Investment Talk

Jamieson Wellness Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Premium Brands Holdings Corp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Empire Company Ltd

2026-07-08T16:53:09.488-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably reasonable. It would be nice if the Debt Ratios were a bit better and they have too much debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on Empire Company Ltd.

Is it a good company at a reasonable price? I think that the price is reasonable for this generally blue chip stock. The only reason I see for the Hold rating appears to be slowing eCommerce demand and a delay in breakeven point at Voila. There is not much in analysts’ comments that I can see. It is off its recent high of June 2025. The P/S Ratio test did say it was reasonable but above the median, so maybe the price is a bit high.

I do not own this stock of Empire Company Ltd (TSX-EMP.A, OTC-EMLAF). I have known about this stock for some time before I decided to follow it. This stock has a financial year ending in end of April or first of May each year.

When I was updating my spreadsheet, I noticed that the earnings loss was due to impairment losses and related charges. They also have a high level of debt. However, you can see from the Total Return per Year chart that shareholders have done well with this company over the years. This stock has a financial year ending around April 30, so I am reviewing the financial year ending May 2, 2026.

If you had invested in this company in December 2015, for $1,003.86 you would have bought 39 shares at $25.74 per share. In December 2025, after 10 years you would have received $230.88 in dividends. The stock would be worth $1,849.38. Your total return would have been $2,080.26. This would be a total return of 7.99% per year with 6.30% from capital gain and 1.69% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$25.74	$1,003.86	39	10	$230.88	$1,849.38	$2,080.26

The current dividend yield is low with dividend growth moderate. The dividend yield is low (below 2%) at 1.96%. The 5, 10 and historical dividend yields are low at 1.73%, $1.71% and 1.45%. The dividend growth is moderate (between 8% and 14% per year) at 12% 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 102%, but analysts expect it to be around 27% in 2027 and EPS has with 5 year coverage good at 30%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 27% with 5 year coverage at 25%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 8% with 5 year coverage at 8%. The DPR for 2025 for Free Cash Flow (FCF) is good at 21% with 5 year coverage at 18%. The FCF for 2026 varies from $950M to $1,487M. I am using $950M.

Item	Cur	5 Years
EPS	102.33%	30.21%
AEPS	27.16%	25.24%
CFPS	8.26%	7.73%
FCF	21.37%	18.18%

It would be nice if the Debt Ratios were a bit better and they have too much debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.10 and currently at 0.09. The Liquidity Ratio for 2025 is far too low at 0.82 and 0.88 currently. If you added in Cash Flow after dividends, the ratios are still quite low at 1.24 and currently at 1.32. I prefer these ratios be at 1.50 or higher. The Debt Ratio for 2025 is low at 1.43 and 1.43 currently. I prefer these ratios be at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.41 and 2.38 and currently at 3.41 and 2.38. I prefer these ratios be below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.10	0.09
Intang/GW	0.32	0.30
Liquidity	0.82	0.88
Liq. + CF	1.24	1.32
Debt Ratio	1.43	1.43
Leverage	3.41	3.41
D/E Ratio	2.38	2.38

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	11.97%	8.24%	6.39%	1.85%
2015	10	8.20%	7.99%	6.30%	1.69%
2010	15	8.28%	8.11%	6.43%	1.67%
2005	20	8.06%	8.93%	7.18%	1.75%
2000	25	11.60%	11.06%	8.98%	2.07%
1995	30	11.26%	13.27%	10.83%	2.44%
1990	35	10.51%	12.61%	10.41%	2.19%
1985	40	10.16%	11.81%	9.84%	1.97%
1984	41	9.90%	14.52%	11.64%	2.89%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.65, 14.49 and 16.33. The corresponding 10 year ratios are 12.91, 14.61 and 17.43. The corresponding historical ratios are 10.96, 13.03 and 14.21. The current ratio is 13.50 based on a stock price of $48.45 and EPS estimate for 2027 $3.59. 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/Adjusted Earnings per Share Ratios are 11.97, 13.91 and 16.36. The corresponding 10 year ratios are 12.60, 14.43 and 17.12. The corresponding historical ratios are 11.71, 13.68 and 15.55. The current ratio is 13.50 based on a stock price of $48.45 and AEPS estimate for 2027 of $3.59. 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 $42.36. The 10-year low, median, and high median Price/Graham Price Ratios are 0.96, 1.15 and 1.32. The current ratio is 1.14 based on a stock price of $48.45. 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 1.85. The current ratio is 2.18 based on a stock price of $48.45, Book Value of $5,003M and Book Value per Share of $22.21. The current ratio is 18% 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 5.59. The current ratio is 7.51 based Cash Flow per Share for the last 12 months of $8.48, Cash Flow of $1,911M and a stock price of $48.45. The current ratio is 2% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 1.45%. The current ratio is 2.00% based on dividends of $0.87 and a stock price of $48.45. The current ratio is 38% 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 1.71%. The current ratio is 2.00% based on dividends of $0.87 and a stock price of $48.45. The current ratio is 17% above the historical 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 0.31. The current ratio is 0.33 based on Revenue estimate for 2027 of $32,949M, Revenue per Share of $146.29 and a stock price of $48.45. The current ratio is 7% 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 median dividend yield says it is reasonable and below the median. The P/S Ratio test says it is reasonable but above the median. The rest of the testing runs from cheap to reasonable but above the median, but the most are reasonable and below the median.

When I look at analysts’ recommendations, I find Buy, (1), Hold (5) and Underperform (1). The consensus would be a Hold. The 12 month stock price consensus is $53.86 with a high of $58.00 and a low of $48.00. The consensus stock price of $53.86 implies a total return of 13.17% with 11.17% from capital gains and 2.00% from dividends based on a current stock price of $48.45.

There is one analyst on Stock Chase in 2026 giving this stock a weak buy. He says that grocers are getting higher highs and higher lows. Stock Chase gives this stock 3 and one half stars out of 5. Kay Ng on Motley Fool thinks this is a blue chip stock to buy because it is a defensive dividend grower. Amy Legate-Wolfe on Motley Fool thinks this is a comfortable stock to own. The company put out a Press Release about their fourth quarter results ending in March 2026.

Simply Wall Street via Yahoo Finance reviews this stock and says that on a Discounted Cash Flow basis, the stock is slightly undervalued. Simply Wall Street via Yahoo Finance say that this is a resilient Canada stock to own. Simply Wall Street gives this stock one and one half stars out of 5. It shows no risks.

Empire Co Ltd is a Canadian company whose key businesses are food retailing and related real estate. The Food retailing segment is comprised of three operating segments: Sobeys National, Farm Boy and Longo's. The Investments and other operations consist of investments in Crombie REIT, real estate partnership. Its web site is here Empire Company Ltd.

The last stock I wrote about was about was Saputo Inc (TSX-SAP, OTC-SAPIF) ... learn more. The next stock I will write about will be Premium Brands Holdings Corp (TSX-PBH, OTC-PRBZF) ... learn more on Friday, July 10, 2026 around 5 pm. Tomorrow on my other blog I will write about Your Neighbour Canada Has Changed.... learn more on Thursday, July 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.

Also, on my book blog I have put a review of the book Earning the Rockies by Robert Kaplan learn more...

Saputo Inc

2026-07-06T17:55:12.990-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Debt Ratios are good. The Dividend Payout Ratios (DPR) are decreasing and that is good. The current dividend yield is low with dividend growth low. See my spreadsheet on Saputo Inc.

Is it a good company at a reasonable price? There are some positives that I see with this company. The first is that the DPR for EPS and AEPS is improving and is expected to continue to improve. Also, analysts expect better growth this year. So, I am hopeful. I plan to hold on to the shares I have. The shares seem to be priced at a reasonable price.

I own this stock of Saputo Inc (TSX-SAP, OTC-SAPIF). This was a stock on Mike Higgs' Canadian Dividend Growth Stock list and on the dividend lists that I followed. I bought this stock first in 2006 for my RRSP account. Because I am now taking money from my RRSP accounts, I have been selling this stock because of the low dividend. I still like this stock so I have been buying it in my TFSA. However, it has not done well lately.

When I was updating my spreadsheet, I noticed that I have made a good return on the stock I bought in 2006 and 2007, but recent buys have not produced a good return. You can see that in the Total Return per Year chart below.

Also, that they have been increasing the dividends without doing much to increased the earnings. When this happens, the Dividend Payout Ratios increases. The DPR has gone from a relatively reasonable one in 2021 in the 40% ranges to the current one in 2024 of 117% and the 5 year running average in 2025 of 93% with the DPR non-calculable due an earning loss. The DPRs are improving and for the March 2026 financial year, they are back into the 40% range.

Note that this company has a financial year ending at March 31 each year. I am reviewing the financial year ending March 31, 2026.

Growth has been low over the past 5 and 10 years. Analysts expect some better growth in 2027. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4 to then end of the 2026 financial year of March 31, 2026. Column 5 shows growth expected over 12 months to the first quarter in 2027 and expected growth over this financial year to March 31, 2027.

Yr	Item	Tot. Grth	Per Year	Gwth	Coverage
5	Revenue Growth	22.79%	4.19%	<-12 mths	-1.44%
5	AEPS Growth	4.60%	0.90%	<-12 mths	2.20%
5	Net Income Growth	7.42%	1.44%	<-12 mths	5.36%
5	Cash Flow Growth	39.88%	6.94%
5	Dividend Growth	13.67%	2.60%	<-12 mths	1.27%
5	Stock Price Growth	15.00%	2.84%	<-12 mths	-2.35%

10	Revenue Growth	59.68%	4.79%	<-this year	2.11%
10	AEPS Growth	15.19%	1.42%	<-this year	15.93%
10	Net Income Growth	11.80%	1.12%	<-this year	37.43%
10	Cash Flow Growth	77.96%	5.93%	<-this year	-2.22%
10	Dividend Growth	47.66%	3.97%	<-this year	13.29%
10	Stock Price Growth	4.37%	0.43%	<-this year	9.57%

If you had invested in this company in December 2015, for $1,026.10 you would have bought 31 shares at $33.10 per share. In December 2025, after 10 years you would have received $215.45 in dividends. The stock would be worth $1,280.61. Your total return would have been $1,496.06. This would be a total return of 4.13% per year with 2.24% from capital gain and 1.89% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$33.10	$1,026.10	31	10	$215.45	$1,280.61	$1,496.06

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.89%. The 5 and 10 year median dividend yield are moderate (2% to 4% ranges) at 2.40% and 2.08%. The historical median dividend yield is low at 1.68%.

The Dividend Payout Ratios (DPR) are decreasing and that is good. The DPR for 2025 for Earnings per Share (EPS) is good at 48% with 5 year coverage too high at 93%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 43% with 5 year coverage at 47%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 18% with 5 year coverage at 20%. The DPR for 2025 for Free Cash Flow (FCF) is good at 31% with 5 year coverage at 36%.

Item	Cur	5 Years
EPS	48.47%	92.98%
AEPS	43.41%	47.63%
CFPS	18.11%	20.32%
FCF	31.46%	35.93%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.13 and currently at 0.13. The Liquidity Ratio for 2025 is good at 1.71 and 1.71 currently. The Debt Ratio for 2025 is good at 2.00 and 2.00 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.00 and 1.00 and currently at 2.00 and 1.00.

Type	Year End	Ratio Curr
Lg Term R	0.13	0.13
Intang/GW	0.20	0.20
Liquidity	1.71	1.71
Liq. + CF	2.10	2.09
Debt Ratio	2.00	2.00
Leverage	2.00	2.00
D/E Ratio	1.00	1.00

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	2.60%	4.96%	3.00%	1.96%
2013	10	3.97%	4.13%	2.24%	1.89%
2008	15	6.38%	7.18%	5.03%	2.15%
2003	20	7.68%	10.95%	8.23%	2.73%
1998	25	12.14%	12.06%	9.24%	2.81%
1996	29		10.31%	8.16%	2.16%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 16.69, 21.21, and 25.11. The corresponding 10 year ratios are 19.48, 22.42 and 25.93. The corresponding historical ratios are 11.14, 20.72 and 21.26. The current ratio is 18.60 based on a stock price of $40.91 and EPS estimate for 2027 of $2.20. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 15.66, 19.00 and 23.79. The corresponding 10 year ratios are 18.75, 22.38 and 24.74. The corresponding historical ratios are 16.65, 21.12 and 23.79. The current ratio is 19.39 based on a stock price of $40.91 and AEPS estimate for 2027 of $2.11. The current ratio is between the low ratio and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $28.27. The 10-year low, median, and high median Price/Graham Price Ratios are 1.27, 1.50 and 1.78. The current ratio is 1.45 based on a stock price of $40.91. The current ratio is between the low ratio and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.18. The current ratio is 2.44 based on a Book Value of $6,805M, Book Value per Share of $16.80 and a stock price of $40.91. The current ratio is 12% 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 14.52. The current ratio is 11.24 based on CFPS estimate for 2027 of $3.64, Cash Flow of $1,475M and a stock price of $40.91. The current ratio is 23% 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 1.68%. The current dividend yield is 1.96% based on a stock price of $40.91 and Dividends of $0.80. The current dividend yield is 16% 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 2.08%. The current dividend yield is 1.96% based on a stock price of $40.91 and Dividends of $0.80. The current dividend yield is 6% 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 0.96. The current P/S Ratio is 0.87. The current ratio is 4% 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 still reasonable. The 10 year dividend yield test says it is reasonable but above the median. The P/S Ratio test says it is reasonable and below the median. The rest of the testing runs from cheap to reasonable.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3), Hold (3) and Underperform (1). The consensus would be a Buy. The 12 month stock price consensus is $47.62 with a high of $51.00 and low of $42.00. The consensus stock price of $47.62 implies a total return of 18.36% with 16.40% from capital gains and 1.96% from dividends based on a current stock price of $40.91.

There are two entries for this stock on Stock Chase for 2026. One is a Buy and the other a Partial Sell. The Partial Sell thinks that the P/E is too high. Stock Chase gives this stock 4 and one half stars out of 5. Christopher Liew on Motley Fool says to buy as it appears to be a turnaround story. Amy Legate-Wolfe on Motley Fool thinks this stock is good for your RRSP with slower growth but a reliable dividend. The company put out a Press Release for their fourth quarter ending in March 2026.

This Globe Newswire article via Yahoo Finance talk about Saputo selling 80% interest in its Dairy Division (Argentina). Simply Wall Street via Yahoo Financial reviews this stock and talks about the bull and bear view of this company. Simply Wall Street has one warning of significant insider selling over the past 3 months. Actually, it is company insiders not taking up options. Simply Wall Street gives this stock 4 and one half stars out of 5 stars.

Saputo Inc produces, markets, and distributes dairy products, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products, and dairy ingredients. The Company is a cheese manufacturer and fluid milk and cream processor in Canada, a dairy processor in Australia, a cheese producer and extended shelf-life and cultured dairy products manufacturer in the USA, and a manufacturer of branded cheese and dairy spreads in the UK. Its web site is here Saputo Inc.

The last stock I wrote about was about was Computer Modelling Group Ltd (TSX-CMG, OTC-CMDXF) ... learn more. The next stock I will write about will be Empire Company Ltd (TSX-EMP.A, OTC-EMLAF) ... learn more on Wednesday, July 8, 2026 around 5 pm. Tomorrow on my other blog I will write about Canada’s Economy.... learn more on Tuesday, July 7, 2026 around 5 pm.

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

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

Computer Modelling Group Ltd

2026-07-03T18:12:09.140-04:00

Sound bite for Twitter is: Dividend Paying Tech. Debt Ratios are fine, but Liquidity could be improved. The Dividend Payout Ratios (DPR) could be improved and is going in the right direction. The current dividend yield is low with dividend growth non-existent as dividends are declining. See my spreadsheet on Computer Modelling Group Ltd.

Is it a good company at a reasonable price? I have given up on this stock. It seems to be rather cyclical. It is cheap, but cheap does not necessarily mean a good buy. It has cut its dividend 3 times since 2020. I sold my shares but I will continue to track this stock. It is rather cheap.

I not own this stock of Computer Modelling Group Ltd (TSX-CMG, OTC-CMDXF), but I used to. I bought this company in 2008 because it is a dividend paying growth stock that would also be considered to be a small cap with a capitalization of around $115 million. Insiders are currently buying this stock. It has great growth and it is information technology a favourite sector of mine. When I sold some of my TD Bank stock in June 2009, I bought some more. Because the stock grew rapidly and because it is a tech stock.

I sold some shares in 2011 to lock in profit. I sold the rest of my shares in 2026. This stock has not done much lately and I need more cash in my RIF account. I have given up on this company. I made a lot of money at first as I bought it in 2008 and 2009 before it took off. I have still made good money at 18.95% per year with 7.55% from capital gains and 11.40% from dividends over the 17 years I have had this stock. It cut its dividend again this year. Dividend cuts are never a good sign.

When I was updating my spreadsheet, I noticed there is a big turnover in Directors. They have a new Chairman that was not on the board before and of the directors I was following, only 1 remains. The CEO has been in that position for some time, but there has been a lot of changes in staff. Note that it has a financial year ending at March 31 each year. I am looking at the financial year ending March 31, 2026.

If you had invested in this company in December 2015, for $1,003.47 you would have bought 83 shares at $12.09 per share. In December 2025, after 10 years you would have received $225.76 in dividends. The stock would be worth $433.26. Your total return would have been $659.02. This would be a total loss of 4.92% per year with 8.06% from capital loss and 3.14% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$12.09	$1,003.47	83	10	$225.76	$433.26	$659.02

The current dividend yield is low with dividend growth non-existent as dividends are declining. The current dividend yield is low (below 2%) at 1.10%. The 5, 10 and historical median dividend yields are moderate (2% to 4% ranges) at 2.33%, 3.91% and 3.59%. The dividends growth to 2015 and then they were flat until 2020 and then they were decreased 50%. In 2026 they were decreased a further 80%.

The Dividend Payout Ratios (DPR) could be improved and is going in the right direction. The DPR for 2026 for Earnings per Share (EPS) is too high at 57% with 5 year coverage at 74%. The DPR for 2026 for Funds from Operations (FFO) is good at 39% with 5 year coverage at 52%. The DPR for 2026 for Company’s Free Cash Flow (FCF) is good at 48% with 5 year coverage high at 60%. The DPR for 2026 for Cash Flow per Share (CFPS) is good at 36% with 5 year coverage too high at 60%. The DPR for 2026 for Free Cash Flow (FCF) is good at 22% with 5 year coverage fine at 50%. FCF for 2026 varies from $21M to $29M. I am using the $29M value.

Item	Cur	5 Years
EPS	57.14%	74.19%
FFO	38.71%	52.57%
FCF C.	48.00%	60.44%
CFPS	36.32%	51.20%
FCF	22.88%	49.82%

Debt Ratios are fine, but Liquidity could be improved. The Long Term Debt/Market Cap Ratio for 2026 is good at 0.02 and currently at 0.03. The Liquidity Ratio for 2026 is low at 1.00 and 1.00 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.31 and currently at 1.48. I like to see this ratio at 1.50 or higher. The Debt Ratio for 2026 is good at 1.66 and 1.66 currently. The Leverage and Debt/Equity Ratios for 2026 are fine at 2.52 and 1.52 and currently at 2.52 and 1.52

Type	Year End	Ratio Curr
Lg Term R	0.02	0.03
Intang/GW	0.28	0.33
Liquidity	1.00	1.00
Liq. + CF	1.31	1.48
Debt Ratio	1.66	1.66
Leverage	2.52	2.52
D/E Ratio	1.52	1.52

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	-9.71%	5.06%	1.36%	3.71%
2015	10	-11.34%	-4.92%	-8.06%	3.14%
2010	15	-3.10%	3.91%	-1.42%	5.33%
2005	20	8.16%	24.22%	9.10%	15.12%
2000	25	8.91%	43.73%	18.19%	25.54%
1996	29		17.33%	9.51%	7.83%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 32.75, 26.75 and 33.09. The corresponding 10 year ratios are 20.34, 26.60 and 33.03. The corresponding historical ratios are 13.90, 21.08 and 26.87. The current ratio is 14.60 based on a stock price of $3.65 and EPS estimate for 2027 of $0.25. 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 $2.37. The 10-year low, median, and high median Price/Graham Price Ratios are 2.53, 3.46 and 4.37. The current ratio is 1.54 based on a stock price of $3.65. 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 10.38. The current ratio is 3.65 based on a stock price of $3.65, Book Value of $78,331M and Book Value per Share of $1.00. The current ratio is 65% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. (However, these ratios are really high, especially the 10 year median at 10.38.)

I get a 10-year median Price/Cash Flow per Share Ratio of 19.85. The current ratio is 8.49 based on CFPS estimate for 2027 of $0.43, Cash Flow of $33.7M and a stock price of $3.65. The current ratio is 57% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 3.59%. The current dividend yield is 1.10% based on dividends of $0.04 and a stock price of $3.65. The current dividend yield is 69% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not a good test for a company decreasing their dividends.

I get a 10 year median dividend yield of 3.91%. The current dividend yield is 1.10% based on dividends of $0.04 and a stock price of $3.65. The current dividend yield is 72% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not a good test for a company decreasing their dividends.

