in CDN$.

Results of stock price testing is that the stock price is probably expensive. The dividend yield test says that the stock price is reasonable and below the median. The reasonable stock price from dividend yield testing it is not confirmed by the P/S Ratio test. If you use the 6 year median dividend yield test only, then the stock price is reasonable. But the dividends are so low you have to wonder if there would be any influence on the company. The rest of the testing goes from cheap to reasonable but above the median.

When I look at analysts’ recommendations, I find Strong Buy (10), Buy (5), Hold (3) and Underperform (2). The consensus would be a Buy. The 12 month stock price consensus is $71.18 with a high of $90.00 and a low of $57.00. The consensus stock price of $71.18 implies a total return of 22.99% with 22.83% from capital gains and 0.16% from dividends.

Analyst on Stock Chase either love (Buy) or Hate (Do Not Buy) this stock. These recommendations are about half and half. Negative comments are that this stock is riskier and of lower-quality that other stocks in this space. Stock Chase gives this stock 3.5 stars out of 5. Daniel Da Costa on Motley Fool says to buy before a recovery can happen. Aditya Raghunath on Motley Fool says that the company will acquire Secure Waste Infrastructure (TSX-SES). The company put out a press release via Newswire about their fourth quarter results for 2025. The company put out a Press Release about their second quarter results for 2026.

Guru Focus via Yahoo Finance put out an interesting article on this stock in July 2026 giving the negative and positive points of this company. Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street gives no warnings out on this stock.

GFL Environmental Inc is an environmental services company. Its offerings include non-hazardous solid waste management, infrastructure, soil remediation, and liquid waste management services. The company's geographical segments are Canada and the United States. The company derives the majority of its revenue from the United States. Its web site is here GFL Environmental Inc.

The last stock I wrote about was about was Badger Infrastructure Solutions Ltd (TSX-BDGI, OTC-BDGIF) ... learn more. The next stock I will write about will be Aecon Group Inc (TSX-ARE, OTC-AEGXF) ... learn more on Monday, August 17, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Badger Infrastructure Solutions Ltd

2026-08-12T16:51:53.778-04:00

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are good. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is low with dividend growth low. See my spreadsheet on Badger Infrastructure Solutions Ltd.

Is it a good company at a reasonable price? Analysts say there is an infrastructure super cycle going on in North America and this company will benefit from that. They are saying it is a Strong Buy even though the stock is quite high. However, almost all the stock I follow have a Strong Buy, so I generally do not read much into this. I think that the stock price is expensive. It is true that this stock is expensive but analysts could be right that it will continue to charge ahead.

I do not own this stock of Badger Infrastructure Solutions Ltd (TSX-BDGI, OTC-BDGIF). I started to follow this stock after reading a couple of articles in February 2012 in the G&M that talked about the company. The first article looked at what the pros who manage small-cap funds are buying. Badger was one of 10 stocks mentioned and it looked like an interesting stock. It is a dividend paying small cap. The second article looked at why stocks might appeal to a conservative investor looking for income.

When I was updating my spreadsheet, I noticed the stock price is up 104% in 2025 compared to a decline of 12% in 2024. Also, the stock price is up some 19% so far this year. This is in CDN$. The company reports in US$, with the dividend being paid in CDN$. The estimates give are in CDN$.

This company is growing well. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. In column 5, I am showing what growth has been over the past 12 months to the end of the second quarter in June 2026 and what is expected to the end of this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth US$	89.56%	13.64%	9.56%	<-12 mths
5	ACFFO Growth	112.81%	16.30%	9.06%	<-12 mths
5	Net Income Growth	204.70%	24.96%	2.65%	<-12 mths
5	Cash Flow Growth	49.67%	8.40%	7.99%	<-12 mths
5	Dividend Growth	16.41%	3.09%	1.65%	<-12 mths
5	Stock Price Growth	86.67%	13.30%	21.95%	<-12 mths

10	Revenue Growth US$	184.64%	11.03%	18.96%	<-this year
10	ACFFO Growth	297.10%	14.79%	9.06%	<-this year
10	Net Income Growth	113.09%	7.86%	20.83%	<-this year
10	Cash Flow Growth	140.57%	9.18%	15.72%	<-this year
10	Dividend Growth	108.38%	7.62%	17.71%	<-this year
10	Stock Price Growth	211.08%	12.02%	47.65%	<-this year

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 0.86%. The 5, 10 and historical dividend yields are also low at 1.65%, 1.65% and 1.91%. The dividend growth is low (below 8% per year) at 4.6% per year over the past 5 years. The last dividend increase was for 4% and it occurred in 2026.

The dividends are low, so if you buy this stock what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 4.62% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $87.22 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$0.98	1.12%	5	4.62%	4.90%
$1.22	1.40%	10	4.62%	9.93%
$1.54	1.76%	15	4.62%	16.23%

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is good at 31% with 5 year coverage high at 52%. The DPR for 2025 for Adjusted Operations Cash Flow (AOCF) is good at 9% with 5 year coverage at 15%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow (FCF) is high at 63% with 5 year coverage at 105%. FCF varies in 2025 from $28M to $45M in US$. I am using the $28M figure as I generally the MS figures. If I used the $45M figure, the FCF is good at 40% with 5 year coverage at 37%.

Item	Cur	5 Years
EPS	30.96%	51.79%
AOCF	9.26%	14.89%
CFPS	9.24%	12.14%
FCF	63.87%	105.33%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.11 and currently at 0.10. The Liquidity Ratio for 2025 is low at 1.37 and good at 1.56 currently. If you added in Cash Flow after dividends, the ratios are good at 2.27 and currently at 2.72. The Debt Ratio for 2025 is good at 1.63 and 1.59 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.58 and 1.58 and currently at 2.70 and 1.70.

Type	Year End	Ratio Curr
Lg Term R	0.11	0.10
Intang/GW	0.02	0.01
Liquidity	1.37	1.56
Liq. + CF	2.27	2.72
Debt Ratio	1.63	1.59
Leverage	2.58	2.70
D/E Ratio	1.58	1.70

The Total Return per Year is shown below for years of 5 to 28 to the end of 2025 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	4.62%	15.31%	13.97%	1.34%
2015	10	7.51%	13.03%	11.59%	1.43%
2010	15	3.87%	20.47%	17.67%	2.80%
2005	20	4.19%	16.56%	13.48%	3.08%
2000	25	6.93%	29.15%	20.67%	8.47%
1997	28		12.64%	10.94%	1.71%

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.09%	14.61%	13.30%	1.31%
2015	10	7.62%	13.50%	12.02%	1.48%
2010	15	1.67%	16.35%	15.57%	2.62%
2005	20	3.35%	14.37%	12.68%	3.31%
2004	21	6.27%	14.37%	13.25%	3.83%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.66, 21.65 and 25.64. The corresponding historical ratios are 16.66, 22.62 and 27.60. The corresponding historical ratios are 12.40, 16.39 and 20.35. The current ratio is 29.45 based on a stock price of $87.22 and EPS estimate for 2026 of $2.96. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 14.47, 18.73 and 22.99. The corresponding historical ratios are 14.59, 19.39 and 25.49. The corresponding historical ratios are 16.48, 22.01 and 28.58. The current ratio is 30.76 based on a stock price of $66.76 and AEPS for the last 12 months of $2.17. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a Graham Price of $27.25. The 10-year low, median, and high median Price/Graham Price Ratios are 1.57, 2.18 and 2.70. The current ratio is 3.20 based on a stock price of $66.76. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 3.51. The current ratio is 7.83 based on a Book Value of $375M, Book Value per Share of $11.15 and a stock price of $87.22. The current ratio is 123% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 9.61. The current ratio is 11.07 based on Cash Flow per Share estimate for 2026 of $7.88, Cash Flow of $265M and a s tock price of $87.22. The current ratio is 15% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get an historical median dividend yield of 1.91%. The current dividend yield is 0.89% based on dividends of $0.78 and a stock price of $87.22. The current dividend yield is 53% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10 year median dividend yield of 1.65%. The current dividend yield is 0.89% based on dividends of $0.78 and a stock price of $87.22. The current dividend yield is 46% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 1.70. The current ratio is 2.12 based on Revenue estimate for 2026 of $1,388M, Revenue per Share of $41.24 and a stock price of $87.22. The current ratio is 24% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

Results of stock price testing is that the stock price is probably expensive. The dividend yield tests are saying this and it is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (5) and Buy (3). The consensus would be a Strong Buy. The 12 month stock price consensus is $113.41 with a high of $125.00 and a low of $105.00. The consensus stock price of $113.41 implies a total return of 30.92% with 30.03% from capital gains and 0.89% from dividends based on a current stock price of $87.22.

There is only one entry on Stock Chase for 2026 and it is a Top Pick. Analyst says there is an infrastructure super cycle in NA. There are 4 entries for 2025 and they are all buys. Sneha Nahata on Motley Fool says that Canada is entering a new wave of infrastructure investment creating opportunities to companies like Badger. Amy Legate-Wolfe on Motley Fool says this company will benefit from the wider spending wave around digital infrastructure. The company put out a press release about their fourth quarter results for 2025. The company put out a Press Release about its second quarterly results for 2026.

Simply Wall Street via Yahoo Finance reviews this company and says that the fair value is $83.17 CDN$. Simply Wall Street has one warning on this stock of has a high level of debt.

Badger Infrastructure Solutions Ltd is North America's provider of non-destructive excavating and related services, with operations in both the United States and Canada. Its key technology is the Badger Hydrovac, which is used predominantly for safe excavation around critical infrastructure and in congested underground conditions. Its web site is here Badger Infrastructure Solutions Ltd.

The last stock I wrote about was about was Pulse Seismic Inc (TSX-PSD, OTC-PLSDF) ... learn more. The next stock I will write about will be GFL Environmental Inc (TSX-GFL, NYSE-GFL) ... learn more on Friday, August 14, 2026 around 5 pm. Tomorrow on my other blog I will write about AL and S&P 500.... learn more on Thursday, August 13, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Pulse Seismic Inc

2026-08-10T16:45:54.765-04:00

I will probably not be following Obsidian Energy Ltd (TSX-OBE, NYSE-OBE); Ballard Power Systems Inc (TSX-BLDP, NASDAQ-BLDP); Artis REIT (TSX-AX.UN, OTC-ARESF) which is now RFA Capital (TSX-RFA, OTCQX-RFAFF); and Superior Plus Corp (TSX-SPB, OTC-SUUIF). I have kept them on my spreadsheet, but I have not updated their individual spreadsheets as I am not sure I want to follow them anymore as they do not appear to be doing anything I am interested in.

Sound bite for Twitter is: Dividend Growth Industrial. This stock price testing suggests that the stock price is relatively reasonable and below the median. Debt Ratios are good with no debt and a lot of cash. The Dividend Payout Ratios (DPR) are high because of special dividends. The current dividend yield is moderate with dividend growth probably low. See my spreadsheet on Pulse Seismic Inc.

Is it a good company at a reasonable price? It is probably having temporary revenue problems as happened in 2022 and 2018. They have a strong balance sheet, with lots of cash and no to little debt. They are in a good position to outlast any short term problems. The stock price testing is suggesting that the stock price is reasonable and below the median. I could, of course, be wrong on all of this.

I do not own this stock of Pulse Seismic Inc (TSX-PSD, OTC-PLSDF). I wanted to invest some extra money in a dividend paying small cap. I used a Stock Filter. I asked for companies that were priced between $1 and $5.50 and had a yield between 4% and 20%. Pulse Seismic Inc. was one of the companies that were returned. This is not a stock I chose to invest in but I found it of interest so I am following it.

When I was updating my spreadsheet, I noticed that Revenue from Data Licensing is way down for the first and second quarters of 2026 ending in March 31, 2026 and June 30, 2026. However, the company increased their dividends in the second quarter of 2026 by over 7%. Stock Price for the year has only fallen 3.7%. I also noticed that the Revenue fell 80% in 2022 from $49M to 9.5M. In 2023 Revenue was 39M. Basically, the same thing happened in 2018.

The current dividend yield is moderate with dividend growth probably low. The dividend yield is moderate (2% to 4% range) at 2.37%. The 5 and historical median dividend yields are moderate at 2.18% and 2.14%. The 10 year median dividend yield is low (below 2%) at 0.35%. This is because there were a number of years without dividends. The dividend growth looks large because dividends were restarted with one dividend in 2021. They have really only gone up 50% since being restarted in 2021. They are still 6% below the dividends payments of made in 2015. The last dividend increase was for 7%.

The Dividend Payout Ratios (DPR) are high because of special dividends. The DPR for 2025 for Earnings per Share (EPS) is too high at 102% with 5 year coverage at 83%. However, this is because of special dividends given. Without the special dividend the DPR for 2025 would be 15%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 68% with 5 year coverage good at 40%. Here also the special dividend increases the 2025 DPR from 10% to 68%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 58% with 5 year coverage good at 35%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 74% with 5 year coverage at 54%.

Item	Cur	5 Years
EPS	101.63%	83.25%
AEPS	67.75%	40.48%
CFPS	58.04%	34.55%
FCF	73.99%	54.21%

Debt Ratios are good with no debt and a lot of cash. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.00 and currently at 0.00. The Liquidity Ratio for 2025 is good at 9.32 and 7.25 currently. The Debt Ratio for 2025 is good at 20.41 and 24.15 currently. They have no debt and a lot of cash. The Leverage and Debt/Equity Ratios for 2025 are good at 1.31 and 0.31 and currently at 1.24 and 0.24.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.00	0.00
Liquidity	9.32	7.25
Liq. + CF	22.81	6.05
Debt Ratio	20.41	24.15
Leverage	1.31	1.24
D/E Ratio	0.31	0.24

The Total Return per Year is shown below for years of 5 to 27 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	52.44%	36.80%	27.93%	8.87%
2015	10	1.18%	7.56%	4.01%	3.55%
2010	15	0.00%	7.82%	4.34%	3.48%
2005	20	-0.53%	5.08%	1.70%	3.38%
2000	25	1.37%	11.38%	6.09%	5.29%
1998	27		13.92%	7.87%	6.05%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.89, 6.89 and 7.86. The corresponding 10 year ratios are negative and useless. The corresponding historical ratios are 2.95, 4.57 and 6.36. The current ratio is 300.00. The ratio is 300 because the company only earned $0.01 over the past 12 months.

