Investment Talk

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

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	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%

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	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

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	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

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	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

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	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

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	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.

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.

Accord Financial Corp

2026-09-07T15:53:37.676-04:00

Sound bite for Twitter is: Financial Sector Stock. Results of stock price testing is that the stock price is cheap. Some Debt Ratio are good, but the debt is high. The company got into financial difficulties and so cancelled their dividends in 2023, so there is no current dividend yield or Dividend Payout Ratios (DPR). See my spreadsheet on Accord Financial Corp.

Is it a good company at a reasonable price? This is a very small company and that is, of course, risky. The company is going through major restructuring because of financial difficulties and they have exited the US market. I think that they will recover and that is why I bought more stock. It will take time. The company is very illiquid. This is, of course, high risk. I bought stock originally and lately with my fooling around money. The company’s stock price is cheap.

I own this stock of Accord Financial Corp (TSX-ACD, OTC-ACCFF). I was looking for a small cap financial stock in 2024. The dividend was good and it did raise the dividend regularly. It has had some problems recently, but a lot of companies are with this long drawn out recover. As with all small cap stocks there is low trading volume.

When I was updating my spreadsheet, I noticed that I have a 61.06% loss. I bought stock with my fooling around money in September of 2024. They got into financial difficulties last year and the stock crashed. The best I can say about the company is that it has seemed to stabilize recently. The company says that they are now entirely focused on small business lending in Canada – one country, one target market, one team. They say that the loss in 2025 occurred because of their exit from the US market and that they increased their provision for credit losses.

The company got into financial difficulties and so cancelled their dividends in 2023, so there is no current dividend yield or Dividend Payout Ratios (DPR).

Some Debt Ratio are good, but the debt is high. The Long Term Debt/Market Cap Ratio for 2025 is far too high at 18.86 and currently at 14.33. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is fine at 0.87 and currently at 0.82 because this is a more important ratio for a Financial. The Liquidity Ratio for 2025 is good at 10.02and 10.19 currently, but this is not an important ratio for a financial. The Debt Ratio for 2025 is fine for a financial at 1.18 and 1.36 currently. The Leverage and Debt/Equity Ratios for 2025 are far too high at 7.00 and 5.94 and currently high at 3.79 and 2.79.

Type	Year End	Ratio Curr
Lg Term R	18.86	13.28
Lg Term A	0.87	0.82
Intang/GW	0.00	0.00
Liquidity	10.02	4.81
Liq. + CF	10.19	8.42
Debt Ratio	1.18	1.36
Leverage	7.00	3.79
D/E Ratio	5.94	2.79

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	-20.13%	-23.12%	2.99%
2015	10	0.00%	-10.77%	-15.41%	4.65%
2010	15	0.00%	-2.62%	-9.08%	6.45%
2005	20	0.00%	-0.04%	-6.60%	6.56%
2000	25	0.00%	4.07%	-4.44%	8.51%
1995	30	0.00%	8.41%	-1.52%	9.93%
1992	33	0.00%	10.47%	0.00%	10.47%

The 5-year low, median, and high median Price/Earnings per Share Ratios are all negative and useless. The corresponding 10 year ratios are 8.83, 9.60 and 10.38. The corresponding historical ratios are 8.55, 10.15 and 11.52. I do not have estimate for 2026, but I do have EPS for the past 12 months to the end of the second quarter. The EPS is negative and so I can do no testing.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 4.31, 5.11 and 5.92. The corresponding 10 year ratios are 7.90, 9.32 and 10.95. The corresponding historical ratios are 8.34, 9.59 and 11.06. I do not have estimate for 2026, but I do have AEPS for the past 12 months to the end of the second quarter. The AEPS is negative, so I can do no testing.

I cannot do Graham Price testing because the AEPS values have been negative the last two years and the AEPS is still negative.

I get a 10-year median Price/Book Value per Share Ratio of 0.69. The current ratio is 0.19 based on a Book Value of $43.7M, Book Value per Share of $5.11 and a stock price of $0.69. The current ratio is 73% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio that is negative and useable. I get a 5- year median P/CF Ratio of 0.63. The current ratio is 0.09 based on Cash Flow for the last 12 month $99.5M, Cash Flow per Share of $11.63 and a stock price of $0.69. The current ratio is 87% below the 5 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

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

The 10-year median Price/Sales (Revenue) Ratio is 1.12. The current ratio is 0.19 based on Revenue for the last 12 months of $44.28M, Revenue per Share of $5.17 and a stock price of $0.69. The current ratio is 84% 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 cheap. The three tests I could do, point to a cheap price.

When I look at analysts’ recommendations, I find one rating of a Strong Buy 3 months ago. This stock is not well followed. There is one target price of $8.60. You have to wonder about this. The implications of a one year target price of $8.60 implies a total return of 796%, all from capital gains and based on a current stock price of $0.96.

There was one entry for 2014 and two entries for 2013 on Stock Chase. Two entries gave the company a Top Pick and one said Do Not Buy because it was not particularly liquid. There are no entries on Motley Fool. 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.

There is a news item on Business Wire about Accord selling their US Portfolio. There is an interesting review on Finder about getting a loan from this company. Simply Wall Street has 4 warnings out on this stock of earnings have declined by 66.5% per year over past 5 years; does not have a meaningful market cap (CA$8M); shares are highly illiquid; and has a high level of debt.

Accord Financial Corp is a provider of asset-based financial services to businesses. It is engaged in providing asset-based financing services, including factoring and receivables financing, equipment and inventory financing, leasing, working capital financing, and media financing, to industrial and commercial enterprises, principally in Canada. Its web site is here Accord Financial Corp.

The last stock I wrote about was about was Cargojet Inc (TSX-CJT, OTC-CGJTF) ... learn more. The next stock I will write about will be Telus Corp (TSX-T, NYSE-TU) ... learn more on Wednesday, September 9, 2026 around 5 pm. Tomorrow on my other blog I will write about Another Approach to Budgeting.... learn more on Tuesday, September 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.

Cargojet Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

SmartCentres REIT

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

High Liner Foods

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Capital Power Corp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

ATCO Ltd

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Exchange Income Corp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Alimentation Couche-Tard Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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