Investment Talk

Pizza Pizza Royalty Corp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

I also have Adjusted Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 13.05, 14.54 and 15.74. The corresponding 10 year ratios are 13.02, 14.46 and 15.94. The corresponding historical ratios are 12.11, 14.27 and 15.71. The current ratio is 13.97 based on a stock price of $12.71 and AEPS estimate for 2026 of $0.91. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $11.38. The 10-year low, median, and high median Price/Graham Price Ratios are 0.97, 1.14 and 1.28. The current ratio is 1.12 based on a stock price of $12.71. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.93. The current P/B Ratio is 2.01 based on a Book Value of $213.8M, Book Value per Share of $6.32 and a stock price of $12.71. The current ratio is 4% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 14.23. The current ratio is 13.57 based on Cash Flow for the last 12 months of $31.7M, Cash Flow per Share of $0.94 and a stock price of $12.71. The current ratio is 5% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 6.86%. The current dividend yield is 6.37% based on a stock price of $12.71 and Dividends of $0.81. The current ratio is 7% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 6.42%. The current dividend yield is 6.37% based on a stock price of $12.71 and Dividends of $0.81. The current ratio is 0.7% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and at the median.

The 10-year median Price/Sales (Revenue) Ratio is 11.46. The current Ratio is 10.62 based on Operating Income for PZA for the last 12 months of $40.5M, Operation Income per Share of $1.20 and a stock price of $12.71. The current ratio is 7% below the 10 year median ratio. Operation Income for PZA is the closes thing this stock has for revenue.

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

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

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

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

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

The last stock I wrote about was about was Hammond Power Solutions Inc (TSX-HPS.A, OTC-HMDPF) ... learn more. The next stock I will write about will be HLS Therapeutics Inc (TSX-HLS, OTC-HLTRF) ... learn more on Monday, June 8, 2026 around 5 pm.

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

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

Also, on my book blog I have put a review of the book India, a History by John Keay learn more...

Hammond Power Solutions Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.60, 9.59 and 15.48. The corresponding 10 year ratios are 6.18, 8.83 and 12.50. The corresponding historical ratios are 6.51, 8.91 and 10.24. The current ratio is 40.04 based on a stock price of $326.67 and EPS estimate for 2026 of $8.16. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. The ratios on this stock for 10 years are low, but the current one is very high.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 6.60,9.59 and 15.48. The corresponding 10 year ratios are 6.74, 9.34 and 13.13. The corresponding historical ratios are 7.73, 10.51 and 14.36. The current ratio is 35.39 based on a stock price of $326.67 and EPS estimate for 2026 of $9.23. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $80.43. The 10-year low, median, and high median Price/Graham Price Ratios are 0.44, 0.62 and 0.79. The current ratio is 4.06 based on a stock price of $326.67 and AEPS estimate for 2026 of $9.23. The current ratio is higher than the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 0.91. The current ratio is 8.07 based on a Book Value of $3701M, Book Value per Share of $31.15 and a stock price of $326.67. The current ratio is 1055% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $37.14. This implies a ratio of 8.80 based on a stock price of $326.67, Book Value per Share of $37.14 and Book Value of $442M. The current ratio is 868% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 9.88. The current ratio is 94.14 based on Cash Flow for the last 12 months of $41.3M, Cash Flow per Share of $3.47 and a stock price of $326.67. The current ratio is 853% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.29%. The current dividend yield is 0.34% based on a stock price of $326.67 and dividends of $1.10. The current yield is 85% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 3.02%. The current dividend yield is 0.34% based on a stock price of $326.67 and dividends of $1.10. The current yield is 89% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.32. The current P/S Ratio is 2.97 based on a stock price of $326.67, Revenue estimate for 2026 of $1,309M and Revenue per Share of $109.95. The current ratio is 842% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. First note that the stock price is up 105% so far this year. The dividend yield testing is showing the stock price as relatively expensive. In fact, all my testing is showing that the stock price is wildly overpriced.

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

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

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

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

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

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

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

Ag Growth International

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

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

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

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

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

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

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

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

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

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

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

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

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	-32.24%	-3.02%	-4.89%	1.87%
2015	10	-24.21%	1.19%	-3.54%	4.73%
2010	15	-16.05%	-0.33%	-5.00%	4.67%
2005	20	-10.60%	12.75%	1.86%	10.89%
2003	22	-7.56%	18.00%	3.81%	14.19%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and so not usable. The corresponding 10 year ratios are 15.88, 20.25 and 22.84. The corresponding historical ratios are 12.12, 16.00 and 21.17. The current ratio is negative and so useless. The ratio for 2027 is 8.47 based on a stock price of $22.00 and EPS estimate of $2.60. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share Ratios. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 9.13, 11.93 and 13.88. The corresponding 10 year ratios are 10.07, 14.26 and 17.36. The corresponding historical ratios are 11.80, 16.61 and 22.28. The current ratio is 19.47 based on a stock price of $22.00 and AEPS estimate of $1.13. This ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