I get a Graham Price of $0.22. The 10-year low, median, and high median Price/Graham Price Ratios are 0.98, 1.17 and 1.51. The current ratio is 13.83 based on a stock price of $3.00. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 3.73. The current ratio is 14.35 based on Book Value of $10.6M, Book Value per Share of $0.21 and a stock price of $3.00. The current ratio is 284% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.29. The current ratio is 88.97 based on Cash Flow for the last 12 months of $1.7M, Cash Flow per Share of $0.03 and a stock price of $3.00. The current ratio is 1313% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.14%. The current dividend yield is 2.50% based on dividends of $0.075 and a stock price of $3.00. The current dividend yield is 16.82% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 5 year median dividend yield of 2.14%. The current dividend yield is 2.50% based on dividends of $0.075 and a stock price of $3.00. The current dividend yield is 14.50% above the 5 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. I am using 5 year median as there were no dividends paid between 2017 and 2021.

The 10-year median Price/Sales (Revenue) Ratio is 4.93. The current ratio is 9.83 based on Revenue for the last 12 months of $15.472M, Revenue per Share of $0.31 and a stock price of $3.00. The current ratio 99% above the 10 year ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. Problem is lack of recent sales.

Results of stock price testing is that the stock price is probably cheap. This is based on the dividend yield testing. The rest of the testing is showing the stock price as rather expensive because of lack of recent sales. However, the company has made no effort to cut the dividends. In 2018 when sales dropped, they did cut the dividends. However, in 2022 when sales also dropped, they restarted the dividends.

When I look at analysts’ recommendations, I find a Hold (1) recommendation on one site and a Buy (1), 3 months ago on another. Another site gives it a Strong Buy (1) with a fourth site giving it a Hold (1). It is probably a Hold. The 12 month stock price consensus on one site is $2.10 and on another $3.00.

The last entry on Stock Chase was in 2025 and analyst thought it a partial buy. They had just won a big contract. The latest entry on Motley Fool is also 2025 by Chris MacDonald. He thought it still had some growth to come. The company put out a press release via Global Newswire about their annual results for 2025. The company put out a Press Release about their second quarter results for 2026.

Simply Wall Street via Yahoo Finance looks at this company and says it is a TSX Penny Stock with market Cap over $50M to consider. This was June 3, 2026.

Pulse Seismic Inc is a Canadian company which acts as a provider of seismic data to the energy sector in western Canada. The company is engaged in the acquisition, marketing, and licensing of 2D and 3D seismic data to the energy sector. Its web site is here Pulse Seismic Inc.

The last stock I wrote about was about was Evertz Technologies Ltd (TSX-ET, OTC-EVTZF) ... learn more. The next stock I will write about will be Badger Infrastructure Solutions Ltd (TSX-BDGI, OTC-BDGIF) ... learn more on Wednesday, August 12, 2026 around 5 pm. Tomorrow on my other blog I will write about Amber Kanwar Talks About Sun Life.... learn more on Tuesday, August 11, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Evertz Technologies Ltd

2026-08-07T17:40:05.628-04:00

Sound bite for Twitter is: Dividend Growth Tech. Results of stock price testing is that the stock price is probably still reasonable. Debt Ratios are fine. The Dividend Payout Ratios (DPR) far too high. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Evertz Technologies Ltd .

Is it a good company at a reasonable price? I worry about the high DPRs. Dividends might be kept level for a while. This is a small company so there is risk in that too. It has generated cash and the total return include a large portion from dividends. It has not grown much. It is a negative that the Book Value has declined by 7% and 6% per year over the past 5 and 10 years. It is probably a good stock for passive income. The stock price does seem reasonable at the present time.

I own this stock of Evertz Technologies Ltd (TSX-ET, OTC-EVTZF). I came across an article in G&M about ET and it seemed a good dividend paying company. It has high dividends and is probably riskier than average. The company also has a large amount of insider ownership.

When I was updating my spreadsheet, I noticed I have a total return of 8.04% with 1.71% from capital gains and $6.33% from dividends. The company has given out special dividends when they had excess cash. I do not find this very good. Generally, companies reinvest excess money into their business. Note that this company has the financial year ending in April each year and I am looking at the April 30, 2027 year end and the first quarter of 2027 dated July 31, 2026.

If you had invested in this company in December 2015, for $1,015.50 you would have bought 58 shares at $17.50 per share. In December 2025, after 10 years you would have received $651.92 in dividends. The stock would be worth $802.72. Your total return would have been $1,454.64. This would be a total return of 4.76% per year with 2.32% from capital loss and 7.08% from dividends. There were two big special dividend payments in the past 10 years.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.50	$1,015.00	58	10	$651.92	$802.72	$1,454.64

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4%) at 4.88%. The 5 year median dividend yield is good (5% to 6% ranges) at 5.86%. The 10 year and historical median dividend yields are moderate at 4.96% and 4.15%. The dividend growth is moderate (8% to 14% per year) at 8.5% per year over the past 5 years. The last dividend increase was in 2025 and it was for 2.5%. In 2021, 5 years ago, dividends were decreased by 25%, then in 2022 dividends were increased by 33%. Dividend increases since 2022 have been low (under 8% per year).

The Dividend Payout Ratios (DPR) far too high. The DPR for 2025 for Earnings per Share (EPS) is too high at 218% with 5 year coverage at 136%. The DPR for 2025 for Earnings per Share excluding the special dividend is still too high at 98%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 146% with 5 year coverage at 88%. The DPR for 2025 for Cash Flow per Share (CFPS) without the special dividend is too high at 65%. The DPR for 2025 for Free Cash Flow (FCF) is good at 227% with 5 year coverage at 116%.

Item	Cur	5 Years
EPS	218.07%	135.66%
CFPS	145.95%	88.49%
FCF	226.58%	116.02%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.00 and currently at 0.00. The Liquidity Ratio for 2025 is good at 1.62 and 1.62 currently. If you added in Cash Flow after dividends, the ratios are low at 1.34 and currently good at 1.76. The Debt Ratio for 2025 is good at 1.90 and 1.90 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 2.11 and 1.11 and currently at 2.11 and 1.11.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.02	0.02
Liquidity	1.62	1.62
Liq. + CF	1.34	1.76
Debt Ratio	1.90	1.90
Leverage	2.11	2.11
D/E Ratio	1.11	1.11

The Total Return per Year is shown below for years of 5 to 19 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	8.45%	9.57%	0.92%	8.65%
2015	10	1.18%	4.76%	-2.32%	7.08%
2010	15	5.56%	4.97%	-1.51%	6.48%
2006	19	8.08%	5.91%	0.09%	5.82%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.56, 15.29 and 17.87. The corresponding 10 year ratios are 13.16, 16.26 and 19.68. The corresponding historical ratios are 13.92, 16.68, 19.92. The current ratio is 19.60 based on a stock price of $16.79 and EPS estimate for 2026 of $0.86. The current ratio is between the median and high ratio of the 10 median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $7.12. The 10-year low, median, and high median Price/Graham Price Ratios are 1.49, 1.71 and 2.00. The current ratio is 2.36 based on a stock price of $16.79. This ratio is above the high ratio of 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 3.85. The current P/B Ratio is 6.39 based on a Book Value of $198.17, Book Value per Share of $2.62 and a stock price of $16.79. The current ratio is 66% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 13.65. The current ratio is 13.88 based on Cash Flow per Share estimate for 2026 of $1.21, Cash Flow of $91.5M and a stock price of $16.79. The current ratio is 2% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 4.15%. The current ratio is 4.88% based on dividends of $0.82 and a stock price of $16.79. The current dividend yield is 18% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 4.96%. The current ratio is 4.88% based on dividends of $0.82 and a stock price of $16.79. The current dividend yield is 2% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 2.52. The current P/S Ratio is 2.36 based on Revenue estimate for 2026 of $538.4M, Revenue per Share of $7.12 and a stock price of $16.79. The current ratio is 7% below the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably still reasonable. The 10 year dividend yield test is saying that the stock price is reasonable, but above the median. The P/S Ratio test says that the stock price is reasonable and below the median. The rest of the testing says the stock price is from reasonable to expensive. My caution is that the DPRs are too high, but on the other had they do have lots of cash. The other caution is the P/B Ratio test where we are also dealing with real values rather than estimates and that test says that the stock price is expensive.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1) and Hold (1). The consensus would be a Strong Buy. The 12 month stock price consensus is $17.75 with a high of $18.00 and a low of $17.00. The 12 month stock price consensus of $17.75 implies a total return of 10.60% with 5.72% from capital gains and 4.88% from dividends based on a current stock price of $16.79.

The only entry for 2026 on Stock Chase says it is a top pick because they have $500M in sales and no debt. Amy Legate-Wolfe on Motley Fool thinks this stock is a long term buy, but she says that the payout coverage needs monitoring. Christopher Liew on Motley Fool also thinks that this company has a great future. The company put out a press release via Newsfile and Yahoo Finance about their 2026 year end. The company put out a press release via Newsfile about their first quarter of 2027.

Simply Wall Street via Yahoo Finance reviews this stock. They think that there is a near term risk that customer concentration and regional exposure could lead to uneven revenue in tougher conditions.

Evertz Technologies Ltd is a supplier of software, equipment and technology solutions to the television broadcast, telecommunications, professional audio-visual, government, military, enterprise, and new media sectors. The Company designs, manufactures, and distributes video and audio infrastructure solutions for the production, post-production, broadcast, and telecommunications markets. Its web site is here Evertz Technologies Ltd .

The last stock I wrote about was about Andrew Peller Ltd (TSX-ADW.A, OTC-ADWPF) ... learn more. The next stock I will write about will be Pulse Seismic Inc (TSX-PSD, OTC-PLSDF) ... learn more on Monday, August 10, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Andrew Peller Ltd

2026-08-05T18:37:00.210-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are good. The Dividend Payout Ratios (DPR) are currently good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Andrew Peller Ltd.

Is it a good company at a reasonable price? Fairfax has offered to buy this stock at around $8.00 a share. A group led by Andrew Peller is rolling its shares into the buyer rather than selling their shares. See an article on Morningstar. If I know a stock I owned is being bought out, I sell. Why hold on for maybe months before you get your money and you can only generally get slightly more money.

I do not own this stock of Andrew Peller Ltd (TSX-ADW.A, OTC-ADWPF). This stock was on Mike Higgs' dividend growth stock list. I owned this stock as Andres Wines Ltd between 1996 and 2000. When I held this stock, it was called Andres Wines Ltd. I sold in 2000 and I only made a total return of 5.41% per year. Wh

en I was updating my spreadsheet, I noticed the stock climbed sharply in June 2026 and that was due to a definitive agreement to be acquired by Fairfax Financial Holdings Limited. After earnings losses in 2023 and 2024, the company had positive earnings in 2025. This year earnings are up 143% and higher than they were in 2021. There may be a Total Return loss over the 5 years to the end 2025, but the stock is up 50% year to date. Note that the financial year ends in 31 March each year, so I am reviewing the March 31, 2026 year end.

If you had invested in this company in December 2015, for $1,004.01 you would have bought 147 shares at $6.83 per share. In December 2025, after 10 years you would have received $320.77 in dividends. The stock would be worth $779.10. Your total return would have been $1,099.87. This would be a total return of 1.05% per year with 2.50% from capital loss and 3.55% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$6.83	$1,004.01	147	10	$320.77	$779.10	$1,099.87

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to4% ranges) at 3.08%. The 5 year median dividend yield is good (5% to 6% ranges) at 5.07%. The 10 year and historical median dividend yield is moderate at 2.41% and 3.84%. The dividends grew by a low amount (less than 8% per year) at 2.7% per year over the past 5 years. The main reason is that dividends have been flat for 3 years. The last dividend increase was in 2022 and it was for 9.04%.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2025 for Earnings per Share (EPS) is good at 40% with 5 year coverage too high at 121%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 40% with 5 year coverage too high at 137%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 15% with 5 year coverage at 26%. The DPR for 2025 for Free Cash Flow (FCF) is good at 23% with 5 year coverage high at 50%.

Item	Cur	5 Years
EPS	40.38%	120.95%
AEPS	39.55%	136.72%
CFPS	14.59%	26.20%
FCF	23.12%	50.16%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is high at 0.63 and currently good at 0.39. The Liquidity Ratio for 2025 is good at 3.25 and 3.25 currently. The Debt Ratio for 2025 is good at 2.00 and 2.00 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 2.00 and 1.00 and currently at 0.00 and 0.00. (They no longer have any debt.)

Type	Year End	Ratio Curr
Lg Term R	0.63	0.39
Intang/GW	0.38	0.23
Liquidity	3.25	3.25
Liq. + CF	4.20	3.75
Debt Ratio	2.00	2.00
Leverage	2.00	0.00
D/E Ratio	1.00	0.00

The Total Return per Year is shown below for years of 5 to 41 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	2.71%	-9.66%	-12.75%	3.09%
2015	10	5.25%	1.05%	-2.50%	3.55%
2010	15	5.51%	8.68%	4.02%	4.66%
2005	20	6.36%	6.95%	2.98%	3.97%
2000	25	5.06%	11.47%	6.04%	5.43%
1995	30	4.46%	9.72%	4.93%	4.78%
1990	35	3.81%	11.65%	4.97%	6.68%
1985	40	3.50%	6.45%	2.81%	3.64%
1984	41		7.61%	3.51%	4.10%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.83, 7.80 and 8.76. The corresponding 10 year ratio of 12.87, 17.82 and 20.96. The corresponding historical ratios are 11.39, 13.12 and 14.71. The current ratio is 16.98 based on a stock price of $7.98 and EPS estimate for 2027 of $0.47. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share data (AEPS). The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.21, 15.40 and 18.59. The corresponding 10 year ratio of 13.24, 17.13 and 21.26. The corresponding historical ratios are 11.68, 14.65 and 16.08. The current ratio is 15.65 based on a stock price of $7.98 and EPS estimate for 2027 of $0.51. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $8.31. The 10-year low, median, and high median Price/Graham Price Ratios are 0.97, 1.29 and 1.67. The current ratio is 0.96 based on a stock price of $7.98. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 1.53. The current ratio is 1.33 based on a stock price of $7.98, Book Value of $264.3M and Book Value per Share of $6.02. The current ratio is 13% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 14.04. The current ratio is 7.98 based on Cash Flow per Share estimate for 2027 of $1.00, Cash Flow of $43.91 and a stock price of $7.98. The current ratio is 43% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 3.84%. The current dividend yield is 3.08% based on a stock price of $7.98 and Dividends of $0.25. The current dividend yield is 19.7% below the historical median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 2.41%. The current dividend yield is 3.08% based on a stock price of $7.98 and Dividends of $0.25. The current dividend yield is 28% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.05. The current P/S 0.89 based on a Revenue estimate for 2027 of $395.6M, Revenue per Share of $9.01 and a stock price of $7.9. The current ratio is 16% below the current P/S Ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably expensive. The dividend yield testing is saying the stock price is relatively expensive, but the P/S Ratio testing is saying that it is relatively reasonable. The rest of the testing ranges from cheap to reasonable but above the median.

