Investment Talk

Alaris Equity Partners Income Trust

2026-04-22T17:33:00.006-04:00

I was having some fun yesterday and bought 40 shares of BRP Inc (TSX-DOO) with some cash I still had in my TFSA account. The company I had of Titanium Transportation Group Inc (TSX-TTNM, OTCQX-TTNMF) was recently taken private.

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably reasonable. I would say it is a Buy. Debt Ratios are good. The Dividend Payout Ratios (DPR) are rather high, but they are an open-ended Trust. The current dividend yield is good with dividend growth low. See my spreadsheet on Alaris Equity Partners Income Trust.

Is it a good company at a reasonable price? I bought this stock for my TFSA account, which is basically my fooling around money. I have made a reasonable return on this stock. It is an interesting stock with the majority of the total return from dividends and little in capital gains. The stock is testing as reasonable; however, I do advise caution as it is close to its recent peak. Generally, you should not buy stocks at or near any peak.

I own this stock of Alaris Equity Partners Income Trust (TSX-AD.UN, OTC-ALARF). I own this stock of Alaris Equity

share. In December 2025, after 10 years you would have received $615.87 in dividends. The stock would be worth $884.94. Your total return would have been $1,500.81. This would be a total return of 5.19% per year with 1.32% from capital loss and 6.50% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$23.50	$1,010.50	43	10	$615.87	$884.94	$1,500.81

The current dividend yield is good with dividend growth low. The current dividend yield is good (5% to 6% ranges) at 6.62%. The 5, 10 and historical dividend yields are high (7% and above) at 7.46%, 7.68% and 7.47%. The dividend growth is low (below 8% per year) at 3.4% per year over the past 5 years. The last dividend increase was in 2026 and it was for 8.8%.

The Dividend Payout Ratios (DPR) are rather high, but they are an open-ended Trust. The DPR for 2025 for Earnings per Share (EPS) is high at 78% with 5 year coverage at 42%. The DPR for 2025 for Cash Flow per Share (CFPS) is non-calculable due to negative cash flows with 5 year coverage too high at 80%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to negative FCF with 5 year coverage too high at 109%. FCF varies in 2025 from 129M to a negative $125M. I used the negative $125M. However, this company is an open-ended Trust, so they can afford to pay out a high portion of Earnings in Dividends.

Item	Cur	5 Years
EPS	77.71%	42.47%
CFPS	-54.40%	79.91%
FCF	-49.63%	109.48%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.28 and currently at 0.28. The Liquidity Ratio for 2025 is good at 1.63 and 1.63 currently. The Debt Ratio for 2025 is good at 4.79 and 4.79 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.26 and 0.26 and currently at 1.26 and 0.26.

Type	Year End	Ratio Curr
Lg Term R	0.28	0.26
Intang/GW	0.00	0.00
Liquidity	1.63	1.63
Liq. + CF	0.19	8.32
Liq. + CF+D	2.60	2.93
Debt Ratio	4.79	4.79
Leverage	1.26	1.26
D/E Ratio	0.26	0.26

The Total Return per year is shown below for years of 5 to 18 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	3.41%	14.22%	6.37%	7.85%
2015	10	-1.33%	5.19%	-1.32%	6.50%
2010	15	2.57%	13.57%	3.87%	9.70%
2006	18	2.00%	12.82%	4.09%	8.73%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.73, 5.67 and 6.60. The corresponding 10 year ratios are 9.85, 11.01 and 12.15. The corresponding historical ratios are 9.92, 12.40 and 14.28. The current ratio is 10.80 based on a stock price of $22.36 and EPS estimate for 2026 of $2.07. The current ratio is between the low and median ratios of the 10 year ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $33.98. The 10-year low, median, and high median Price/Graham Price Ratios are 0.50, 0.67 and 0.74. The current P/GP Ratio is 0.66 based on a stock price of $22.36. 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 10-year median Price/Book Value per Share Ratio of 0.98. The current ratio is 0.90 based on a Book Value of $1,124M, Book Value per Share of $24.79 and a stock price of $22.36. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have a Book Value per Share estimate for 2026 of $25.89. This implies a current ratio of 0.86 with a stock price of $22.36 and Book Value of $1,1734M. This ratio is 12% below the current ratio of 0.98. 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 8.54. The current P/CF Ratio is 8.36 based on Cash Flow per Share estimate for 2026 of $2.68, Cash Flow of $121.3M and a stock price of $22.36. 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 an historical median dividend yield of 7.47%. The current dividend yield is 6.62% based on dividends of $1.48 and a stock price of $22.36. 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 7.68%. The current dividend yield is 6.62% based on dividends of $1.48 and a stock price of $22.36. The current dividend yield is 14% below the historical 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 5.24. The current P/S Ratio is 4.87 based on Revenue estimate for 2026 of $208M, Revenue per Share of $4.59 and a stock price of $22.36. 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.

Results of stock price testing is that the stock price is probably reasonable. I would say it is a Buy. The dividend yield testing says the stock price is reasonable, but above the median. The P/S Ratio testing is the stock price is reasonable and below the median. The rest of the testing is saying that the stock price is reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (4) and Hold (1). The consensus would be a Strong Buy. The 12 month stock price consensus is $26.69 with a high of $29.00 and low of $24.00. The stock price consensus of $26.69 implies a total return of 25.98% with 19.36% from capital gains and 6.62% from dividends based on a current stock price of $22.36.

Interesting comments for 2025 on Stock Chase. One analyst says it is his top pick because of exposure to Private Equity and a decent yield. The other analyst say Do Not Buy because they pay out most of their profits in distributions and retaining little for capital growth. Amy Legate-Wolfe on Motley Fool likes that this company produces a dependable income stream. Daniel Da Costa on Motley Fool likes this stock because it is a high-yield income stock with potential to grow their dividend payments. The company put out a Press Release about their fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance talks about Canaccord’s moving the value of the stock from $26.71 to $26.50 and what people thought about that.

Alaris Equity Partners Income Trust is an open-ended trust. The Trust, through its subsidiaries, indirectly provides alternative financing to private companies (Partners) in exchange for distributions with the principal objective of generating stable and predictable cash flows for payment of distributions to unitholders of the Trust. Its web site is here Alaris Equity Partners Income Trust.

The last stock I wrote about was about was Sun Life Financial Inc (TSX-SLF, NYSE-SLF) ... learn more. The next stock I will write about will be Supremex Inc (TSX-SXP, OTC-SUMXF) ... learn more on Friday, April 24, 2025 around 5 pm. Tomorrow on my other blog I will write about Canadian Life Insurers from Amber Kanwar.... learn more on Thursday, April 23 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.

Sun Life Financial Inc

2026-04-20T16:06:00.004-04:00

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably on the expensive side. I would rate it a Hold. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are mostly fine, but they could improve on the DPR for Cash Flow. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Sun Life Financial Inc.

Is it a good company at a reasonable price? I think that this is a dependable company and will produce a nice dividend and nice return for its shareholders.

I own this stock of Sun Life Financial Inc (TSX-SLF, NYSE-SLF). I first bought this stock in 2000 when it was first demutualized. It was very cheap. I bought more in 2001, 2003 and 2006. This stock was on Mike Higgs' Canadian Dividend Growth stock list and on the other dividend lists that I followed.

When I was updating my spreadsheet, I noticed I have done fine with this stock. My Total Return for the 26 years I have held this stock is 8.20% per year with 4.80% from capital gains and 3.40% from dividends. I have this stock in both my registered accounts.

Sun Life has had a good year. All insurance companies are now doing better since the interest rates have moved off of 0%. The dividends are growing faster than previous. Dividend growth for last 5 years is 9.86%, Dividend growth for last 10 years is 8.83% and Dividend growth for last 15 years is 6.14%.

If you had invested in this company in December 2015, for $1, 1,035.60 you would have bought 24 shares at $43.15 per share. In December 2025, after 10 years you would have received $585.24 in dividends. The stock would be worth $2,056.32. Your total return would have been $2,641.56. This would be a total return of 11.10% per year with 7.10% from capital gain and 4.00% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$43.15	$1,035.60	24	10	$585.24	$2,056.32	$2,641.56

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4%) at 3.82%. The 5, 10 and historical median dividend yield are moderate at 4.25%, 4.10% and 3.76%. The dividend growth is moderate (8% to 14% per year) at 9.9% per year over the past 5 years. The last increase was in 2025 and for 4.6%. Note that the company has more than one increase in a year. Dividends increased by 8.6% between 2024 and 2025.

The Dividend Payout Ratios (DPR) are mostly fine, but they could improve on the DPR for Cash Flow. The DPR for 2025 for Earnings per Share (EPS) is high at 57% with 5 year coverage at 51%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 47% with 5 year coverage at 45%. This is an important ratio. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 70% with 5 year coverage at 63%. The DPR for 2025 for Free Cash Flow (FCF 1) is non-calculable due to a negative FCF with 5 year coverage too high at 114%. The DPR for 2025 for Free Cash Flow (FCF 2) is good at 15% with 5 year coverage at 18%. FCF for 2025 varied from $13,613M to a negative $1,270M. There were only two values.

Item	Cur	5 Years
EPS	57.24%	51.91%
AEPS	47.25%	45.08%
CFPS	69.65%	63.79%
FCF 1	-162.52%	114.02%
FCF 2	15.16%	18.00%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is high at 3.58 and currently at 3.40. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.85 and currently at 0.85 because this is a more important ratio for a financial. The Liquidity Ratio for 2025 is good at 1.97 and 1.97 currently. The Debt Ratio for 2025 is low at 1.07 and 1.07 currently but fine for a financial. The Leverage Ratio for 2025 are good at 23.5% currently at 23.5%

Type	Year End	Ratio Curr
Lg Term R+A	0.85	0.85
Lg Term R	3.58	3.40
Intang/GW	0.31	0.29
Liquidity	1.97	1.97
Liq. + CF	2.05	2.23
Debt Ratio	1.07	1.07
Leverage Co	23.5%	23.5%

The Total Return per year is shown below for years of 5 to 26 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	9.86%	12.11%	8.65%	3.47%
2015	10	8.83%	11.10%	7.10%	4.00%
2010	15	6.14%	11.33%	7.22%	4.11%
2005	20	6.55%	5.98%	3.08%	2.90%
2000	25	8.30%	5.69%	3.09%	2.59%
1999	26	7.96%	12.24%	7.62%	4.63%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.51, 12.46 and 14.17. The corresponding 10 year ratios are 10.41, 12.35 and 14.06. The corresponding historical ratios are 11.51, 13.28 and 19.04. The current ratio is 12.78 based on a stock price of $96.28 and EPS estimate for 2026 of $7.53. 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 but above 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 9.52, 10.59 and 11.84. The corresponding 10 year ratios are 9.43, 10.45 and 12.00. The corresponding historical ratios are 9.72, 11.09 and 12.16. The current ratio is 12.05 based on a stock price of $96.28 and AEPS estimate for 2026 of $7.99. 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 is probably a better guide that the P/E Ratio test.

I get a Graham Price of $84.65. The 10-year low, median, and high median Price/Graham Price Ratios are 0.74, 0.87 and 0.97. The current ratio is 1.14 based on a stock price of $96.28. 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 1.52. The current ratio is 2.42 based on a stock price of $96.28, Book Value of $22, 0.75M, and Book Value per Share of $39.86. 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 $43.66. This analyst calculates the Book Value differently than I do and, in this case, the 10 year median ratio is 1.28. In this case the current ratio would be 2.21 based on a Book Value per Share of $43.66, Book Value of $24,179M and a stock price of $96.28. This ratio is 72% 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 8.20. The current ratio is 11.12 based on Cash Flow per Share estimate for 2026 of $8.66, Cash Flow of $4,796M and a stock price of $96.28. The current ratio is 36% 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 3.76%. The current dividend yield is 3.82% based on dividends of $3.68 and a stock price of $96.28. The current dividend yield is 1.7% 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 4.10%. The current dividend yield is 3.82% based on dividends of $3.68 and a stock price of $96.28. The current dividend yield is 6.7% below the historical 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 0.97. The current P/S Ratio is 1.25 based on Revenue estimate for 2026 of $42,789M, Revenue per Share of $77.28 and a stock price of $96.28. The current ratio is 28% 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 on the expensive side. I would rate it a Hold. The 10 year dividend yield test says that the stock price is reasonable, but above the median. The P/S Ratio test does not confirm this and says that the stock price is relatively expensive. The P/GP Ratio test also says it is expensive. Most of the testing is saying that the stock price is relatively expensive. Some says reasonable but above the median. Also, the stock chart is showing that the stock price is close to an all-time high. Usually, it is not the time to buy when a stock is at an all-time high. I would rate it a Hold.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (1), Hold (6) and Underperform (2). The consensus would be a Buy. The 12 month stock price consensus is $95.86 with a high of $105.00 and a low of $78.00. The 12 month stock price consensus implies a total return of 3.39% with 0.44% from capital loss and 3.82% from dividends based on a current stock price of $96.28.

The only entry for 2026 on Stock Chase is a Do Not Buy. Analyst says SLF is into mutual funds that is a mature business. In 2025 there were many entries and all were either Buy or Hold. Amy Legate-Wolfe on Motley Fool likes this stock their 4% dividend. She says that the company will produce dependable income. Aditya Raghunath on Motley Fool says that the company continues to grow at a steady pace and offers a tasty dividend. The company put out a Press Release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this case. They say that the fair value of this company is 5% below the analyst target so it is within the 10% band for a fair value signal. They have no warnings out on this company

Sun Life Financial is one of the Big Three Canadian life insurers. The Canadian business the firm provides health, life insurance, and annuity products to individual and group customers. Its US business is mostly group health. and. Sun Life also offers life insurance and wealth products in several Asian markets with a strong presence in Hong Kong and the Philippines. Its asset management business had around CAD 1.2 trillion total assets under management or administration at the end of 2025. Its web site is here Sun Life Financial Inc.

The last stock I wrote about was about was Goodfellow Inc (TSX-GDL, OTC-GFELF) ... learn more. The next stock I will write about will be Alaris Equity Partners Income Trust (TSX-AD.UN, OTC-ALARF) ... learn more on Wednesday, April 22, 2026 around 5 pm. Tomorrow on my other blog I will write about Lemonade Portfolio.... learn more on Tuesday, April 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.

Goodfellow Inc

2026-04-17T15:32:00.001-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are fine, but current bank debt has increased at lot in 2026. The Dividend Payout Ratios (DPR) are sometimes high, but improving. The current dividend yield is moderate with dividend growth is veritable. See my spreadsheet on Goodfellow Inc.

Is it a good company at a reasonable price? This stock is rather cyclical. You can make money on it if you buy at the right time. They pay dividend, but set it at a rate that they can currently afford. So, the dividend does fluctuate. It is 7% off its latest peak of March 2026 of $12.70. I cut its dividends by 57% this year, so I think that implies that the company does not expect to do well this year. It is never a good sign when dividends are cut. It is testing as expensive.

I own this stock of Goodfellow Inc (TSX-GDL, OTC-GFELF). Goodfellow looks like a good small cap stock. It was being pushed by Investor Reporter. This site no longer exits.

When I was updating my spreadsheet, I noticed that their first quarter of 2026 is not very good. Revenue, AFFO, Net Income, Dividend and Stock Price are all down. The only item going up is Cash Flow and it was very low in 2025 compared to other years. I have noticed that both Revenue and Net Income has been falling the last couple of years. The stock price chart shows a rather cyclical business.

I have not done well on this stock. I have had it for 15 years and I have a total return of 3.64% with 3.42% from dividends and 0.22% from capital gains. I paid too much for this stock when I initially bought I in 2010. Note that this company has a November 30 year end, so I am dealing with the November 30, 2025 year end.

If you had invested in this company in December 2015, for $1,001.00 you would have bought 100 shares at $10.01 per share. In December 2025, after 10 years you would have received $445 in dividends. The stock would be worth $1,194.00. Your total return would have been $1,639.00. This would be a total return of 5.62% per year with 1.78% from capital gain and 3.84% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$10.01	$1,001.00	100	10	$445.00	$1,194.00	$1,639.00

The current dividend yield is moderate with dividend growth is veritable. The current dividend yield is moderate (2% to 4% ranges) at 2.54%. The 5 year median dividend yield is good (5% to 6% ranges) at 6.57%. The 10 year and historical median dividend yields are moderate at 4.14% and 3.74%. The dividends have increased moderately (between 8% and 14% per year) at 11.4% per year over the past 5 years.

However, the dividends were just decreased in 2026 by over 50%. If you look at the per year changes to 2026, the dividends are decreased by 13% per year over the past 5 years. This company decides for each dividend what to pay and therefore dividends can vary a lot. Note that below the DPR for 2025 is 71%, but the DPR for 2026 is expected to be around 36%.

The Dividend Payout Ratios (DPR) are sometimes high, but improving. The DPR for 2025 for Earnings per Share (EPS) is high at 71% with 5 year coverage at 29%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 19% with 5 year coverage at 17%. The DPR for 2025 for Cash Flow per Share (CFPS) is far too high at 156% with 5 year coverage at 29%. The DPR for 2025 for Free Cash Flow (FCF) is good at 27% with 5 year coverage at 31%.

Item	Cur	5 Years
EPS	70.59%	29.06%
AFFO	19.35%	17.17%
CFPS	155.97%	29.39%
FCF	27.42%	30.89%

Debt Ratios are fine, but current bank debt has increased at lot in 2026. The Current Bank Deb/Market Cap Ratio for 2025 is good at 0.18 but increased a lot in 2026 to 0.45. 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 3.09 and 2.31 currently. The Debt Ratio for 2025 is good at 3.38 and 2.65 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.42 and 0.42 and currently at 1.61 and 0.61.

Type	Year End	Ratio Curr
Bank Deb	0.18	0.45
Lg Term R	0.00	0.00
Intang/GW	0.00	0.00
Liquidity	3.09	2.31
Liq. + CF	3.07	2.32
Debt Ratio	3.38	2.65
Leverage	1.42	1.61
D/E Ratio	0.42	0.61

The Total Return per year is shown below for years of 5 to 34 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	11.38%	15.52%	7.96%	7.55%
2015	10	5.54%	5.62%	1.78%	3.84%
2010	15	0.00%	3.29%	-0.07%	3.37%
2005	20	0.67%	3.72%	-0.11%	3.83%
2000	25	4.93%	10.79%	3.87%	6.92%
1995	30	9.45%	17.01%	6.14%	10.88%
1991	34	9.21%	12.53%	5.14%	7.39%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.67, 7.92 and 9.16. The corresponding 10 year ratios are 4.52, 5.84 and 7.19. The corresponding historical ratios are 7.86, 8.11 and 10.78. The current ratio is 13.88 based on a stock price of $11.80 and EPS for the last 12 months of $0.85. 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. However, a P/E of 13.88 is not a high one, but it is even higher than the Historical Ratios.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 3.30, 3.91 and 4.45. The corresponding 10 year ratios are 3.41, 3.95 and 4.49. The corresponding historical ratios are 4.38, 4.80 and 5.22. The current ratio is 3.92 based on a stock price of $11.80 and AFFO for the last 12 months of $3.10. The current ratio is between and low and the 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 $21.58. The 10-year low, median, and high median Price/Graham Price Ratios are 0.42, 0.48 and 0.54. The current ratio is 0.55 based on a stock price of $11.80. 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 0.53. The current P/B Ratio is 0.48 based on a Book Value of $203M, Book Value per Share of $24.36 and a stock price of $11.80. The current ratio is 9% 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 3.24. The current ratio is 30.67 based on Cash Flow for the last 12 months of $3.2M, Cash Flow per Share of $0.38 and a stock price of $11.80. The current ratio is 31% 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 3.74%. The current dividend yield is 2.54% based on a stock price of $11.80 and dividends of $0.30. The current dividend yield is 32% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. The problem is that this company just cut their dividend by 57%.

I get a 10 year median dividend yield of 4.40%. The current dividend yield is 2.54% based on a stock price of $11.80 and dividends of $0.30. The current dividend yield is 39% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. The problem is that this company just cut their dividend by 57%.

The 10-year median Price/Sales (Revenue) Ratio is 0.14. The current P/S Ratio is 0.18 based on Revenue for the last 12 months of $541M, Revenue per Share of $64.83 and a stock price of $11.80. The current ratio is 28% 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 dividend yield tests say this. There are problems with this test because the dividends have been decreased by 57%. However, a dividend decrease is not good news. The P/S Ratio test also says that the stock price is relatively expensive. The P/GP Ratio test also says that the stock price is relatively expensive. The rest of the testing is from reasonable to expensive.

When I look at analysts’ recommendations, I find that one site gives it a Strong Buy (1). The consensus would be a Strong Buy. There are no 12 month stock prices given. I could only find one site with an analyst recommendation.

There is only one entry on Stock Chase and it is for 2025 and it says Do Not Buy because the market cap is small, it is 60% owned by the family and is thinly traded. There are no posts on Motley Fool. The company put out a press release via Global Newswire about their fourth quarter of 2025. The company put out a press release via Global Newswire about their results for the first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They do not like the inconsistency in their dividends. They have 4 warnings of earnings have declined by 30.6% per year over past 5 years; does not have a meaningful market cap (CA$97M); profit margins (1.2%) are lower than last year (2.2%); and unstable dividend track record. Simply Wall Street via Yahoo Finance looks at the Return on Capital Employed (ROCE) and says it is low but they are encouraged by the company’s reinvestment in its own business.

Goodfellow Inc is engaged in various business activities related to the remanufacturing and distribution of lumber and wood products. The company operates in Canada and the United States; the majority of its revenue is generated from Canada. Its web site is here Goodfellow Inc.

The last stock I wrote about was about was Melcor Developments Inc (TSX-MRD, OTC-MODVF) ... learn more. The next stock I will write about will be Sun Life Financial Inc (TSX-SLF, NYSE-SLF) ... learn more on Monday, April 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.

Melcor Developments Inc

2026-04-15T18:21:00.001-04:00

Sound bite for Twitter is: Dividend Paying Real Estate. Results of stock price testing is that the stock price could still be reasonable. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Melcor Developments Inc.

Is it a good company at a reasonable price? I think that this is a good company, but viewing the total return over time, you obviously must be careful when you buy. The testing is showing that the stock price might still be reasonable. However, the current stock price is at the top of the current cycle. It might go higher, but I think that caution is called for. My testing is saying it might be reasonable, but only the future will tell.

I own this stock of Melcor Developments Inc (TSX-MRD, OTC-MODVF). This was one of the stocks on Mike Higgs' list of good dividend growth stocks. So, I looked into it and bought it. I bought this stock first in 2008 and then some more in 2009. It is a little followed real estate company from Western Canada.

When I was updating my spreadsheet, I noticed overall I have not done that well on this stock. My total return is 6.66% with 2.94% from capital gains and 3.72% from dividends. The problem is that my initial purchases in 2008 were at a too high a price compared to today. The stock turned out to be rather cyclical.

I noticed that this year there is no analysts estimates for this stock. In other years there have been a few analysts following this stock and commenting on it and giving some estimates, but this year, none. I also noticed that a number of insiders in the past year have bought more shares.

