Investment Talk

Northland Power Inc

2026-11-06T17:25:04.118-05:00

Sound bite for Twitter is: Dividend Paying Utility. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are fine. The Dividend Payout Ratios (DPR) fine for Cash Flow and expected to be better this year for company FCF. The current dividend yield is moderate with dividends cut recently. See my spreadsheet on Northland Power Inc.

Is it a good company at a reasonable price? I do tend to like utility stocks, but not so much the ones into Green Energy. They all seem to have a hard time being profitable. Just because one of your stocks that you rely on for dividends cuts their dividends, that is not a good reason to sell. Look into it first. The best reaction might be to buy more. Although the problem with this stock is that it hit a peak 2021 and has been falling since. However, I think that green energy utilities generally had a run up until 2021 because of euphoria with the idea of clean energy. Personally, I am not into green energy utilities, so at this time, this is not a company I would buy.

I do not own this stock of Northland Power Inc (TSX-NPI, OTC-NPIFF). This company is into generating electric power. I have a lot invested in pipelines and I would like to have more invested in electric power as part of my utility’s investments. I read a report on this stock that said it was a good defensive stock to buy. That is, it is a good stock to hold in a stock market correction. I can certainly see the logic of using utility stocks as defensive stocks.

When I was updating my spreadsheet, I noticed that they cut their dividend by 40% in 2026. As with all dividend stock, when dividends are cut, the stock tends to drop. People who depend on dividends are generally unforgiving of a dividend cut. However, selling may not be the smartest move. It depends on what is going on at the company.

Northland Power had problems with completing some capital-intensive projects, but they seem to be back on track. I know that it is disappointing when dividends are cut, but sometimes that is necessary for the future of the company. It is better than paying dividends that the company cannot afford.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. In column 5, I am showing what growth has been over the past 12 months to the end of the second quarter in 2026 and what is expected to the end of this year. The last row of the stock price growth is for the next 12 months.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	18.17%	3.39%	1.56%	<-12 mths
5	FCF Growth	-15.61%	-3.34%	-3.42%	<-12 mths
5	Net Income Growth	-145.23%	N/C	-13.90%	<-12 mths
5	Cash Flow Growth	7.91%	1.53%	-9.30%	<-12 mths
5	Dividend Growth	0.00%	0.00%	-40.00%	<-12 mths
5	Stock Price Growth	-60.92%	-17.13%	26.83%	<-12 mths

10	Revenue Growth	234.41%	12.83%	7.31%	<-this year
10	FCF Growth	33.94%	2.97%	-21.53%	<-this year
10	Net Income Growth	-14382.41%	N/C	-230.60%	<-this year
10	Cash Flow Growth	257.66%	13.59%	-22.81%	<-this year
10	Dividend Growth	11.11%	1.06%	-40.00%	<-this year
10	Stock Price Growth	-4.34%	-0.44%	17.98%	<-12 mths

If you had invested in this company in December 2015, for $1,007.64 you would have bought 54 shares at $18.66 per share. In December 2025, after 10 years you would have received $635.04 in dividends. The stock would be worth $963.90. Your total return would have been $1,598.94. This would be a total return of 5.94% per year with 0.44% from capital loss and 6.38% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$18.66	$1,007.64	54	10	$635.04	$963.90	$1,598.94

The current dividend yield is moderate with dividends cut recently. The current dividend yield is moderate (2% to 4% ranges) at 3.33%. The 5 and 10 year median dividend yields are moderate at 4.12% and 4.67%. The historical median dividend yield is good (5% to 6% ranges) at 6.52%. The dividends were cut by 40% going into 2026. Over the past 28 years, dividends have increased 8 times and declined 2 times. Dividends have been flat a lot of years.

The Dividend Payout Ratios (DPR) fine for Cash Flow and expected to be better this year for company FCF. The DPR for 2025 for Earnings per Share (EPS) is non-calculable due to negative earnings with 5 year coverage to high at 152%. The DPR for 2025 for Free Cash Flow (FCF) from the company is high at 82.19% with 5 year coverage at 82%. The DPR for 2025 for Adjusted Free Cash Flow (AFCF) is high at 82% with 5 year coverage at 70%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 22% with 5 year coverage at 22%. The DPR for 2025 for Free Cash Flow (FCF) is good at 30% with 5 year coverage at 34%.

Item	Cur	5 Years
EPS	N/C	152.28%
FCF Co.	82.19%	81.67%
AFCF	82.19%	70.17%
CFPS	22.45%	21.93%
FCF	30.16%	34.04%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is far too high at 1.30 and currently a bit better at 1.02. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.74 and currently at 0.72 because this is an important ratio for a Utility. The Liquidity Ratio for 2025 is low at 1.07 and 1.04 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.05 and currently at 1.85. The Debt Ratio for 2025 is good at 1.50 and 1.53 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.99 and 1.99 and currently at 2.90 and 1.90.

Type	Year End	Ratio Curr
Lg Term R	1.30	1.02
Lg Term A	0.74	0.72
Intang/GW	0.23	0.20
Liquidity	1.07	1.04
Liq. + CF	2.05	1.85
Debt Ratio	1.50	1.53
Leverage	2.99	2.90
D/E Ratio	1.99	1.90

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	-13.23%	-17.13%	3.90%
2015	10	1.06%	5.94%	-0.44%	6.38%
2010	15	0.70%	7.73%	0.88%	6.85%
2005	20	0.78%	7.88%	0.90%	6.98%
2000	25	0.90%	12.80%	2.85%	9.95%
1997	28	2.51%	10.84%	2.09%	8.75%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 10.17, 11.70 and 13.22. The corresponding 10 year ratios are 13.38, 17.39 and 21.03. The corresponding historical ratios are 13.11, 15.49 and 17.86. The current P/E Ratio is 27.07 based on a stock price of $22.64 and EPS estimate for 2026 of $0.84. 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 Free Cash Flow (FCF) Data from the company. The 5-year low, median, and high median Price/Free Cash Flow Ratios are 14.09, 17.33 and 23.07. The corresponding 10 year ratios are 12.30, 16.63 and 18.86. The corresponding historical ratios are 11.60, 14.39 and 16.48. The current P/FCF Ratio is 19.76 based on a stock price of $22.64 and FCF per share estimate for 2026 of $1.15. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $16.98. The 10-year low, median, and high median Price/Graham Price Ratios are 1.42, 1.90 and 2.14. The current ratio is 1.33 based on a stock price of $22.64. 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 4.20. The current P/B Raito is 1.48 based on Book Value of $4,008, Book Value of $15.33 and a stock price of $22.64. The current ratio is 65% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a Book Value per Share estimate for 2026 of $15.76. This implies a ratio of 1.44 based on a stock price of $22.64 and Book Value of $4,121M. This ratio of 1.44 bis 66% below the current 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 5.09. The current P/CF Ratio is 5.38 based on Cash Flow per Share estimate for 2026 of $4.21, Cash Flow of $1,101M and a stock price of $22.64. The current ratio is 6% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 6.52%. The current dividend yield is 3.18% based on dividends of $0.72 and a stock price of $22.64. The current dividend yield is 51% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not the best test after a dividend cut.

I get a 10 year median dividend yield of 4.67%. The current dividend yield is 3.18% based on dividends of $0.72 and a stock price of $22.64. The current dividend yield is 32% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not the best test after a dividend cut.

The 10-year median Price/Sales (Revenue) Ratio is 3.16. The current P/S Ratio is 2.27 based on Revenue estimate for 2026 of $2,613M, Revenue per Share of $9.99 and a stock price of $22.64. The current P/S Ratio is 28% 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 testing is not a good one when dividends are cut. The P/S Ratio test is saying that the stock price is relatively cheap. The Price/Graham Price Ratio test and the Price/Book Value tests are also saying that the stock price is relatively cheap. There are others that say it is expensive.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (4) and Hold (5). The consensus is a Buy. The 12 months stock price consensus is $26.71 with a high of $43.00 and low of $21.00. The 12 months stock price consensus of $26.71 implies a total return of 21.16% with 17.98% from capital gains and 3.18% from dividends based on a current stock price of $22.64.

Analysts on Stock Chase give this stock a Buy or a Hold this year. One analyst thought that the dividend cut was unnecessary and said the company made a long-term decision to solve a short-term problem. Amy Legate-Wolfe on Motley Fool thinks the company will do well because Europe is committed to great energy. Karen Thomas on Motley Fool says that the stock has turned the corner and thinks that the company will benefit from future electricity demand. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street on Yahoo Finance says that this is a Canadian Renewable Energy Stock to watch in 2026. Simply Wall Street on Yahoo Finance looks how the company’s project affected them. Wall Street gives this stock 2 and one half stars out of 5. Simply Wall Street has two risks on this company of debt is not well covered by operating cash flow; and dividend of 3.24% is not well covered by earnings.

Northland Power develops, constructs, and operates sustainable infrastructure assets across a range of clean and green technologies, such as wind (offshore and onshore), solar, and supplying energy through a regulated utility. Offshore wind is expected to remain the company's largest segment over the long term. Northland's growth opportunities are global and span North America, Europe, Latin America, and Asia. Its web site is here Northland Power Inc.

The last stock I wrote about was about was Quarterhill Inc (TSX-QTRH, OTC-QTRHF) ... learn more. The next stock I will write about will be First Capital REIT (TSX-FCR.UN, OTC-FCXXF) ... learn more on Monday, November 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.

Quarterhill Inc

2026-11-04T16:27:55.901-05:00

Sound bite for Twitter is: Tech Sector Stock. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are fine, but liquidity could improve. They stopped their dividends in 2024. So, there is no dividend yield or Dividend Payout Ratios (DPR). See my spreadsheet on Quarterhill Inc.

Is it a good company at a reasonable price? This is certainly a company. It has reinvented itself several times. If the Revenue goes up as analysts expect it to, then the current stock price is relatively cheap. However, they may or may not be right on this. If you invest in this stock, do not invest with money you cannot afford to lose.

I do not own this stock of Quarterhill Inc (TSX-QTRH, OTC-QTRHF). I bought this company in 2000 as WiLan Inc. (TSX-WIN, OTC-WILN. It was an up and coming company in communications. I sold it in 2006 after losing most of my investment. This stock has never recovered from the bubble that occurred in 2000. I lost all hope of ever making any money on this stock. The other thing is that they completely refocused their company to earn money on their patents. They have reinvented themselves several times since.

When I was updating my spreadsheet, I noticed that the stock price is up 201% so far this year. Note that currently the company is reporting in CDN$ and most estimates are in CDN$.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. In column 5, I am showing what growth has been over the past 12 months to the end of the second quarter in 2026 and what is expected to the end of this year. The last row of the stock price growth is for the next 12 months.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	7.36%	1.43%	2.68%	<-12 mths
5	EPS Growth	-162.50%	N/C	-40.00%	<-12 mths
5	EPS Growth	-101.10%	N/C	-3722.74%	<-12 mths
5	Net Income Growth	-391.23%	N/C	-8.07%	<-12 mths
5	Cash Flow Growth	-93.36%	-41.86%	360.90%	<-12 mths
5	Dividend Growth	-100.00%	N/C	N/C	<-12 mths
5	Stock Price Growth	-62.89%	-17.98%	195.79%	<-12 mths

10	Revenue Growth	8.95%	0.86%	17.29%	<-this year
10	EPS Growth	-190.27%	N/C	11.40%	<-this year
10	EPS Growth	-100.45%	N/C	-5219.53%	<-this year
10	Net Income Growth	-491.52%	N/C	-74.27%	<-this year
10	Cash Flow Growth	-96.12%	-27.74%	360.90%	<-this year
10	Dividend Growth	-100.00%	N/C	N/C	<-this year
10	Stock Price Growth	-48.65%	-6.45%	93.95%	<-12 mths

If you had invested in this company in December 2015, for $1,000.85 you would have bought 26 shares at $1.85 per share. In December 2025, after 10 years you would have received $281.32 in dividends. The stock would be worth $513.95. Your total return would have been $795.27. This would be a total loss of 2.92% per year with 6.45% from capital loss and 3.53% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$1.85	$1,000.85	541	10	$281.32	$513.95	$795.27

They stopped their dividends in 2024. So, there is no dividend yield or Dividend Payout Ratios (DPR).

Debt Ratios are fine, but liquidity could improve. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.00 and currently at 0.08. The Liquidity Ratio for 2025 is low at 0.96 and 1.19 currently. If you added in Cash Flow after dividends, the ratios are still low at 0.96 and currently low at 1.32. I prefer this ratio to be 1.50 or higher. The Debt Ratio for 2025 is good at 1.78 and 1.65 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.29 and 1.29 and currently at 2.53 and 1.53.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	0.00%	-16.96%	-17.98%	1.03%
2014	10	0.00%	-2.92%	-6.45%	3.53%
2009	15	0.00%	-9.38%	-11.94%	2.56%
2004	20		8.17%	0.74%	7.43%
1999	25		-11.60%	-12.89%	1.30%
1998	27		2.03%	-1.68%	3.71%

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.
2019	5	0.00%	-16.96%	-17.98%	1.03%
2014	10	0.00%	-2.92%	-6.45%	3.53%
2009	15	0.00%	-9.38%	-11.94%	2.56%
2004	20		8.17%	0.74%	7.43%
1999	25		-11.60%	-12.89%	1.30%
1998	27		2.03%	-1.68%	3.71%

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.
2019	5	0.00%	-18.45%	-19.45%	1.00%
2014	10	0.00%	-2.59%	-6.35%	3.76%
2009	15	0.00%	-11.56%	-13.87%	2.31%
2004	20		8.84%	0.42%	8.42%
2001	24		-1.99%	-5.38%	3.39%

The 5-year low, median, and high median Price/Earnings per Share Ratios are -9.20, -13.10, -16.11. The corresponding 10 year ratios are 3.13, 5.09 and 6.41. The corresponding historical ratios at -2.97, -7.20, and -11.46. The current ratio is -25.67 based on a stock price of $2.81 and EPS estimate for 2026 of -$0.11. There are too many negative ratios for any proper testing here. This testing is in CDN$.

I get a Graham Price of $1.50. The 10-year low, median, and high median Price/Graham Price Ratios are 0.55, 0.84 and 1.03. The current ratio is 1.87 based on a stock price of $2.81. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$. You wonder how good this test is because of the number of negative EPS over the past 10 years.

I get a 10-year median Price/Book Value per Share Ratio of 0.94. The current P/B Ratio is 4.53 based on a Book Value of $75,301M, Book Value per Share of $0.62 and a stock price of $2.81. The current ratio is 384% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$. The current P/B Ratio is high because the Book Value have dropped a lot over the past 5 years.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.14. The current ratio is 31.61 based on Cash Flow for the last 12 months of $10.8M, Cash Flow per Share of $0.09 and a stock price of $2.81. The current ratio is 415% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I cannot do any dividend yield testing because the dividends have been suspended.

The 10-year median Price/Sales (Revenue) Ratio is 1.45. The current ratio is 1.87 based on Revenue estimate for 2026 of $182M, Revenue per Share of $1.50 and a stock price of $2.81. The current ratio is 29% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

Results of stock price testing is that the stock price is probably relatively expensive. What testing I can do shows this. On the other hand, I do not think that this is a normal stock. However, Analysts are expecting the Revenue to climb. If we look at the P/S Ratio for 2027, the ratio is 0.82 and 43% below the 10 year median ratio.

When I look at analysts’ recommendations, I find Strong Buy (4). The consensus would be a Strong Buy. The 12 months stock price consensus would be $5.45 ($3.884 US$) with a high of $7.33 ($5.224 US$) and a low of $3.96 ($2.818 US$). The 12 months stock price of $5.45 implies a total return of 93.95% with 94.01% from capital gains and 0% from dividends based on a current stock price of $2.81.

There are two entries on Stock Chase for 2026. One is a Do Not Buy and the other is a Sell. However, the stock has done very well this year since around March. Christopher Liew on Motley Fool says this stock is absurdly cheap and ready for a breakout. This was in July 2024. The breakout did not occur until March 2026. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter results for 2026.

CNW Group via Yahoo Finance put out interesting news about Quarterhill Selected to Support LA Metro Express Lanes Back Office Modernization Program. Simply Wall Street via Yahoo Finance talks about 3 Canadian AI Stocks With Revenue Growth Up To 176% To Watch and this includes Quarterhill. Simply Wall Street has one warning on this stock of shareholders have been diluted in the past year. Simply Wall Street gives this stock 2 and one half stars out of 5.

Quarterhill Inc is focused on the acquisition, management, and growth of companies in the intelligent transportation systems (ITS) and innovation and licensing industries. Geographically, the company operates in the United States, Canada, Chile, Korea, Thailand, Belgium, Germany, France, and the Rest of the world. The majority of the revenue comes from the United States. Its web site is here Quarterhill Inc.

The last stock I wrote about was about was Finning International Inc (TSX-FTT, OTC-FINGF) ... learn more. The next stock I will write about will be Northland Power Inc (TSX-NPI, OTC-NPIFF) ... learn more on Friday, November 6, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy November 2026 learn more on Thursday, November 5, 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.

Finning International Inc

2026-11-02T15:29:40.271-05:00

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is testing as relatively expensive. 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 Finning International Inc.

Is it a good company at a reasonable price? This company has been a solid one for investors. It is off its most recent high price wise. I know that analysts are giving it a Strong Buy, but they do this on most good stock. It is a good company, but it is testing as rather expensive at the present time.

I do not own this stock of Finning International Inc (TSX-FTT, OTC-FINGF). When I was in the market to buy an industrial stock in this area in 2007, I look at this stock was well as Toromont Industries (TSX-TIH). At the time I liked Toromont better, so that is what I bought. Now, the only reason I would not buy this company is because I own Toromont Industries Ltd. They are both involved with Caterpillar equipment, although the companies are often classified in different sectors. I classify these companies as industrials, but Stock Channel classifies Finning as Construction and Finning as Industrial.

When I was updating my spreadsheet, I noticed that the stock price went up 95% in 2025 and 25% so far 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 second quarter in 2026 and expected growth over this year.

The last column of the stock price growth is for the next 12 months.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	83.62%	12.92%	5.40%	<-12 mths
5	AEPS Growth	261.40%	29.30%	6.80%	<-12 mths
5	Net Income Growth	183.62%	23.18%	-13.98%	<-12 mths
5	Cash Flow Growth	-28.48%	N/C	48.84%	<-12 mths
5	Dividend Growth	44.21%	7.60%	8.03%	<-12 mths
5	Stock Price Growth	175.14%	22.44%	24.92%	<-12 mths

10	Revenue Growth	71.10%	5.52%	8.48%	<-this year
10	AEPS Growth	219.38%	12.31%	14.08%	<-this year
10	Net Income Growth	508.70%	19.80%	-11.09%	<-this year
10	Cash Flow Growth	81.53%	N/C	7.59%	<-this year
10	Dividend Growth	63.10%	5.01%	7.57%	<-this year
10	Stock Price Growth	298.13%	14.82%	30.73%	<-12 mths

If you had invested in this company in December 2015, for $1,008.72 you would have bought 54 shares at $18.68 per share. In December 2025, after 10 years you would have received $482.57 in dividends. The stock would be worth $4,015.98. Your total return would have been $4,498.55. This would be a total return of 17.48% per year with 14.82% from capital gain and 2.67% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$18.68	$1,008.72	54	10	$482.57	$4,015.98	$4,498.55

The dividends are low, so if you buy this stock what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 7.6% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $92.60 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$1.87	2.02%	5	7.60%	8.14%
$2.70	2.91%	10	7.60%	17.87%
$3.90	4.20%	15	7.60%	31.89%

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.35%. The 5, 10 and historical dividend yields are moderate (2% to 4% ranges) at 2.66%, 2.73% and 2.09%. the dividends have grown at a low rate (below 8% per year) at 7.6% per year over the past 5 years. The last dividend increase was in 2026 and it was for 7.4%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 30% with 5 year coverage at 31%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 29% with 5 year coverage at 30%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 12% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow (FCF) is good at 33% with 5 year coverage high at 50%. The difference FCF for 2025 ranges from $480M to 546M.

Item	Cur	5 Years
EPS	30.17%	30.52%
AEPS	28.70%	30.07%
CFPS	11.55%	11.77%
FCF	32.50%	50.23%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.12 and currently at 0.07. The Liquidity Ratio for 2025 is good at 1.67 and a little low currently 1.47 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.83 and currently at 1.61. The Debt Ratio for 2025 is good at 1.56 and 1.52 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.80 and 1.80 and currently at 2.95 and 1.94.

Type	Year End	Ratio Curr
Lg Term R	0.12	0.07
Intang/GW	0.03	0.03
Liquidity	1.67	1.47
Liq. + CF	1.83	1.61
Debt Ratio	1.56	1.52
Leverage	2.80	2.95
D/E Ratio	1.80	1.94

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	7.60%	24.96%	22.44%	2.52%
2015	10	5.01%	17.48%	14.82%	2.67%
2010	15	6.34%	8.78%	6.96%	1.81%
2005	20	13.15%	9.02%	7.18%	1.84%
2000	25	10.39%	12.83%	10.34%	2.48%
1995	30	8.58%	11.63%	9.50%	2.12%
1990	35	6.89%	11.48%	9.47%	2.01%
1987	38	8.16%	11.91%	9.64%	2.27%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.16, 11.20 and 12.96. The corresponding 10 year ratios are 10.82, 14.43 and 18.70. The corresponding historical ratios are 11.90, 15.01 and 19.00. The current ratio is 20.24 based on a stock price of $92.90 and EPS estimate for 2026 of $4.59. This current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.66, 10.43 and 12.20. The corresponding 10 year ratios are 11.07, 16.04 and 18.17. The corresponding historical ratios are 12.44, 16.56 and 19.40. The current ratio is 19.77 based on a stock price of $92.90 and AEPS estimate for 2026 of $4.70. This 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 $49.24. The 10-year low, median, and high median Price/Graham Price Ratios are 0.92, 1.24 and 1.46. The current ratio is 1.89 based on a stock price of $92.90. This current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 2.21. The current ratio is 4.05 based on a Book Value of $2,984, Book Value per Share of $22.93 and a stock price of $92.90. The current ratio is 83% 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 14.36. The current ratio is 16.33 based on Cash Flow per Share estimate for 2026 of $5.69, Cash Flow of $740M and a stock price of $92.90. 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.

I get an historical median dividend yield of 2.09%. The current dividend yield is 1.40% based on dividends of $1.30 and a stock price of $92.90. The current dividend yield is 34% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 2.73%. The current dividend yield is 1.40% based on dividends of $1.30 and a stock price of $92.90. The current dividend yield is 49% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.65. The current P/S Ratio is 1.05 based on Revenue estimate for 2026 of $11,489M, Revenue per Share of $88.28 and a stock price of $92.90. The current ratio is 61% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is testing as relatively expensive. The 10 year dividend yield test says this and it is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the same thing. The only one different is the P/CF Ratio test and there the stock price is reasonable but above the median.

When I look at analysts’ recommendations, I find Strong Buy (6), and Buy (5). The consensus is a Strong Buy. The 12 month target price is $121.45 with a high of $129.00 and a low of $116.00. The 12 month stock price consensus of $121.45 implies a total return of 31.13% with 30.73% from capital gains and 1.40% from dividends based on a current stock price of $92.90.

There are a couple of Buys on Stock Chase but others are Hold and Watch because they believe that the valuation is too high. If Carney’s promises of construction turns out to be true then Amy Legate-Wolfe on Motley Fool thinks that this company will benefit. Kay Ng on Motley Fool also thinks that this stock will benefit from Canada’s infrastructure projects. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street via Yahoo Finance covers both Caterpillar and Finning. Simply Wall Street has one risk of debt is not well covered by operating cash flow. Simply Wall Street gives this company 2 and one half stars out of 5.

Finning International Inc is a dealer and distributor of heavy-duty machinery and parts of the Caterpillar brand. The company operates in Canada, Chile, UK, Argentina, and Others. Its web site is here Finning International Inc.

The last stock I wrote about was about was Johnson and Johnson (NYSE-JNJ) ... learn more. The next stock I will write about will be Quarterhill Inc (TSX-QTRH, OTC-QTRHF) ... learn more on Wednesday, November 4, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks October 2026.... learn more on Tuesday, November 3, 2026 around 5 pm.

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

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

Johnson and Johnson

2026-10-30T13:58:06.513-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are fine, but Liquidity could improve. The Dividend Payout Ratios (DPR) are currently good. The current dividend yield is low with dividend growth low. See my spreadsheet on Johnson and Johnson.

Is it a good company at a reasonable price? Not doubt that this company has generally done well for its shareholders over long periods of time. However, the stock price is at a long term high. It is probably not a good time to buy. My testing is saying that the stock price is relatively expensive.