When I look at analysts’ recommendations, I find one Hold (1). The consensus is a Hold. The 12 month consensus stock price is $8.00 with a high of $8.00 and a low of $8.00. This is the offer from Fairfax. The 12 month stock price consensus implies a total return of 3.33% with 0.25% from capital gains and 3.08% from dividends based on a current stock price of $7.98.

The one entry on Stock Chase for 2026 say Do Not Buy. Analyst says the company is fairly well run but it is in a tough area with thin margins and lots of taxes. Amy Legate-Wolfe on Motley Fool says to buy companies that can survive when costs rise. Christopher Liew on Motley Fool says that you should buy this company for passive income. The company put out a Press Release about their fourth quarter ending March 31, 2026. The company put out a Press Release about their first quarter of 2027.

The Canadian Press via Yahoo Finance put out a press release about Fairfax Financial Holdings Ltd buying Andrew Peller Ltd. Simply Wall Street via Yahoo Finance reviews this stock think this stock is worth keeping an eye on.

Andrew Peller Ltd is a wine-producing company. The company is engaged in the production, bottling, and marketing of wine, spirits, and craft beverage alcohol products in Canada. Its web site is here Andrew Peller Ltd.

The last stock I wrote about was about was BlackBerry Ltd (TSX-BB, NYSE-BB) ... learn more. The next stock I will write about will be Evertz Technologies Ltd (TSX-ET, OTC-EVTZF) ... learn more on Friday, August 7, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy August 2026 learn more on Thursday, July 2, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

BlackBerry Ltd

2026-08-03T17:21:27.627-04:00

Sound bite for Twitter is: Canadian Tech Stock. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are good. This stock never paid a dividend so there is no dividend yield or Dividend Payout Ratios (DPR). See my spreadsheet on BlackBerry Ltd.

Is it a good company at a reasonable price? Analysts’ recommendations are all over the place from Strong Buy to Sell. Analyst 12 months stock price is lower than the current stock price. You have to wonder if this will be a profitable company again. I am not interested in this at present. It would seem to be have a rather high price at this point.

I do not own this stock of BlackBerry Ltd (TSX-BB, NYSE-BB) but I used to. I bought this stock for capital gain. I first bought it in 1999 and then some more in 2000. I sold some in 2006 and 2007 to lock in some profit. I sold the rest of my stock in 2010. I had this stock for just over 10 years and a total return of 20.18% per year.

When I was updating my spreadsheet, I noticed that the stock price has climbed a lot recently and the stock price is up 132% to July 25, 2026. In this case if you had invested in this company in December 2016, for $1,000.62 you would have bought 109 shares at $9.18 per share. On July 25, 2026, after almost 10 years you would have received $0 in dividends. The stock would be worth $1,312.36. Your total return would have been $1,312.36. This would be a total return of 2.75% per year with 2.75% from capital gain and 0% from dividends. The total return for the last 5 years from December 2015 to December 2025 is less. See chart of total return below. There has not been a positive 5 year total return for quite some time. (Note that in August 2026, stock price has comedown a bit and 5 year total return is now on 2.65%)

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$9.18	$1,000.62	109	10	$0.00	$1,312.36	$1,312.36

I also noticed that all the officers I follow have bought more shares over the past years. None of the directors have and most of the directors, including the chairman have no shares at all. They all have Deferred Share Units. The last thing to mention is that analysts are all over place on their recommendations from Strong Buy to Sell.

Please note that the financial year for this stock ends at February 28 each year. I am looking at the February 28, 2026 fourth quarter financial results. The estimates are for the financial year ending in February 28, 2027. The financial statements and the estimates I found are all in US$.

This stock never paid a dividend so there is no dividend yield or Dividend Payout Ratios (DPR).

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.10 and currently at 0.04. The Liquidity Ratio for 2025 is good at 2.12 and 2.10 currently. The Debt Ratio for 2025 is good at 2.49 and 2.49 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.67 and 0.67 and currently at 1.67 and 0.67.

Type	Year End	Ratio Curr
Lg Term R	0.10	0.04
Intang/GW	0.81	0.32
Liquidity	2.12	2.10
Liq. + CF	2.27	2.27
Debt Ratio	2.49	2.49
Leverage	1.67	1.67
D/E Ratio	0.67	0.67

The Total Return per Year is shown below for years of 5 to 29 to the end of 2025 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	-9.30%	-9.30%	0.00%
2015	10	0.00%	-8.68%	-8.68%	0.00%
2010	15	0.00%	-14.88%	-14.88%	0.00%
2005	20	0.00%	-7.67%	-7.67%	0.00%
2000	25	0.00%	-5.28%	-5.28%	0.00%
1996	29	0.00%	5.15%	5.15%	0.00%

The Total Return per Year is shown below for years of 5 to 29 to the end of 2025 in US$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	-10.58%	-10.58%	0.00%
2015	10	0.00%	-8.57%	-8.57%	0.00%
2010	15	0.00%	-16.64%	-16.64%	0.00%
2005	20	0.00%	-8.42%	-8.42%	0.00%
2000	25	0.00%	-4.91%	-4.91%	0.00%
1996	29	0.00%	5.15%	5.15%	0.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and useless. The corresponding 10 year ratios are negative and useless. The corresponding historical ratio are 6.62, 11.95 and 15.48. The current ratio is 74.61 based on a stock price of $8.58 and EPS estimate for 2027 of $0.12. The current ratio is very high and would imply that the stock price is relatively expensive. This testing is in US$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 17.94, 23.16 and 28.38. The corresponding 10 year ratios are 39.84, 82.65 and 115.53. The corresponding historical ratio are 8.18, 17.25 and 28.38. The current ratio is 45.16 based on a stock price of $8.58 and AEPS estimate for 2027 of $0.19. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. These ratios are also very high.

I get a Graham Price of $3.24. The 10-year low, median, and high median Price/Graham Price Ratios are 1.98, 3.43 and 4.33. The current ratio is 3.69 based on a stock price of $11.93. The current ratio is between the median and high ratios of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 2.73. The current ratio is 6.95 based on Book Value of $725M, Book Value per Share of $1.23 and a stock price of $8.58. The current ratio is 154% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.91. The current ratio is 122.57 based on Cash Flow per Share estimate for 2027 of $0.07, Cash Flow of $41.1M and a stock price of $8.58. The current ratio is 1450% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I cannot do any dividend yield testing as this stock does not have a dividend.

The 10-year median Price/Sales (Revenue) Ratio is 4.27. The current ratio is 8.20 based on Revenue estimate for 2027 of $614.5M, Revenue per Share of $1.05 and a stock price of $8.58. The current ratio is 92% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

Results of stock price testing is that the stock price is probably expensive. The P/S Ratio test is saying this. Another usually good test is the P/GP Ratio test that is saying that the stock price is reasonable but above the median. However, the P/GP Ratio are very high. A number of tests are saying that the stock price is relatively high.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (1), Hold (4), Underperform (1) and Sell (1). The consensus would be a Hold. The 12 month stock price consensus is $11.43 ($8.11 US$) with a High of $16.91 ($12.00 US$) and low of $7.44 ($5.28 US$). The 12 month consensus stock price of $11.43 implies a total loss of 4.20% based on a current stock price of $11.93.

There seems to be as many analysts on Stock Chase calling for a Sell as calling for a Buy. One analyst says that its overriding challenge is that it's a fallen champion. Stock Chase gives this stock 2 and one half stars out of 5. Karen Thomas on Motley Fool thinks that this stock is worth buying and holding for the Long Term. Christopher Liew on Motley Fool says it is now a software-growth story suited to investors seeking growth despite market turbulence. The company put out a Press Release about their fourth quarter ending in February 2026. The company put out a Press Release about their first quarter of 2027 ending in May 2026.

Zacks via Yahoo Finance reviews this stock. Vaishali Doshi says it started strong in fiscal year 2027, but can it deliver. Simply Wall Street via Yahoo Finance reviews this stock. They think it might be overvalued. They say some think it is undervalued and some think it is overvalued. They have one warning of Significant insider selling over the past 3 months. But that is options not taken up. All the officers I am following bought shares in the past year. However, I can only find one director with any shares. Mostly the directors have options.

BlackBerry, once known for being the world's largest smartphone manufacturer, is now exclusively a software provider with a stated goal of end-to-end secure communications for enterprises. Its web site is here BlackBerry Ltd.

The last stock I wrote about was about was Well Health Technologies Corp (TSX-WELL, OTCQX-WHTCF) ... learn more. The next stock I will write about will be Andrew Peller Ltd (TSX-ADW.A, OTC-ADWPF) ... learn more on Wednesday, August 5, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks August 2026.... learn more on Tuesday, June 30, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Well Health Technologies Corp

2026-07-31T16:59:37.394-04:00

Sound bite for Twitter is: Heath Care Sector stock. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are mostly fine, but they need to improve their Liquidity Ratio. This stock has no dividends so no dividend yield and no Dividend Payout Ratios (DPR). See my spreadsheet on Well Health Technologies Corp.

Is it a good company at a reasonable price? I own this stock and I bought it with my fooling around money. I plan to keep this stock. It would seem that it is currently cheap.

I own this stock of Well Health Technologies Corp (TSX-WELL, OTCQX-WHTCF). I was interested in this stock when I heard it was to acquire Toronto based MyHealth Centers. CanTech Letter says that TSX stock investors can buy today is Well Health (TSX-WELL), a company that operates in the health-tech space. WELL stock has already returned over 4,000% to shareholders since its initial public offering in April 2016. No Dividend. See CanTech Letter.

When I was updating my spreadsheet, I noticed that this stock has not done much since I bought it last year. I have a loss of 12%.

If you had invested in this company in December 2015, for $1,007.24 you would have bought 26 shares at $38.74 per share. In December 2025, after 10 years you would have received $247.17 in dividends. The stock would be worth $2,547.22. Your total return would have been $2,794.39. This would be a total return of 11.26% per year with 9.72% from capital gain and 1.54% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$0.44	$1,000.12	2,273	8	$0.00	$9,069.27	$9,069.27

This stock has no dividends so no dividend yield and no Dividend Payout Ratios (DPR).

Debt Ratios are mostly fine, but they need to improve their Liquidity Ratio. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.42 and currently at 0.45. The Liquidity Ratio for 2025 is low at 1.03 and far too low at 0.83 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.37 and currently too low at 1.08. The Debt Ratio for 2025 is good at 1.98 and 1.94 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.43 and 1.22 and currently at 2.50 and 1.29.

Type	Year End	Ratio Curr
Lg Term R	0.42	0.45
Intang/GW	1.53	1.50
Liquidity	1.03	0.83
Liq. + CF	1.37	1.08
Debt Ratio	1.98	1.94
Leverage	2.43	2.50
D/E Ratio	1.22	1.29

The Total Return per Year is shown below for years of 5 to 8 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	-13.10%	-13.10%	0.00%
2017	8	0.00%	31.73%	31.73%	0.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are coming up 0 because of too many earnings losses in the years of the past 5 years. The corresponding 7 year ratios are all negative and so useless. Therefore, I can do not P/E Ratio testing.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.86, 19.50 and 26.14. The corresponding 8 year ratios are 9.22, 13.74 and 18.26. The current ratio is 16.83 based on AEPS estimate for 2026 of $0.24 and a stock price of $4.04. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $4.30. The 10-year low, median, and high median Price/Graham Price Ratios are 0.71, 1.08 and 1.26. The current ratio is 0.94 based on a stock price of $4.04. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.52. The current ratio is 1.18 based on Book Value of $867.8M, Book Value per Share of $3.42 and a stock price of $4.04. The current ratio is 22% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have a Book Value per Share estimate for 2026 of $3.36. This produces a ratio of 1.20 with a Stock Price of $4.04 and a Book Value of $853M. This ratio is 20.8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 11.39. The current ratio is 8.88 based on Cash Flow per Share estimate for 2026 of $0.45, Cash Flow of $115.5M and a stock price of $4.04. The current ratio is 22% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I cannot do any dividend yield testing because this stock has no dividends.

The 10-year median Price/Sales (Revenue) Ratio is 2.02. The current ratio is 0.65 based on Revenue estimate for 2026 of $1590M, Revenue per Share of $6.26 and a Stock Price of $4.04. The current ratio is 68% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. The P/S Ratio test is saying this and it is confirmed by the P/GP Ratio test. The other tests say that the stock price is cheap to reasonable.

When I look at analysts’ recommendations, I find Strong Buy (8), Buy (4), and Hold (1). The consensus would be a Strong Buy. The 12 month stock price consensus is $7.18 with a high of $8.25 and low of $5.00. The consensus stock price of $7.18 implies a total return of $77.72% all from capital gains based on a current stock price of $4.04.