If you had invested in this company in December 2015, for $1,004.64 you would have bought 96 shares at $14.56 per share. In December 2025, after 10 years you would have received $340.86 in dividends. The stock would be worth $1,051.56. Your total return would have been $1,392.42. This would be a total return of 3.87% per year with 0.46% from capital gain and 3.32% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$14.56	$1,004.64	69	10	$340.86	$1,051.56	$1,392.42

If you had invested in this company in December 2015, for $1,007.94 you would have bought 107 shares at $9.42 per share. In December 2025, after 5 years you would have received $276.06 in dividends. The stock would be worth $1,630.68. Your total return would have been $1,906.74. This would be a total return of 14.07% per year with 10.10% from capital gain and 4.60% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$9.42	$1,007.94	107	5	$276.06	$1,630.68	$1,906.74

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges). The 5, 10 and historical dividend yields are also moderate at 3.68%, 3.66% and 2.99%. The dividend growth over the past 5 years is moderate (less than 8% per year) at 7.1%. The last dividend increase was in 2026 and it was for 15%. However, note that this company pays dividends semi-annually and they decide near the time for the dividends on what to pay. The dividends paid are sometimes higher and sometimes lower than the last dividends paid. However, generally over time, the dividend payments have gone up.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 15% with 5 year coverage at 17%. The DPR for 2025 for Funds from Operations (FFO) is good at 12% with 5 year coverage at 18%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 12% with 5 year coverage at 13%. The DPR for 2025 for Free Cash Flow (FCF) is good at 13% with 5 year coverage at 22%. I have two values for FCF for 2025 of $91.9M and $107.9M. I am using the $107.9M value.

Item	Cur	5 Years
EPS	15.44%	16.60%
FFO	11.88%	18.18%
CFPS	12.47%	13.40%
FCF	13.43%	22.29%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is high at 1.20 and currently more moderate at 0.99. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.48 and currently at 0.48 because this is a more important ratio for a Real Estate. The Liquidity Ratio for 2025 is good at 5.23 and 5.23 currently. The Debt Ratio for 2025 is good at 2.44 and 2.62 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.62 and 0.62 and currently at 1.62 and 0.62.

Type	Year End	Ratio Curr
Lg Term R+A	0.48	0.48
Lg Term R	1.20	0.99
Intang/GW	0.00	0.00
Liquidity	5.23	5.23
Liq. + CF	6.66	6.40
Debt Ratio	2.44	2.62
Leverage	1.62	1.62
D/E Ratio	0.62	0.62

The Total Return per year is shown below for years of 5 to 35 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	7.14%	14.70%	10.10%	4.60%
2015	10	-2.21%	3.78%	0.46%	3.32%
2010	15	2.13%	3.75%	0.17%	3.57%
2005	20	5.99%	4.85%	1.27%	3.59%
2000	25	8.01%	16.80%	8.63%	8.17%
1995	30	9.68%	22.36%	9.43%	12.93%
1990	35	11.70%	16.59%	8.42%	8.17%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.44, 6.94, and 7.93. The corresponding 10 year ratios are 8.29, 9.29 and 10.60. The corresponding historical ratios are 6.12, 7.21 and 8.42. The current ratio is 9.62 based on a stock price of $18.37 and EPS for the last 12 months of $1.91. 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 Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 3.62, 4.26 and 4.48. The corresponding 10 year ratios are 4.64, 6.69 and 8.96. The corresponding historical ratios are 6.14, 7.49 and 9.33. The current ratio is 4.55 based on a stock price of $18.37 and FFO for the last 12 months of $4.04. 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 $42.55. The 10-year low, median, and high median Price/Graham Price Ratios are 0.34, 0.38 and 0.43. The current ratio is 0.43 based on a stock price of $18.37. This stock price testing suggests that the stock price is relatively reasonable and at the median.

I get a 10-year median Price/Book Value per Share Ratio of 0.36. The current ratio is 0.44 based on a Book Value of $1,268M, Book Value per Share of $42.13 and a stock price of $18.37. The current ratio is 21% 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 7.41. The current ratio is 5.91 based on Cash Flow for the last 12 months of $93.6M, Cash Flow per Share of $3.11 and a stock price of $18.37. The current ratio is 20% 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 2.99%. The current dividend yield is 3.27% based on dividends of $0.60 and a stock price of $18.37. The current ratio is 9% 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 3.66%. The current dividend yield is 3.27% based on dividends of $0.60 and a stock price of $18.37. The current ratio is 11% 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 1.56. The current P/S Ratio is 1.35 based on Revenue for the last 12 months of $410.5M, Revenue per Share of $13.64 and a stock price of $18.37. The current ratio is 14% 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 could still be reasonable. The 10 year median dividend yield test says it is reasonable, but above the median. The P/S Ratio test says that it is reasonable and below the median. The rest of the testing varies from cheap to expensive.

When I look at analysts’ recommendations, I find one site that gives it a Hold (1). The consensus would be a Hold. The 12 month stock price is $14.00 with a high of $14.00 and low of $14.00. The 12 months stock price of $14.00 would imply a total loss of 20.52% with 23.79% from capital loss and 3.27% from dividends.

There is little analyst review on Stock Chase. However, it is a Past Top Pic of Michael O’Reilly. Amy Legate-Wolfe on Motley Fool thinks this stock is no longer a cyclical stock and has a safe dividend. Adam Othman on Motley Fool thinks this is an undervalued stock to watch. The company has a press release via Global Newswire about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and think that it is worth watching. They have one warning of unstable dividend track record. Simply Wall Street gives this stock 2 and one half stars out of 5.

Melcor Developments Ltd is a real estate development company. It develops and manages mixed-use residential communities, business and industrial parks, office buildings, retail commercial centers, and golf courses. Its web site is here Melcor Developments Inc.

The last stock I wrote about was about was BCE Inc (TSX-BCE, NYSE-BCE) ... learn more. The next stock I will write about will be Goodfellow Inc (TSX-GDL, OTC-GFELF) ... learn more on Friday, April 17, 2026 around 5 pm. Tomorrow on my other blog I will write about McCoy Global on Wolfe of Oakville.... learn more on April 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.

BCE Inc

2026-04-13T21:14:00.005-04:00

Sound bite for Twitter is: Dividend Growth Telecom. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are mainly awful and need improving. The Dividend Payout Ratios (DPR) could be improved. The current dividend yield is good with recent dividend cuts. See my spreadsheet on BCE Inc .

Is it a good company at a reasonable price? A thing to remember is that a cheap price in a stock does not necessarily mean it is a good buy. It does depend on why a stock is cheap. It is having problems and it did cut it dividend. However, a number of analysts like their investment in an AI Data center. They also think that the current dividend is safe. They do have too much debt. Personally, I am keeping my stock in BCE. The stock seems cheap. There is always a risk in buying cheap stock.

I own this stock of BCE Inc (TSX-BCE, NYSE-BCE). This is one of first stocks I bought, which was in 1982. At that time, it was called an orphan and widow stock. It is not easy to figure out what I have earned on this stock because it has spun off shares for Nortel and Bell Aliant. The annoying thing with their spin offs is you always end up with an odd number of shares. In 2016 I sold Manitoba Telecom. To keep the same in Telecom category, I bought some more BCE with the proceeds.

When I was updating my spreadsheet, I noticed I have made a good return on this over the 38 years I have had this stock. My total return is 12.12% with 4.18% from capital gains and 7.94% from dividends. This is a complicated stock as they spun off Bell Aliant and Nortel over the years. I made a very good profit on Nortel which certainly feeds into my total return.

I noticed on the income statement that the company made their money on Gains on Investments. They sold assets of home security and monitored alarm assets to a.p.i. ALARM Inc. Of course, this is why companies have Adjusted Earnings per Share.

If you had invested in this company in December 2015, for $1,015.74you would have bought 19 shares at $53.46 per share. In December 2025, after 10 years you would have received $620.97in dividends. The stock would be worth $622.06. Your total return would have been $1,243.03. This would be a total return of 2.64% per year with 4.79% from capital loss and 7.42% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$53.46	$1,015.74	19	10	$620.97	$622.06	$1,243.03

The current dividend yield is good with recent dividend cuts. The current dividend yield is good (5% to 6% ranges) at 5.14%. The 5 and 10 year median dividend yields are also good at 6.63% and 5.63%. The historical median dividend yield is moderate (2% to 4%) at 4.38%. In 2025 the company decreased the dividends by 56%. Prior to this decrease the dividend were almost 12% with DRP over 100%. They did need to cut the dividends.

The Dividend Payout Ratios (DPR) could be improved. The DPR for 2025 for Earnings per Share (EPS) is good at 42% with 5 year coverage high at 117%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 103% with 5 year coverage at 114%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 26% with 5 year coverage at 32%. The DPR for 2025 for Free Cash Flow (FCF 1) is high at 64% with 5 year coverage at 109%. The DPR for 2025 for Free Cash Flow (FCF 2) is high at 64% with 5 year coverage at 95%. FCF for 2025 varies from $3,178M to $3,950M.

Item	Cur	5 Years
EPS	42.27%	116.59%
AEPS	102.50%	113.75%
CFPS	26.24%	32.50%
FCF 1	63.75%	109.15%
FCF 2	63.75%	95.42%

Debt Ratios are mainly awful and need improving. The Long Term Debt/Market Cap Ratio for 2025 is too high at 1.14 and currently at 1.10. The DPR for 2025 for Intangibles and Goodwill is too high at 1.00% with 5 year coverage a bit better at 0.96%. The Liquidity Ratio for 2025 is far too low at 0.58 and 0.58 currently. If you added in Cash Flow after dividends, the ratios are still far too low at 0.91 and currently at 1.04. I prefer the Liquidity Ratio to be at 1.50 or higher. The Debt Ratio for 2025 is low at 1.41 and 1.41 currently. I prefer the Debt Ratio to be at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.44 and 2.44 and currently at 3.44 and 2.44. I prefer to see these ratios below 3.00 and below 2.00.

Type	Year End	Ratio Curr
Lg Term R	1.14	1.10
Intang/GW	1.00	0.96
Liquidity	0.58	0.58
Liq. + CF	0.91	1.04
Liq. + CF + D	1.75	1.99
Debt Ratio	1.41	1.41
Leverage	3.44	3.44
D/E Ratio	2.44	2.44

The Total Return per year is shown below for years of 5 to 43 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	-2.69%	-1.74%	-9.67%	7.93%
2015	10	1.12%	2.64%	-4.79%	7.42%
2010	15	3.42%	7.61%	-0.51%	8.12%
2005	20	3.96%	8.27%	0.83%	7.44%
2000	25	3.55%	4.91%	-0.62%	5.52%
1995	30	6.63%	7.46%	1.52%	5.94%
1990	35	5.87%	7.09%	1.82%	5.27%
1985	40	5.39%	5.87%	1.45%	4.42%
1982	43	5.36%	8.60%	3.11%	5.49%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 18.14, 21.83 and 24.75. The corresponding 10 year ratios are 16.39, 19.77 and 21.28. The corresponding historical ratios are 16.05, 17.65 and 19.07. The current ratio is 13.21 based on stock price of $32.42 and EPS estimate for 2026 of $2.45. The current ratio is below the low ratio for 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 15.54, 17.96 and 20.39. The corresponding 10 year ratios are 15.49, 17.31 and 18.54. The corresponding historical ratios are 14.27, 15.66 and 17.77. The current ratio is 12.61 based on stock price of $32.42 and AEPS estimate for 2026 of $2.57. The current ratio is below the low ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $34.98. The 10-year low, median, and high median Price/Graham Price Ratios are 1.40, 1.59 and 1.76. The current ratio is 0.93 based on a stock price of $32.42. 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 3.11. The current ratio is 1.53 based on Book Value of $19,732M, Book Value per Share of $21.16 and a stock price of $32.42. The current ratio is 51% 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 $22.59. The analyst calculates the Book Value differently than I do and, in this case, the 10 year median ratio is 2.52. The Book Value per Share of $22.59, implies a Book Value of $21,066M and a ratio of 1.44 with a stock price of $32.42. This ratio is 43% 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 6.82. The current ratio is 4.00 based on Cash Flow per Share estimate for 2026 of $8.10, Cash Flow of $7,554M and a stock price of $32.42. The current ratio is 41.34 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 4.38%. The current dividend yield is 5.40% based on a dividend of $1.75 and a stock price of $32.42. 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 5.63%. The current dividend yield is 5.40% based on a dividend of $1.75 and a stock price of $32.42. The current ratio is 4% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This stock price testing suggests that the stock price is relatively reasonable but above the median. (This test is tainted by the recent dividend cut.)

The 10-year median Price/Sales (Revenue) Ratio is 2.26. The current ratio is 1.20 based on Revenue estimate for 2026 pf $25,115M, Revenue per Share of $26.93 and a stock price of $32.42. The current ratio is 47% below the 10 year median ratio.

Results of stock price testing is that the stock price is probably cheap. All the tests are pointing to a cheap price except for the 10 year dividend yield test which is pointing to a reasonable but above the median price. However, this Dividend test has problems due to the recent dividend cut and this test works best with increasing dividends.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (5), Hold (7), Underperform (2), and Sell (1). The consensus would be a Buy. The 12 months stock price consensus is $37.50 with a high of $45.00 and a low of $31.00. The stock price consensus price of $37.50 implies a total return of 21.07% with 15.67% from capital gains and 5.40% from dividends based on a current stock price of $32.42.

Analysts on Stock Chase think that the dividend is safe as they have enough cash flow. They worry about the debt. They think that they have regulatory challenges that will not go away. Some are just watching and waiting. Sneha Nahata on Motley Fool thinks this company will be a cash-creating machine. Joey Frenette on Motley Fool says this stock may have reduced its dividend, but it’s in better shape today and could be on the path back to growth. He is unsure if it has bottomed out for good. The company put out a Press Release about their fourth quarter of 2025.

Insider Money via Yahoo Finance has reviewed this stock and likes the investment into a AI data center. Simply Wall Street via Yahoo Finance has reviewed this stock and likes their expansion into higher value AI Infrastructure. Simply Wall Street has 4 warnings of debt is not well covered by operating cash flow; earnings are forecast to decline by an average of 18.7% per year for the next 3 years; large one-off items impacting financial results; and unstable dividend track record.

BCE provides wireless, broadband, television, and landline phone services in Canada. It is one of the Big Three national wireless carriers. It is also the incumbent local exchange carrier throughout much of the eastern half of Canada, including in the most populous Canadian provinces: Ontario and Quebec. BCE has a media segment that holds television, radio, and digital media assets. BCE licenses the Canadian rights to HBO Max and Starz. Its web site is here BCE Inc .

The last stock I wrote about was about was Atrium Mortgage Investment Corp (TSX-AI, OTC-AMIVF) ... learn more. The next stock I will write about will be Melcor Developments Inc (TSX-MRD, OTC-MODVF) ... learn more on Wednesday, April 15, 2026 around 5 pm. Tomorrow on my other blog I will write about Screaming Value Portfolio.... learn more on Tuesday, April 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.

Atrium Mortgage Investment Corp

2026-04-10T17:32:00.002-04:00

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are basically good. The Dividend Payout Ratios (DPR) appear high, but they can afford to pay out their income in dividends. The current dividend yield is high with dividend growth low. Note that this company’s dividends are taxed as Interest Income. See my spreadsheet on Atrium Mortgage Investment Corp.

Is it a good company at a reasonable price? This is a different sort of company from what I usually invest in. I only have this stock in the registered accounts because the dividends are treated as Interest Income. I was attracted to it because of the income. It will not produce much in the way of capital gains, but the income it produces is rather high. My testing is showing that the current stock price is in the reasonableness range.

I own this stock of Atrium Mortgage Investment Corp (TSX-AI, OTC-AMIVF). I saw this on company on the Canadian Dividend All-Star List. It has just recently started to pay dividends. It has only been around since 2012 and has good dividends. It has just recently started to pay dividends and dividends are good but are taxed as income.

When I was updating my spreadsheet, I noticed I have done well with this stock in terms of income. I have had it for 8 years and my Total Return is 10.51% with 0.95% from capital gains and 10.51% from Interest Income. Because all the dividend income is classified and interest, this is a stock you should hold in a registered account. If you had invested in this company in December 2015, for $1,003.20 you would have bought 88 shares at $11.40 per share. In December 2025, after 10 years you would have received $885.72 in dividends. The stock would be worth $1,019.04. Your total return would have been $1,904.76. This would be a total return of 8.88% per year with 0.16% from capital gain and 8.65% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.40	$1,003.20	88	10	$885.72	$1,019.04	$1,904.76

The current dividend yield is high with dividend growth low. The current dividend yield is high (7% and higher) at 7.85% for the regular dividend. If you include the special dividend, which has been paid every year since 2019, the yield is 9.21%. The 5, 10 and historical dividend yields are also high at 7.99%, 7.35% and 7.25%. If you include the special dividends, then the 5, 10 and historical dividend yields are also high at 9.91%, 8.17% and 7.84%.

The dividend increases are low (below 8% per year) at 0.66% per year over the past 5 years. If you include the special dividends, the dividend increases are 2.6% per year. The last regular dividend increase was for 3.3% in 2025. If you took at total dividends, the special dividend has been declared for 2026, but the special dividend is lower than last year, so total dividends have declared in 2026 by 2.8%.

The Dividend Payout Ratios (DPR) appear high, but they can afford to pay out their income in dividends. The DPR for 2025 for Earnings per Share (EPS) is too high at 106% with 5 year coverage at 101%. However, if you look at Cash Dividends paid from Net Income, the DPR is still high but it is better at 90% and with 5 year coverage better at 86%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 64% with 5 year coverage at 61%.

The DPR for 2025 for Cash Flow per Share (CFPS) is good at 14% with 5 year coverage at 14%. The DPR for 2025 for Free Cash Flow (FCF 1) is high at 74% with 5 year coverage at 67%. The DPR for 2025 for Free Cash Flow (FCF 2) is high at 71% with 5 year coverage at 68%. But, because of the structure of this business, they can afford to pay out all their income and they are using special dividends to do this. Note that these dividends are taxed as Interest Income.

Item	Cur	5 Years
EPS	105.83%	100.95%
Cash Div	90.03%	85.83%
CFPS	63.74%	60.95%
FCF 1	74.37%	67.38%
FCF 2	70.83%	67.79%

The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.64 and currently at 0.65. The Liquidity Ratio for 2025 is good at 2.21 and 2.21 currently. If you added in Cash Flow after dividends, the ratios are the result is negative because the cash flow cannot cover the dividend. The Debt Ratio for 2025 is good at 2.42 and 2.42 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.70 and 0.70 and currently at 1.70 and 0.70.

Type	Year End	Ratio Curr
Lg Term R	0.64	0.63
Intang/GW	0.00	0.00
Liquidity	2.21	2.21
Liq. + CF	-10.48	-10.48
Debt Ratio	2.42	2.42
Leverage	1.70	1.70
D/E Ratio	0.70	0.70

Type Year End Ratio Curr
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	2.57%	6.84%	-1.75%	8.60%
2015	10	1.84%	8.80%	0.16%	8.65%
2010	15	3.36%	8.13%	1.05%	7.08%
2009	16		7.41%	0.98%	6.42%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.88, 10.83 and 11.51. The corresponding 10 year ratios are 10.47, 11.85 and 13.53. The corresponding historical ratios are 11.58, 12.37 and 13.45. The current ratio is 11.61 based on a stock price of $11.84 and EPS estimate for 2026 of $1.02. 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 $15.86. The 10-year low, median, and high median Price/Graham Price Ratios are 0.68, 0.77 and 0.87 based on a stock price of $11.84. 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 1.12. The current ratio is 1.08 based on a stock price of $11.84, Book Value of $525M and Book Value per Share of $10.96. The current ratio is 3.5% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have a Book Value per Share estimate for 2026 of $11.00. This implies a ratio of 1.08 based on a stock price of $11.84 and Book Value per Sare of $527M. This ratio is 3.9% 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 9.77. The current ratio is 32.68 based on Cash Flow per Share for the last 12 months of $0.36, Cash Flow of $17.4M and a stock price of $11.84. The current ratio is 235% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Note that Cash Flow fell by 75% between 2024 and 2025. This is the reason for the expensive rating.

I get an historical median dividend yield of 7.25%. The current dividend yield is 7.85% based on dividends of $0.93 and a stock price of $11.84. The current dividend yield is 8% 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 7.39%. The current dividend yield is 7.85% based on dividends of $0.93 and a stock price of $11.84. The current dividend yield is 6% 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 7.05. The current P/S Ratio is 6.64 based on Revenue estimate for 2026 of $85.4M, Revenue per Share of $1.78 and a stock price of $11.84. The current ratio is 5.7% 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 dividend yield tests are saying the stock price is relatively reasonable and it is confirmed by the P/S Ratio test. Most of the rest of the testing, with one exception is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (2) only. The consensus would be a Strong Buy. The 12 months stock price consensus is $13.06 with a high of $13.12 and a low of $13.00. The consensus stock price of $13.06 implies a total return of 18.16% with 10.30% from capital gains and 7.85% from dividends based on a current stock price of $11.84.

This stock is not much followed on Stock Chase with just one entry per year. However, analysts do think it is a buy. Amy Legate-Wolfe on Motley Fool see long term growth and dividends in this company. Christopher Liew on Motley Fool says to buy for the good dividend. The company put out a press release via TSX Money about their annual results for 2025.

Simply Wall Street via Yahoo Finance puts out a skimpy review on this stock. They have three warnings out on this company of debt is not well covered by operating cash flow; earnings are forecast to decline by an average of 1.3% per year for the next 3 years; and dividend of 7.85% is not well covered by earnings or free cash flows.

Atrium Mortgage Investment Corp is a mortgage investment corporation in Canada. The company is a provider of financing solutions to commercial real estate and development communities in urban centers in Ontario, British Columbia, and Alberta. The company generates its revenue from mortgage interest and fees and rental income. Its web site is here Atrium Mortgage Investment Corp.

The last stock I wrote about was about was Hydro One Ltd (TSX-H, OTC-HRNNF) ... learn more. The next stock I will write about will be BCE Inc (TSX-BCE, NYSE-BCE) ... learn more on Monday, April 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.

Hydro One Ltd

2026-04-08T17:49:00.003-04:00

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably expensive. I would say it is a Hold. Debt Ratios are acceptable, but it would be nice if they were improved. The Dividend Payout Ratios (DPR) could improve. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Hydro One Ltd.

Is it a good company at a reasonable price? The dividends are rather low for a utility, but they are increasing. As it seems with a number of utilities I looked at this year, I wish the Debt Ratios, especially the Liquidity Ratios were better and it had less debt. This stock is going to continue and to pay dividends. The only caution I have is that it seems that the current stock price is too high.

I do not own this stock of Hydro One Ltd (TSX-H, OTC-HRNNF). It is a utility stock and has been recommended by various persons. It was on the Money Sense list with a C. Rating in 2022. It appeared in the Stable Dividend Portfolio when Norman Rothery originally wrote about it in December 21, 2022. This stock has not been on the Money Sense list since 2023.

When I was updating my spreadsheet, I noticed that shareholders have done quite well with this stock. Total Return being over 10% per year for 5, 10 and 11 years at 16.87%, 12.60% and 11.58%. However, like other utilities the DPRs are high and the debt is high.

If you had invested in this company in December 2015, for $1,003.05 you would have bought 45 shares at $22.29 per share. In December 2025, after 10 years you would have received $476.36 in dividends. The stock would be worth $2,458.80. Your total return would have been $2,935.16. This would be a total return of 12.60% per year with 9.38% from capital gain and 3.22% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$22.29	$1,003.05	45	10	$476.36	$2,458.80	$2,935.16

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 and 9 year median dividend yields are also moderate at 2.94% and 3.63%. The dividend growth is low (below 8%) at 5.6% over the past 5 years. The last dividend increase was 2025 and it was for 6.02%

The Dividend Payout Ratios (DPR) could improve. The DPR for 2025 for Earnings per Share (EPS) is high at 59% with 5 year coverage at 63%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is high at 99% with 5 year coverage at 96%. The AFFO values are provided by TD Bank. The DPR for 2025 for Funds from Operations (FFO) is good at 30% with 5 year coverage at 31%. The FFO values are provide by the company.