I do not own this stock of Johnson and Johnson (NYSE-JNJ). As Canadians, we are told we should be buying US stocks for our portfolio. It is often recommended that we have at least 25% of our portfolio in US stocks. I have never followed this, although I have tried dipping into the US market, but I have never made any money there. I bought some of this stock in June 2005 and realized a year later, in June of 2006 that it was going nowhere for me and sold. I lost almost 17% of my investment. When I bought in 2005, all the analysts were saying that it was a good buy at that time.

When I was updating my spreadsheet, I noticed that the stock price went up by 43% in 2028 and is up some 91% so far this year. There were 5 years periods between 2003 and 2012 that this stock did not do well. That changed after 2013 and most of the time to 2025 there was 8% total return over 5 year periods.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. In column 5, I am showing what growth has been over the past 12 months to the end of the third quarter in 2026 and what is expected to the end of this year. The last column of the stock price growth is for the next 12 months.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	14.06%	2.67%	8.99%	<-12 mths
5	AEPS Growth	34.37%	6.09%	-1.30%	<-12 mths
5	Net Income Growth	82.17%	12.74%	-39.95%	<-12 mths
5	Cash Flow Growth	4.22%	0.83%	6.64%	<-12 mths
5	Dividend Growth	29.15%	5.25%	3.50%	<-12 mths
5	Stock Price Growth	31.50%	5.63%	33.44%	<-12 mths

10	Revenue Growth	34.42%	3.00%	8.99%	<-this year
10	AEPS Growth	74.03%	5.70%	-1.30%	<-this year
10	Net Income Growth	73.95%	5.69%	-39.95%	<-this year
10	Cash Flow Growth	27.24%	2.44%	6.64%	<-this year
10	Dividend Growth	74.24%	5.71%	3.50%	<-this year
10	Stock Price Growth	101.47%	7.26%	1.18%	<-12 mths

If you had invested in this company in December 2015, for $1,027.20 you would have bought 26 shares at $102.72 per share. In December 2025, after 10 years you would have received $680.30 in dividends. The stock would be worth $2,069.50. Your total return would have been $2,749.80. This would be a total return of 11.60% per year with 7.26% from capital gain and 4.34% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$102.72	$1,027.20	10	10	$680.30	$2,069.50	$2,749.80

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.95%. The 5, 10 and historical median dividend yields are moderate (2% to 4% ranges) at 2.88%, 280% and 2.49%. The dividend growth is low (below 8% per year) at 5.3% per year over the past 5 years. The last dividend increase was for 3.08% and it occurred in 2026.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2025 for Earnings per Share (EPS) is good at 47% with 5 year coverage far too high at 112%. However, the DPR for AEPS is more important. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 48% with 5 year coverage at 46%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 33% with 5 year coverage high at 94%. The DPR for 2025 for Free Cash Flow (FCF) is high at 63% with 5 year coverage at 62%. I only get 2 estimates for FCF and they agree the FCF is $19,689M for 2025.

Item	Cur	5 Years
EPS	46.60%	111.56%
AEPS	47.64%	46.16%
CFPS	33.23%	94.22%
FCF	62.85%	61.95%

Debt Ratios are fine, but Liquidity could improve. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.08 and currently at 0.05. The Liquidity Ratio for 2025 is low at 1.03 and 1.02 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.25 and currently at 1.16. I like these ratios to be at 1.50 or higher. The Debt Ratio for 2025 is good at 1.69 and 1.70 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.44 and 1.44 and currently at 2.42 and 1.42.

Type	Year End	Ratio Curr
Lg Term R	0.08	0.05
Intang/GW	0.20	0.14
Liquidity	1.03	1.02
Liq. + CF	1.25	1.16
Debt Ratio	1.69	1.70
Leverage	2.44	2.42
D/E Ratio	1.44	1.42

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	5.25%	11.34%	5.63%	5.71%
2015	10	5.71%	11.60%	7.26%	4.34%
2010	15	6.12%	12.55%	8.37%	4.17%
2005	20	7.22%	9.70%	6.38%	3.33%
2000	25	8.83%	8.39%	5.64%	2.75%
1995	30	9.70%	11.00%	7.86%	3.14%
1990	35	10.32%	12.99%	9.43%	3.56%
1988	37	10.69%	14.46%	10.40%	4.05%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 19.60, 21.29 and 22.98. The corresponding 10 year ratios are 20.73, 23.99 and 26.18. The corresponding historical ratios are 16.55, 19.17 and 21.97. The current ratio is 25.04 based on a stock price of $276.15 and EPS estimate for 2026 of $6.83. 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/Earnings per Share Ratios are 14.68, 16.52 and 18.31. The corresponding 10 year ratios are 14.54, 16.47 and 18.32. The corresponding historical ratios are 14.48, 16.35 and 18.12. The current ratio is 24.83 based on a stock price of $276.15 and AEPS estimate for 2026 of $11.12. 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 get a Graham Price of $92.04. The 10-year low, median, and high median Price/Graham Price Ratios are 1.83, 2.04 and 2.27. The current ratio is 3.00 based on a stock price of $276.15. 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 get a 10-year median Price/Book Value per Share Ratio of 5.70. The current ratio is 8.16 based on a Book Value of $81,529M, Book Value per Share of $33.86 and a stock price of $276.15. The current ratio is 43% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $35.41. This implies a Book Value of $85,265M with a Ratio of 7.80 with a stock price of $276.15. The current ratio of 7.80 is 37% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 16.15. The current ratio is 32.40 based on Cash Flow per Share estimate for 2026 of $8.52 and a stock price of $276.15. The current ratio 101% 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 2.49%. The current ratio is 1.94% based on dividends of $5.36 and a stock price of $276.15. The current dividend yield is 22% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 2.80%. The current ratio is 1.94% based on dividends of $5.36 and a stock price of $276.15. The current dividend yield is 31% 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 4.42. The current P/S Ratio is 6.57 based on Revenue estimate for 2026 of $101,222M, Revenue per Share of $42.04 and a stock price of $276.15. 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 expensive. The 10 year median dividend yield says this and it is confirmed by the P/S Ratio test. All but one test is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (11), Buy (5), Hold (6), and Sell (1). The consensus is a Buy. The 12 month stock price consensus is $279.41 with a high of $320.00 and a low of 190.00. The 12 month stock price of $279.41 implies a total return of 3.12% with 1.18% from capital gains and 1.94% from dividends based on a current stock price of $276.15.

Analyst on Stock Chase seem to like this company. Brendan Coffey on Motley Fool compares Amgen and JNJ and says they are both good but Amgen is relatively cheaper. Matthew DiLallo on Motley Fool talks about what companies JNJ owns and the fact that Motley Fool issued a rare Total Conviction Buy Alert. The company put out a Press Release about their fourth quarter results for 2025. The company put out a Press Release about their third quarter of 2026.

Simply Wall Street via Yahoo Finance talk about JNJ’s treatment for Plaque Psoriasis and what they can gain from this pharmaceutical. Zacks via Yahoo Finance asks if JNJ is a good investment. Simply Wall Street via Yahoo Finance asks if JNJ is fairly values after its recent run up in stock value. Simply Wall Street has three warnings of large one-off items impacting financial results; profit margins (16.2%) are lower than last year (27.2%); and significant insider selling over the past 3 months.

Johnson & Johnson's biggest strength is its diversified business model. It operates through pharmaceuticals, medical devices, and consumer products divisions. Its web site is here Johnson and Johnson.

The last stock I wrote about was about was Quebecor Inc (TSX-QBR.B, OTC-QBCRF) ... learn more. The next stock I will write about will be Finning International Inc (TSX-FTT, OTC-FINGF) ... learn more on Monday, November 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.

Quebecor Inc

2026-10-28T17:10:14.094-04:00

Sound bite for Twitter is: Dividend Growth Telecom. Debt Ratios are mostly fine, but debt level is high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Quebecor Inc.

Is it a good company at a reasonable price? The stock price is off its recent high, but the stock price has climber sharply since January 2025. It has done well for its shareholders over time, but a lot of that has to do with the recent rise in the stock price. This seems like a good stock, but because of the current price, I would be cautious if buying. The stock price may not be very reasonable at present. When buying any company, you should do more than one purchase and purchase in different months.

I do not own this stock of Quebecor Inc (TSX-QBR.B, OTC-QBCRF). I thought I should cover more communication stock besides BCE, so I chose Quebecor Inc, Telus Inc and Cogeco Communications Inc.

When I was updating my spreadsheet, I noticed that last year the stock price went up 64% and this year it went up 26%. There are good increases in the stock price. This company has been growing. See the chart below. Dividends were increased twice in 2026 and increase for 2026 of 21.4%.

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. I have included EBITDA Growth as this has become more important.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	31.44%	5.62%	1.97%	<-12 mths
5	AEPS Growth	63.47%	10.33%	6.59%	<-12 mths
5	Net Income Growth	40.97%	7.11%	10.27%	<-12 mths
5	EBITDA Growth	22.56%	4.15%	2.06%	<-12 mths
5	Cash Flow Growth	44.04%	7.57%	1.54%	<-12 mths
5	Dividend Growth	75.00%	11.84%	21.43%	<-12 mths
5	Stock Price Growth	57.81%	9.55%	26.48%	<-12 mths

10	Revenue Growth	46.29%	3.88%	3.11%	<-this year
10	AEPS Growth	354.26%	16.34%	12.61%	<-this year
10	Net Income Growth	463.90%	18.88%	16.94%	<-this year
10	EBITDA Growth	66.11%	5.21%	4.71%	<-this year
10	Cash Flow Growth	92.31%	6.76%	1.54%	<-this year
10	Dividend Growth	2053.85%	35.93%	21.43%	<-this year
10	Stock Price Growth	205.19%	11.80%	41.59%	<-Next 12

If you had invested in this company in December 2015, for $1,016.40 you would have bought 26 shares at $16.94 per share. In December 2025, after 10 years you would have received $473.31 in dividends. The stock would be worth $3,102.00. Your total return would have been $3,575.31. This would be a total return of 14.13% per year with 11.80% from capital gain and 2.33% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.94	$1,016.40	60	10	$473.31	$3,102.00	$3,575.31

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.72%. The 5 and 10 year median dividend yields are also moderate at 3.81% and 2.99%. The historical median dividend yield is low (below 2%) at 0.74%. Prior to 2019, the dividend yields were under 2%. The dividend growth over the past 5 years was moderate (8% per year) at 11.8% per year.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 38% with 5 year coverage at 42%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 37% with 5 year coverage at 41%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 18% with 5 year coverage at 19%. The DPR for 2025 for Free Cash Flow (FCF) is good at 28% with 5 year coverage at 41%. FCF varies in 2025 from $1,120M to $1,426M and I have using $1,120M.

Item	Cur	5 Years
EPS	37.94%	42.58%
AEPS	36.92%	41.10%
CFPS	18.10%	18.61%
FCF	28.83%	41.08%

Debt Ratios are mostly fine, but debt level is high. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.54 and currently good at 0.38. The Liquidity Ratio for 2025 is too low at 0.89 and 0.68 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.68 and currently quite low at 1.09. The Debt Ratio for 2025 is low at 1.27 and 1.30 currently. I like to see these ratios are 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 4.88 and 3.84 and currently at 4.72 and 3.64. I like to see these ratios below 3.00 and 2.00 but utilities do have lots of debt.

Type	Year End	Ratio Curr
Lg Term R	0.54	0.38
Intang/GW	0.52	0.44
Liquidity	0.89	0.68
Liq. + CF	1.68	1.09
Debt Ratio	1.27	1.30
Leverage	4.88	4.72
D/E Ratio	3.84	3.64

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	11.84%	12.78%	9.63%	3.15%
2015	10	35.93%	14.20%	11.88%	2.33%
2010	15	24.88%	13.73%	12.06%	1.68%
2005	20	18.43%	12.40%	11.05%	1.35%
2000	25	10.06%	9.84%	8.76%	1.09%
1995	30	12.47%	9.11%	8.03%	1.09%
1990	35		11.10%	9.90%	1.25%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.36, 11.24 and 12.75. The corresponding 10 year ratios are 11.39, 12.66 and 14.46. The corresponding historical ratios are 9.60, 11.25 and 13.01. The current ratio is 18.95 based on a stock price of $65.95 and EPS estimate for 2026 of $3.48. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.99, 10.80 and 12.24. The corresponding 10 year ratios are 11.32, 12.97 and 14.61. The corresponding historical ratios are 11.05, 12.97 and 14.61. The current ratio is 15.44 based on a stock price of $65.95 and AEPS estimate for 2026 of $4.27. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $34.30. The 10-year low, median, and high median Price/Graham Price Ratios are 1.71, 1.96 and 2.21. The current ratio is 2.13 based on a stock price of $65.95. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 6.45. The current ratio is 5.37 based on a Book Value of $2,743.7M, Book Value per Share of $12.25 and a stock price of $65.95. 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.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.91. The current ratio is 9.85 based on Cash Flow per Share of $6.70, Cash Flow estimate for 2026 of $1,500M and a stock price of $65.95. The current ratio is 100% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. (I sort of wonder about the estimate as the estimate is 26% below the CFPS for 2025.)

If we use the Cash Flow for the last 12 months of $2,094M, we get a Cash Flow per Share of $9.35 and with a stock price of $65.95 and a ratio of 7.06. This ratio is 44% above the 10 year median ratio. And, this stock price testing suggests that the stock price is relatively expensive. So, the score is not better.

I get an historical median dividend yield of 0.74%. The current ratio is 2.73% based on dividends of $1.80 and a stock price of $65.95. The current dividend yield is 269% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. (See above that yields were really low before 2019.)

I get an historical median dividend yield of 2.99%. The current ratio is 2.73% based on dividends of $1.80 and a stock price of $65.95. The current dividend yield is 8.6% 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 1.52. The current ratio is 2.52 based on Revenue estimate for 2026 of $5,852M, Revenue per Share of $26.12 and a stock price of $65.95. The current ratio is 66% 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 could be reasonable, but probably not. The 10 year median dividend yield test says that the stock price is reasonable, but above the median. The P/S Ratio test does not confirm this result and it says that the stock price is relatively expensive. A number of other tests are saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (5) and Hold (5). The consensus is Strong Buy. The 12 month stock price consensus is $73.20 with a high of $80.00 and a low of 66.00. The 12 month stock price consensus of $73.20 implies a total return of 13.72% with 10.99% from capital gains and 2.73% from dividends based on a current stock price of $65.95.

Analysts on Stock Chase this year like this stock. Last year one analyst said that money was rotated from telcos to cable companies like this one and there would be some sort of mean reversion. So be cautious. Joey Frenette on Motley Fool thinks that investors will be better off with this stock than with Telus or BCE. Amy Legate-Wolfe on Motley Fool says that because of inflation you want to look at dividend growth not yield. She likes this stock as a dividend grower. The company put out a Press Release for the fourth quarter results of 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street via Yahoo Finance looks at the fair market value of this stock from different perspectives. Simply Wall Street has one warning of has a high level of debt. Simply Wall Street gives this stock 2 and one half stars out of 5.

Quebecor is a Canadian telecom service provider that operates a growing national wireless network and a broadband footprint in Quebec. Quebecor also operates media and sports and entertainment segments, including its television network, newspaper publishing, a minor league hockey team, and the Videotron Center. Its web site is here Quebecor Inc.

The last stock I wrote about was about was Cenovus Energy Inc (TSX-CVE, NYSE-CVE) ... learn more. The next stock I will write about will be Johnson and Johnson (NYSE-JNJ) ... learn more on Friday, October 30, 2026 around 5 pm. Tomorrow on my other blog I will write about Looking for Good Stock to Buy.... learn more on Thursday, October 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.

Cenovus Energy Inc

2026-10-26T17:49:36.102-04:00

Sound bite for Twitter is: Dividend Paying Resource. Results of stock price testing is that the stock price could still be reasonable, but maybe not. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is Low with dividend growth currently moderate. See my spreadsheet on Cenovus Energy Inc.

Is it a good company at a reasonable price? This is a resource stocks and I tend not to buy such stocks as they are cyclical. On the dividend testing it is testing as reasonable. However, if you look at its chart, it is at an all-time high. It is probably never a good idea to buy a stock, especially a cyclical stock at a all-time high point.

I do not own this stock of Cenovus Energy Inc (TSX-CVE, NYSE-CVE). This is another stock that was talked about at the 2010 Money Show in Toronto. There were those who liked oil companies and they mentioned both Suncor Energy Inc. (TSX-SU) and Cenovus Energy Inc. (TSX-CVE). This company was split off from EnCana (TSX-ECA) in 2009. My spreadsheet reflects this split.

When I was updating my spreadsheet, I noticed that the stock price really climbed this year. It ended in December 2025 at $23.22 and is currently $46.67, a 100.99% increase. Since 2008, financials have been in CDN$ and Dividends are currently paid in CDN$. Growth has been good over the past 5 years. See 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 end of the second quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	275.72%	30.31%	27.79%	<-12 mths
5	FFO Growth	469.72%	41.62%	115.51%	<-12 mths
5	Net Income Growth	265.20%	29.57%	69.47%	<-12 mths
5	Cash Flow Growth	2913.92%	97.62%	50.17%	<-12 mths
5	Dividend Growth	1148.00%	65.67%	10.26%	<-12 mths
5	Stock Price Growth	199.61%	24.54%	100.99%	<-12 mths

10	Revenue Growth	280.40%	14.29%	27.79%	<-this year
10	FFO Growth	5.23%	0.51%	115.51%	<-this year
10	Net Income Growth	535.92%	20.32%	69.47%	<-this year
10	Cash Flow Growth	458.21%	18.76%	50.17%	<-this year
10	Dividend Growth	-8.49%	-0.88%	10.26%	<-this year
10	Stock Price Growth	32.69%	2.87%	126.53%	<-this year

If you had invested in this company in December 2015, for $1,015.00 you would have bought 58 shares at $17.50 per share. In December 2025, after 10 years you would have received $205.70 in dividends. The stock would be worth $1,346.76. Your total return would have been $1,552.46. This would be a total return of 4.54% per year with 2.87% from capital gain and 1.67% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.50	$1,015.00	58	10	$205.70	$1,346.76	$1,552.46

The current dividend yield is Low with dividend growth currently moderate. The dividend yield is low (below 2%) at 1.89%. The 10 year and historical median dividend yields are low at 1.60% and 1.60%. The 5 year median dividend yield is moderate (2% to 4% ranges) at 2.11%. The last dividend increase was moderate (8% to 14% per year ranges) at 10%. Dividends increased by 66% per year over the past 5 year but are down by .9% over the past 10 years. There were dividend cuts in 2015, 2016 and 2020. Dividends are now 0.9% lower than they were in 2014.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 36% with 5 year coverage at 28%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 16% with 5 year coverage at 13%. The DPR for 2025 for Funds from Operations (FFO) is good at 35% with 5 year coverage at 22%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow (FCF) is fine at 42% with 5 year coverage good at 23%. FCF varies in 2025 from $3,408M to $3,964M. I am using the $3,408M figure.

Item	Cur	5 Years
EPS	36.28%	28.39%
AFFO	16.02%	13.35%
FFO	35.81%	22.38%
CFPS	16.82%	11.66%
FCF	42.17%	23.13%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.25 and currently at 0.10. The Liquidity Ratio for 2025 is good at 1.57 and 1.63 currently. The Debt Ratio for 2025 is good at 2.00 and 2.11 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.01 and 1.01 and currently at 1.90 and 0.90.

Type	Year End	Ratio Curr
Lg Term R	0.25	0.10
Intang/GW	0.07	0.03
Liquidity	1.57	1.63
Liq. + CF	2.64	3.75
Debt Ratio	2.00	2.11
Leverage	2.01	1.90
D/E Ratio	1.01	0.90

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	65.67%	28.48%	24.54%	3.94%
2015	10	-0.88%	4.54%	2.87%	1.67%
2010	15	-0.17%	-0.45%	-2.37%	1.93%
2005	20	7.94%	1.89%	-0.47%	2.36%
2000	25	10.39%	5.61%	2.73%	2.88%
1995	30	8.58%	8.62%	5.16%	3.45%
1992	33	8.21%	10.71%	6.76%	3.95%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.74, 11.71 and 13.69. The corresponding 10 year ratios are 5.36, 7.07 and 8.77. The corresponding historical ratios are 11.71, 14.33 and 16.52. The current ratio is 8.23 based on a stock price of $46.67 and EPS estimate for 2026 of $5.67. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 3.11, 4.32 and 5.66. The corresponding 10 year ratios are 3.96, 5.51 and 6.58. The corresponding historical ratios are 5.31, 6.22 and 7.65. The current ratio is 9.41 based on a stock price of $46.67 and AFFO estimate for 2026 of $4.96. 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.

I get a Graham Price of $48.57. The 10-year low, median, and high median Price/Graham Price Ratios are 0.51, 0.73 and 0.93. The current ratio is 0.96 based on a stock price of $46.67. 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.

I get a 10-year median Price/Book Value per Share Ratio of 1.12. The current ratio is 2.52 based on a Book Value of $34,198M, Book Value per Share of $18.49 and a stock price of $46.67. The current ratio is 126% 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 $20.76. With a stock price of $46.67 this implies a Book Value of $38,396M and a ratio of 2.25. This ratio is 101% 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 5.43. The current ratio is 5.03 based on Cash Flow per Share estimate for 2026 of $9.28, Cash Flow of $17,171M and a stock price of $46.67. This ratio is 7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 1.60%. The current dividend yield is 1.89% based on dividends of $0.88 and a stock price of $46.67. The current dividend yield is 18% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 1.60%. The current dividend yield is 1.89% based on dividends of $0.88 and a stock price of $46.67. The current dividend yield is 18% 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 0.76. The current ratio is 1.36 based on Revenue of $63,506M, Revenue per Share of $34.34 and a stock price of $46.67. The current ratio is 80% 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 could still be reasonable, but maybe not. The dividend yield tests are saying this but it is not confirmed by the P/S Ratio test. The dividend yield tests are not all that good because dividends have been inconsistent. The P/S Ratio test says that the stock price is relatively expensive. Most of the testing is saying that except for the P/CF Ratio test that says that the stock price is reasonable.

When I look at analysts’ recommendations, I find Strong Buy (8) and Buy (3). The consensus would a Strong Buy. The 12 month stock price consensus is $52.60 with a high of $58.00 and a low of $47.00. The consensus stock price of $52.60 implies a total return of 14.59% with a capital gain of 12.71% and dividends of 1.89% based on a current stock price of $46.67.

Most analysts thinks that Cenovus is a buy on Stock Chase. The one Do Not Buy just likes CNQ better. Robin Brown on Motley Fool thinks this stock is a buy now because it is a top Canadian Energy stock. Amy Legate-Wolfe on Motley Fool suggests a small purchase now and then see how things go with the Athabasca purchase before investing more. The company put out a Press Release about their fourth quarter for 2025. The company put out a Press Release about their second quarter of 2026.

Zacks via Yahoo Finance reviews this stock and its recent ascent. Simply Wall Street via Yahoo Finance says that Cenovus Energy is just one of 3 Canadian oil companies to watch. Simply Wall Street has three warnings of earnings are forecast to decline by an average of 4% per year for the next 3 years; unstable dividend track record; and significant insider selling over the past 3 months. (Internet info seems to back up this selling.)

Cenovus Energy Inc is a Canadian integrated energy group. he group's reportable segments are: Oil Sands, Conventional, Offshore, Canadian Refining, U.S Refining, and Corporate and Eliminations. Maximum revenue is generated from its Oil Sands segment. Geographically, the group derives maximum revenue from the U.S., followed by Canada and China. Its web site is here Cenovus Energy Inc.

The last stock I wrote about was about was Keyera Corp (TSX-KEY, OTC-KEYUF) ... learn more. The next stock I will write about will be Quebecor Inc (TSX-QBR.B, OTC-QBCRF) ... learn more on Wednesday, October 28, 2026 around 5 pm. Tomorrow on my other blog I will write about Why Europe is Burning.... learn more on Tuesday, October 27, 2026 around 5 pm.

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

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

Keyera Corp

2026-10-23T19:55:26.151-04:00

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios are need improving, but utilities tend to have high debt loads. The Dividend Payout Ratios (DPR) mostly fine as shown by AFFO and FFO. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Keyera Corp.

Is it a good company at a reasonable price? This stock has mostly done fine for shareholders. The dividend yield has been quite good. It is a utility and so mainly a safe stock to buy. Currently, the price seems to be rather expensive.