The 10-year median Price/Sales (Revenue) Ratio is 6.72. The current P/S Ratio is 2.25 based on Revenue estimate for 2027 of $113M, Revenue per Share of $1.62 and a stock price of $3.65. The current ratio is 67% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. The dividend yield tests do not work well when they are decreasing. Although, a decreasing dividend is never a good sign. The P/S Ratio test is a good one and it says that the stock price is relatively cheap. Another favourite stock price test is the P/GP Ratio test and that also says that the stock price is cheap. All the tests but the dividend yield tests says that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Buy (2) and Hold (3). The consensus is a Buy. The 12 month stock price consensus is $5.20 with a high of $6.00 and low of $4.50. The consensus stock price of $5.20 implies a total return of $43.56% with 42.47% from capital gains and 1.10% from dividends based on a current stock price of $3.65. The analysts are not very enthusiastic about the stock given that they think it will go up over 42% this year.

The last analyst entry on Stock Chase is dated in 2024. It is never a good sign when analysts lose interest in a stock. Amy Legate-Wolfe on Motley Fool says the stock is undervalue and imperfect but may offer opportunity. Aditya Raghunath on Motley Fool thinks you could grow wealth in your TFSA with this stock. The company put out a press release via Global Newswire about their fourth quarter ending in March 2026.

Simply Wall Street via Yahoo Finance reviews this stock and thinks it is a TSX Penny Stock to Watch. Simply Wall Street via Yahoo Finance looks at this stock and thinks it is a good idea for the company to invite Christopher Wright to its Board. There is a number of fair value estimates and they range from $4.64 to $18.62 per share. This shows how far apart private investors can be on this stock’s potential.

Computer Modelling Group Ltd is a software and consulting technology company engaged in developing and licensing reservoir simulation and seismic interpretation software. The company also provides professional services consisting of highly specialized support, consulting, training, and contract research activities. The firm has operations in the Americas, Europe, Middle East, Africa, and Asia-Pacific regions. Its web site is here Computer Modelling Group Ltd.

The last stock I wrote about was about was Waste Connections Inc (TSX-WCN, NYSE-WCN) ... learn more. The next stock I will write about will be Saputo Inc (TSX-SAP, OTC-SAPIF) ... learn more on Monday, July 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.

Waste Connections Inc

2026-07-01T18:31:27.778-04:00

Sound bite for Twitter is: Dividend Growth Industrial. 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 low with dividend growth moderate. See my spreadsheet on Waste Connections Inc.

Is it a good company at a reasonable price? This company has done well for its shareholders in the past. Analysts do expect growth this year also. Dividend is low, but the growth is moderate. A number of analysts seem to think that the stock is undervalued. My testing is showing that the stock price is reasonable for the tests that I like, but some testing is showing the stock as cheap and some as expensive.

I do not own this stock of Waste Connections Inc. (TSX-WCN, NYSE-WCN), but I used to. I first bought this stock in 2007 because TD Securities had a very favorable report on this stock and had it on their action buy list. I had money because I had recently sold RIM. At that time, it was BFI Canada Income Fund. In 2010, I needed to buy something for Pension Account. I have this already and it is on TD Action Buy List. I sold because it became the target of a reverse takeover by an American company.

Dividend is low, but the growth is moderate. What does this mean for the future? If the dividend increases remain at 12.90% then the dividends paid, the Dividend yield and the Dividend Coverage of the current stock price in 5, 10 and 15 years would as shown below. This is in US$ as dividends are paid in US$.

Div Pd	Div Yield	Years	At IRR	Div Cov
$2.39	1.41%	5	10.87%	5.26%
$4.06	2.36%	10	10.87%	12.80%
$6.93	3.95%	15	10.87%	25.64%

When I was updating my spreadsheet, I noticed that this stock has continued to do well. See the chart below. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2026 and expected growth over this year. This chart is in US$. The financial are in US$. Dividends are paid in US$.

Yr	Item	Tot. Growth	Per Year	Gwth	Coverage
5	Revenue Growth	73.83%	11.69%	1.50%	<-12 mths
5	AEPS Growth	95.08%	14.30%	1.94%	<-12 mths
5	Net Income Growth	425.98%	39.38%	-2.06%	<-12 mths
5	Cash Flow Growth	71.39%	11.38%	0.17%	<-12 mths
5	Dividend Growth	70.39%	11.25%	8.11%	<-12 mths
5	Stock Price Growth	70.97%	11.32%	-5.08%	<-12 mths

10	Revenue Growth	391.64%	17.26%	5.62%	<-this year
10	AEPS Growth	160.10%	10.03%	6.80%	<-this year
10	Net Income Growth	769.06%	24.14%	9.52%	<-this year
10	Cash Flow Growth	481.68%	19.25%	11.12%	<-this year
10	Dividend Growth	307.56%	15.08%	7.64%	<-this year
10	Stock Price Growth	437.82%	18.32%	16.29%	<-this year

If you had invested in this company in December 2015, for $1,038.12 you would have bought 23 shares at $45.14 per share. In December 2025, after 10 years you would have received $255.92 in dividends. The stock would be worth $5,536.56. Your total return would have been $5,792.48. This would be a total return of 19.33% per year with 18.22% from capital gain and 1.11% from dividends. This chart is in CDN$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$45.14	$1,038.12	23	10	$255.92	$5,536.56	$5,792.48

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 0.84%. The 5, 10 and historical median dividend yield is also low at 0.71%, 0.77% and 1.10%. The dividend growth is moderate (8% to 14% per year) at 11% per year over the past 5 years. The last dividend increase was in 2025 and it was for 11%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 31% 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 25%. 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 23% with 5 year coverage at 23%. FCF for 2025 ranges from $1,218M to $1,480M. I am using the $1,480M value. This chart is in US$.

Item	Cur	5 Years
EPS	31.06%	35.11%
AEPS	25.15%	25.05%
CFPS	12.36%	12.58%
FCF	22.55%	22.79%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.20 and currently at 0.21. The Liquidity Ratio for 2025 is far too low at 0.62 and 0.65 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.60 and currently at 1.84. The Debt Ratio for 2025 is good at 1.64 and 1.61 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.56 and 1.56 and currently at 2.63 and 1.63. This chart is in US$.

Type	Year End	Ratio Curr
Lg Term R	0.20	0.21
Intang/GW	0.23	0.23
Liquidity	0.62	0.69
Liq. + CF	1.60	1.84
Debt Ratio	1.64	1.61
Leverage	2.56	2.63
D/E Ratio	1.56	1.63

The Total Return per year is shown below for years of 5 to 24 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	12.90%	13.87%	13.02%	0.85%
2015	10	14.97%	19.33%	18.22%	1.11%
2010	15	11.79%	14.95%	14.05%	0.90%
2005	20	2.45%	10.57%	9.54%	1.03%
2001	24	5.25%	14.89%	12.64%	2.26%

The Total Return per year is shown below for years of 5 to 24 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	11.25%	12.15%	11.32%	0.83%
2015	10	15.08%	19.48%	18.32%	1.16%
2010	15	9.45%	12.47%	11.64%	0.84%
2005	20	1.63%	9.77%	8.68%	1.09%
2001	24	5.91%	18.38%	14.59%	3.78%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 41.33, 46.88 and 50.60. The corresponding 10 year ratios are 39.47, 42.95 and 48.59. The corresponding historical ratios are 25.13, 29.60 and 34.08. The current ratio is 35.90 based on a stock price of $166.45 and EPS of $4.64. The current ratio is below the low ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 30.63, 35.46 and 38.83. The corresponding 10 year ratios are 28.71, 32.03 and 36.85. The corresponding historical ratios are 23.62, 27.68 and 34.90. The current ratio is 30.26 based on a stock price of $166.45 and AEPS of $5.50. The current ratio is between the low and median ratios of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I get a Graham Price of $88.69. The 10-year low, median, and high median Price/Graham Price Ratios are 2.20, 2.51 and 2.77. The current ratio is 2.67 based on a stock price of $236.88. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 3.80. The current ratio is 5.25 based on a Book Value of $8058M, Book Value per Share of $31.69 and a stock price of $166.45. The current ratio is 38% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 15.60. The current ratio is 15.78 based on Cash Flow per Share estimate for 2026 of $10.55, Cash Flow of $2,682M and a stock price of $166.45. The current ratio is 1% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. In CDN$ the results is the current ratio is 4% below the 10 year median ratio and this stock price testing suggests that the stock price is relatively reasonable and below the median. They are not far apart.

I get an historical median dividend yield of 1.10%. The current dividend yield is 0.84% based on dividends of $1.40 and a stock price of $166.45. The current dividend yield is 24% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I get a 10 year median dividend yield of 0.77%. The current dividend yield is 0.84% based on dividends of $1.40 and a stock price of $166.45. The current dividend yield is 9% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 4.29. The current ratio is 4.23 based on Revenue estimate for 2026 of $9,999M, Revenue per Share of $39.33 and a stock price of $166.45. The current ratio is 1% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

Results of stock price testing is that the stock price is probably reasonable. The 10 year median dividend yield test says this and it is confirmed by the P/S Ratio test. However, my testing of the stock price ranges from cheap to expensive. Most of the testing is in US$ as this company reports in US$ and dividends are paid in US$.

When I look at analysts’ recommendations, I find Strong Buy (18), Buy (6) and Hold (4). The consensus would be a Strong Buy. The 12 month consensus stock price is $288.79 ($203.92 US$) with a high of $431.94 ($305.00 US$) and low of $220.93 ($156.00 US$.) The consensus stock price of $288.79 implies a total return of 73.49% with 72.65% from capital gains and 0.84% from dividends based on a current stock price of $236.88.

The analysts on Stock Chase vary from Hold, Wait and Buy. The Wait was the recommendation because the analyst thought the stock was overpriced. Rajiv Nanjapla on Motley Fool thinks this stock is currently undervalued. Adam Othman on Motley Fool says it is a good time to buy this stock for potential capital appreciation. The company put out a Press Release about their fourth quarter of 2025. The company put out a press release via Business Wire about their first quarter of 2026.

Zacks via Yahoo Finance says that investor should hold this stock in their portfolios now. Global Newswire via Yahoo Finance talks about the company opening a Renewable Gas Facility. Simply Wall Street via Yahoo Finance reviews this stock in June 2026 and talks about recent mixed returns. It also thinks the stock is undervalued. They have one warning out of has a high level of debt.

Waste Connections is a North American waste management company focused on integrated waste collection services. Revenue is split among six operating segments: Western, Southern, Eastern, Central, Canada, and Midsouth. Its web site is here Waste Connections Inc.

The last stock I wrote about was about was Lassonde Industries Inc (TSX-LAS.A, OTC-LSDAF) ... learn more. The next stock I will write about will be Computer Modelling Group Ltd (TSX-CMG, OTC-CMDXF) ... learn more on Friday, July 3, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy July 2026 learn more on Thursday, July 2, 2026 around 5 pm.

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

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

Lassonde Industries Inc

2026-06-29T16:21:00.159-04:00

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

Is it a good company at a reasonable price? This is a small cap stock that has had some ups and downs lately. They are well thought of my analysts. However, there is an extra risk attached to the stock that is small and has been a bit inconsistent on dividends. The stock price is testing on cheap using the dividend yield.

I do not own this stock of Lassonde Industries Inc (TSX-LAS.A, OTC-LSDAF). Although this stock is not on the Investment Reporter list, MPL communications does write about this stock. It has been covered several times in their Advice Hotline emails in 2010. Reports have been favorable and they suggest buying it for dividends and long term capital gains.

When I was updating my spreadsheet, I noticed that the company has had fairly good growth. Revenue grew by 10% and 12% in 2024 and 2025. Although Revenue is not expected to growth this year. It is down by 1.21% over the last 12 months to the end of the first quarter of 2026 compared to the 12 months to the end of the first quarter of 2025.

One thing I noticed is that the dividend went up and down a lot lately. See the Chart Below. I am showing the Dividend Rate with the Increase by year. The last column is showing the Average Increase for 5 years Running.

Year	2019	2020	2021	2022	2023	2024	2025
Dividend	$2.60	$2.55	$3.29	$2.98	$2.20	$4.00	$4.40
Increase	-14.64%	-1.93%	29.27%	-9.42%	-26.17%	81.82%	10.00%
Ave 5 Yr R.	11.49%	10.60%	12.65%	6.64%	-4.58%	14.71%	17.10%

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Growth	Per Year	Gwth	Coverage
5	Revenue Growth	48.11%	8.17%	-1.21%	<-12 mths
5	EPS Growth - AESP	61.73%	10.09%	6.05%	<-12 mths
5	Net Income Growth	53.04%	8.88%	8.18%	<-12 mths
5	Cash Flow Growth	-23.79%	-5.29%	74.56%	<-12 mths
5	Dividend Growth	72.89%	11.57%	13.64%	<-12 mths
5	Stock Price Growth	26.86%	4.87%	-2.16%	<-12 mths

10	Revenue Growth	102.45%	7.31%	1.40%	<-this year
10	EPS Growth - AESP	180.00%	10.84%	4.91%	<-this year
10	Net Income Growth	162.73%	10.14%	10.15%	<-this year
10	Cash Flow Growth	50.81%	4.19%	95.40%	<-this year
10	Dividend Growth	169.94%	10.44%	13.64%	<-this year
10	Stock Price Growth	35.49%	3.08%	25.85%	<-this year

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.34%. The 5 year median dividend yield is moderate at 2.14%. The 10 and historical median dividend yields are low (below 2%) at 1.81% and 1.81%. The dividends have increased moderately (8% to 14%) over the past year at 11.6% per year. The last dividend increase was in 2026 and it was for 13.6%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 20% with 5 year coverage at 24%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 19% with 5 year coverage at 23%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 6% with 5 year coverage at 10%. The DPR for 2025 for Free Cash Flow (FCF) is high at 50% with 5 year coverage at 30%. FCF varies from a negative 11M to a positive $60M. I am using the $60M.

Item	Cur	5 Years
EPS	20.05%	23.92%
AEPS	19.28%	23.49%
CFPS	8.69%	10.03%
FCF	50.03%	29.64%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.29 and currently at 0.29. The Liquidity Ratio for 2025 is good at 1.75 and 1.80 currently. The Debt Ratio for 2025 is good at 2.22 and 2.29 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.82 and 0.82 and currently at 1.78 and 0.78.

Type	Year End	Ratio Curr
Lg Term R	0.29	0.29
Intang/GW	0.51	0.52
Liquidity	1.75	1.80
Liq. + CF	2.09	2.56
Debt Ratio	2.22	2.29
Leverage	1.82	1.78
D/E Ratio	0.82	0.78

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	11.57%	6.63%	4.87%	1.76%
2015	10	10.44%	4.64%	3.08%	1.55%
2010	15	9.42%	11.35%	9.25%	2.11%
2005	20	11.49%	10.91%	8.95%	1.95%
2000	25	11.65%	14.34%	11.80%	2.54%
1995	30	9.89%	11.46%	9.57%	1.88%
1990	35	10.24%	13.90%	11.33%	2.57%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.08, 9.75, 11.50. The corresponding 10 year ratios are 12.71, 15.85 and 18.78. The corresponding historical ratios are 11.23, 13.13 and 20.15. The current ratio is 8.89 based on a stock price of $213.87 and EPS $24.05. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.58, 9.24 and 11.19. The corresponding 10 year ratios are 11.51, 14.32 and 17.13. The corresponding historical ratios are 10.76, 13.18 and 15.14. The current ratio is 8.93 based on a stock price of $213.87 and AEPS $23.94. 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 $305.42. The 10-year low, median, and high median Price/Graham Price Ratios are 0.71, 0.88 and 1.05. The current ratio is 0.70 based on a stock price of $213.87. 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 1.38. The current ratio is 1.23 based on a stock price of $213.87, Book Value of $1,181M and Book Value per Share of $173.18. 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 a 10-year median Price/Cash Flow per Share Ratio of 8.89. The current ratio is 4.24 based on Cash Flow per Share estimate for 2026 of $50.47, Cash Flow of $344M and a stock price of $213.87. The current ratio is 52% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. However, analysts are expecting the Cash Flow to be higher than it has ever been and 95% higher than for 2025. So, I wonder about this value.

I get an historical median dividend yield of 1.81%. The current dividend yield is 2.34% based on dividends of $5.00 and a stock price of $213.87. The current dividend yield is 29% 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 1.81%. The current dividend yield is 2.34% based on dividends of $5.00 and a stock price of $213.87. The current dividend yield is 29% 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 0.56. The current ratio is 0.49 based on Revenue estimate for 2026 of $2,975M, Revenue per Share of $436.11 and a stock price of $213.87. The current ratio is 12% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable and could be cheap. The dividend yield testing is saying that the stock price is cheap, but the P/S Ratio test says only reasonable and below the median. A number of other good tests are saying that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (2) and Hold (1). The consensus is a Buy. The 12 month stock price consensus is $276.25 with a high of $290.00 and low of $260.00. The 12 month consensus stock price implies a total return of 31.25% with 29.18% from capital gains and 2.34% from dividends based on a current stock price of $213.87.

There are a couple of entries on Stock Chase for 2025. Analysts think it is a good business. Amy Legate-Wolfe on Motley Fool thinks is this a current smart buy while investor feel uneasy about the economy. She says it is defensive food name with improving profitability. Brian Paradza on Motley Fool used tariff war to its advantage. The company put out a Press Release about its fourth quarter of 2025. The company put out a Press Release about its first quarter of 2026 results.

Simply Wall Street via Yahoo Finance reviews this stock and its dividend. They do not like the fact that it has decreased dividends in the past, but feel the low payout ratio suggests a conservative approach to dividends and they like that. They have one warning on this stock of unstable dividend track record and this is true.

Lassonde Industries Inc, along with its subsidiaries, operates in the food and beverages industry in North America. The company develops, manufactures, and markets a range of national brand and private label products. Geographically, it earns the maximum revenue from the United States, and the rest from Canada and other countries. Its web site is here Lassonde Industries Inc.

The last stock I wrote about was about was Goeasy Ltd (TSX-GSY, OTC-EHMEF) ... learn more. The next stock I will write about will be Waste Connections Inc (TSX-WCN, NYSE-WCN) ... learn more on Wednesday, July 1, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks July 2026.... learn more on Tuesday, June 30, 2026 around 5 pm.

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

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

Goeasy Ltd

2026-06-26T17:08:21.128-04:00

Sound bite for Twitter is: Dividend Consumer Stock. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are mostly awful. The Dividend Payout Ratios (DPR) were reasonable for Earnings until this year, but it is a problem that the Cash Flow is generally negative. The current dividend yield is 0% with dividend suspended. See my spreadsheet on Goeasy Ltd .

Is it a good company at a reasonable price? This is a finance company in financial difficulties. Yes, it is cheap but it is also a big risk. Just because a stock is cheap, it does not make it a good buy.

I do not own this stock of Goeasy Ltd (TSX-GSY, OTC-EHMEF). In April of 2016 Investment Reporter said to seek stocks with growing dividends from The Investment Reporter Key stock buys. This is one stock that was named. However, I would still rather invest in companies that are not in the business of charging very high interest rates.

When I was updating my spreadsheet, I noticed stock fell a lot in 2026. This occurred after the company suspending its dividend. They revealed substantial loan losses and reported discrepancies tied to its vehicle financing business. The stock price has fallen some 68% so far this year.

If you had invested in this company in December 2021, for $1,000.00 you would have bought 6 shares at $179.21 per share. In June 19, 2026, after 9.5 years you would have received $104.12 in dividends. The stock would be worth $223.76. Your total return would have been $327.88. This would be a total loss of 22.03% per year with 25.88% from capital loss and 3.85% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$179.21	$1,000.00	6	5	$104.12	$232.76	$327.88

The dividend was suspended after one dividend was paid in 2026. The 5, 10 and historical dividend yields are moderate (2% to 4% ranges) at 2.51%, 2.35% and 2.42%. Analyst think that the dividend might be resorted in 2027.

The Dividend Payout Ratios (DPR) were reasonable for Earnings until this year, but it is a problem that the Cash Flow is generally negative. The DPR for 2025 for Earnings per Share (EPS) is non-calculatable due to earning losses with 5 year coverage good at 37%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 183% with 5 year coverage high at 58%. The DPR for 2025 for Cash Flow per Share (CFPS) is non-calculatable due to negative cash flows with 5 year coverage non-calculatable due to negative cash flows. I also looked at the DPR for Cash Flow per Share without Working Capital and the current CFPS WC is good at 9% with 5 year coverage at 9%. The DPR for 2025 for Free Cash Flow (FCF) is good non-calculable due to negative FCF and so is the 5 year DPR. The FCF varies in 2025 from 807M to a negative 713M. I am using the negative 713M.

Item	Cur	5 Years
EPS	-2642.86%	36.62%
AEPS	183.17%	57.85%
CFPS	-10.41%	-13.48%
CFPS WC	8.89%	9.27%
FCF	-11.68%	-12.26%

Debt Ratios are mostly awful. The Long Term Debt/Market Cap Ratio for 2025 is very high at 2.17 and currently at 7.11. This ratio has always been too high, but this year, the Stock Price crashed because of the company’s problems. The Liquidity Ratio for 2025 is good at 1.56 and 5.16 currently. The Debt Ratio for 2025 is low at 1.17 and 1.16 currently. The Leverage and Debt/Equity Ratios for 2025 are far too high at 6.77 and 5.77 and currently at 7.27 and 6.27.