The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 59% with 5 year coverage at 63%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 29% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to reported negative FCFs.

Item	Cur	5 Years
EPS	58.90%	63.08%
AFFO	98.76%	96.46%
FFO	30.00%	31.33%
AEPS	58.90%	63.31%
CFPS	28.91%	28.11%
FCF 1	NC	NC
FCF 2	NC	NC

Debt Ratios are acceptable, but it would be nice if they were improved. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.55 and currently good at 0.51. The Liquidity Ratio for 2025 is too low at 0.61 and 0.61 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.11 and currently at 1.13. If you add back the debt outstanding currently the ratios are still low at 1.41 and currently at 1.43. I prefer this ratio to be 1.50 or higher, but generally speaking, they tend to be low for utilities. The Debt Ratio for 2025 is fine, but low at 1.47 and 1.47 currently. I prefer these ratios to be at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.14 and 2.13 and currently at 3.14 and 2.13. I prefer these ratios below 3.00 and 2.00, but utilities tend to have a lot of debt.

Type	Year End	Ratio Curr
Lg Term R	0.55	0.51
Intang/GW	0.03	0.03
Liquidity	0.61	0.61
Liq. + CF	1.11	1.13
Liq. + CF+D	1.41	1.43
Debt Ratio	1.47	1.47
Leverage	3.14	3.14
D/E Ratio	2.13	2.13

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	5.56%	16.87%	13.69%	3.18%
2015	10	3.43%	12.60%	9.38%	3.22%
2014	11		11.58%	8.79%	2.79%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 18.28, 20.34 and 22.40. The corresponding 10 year ratios are 17.90, 19.87 and 21.85. The corresponding historical ratios are 17.67, 19.70 and 21.73. The current ratio is 26.02 based on a stock price of $59.27 and EPS estimate for 2026 of $2.28. 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/Adjusted Earnings per Share Ratios are 18.28, 20.34 and 22.40. The corresponding 10 year ratios are 17.90, 19.87 and 21.47. The corresponding historical ratios are 17.90, 19.47 and 20.83. The current ratio is 26.11 based on a stock price of $59.27 and AEPS estimate for 2026 of $2.27. 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 Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 9.24, 10.28 and 11.33. The corresponding 10 year ratios are 8.42, 9.25 and 10.34. The corresponding historical ratios are 8.10, 8.94 and 10.09. The current ratio is 13.54 based on a stock price of $59.27 and FFO for the last 12 months of $4.38. 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 $32.82. The 10-year low, median, and high median Price/Graham Price Ratios are 1.06, 1.16 and 1.28. The current ratio is 1.81 based on a stock price of $59.27. 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 1.57. The current ratio is 2.81 based on a Book Value of $12,648M, Book Value per Share of $21.09 and a stock price of $59.27. The current ratio is 79% 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 8.64. The current ratio is 12.86 based on Cash Flow per Share estimate for 2026 of $4.61, Cash Flow of $2,765M and a stock price of $59.27. The current ratio is 49% 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 3.63%. The current dividend yield is 2.25% based on dividends of $1.3324 and a stock price of $59.27. The current dividend yield is 38% 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 3.63%. The current dividend yield is 2.25% based on dividends of $1.3324 and a stock price of $59.27. The current dividend yield is 38% 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 2.39. The current ratio is 3.83 based on Revenue estimate for 2026 of $9,292M, Revenue per Share of $15.49 and a stock price of $59.27. The current ratio is 60% 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. I would say it is a Hold. The 10 year median dividend yield test says this and it is confirmed by the P/S Ratio test. All the testing I have done shows a stock price that is expensive. I would say it is a Hold.

When I look at analysts’ recommendations, I find Buy (2), Hold (10), Underperform (2) and Sell (1). The consensus is a Hold. The 12 month stock price consensus is $55.53 with a high of $66.00 and low of $46.00. The 12 month stock price consensus implies a total loss of 4.06% with a 6.31% capital loss and 2.25% from dividends based on a current stock price of $59.27.

There is only one entry for 2026 on Stock Chase. The recommendation is Do Not Buy because the low dividend and only operates in Ontario. There were mixed reviews in 2025 from Partial Sell to Hold to Buy. Amy Legate-Wolfe on Motley Fool. She says that Hydro One fits the “sleep better” test perfectly. Joey Frenette on Motley Fool. He says Hydro One stock could hold steady, even in a stormier market. The company put out a Press Release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance. They review the stock and discuss if it under or overvalued. Simply Wall Street has two warnings out on this stock of debt is not well covered by operating cash flow; and dividend of 2.28% is not well covered by free cash flows.

Hydro One operates regulated transmission and distribution assets in Ontario. Hydro One operates a small telecom business with annual revenue contributing less than 1% to consolidated results. The province of Ontario holds an approximate 47.5% common equity stake. Its web site is here Hydro One Ltd.

The last stock I wrote about was about was AltaGas Ltd (TSX-ALA, OTC-ATGFF) ... learn more. The next stock I will write about will be Atrium Mortgage Investment Corp (TSX-AI, OTC-AMIVF) ... learn more on Friday, April 10, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy April 2026 .... learn more on Thursday, April 9, 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.

AltaGas Ltd

2026-04-06T15:47:00.005-04:00

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is relatively expensive. Debt Ratios are mostly fine, but Liquidity Ratio could improve. The Dividend Payout Ratios (DPR) are probably too high expect for Cash Flow. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on AltaGas Ltd .

Is it a good company at a reasonable price? I know that they cut their dividends in 2019. People who live off their dividends tend to be unforgiving of dividend cuts. I am not. I have kept or invested in stock that cut their dividends. It depends on how I feel about the company. Note that I have had companies that cut dividends before, but overall, my dividend income does go up each year. I am keeping my shares in this company. I would wonder about buy at the present time because the stock price is at an all time high and my testing is showing that the stock price is relatively expensive.

I own this stock of AltaGas Ltd (TSX-ALA, OTC-ATGFF). When I bought this stock in 2009 it was on many dividend growth stock lists. In 2009, I saw that this stock also had good growth in Revenues, Earnings, Dividends, and Stock Prices over the last 5 and 10 years. The stock had a fairly strong balance sheet. I took a small position in this stock, and planned to wait and see how things go with this stock before buying more. I bought more in 2010 and 2012.

When I was updating my spreadsheet, I noticed I have a total return of 10.73% with 5.05% from capital gains and 5.68% from dividends. I notice that this stock has not been on the Money Sense 100 Best Dividend Stocks since 2021. See the last list here.

If you had invested in this company in December 2015, for $1,068.34 you would have bought 26 shares at $82.18 per share. In December 2025, after 10 years you would have received $560.69 in dividends. The stock would be worth $1,814.15. Your total return would have been $2,374.84. This would be a total return of 9.47% per year with 5.44% from capital gain and 4.03% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$82.18	$1,068.34	17	10	$560.69	$1,814.15	$2,374.84

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.72%. The 5 year and historical median dividend yields are moderate at 3.98% and 4.96%. The 10 year median dividend yield is good (5% to 6% ranges) at 5.21%. The dividends have increased ty 5.6% per year over the past 5 years. Note that this company cut their dividends some 56% in 2019. Dividends are still 39% below those of 2018.

The Dividend Payout Ratios (DPR) are probably too high expect for Cash Flow. The DPR for 2025 for Earnings per Share (EPS) is too high at 51% with 5 year coverage at 64%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 58% with 5 year coverage at 57%. I prefer this percentage to be below 50%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 18% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow (FCF) non-calculable due to negative FCF values.

Item	Cur	5 Years
EPS	50.81%	64.12%
AEPS	56.76%	57.62%
CFPS	15.18%	12.23%
FCF	NC	NC

Debt Ratios are mostly fine, but Liquidity Ratio could improve. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.70 and currently at 0.61. The Liquidity Ratio for 2025 is too low at 0.82 and 0.82 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.05 and currently at 1.09. I prefer these to be at 1.50 or higher but at least they are over 1.00. The Debt Ratio for 2025 is good at 1.55 and 1.55 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.80 and 1.80 and currently at 2.80 and 1.80.

Type	Year End	Ratio Curr
Lg Term R	0.70	0.61
Intang/GW	0.43	0.37
Liquidity	0.82	0.82
Liq. + CF	1.05	1.09
Liq. + CF + D	1.06	1.10
Debt Ratio	1.55	1.55
Leverage	2.80	2.80
D/E Ratio	1.80	1.80

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	5.59%	21.98%	17.46%	4.52%
2015	10	-3.86%	7.27%	3.08%	4.19%
2010	15	-1.86%	9.89%	4.48%	5.41%
2005	20	-1.88%	7.22%	2.04%	5.18%
2000	25	9.27%	21.96%	8.66%	13.30%
1999	26		18.00%	7.76%	10.24%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.97, 16.19, and 18.40. The corresponding 10 year ratios are 13.73, 15.90 and 18.06. The corresponding historical ratios are 13.31, 15.61 and 18.40. The current P/E Ratio is 20.64 based on a stock price of $49.16 and EPS estimate for 2026 of $2.38. The current ratio is above the high ratio for 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/Adjusted Earnings per Share Ratios are 11.93, 14.24 and 16.45. The corresponding 10 year ratios are 12.21, 14.55 and 17.15. The corresponding historical ratios are 12.49, 14.47 and 16.57. The current P/AEPS Ratio is 21.10 based on a stock price of $49.16 and AEPS estimate for 2026 of $2.33. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 6.15, 7.34, and 8.53. The corresponding 10 year ratios are 5.99, 7.34 and 9.01. The corresponding historical ratios are 7.63, 8.85 and 10.40. The current P/AFFO Ratio is 11.93 based on a stock price of $49.16 and AFFO estimate for 2026 of $4.12. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 5.36, 6.22 and 7.23. The corresponding 10 year ratios are 5.28, 6.61 and 8.07. The corresponding historical ratios are 6.76, 7.83 and 9.31. The current P/FFO Ratio is 11.12 based on a stock price of $49.16 and FFO for the last 12 months of $4.42. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $38.33. The 10-year low, median, and high median Price/Graham Price Ratios are 0.68, 0.84 and 0.97. The current ratio is 1.28 based on a stock price of $49.16. The current ratio is above the high ratio for 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 1.10. The current ratio is 1.75 based on a Book Value of $8,720M, Book Value per Share of $28.02 and a stock price of $49.16. The current ratio is 60% 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 of 28.94. This analyst calculates the Book Value differently than I do and, in this case, the 10 year ratio is 1.01. The current ratio is 1.70 based on a stock price of $49.16, Book Value of $9,005M and Book Value per Share of $28.94. The current ratio is 75% 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 8.26. The current P/CF Ratio is 10.91 based on Cash Flow per Share estimate for 2026 of $4.51, Cash Flow of $1,402M and a stock price of $49.16. The current ratio is 32% 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 4.96%. The current dividend yield is 2.72% based on a stock price of $49.16 and dividends of $1.336. The current dividend yield is 45% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. Main problem is that dividends were cut in 2019 by 56%.

I get a 10 year median dividend yield of 5.21%. The current dividend yield is 2.72% based on a stock price of $49.16 and dividends of $1.336. The current dividend yield is 48% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. Main problem is that dividends were cut in 2019 by 56%.

The 10-year median Price/Sales (Revenue) Ratio is 0.84. The current P/S Ratio is 1.07 based on Revenue estimate for 2026 of $14,234M, Revenue per Share of $45.74 and a stock price of $49.16. the current ratio is 29% 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 relatively expensive. All my tests come back with the same answer. That is that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (4), Hold (2) and Underperform (1). The consensus would be a Buy. The 12 month stock price consensus is $49.73 and a high of $53.00 and low of $42.00. The consensus stock price of $49.73 implies a Total Return of 3.88% with 1.16% from capital gains and 2.72% from dividends based on a current stock price of $49.16.

Most analysts on Stock Chase in 2025 liked this stock. There were a couple of Holds. For 2026 there is a Top Pick and a Do Not Buy. The Do Not Buy does not say why. Christopher Liew on Motley Fool thinks this is a stock to buy and hold long term. Robin Brown on Motley Fool thinks this is a good stock to buy and tuck away in your TFSA. The company put out a Press Release about their fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance. I do not know where they get their information on Cash Flow in their sentence of “Based on the last dividend, AltaGas is earning enough to cover the payment, but then it makes up 10,428% of cash flows.” See my paragraph above on DPRs. Simply Wall Street has two warnings of debt is not well covered by operating cash flow; and dividend of 2.75% is not well covered by free cash flows. Simply Wall Street gives it 2 and on half stars out of 5.

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through given segments: Midstream, Utilities, and Corporate/other. The business generates revenue from customers in both Canada and the United States, with the majority coming from Canadian customers. Its web site is here AltaGas Ltd .

The last stock I wrote about was about was TC Energy Corp (TSX-TRP, NYSE-TRP0) ... learn more. The next stock I will write about will be Hydro One Ltd (TSX-H, OTC-HRNNF) ... learn more on Wednesday, April 8, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks April 2026.... learn more on Tuesday, April 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.

TC Energy Corp

2026-04-03T15:29:00.005-04:00

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably expensive. I would rate it as a Hold. Debt Ratios could be improved and debt is high. The Dividend Payout Ratios (DPR) are mainly high. The current dividend yield is moderate with dividend growth low. See my spreadsheet on TC Energy Corp.

Is it a good company at a reasonable price? I must say that I do worry about the DPR and the large debt. However, I will continue to hold this stock. If you look at the chart for this stock you will see it is at an all-time high. I think that the stock price is currently relatively expensive.

I own this stock of TC Energy Corp (TSX-TRP, NYSE-TRP0). When I bought this stock, it was on Mike Higgs' Canadian Dividend Growth Stock list and the other dividend lists that I followed. I bought the stock in 2000 at an opportune time. The company had been cutting their dividend payments in order to re-organize and get the company into shape for long term profitability. This company’s stock fell hard because of this. People who depend on dividends for their income can be an unforgiving lot and can get really upset at company when a trusted company cuts its dividends.

When I was updating my spreadsheet, I noticed I have a total return of 10.81% per year for this stock with 5.66% from capital gains and 5.15% from dividends. This utility also has high DPRs and debt. I also note that Money Sense has not had this stock on their 100 Best Canadian Stock since 2023.

If you had invested in this company in December 2015, for $1,029.09 you would have bought 26 shares at $41.16 per share. In December 2025, after 10 years you would have received $684.18 in dividends. The stock would be worth $1,889.50. Your total return would have been $2,573.68. This would be a total return of 11.24% per year with 6.26% from capital gain and 4.97% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$41.16	$1,029.09	25	10	$684.18	$1,889.50	$2,573.68

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.98%. The 5 year median dividend yield is good (5% to 6% ranges) at 5.35%. The 10 year and historical median dividend yields are moderate at 4.80% and 4.14%. The dividend increases are low (below 8% per year) at 4.4% per year over the past 5 years. The last dividend increase was in 2026 and it was for 3.24%. There was also another increase at the beginning of 2026 for 3.34%. So far this year, dividends are up around 6.5%.

The Dividend Payout Ratios (DPR) are mainly high. The DPR for 2025 for Earnings per Share (EPS) is too high at 97% with 5 year coverage at 138%. The DPR for 2025 for Funds from Operations (FFO) is good at 44% with 5 year coverage at 52%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 96% with 5 year coverage at 90%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 45% with 5 year coverage at 47%. The DPR for 2025 for Free Cash Flow (FCF 1) is too high at 137% with 5 year coverage at 380%. The DPR for 2025 for Free Cash Flow (FCF 2) is too high at 169% with 5 year coverage at 161%. Analysts do see the DPR for Earnings getting better in the future.

Item	Cur	5 Years
EPS	97.19%	138.49%
FFO	43.86%	52.04%
AEPS	96.08%	90.19%
CFPS	44.72%	46.53%
FCF 1	136.99%	380.04%
FCF 2	168.52%	160.82%

Debt Ratios could be improved and debt is high. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.58 and currently at 0.49. The Liquidity Ratio for 2025 is far too low at 0.63 and 0.63 currently. If you added in Cash Flow after Dividends, the ratios are still low at 1.02 and currently at 1.05. If you add back in the debt due this year and handled, the Ratio for 2025 is still low at 1.41 and 1.45 currently. I like to see Liquidity Ratios of 1.50 or higher. The Debt Ratio for 2025 is low at 1.45 and 1.45 currently. I like to see Debt Ratios of 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are low at 3.22 and 2.22 and currently at 3.22 and 2.22. I like to see these ratios below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.58	0.49
Intang/GW	0.17	0.14
Liquidity	0.63	0.63
Liq. + CF	1.02	1.05
Liq. + CF + D	1.41	1.45
Debt Ratio	1.45	1.45
Leverage	3.22	3.22
D/E Ratio	2.22	2.22

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	4.36%	15.49%	9.90%	5.59%
2015	10	6.79%	11.24%	6.26%	4.97%
2010	15	6.27%	9.81%	5.35%	4.47%
2005	20	6.03%	8.02%	4.17%	3.85%
2000	25	6.58%	11.90%	6.73%	5.17%
1995	30	4.60%	9.41%	5.08%	4.33%
1990	35	5.10%	8.71%	4.63%	4.08%
1988	37	4.86%	9.39%	4.98%	4.41%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 18.21, 20.27 and 22.49. The corresponding 10 year ratios are 17.85, 19.63 and 21.17. The corresponding historical ratios are 13.11, 14.94 and 17.30. The current ratio is 22.44 based on a stock price of $88.15 and EPS estimate for 2026 of $3.93. 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/Adjusted Earnings per Share Ratios are 12.99, 15.30 and 18.32. The corresponding 10 year ratios are 13.14, 15.53 and 18.56. The corresponding historical ratios are 14.87, 17.32 and 19.25. The current ratio is 24.02 based on a stock price of $88.15 and AEPS estimate for 2026 of $3.67. 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 $44.35. The 10-year low, median, and high median Price/Graham Price Ratios are 0.97, 1.16 and 1.38. The current ratio is 1.99 based on a stock price of $88.15. 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 1.92. The current ratio is 3.70 based on a Book Value of $24,796M, Book Value per Share of $23.82 and a stock price of $88.15. The current ratio is 92% 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 $24.78. This analyst calculates the Book Value differently that I do and, in this case, the 10 year median ratio is 1.70. The current ratio is 3.56 with a Book Value of $25,792M, Book Value per Share of $24.78 and a stock price of $88.15. The current ratio is 85% 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 7.75. The current ratio is 11.80 based on Cash Flow per Share estimate for 2026 of $7.47, Cash Flow of $7,775M and a stock price of $88.15. This current ratio is 52% 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 4.14%. The current dividend yield is 3.98% based on dividends of $3.51 and a stock price of $88.15. The current ratio is 3.8% 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 4.80%. The current dividend yield is 3.98% based on dividends of $3.51 and a stock price of $88.15. The current ratio is 17% 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 4.41. The current P/S Ratio is 5.66 based on Revenue estimate for 2026 of $16, 206M, Revenue per Share of $15.57 and a stock price of $88.15. The current ratio is 28% 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. I would rate it as a Hold. The 10 year dividend yield test says that the stock price is relatively reasonable but above the median. At 17% below the 10-year median ratio it is getting near expensive. The P/S Ratio test says that the stock price is relatively expensive. Other testing puts the stock price as expensive except for the historical median dividend yield test.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (6), Hold (9), Underperform (2), and Sell (1). The consensus is a Buy. The 12 months stock price consensus is $87.65 with a high of $101.00 and low of $68.00. The 12 month consensus stock price of $87.65 implies a Total Return of $3.41% with a capital loss of 0.57% and dividends of 3.41% based on a current stock price of $88.15.

There are two entries on Stock Chase for 2026 and they both are Holds. Puja Tayal on Motley Fool says to find opportunity amid Trade Tensions. She also mentions this company has gone oil free. Sneha Nahata on Motley Fool say this company is a reliable Canadian energy stock that wins when oil spikes and holds up when prices weaken. The company put out a Press Release about its fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and thinks it is overvalued. They have two warnings of interest payments are not well covered by earnings; and dividend of 4.06% is not well covered by earnings or free cash flows.

TC Energy operates natural gas transmission assets across North America. Segments are determined by country of operation, but both Canadian and US operations are interconnected. Mexican operations are disconnected from the US and only have one customer, the state utility CFE. They also operate power generation assets, with the largest being the Bruce Power nuclear plant. Its web site is here TC Energy Corp.

The last stock I wrote about was about was Enbridge Inc (TSX-ENB, NYSE-ENB) ... learn more. The next stock I will write about will be AltaGas Ltd (TSX-ALA, OTC-ATGFF) ... learn more on Monday, April 6, 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.

Enbridge Inc

2026-04-01T18:07:00.005-04:00

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably expensive. Debt Ratios need improving. The Dividend Payout Ratios (DPR) are probably too high, with only AFFO moderate. The current dividend yield is good with dividend growth low. See my spreadsheet on Enbridge Inc.

Is it a good company at a reasonable price? This is a Utility stock but classified as an Energy stock as it transports oil and gas. I do not like their high DPRs and think they need to do something about them and they have been getting lower and analysts expect that the DPR for EPS will be around 107.06 in 2028 and the DPR for AEPS to be around 109.92 in 2028. They have a high debt, but most utilities do. I personally plan to hold on to this stock. It is just off its most recent high and that fits with it being in the expensive range.

I own this stock of Enbridge Inc (TSX-ENB, NYSE-ENB). I first bought this stock in 2005 and then bought more in 2008 and 2009. This stock was on the Dividend Achievers, the Dividend Aristocrats list and also on Mike Higgs’ list of Canadian Dividend Growth stocks. Enbridge is considered to be a low risk stock. The Canadian list is now the Canadian Dividend Aristocrats and Enbridge is on the list. However, it has not been on the Money Sense 100 Best Dividend Stocks since 2023.

When I was updating my spreadsheet, I noticed I have had this stock for 20 years and I have made a total return of 12.91% per year with 7.58% from capital gains and 5.33% from dividends.

When updating my spreadsheet from the annual statement, I saw a couple of things I do not like. First was Revenue per Share is down over the past 10 years by 2.8%. Revenue per share for the past 5 years is up by 8.8%, so that is not bad. Revenue for the past 10 and 5 years is up by 6.6% and 10.4% respectively.

The other thing was the Liquidity Ratio which even after Cash Flow being included is still just 0.82. I would like this to be at 1.50 or higher. When this ratio is below 1.00, it means that Current Assets cannot cover Current Liability. The company does have a sizeable current portion of their long term debt due, but even taking that into consideration, the Liquidity Ratio is just 1.08. This company has never had a good Liquidity Ratio.

If you had invested in this company in December 2015, for $1,012.00 you would have bought 22 shares at $46.00 per share. In December 2025, after 10 years you would have received $685.72 in dividends. The stock would be worth $1,444.96. Your total return would have been $$2,130.68. This would be a total return of 9.27% per year with 3.63% from capital gain and 5.64% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$46.00	$1,012.00	22	10	$685.72	$1,444.96	$2,130.68

The current dividend yield is good with dividend growth low. The current dividend yield is good (5% to 6% ranges) at 5.16%. The 5 and 10 year median dividend yields are good at 6.86% and 6.29%. The historical median dividend yield is moderate (2% to 4% ranges) at 3.90%. 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 2026 and it was for 3%. This company has a 30 year history of increasing dividends and that is why it is on the Canadian Dividend Aristocrats list.