I do not own this stock of Keyera Corp (TSX-KEY, OTC-KEYUF). I started to review some of the stock recommended by Jennifer Dowty from a column she wrote and I reviewed in February 2010 on Dividends and Special Dividends. The title of the article in Investor’s Digest was Dividend Stocks: Buy, Hold and Collect. Jennifer worked as a Portfolio Manager for Manulife Asset Management Limited after working for Investor's digest.

When I was updating my spreadsheet, I noticed they have a lot of cash. They got this from selling shares. They seem to be on a buying streak. EPS lower in 2026 because of Acquisition and Integration costs.

If you had invested in this company in December 2015, for $1,006.50 you would have bought 25 shares at $40.26 per share. In December 2025, after 10 years you would have received $465.31 in dividends. The stock would be worth $1,100.00. Your total return would have been $1,565.31. This would be a total return of 5.29% per year with 0.89% from capital gain and 4.40% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$40.26	$1,006.50	25	10	$465.31	$1,100.00	$1,565.31

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

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	127.52%	17.87%	4.88%	<-12 mths
5	AFFO Growth	-1.53%	-0.31%	-26.17%	<-12 mths
5	Net Income Growth	596.98%	47.45%	-11.61%	<-12 mths
5	Cash Flow Growth	12.55%	2.39%	-38.45%	<-12 mths
5	Dividend Growth	10.42%	2.00%	4.01%	<-12 mths
5	Stock Price Growth	94.52%	14.23%	26.77%	<-12 mths

10	Revenue Growth	171.87%	10.52%	33.41%	<-this year
10	AFFO Growth	13.03%	1.23%	-6.85%	<-this year
10	Net Income Growth	114.11%	7.91%	38.78%	<-this year
10	Cash Flow Growth	19.50%	1.80%	20.57%	<-this year
10	Dividend Growth	51.70%	4.26%	4.39%	<-this year
10	Stock Price Growth	9.29%	0.89%	45.00%	<-this year

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges at 4.03%. The 5, 10 and historical dividend yields are good (5% to 6% ranges) at 6.13%, 5.68% and 5.94%. The dividend growth is low (below 8% per year) at 2% per year over the past 5 years. The last dividend increase was in 2026 and it was for 4.2%.

The Dividend Payout Ratios (DPR) mostly fine as shown by AFFO and FFO. The DPR for 2025 for Earnings per Share (EPS) are far too high at 112% with 5 year coverage at 113%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is fine at 66% with 5 year coverage at 61%. The DPR for 2025 for Funds from Operations (FFO) is fine at 57% with 5 year coverage at 51%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 57% with 5 year coverage at 51%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 174% with 5 year coverage at 138%. FCF varies in 2025 from $279M to $571M and I am using $279M.

Item	Cur	5 Years
EPS	112.17%	113.05%
AFFO	66.04%	61.18%
FFO	56.92%	51.30%
CFPS	56.94%	51.22%
FCF	174.17%	137.66%

Debt Ratios need improving, but utilities tend to have high debt loads. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.59 and currently at 0.54. The Liquidity Ratio for 2025 is good at 1.76 and low at 1.22 currently. If you added in Cash Flow after dividends, the ratios are good at 1.85 and currently still low at 1.42. The Debt Ratio for 2025 is low at 1.27 and 1.42 currently. I prefer these ratios to be at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 4.72 and 3.72 and currently at 3.48 and 2.48. I prefer these rates below 3.00 and 2.00. However, utilities tend to have rather high debt loads.

Type	Year End	Ratio Curr
Lg Term R	0.59	0.54
Intang/GW	0.01	0.12
Liquidity	1.76	1.22
Liq. + CF	1.85	1.42
Debt Ratio	1.27	1.40
Leverage	4.72	3.48
D/E Ratio	3.72	2.48

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	2.00%	21.14%	14.23%	6.91%
2015	10	4.26%	5.29%	0.89%	4.40%
2010	15	5.88%	12.18%	6.31%	5.88%
2005	20	6.09%	13.77%	7.24%	6.53%
2002	23	9.78%	18.92%	9.92%	9.01%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 16.31, 20.12 and 23.82. The corresponding 10 year ratios are 17.41, 20.64 and 23.87. The corresponding historical ratios are 18.04, 21.17 and 24.26. The current ratio is 25.19 based on a stock price of $55.78 and EPS estimate for 2026 of $2.21. The current ratio is above the high ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 9.29, 10.62 and 11.95. The corresponding 10 year ratios are 9.32, 10.90 and 12.60. The corresponding historical ratios are 9.35, 11.34 and 13.95. The current ratio is 18.66 based on a stock price of $55.78 and AFFO estimate for 2026 of $2.99. The current ratio is above the high ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 7.40, 8.54 and 10.15. The corresponding 10 year ratios are 7.54, 9.13 and 10.73. The corresponding historical ratios are 7.77, 9.74 and 11.72. The current ratio is 13.19 based on a stock price of $55.78 and FFO estimate for 2026 of $4.23. The current ratio is above the high ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $33.87. The 10-year low, median, and high median Price/Graham Price Ratios are 1.28, 1.59 and 1.86. The current ratio is 1.65 based on a stock price of $55.78. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.56. The current ratio is 2.42 based on a Book Value of $5,281M, Book Value per Share of $23.03 and a stock price of $55.78. 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 a 10-year median Price/Cash Flow per Share Ratio of 9.41. The current ratio is 13.70 based on Cash Flow per share of $4.07, Cash Flow of $934M and a stock price of 55.78. The current ratio is 46% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 5.94%. The current dividend yield is 4.03% based on dividends of $2.25 and a stock price of $55.78. The current dividend yield is 32% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 5.68%. The current dividend yield is 4.03% based on dividends of $2.25 and a stock price of $55.78. The current dividend yield is 28% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.47. The current P/S Ratio is 1.40 based on a stock price of $55.78, Revenue estimate for 2026 of $9,144M and Revenue per Share of 39.88. 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.

Results of stock price testing is that the stock price is probably on the expensive side. The dividend yield tests say that the stock price is relatively expensive and I generally go with this test. I like it confirmed by the P/S Ratio test, but that test says the stock price is reasonable. The other tests vary from reasonable and below the median to expensive.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (5), Hold (3). The consensus is a Strong Buy. The 12 month stock price consensus is $63.80 with a high of $70.00 and low of $56.00. the consensus stock price of $63.80 implies a total return of 18.41% with 14.38% from capital gains and 4.03% from dividends based on a current stock price of $55.78.

All but one analyst on Stock Chase gives this stock a buy. The Do Not Buy says that for the last 15 years, everyone has said that natural gas is going to be the play. But it's never really come to fruition. Jitendra Parashar on Motley Fool says that . Keyera offers a 4.3% yield backed by an expanding fee-based Canadian energy infrastructure business. He also says it gives you a dependable income. Adam Othman on Motley Fool says that you should change your TFSA into a passive income machine. This is one of the stocks he likes. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street via Yahoo Finance talks about 3 Canadian companies and LNG with India. Guru Focus via Yahoo Finance reviews this stock. Guru Focus gives interesting reviews of stocks. Simply Wall Street has 4 warnings on this stock of interest payments are not well covered by earnings; dividend of 4.12% is not well covered by earnings or free cash flows; profit margins (5%) are lower than last year (7.3%); and shareholders have been diluted in the past year.

Keyera Corp is a midstream energy business that operates out of Alberta. Its primary lines of business consist of the gathering and processing of natural gas in western Canada, the storage, transportation, and liquids blending for natural gas liquids and crude oil, and the marketing of natural gas liquids, iso-octane, and crude oil. Its web site is here Keyera Corp.

The last stock I wrote about was about was Safi Silver Corp (TSX-SF, OTC-PNTZF) ... learn more. The next stock I will write about will be Cenovus Energy Inc (TSX-CVE, NYSE-CVE) ... learn more on Monday, October 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. Also, on my book blog I have put a review of the book The Greek Revolution by Mark Mazower learn more...

Safi Silver Corp

2026-10-21T17:48:11.182-04:00

Sound bite for Twitter is: Risky Mining Stock. Results of stock price testing is that the stock price is that none can be done. Debt Ratios are good. There are no dividends so there is no dividend growth or Dividend Payout Ratios (DPR). See my spreadsheet on Safi Silver Corp.

Is it a good company at a reasonable price? This is a Canadian mining company. I once had a roommate that was a geologist and any time, I suggested even taking a gamble on a Canadian mining company, she always talked me out of it because apparently Canadian mining companies generally have a bad reputation. However, I realize investing in this company I was gambling. I am fine with that. It has been an interesting adventure following this company. Any money in it is a gamble.

I own this stock of Safi Silver Corp (TSX-SF, OTC-PNTZF). I originally brought this stock in 2000 as Tathacus Resources Ltd. because it was doing interesting things. It was part of a basket of small caps that I was buying at that time. There was a reverse takeover (RTO) of this company on April 28, 2011 by Pan Terra Industries Inc. Symbol PNT. On May 2, 2012 there was a name change from Pan Terra Industries (PNT) to Kombat Copper Inc. (KBT). September 2016 there was a name change to Trigon Metals Inc. Name change in 2026 to Safi Silver Corp. I sold the stock in my Pension fund and bought this stock in my TFSA account.

When I was updating my spreadsheet, I noticed stock price is going down. There is not much information available on this stock on any site. I have spent too much time on this stock that has little value at the present time. They seem to change the name quite a bit.

If you had invested in this company in December 2015, for $1,000.50 you would have bought 667 shares at $1.50 per share. In December 2025, after 10 years you would have received $0 in dividends. The stock would be worth $253.46. Your total return would have been $253.46. This would be a total loss of 12.86% per year with 12.86% from capital loss and 0.00% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$1.50	$1,000.50	667	10	$0.00	$253.46	$253.46

There are no dividends so there is no dividend growth or Dividend Payout Ratios (DPR).

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.04 and currently at 0.05. The Liquidity Ratio for 2025 is good at 1.32 and 1.66 currently. The Debt Ratio for 2025 is good at 1.32 and 1.66 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.50 and 0.50 and currently at 1.51 and 0.51.

Type	Year End	Ratio Curr
Lg Term R	0.04	0.05
Intang/GW	0.00	0.00
Liquidity	1.32	1.66
Liq. + CF	1.33	0.29
Debt Ratio	1.32	1.66
Leverage	1.50	1.51
D/E Ratio	0.50	0.51

The Total Return per Year is shown below for years of 5 to 14 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. Chart is from when the company became Kombat Copper Inc. (KBT).

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	-24.99%	-24.99%	0.00%
2015	10	0.00%	-12.83%	-12.83%	0.00%
2012	14	0.00%	-25.29%	-25.29%	0.00%

I cannot do any Price/Earnings testing because of mostly earnings losses over the last 5 and 10 years.

I cannot calculate a Graham Price because of earnings losses. I cannot do any P/GP Ratio testing.

I get a 10-year median Price/Book Value per Share Ratio of 5.04. But I get a median P/B Ratios from a negative 20.11 to a positive 564.70 over the past 10 years. The current P/B Ratio is 1.08 which is 86% below the 10 year median ratio. I doubt this is anywhere close to a good test. However, a P/B Ratio of 1.08 is a low one and a good ratio.

I get a 10-year median Price/Cash Flow per Share Ratio that is negative, so I cannot do any P/CF Ratio test.

There are no dividends, so I cannot do any dividend yield testing.

There is no Revenue, so I cannot do any P/S Ratio test.

Results of stock price testing is that the stock price is that none can be done.

When I look at analysts’ recommendations, I find a Strong Buy (1) from 3 months ago. So, I guess the consensus is a Strong Buy. According to Google there is a target price of $1.50 on Market Watch and that is true. They also say that on Trading View there is a Sell or Strong Sell due to the recent downward price momentum. I when on to the Trading View site on today and under Summary, it says Sell (4), Neutral (9) and Buy (13).

This stock is not on Stock Chase. There is not much to be found online for this company, but there is a Business Wire site talking about positive first drill in Morocco. That is all I can find. There is nothing on Motley Fool. Simply Wall Street has one warning out of does not have a meaningful market cap (CA$20M). Simply Wall Street gives this stock one star out of 5.

Safi Silver Corp is a Canadian exploration company with its core focus on polymetallic silver holdings in southern Morocco. Its project Portfolio includes the Addana Project, the Silver Hill Project, and the Kalahari Copper Project. Its web site is here Safi Silver Corp.

The last stock I wrote about was about was Dollarama Inc (TSX-DOL, OTC-DLMAF) ... learn more. The next stock I will write about will be Keyera Corp (TSX-KEY, OTC-KEYUF) ... learn more on Friday, October 23, 2026 around 5 pm. Tomorrow on my other blog I will write about Bird Construction and Calian Group.... learn more on Thursday, October 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.

Dollarama Inc

2026-10-19T15:10:58.977-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably expensive. Debt Ratios mostly good, but the debt is high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth good. See my spreadsheet on Dollarama Inc.

Is it a good company at a reasonable price? This company has done well for their shareholders. I have not been fond of this stock because of its level of debt. A lot of their ratios are really high. Also, their dividends are so low that it seems like it is really not a dividend stock.

I do not own this stock of Dollarama Inc (TSX-DOL, OTC-DLMAF). I belong to an investment club and this was a stock I volunteered to look at. I had, of course, heard of this stock before and people have mentioned that it is doing very well for shareholders.

When I was updating my spreadsheet, I noticed that they still had a very high debt level. The Leverage Ratio is 5.19 and the Debt/Equity Ratio is 4.19. I would want these ratios to be less than 3.00 and 2.00. Dividends are so low that it would take some 15 years to get to a reasonable rate from the current dividend and current rate. See the paragraph below. This would be a stock to perhaps build your portfolio and discard when you want a dividend paying portfolio. The financial year ends around February 1 year, so I am reviewing the financial year of February 1, 2026.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. In column 5, I am showing what growth has been over the past 12 months to the end of the second quarter of 2027 dated August 2026 and what is expected to the end of this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	80.21%	12.50%	8.65%	<-12 mths
5	EPS Growth	161.33%	21.18%	5.29%	<-12 mths
5	Net Income Growth	132.03%	18.33%	4.30%	<-12 mths
5	Cash Flow Growth	98.09%	14.65%	13.53%	<-12 mths
5	Dividend Growth	132.61%	18.39%	13.78%	<-12 mths
5	Stock Price Growth	295.41%	31.65%	-0.11%	<-12 mths

10	Revenue Growth	173.77%	10.60%	30.24%	<-this year
10	EPS Growth	373.00%	16.81%	24.95%	<-this year
10	Net Income Growth	239.98%	13.02%	10.81%	<-this year
10	Cash Flow Growth	292.03%	14.64%	6.24%	<-this year
10	Dividend Growth	250.91%	13.38%	17.24%	<-this year
10	Stock Price Growth	669.85%	22.64%	1.14%	<-this year

The dividends are low, so if you buy this stock what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 18.39% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $204.74 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years. I do not buy dividend stocks that have yields less than 1% because it takes to long to get to a reasonable yield.

Div Pd	Div Yield	Years	At IRR	Div Cov
$1.12	0.54%	5	18.39%	1.69%
$2.60	1.27%	10	18.39%	5.07%
$6.04	2.95%	15	18.39%	12.94%

If you had invested in this company in December 2015, for $1,012.57 you would have bought 38 shares at $26.65 per share. In December 2025, after 10 years you would have received $88.20 in dividends. The stock would be worth $7,795.32. Your total return would have been $7,883.52. This would be a total return of 22.99% per year with 22.64% from capital gain and 0.35% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$26.65	$1,012.57	38	10	$88.20	$7,795.32	$7,883.52

The current dividend yield is low with dividend growth good. The current dividend yield is low (below 2%) at 0.25%. The 5, 10 and historical median dividend yields are also low at 0.29%, 0.32% and 0.38. The dividend growth is good (at 15% or higher per year) at 18.4% per year over the past 5 years. The last dividend increase was in 2026 and it was for 10.6%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 8.7% with 5 year coverage at 8.2%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 6.2% with 5 year coverage at 5.6%. The DPR for 2025 for Free Cash Flow (FCF) is good at 8.7% with 5 year coverage at 8.4%.

Item	Cur	5 Years
EPS	8.66%	8.16%
CFPS	6.24%	5.64%
FCF	8.71%	8.42%

Debt Ratios mostly good, but the debt is high. The Long Term Debt/Market Cap Ratio for 2026 is good at 0.0.04 and currently at 0.06. The Liquidity Ratio for 2026 is low at 1.13 and good at 1.55 currently. If you added in Cash Flow after dividends, the ratios are good at 2.35 and currently at 3.17. The Debt Ratio for 2026 is low at 1.24 and 1.22 currently. The Leverage and Debt/Equity Ratios for 2026 very high at 5.19 and 4.19 and currently at 5.54 and 4.54. The debt is high and these ratios are good when they are below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.04	0.06
Intang/GW	0.02	0.02
Liquidity	1.13	1.55
Liq. + CF	2.35	3.17
Debt Ratio	1.24	1.22
Leverage	5.19	5.54
D/E Ratio	4.19	4.54

The Total Return per Year is shown below for years of 5 to 17 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	18.39%	31.95%	31.65%	0.30%
2015	10	13.38%	22.99%	22.64%	0.35%
2010	15	15.92%	29.11%	28.45%	0.66%
2008	17		28.38%	27.83%	0.55%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 23.08, 27.03, 30.97. The corresponding 10 year ratios are 21.38, 25.62 and 30.68. The corresponding historical ratios are 19.43, 24.89 and 29.30. The current ratio is 39.95 based on a stock price of $204.92 and EPS estimate for 2026 of $5.13. 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 $25.16. The 10-year low, median, and high median Price/Graham Price Ratios are 7.77, 9.37 and 10.98. The current ratio is 8.14 based on a stock price of $204.92. 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. It is interesting how high these ratios are for this stock. Generally, it is only Tech stocks with such high ratios. Normal ratios are considered to be between 0.80 to 1.20.

I get a 10-year median Price/Book Value per Share Ratio of 30.76. The current ratio is 37.35 based on a Book Value of $1,478M, Book Value per Share of $5.49 and a stock price of $204.92. The current ratio is 21% above the 10 year ratio. This stock price testing suggests that the stock price is relatively expensive. These ratios are really high also for P/B Ratios where a good ratio is around 1.50.

I get a 10-year median Price/Cash Flow per Share Ratio of 20.57. The current ratio is 29.51 based on Cash Flow per Share estimate for 2026 is 29.51 based on Cash Flow estimate for 2026 of $1,871M, Cash Flow per Share of $6.95 and a stock price of $204.92. The current ratio 43% 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 0.38%. The current dividend yield is 0.23% based on dividends of $0.4658 and a stock price of $204.92. The current dividend yield is 38% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 0.32%. The current dividend yield is 0.23% based on dividends of $0.4658 and a stock price of $204.92. The current dividend yield is 27% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 4.01. The current P/S Ratio is 6.77 based on a stock price of $204.92, Revenue estimate for 2026 of $8,159M and Revenue per Share of $30.29. The current ratio is 69% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. The dividend yield tests say this and it is confirmed by the P/S Ratio test. A number of other tests says that the stock price is relatively expensive. The thing to really note is that most of the ratios are relatively very high ones.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (5), Hold (4) and Sell (1). The consensus is a Buy. The 12 month stock price consensus is $207.47 with a high of $236.00 and a low of $148.00. The 12 month stock price of $207.47 implies a total return of 1.48% with 1.24% from capital gains and 0.23% from dividends based on a current stock price of $204.92.

Analysts have mostly negative views on this company on Stock Chase. Some say that the valuation is too high. Another says that the company is under pressure. Amy Legate-Wolfe on Motley Fool says that Dollarama has defended their margins in the current trade war and so is valuable company. Demetris Afxentiou on Motley Fool says while Dollarama is not a bargain it does have long term appeal. The company put out a press release via Newswire about their fourth quarter results ending in 2026. The company put out a press release via Newswire about their second quarter of 2027 dated August 2, 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They talk about expected losses from their expansion into Australia. Also, Simply Wall Street says the stock is overvalued based on cash flow. Simply Wall Street has one warning of has a high level of debt.

Founded in 1992, Dollarama is Canada's largest discount retailer. Beyond its domestic base, Dollarama holds a majority stake in Latin American value retailer Dollarcity and recently acquired The Reject Shop in Australia. Its web site is here Dollarama Inc.

The last stock I wrote about was about was Ovintiv Inc (TSX-OVV, NYSE-OVV) ... learn more. The next stock I will write about will be Safi Silver Corp (TSX-SF, OTC-PNTZF) ... learn more on Wednesday, October 21, 2026 around 5 pm. Tomorrow on my other blog I will write about My Blog on Feedspot.... learn more on Tuesday, October 20, 2026 around 5 pm.

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

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

Ovintiv Inc

2026-10-16T16:05:33.230-04:00

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

Is it a good company at a reasonable price? This is not a steady dividend payer, so if you want steady dividends, this stock is not for you. This company also seems to be a short term, not a long term investment. You would probably make money on it, but you will have to keep an eye on it at all times. I have bought such companies, but you have to realize the sort of investment you are making. With a number of tests, the current stock price is showing as reasonable but above the median. I would be very careful if you are looking to buy. With the stock price increases already this year, you got to wonder about how far it will still go up.

I do not own this stock of Ovintiv Inc (TSX-OVV, NYSE-OVV), but I used to. I had held this stock previously as Alberta Energy Company from April 2000 until August 2002 and made some 18% total returns per year. I also held this stock as EnCana Corp from February 2006 to November 2009 and made a 9.54% per year total return. I sold this stock in 2009 because I only had 100 shares and the stock was going to split into two companies. I would have ended up with small investment in two companies.

When I was updating my spreadsheet, I noticed expense increased in 2025 faster than revenue grew. Main problem item is an impairment charge. Note this stock’s financials are in US$, estimates are in US$ and Dividends are paid in US$.

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

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth US$	32.44%	5.78%	9.54%	<-12 mths
5	AEPS Growth	1282.86%	69.10%	68.39%	<-12 mths
5	Net Income Growth	120.37%	17.12%	-25.93%	<-12 mths
5	Cash Flow Growth	92.72%	14.02%	21.96%	<-12 mths
5	Dividend Growth	219.83%	26.18%	0.00%	<-12 mths
5	Stock Price Growth	172.91%	22.24%	76.22%	<-12 mths

10	Revenue Growth US$	101.45%	7.25%	13.00%	<-this year
10	AEPS Growth	1482.86%	31.81%	68.39%	<-this year
10	Net Income Growth	124.05%	8.40%	-1.58%	<-this year
10	Cash Flow Growth	117.25%	8.07%	36.86%	<-this year
10	Dividend Growth	-14.29%	-1.53%	0.58%	<-this year
10	Stock Price Growth	62.28%	4.96%	99.77%	<-this year

If you had invested in this company in December 2015, for $1,019.35 you would have bought 29 shares at $35.15 per share. In December 2025, after 10 years you would have received $258.83 in dividends. The stock would be worth $1,559.91. Your total return would have been $1,818.74. This would be a total return of 6.27% per year with 4.35% from capital gain and 1.92% from dividends. This is in CDN$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$35.15	$1,019.35	29	10	$258.83	$1,559.91	$1,818.74

The current dividend yield is low with dividend growth currently flat. The current dividend yield is low (below 2%) at 1.74%. The 5 year and historical median dividend yields are moderate (2% to 4% ranges) at 2.59% and 2.33%. The 10 year median dividend yield is low at 1.82%. the last dividend increase was in 2023 and it was for 20%. Dividends have gone up 26% per year over the past 5 years. This is after the cuts made in 2013 and 20.16. Dividends have varied in the past. They have gone up and down and remained flat. Dividends are paid in US$.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2025 for Earnings per Share (EPS) is good at 25% with 5 year coverage at 14%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 24% with 5 year coverage at 17%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 8% with 5 year coverage at 7%. The DPR for 2025 for Free Cash Flow (FCF) is good at 19% with 5 year coverage at 16%. The FCF for 2025 varies from $1,600M to $1,638M. I am using the $1,600M value. Dividends are paid in US$.

Item	Cur	5 Years
EPS	25.10%	13.69%
AEPS	24.79%	17.13%
CFPS	8.12%	6.86%
FCF	19.25%	16.14%

< Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.44 and currently at 0.19. The Liquidity Ratio for 2025 is very low at 0.54 and 1.01 currently. If you added in Cash Flow after dividends, the ratios are good at 1.74 and currently at 3.10. The Debt Ratio for 2025 is good at 2.22 and 2.48 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.82 and 0.82 and currently at 1.68 and 0.68. This is in US$.