Type	Year End	Ratio Curr
Lg Term R	2.17	7.11
Intang/GW	0.06	0.19
Liquidity	1.56	5.16
Liq. + CF	0.93	3.99
Debt Ratio	1.17	1.16
Leverage	6.77	7.27
D/E Ratio	5.77	6.27

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	27.30%	9.81%	6.32%	3.50%
2015	10	30.41%	25.43%	21.36%	4.07%
2010	15	20.01%	22.76%	19.34%	3.42%
2005	20	18.52%	13.55%	11.17%	2.38%
2000	25	21.13%	20.54%	18.06%	2.48%
1995	30		7.36%	6.53%	0.82%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.39, 10.64, and 12.58. The corresponding 10 year ratios are 8.05, 10.79 and 13.54. The corresponding historical ratios are 9.31, 11.97 and 15.04. The current ratio is negative, so that cannot be used. The ratio for 2027 is 8.22 based on a stock price of $40.10 and EPS of $4.88. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. Note that stock price is down around 69%, but the EPS is also down around 70%.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.96, 11.95, and 15.57. The corresponding 10 year ratios are 8.23, 10.73 and 13.58. The corresponding historical ratios are 8.74, 11.57 and 15.57. The current ratio is negative, so that cannot be used. The ratio for 2027 is 6.61 based on a stock price of $40.10 and EPS of $6.07. 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. You get a similar situation here with the drop in both stock price and AEPS.

I get a Graham Price of $82.63. The 10-year low, median, and high median Price/Graham Price Ratios are 0.76, 1.06 and 1.36. The current ratio is 0.49 based on a stock price of $41.10. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 2.24. The current ratio is 0.80 based on a stock price of $40.10, Book Value of $801M and Book Value per Share of $50.00. The current ratio is 64% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. Note that Book Value per Share has not fallen as much as the stock price.

I get a 10-year median Price/Cash Flow per Share Ratio is negative. I can do no testing here.

Since the dividends have been suspended, I can do not dividend yield testing.

The 10-year median Price/Sales (Revenue) Ratio is 1.48. The current ratio is 0.40 based on Revenue estimate for 2026 of $1,591M, Revenue per Share of $99.28 and a stock price of $40.10. The current ratio is 73% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. Note that the Revenue has not fall as much as the stock price and so you get a relatively cheap stock price.

Results of stock price testing is that the stock price is probably cheap. The P/S Ratio test is saying that the stock price is relatively cheap. Another good test is the P/B Ratio test and it also says that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (1), Hold (6) and Underperform (2). The consensus would be a Hold. The 12 month stock price consensus is $39.90 with a high of $80.00 and a low of $30.00. The consensus stock price of $39.90 implies a total loss of 0.50% with 0.50% from a capital loss and 0.00% from dividends.

The last entry on Stock Chase for this company is 2022. It is never a good sign when analysts lose interest in a stock. Aditya Raghunath on Motley Fool says this stock is a buy for investors who can stomach volatility and think in years, not weeks. Brian Paradza on Motley Fool this this stock is a screaming buy. The company put out a press release via Newswire about their 2025 annual results. The company put out a press release via Newswire about their first quarter of 2026.

Financial Post via Yahoo Finance talks about this stock as the stock of the week in May 2026. Simply Wall Street via Yahoo Finance review this stock. They said to stay invested in this company, you need to believe its pivot toward tighter underwriting and cost control can eventually offset recent losses and portfolio stress. Simply Wall Street has one warning out on this stock of debt is not well covered by operating cash flow.

Goeasy Ltd is a financial services company. The principal operating activities of the company include providing loans and other financial services to consumers and leasing household products to consumers. The company operates in two reportable segments: easyfinancial and easyhome. Its web site is here Goeasy Ltd .

The last stock I wrote about was about was Algonquin Power & Utilities Corp (TSX-AQN, NTSE-AQN) ... learn more. The next stock I will write about will be Lassonde Industries Inc (TSX-LAS.A, OTC-LSDAF) ... learn more on Monday, June 29, 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 Recession by Tyler Goodspeed learn more...

Algonquin Power & Utilities Corp

2026-06-24T17:36:04.572-04:00

Sound bite for Twitter is: Dividend Paying Utility. Debt Ratios need improving and the company has too much debt. The Dividend Payout Ratios (DPR) need improving. The current dividend yield is moderate with dividend growth negative. See my spreadsheet on Algonquin Power & Utilities Corp.

Is it a good company at a reasonable price? This stock has not been doing well, but they are making a lot of changes. Some analysts feel that this stock will be a good investment because of the changes being made and especially the change to a pure-play regulated utility. There is a risk here. On the other hand, the stock is cheap. If you buy cheap stocks, there is always a bigger risk that when buying stock that is at a reasonable price.

I do not own this stock of Algonquin Power & Utilities Corp (TSX-AQN, NTSE-AQN). This is a dividend paying utility stock. I got it off a list of dividend paying utility stocks. Also, I own Emera Inc. and this company owns shares in Algonquin Power.

When I was updating my spreadsheet, I noticed there seems to be a change in the directors and management. I follow a few directors and officers and two of the directors I was following and two of the officers I was following are gone. This is unusual. Sometimes there is one people gone, but not generally two directors and two officers.

If you had invested in this company in December 2015, for $1,003.72 CDN$ you would have bought 92 shares at $10.91 per share. In December 2025, after 10 years you would have received $608.50 in dividends. The stock would be worth $776.48. Your total return would have been $1,384.98. This would be a total return of 4.21% per year with 2.53% from capital loss and 6.47% from dividends. This is in CDN$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$10.91	$1,003.72	92	10	$608.50	$776.48	$1,384.98

If you had invested in this company in December 2015, for $1,000.76 US$ you would have bought 127 shares at $7.88 per share. In December 2025, after 10 years you would have received $635.18 in dividends. The stock would be worth $781.05. Your total return would have been $1,416.23. This would be a total return of 4.59% per year with 2.45% from capital loss and 7.04% from dividends. This is in US$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$7.88	$1,000.76	127	10	$635.18	$781.05	$1,416.23

The current dividend yield is moderate with dividend growth negative. The current dividend yield is moderate (2% to 4% ranges) at 4.40%. The 5 year dividend yield is good (5% to 6% ranges) at 6.24%. The 10 year and historical median dividend yields are moderate at 4.79% and 4.91%. Dividends were cut in 2022 and 2023. They have been flat since then. Dividend were just over 40%. Analysts expect dividends to increase slightly in 2028.

The Dividend Payout Ratios (DPR) need improving. The DPR for 2025 for Earnings per Share (EPS) is far too high at 118% with 5 year coverage non-calculable due to earning losses. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 76% with 5 year coverage also too high at 99%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 31% with 5 year coverage is high at 47%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 34% with 5 year coverage at 47%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to negative FCF with 5 year coverage non-calculable due to negative FCF. FCF varied in 2025 for a negative $133M to a negative $182M.

Item	Cur	5 Years
EPS	118.18%	-148.35%
AEPS	76.47%	99.15%
CFPS	31.24%	46.67%
AFFO	33.83%	49.37%
FCF	-151.81%	-92.86%

Debt Ratios need improving and the company has too much debt. The Long Term Debt/Market Cap Ratio for 2025 is far too high at 1.31 and currently at 1.36. The Liquidity Ratio for 2025 is too low at 1.00 and 1.05 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.333 and currently at 1.47. The Debt Ratio for 2025 is good at 1.56 and 1.56 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.17 and 2.04 and currently at 3.14 and 2.01.

Type	Year End	Ratio Curr
Lg Term	1.31	1.36
Intang/GW	0.29	0.31
Liquidity	1.00	1.05
Liq. + CF	1.33	1.47
Debt Ratio	1.56	1.56
Leverage	3.17	3.14
D/E Ratio	2.04	2.01

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	-13.92%	-12.18%	-16.63%	4.44%
2015	10	-3.50%	4.21%	-2.53%	6.74%
2010	15	3.93%	11.65%	3.52%	8.13%
2005	20	-4.63%	4.88%	-1.06%	5.95%
2000	25	-3.93%	6.44%	-0.72%	7.16%
1997	28	-3.10%	6.71%	-0.76%	7.47%

The Total Return per year is shown below for years of 5 to 22 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	-15.18%	-13.56%	-17.87%	4.31%
2015	10	-3.40%	4.59%	-2.45%	7.04%
2010	15	1.73%	8.81%	1.34%	7.48%
2005	20	-5.40%	4.31%	-1.87%	6.17%
2003	22	-4.47%	5.91%	-1.26%	7.16%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 20.33, 24.84 and 29.35. The corresponding 10 year ratios are 21.97, 25.32 and 28.12. The corresponding historical ratios are 23.61, 27.13 and 29.84. The current ratio is 17.40 based on a stock price of $8.40 and EPS estimate for 2026 of $0.48 ($0.34 US$). The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.56, 16.31 and 22.50. The corresponding 10 year ratios are 14.37, 17.54 and 22.55. The corresponding historical ratios are 14.69, 22.68 and 14.69. The current ratio is 16.42 based on a stock price of $5.91 and EPS estimate for 2026 of $0.36. The current ratio is between the low ratio and median ratios of the 10 year median ratios. T This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I get a Graham Price of $9.75. The 10-year low, median, and high median Price/Graham Price Ratios are 0.97, 1.09 and 1.34. The current ratio is 0.86 based on a stock price of $8.40. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.62. The current ratio is 1.02 based on a stock price of $5.91, Book Value of $4,472M, and Book Value per Share of $5.82. The current ratio is 37% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I also have a Book Value per Share estimate for 2026 of $6.16 US$. The analyst calculates the Book Value differently that I do and, in this case, the 10 year median ratio is 1.54. The Book Value per Share estimate for 2026 of $6.16 implies a Book Value of $4,735M and a ratio of 0.96 with a stock price of $9.51. This ratio is 38% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 10.11. The current ratio is 6.72 based on Cash Flow per Share estimate for 2026 of $0.88, Cash Flow of $676M and a stock price of $5.91. The current ratio is 34% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I get an historical median dividend yield of 4.91%. The current dividend yield is 4.40% based on dividends of $0.26 and a stock price $5.91. The current dividend yield is 10% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. A similar test in CDN$ show that the stock price is relatively cheap. This may not be a good test because of dividend cuts.

I get a 10 year median dividend yield of 4.79%. The current dividend yield is 4.40% based on dividends of $0.26 and a stock price $5.91. The current dividend yield is 8% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. You will get a similar result in CDN$. This may not be a good test because of dividend cuts.

The 10-year median Price/Sales (Revenue) Ratio is 2.80. The current ratio is 1.74 based on Revenue estimate for 2026 of $2,613M, Revenue per share of $3.40 and a stock price of $5.91. The current ratio is 38% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

Results of stock price testing is that the stock price is probably cheap. The Dividend Yield tests are probably not good because of dividend cuts. The P/S Ratio testing is good and says that the stock price is relatively cheap. Most of the rest of the testing is saying that the stock price is either cheap or relatively reasonable and below the median. I did most of the testing in US$ as the financials are in US$ and the dividend is paid in US$.

When I look at analysts’ recommendations, I find Buy (5), and Hold (7). The consensus is Buy. The 12 month consensus stock price of $10.01 ($7.05 US$) with a high of $10.27 ($7.23 US$) and a low of $9.27($6.53 US$). The consensus stock price of $10.01 implies a total return of $23.57% with 19.18% from capital gains and 4.40% from dividends based on a current stock price of $8.40.

Interestingly, a number of analysts on Stock Chase thinks that they will be a good company now that they sold their renewable business. Christopher Liew on Motley Fool thinks this is a undervalued stock, but says be cautious mainly because the high DPRs. Jitendra Parashar on Motley Fool says you might want to consider this company because of its focus on being a pure-play regulated utility. The company put out a press release via Business Wire about their fourth quarter of 2025 results. The company put out a press release via Business Wire about their first quarter results for 2026.

Simply Wall Street via Yahoo Finance. Simply Wall Street says to own Algonquin today, you need to believe its shift to a pure-play regulated utility and “Back-to-Basics” plan can eventually translate into more stable, higher-quality earnings, despite low current returns on equity and operational growing pains. Simply Wall Street has two warnings of dividend of 4.39% is not well covered by earnings or free cash flows; and interest payments are not well covered by earnings.

Algonquin Power & Utilities Corp is a Canada-based diversified international generation, transmission, and distribution company. It operates in the United States, Canada, Bermuda, and Chile. Its web site is here Algonquin Power & Utilities Corp.

The last stock I wrote about was about was Sylogist Ltd (TSX-SYZ, OTC-SYZLF) ... learn more. The next stock I will write about will be Goeasy Ltd (TSX-GSY, OTC-EHMEF) ... learn more on Friday, June 26, 2026 around 5 pm. Tomorrow on my other blog I will write about 5 Dividend Stocks to Own.... learn more on Tuesday, June 23, 2016 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.

Sylogist Ltd

2026-06-22T16:53:01.762-04:00

Sound bite for Twitter is: Dividend Paying Tech. Debt Ratios are mostly fine, but Liquidity Ratio needs to be improved. The Dividend Payout Ratios (DPR) are too high. The current dividend yield is low with dividend growth negative. See my spreadsheet on Sylogist Ltd.

Is it a good company at a reasonable price? This is a small cap stock with problems. It seems like it is trying to solve their problems. Analysts are hopeful. This is a high risk because the company is small and it has problems. It is an interesting stock to follow. It would seem to be quite cheap at this point.

I do not own this stock of Sylogist Ltd (TSX-SYZ, OTC-SYZLF). I learned about this stock from the newsletter I subscribe to.

When I was updating my spreadsheet, I noticed their web site says that they have annual and quarterly reports, you cannot download them. So, we have a software company that cannot set up a web site properly. I got all the information for the spreadsheets from other sites. This is the second year in which I cannot download financials for the company using their site. I also notice that there has been a large shareholder called OneMove Capital pushing for change.

If you had invested in this company in December 2015, for $1,007.76 you would have bought 114 shares at $8.84 per share. In December 2025, after 10 years you would have received $350.55 in dividends. The stock would be worth $657.78. Your total return would have been $1,008.33. This would be a total return of 1.01% per year with 4.18% from capital loss and 4.19% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$8.84	$1,007.76	114	10	$350.55	$657.78	$1,008.33

The current dividend yield is low with dividend growth negative. The current dividend yield is low (below 2% per year) at 1.08%. The 5 year median dividend yield is also low at 0.65%. The 10 year and historical median dividend yields are moderate (2% to 4% ranges) at 3.02% and 3.02%.

The Dividend Payout Ratios (DPR) are too high. The DPR for 2025 for Earnings per Share (EPS) is non-calculable due to negative EPS with 5 year coverage far too high at 933%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) non-calculable due to negative AEPS with 5 year coverage too high at 90%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 29% with 5 year coverage too high at 51%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 54% with 5 year coverage too high at 88%. There is no agreement on what the FCF is and it goes from a negative $0.11M to $1.74M. I am using the $1.74M.

Item	Cur	5 Years
EPS	-20.00%	933.33%
AEPS	NC	90.48%
CFPS	28.56%	51.48%
FCF	53.79%	87.57%

Debt Ratios are mostly fine, but Liquidity Ratio needs to be improved. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.14 and currently at 0.23. The Liquidity Ratio for 2025 is far too low at 0.82 and 0.76 currently. If you added in Cash Flow after dividends, the ratios are still far too low at 0.84 and currently at 0.73. The Debt Ratio for 2025 is good at 1.61 and 1.54 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.64 and 1.64 and currently at 2.86 and 1.86.

Type	Year End	Ratio Curr
Lg Term R	0.14	0.23
Intang/GW	0.46	0.67
Liquidity	0.82	0.76
Liq. + CF	0.84	0.73
Debt Ratio	1.61	1.54
Leverage	2.64	2.86
D/E Ratio	1.64	1.86

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	-37.95%	-11.13%	-13.33%	2.20%
2015	10	-16.58%	0.01%	-4.18%	4.18%
2010	15	-3.08%	14.14%	6.23%	7.90%
2005	20		11.17%	6.00%	5.17%
2000	25		7.26%	3.95%	3.31%
1998	27		0.58%	-1.45%	2.02%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 45.25, 76.39, and 98.61. The corresponding 10 year ratios are 24.24, 30.17 and 37.33. The corresponding historical ratios are 13.95, 19.50 and 23.66. The current ratio is negative because of earning losses. I can do not testing here.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 18.72, 32.09 and 45.45. The corresponding 10 year ratios are 20.40, 29.00 and 33.77. The corresponding historical ratios are 17.53, 23.48 and 31.65. The current ratio is negative because of earning losses. I unfortunately can do no testing here either.

I get a Graham Price of $1.14. The 10-year low, median, and high median Price/Graham Price Ratios are 2.15, 2.68 and 3.59. The current ratio is 3.24 based on a stock price $3.70. The current 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. However, you must wonder how good this test is because I had to sort of guess at some of the Graham Prices because of earning losses.

I get a 10-year median Price/Book Value per Share Ratio of 5.28. The current ratio is 3.19 based on a stock price of $3.70, Book Value of $27M and Book Value per Share of $1.16. The current ratio is 40% 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 17.48. However, the Cash Flow is negative and I can do no testing here.

I get an historical median dividend yield of 3.02%. The current ratio is 1.08% based on dividends of $0.04 and a stock price of $3.70. This dividend yield is 64% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This is not a good test because of decreasing dividends.

I get a 10 year median dividend yield of 3.02%. The current ratio is 1.08% based on dividends of $0.04 and a stock price of $3.70. This dividend yield is 64% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This is not a good test because of decreasing dividends.

The 10-year median Price/Sales (Revenue) Ratio is 6.08. The current ratio is 1.42 based on Revenue estimate for 2026 of $60.6M, Revenue per Share of $2.60 and a stock price of $3.70. The current ratio is 77% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. The dividend yield tests are probably not valid tests but the P/S Ratio test is a good one and it says that the stock price is relatively cheap. The only other good test is the P/B Ratio test and it also says that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1) and Hold (2). The current consensus is a Buy. The 12 month stock price consensus is $5.06 with a high of $6.00 and low of $3.75. The consensus stock price of $5.06 implies a total return of 37.84%, with 36.76% from capital gains and 1.08% from dividends based on a current stock price of $3.70.

This stock was liked by analysts on Stock Chase in 2025. There have been no further entries since May 2025. Aditya Raghunath on Motley Fool says it is down 79% from its all-time high and since the company’s transformation is nearly complete, and the upside could be enormous. The company put out a Press Release about their fourth quarter of 2025. The company put out a press release via Globe Newswire about their first quarter of 2026.

Simply Wall Street via Yahoo Finance and talks about the Independent Chairman of Sylogist Ltd buying stock. Simply Wall Street has two warnings on this stock of debt is not well covered by operating cash flow; and does not have a meaningful market cap (CA$87M).

OneMove Capital Calls for Urgent Change at Sylogist. This news release talks about board elections in 2026 with Board recommended directors and one board recommended dissident director elected. This notice fromSylogist talks about the appointment of a new CEO. See what Wolf of Oakville says.

Sylogist Ltd is a software company that provides software-as-a-service (SaaS) solutions that provides ERP, CRM, fundraising, education administration, and payments solutions to education verticals, including fund accounting, grant management, and payroll to public service organizations. The majority of the revenue comes from the United States of America. Its web site is here Sylogist Ltd.

The last stock I wrote about was about was Ensign Energy Services (TSX-ESI, OTC-ESVIF) ... learn more. The next stock I will write about will be Algonquin Power & Utilities Corp (TSX-AQN, NTSE-AQN) ... learn more on Wednesday, June 24, 2026 around 5 pm. Tomorrow on my other blog I will write about Marriages and Wage Gaps .... learn more on Tuesday, June 23, 2016 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.

Ensign Energy Services

2026-06-19T16:45:13.751-04:00

Sound bite for Twitter is: Small Cap Industrial. Results of stock price testing is that the stock price is probably still reasonable, but it is above the median. Debt Ratios are fine, but it does have a high debt level. The company stopped paying dividends in 2020 after having paid dividends since 1995. See my spreadsheet on Ensign Energy Services.

Is it a good company at a reasonable price? I plan to hold on to the shares I have at this time. I have no intentions of buying more. My purchase of this stock is with my fooling around money. This stock tends to cyclical in nature. I do not think that it is really cheap enough to buy at this time. My testing is saying that it is reasonable, but above the median.

I own this stock of Ensign Energy Services (TSX-ESI, OTC-ESVIF). I bought this stock in June 2012. I had been following this stock for some time. I sold this stock in December 2014 to buy Mullen instead. I know I would be selling Ensign at a loss, but I also could buy Mullen cheaply. See my post on Ensign and Mullen. In June 2020, Ensign was selling at $0.74. It was quite a low, so I bought some. I again bought more in May 2021 at $1.33. If you consider my adventure in this stock from 2012, I have still made a profit of 3.78% per year. If you just consider what I bought from 2020, my total return is 29.51% per year.

When I was updating my spreadsheet, I noticed I have had this stock twice. The first time I bought in 2012 and sole in 2014 at a loss. When I was very cheap in 2020 and 2021, I bought again.

I see that revenue has declined both of the last 2 years. However, insider hold a lot of stocks. The CEO and one director both have over 1M shares. The chairman has 43M shares.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth over 12 months to the first quarter in 2026 and expected growth over this year. You can see that there is growth in the last 5 years, but not in the last 10 years. There is also not much growth in the first part of this year but growth is expected this year.