There is really a divergence of opinion on this stock on Stock Chase and quite a number of entries for 2026. One analyst says Do Not Buy because it tries to be a technology company but has yet to prove it and he sold. Another says Buy because it is an exciting growth play and not an if story, but a when story. Jitendra Parashar on Motley Fool thinks this stock could be a strong multi-year growth winner. Amy Legate-Wolfe on Motley Fool says this stock is a strong buy and that it is expanding fast in clinics and healthcare software. The company put out a Press Release about its fourth quarter results for 2025. The company put out a Press Release about its first quarter of 2026..

Simply Wall Street via Yahoo Finance reviews this stock. It says to own WELL, you need to believe that its mix of clinics, digital tools, and AI can justify today's valuation despite forecast earnings declines and integration risk. It has two warnings on this stock of interest payments are not well covered by earnings; and earnings are forecast to decline by an average of 12% per year for the next 3 years.

WELL Health Technologies Corp is a practitioner-focused digital healthcare company. Its web site is here Well Health Technologies Corp.

The last stock I wrote about was about was Stingray Digital Group Inc (TSX-RAY.A, OTC-STGYF) ... learn more. The next stock I will write about will be BlackBerry Ltd (TSX-BB, NYSE-BB) ... learn more on Monday, August 3, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Also, on my book blog I have put a review of the book The Golden Road by William Dalrymple learn more...

Stingray Digital Group Inc

2026-07-29T16:22:25.960-04:00

Sound bite for Twitter is: Dividend Paying Consumer. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios need improving and the company has too much debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Stingray Digital Group Inc.

Is it a good company at a reasonable price? There is a problem that they have not put out audited financial statements for their fourth quarter of March 31, 2026. I am using the unaudited results and this means that the audited values might be different. This is a problem. This is a risk. I am going to hold on to the stock I now have. I have not decided if I would buy any more. Analysts think that the stock will go up some 43% by next year. My testing is showing the stock price as relatively expensive.

I own this stock of Stingray Digital Group Inc (TSX-RAY, OTC-STGYF). I was following Newfoundland Capital Corp and Stingray bought them out. Also, I read the blub on CEO, Eric Boyko. The site says he is an entrepreneur with nearly two decades of experience with start-ups. Mr. Boyko has extensive expertise in early stage business innovations.

When I was updating my spreadsheet, I noticed I have done fine with this stock. It is with my fooling around money in my TFSA account. I first bought this in 2018 and then made purchases in 2019, 2021, 2022 and 2023. I have a total return of 16.86% with 13.59% from capital gains and 3.27% from dividends. This return is to the end of June 2026. Also note that this stock as a financial year ending March 31 each year, so I am looking at the fourth quarter dated March 31, 2026.

They have not put out audited Fourth Quarter results for their financial year ending March 31, 2026. I updated my spreadsheet from Supplemental Financial Information that they put out. Note that the stock price has gone up this year by 4.6%. The reason that they had an earning loss in 2026 is that they had a write-off for Impairment of Goodwill and Broadcast Licenses.

If you had invested in this company in December 2015, for $1,005.71 you would have bought 163 shares at $6.17 per share. In December 2025, after 10 years you would have received $439.29 in dividends. The stock would be worth $2,353.72. Your total return would have been $2,793.01. This would be a total return of 11.83% per year with 8.88% from capital gain and 2.95% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$6.17	$1,005.71	163	10	$439.29	$2,353.72	$2,793.01

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 2.25%. The 5, 10 and historical dividend yields are moderate 4.12%, 3.91% and 3.71%. The dividend growth is low (below 8% per year) at just 1.30% per year over the past 5 years. The last dividend increase was in 2025 (and 2026 financial year) and it was for 13.33%. Dividends for the 5 years before had been flat.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is non-calculable due to an earnings loss with 5 year coverage high at 188%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 24% with 5 year coverage at 33%. The DPR for 2025 for Adjusted Free Cash Flow (AFCF) is good at 21% with 5 year coverage at 26%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 17% with 5 year coverage at 18%. The DPR for 2025 for Free Cash Flow (FCF) is good at 25% with 5 year coverage at 30%.

Item	Cur	5 Years
EPS	0.00%	187.65%
AEPS	24.06%	32.61%
AFCF	21.33%	26.10%
CFPS	17.02%	18.39%
FCF	25.37%	29.99%

Debt Ratios need improving and the company has too much debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.51 and currently at 0.49. Note that a number of analysts do not like to see this ratio at 0.50 and above. The Liquidity Ratio for 2025 is too low at 0.79 and 0.79 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.20 and currently better at 1.51. The Debt Ratio for 2025 is low at 1.26 and 1.26 currently. The Leverage and Debt/Equity Ratios for 2025 are much too high at 4.86 and 3.86 and currently at 4.86 and 3.86. I like to see these debt ratios below 3.00 and below 2.00.

Type	Yr End	Ratio Curr
Lg Term R	0.51	0.49
Intang/GW	0.77	0.73
Int less BL	0.51	0.49
Liquidity	0.79	0.79
Liq. + CF	1.20	1.51
Debt Ratio	1.26	1.26
Leverage	4.86	4.86
D/E Ratio	3.86	3.86

The Total Return per Year is shown below for years of 5 to 11 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	1.30%	20.46%	16.99%	3.47%
2015	10	9.86%	11.83%	8.88%	2.95%
2014	11		8.93%	6.46%	2.46%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.58, 13.22 and 16.86. The corresponding 10 year ratios are 11.32, 14.24 and 17.15. The corresponding historical ratios are 13.06, 15.25 and 17.45. The current ratio is 9.61 based on a stock price of $15.11 and EPS estimate for 2027 of $1.57. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.73, 9.70 and 9.18. The corresponding 10 year ratios are 6.16, 8.46 and 10.54. The corresponding historical ratios are 6.16, 8.46 and 10.54. The current ratio is 7.33 based on a stock price of $15.11 and AEPS estimate for 2027 of $2.06. The current ratio is between the low ratio and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Free Cash Flow (AFCF) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.08, 6.32 and 7.64. The corresponding 10 year ratios are 5.27, 6.50 and 7.87. The corresponding historical ratios are 5.27, 6.50 and 7.87. The current ratio is 7.15 based on a stock price of $15.11 and AFCF estimate for 2027 of $2.11. The current ratio is between the median ratio and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $12.01. The 10-year low, median, and high median Price/Graham Price Ratios are 0.75, 0.86 and 1.00. The current ratio is 1.26 based on a stock price of $15.11. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.99. The current ratio is 4.86 based on a Book Value of $211.5M, Book Value per Share of $3.11 and a stock price of $15.11. The current ratio is 144% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Book Value went down this year because of an earnings loss.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.76. The current ratio is 5.26 based on Cash Flow per Share estimate for 2027 of $2.87, Cash Flow of $195.2M and a stock price of $15.11. The current ratio is 8.6% below the 10 year ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 3.71%. The current dividend yield is 2.25% based on Dividends of $0.34 and a stock price of $15.11. The current dividend yield is 39% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 3.91%. The current dividend yield is 2.25% based on Dividends of $0.34 and a stock price of $15.11. The current dividend yield is 42% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.78. The current P/S Ratio is 1.58 based on Revenue estimate for 2027 of $648.5M, Revenue per Share of $9.54 and a stock price of $15.11. The current ratio is 11% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably on the expensive side. The 10 year median dividend yield test says this. The P/S Ratio test does not agree and it says that the stock price is reasonable and below the median. However, the P/GP Ratio test and P/B Ratio test, which are good tests, agree with the dividend yield test. Other tests show stock price as reasonable.

When I look at analysts’ recommendations, I find Strong Buy (3), and Buy (4). The consensus would be a Strong Buy. The 12 month stock price consensus is $21.36 with a high of $24.00 and a low of $20.00. The 12 month stock price consensus of $21.36 implies a total return of 43.61% with 41.36% from capital gains and 2.25% from dividends based on a current stock price of $15.11.

Last year, when I look at analysts’ recommendations, I found Strong Buy (3) and Buy (3). The consensus would be a Strong Buy. The 12 months target price given was $13.12 with a high of $13.50 and low of $13.00. The 12 month target price of $13.12 implies a total return of 28.91% with 26.03% from capital gains and 2.88% from dividends based on a current stock price of $10.72. What happened was a price increase to $15.11, a 40.95% increase so a Total return of 43.83% with 40.95% from capital gains and 2.88% from dividends based on a stock price of $10.72.

There is only one analyst recommendation on Stock Chase for 2026. It is a Top Pick. The previous entry was in 2023 and a Watch. Christopher Liew via Yahoo Finance on Motley Fool writes about this stock and says it has self-sustained momentum. The company put out a press release via Globe Newswire about their fourth quarter ending in March 2026.

Simply Wall Street via Yahoo Finance reviews this stock with regards to its dividend payments and says it can afford the dividend. Simply Wall Street has one warning of has a high level of debt. Simply Wall Street via Yahoo Finance reviewed this stock in May 2026 and thought the $14.79 price was too high for people to make a purchase of this stock..

Stingray Group Inc is a provider of multi-platform music services. It broadcasts music and video content on several platforms, including radio stations, premium television channels, digital TV, satellite TV, IPTV, the Internet, mobile devices, and game consoles. Geographically, the company derives its key revenue from Canada and the rest from the United States and other countries. Its web site is here Stingray Digital Group Inc.

The last stock I wrote about was about was Loblaw Companies Ltd (TSX-L, OTC-LBLCF) ... learn more. The next stock I will write about will be Well Health Technologies Corp (TSX-WELL, OTCQX-WHTCF) ... learn more on Friday, July 31, 2026 around 5 pm. Tomorrow on my other blog I will write about Sweden Buries Social Democracy.... learn more on Thursday, July 30, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Loblaw Companies Ltd

2026-07-27T16:28:26.756-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios show that the company has too much debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on Loblaw Companies Ltd .

Is it a good company at a reasonable price? The stock price of this stock has risen sharply since around January 2021. I would worry that the growth in Revenue and Cash Flow is a lot lower than other growth, especially the stock price growth. Eventually, all growth depends on Revenue growth. I also do not like buying dividend stock when the dividend yield is below 1.00%. My testing is showing that on a lot of levels, the stock price is expensive as all tests point to this.

I do not own this stock of Loblaw Companies Ltd (TSX-L, OTC-LBLCF), but I did in the past. I owned it from 1996 to 2007. It was originally a great stock. I sold it in 2007 because it was having problems with its tech upgrade to its supply system and it did not seem that it would be fixed anytime soon. The stock started to do well again in 2014, but I had bought Metro and it has done well for me and it is a pure grocery stock. On the other hand, if I had bought more stock in 2007, I would have done very well with it to date. However, you never know how thing will work out.

When I was updating my spreadsheet, I noticed because of the problems this company had with its tech upgrade, shareholders who had this stock for 25 still have not reach a yearly return of at least 8%. From my spreadsheet, it looks like the stock hit a high in 2005 that was not duplicated until 2017, some 12 years later. The tech upgrade was their supply management system. I notice that if I cannot find a particular product in Metro, it will be there the next day. Loblaws stores might have it the next day or in two weeks’ time or somewhere in between.

What I have also noticed is that the stock price is climbing much faster than other values over the past 5 years. You can see that in the following chart in the 5 year figures where stock price is up 32% and the rest of the values show increases between 3.83% and 19.21%. What also stands out is the lack of revenue growth. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth over 12 months to the first quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	21.23%	3.92%	0.91%	<-12 mths
5	AEPS Growth	132.54%	18.39%	2.06%	<-12 mths
5	Net Income Growth	140.70%	19.21%	3.64%	<-12 mths
5	Cash Flow Growth	20.67%	3.83%	5.67%	<-12 mths
5	Dividend Growth	72.34%	11.50%	10.00%	<-12 mths
5	Stock Price Growth	295.16%	31.63%	5.54%	<-12 mths

10	Revenue Growth	40.77%	3.48%	2.77%	<-this year
10	AEPS Growth	180.92%	10.88%	6.17%	<-this year
10	Net Income Growth	321.99%	15.49%	-0.19%	<-this year
10	Cash Flow Growth	103.44%	7.36%	5.67%	<-this year
10	Dividend Growth	121.70%	8.29%	11.83%	<-this year
10	Stock Price Growth	279.86%	14.28%	8.62%	<-this year

If you had invested in this company in December 2015, for $1,012.77 you would have bought 62 shares at $16.34 per share. In December 2025, after 10 years you would have received $227.68 in dividends. The stock would be worth $3,847.10. Your total return would have been $4,074.78. This would be a total return of 15.49% per year with 14.28% from capital gain and 1.21% from dividends. This calculation takes into consideration stock splits, which means that the original cost would be lowered by these splits. (They split the stock in 2025.)

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.34	$1,012.77	62	10	$227.68	$3,847.10	$4,074.78

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 0.95%. The 5, 10 and historical median dividend yields are also low at 1.45%, 1.49% and 1.45%. The dividend growth is moderate (8% to 14% ranges per year) at 11.5% per year over the past 5 years. The last dividend increase was 10% and it was in 2026.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 25% with 5 year coverage at 29%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 23% with 5 year coverage at 23%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 9%. The DPR for 2025 for Free Cash Flow (FCF) is good at 22% with 5 year coverage at 18%. FCF for 2025 varies from $2,049M, to $4,097M. I am using $3,580M.

Item	Cur	5 Years
EPS	24.84%	28.77%
AEPS	22.69%	23.32%
CFPS	8.77%	8.67%
FCF	22.68%	17.97%

Debt Ratios show that the company has too much debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.08 and currently at 0.08. The Liquidity Ratio for 2025 is low at 1.08 and 1.09 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.48 and currently fine at 1.52. The Debt Ratio for 2025 is low at 1.37 and 1.36 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.71 and 2.71 and currently at 3.77 and 2.77.