However, as for EPS, the AEPS for 2027 is expected to be $2.76 and so with a P/AEPS of 7.97 which is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $18.99. The 10-year low, median, and high median Price/Graham Price Ratios are 0.92, 1.34 and 1.59. The current ratio is 1.16 based on a stock price of $22.00. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.67. The current ratio is 1.55 based on a stock price of $22.00, Book Value of $266.7M, and Book Value per Share of $14.18. The current P/B Ratio is 42% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have a Book Value per Share estimate for 2026 of $11.22. This analyst calculates the book value differently than I do and, in this case, the 10 year median ratio is 2.65. The current ratio would be 1.96 based on a Book Value per Share of $11.22, Book Value of $211M and a stock price $22.00. This ratio is 22% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

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

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

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

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

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

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

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

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

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

The last stock I wrote about was about was Canadian Utilities Ltd (TSX-CU, OTC-CDUAF) ... learn more. The next stock I will write about will be Hammond Power Solutions Inc (TSX-HPS.A, OTC-HMDPF) ... learn more on Wednesday, June 3, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks June 2026.... learn more on Tuesday, June 2, 2026 around 5 pm.

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

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

Canadian Utilities Ltd

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

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

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

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

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

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

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

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

The Dividend Payout Ratios (DPR) could use some adjustment. The DPR for 2025 for Earnings per Share (EPS) is far too high at 1221% with 5 year coverage at 124%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 76% with 5 year coverage at 77%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 26% with 5 year coverage at 27%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable with 5 year coverage at 473%. FCF varies from a negative $50M, which I am using to $472M.

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

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

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

The Total Return per year is shown below for years of 5 to 37 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	1.00%	11.69%	6.57%	5.12%
2015	10	4.49%	7.51%	2.95%	4.56%
2010	15	6.08%	7.16%	3.06%	4.10%
2005	20	6.20%	7.18%	3.38%	3.80%
2000	25	5.77%	9.19%	4.96%	4.23%
1995	30	5.52%	11.78%	6.48%	5.30%
1990	35	4.92%	11.66%	6.26%	5.40%
1988	37	4.74%	11.32%	6.02%	5.29%

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

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 13.77, 15.45 and 17.07. The corresponding 10 year ratios are 13.80, 15.61 and 17.82. The corresponding historical ratios are 13.80, 15.75 and 17.70. The current ratio is 19.73 based on AEPS estimate for 2026 of $2.54 and a stock price of $50.11. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $32.41. The 10-year low, median, and high median Price/Graham Price Ratios are 1.00, 1.14 and 1.28. The current ratio is 1.55 based on a stock price of $50.11. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.85. The current ratio is 2.73 based on a stock price of $50.11, Book Value of $5,004M and Book Value per Share of $18.38. The current ratio is 47% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $18.74. This analyst calculates the Book Value differently than I do and, in this case, the 10 year ratio is 1.43. The P/B Ratio is 2.67 based on a Book Value per Share of $18.74, Book Value of $5,102M and a stock price of $50.11. This ratio is 86% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.46. The current ratio is 6.63 based on a stock price of $50.11, Cash Flow per Share estimate for 2026 of $7.56 and Cash Flow of $2,058M. The current ratio is 21% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 4.05%. The current dividend yield is 3.69% based on a stock price of $50.11 and dividends of $1.8492. The current dividend yield is 9% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 4.78%. The current dividend yield is 3.69% based on a stock price of $50.11 and dividends of $1.8492. The current dividend yield is 23% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 2.53. The current P/S Ratio is 3.24 based on Revenue estimate for 2026 of $4,212M, Revenue per Share of $15.47 and a stock price of $50.11. The current ratio is 28% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably relatively expensive. I would rate this a Hold. The 10 year median dividend yield test says that the stock price is expensive. The P/S Ratio test confirms this. Most of the rest of the testing is saying the same thing.

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

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

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

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

The last stock I wrote about was about was Mullen Group Ltd (TSX-MTL, OTC-MLLGF) ... learn more. The next stock I will write about will be Ag Growth International (TSX-AFN, OTC-AGGZF) ... learn more on Monday, June 1, 2026 around 5 pm.

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

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

Mullen Group Ltd

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

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) could be improved. The current dividend yield is moderate with dividend growth good, lately. See my spreadsheet on Mullen Group Ltd.