Type	Year End	Ratio Curr
Lg Term R	0.44	0.19
Intang/GW	0.26	0.12
Liquidity	0.54	1.01
Liq. + CF	1.74	3.10
Debt Ratio	2.22	2.48
Leverage	1.82	1.68
D/E Ratio	0.82	0.68

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	28.05%	28.68%	24.08%	4.61%
2015	10	-1.63%	6.27%	4.35%	1.92%
2010	15	-5.73%	-4.77%	-6.42%	1.65%
2005	20	3.06%	-2.32%	-4.51%	2.19%
2000	25	6.38%	2.42%	-0.62%	3.04%
1995	30	5.29%	8.13%	3.50%	4.63%
1992	33	5.22%	8.78%	4.11%	4.67%

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	26.18%	26.70%	22.24%	4.47%
2015	10	-1.53%	6.98%	4.96%	2.02%
2010	15	-7.71%	-6.81%	-8.38%	1.56%
2005	20	2.22%	-3.03%	-5.38%	2.35%
2001	24	6.83%	5.10%	0.50%	4.60%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.14, 5.41 and 7.25. The corresponding 10 year ratios are 4.35, 6.90 and 8.68. The corresponding historical ratios are 6.64, 8.24 and 10.00. The current ratio is 21.52 based on a stock price of $97.75 and EPS estimate for 2026 of $4.54 (3.18 US$). The current ratio is way above the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. Note that the stock price in CDN$ has gone up some 81% this year. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS). The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 5.13, 7.09 and 9.05. The corresponding 10 year ratios are 6.14, 8.34 and 10.56. The corresponding historical ratios are 6.94, 11.23 and 16.52. The current ratio is 8.47 based on a stock price of $69.06 and AEPS estimate for 2026 of $8.15. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. Note that the stock price in US$ has gone up some 76% this year. This testing is in US$.

I get a Graham Price of $124.53. The 10-year low, median, and high median Price/Graham Price Ratios are 0.45, 0.63 and 0.83. The current ratio is 0.78 based on a stock price of $97.75. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.20. The current ratio is 1.66 based on a Book Value of $11,499M, Book Value per Share of $41.57 and a stock price of $69.06. The current ratio is 38% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I also have a Book Value per Share estimate for 2026 of $42.77. This implies a book value of $11,830M, a ratio of 1.61 with a stock price of $69.06. In this case the ratio is 34% above the 10 year median ratio of 1.20. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.81. The current ratio is 3.82 based on Cash Flow per Share estimate for 2026 of $18.07. The current ratio is 36% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get an historical median dividend yield of 2.33%. The current dividend yield is 1.74% based on dividends of $1.20 and a stock price of $69.06. The current dividend yield is 25% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 10 year median dividend yield of 1.82%. The current dividend yield is 1.74% based on dividends of $1.20 and a stock price of $69.06. The current dividend yield is 4.5% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$.

The 10-year median Price/Sales (Revenue) Ratio is 1.10. The current P/S Ratio is 1.90 based on Revenue estimate for 2026 of $10,066M, Revenue per Share of $36.39 and a stock price of $69.06. The current ratio is 72% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

Results of stock price testing is that the stock price could be still reasonable. The 10 year dividend yield test says that the stock price is reasonable but above the median. Problem with this test is the variability of the dividends and recent dividends are flat but with some big increases recently. The P/S Ratio test is saying that the stock price is relatively expensive. Stock price testing is showing that the stock price is either reasonable but above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (16), Buy (6) and Hold (5). The Consensus would be a Strong Buy. The 12 month stock price consensus is $111.67 ($78.29 US$) with a high of $131.22 ($92.00 US$) and a low of $78.45 ($55.00 US$). The consensus stock price of $111.67 implies a total return of 15.99% with 14.24% from capital gains and 1.75% from dividends based on a current stock price of $97.75. This is in CDN$.

Analyst on Stock Chase currently like this stock. Aditya Raghunath on Motley Fool says to buy because it is cheap. Adam Othman on Motley Fool says to buy because it is currently one of the most undervalued companies in the Canadian energy sector. The company put out a press release via Energy Now about their fourth quarter of 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street via Yahoo Finance looks at this company and thinks it is worth watching. Guru Focus via Yahoo Finance reviews this company and talks about its ability to pay its dividend. Simply Wall Street has two warnings on this stock of large one-off items impacting financial results; and unstable dividend track record. Note that this company has AEPS to account for large one-off items impacting financial results. Simply Wall Street gives this stock 3 and one half stars out of 5.

Ovintiv Inc. is an independent energy producer, which explores and churns out oil and natural gas from diverse assets located in the U.S. and Canada. Its web site is here Ovintiv Inc.

The last stock I wrote about was about was CCL Industries Inc (TSX-CCL.B, OTC-CCDBF) ... learn more. The next stock I will write about will be Dollarama Inc (TSX-DOL, OTC-DLMAF) ... learn more on Monday, October 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.

CCL Industries Inc

2026-10-14T16:54:44.584-04:00

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 good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on CCL Industries Inc.

Is it a good company at a reasonable price? This stock has been returning to its shareholders reasonable returns over the past 5 and 10 years. Analysts expect good returns this year also. The dividend yield is low, but it is growing at a good rate. This seems to be a stock you had buy and hold for the longer term. It would seem to be in a reasonable range at the present time.

I do not own this stock of CCL Industries Inc (TSX-CCL.B, OTC-CCDBF). In 2009 I read a favorable report on this stock of which I had also heard before. This is also a dividend paying stock and in 2009 it was on Dividend Achievers list. This company has had reasonable growth. See the paragraph below. When I was updating my spreadsheet, I noticed profit was lower than last year due to a higher restructuring charge.

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

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	46.19%	7.89%	2.97%	<-12 mths
5	AEPS Growth	50.65%	8.54%	3.23%	<-12 mths
5	Net Income Growth	51.48%	8.66%	1.02%	<-12 mths
5	Cash Flow Growth	47.74%	8.12%	-3.79%	<-12 mths
5	EBITDA Growth	44.45%	7.63%	2.60%	<-12 mths
5	Dividend Growth	77.78%	12.20%	12.50%	<-12 mths
5	Stock Price Growth	50.03%	8.45%	10.70%	<-12 mths

10	Revenue Growth	152.17%	9.69%	6.61%	<-this year
10	AEPS Growth	169.45%	10.42%	9.91%	<-this year
10	Net Income Growth	171.93%	10.52%	8.14%	<-this year
10	Cash Flow Growth	174.46%	10.62%	9.47%	<-this year
10	EBITDA Growth	166.68%	10.31%	27.12%	<-this year
10	Dividend Growth	326.67%	15.61%	12.50%	<-this year
10	Stock Price Growth	93.21%	6.81%	24.68%	<-this year

If you had invested in this company in December 2015, for $1,032.10 you would have bought 23 shares at $44.87 per share. In December 2025, after 10 years you would have received $185.84 in dividends. The stock would be worth $1,994.10. Your total return would have been $2,179.94. This would be a total return of 8.07% per year with 6.81% from capital gain and 1.26% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$44.87	$1,032.10	23	10	$185.84	$1,994.10	$2,179.94

The current dividend yield is low with dividend growth moderate. The current yield is low (below 2%) at 1.50%. The 5, 10 and historical median dividend yields are also low at 1.61%, 1.39% and 1.91%. The dividend growth is moderate (between 8% and 14% ranges per year) at 12.2% per year over the past 5 years. The last dividend increase was in 2026 and it was for 12.5%.

You have dividends starting over 1% and a good increase each year. If dividends continue to increase by 12.20% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $95.98 would be. The last column shows the percentage of your stock’s original price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$2.56	2.67%	5	12.20%	9.57%
$4.55	4.74%	10	12.20%	23.91%
$8.09	8.43%	15	12.20%	49.41%

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 28% with 5 year coverage at 28%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 28% with 5 year coverage at 27%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 13% with 5 year coverage at 13%. The DPR for 2025 for Free Cash Flow (FCF) is good at 26% with 5 year coverage at 30%. FCF does not vary much for 2025.

Item	Cur	5 Years
EPS	28.01%	27.88%
AEPS	27.59%	26.89%
CFPS	13.37%	13.45%
FCF	25.92%	30.63%

Debt Ratios 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 fine at 1.42 and 1.39 currently. If you added in Cash Flow after dividends, the ratios are good at 1.90 and currently at 1.82. The Debt Ratio for 2025 is good at 2.26 and 2.05 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.79 and 0.79 and currently at 1.95 and 0.95.

Type	Year End	Ratio Curr
Lg Term R	0.09	0.11
Intang/GW	0.24	0.23
Liquidity	1.42	1.39
Liq. + CF	1.90	1.82
Debt Ratio	2.26	2.05
Leverage	1.79	1.95
D/E Ratio	0.79	0.95

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	12.20%	9.99%	8.45%	1.54%
2015	10	15.61%	8.07%	6.81%	1.26%
2010	15	16.59%	21.91%	19.59%	2.32%
2005	20	14.87%	16.11%	14.53%	1.58%
2000	25	12.73%	20.28%	17.78%	2.51%
1995	30	10.99%	14.40%	12.90%	1.50%
1990	35	9.41%	13.68%	12.08%	1.59%
1987	38	9.28%	12.86%	11.31%	1.55%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.55, 17.70 and 19.84. The corresponding 10 year ratios are 17.61, 20.51 and 23.16. The corresponding historical ratios are 12.33, 15.61 and 20.49. The current ratio is 18.94 based on a stock price of $95.98 and EPS estimate for 2026 of $5.15. 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 14.33, 16.69 and 19.34. The corresponding 10 year ratios are 12.50, 18.37 and 20.80. The corresponding historical ratios are 13.77, 16.58 and 19.49. The current ratio is 18.82 based on a stock price of $95.98 and AEPS estimate for 2026 of $5.10. 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 $61.25. The 10-year low, median, and high median Price/Graham Price Ratios are 1.34, 1.53 and 1.78. The current ratio is 1.57 based on a stock price of $95.98. This ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.88. The current ratio is 2.94 based on a Book Value of $5,664M, Book Value per Share of $32.69 and a stock price of $95.98. The current ratio is 1.8% 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 Book Value per Share estimate for 2026 of $32.36. This implies a ratio of 2.97 with a Book Value of $5,606M and stock price of $95.88. This ratio is 2.9% above the 10 year median ratio of 2.88. 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 12.64. The current ratio is 11.65 based on Cash Flow per Share estimate for 2026 of $8.24, Cash Flow of $1,428M and a stock price of $95.98. 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 get an historical median dividend yield of 1.91%. The current dividend yield is 1.50% based on a stock price of $95.98. The current dividend yield is 21% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 1.39%. The current dividend yield is 1.50% based on a stock price of $95.98. The current dividend yield is 7.9% 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 1.86. The current P/S Ratio is 2.04 based on Revenue estimate for 2026 of $8,170M, Revenue per Share of $47.16 and a stock price of $95.98. The current ratio is 9% 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. The 10 year median dividend yield test says that the stock price is reasonable and below the median. The P/S Ratio test says that the stock price is reasonable but above the median. Most of the rest of the testing is saying that the stock price is reasonable and above or below the median.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (5) and Hold (1). The consensus would be a Strong Buy. The 12 month stock price is $108.10 with a high of $115.00 and low of $98.00. This implies a total return of 14.13% with 12.63% from capital gains and 1.50% from dividends based on a current stock price of $95.98.

Analysts on Stock Chase mostly like this company, but one for 2026 says it is not really a compelling, multi-year thesis. Jitendra Parashar on Motley Fool says this company pairs earnings growth with strong cash generation. Amy Legate-Wolfe on Motley Fool says buys some now and on dips. The company sends out a press release via Globe and Mail about their fourth quarter of 2025. The company sends out a press release via Globe and Mail about their second quarter results for 2026.

Guru Focus via Yahoo Finance reviews this stock and talks about their dividends and their ability to pay dividends. Simply Wall Street has one warning on this stock of significant insider selling over the past 3 months.

CCL Industries Inc manufactures and sells packaging and packaging-related products. Its geographical segments include Canada; USA and Puerto Rico; Mexico, Brazil, Chile, and Argentina; Europe; and Asia, Australia, Africa, and New Zealand. Its web site is here CCL Industries Inc.

The last stock I wrote about was about was Brookfield Corp (TSX-BN, NYSE-BN) ... learn more. The next stock I will write about will be Ovintiv Inc (TSX-OVV, NYSE-OVV) ... learn more on Friday, October 16, 2026 around 5 pm. Tomorrow on my other blog I will write about Betting on Canadian Energy.... learn more on Thursday, October 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.

Brookfield Corp

2026-10-12T17:42:45.221-04:00

Sound bite for Twitter is: Dividend Paying Financial. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios show that the debt is too high, but Liquidity Ratios are fine. The Dividend Payout Ratios (DPR) are currently fine. The current dividend yield is low with dividend growth restarted. See my spreadsheet on Brookfield Corp.

Is it a good company at a reasonable price? What I do not like about this stock is that it is very complicated to look at. It has a number of different companies under its umbrella and they keep reorganizing. Although, I must admit that they do make some good money for their shareholders. On the other hand, the yield on this stock is pathetic.

I do not own this stock of Brookfield Corp (TSX-BN, NYSE-BN). I used to own an earlier version of this stock as Hees International, then Edper Group and then EdperBrascan back in 1987 to 1999.

When I was updating my spreadsheet, I noticed for such a big Canadian company, there is very few estimates given that I can find. I find this really strange. On the other hand, this stock has produced results for its shareholders.

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

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth US$	19.68%	3.66%	2.61%	<-12 mths
5	DE Growth	39.05%	6.82%	-21.26%	<-12 mths
5	Net Income Growth	1075.37%	63.69%	55.74%	<-12 mths
5	Cash Flow Growth	31.38%	5.61%	-14.74%	<-12 mths
5	Dividend Growth	-25.00%	-5.59%	16.67%	<-12 mths
5	Stock Price Growth	109.97%	15.99%	-19.42%	<-12 mths

10	Revenue Growth US$	277.14%	14.20%
8	DE Growth	168.31%	13.13%	16.14%	<-this year
10	Net Income Growth	-44.17%	-5.66%
10	Cash Flow Growth	293.04%	14.67%
10	Dividend Growth	14.09%	1.33%	16.67%	<-this year
10	Stock Price Growth	316.61%	15.34%	5.56%	<-this year

If you had invested in this company in December 2015, for $1,008.13 you would have bought 66 shares at $15.27 per share. In December 2025, after 10 years you would have received $753.42 in dividends. The stock would be worth $4,159.32. Your total return would have been $4,912.74. This would be a total return of 18.63% per year with 15.23% from capital gain and 3.40% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$15.27	$1,008.13	66	10	$753.42	$4,159.32	$4,912.74

The current dividend yield is low with dividend growth restarted. The current dividend is low (below 2%) at 0.76%. The 5 and 10 year dividend yields are low at 84% and 1.83%. The historical median dividend yield is moderate (2% to 4%) at 2.13%. Dividends were decreased in 2023 by some 50%. The dividends over the past 5 years are down by 5.6% per year. Dividends are still some 24% below where they were in 2022. In 2024 the company increased dividends. The dividends were increased in 2026 by 16.7%.

The Dividend Payout Ratios (DPR) are currently fine. The DPR for 2025 for Earnings per Share (EPS) is good at 47% with 5 year coverage too high at 198%. The DPR for 2025 for Distributable Earnings (DE) is good at 9% with 5 year coverage at 11%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 4% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable because of a negative FCF with 5 year coverage too high at 460.21%. For 2025 the FCD varies from a negative $660M to a negative $3,868. I am using the negative $660M value.

Item	Cur	5 Years
EPS	47.06%	197.53%
DE	9.45%	11.43%
CFPS	3.84%	27.95%
FCF	-108.94%	460.21%

Type	Year End	Ratio Curr
Lg Term /A	1.16	1.14
Lg Term R	2.52	3.21
Intang/GW	0.79	0.96
Liquidity	1.57	1.61
Liq. + CF	1.75	1.77
Debt Ratio	1.47	1.46
Leverage	3.12	3.15
D/E Ratio	2.12	2.15

The Total Return per Year is shown below for years of 5 to 38 to the end of 2025 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	-4.19%	23.62%	17.73%	5.89%
2015	10	1.22%	18.63%	15.23%	3.40%
2010	15	5.21%	18.19%	14.88%	3.31%
2005	20	6.67%	15.13%	12.32%	2.81%
2000	25	5.47%	20.18%	16.00%	4.18%
1995	30	4.57%	19.36%	14.91%	4.45%
1990	35	3.91%	15.50%	12.07%	3.43%
1987	38	4.51%	13.52%	10.64%	2.88%

The Total Return per Year is shown below for years of 5 to 38 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	-5.59%	21.65%	15.99%	5.66%
2015	10	1.33%	18.85%	15.34%	3.51%
2010	15	3.00%	15.55%	12.45%	3.09%
2005	20	5.80%	14.21%	11.32%	2.89%
2000	25	5.91%	21.38%	16.44%	4.94%
1995	30	4.57%	19.56%	14.90%	4.66%
1990	35	3.41%	14.80%	11.53%	3.26%
1987	38	4.37%	13.52%	10.48%	3.04%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 42.48, 56.14 and 26.99. The corresponding 10 year ratios are 17.39, 20.05 and 23.48. The corresponding historical ratios are 10.08, 11.38 and 14.58. The current ratio is 73.96 based on a stock price of $52.71 and EPS estimate for 2026 of $0.50. P/E Ratios have been very high lately because of low EPS. The current ratio is high and above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

This company also puts out Distributable Earnings (DE) data. The 5-year low, median, and high median Price/ Distributable Earnings Ratios are 9.50, 12.33 and 15.17. The corresponding 10 year ratios are 10.51, 12.96 and 15.34. The corresponding historical ratios are 9.73, 12.33 and 14.61. The current ratio is 12.54 based on a stock price of $52.71 and DE estimate for 2026 of $2.95. This ratio is between low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$.

I get a Graham Price of $56.12 using DE in the equation. The 10-year low, median, and high median Price/Graham Price Ratios are 0.55, 0.72, and 0.88. The current ratio is 0.66 based on a stock price of $45.89. This ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$.

I get a 10-year median Price/Book Value per Share Ratio of 1.21. The current ratio is 1.11 based on a Book Value $74,333M, Book Value per Share of $33.29 and a stock price of $45.89. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.51. The current ratio is 8.84 based on Cash Flow for the last 12 months of $9,343M, Cash Flow per Share of $4.18 and a stock price of $45.89. The current ratio is 18% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$.

I get an historical median dividend yield of 2.13%. The current dividend yield is 0.76% based on dividends of $0.28 and a stock price of $45.89. The current dividend yield is 64% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 10 year median dividend yield of 1.53%. The current dividend yield is 0.76% based on dividends of $0.28 and a stock price of $45.89. The current dividend yield is 50% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

The 10-year median Price/Sales (Revenue) Ratio is 0.70. The current ratio is 1.07 based on Revenue for the last 12 months of $77,059M, Revenue per Share of $34.51 and a stock price of $45.89. The current ratio is 53% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

Results of stock price testing is that the stock price is probably relatively expensive. The dividend yield tests say that the stock price is relatively expensive and it is confirmed by the P/S Ratio test. However, other tests are saying that the stock price is reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (5), and Sell (1). The consensus would be a Strong Buy. The 12 month stock price consensus is $69.05 ($48.44 US$) with a high of $85.52 ($60.00 US$) and a low of $44.17 ($30.99 US$). The 12 month consensus stock price of $69.05 implies a total return of 87.48% with 86.73% from capital gains and 0.76% from dividends based on a current stock price of $52.71.

There are lots of entries on Stock Chase for this stock. Some like it and some do not. The negative comments are that the structure is so opaque, that it is the riskiest of the Brookfields and complicated structure and leverage makes it hard to value. Demetris Afxentiou on Motley Fool likes the company for its multiple revenue streams. Jitendra Parashar on Motley Fool thinks this is a long term investment for your TFSA. The company put out a press release on Guru Focus via Yahoo Finance about their fourth quarter of 2025 results. The company put out a press release on Moby via Yahoo Finance about their second quarter of 2026.

Simply Wall Street via Yahoo Finance looks at this stock. They say in Bill Ackman’sview, it is an AI winner. Simply Wall Street has two warnings of earnings have declined by 37.1% per year over past 5 years; and interest payments are not well covered by earnings

Brookfield Corp is an investment firm focused on building long-term wealth for institutions and individuals, operating through seven segments: Asset Management, Wealth Solutions, Renewable Power and Transition, Infrastructure, Private Equity (which generates the highest revenue), Real Estate, and Corporate Activities. It has a presence across the United Kingdom, the United States (which contributes the highest revenue), Australia, Canada, Brazil, India, Colombia, Germany, other parts of Europe, other parts of Asia, and additional countries. Its web site is here Brookfield Corp.

The last stock I wrote about was about was Molson Coors Canada (TSX-TPX.B, NYSE-TAP) ... learn more. The next stock I will write about will be CCL Industries Inc (TSX-CCL.B, OTC-CCDBF) ... learn more on Wednesday, October 14, 2026 around 5 pm. Tomorrow on my other blog I will write about Adentra Inc.... learn more on Tuesday, October 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.

Molson Coors Canada

2026-10-09T17:03:02.578-04:00

Sound bite for Twitter is: Dividend Growth Consumers. Results of stock price testing is that the stock price is probably relatively cheap. Debt Ratios need improving especially the Liquidity Ratio and Intangible and Goodwill Ratios. The Dividend Payout Ratios (DPR) are good. The current dividend yield is good with dividend growth recovering. See my spreadsheet on Molson Coors Canada.

Is it a good company at a reasonable price? Just because a stock is cheap, that does not make it a good buy. I do not think that beer companies are doing as well today as when I had Labatt’s so many years ago. Analysts are all over the place when it comes to recommendations. I would worry about some of the debt ratios. I would be cautious and this stock is not my idea of a good dividend growth stock. However, it is relatively cheap.

I do not own this stock of Molson Coors Canada (TSX-TPX.B, NYSE-TAP). In 2008 I did a spreadsheet on this stock as it has recently been recommended and generally, beer companies make good money. Labatt’s was one of the original companies that I purchased and I did very well with it before it was bought out. Molson Coors was formed in 2005 through the merger of Molson of Canada, and Coors of the United States

When I was updating my spreadsheet, I noticed that Molson Coors had a loss in 2025 was because of a Goodwill Impairment charge.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year. The N/C means non-calculable. You cannot do some calculations if you are using negative figures.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth US$	15.40%	2.91%	-0.51%	<-12 mths
5	AEPS Growth	38.27%	6.69%	-6.27%	<-12 mths
5	Net Income Growth	-125.46%	N/C	7.79%	<-12 mths
5	Cash Flow Growth	5.23%	1.02%	10.80%	<-12 mths
5	Dividend Growth	229.82%	26.96%	2.13%	<-12 mths
5	Stock Price Growth	3.30%	0.65%	-21.04%	<-12 mths

10	Revenue Growth US$	212.29%	12.06%	-0.73%	<-this year
10	AEPS Growth	44.15%	3.72%	-12.55%	<-this year
10	Net Income Growth	-695.16%	N/C	-150.57%	<-this year
10	Cash Flow Growth	156.23%	9.87%	-6.01%	<-this year
10	Dividend Growth	14.63%	1.38%	0.11%	<-this year
10	Stock Price Growth	-50.30%	-6.75%	-3.81%	<-this year

If you had invested in this company in December 2015, for $1,040.00 you would have bought 8 shares at $130 per share. In December 2025, after 10 years you would have received $159.47 in dividends. The stock would be worth $515.36. Your total return would have been $674.83. This would be a total loss of 4.70% per year with 6.78% from capital loss and 208% from dividends. This is in CDN$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$130.00	$1,040.00	8	10	$159.47	$515.36	$674.83

The current dividend yield is good with dividend growth recovering. The current dividend growth is good (5% to 6% ranges) at 5.21%. The 5 and 10 year dividend yields are moderate (2% to 4% ranges) at 2.85% and 2.54%. The historical median dividend yield is low (below 2%) at 1.96%. The dividends were cut over 70% in 2020 and they are almost back to the dividends paid in 2019. The dividend growth looks so good for last 5 years because of the company increasing the dividends to make up for the cut in 2020. This is in US$ as reporting and dividends are in US$.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is non-calculable due to a negative EPS with 5 year coverage very high at 269%. However, DPR on AEPS is more important. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 35% with 5 year coverage at 30%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 14%. The DPR for 2025 for Free Cash Flow (FCF) is good at 35% with 5 year coverage at 28%. FCF for 2025 varies from $1,068M which I used to $1,240M.