Type	Year End	Ratio Curr
Lg Term R	0.08	0.08
Intang/GW	0.13	0.12
Liquidity	1.08	1.09
Liq. + CF	1.48	1.52
Debt Ratio	1.37	1.36
Leverage	3.71	3.77
D/E Ratio	2.71	2.77

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	11.50%	33.30%	31.63%	1.67%
2015	10	8.29%	15.49%	14.28%	1.21%
2010	15	6.65%	14.24%	12.87%	1.36%
2005	20	4.95%	8.70%	7.69%	1.01%
2000	25	7.07%	7.50%	6.58%	0.93%
1995	30	10.51%	12.97%	11.19%	1.77%
1990	35	10.36%	12.81%	11.15%	1.65%
1988	37	9.92%	15.17%	12.87%	2.30%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 16.96, 18.96 and 21.83. The corresponding 10 year ratios are 18.77, 22.52 and 25.39. The corresponding historical ratios are 17.05, 19.42 and 21.84. The current ratio is 28.85 based on a stock price of $65.49 and EPS estimate for 2026 of $2.27. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. The ratios are pretty consistent, so this is a good test.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 14.27, 15.98 and 18.68. The corresponding 10 year ratios are 14.50, 16.10 and 18.36. The corresponding historical ratios are 13.64, 15.99 and 18.16. The current ratio is 25.38 based on a stock price of $65.49 and AEPS estimate for 2026 of $2.58. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. The ratios are pretty consistent, so this is a good test.

I get a Graham Price of $23.21. The 10-year low, median, and high median Price/Graham Price Ratios are 1.16, 1.27 and 1.51. The current ratio is 2.82 based on a stock price of $65.49. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 2.33. The current ratio is 7.05 based on a Book Value of $10,909M, Book Value per Share of $9.28 and stock price of $65.49. The current ratio is 203% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Book Value per Share estimate of $9.57 for 2026. This value, with a stock price of $65.49 and book Value of $11,249M gives a ratio of 9.84. This ratio is 194% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.84. The current ratio is 11.63 based on Cash Flow for the last 12 months of $6,619M, Cash Flow per Share of $5.63 and a stock price of $65.49. The current ratio is 48% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 1.45%. The current dividend yield is 0.95% based on a dividend of $0.620732 and a stock price of $65.49. The current dividend yield is 35% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 1.49%. The current dividend yield is 0.95% based on a dividend of $0.620732. The current dividend yield is 36% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.60. The current P/S Ratio is 1.17 based on Revenue estimate for 2026 of $65,670M, Revenue per Share of $55.88 and a stock price of $65.49. The current ratio is 97% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably relatively expensive. The Dividend yield tests say this and it is confirmed by the P/S Ratio test. In fact, all my tests are saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (3), Hold (1), and Sell (1). The consensus would be a Buy. The 12 month stock price consensus is $67.40 with a high of $75.00 and low of $43.00. The consensus stock price of $67.40 implies a total return of 3.86% with 2.92% from capital gains and 0.95% from dividends based on a current stock price of $65.49.

There are varies views on this company at Stock Chase. Some like it and call it a defensive stock. Other think it is expensive and other that its current growth is unsustainable. Amy Legate-Wolfe on Motley Fool thinks this is one of 5 top stocks to buy in August. Tony Dong on Motley Fool thinks this is a good stock to have as it will hold up in a Technical Recession. The company put out a press release via Globe Newswire about their fourth quarter of 2025 results. The company put out a press release via Globe Newswire about their first quarter of 2026.

Simply Wall Street on Yahoo Finance reviews this stock. They say it could be slightly below its fair value and at its fair value. They have one warning of has a high level of debt

Loblaw is Canada's largest retailer, operating approximately 2,500 food retail and pharmacy stores across the country. Beyond retail, Loblaw runs the PC Optimum loyalty program, but announced plans to sell its financial services arm including credit cards and insurance brokerage to EQB in December 2025. George Weston is Loblaw's controlling shareholder with a 53% stake. Its web site is here Loblaw Companies Ltd .

The last stock I wrote about was about was Savaria Corporation (TSX-SIS, OTC-SISXF) ... learn more. The next stock I will write about will be Stingray Digital Group Inc (TSX-RAY.A, OTC-STGYF) ... learn more on Wednesday, July 29, 2026 around 5 pm. Tomorrow on my other blog I will write about Pipelines but No Private Capital.... learn more on Tuesday, July 28, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Savaria Corporation

2026-07-24T17:32:01.458-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are good. The Dividend Payout Ratios (DPR) are currently mostly good. The current dividend yield is low with dividend growth low. See my spreadsheet on Savaria Corporation.

Is it a good company at a reasonable price? I agree with other analysts that this is a good company. However, my testing is showing that the stock is on the expensive side. The proper way to buy any stock is over time and in different months. I know that the analysts’ consensus is a Strong Buy, but almost all stocks all the time are Strong Buys. I would be cautious about buying at the present time.

I do not own this stock of Savaria Corporation (TSX-SIS, OTC-SISXF). I got this stock off the Dividend Blogger site that no longer exists. I am always interested in dividend growth small cap stock. The first few years of accounting were rather confusing, but I think I figured them out in the end.

This company has done very well over the past 5 and 10 years. It has had some good growth. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth over 12 months to the first quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	157.70%	20.84%	1.68%	<-12 mths
5	AEPS Growth	116.07%	16.66%	9.09%	<-12 mths
5	Net Income Growth	159.87%	21.05%	14.83%	<-12 mths
5	Cash Flow Growth	180.05%	22.87%	3.28%	<-12 mths
5	Dividend Growth	17.30%	3.24%	2.81%	<-12 mths
5	Stock Price Growth	57.54%	9.52%	38.59%	<-12 mths

10	Revenue Growth	858.95%	25.37%	6.96%	<-this year
10	AEPS Growth	332.14%	15.76%	14.05%	<-this year
10	Net Income Growth	668.90%	22.63%	44.54%	<-this year
10	Cash Flow Growth	1038.50%	27.54%	12.44%	<-this year
10	Dividend Growth	220.65%	12.36%	4.57%	<-this year
10	Stock Price Growth	313.43%	15.25%	53.64%	<-this year

If you had invested in this company in December 2015, for $1,002.82 you would have bought 182 shares at $5.51 per share. In December 2025, after 10 years you would have received $791.57 in dividends. The stock would be worth $4,145.96. Your total return would have been $4,937.53. This would be a total return of 19.40% per year with 15.25% from capital gain and 4.15% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$5.51	$1,002.82	182	10	$791.57	$4,145.96	$4,937.53

When I was updating my spreadsheet, I noticed for the three months ending in March 2026, the Sales went up 6.91% and expenses went down by 1.80%. Their EPS went from $0.17 quarter one last year to $0.31 quarter one this year. There are lots of positives about this stock, but I also noticed that the Dividend Payout Ratios (DPR) have gotten too high and the dividend increases are way down. However, the DPR looks like it will be at a reasonable level in 2026 and in moving forward.

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.83%. The 5, 10 and historical median dividend yields are moderate (2% to 4% ranges) at 2.81%, 2.77% and 3.32%. The dividend increases are low (below 8% per year) at 3% per year over the past 5 years. The last dividend increase was in 2025 and it was for 3.8%.

The Dividend Payout Ratios (DPR) are currently mostly good. The DPR for 2025 for Earnings per Share (EPS) is high at 57% with 5 year coverage at 88%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 45% with 5 year coverage high at 79%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 25% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is good at 38% with 5 year coverage at 47%.

Item	Cur	5 Years
EPS	57.38%	87.74%
AEPS	45.05%	79.44%
CFPS	24.59%	28.37%
FCF	38.20%	46.68%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.10 and currently at 0.07. The Liquidity Ratio for 2025 is good at 1.61 and 1.71 currently. The Debt Ratio for 2025 is good at 2.40 and 2.44 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.71 and 0.71 and currently at 1.69 and 0.69.

Type	Year End	Ratio Curr
Lg Term R	0.10	0.07
Intang/GW	0.39	0.29
Liquidity	1.61	1.71
Liq. + CF	2.15	2.33
Debt Ratio	2.40	2.44
Leverage	1.71	1.69
D/E Ratio	0.71	0.69

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.24%	12.51%	9.52%	3.00%
2015	10	12.36%	19.40%	15.25%	4.15%
2010	15	13.28%	25.27%	19.47%	5.80%
2005	20	19.68%	16.20%	13.08%	3.12%
2001	24	10.95%	17.30%	14.41%	2.89%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 21.69, 28.29 and 34.60. The corresponding 10 year ratios are 21.59, 27.18 and 34.74. The corresponding historical ratios are 14.64, 19.90 and 24.57. The current ratio is 22.29 based on a stock price of $30.54 and EPS estimate for 2026 of $1.37. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 18.85, 22.87 and 26.89. The corresponding 10 year ratios are 19.15, 24.48 and 30.01. The corresponding historical ratios are 14.54, 20.24 and 24.96. The current ratio is 22.13 based on a stock price of $30.54 and AEPS estimate for 2026 of $1.38. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $16.88. The 10-year low, median, and high median Price/Graham Price Ratios are 1.20, 1.59 and 1.94. The current ratio is 1.81 based on a stock price of $30.54. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.41. The current ratio is 3.33 based on a Book Value of $659.79M, Book Value per Share of $9.18 and a stock price of $30.54. The current ratio is 38% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 15.15. The current ratio is 14.14 based on Cash Flow per Share estimate for 2026 of $2.16, Cash Flow of $155.3M and a stock price of $30.54. The current ratio is 7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 3.32%. The current dividend yield is 1.83% based on dividends of $0.5604 and a stock price of $30.54. The current dividend yield is 45% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 2.77%. The current dividend yield is 1.83% based on dividends of $0.5604 and a stock price of $30.54. The current dividend yield is 34% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.72. The current P/S Ratio is 2.25 based on a stock price of $30.54, Revenue estimate for 2026 of $977M and Revenue per Share of $13.59. The current ratio is 30% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably relatively expensive. The dividend yield testing is saying that the stock price is relatively expensive and it is confirmed by the P/S Ratio test. The rest of the testing varies from reasonable to expensive. Other good test of P/GP Ratio and P/B Ratio is also saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (2), and Buy (6). The consensus would be a Strong Buy. The 12 month stock price consensus is $35.00 with a high of $37.00 and low of $33.00. The consensus 12 month stock price of $35.00 implies a total return of 16.44% with 14.60% from capital gains and 1.83% from dividends based on a current stock price of $30.54.

On Stock Chase in 2026 there are two entries of Partial Buy and Watch. The Watch analyst said it was hit by tariffs and is recovering and focused more on Europe than US now. Stock Chase gives this stock 4 and one half stars out of 5. Rajiv Nanjapla on Motley Fool thinks this is the ideal stock to build wealth in your TFSA account. Aditya Raghunath on Motley Fool thinks now is a good time to invest in this company. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock as an undervalued small cap. See the third stock reviewed. They say that the stock is undervalued as its current price is $16.53 and its fair value is $31.01. This was in May 2026. But this makes no sense as the stock price low in May 2026 was $27.00. Simply Wall Street has one warning of significant insider selling over the past 3 months. Often sites do not distinguish between not taking up options and selling. Over the past year the CEO, one officer and the Chairman have all increased their shares in this company.

Savaria Corp designs, engineers, and manufactures products for personal mobility. Its products include home elevators, wheelchair lifts, commercial elevators, ceiling lifts, stairlifts, and van conversions. The company's operating segments are Accessibility and Patient Care. The company derives maximum revenue from Accessibility segment. Its web site is here Savaria Corporation.

The last stock I wrote about was about was TECSYS Inc (TSX-TCS, OTC-TCYSF) ... learn more. The next stock I will write about will be Loblaw Companies Ltd (TSX-L, OTC-LBLCF) ... learn more on Monday, July 27, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

TECSYS Inc

2026-07-22T19:11:18.991-04:00

Sound bite for Twitter is: Dividend Growth Tech. Debt Ratios are fine. Results of stock price testing is that the stock price is probably reasonable. The Dividend Payout Ratios (DPR) are too high and is expected to be improved next year. The current dividend yield is low with dividend growth low. See my spreadsheet on TECSYS Inc.

Is it a good company at a reasonable price? I still like this company and I am hoping that they will do better in the future. However, it is a small cap and therefore rather risky. You should not put money into this company that you cannot afford to lose. The stock price is testing reasonable at the moment.

I own this stock of TECSYS Inc (TSX-TCS, OTC-TCYSF). I came across this stock when I was looking for a dividend paying small cap stock as a filler stock. (I use filler stocks in my TFSA to soak up small extra money left over in the account after my main purchase with my annual deposit into the account each year.) This is a small cap dividend paying stock that I like.

When I was updating my spreadsheet, I noticed the stock price is negative for the last 5 years. The company missed the EPS estimate of $0.47 with an EPS of $0.27. I note that the company also reported an Adjusted Earnings per Share of $0.50. This is the first time they have reported an Adjusted Earnings per Share. Even with the Adjusted Earnings per Share, I noticed that the growth is on 2.04% per year over the past 5 years and this is low. I noticed that they also had restructuring cost for 2026.

They have been increasing their revenue, but EPS has been declining over the past 5 years. Their expenses have been increasing faster than their revenue. This is probably why stock price has gone down.

When I look at insiders, both the CEO and Chairman have significant holdings in this company. Over the past year the CFO bought some more shares. The Chairman, who currently owns 4.5% of the company worth around $27M is selling shares. He has been selling some shares each year since 2021. It is probably wise of him to do so because you do not want all your money and your employments dependent on one company.

If you had invested in this company in December 2015, for $1,002.32 you would have bought 136 shares at $7.37 per share. In December 2025, after 10 years you would have received $344.76 in dividends. The stock would be worth $4,168.40. Your total return would have been $4,512.16. This would be a total return of 17.10% per year with 15.32% from capital gain and 1.78% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$7.37	$1,002.32	136	10	$344.76	$4,168.40	$4,513.16

However, if you had invested in this company in December 2020, for $1,046.22 you would have bought 21 shares at $49.82 per share. In December 2025, after 5 years you would have received $32.34 in dividends. The stock would be worth $643.65. Your total return would have been $675.99. This would be a total loss of 8.49% per year with 9.23% from capital loss and 0.77% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$49.82	$1,046.22	21	5	$32.34	$643.65	$675.99

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2% per year) at 1.05%. The 5, 10 and historical dividend yields are also low at 0.96%, 1.01% and 1.26%. The dividend growth is currently low (below 8% per year) at 7.8% per year over the past 5 years. The last dividend increase occurred in 2025 and it was for 5.9%. The DPR for the 2027 financial year is expected to be much better at 46%.