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

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

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

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

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

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

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

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

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

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

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

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

The 5-year low, median, and high median Price/Earnings per Share Ratios are 10.20, 11.50 and 12.80. The corresponding 10 year ratios are 10.48, 13.21 and 17.27. The corresponding historical ratios are 10.93, 14.51 and 17.72. The current ratio is 17.44 based on a stock price of $21.83 and EPS estimate for 2026 of $1.25. The current ratio is above the high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 10.20, 11.50 and 12.80. The corresponding 10 year ratios are 13.78, 16.46 and 19.21. The corresponding historical ratios are 13.56, 16.39 and 19.42. The current ratio is 17.33 based on a stock price of $21.83 and AEPS estimate for 2026 of $1.26. The current ratio is between the median and the high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $18.40. The 10-year low, median, and high median Price/Graham Price Ratios are 0.79, 0.95 and 1.11. The current ratio is 1.19 based on a stock price of $21.83. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.30. The current ratio is 1.83 based on a Book Value of $1,146M, Book Value per Share of $11.95 and a stock price of 21.83. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

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

I get a 10-year median Price/Cash Flow per Share Ratio of 5.40. The current ratio is 7.37 based on Cash Flow per Share estimate for 2026 of $2.96, Cash Flow of $284M and a stock price of $21.83. The current ratio is 36% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 4.45%. The current dividend yield is 3.85% based on dividends of $0.84 and stock price of $21.83. The current dividend yield is 14% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. There are problems with this test because dividends have gone down as well as up and have been level a number of years.

I get a 10 year median dividend yield of 4.69%. The current dividend yield is 3.85% based on dividends of $0.84 and stock price of $21.83. The current dividend yield is 18% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. There are problems with this test because dividends were cut 11 years.

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

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

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

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

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

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

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

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

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

Power Corp of Canada

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

I also have Adjusted Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.89, 9.15 and 10.41. The corresponding 10 year ratios are 7.89, 9.18 and 11.04. The corresponding historical ratios are 8.97, 10.92 and 11.98. The current ratio is 13.57 based on a stock price of $81.82 and EPS estimate for 2026 of $6.03. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $70.18. The 10-year low, median, and high median Price/Graham Price Ratios are 0.58, 0.65 and 0.76. The current ratio is 1.17 based on a stock price of $81.82. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.06. The current ratio is 2.25 based on a stock price of $81.82, Book Value of $54,431M, and Book Value per Share of 2.25. The current ratio is 113% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.17. The current ratio is 7.50 based on Cash Flow for the last 12 months of $6,935M, Cash Flow per Share of $10.91 and a stock price of $81.82. The current ratio is 246% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

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

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

The 10-year median Price/Sales (Revenue) Ratio is 0.36. The current ratio is 1.11 based on Revenue estimate for 2026 of $46,685M, Revenue per Share of $73.72 and a stock price of $81.82. The current ratio is 211% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. I give it a Hold. The 10 year median dividend yield test says this and it is confirmed by the P/S Ratio test. Most of the rest of the tests are saying the same thing.

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

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

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

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

The last stock I wrote about was about was McCoy Global Inc (TSX-MCB, OTC-MCCRF) ... learn more. The next stock I will write about will be Mullen Group Ltd (TSX-MTL, OTC-MLLGF) ... learn more on Wednesday, May 27, 2026 around 5 pm. Tomorrow on my other blog I will write about Behavioural Investment.... learn more on Tuesday, May 26, 2026 around 5 pm.

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

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

McCoy Global Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.00 and currently at 0.00. The Liquidity Ratio for 2025 is good at 3.10 and 2.71 currently. The Debt Ratio for 2025 is good at 3.92 and 3.55 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.34 and 0.34 and currently at 1.39 and 0.39.

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

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

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

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

I get a 10-year median Price/Book Value per Share Ratio of 0.82. The current ratio is 0.91 based on a Book Value of $67.3M, Book Value per Share of $2.48 and a stock price of $2.25. The current ratio is 10% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.43. The current ratio is 79.33 based on Cash Flow for the last 12 months of $0.7M, Cash Flow per Share of $0.03 and a stock price of $2.25. The current ratio is 3166% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 0.93%. The current dividend yield is 4.44% based on a stock price of $2.25 and dividends of $0.10. The current dividend yield is 377% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. However, note this is not a good test because it covers so many years of no dividends.

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

I get a 5 year median dividend yield of 2.79 if I exclude years with 0 dividends. The current dividend yield is 4.44% based on a stock price of $2.25 and dividends of $0.10. The current dividend yield is 59% above the 5 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.69. The current ratio is 0.95 based on Revenue estimate for 2026 of $64.4M, Revenue per Share of $2.37 and a stock price of $2.25. The current ratio is 31% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Note this estimate expected the Revenue to fall by 23%.