Yr	Item	Tot. Growth	Per Year	Growth	Coverage
5	Revenue Growth	74.94%	11.84%	-1.13%	<-12 mths
5	FFO Growth	53.85%	9.00%	-2.00%	<-12 mths
5	Net Income Growth	51.14%	8.61%	-38.12%	<-12 mths
5	Cash Flow Growth	33.61%	5.97%	-2.71%	<-12 mths
5	Dividend Growth	0.00%	0.00%	0.00%	<-12 mths
5	Stock Price Growth	179.12%	22.79%	57.09%	<-12 mths

10	Revenue Growth	17.82%	1.65%	4.34%	<-this year
10	FFO Growth	3.09%	0.31%	-4.50%	<-this year
10	Net Income Growth	0.00%	0.00%	36.40%	<-this year
10	Cash Flow Growth	-19.96%	-2.20%	0.43%	<-this year
10	Dividend Growth	0.00%	0.00%	0.00%	<-this year
10	Stock Price Growth	-65.58%	-10.12%	57.09%	<-this year

If you had invested in this company in December 2015, for $1,003.68 you would have bought 136 shares at $7.38 per share. In December 2025, after 10 years you would have received $277.44 in dividends. The stock would be worth $345.44. Your total return would have been $622.88. This would be a total loss of 6.43% per year with 10.12% from capital loss and 3.68% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$7.38	$1,003.68	136	10	$277.44	$345.44	$622.88

If you had invested in this company in December 2020, for $1,000.09 you would have bought 1,099 shares at $0.91 per share. In December 2025, after 10 years you would have received $0.00 in dividends. The stock would be worth $2,791.46. Your total return would have been $2,791.46. This would be a total gain of 22.79% per year with 22.79% from capital gain and 0.00% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$0.91	$1,000.09	1,099	5	$0.00	$2,791.46	$2,791.46

The company stopped paying dividends in 2020 after having paid dividends since 1995. It is not clear when or if they will pay dividends again. According to AI the company suspended its dividend in early 2020 due to market instability and has not reinstated it, choosing instead to prioritize significant corporate debt reduction and balance sheet deleveraging

Debt Ratios are fine, but it does have a high debt level. The Long Term Debt/Market Cap Ratio for 2025 is too high at 2.01 and currently at 1.28. The Liquidity Ratio for 2025 is low at 1.35 and 1.31 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.58 and currently at 2.44. The Debt Ratio for 2025 is good at 1.94 and 1.93 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.06 and 1.06 and currently at 2.08and 1.08.

Type	Year End	Ratio Curr
Lg Term	2.01	1.28
Intang/GW	0.00	0.00
Liquidity	1.34	1.31
Liq. + CF	2.58	2.44
Debt Ratio	1.94	1.93
Leverage	2.06	2.08
D/E Ratio	1.06	1.08

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	0.00%	22.79%	22.79%	0.00%
2015	10	0.00%	-6.43%	-10.12%	3.68%
2010	15	0.00%	-7.68%	-11.18%	3.50%
2005	20	0.00%	-7.40%	-10.52%	3.12%
2000	25	0.00%	-0.14%	-5.04%	4.90%
1995	30	0.00%	13.35%	2.63%	10.72%
1991	34	0.00%	25.35%	8.34%	17.01%

The 5-year low, median, and high median Price/Earnings per Share Ratios are all negative and so useless. The corresponding 10 year ratios are negative and therefore useless. The corresponding historical ratios are 8.23, 12.18 and 16.24. The current ratio is negative and so no testing can be done here.

I also have Funds Flow from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds Flow from Operations Ratios are 0.86, 1.31 and 1.72. The corresponding 10 year ratios are 0.89, 1.53 and 2.33. The corresponding historical ratios are 3.16, 4.68 and 5.52. The current ratio is 1.88 based on FFO of $1.91 and a stock price of $3.60. This ratio is between median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $3.77 (with EPS in the formula). The 10-year low, median, and high median Price/Graham Price Ratios are 0.44, 0.67 and 0.89. The current ratio is 0.96 based on a stock price of $3.60. This ratio is above the high ratio of the 10 year median ratio. However, since the EPS was negative so often, I had to guess at the Graham Price for a number of years, this is probably not a good test.

I get a Graham Price of $17.35 (with FFO in the formula). The 10-year low, median, and high median Price/Graham Price Ratios are 0.10, 0.16 and 0.23. The current ratio is 0.21 based on a stock price of $3.60. 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 0.44. The current ratio is 0.51 based on a Book Value of $1,291M, Book Value per Share of $7.00 and a stock price of $3.60. The current ratio is 17% 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 $7.03. In this case the ratio is 0.51 based on a Book Value per Share of $7.03, Book Value of $1,295M and a stock price of $3.60. 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 get a 10-year median Price/Cash Flow per Share Ratio of 1.73. The current ratio is 2.00 based on Cash Flow per Share estimate for 2026 of $1.80, Cash Flow of $331.4M and a stock price of $3.60. 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 cannot do any dividend yield testing as this stock does not have a dividend.

The 10-year median Price/Sales (Revenue) Ratio is 0.34. The current P/S Ratio is 0.39 based on Revenue estimate for 2026 of $1,710M, Revenue per Share of $9.28 and a stock price of $3.60. 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.

Results of stock price testing is that the stock price is probably still reasonable, but it is above the median. The P/S Ratio testing is saying that the stock price is reasonable but above the median. In fact, all the good tests are saying the same thing.

When I look at analysts’ recommendations, I find Buy (1) and Hold (4). The consensus is a Hold. The 12 month stock price consensus is $4.30 with a high of $5.00 and a low of $3.75. This implies a total return of 19.44% with 19.44% from capital gains and 0.00% from dividends based on a current stock price of $3.60.

Analysts on Stock Chase have entries for 2025 but not 2026. The reviews for 2025 are a mixed bag. One said that the company was caught in challenging times with a lot of debt. The was probably the best comment. Some thought it a buy and others said Do Not Buy. Most were just comments. Aditya Raghunath on Motley Fool says to buy undervalued Canadian stock that are growing. My spreadsheet shows this company has been growing over the past 5 years. Amy Legate-Wolfe on Motley Fool also says to buy for potential strong growth. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this company. They give the pros and cons of investing in this company. Simply Wall Street has one warning of Significant insider selling over the past 3 months. Sites seem to confuse not taking up options and sell. However, the CEO and two officers I follow bought shares over the past year. The CFO is new and I have not data on him. Also, one of the directors I follow bought shares in the past year. The rest of the officers and directors I follow did not change the number of shares held in the past year.

Ensign Energy Services Inc provides oilfield services to the crude oil and natural gas industries in Canada, the United States, and internationally. Geographically the company operates in nine countries; Canada, the United States, Argentina, Australia, Bahrain, Kuwait, Oman, United Arab Emirates, and Venezuela. Its web site is here Ensign Energy Services.

The last stock I wrote about was about was Adentra Inc (TSX-ADEN, OTC-HDIUF) ... learn more. The next stock I will write about will be Sylogist Ltd (TSX-SYZ, OTC-SYZLF) ... learn more on Monday, June 22, 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.

Adentra Inc

2026-06-17T19:13:14.071-04:00

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

Is it a good company at a reasonable price? This is a small cap stock that hit a high of $46.02 in 2022 and has not been able to top that since. It is risky because it is small. Analysts seem to think that the stock will have a break-out within the next 12 months. Maybe or maybe not. I think it is a good company, but the highs it is reaching are lower than in the past. I plan to hold on to the shares that I have. My testing is showing that it is at a reasonable price.

I own this stock of Adentra Inc (TSX-ADEN, OTC-HDIUF). In April 2017, I asked for suggestions on what stocks I should now follow because of a number that I had followed had been bought out. This was one of the suggestions. I bought the stock in 2020 as Hardwoods Distribution Inc (TSX-HDI, OTC- HDIUF). In 2022 the company changed its name to Adentra Inc (TSX-ADEN, OTC-HDIUF). So I have had this stock for around 6 years.

When I was updating my spreadsheet, I noticed I am currently doing well with this stock. My total return is 11.39% per year with 9.18% from capital gains and 2.21% from dividends. I have had this stock for 6 years with some in my Trading Account and some in my RIF account. Note that the financial statements are in US$ and the dividends are paid in CDN$.

If you had invested in this company in December 2015, for $1,004.85 you would have bought 55 shares at $18.27 per share. In December 2025, after 10 years you would have received $220.28 in dividends. The stock would be worth $1,868.90. Your total return would have been $2,089.18. This would be a total return of 7.99% per year with 6.40% from capital gain and 1.58% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$18.27	$1,004.85	55	10	$220.28	$1,868.90	$2,089.18

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 1.89%. The 5, 10 and historical dividend yields are also low at 1.66%, 1.69% and 1.88%. The dividend growth is moderate (between 8% and 14% per year) at 12% per year over the past 5 years. The last dividend increase was in 2026 and it was for 6.7%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 16% with 5 year coverage at 12%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 17% with 5 year coverage at 12%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 5% with 5 year coverage at 4%. The DPR for 2025 for Free Cash Flow (FCF) is good at 7% with 5 year coverage at 5%. FCF varies from $147.30 to $150.15. I am using the $150.15 value.

Item	Cur	5 Years
EPS	16.15%	11.62%
AEPS	16.71%	11.71%
CFPS	5.17%	4.40%
FCF	7.10%	5.09%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.35 and currently at 0.33. The Liquidity Ratio for 2025 is good at 1.55 and 1.50 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.05 and currently at 1.76. The Debt Ratio for 2025 is good at 1.95 and 1.83 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.05 and 1.05 and currently at 2.21 and 1.21.

Type	Year End	Ratio Curr
Lg Term	0.35	0.33
Intang/GW	0.85	0.79
Liquidity	2.05	1.76
Liq. + CF	2.58	1.91
Debt Ratio	1.95	1.83
Leverage	2.05	2.21
D/E Ratio	1.05	1.21

The Total Return per year is shown below for years of 5 to 21 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	12.03%	7.84%	6.06%	1.78%
2015	10	11.61%	7.99%	6.40%	1.58%
2010	15	0.00%	22.92%	19.53%	3.39%
2005	20	-2.90%	11.49%	8.38%	3.11%
2004	21	-0.92%	7.52%	5.14%	2.38%

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	10.39%	4.70%	2.93%	1.76%
2015	10	11.73%	7.78%	6.07%	1.71%
2010	15	0.00%	20.22%	16.92%	3.30%
2005	20	-3.68%	10.41%	7.12%	3.30%
2004	21	-1.53%	6.76%	4.18%	2.58%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.68, 8.38 and 10.09. The corresponding 10 year ratios are 7.69, 10.43 and 14.83. The corresponding historical ratios are 7.69, 10.47 and 14.09. The current ratio is 9.90 based on a stock price of $33.91 and EPS estimate for 2026 of $3.42. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 6.91, 8.67 and 10.43. The corresponding 10 year ratios are 7.05, 9.14 and 11.26. The corresponding historical ratios are 7.05, 9.30 and 11.43. The current ratio is 9.86 based on a stock price of $33.91 and EPS estimate for 2026 of $3.42. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This is in CDN$.

I get a Graham Price of $46.23. The 10-year low, median, and high median Price/Graham Price Ratios are 0.57, 0.77 and 0.93. The current ratio is 0.73 based on a stock price of $33.91. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.18. The current P/B Ratio is 0.83 based on a Book Value of $669.4M, Book Value per Share of $27.62 and a stock price of $22.86. The current ratio is 30% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get similar results in CDN$.

I also have a Book Value per Share estimate for 2026 of $28.61. This implies a ratio of 0.80 with a Book Value of $693.1M and a stock price of $22.86. This ratio is 32% below the 10 year median ratio of 1.18. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get similar results in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 3.82. The current ratio is 8.14 based on Cash Flow per Share estimate for 2026 of $2.81, Cash Flow of $68.08 and a stock price of $22.86. The current ratio is 113% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get similar results in CDN$. (Note that Cash Flow per Share has varied a lot and the CFPS estimate for 2025 is 58% below the one for 2025. I do not think this is a good test.)

I get an historical median dividend yield of 1.88%. The current dividend yield is 1.89% based on dividends of $0.64 and a stock price of $33.91. The current dividend yield is 0.4% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This is in CDN$.

I get a 10 year median dividend yield of 1.69%. The current dividend yield is 1.89% based on dividends of $0.64 and a stock price of $33.91. The current dividend yield is 11% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This is in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 0.29. The current P/S Ratio is 0.24 based on a stock price of $22.86, Revenue estimate for 2026 of $2,274M and Revenue per Share of $93.86. The current ratio is 17% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get similar results in CDN$.

Results of stock price testing is that the stock price is probably still reasonable. The dividend yield testing is saying that the stock price is reasonable but above the median. The P/S Ratio testing says it is reasonable and below the median. Most of the rest of the testing is saying that the stock price is reasonable but above or below the median.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (5). The consensus would be a Strong Buy. The 12 months stock price consensus is $49.27 ($35.11 US$), with a high of $62.76 ($44.72 US$) and low of $42.31 ($30.15 US$). The 12 months consensus stock price of $49.27 implies a total return of 47.19% with 45.31% from capital gains and 1.89% from dividends based on a current stock price of $33.91.

There are only two entries on Stock Chase for this stock dated in 2023 and 2024. Both are Top Pick. Amy Legate-Wolfe on Motley Fool says the stock is inexpensive but has risk, but the stock could benefit is if the TSX starts rewarding real execution over rate-driven hype. Sneha Nahata on Motley Fool says buy cheap small cap stocks are trading cheap and can deliver above-average capital gains as they scale and gain higher market share. The company put out a Press Release about their fourth quarter of 2025 results. The company put out a Press Release about their results for the first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They say it has a negative accrual ratio and that is a good thing. Simply Wall Street has two warnings of earnings are forecast to decline by an average of 30.1% per year for the next 3 years; and interest payments are not well covered by earnings.

ADENTRA Inc is a distributor of architectural building products serving residential, repair and remodel, and commercial construction markets through regional customer service centers with some light manufacturing capabilities. The Company operates across North America, with the majority of sales generated in the United States and additional operations in Canada. Its web site is here Adentra Inc.

The last stock I wrote about was about was IA Financial Corp (TSX-IAG, OTC-IDLLF) ... learn more. The next stock I will write about will be Ensign Energy Services (TSX-ESI, OTC-ESVIF) ... learn more on Friday, June 19, 2026 around 5 pm. Tomorrow on my other blog I will write about Manulife, Canadian Tire, Atkinsrealis.... learn more on Thursday, June 18, 2026 around 5 pm.

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

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

Also, on my book blog I have put a review of the book Land between the Rivers by Bartle Bull learn more...

IA Financial Corp

2026-06-15T15:56:02.990-04:00

Sound bite for Twitter is: Dividend Growth Insurance. Results of stock price testing is that the stock price is probably expensive. I would say a Hold. 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 IA Financial Corp.

Is it a good company at a reasonable price? This stock is not well followed by analysts and I get few estimates for this company. However, the company is done quite well for its shareholders over the past 25 years. It is currently off of its recent high which occurred in the middle of 2025. However, at the current time it does seem to be on the expensive side, so if you like this stock, it may not be a good time to buy at this time.

I do not own this stock of IA Financial Corp (TSX-IAG, OTC-IDLLF). This was a stock shown as a dividend growth stock on the Canadian All Star List. The site is here.

When I was updating my spreadsheet, I noticed that since IFRS has changed revenue to income, every place you looks has a different value for Revenue. In my spreadsheet I have 4 different versions.

If you had invested in this company in December 2015, for $1,014.99 you would have bought 23 shares at $44.13 per share. In December 2025, after 10 years you would have received $523.83 in dividends. The stock would be worth $4,090.09. Your total return would have been $4,613.92. This would be a total return of 17.56% per year with 14.95% from capital gain and 2.60% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$44.13	$1,014.99	23	10	$523.83	$4,090.09	$4,613.92

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.49%. The 5, 10 and historical dividend yields are moderate at 3.19%, 3.09% and 2.70%. The dividends were increased by 14.3% per year over the past 5 years. The last dividend increase was in 2026 and it was for 11.1%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 33% with 5 year coverage at 34%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 29% with 5 year coverage at 29%. 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) is high at 74% with 5 year coverage at 35%. As far as I can see there is only one site giving FCF values, so only one value for 2025 of $470.

Item	Cur	5 Years
EPS	33.48%	33.70%
AEPS	29.17%	29.12%
CFPS	25.84%	31.59%
FCF	74.47%	24.53%

Debt Ratios are fine. The Long Term Debt/Covering Assets Ratio for 2025 is good at 0.98 and currently at 0.98. This is more important ratios than the Long Term Debt/Market Cap Ratio which is 2.75 with 5 year ratio at 2.83. The Liquidity Ratio for 2025 is good at 2.22 and 2.19 currently. The Debt Ratio for 2025 is fine for a financial at 1.07 and 1.07 currently. The Financial Leverage for 2025 is fine at 16.3% (and highly conservative) and currently at 14.8%.

Type	Year End	Ratio Curr
Lg Term A	0.98	0.98
Lg Term	2.75	2.83
Intang/GW	0.25	0.26
Liquidity	2.22	2.19
Liq. + CF	1.93	1.88
Debt Ratio	1.07	1.07
Fin Leverage	16.3%	14.8%

The Total Return per year is shown below for years of 5 to 25 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	14.27%	29.70%	26.37%	3.33%
2015	10	12.54%	17.56%	14.95%	2.60%
2010	15	9.42%	13.26%	11.07%	2.19%
2005	20	10.64%	11.56%	9.48%	2.08%
2000	25	10.67%	10.94%	9.06%	1.88%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.32, 11.14 and 12.45. The corresponding 10 year ratios are 7.61, 9.38 and 11.82. The corresponding historical ratios are 10.16, 11.44 and 16.40. The current ratio is 12.66 based on a stock price of $182.61 and EPS estimate for 2026 of $14.43. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.28, 9.19 and 10.00. The corresponding 10 year ratios are 7.15, 9.11 and 10.96. The corresponding historical ratios are 7.94, 9.50 and 12.28. The current ratio is 13.22 based on a stock price of $182.61 and EPS estimate for 2026 of $13.81. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $167.21. The 10-year low, median, and high median Price/Graham Price Ratios are 0.54, 0.66 and 0.80. The current ratio is 1.09 based on a stock price of $182.61. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.12. The current ratio is 20.3 based on a stock price of $182.61, Book Value of $8,109M and Book Value per Share of $89.98. The current ratio is 81% 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 $84.46. This analyst calculates the Book Value differently than I do and, in this case, the 10 year median ratio is 1.28. This Book Value per Share of $84.46 implies a Book Value of $7,611M, a ratio of 2.16 and with a stock price of $182.61. This ratio is 93% 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 9.98. The current ratio is 18.87 based on Cash Flow for the last 12 months of $872M, Cash Flow per Share of $9.68 and a stock price of $182.61. This ratio is 89% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.70%. The current dividend yield is 2.41% based on a stock price of $182.61 and dividends of $4.40. 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 3.09%. The current dividend yield is 2.41% based on a stock price of $182.61 and dividends of $4.40. The current dividend yield is 22% 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 0.54. The current ratio is 0.66 based on Revenue for the last 12 months of $24,815M, Revenue per Share of $275.36 and a stock price of $182.61. The current ratio is 23% 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 a Hold. The 10 year dividend yield testing is saying that the stock price is expensive. It is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (1) and Hold (6). The consensus is a Hold. The 12 month stock price is $176.14 with a high of $190.00 and low of $167.00. The consensus stock price of $176.14 implies a total loss of 1.13% with 3.54% from capital loss and 2.41% from dividends based on a current stock price of $182.61.

This company is not well followed by analysts on Stock Chase. There is an entry for November 2025 where an analyst says do not buy because he likes SLF and MFC stocks better. The stock was well liked in 2020. Amy Legate-Wolfe on Motley Fool thinks this company is a good blue chip pick. Jitendra Parashar on Motley Fool likes this company for its consistent earnings growth and strong sales momentum. The company put out a press release via Globe and Mail about their fourth quarter results for 2025. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance talks about this company appointing a new Chief Economist. Simply Wall Street gives this stock 3 and one half stars. It says they have no risk warnings on this stock.

iA Financial Corp Inc is an insurance and wealth management group based in Canada. The company's products and services are offered on both an individual and group basis and extend throughout Canada and the United States. Its operating segments are: Insurance, Canada; Wealth Management; U.S. Operations; Investment; and Corporate. Maximum revenue is generated from the Insurance, Canada segment. Its web site is here IA Financial Corp.

The last stock I wrote about was about was RB Global Inc (TSX-RBA, NYSE-RBA) ... learn more. The next stock I will write about will be Adentra Inc (TSX-ADEN, OTC-HDIUF) ... learn more on Wednesday, June 17, 2026 around 5 pm. Tomorrow on my other blog I will write about Review with Joe Canavan.... learn more on Tuesday, June 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.

RB Global Inc

2026-06-12T15:19:21.431-04:00

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is showing that it could be on the expensive side. This suggests to me a Hold rating. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth low. See my spreadsheet on RB Global Inc.