The Dividend Payout Ratios (DPR) are probably too high, with only AFFO moderate. The DPR for 2025 for Earnings per Share (EPS) is too high at 117% with 5 year coverage at 141%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 66% with 5 year coverage at 65%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 125% with 5 year coverage at 125%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 70% with 5 year coverage at 73%. The DPR for 2025 for Free Cash Flow (FCF 1) is too high at 182% with 5 year coverage at 139%. The DPR for 2025 for Free Cash Flow (FCF 2) is too high at 207% with 5 year coverage at 121%. FCF varies from $3,297M to $4,510M.

Item	Cur	5 Years
EPS	116.72%	141.40%
AFFO	66.02%	65.46%
AEPS	124.83%	125.42%
CFPS	70.86%	73.82%
FCF 1	182.26%	139.91%
FCF 2	206.64%	120.99%

Debt Ratios need improving. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.69 and currently at 0.60. The Liquidity Ratio for 2025 is too low at 0.63 and 0.63 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.82 and currently at 0.89. If you add back the current debt that is being taken care of, the ratio just barely back it past 1.00 at 1.08 and currently at 1.17. I like a Liquidity Ratio of 1.50 or higher. Although I must admit this company has had lousy Liquidity Ratios throughout its history. The Debt Ratio for 2025 is low at 1.43 and 1.43 currently. I like to see this ratio at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.31 and 2.31 and currently at 3.31 and 2.31. I like to see these ratios below 3.00 and below 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.69	0.60
Intang/GW	0.27	0.24
Liquidity	0.63	0.63
Liq. + CF	0.82	0.89
Liq. + CF+D	1.08	1.17
Debt Ratio	1.43	1.43
Leverage	3.31	3.31
D/E Ratio	2.31	2.31

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.08%	17.33%	10.04%	7.29%
2015	10	7.32%	9.27%	3.63%	5.64%
2010	15	10.44%	11.24%	5.81%	5.42%
2005	20	10.43%	11.58%	6.64%	4.94%
2000	25	10.40%	12.20%	7.44%	4.76%
1995	30	9.41%	16.00%	9.79%	6.20%
1990	35	8.06%	11.15%	7.08%	4.07%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 18.10, 19.92 and 21.74. The corresponding 10 year ratios are 20.33, 24.40 and 27.48. The corresponding historical ratios are 18.10, 19.36 and 23.82. The current ratio is 24.53 based on a stock price of $75.26 and EPS estimate for 2026 of $3.07. 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 16.12, 19.07 and 21.19. The corresponding 10 year ratios are 16.06, 18.96 and d 21.97. The corresponding historical ratios are 16.89, 19.21 and 21.97. The current ratio is 25.09 based on a stock price of $75.26 and AEPS estimate for 2026 of $3.00. The current ratio is above high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 8.42, 9.64 and 10.99. The corresponding 10 year ratios are 8.80, 10.19 and 11.81. The corresponding historical ratios are 10.12, 11.27 and 13.15. The current ratio is 12.80 based on a stock price of $75.26 and AFFO estimate for 2026 of $5.88. The current 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 $41.32. The 10-year low, median, and high median Price/Graham Price Ratios are 1.08, 1.26 and 1.48. The current ratio is 1.82 based on a stock price of $75.26. The current 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 1.88. The current ratio is 2.98 based on a Book Value of $55,184M, Book Value per Share of $25.29 and a stock price of $75.26. 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 Book Value per Share estimate for 2026 of $24.99. This analyst calculates the ratio differently than I do and, in this case, the 10 year median ratio is 1.71. The current ratio is 3.01 based on a Book Value of $54,528M, Book Value per Share of $24.99 and a stock price of $75.26. This ratio is 76% 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 9.63. The current ratio is 11.79 based on Cash Flow per Share estimate for 2026 of $6.39, Cash Flow of $13,952M and a stock price of $24.99. The current ratio is 22% 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 3.90%. The current dividend yield is 5.16% based on dividends of $3.88 and a stock price of $75.26. The current dividend yield is 32% 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 6.29%. The current dividend yield is 5.16% based on dividends of $3.88 and a stock price of $75.26. The current dividend yield is 18% 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 2.10. The current P/S Ratio is 2.67 based on Revenue estimate for 2026 of $61,518M, Revenue per Share of $28.19 and a stock price of $75.26. The current ratio is 27% 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 it is reasonable but above the median. The P/S Ratio test says the stock price is expensive. The 10 year median dividend yield is near expensive. Other tests are saying from reasonable but above the median to expensive. I give it a Hold.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (3), Hold (11), Underperform (1) and Sell (1). The consensus would be a Buy. The 12 month stock price is $75.76 with a high of $85.00 and low of $66.00. The consensus stock price of $75.76 implies a total return of 5.82% with 0.66% from capital gains and 5.16% from dividends based on a current stock price of $75.26.

All but one analyst on Stock Chase in 2026 says buy. The Do Not Buy says that it overdistributes and he prefer TC Energy for growth. Andrew Walker on Motley says if you are a buy and hold you should be comfortable in buying this stock now even though it is at an all-time high. Jitendra Parashar on Motley Fool says if the market crashes in March, he is buying this stock. The company put at a Press Release about its fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and says that the Fair Value is $73.81. Simply Wall Street has two warnings of interest payments are not well covered by earnings; and dividend of 5.13% is not well covered by earnings or free cash flows.

Enbridge owns extensive midstream assets that transport hydrocarbons across the US and Canada. The company also operates regulated natural gas utilities in the US and Canada, including Canada's largest natural gas distribution company. The firm has a small renewable energy portfolio primarily focused on onshore and offshore wind projects. Its web site is here Enbridge Inc.

The last stock I wrote about was about was H & R Real Estate Trust (TSX-HR.UN, OTC-HRUFF) ... learn more. The next stock I will write about will be TC Energy Corp (TSX-TRP, NYSE-TRP0) ... learn more on Friday, April 3, 2026 around 5 pm. Tomorrow on my other blog I will write about Capital Compounders Newsletter.... learn more on Thursday, April 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.

H & R Real Estate Trust

2026-03-30T17:53:00.003-04:00

Sound bite for Twitter is: Dividend Paying REIT. Results of stock price testing is that the stock price is could be reasonable. Debt Ratios are fine, but Liquidity could improve. The Dividend Payout Ratios (DPR) are currently fine. The current dividend yield is good with dividend growth flat. See my spreadsheet on H & R Real Estate Trust.

Is it a good company at a reasonable price? The REIT has not really done that well over the years for shareholders. Analysts expect Revenue, AFFO, and FFO to decline by a lot (i.e. 20% – 30%) in 2026. However, they do expect that the share price rises a lot. Simply Wall Street thought it was undervalued and that fits with stock price given by analysts. I think that the reason to buy REITs is the good dividend income. My testing is showing it is reasonable, but I do wonder about making much money with this REIT in the future.

I do not own this stock of H & R Real Estate Trust (TSX-HR.UN, OTC-HRUFF). Before I started blogging, I was following a number of REITs and this is one I had followed. It also used to be on a dividend list I followed.

When I was updating my spreadsheet, I noticed a lot of red on my spreadsheet. A lot is going down including Revenue, FFO, AFFO, EPS, Cash Flow, Book Value, Net Income over the past 5 and 10 years. The item going up is Stock Price. Total Return is up by 8% and 2.6% over the past 5 and 10 years.

If you had invested in this company in December 2015, for $1,002.50 you would have bought 50 shares at $20.05 per share. In December 2025, after 10 years you would have received $690.27 in dividends. The stock would be worth $511.50. Your total return would have been $1,204.77. This would be a total return of 2.59% per year with 6.51% from capital loss and 9.10% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$20.05	$1,002.50	50	10	$690.27	$511.50	$1,201.77

The current dividend yield is good with dividend growth flat. The dividend yield is good (5% to 6% ranges) at 6.09%. The 5, 10 and historical dividend yields are good at 5.48%, 6.07% and 6.21%. Dividends were cut in 2020, 2021 and 2022 and then in 2023 there was a 9.2% dividend increase. Dividends are still 57% below dividends of 2019. Dividends have been flat over the past few years and analysts expect the same in the future. Dividends are down by 4% per year over the past 5 years.

The Dividend Payout Ratios (DPR) are currently fine. The DPR for 2025 for Earnings per Share (EPS) is awful but not important for a REIT. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 60% with 5 year coverage too high at 141%. The DPR for 2025 for Funds from Operations (FFO) is good at 50% with 5 year coverage too high at 115%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 39% with 5 year coverage too high at 83%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 90% with 5 year coverage at 71%. FCF for 2025 varies from $29M to $238M and I am using $210M

Item	Cur	5 Years
EPS	-21.22%	399.28%
AFFO	60.30%	140.74%
FFO	49.50%	115.06%
CFPS	38.75%	82.66%
FCF	89.97%	71.47%

Debt Ratios are fine, but Liquidity could improve. The Long Term Debt/Market Cap Ratio for 2025 is high at 1.29 and currently at 1.34. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.49 and currently at 0.49 because this is a more important ratio for a REIT. The Liquidity Ratio for 2025 is low at 1.00 and 1.00 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.16 and currently at 1.16. The Debt Ratio for 2025 is good at 1.83 and 1.83 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.20 and 1.20 and currently at 2.20 and 1.20.

Type	Year End	Ratio Curr
Lg Term R	1.29	1.34
Lg Term R, A	0.49	0.49
Intang/GW	0.00	0.00
Liquidity	1.00	1.00
Liq. + CF	1.16	1.16
Debt Ratio	1.83	1.83
Leverage	2.20	2.20
D/E Ratio	1.20	1.20

The Total Return per year is shown below for years of 5 to 29 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	-4.00%	7.98%	-5.10%	9.63%
2015	10	-5.71%	2.59%	-6.51%	9.37%
2010	15	-0.32%	4.59%	-4.19%	10.10%
2005	20	-2.73%	4.41%	-3.52%	8.77%
2000	25	-1.55%	10.21%	-0.62%	12.13%
1996	29	0.35%	11.36%	0.08%	11.59%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 3.54, 4.24 and 4.94. The corresponding 10 year ratios are 9.09, 9.97 and 10.85. The corresponding historical ratios are 12.16, 12.95 and 17.50. The lower 5 and 10 year ratios are due to earning losses. The current P/E Ratio is 10.84 based on a stock price $9.86 and EPS estimate for 2026 of $0.91. 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. However, a P/E Ratio of 10.84 is a rather low P/E Ratio.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 9.18, 10.86, and 12.55. The corresponding 10 year ratios are 10.17, 12.01 and 14.88. The corresponding historical ratios are 12.63, 13.99 and 15.50. The current P/AFFO Ratio is 13.89 based on a stock price $9.86 and AFFO estimate for 2026 of $0.71. 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 noticed that TD, where I got the AFFO data from expected a 29% drop in AFFO for 2026.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 7.53, 8.92 and 10.31. The corresponding 10 year ratios are 8.32, 9.82 and 12.26. The corresponding historical ratios are 9.43, 10.85 and 12.33. The current P/FFO Ratio is 11.88 based on a stock price $9.86 and FFO estimate for 2026 of $0.83. 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 noticed that TD, where I got the FFO data from expected a 31% drop in FFO for 2026.

I get a Graham Price of $17.09 Using FFO in the formula because of earnings losses. The 10-year low, median, and high median Price/Graham Price Ratios are 0.47, 0.56 and 0.68. The current ratio is 0.58 based a stock price of $9.86. 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 10-year median Price/Book Value per Share Ratio of 0.75. The current ratio is 0.63 based on Book Value of $4,135.7M, Book Value per Share of $15.63 and a stock price of $9.86. The current ratio is 16% 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 12.64. The current ratio is 13.84 based on Cash Flow for the last 12 months of $188.4M, Cash Flow per Share of $0.71 and a stock price of $9.86. 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 6.21%. The current dividend yield is 6.09% based on dividends of $0.60 and a stock price of $9.86. The current dividend yield is 2% 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 6.07%. The current dividend yield is 6.09% based on dividends of $0.60 and a stock price of $9.86. The current dividend yield is .2% 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 3.45. The current ratio is 3.49 based on Revenue estimate for 2026 of $748.2M, Revenue per Share of $2.83 and a stock price of $9.86. The current ratio is 1% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. I noticed that estimate for 2026 is some 24% below revenue for 2025.

Results of stock price testing is that the stock price is could be reasonable. The 10 year median dividend yield test says this. For the P/S Ratio test the difference in ratios from 10 year median to current is just 1%. Most of the testing however is saying that the stock price is reasonable but above the median. Analysts seem to believe that Revenue, AFFO, and FFO will drop this year.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (2) and Hold (2). The consensus is a Buy. The 12 month stock price consensus is $11.79 with a high of $13.00 and a low of $10.50. The consensus stock price of $11.79 implies a total return of $25.66 with 19.57% from capital gains and $6.09% from dividends. This makes no sense considering Revenue, AFFO and FFO is expected to decline.

Analysts in 2025 on Stock Chase gives this stock a Hold. One thinks it will be bought out. Jitendra Parashar on Motley Fool thought this REIT was appealing because of its dividend. Christopher Liew on Motley Fool thought you should buy for its monthly dividend. The company put out a press release via Newswire about their fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance reviews this stock. They think it is undervalued and that the fair value is $13.86. Simply Wall Street has two warnings of interest payments are not well covered by earnings; and dividend of 7.67% is not well covered by free cash flows.

H&R Real Estate Investment Trust is a real estate investment trust principally involved in the ownership of properties in Canada and the U.S. The REIT has four reportable operating segments- Residential, Industrial, Office and Retail, in two geographical locations -Canada and the United States. Its web site is here H & R Real Estate Trust.

The last stock I wrote about was about was Emera Inc (TSX-EMA, OTC-EMRA) ... learn more. The next stock I will write about will be Enbridge Inc (TSX-ENB, NYSE-ENB) ... learn more on Wednesday, April 1, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Monster Portfolio.... learn more on Tuesday, March 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.

Emera Inc

2026-03-27T16:13:00.008-04:00

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios need improving and debt is too high. The Dividend Payout Ratios (DPR) are too high. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Emera Inc .

Is it a good company at a reasonable price? I still like utility stocks even though the debt can be high and the DPRs high. I plan to keep this stock. I would agree with the analysts that rate it as a Hold. I think that the stock price is probably on the expensive side.

I own this stock of Emera Inc (TSX-EMA, OTC-EMRA). I found this company in Mike Higg’s site. Mike’s site has a spreadsheet showing Dividend Paying Canadian Growth stocks. I first bought this stock in 2005, as I wanted to buy something for my Locked in RRSP. I think that this was an appropriate stock and has good value. I was using up excess cash in my account. I also made additional purchases in 2005, 2011, 2022 and 2023.

When I was updating my spreadsheet, I noticed I have had this stock for just over 20 years and I have made several purchases with a Total Return of 11.77% with 6.66% from capital gains and 5.11% from dividends.

I also noticed that this stock has done so much better than TransAlta over the years. This is especially true where dividends come in. For Dividends, Emera has been a good steady dividend growth stock. TransAlta dividends have been up and down and flat a lot. The exception is the last 10 years where stock price for TransAlta shot up. What I do not like about utilities is the high debt and high DPRs which is what this company has. TransAlta does have been DPRs but dividend is low.

If you had invested in this company in December 2015, for $1,037.52 you would have bought 24 shares at $43.23 per share. In December 2025, after 10 years you would have received $602.04 in dividends. The stock would be worth $1,623.36. Your total return would have been $2,225.40. This would be a total return of 9.29% per year with 4.58% from capital gain and 4.72% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$43.23	$1,037.52	24	10	$602.04	$1,623.36	$2,225.40

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.10%. The 5, 10 and historical median dividend yields are also moderate at 4.82%, 4.81% and 4.80%. The dividends increases are low (below 8% per year) at 3.3% per year over the past 5 years. The last dividend increase was in 2025 and it was for 1.03%.

The Dividend Payout Ratios (DPR) are too high. The DPR for 2025 for Earnings per Share (EPS) is too high at 86% with 5 year coverage at 97%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 83% with 5 year coverage at 90%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is fine at 73% with 5 year coverage too high at 84%. The DPR for 2025 for Dividends paid in cash is better but still too high at 57% with 5 year coverage at 70%. I prefer the ratio to be in the 40% ranges.

The DPR for 2025 for Cash Flow per Share (CFPS) is good at 34% with 5 year coverage at 41%. The DPR for 2025 for Free Cash Flow (FCF 1) is non-calculable due to a negative FCF with 5 year coverage non-calculable due to a negative FCF. The DPR for 2025 for Free Cash Flow (FCF 2) is good at 49% with 5 year coverage a bit high at 55%. FCF for 2025 varies from a negative $1,730M to $1,186M. That is a wide range.

Item	Cur	5 Years
EPS	86.02%	97.43%
AEPS	83.25%	89.76%
AFFO	73.42%	84.04%
Div Pd Cash	56.80%	70.48%
CFPS	34.29%	41.29%
FCF 1	0.00%	-43.49%
FCF 2	48.57%	54.63%

Debt Ratios need improving and debt is too high. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.90 and currently at 0.87. The Liquidity Ratio for 2025 is far too low at 0.66 and 0.66 currently. If you added in Cash Flow after dividends, the ratios are still far too low at 0.80 and currently at 0.91. Even if you add back in the current portion of the long term debt which is being dealt with the ratio is still below 1.00 and far too low at 0.98 and currently at 0.99. The Debt Ratio for 2025 is fine at 1.43 and 1.43 currently. I prefer this to be 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.75 and 2.63 and currently at 3.75 and 2.63. Utility tend to have high debt loads.

Type	Year End	Ratio Curr
Lg Term R	0.90	0.87
Intang/GW	0.27	0.26
Liquidity	0.66	0.66
Liq. + CF	0.80	0.91
Liq. + CF + D	0.98	0.99
Debt Ratio	1.43	1.43
Leverage	3.75	3.75
D/E Ratio	2.63	2.63

The Total Return per year is shown below for years of 5 to 33 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	3.27%	9.24%	4.57%	4.68%
2015	10	5.75%	9.29%	4.58%	4.72%
2010	15	6.30%	9.85%	5.26%	4.59%
2005	20	6.10%	10.65%	6.01%	4.64%
2000	25	5.09%	9.92%	5.51%	4.41%
1995	30	4.48%	10.73%	5.79%	4.94%
1992	33	4.33%	10.94%	5.73%	5.20%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 16.26, 17.86 and 20.46. The corresponding 10 year ratios are 15.91, 18.11 and 20.82. The corresponding historical ratios are 13.76, 15.68 and 17.30. The current P/E Ratio is 20.07 based on EPS estimate for 2026 of $3.56 and a stock price of $71.40. The current P/E 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 15.15, 17.45 and 19.93. The corresponding 10 year ratios are 16.23, 18.24 and 20.08. The corresponding historical ratios are 15.06, 16.98 and 19.00. The current P/E Ratio is 20.52 based on AEPS estimate for 2026 of $3.48 and a stock price of $71.40. The current P/E Ratio is above the high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 13.46, 15.24 and 17.47. The corresponding 10 year ratios are 14.92, 15.41 and 16.26. The corresponding historical ratios are 13.46, 15.00 and 16.33. The current P/E Ratio is 16.88 based on AFFO estimate for 2026 of $4.23 and a stock price of $71.40. The current P/E Ratio is above the 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 $55.71. The 10-year low, median, and high median Price/Graham Price Ratios are 0.98, 1.08 and 1.21. The current ratio is 1.28 based on a stock price of $71.40. This 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 is a good test and one of my favourites.

I get a 10-year median Price/Book Value per Share Ratio of 1.55. The current ratio is 1.80 based on a Book Value of $11,960, Book Value per Share of $39.63 and a stock price of $71.40. The current ratio is 16% above the 10 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 $40.01. This analyst calculates the Book Value different from me and here the 10 year median is 1.39. The current ratio is 1.78 based on a Book Value of $12,073M, Book Value per Share of $40.01 and a stock price $71.40. The current ratio is 29% 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 8.24. The current ratio is 8.49 based on Cash Flow per Share estimate for 2026 of $8.41, Cash Flow of $2,538M, and a stock price of $71.40. The current ratio is 3% 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 4.80%. The current dividend yield is 4.10% based on dividends of $2.93 and a stock price of $71.40. The current dividend yield is below the historical median dividend yield by 15%. 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 4.81%. The current dividend yield is 4.10% based on dividends of $2.93 and a stock price of $71.40. The current dividend yield is below the historical median dividend yield by 15%. 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 2.04. The current P/S Ratio is 2.56 based on Revenue estimate for 2026 of $8,419M, Revenue per Share of $27.90 and a stock price of $71.40. The current ratio is 25% above the 10 year median ratio. I get an historical median dividend yield of 4.80%. The current dividend yield is 4.10% based on dividends of $2.93 and a stock price of $71.40. The current dividend yield is below the historical median dividend yield by 15%. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably on the expensive side. The dividend yield tests say it is reasonable but above the median. However, this is not confirmed by the P/S Ratio test which says that the stock price is expensive. All the testing is saying that the stock price is reasonable but above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (3), Hold (8), Underperform (1), and Sell (1). The consensus would be a Hold. The 12 months stock price consensus is $70.75. The consensus stock price of $70.75 implies a total return 3.19% with a 0.91% capital loss and dividends of 4.10% based on a current stock price of $71.40.

The only entry on Stock Chase for 2026 is a Top Pick. For 2025 there were Buys and Holds. One said Sell because he liked a US utility better. Amy Legate-Wolfe on Motley Fool likes this stock for its dependability. Sneha Nahata on Motley Fool likes this stock for its safe and high yield. The company put out Press Release about their fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock. They say that the Fair Value moved from $69.00 to $69.82. They have two warnings out of interest payments are not well covered by earnings; and dividend of 4.1% is not well covered by free cash flows.

Emera is a geographically diverse energy and services company investing in electricity generation, transmission, and distribution as well as gas transmission and utility energy services. Emera has operations throughout North America and the Caribbean countries. Its web site is here Emera Inc .

The last stock I wrote about was about was TransAlta Corp (TSX-TA, NSYE-TAC) ... learn more. The next stock I will write about will be H & R Real Estate Trust (TSX-HR.UN, OTC-HRUFF) ... learn more on Monday, March 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.

TransAlta Corp

2026-03-25T17:46:00.009-04:00

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably expensive. Debt Ratios need improving and the debt is far too high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth restarting. See my spreadsheet on TransAlta Corp.

Is it a good company at a reasonable price? I find lots of problems. Estimates given for 2026 show some lower value like for Revenue, EBITDA, FCF, and FFO. However, they do show growth in AEPS. Comments on Stock Chase is negative, but when I look at current Analyst recommendations the results are Strong Buy. Does not make much sense. I am happy to no longer have this stock and I do not intend to buy it again. It is off its recent high. It is a good sign that dividends are currently increasing. Personally, I would be cautious. My testing is showing that the stock price is currently expensive. Who knows.

I do not own this stock of TransAlta Corp (TSX-TA, NSYE-TAC). I bought this stock in 1987. It was a utility stock and utility stocks were considered to be good investments. I sold some in 2000 as the stock price was below what I had paid for it. I bought some more in February 2009 because it was relatively cheap and it seemed to be recovering. I sold more in August 2012 as this company was doing poorly again. By September 2019, I had finally had enough and saw no hope in this stock doing better. I noticed that MPL Communications had given up hope in 2014.

When I was updating my spreadsheet, I noticed that the company is shifting towards clean energy. I do not see that utilities doing clean energy are doing well financially. Analysts seem to be expecting better results next year and the year after. Personally, I will wait to see because I have heard that before.

