Investment Talk

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%

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	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

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.
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

The Total Return per Year is shown below for years of 5 to 35 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	7.04%	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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Chemtrade Logistics Income Fund

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Aecon Group Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

GFL Environmental Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Badger Infrastructure Solutions Ltd

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Pulse Seismic Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Evertz Technologies Ltd

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Andrew Peller Ltd

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BlackBerry Ltd

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Well Health Technologies Corp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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