Is it a good company at a reasonable price? I did stock price testing in US$ because financials are reported in US$ and dividend is paid in US$. The stock price is close to recent highs that the stock price cannot seem to break through. This company has done very well for its shareholders. My testing is suggesting a Hold rating. However, this is a growth stock and it is harder to judge. A number of my good tests, such as the P/GP Ratio test says the stock price is reasonable and below the median. I do like the dividend yield tests and they say it is expensive. Time will tell.

I do not own this stock of RB Global Inc (TSX-RBA, NYSE-RBA). This was a stock suggestion I got and also it was a dividend growth stock found in the Canadian All Star List. See site.

When I was updating my spreadsheet, I noticed that this company is doing very well. Look at growth in things like revenue and earnings for the past 5 and 10 years. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth over past 12 months to the first quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Growth	Per Year	Gwth	Coverage
5	Revenue Growth US$	233.32%	27.23%	51.04%	<-12 mths
5	AEPS Growth	138.10%	18.95%	3.00%	<-12 mths
5	Net Income Growth	124.70%	17.58%	5.68%	<-12 mths
5	Cash Flow Growth	279.34%	30.56%	6.88%	<-12 mths
5	Dividend Growth	42.86%	7.39%	3.33%	<-12 mths
5	Stock Price Growth	46.25%	7.90%	1.57%	<-12 mths

10	Revenue Growth US$	789.89%	24.43%	6.39%	<-this year
10	AEPS Growth	253.98%	13.47%	10.75%	<-this year
10	Net Income Growth	180.59%	10.87%	47.44%	<-this year
10	Cash Flow Growth	398.17%	17.42%	45.82%	<-this year
10	Dividend Growth	100.00%	7.18%	7.92%	<-this year
10	Stock Price Growth	326.67%	15.61%	1.57%	<-this year

If you had invested in this company in December 2015, for $1,000.20 you would have bought 26 shares at $33.34 per share. In December 2025, after 10 years you would have received $403.93 in dividends. The stock would be worth $4,239.30. Your total return would have been $4,643.23. This would be a total return of 17.57% per year with 15.54% from capital gain and 2.03% from dividends. This is in CDN$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$33.34	$1,000.20	30	10	$403.93	$4,239.30	$4,643.23

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.15%. The 5, 10 and historical dividend yields are also low at 1.50%, 1.75% and 1.75%. The dividend increases are low (below 8% per year) at 7.4% per year over the past 5 years. The last dividend increase was 2025 and it was for 6.9%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is high at 59% with 5 year coverage at 69%, but the one for AEPS is more important. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 30% with 5 year coverage at 37%. 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) is good at 34% with 5 year coverage at 45%. I have two values for FCF for 2025 and they are $719M and $738M. I am using $738M. They do not vary much.

Item	Cur	5 Years
EPS	58.82%	69.39%
AEPS	30.00%	37.96%
CFPS	26.49%	33.45%
FCF	34.93%	44.98%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.12 and currently at 0.12. The Liquidity Ratio for 2025 is low at 1.10 and 1.14 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.83 and currently at 1.79. The Debt Ratio for 2025 is good at 2.00 and 1.97 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.18 and 1.09 and currently at 2.21 and 1.12.

Type	Year End	Ratio Curr
Lg Term	0.12	0.12
Intang/GW	0.37	0.36
Liquidity	1.10	1.14
Liq. + CF	1.83	1.79
Debt Ratio	2.00	1.97
Leverage	2.18	2.21
D/E Ratio	1.09	1.12

The Total Return per year is shown below for years of 5 to 27 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	8.99%	11.44%	9.82%	1.63%
2015	10	7.07%	17.57%	15.54%	2.03%
2010	15	9.74%	14.68%	12.85%	1.83%
2005	20	10.45%	13.04%	11.37%	1.68%
2000	25	12.26%	16.08%	14.13%	1.96%
1998	27		13.24%	11.85%	1.39%

The Total Return per year is shown below for years of 5 to 27 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	7.39%	9.47%	7.90%	1.57%
2015	10	7.18%	17.74%	15.61%	2.12%
2010	15	1.44%	12.18%	10.49%	1.69%
2005	20	9.56%	12.21%	10.45%	1.76%
2000	25	11.96%	16.92%	14.53%	2.39%
1998	27		13.97%	12.30%	1.68%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 37.59, 46.18, and 54.77. The corresponding 10 year ratios are 28.94, 37.89 and 48.92. The corresponding historical ratios are 24.21, 28.64 and 32.35. The current ratio is 37.44 based on a stock price of $107.99 and EPS estimate for 2026 of $2.88. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 20.95, 25.55 and 29.73. The corresponding 10 year ratios are 21.54, 27.62 and 33.63. The corresponding historical ratios are 21.99, 26.81 and 32.09. The current ratio is 24.38 based on a stock price of $107.99 and AEPS estimate for 2026 of $4.43. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I get a Graham Price of $54.83. The 10-year low, median, and high median Price/Graham Price Ratios are 1.86, 2.44 and 2.86. The current P/GP Ratio is 1.97 based on a stock price of $107.99. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 4.56. The current ratio is 3.58 based on a Book Value of $5,619M, Book Value per Share of $30.16 and a stock price of $107.99. The current ratio is 22% below the 10 yar median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 19.90. The current ratio is 14.07 based on Cash Flow per Share estimate for 2026 of $7.67, Cash Flow of $1,429M and a stock price of $107.99. The current ratio is 29% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get an historical median dividend yield of 1.75. The current dividend yield is 1.15% based on dividends of $1.24 and a stock price of $107.99. The current dividend yield is 34% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I get a 10 year median dividend yield of 1.75. The current dividend yield is 1.15% based on dividends of $1.24 and a stock price of $107.99. The current dividend yield is 34% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 4.01. The current ratio is 4.12 based on a stock price of $107.99, Revenue estimate for 2026 of $4,884M, Revenue per Share of $26.22 and a stock price of $107.99. The current ratio is 3% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$ and you will get a similar result in CDN$.

Results of stock price testing is that the stock price is showing that it could be on the expensive side. This dividend yields are pointing that way. The dividend increases certainly has not kept pace with the stock price increases. The dividend yield testing is saying that the stock price is on the expensive side. However, it is only the dividend yield testing that is saying that the stock price is expensive. The rest of the testing is showing cheap to reasonable.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (5), and Hold (2). The consensus is a Strong Buy. The 12 month stock price consensus is $178.73 ($127.73 US$), with a High of $209.90 ($150.00 US$) and low of $144.13 ($103.00 US$). The consensus stock price of $178.73 implies a total return of 66.86% with 65.71% from capital gains and 1.15% from dividends based on a current stock price of $150.92 CDN$.

An analyst in 2026 on Stock Chase says it is currently a buy. It is not much followed on Stock Chase, but in 2024 analysts said Do Not Buy. They thought price was too high. Amy Legate-Wolfe on Motley Fool thinks this is a good time to buy this stock. Adam Othman on Motley Fool review this stock in 2024 and thought Canadian Industrial stocks offered safety, dividend and growth combinations. The company put out a Press Release about its fourth quarter of 2025 results. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Financial reviews this stock. They think that on a cash flow basis the stock is undervalued. However, when they look at P/E they said it is overvalued because P/E is 48.20 compared to peer average of 32.53. However, this stock also gives a P/AEPS Ratio and that is 23.59. I think that the P/AEPS is more valid for this company.

RB Global has evolved into a leading global marketplace that connects buyers and sellers of commercial assets and vehicles. Its activities are international, though skewing approximately two-thirds to North America. Its web site is here RB Global Inc.

The last stock I wrote about was about was Reitmans (Canada) Ltd (TSXV-RET.A, OTC-RTMAF) ... learn more. The next stock I will write about will be IA Financial Corp (TSX-IAG, OTC-IDLLF) ... learn more on Monday, June 15, 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.

Reitmans (Canada) Ltd

2026-06-10T17:01:45.457-04:00

Sound bite for Twitter is: Consumer Discretionary Stock. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are mostly fine for this stock that has started to recover. This company has stopped paying a dividend. So, there is dividend yield and no Dividend Payout Ratios. See my spreadsheet on Reitmans (Canada) Ltd.

Is it a good company at a reasonable price? Who knows if this company will fully recover. There is a big risk here. They seem to be making some progress. It is not a good sign that they have little in the way of analyst’s comments. I am following it was I am curious on how long it will take for it to recover, if and/or when this happens. They price seems to be coming in as reasonable. It would be better for investment if price was cheap. However, the 12 month stock price of $5.00 seems to imply this.

I do not own this stock of Reitmans (Canada) Ltd (TSXV-RET.A, OTC-RTMAF), but I used to. I bought this company in September 2013. It was in financial difficulties and so was quite cheap. I believed it would recover, but it is taking too long. I sold in January 2021 and I lost money on this stock but did collect some dividends.

When I was updating my spreadsheet, I noticed they lost money for the January 2026 financial year because of a Strategic Transformation Expenses and higher Net Finance costs. Note that the financial year ends around the end of January each year.

If you had invested in this company in December 2015, for $1,001.22 you would have bought 246 shares at $4.07 per share. In December 2025, after 10 years you would have received $184.50 in dividends. The stock would be worth $528.90. Your total return would have been $713.40. This would be a total loss of 4.02% per year with 6.18% from capital loss and 2.16% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$4.07	$1,001.22	246	10	$184.50	$528.90	$713.40

However, if you had invested in this company in December 2020, for $1,000.08 you would have bought 4,167 shares if at $0.24 per share. In December 2025, after 5 years you would have received $0 in dividends. The stock would be worth $8,595.05. Your total return would have been $8,959.05. This would be a total gain of 55.04% per year with 55.04% from capital gain and 0% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$0.24	$1,000.08	4,167	5	$0.00	$8,959.05	$8,959.05

This company has stopped paying a dividend. So, there is dividend yield and no Dividend Payout Ratios.

Debt Ratios are mostly fine for this stock that is in recovery. The Long Term Debt/Market Cap Ratio for 2025 is too high at 1.11 and currently at 1.17. This company got into financial difficulties some time ago and the stock price fell until 2020 and it is sort of picking up again. The Liquidity Ratio for 2025 is good at 2.46 and 2.46 currently. The Debt Ratio for 2025 is good at 2.07 and 2.07 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.93 and 0.93 and currently at 1.93 and 0.93.

Type	Year End	Ratio Curr
Lg Term	1.11	1.17
Intang/GW	0.06	0.06
Liquidity	1.96	1.96
Liq. + CF	2.46	2.46
Debt Ratio	2.07	2.07
Leverage	1.93	1.93
D/E Ratio	0.93	0.93

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	0.00%	55.04%	55.04%	0.00%
2015	10	0.00%	-4.02%	-6.18%	2.16%
2010	15	0.00%	-11.42%	-13.42%	2.00%
2005	20	0.00%	-5.87%	-9.86%	3.99%
2000	25	0.00%	17.55%	0.47%	17.08%
1995	30	0.00%	11.96%	0.40%	11.56%
1990	35	0.00%	10.43%	0.79%	9.64%
1987	38	0.00%	7.85%	0.07%	7.77%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 0.50, 1.36 and 2.23. The corresponding 10 year ratios are 0.27, 0.87 and 1.46. The corresponding historical ratios are 9.63, 12.02 and 15.21. The current ratio is 21.67 based on a stock price of $1.95 and EPS estimate for 2026 of 0.09. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is expensive. I notice that the 5 and 10 year ratios are extremely low. The current one is quite high.

I get a Graham Price of $3.40. The 10-year low, median, and high median Price/Graham Price Ratios are 0.34, 0.66 and 1.02. The current ratio is 0.35 based on a stock price of $1.95. 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 0.61. The current ratio is 0.34 based on Book Value of $286.52, Book Value per Share of $5.69 and a stock price of $1.95. The current ratio is 44% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. However, these ratios are really low. Normal generally is thought of around 1.50.

I get a 10-year median Price/Cash Flow per Share Ratio of 1.49. The current ratio is 1.37 based on a Cash Flow per Share for the last 12 months of $1.42, Cash Flow of $71.6M and a stock price of $1.95. 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 cannot do any dividend yield testing because the company currently does not pay a dividend.

The 10-year median Price/Sales (Revenue) Ratio is 0.16. The current ratio is 0.13 based on Revenue for the last 12 months of $776.8M, Revenue per Share of $15.44 and a stock price of $1.95. The current ratio is 18.8% 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 P/S Ratio testing says this. The P/B Ratio and P/GP Ratio tests say this same thing. The other tests show the stock price as cheap and expensive. A lot of ratios are very low ones. There is little in the way of estimates and mainly I reply on the last 12 month’s values. There are few analysts following this stock.

When I look at analysts’ recommendations, I find a number of sites say that there is one recommendation of a Hold and 12 month stock price of $5.00. A 12 month stock price of $5.00 implies a total return of $156.41% all from capital gains based on a current stock price of $1.95. It is possible, maybe.

They have an entry on Stock Chase for this stock, but no analyst write up. Andrew Button on Motley Fool wrote about this stock in 2024 and said it was so cheap that Bay Street is practically giving this stock away. The company put out a press release via Newswire about their January 2026 fourth quarter results. They have a financial year end around the end of January each year.

Cision via Yahoo Finance has an interesting article about Reitmans and Canadian Fashion.

Reitmans (Canada) Ltd is engaged in the sale of women's specialty apparel to consumers through its retail banners. Reitmans (Canada) currently operates under the following banners: Reitmans, PENN. Penningtons, and RW&CO. Its web site is here Reitmans (Canada) Ltd.

The last stock I wrote about was about was HLS Therapeutics Inc (TSX-HLS, OTC-HLTRF) ... learn more. The next stock I will write about will be RB Global Inc (TSX-RBA, NYSE-RBA) ... learn more on Friday, June 12, 2026 around 5 pm. Tomorrow on my other blog I will write about Financial Crime in Canada.... learn more on Thursday, June 11, 2026 around 5 pm.

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

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

HLS Therapeutics Inc

2026-06-08T14:54:45.921-04:00

Sound bite for Twitter is: Health Care Consumer stock. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are fine. This stock no longer buys a dividend, so there are no current dividend yield and Dividend Payout Ratios (DPR). See my spreadsheet on HLS Therapeutics Inc.

Is it a good company at a reasonable price? This stock is rather risky as they are not making a profit and Revenue is declining. Analysts expect a turn around in Revenue this year. This is a small cap so that makes it risky also. I am currently going to hold on to my shares to see how this all works out. I do not have much invested. It is hard to know if the taking a risk on this stock will work out to have a reward. This stock price is cheap, but being cheap does not necessarily make it a good buy.

I own this stock of HLS Therapeutics Inc (TSX-HLS, OTC-HLTRF). I got this stock because it did a reverse takeover of Automodular Corp (TSX-AM, OTC-AMZKF) on March 12, 2018. There was a plan of arrangement whereby Automodular shareholders got 0.165834 HLS common shares and one HLS preferred share. The HLS preferred shares were a form of contingent value right allowing AMD shareholders to have an equity stake linked to the outcome of litigation that had been ongoing for several years between AMD and General Motors. I bought some stock in 2018, 2020 and 2023 because this is a Health Care sector stock and there are few of them in the Canadian market.

When I was updating my spreadsheet, I noticed I have not made money on this stock. My Total Return was a 16.34% loss with a 17.43% from capital loss and 1.09% from dividends. The main problem is that the company is not making a profit. Analysts do not expect the company to make a profit until 2028.

If you had invested in this company in December 2015, for $1,003.32 you would have bought 26 shares at $10.24 per share. In December 2025, after 10 years you would have received $93.10 in dividends. The stock would be worth $472.36. Your total return would have been $565.46. This would be a total loss of 7.06% per year with 8.30% from capital loss and 1.24% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$10.24	$1,003.32	98	9	$93.10	$472.36	$565.46

This stock no longer buys a dividend, so there are no current dividend yield and Dividend Payout Ratios (DPR).

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.44 and currently at 0.40. The Liquidity Ratio for 2025 is low at 1.11 and too low at 1.00 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.77 and currently at 1.70. The Debt Ratio for 2025 is good at 1.81 and 1.81 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.23 and 1.23 and currently at 2.24 and 1.24.

Type	Year End	Ratio Curr
Lg Term	0.44	0.40
Intang/GW	0.98	0.98
Liquidity	1.11	1.00
Liq. + CF	1.77	1.70
Debt Ratio	1.81	1.81
Leverage	2.23	2.24
D/E Ratio	1.23	1.24

The Total Return per year is shown below for years of 5 to 10 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%	-22.46%	-23.17%	0.71%
2015	10		-7.06%	-8.30%	1.24%

The Total Return per year is shown below for years of 5 to 10 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%	-23.64%	-24.35%	0.71%
2015	10		-7.01%	-8.49%	1.48%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and useless. The corresponding 10 year ratios are negative and useless. The corresponding Historical ratios are negative and useless. The current ratios are negative and so useless. I can do no testing on this item. A positive EPS is expected in 2028 with a P/E Ratio of 46.35, a rather high ratio.

I cannot do any Price/Graham Price testing because of all the earnings losses.

I get a 10-year median Price/Book Value per Share Ratio of 1.72. The current ratio is 1.74 based on a Book Value of $58.6M, Book Value per Share of $1.87 and a stock price of $3.24. The current ratio is 0.9% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and at the median. This testing is in US$

I get a 10-year median Price/Cash Flow per Share Ratio of 11.38. The current ratio is 5.11 based on a stock price $3.24, Cash Flow for the last 12 months of $19.95M, and Cash Flow per Share of $0.64. The current ratio is 55% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I cannot do any dividend yield testing as this company is currently not paying any dividend.

The 10-year median Price/Sales (Revenue) Ratio is 4.12. The current ratio is 1.76 based on Revenue estimate for 2025 of $58M, Revenue per Share of $1.85 and a stock price of $3.24. The current ratio is 57% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. The P/S Ratio test is a good one and says that the stock price is relatively cheap. The other two tests I could do said that it was either cheap or reasonable and at the median.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (1) and Hold (2). The consensus is a Buy. The 12 month stock price consensus is $7.15 ($5.18 US$) with a high of $12.06 ($8.73 US$) and low of $4.52 ($3.27 US$). The consensus stock price of $7.15 implies a total return of 59.67% all from capital gains.

There are no entries for this stock on Stock Chase. Adam Othman on Motley Fool talked about this stock in 2023. He says that this stock will give you exposure to the pharmaceutical industry. The other stock he mentions of Knight Therapeutics (TSX-GUD) is at least currently recovering. The company put out a press release via Newswire about their annual results for 2025. The company put out a press release via Newswire about their first quarter of 2026 results.

Simply Wall Street via Yahoo Finance recently reviewed this stock. They talk about analyst expecting the company to be profitable in 2028. However, they think it might happen later than that unless the company grows aggressively. Simply Wall Street report has a problem with the level of debt this company has. Simply Wall Street site does not list any risks on this stock. It seems that Simply Wall Street is the only place I can find any recent valuations of this stock. It is not on Stock Chase and reviews on Motley Fool are old.

Simply Wall Street via Yahoo Finance reviewed this stock in January 2025. They talk about the decline in the stock and the fact that HLS has only slow revenue growth and is not making a profit.

When I asked google why this company has fallen, because its stock is why down, it said HLS Therapeutics Inc. (TSX: HLS) has experienced a long-term decline in its stock price primarily due to ongoing unprofitability, persistent revenue headwinds, and a historically high debt-to-equity ratio. It referenced Simply Wall Street. They are right.

HLS Therapeutics Inc is a specialty pharmaceutical company. It is focused on the acquisition and commercialization of branded pharmaceutical products in the North American markets. The company operates in Canada, the United States, and the Rest of world, with the majority of its revenue generated from Canada. Its web site is here HLS Therapeutics Inc.

The last stock I wrote about was about was Pizza Pizza Royalty Corp (TSX-PZA, OTC-PZRIF) ... learn more. The next stock I will write about will be Reitmans (Canada) Ltd (TSXV-RET.A, OTC-RTMAF) ... learn more on Wednesday, June 10, 2026 around 5 pm. Tomorrow on my other blog I will write about Canadian Women Regret About Money.... learn more on Tuesday, June 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.

Also, on my book blog I have put a review of the book The Ancient Near East by Amanda Podany learn more...

Pizza Pizza Royalty Corp

2026-06-05T18:39:05.759-04:00

Sound bite for Twitter is: Dividend Paying Consumer. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are for Pizza Pizza Limited need improving, but long term debt is gone. Debt Ratios are for PZA are good. The Dividend Payout Ratios (DPR) are high, but this Royalty Corp can afford to pay all their make in dividends. The current dividend yield is good with dividend growth suspended. See my spreadsheet on Pizza Pizza Royalty Corp.

Is it a good company at a reasonable price? The company just cut its dividend. This is never a good sign. It is not a good sign when analysts lose interest in a stock. I do not like the fact that you have to analyze two companies and this makes things complicated. I do not like complicated. The stock price is testing as reasonable, but that does not mean that it is a good stock to buy. It would not be one I would be interested in.

I do not own this stock of Pizza Pizza Royalty Corp (TSX-PZA, OTC-PZRIF). A number of people have recommended this stock, so I decided to take a look at it. It was on once on John Heinzl's Dividend Hog Portfolio, but has been taken off.