If you had invested in this company in December 2015, for $1,001.64 you would have bought 204 shares at $4.91 per share. In December 2025, after 10 years you would have received $414.12 in dividends. The stock would be worth $3,308.88. Your total return would have been $3,723.00. This would be a total return of 15.30% per year with 12.69% from capital gain and 2.60% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$4.91	$1,001.64	204	10	$414.12	$3,308.88	$3,723.00

The current dividend yield is low with dividend growth restarting. The current dividend yield is low (below 2%) at 1.55%. The 5 and 10 year median dividend yields are low at 1.55% and 1.91%. The historical median dividend yield is good (5% to 6% ranges) at 5.35%. They started to decrease dividend in 2014 for several years. Then in 2020 they started to raise them again. Dividends have grown at a moderate rate (8% to 14% ranges) at 8.3% per year over the past 5 years. The last dividend increase was in 2026 and it was for 7.7%. The current dividends are still 77% below the dividends of 2013.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is non-calculable due to EPS losses. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 14% with 5 year coverage at 9%. The DPR for 2025 for Funds from Operations (FFO) is good at 8% with 5 year coverage at 6%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 12% with 5 year coverage at 7%. The DPR for 2025 for Free Cash Flow (FCF 1) is good at 19% with 5 year coverage good at 16%. The DPR for 2025 for Free Cash Flow (FCF 2) is good at 14% with 5 year coverage good at 9%. FCF for 2025 varies from $380M to $514M.

Item	Cur	5 Years
EPS	0.00%	N/C
AFFO	14.45%	8.65%
FFO	8.74%	5.77%
CFPS	11.54%	6.54%
FCF 1	18.58%	15.64%
FCF 2	14.43%	8.73%

Debt Ratios need improving and the debt is far too high. The Long Term Debt/Market Cap Ratio for 2025 is high but fine at 0.71 and currently at 0.65. The Liquidity Ratio for 2025 is far too low at 0.73 and 0.73 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.04 and currently at 1.05. I prefer this ratio be at 1.50 or higher. The Debt Ratio for 2025 is too low at 1.20 and 1.20 currently. I prefer this ratio be at 1.50 or higher The Leverage and Debt/Equity Ratios for 2025 are far too high at 5.91 and 4.91 and currently at 5.91 and 4.91.

Type	Year End	Ratio Curr
Lg Term R	0.71	0.65
Intang/GW	0.16	0.14
Liquidity	0.73	0.73
Liq. + CF	1.04	1.05
Debt Ratio	1.20	1.20
Leverage	5.91	5.91
D/E Ratio	4.91	4.91

The Total Return per year is shown below for years of 5 to 38 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	8.34%	12.71%	10.90%	1.81%
2015	10	-10.04%	15.30%	12.69%	2.60%
2010	15	-9.73%	0.82%	-1.75%	2.58%
2005	20	-6.70%	0.87%	-2.22%	3.09%
2000	25	-5.39%	2.73%	-1.21%	3.94%
1995	30	-4.45%	6.17%	0.34%	5.82%
1990	35	-3.83%	8.08%	0.89%	7.18%
1987	38	-3.37%	6.53%	0.32%	6.21%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.36, 5.18 and 6.00. The corresponding 10 year ratios are negative and so useless. The corresponding historical ratios are 14.15, 14.23 and 18.39. The current P/E Rate is negative and therefore useless. The P/E Ratio for 2027 is really high at 180.60. The P/E Ratio for 2028 is 26.56 and is also rather high. This is not a useful test.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 4.47, 5.83 and 6.95. The corresponding 10 year ratios are 3.94, 5.63 and 7.10. The corresponding historical ratios are 4.47, 6.44 and 8.57. The current P/AFFO Rate is 12.90 based on AFFO estimate for 2026 of $1.40 and a stock price of $18.06. The current ratio is above the high ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Problem is that AFFO for 2026 is lower that it has been over the past 10 years.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 2.74, 3.39 and 4.04. The corresponding 10 year ratios are 2.19, 2.83 and 3.39. The corresponding historical ratios are 3.52, 5.30 and 6.11. The current P/FFO Rate is 8.52 based on FFO estimate for 2026 of $2.12 and a stock price of $18.06. The current ratio is above the high ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Problem is that FFO for 2026 is lower that it has been over the past 10 years.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/ Adjusted Earnings per Share Ratios are 10.71, 18.53 and 26.35. The corresponding 10 year ratios are 6.76, 9.48 and 12.19. The corresponding historical ratios are 4.36, 5.18 and 6.00. The current P/AEPS Ratio is 75.25 based on AEPS estimate for 2026 of $0.24 and a stock price of $18.06. The current ratio is above the high ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Problem is that this stock has a lot of earnings losses over the past 10 years. Also, the P/AEPS Ratio is really high at 75.25.

I get a Graham Price of $8.57 using FFO in the calculation. (EPS has been negative over a number of years.) The 10-year low, median, and high median Price/Graham Price Ratios are 0.49, 0.65 and 0.80. The current ratio is 2.11 based on a stock price of $18.06. 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 3.37. The current ratio is 11.73 based on a stock price of $18.06, Book Value of $1,399M, and Book Value per Share of $4.72. The current ratio is 248% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Problem is book value is going down.

I also have Book Value per Share estimate for 2026 of 1.66. The P/B Ratio is 10.88 with a book value of $492.5 and a stock price of $18.06. This ratio is 223% 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 3.25. The current ratio is 7.97 based on Cash Flow per Share estimate for 2026 of $2.27, Cash Flow of $672M and a stock price of $18.06. The current ratio is 145% 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 5.35%. The current dividend yield is 1.55% based on dividends of $0.28 and a stock price of $18.06. The current dividend yield is 71% 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 1.91%. The current dividend yield is 1.55% based on dividends of $0.28 and a stock price of $18.06. The current dividend yield is 19% 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 1.09. The current ratio is 2.55 based on Revenue estimate for 2029 of $2,102M, Revenue per Share of $7.08 and a stock price of 18.06. The current ratio is 133% 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 dividend yield test is saying it is reasonable but above the median, but the dividend yield is 19% below the 10 year median dividend yield and very close to expensive. All the other tests are showing this stock as expensive. A lot of tests are not great because earning losses over the years and a lot of the estimates are below 2025 values. Revenue is expected to be down 13%, FFO down 16% and AFFO down 19%.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (3), Hold (1) and Underperform (1). The consensus is a Strong Buy. The 12 month stock price is $23.55 with a high of $28.00 and low of $14.00. The 12 month consensus stock price of $23.55 implies a total return of 31.95% with 30.40% from capital gains and 1.55% from dividends based on a current stock price of $18.06. These recommendations do not line up with 2026 estimates given.

Not much available for this stock on Stock Chase. For 2025 there is a Do Not Buy, Sell and Watch advise. The Do Not Buy says that the company is not profitable. Amy Legate-Wolfe on Motley Fool says that TransAlta stands out because it combines diversified, long-lived power-generation assets with a commitment to transition toward cleaner energy. Jitendra Parashar on Motley Fool in 2025 says that TransAlta’s recent partnership with Nova Clean Energy gives it access to U.S. renewable projects, while its push into data centers shows it’s thinking long term. The company put out a Press Release about their 2025 fourth quarter results.

Simply Wall Street via Yahoo Finance reviews this stock. They only have one warning on this stock of significant insider selling over the past 3 months. I do not see that. The Officers I am following have increased share a bit over the past year. Lots of times when stock options are not picked up, they show up as sales. I am surprised they do not mention debt.

TransAlta Corp is an independent power producer based in Alberta, Canada. The company operates a diverse electrical power generation asset in Canada, the United States, and Western Australia. The company has reportable segments namely, Hydro, Wind & Solar, Gas, Energy Transition segment and Corporate Segment. The company generates the majority of its revenue from the gas segment. Its web site is here TransAlta Corp.

The last stock I wrote about was about was TFI International Inc (TSX-TFII, OTC-TFIFF) ... learn more. The next stock I will write about will be Emera Inc (TSX-EMA, OTC-EMRA) ... learn more on Friday, March 27, 2026 around 5 pm. Tomorrow on my other blog I will write about Stable Dividend Portfolio.... learn more on Thursday, March 26, 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.

TFI International Inc

2026-03-23T16:10:00.003-04:00

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price could be expensive, but certainly above the median. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are fine, but higher this year. The current dividend yield is low with dividend growth good. See my spreadsheet on TFI International Inc.

Is it a good company at a reasonable price? I do like this company and I have done well with it. However, you do have to be careful about paying too much for a company. With this stock I would be in the Hold category. The last dividend increase was much lower than for the last 7 years. However, there is also the possibility that the stock does not go any lower in the future. My inclination for this stock is a Hold, but I could be wrong.

I own this stock of TFI International Inc (TSX-TFII, OTC-TFIFF). I read a report called "6 Canadian Dividend Stocks That Fly Under the Radar" by John Heinzl in April of 2013. This is one of the stocks mentioned. There was also a good review of this stock by Advice Hotline by MPL Communications.

When I was updating my spreadsheet, I noticed I have made a total return of 25.07% per year with 22.66% from capital gains and 2.41% from dividends. I have had this stock for 8.8 years and I am making a dividend yield in 9.7% on my original investment. This is why I like lower dividends, but good dividend increases.

If you had invested in this company in December 2015, for $1,015.23 you would have bought 43 shares at $23.61 per share. In December 2025, after 10 years you would have received $581.73 in dividends. The stock would be worth $6,100.41. Your total return would have been $6,682.14. This would be a total return of 21.99% per year with 19.64% from capital gain and 2.35% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$23.61	$1,015.23	43	10	$581.73	$6,100.41	$6,682.14

The current dividend yield is low with dividend growth good. The dividends are paid in US$ (since 2021). The current dividend is low (below 2%) at 1.85%. The 5 and 10 year median dividend yields are also low 1.17% and 1.88%. This historical median dividend is moderate (2% to 4%) at 2.51%. The last increase was in 2026 and it was for 4.4%. Last year increase was for 12.5%. The last time the increase was below 10% was in 2018 when increase was 4.4%. Over the last 23 dividends have gone up 19 times and down 4 times.

The Dividend Payout Ratios (DPR) are fine, but higher this year. The DPR for 2025 for Earnings per Share (EPS) is high for this company at 48% with 5 year coverage good at 22%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high for this company at 41% with 5 year coverage good at 25%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 13% with 5 year coverage at 9%. The DPR for 2025 for Free Cash Flow (FCF) is good at 27% with 5 year coverage at 15%. FCF varies from $ $550 .00 to $1,140.73 and I am using $550.00 consistent with other years.

Item	Cur	5 Years
EPS	48.39%	22.31%
AEPS	41.19%	24.54%
CFPS	13.35%	9.45%
FCF	27.47%	14.87%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.28 and currently at 0.28. The Liquidity Ratio for 2025 is low at 1.03 and 1.03 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.74 and currently at 1.69. The Debt Ratio for 2025 is good at 1.55 and 1.55 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.80 and 1.80 and currently at 2.80 and 1.80.

Type	Year End	Ratio Curr
Lg Term R	0.28	0.28
Intang/GW	0.34	0.34
Liquidity	1.03	1.03
Liq. + CF	1.74	1.69
Debt Ratio	1.55	1.55
Leverage	2.80	2.80
D/E Ratio	1.80	1.80

The Total Return per year is shown below for years of 5 to 35 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	18.86%	18.70%	16.71%	2.00%
2015	10	13.75%	21.99%	19.64%	2.35%
2010	15	12.90%	20.02%	17.54%	2.48%
2005	20	3.34%	13.86%	11.17%	2.68%
2000	25	3.41%	48.98%	19.36%	29.63%
1995	30		30.31%	18.56%	11.74%
1990	35		18.37%	14.25%	4.12%

The Total Return per year is shown below for years of 5 to 23 to the end of 2025 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	17.12%	16.85%	14.91%	1.94%
2015	10	13.87%	22.03%	19.61%	2.43%
2010	15	10.51%	17.29%	15.01%	2.29%
2005	20	2.51%	13.12%	10.24%	2.88%
2002	23	4.05%	23.66%	14.01%	9.66%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.63, 21.00, and 24.37. The corresponding 10 year ratios are 9.07, 12.12 and 17.31. The corresponding historical ratios are 8.87, 12.09 and 14.94. The current ratio is 25.73 based EPS estimate for 2026 of $5.55 ($4.05 US$) and a Stock Price of $142.81. This ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 16.11, 19.18 and 22.98. The corresponding 10 year ratios are 9.61, 13.97 and 17.29. The corresponding historical ratios are 9.23, 12.24 and 16.20. The current ratio is 22.42 based AEPS estimate for 2026 of $4.64 and a Stock Price of $104.04. This ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get a similar result in CDN$.

I get a Graham Price of $80. The 10-year low, median, and high median Price/Graham Price Ratios are 0.97, 1.20 and 1.47. The current ratio is 1.78 based on a stock price of $142.81. This ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 2.64. The current ratio is 3.19 based on a Book Value of $3,673M, Book Value per Share of $44.71 and a stock price of $142.81. The current ratio is 21% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I also have Book Value per Share estimate for 2026 of $45.18 ($32.94 US$). This implies a ratio of 3.16 and Book Value of $3,712M. This ratio is 19.8% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.21. The current ratio is 9.31 based on Cash Flow per Share estimate for 2026 of $11.17, Cash Flow of $917.6M and a stock price of $104.04. The current ratio is 14% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. You will get a similar result in CDN$.

I get an historical median dividend yield of 2.47%. The current dividend yield is 1.81% based on $2.58 ($1.88 US$) dividends and a stock price of $142.81. The current ratio is 27% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10 year median dividend yield of 1.88%. The current dividend yield is 1.81% based on $2.58 ($1.88 US$) dividends and a stock price of $142.81. The current ratio is 4% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 0.89. The current P/S Ratio is 1.08 based on Revenue estimate for 2026 of $7,928M, Revenue per Share of $96.51 and a stock price of $104.04. The current ratio is 21% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get a similar result in CDN$.

Results of stock price testing is that the stock price could be expensive, but certainly above the median. The 10 year dividend yield test says it is above the median but only by 4%. However, the P/S Ratio test says the stock price is relatively expensive. All the rest of the testing is saying either the price is reasonable but above the median or expensive. The chart is showing the stock off the highs of 2024 and just off the recent highs of 2026.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (5) and Hold (7). The consensus is a Buy. The 12 month stock price consensus is $163.14 ($118.94 US$) with a high of $196.14 ($143.00 US$) and low of $116.23 ($84.74 US$). The consensus stock price implies a total return of 15.66% with 13.85% from capital gains and 1.81% from dividends based on a stock price of $142.81.

There are two analysts’ remarks for 2026 on Stock Chase and they are both Buys. There were more mixed reviews in 2025 from Do Not Buy to Top Buy and lots in between. Amy Legate-Wolfe on Motley Fool says to pick Canadian stocks with real assets, steady demand, and managers who treat costs like it is their own money. Jitendra Parashar on Motley Fool says TFI is a magnificent Canadian Dividend Stock to Buy and hold for decades. The company put out a press release via Global Newswire about its fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock and gives both a bull and bear perspectives. Simply Wall Street gives two risks on this stock of unstable dividend track record; and has a high level of debt. I disagree with the unstable dividend track record. This company changed dividend currency recently from CDN$ to US$ which could seem to people getting the dividends that the dividends are unstable.

TFI International Inc is involved in the provision of transportation and logistics services across the United States, Canada, and Mexico. The company's reportable segments are; Less-Than-Truckload, which derives maximum revenue, Truckload, and Logistics. Geographically, the company generates maximum revenue from the United States. Its web site is here TFI International Inc.

The last stock I wrote about was about was RioCan Real Estate (TSX-REI.UN, OTC-RIOCF) ... learn more. The next stock I will write about will be TransAlta Corp (TSX-TA, NSYE-TAC) ... learn more on Wednesday, March 25, 2026 around 5 pm. Tomorrow on my other blog I will write about TFI International Inc on In the Money.... learn more on Tuesday, March 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.

RioCan Real Estate

2026-03-20T15:36:00.006-04:00

Sound bite for Twitter is: Dividend Growth REIT. Results of stock price testing is that the stock price is reasonable and below the median. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is good with dividend growth restarted after a dividend decrease. See my spreadsheet on RioCan Real Estate.

Is it a good company at a reasonable price? It appears that you have to be careful of when you buy this REIT as not all 5 years periods give you close to an 8% total return. See the Total Return paragraph below. It is always good to buy stock over a period of years and in different months. The good thing about REITs is their good dividend yields, but they generally have low dividend growth if dividends grow at all. Currently my testing is showing that the stock price is at a reasonable level.

I own this stock of RioCan Real Estate (TSX-REI.UN, OTC-RIOCF). I bought this stock for diversification reasons. REITs tend to have low capital gains and high dividends. I first bought this stock in 1998 because I wanted to diversify my portfolio into REITs. It was a stock covered and recommended by MPL Communications in their Income Trust coverage. Over the years I have made several more purchases of this REIT.

When I was updating my spreadsheet, I noticed I have a total return of 9.30% per year with 0.24% from capital gains and 9.06% from distributions. I have had this stock for just over 28 years. I made a number of purchases over time in different accounts. They had lower revenue because of losses from equity-accounted investments, loss of investment properties and loss from other investments. This is all under Other Income (loss) section which was a net gain of $69,154M in 2024 and a net loss of $345,150M in 2025.

In the past year, all the officers I follow, including the CEO and CFO has bought shares over the past year. Also, of the directors I follow, the Chairman has bought shares over the past year. This is a positive. A problem I see is that there is far too many AFFO and FFO values from AFFO, Adjusted AFFO, and Core AFFO plus FFO, Adjusted FFO and Core FFO. I get a report from the TD on this stock and their AFFO and FFO values, including Adjusted and Core values do not always agree on what it was on the company’s statement for 2025, so it is hard to know their values for 2026.

If you had invested in this company in December 2015, for $1,018.67 you would have bought 43 shares at $23.69 per share. In December 2025, after 10 years you would have received $536.32 in dividends. The stock would be worth $804.10. Your total return would have been $1,340.42. This would be a total return of 3.53% per year with 2.34% from capital loss and 5.87% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$23.69	$1,018.67	43	10	$536.32	$804.10	$1,340.42

The current dividend yield is good with dividend growth restarted after a dividend decrease. The current dividend yield is good (5% to 6% ranges) at 6.04%. The 5, 10 and historical median dividend yields are good at 5.37%, 5.59% and 6.38%. Dividends were decreased in 2021 by 36%. They started to increase them again in 2022. They are still 20% below what they were in 2020. The last dividend increase was in 2025 and it was for 4.3%.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is too high at 500% with 5 year coverage at 116%, but the FFO and AFFO ratios are the important ones. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 72% with 5 year coverage at 70%. The DPR for 2025 for Funds from Operations (FFO) is good at 70% with 5 year coverage at 61%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 67% with 5 year coverage at 14%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 99% with 5 year coverage at 88%. FCF varies in 2025 from $250.00 to $344.75 and I am using the latter one.

Item	Cur	5 Years
EPS	500.00%	115.98%
AFFO	71.88%	70.01%
FFO	61.50%	61.11%
CFPS	67.40%	69.76%
FCF	98.79%	88.84%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is high at 1.19 and currently at 1.16. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.50 and currently at 0.50 because this is a important ratio for a REIT. The Liquidity Ratio for 2025 is good at 2.45 and 2.45 currently. The Debt Ratio for 2025 is good at 1.93 and 1.93 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.08 and 1.08 and currently at 2.08 and 1.08.

Type	Year End	Ratio Curr
Lg Term R	1.19	1.16
Lg Term R+A	0.50	0.50
Intang/GW	0.00	0.00
Liquidity	2.45	2.45
Liq. + CF	2.94	2.93
Debt Ratio	1.93	1.93
Leverage	2.08	2.08
D/E Ratio	1.08	1.08

The Total Return per year is shown below for years of 5 to 32 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	-4.40%	8.31%	2.23%	6.08%
2015	10	-2.02%	3.53%	-2.34%	5.87%
2010	15	-1.21%	5.33%	-1.08%	6.41%
2005	20	-0.50%	5.32%	-0.98%	6.30%
2000	25	0.28%	13.85%	2.79%	11.06%
1995	30	2.34%	17.08%	3.78%	13.30%
1993	32	3.22%	13.73%	3.12%	10.61%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 23.42, 28.59 and 33.77. The corresponding 10 year ratios are 10.57, 11.65 and 12.73. The corresponding historical ratios are 11.23, 12.67 and 13.83. (Note the 5 year ratios are high because of lower EPS in the last 5 years.) The current ratio is 12.14 based on a stock price of $19.18 and EPS estimate for 2026 of $1.58. This ratio is between the median and 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 Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 10.81, 13.02, and 15.23. The corresponding 10 year ratios are 11.59, 14.27 and 15.57. The corresponding historical ratios are 13.68, 15.13 and 18.07. The current ratio is 12.06 based on a stock price of $19.18 and AFFO estimate for 2026 of $1.59. This ratio is between the low and median ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 9.34, 11.25 and 13.16. The corresponding 10 year ratios are 10.40, 12.72 and 14.62. The corresponding historical ratios are 10.68, 12.73 and 15.08. The current ratio is 11.77 based on a stock price of $19.18 and FFO estimate for 2026 of $1.63. This ratio is between the low and median ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $29.90 using FFO in the equation. The 10-year low, median, and high median Price/Graham Price Ratios are 0.56, 0.69 and 0.81. The current P/GP Ratio is 0.64 based on a stock price of $19.18. The current ratio is between the low and median ratios of the 10 year median ratios.

I get a 10-year median Price/Book Value per Share Ratio of 0.88. The current ratio is 0.79 based on a Book Value of $7,157M, Book Value per Share of $24.37 and a stock price of $19.18. The current ratio is 10% 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 14.52. The current ratio is 12.98 based on Cash Flow for the last 12 months of $434M, Cash Flow per Share of $1.48 and a stock price of $19.18. 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 6.38%. The current dividend yield is 6.04% based on Dividends of $1.158 and a stock price of $19.18. The current dividend yield is 5% 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 5.59%. The current dividend yield is 6.04% based on Dividends of $1.158 and a stock price of $19.18. The current dividend yield is 8% 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 5.52. The current P/S Ratio is 4.67 based on Revenue estimate for 2026 of $1,206M, Revenue per Share of $4.11 and a stock price of $19.18. The current ratio is 15% 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 reasonable and below the median. The 10 year dividend yield test says this and it is confirmed by the P/S Ratio test. Most of the other testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (5), Hold (2) and Underperform (1). The consensus is a Buy. The 12 months stock price consensus is $21.48 with a high of $22.75 and a low of $20.00. The consensus stock price of $21.48 implies a total return of 18.03% with 11.99% from capital gains and 6.04% from dividends based on a current stock price of $19.18.

There are only analysts’ comments for 2025 on Stock Chase . The last two are Do Not Buy and one said that this was because they were in the retail space. Others are mostly Holds and a couple of Buys. Amy Legate-Wolfe on Motley Fool says to buy CDN REITs for income, including this one. Demetris Afxentiou on Motley Fool says if you want real estate exposure without the costs and complexities of ownership, buy this stock. The company put out a Press Release for its fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock rather negatively. Simply Wall Street gives this stock one and one half stars out of 5. They list 4 risks of interest payments are not well covered by earnings; unstable dividend track record; large one-off items impacting financial results; and profit margins (5.6%) are lower than last year (35.4%).