Item	Cur	5 Years
EPS	-17.49%	269.06%
AEPS	34.69%	29.58%
CFPS	15.57%	13.60%
FCF	35.23%	28.15%

Debt Ratios need improving especially the Liquidity Ratio and Intangible and Goodwill Ratios. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.43 and currently high at 0.82. The Intangible and Goodwill Ratios are much too high at 1.96 and currently at 1.97. The Liquidity Ratio for 2025 is really low at 0.55 and 0.88 currently. If you added in Cash Flow after dividends, the ratios are still very low at 0.82 and somewhat better currently at 1.15. It is best when these ratios are 1.50 or higher. The Debt Ratio for 2025 is good at 1.86 and 1.75 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.22 and 1.19 and currently at 2.41 and 1.38.

Type	Year End	Ratio Curr
Lg Term R	0.43	0.82
Intang/GW	1.96	1.97
Liquidity	0.55	0.88
Liq. + CF	0.82	1.15
Debt Ratio	1.86	1.75
Leverage	2.22	2.41
D/E Ratio	1.19	1.38

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	28.84%	5.40%	2.25%	3.16%
2015	10	1.27%	-4.70%	-6.78%	2.08%
2010	15	5.99%	4.78%	1.64%	3.14%
2005	20	6.41%	6.55%	2.70%	3.84%
2000	25	6.78%	12.22%	5.68%	6.54%
1995	30	5.62%	9.43%	5.02%	4.42%

The Total Return per Year is shown below for years of 5 to 35 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	26.96%	3.88%	0.65%	3.22%
2015	10	1.38%	-4.55%	-6.75%	2.20%
2010	15	3.76%	2.50%	-0.48%	2.98%
2005	20	5.54%	3.97%	1.00%	2.97%
2000	25	6.84%	3.03%	0.60%	2.43%
1995	30	6.96%	8.59%	4.92%	3.68%
1990	35	5.93%	7.61%	4.43%	3.19%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.26, 10.97 and 12.67. The corresponding 10 year ratios are 9.32, 11.12 and 12.91. The corresponding historical ratios are 9.12, 13.71 and 17.98. The current ratio is 8.03 based on a stock price of $36.86 and EPS estimate for 2026 of $6.54. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 9.03, 11.02, and 13.01. The corresponding 10 year ratios are 10.70, 12.70 and 14.64. The corresponding historical ratios are 8.93, 11.53 and 13.78. The current ratio is 7.78 based on a stock price of $36.86 and AEPS estimate for 2026 of $4.74. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a Graham Price of $75.99. The 10-year low, median, and high median Price/Graham Price Ratios are 0.61, 0.71 and 0.82. The current ratio is 0.49 based on a stock price of $36.86. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10-year median Price/Book Value per Share Ratio of 0.97. The current ratio is 0.68 based on a Book Value of $10,120M, Book Value per Share of $54.14 and a stock price of $36.86. The current ratio is 30% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.87. The current ratio is 4.11 based on Cash Flow per Share estimate for 2026 of $8.97, Cash Flow of $1,677M and a stock price of $36.86. The current ratio is 40% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get an historical median dividend yield of 1.96%. The current dividend is 5.21% based on dividends of $1.92 and a stock price of $36.86. The current dividend yield is 166% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10 year median dividend yield of 2.54%. The current dividend is 5.21% based on dividends of $1.92 and a stock price of $36.86. The current dividend yield is 105% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

The 10-year median Price/Sales (Revenue) Ratio is 1.09. The current ratio is 0.62 based on Revenue estimate for 2026 of $11,059M, Revenue per Share of $59.17 and a stock price of $36.86. The current ratio is 43% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

Results of stock price testing is that the stock price is probably relatively cheap. The dividend yield testing says this and it is confirmed by the P/S Ratio test. All the testing is saying that the stock price is relatively cheap. I am testing in US$ as the financials are in US$ and the estimates are in US$.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (2), Hold (11), Underperform (3), and Sell (1). The consensus would be a Hold. The 12 month consensus stock price is $44.90 with a high of $61.00 and a low of $33.00. The consensus stock price of $44.90 implies a total return of 27.02% with 21.81% from capital gains and 5.21% from dividends based on a current stock price of $36.86. This testing is in US$.

The analysts’ recommendations are Strong Buy (4), Buy (2), Hold (11), Underperform (3), and Sell (1). The consensus would be a Hold. The 12 month consensus stock price is $63.96 with a high of $86.90 and a low of $47.01. The consensus stock price of $63.96 implies a total return of 23.40% with 18.34% from capital gains and 5.06% from dividends based on a current stock price of $54.05. This testing is in CDN$. I am using the latest exchange rates. Sometimes there is a difference in CDN and US markets. I did the rest of the testing is US$ because the financials are in US$ and the estimates are in US$.

There is one entry on Stock Chase for 2025 and the analysts says that the Beer Market is tough and Do Not Buy. Tony Dong on Motley Fool thinks this is a great company to buy and hold forever. Nikhil Kumar on Motley Fool thinks that this company is uniquely positioned to thrive in the current consumer market. The company put out a press release about their fourth quarter for 2025. The company put out a Press Release about their second quarter of 2026.

Zacks Equity Research via Yahoo Finance reviews the beer consumer industry. Simply Wall Street via Yahoo Finance reviews this stock and talks about whether it is under or overvalued.

Molson Coors Canada Inc is a large brewer and distributor of beer and other malt beverages. Its brands include Coors Light, Miller Lite, Molson Canadian, Carling, Staropramen, Coors Banquet, Blue Moon, Vizzy, Leinenkugel, and Creemore. Its breweries are located across the U.S., Canada, and Europe, with the majority of the company's revenue generated in the Americas. Its web site is here Molson Coors Canada.

The last stock I wrote about was about was Medtronic PLC (NYSE-MDT) ... learn more. The next stock I will write about will be Brookfield Corp (TSX-BN, NYSE-BN) ... learn more on Monday, October 12, 2026 around 5 pm.

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

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

Medtronic PLC

2026-10-07T15:24:04.949-04:00

Sound bite for Twitter is: Dividend Growth Health Care. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are good. The Dividend Payout Ratios (DPR) are too high, but are expected to be fine in 2027. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Medtronic PLC.

Is it a good company at a reasonable price? I can see why an analyst does not think this stock is a long term buy. If you look at Total Return chart, some long term returns are below my preferred 8%. You have to be careful about when you buy this stock. It can have long periods of low growth. On the positive side, it does have a long history of dividend payments and increases. The current price is testing a relatively cheap.

I do not own this stock of Medtronic PLC (NYSE-MDT). In 2009 I was looking for a good US stock for my US$ account. I had heard good things about this stock and also it is in Health Care sector which is a weak sector in Canada. This is one of the few US stocks that I follow.

When I was updating my spreadsheet, I noticed that the company has been growing better than the stock price over the past 5 and 10 years. However, the stock price has grown some 20% this year and analysts expect further growth in the current year. See the chart below. Note that the financial year end is April 30 each year so I am reviewing the annual report for April 2026.

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

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	20.74%	3.84%	3.24%	<-12 mths
5	AEPS Growth	24.55%	4.49%	3.44%	<-12 mths
5	Net Income Growth	33.14%	5.89%	8.96%	<-12 mths
5	Cash Flow Growth	17.47%	3.27%	9.62%	<-12 mths
5	Dividend Growth	22.41%	4.13%	1.41%	<-12 mths
5	Stock Price Growth	-38.15%	-9.16%	6.61%	<-12 mths

10	Revenue Growth	26.12%	2.35%	7.42%	<-this year
10	AEPS Growth	26.61%	2.39%	8.14%	<-this year
10	Net Income Growth	35.70%	3.10%	25.93%	<-this year
10	Cash Flow Growth	40.48%	3.46%	28.32%	<-this year
10	Dividend Growth	86.84%	6.45%	-0.81%	<-this year
10	Stock Price Growth	2.30%	0.23%	29.47%	<-this year

If you had invested in this company in December 2015, for $1,076.88.24 you would have bought 14 shares at $76.92 per share. In December 2025, after 10 years you would have received $331.52 in dividends. The stock would be worth $1,344.84. Your total return would have been $1,676.36. This would be a total return of 4.99% per year with 2.25% from capital gain and 2.74% from dividends. This is in US$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$76.92	$1,076.88	14	10	$331.52	$1,344.84	$1,676.36

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.34%. The 5 and 10 year median dividend yields are moderate at 3.05% and 2.23%. The historical median dividend yield is low (below 2%) at 1.23%. The current dividend increases are low (below 8% per year) at 4.13% per year over the past 5 years.

The Dividend Payout Ratios (DPR) are too high, but are expected to be fine in 2027. The DPR for 2025 for Earnings per Share (EPS) is too high at 76% with 5 year coverage at 82%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 51% with 5 year coverage at 50%. It is best when the DPR for AEPS is in the 40% range or lower. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 42% with 5 year coverage at 45%. It is best when the CFPS is 40% or less. The DPR for 2025 for Free Cash Flow (FCF) is high at 58% with 5 year coverage at 60%. FCF varies for 2025 from $5,426M to $6,240M. I am using $6,240M value. The DPR for AEPS is expected to be in the 40% ranges in 2027 and the DPR for CFPS is expected to be below 40% in 2027.

Item	Cur	5 Years
EPS	75.53%	81.77%
AEPS	51.36%	50.45%
CFPS	41.53%	45.46%
FCF	58.32%	59.78%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.25 and currently at 0.23. The Liquidity Ratio for 2025 is good at 2.13 and 2.07 currently. The Debt Ratio for 2025 is good at 2.17 and 2.20 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.88 and 0.87 and currently at 1.86 and 0.85.

Type	Year End	Ratio Curr
Lg Term R	0.25	0.23
Intang/GW	0.51	0.48
Liquidity	2.13	2.07
Liq. + CF	2.44	2.55
Debt Ratio	2.17	2.20
Leverage	1.88	1.86
D/E Ratio	0.87	0.85

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	4.13%	-1.37%	-3.89%	2.52%
2015	10	6.45%	4.99%	2.25%	2.74%
2010	15	7.96%	9.73%	6.55%	3.18%
2005	20	10.44%	4.62%	2.59%	2.02%
2000	25	11.20%	3.46%	1.87%	1.58%
1995	30	13.42%	8.91%	6.71%	2.20%
1989	36	14.29%	16.16%	12.25%	3.91%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 25.16, 29.01 and 32.86. The corresponding 10 year ratios are 26.08, 29.01 and 33.56. The corresponding historical ratios are 23.44, 27.13 and 31.82. The current ratio is 18.24 based on a stock price of $86.32 and EPS estimate for 2027 of $4.73. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 14.39, 16.82 and 19.05. The corresponding 10 year ratios are 15.95, 17.79 and 19.71. The corresponding historical ratios are 14.49, 17.03 and 18.88. The current ratio is 14.43 based on a stock price of $86.32 and AEPS estimate for 2027 of $5.98. 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 $72.66. The 10-year low, median, and high median Price/Graham Price Ratios are 1.19, 1.35 and 1.54. The current ratio is 1.19 based on a stock price of $86.32. The current ratio is at the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median, but very close to cheap.

I get a 10-year median Price/Book Value per Share Ratio of 2.38. The current ratio is 2.20 based on a Book Value of $50,232M, Book Value per Share of $39.24 and a stock price of $86.32. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have a Book Value per Share estimate for 2027 of $40.36. This implies a ratio of 2.14 with a stock price of $86.32 and Book Value of $51,663M. This ratio is 10% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 17.58. The current ratio is 11.75 based on a stock price of $86.32, Cash Flow per Share estimate for 2027 of $7.35 and a Cash Flow of $9,406M. The current ratio is 33% 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 1.23%. The current dividend yield is 3.34% based on dividends of $2.88 and a stock price of $86.32. The current ratio is 171% 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 2.23%. The current dividend yield is 3.34% based on dividends of $2.88 and a stock price of $86.32. The current ratio is 50% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 3.88. The current ratio is 2.83 based on Revenue estimate for 2027 of $39,061M, Revenue per Share of $30.52 and a stock price of $86.32. The current ratio is 27% 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 say this and it is confirmed by the P/S Ratio test. The rest of the testing is saying that the stock price is relatively cheap or reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (16), Buy (3), and Hold (9). The consensus is a Strong Buy. The 12 month stock price consensus is $104.83 with a high of $121.00 and low of $85.00. The 12 months stock price consensus implies a total return of 24.78% with 21.44% from capital gains and 3.34% from dividends based on a current stock price of $86.32.

Analysts on Stock Chase like this stock and think it is a buy. One analyst says that it is not a long term buy type stock. Reuben Gregg Brewer on Motley Fool likes this stock for its long history of dividend increases. Matt DiLallo on Motley Fool says that JNJ crushed this stock over the last decade, but thinks that MDT could be a better investment over the next 10 years. The company put out a Press Release about their fourth quarter ending in April 2026. The company put out a Press Release about their first quarter of 2027 ending in July 2026.

Simply Wall Street via Yahoo Finance reviews this stock and suggests it might be undervalued. Simply Wall Street lists no risks for this stock.

Medtronic, Inc. acquired Ireland-based Covidien plc. The acquisition resulted in the formation of a new holding company incorporated in Ireland - Medtronic plc. The company currently generates revenues from four major segments - namely Cardiovascular Portfolio, Medical Surgical Portfolio, Neuroscience Portfolio and Diabetes. Its web site is here Medtronic PLC.

The last stock I wrote about was about was Pason Systems Inc (TSX-PSI, OTC-PSYTF) ... learn more. The next stock I will write about will be Molson Coors Canada (TSX-TPX.B, NYSE-TAP) ... learn more on Friday, October 9, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy October 2026 learn more on Thursday, October 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.

Pason Systems Inc

2026-10-05T16:06:57.143-04:00

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are very good. The Dividend Payout Ratios (DPR) need to improve and is expected to improve. The current dividend yield is moderate with dividend growth currently stopped. See my spreadsheet on Pason Systems Inc.

Is it a good company at a reasonable price? This is a rather small cap company that hit a significant high in 2014 that it has never again came close to. For most of the last 5 years the stock has been up and down but never made any real progress. It is just off its recent high and even though it is testing as reasonable, you have to wonder. I would say be very careful if you invest in this company. See the Total Return chart in a paragraph below. However, it is testing as relatively reasonable compared to the last 10 years.

I do not own this stock of Pason Systems Inc (TSX-PSI, OTC-PSYTF). I read a report on this stock in the Buy and Sell Advisor in September 2013. I had not heard of this dividend growth company before so I decided to investigate it.

When I was updating my spreadsheet, I noticed this company has a checker past when it comes to dividends. Recently it cut the dividends by 74% in 2020. They raised the dividends in from 2022 to 2024 and since 2024, the dividends have been flat. I have data on dividends on this stock for the past 21 years and the company increased dividends in 14 of these years and cut them in 4 of them.

It would appear from the chart below that the company has done better in the last 5 years than in the last 10 years. The last 12 months is not great, but analysts expect better by the year end. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	167.67%	21.76%	-1.52%	<-12 mths
5	FFO Growth	169.13%	21.90%	3.08%	<-12 mths
5	Net Income Growth	709.17%	51.92%	-10.45%	<-12 mths
5	Cash Flow Growth	74.44%	11.77%	-18.30%	<-12 mths
5	EBITDA	287.96%	31.15%	-1.88%	<-12 mths
5	Dividend Growth	8.33%	1.61%	0.00%	<-12 mths
5	Stock Price Growth	52.16%	8.76%	17.85%	<-12 mths

10	Revenue Growth	47.03%	3.93%	2.97%	<-this year
10	FFO Growth	15.04%	1.41%	48.46%	<-this year
10	Net Income Growth	463.76%	18.88%	20.97%	<-this year
10	Cash Flow Growth	-21.44%	-2.38%	29.03%	<-this year
10	EBITDA	59.03%	4.75%	5.21%	<-this year
10	Dividend Growth	-23.53%	-2.65%	0.00%	<-this year
10	Stock Price Growth	-38.16%	-4.69%	34.28%	<-this year

If you had invested in this company in December 2015, for $1,008.28 you would have bought 52 shares at $19.39 per share. In December 2025, after 10 years you would have received $278.72 in dividends. The stock would be worth $623.48. Your total return would have been $902.20. This would be a total loss of 1.30% per year with 4.69% from capital loss and 3.40% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$19.39	$1,008.28	52	10	$278.72	$623.48	$902.20

The current dividend yield is moderate with dividend growth currently stopped. The current dividend yield is moderate (2% to 4% ranges) at 3.62%. The 5, 10 and historical dividend yields are also moderate at 3.31%, 3.57% and 2.64%. The last dividend increase was in 2024 and it was for 8%. Dividends are still almost 30% below the dividends given in 2019.

The Dividend Payout Ratios (DPR) need to improve and is expected to improve. The DPR for 2025 for Earnings per Share (EPS) is too high at 76% with 5 year coverage good at 41%. The DPR for 2025 for Funds from Operations (FFO) is good at 40% with 5 year coverage at 29%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 47% with 5 year coverage better at 29%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 62% with 5 year coverage at 59%. For 2025 FCF varies from $14.68M to $65.9M. I am using $65.9M. The DPR for EPS is expected to be good by 2027.

Item	Cur	5 Years
EPS	76.47%	40.63%
FFO	40.00%	28.64%
CFPS	46.66%	28.83%
FCF	61.79%	59.26%

Debt Ratios are very good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.03 and currently at 0.01. The Liquidity Ratio for 2025 is good at 1.98 and 2.57 currently. The Debt Ratio for 2025 is good at 4.78 and 5.64 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.24 and 0.26 and currently at 1.19 and 0.21.

Type	Year End	Ratio Curr
Lg Term R	0.03	0.01
Intang/GW	0.22	0.19
Liquidity	1.98	2.57
Liq. + CF	2.66	3.93
Debt Ratio	4.78	5.64
Leverage	1.24	1.19
D/E Ratio	0.26	0.21

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	1.61%	13.06%	8.76%	4.31%
2015	10	-2.65%	-1.30%	-4.69%	3.40%
2010	15	3.74%	3.11%	-1.01%	4.12%
2005	20	3.99%	2.36%	-0.93%	3.29%
2000	25	13.05%	14.62%	8.31%	6.31%
1996	29		18.07%	11.32%	6.75%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.09, 11.4 and 13.88. The corresponding 10 year ratios are 17.08, 20.98 and 24.87. The corresponding historical ratios are 13.59, 19.22 and 23.95. The current ratio is 17.31 based on a stock price of $14.37 and EPS estimate for 2026 of $0.83. This ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. Note that P/E Ratios have varied a lot because the EPS has varied a lot over the years.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 7.88, 9.57 and 11.27. The corresponding 10 year ratios are 9.41, 12.27 and 14.52. The corresponding historical ratios are 9.20, 11.78 and 13.83. The current ratio is 7.45 based on a stock price of $14.37 and FFO estimate for 2026 of $1.93. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $10.78. The 10-year low, median, and high median Price/Graham Price Ratios are 1.46, 1.91 and 2.29. The current ratio is 1.33 based on a stock price of $14.37. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 2.88. The current ratio is 2.31 based on a Book Value of $484.5M, Book Value per Share of $6.23 and a stock price of $14.37. The current ratio is 19.8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 12.37. The current ratio is 8.48 based on a stock price of $14.37, Cash Flow per Share estimate for 2026 of $1.70 and Cash Flow of $131.9M. The current ratio is 31% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 2.64%. The current dividend yield is 3.62% based on dividends of $0.52 and a stock price of $14.37. The current dividend yield is 37% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 3.57%. The current dividend yield is 3.62% based on dividends of $0.52 and a stock price of $14.37. The current dividend yield is 1.4% 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 4.31. The current ratio is 2.59 based on Revenue estimate for 2026 of $431.7M, Revenue per Share of $5.55 and a stock price of $14.37. The current ratio is 40% 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 reasonable. The 10 year median dividend yield says this and so I am going with this. The P/S Ratio test says the stock price is cheap. A lot of the other tests are saying that the stock price is cheap, but some also says reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1), Hold (2). The consensus is a Buy. The 12 month stock price consensus is $16.10 with a High of $18.00 and Low of $15.00. The 12 months stock price of $16.10 implies a total return of 15.66% with 12.04% from capital gains and 3.62% from dividends based on a current stock price of $14.37.

The last analyst comment was in 2024 on Stock Chase. It is never a good sign when analysts stop commenting on a stock. Amy Legate-Wolfe on Motley Fool says she is continuing to buy this stock even with market sell-off. She says Pason sells essential drilling tech and generates steady cash flow, even if energy activity gets uneven. Jitendra Parashar on Motley Fool in 2025 says that Pason Systems offers strong dividends and growth, even after posting solid third-quarter results. The company put out a press release via Newswire about their fourth quarter of 2025 results. The company put out a press release via Newswire about their second quarter of 2025.

Guru Focus via Yahoo Financereviews this stock and gives its positive and negative points. Simply Wall Street gives to risks of Profit margins (11.5%) are lower than last year (17.4%); and unstable dividend track record.

Pason Systems Inc is a provider of instrumentation and data management systems for drilling rigs. The company reports on four strategic business units: The North American Drilling (Canada and the United States) and International Drilling (Latin America, including Mexico, Offshore, the Eastern Hemisphere, and the Middle East) and completions business units, all of which offer technology services to the oil and gas industry, and the Solar and Energy Storage business unit, which provides technology services to solar and energy storage developers. Its web site is here Pason Systems Inc.

The last stock I wrote about was about was Linamar Corporation (TSX-LNR, OTC-LIMAF) ... learn more. The next stock I will write about will be Medtronic PLC (NYSE-MDT) ... learn more on Wednesday, October 7, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks October 2026.... learn more on October 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.

Linamar Corporation

2026-10-02T17:35:48.492-04:00

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 low with dividend growth moderate. See my spreadsheet on Linamar Corporation.

Is it a good company at a reasonable price? It maybe a dividend growth stock, but it does not consistently grow. It has decreased dividends twice over the past 30 years and raised them 14 times. I rather like stocks that raise dividends each year. There are concerns that the trade war with US will impact this company. The stock price might be cheap as the 10 year Dividend Yield test says this.

I do not own this stock of Linamar Corporation (TSX-LNR, OTC-LIMAF). I looked at this stock back in 2000 and it was not a stock I thought fit my investment philosophy. In 2008 I read an article that recommended this company as a dividend stock with good value. This stock used to be on the Investment reporter portfolio stock list as an average risk stock. However, it has now been taken off this list. It is on the Money Saving list of Top 100 Canadian Dividend stocks, and is on the 2026 list.

When I was updating my spreadsheet, I noticed the dividend yield is low, but dividend growth recently has been quite high. Dividend growth over the past 5 years is 25.48% per year. However, dividends were cut in 2020 and then greatly increased in 2021. Dividends in the past has often been flat interspersed with good increases. They can afford to increase dividends as the Dividend Payout Ratios are quite low. The stock price went up 46% in 2025 and the stock in 2026 is higher than the last high point in 2017.

Note that cash flow can vary quite a bit. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	75.94%	11.96%	8.83%	<-12 mths
5	AEPS Growth	115.38%	16.59%	7.63%	<-12 mths
5	Net Income Growth	109.40%	15.93%	17.08%	<-12 mths
5	Cash Flow Growth	-7.20%	-1.48%	11.53%	<-12 mths
5	Dividend Growth	211.11%	25.48%	8.93%	<-12 mths
5	Stock Price Growth	23.05%	4.24%	15.96%	<-12 mths

10	Revenue Growth	98.20%	7.08%	15.18%	<-this year
10	AEPS Growth	56.26%	4.56%	13.22%	<-this year
10	Net Income Growth	33.86%	2.96%	23.81%	<-this year
10	Cash Flow Growth	92.35%	6.76%	-40.34%	<-this year
10	Dividend Growth	180.00%	10.84%	11.61%	<-this year
10	Stock Price Growth	11.01%	1.05%	37.02%	<-this year

If you had invested in this company in December 2015, for $1,046.22 you would have bought 26 shares at $74.73 per share. In December 2025, after 10 years you would have received $93.52 in dividends. The stock would be worth $1,161.44. Your total return would have been $1,254.96. This would be a total return of 1.89% per year with 1.05% from capital gain and 0.84% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$74.73	$1,046.22	14	10	$93.52	$1,161.44	$1,254.96

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 1.33%. The 5,10 and historical median dividend yields are also low at 1.30%, 0.98% and 1.22%. The dividend increases are moderate (between 8 and 14% per year). The dividends have increased by 25% per year over the past 5 years, but this is because of a dividend decrease in 2020. Dividend have gone both up and down over the years, so they can vary. The last dividend increase was in 2026 and it was for 10%. In the previous 4 years the dividend increases are 17.65%, 10.00%, 13.64%, and 12.00%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 12% with 5 year coverage at 13%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 11% with 5 year coverage at 11%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 5% with 5 year coverage at 5%. The DPR for 2025 for Free Cash Flow (FCF) is good at 9% with 5 year coverage at 10%.