When I was updating my spreadsheet, I noticed what I have always disliked about this stock. It is complicated. I do not complicated when it comes to investing. This stock’s financials do not mean much if the base company, Pizza Pizza Limited is not doing well. Pizza Pizza Limited does not seem doing ok as Net Income is up over the past 5 years (but down over the past 10 years). I do not like complicated as it is too easy to miss something important.

If you had invested in this company in December 2015, for $1,010.10 you would have bought 74 shares at $13.65 per share. In December 2025, after 10 years you would have received $615.35 in dividends. The stock would be worth $1,155.14. Your total return would have been $1,770.49. This would be a total return of 7.10% per year with 1.35% from capital gain and 5.75% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$13.65	$1,010.10	74	10	$615.35	$1,155.14	$1,770.49

The current dividend yield is good with dividend growth suspended. The current dividend yield is good (5% to 6% ranges) at 6.37%. The 5, 10 and historical dividend yields are also good at 6.39%, 6.42% and 6.86%. The dividend was recently cut by 13%.

The Dividend Payout Ratios (DPR) are high, but this Royalty Corp can afford to pay all their make in dividends. The DPR for 2025 for Earnings per Share (EPS) is high at 99% with 5 year coverage at 95%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 98% with 5 year coverage at 93%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 98% with 5 year coverage at 92%. The DPR for 2025 for Free Cash Flow (FCF) is high at 106% with 5 year coverage at 100%.

Item	Cur	5 Years
EPS	98.83%	94.83%
AEPS	97.79%	92.64%
CFPS	97.56%	92.71%
FCF	106.42%	100.23%

Debt Ratios are for PZA are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.09 and currently at 0.11. The Liquidity Ratio for 2025 is good at 2.06 and 1.64 currently. The Debt Ratio for 2025 is good at 4.99 and 5.06 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.74 and 0.35 and currently at 1.79 and 0.35.

Type	Year End	Ratio Curr
Lg Term	0.09	0.11
Intang/GW	0.71	0.88
Liquidity	2.06	1.64
Liq. + CF	2.32	2.46
Debt Ratio	4.99	5.06
Leverage	1.74	1.79
D/E Ratio	0.35	0.35

Debt Ratios are for Pizza Pizza Limited need improving, but long term debt is gone. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.74 and currently at 0.00. The Liquidity Ratio for 2025 is too low at 0.87 and 0.91 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.94 and currently at 0.88. The Debt Ratio for 2025 is low at 1.28 and 1.28 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.72 and 1.72 and currently at 0.00 and 0.00.

Type	Year End	Ratio Curr
Lg Term	0.74	0.00
Intang/GW	0.00	0.00
Liquidity	0.87	0.91
Liq. + CF	0.94	0.88
Debt Ratio	1.28	1.28
Leverage	2.72	0.00
D/E Ratio	1.72	0.00

The Total Return per year is shown below for years of 5 to 20 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below. Note that the stock is down 19% so far this year.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	6.15%	18.55%	11.15%	7.40%
2015	10	1.36%	7.10%	1.35%	5.75%
2010	15	0.00%	11.75%	4.22%	7.53%
2005	20	0.99%	9.36%	2.25%	7.11%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.40, 14.83 and 16.39. The corresponding 10 year ratios are 13.28, 14.69 and 16.48. The corresponding historical ratios are 13.17, 14.83 and 16.57. The current ratio is 12.84 based on a stock price of $12.71 and EPS estimate for 2026 of $0.99. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 13.05, 14.54 and 15.74. The corresponding 10 year ratios are 13.02, 14.46 and 15.94. The corresponding historical ratios are 12.11, 14.27 and 15.71. The current ratio is 13.97 based on a stock price of $12.71 and AEPS estimate for 2026 of $0.91. 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 $11.38. The 10-year low, median, and high median Price/Graham Price Ratios are 0.97, 1.14 and 1.28. The current ratio is 1.12 based on a stock price of $12.71. 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 1.93. The current P/B Ratio is 2.01 based on a Book Value of $213.8M, Book Value per Share of $6.32 and a stock price of $12.71. 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.

I get a 10-year median Price/Cash Flow per Share Ratio of 14.23. The current ratio is 13.57 based on Cash Flow for the last 12 months of $31.7M, Cash Flow per Share of $0.94 and a stock price of $12.71. The current ratio is 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 an historical median dividend yield of 6.86%. The current dividend yield is 6.37% based on a stock price of $12.71 and Dividends of $0.81. The current ratio is 7% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 6.42%. The current dividend yield is 6.37% based on a stock price of $12.71 and Dividends of $0.81. The current ratio is 0.7% below 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 11.46. The current Ratio is 10.62 based on Operating Income for PZA for the last 12 months of $40.5M, Operation Income per Share of $1.20 and a stock price of $12.71. The current ratio is 7% below the 10 year median ratio. Operation Income for PZA is the closes thing this stock has for revenue.

Results of stock price testing is that the stock price is probably reasonable. The 10 dividend yield test say that the stock price is reasonable and at the median. The P/S Ratio test says the stock price is reasonable and below the median. The rest of the testing varies from cheap to reasonable but above the median.

When I look at analysts’ recommendations, I find Hold (1) only. The consensus would be a Hold. The 12 month stock price consensus is $12.00 with a high of $12.00 and low of $12.00. There seems to be only one analyst following this stock. The 12 month stock price consensus of $12.00 implies a total return of 0.79% with 5.59% capital loss and 6.37% from dividends

There is only one entry for 2026 on Stock Chase and analysts says clients happy with dividends. Before that there were entries in 2024. It was thought to be range bound and good for income. Stock is not well followed lately. Amy Legate-Wolfe on Motley Fool likes the dividend but warns of possible risks due to dividend cut and falling sales. Daniel Da Costa on Motley Fool thinks that the dividend cut was the right move for this company and it is a good time to buy the stock now. The company put out a Press Release about their fourth quarter of 2025 results. The company put out a Press Release about their first quarter of 2026.

The company’s dividend cut is announced on Newswire. Simply Wall Street has one warning on this stock of dividend of 7.29% is not well covered by earnings or free cash flows.

Pizza Pizza Royalty Corp through its subsidiary, Pizza Pizza Royalty Limited Partnership, owns and franchises quick-service restaurants under the Pizza Pizza and Pizza 73 brands. It receives the benefit of Pizza Pizza Royalty and Pizza 73 Royalty payable by PPL under the Pizza Pizza Licence and Royalty Agreement and the Pizza 73 Licence and Royalty Agreement, respectively, as well as royalty payments under the international agreement, indirectly through its interests in the partnership. Its web site is here Pizza Pizza Royalty Corp.

The last stock I wrote about was about was Hammond Power Solutions Inc (TSX-HPS.A, OTC-HMDPF) ... learn more. The next stock I will write about will be HLS Therapeutics Inc (TSX-HLS, OTC-HLTRF) ... learn more on Monday, June 8, 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 India, a History by John Keay learn more...

Hammond Power Solutions Inc

2026-06-03T16:49:44.833-04:00

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

Is it a good company at a reasonable price? This stock is testing as very expensive. However, it is connected with AI infrastructure. I doubt if it will get to a price where my sort of testing says that it is at a reasonable price. Will there be any pull back in price in the future? Maybe. I just do not see it getting to any price where my testing will show the price as reasonable. It is a good time to buy? I have no idea. I think that AI is the in thing at the moment and any company connected with it will be at a relatively high price. I plan to hold on to my shares in this company. I have no plans to buy more. This stock was bought with my fooling around money.

I own this stock of Hammond Power Solutions Inc (TSX-HPS.A, OTC-HMDPF). I bought this stock as my main purchase for the TFSA in 2013 and 2014. I picked Hammond initially in 2013 as my main buy because it has good growth and reasonable dividend. Also, I think that it important to try out newer smaller companies for investment purposes. Companies on the TSX are always changing and it is good to get into new industries and new companies. The problem of this, of course, is you do not always know what industries and companies will be long lasting.

When I was updating my spreadsheet, I noticed that it is interesting to go from Ag Growth International which is not doing well to this stock of Hammond Power that is doing so well. Hammond Total Return for the last 5 and 10 years is 82.24% and 39.68%. The stock is up some 105% so far this year.

If you had invested in this company in December 2015, for $1,000.09 you would have bought 26 shares at $6.37 per share. In December 2025, after 10 years you would have received $736.33 in dividends. The stock would be worth $25,038.36. Your total return would have been $25,774.69. This would be a total return of 39.68% per year with 37.99% from capital gain and 1.69% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$6.37	$1,000.09	157	10	$736.33	$25,038.36	$25,774.69

The current dividend yield is Low with dividend growth good. The dividend yield is low (below 2%) at 0.34%. (It is very low.) The 5 year dividend yield is also low at 1.08%. The 10 year and historical median dividend yields are moderate (2% to 4% ranges) at 3.02% and 2.29%. The dividend growth is good (15% or higher per year) at 26.5% per year over the past 5 years. The last dividend increase was in 2024 at 83%. There was no increase in 2025 and none so far in 2026.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 18% with 5 year coverage at 15%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 10% with 5 year coverage at 8%. The DPR for 2025 for Free Cash Flow (FCF) is good at 25% with 5 year coverage at 16%.

Item	Cur	5 Years
EPS	18.12%	14.92%
CFPS	9.80%	8.20%
FCF	25.48%	15.83%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.01 and currently at 0.01. The Liquidity Ratio for 2025 is good at 1.86 and 1.82 currently. The Debt Ratio for 2025 is good at 2.50 and 2.42 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.67 and 0.67 and currently at 1.70 and 0.70.

Type	Year End	Ratio Curr
Lg Term	0.01	0.01
Intang/GW	0.01	0.01
Liquidity	1.86	1.82
Liq. + CF	1.93	1.94
Debt Ratio	2.50	2.42
Leverage	1.67	1.70
D/E Ratio	0.67	0.70

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	26.47%	82.24%	79.87%	2.37%
2015	10	16.44%	39.68%	37.99%	1.69%
2010	15	15.30%	21.03%	20.06%	0.97%
2005	20	16.17%	24.52%	23.35%	1.17%
2001	24		25.43%	24.37%	1.05%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.60, 9.59 and 15.48. The corresponding 10 year ratios are 6.18, 8.83 and 12.50. The corresponding historical ratios are 6.51, 8.91 and 10.24. The current ratio is 40.04 based on a stock price of $326.67 and EPS estimate for 2026 of $8.16. 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. The ratios on this stock for 10 years are low, but the current one is very 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 6.60,9.59 and 15.48. The corresponding 10 year ratios are 6.74, 9.34 and 13.13. The corresponding historical ratios are 7.73, 10.51 and 14.36. The current ratio is 35.39 based on a stock price of $326.67 and EPS estimate for 2026 of $9.23. 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 $80.43. The 10-year low, median, and high median Price/Graham Price Ratios are 0.44, 0.62 and 0.79. The current ratio is 4.06 based on a stock price of $326.67 and AEPS estimate for 2026 of $9.23. The current ratio is higher than 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 0.91. The current ratio is 8.07 based on a Book Value of $3701M, Book Value per Share of $31.15 and a stock price of $326.67. The current ratio is 1055% 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 $37.14. This implies a ratio of 8.80 based on a stock price of $326.67, Book Value per Share of $37.14 and Book Value of $442M. The current ratio is 868% 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 9.88. The current ratio is 94.14 based on Cash Flow for the last 12 months of $41.3M, Cash Flow per Share of $3.47 and a stock price of $326.67. The current ratio is 853% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.29%. The current dividend yield is 0.34% based on a stock price of $326.67 and dividends of $1.10. The current yield is 85% 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 3.02%. The current dividend yield is 0.34% based on a stock price of $326.67 and dividends of $1.10. The current yield is 89% 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 0.32. The current P/S Ratio is 2.97 based on a stock price of $326.67, Revenue estimate for 2026 of $1,309M and Revenue per Share of $109.95. The current ratio is 842% 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. First note that the stock price is up 105% so far this year. The dividend yield testing is showing the stock price as relatively expensive. In fact, all my testing is showing that the stock price is wildly overpriced.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (4). The consensus would be a Strong Buy. The 12 months stock price consensus is $358.43 with a high of $430.00 and low of $325.00. The consensus stock price of $358.43 implies a total return of 10.06% with 9.72% from capital gains and 0.34% from dividends based on a current stock price of $326.67.

There are a couple of entries on Stock Chase for 2026. Analysts think it is a buy. In 2025 there were a couple of holds also. The thinking was that the it was overbought. Adam Othman on Motley Fool says he thinks there is still some upside to this stock. It is making equipment for AI data centers. Sneha Nahata on Motley Fool thinks this stock is well-positioned to capitalize on AI Infrastructure spending. The company put out a press release via Globe Newswire about their fourth quarter of 2025. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance talks about TSX companies with High Insider Ownership. Hammond is included in this list and is the third company that they review. Simply Wall Street via Yahoo Finance review this company after its first quarter results of 2026. They think that the fair price is $241.20 and therefore it is overpriced.

Hammond Power Solutions Inc is engaged in designing and manufacturing custom electrical magnetics, cast resin, custom liquid-filled distribution and power transformers, and standard electrical transformers, serving the electrical and electronic industries. The company has manufacturing plants in Canada, the United States, Mexico, and India. The company operates in various geographical markets including Canada, the United States, Mexico, and India from which it derives majority revenue in the United States and Mexico. Its web site is here Hammond Power Solutions Inc.

The last stock I wrote about was about was Ag Growth International (TSX-AFN, OTC-AGGZF) ... learn more. The next stock I will write about will be Pizza Pizza Royalty Corp (TSX-PZA, OTC-PZRIF) ... learn more on Friday, June 5, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy June 2026.... learn more on Thursday, June 4, 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.

Ag Growth International

2026-06-01T17:50:55.639-04:00

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably relatively cheap. Debt Ratios are shows that debt is far too high. The current dividend has just been suspended, so I am not sure what they are going to do in the future at this point. See my spreadsheet on Ag Growth International.

Is it a good company at a reasonable price? This stock really has not done well over the past 10 years. I bought it for diversification reasons, but this has not really worked out for me. It does not seem that it might be doing well over the next while. It may be taken private. I think that the risk level is quite high. It would seem to be on the cheap side currently, but you have to wonder if it is a good buy.

I own this stock of Ag Growth International (TSX-AFN, OTC-AGGZF). By 2011 when I bought this stock, I have been interested in AFN for some time. This stock is a play on the agricultural sector. I looked on it as a backbone stock.

When I was updating my spreadsheet, I noticed the Stock Price fell almost 40% in November 2025. See article by Simply Wall Street via Yahoo Finance. The CEO was stepped down and new one appointed. See article at AGI.

One other thing I found interesting is that for the last 3 years, there has been, according to my records, 3 women on the board over the last 3 years. They had trouble and now there are only men on the board.

I guess because the decline in November 2025 and this stock has not recovered much, to the end of April I have a total return of 2.27% with a 4.03% from a capital loss and 6.30% from dividends. This stock still has not recovered much for November and is only up to $22.84 on May 23, 2026.

If you had invested in this company in December 2015, for $1,030.75 you would have bought 31 shares at $33.25 per share. In December 2025, after 10 years you would have received $423.15 in dividends. The stock would be worth $719.20. Your total return would have been $1,142.35. This would be a total return of 1.35% per year with 3.54% from capital loss and 4.89% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$33.25	$1,030.75	31	10	$423.15	$719.20	$1,142.35

The current dividend has just been suspended, so I am not sure what they are going to do in the future at this point. There is no current dividend information or current Dividend Payout Ratios (DPR) information.

Debt Ratios are shows that debt is far too high. The Long Term Debt/Market Cap Ratio for 2025 is far too high at 2.01 and currently at 2.20. However, because of current problems the stock price just fallen over 50%. The Liquidity Ratio for 2025 is low at 1.28 and 1.34 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.27 and currently at 1.54. The Debt Ratio for 2025 is low at 1.18 and 1.17 currently. The Leverage and Debt/Equity Ratios for 2025 are far too high at 6.70 and 5.70 and currently at 6.99 and 5.99. The Leverage and Debt/Equity Ratios have been far too high for a while.

Type	Year End	Ratio Curr
Lg Term	2.01	2.20
Intang/GW	1.16	1.17
Liquidity	1.28	1.34
Liq. + CF	1.27	1.54
Debt Ratio	1.18	1.17
Leverage	6.70	6.99
D/E Ratio	5.70	5.99

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	-32.24%	-3.02%	-4.89%	1.87%
2015	10	-24.21%	1.19%	-3.54%	4.73%
2010	15	-16.05%	-0.33%	-5.00%	4.67%
2005	20	-10.60%	12.75%	1.86%	10.89%
2003	22	-7.56%	18.00%	3.81%	14.19%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and so not usable. The corresponding 10 year ratios are 15.88, 20.25 and 22.84. The corresponding historical ratios are 12.12, 16.00 and 21.17. The current ratio is negative and so useless. The ratio for 2027 is 8.47 based on a stock price of $22.00 and EPS estimate of $2.60. 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 Earnings per Share Ratios. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 9.13, 11.93 and 13.88. The corresponding 10 year ratios are 10.07, 14.26 and 17.36. The corresponding historical ratios are 11.80, 16.61 and 22.28. The current ratio is 19.47 based on a stock price of $22.00 and AEPS estimate of $1.13. 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.

However, as for EPS, the AEPS for 2027 is expected to be $2.76 and so with a P/AEPS of 7.97 which 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 $18.99. The 10-year low, median, and high median Price/Graham Price Ratios are 0.92, 1.34 and 1.59. The current ratio is 1.16 based on a stock price of $22.00. 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 2.67. The current ratio is 1.55 based on a stock price of $22.00, Book Value of $266.7M, and Book Value per Share of $14.18. The current P/B Ratio is 42% 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 $11.22. This analyst calculates the book value differently than I do and, in this case, the 10 year median ratio is 2.65. The current ratio would be 1.96 based on a Book Value per Share of $11.22, Book Value of $211M and a stock price $22.00. This ratio is 22% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 11.48. The current ratio is 4.44 based on Cash Flow per Share estimate for 2026 of $4.96, Cash Flow of $93.3M and a stock price of $22.00. The current ratio is 61% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

The company has suspended their dividend this year, so I cannot do any dividend yield testing.

The 10-year median Price/Sales (Revenue) Ratio is 0.70. The current P/S Ratio is 0.32 based on a stock price of $22.00, Revenue estimate for 2026 of $1,295M and Revenue per Share of $68.85. The current ratio is 54% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably relatively cheap. The P/S Ratio test says this. Another good test is the P/GP Ratio test and it says that the stock price is relatively reasonable and this is a good test. The P/E Ratio and P/AEPS Ratio tests are showing the stock reasonable now, but cheap next year.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (2), Hold (3) and Underperfrom (1). The consensus is a Buy. The 12 month stock price consensus is $26.14 with a high of $30.00 and low of $24.00. The consensus stock price of $26.14 implies a total return of 18.82%, all from capital gains based on a current stock price of $22.00.

For this stock, in 2025 analysts on Stock Chase say Do Not Buy. In 2024, all the entries thought it was a great stock to buy. They site lots of problems in the farm business. Amy Legate-Wolfe on Motley Fool is mostly positive about this stock. However, she says if margins recover, investors may warm up quickly. Yet if execution keeps slipping, the discount could stick around. Aditya Raghunath on Motley Fool thinks this stock could more than double in the next 3 years. The company put out a Press Release about its fourth quarter of 2025 results. The company put out a Press Release via Globe and Mail about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock and talks about what other reviewers are saying. Simply Wall Street says that they have 1 warning on this stock of interest payments are not well covered by earnings.

There is an interesting article on Global Newswire. Some of the shareholders would like to take the company private to do a turnaround. I hope not. I would rather keep this company, but if it goes private, I will have to sell.

Ag Growth International Inc manufactures portable and stationary grain handling, storage, and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories, grain aeration equipment, and grain drying systems. It has two reportable segments, Farm and Commercial. It has manufacturing facilities in Canada, the United States, Italy, Brazil, France, the United Kingdom, and India. Its geographical segments are Canada, the United States, and the International. Its web site is here Ag Growth International.

The last stock I wrote about was about was Canadian Utilities Ltd (TSX-CU, OTC-CDUAF) ... learn more. The next stock I will write about will be Hammond Power Solutions Inc (TSX-HPS.A, OTC-HMDPF) ... learn more on Wednesday, June 3, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks June 2026.... learn more on Tuesday, June 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.

Canadian Utilities Ltd

2026-05-29T16:41:37.607-04:00

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably relatively expensive. I would rate this a Hold. Debt Ratios like Liquidity is fine, but the company has too much debt. The Dividend Payout Ratios (DPR) could use some adjustment. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Canadian Utilities Ltd.

Is it a good company at a reasonable price? This is a utility stock. Utility stocks tend to give you a nice dividend but not much growth. This is a trade off between the dividend rate and growth. Utility companies tend to do fine in all economic situations because people need what they produce. It is not exciting, but steady. I plan to hold on to this stock. It is testing as in the expensive range, so now may not be a good buying opportunity.

I own this stock of Canadian Utilities Ltd (TSX-CU, OTC-CDUAF). This is a dividend growth utility stock. This stock is closely linked to ATCO Ltd. (TSX-ACO), so you would not buy both.