RioCan Real Estate Investment Trust is a Canadian real estate investment trust which owns, develops, and operates Canada's portfolio of retail-focused, increasingly mixed-use properties. The REIT's property portfolio includes shopping centers and mixed-use developments, with majority of its properties located in Ontario, Canada. The company's tenants consist of grocery stores, supermarkets, restaurants, cinemas, pharmacies, and corporates. Its web site is here RioCan Real Estate.

The last stock I wrote about was about was Bombardier Inc (TSX-BBD.B, OTC-BDRBF) ... learn more. The next stock I will write about will be TFI International Inc (TSX-TFII, OTC-TFIFF) ... learn more on Monday, March 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.

Bombardier Inc

2026-03-18T17:52:00.002-04:00

Sound bite for Twitter is: Industrial Sector Stock. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are awful with a negative book value. This company does not currently have dividends, so no discussion on dividends and Dividend Payout Ratios (DPR). See my spreadsheet on Bombardier Inc.

Is it a good company at a reasonable price? It might be a turnaround stock situation, but I would be leery of buying a stock that has a negative book value. Another problem is that my testing is showing that it is relatively expensive. The company is off its recent high, but it is still testing as relatively expensive. Personally, I would not currently be interested in this stock.

I do not own this stock of Bombardier Inc (TSX-BBD.B, OTC-BDRBF). The buying of this stock was part of my early foray into industrial stocks in 1987. Up until 2001, I was making some 35% return per annum on this stock. When the stock first dropped in 2002, I had still made some 28% return per annum on this stock. Even by the lowest point in 2005, I had made some 13% per annum on this stock. By that time, it seemed to be turning itself around, so I did not sell. I lost hope by 2017, so I sold. I made 11.08% per year.

When I was updating my spreadsheet, I noticed that this stock price is up some 81% this year. This is a big leap. Also, some of the officer sold stock last year after the stock sky rocked. You have to wonder why?

If you had invested in this company in December 2015, for $1,005.00 you would have bought 30 shares at $33.50 per share. In December 2025, after 10 years you would have received $0.00 in dividends. The stock would be worth $7,005.00. Your total return would have been $7,005.00. This would be a total return of 21.43% per year with 21.43% from capital gain and 0.00% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$33.50	$1,005.00	30	10	$0.00	$7,005.00	$7,005.00

This company does not currently have dividends. So, no discussion on dividends and Dividend Payout Ratios (DPR).

Debt Ratios are awful with a negative book value. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.27 and currently at 0.27. The Liquidity Ratio for 2025 is too low at 1.11 and 1.11 currently. If you added in Cash Flow after dividends, the ratios still too low at 1.31 and currently at 1.30. I prefer this ratio to be 1.50 or higher. The Debt Ratio for 2025 is awful at 0.94 and 0.94 currently. This company has a negative book value. The Leverage and Debt/Equity Ratios for 2025 are non-calculable due to a negative book value.

Type	Year End	Ratio Curr
Lg Term R	0.27	0.27
Intang/GW	0.00	0.00
Liquidity	1.11	1.11
Liq. + CF	1.31	1.30
Debt Ratio	0.94	0.94
Leverage	-15.26	-15.26
D/E Ratio	-16.26	-16.26

The Total Return per year is shown below for years of 5 to 39 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%	81.06%	81.06%	0.00%
2015	10	0.00%	21.43%	21.43%	0.00%
2010	15	0.00%	3.78%	3.32%	0.46%
2005	20	0.00%	6.73%	5.88%	0.85%
2000	25	0.00%	-3.55%	-3.79%	0.24%
1995	30	0.00%	3.06%	2.13%	0.94%
1990	35	0.00%	9.50%	6.64%	2.86%
1987	39	0.00%	11.50%	7.74%	3.76%

The Total Return per year is shown below for years of 5 to 36 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%	78.04%	78.04%	0.00%
2015	10	0.00%	21.62%	21.62%	0.00%
2010	15	0.00%	1.63%	1.18%	0.45%
2005	20	0.00%	5.87%	4.91%	0.96%
2000	25	0.00%	-3.16%	-3.46%	0.30%
1995	30	0.00%	3.11%	2.13%	0.99%
1990	35	0.00%	8.66%	6.13%	2.53%
1989	36	0.00%	8.61%	6.10%	2.51%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.14, 10.22 and 13.16. The corresponding 10 year ratios are negative and unusable. The corresponding historical ratios are 9.23, 12.86 and 16.23. The current ratio is 22.46 based on a stock price of $244.34 and EPS estimate for 2026 of $10.88 ($7.93 US$). This ratio is above the high ratio of both the 5 year ratios and historical ratios. This stock price testing suggests that the stock price is relatively expensive. (Note that 22.46 is a rather high P/E Ratio.)

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 7.23, 11.18, 15.86. The corresponding 10 year ratios are 6.86, 11.04 and 14.77. The corresponding historical ratios are 7.13, 11.52 and 15.09. The current ratio is 22.52 based on a stock price of $179.50 and AEPS estimate for 2026 of $7.97. This ratio is above the high ratio of the 10 year 5 year ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get similar results in CDN$.

I cannot calculate a Graham Price because the book value is negative. A negative book value is never a good sign.

I cannot do a Price/Book Value per Share Ratio test because the Book Value is negative.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.54. The current ratio is 15.06 based on Cash Flow per Share estimate for 2026 of $11.92, Cash Flow of $1,181M and a stock price of $179.50. The current ratio is 100% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get similar results in CDN$.

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

The 10-year median Price/Sales (Revenue) Ratio is 0.39. The current P/S Ratio is 1.75 based on Revenue estimate for 2026 of $10,144M, Revenue per Share of $102.36 and a stock price of $179.50. The current ratio is 349% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get similar results in CDN$.

Results of stock price testing is that the stock price is probably expensive. What tests I can do tell me the price is relatively expensive. An important one is the P/S Ratio test and it says that the stock price is relatively expensive. A number of tests I cannot do and that is never a good sign.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3), Hold (7) and Sell (1). The consensus would be a Buy. The 12 month stock price consensus is $275.49 ($200.85 US$), with a high of $307.87 ($223.00 US$) and low of $206.91 ($150.85 US$). The consensus stock price $275.49 implies a total return of $12.75 based on a current stock price of $244.34.

Analysts so far on Stock Chase give this stock two Holds and a Buy for 2026. Amy Legate-Wolfe on Motley Fool says this company would thrive if the Loonie weakens. Chris MacDonald on Motley Fool says that if you a patient, this is a good turnaround stock to buy. The company put out a Press Release about their successful turnaround and their fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance says this stock is overvalued and its fair value is only $47.40. Simply Wall Street has three warnings of interest payments are not well covered by earnings; negative shareholders’ equity; and significant insider selling over the past 3 months.

Bombardier designs, manufactures, markets, and provides parts and maintenance for its large, long-range Global and medium-to-large Challenger families of business jets. Most of the company's revenue is generated in North America, 60% of which is from customers in the US. It also has operations in Europe, North America, Asia-Pacific, and other markets. Its web site is here Bombardier Inc.

The last stock I wrote about was about was Manulife Financial Corp (TSX-MFC, NYSE-MFC) ... learn more. The next stock I will write about will be RioCan Real Estate (TSX-REI.UN, OTC-RIOCF) ... learn more on Friday, March 20, 2026 around 5 pm. Tomorrow on my other blog I will write about The Frugal Dividend portfolio.... learn more on Thursday, March 19, 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.

Manulife Financial Corp

2026-03-16T16:26:00.002-04:00

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. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Manulife Financial Corp.

Is it a good company at a reasonable price? I still think that this is a good company and I intend to hold on to my current shares. The main problem that long term holders of this stock had was that interest rates, after I bought this stock, went to zero and sometimes negative. All insurance companies had a hard time with such low interest rates. I think the stock price currently maybe a bit pricy.

I own this stock of Manulife Financial Corp (TSX-MFC, NYSE-MFC). In May 2005, I was look for good companies to buy at a reasonable price. This stock met my criteria. I bought some more stock in October 2005. I had some more money to spend and wanted to buy stock of dividend paying company I owned, for which I did not own too much. In April 2009, I was looking for something else to buy and Manulife was at a good price. In April 2013, I need to buy higher dividend stocks for my RRIF account. There was some money after RRSP sales, so I bought more MFC.

When I was updating my spreadsheet, I noticed I bought this stock at the wrong time. I paid too much for my original purchase in 2005, some 20 years ago, and that is why my return is low. My total return is 6.09% per year with 3.60% from capital gains and 2.49% from dividends. I am not selling because this is a good company. If you look at the Total Return chart in a paragraph below, you will see that people who bought 20 years ago have a Total Return of 4.09% with 1.91% from capital gains and 2.18% from dividends. I also realized that all insurance companies had financial problems when the interest rates went to 0% and sometimes lower.

If you had invested in this company in December 2015, for $1,016.26 you would have bought 26 shares at $20.74 per share. In December 2025, after 10 years you would have received $583.10 in dividends. The stock would be worth $2,442.16. Your total return would have been $3,025.26. This would be a total return of 12.88% per year with 9.16% from capital gain and 3.72% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$20.74	$1,016.26	49	10	$583.10	$2,442.16	$3,025.26

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% range) at 4.15%. The 5, 10 and historical median dividend yields are also moderate at 4.63%, 4.33% and 3.39%. The dividends have grown at a moderate rate (8% to 14% per year) at 9.5% per year over the past 5 years. The last dividend increase was in 2026 and it was for 10.2%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is too high at 57% with 5 year coverage good at 46%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 42% with 5 year coverage at 41%. This is the important one for Earnings. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 11%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to a negative FCF with 5 year coverage good at 10%. (I have two FCF for 2025 of $32,105 and a negative -$2,250.) These are two far apart and make no sense.

Item	Cur	5 Years
EPS	57.33%	46.44%
AEPS	41.81%	40.76%
CFPS	9.19%	10.88%
FCF	0.00%	10.20%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is fine at 5.43 and currently at 5.79. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.99 and currently at 0.99 because this is a more important ratio for a financial. The Liquidity Ratio for 2025 is too low at 0.98 and 0.98 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.99 and currently at 1.98. The Debt Ratio for 2025 is fine for a financial at 1.05 and 1.05 currently. The Reported Leverage for 2025 is fine at 23.9%.

Type	Year End	Ratio Curr
Lg Term R A	0.99	0.99
Lg Term R	5.43	5.79
Intang/GW	0.15	0.16
Liquidity	0.98	0.98
Liq. + CF	1.99	1.98
Debt Ratio	1.05	1.05
Leverage Rep	23.90%	23.90%

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	9.46%	21.78%	17.09%	4.70%
2015	10	9.98%	12.88%	9.16%	3.72%
2010	15	8.47%	10.55%	7.37%	3.18%
2005	20	5.71%	4.09%	1.91%	2.18%
2000	25	8.88%	5.30%	3.06%	2.24%
1999	26	8.88%	10.26%	6.70%	3.56%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.11, 10.17, and 11.22. The corresponding 10 year ratios are 8.53, 9.99 and 11.45. The corresponding historical ratios are 10.82, 13.74 and 15.86. The current ratio is 10.53 based on a stock price of $46.73 and EPS estimate for 2026 of $4.44. 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 7.11, 7.93 and 9.00. The corresponding 10 year ratios are 6.96, 8.14, 10.01. The corresponding historical ratios are 7.32, 9.91 and 11.95. The current ratio is 10.23 based on a stock price of $46.73 and AEPS estimate for 2026 of $4.57. The current 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 $51.62. The 10-year low, median, and high median Price/Graham Price Ratios are 0.52, 0.63 and 0.73. The current ratio is 0.91 based on a stock price of $46.73. 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 1.04. The current ratio is 1.80 based on a stock price of $46.73, Book Value of $43,461M, and Book Value per Share of $25.92. The current ratio is 74% 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 $28.66. This implies a ratio of 1.63 with a stock price of $46.73 and Book Value of $48,063M. This ratio is 57% 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 2.33. The current ratio is 2.44 based on Cash Flow for the last 12 months of $32,105M, Cash Flow per Share of $19.14 and a stock price of $46.73. The current ratio is 4.8% 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 3.39%. The current dividend yield is 4.15% based on dividends of $1.94 and a stock price of $46.73. The current dividend yield is 22% 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 4.33%. The current dividend yield is 4.15% based on dividends of $1.94 and a stock price of $46.73. The current dividend yield is 4% 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 0.89. The current P/S Ratio is 1.38 based on Revenue estimate for 2026 of $56,641M, Revenue per Share of $33.78 and a stock price of $46.73. The current ratio is 55% 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 on the expensive side. However, it is off it recent high. The 10 year median dividend yield test says it is reasonable but above the median. It is not confirmed by the P/S Ratio test that says the stock price is expensive. Most of the rest of the testing is saying that the stock price is either reasonable but above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (4), Hold (4) and Underperform (1). The consensus would be a Buy. The 12 months stock price consensus is $54.71 with a high of $59.00 and a low of $41.70. The consensus stock price of $54.71 implies a total return of $21.23% with 17.08% from capital gains and 4.15% from dividends based on a current stock price of $46.73.

Analysts in 2026 on Stock Chase give a couple of Weak Buys and a Hold. Sneha Nahata on Motley Fool thinks this is a good stock to buy and hold 5 years. She says that overall, Manulife’s diversified operations, strong insurance growth, expanding presence in Asia, higher dividend payments, and share repurchases make it an attractive long-term stock. Kay Ng on Motley Fool says to buy this company along with BCE and Loblaws for your TFSA this year for a balance approach. The company put out a press release via Newswire about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance says the fair value for this stock is $54.67 and therefore the stock is undervalued. Simply Wall Street has no warnings out on this stock. It gives the stock 3 and one half stars out of 5.

Manulife Financial is one of the Big Three Canadian life insurers. The firm provides life insurance, annuities, asset management, and wealth management products to individuals and group customers in Canada, the United States, and Asia. Its web site is here Manulife Financial Corp .

The last stock I wrote about was about was Canadian Tire Corp (TSX-CTC.A, OTC-CDNAF) ... learn more. The next stock I will write about will be Bombardier Inc (TSX-BBD.B, OTC-BDRBF) ... learn more on Wednesday, March 18, 2026 around 5 pm. Tomorrow on my other blog I will write about Fourth Quarter Reports.... learn more on Tuesday, March 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.

Canadian Tire Corp

2026-03-13T17:24:00.003-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably reasonable Debt Ratios shows that that there is a lot of debt, but most ratios are fine. The Dividend Payout Ratios (DPR) need improving. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Canadian Tire Corp.

Is it a good company at a reasonable price? I think this is a good company, but you have to be careful of when you buy. Look at the Total Return paragraph below. The Total Return has been below 8% years 5, 10, 20 and 35. If you like this stock, be careful. It is always best to buy stocks you like several times over a few years and in different months. The stock price seems to be in the reasonable range at the present time.

I own this stock of Canadian Tire Corp (TSX-CTC.A, OTC-CDNAF). In 2000 when I first bought this stock, it was on the Investment Reporter's list of conservative Canadian stocks. I bought stock for my trading account in 2009 because I have done well with it in my Pension Account and it was a consumer stock. I have moved all my shares from my Pension Account to my Trading Account.

When I was updating my spreadsheet, I noticed I have done well with this stock which I first bought in 2000, some 26 years ago. I made other purchases over the years. I have a total return of 11.62% per year with 9.05% from capital gains and 2.57% from dividends to the end of 2025. The dividend yield on my original purchase in 2000 is 32%.

If you had invested in this company in December 2015, for $1,063.44 you would have bought 9 shares at $118.16 per share. In December 2025, after 10 years you would have received $439.20 in dividends. The stock would be worth $1,565.46. Your total return would have been $2,004.66. This would be a total return of 7.23% per year with 3.94% from capital gain and 3.29% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$118.16	$1,063.44	9	10	$439.20	$1,565.46	$2,004.66

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 3.84%. The 5 and 10 median dividend yields are moderate at 4.29% and 3.21%. The historical dividend yield is low (below 2%) at 1.71%. The dividend growth for the past 5 years is moderate (between 8% and 14% per year) at 9.3% per year. The last dividend increase was in 2026 and it was for 1.41%. The dividend increases in 2024 and 2025 were also below 2%. They are probably low because the DPRs are getting too high.

The Dividend Payout Ratios (DPR) need improving. The DPR for 2025 for Earnings per Share (EPS) is too high at 73% with 5 year coverage better at 48%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 52% with 5 year coverage better at 39%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 20% with 5 year coverage at 16%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 54% with 5 year coverage better at 35%. The FCF for 2025 are $670M and $370M. I am using the $670M.

Item	Cur	5 Years
EPS	73.42%	48.36%
AEPS	51.56%	38.72%
CFPS	19.52%	15.84%
FCF	53.99%	34.69%

Debt Ratios shows that that there is a lot of debt, but most ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.42 and currently at 0.39. The Liquidity Ratio for 2025 is good at 1.83 and 1.83 currently The Debt Ratio for 2025 is a bit low at 1.48 and 1.48 currently. I like to see this ratio at 1.05 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.16 and 2.16 and currently at 3.16 and 2.16.

Type	Year End	Ratio Curr
Lg Term R	0.42	0.39
Intang/GW	0.15	0.14
Liquidity	1.83	1.83
Liq. + CF	1.92	2.02
Debt Ratio	1.46	1.46
Leverage	3.16	3.16
D/E Ratio	2.16	2.16

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	9.31%	4.47%	0.78%	3.69%
2015	10	12.95%	7.23%	3.94%	3.29%
2010	15	15.29%	9.48%	6.44%	3.04%
2005	20	13.34%	6.93%	4.69%	2.24%
2000	25	12.19%	12.30%	9.35%	2.95%
1995	30	10.06%	11.13%	8.51%	2.62%
1990	35	8.72%	7.66%	5.82%	1.84%
1988	37	9.59%	8.53%	6.51%	2.02%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.86, 10.22, and 11.58. The corresponding 10 year ratios are 10.85, 12.24 and 13.64. The corresponding historical ratios are 10.45, 13.06 and 14.85. The current ratio is 14.65 based on a stock price of $187.27 and EPS estimate for 2026 of $12.78. 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/Adjusted Earnings per Share Ratios are 10.12, 11.36 and 12.54. The corresponding 10 year ratios are 10.15, 11.42 and 12.69. The corresponding historical ratios are 10.15, 11.93 and 14.56. The current ratio is 13.13 based on a stock price of $187.27 and EPS estimate for 2026 of $14.26. 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 $188.77. The 10-year low, median, and high median Price/Graham Price Ratios are 0.86, 0.99 and 1.10. The current ratio is 0.99 based on a stock price of $187.27. The current ratio is at the median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and at the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.72. The current ratio is 1.69 based on a Book Value of $5,881M, Book Value per Share of $111.06 and a stock price of $187.27. 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 also have a Book Value per Share estimate for 2026 of $111.80. This implies a ratio of 1.68 with a Book Value of $5,920M and a stock price of $187.27. This ratio is 3% 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 8.38. The current ratio is 6.16 based on Cash Flow per share estimate for 2026 of $30.42, Cash Flow of $1,611M and a stock price of $187.27. The current ratio is 27% 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 1.71%. The current dividend yield is 3.84% based on dividends of $7.20 and a stock price of $18.7.27. The current dividend yield is 125% 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 3.21%. The current dividend yield is 3.84% based on dividends of $7.20 and a stock price of $18.7.27. The current dividend yield is 19.9% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. But it is very close to being cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.58. The current P/S Ratio is 0.60 based on Revenue estimate for 2026 of $16,442M, Revenue per Share of $310.53 and a stock price of $187.27. The current ratio is 4.8% 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 reasonable. The 10 year dividend yield test says it is reasonable and very close to cheap. The P/S Ratio test says it is reasonable and above the median. The rest of the testing varies from cheap to expensive. A good one is always the P/GP Ratio test and that one says that the stock price is relatively reasonable and below the median.

When I look at analysts’ recommendations, I find Buy (2), Hold (7), and Underperform (2). The consensus would be a Hold. The 12 months stock price consensus is $191.45 with a high of $211.00 and a low of $172.00. The consensus stock price of $191.45 implies a total return of 6.08% with 2.23% from capital gains and 3.84% from dividends based on a current stock price of $187.27.

It is interesting that there is on Stock Chase a lot of Do Not Buys in 2024. There was also a couple of Buy on Weakness. For 2026 there is Partial Sell as analysts likes DOL and NWC better. Joey Frenette on Motley Fool says Canadian Tire is the iconic retailer that probably deserves a nice spot in your portfolio, especially after the recent resilience. Daniel Da Costa on Motley Fool says Canadian Tire is another impressive Canadian stock that offers an attractive mix of dividends and growth. The company put out a Press Release about their fourth quarter results for 2025.

This stock is on the Money Sense 100 best dividend stock list rated as a C. Simply Wall Street via Yahoo Finance reviews this company. They note that they acquired the Hudson's Bay Company's iconic stripes and related intellectual property for CA$30.00 million. They have 4 warnings out on this stock of debt is not well covered by operating cash flow; large one-off items impacting financial results; dividend of 3.83% is not well covered by free cash flows; and profit margins (3.5%) are lower than last year (5.3%). Note that the company has Adjusted Earnings per Share which copes with the large one-off items impacting financial results.

Canadian Tire is a leading general merchandise retailer. The retailer boasts a wide array of owned and affiliated banners that include its iconic namesake brand, Mark's, Sport Chek, Sports Experts, PartSource, and Party City. Its web site is here Canadian Tire Corp.

The last stock I wrote about was about was Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF) ... learn more. The next stock I will write about will be Manulife Financial Corp (TSX-MFC, NYSE-MFC) ... learn more on March 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.

Choice Properties REIT

2026-03-11T17:43:00.005-04:00

Sound bite for Twitter is: Dividend Growth REIT. Results of stock price testing is that the stock price is probably still reasonable, but at the higher end of the range. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Choice Properties REIT.

Is it a good company at a reasonable price? This is a REIT, so it will tend to have a higher dividend yield and low growth. I have REITs for diversification reasons. When Choice Properties bought out CDN REIT, I decided to retain this stock. If you like this stock now may not be the time to buy. What you pay for stocks affects greatly your long term total return. So be careful. This stock price is on the high end of the reasonableness range

I own this stock of Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF). I got this stock when CDN REIT was acquired by Choice Properties. Choice was originally a spin off from Loblaws. Later George Weston Limited (TSX-WN) in a reorganization received Loblaw’s share of Choice (61.6% interest) and Loblaws minority shareholders got George Weston Limited shares. The Weston Family owns a majority share in George Weston Ltd and George Weston Limited has a controlling interest in Loblaws.

When I was updating my spreadsheet, I noticed for Choice, since I got it in 2018, I have a total return of 8.81% with 2.89% from capital gains and 5.48% from dividends. If I look at both CDN REIT and Choice, I have a total return of 9.98% per year with 4.66% from capital gains and 5.32% from dividends. This is to the end of the 2025.

If you had invested in this company in December 2015, for $1,003.00 you would have bought 85 shares at $11.80 per share. In December 2025, after 10 years you would have received $507.81 in dividends. The stock would be worth $1,258.85. Your total return would have been $1,766.66. This would be a total return of 7.99% per year with 2.30% from capital gain and 5.69% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.80	$1,003.00	85	10	$507.81	$1,258.85	$1,766.66

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4%) at 4.90%. The 5, 10 and historical dividend yields are good (5% to 6% ranges) at 5.42%, 5.43% and 5.44%. The dividends have increased by a low rate (under 8%) at 0.73% per year over the past 5 years. The last dividend increase was in 2025 and it was for 1.3%.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is non-calculable because of an earnings loss with 5 year coverage high at 119%. But, the DPR for AFFO and FFO are more important. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is fine at 88% with 5 year coverage at 90%. The DPR for 2025 for Funds from Operations (FFO) is fine at 72% with 5 year coverage at 75%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 26% with 5 year coverage at 27%. The DPR for 2025 for Free Cash Flow 1 (FCF) is good at 34% with 5 year coverage at 46%. The DPR for 2025 for Free Cash Flow 2 (FCF) is good at 47% with 5 year coverage at 46%. There is disagreement on what the FCF is and in 2025 values were $534M and $730M. I used the $534M value.