The Dividend Payout Ratios (DPR) are too high and is expected to be improved next year. The DPR for 2025 for Earnings per Share (EPS) is too high at 130% with 5 year coverage at 136%. The DPR for 2025 for Adjusted Earnings per Share (EPS) is too high at 70% with 5 year coverage at 104%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 51% with 5 year coverage at 51%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 100% with 5 year coverage at 80%.

Item	Cur	5 Years
EPS	129.63%	135.09%
AEPS	70.00%	104.76%
CFPS	50.95%	50.95%
FCF	99.71%	80.39%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.00 and currently at 0.01. The Liquidity Ratio for 2025 is low at 1.12 and 1.12 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.27 and currently at 1.31. I like to see this ratio at 1.50 or higher. The Debt Ratio for 2025 is good at 1.77 and 1.77 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.30 and 1.30 and currently at 2.30 and 1.30.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.01
Intang/GW	0.05	0.05
Liquidity	1.12	1.12
Liq. + CF	1.27	1.31
Debt Ratio	1.77	1.77
Leverage	2.30	2.30
D/E Ratio	1.30	1.30

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	7.84%	-8.49%	-9.26%	0.77%
2015	10	13.35%	17.10%	15.32%	1.78%
2010	15	13.13%	23.79%	21.12%	2.67%
2005	20	12.81%	17.64%	15.91%	1.73%
2000	25		9.57%	8.83%	0.74%
1998	27		9.41%	8.73%	0.68%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 108.63, 133.17 and 163.89. The corresponding 10 year ratios are 78.17, 95.78 and 131.47. The corresponding historical ratios are 15.99, 20.16 and 24.33. The current ratio is 43.76 based on a stock price of $34.13 and EPS estimate for 2027 of $0.78. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. The ratios are very high.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 106.43, 133.17, 157.70. The corresponding 10 year ratios are 58/.361, 90.92 and 108.63. The corresponding historical ratios are 15.99, 20.16 and 24.33. The current ratio is 46.75 based on a stock price of $34.13 and AEPS estimate for 2027 of $0.73. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. The ratios are very high.

I get a Graham Price of $8.42. The 10-year low, median, and high median Price/Graham Price Ratios are 3.25, 4.87 and 5.98. The current P/GP Ratio is 4.05 based on a stock price of $34.13. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. The ratios are very high.

I get a 10-year median Price/Book Value per Share Ratio of 6.32. The current ratio is 7.91 based on a stock price of $34.13, Book Value of $62.3M, Book Value per Share of $4.31. The current ratio is 25% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. The ratios are very high.

I get a 10-year median Price/Cash Flow per Share Ratio of 43.74. The current ratio is 25.01 based on a stock price of $34.13, Cash Flow estimate for 2027 of $19.7M and Cash Flow per Share of $1.36. The current ratio is 43% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 1.26%. The current dividend yield is 1.05% based on dividends of $0.36 and a stock price of $34.13. The current ratio is 16% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 1.01%. The current dividend yield is 1.05% based on dividends of $0.36 and a stock price of $34.13. The current ratio is 4.7% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

The 10-year median Price/Sales (Revenue) Ratio is 2.78. The current P/S Ratio is 2.46 based on Revenue estimate for 2027 of $200.4M, Revenue per Share of $13.88 and a stock price of $34.13. The current ratio is 11.7% below the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable. The 10 year median dividend yield test says that the stock price is reasonable and below the median. It is confirmed by the P/S Ratio test. The other tests range from cheap to expensive. I wonder about some of the testing because some ratios are really high.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (3), and Hold (1). The consensus would be a Buy. The 12 month stock price consensus is $37.50 with a high of $40.00 and low of $28.50. The 12 months stock price consensus of $37.50 implies a total return of 10.93% with 9.87% from capital gains and 1.05% from dividends.

There is a couple of entries on Stock Chase for 2025. There is a top pick and a Do Not Buy. The Do Not Buy says that he prefers companies with recurring revenue. The top pick says they dominate supply chain management software solutions in US hospitals. Amy Legate-Wolfe on Motley Fool says TECSYS is a smaller supply-chain software play with rising SaaS revenue, but it can drop fast if growth disappoints. Aditya Raghunath on Motley Fool says that if you are not investing in companies like TECSYS then you are using your TFSA wrong. The company put out a Press Release about their fourth quarter ending in March 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They like to stock because there is high insider ownership and it is growing its profit. Simply Wall Street has two warnings of significant insider selling over the past 3 months; and large one-off items impacting financial results. They have Adjusted Earnings per Share values as well as Earnings per Share.

TECSYS Inc is engaged in the development, marketing, and sale of enterprise-wide supply chain management software for distribution, warehousing, transportation logistics, point-of-use, and order management. Geographically, it operates in United States, Canda, Europe, Others with majority of revenue deriving from United States. Its web site is here TECSYS Inc.

The last stock I wrote about was about was Dorel Industries Inc (TSX-DII.B, OTC-DIIBF) ... learn more. The next stock I will write about will be Savaria Corporation (TSX-SIS, OTC-SISXF) ... learn more on Friday, July 24, 2026 around 5 pm. Tomorrow on my other blog I will write about Socialisms Appeal to the Youth.... learn more on Thursday, July 23, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Dorel Industries Inc

2026-07-20T16:09:55.903-04:00

Sound bite for Twitter is: Consumer Sector Stock. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are not good and it has a negative book value. The company current pays no dividends, so there is no dividend yield or Dividend Payout Ratios to look at. See my spreadsheet on Dorel Industries Inc .

Is it a good company at a reasonable price? First of all, I personally would not buy any stock that has a negative book value. I could only do two tests of P/S Ratio and P/B Ratio because of negative ratios. However, if you buy you must have faith that the company will recover. Even if it recovers, it might take years. You should only invest in this company with money you can afford to lose. The stock price is probably cheap.

I do not own this stock of Dorel Industries Inc (TSX-DII.B, OTC-DIIBF), but it once did. This was a stock recommended by Investment Reporter as a conservative investment. I sold the stock in 2006 because I had it for 7 years from 1999 and it was going nowhere. I bought this stock before I stopped working and at that time, I did not mind buying stocks with no dividends.

When I was updating my spreadsheet, I noticed they increased their debt in the past year by 803% and now have a negative book value. See recent news on Dorel’s Debt here and here. Shareholders only made money in the past 5 years because of a big dividend payment in 2022.

They would seem to be in an awful state. Revenue down and expected to be down in 2026. However, analysts expect that to change in 2027. They have earnings losses and that is expected to continue. They have taken on a big debt and so the book value is negative. Simply Wall Street is right, insiders are buying stock in the company, they are buying Class B stock, which is the one I am following.

The company current pays no dividends, so there is no dividend yield or Dividend Payout Ratios to look at.

Debt Ratios are not good and it has a negative book value. The Long Term Debt/Market Cap Ratio for 2025 is very high at 8.14 and currently at 7.23. The Intangible Ratios are much too high at 1.93 and currently at 1.69. The Liquidity Ratio for 2025 is low at 1.27 and 1.25 currently. If you added in Cash Flow after dividends, the ratios are even lower at 1.19 and currently better at 1.37. I like these ratios to be at 1.50 or higher. The Debt Ratio for 2025 is below 1.00 and showing that the book value is negative. The ratio for 2025 is at 0.89 and 0.86 currently. The Leverage and Debt/Equity Ratios are meaningless.

Type	Year End	Ratio Curr
Lg Term R	8.14	7.23
Intang/GW	1.93	1.69
Liquidity	1.27	1.25
Liq. + CF	1.19	1.37
Debt Ratio	0.89	0.86
Leverage	-7.93	-6.38
D/E Ratio	-8.93	-7.38

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	8.06%	-36.93%	44.99%
2015	10	0.00%	-4.80%	-26.26%	21.46%
2010	15	0.00%	-1.81%	-18.90%	17.09%
2005	20	0.00%	0.87%	-13.58%	14.46%
2000	25	0.00%	2.71%	-9.68%	12.39%
1995	30	0.00%	8.59%	-3.79%	12.38%
1992	33	0.00%	6.89%	-3.88%	10.77%

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	4.89%	-38.07%	42.96%
2015	10	0.00%	-10.53%	-29.37%	18.84%
2010	15	0.00%	-4.63%	-20.76%	16.12%
2005	20	0.00%	0.15%	-14.37%	14.52%
2000	25	0.00%	3.79%	-9.36%	13.15%
1995	30	0.00%	9.13%	-3.85%	12.98%
1992	33	0.00%	8.33%	-3.26%	11.59%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and so unusable. The corresponding 10 year ratios are also negative and so unusable. The corresponding historical ratios are 6.45, 8.45 and 10.12. The current ratios are negative, so no testing can be done here.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and so unusable. The corresponding 10 year ratios are also negative and so unusable. The corresponding historical ratios are 7.35, 9.16 and 10.74. The current ratios are negative, so no testing can be done here.

I can do not Graham Price testing because the EPS is negative and the book value is negative.

I get a 10-year median Price/Book Value per Share Ratio of 0.78. However, the current ratio is negative because the book value is negative, so I cannot do any stock price testing here.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.65. The current ratio is 0.77 based on Cash Flow per Share estimate for 2026 of $1.42, Cash Flow of $45M and a stock price of $1.10. The current ratio is 70% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I cannot do any dividend yield testing as the company has suspended its dividends.

The 10-year median Price/Sales (Revenue) Ratio is 0.15. The current ratio is 0.03 based on Revenue estimate for 2026 of $1,132M, Revenue per Share of $35.74 and a stock price of $1.10. The current ratio is 79% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

Results of stock price testing is that the stock price is probably cheap. I can only do a P/S Ratio test and a P/B Ratio test. Both are saying that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find one recommendation of Hold (2). The consensus is a Hold. The 12 months stock price consensus is $2.07 CDN$ ($1.46 US$) with a high of $2.07 CDN$ ($1.46 US$) and a Low of $2.07 CDN$ ($1.46 US$). The stock price consensus of $2.07 implies a total return of 32.39% all from capital gains based on a current stock price of $1.56.

The last entry on Stock Chase was dated 2023 and it was a Do Not Buy and saying the company has never done anything. There were Do Not Buys in 2019 and 2018. In August 2018 was a Buy. Amy Legate-Wolfe on Motley Fool in February 2023 talked of this company being incredibly cheap with potential. The company put out a press release about their fourth quarter of 2025 results. The company put out a press release about their first quarter results for 2026.

Simply Wall Street via Yahoo Finance reviews this stock and likes the fact that a number of insiders are buying. They are cautious because the company did not make a profit in the last 12 months before their report of June 2026. Simply Wall Street has 4 warnings out on this stock of negative shareholders’ equity; earnings have declined by 16.7% per year over past 5 years; has less than 1 year of cash runway; and does not have a meaningful market cap (CA$59M).

Dorel Industries Inc is a Canadian company that sells juvenile products and furniture. Its reporting segments include Dorel Home and Dorel Juvenile. Geographically, it derives key revenue from the United States, followed by Europe, Latin America, Canada, Asia, and other regions. Its web site is here Dorel Industries Inc .

The last stock I wrote about was about was TMX Group Ltd (TSX-X, OTC-TMXXF) ... learn more. The next stock I will write about will be TECSYS Inc (TSX-TCS, OTC-TCYSF) ... learn more on Wednesday, July 22, 2026 around 5 pm. Tomorrow on my other blog I will write about Hated Bull Market in History.... learn more on Tuesday, July 21, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

TMX Group Ltd

2026-07-17T15:17:04.673-04:00

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios are fine but Liquidity could improve. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on TMX Group Ltd.

Is it a good company at a reasonable price? This stock is down from it recent high and is lower than the highs made in 2025. You have to wonder if it is not going to be rather flat for the next while as it was from 2020 to 2023. (Generally called a consolidation.) A lot of measures are saying it is expensive. I would go along with that and think that now is not the time to buy. What you pay for a stock really affects your long term returns. However, it is always best to buy a stock you like over time and in different months.

I do not own this stock of TMX Group Ltd (TSX-X, OTC-TMXXF). I looked at this stock in 2008 after I found it on a list of Strongest Dividend Growth stocks. I am interested in such stocks.

When I was updating my spreadsheet, I noticed that this stock has done quite well for its shareholders. Good growth over the past 5 and 10 years. Good Total Return since over the last 23 years ago. See the Total Growth chart in a paragraph below and the growth in the chart below. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	98.50%	14.70%	4.02%	<-12 mths
5	AEPS Growth	81.12%	12.61%	28.73%	<-12 mths
5	Net Income Growth	48.62%	8.25%	28.55%	<-12 mths
5	Cash Flow Growth	86.13%	13.23%	3.05%	<-12 mths
5	Dividend Growth	54.41%	9.08%	14.29%	<-12 mths
5	Stock Price Growth	105.40%	15.48%	-7.33%	<-12 mths

10	Revenue Growth	139.50%	9.13%	11.69%	<-this year
10	AEPS Growth	192.58%	11.33%	15.02%	<-this year
10	Net Income Growth	894.84%	25.83%	47.90%	<-this year
10	Cash Flow Growth	205.55%	11.82%	3.05%	<-this year
10	Dividend Growth	162.50%	10.13%	25.48%	<-this year
10	Stock Price Growth	629.67%	21.99%	25.46%	<-this year

If you had invested in this company in December 2015, for $1,002.12 you would have bought 140 shares at $7.16 per share. In December 2025, after 10 years you would have received $808.08 in dividends. The stock would be worth $7,312.20. Your total return would have been $8,120.28. This would be a total return of 25.36% per year with 21.99% from capital gain and 3.37% from dividends. This calculation takes into consideration stock splits, which means that the original cost would be lowered by these splits.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$7.16	$1,002.12	140	10	$808.08	$7,312.20	$8,120.28

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 1.91%. The 5, 10 and historical median dividend yields are moderate (2% to 4% ranges) at 2.28%, 2.47% and 2.74%. The dividend increases for the last 5 years have been moderate (8% to 14% per year) at 9.1% per year. The dividend increase was in 2026 and it was for 9.09%. However, because of past dividend increases the dividends paid in 2026 is 14.29% higher than those paid in 2025.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is high at 56% with 5 year coverage good at 47%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 39% with 5 year coverage at 44%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 25% with 5 year coverage at 27%. The DPR for 2025 for Free Cash Flow (FCF) is good at 42% with 5 year coverage at 44%. FCF for 2025 varies from $551M to $644M.