When I was updating my spreadsheet, I noticed that the company had an impairment write-off for 2025 of $471M. This goes a long way to explain the much lower EPS for 2025. My total return for this stock I have had for 9 years is 7.17% with 3.11% from capital gains and 4.06% from Dividends. This stock seems to often have long term returns in the 7% range. But this is a utilities stock and they tend not to have great returns. It is a steady dividend payer. I noticed that the dividend increases have been around 1% per year over the past 5 years.

If you had invested in this company in December 2015, for $1,022.08 you would have bought 32 shares at $31.94 per share. In December 2025, after 10 years you would have received $534.69 in dividends. The stock would be worth $1,367.36. Your total return would have been $1,902.05. This would be a total return of 7.51% per year with 2.95% from capital gain and 4.56% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$31.94	$1,022.08	32	10	$534.69	$1,367.36	$1,902.05

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.69%. The 10 year and historical dividend yields are moderate at 4.78% and 4.05%. The 5 year historical dividend yield is good (5% to 6% ranges) at 5.26%. The dividend increases are low (below 8% per year) at 1% per year over the past 5 years. The DPRs are too high, that is probably why increases are so low.

The Dividend Payout Ratios (DPR) could use some adjustment. The DPR for 2025 for Earnings per Share (EPS) is far too high at 1221% with 5 year coverage at 124%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 76% with 5 year coverage at 77%. 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 (FCF) is non-calculable with 5 year coverage at 473%. FCF varies from a negative $50M, which I am using to $472M.

Item	Cur	5 Years
EPS	1220.53%	124.12%
AEPS	75.68%	77.48%
CFPS	25.51%	26.67%
FCF	-916.00%	473.00%

Debt Ratios like Liquidity is fine, but the company has too much debt. The Long Term Debt/Market Cap Ratio for 2025 is too high at 1.03 and currently high at 0.86. The Liquidity Ratio for 2025 is good at 1.56 and 1.32 currently. If you added in Cash Flow after dividends, the ratios are fine at 3.02 and currently at 2.80. The Debt Ratio for 2025 is low at 1.37 and 1.38 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.72 and 2.72 and currently at 3.64 and 2.64. I prefer these ratios to be under 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term	1.03	0.86
Intan/GW	0.07	0.08
Liquidity	1.56	1.32
Liq. + CF	3.02	2.80
Debt Ratio	1.37	1.38
Leverage	3.72	3.64
D/E Ratio	2.72	2.64

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	1.00%	11.69%	6.57%	5.12%
2015	10	4.49%	7.51%	2.95%	4.56%
2010	15	6.08%	7.16%	3.06%	4.10%
2005	20	6.20%	7.18%	3.38%	3.80%
2000	25	5.77%	9.19%	4.96%	4.23%
1995	30	5.52%	11.78%	6.48%	5.30%
1990	35	4.92%	11.66%	6.26%	5.40%
1988	37	4.74%	11.32%	6.02%	5.29%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 19.82, 22.40 and 24.98. The corresponding 10 year ratios are 17.83, 20.31 and 22.55. The corresponding historical ratios are 12.11, 13.77 and 15.81. The current ratio is 19.81 based on EPS estimate for 2026 of $2.53 and a stock price of $50.11. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 13.77, 15.45 and 17.07. The corresponding 10 year ratios are 13.80, 15.61 and 17.82. The corresponding historical ratios are 13.80, 15.75 and 17.70. The current ratio is 19.73 based on AEPS estimate for 2026 of $2.54 and a stock price of $50.11. 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 $32.41. The 10-year low, median, and high median Price/Graham Price Ratios are 1.00, 1.14 and 1.28. The current ratio is 1.55 based on a stock price of $50.11. 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 1.85. The current ratio is 2.73 based on a stock price of $50.11, Book Value of $5,004M and Book Value per Share of $18.38. The current ratio is 47% 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 $18.74. This analyst calculates the Book Value differently than I do and, in this case, the 10 year ratio is 1.43. The P/B Ratio is 2.67 based on a Book Value per Share of $18.74, Book Value of $5,102M and a stock price of $50.11. This ratio is 86% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.46. The current ratio is 6.63 based on a stock price of $50.11, Cash Flow per Share estimate for 2026 of $7.56 and Cash Flow of $2,058M. 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 an historical median dividend yield of 4.05%. The current dividend yield is 3.69% based on a stock price of $50.11 and dividends of $1.8492. The current dividend yield is 9% 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 4.78%. The current dividend yield is 3.69% based on a stock price of $50.11 and dividends of $1.8492. The current dividend yield is 23% 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 2.53. The current P/S Ratio is 3.24 based on Revenue estimate for 2026 of $4,212M, Revenue per Share of $15.47 and a stock price of $50.11. 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 relatively expensive. I would rate this a Hold. The 10 year median dividend yield test says that the stock price is expensive. The P/S Ratio test confirms this. Most of the rest of the testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (1), and Hold (6). The consensus would be a Hold. The 12 month stock price consensus is $50.00 with a high of $55.00 and low of $46.00. The consensus stock price of $50.00 implies a total return of 3.47% with 0.22% capital loss and 3.69% from dividends based on a current stock price of $50.11.

There are few entries on this stock on Stock Chase. The one for 2025 says it is a buy. Others do not like this stock because they prefer others like Fortis. Amy Legate-Wolfe on Motley Fool says that safe dividend stocks rarely feel exciting. Then markets get choppy, rates stay stubborn, and suddenly those less exciting options look highly appealing. Adam Othman on Motley Fool says CU is an excellent dividend-paying stock with a 54-year dividend-growth streak. The company put out a Press Release about their fourth quarter of 2025. The company put out a press release via Newswire about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock and suggests that it is 12.7% overvalued with the Discounted Cash Flow Method and undervalued using the Price to Sales method. Simply Wall Street has 4 warnings out on this stock of dividend of 3.66% is not well covered by earnings or free cash flows; interest payments are not well covered by earnings; profit margins (0.8%) are lower than last year (10.6%); and large one-off items impacting financial results.

Canadian Utilities Ltd, a subsidiary of holding company Atco, offers gas and electricity services. The company is engaged in segments that include ATCO Energy Systems, ATCO EnPower, ATCO Australia, and Corporate & Other. Headquartered in Calgary, Alberta, the firm mainly operates in Canada, Australia, and others. Its web site is here Canadian Utilities Ltd.

The last stock I wrote about was about was Mullen Group Ltd (TSX-MTL, OTC-MLLGF) ... learn more. The next stock I will write about will be Ag Growth International (TSX-AFN, OTC-AGGZF) ... learn more on Monday, June 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.

Mullen Group Ltd

2026-05-27T17:38:01.716-04:00

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 fine. The Dividend Payout Ratios (DPR) could be improved. The current dividend yield is moderate with dividend growth good, lately. See my spreadsheet on Mullen Group Ltd.

Is it a good company at a reasonable price? This is a small company and therefore is on the risky side. I bought this with my fooling around money. I still like this company and I be keeping my stock. However, I think that at the present time it is relatively expensive.

I own this stock of Mullen Group Ltd (TSX-MTL, OTC-MLLGF). I like to look at recommended small cap dividend paying stock to see if they would be a possible good investment now or in the future. The other thing to mention about this stock is that it converted from an income trust and decreased it dividends. The reduction in dividend brought the Dividend Payout Ratios down to a place that would allow for the company to begin growing dividends again.

When I was updating my spreadsheet, I noticed that revenue was higher, but expenses were not only higher but of a higher percentage. I am looking at Operating Expenses, Selling and Administration and Finance. The percentage of these costs went from a ratio of 0.85 to 0.88. I have had this stock for just over 11 years. I have made a Total Return of $5.23% with 1.94% from capital gains and 3.29% from dividends. I paid too much for the first stock I bought in 2014. I have since purchased more stock at lower prices.

If you had invested in this company in December 2015, for $1,008.72 you would have bought 72 shares at $14.01 per share. In December 2025, after 10 years you would have received $429.84 in dividends. The stock would be worth $1,133.28. Your total return would have been $1,563.12. This would be a total return of 5.14% per year with 1.17% from capital gain and 3.97% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$14.01	$1,008.72	72	10	$429.84	$1,133.28	$1,563.12

The current dividend yield is moderate with dividend growth good, lately. The current dividend yield is moderate (2% to 4% ranges) at 3.85%. The 5, 10 and historical median dividend yields are also moderate, but a bit higher at 4.92%, 4.69% and 4.45%. The dividend growth for the past 5 years is at 19% per year. However, 11 years ago, the dividends were reduced. That is why the 10 year dividend growth is negative at 3.50%. Dividends are not higher than they were 10 years ago, but are higher than they were 15 years. The last dividend increase was in 2025 and it was for 8.4%.

The Dividend Payout Ratios (DPR) could be improved. The DPR for 2025 for Earnings per Share (EPS) is high at 84% with 5 year coverage at 57%. The DPR for 2025 for Funds from Operations (FFO) is good at 24% with 5 year coverage at 23%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 97% with 5 year coverage at 63%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 23% with 5 year coverage at 20%. The DPR for 2025 for Free Cash Flow (FCF) is high at 73% with 5 year coverage at 44%. FCF varies from 210.2M to 110M. I am using the 110M. This one is from Morningstar which I used quite regularly.

Item	Cur	5 Years
EPS	84.00%	57.02%
FFO	24.21%	23.27%
AEPS	97.24%	63.49%
CFPS	23.96%	20.23%
FCF	73.10%	44.86%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.53 and currently at 0.31. The Liquidity Ratio for 2025 is good at 2.17 and 2.07 currently. The Debt Ratio for 2025 is good at 1.80 and 1.79 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.25 and 1.25 and currently at 2.26 and 1.26.

Type	Year End	Ratio Curr
Lg Term	0.53	0.31
Intang/GW	0.42	0.32
Liquidity	2.17	2.07
Liq. + CF	2.55	2.81
Debt Ratio	1.80	1.79
Leverage	2.25	2.26
D/E Ratio	1.25	1.26

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	19.14%	12.99%	7.63%	5.37%
2015	10	-3.50%	5.14%	1.17%	3.97%
2010	15	3.52%	4.41%	-0.48%	4.88%
2005	20	1.10%	0.22%	-3.59%	3.81%
2000	25	7.64%	8.90%	2.11%	6.79%
1997	28		9.22%	2.94%	6.29%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 10.20, 11.50 and 12.80. The corresponding 10 year ratios are 10.48, 13.21 and 17.27. The corresponding historical ratios are 10.93, 14.51 and 17.72. The current ratio is 17.44 based on a stock price of $21.83 and EPS estimate for 2026 of $1.25. The current 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 Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 10.20, 11.50 and 12.80. The corresponding 10 year ratios are 13.78, 16.46 and 19.21. The corresponding historical ratios are 13.56, 16.39 and 19.42. The current ratio is 17.33 based on a stock price of $21.83 and AEPS estimate for 2026 of $1.26. 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 get a Graham Price of $18.40. The 10-year low, median, and high median Price/Graham Price Ratios are 0.79, 0.95 and 1.11. The current ratio is 1.19 based on a stock price of $21.83. 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 1.30. The current ratio is 1.83 based on a Book Value of $1,146M, Book Value per Share of $11.95 and a stock price of 21.83. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $12.34. The analyst calculates the Book Value differently that I do and, in this case, the 10 year ratio is 1.28. The ratio is 1.77 based on a stock price of $21.83 and Book Value of $1,184M. This ratio is 38% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.40. The current ratio is 7.37 based on Cash Flow per Share estimate for 2026 of $2.96, Cash Flow of $284M and a stock price of $21.83. 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 4.45%. The current dividend yield is 3.85% based on dividends of $0.84 and stock price of $21.83. 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. There are problems with this test because dividends have gone down as well as up and have been level a number of years.

I get a 10 year median dividend yield of 4.69%. The current dividend yield is 3.85% based on dividends of $0.84 and stock price of $21.83. 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. There are problems with this test because dividends were cut 11 years.

The 10-year median Price/Sales (Revenue) Ratio is 0.71. The current ratio is 0.91 based on a stock price of $21.83, Revenue estimate for 2026 of $2,309M and Revenue per Share of $24.07. The current ratio is 27% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

The 10 year median dividend yield says the stock price is relatively reasonable, but above the median, but at 18% above the median it is close to expensive. The P/S Ratio test says that the stock price is relatively expensive. Most of the rest of the testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3), and Hold (4). The consensus would be a Buy. The 12 month stock price consensus of $21.50 with a high of $24.00 and low of $18.00. The consensus stock price of $21.50 implies a total return of 2.34% with a 1.51% capital loss and 3.85% from dividends based on a current stock price of $21.83.

The only entry for 2026 on Stock Chase says this company is cyclical for a good operator. There is a Weak Buy for 2025. Not much in entries. Amy Legate-Wolfe on Motley Fool says the company is driven by Logistics demand and looks like it trading at a sensible price. Robin Brown on Motley Fool says buy for growth and income. The company put out a Press Release about its fourth quarter of 2025. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance looks at this stock. It talks about the fact that the company has issued more shares and therefor has diluted shareholders. Simply Wall Street has 3 warnings on this stock of has a high level of debt; unstable dividend track record; and large one-off items impacting financial results. They are right about unstable dividend track record. The company also reports Adjusted Earnings per Share to exclude one-off items impacting financial results.

Mullen Group Ltd is a logistics provider with a network of independently operated businesses providing a wide range of service offerings, including less-than-truckload, truckload, Specialized & Industrial Services, warehousing and logistics, U.S., and International Logistics, and Corporate. The company also provides a diverse set of specialized services related to the energy, mining, forestry, and construction industries in western Canada. Its web site is here Mullen Group Ltd.

The last stock I wrote about was about was Power Corp of Canada (TSX-POW, OTC-PWCDF) ... learn more. The next stock I will write about will be Canadian Utilities Ltd (TSX-CU, OTC-CDUAF) ... learn more on Friday, May 17, 2026 around 5 pm. Tomorrow on my other blog I will write about Speziale on TFSAs.... learn more on Thursday, May 28, 2026 around 5 pm.

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

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

Power Corp of Canada

2026-05-25T16:44:00.289-04:00

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably expensive. I give it a Hold. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are generally good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Power Corp of Canada.

Is it a good company at a reasonable price? This company is doing fine. It is a good dividend paying stock and I will continue to hold the shares that I have. However, I think at the moment, the stock price is too high. If you overpay for a stock, it can affect badly your long term total return. I think that currently it is testing as too expensive.

I own this stock of Power Corp of Canada (TSX-POW, OTC-PWCDF). I started following this stock because it was on the Dividend Achievers, the Dividend Aristocrats lists and also on Mike Higgs’ list. It is a stock that I notice has been recommended lately as good value (October 2008). I got shares in this company when in 2020 Power Corp reorganized and gave out Power Corp Shares to replace Power Financial Shares.

When I was updating my spreadsheet, I noticed I have made a total return of 9.71% with 5.95% from capital gains and 3.76% from dividends. I am looking at my Power Financial shares and Power Corp shares.

If you had invested in this company in December 2015, for $1,012.90 you would have bought 26 shares at $28.94 per share. In December 2025, after 10 years you would have received $630.97 in dividends. The stock would be worth $2,553.25. Your total return would have been $3,184.22. This would be a total return of 13.77% per year with 9.69% from capital gain and 4.08% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$28.94	$1,012.90	35	10	$630.97	$2,553.25	$3,184.22

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.26%. The 5 and 10 year median dividend yield is good (5% to 6% range) at 5.28% and 5.32%. The historical median dividend yield is moderate at 2.82%. The dividend growth is low (below 8% per year) at 6.6% per year over the past 5 years. The last dividend increase was in 2026 and it was for 9%.

The Dividend Payout Ratios (DPR) are generally good. The DPR for 2025 for Earnings per Share (EPS) is too high at 61% with 5 year coverage at 57%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 45% with 5 year coverage at 49%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 83% with 5 year coverage at very good at 13%. The DPR for 2025 for Free Cash Flow (FCF) is good at 38% with 5 year coverage at 25%.

Item	Cur	5 Years
EPS	60.91%	56.50%
AEPS	45.20%	49.36%
CFPS	83.37%	13.17%
FCF	38.34%	25.16%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is fine at 5.43 and currently at 4.82. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.89 and currently at 0.89 because this is a more important ratio for a Financial. The Liquidity Ratio for 2025 is good at 2.67 and 2.67 currently. But this is not an important ratio for a financial. The Debt Ratio for 2025 is fine for a financial at 1.05 and 1.05 currently. Financial Leverage is also fine at 29% and 29% currently.

Type	Year End	Ratio Curr
Lg Term R+A	0.89	0.89
Lg Term R	5.43	4.82
Intang/GW	0.47	0.42
Liquidity	2.67	2.67
Liq. + CF	2.97	3.15
Debt Ratio	1.05	1.05
Financial Lev	29%	29%

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	6.55%	25.12%	20.07%	5.05%
2015	10	6.97%	13.77%	9.69%	4.08%
2010	15	4.97%	10.25%	6.68%	3.57%
2005	20	6.75%	7.20%	4.26%	2.94%
2000	25	8.86%	8.76%	5.64%	3.12%
1995	30	9.81%	13.84%	9.17%	4.67%
1990	35	10.04%	12.47%	8.65%	3.82%
1987	38	9.55%	11.67%	8.27%	3.40%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.93, 10.85 and 11.76. The corresponding 10 year ratios are 9.80, 11.03 and 11.93. The corresponding historical ratios are 10.52, 12.34 and 13.79. The current ratio is 13.64 based on a stock price of $81.82 and EPS estimate for 2026 of $6.00. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.89, 9.15 and 10.41. The corresponding 10 year ratios are 7.89, 9.18 and 11.04. The corresponding historical ratios are 8.97, 10.92 and 11.98. The current ratio is 13.57 based on a stock price of $81.82 and EPS estimate for 2026 of $6.03. 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 $70.18. The 10-year low, median, and high median Price/Graham Price Ratios are 0.58, 0.65 and 0.76. The current ratio is 1.17 based on a stock price of $81.82. 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 1.06. The current ratio is 2.25 based on a stock price of $81.82, Book Value of $54,431M, and Book Value per Share of 2.25. The current ratio is 113% 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 2.17. The current ratio is 7.50 based on Cash Flow for the last 12 months of $6,935M, Cash Flow per Share of $10.91 and a stock price of $81.82. The current ratio is 246% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

get an historical median dividend yield of 2.82%. The current dividend yield is 3.26% based on dividends of $2.67 and a stock price of $81.82. The current dividend yield is 16% above the 10 year dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 5.32%. The current dividend yield is 3.26% based on dividends of $2.67 and a stock price of $81.82. The current dividend yield is 39% below the historical dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.36. The current ratio is 1.11 based on Revenue estimate for 2026 of $46,685M, Revenue per Share of $73.72 and a stock price of $81.82. The current ratio is 211% 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 give it a Hold. The 10 year median dividend yield test says this and it is confirmed by the P/S Ratio test. Most of the rest of the tests are saying the same thing.

When I look at analysts’ recommendations, I find Buy (3), Hold (5), and Sell (1). The consensus is a Hold. The 12 month stock price consensus is $82.56 with a High of $90.00 and low of $58.00. The consensus stock price of $82.56 implies a total return of 4.41% with 0.90% from capital gains and 3.26% from dividends based on a current stock price of $82.56.

There are a lot of entries on Stock Chase for 2026. They vary from Do Not Buy to Buy. Some like other companies better. Some mentioned they do not like mutual fund companies and Power Corp holds IFM. Some think it is getting too pricy. Others say the new management is giving the stock a new lease on life. Lots of various opinions. Amy Legate-Wolfe on Motley Fool thinks you should buy for rising dividends. She thinks the price is currently reasonable. Puja Tayal on Motley Fool thinks you should buy this to generate passive income. The company put out a Press Release about its fourth quarter of 2025 results. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They talk about the fact that some people think the stock is overvalued and others think it is undervalued. Simply Wall Street lists no warnings for this company.

Power Corp. of Canada is a holding company with controlling interests in Great-West Lifeco (one of the big three Canadian life insurers), IGM Financial (Canada's largest nonbank asset manager), and other alternative asset management platforms (Sagard and Power Sustainable). The company also has minority interests in Groupe Bruxelles Lambert, a holding company with interests in European firms. Its web site is here Power Corp of Canada.

The last stock I wrote about was about was McCoy Global Inc (TSX-MCB, OTC-MCCRF) ... learn more. The next stock I will write about will be Mullen Group Ltd (TSX-MTL, OTC-MLLGF) ... learn more on Wednesday, May 27, 2026 around 5 pm. Tomorrow on my other blog I will write about Behavioural Investment.... learn more on Tuesday, May 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.

McCoy Global Inc

2026-05-22T18:16:14.501-04:00

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably really reasonable to cheap. Debt Ratios are good. The current dividend yield is moderate with dividend restarting and dividend growth restarting, but with a current pause. See my spreadsheet on McCoy Global Inc.

Is it a good company at a reasonable price? I have not made much on this stock, but it is with fooling around money. Insiders are buying shares. The company says they have problems while the Iranian war is on. They have paused their dividends again. I think that the stock price is probably good, but this is a small cap that is not well followed and it is risky.

I own this stock of McCoy Global Inc (TSX-MCB, OTC-MCCRF). I decided to try out McCoy. They had just restored their dividend. I want to use it as a fuller stock in my TFSA account. For me a fuller stock is one that uses up bits of extra money in an account.