Item	Cur	5 Years
EPS	11.51%	12.74%
AEPS	10.81%	10.84%
CFPS	5.29%	5.05%
FCF	8.93%	10.27%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.37 and currently at 0.37. The Liquidity Ratio for 2025 is good at 1.73 and 1.88 currently. The Debt Ratio for 2025 is good at 2.27 and 2.21 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.79 and 0.79 and currently at 1.83 and 0.83.

Type	Year End	Ratio Curr
Lg Term R	0.37	0.37
Intang/GW	0.42	0.36
Liquidity	1.73	1.88
Liq. + CF	2.21	2.12
Debt Ratio	2.27	2.21
Leverage	1.79	1.83
D/E Ratio	0.79	0.83

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	25.48%	5.45%	4.24%	1.21%
2015	10	10.84%	1.89%	1.05%	0.84%
2010	15	10.82%	11.15%	9.82%	1.33%
2005	20	8.01%	11.69%	10.27%	1.42%
2000	25	8.09%	9.52%	8.32%	1.20%
1995	30	8.64%	9.52%	8.26%	1.26%
1990	35		16.66%	13.73%	2.93%
1988	37		15.06%	12.81%	2.25%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.00, 9.58 and 12.17. The corresponding 10 year ratios are 6.25, 8.21 and 9.61. The corresponding historical ratios are 8.26, 11.55 and 15.03. The current ratio is 7.86 based on a stock price of $96.38 and EPS estimate for 2026 of $12.27. 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 6.47, 7.68 and 8.89. The corresponding 10 year ratios are 5.56, 7.53 and 9.11. The corresponding historical ratios are 6.46, 9.68 and 12.09. The current ratio is 8.22 based on a stock price of $96.38 and AEPS estimate for 2026 of $11.73. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $171.04. The 10-year low, median, and high median Price/Graham Price Ratios are 0.42, 0.56 and 0.74. The current ratio is 0.56 based on a stock price of $96.38. The current ratio is at the median ratio. This stock price testing suggests that the stock price is relatively reasonable and at the median.

I get a 10-year median Price/Book Value per Share Ratio of 0.80. The current ratio is 0.87 based on a stock price of $96.38, Book Value of $6,538M and a Book Value per Share of $110.84. The current ratio is 9% 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 4.74. The current ratio is 4.58 based on Cash Flow per Share estimate for 2026 of $21.04, Cash Flow of $1,241M and a stock price of $96.38. 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 1.22%. The current dividend yield is 1.33% based on dividends of $1.28 and a stock price of $96.38. 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.

I get a 10 year median dividend yield of 0.98%. The current dividend yield is 1.33% based on dividends of $1.28 and a stock price of $96.38. The current dividend yield is 36% 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 0.51. The current ratio is 0.48 based on a stock price of $96.38, Revenue estimate for 2026 of $11,785M and Revenue per Share of $199.80. 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.

Results of stock price testing is that the stock price is probably reasonable and could be cheap. The 10 year median dividend yield tests shows that the stock price is relatively cheap. The P/S Ratio test says it is reasonable and below the median. The rest of the testing is saying that the stock price is reasonable and above and below the median.

When I look at analysts’ recommendations, I find Strong Buy (3), and Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $113.67 with a high of $123.00 and low of $100.00. The 12 months consensus stock price of $113.67 implies a total return of 19.27% with 17.94% from capital gains and 1.33% from dividends based on a current stock price of $96.38.

Analysts on Stock Chase thinks it is a buy but some are concerned about how CUSMA renegotiations or non-negotiations could affect the company. Amy Legate-Wolfe on Motley Fool thinks this stock is a buy but says that tariffs and auto cycles can still swing results. Aditya Raghunath on Motley Fool says the company faces real risks right now because of the current trade war with US. 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 via Globe Newswire about their second quarter results for 2026.

Investing.com via Yahoo Finance says that the Linamar shares slide after a BMO downgrade due to renewed trade tensions. Simply Wall Street gives this stock 3 and one half stars out of 5. They have one warning of significant insider selling over the past 3 months. Both the CEO and CFO sold significate amount of their shares over the past year.

Linamar Corp is a diversified world-wide manufacturing company of engineered products. Its web site is here Linamar Corporation.

The last stock I wrote about was about was North West Company (TSX-NWC, OTC-NWTUF) ... learn more. The next stock I will write about will be Pason Systems Inc (TSX-PSI, OTC-PSYTF) ... learn more on Monday, October 5, 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.

North West Company

2026-09-30T17:37:04.297-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are good. The Dividend Payout Ratios (DPR) are fine for AEPS and CFPS. The current dividend yield is moderate with dividend growth low. See my spreadsheet on North West Company.

Is it a good company at a reasonable price? What you expect from such stock is about half the return from dividends and around half from capital gains. In this stock you are normally getting a bit more from capital gains than dividends. I think that Amy Legate-Wolfe on Motley Fool is right that it is a defensive stock. However, I would think that buying now you would be overpaying for this stock and that is not a good idea. I think that the current price is too high.

I do not own this stock of North West Company (TSX-NWC, OTC-NWTUF). I wanted to review all the income trust stocks touted in the Money Show of 2009. There was a lot of talk at this show about some of the Income Trust being currently good buys with very good yields. This stock changed from an income trust to a corporation in 2011.

When I was updating my spreadsheet, I noticed that both the CEO and CFO increased their shares in the past year. Please note that I am reviewing their fourth quarter financial year end of January 2026. Their second quarter (for 2027) is dated July 2026.

I also noticed that growth has been low in the last 5 years. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2027 dated July 31, 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	10.13%	1.95%	0.97%	<-12 mths
5	AEPS Growth	12.42%	2.37%	-1.25%	<-12 mths
5	Net Income Growth	-0.28%	-0.06%	1.57%	<-12 mths
5	Cash Flow Growth	-17.45%	-3.76%	2.38%	<-12 mths
5	Dividend Growth	17.39%	3.26%	2.47%	<-12 mths
5	Stock Price Growth	37.43%	6.57%	12.94%	<-12 mths

10	Revenue Growth	44.66%	3.76%	3.15%	<-this year
10	AEPS Growth	113.32%	7.87%	11.02%	<-this year
10	Net Income Growth	99.90%	7.17%	2.08%	<-this year
10	Cash Flow Growth	110.24%	7.71%	0.37%	<-this year
10	Dividend Growth	35.00%	3.05%	2.47%	<-this year
10	Stock Price Growth	59.22%	4.76%	26.00%	<-this year

If you had invested in this company in December 2015, for $1,003.45 you would have bought 35 shares at $28.67 per share. In December 2025, after 10 years you would have received $496.65 in dividends. The stock would be worth $1,711.85. Your total return would have been $2,208.50. This would be a total return of 9.40% per year with 5.49% from capital gain and 3.91% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$28.67	$1,003.45	35	10	$496.65	$1,711.85	$2,208.50

The current dividend yield is Moderate with dividend growth Low. The current dividend yield is moderate (2% to 4% ranges) at 3.06%. The 5, 10 and historical median dividend yields are also moderate at 4.15%, 4.34% and 4.51%. The dividend growth in the last 5 years is low (below 8% per year) at 3.3% per year. The last dividend increase was in 2026 and it was for 2.4%.

The Dividend Payout Ratios (DPR) are fine for AEPS and CFPS. The DPR for 2025 for Earnings per Share (EPS) is high at 56% with 5 year coverage at 55%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage high at 50%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 23% with 5 year coverage at 24%. The DPR for 2025 for Free Cash Flow (FCF) is high at 70% with 5 year coverage at 52%. FCF varies for 2026 from $110M to $141.28M. I am using $141.28M.

Item	Cur	5 Years
EPS	56.45%	54.77%
AEPS	49.27%	50.41%
CFPS	23.36%	24.04%
FCF	70.42%	51.68%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.13 and currently at 0.12. The Liquidity Ratio for 2025 is good at 2.10 and 2.06 currently. The Debt Ratio for 2025 is good at 2.11 and 2.05 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.96 and 0.93 and currently at 2.01 and 0.98.

Type	Year End	Ratio Curr
Lg Term R	0.13	0.12
Intang/GW	0.04	0.03
Liquidity	2.10	2.06
Liq. + CF	2.87	2.78
Debt Ratio	2.11	2.05
Leverage	1.96	2.01
D/E Ratio	0.93	0.98

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.26%	12.61%	8.56%	4.05%
2015	10	3.05%	9.40%	5.49%	3.91%
2010	15	1.17%	10.26%	5.93%	4.34%
2005	20	4.86%	13.62%	7.28%	6.34%
2000	25	5.75%	22.13%	10.70%	11.43%
1995	30	8.73%	20.76%	10.42%	10.35%
1990	35	8.08%	17.61%	9.76%	7.85%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.73, 14.31 and 15.90. The corresponding 10 year ratios are 14.16, 16.53 and 18.90. The corresponding historical ratios are 10.92, 13.01 and 15.36. The current ratio is 18.67 based on a stock price of $54.90 and EPS estimate for 2027 of $2.94. 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 11.74, 13.21 and 14.68. The corresponding 10 year ratios are 12.65, 15.09 and 17.53. The corresponding historical ratios are 12.65, 15.09 and 17.53. The current ratio is 15.04 based on a stock price of $54.90 and AEPS estimate for 2027 of $3.65. 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 $36.52. The 10-year low, median, and high median Price/Graham Price Ratios are 1.19, 1.41 and 1.64. The current ratio is 1.50 based on a stock price of $54.90. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.97. The current ratio is 3.38 based on a Book Value of $771.8M, Book Value per Share of $16.24 and a stock price of $54.90. The current ratio is14% 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 8.95. The current ratio is 9.30 based on Cash Flow per Share of $5.91 and a stock price of $54.90. 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 an historical median dividend yield of 4.51%. The current dividend yield is 3.06% based on dividends of $1.68 and a stock price of $54.90. The current dividend yield is 32% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. But this company was an income trust between 1997 and 2011 and because of this had some high dividend yields. So, this is probably not a good test.

I get a 10 year median dividend yield of 4.34%. The current dividend yield is 3.06% based on dividends of $1.68 and a stock price of $54.90. The current dividend yield is 30% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 072. The current P/S Ratio is 0.97 based on Revenue estimate for 2027 of $2,680M Revenue per Share of $56.39 and a stock price of $54.90. The current ratio is 35% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. The 10 year dividend yield test says this and it is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the stock price is reasonable but above the median.

When I look at analysts’ recommendations, I find Strong Buy (3) and Buy (1). The consensus is a Strong Buy. The 12 month stock price consensus is $61.25 with a high of $63.00 and low of $59.00. The consensus stock price of $61.25 implies a total return of 14.63% with 11.57% from capital gains and 3.06% from dividends based on a stock price of $64.90.

Analysts on Stock Chase like this stock. They think it is a well-run business but it is a relatively small company. Amy Legate-Wolfe on Motley Fool likes this stock because it is a defensive stock. Daniel Da Costa on Motley Fool likes this stock because it has consistently raised their dividends. The company put out a press release via Globe Newswire about their fourth quarter ending in 2026. The company put out a press release via Globe Newswire about their second quarter for 2027 dated July 2026.

Guru Focus via Yahoo Finance reviews this company. Guru Focus has 3 warnings of P/E Ratio Near Highs; Elevated PEG Ratio; and Slow Dividend Growth. They still think it is fairly valued.

Simply Wall Street via Yahoo Finance is reviewing three Canadian stocks with Yield of 3% and NWC is the third one. Simply Wall Street has one warning on this stock of earnings have declined by 0.2% per year over past 5 years.

The North West Co Inc is a retailer to rural and remote communities and underserved urban neighbourhood markets in Northern Canada, Western Canada, rural Alaska, the South Pacific islands, and the Caribbean. Its web site is here North West Company.

The last stock I wrote about was about was Teck Resources Ltd (TSX-TECK.B, NYSE-TECK) ... learn more. Next, I will write about Linamar Corporation (TSX-LNR, OTC-LIMAF) ... learn more on Friday, October 2, 2026 around 5 pm. Tomorrow on my other blog I will write about Enbridge Buys Tallgrass.... learn more on Thursday, October 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.

Also, on my book blog I have put a review of the book The World According to China by Elizabeth Economy learn more...

Teck Resources Ltd

2026-09-28T17:46:34.541-04:00

Sound bite for Twitter is: Dividend Paying Resource. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend no current growth. See my spreadsheet on Teck Resources Ltd.

Is it a good company at a reasonable price? Analysts’ recommendations go from Strong Buy to Sell and everything in between. The consensus12 month stock shows a minor loss of 3.29%. This is a cyclical stock, so it is important when you buy. Currently it is near its recent high. When stocks are at an all-time high, it is generally not a good buying time. All my testing is saying that the stock price is relatively expensive.

I do not own this stock of Teck Resources Ltd (TSX-TECK.B, NYSE-TECK). In 2008, I wanted to cover some resource stocks and this is one that I decided to take a look at. The time to buy this stock is when it cuts its dividend. For example, I bought this stock in 2008 and sold in 2009. I bought this stock because the company purchased Fording Canadian Coal Trust at exactly the wrong time and got into financial difficulties and the stock price dropped off a cliff as they had to cut dividends. When the stock recovered somewhat in 2009, I sold for a profit.

When I was updating my spreadsheet, I noticed that sometimes you can win pick on this cyclical stocks. See the 10 year return below which started at a really low point for this stock. But, note you can also lose big.

This company and Anglo American are to have a merger of equals. See the Press Release.

If you had invested in this company in December 2015, for $1,003.92 you would have bought 188 shares at $5.34 per share. In December 2025, after 10 years you would have received $958.80 in dividends. The stock would be worth $12,353.48. Your total return would have been $13,312.28. This would be a total return of 31.49% per year with 25.83% from capital gain and 2.96% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$5.34	$1,003.92	188	10	$958.80	$12,353.48	$13,312.28

The current dividend yield is low with no current dividend growth. The current dividend yield is low (below 2%) at 0.50%. The 5, 10 and historical dividend yields are also low at 0.90%, 0.82% and 1.10%. The dividend growth for the past 5 years is at 20%. This is because of a one time increase of 150% in 2022. They also gave some special dividends in 2022/4/5.

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 19%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 16% with 5 year coverage at 10%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 7% with 5 year coverage at 7%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to negative FCF. FCF varies in 2025 from a negative $290M to a negative $1,018M. FCF is expected to be positive in 2026.

Item	Cur	5 Years
EPS	17.67%	18.78%
AEPS	16.18%	10.13%
CFPS	6.86%	6.98%
FCF	-84.83%	-82.46%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.13 and currently at 0.08. The Liquidity Ratio for 2025 is good at 2.54 and 1.48 currently. The Debt Ratio for 2025 is good at 2.34 and 2.44 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.82 and 0.78 and currently at 1.76 and 0.72.

Type	Year End	Ratio Curr
Lg Term R	0.13	0.08
Intang/GW	0.02	0.03
Liquidity	2.54	1.48
Liq. + CF	2.81	2.59
Debt Ratio	2.34	2.44
Leverage	1.82	1.76
D/E Ratio	0.78	0.72

The Total Return per Year is shown below for years of 5 to 32 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	20.11%	25.35%	23.25%	2.10%
2015	10	-1.81%	31.49%	28.53%	2.96%
2010	15	6.30%	1.35%	0.41%	0.93%
2005	20	1.12%	5.28%	3.82%	1.46%
2000	25	6.65%	12.61%	9.68%	2.93%
1995	30	5.51%	6.95%	5.53%	1.41%
1993	32	5.16%	7.00%	5.61%	1.39%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 10.09, 12.14 and 14.19. The corresponding 10 year ratios are 7.76, 9.74 and 8.64. The corresponding historical ratios are 6.53, 11.11 and 14.19. The current ratio is 15.39 based on a stock price of $91.70 and EPS estimate for 2026 of $5.96. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.99, 10.82 and 12.65. The corresponding 10 year ratios are 5.40, 9.44 and 11.93. The corresponding historical ratios are 8.68, 11.12 and 17.48. The current ratio is 15.54 based on a stock price of $91.70 and AEPS estimate for 2026 of $5.90. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $80.05. The 10-year low, median, and high median Price/Graham Price Ratios are 0.34, 0.49 and 0.74. The current ratio is 1.15 based on a stock price of $91.70. 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. I get a 10-year median Price/Book Value per Share Ratio of 0.79. The current ratio is 1.90 based on a Book Value of $24,439M, Book Value per Share of $48.27 and a stock price of $91.70. The current ratio is 139% 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 $58.84. This implies a current ratio of 1.56 with a stock price of $91.70 and a Book Value of $29,793M. This ratio is 96% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 3.93. The current ratio is 8.25 based on Cash Flow per Share estimate for 2026 of $11.12, Cash Flow of $5,631M and a stock price of $91.70. The current ratio is 110% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. I noticed that the Cash Flow on this stock can vary a lot.

I get an historical median dividend yield of 1.10%. The current dividend yield is 0.55% based on dividends of $0.50 and a stock price of $91.70. The current dividend yield is 50% 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 0.82%. The current dividend yield is 0.55% based on dividends of $0.50 and a stock price of $91.70. The current dividend yield is 33% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. I would question how good this test is as dividends are generally flat and increased only occasionally. (8 times in the last 32 years.)

The 10-year median Price/Sales (Revenue) Ratio is 1.32. The current ratio is 3.09 based on Revenue of $15,017M, Revenue per Share of $29.66 and a stock price of $91.70. The current ratio is 135% 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 that the stock price is probably relatively expensive. The dividend yield test says this but I wonder how good these tests are because of generally flat dividends. The P/S Ratio test says that the stock price is relatively expensive. All my tests say the same think, that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (1), Hold (7), Underperform (1), and Sell (2). The consensus would be a Buy. The 12 month stock price consensus is $88.18 with a high of $120.00 and a low of $51.00. The consensus stock price of $88.18 implies a loss of 3.29% with a 3.84% from a capital loss and 0.55% from Dividends based on a current stock price of $91.70.

The analysts on Stock Chase vary a lot in their opinion of this stock from Buy to Do Not Buy. They find the merger with Anglo American interesting. Amy Legate-Wolfe on Motley Fool says that Canada’s critical-minerals push is heating up, and Teck could be a direct way to invest in the copper-heavy supply chains. Jitendra Parashar on Motley Fool says Teck’s stronger balance sheet and copper-focused growth strategy make the stock an appealing long-term investment. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. Some say it is slightly undervalued and some say slightly overvalued. Simply Wall Street has one warning of Earnings are forecast to decline by an average of 11.1% per year for the next 3 years.

Teck is a base metals miner with copper and zinc operations in Canada, the United States, Chile, and Peru. In September 2025, it agreed to merge with Anglo American in an all-equity deal. Its web site is here Teck Resources Ltd.

The last stock I wrote about was about was BRP Inc (TSX-DOO, OTC-DOOO) ... learn more. The next stock I will write about will be North West Company (TSX-NWC, OTC-NWTUF) ... learn more on Wednesday, September 30, 2026 around 5 pm. Tomorrow on my other blog I will write about Wolf of Oakville Stocks.... learn more on Tuesday, September 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.

BRP Inc

2026-09-23T16:53:39.308-04:00

I will probably not publish on Friday, as I am on an all-day bus trip.

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price could be relatively cheap. Debt Ratios need improving and the company has a lot of debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth good currently, but growth inconsistent. See my spreadsheet on BRP Inc.

Is it a good company at a reasonable price? There are things not to like about this stock. The Revenue is off its peak of 2024 over the last two year. EPS and AEPS is also declining over the past two years. Analysts seem to think that the financial year ending January 2027 will be a better year. The results for the second quarter report of 2027 dated July 2026 does show higher revenue and AEPS. However, book value is very low and debt is quite high. Also, having a past high it has not been able to breach is not a good sign. I bought my stock with my fooling around money. It is rather a risky buy, but the stock price might be cheap.

I own this stock of BRP Inc (TSX-DOO, OTC-DOOO). Robin Speziale, author of Market Masters and Capital Compounders had mentioned this stock in Capital Compounders, Table 3 (page 93 in my copy) as a possible next Capital Compounder. I had extra money in my TFSA, so I bought 40 shares of this stock.

When I was updating my spreadsheet, I noticed that this stock is showing a cyclical pattern. It had a high in September 2021 that it has not been able to pass. Note that I am looking at the financial year ending in January 2026 and its second quarter for 2027 ending July 2026.

If you had invested in this company in December 2015, for $1,020.60 you would have bought 36 shares at $28.35 per share. In December 2025, after 10 years you would have received $168.84 in dividends. The stock would be worth $3,493.80. Your total return would have been $3,662.64. This would be a total return of 18.15% per year with 17.18% from capital gain and 0.97% from dividends. (However, the 5 year total return is low, see the Total Return per Year chart in a paragraph below.)

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$28.35	$1,020.60	36	10	$168.84	$3,493.80	$3,662.64

The current dividend yield is low with dividend growth good currently, but growth inconsistent. The current dividend yield is low (below 2%) at 1.22%. The 5 and 8 year dividend yields are also low at 0.72%, and 0.69%. Dividends have only been paid since 2018. Dividend growth over the past 5 years is good (15% per year or higher) at 50.1% per year. The last dividend increase was in 2027 financial year and it was for 16%. Dividend increases are not consistent.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 22% 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 10%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 6% with 5 year coverage at 4%. The DPR for 2025 for Free Cash Flow (FCF) is fine at 88% with 5 year coverage at 14%. FCF for 2026 varies from $70M to $871M and I am using $70M.

Item	Cur	5 Years
EPS	21.77%	11.72%
AEPS	16.51%	10.30%
CFPS	5.89%	4.08%
FCF	88.43%	14.16%

Debt Ratios need improving and the company has a lot of debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.34 and currently at 0.42. The Liquidity Ratio for 2025 is low at 1.27 and 1.19 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.70 and currently at 1.51. The Debt Ratio for 2025 is low at 1.11 and 1.05 currently. The Leverage and Debt/Equity Ratios for 2025 are way too high at 10.35 and 9.35 and currently at 19.81 and 18.81. Note that good ratios are below 3.00 and 2.00. The leverage with EBITDA is too high at 5.18 and currently at 6.02. It is better when at 3.00 or below.

Type	Year End	Ratio Curr
Lg Term R	0.34	0.42
Intang/GW	0.07	0.09
Liquidity	1.27	1.19
Liq. + CF	1.70	1.51
Debt Ratio	1.11	1.05
Leverage	10.35	19.81
L/EBITDA	5.18	6.02
D/E Ratio	9.35	18.81

The Total Return per Year is shown below for years of 5 to 12 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	50.88%	3.71%	2.91%	0.80%
2015	10	13.15%	18.15%	17.18%	0.97%
2013	12		10.83%	10.23%	0.60%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.32, 10.60 and 12.87. The corresponding 10 year ratios are 8.66, 12.17 and 15.13. The corresponding historical ratios are 9.42, 14.15 and 19.54. The current ratio is 27.24 based on a stock price of $80.76 and EPS estimate for 2027 of $2.97. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.61, 10.75 and 12.66. The corresponding 10 year ratios are 8.73, 12.24 and 17.10. The corresponding historical ratios are 9.07, 14.15 and 17.26. The current ratio is 19.14 based on a stock price of $80.76 and AEPS estimate for 2027 of $4.22. 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 $21.09. The 10-year low, median, and high median Price/Graham Price Ratios are 2.58, 3.51 and 4.50. The current ratio is 3.83 based on a stock price of $80.76. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This is a very imperfect test because 5 of the last 10 entries are fudged because of negative book values.

I get a 10-year median Price/Book Value per Share Ratio of 0.80. The current ratio is 17.25 based on a stock price of $80.76, Book Value of $335M and Book Value per Share of $4.68. The current ratio is 2049% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. There are lots of problems with this test also. There were years of a negative book value. The latest quarter is showing the book value falling by 44%. Book Values seem to vary a lot.

Note that the Book Value per Share estimate for 2027 is $9.30. This implies a ratio of 8.68 with a Book Value of $665M and a stock price of $80.76. In this case the current ratio is 982% above the 10 year ratio of 0.80. This stock price testing suggests that the stock price is relatively expensive. The 10 year median ratio is very low because of years of negative book values.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.72. The current ratio is $5.73 based on a Cash Flow per Share estimate for 2027 of $14.10, Cash Flow of $1,009M and a stock price of $80.76. The current ratio is 26% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This is a relatively reasonable test, but Cash Flow has varied a lot.

I get an 8 year and historical median dividend yield of 0.69%. The current ratio is 1.24% based on dividends of $1.00 and a stock price of $80.76. The current dividend yield is 79% above the historical and 8 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This is a relatively good test.