Item	Cur	5 Years
EPS	56.38%	46.67%
AEPS	39.44%	44.20%
CFPS	24.50%	27.26%
FCF	42.42%	43.78%

Debt Ratios are fine but Liquidity could improve. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.11 and currently at 0.11. The Liquidity Ratio for 2025 is low at 1.00 and 1.00 currently. If you added in Cash Flow after dividends the DPR is not much better with the ratios at 1.01 and currently at 1.01. The Debt Ratio for 2025 is fine at 1.11 and 1.10 currently as it is a financial stock.

Type	Year End	Ratio Curr
Lg Term R	0.11	0.11
Intang/GW	0.35	0.53
Liquidity	1.00	1.00
Liq. + CF	1.01	1.01
Debt Ratio	1.11	1.10

The Total Return per Year is shown below for years of 5 to 23 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	9.08%	17.59%	15.48%	2.10%
2015	10	10.13%	25.36%	21.99%	3.37%
2010	15	6.92%	16.57%	13.92%	2.65%
2005	20	8.01%	10.98%	8.95%	2.03%
2002	23	11.96%	21.16%	14.93%	6.23%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 20.28, 22.17, and 23.71. The corresponding 10 year ratios are 17.06, 21.82 and 23.71. The corresponding historical ratios are 17.71, 21.87 and 24.25. The current ratio is 22.50 based on a stock price of $50.25 and EPS estimate for 2026 of $2.23. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 17.97, 19.96 and 21.95. The corresponding 10 year ratios are 16.59, 19.14 and 20.98. The corresponding historical ratios are 15.08, 18.56 and 19.98. The current ratio is 20.51 based on a stock price of $50.25 and AEPS estimate for 2026 of $2.45. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $31.24. The 10-year low, median, and high median Price/Graham Price Ratios are 1.06, 1.25 and 1.42. The current ratio is 1.61 based on a stock price of $50.25. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.83. The current ratio is 2.84 based on a Book Value of $4,883M, Book Value per Share of $17.71 and a stock price of $50.25. The current ratio is 55% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 15.67. The current ratio is 17.74 based on Cash Flow per Share estimate for 2026 of $2.83, Cash Flow of $781M and a stock price of $50.25. The current ratio is 13% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 2.74%. The current dividend yield is 1.91% based on dividends of $0.96 and a stock price of $50.25. The current dividend yield is 30% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.47%. The current dividend yield is 1.91% based on dividends of $0.96 and a stock price of $50.25. The current dividend yield is 22% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 7.37. The current P/S Ratio is 7.22. The current ratio is 2% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably on the expensive side. The 10 year dividend yield test is saying that the stock price is relatively expensive. The P/S Ratio is not confirming that and it is saying it is relatively reasonable. However, the rest of the testing is either saying that the stock price is reasonable but above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (3), and Hold (1). The consensus would be a Buy. The 12 month stock price consensus is $65.53 with a high of $71 and low of $59.00. The 12 month stock price consensus implies a total return of 32.32% with 30.41% from capital gains and 1.91% from dividends based on a current stock price of $50.25.

Mostly analysts on Stock Chase think this company is a buy. However, one analyst was worried about how AI might affect the company. Iain Butler on Motley Fool thinks that this is a good time to buy this stock. Amy Legate-Wolfe on Motley Fool also thinks that now is a good time to buy this stock. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance thinks that this stock is overvalued and is worth around $46.27 currently. And there is another Simply Wall Street via Yahoo Finance that says that this stock is undervalued and is worth around $65.03 currently. Simply Wall Street has no warning out on this stock.

TMX Group Ltd is a company that operates several markets to provide investment opportunities for its clients. The company has four operating segments: Global Solutions, Insights & Analytics, Capital Formation, Derivatives Trading & Clearing, and Equities and Fixed Income Trading & Clearing. The company geographically operates in Canada, USA, UK, Germany, and Other Countries, with maximum revenue from Canada. Its web site is here TMX Group Ltd.

The last stock I wrote about was about was Suncor Energy Inc (TSX-SU, NYSE-SU) ... learn more. The next stock I will write about will be Dorel Industries Inc (TSX-DII.B, OTC-DIIBF) ... learn more on Monday, July 20, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Suncor Energy Inc

2026-07-15T17:42:36.092-04:00

Sound bite for Twitter is: Dividend Growth Resource. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth good. See my spreadsheet on Suncor Energy Inc.

Is it a good company at a reasonable price? I think that you can make money from resource stocks, but you have to be careful when you buy them as they are rather cyclical. If you look at its chart, it is just off its recent high.

I do not own this stock of Suncor Energy Inc (TSX-SU, NYSE-SU). I started following this stock as Petro-Canada (TSX-PCA). It was on Mike Higgs' list of dividend growth stocks. This was also a key stock for the Investment Reporter. My spreadsheet follows PCA into SU. PCA and SU merged in 2009. Note that this merger is more than 10 year ago and most of my results I look at are 5 and 10 years.

When I was updating my spreadsheet, I noticed that the CEO and CFO own no shares according to INK. Some officers do. This stock is cyclical. However, they have had good growth over the past 5 and 10 years and analysts think this will continue. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. In column 5, I am showing what growth has been over the past 12 months to March 31, 2026 and what is expected to the end of this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	71.83%	11.43%	4.94%	<-12 mths
5	AEPS Growth	413.61%	38.72%	18.00%	<-12 mths
5	Net Income Growth	237.02%	27.51%	6.94%	<-12 mths
5	Cash Flow Growth	377.79%	36.73%	2.18%	<-12 mths
5	Dividend Growth	110.96%	16.10%	3.90%	<-12 mths
5	Stock Price Growth	185.34%	23.33%	28.07%	<-12 mths

10	Revenue Growth	42.78%	3.63%	44.08%	<-this year
10	AEPS Growth	356.44%	16.40%	108.46%	<-this year
10	Net Income Growth	396.64%	17.38%	80.13%	<-this year
10	Cash Flow Growth	85.66%	6.38%	39.53%	<-this year
10	Dividend Growth	102.63%	7.32%	5.06%	<-this year
10	Stock Price Growth	70.55%	5.48%	65.10%	<-this year

If you had invested in this company in December 2015, for $1,000.16 you would have bought 28 shares at $35.72 per share. In December 2025, after 10 years you would have received $453.74 in dividends. The stock would be worth $1,705.76. Your total return would have been $2,159.50. This would be a total return of 8.95% per year with 5.48% from capital gain and 3.47% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$35.72	$1,000.16	28	10	$453.74	$1,705.76	$2,159.50

The current dividend yield is moderate with dividend growth good. The dividend yield is moderate (2% to 4% ranges) at 2.82%. The 5, 10 year and historical median dividend yields are moderate at 4.74%, 4.16% and 3.17%. The dividend growth is good (15% per year and higher) at 16.1% per year over the past 5 years. The last dividend increase was in 2025 and it was for 5.3%. The increase in 2025 was for 4.59. in 2021 and in 2020 the dividends were decreased by 55%. In the past 31 years, the dividends have been increased 23 times and decreased 2 times. So you should be careful about counting on the dividends.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 48% with 5 year coverage at 38%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 22% with 5 year coverage at 19%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 50% with 5 year coverage good at 39%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 22% with 5 year coverage at 18%. The DPR for 2025 for Free Cash Flow (FCF) is good at 40% with 5 year coverage at 34%. The FCF for 2025 do not vary much and they vary from $6,925 to $6,930.

Item	Current	5 Years
EPS	47.63%	37.90%
AFFO	22.02%	18.52%
AEPS	50.11%	39.15%
CFPS	21.57%	18.08%
FCF	40.53%	33.62%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.12 and currently at 0.09. The Liquidity Ratio for 2025 is low at 1.39 and 1.42 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.38 and currently at 2.63. The Debt Ratio for 2025 is good at 2.01 and 1.97 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.99 and 0.99 and currently fine at 2.03 and 1.03.

Type	Year End	Ratio Curr
Lg Term R	0.12	0.09
Intang/GW	0.05	0.03
Liquidity	1.39	1.42
Liq. + CF	2.38	2.63
Debt Ratio	2.01	1.97
Leverage	1.99	2.03
D/E Ratio	0.99	1.03

The Total Return per Year is shown below for years of 5 to 30 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	5.59%	29.09%	23.33%	5.76%
2015	10	8.01%	8.95%	5.48%	3.47%
2010	15	14.22%	5.75%	3.15%	2.61%
2005	20	15.91%	4.55%	2.57%	1.98%
2000	25	13.91%	10.16%	7.68%	2.47%
1995	30	12.57%	14.22%	10.99%	3.23%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.34, 7.99 and 9.65. The corresponding 10 year ratios are 9.11, 10.89 and 12.67. The corresponding historical ratios are 8.96, 11.15 and 13.73. The current ratio of 9.21 based on a stock price of $85.22 and EPS estimate for 2026 of $9.26. The current ratio is between low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 7.35, 8.65 and 10.44. The corresponding 10 year ratios are 7.59, 8.97 and 10.60. The corresponding historical ratios are 9.85, 12.06 and 14.28. The current ratio of 8.87 based on a stock price of $85.22 and AEPS estimate for 2026 of $8.61. The current ratio is between low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $91.42. The 10-year low, median, and high median Price/Graham Price Ratios are 0.68, 0.84 and 1.06. The current ratio is 0.93 based on a stock price of $85.22. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.38. The current ratio is 2.20 based on a Book Value of $45,776M, Book Value per Share of $38.66 and a stock price of $85.22. The current ratio is 59% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $41.35. This produces a ratio of 2.06 with a Book Value of $48,966M and a stock price of $85.22. This ratio is 49% above the 10 year median ratio of 1.38. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.57. The current ratio is 5.66 based on Cash Flow per Share estimate for 2026 of $15.06, Cash Flow of $17,834M and a stock price of $85.22. The current ratio is 2% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 3.17%. The current dividend yield is 2.82% based on a Dividend of $2.40 and a stock price of $85.22. The current dividend yield is 11% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 4.16%. The current dividend yield is 2.82% based on a Dividend of $2.40 and a stock price of $85.22. The current dividend yield is 32% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.58. The current ratio is 1.65 based on Revenue estimate for 2026 of $61,056M, Revenue per Share of $51.56 and a stock price of $85.22. The current ratio is 5% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is probably on the expensive side. The 10 year dividend yield test says that the stock price is relatively expensive. The P/S Ratio test says that it is relatively reasonable but above the median. The rest of the testing goes from relatively reasonable and below the median to expensive, but most showing a relatively reasonable stock price.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (5), Hold (7), Underperform (1). The consensus is a Strong Buy. The 12 month stock price consensus is $100.58 with a high of $118.00 and low of $72.00. The 12 month stock price consensus of $100.58 implies a total return of 20.84% with 18.02% from capital gains and 2.82% from dividends based on a current stock price of $85.22.

Analysts on Stock Chase seem to like this company. Some think it is a buy and others a Hold and one a Sell. Joey Frenette on Motley Fool looks at Enbridge and Suncor and feels that Enbridge is the better current buy for July 2026. Amy Legate-Wolfe on Motley Fool thinks that the recent pull back in price gives you a better buying price for a cash-generating energy heavyweight. The company put out a press release via Energy Now about their fourth quarter results for 2025. The company put out a press release via Energy Now about their first quarter of 2026 results.

Simply Wall Street via Yahoo Finance reviews this stock and asks if it is under or over-valued. Simply Wall Street has one warning of Unstable dividend track record and that is correct.

Suncor Energy Inc is an integrated energy company. The company's operations span the full energy value chain, including oil sands mining and in situ operations, upgrading, offshore production, petroleum refining in Canada and the U.S., marketing, and trading, and nationwide PetroCanada retail and wholesale networks delivering reliable energy that fuels economic growth and meets the needs of customers across Canada and globally. Geographically, the company generates a majority of its revenue from Canada. Its web site is here Suncor Energy Inc.

The last stock I wrote about was about was Jamieson Wellness Inc (TSX-JWEL, OTC-JWLLF) ... learn more. The next stock I will write about will be TMX Group Ltd (TSX-X, OTC-TMXXF) ... learn more on Friday, July 17, 2026 around 5 pm. Tomorrow on my other blog I will write about Canadian American Relationship.... learn more on Thursday, July 16, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Jamieson Wellness Inc

2026-07-13T17:26:31.398-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Jamieson Wellness Inc.

Is it a good company at a reasonable price? Even though this stock has not done much in Stock Price over the past 5 years, I still like this stock. It generally has good growth. It is a small cap and I did buy it with my fooling around money. I plan to hold on to the stock I have. Currently the stock price seems to be on the cheap side.

I own this stock of Jamieson Wellness Inc (TSX-JWEL, OTC-JWLLF). This stock was written up in November 26, 2020 by Kay Ng on Motley Fool. She looked at what Warren Buffet was buying and pick some similar stocks, including Jamieson from TSX. I am buying Jamison because it is cheap and I think that it will do well in the future. It has only been on the stock market for 8 years. However, the dividend increases are good. I understand the risks I am taking. I bought this with my fooling around money.

When I was updating my spreadsheet, I noticed all the officer I follow bought more stock last year. This includes the CFO and CFO. One of the directors I follow also bought more shares. Ink shows lots of selling, but it is just officers and directors not picking up options.