When I was updating my spreadsheet, I noticed I started my TFSA account in 2009. I first bought this stock in February 2011. I made several purchases over the years from $0.45 in 2020 to $6.71 to 2014. I do not have much in this stock (just over $5,000). My Total Return to Date is 3.36% to the end of April 2026. I have 2.12% in capital gains and 1.24% in dividends. I use my TFSA for my fooling around money.

McCoy Global says that they are being impacted negatively by the problems in the Middle East and the closing of the Strait of Hormuz.

Note that every officer and director I am following bought shares in the last year. The officers I follow bought shares last year too.

If you had invested in this company in December 2015, for $1,000.64 you would have bought 26 shares at $2.12 per share. In December 2025, after 10 years you would have received $92.04 in dividends. The stock would be worth $1,387.68. Your total return would have been $1,479.72. This would be a total return of 4.01% per year with 3.32% from capital gain and 0.68% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$2.12	$1,000.64	472	10	$92.04	$1,387.68	$1,479.72

The current dividend yield is moderate with dividend restarting and dividend growth restarting, but with a current pause. The current dividend yield is moderate (2% to 4% range) at 4.44%. The 5 year median dividend yield is low (below 2%) at 1.30%. This is because dividends only restarted in 2023. The 10 year median dividend yield is 0% because of lack of dividends. The historical median dividend yield is low at 0.93% because of all the years without dividends. The 5 year dividend growth is not calculable because dividends 5 years ago was 0. Dividends have grown over the past 2 years by 118%. Dividends restarted at $0.02 and in 2025 $0.095 and today, they are $0.10.

Also note that because of the military conflict in the middle east, the company has suspended dividends effective March 6, 2026.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is good at 29% with 5 year coverage at 14%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 10%. The DPR for 2025 for Free Cash Flow (FCF) is currently non-calculable due to a negative FCF with 5 year coverage too high at 405%%. FCF varies from $7,020M to -$5,962M and I am using the last one.

Item	Cur	5 Years
EPS	28.79%	14.66%
CFPS	16.08%	9.55%
FCF	-42.87%	404.79%

Debt Ratios are good. 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 3.10 and 2.71 currently. The Debt Ratio for 2025 is good at 3.92 and 3.55 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.34 and 0.34 and currently at 1.39 and 0.39.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.12	0.16
Liquidity	3.10	2.71
Liq. + CF	2.78	2.63
Debt Ratio	3.92	3.55
Leverage	1.34	1.39
D/E Ratio	0.34	0.39

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	46.09%	43.69%	2.41%
2015	10	-0.51%	4.01%	3.32%	0.68%
2010	15	0.00%	0.45%	-1.52%	1.97%
2005	20	5.93%	-2.37%	-3.74%	1.37%
2000	25	11.32%	2.80%	0.85%	1.95%
1997	28		0.97%	-0.47%	1.44%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.35, 6.70 and 9.04. The corresponding 10 year ratios are 2.81, 4.01 and 5.20. The corresponding historical ratios are 3.92, 8.11 and 10.18. The current ratio is 18.75 based a stock price of $2.25 and EPS estimate for 2026 of $0.12. This is a ratio higher than the 10 year median high ratio. This stock price testing suggests that the stock price is relatively expensive. I note that expected EPS is low at $0.12 when this time last year the EPS was $0.33.

I get a Graham Price of $4.05. The 10-year low, median, and high median Price/Graham Price Ratios are 0.38, 0.57 and 0.77. The current ratio is 0.56 based on a stock price of $2.25. 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 and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 0.82. The current ratio is 0.91 based on a Book Value of $67.3M, Book Value per Share of $2.48 and a stock price of $2.25. 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 a 10-year median Price/Cash Flow per Share Ratio of 2.43. The current ratio is 79.33 based on Cash Flow for the last 12 months of $0.7M, Cash Flow per Share of $0.03 and a stock price of $2.25. The current ratio is 3166% 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 0.93%. The current dividend yield is 4.44% based on a stock price of $2.25 and dividends of $0.10. The current dividend yield is 377% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. However, note this is not a good test because it covers so many years of no dividends.

I get an historical median dividend yield of 2.56% if I exclude years with 0 dividends. The current dividend yield is 4.44% based on a stock price of $2.25 and dividends of $0.10. The current dividend yield is 73% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 5 year median dividend yield of 2.79 if I exclude years with 0 dividends. The current dividend yield is 4.44% based on a stock price of $2.25 and dividends of $0.10. The current dividend yield is 59% above the 5 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 0.69. The current ratio is 0.95 based on Revenue estimate for 2026 of $64.4M, Revenue per Share of $2.37 and a stock price of $2.25. The current ratio is 31% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Note this estimate expected the Revenue to fall by 23%.

However, if you look at Revenue for 2027, analyst expects a 20% climb from 2025 (and 57% climb from 2026). This would produce a ratio of 0.60 based on Revenue of $101M, Revenue per Share of 3.72 and a stock price of 2.25. Here the ratio would be 17% below the 10 year 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 really reasonable to cheap. The dividend tests are not the best, but if we exclude years of 0 dividends then the current dividend yield is relatively high and the stock price relatively cheap. If I use the Revenue expected in 2027, the results is also a cheap stock price. The P/GP Ratio test is pointing to a reasonable price. Other tests are showing the stock price as reasonable but above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (2). The consensus would be a Strong Buy. The 12 months stock price consensus is $5.25 with a high of $5.50 and low of $5.00. The consensus stock price of $5.25 implies a total return of 137.78% with 133.33% from capital gains and 4.44% from dividends based on a current stock price of $2.25.

There is only one entry at Stock Chase for 2026 and the analyst talks about the dividend being suspended temporarily. However, he said that temporarily have been known with this company to last for years. He rates it a Hold. Amy Legate-Wolfe on Motley Fool says this stock is cyclical and has suspended dividends, but it could have real future upside. The company put out a Press Release about their fourth quarter of 2025. The company put out a press release via Newswire about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They said that McCoy Global Inc. has shown resilience in the volatile penny stock market.

McCoy Global Inc is a provider of equipment and technologies designed to support tubular running operations, enhance wellbore integrity and assist with collecting critical data for the energy industry across the globe. Geographically, the company operates in United States & Latin America, which derives key revenue; Middle East & Africa; Europe; Asia Pacific; and Canada. Its web site is here McCoy Global Inc.

The last stock I wrote about was about was Fortis Inc (TSX-FTS, OTC-FRTSF) ... learn more. The next stock I will write about will be Power Corp of Canada (TSX-POW, OTC-PWCDF) ... learn more on Monday, May 25,2026 around 5 pm.

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

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

Fortis Inc

2026-05-20T17:38:59.084-04:00

Sound bite for Twitter is: Results of stock price testing is that the stock price is probably still in a reasonable range, but at the top end. Debt Ratios should be improved, but utilities often have high debt. The Dividend Payout Ratios (DPR) are mostly fine. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Fortis Inc.

Is it a good company at a reasonable price? This is a good company to have in your portfolio. It is a little pricy at this time, but you should always buy stocks in installments over a few years and in different month. It is a utility so it provides a reasonable dividend that has been increasing over the years.

I own this stock of Fortis Inc (TSX-FTS, OTC-FRTSF). I bought this stock as Newfoundland Light and Power Co. Ltd. Class A shares in 1987. I bought more in 1995, 1998 and 2005. In 2005 I sold some Fortis from my RRSP account as I needed to get $20,000 in this account and I was concerned about the debt liquidity of this stock. However, this stock continues to be one of my big stock holdings.

When I was updating my spreadsheet, I noticed I have had this stock for 38 years and I have made a total return of 12.69% per year with 7.71% from capital gains and 4.98% from dividends. This stock, as for most utilities, does have a high debt load. Analyst recommendations go the full range from Strong Buy to Sell.

If you had invested in this company in December 2015, for $1,1010.07 you would have bought 27 shares at $37.41 per share. In December 2025, after 10 years you would have received $540.41 in dividends. The stock would be worth $1,926.72. Your total return would have been $2,467.13. This would be a total return of 10.64% per year with 6.67% from capital gain and 3.96% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$37.41	$1,010.07	27	10	$540.41	$1,926.72	$2,467.13

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.32%. The 5, 10 and historical dividend yields are also moderate at 3.38%, 3.36% and 3.71%. The dividend increases have been low (below 8% per year) at 5.1% per year over the past 5 years. The last dividend increase was in 2025 and it was for 4.1%.

The Dividend Payout Ratios (DPR) are mostly fine. The DPR for 2025 for Earnings per Share (EPS) is high at 73% with 5 year coverage at 75%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 70% with 5 year coverage at 74%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is fine at 63% with 5 year coverage at 65%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 30% with 5 year coverage at 31%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to negative FCFs.

Item	Cur	5 Years
EPS	73.09%	75.18%
AEPS	70.40%	74.49%
AFFO	63.07%	65.52%
CFPS	30.16%	30.86%
FCF	-40.00%	-132.82%

Debt Ratios should be improved, but utilities often have high debt. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.85 and currently at 0.78. The Liquidity Ratio for 2025 is far too low at 0.51 and 0.51 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.88 and currently at 0.90. I like to see the Liquidity Ratio at 1.50 or high. It is too low when below 1.00. If you add back in current debt the ratio is 1.51 and currently at 1.55. The Debt Ratio for 2025 is good at 1.53 and 1.53 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.89 and 1.89 and currently at 2.89 and 1.89.

Type	Year End	Ratio Curr
Lg Term R	0.85	0.78
Intang/GW	0.39	0.36
Liquidity	0.51	0.51
Liq. + CF	0.88	0.90
Liq. +CF+D	1.51	1.55
Debt Ratio	1.53	1.53
Leverage	2.89	2.89
D/E Ratio	1.89	1.89

The Total Return per year is shown below for years of 5 to 44 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	5.10%	10.39%	6.53%	3.85%
2015	10	5.94%	10.64%	6.67%	3.96%
2010	15	5.46%	8.59%	5.07%	3.52%
2005	20	7.47%	9.11%	5.54%	3.57%
2000	25	6.98%	13.65%	8.63%	5.01%
1995	30	6.08%	13.08%	8.14%	4.94%
1990	35	5.69%	12.61%	7.65%	4.96%
1985	40	5.76%	12.23%	7.25%	4.98%
1981	44	6.08%	13.32%	7.52%	5.80%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.10, 19.37 and 21.64. The corresponding 10 year ratios are 17.36, 19.37 and 21.34. The corresponding historical ratio are 13.23, 15.50 and 17.72. The current ratio is 21.35 based on a stock price of $77.17 and EPS estimate $3.62. The current ratios are 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 16.47, 18.66 and 20.85. The corresponding 10 year ratios are 16.43, 18.41 and 20.38. The corresponding historical ratio are 16.43, 18.26 and 20.00. The current ratio is 21.14 based on a stock price of $77.17 and EPS estimate $3.65. The current ratios are 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 $60.01. The 10-year low, median, and high median Price/Graham Price Ratios are 0.96, 1.08 and 1.20. The current Ratio is 1.29 based on a stock price of $77.17. The current ratios are 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 1.40. The current ratio is 1.76 based on a stock price of $77.17, Book Value of $22,323M and Book Value per Share of $43.85. The current ratio is 26% 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 $47.60. This analyst calculates the Book Value differently than I do and here the 10 year median ratio is 1.27. This implies a ratio of 1.62 based on a stock price of $77.17 and Book Value of $24,233M. The current ratio is 27% 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 8.41. The current P/CF Ratio is 9.21 based a Cash Flow per Share estimate for 2026 of $8.38, Cash Flow of $4,264M and a stock price of $77.17. 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 3.71%. The current dividend yield is 3.32% based on dividends of $2.56 and a stock price of $77.17. The current dividend yield 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 a 10 year median dividend yield of 3.36%. The current dividend yield is 3.32% based on dividends of $2.56 and a stock price of $77.17. The current dividend yield is 1.4% 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 2.48. The current P/S Ratio is 2.96 based on Revenue estimate for 2026 of $13,291M, Revenue per Share of $26.11 and a stock price of $77.17. The current ratio is 19% 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 in a reasonable range, but at the top end. The 10 yar dividend yield test says that the ratio is above the median by only 1.4%, but the P/S Ratio test says it is above the median by 19%. A lot of the rest of the testing is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3), Hold (6), Underperform (2), Sell (2). The consensus would be a Hold. The 12 month stock price consensus is $78.90 with a high of $85.00 and low of $71.00. The consensus stock price of $78.90 implies a total return of 5.56% with 2.24% from capital gains and 3.32% from dividends based on a current stock price of $77.17.

Some analyst on Stock Chase think this stock is a hold because of its price. Kay Ng on Motley Fool thinks this is a solid stock to own in your TFSA, but $65 to $70 price would be better. Andrew Walker on Motley Fool says that the company is working on a capital program that will significantly boost the rate base and support future dividend increases. The company put out a Press Release about their fourth quarter of 2025 results. The company put out a Press Release about their first quarter of 2026 results.

Simply Wall Street via Yahoo Finance says that analysts are definitely expecting Fortis growth to accelerate. Simply Wall Street has two warnings of interest payments are not well covered by earnings; and dividend of 3.4% is not well covered by free cash flows.

Fortis owns and operates eight utility transmission and distribution subsidiaries in Canada and the United States. The company has smaller stakes in electricity generation and several Caribbean utilities. Its web site is here Fortis Inc.

The last stock I wrote about was about was AtkinsRealis Group Inc (TSX-ATRL, OTC-SNCAF) ... learn more. The next stock I will write about will be McCoy Global Inc (TSX-MCB, OTC-MCCRF) ... learn more on Friday, May 22, 2026 around 5 pm. Tomorrow on my other blog I will write about Talk About Tipping .... learn more on Thursday, May 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.

Also, on my book blog I have put a review of the book 1929 by Andrew Ross Sorkin learn more...

AtkinsRealis Group Inc

2026-05-18T15:43:57.328-04:00

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are very good. The current dividend yield is low with dividend growth non-existent. See my spreadsheet on AtkinsRealis Group Inc.

Is it a good company at a reasonable price? My testing is saying that the stock price suggests that it is relatively expensive. However, if you like the P/GP Ratio test best, it is saying that the stock price is reasonable. They still have not increased the dividends so I would be cautious until they do. Analysts think this will have in 2028.

I do not own this stock of AtkinsRealis Group Inc (TSX-ATRL, OTC-SNCAF), but I used to when it was SNC-Lavalin Group. I sold my stock in SNC-Lavalin (TSX-SNC, OTC-SNCAF) in 2019. I had given up hope that there will be any sort of resolution for this company anytime soon. In 2019 the Investment Reporter has removed this stock from their Key Stock List and Issued a sell on the stock. Also in 2019 the largest shareholder and a shareholder for lots of Quebec companies of Caisse de Depot et Placement du Quebec seems to be losing patience with this stock also.

When I was updating my spreadsheet, I noticed that the EPS is really high because earnings include the disposal of a Capital Investment. That is why the Adjusted Earnings per Share (AEPS) is a better view of what the company is actually earning. You will know this company is doing well again when they increase their dividends. Last year, analysts thought that that would be in 2027, now they say 2028. People who bought this stock around 2010 have done poorly with total return around 3.5%.

If you had invested in this company in December 2015, for $1,028.00 you would have bought 25 shares at $41.12 per share. In December 2025, after 10 years you would have received $100 in dividends. The stock would be worth $2,215.00. Your total return would have been $2,315.00. This would be a total return of 8.85% per year with 7.98% from capital gain and 0.87% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$41.12	$1,028.00	25	10	$100.00	$2,215.00	$2,315.00

The current dividend yield is low with dividend growth non-existent. The dividends are low (below 2%) at just 0.09%. The 5, 10 and historical are low at 0.23%, 0.30% and 1.38%. Dividend yields have always been low and they have seldom reached 2%. Dividends were decreased in 2019 and they have not been raised since. The analysts think there will be an increase in 2028, but last years they thought that dividends would be raised in 2027.

The Dividend Payout Ratios (DPR) are very good. The DPR for 2025 for Earnings per Share (EPS) is good at 0.52% with 5 year coverage at 2%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 2.38% with 5 year coverage at 4.87%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 1.48% with 5 year coverage at 2.90%. The DPR for 2025 for Free Cash Flow (FCF) is good at 2.89% with 5 year coverage at 6.34%.

Item	Cur	5 Years
EPS	0.52%	2.07%
AEPS	2.38%	4.87%
CFPS	1.48%	2.90%
FCF	2.89%	6.34%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.03 and currently at 0.03. The Liquidity Ratio for 2025 is low at 1.08 and 1.08 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.17 and currently at 1.17. I like to see this ratio at 1.50 or higher. 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 2.25 and 1.25 and currently at 2.25 and 1.25.

Type	Year End	Ratio Curr
Lg Term R	0.03	0.03
Intang/GW	0.29	0.27
Liquidity	1.08	1.08
Liq. + CF	1.17	1.17
Liq. +CF +D	1.25	1.26
Debt Ratio	1.80	1.80
Leverage	2.25	2.25
D/E Ratio	1.25	1.25

The Total Return per year is shown below for years of 5 to 36 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	32.66%	32.46%	0.20%
2015	10	-22.32%	8.85%	7.98%	0.87%
2010	15	-13.30%	3.54%	2.66%	0.88%
2005	20	-5.14%	7.87%	6.44%	1.43%
2000	25	-0.16%	15.54%	12.51%	3.02%
1995	30	1.81%	14.62%	12.02%	2.61%
1990	35	2.17%	14.92%	12.36%	2.56%
1988	36	4.53%	19.99%	15.42%	4.57%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 25.89, 37.18 and 48.47. The corresponding 10 year ratios are 18.36, 22.53 and 27.08. The corresponding historical ratios are 14.34, 20.77 and 25.05. The current ratio is 23.34 based on a stock price of $85.70 and EPS estimate for 2026 of $3.67. 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 23.43, 33.65 and 43.79. The corresponding 10 year ratios are 20.77, 29.31 and 37.67. The corresponding historical ratios are 16.06, 22.40 and 28.05. The current ratio is 22.98 based on a stock price of $85.70 and AEPS estimate for 2026 of $3.73. 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 $53.23. The 10-year low, median, and high median Price/Graham Price Ratios are 1.19, 1.72 and 2.12. The current ratio is 1.61 based on a stock price of $85.72. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.85. The current P/B Ratio is 2.54 based on a stock price of $85.72, Book Value of $5,5553M, and Book Value per Share of 33.77. The current ratio is 37% 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 $36.09. This implies a ratio of 2.37 based on a stock price of $85.72 with a Book Value of $5,935M. This ratio is 28% 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 33.96. The current ratio is 28.86 based on a Cash Flow per Share estimate for 2026 of $2.97, Cash Flow of $488.4M and a stock price of $85.73. 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.

I get an historical median dividend yield of 1.38%. The current dividend yield is 0.09% based on a stock price of $85.72 and dividends of $0.08. The current dividend yield is 93% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not a good test because of the lack of dividend growth.

I get a 10 year median dividend yield of 0.30%. The current dividend yield is 0.09% based on a stock price of $85.72 and dividends of $0.08. The current dividend yield is 68% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not a good test because of the lack of dividend growth.

The 10-year median Price/Sales (Revenue) Ratio is 0.79. The current ratio is 1.18 based on Revenue estimate for 2026 of $11,992M, Revenue per Share of $72.92 and a stock price of $85.72. The current ratio is 49% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably relatively expensive. The P/S Ratio testing says that the stock price is relatively expensive. This is not confirmed by the P/GP Ratio test which says that the stock price is relatively reasonable. The dividend yield tests are not good ones because of the flat dividends.

When I look at analysts’ recommendations, I find Strong Buy (7), and Buy (8). The consensus is a Strong Buy. The 12 month stock price consensus is $114.67 with a high of $131.00 and low of $101.00. The consensus stock price of $114.67 implies a total return of 33.90% with 33.80% from capital gains and 0.09% from dividends based on a current stock price of $85.70.

It is not that analysts do not like this stock on Stock Chase, but they seem to prefer WSP. Amy Legate-Wolfe on Motley Fool say to buy because it gives investors exposure to infrastructure, nuclear, engineering, and long-cycle public spending instead of just a simple economic rebound trade.. Demetris Afxentiou on Motley Fool says Canada’s infrastructure boom is creating opportunities for investors. He says that AtkinsRéalis is now focusing on engineering, consulting, and project management work. That pivot has reduced risk and improved earnings stability. The company has put out a Press Release for the fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviewed this stock and says it is undervalued. Simply Wall Street has two warnings of earnings are forecast to decline by an average of 25.5% per year for the next 3 years; and high level of non-cash earnings.

Based in Montreal, AtkinsRéalis is a fully integrated professional services and project management firm that offers a wide range of services, including financing, consulting, engineering and construction, procurement, and operations and maintenance. Its web site is here AtkinsRealis Group Inc.

The last stock I wrote about was about was WSP Global Inc (TSX-WSP, OTC-WSPOF) ... learn more. The next stock I will write about will be Fortis Inc (TSX-FTS, OTC-FRTSF) ... learn more on Wednesday, May 20, 2026 around 5 pm. Tomorrow on my other blog I will write about Wolf of Oakville Review .... learn more on Tuesday, May 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.