Item	Cur	5 Years
EPS	0.00%	118.77%
AFFO	87.92%	89.83%
FFO	71.80%	74.75%
CFPS	26.26%	26.69%
FCF 1	34.45%	45.51%
FCF 2	47.08%	46.30%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.63 and currently at 0.60. The Liquidity Ratio for 2025 is good at 4.28 and 4.28 currently. The Debt Ratio for 2025 is low at 1.34 and 1.34 currently. The Leverage and Debt/Equity Ratios for 2025 are high at 3.91 and 2.91 and currently at 3.91 and 2.91. However, this is a REIT, so ratios are fine.

Type	Year End	Ratio Curr
Lg Term R	0.63	0.60
Intang/GW	0.00	0.00
Liquidity	4.28	4.28
Liq. + CF	2.03	2.03
Debt Ratio	1.34	1.34
Leverage	3.91	3.91
D/E Ratio	2.91	2.91

The Total Return per year is shown below for years of 5 to 12 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	0.73%	8.12%	2.63%	5.49%
2015	10	1.68%	7.99%	2.30%	5.69%
2013	12	1.39%	8.83%	2.89%	5.94%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.51, 12.79 and 14.31. The corresponding 10 year ratios are 11.14, 12.66 and 14.18. The corresponding historical ratios are 11.51, 12.79 and 14.31. The current ratio is 14.69 based on a stock price of $15.72 and EPS estimate for 2026 of $1.07. 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 Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 12.09, 13.18 and 15.47. The corresponding 10 year ratios are 11.92, 13.33 and 14.85. The corresponding historical ratios are 11.82, 13.24 and 14.77. The current ratio is 14.42 based on a stock price of $15.72 and FFO estimate for 2026 of $1.09. The current ratio is between the median and the 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 Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 14.73, 16.69 and 18.82. The corresponding 10 year ratios are 14.39, 16.06 and 17.92. The corresponding historical ratios are 14.34, 16.05 and 17.64. The current ratio is 16.04 based on a stock price of $15.72 and AFFO estimate for 2026 of $0.98. The current ratio is between the low and the 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 $18.50. The 10-year low, median, and high median Price/Graham Price Ratios are 0.74, 0.87 and 0.96. The current ratio is 0.85 based on a stock price of $15.72. The current ratio is between the low and the 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 1.24. The current ratio is 1.13 based on a Book Value of $4,576M, Book Value per Share of $13.95 and a stock price of $15.72. The current ratio is 9% 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 6.69. The current ratio us 7.39 based on Cash Flow for the last 12 months of $698M, Cash Flow per Share of $2.13 and a stock price of $15.72. 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 5.44%. The current dividend yield is 4.90% based on dividends of $0.77 and a stock price of $15.72. The current ratio is 10% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 5.43%. The current dividend yield is 4.90% based on dividends of $0.77 and a stock price of $15.72. The current ratio is 10% below the historical 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 7.13. The current P/S Ratio is 7.22 based on Revenue estimate for 2026 of $1,576M, Revenue per Share of $2.18 and a stock price of $15.72. The current ratio is 1% 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 still reasonable, but at the higher end of the range. The dividend yield tests say that the stock price is reasonable but above the median. The rest of the testing range from reasonable and below the median to expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1) and Hold (5). The Consensus would be a Buy. The 12 month stock price consensus is $16.72 with a high of $17.50 and low of $16.00. This implies a total return of 11.26% with 6.36% from capital gains and 4.90% from dividends.

There is various opinion on this stock on Stock Chase. Most analysts say it is a defensive stock. Some like other Real Estate companies better. Some like it and some do not that the main tenant is Loblaws. Robin Brown Motley Fool says it is a low risk stock with a monthly dividend. Daniel Da Costa on Motley Fool says this is a stock to buy and hold forever in your TFSA. The company put out a Press Release about their fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock and says it is value at $18.12 and therefore undervalued. Simply Wall Street has two warnings out of earnings have declined by 0.05% per year over past 5 years; and interest payments are not well covered by earnings.

Choice Properties Real Estate Investment Trust invests in commercial retail, industrial, mixed-use, and residential properties across Canada. Choice Properties generates the majority of its revenue from leasing properties to its tenants. The company's principal tenant, the large-format retailer Loblaw Companies, contributes the vast majority of the total rent. Its web site is here Choice Properties REIT.

The last stock I wrote about was about was IGM Financial Inc (TSX-IGM, OTC-IGIFF) ... learn more. The next stock I will write about will be Canadian Tire Corp (TSX-CTC.A, OTC-CDNAF) ... learn more on Friday, March 13, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy March 2026.... learn more on Thursday, March 12, 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.

IGM Financial Inc

2026-03-09T14:25:00.000-04:00

Sound bite for Twitter is: Dividend Paying Financial. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are currently fine. The current dividend yield is moderate with dividend increase after 11 years of no increases. See my spreadsheet on IGM Financial Inc.

Is it a good company at a reasonable price? This company seems to be doing better than it has for some time. They just did a 10% increase in dividends after dividends have been flat for some 11 years. This is certainly a good sign. The stock price has rising lately and the shareholders have gotten some nice capital gains over the past 5 and 10 years. I suspect the company will do better in the future. Analysts suggests that there will be growth over the next 12 months. However, testing is showing that the stock price is rather high at present.

I do not own this stock of IGM Financial Inc (TSX-IGM, OTC-IGIFF). I am following this stock because I used to own this stock. The stock was on Mike Higgs' list of dividend growth stocks and on the other Dividend lists at that time. I owned this stock from 2006 to 2011. I sold because I decided to rationalizing my portfolio. Selling ones that did not make it into my core and buying ones that did of the same type.

When I was updating my spreadsheet, I noticed I owned this stock for almost 5 years from 2006 to 2011. I made a total return of 3.14% per year with a capital loss of 1.06% and dividends of 4.2%. If I had kept this stock to 2026, some 19 years, I think I would have made a total return of 6.98% per year with 1.94% from capital gains and 5.04% from dividends. I am rather glad I did not keep this stock. Also, see the total return chart below. People who bought this stock 15 and 20 years ago, did not do well.

If you had invested in this company in December 2015, for $1,024.86 you would have bought 29 shares at $35.34 per share. In December 2025, after 10 years you would have received $652.50 in dividends. The stock would be worth $1,792.49. Your total return would have been $2,444.99. This would be a total return of 10.86% per year with 5.75% from capital gain and 5.12% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$35.34	$1,024.86	29	10	$652.50	$1,792.49	$2,444.99

The current dividend yield is moderate with dividend increase after 11 years of no increases. The dividend yield is moderate (2% to 4% range) at 3.90%. The 5, 10 year median dividend yields are good (5% to 6% ranges) at 5.55% and 5.97%. The historical median dividend yield is moderate at 4.37%. The last dividend increase was in 2015. I noticed that analysts are expecting dividend to start to rise again in 2026.

The Dividend Payout Ratios (DPR) are currently fine. The DPR for 2025 for Earnings per Share (EPS) is good at 49% with 5 year coverage high at 53%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage at high at 58%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 39% with 5 year coverage high at 52%. The DPR for 2025 for Free Cash Flow (FCF) is high at59% with 5 year coverage at 69%. The FCF for 2025 varies from $900M to $986M. I am using the $900M value.

Item	Cur	5 Years
EPS	48.49%	53.32%
AEPS	48.81%	57.74%
CFPS	39.12%	51.99%
FCF	59.21%	68.73%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is high at 0.79 and currently at 0.73. I also have at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.53 and currently at 0.53 because this is an important ratio for a financial. The Liquidity Ratio for 2025 is good at 3.11 and 3.11 currently. The Debt Ratio for 2025 is good at 1.68 and 1.68 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.48 and 1.48 and currently at 2.48 and 1.48.

Type	Year End	Ratio Curr
Lg Term R	0.79	0.73
Lg Term R A	0.53	0.53
Intang/GW	0.27	0.25
Liquidity	3.11	3.11
Liq. + CF	3.50	3.12
Debt Ratio	1.68	1.68
Leverage	2.48	2.48
D/E Ratio	1.48	1.48

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	17.65%	12.36%	5.29%
2015	10	0.41%	10.87%	5.75%	5.12%
2010	15	0.00%	6.79%	2.38%	4.41%
2005	20	0.00%	5.64%	1.57%	4.07%
2000	25	0.62%	8.48%	3.69%	4.79%
1995	30	2.64%	13.57%	6.91%	6.66%
1990	33	5.36%	16.38%	8.84%	7.54%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.47, 10.32 and 12.17. The corresponding 10 year ratios are 8.97, 11.15 and 12.69. The corresponding historical ratios are 12.47, 14.85 and 17.20. The current ratio is 12.74 based on a stock price of $63.64 and EPS estimate for 2026 of $4.99. 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 also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.67, 10.83 and 12.73. The corresponding 10 year ratios are 9.07, 11.15 and 12.88. The corresponding historical ratios are 10.40, 12.55 and 14.64. The current ratio is 12.53 based on a stock price of $63.64 and EPS estimate for 2026 of $5.08. 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 Graham Price of $66.28. The 10-year low, median, and high median Price/Graham Price Ratios are 0.71, 0.85 and 1.03. The current P/GP is 0.96 based on a stock price of $63.64. 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 1.50. The current ratio is 1.67 based on a stock price of $63.64, Book Value of $8,944M and Book Value per Share of $38.04. 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 also have a Book Value per Share estimate for 2026 of $39.78. This implies a ratio of 1.60 based on a stock price of $63.64 and a Book Value of $9,354M. This ratio is 5.5% above 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/Cash Flow per Share Ratio of 11.64. The current ratio is 27.91 based on a stock price of $63.64, Cash Flow per Share estimate for 2026 of $2.28 and Cash Flow of $536M. This ratio is 140% above the 10 year ratio. This stock price testing suggests that the stock price is relatively expensive. (I do wonder about the estimate as it is lower than it has been for several years and is a 48% drop from Cash Flow per Share for 2025.)

I get an historical median dividend yield of 4.37%. The current ratio is 3.90% based on a stock price of $63.64 and Dividends of $2.48. The current ratio 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 5.97 %. The current ratio is 3.90% based on a stock price of $63.64 and Dividends of $2.48. The current ratio is 35% 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 2.81. The current P/S Ratio is 3.73 based on Revenue estimate for 2026 of $4,011M, Revenue per Share of $17.06 and a stock price of $63.64. The current ratio is 33% 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 dividend yield testing is saying that the stock price is relatively expensive and it is confirmed by the P/S Ratio testing. However, the dividend yield tests are not the best because the dividends have been flat for years. However, most of the rest of the testing is saying that the stock price is relatively reasonable but above the median. I note that the stock price is just off its recent high.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (1) and Hold (6). The consensus would be a Hold. The 12 month stock price consensus is $69.75 with a high of $82.00 and a low of $62.00. The consensus stock price of $69.75 implies a total return of 13.50% with 9.60% from capital gains and 3.90% from dividends based on a current stock price of $63.64.

Analysts’ opinion on Stock Chase is not available. However, I found an analysts opinion at here. Rajiv Bhatia said that there is some fear that AI will impact Wealth Management. Amy Legate-Wolfe on Motley Fool says this stock is a passive-income gem on the TSX. Jitendra Parashar on Motley Fool says this is a safe Canadian Dividend stock with consistent returns and financial resilience. The company put out a press release via Newswire about their annual results for 2025.

Simply Wall Street via Yahoo Finance reviews this stock and says its fair value is $68.13. Simply Wall Street gives the stock 3 and one half stars and gives no warnings.

IGM Financial is a leading nonbank Canadian wealth and asset management company. Power Corporation of Canada, which also holds a majority stake in Great-West Life co, has a majority stake (62%) in IGM. Its web site is here IGM Financial Inc.

The last stock I wrote about was about was Intact Financial Corp (TSX-IFC, OTC-IFCZF) ... learn more. The next stock I will write about will be Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF) ... learn more on Wednesday, March 11, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks March 2026 … learn more on Tuesday, March 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.

Intact Financial Corp

2026-03-06T19:28:00.005-05:00

Sound bite for Twitter is: Dividend Growth Insurance. Results of stock price testing is that the stock price is probably reasonable. 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 Intact Financial Corp.

Is it a good company at a reasonable price? This stock is done well for its shareholders over time. Analysts seem to expect little growth this year except for the stock price. This is a good dividend growth stock. The last 100 best dividend stocks of Money Sense rate this stock a B. The price current seems reasonable.

I do not own this stock of Intact Financial Corp (TSX-IFC, OTC-IFCZF). I am following this stock because in November 2011, the TD Bank put out a special report on the merits of dividend investing. At the end of the report, they listed a number of Canadian stocks as Equity Yield ideas. This was one stock listed that I did not follow. This and Wajax are from TD Report on dividend investing.

When I was updating my spreadsheet, I noticed that the company has had great growth in the past. See the chart below. Also see the chart on Total Return which shows good stock growth. There is not much available for future estimates, but it seems analysts expect a drop in earnings and very little growth in Revenue 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 2025 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	105.11%	15.45%	<-12 mths	1.79%
5	AEPS Growth	146.46%	19.77%	<-12 mths	0.10%
5	Net Income Growth	211.00%	25.47%	<-12 mths	1.07%
5	Cash Flow Growth	86.56%	13.28%
5	Dividend Growth	60.24%	9.89%	<-12 mths	10.53%
5	Stock Price Growth	89.58%	13.65%	<-12 mths	-7.89%

10	Revenue Growth	207.82%	11.90%	<-this year	5.61%
10	AEPS Growth	277.26%	14.20%	<-this year	-16.03%
10	Net Income Growth	376.63%	16.90%	<-this year	-18.31%
10	Cash Flow Growth	393.59%	17.31%
10	Dividend Growth	150.94%	9.64%	<-this year	11.09%
10	Stock Price Growth	222.20%	12.41%	<-this year	9.57%

If you had invested in this company in December 2015, for $1,064.16 you would have bought 12 shares at $88.68 per share. In December 2025, after 10 years you would have received $432.00 in dividends. The stock would be worth $3,428.76. Your total return would have been $3,860.76. This would be a total return of 14.75% per year with 12.41% from capital gain and 2.33% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$88.68	$1,064.16	12	10	$432.00	$3,428.76	$3,860.76

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.02%. The 5, 10 and historical median dividend yields are moderate at 2.14%, 2.35% and 2.55%. The dividend growth is moderate (8% to 14% ranges) at 10% per year for the past 5 years. The last dividend increase was in 2026 and it was for 10.5%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 29% with 5 year coverage at 35%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 25% with 5 year coverage at 31%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 19% with 5 year coverage at 25%. The DPR for 2025 for Free Cash Flow (FCF) is good at 29% with 5 year coverage at 36%.

Item	Cur	5 Years
EPS	28.99%	34.55%
AEPS	25.45%	30.64%
CFPS	18.84%	24.68%
FCF	29.46%	35.67%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.73 and currently at 0.79. The Liquidity Ratio for 2025 is good at 3.67 and 3.67currently. However, this ratio is not very important for financials. The Debt Ratio for 2025 is good at 1.50 and 1.50 currently. The Leverage and Debt/Equity Ratios for 2025 are fine for a financial at 3.02 and 2.02 and currently at 3.02 and 2.02.

Type	Year End	Ratio Curr
Lg Term R	0.73	0.79
Intang/GW	0.19	0.21
Liquidity	3.67	3.67
Liq. + CF	9.52	9.52
Debt Ratio	1.50	1.50
Leverage	3.02	3.02
D/E Ratio	2.02	2.02

The Total Return per year is shown below for years of 5 to 21 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	9.89%	15.88%	13.65%	2.23%
2015	10	9.64%	14.75%	12.41%	2.33%
2010	15	9.52%	14.67%	12.19%	2.47%
2005	20	11.08%	10.90%	8.97%	1.93%
2004	21		13.94%	11.45%	2.49%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.69, 15.48 and 17.26. The corresponding 10 year ratios are 16.15, 18.85, 22.01. The corresponding historical ratios are 14.38, 16.33 and 17.86. The current ratio is 15.17 based on a stock price of $250.45 and EPS estimate for 2026 of $16.51. 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 also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.02,13.59 and 15.15. The corresponding 10 year ratios are 14.77, 16.72 and 18.67. The corresponding historical ratios are 13.74, 16.14 and 18.54. The current ratio is 14.27 based on a stock price of $250.45 and AEPS estimate for 2026 of $17.55. The current ratio is below the low ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $215.22. The 10-year low, median, and high median Price/Graham Price Ratios are 1.13, 1.27, 1.42. The current P/GP Ratio is 1.16 based on a stock price of $250.45. 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 2.15. The current ratio is 2.14 based on a Book Value of $20,836M, Book Value per Share of $117.30 and a stock price of $250.45. The current ratio is 0.5% 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 12.53. The current ratio is 10.14 based on Cash Flow for the last 12 months of $4,388M, Cash Flow per Share of $24.70 and a stock price of $250.45. This ratio is 19% 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 2.55%. The current dividend yield is 2.35% based on dividend of $5.88 and a stock price of $250.45. The current dividend yield is 8% 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 2.35%. The current dividend yield is 2.35% based on dividend of $5.88 and a stock price of $250.45. The current dividend yield is at the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and at the median.

The 10-year median Price/Sales (Revenue) Ratio is 1.76. The current ratio is 1.83 based on Revenue estimate for 2026 of $24,250M, Revenue per Share of $137.08 and a stock price of $250.45. The current ratio is 4% 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 reasonable. The 10 year dividend yield test says it is reasonable and at the median. The P/S Ratio test says it is reasonable and above the median. A number of other tests are saying that the price is reasonable and other that it is cheap.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (5), Hold (4). The consensus would be a Strong Buy. The 12 month stock price consensus is $313.08 with a high of $364.00 and low of $280.00. The consensus stock price of $313.08 implies a total return of 27.35% with 25.01% from capital gains and 2.35% from dividends based on a current stock price of $250.45.

Analysts on Stock Chase have mixed views on this stock and whether or not to buy. Some feel it is overvalued. Amy Legate-Wolfe on Motley Fool thinks this is a good stock to buy as it is not affect by US tariffs. Kay Ng on Motley Fool thinks you should buy because this stock is a high-quality, cash-generating business. The company put out a press release via Newswire about their fourth quarter results for 2025.

Simply Wall Street via Yahoo Financial reviews this stock and it is a very positive review. They have one warning on this stock of earnings are forecast to decline by an average of 5.2% per year for the next 3 years.

Intact Financial Corp is a property and casualty insurance company that provides written premiums in Canada. Its asset mix is designed to generate interest and dividend income. The company has three reportable segments Canada, UK & International, and U.S. Its web site is here Intact Financial Corp.

The last stock I wrote about was about was Russel Metals Inc (TSX-RUS, OTC-RUSMF) ... learn more. The next stock I will write about will be IGM Financial Inc (TSX-IGM, OTC-IGIFF) ... learn more on Monday, March 9, 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.

Russel Metals Inc

2026-02-23T14:30:00.005-05:00

I will be away from my computer for the next two weeks and so probably returning to blog on March 7, 2026.

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

Is it a good company at a reasonable price? This is certainly a good company, but it is in a rather cyclical business. I have no intention of selling my stock in this company. I like the dividend yield tests the best which said the stock was relatively expensive. However, a number of good tests say that it is reasonable, like the P/S Ratio test and P/GP Ratio test. I would go for a Hold then on this stock.

I own this stock of Russel Metals Inc (TSX-RUS, OTC-RUSMF). In 2007 I needed to reduce my holdings of Loblaws and buy something to help replace the dividends I had been earning. With Russel Metals, both Mike and TD recommend buying at this time. However, I should keep a watch on this stock as it has had some troubles in the past.

When I was updating my spreadsheet, I noticed I have made a total return of 7.69% per year to the end of 2025 on this stock. There is 3.13% from capital gains and 4.56% from dividends. It is just under what I want in a dividend growth stock where I would like to see a total return of dividends and capital gains of 8% per year.

However, this company has generally produced better results if you look at the Total Return over the years. I probably paid too much for the share. I am more careful about stock price now that I used to be. Also, this stock tends to be cyclical. The problem basically is my first purchase of this stock was at a peak in 2007. Later purchases were at relatively better prices.

If you had invested in this company in December 2015, for $1,012.41 you would have bought 63 shares at $16.07 per share. In December 2025, after 10 years you would have received $982.17 in dividends. The stock would be worth $5,759.40. Your total return would have been $3,741.57. This would be a total return of 17.21% per year with 10.55% from capital gain and 6.66% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.07	$1,012.41	63	10	$982.17	$2,759.40	$3,741.57

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.64%. The 5 year median dividend yield is also moderate at 4.26%. The 10 year and historical median dividend yields are good (5% to 6% ranges) at 5.39% and 5.01%. The dividend growth is low (below 8%) at 2.38% per year over the past 5 years. The last dividend increase was in 2025 and it was for 2.38%.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is good at 27% with 5 year coverage at 29%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 57% with 5 year coverage good at 35%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 28% with 5 year coverage at 21%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 77% with 5 year coverage good at 34%. There are two values for FCF for 2025. One is $210M and there other is $125M. I am using the $125M.

Item	Cur	5 Years
EPS	56.81%	34.94%
CFPS	27.75%	21.35%
FCF	76.66%	34.28%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.12 and currently at 0.11. The Liquidity Ratio for 2025 is good at 3.06 and 3.06 currently. The Debt Ratio for 2025 is good at 2.45 and 2.45 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.69 and 0.69 and currently at 1.69 and 0.69.

Type	Year End	Ratio Curr
Lg Term R	0.12	0.11
Intang/GW	0.05	0.05
Liquidity	3.06	3.06
Liq. + CF	3.24	3.39
Debt Ratio	2.45	2.45
Leverage	1.69	1.69
D/E Ratio	0.69	0.69

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	2.38%	19.53%	14.02%	5.51%
2015	10	1.18%	17.21%	10.55%	6.66%
2010	15	3.64%	9.38%	4.42%	4.96%
2005	20	-2.51%	8.73%	3.54%	5.19%
2000	25	-0.70%	26.27%	11.47%	14.80%
1995	30	0.00%	15.07%	8.59%	6.48%
1990	35	4.64%	9.50%	5.76%	3.74%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.68, 8.56 and 10.45. The corresponding 10 year ratios are 11.92, 13.41 and 14.91. The corresponding historical ratios are 7.45, 9.93 and 10.81. The current ratio is 12.19 based on a stock price of $47.28 and EPS estimate for 2026 of $3.88. This 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 $50.17. The 10-year low, median, and high median Price/Graham Price Ratios are 0.82, 0.95 and 1.07. The current ratio is 0.94 based on a stock price of $47.28. This 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 1.43. The current ratio is 1.64 based on a Book Value of $1,588.9M, Book Value per Share of $28.86 and a stock price of $47.28. 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.