If you had invested in this company in July 17, 2017, for $1,003.40 you would have bought 58 shares at $17.30 per share. In December 2025, after just over some 8 years you would have received $273.76 in dividends. The stock would be worth $1,951.70. Your total return would have been $2,225.46. This would be a total return of 9.87% per year with 8.18% from capital gain and 1.69% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.30	$1,003.40	58	8.46	$273.76	$1,951.70	$2,225.46

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.19%. The 5 year median dividend yield is moderate at 2.31%. The 8 year and historical median dividend yield is low (below 2%) at 1.64% and 1.64%. The dividends have been increased at a moderate level (8% to 14% ranges) at 13.3% per year over the past 5 years. The last dividend increase was in 2025 and it was for 9.5%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is high at 60% with 5 year coverage at 58%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 47% with 5 year coverage at 45%. DPRs in the 40% range is probably the best. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 36% with 5 year coverage at 37%. This DPR below at 40% or lower is good. The DPR for 2025 for Free Cash Flow (FCF) is good at 43% with 5 year coverage at 44%. The FCF for 2025 range from $69.8M to $86.9M. I am using the $86.9M value.

Item	Cur	5 Years
EPS	60.27%	57.62%
AEPS	47.57%	45.33%
CFPS	36.32%	36.61%
FCF	42.81%	44.39%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.20 and currently at 0.30. The Liquidity Ratio for 2025 is good at 1.53 and 1.59 currently. The Debt Ratio for 2025 is good at 1.83 and 1.77 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.39 and 1.31 and currently at 2.50 and 1.41.

Type	Year End	Ratio Curr
Lg Term R	0.20	0.30
Intang/GW	0.43	0.46
Liquidity	2.53	2.59
Liq. + CF	2.69	2.86
Debt Ratio	1.83	1.77
Leverage	2.39	2.50
D/E Ratio	1.31	1.41

The Total Return per Year is shown below for years of 5 to 9 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

Years	Div. Gth	Tot Ret	Cap Gain	Div.
5	13.36%	0.63%	-1.41%	2.04%
8.46	14.55%	9.87%	8.18%	1.69%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 25.84, 28.51 and 31.18. The corresponding 8 year and historical ratios are 23.77, 28.51 and 32.95. The current ratio is 19.61 based on EPS of $2.14 and a stock price of $41.96. The current ratio is below the low ratios of the 8 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 20.22, 21.52 and 23.92. The corresponding 9 year and historical ratios are 20.70, 22.99 and 27.46. The current ratio is 19.61 based on AEPS of $2.14 and a stock price of $41.96. The current ratio is below the low ratios of the 8 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $23.91. The 9-year low, median, and high median Price/Graham Price Ratios are 1.70, 1.88 and 2.20. The current ratio is 1.76 based on a stock price of $41.96. The current ratio is between the low and median ratios of the 9 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 9-year median Price/Book Value per Share Ratio of 3.33. The current ratio is 3.53 based on a Book Value of $492M, Book Value per Share of $11.87 and a stock price of $41.96. The current ratio is 6% above the 9 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have a Book Value per Share estimate for 2026 of $14.43. This gives a ratio of 2.90 based on a Book Value of $600M, Book Value per Share of $14.43 and a stock price of $41.96. The ratio is 13% below the 9 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 9-year median Price/Cash Flow per Share Ratio of 32.52. The current ratio is 20.77 based Cash Flow per Share estimate for 2026 of $2.02, Cash Flow of $83.8M and a stock price of $41.96. The current ratio is 36% below the 9 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical and 9 year median dividend yield of 1.64%. The current dividend yield is 2.19% based on dividends of $0.92 and a stock price of $41.96. The current dividend yield is 34% above the historical and 9 yar median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 9-year median Price/Sales (Revenue) Ratio is 2.48. The current P/S Ratio is 1.89 based on Revenue estimate for 2026 of $919M, Revenue per Share of $22.16 and a stock price of $41.96. The current ratio is 24% below the 9 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. The 9 year median dividend yield test says this and it is confirmed by the P/S Ratio test. The other tests vary from cheap to reasonable but above the median.

When I look at analysts’ recommendations, I find Strong Buy (4), and Buy (3). The consensus would be a Strong Buy. The 12 month consensus stock price is $46.21 with a high of $51.00 and low of $44.00. The consensus stock price of $46.21 implies a total return of 12.32% with 10.13% from capital gains and 2.19% from dividends based on a current stock price of $41.96.

For 2025 on Stock Chase there is a Top Pick, Buy, Watch and Hold recommendations. A positive that is mentioned is that it is growing in China due to attention to quality. Daniel Da Costa on Motley Fool this is stock is a defensive growth stock. Adam Othman on Motley Fool thinks this stock is a cheap growth stock. The company put out Press Release about their fourth quarter of 2025. The company put out a press release via Businesswire about their first quarter of 2026 results.

This article on The Canadian press via Yahoo Finance says that the company is in talks about an offer to buy the company. Personally, I hope that is not bought. Simply Wall Street via Yahoo Finance reviews this stock and think that it is undervalued. They like the fact it went from an earnings loss of $0.06 to earnings of $0.23.

Jamieson Wellness Inc is engaged in the manufacturing, development, distribution, and marketing of branded natural health products, including vitamins, minerals, and supplements. Geographically, the majority of its revenue is derived from the domestic market. Its web site is here Jamieson Wellness Inc.

The last stock I wrote about was about was Premium Brands Holdings Corp (TSX-PBH, OTC-PRBZF) ... learn more. The next stock I will write about will be Suncor Energy Inc (TSX-SU, NYSE-SU) ... learn more on Wednesday, July 15, 2026 around 5 pm. Tomorrow on my other blog I will write about Bill Ackman by Robin Speziale.... learn more on Tuesday, July 14, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Premium Brands Holdings Corp

2026-07-10T16:48:08.471-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably cheap. Debt Ratios could be improved and the company has a lot of debt. The Dividend Payout Ratios (DPR) are too high but analysts hope they will improve in 2027. The current dividend yield is moderate with dividend growth moderate, but currently stalled. See my spreadsheet on Premium Brands Holdings Corp.

Is it a good company at a reasonable price? If you like this stock, now would be the time to buy because it is cheap. There is certainly a risk because of its debt. It has done well in the past and hopefully will do well again in the future. Analysts expect that it DPR will be good going forward from 2027. They will probably increase the dividends when the DPR is better. It is certainly relatively cheap at the present time.

I do not own this stock of Premium Brands Holdings Corp (TSX-PBH, OTC-PRBZF). I was looking for another stock to follow and I found this as one of the top stocks in TD Bank's Canadian Equity Fund in 2016.

When I was updating my spreadsheet, I noticed EPS decline has to do with business acquisitions and equity losses. Note that Adjusted EPS went up. I noticed that they have stopped dividend increases since 2024. They needed to as the DPRs were getting too high. This company has so far done well for its shareholders but currently, it has too much debt. This stock used to be an income trust and such companies could pay more dividends than corporations can. All the old income trust companies are having a hard time getting their dividend levels right and this stock is no exception.

If you had invested in this company in December 2015, for $1,1031.13 you would have bought 27 shares at $38.19 per share. In December 2025, after 10 years you would have received $654.08 in dividends. The stock would be worth $2,746.17. Your total return would have been $3,400.25. This would be a total return of 14.23% per year with 10.29% from capital gain and 3.94% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$38.19	$1,031.13	27	10	$654.08	$2,746.17	$3,400.25

For this company, the 5 year growth in such things as cash flow has not been as good as for the past 10 years, but analysts seem to think that growth will be very good this year for Net Income and Cash Flow. They also think that the stock price will growth well this year. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Growth	Per Year	Gwth	Coverage
5	Revenue Growth	83.76%	12.94%	4.97%	<-12 mths
5	AEPS Growth	49.84%	8.42%	4.16%	<-12 mths
5	Net Income Growth	-51.61%	-13.51%	0.74%	<-12 mths
5	Cash Flow Growth	-58.82%	-16.26%	-60.58%	<-12 mths
5	Dividend Growth	50.61%	8.54%	0.00%	<-12 mths
5	Stock Price Growth	0.97%	0.19%	-13.37%	<-12 mths

10	Revenue Growth	403.66%	17.55%	24.38%	<-this year
10	AEPS Growth	152.49%	9.70%	33.92%	<-this year
10	Net Income Growth	246.33%	13.23%	560.49%	<-this year
10	Cash Flow Growth	38.97%	3.35%	403.16%	<-this year
10	Dividend Growth	158.56%	9.97%	0.00%	<-this year
10	Stock Price Growth	166.33%	10.29%	20.85%	<-this year

The current dividend yield is moderate with dividend growth moderate, but currently stalled. The current dividend yield is moderate (2% to 4% ranges) at 3.86%. The 5, 10 and historical median dividend yield is moderate at 3.07%, 2.68% and 4.15%. The historical median dividend yield is rather high because this company used to be an income trust until 2009. The dividend growth is moderate (8% to 14% ranges) at 8.5% per year over the past 5 years. The last dividend increase was in 2024 and it was for 10.39%.

The Dividend Payout Ratios (DPR) are too high but analysts hope they will improve in 2027. The DPR for 2025 for Earnings per Share (EPS) is far too high at 378% with 5 year coverage at 121%. The DPR for 2025 for Free Cash Flow calculated by the company (FCF Co.) is high at 52% with 5 year coverage fine at 49%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 74% with 5 year coverage at 69%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 40% with 5 year coverage at 39%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 90% with 5 year coverage at 185%. With level dividends analysts think that the DPR will improve to the 40% range in 2027.

Item	Cur	5 Years
EPS	377.78%	121.13%
FCF Co.	51.52%	49.36%
AEPS	74.40%	68.93%
CFPS	39.11%	38.69%
FCF	89.76%	184.94%

Debt Ratios could be improved and the company has a lot of debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.40 and currently at 0.48. The Liquidity Ratio for 2025 is low at 1.23 and 1.28 currently. If you added in Cash Flow after dividends, the ratios are low at 1.18 and currently better at 1.44. The Debt Ratio for 2025 is low at 1.39 and 1.46 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 4.39 and 3.16 and currently at 3.18 and 2.18. I prefer these ratios to be below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.40	0.48
Intang/GW	0.30	0.20
Liquidity	1.23	1.28
Liq. + CF	1.18	1.44
Debt Ratio	1.39	1.46
Leverage	4.39	3.18
D/E Ratio	3.16	2.18

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	8.54%	3.14%	0.19%	2.94%
2015	10	9.97%	14.23%	10.29%	3.94%
2010	15	7.33%	19.87%	14.17%	5.70%
2005	20	5.45%	20.13%	12.89%	7.24%
2000	25		10.68%	7.61%	3.07%
1995	30		13.02%	9.89%	3.13%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 33.02, 38.97 and 44.91. The corresponding 10 year ratios are 27.78, 34.12 and 41.20. The corresponding historical ratios are 20.46, 23.10 and 25.74. The current ratio is 16.05 based on a stock price of $88.11 and EPS estimate for 2026 of $5.49. The current ratio is below the below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 19.11, 21.71 and 25.96. The corresponding 10 year ratios are 19.19, 24.86 and 29.19. The corresponding historical ratios are 18.07, 21.72 and 25.82. The current ratio is 14.40 based on a stock price of $88.11 and AEPS estimate for 2026 of $6.12. The current ratio is below the below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $78.13. The 10-year low, median, and high median Price/Graham Price Ratios are 1.35, 1.76 and 2.11. The current ratio is 1.13 based on a stock price of $88.11. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 2.92. The current ratio is 2.73 based on a Book Value of $1,682M, Book Value per Share of $26.52. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have a Book Value per Share estimate for 2026 of $49.49. This analyst calculates the Book Value differently that I do. In this case 10-year median Price/Book Value per Share Ratio of 2.27. With a Book Value per Share of $46.49, Book Value of $2,419M and stock price of $88.11, the ratio is 1.90. This ratio is 1.90 is 17% below the 10 year median ratio of 2.27. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 21.35. The current ratio is 9.74 based on Cash Flow per Share estimate for 2026 of $9.05, Cash Flow of $471M and a stock price of $88.11. The current ratio is 54% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 4.15%. The current dividend yield is 3.86% based on dividends of $3.40 and a stock price of $88.11. The current dividend yield is 7% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 2.68%. The current dividend yield is 3.86% based on dividends of $3.40 and a stock price of $88.11. The current dividend yield is 44% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.86. The current ratio is 0.49 based on Revenue estimate for 2026 of $9,300M, Revenue per Share of $178.71 and a stock price of $88.11. The current ratio is 43% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. The 10 year dividend yield test says this. It is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (6) and Hold (1). The consensus is a strong Buy. The 12 month stock price consensus is $122.92 with a High of $150.00 and low of $108.00. The consensus stock price of $122.92 implies a total return of 43.37% with 39.51% from capital gains and 3.86% from dividends based on a current stock price of $88.11.

Analysts on Stock Chase go the full range from Do Not Buy to Top Pick for 2026. A Do Not Buy was worried about debt. Stock Chase gives this stock 4 stars out of 5. Amy Legate-Wolfe on Motley Fool thinks this is a stock to buy and hold for a very long time. Daniel Da Costa on Motley Fool says that the market is reacting to short term pressures. He thinks it is a good stock to buy now. The company put out a press release via Newswire about their fourth quarter of 2025 results. The company put out a press release via Newswire about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They do not like the fact that the company has issued more shares during the year. EPS is down over the last 12 months. They have 4 warnings out on this company of dividend of 3.94% is not well covered by earnings or free cash flows; interest payments are not well covered by earnings; profit margins (0.5%) are lower than last year (1.8%); and shareholders have been diluted in the past year.

Premium Brands Holdings Corp is engaged in specialty food manufacturing, premium food distribution, and wholesale businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nevada, and Washington State. Its web site is here Premium Brands Holdings Corp.

The last stock I wrote about was about was Empire Company Ltd (TSX-EMP.A, OTC-EMLAF) ... learn more. The next stock I will write about will be Jamieson Wellness Inc (TSX-JWEL, OTC-JWLLF) ... learn more on Monday, July 13, 2026 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.