The 10-year median Price/Sales (Revenue) Ratio is 0.76. The current ratio is 0.61 based on Revenue estimate for 2027 of $9,406M, Revenue per Share of $131.48 and a stock price of $80.76. The current ratio is 19.6% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. It is very close to cheap

Results of stock price testing is that the stock price could be relatively cheap. The dividend yield test for the last 8 years is showing the stock price as cheap. Dividends have only been paid for 8 years. This is confirmed by the P/S Ratio test. It is a problem that a number of the tests are not good tests. The P/E Ratio and P/AEPS Ratio tests show that the stock price is expensive, but the AEPS ratio is not that high.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (5) and Hold (9). The consensus would be a Buy. The 12 month stock price is $103.07 with a high of $113.00 and low of $90.00. The 12 month stock price of $103.07 implies a total return of 28.86% with 27.63% from capital gains and 1.24% from dividends based on a current stock price of $80.76.

Analysts on Stock Chase stopped following this stock after 2024. Never a good sign. Jitendra Parashar on Motley Fool in August said that the stock jumped 8% following the launch of BRP Financial Services, a new retail financing program for customers and dealers in the U.S. market. Amy Legate-Wolfe on Motley Fool is looking for a cyclical rebound potential as demand and margins recover. The company put out a press release via Newswire about its fourth quarter for 2026. The company put out a press release via Newswire about its second quarter for the 2027 financial year.

Simply Wall Street via Yahoo Finance see a higher Fair Value Estimate of CA$103.07, up from CA$97.22, which lines up more closely with the Street price targets that have been cited after the latest update. Simply Wall Street has 3 warnings on this stock of profit margins (1.2%) are lower than last year (2.6%); has a high level of debt; and large one-off items impacting financial results. Note that the company has Adjusted Earnings per Share to get rid of impact of one-off items.

BRP designs, develops, manufactures, distributes, and markets snowmobiles, all-terrain vehicles, and personal watercraft under the Ski-Doo, Sea-Doo, Can-Am, and Lynx brand names. It also builds engines under the Rotax brand (after shuttering the Evinrude outboard engine business in 2020) and offers clothing, parts, and accessories that cater to its core consumers. Its web site is here BRP Inc.

The last stock I wrote about was about was K-Bro Linen Inc (TSX-KBL, OTC-KBRLF) ... learn more. The next stock I will write about will be Teck Resources Ltd (TSX-TECK.B, NYSE-TECK) ... learn more on Monday, September 28, 2026 around 5 pm. Tomorrow on my other blog I will write about Agnico Eagle Mines Ltd.... learn more on Thursday, September 24, 2026 around 5 pm.

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

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

K-Bro Linen Inc

2026-09-21T17:26:05.512-04:00

Sound bite for Twitter is: Dividend Paying Consumer. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth non-existent. See my spreadsheet on K-Bro Linen Inc .

Is it a good company at a reasonable price? The dividends are flat and I prefer stocks with dividend increases. The company has been growing faster than the stock price over the past 5 and 10 years, but the P/E Ratio is just getting to reasonable level for this type of company. Analysts expect the stock price to go up nicely within the next 12 months so perhaps the company will have some better total returns going forward. The stock price does seem reasonable.

I do not own this stock of K-Bro Linen Inc (TSX-KBL, OTC-KBRLF). People were talking about this stock at the 2009 Toronto Money Show. This was one income trust being touted as currently a good buy with very good yield. It was also recommended by Aaron Dunn who is the Senior Equity Analyst for Keystone Publishing Corp, a publisher of Canadian investment newsletters.

When I was updating my spreadsheet, I noticed that this stock has had some good growth except for the stock price and dividends. See paragraph and chart below.

The company started as an income fund and these companies have not become dividend growers as they seem to have a hard time getting their dividends right. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	157.78%	20.85%	16.86%	<-12 mths
5	AEPS Growth	609.44%	47.97%	76.41%	<-12 mths
5	Net Income Growth	375.67%	36.60%	20.78%	<-12 mths
5	Cash Flow Growth	47.91%	8.14%	16.80%	<-12 mths
5	Dividend Growth	0.00%	0.00%	0.00%	<-12 mths
5	Stock Price Growth	-9.91%	-2.06%	19.40%	<-12 mths

10	Revenue Growth	250.62%	13.37%	18.14%	<-this year
10	EPS - AEPS Growth	68.03%	5.33%	68.36%	<-this year
10	Net Income Growth	49.07%	4.07%	39.19%	<-this year
10	Cash Flow Growth	255.96%	13.54%	49.32%	<-this year
10	Dividend Growth	0.00%	0.00%	0.00%	<-this year
10	Stock Price Growth	-31.09%	-3.66%	53.80%	<-this year

If you had invested in this company in December 2015, for $1,019.00 you would have bought 20 shares at $50.95 per share. In December 2025, after 10 years you would have received $240.00 in dividends. The stock would be worth $702.20. Your total return would have been $942.20. This would be a total loss of 0.88% per year with 3.66% from capital loss and 2.78% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$50.95	$1,019.00	20	10	$240.00	$702.20	$942.20

The current dividend yield is moderate with dividend growth non-existent. The current dividend yield is moderate (2% to 4% range) at 2.86%. The 5, 10 and historical dividend yields are moderate at 3.38%, 3.32% and 3.44%. Originally, dividends were in the 7% to 12% ranges as this company was an income trust, however, they have been moderate since 2012. Dividends have been flat since 2014. Most old income trust stocks have problems with progressing into a dividend growth stock.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is high at 79% with 5 year coverage at 98%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 32% with 5 year coverage at 47%. The DPR for 2025 for Distributable Cash Flow (DCF) is good at 30% with 5 year coverage at 43%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 22% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is good at 25% with 5 year coverage at 38%. FCF for 2025 varies from $48M to $55M and I am using the $55M.

Item	Cur	5 Years
EPS	79.47%	98.52%
AESP	32.00%	46.99%
DCF	30.18%	42.99%
CFPS	22.02%	27.94%
FCF	25.53%	37.84%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.50 and currently at 0.43. The Liquidity Ratio for 2025 is good at 1.87 and 1.85 currently. The Debt Ratio for 2025 is good at 1.64 and 1.65 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.57 and 1.57 and currently at 2.54 and 1.54.

Type	Year End	Ratio Curr
Lg Term R	0.50	0.43
Intang/GW	0.45	0.38
Liquidity	1.87	1.85
Liq. + CF	2.33	2.57
Debt Ratio	1.64	1.65
Leverage	2.57	2.54
D/E Ratio	1.57	1.54

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	1.14%	-2.06%	3.21%
2015	10	0.00%	-0.88%	-3.66%	2.78%
2010	15	0.58%	9.48%	4.44%	5.04%
2005	20	0.76%	11.53%	5.20%	6.34%
2004	21		12.09%	5.38%	6.71%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 21.21, 23.50 and 25.78. The corresponding 10 year ratios are 36.48, 42.73 and 48.49. The corresponding historical ratios are 20.41, 23.30 and 25.78. The current ratio is 21.23 based on a stock price of $41.92 and EPS estimate for 2026 of $1.98. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. However, the 10 year median ratios are quite 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 15.34, 17.78 and 20.23. The corresponding 10 year ratios are 36.48, 42.73 and 48.98. The corresponding historical ratios are 25.69, 30.52 and 35.35. The current ratio is 9.75 based on a stock price of $41.92 and AEPS estimate for 2026 of $2.37. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. However, the 10 year median ratios are quite high. But the current ratio of 9.75 is a reasonable one for this company.

I also have Distributable Cash (DC) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.95, 10.38 and 11.80. The corresponding 10 year ratios are 12.32, 14.41 and 16.55. The corresponding historical ratios are 8.95, 10.48 and 11.80. The current ratio is 9.75 based on a stock price of $41.92 and DC estimate for 2026 of $4.30. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $33.82. The 10-year low, median, and high median Price/Graham Price Ratios are 1.80, 2.14 and 2.47. The current ratio is 1.24 based on a stock price of $41.92. 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 find the 10 year median ratios are rather high. Normally, good ratios are between 0.80 and 1.20, so 1.24 ratio is a bit high.

I get a 10-year median Price/Book Value per Share Ratio of 1.98. The current ratio is 1.95 based on a Book Value of $279M, Book Value per Share of $21.45 and a stock price of $41.92. The current ratio is 1.3% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This looks like a good test.

I also have a Book Value per Share estimate for 2026 of $21.91. In the case the ratio would be 1.91 with a stock price of $41.92 and Book Value of $285M. This ratio is 3.3% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 10.99. The current ratio is 5.82 based on Cash Flow per Share estimate for 2026 of $7.20, Cash Flow of $93.6M and a stock price of $41.92. The current ratio is 47% below 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. I wonder about the estimates as the estimate for 2026 is 49% higher than the Cash Flow per Share of 2025 and higher than any previous year.

I get an historical median dividend yield of 3.44%. The current dividend yield is 2.86% based on Dividends of $1.20 and a stock price of $41.92. The current dividend yield is 17% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This is generally not considered a good test when the dividends are flat, which they are for this stock.

I get a 10 year median dividend yield of 3.32%. The current dividend yield is 2.86% based on Dividends of $1.20 and a stock price of $41.92. The current dividend yield is 14% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This is generally not considered a good test when the dividends are flat, which they are for this stock.

The 10-year median Price/Sales (Revenue) Ratio is 1.59. The current ratio is 0.91 based on Revenue estimate for 2026 of $598.7M, Revenue per Share of $46.04 and a stock price of $41.92. The current ratio is 43% below the 10 year median ratio. This stock price testing suggests that the stock price is cheap. This is a good test.

Results of stock price testing is that the stock price is probably reasonable. I did not like a number of the tests, but the P/AEPS Ratio test has a reasonable ratio of 9.75. The P/B Ratio tests are good and say that the stock price is reasonable. The P/S Ratio test is a good one and says that the stock price is relatively cheap. The dividend yield tests are not good because the dividends are flat.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (4). The consensus would be a Strong Buy. The 12 month stock price consensus is $54.00 with a high of $60.00 and low of $49.00. The consensus stock price of $54.00 implies a total return of $31.68 with 28.82% from capital gains and 2.86% from dividends based on a current stock price of $41.92.

There are three entries on Stock Chase for 2026 and analysts see the stock as a buy. They think it is a boring small cap. Daniel Da Costa on Motley Fool likes this stock for its monthly dividend. Brian Paradza on Motley Fool has that this company has proved that boring can be profitable. The company put out a press release via Newswire about their fourth quarter results for 2025. The company put out a press release via Newswire about their second quarter of 2026.

Guru Focus via Yahoo Finance reviews this stock and talk about their positive and negative points. Simply Wall Street via Yahoo Finance reviews this stock. They like the fact that the company can cover their dividends, but do not like it that they have issued new shares. Simply Wall Street gives this stock 2 and one half stars out of 5. They have one warning of interest payments are not well covered by earnings.

K-Bro Linen Inc is a healthcare and hospitality laundry and linen processor in Canada. It operates through two divisions, which are the Canadian segment, which provides laundry and linen services to the healthcare and hospitality sectors in Canada. and the United Kingdom Segment, which provides laundry and linen services to the healthcare and hospitality sectors in United Kingdom. Its web site is here K-Bro Linen Inc .

The last stock I wrote about was about was Granite REIT (TSX-GRT.UN, NYSE-GRP.U) ... learn more. The next stock I will write about will be BRP Inc (TSX-DOO, OTC-DOOO) ... learn more on Wednesday, September 23, 2026 around 5 pm. Tomorrow on my other blog I will write about Problems and RRIF Withdrawals.... learn more on Tuesday, September 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.

Granite REIT

2026-09-18T12:32:50.544-04:00

Sound bite for Twitter is: Dividend Growth REIT. Results of stock price testing is that the stock price is probably still reasonable. Debt Ratios are quite good except for the Liquidity Ratio. The Dividend Payout Ratios (DPR) are mostly fine, especially the important values of AFFO and FFO. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Granite REIT.

Is it a good company at a reasonable price? This stock seems to be growing fine with a good dividend. It seems to be a bit cyclical, so I think you have to be careful of when you buy. Of course, it is always best to buy a stock over time in different months and years. Currently the stock price is showing as possibly still reasonable. It is off its recent high.

I do not own this stock of Granite REIT (TSX-GRT.UN, OTC-GRTUF). I first bought some of this stock in 2003 when it was called MI Developments (TSX-MIM.A). It was a company connected with Frank Stronach and Magna. TD bank also had an Action Buy Call (Strong Buy) on this stock. By the December 2006, it was doing well and my stock was up some 15% per year. I bought some more. The year of 2006 was the last time I did well on this stock. It kept going down and I sold it in 2009; being discourage it would ever do well again.

When I was updating my spreadsheet, I noticed I sold this stock after 6 years because it seemed to be going nowhere and I had a loss of 22%. However, if I had held it to today and held it for almost 19 years, I would probably have had a profit of 8.35% per year, part dividends and part capital gains. I also notice that this company is no longer listed on the NYSE, it is now on OTC with a new symbol of GRTUF.

If you had invested in this company in December 2015, for $1,024.92 you would have bought 27 shares at $37.96 per share. In December 2025, after 10 years you would have received $827.03 in dividends. The stock would be worth $2,206.17. Your total return would have been $3,033.20. This would be a total return of 13.83% per year with 7.97% from capital gain and 5.86% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$37.96	$1,024.92	27	10	$827.03	$2,206.17	$3,033.20

The current dividend yield is moderate with dividend growth low. The dividend yield is moderate (2% to 4% ranges) at 4.25%. The 5, 10 and historical dividend yields are moderate at 4.23%, 4.68% and 4.49%. The dividend growth is low (below 8% per year) at 3.2% per year over the past 5 years. The last dividend increase was in 2026 and it was for 4.4%.

The Dividend Payout Ratios (DPR) are mostly fine, especially the important values of AFFO and FFO. The DPR for 2025 for Earnings per Share (EPS) is high at 61% with 5 year coverage at 68%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 65% with 5 year coverage at 72%. The DPR for 2025 for Funds from Operations (FFO) is good at 57% with 5 year coverage at 66%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 44% with 5 year coverage at 51%. It is best if DPR for CFPS is at 40% or lower. The DPR for 2025 for Free Cash Flow (FCF) is high at 103% with 5 year coverage at 72%. There is only one value for FCF and it is for $202.6M and only one site giving this information.

Item	Cur	5 Years
EPS	61.12%	68.45%
AFFO	65.25%	72.47%
FFO	57.52%	65.78%
CFPS	43.79%	51.30%
FCF	102.73%	72.25%

The Long Term Debt/Market Cap Ratio for 2025 is good at 0.04 and currently at 0.08. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.08 and currently at 0.16 because this is a more important ratio for a REIT. The Liquidity Ratio for 2025 is far too low at 0.41 and 0.18 currently. If you added in Cash Flow after dividends, the ratios are still far too low at 0.72 and currently at 0.34. The Debt Ratio for 2025 is good at 2.31 and 2.44 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.77 and 0.77 and currently at 1.70 and 0.69.

Type	Year End	Ratio Curr
Lg Term A	0.08	0.16
Lg Term R	0.04	0.08
Intang/GW	0.00	0.00
Liquidity	0.41	0.18
Liq. + CF	0.72	0.34
Liq. CF Dt	0.72	0.34
Debt Ratio	2.31	2.44
Leverage	1.77	1.70
D/E Ratio	0.77	0.69

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.20%	4.98%	0.96%	4.02%
2015	10	3.97%	13.83%	7.97%	5.86%
2010	15	13.65%	13.42%	7.64%	5.78%
2005	20	8.81%	6.96%	3.63%	3.34%
2002	23	9.46%	8.40%	4.97%	3.43%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.41, 12.88 and 14.72. The corresponding 10 year ratios are 6.48, 7.92 and 9.68. The corresponding historical ratios are 7.30, 8.60 and 10.51. The current ratio is 14.28 based on a stock price of $83.70 and EPS estimate for 2026 of $5.86. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 15.22, 17.73 and 12.71. The corresponding 10 year ratios are 12.90, 14.95 and 16.86. The corresponding historical ratios are 11.40, 13.51 and 15.13. The current ratio is 13.24 based on a stock price of $83.70 and FFO estimate for 2026 of $6.32. 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 a better test than the P/E Ratio test.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 14.03, 16.81 and 19.58. The corresponding 10 year ratios are 14.10, 16.33 and 19.29. The corresponding historical ratios are 14.03, 15.85 and 19.03. The current ratio is 14.87 based on a stock price of $83.70 and AFFO estimate for 2026 of $5.63. 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 also better test than the P/E Ratio test.

I get a Graham Price of $115.72. The 10-year low, median, and high median Price/Graham Price Ratios are 0.68, 0.79 and 0.91. The current ratio is 0.72 based on a stock price of $83.70. 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 0.97. The current ratio is 0.89 based on a stock price of $83.70, Book Value of $5,778M and Book Value per Share of $94.18. The current ratio is 9% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 15.25. The current ratio is 13.47 based on Cash Flow for the last 12 months of $381M, Cash Flow per Share of $6.21 and a stock price of $83.70. 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.

I get an historical median dividend yield of 4.49%. The current dividend yield is 4.24% based on dividends of $3.5496 and a stock price of $83.70. The current dividend yield is 6% 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 4.68%. The current dividend yield is 4.24% based on dividends of $3.5496 and a stock price of $83.70. The current dividend yield is 9% 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 9.96. The current ratio is 7.70 based on Revenue estimate for 2026 of $666.9M, Revenue per Share of $10.87 and a stock price of $83.70. The current ratio is 23% 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 still reasonable. The dividend yield testing is saying it is reasonable but above the median. The P/S Ratio test says it is cheap. Most of the rest of the testing is saying it is reasonable and below the median. It is off its recent high.

When I look at analysts’ recommendations, I find Strong Buy (5), and Buy (5). The consensus is a Strong Buy. The 12 months stock price $106.30 with a high of $112.00 and low of $101.00. The 12 month stock price of $106.30 implies a total return of 31.24% with 27.00% from capital gains and 4.24% from dividends based on a stock price of $83.70.

Analysts on Stock Chase like this REIT but worry about interest rates. Robin Brown on Motley Fool says to buy this company for growth and passive dividends. Puja Tayal on Motley Fool says that this stock could be a growth engine as it is tied to industrial clients like Amazon and Magna International. 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 via Globe and Mail about their second quarter of 2026.

Guru Focus via Yahoo Finance reviews this stock and says it has a strong revenue model to grow it dividends. Simply Wall Street has one warning on this stock of debt is not well covered by operating cash flow.

Granite Real Estate Investment Trust is a real estate investment trust engaged in the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties in North America and Europe. The company's tenant is Magna International, an automotive parts and systems manufacturer, which accounts for the majority of Granite's lease income. Its web site is here Granite REIT.

The last stock I wrote about was about was Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF) ... learn more. The next stock I will write about will be K-Bro Linen Inc (TSX-KBL, OTC-KBRLF) ... learn more on Monday, September 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.

Great-West Lifeco Inc

2026-09-16T17:25:57.947-04:00

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

Is it a good company at a reasonable price? I think you can do well to invest in Insurance Companies; however, it would seem that this company’s stock has gone up a lot lately and is at an all-time high. I would be cautious about investing in a company at an all-time high. My testing is showing that the stock price is relatively expensive.

I do not own this stock of Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF). This stock seems to be a favorite with investors who like solid, stable, dividend paying stock. It was on Mike Higgs' list and it used to be on the dividend lists. I have been following this stock for some time. However, I will not buy it because I have Power Corp. (TSX-POW). Great West Lifeco Inc. is one of the companies under Power Corp. (TSX-POW).

When I was updating my spreadsheet, I noticed that in 2025 the company purchased (Buy-back) 3% of the outstanding shares. In the first 6 months of this year, the company purchased 1.5% of the outstanding shares. I noticed that the Desmarais Family Residuary Trust shares went down 3.5% between September 12, 2025 and September 11, 2026. The shares in this trust were flat for many years, but last year they sold some shares also.

If you had invested in this company in December 2015, for $1,101.37 you would have bought 29 shares at $34.53 per share. In December 2025, after 10 years you would have received $531.16 in dividends. The stock would be worth $1,963.01. Your total return would have been $2,494.17. This would be a total return of 10.83% per year with 6.96% from capital gain and 3.87% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$34.53	$1,001.37	29	10	$531.16	$1,963.01	$2,494.17

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 2.88%. The 5 and 10 year median dividend yields are good (5% to 6% ranges) at 5.24% and 5.16%. The historical dividend yield is moderate at 3.86%. The dividend growth is low (below 8% per year) at 6.9% per year over the past 5 years. The last dividend increase was in 2026 and it was for 9.8%.

The Dividend Payout Ratios (DPR) are generally fine. The DPR for 2025 for Earnings per Share (EPS) is high at 57% with 5 year coverage at 58%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage high at 52%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 82% with 5 year coverage good at 32%. The DPR for 2025 for Free Cash Flow (FCF) is high at 83% with 5 year coverage good at 36%. FCF varies for 2025 from a negative $5,040M to $2,708M and I am using the $2,708M.

The EPS DPR for 2026 is expected to be in the 50% range, but declining into the 40% range in 2027.

Item	Cur	5 Years
EPS	57.28%	57.68%
AEPS	48.70%	51.90%
CFPS	81.66%	32.45%
FCF	83.20%	36.42%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is at 4.10 and currently at 3.11. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is fine at 0.94 and currently at 0.93 because this is a more important ratio for a Financial. The Liquidity Ratio for 2025 is low at 1.03 and 1.10 currently. But this is not an important ratio for a financial. The Debt Ratio for 2025 is fine but is a little low at 1.04 and 1.04 currently. The Leverage Ratio for 2025 are fine at 28% and currently at 28%.

Type	Year End	Ratio Curr
Lg Term R	4.10	3.11
Lg Term A	0.94	0.93
Intang/GW	0.26	0.20
Liquidity	1.03	1.10
Liq. + CF	1.06	1.23
Debt Ratio	1.04	1.04
Fin Leverage	28%	28%

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	6.85%	22.47%	17.40%	5.07%
2015	10	6.47%	10.83%	6.96%	3.87%
2010	15	4.67%	10.41%	6.48%	3.93%
2005	20	5.67%	7.30%	4.03%	3.27%
2000	25	8.40%	8.80%	5.31%	3.50%
1995	30	10.56%	16.91%	10.28%	6.63%
1990	35	11.04%	18.41%	11.44%	6.98%
1988	37	10.41%	16.84%	10.84%	6.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.23, 10.64 and 11.99. The corresponding 10 year ratios are 9.95, 10.97 and 12.02. The corresponding historical ratios are 10.60, 12.36 and 13.64. The current ratio is 17.68 based on a stock price of $93.15 and EPS estimate for 2026 of $5.27. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.34, 9.82 and 11.31. The corresponding 10 year ratios are 8.78, 10.07 and 11.81. The corresponding historical ratios are 10.07, 12.07 and 13.27. The current ratio is 16.28 based on a stock price of $93.15 and AEPS estimate for 2026 of $5.72. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $54.70. The 10-year low, median, and high median Price/Graham Price Ratios are 0.73, 0.84 and 0.94. The current ratio is 1.77 based on a stock price of $93.15. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.59. The current ratio is 4.01 based on a Book Value of $20,796M, Book Value per Share of $23.25 and a stock price of $93.15. The current ratio is 152% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I have a Book Value per Share estimate for 2026 of $30.53. This analyst determines the Book Value differently than I do and, in this case, the 10 year median dividend yield is 1.38. The ratio is 3.05 based on a Book Value of $27,380M, Book Value per Share of $30.53 and a stock price of $93.15. The current ratio is 120% 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 4.98. The current ratio is 19.75 based pm Cash Flow for the last 12 months of $894.46M, Cash Flow per Share of $4.72 and a stock price of $93.15. The current ratio is 297% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 3.86%. The current dividend yield is 2.88% based on dividends of $2.68 and a stock price of $93.15. The current dividend yield is 25% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 5.16%. The current dividend yield is 2.88% based on dividends of $2.68 and a stock price of $93.15. The current dividend yield is 44% 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 0.73. The current ratio is 2.03 based on Revenue estimate for 2026 of $41,066M, Revenue per Share of $45.91 and a stock price of $93.15. The current ratio is 179% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably relatively expensive. The dividend yield testing is saying that the stock price is expensive and it is confirmed by the P/S Ratio test. All the testing is pointing to an expensive price. The TSX chart shows this stock just off its highest peak ever, so the stock testing as expensive is hardly a surprise.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (1), Hold (5), and Underperform (1). The consensus is a Strong Buy. The 12 month stock price consensus is $94.00 with a High of $111.00 and low of $68.00. The consensus stock price of $94 implies a total return of 3.79% with 0.91% from capital gains and 2.88% from dividends based on a current stock price of $93.15.