I also have a Book Value per Share estimate for 2026 of $30.84. This implies a ratio of 1.53 with a stock price of $47.28 and a Book Value of $1,698M. This ratio is 8% above 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/Cash Flow per Share Ratio of 5.80. The current ratio is 9.01 based on Cash Flow per Share estimate for 2026 of $5.25, Cash Flow of $289M and a stock price of $47.28. 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 an historical median dividend yield of 5.01%. The current dividend yield is 3.64% based on dividends of $1.72 and a stock price of $47.28. The current dividend yield is 27% 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 0.52. The current ratio is 0.47 based on Revenue estimate for 2026 of $5,485M, Revenue per Share of $99.62 and a stock price of $47.28. The current ratio is 9% 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 relatively expensive. The dividend yield testing is saying that the stock price is relatively expensive, so I am going with that. However, the P/S Ratio says it is reasonable, as do a number of the other test. The P/GP Ratio test is a good one and that says that the stock price is relatively reasonable.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (3) and Hold (3). The consensus is a Buy. The 12 month stock price consensus is $54.57 with a high of $60.00 and low of $49.00. The consensus stock price of $54.57 implies a total return of 19.06% with 15.42% from capital gains and 3.64% from dividends based on a current stock price of $47.28.

Analysts at Stock Chase like this company. One says it is quiet and well run. Another says it is expanding into the US and is not much affected by tariffs. Christopher Liew on Motley Fool says that Canada’s infrastructure plan in 2026 is a strong tailwind for this company. Amy Legate-Wolfe on Motley Fool reviews this stock. She says a valuable dividend stock like Russel Metals combines strong yields, sustainable payouts, robust financials, and growth prospects. The company put out a press release via Newswire about their fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock. They say it has a fair value of $54.57. They have no warnings out on this stock.

Russel Metals Inc is a Canada-based metal distribution company. The company conducts business through three metals distribution segments: Metals Service Centers; Energy Field Stores; and Steel Distributors. It generates the majority of its revenue from the Metals Service Centers segment and geographically majority of revenue comes from Canada. Its web site is here Russel Metals Inc.

The last stock I wrote about was about was Toromont Industries Ltd (TSX-TIH, OTC-TMTNF) ... learn more. The next stock I will write about will be Intact Financial Corp (TSX-IFC, OTC-IFCZF) ... learn more on Friday, March 6, 2026.

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.

Toromont Industries Ltd

2026-02-20T15:16:00.007-05:00

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

Is it a good company at a reasonable price? This is a company that keeps showing up on the annual Money Sense list of 100 Best Canadian Dividend stocks. This is the sort of company to buy and hold, probably forever. I have no intentions of selling it. However, I think that the price is on the expensive side, so not a time to buy.

I own this stock of Toromont Industries Ltd (TSX-TIH, OTC-TMTNF). This is one of the stocks I bought after selling Loblaws in 2008. This was a stock on Mike Higgs' Canadian Dividend Growth Stock list. I bought more in 2008 after selling Onex and AGF Management.

When I was updating my spreadsheet, I noticed I have done very well in this stock. I have made several purchases in different accounts. My total return to the end of December 2025 is 14.42% per year over the past 18 years. I have 12.24% from capital gains and 2.18% from dividends. (I have only updated my Quicken to the end of December as I have been busy.) I have dividends of 13% on my original purchase in 2007. That is why I like dividend growth stocks.

If you had invested in this company in December 2015, for $1,009.60 you would have bought 32 shares at $31.55 per share. In December 2025, after 10 years you would have received $416.32 in dividends. The stock would be worth $5,315.60. Your total return would have been $5,729.92. This would be a total return of 19.93% per year with 18.07% from capital gain and 1.86% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$31.55	$1,009.60	32	10	$416.32	$5,313.60	$5,729.92

The current dividend yield is low with dividend growth moderate. The current dividend yield is low at 1.09%. The 5, 10 and historical median dividend yields are also low are 1.47%, 1.51% and 1.67%. The dividend growth is moderate (8% to 14% ranges) at 11.2% per year over the past 5 years. The last dividend increase was low (under 8%) at 7.7%. They sometimes raise the dividend more than once in a year, but dividend increases have declined as dividend increase in 2020 was 15.4% and in 2025 was 9.1%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 34% with 5 year coverage at 30%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 25% with 5 year coverage at 22%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 21% with 5 year coverage at 21%. The DPR for 2025 for Free Cash Flow (FCF) is good at 39% with 5 year coverage at 36%. There is two FCF values given for 2025 of $430M, and $458M. I am using the $430M value.

Item	Cur	5 Years
EPS	33.61%	29.98%
AEPS	24.56%	22.03%
CFPS	21.28%	21.15%
FCF	38.58%	36.13%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.06 and currently at 0.05. The Liquidity Ratio for 2025 is good at 2.93 and 2.93 currently. The Debt Ratio for 2025 is good at 2.51 and 2.51 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.66 and 0.66 and currently at 1.66 and 0.66.

Type	Year End	Ratio Curr
Lg Term R	0.06	0.05
Intang/GW	0.03	0.03
Liquidity	2.93	2.93
Liq. + CF	3.45	3.55
Debt Ratio	2.51	2.51
Leverage	1.66	1.66
D/E Ratio	0.66	0.66

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	11.20%	14.69%	13.23%	1.46%
2015	10	11.95%	19.93%	18.07%	1.86%
2010	15	11.98%	17.41%	15.61%	1.79%
2005	20	12.43%	14.05%	12.57%	1.48%
2000	25	12.91%	16.59%	14.72%	1.87%
1995	30	13.74%	17.52%	15.40%	2.12%
1990	35	14.40%	22.56%	18.61%	3.95%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.97, 20.09, 22.59. The corresponding 10 year ratios are 17.61, 20.08, 22.42. The corresponding historical ratios are 13.80, 15.68, 18.94. The current P/E Ratio is 27.77 based on a stock price of $204.93 and EPS estimate for 2026 of $7.38. 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/Adjusted Earnings per Share Ratios are 13.13, 15.08 and 16.53. The corresponding 10 year ratios are 12.95, 15.44 and 17.52. The corresponding historical ratios are 12.95, 15.17 and 16.70. The current P/AEPS Ratio is 29.70 based on a stock price of $204.93 and AEPS estimate for 2026 of $6.90. 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 $79.20. The 10-year low, median, and high median Price/Graham Price Ratios are 1.29, 1.59 and 1.82. The current P/GP Ratio is 2.59 based on a stock price of $204.93. 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 3.51. The current P/B Ratio is 5.07 based on a Book Value of $3,290.5M, Book Value per Share of $40.40 and a stock price of $204.93. The current ratio is 45% 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 16.45. The current P/CF Ratio is 19.30 based on Cash Flow per Share estimate for 2026 of $10.62, Cash Flow of $865M and a stock price of $204.93. The current ratio is 17% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 1.67%. The current Dividend Yield is 1.09% based on a stock price of $204.93 and dividends of $2.24. 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 1.51%. The current Dividend Yield is 1.09% based on a stock price of $204.93 and dividends of $2.24. The current Dividend Yield is 28% 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 1.85. The current P/S Ratio is 3.01 based on Revenue estimate for 2026 of $5,541M, Revenue per Share of $68.03 and a stock price of $204.93. 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. The dividend yield tests are saying that the stock price is relatively expensive. This is confirmed by the P/S Ratio test. Almost all the other tests, except for the P/CF Ratio test, is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3) and Hold (3). The consensus is a Buy. The 12 month stock price consensus is $207.89 with a high of $230.00 and low of $180.00. The consensus stock price of $207.89 implies a total return of 2.54% with 1.44% from capital gains and 1.09% from dividends based on a current stock price of $204.93.

Analyst on Stock Chase in 2025 generally liked this stock, but one found it too expensive currently and another said that the numbers from the last report were good, but not great. Amy Legate-Wolfe on Motley Fool says to buy simple, real-economy business like this one. Brian Paradza on Motley Fool says to buy stocks that can weather any economic storm, like this company. The company put out a Press Release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and think it is a strong income stock. Simply Wall Street gives this stock 2 and one half stars. They have no warnings out on this stock.

Toromont Industries Ltd is a Canadian industrial company. The company operates two business segments: Equipment Group and CIMCO. The company operates majorly in Canada and derives a smaller portion of sales from the United States of America and other regions. Its web site is here Toromont Industries Ltd.

The last stock I wrote about was about was Allied Properties Real Estate Investment Trust (TSX-AP.UN, OTC-APYRF) ... learn more. TThe next stock I will write about will be Russel Metals Inc (TSX-RUS, OTC-RUSMF) ... learn more on Monday, February 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.

Allied Properties Real Estate Investment Trust

2026-02-18T15:41:00.007-05:00

Sound bite for Twitter is: Dividend Paying REIT. Results of stock price testing is that the stock price is that the stock is relatively cheap. Debt Ratios are mostly fine, but the Liquidity Ratio is a problem. The Dividend Payout Ratios (DPR) were too high and a dividend cut was needed. The current dividend yield is high with a current dividend cut. See my spreadsheet on Allied Properties Real Estate Investment Trust.

Is it a good company at a reasonable price? A problem is that when the stock price is cheap, a stock purchase is not always a good idea. This is true if the stock is cheap for a good reason. This stock seems to have fallen because of a dividend cut. Investors generally behave in this way. A dividend cut is never good news. Some analysts think that the company is doing the right thing to shore up their balance sheet. Most of the analysts have a Hold rating on this stock and I can see why. It is sort of waiting to see what happens. The stock is testing as cheap.

I do not own this stock of Allied Properties Real Estate Investment Trust (TSX-AP.UN, OTC-APYRF). Since several stocks that I followed in 2015 were deleted from the stock exchange, I was looking for other stocks to follow. I am sure that I got this from a Canadian Dividend site called Think Dividends, but I cannot find it at present.

When I was updating my spreadsheet, I noticed in 2026 they decreased their dividend by 60%. There was little growth in Revenue (up by 0.06%) with AFFO down 12% and FFO down 13% for 2025.

If you had invested in this company in December 2015, for $1,010.24 you would have bought 32 shares at $31.57 per share. In December 2025, after 10 years you would have received $544.93 in dividends. The stock would be worth $427.84. Your total return would have been $972.77. This would be a total loss of 0.49% per year with 8.26% from capital loss and 7.74% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$31.57	$1,010.24	32	10	$544.93	$427.84	$972.77

The current dividend yield is high with a current dividend cut. The dividend yield is currently high (7% and above) at 7.49%. The 5 year median dividend yield is high at 7.85%. the 10 year median dividend yield is moderate (2% to4% ranges) at 4.29%. The historical median dividend yield is good (5% to 6% ranges) at 5.67%. The dividend growth for the 5 years to 2025 is low at 1.8%. However, in 2026, the dividends were cut 60%.

The Dividend Payout Ratios (DPR) were too high and a dividend cut was needed. The DPR for 2025 for Earnings per Share (EPS) is non-calculable for 2025 and currently due to earnings losses. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is too high at 105% with 5 year coverage at better at 91%. The DPR for 2025 for Funds from Operations (FFO) is high at 95% with 5 year coverage better at 81%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 62% with 5 year coverage at 65%. I have no DPR for 2025 for Free Cash Flow because no one seems to calculate this value this year.

Item	Cur	5 Years
EPS	-18.95%	-104.47%
AFFO	104.59%	90.60%
FFO	95.19%	81.26%
CFPS	62.37%	65.15%

Debt Ratios are mostly fine, but the Liquidity Ratio is a problem. The Long Term Debt/Market Cap Ratio for 2025 is high at 2.31 and currently at 3.22. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.46 and currently at 0.46 because this is a more important ratio for a REIT. The Liquidity Ratio for 2025 is far too low at 0.53 and 0.53 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.55 and currently at 0.66. If you add back in the current portion of the dividend, the ratios are acceptable at 1.31 and currently at 1.57. 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 2.31 and 1.31 and currently at 2.31 and 1.31.

Type	Year End	Ratio Curr
Lg Term R A	0.46	0.46
Lg Term R	2.31	3.22
Intang/GW	0.00	0.00
Liquidity	0.53	0.53
Liq. + CF	0.55	0.66
Liq. + CF +Dd	1.31	1.57
Debt Ratio	1.77	1.77
Leverage	2.31	2.31
D/E Ratio	1.31	1.31

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	1.81%	-11.33%	-18.78%	7.45%
2015	10	2.12%	-0.49%	-8.23%	7.74%
2010	15	2.09%	5.54%	-3.13%	8.67%
2005	20	2.18%	7.99%	-1.18%	9.17%
2003	22	3.61%	10.53%	0.18%	10.35%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and so unusable. The corresponding 10 year ratios are 7.53, 8.68 and 9.83. The corresponding historical ratios are 8.76, 11.03 and 12.60. The current ratio is 6.24 based on a stock price of $9.61 and EPS estimate for 2026 of $1.54. This 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 Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 7.06, 9.61 and 12.87. The corresponding 10 year ratios are 13.75, 16.52 and 19.50. The corresponding historical ratios are 12.82, 15.58 and 18.13. The current ratio is 5.03 based on a stock price of $9.61 and FFO estimate for 2026 of $1.91. This 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 Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 7.82, 10.51 and 14.07. The corresponding 10 year ratios are 16.35, 19.58 and 22.43. The corresponding historical ratios are 16.04, 19.20 and 16.04. The current ratio is 6.12 based on a stock price of $9.61 and AFFO estimate for 2026 of $1.57. This 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 $32.98. The 10-year low, median, and high median Price/Graham Price Ratios are 0.50, 0.62 and 0.71. The current ratio is 0.29 based on a stock price of $9.61. This 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 0.88. the current ratio is 0.31 based on a Book Value of $4,016M, Book Value per Share of $31.39 and a stock price of $9.61. The current ratio is 65% 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 16.10. The current ratio is 4.82 based on Cash Flow for the last 12 months of $255M, Cash Flow per Share of $2.00 and a stock price of $9.61. The current ratio is 70% 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 5.67%. The current dividend yield is 7.49% based on Dividends of $0.72 and a stock price of $9.61. The current dividend yield is 32% 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 4.29%. The current dividend yield is 7.49% based on Dividends of $0.72 and a stock price of $9.61. The current dividend yield is 75% 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 8.72. The current P/S Ratio is 2.12 based on Revenue estimate for 2026 of $580.2M, Revenue per Share of $4.53 and a stock price of $9.61. The current ratio is 76% 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 that the stock is relatively cheap. The dividend yield tests say that the stock price is cheap. It is confirmed by the P/S Ratio test. All the tests are pointing that way.

When I look at analysts’ recommendations, I find Hold (7) and Sell (1). The consensus would be a Hold. The 12 months stock price is $11.16 with a high of $15.75 and a low of $8.50. The consensus stock price of $11.16 implies a total return of 23.62% with 16.13% from capital gains and 7.49% from dividends based on a current stock price of $9.61.

Analysts on Stock Chase mainly talk about the company cutting the dividend to shore up its balance sheet. Jitendra Parashar on Motley Fool says that the company is positioning itself for the future. Christopher Liew on Motley Fool says this stock is a dividend trap. The company put out a press release via Global Newswire about their fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance reviews this company and says that there is a wide variation in what people think the true value is from the stock being 40% above its fair value of $9.16 to a fair value between $13.34 and $48.53.

Allied Properties Real Estate Investment Trust is a real estate investment trust engaged in the development, management, and ownership of urban office environments across Canadian cities. The company also controls a number of telecommunications / IT and retail properties within its real estate portfolio. Its web site is here Allied Properties Real Estate Investment Trust.

The last stock I wrote about was about was FirstService Corp (TSX-FSV, NASDAQ-FSV) ... learn more. The next stock I will write about will be Toromont Industries Ltd (TSX-TIH, OTC-TMTNF) ... learn more on Wednesday, February 18, 2026 around 5 pm. Tomorrow on my other blog I will write about Intact Financial and In the Money.... learn more on Thursday, February 19, 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 Good Kings by Kara Cooney learn

FirstService Corp

2026-02-16T17:09:00.007-05:00

Sound bite for Twitter is: Dividend Growth Real Estate. Results of stock price testing is that the stock price testing as reasonable, but I find a lot of the ratios to be very high. Debt Ratios are mostly fine, but the debt is too high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on FirstService Corp.

Is it a good company at a reasonable price? This would not be a preferred stock pick. The dividend is below 1% and I would never buy a stock with a dividend below 1%. Also, I find the ratios to be quite high. Look at the 10 year ratios for AEPS which are 25.35, 30.54 and 36.28. Generally, you would think that for this type of company a ratio above 20 would be high. However, it seems like analysts disagree and give it a Buy rating. The stock price is testing as relatively reasonable.

I do not own this stock of FirstService Corp (TSX-FSV, NASDAQ-FSV), but I used to. I bought FirstService Corp in 2002 as it looked like a good solid company that knows how to make money. By 2010 the company was underperforming so I sold the stock and kept the preferred shares until the end of the year before selling them too. Preferred shares are not by favorite why of getting dividends. Actually, the stock is done quite well after I sold.

I am happy to have sold because the dividends are paid in US$ which fluctuates against the Canadian dollar that I do my spending in. Another problem is that the dividends are generally below 1% and so lower than what I like in a stock. It is also quite a different managed company now from when I held it.

When I was updating my spreadsheet, I noticed the Chairman and Founder, Jay Steward Hennick, sold 4% of his holdings last year. He has sold off shares ever once in a while since 2019. His special shares were traded for common shares in 2018. For the other officers and directors, they are not picking up their stock options.

I am moving up my review of the stock of the November timeframe to February. At this time of the year, it is hard to find companies that have produced their results for the end of the previous year, in this case 2025.

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at just 0.71%. The 5, 10 and historical dividend yields are also low at 0.58%, 0.62% and 0.67%. The dividend growth is moderate (8% to 14% ranges) at 10.8% per year over the past 5 years. The last dividend increase was in 2026 and it was for 11%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 34% with 5 year coverage at 31%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 19% with 5 year coverage at 18%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 12% with 5 year coverage at 13%. The DPR for 2025 for Free Cash Flow (FCF) is good at 18% with 5 year coverage at 18%. Only one company, WSJ, is giving out a FCF value and it is $444.7M in 2025.

Item	Cur	5 Years
EPS	33.91%	31.31%
AEPS	18.70%	18.25%
CFPS	12.17%	12.59%
FCF	17.65%	17.57%

Debt Ratios are mostly fine, but the debt is too high. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.15 and currently at 0.16. The Liquidity Ratio for 2025 is good at 1.70 and 1.76 currently. The Debt Ratio for 2025 is good at 1.70 and 1.76 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.11 and 2.11 and currently at 3.27 and 2.27.

Type	Year End	Ratio Curr
Lg Term R	0.15	0.16
Intang/GW	0.31	0.30
Liquidity	1.70	1.76
Liq. + CF	2.21	2.22
Debt Ratio	1.70	1.76
Leverage	3.11	3.27
D/E Ratio	2.11	2.27

The Total Return per year is shown below for years of 5 to 30 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	12.40%	4.84%	4.15%	0.69%
2015	10	10.28%	15.31%	14.34%	0.98%
2010	15	10.19%	20.57%	19.25%	1.33%
2005	20		15.02%	14.32%	0.69%
2000	25		15.69%	15.11%	0.58%
1995	30		19.73%	19.10%	0.63%

The Total Return per year is shown below for years of 5 to 30 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	10.76%	3.22%	2.61%	0.61%
2015	10	10.39%	15.35%	14.42%	0.92%
2010	15	8.59%	17.68%	16.72%	0.95%
2005	20		14.03%	13.46%	0.57%
2000	25		16.31%	15.78%	0.53%
1995	30		19.63%	19.09%	0.54%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 45.48, 55.30 and 65.78. The corresponding 10 year ratios are 39.57, 52.74 and 64.86. The corresponding historical ratios are 15.59, 19.35 and 25.54. The current P/E Ratio is 40.73 based on a stock price of $210.63 and EPS estimate for 2026 of $5.17 ($3.79 US$). 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. However, these ratios are very high. This testing is in CDN$. For this sort of company, I would think a ratio higher than 20.00 was high.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 26.59, 33.89 and 39.41. The corresponding 10 year ratios are 25.35, 30.54 and 36.28. The corresponding historical ratios are 17.41, 24.48 and 32.43. The current P/AEPS Ratio is 25.02 based on a stock price of $154.65 and AEPS estimate for 2026 of $6.18. The current ratio is below the low of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$. I think that these ratios are also quite high.

I get a Graham Price of $87.12. The 10-year low, median, and high median Price/Graham Price Ratios are 2.63, 3.23 and 4.09. The current ratio is 2.42 based on a stock price of $210.63. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$. I think that these ratios are also quite high.

I get a 10-year median Price/Book Value per Share Ratio of 8.47. The current ratio is 5.28 based on a Book Value of $1,339.5M, Book Value per Share of $29.30 and a stock price of $154.65. This ratio is 38% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$. I think that these ratios are also quite high.

I also have a Book Value per Share estimate for 2026 of $33.35. This implies a ratio of 4.64 with a stock price of $154.65 and a Book Value of $1,524.5M. This ratio is 45% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$. I think that these ratios are also quite high.

I get a 10-year median Price/Cash Flow per Share Ratio of 24.92. The current ratio is 16.78 based on Cash Flow per Share estimate for 2026 of $9.22, Cash Flow of $421.3M and a stock price of $154.65. This ratio is 33% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$.

I get an historical median dividend yield of 0.67%. The current dividend yield is 0.71% based on dividends of $1.10 and a stock price of $154.65. The current dividend yield is 6% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. Dividends are paid in US$. You will get a similar answer in CDN$.

I get a 10 year median dividend yield of 0.62%. The current dividend yield is 0.71% based on dividends of $1.10 and a stock price of $154.65. The current dividend yield is 14% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. Dividends are paid in US$. You will get a similar answer in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 1.49. The current ratio is 1.21 based on Revenue estimate for 2026 of $5,837M, Revenue per Share of $127.69 and a stock price of $154.65. The current ratio is 19% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. Dividends are paid in US$. You will get a similar answer in CDN$.

Results of stock price testing is that the stock price testing as reasonable, but I find a lot of the ratios to be very high. The dividend yield testing is saying that the stock price is reasonable and below the median. This is confirmed by the P/S Ratio test. The rest of the testing is saying that the stock price is cheap or reasonable. However, I do find that the ratios are quite high, so I wonder if the stock is overvalued rather than reasonable.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (3) and Hold (1). The consensus is a Strong Buy. The 12 month stock price consensus is $257.39 ($188.59 US$) with a high of 257.39 ($188.59 US$) and low of $257.39 ($188.59 US$). This implies a total return of 22.91% with 22.20% from capital gains and 0.71% from dividends. (There are 9 analysts’ consensus for this stock, but there appears to be only 1 target price given.)

Analysts on Stock Chase like this stock, but some say it is always too expensive. Robin Brown on Motley Fool thinks that this stock may surge in 2026. Kay Ng on Motley Fool thinks that this stock is undervalued. The company put out a press release via Global Newswire about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and gives its pros and cons. Simply Wall Street via Yahoo Finance talks how investors react to the company’s earnings beat and 11% dividend increase.

FirstService Corp operates in two business divisions: FirstService Residential and FirstService Brands. The company earns the majority of its revenue in the United States, with the remaining revenue generated in Canada. Its web site is here FirstService Corp.

The last stock I wrote about was about was ARC Resources Ltd (TSX-ARX, OTC-AETUF) ... learn more. The next stock I will write about will be Allied Properties Real Estate Investment Trust (TSX-AP.UN, OTC-APYRF) ... learn more on Monday, February 16, 2026 around 5 pm. Tomorrow on my other blog I will write about Gen Z Guide to Negotiating.... learn more on Tuesday, February 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.