Analysts on Stock Chase like this stock, but some are worried about its high valuation. Jitendra Parashar on Motley Fool likes this stock because it has delivered for its shareholders over the past 10 years. Amy Legate-Wolfe on Motley Fool say that this company gives you financial sector exposure on a different lending cycle than banks like TD. However, she says it is also near its highs. The company put out a press release via Newswire about their fourth quarter of 2025. The company put out a press release via Newswire about their second quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. Some people think that this stock is overvalued and its fair value if $80.00 and others think it is undervalued and its fair value if $166.90. Simply Wall Street list no warnings for this stock

Great-West Lifeco is one of the Big Three Canadian life insurers with business in Canada, US, and Europe. Great-West Lifeco also offers various products across European markets with a strong presence in the UK and Ireland. Its web site is here Great-West Lifeco Inc.

The last stock I wrote about was about was Wajax Corp (TSX-WJX, OTC-WJXFF) ... learn more. The next stock I will write about will be Granite REIT (TSX-GRT.UN, NYSE-GRP.U) ... learn more on Friday, September 18, 2026 around 5 pm. Tomorrow on my other blog I will write about Canadian Banks Reporting Third Quarter Earnings.... learn more on Thursday, September 17, 2026 around 5 pm.

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

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

Wajax Corp

2026-09-14T17:52:53.113-04:00

Sound bite for Twitter is: Dividend Paying Industrial. 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 moderate with dividend growth low. See my spreadsheet on Wajax Corp.

Is it a good company at a reasonable price? This stock is a fair bit off its recent high, but it is still relatively high for a cyclical stock. Since the stock is rather cyclical, I would be careful in buying. Total Return on this stock have varied widely depending on when the stock was bought. It is testing as still reasonable, but at the high end of the reasonable range. So, I would be cautious. It is always wise to buy a stock over the period of time.

I do not own this stock of Wajax Corp (TSX-WJX, OTC-WJXFF). This is a company I would consider if I was looking for an Indusial stock. This sector has its ups and downs. They have paid good dividends when they could. I am sure dividends will grow as they can. However, industrial company can seldom raise their dividends consistently. The company has good debt ratios and this is a plus for companies in volatile sectors.

When I was updating my spreadsheet, I noticed this company used to be an income trust and it is having a hard time getting dividend rates right as all old income trust companies are. This stock is cyclical so you have to be careful to buy at the right time.

If you had invested in this company in December 2015, for $1,007.40 you would have bought 60 shares at $16.79 per share. In December 2025, after 10 years you would have received $661.20 in dividends. The stock would be worth $1,634.40. Your total return would have been $2,295.60. This would be a total return of 10.23% per year with 4.96% from capital gain and 5.27% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.79	$1,007.40	60	10	$661.20	$1,634.40	$2,295.60

This stock has had relatively good growth in the past. 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 last 12 months to the second quarter in 2026 and expected growth over this year. I have included EBITDA in this chart as this figure is coming more important for stocks at the present time.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	50.80%	8.56%	-3.93%	<-12 mths
5	AEPS Growth	66.08%	10.68%	2.11%	<-12 mths
5	Net Income Growth	81.56%	12.67%	14.21%	<-12 mths
5	Cash Flow Growth	63.26%	10.30%	-8.12%	<-12 mths
5	EBITDA	44.84%	7.69%	-0.91%	<-12 mths
5	Dividend Growth	40.00%	6.96%	0.00%	<-12 mths
5	Stock Price Growth	59.39%	9.77%	11.34%	<-12 mths
10	Revenue Growth	68.48%	5.36%	-2.90%	<-this year

10	AEPS Growth	93.20%	6.81%	8.10%	<-this year
10	Net Income Growth	621.73%	21.85%	23.37%	<-this year
10	Cash Flow Growth	1925.90%	35.10%	-97.69%	<-this year
10	EBITDA	134.66%	8.90%	-2.77%	<-this year
10	Dividend Growth	18.31%	1.70%	8.57%	<-this year
10	Stock Price Growth	62.24%	4.96%	28.49%	<-this year

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.72%. The 5 year median dividend yield is good (5% to 6% ranges) at 5.07%. The 10 year and historical median dividend yields are moderate at 4.90% and 4.57%. The dividend growth over the past 5 years is low (below 8% per year) at 7% per year. However, after having the dividend flat for a number of years, dividends went up 24% in 2023 and then 11% in 2024 year over year and then flat again. The last dividend increase was in 2024 and it was for 6%. The company used to be an income trust company and all these companies are having trouble getting their dividend right.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is fine at 54% with 5 year coverage at 44%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage at 43%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 14% with 5 year coverage at 16%. The DPR for 2025 for Free Cash Flow (FCF) is good at 28% with 5 year coverage at 24%. FCF varies in 2025 from $110M to $184M and I am using the $110M value.

Item	Cur	5 Years
EPS	54.26%	43.53%
AEPS	49.30%	42.97%
CFPS	19.40%	16.10%
FCF	27.72%	24.20%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.37 and currently at 0.27. The Liquidity Ratio for 2025 is good at 2.14 and 2.19 currently. The Debt Ratio for 2025 is good at 1.65 and 1.58 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.54 and 1.54 and currently at 2.73 and 1.73.

Type	Year End	Ratio Curr
Lg Term R	0.37	0.27
Intang/GW	0.30	0.26
Liquidity	2.14	2.19
Liq. + CF	2.52	2.52
Debt Ratio	1.65	1.58
Leverage	2.54	2.73
D/E Ratio	1.54	1.73

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	6.96%	15.56%	9.77%	5.79%
2014	10	1.70%	10.23%	4.96%	5.27%
2009	15	-1.66%	2.95%	-1.99%	4.94%
2004	20	0.59%	7.89%	-0.60%	8.49%
1999	25	0.00%	28.12%	7.98%	20.15%
1994	30	0.00%	9.74%	2.95%	6.79%
1989	35	3.04%	10.41%	4.18%	6.23%
1986	38	2.38%	6.05%	1.63%	4.42%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.11, 8.60 and 11.09. The corresponding 10 year ratios are 7.18, 9.18 and 12.00. The corresponding historical ratios are 7.63, 10.18 and 13.21. The current ratio is 9.67 based on a stock price of $29.69 and EPS estimate for 2026 of $3.07. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 5.55, 7.81 and 10.07. The corresponding 10 year ratios are 7.10, 9.09 and 11.76. The corresponding historical ratios are 7.14, 9.42 and 11.70. The current ratio is 9.67 based on a stock price of $29.69 and EPS estimate for 2026 of $3.07. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $40.72. The 10-year low, median, and high median Price/Graham Price Ratios are 0.54, 0.69 and 0.85. The current ratio is 0.73 based on a stock price of $29.69. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.15. The current ratio is 1.24 based on a stock price of $29.69, Book Value of $521.98M, and Book Value per Share of $24.00. 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.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.58. The current ratio is 3.62 based on Cash Flow for the last 12 months of $178M, Cash Flow per Share $8.20 and a stock price of $29.69. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is expensive.

I get an historical median dividend yield of 4.57. The current dividend yield is 4.72% based on dividends of $1.40 and a stock price of $29.69. The current dividend yield is 3% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 4.90. The current dividend yield is 4.72% based on dividends of $1.40 and a stock price of $29.69. The current dividend yield is 4% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.26. The current ratio is 0.31 based on Revenue estimate for 2026 of $2,083, Revenue per Share of $95.79 and a stock price of $29.69. The current ratio is 19.8% above 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 median dividend yield testing says that the stock price is reasonable but above the median. This is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the same thing. The exception is the historical median dividend yield test saying that the stock is cheap and the P/CF Ratio test saying the stock price is expensive. Since the Cash Flow bounces around a lot, the historical median dividend yield test is a better test.

When I look at analysts’ recommendations, I find Buy (1), and Hold (3). The consensus is a Hold. The 12 month stock price consensus is $35.00 with a high of $36.00 and a low of $35.00. The consensus stock price of $35.00 implies a total return of 22.60% with 17.88% from capital gains and 4.72% from dividends based on a current stock price of $29.69.

There are three entries in 2025 on Stock Chase. There is one Do Not Buy, one Wait and one Buy. The Do Not Buy says it is medium-quality and not a dividend compounder. The Wait wants to see consistency first and the Buy says his strategy is to ride the stock up. Amy Legate-Wolfe on Motley Fool says that the company has improving margins and a growing backlog and could win big in the future. Amy Legate-Wolfe on Motley Fool wrote in March 2026 that this stock will provide income now and growth later. The company put out a Press Release about their fourth quarter of 20025. The company put out a Press Release about their second quarter of 2026.

Guru Focus via Yahoo Finance talks about the pros and cons of this company. Simply Wall Street via Yahoo Finance reviews this stock as an undervalued small cap with recent insider activity. Simply Wall Street has one warning on this stock of earnings have declined by 2.4% per year over past 5 years.

Wajax Corp operates an integrated distribution system, providing sales, parts, and services to a broad range of customers in diversified sectors of the Canadian economy, including: construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities, and oil and gas. Its web site is here Wajax Corp.

The last stock I wrote about was about was Trican Well Service Ltd (TSX-TCW, OTC-TOLWF) ... learn more. The next stock I will write about will be Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF) ... learn more on Wednesday, September 16, 2026 around 5 pm. Tomorrow on my other blog I will write about Canada’s Banks and Earnings.... learn more on Tuesday, September 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.

Trican Well Service Ltd

2026-09-11T10:08:28.220-04:00

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably expensive, but could be reasonable. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth restarted. See my spreadsheet on Trican Well Service Ltd.

Is it a good company at a reasonable price? They are not a dividend growth company, so I generally would not be interested in this company. They have been doing better over the past 6 years that they had for a while, but they are in a cyclical business, so that is not surprising. They are just off a cyclical high and that is generally not a good time to buy. I would not think that this stock is a long term buy, although money could be made in the short term. The stock price could be in a reasonable range, but it would be above the median.

I do not own this stock of Trican Well Service Ltd (TSX-TCW, OTC-TOLWF). I was following Canyon Services Group Inc and Trican Well Services Ltd had a plan of arrangement with Canyon Shareholders.

When I was updating my spreadsheet, I noticed that they had a good year in 2025. Revenue, EPS, Net Income, Cash Flow, Dividends, and Stock Price all went up in 2025 compared to 2024. For the 12 months to the end of the second quarter, EPS and Net Income are down. EPS and Net Income is expected to be lower in 2026 than in 2025.

Note that I am following Canyon Services Group (TSX-FRC) into Trican Well Service Ltd (TSX-TCW) when the plan of arrangement occurred 9 years ago in 2017. I do have values for Trican Well Service Ltd when it comes to stock price and dividends for longer than 9 years.

If you had invested in this company in December 2015, for $1,000.32 you would have bought 1563 shares at $0.64 per share. In December 2025, after 10 years you would have received $859.65 in dividends. The stock would be worth $10,143.87. Your total return would have been $2,794.39. This would be a total return of 26.34% per year with 24.96% from capital gain and 1.39% from dividends. (Note that this stock is cyclical and hit a bottom 10 years ago.)

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$0.64	$1,000.32	1,563	10	$859.65	$9,284.22	$10,143.87

The current dividend yield is moderate with dividend growth restarted. The current dividend yield is moderate (2% to 4% ranges) at 3.47%. Dividends were just restarted in 2023 after being suspended in 2015. The 5 and 10 year median dividend yields are low (below 1%) at 1.96% and 0%. Even when dividends were paid prior to 2015, they were mostly flat and yields were mostly in the median range. The last dividend increase was in 2025 and it was for 10%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 37% with 5 year coverage at 27%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 19% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow calculated by the company (FCF) is good at 13% with 5 year coverage at 34%. The DPR for 2025 for Free Cash Flow (FCF) is good at 39% with 5 year coverage at 26%. FCF varies from $104.69 to $149.40.

Item	Cur	5 Years
EPS	36.84%	26.83%
CFPS	18.52%	12.16%
FCF Comp.	12.79%	33.76%
FCF	39.73%	26.40%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.07 and currently at 0.00. The Liquidity Ratio for 2025 is good at 2.49 and 2.07 currently. The Debt Ratio for 2025 is good at 3.19 and 3.93 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.46 and 0.46 and currently at 1.34 and 0.34.

Type	Year End	Ratio Curr
Lg Term R	0.07	0.00
Intang/GW	0.11	0.10
Liquidity	2.49	2.07
Liq. + CF	4.00	5.71
Debt Ratio	3.19	3.93
Leverage	1.46	1.34
D/E Ratio	0.46	0.34

The Total Return per Year is shown below for years of 5 to 29 to the end of 2025 for TCW. 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%	31.73%	28.73%	3.00%
2015	10	0.00%	26.34%	24.96%	1.39%
2010	15	5.07%	-6.92%	-7.82%	0.90%
2005	20	7.85%	-6.68%	-7.46%	0.78%
2000	20		5.68%	3.66%	2.02%
1996	29		11.89%	8.76%	3.12%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.33, 8.93 and 11.12. The corresponding 10 year ratios are 6.03, 7.95 and 9.56. The corresponding historical ratios are 3.95, 7.46 and 9.56. The current ratio is 11.74 based on a stock price of $6.34 and EPS estimate for 2026 of $0.54. 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.

I get a Graham Price of $5.26. The 10-year low, median, and high median Price/Graham Price Ratios are 0.59, 0.80 and 1.06. The current ratio is 1.21 based on a stock price of $6.34. 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.

I get a 10-year median Price/Book Value per Share Ratio of 1.31. The current ratio is 2.79 based on a stock price of $6.34, Book Value of $476.5M and Book Value per Share of $2.28. The current ratio is 113% 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 $3.48. This implies a ratio of 1.82 with a stock price of $6.34 and a Book Value of $727.4M. This ratio is 40% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.02. The current ratio is 7.96 based on Cash Flow per Share estimate for 2026 of $1.01 and a stock price of $6.34. The current ratio is 32% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I cannot do a historical or 10 year median dividend yield test because dividends have just restarted and I do not have historical or 10 year data to use. Although the median dividend yield for 2023 to 2025 is 3.94%. The current dividend yield is 3.47%, a value 12% below the 3 year median. 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 0.93. The current ratio is 1.05 based on Revenue estimate for 2026 of $1,269.8M, Revenue per Share of $6.07 and a stock price of $6.34. 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.

Results of stock price testing is that the stock price is probably expensive, but could be reasonable. I can do not dividend yield testing because of lack of dividends from 2015 to 2023. What testing I can do says that the stock price is reasonable, but above the median and this is what the P/S Ratio testing says too. All the other tests are showing the stock price as relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1) and Hold (4). The consensus is a Buy. The 12 month stock price is $7.84 with a high of $9.00 and low of $6.75. The 12 month stock price of $7.84 implies a total return of 27.13% with 23.66% from capital gains and 3.47% from dividends based on a current stock price of $6.34.

Analysts on Stock Chase seem to like this company and think it is a buy. Amy Legate-Wolfe on Motley Fool likes this company for its low debt and FCF. Christopher Liew on Motley Fool likes this stock because it is a top pressure-pumping provider. The company put out a press release via Energy Now about their fourth quarter of 2025 results. The company put out a press release via Energy Now about their second quarter of 2026 results.

Guru Focus via Yahoo Finance gives the positive and negative points in owning this stock. Simply Wall Street via Yahoo Finance reviews this stock. They say there is wide range in the fair value estimates. They also say that to own Trican Well Service, you need to believe in the long term demand for Canadian pressure pumping and completion services, particularly in gas-weighted plays. Simply Wall Street gives no warnings on this stock, but gives the stock 2 and one half stars out of 5.

Trican Well Service Ltd is an equipment services company. It provides products, equipment, services, and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells through its continuing pressure pumping operations in Canada. Its web site is here Trican Well Service Ltd.

The last stock I wrote about was about was Telus Corp (TSX-T, NYSE-TU) ... learn more. The next stock I will write about will be Wajax Corp (TSX-WJX, OTC-WJXFF) ... learn more on Monday, September 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.

Telus Corp

2026-09-09T16:55:20.048-04:00

Sound bite for Twitter is: Dividend Paying Telecom. Results of stock price testing is that the stock price is probably relatively cheap. Debt Ratios are rather ugly. The Dividend Payout Ratios (DPR) are far too high. The current dividend yield is good with dividend growth low. See my spreadsheet on Telus Corp.

Is it a good company at a reasonable price? There is much I do not like about this stock and that begins with the awful Debt Ratios and the high DPRs. On the other hand, it is a good sign that maybe things are going to get better because insiders are buying and they probably think that. A cheap stock is not necessarily a good stock to buy. If this stock is to turn around, it will probably take some time. It is cheap at present and with a decent dividend yield.

I do not own this stock of Telus Corp (TSX-T, NYSE-TU). I started to follow this stock because of a list of stock John Sartz talked about in 2008. At the Toronto Money Shows in 2009 and 2010 Aaron Dunn from Key Stone Financial Publishing Corp talked about having recommended this stock. Aaron Dunn says he likes companies with resilient business models, which are profitable and are growing their earnings. He also like companies with strong management teams, health balance sheets, and compelling valuations. They look at the P/E and the Price/Cash Flow ratios. Telus Corp (TSX-T) was one of three stocks he recommended in 2009.

When I was updating my spreadsheet, I noticed every officer and directors I follow bought more shares in the past year. They have a new CEO and he was appointed from within the company and he increased his shares by 200%. They also have a new CFO and he bought shares. The rest of the people I follow have been with the company at least 5 years and they all bought more shares. This is, of course, a positive.

The negative is, of course, that this company cut their dividends this year by 55%. They were probably paying more in dividends than they could afford. What they are earning has been going down, even the Adjusted Earnings have been going down over the past 3 years. As you can see in the chart below, if you had invested in this company 10 years ago, your stock price is down, but overall, you had a gain. This is quite typical of stocks that pay dividends. You often, at least, break even when problems appear.

If you had invested in this company in December 2015, for $1,013.89 you would have bought 53 shares at $19.13 per share. In December 2025, after 10 years you would have received $655.02 in dividends. The stock would be worth $958.77. Your total return would have been $1,613.79. This would be a total return of 5.85% per year with 0.56% from capital loss and 6.41% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$19.13	$1,013.89	53	10	$655.02	$958.77	$1,613.79

The current dividend yield is good with dividend growth low. The current dividend is good (5% to 6% ranges) at 5.69%. The 5 year median dividend yield is also good at 5.68%. The 10 year and historical median dividend yields are moderate at 4.56%, and 4.34%. The dividend growth is low (below 8% per year) at 7% per year over the past 5 years. The last dividend change was in 2026 and was a decrease in dividends by 55%.

The Dividend Payout Ratios (DPR) are far too high. The DPR for 2025 for Earnings per Share (EPS) is far too high at 227% with 5 year coverage at 166%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is far too high at 178% with 5 year coverage at 141%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 52% with 5 year coverage at 43%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 77% with 5 year coverage at 91%. With the drop in dividends, the DPR for EPS is expected to remain above 100% over the next 3 years. With the drop in dividends, the DPR for AEPS is expected to be around 89 in the next 3 years.

Item	Cur	5 Years
EPS	227.39%	165.53%
AEPS	177.96%	141.34%
CFPS	51.80%	43.91%
FCF	76.76%	91.02%

Debt Ratios are rather ugly. The Long Term Debt/Market Cap Ratio for 2025 is high at 0.98 and currently far too high at 1.25. The Intangible and Goodwill Ratios are much too high at 1.10 and currently at 1.09. The Liquidity Ratio for 2025 is too low at 0.86 and 0.86 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.10 and currently at 1.09. The Debt Ratio for 2025 is low at 1.39 and 1.36 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.60 and 2.60 and currently at 3.77 and 2.77.

Type	Year End	Ratio Curr
Lg Term R	0.98	1.25
Intang/GW	1.10	1.37
Liquidity	0.86	0.86
Liq. + CF	1.10	1.09
Liq, CF DB	1.62	1.85
Debt Ratio	1.39	1.36
Leverage	3.60	3.77
D/E Ratio	2.60	2.77

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	7.04%	0.06%	-6.42%	6.48%
2015	10	7.16%	5.85%	-0.56%	6.41%
2010	15	8.41%	9.94%	3.14%	6.79%
2005	20	11.08%	7.34%	2.09%	5.25%
2000	25	6.37%	6.61%	2.24%	4.36%
1995	30	5.73%	8.90%	3.78%	5.12%
1990	35	10.18%	9.00%	3.86%	5.14%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 24.19, 28.21 and 32.22. The corresponding 10 year ratios are 20.86, 23.93 and 26.99. The corresponding historical ratios are 15.75, 17.42 and 15.75. The current ratio is negative and therefore useless in testing.

If we look at EPS estimate for 2026, we get a ratio of 24.21. This is based on a stock price of $13.17, EPS of $0.54. This ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. If we look at EPS estimate for 2027, we get a ratio of 20.09. This is based on a stock price of $13.17, EPS of $0.66. This ratio is below the low 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 22.33, 25.69 and 27.98. The corresponding 10 year ratios are 18.68, 21.57 and 24.39. The corresponding historical ratios are 15.29, 16.50 and 17.69. The current ratio 19.09 based on a stock price of $13.17 and AEPS estimate for 2026 of $0.69. 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.

I get a Graham Price of $12.25. The 10-year low, median, and high median Price/Graham Price Ratios are 1.45, 1.52 and 1.65. The current ratio is 1.08 based on a stock price of $13.17. 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 2.58. The current ratio is 1.36 based on a Book Value of $15,220, Book Value per Share of $9.66, and stock price of $13.17. This ratio is 47% 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 $7.80. This implies a ratio of 1.69, Book Value of $12,291M with a stock price of $13.17. This ratio is 35% below 10 year median ratio of 2.58. 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 7.13. The current ratio is 4.29 based on Cash Flow per Share estimate for 2026 of $3.07, Cash Flow of $4,832M and a stock price of $13.17. 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 an historical median dividend yield of 4.34%. The current ratio is 5.69% based on dividends of $0.75 and a stock price of $13.17. The current ratio is 31% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 4.56%. The current ratio is 5.69% based on dividends of $0.75 and a stock price of $13.17. The current ratio is 25% 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 1.97. The current P/S Ratio is 1.02 based on Revenue estimate for 2026 of $20,256M, Revenue per Share of $12.86 and a stock price of $13.17. The current ratio is 48% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap

Results of stock price testing is that the stock price is probably relatively cheap. The dividend yield testing is saying this. However, you have to wonder about this when the company just cut dividends. (Dividend cutting is a negative.) The P/S Ratio test is a good one and it says that the stock price is relatively cheap. The P/BV Ratio testing is saying that the stock price is relatively cheap. This is a good test because it relies on the actual book value. Most of the rest of the testing is saying that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (3), Hold (11), Underperform (2) and Sell (2). The consensus would be a Hold. The 12 months stock price consensus is $14.31 with a high of $17.00 and a low of $11.50. The 12 month stock price consensus of $14.31 implies a total return of 14.35% with 8.66% from capital gains and 5.69% from dividends based on a current stock price of $13.17.

There are mixed feelings on Stock Chase about this stock. However, there are lots of Do Not Buy for this stock in 2026. Some complain that after the dividend cut, the payouts are still too high. I think that they are right. One says buy for a diversified portfolio. Jitendra Parashar on Motley Fool says that Telus’ sharply lower share price and renewed focus on cash flow, debt reduction, and disciplined capital allocation make its stock worth considering today. Joey Frenette on Motley Fool says don’t count on quick turnaround gains from beaten-down Telus. The company put out a press release via Newswire about their fourth quarter results for 2025. The company put out a Press Release about their second quarter of 2026.

People on Money.ca via Yahoo Finance way in on whether or not you should buy this stock.. Simply Wall Street via Yahoo Finance reviews this stock after the dividend reset. They say it might be undervalued and worth $20.28. Simply Wall Street has two warnings on this stock of interest payments are not well covered by earnings; and dividend of 12.5% is not well covered by earnings or free cash flows. Even with the dividend cuts, I think that the DPRs are too high.

Telus is one of Canada's Big Three telecom service providers, offering wireless and broadband services nationally, but with strongholds in British Columbia and Alberta. The firm operates two additional segments, Telus Health and Telus Digital. Its web site is here Telus Corp.

The last stock I wrote about was about was Accord Financial Corp (TSX-ACD, OTC-ACCFF) ... learn more. The next stock I will write about will be Trican Well Service Ltd (TSX-TCW, OTC-TOLWF) ... learn more on Friday, September 11, 2026 around 5 pm. Tomorrow on my other blog I will write about Financial Expertise and Blind Spots.... learn more on Thursday, September 10, 2026 around 5 pm.

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

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