However, if you look at Revenue for 2027, analyst expects a 20% climb from 2025 (and 57% climb from 2026). This would produce a ratio of 0.60 based on Revenue of $101M, Revenue per Share of 3.72 and a stock price of 2.25. Here the ratio would be 17% below the 10 year ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably really reasonable to cheap. The dividend tests are not the best, but if we exclude years of 0 dividends then the current dividend yield is relatively high and the stock price relatively cheap. If I use the Revenue expected in 2027, the results is also a cheap stock price. The P/GP Ratio test is pointing to a reasonable price. Other tests are showing the stock price as reasonable but above the median or expensive.

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

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

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

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

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

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

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

Fortis Inc

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

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

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

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

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

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

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

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

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

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

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

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

The Total Return per year is shown below for years of 5 to 44 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	5.10%	10.39%	6.53%	3.85%
2015	10	5.94%	10.64%	6.67%	3.96%
2010	15	5.46%	8.59%	5.07%	3.52%
2005	20	7.47%	9.11%	5.54%	3.57%
2000	25	6.98%	13.65%	8.63%	5.01%
1995	30	6.08%	13.08%	8.14%	4.94%
1990	35	5.69%	12.61%	7.65%	4.96%
1985	40	5.76%	12.23%	7.25%	4.98%
1981	44	6.08%	13.32%	7.52%	5.80%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.10, 19.37 and 21.64. The corresponding 10 year ratios are 17.36, 19.37 and 21.34. The corresponding historical ratio are 13.23, 15.50 and 17.72. The current ratio is 21.35 based on a stock price of $77.17 and EPS estimate $3.62. The current ratios are above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 16.47, 18.66 and 20.85. The corresponding 10 year ratios are 16.43, 18.41 and 20.38. The corresponding historical ratio are 16.43, 18.26 and 20.00. The current ratio is 21.14 based on a stock price of $77.17 and EPS estimate $3.65. The current ratios are above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $60.01. The 10-year low, median, and high median Price/Graham Price Ratios are 0.96, 1.08 and 1.20. The current Ratio is 1.29 based on a stock price of $77.17. The current ratios are above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.40. The current ratio is 1.76 based on a stock price of $77.17, Book Value of $22,323M and Book Value per Share of $43.85. The current ratio is 26% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $47.60. This analyst calculates the Book Value differently than I do and here the 10 year median ratio is 1.27. This implies a ratio of 1.62 based on a stock price of $77.17 and Book Value of $24,233M. The current ratio is 27% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.41. The current P/CF Ratio is 9.21 based a Cash Flow per Share estimate for 2026 of $8.38, Cash Flow of $4,264M and a stock price of $77.17. The current ratio is 10% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 3.71%. The current dividend yield is 3.32% based on dividends of $2.56 and a stock price of $77.17. The current dividend yield is 10% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 3.36%. The current dividend yield is 3.32% based on dividends of $2.56 and a stock price of $77.17. The current dividend yield is 1.4% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 2.48. The current P/S Ratio is 2.96 based on Revenue estimate for 2026 of $13,291M, Revenue per Share of $26.11 and a stock price of $77.17. The current ratio is 19% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is probably still in a reasonable range, but at the top end. The 10 yar dividend yield test says that the ratio is above the median by only 1.4%, but the P/S Ratio test says it is above the median by 19%. A lot of the rest of the testing is saying that the stock price is relatively expensive.

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

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

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

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

The last stock I wrote about was about was AtkinsRealis Group Inc (TSX-ATRL, OTC-SNCAF) ... learn more. The next stock I will write about will be McCoy Global Inc (TSX-MCB, OTC-MCCRF) ... learn more on Friday, May 22, 2026 around 5 pm. Tomorrow on my other blog I will write about Talk About Tipping .... learn more on Thursday, May 21, 2026 around 5 pm.

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

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

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

AtkinsRealis Group Inc

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

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

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

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

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

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

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

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

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

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

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.03 and currently at 0.03. The Liquidity Ratio for 2025 is low at 1.08 and 1.08 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.17 and currently at 1.17. I like to see this ratio at 1.50 or higher. The Debt Ratio for 2025 is good at 1.68 and 1.68 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.25 and 1.25 and currently at 2.25 and 1.25.

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

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

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

The 5-year low, median, and high median Price/Earnings per Share Ratios are 25.89, 37.18 and 48.47. The corresponding 10 year ratios are 18.36, 22.53 and 27.08. The corresponding historical ratios are 14.34, 20.77 and 25.05. The current ratio is 23.34 based on a stock price of $85.70 and EPS estimate for 2026 of $3.67. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 23.43, 33.65 and 43.79. The corresponding 10 year ratios are 20.77, 29.31 and 37.67. The corresponding historical ratios are 16.06, 22.40 and 28.05. The current ratio is 22.98 based on a stock price of $85.70 and AEPS estimate for 2026 of $3.73. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $53.23. The 10-year low, median, and high median Price/Graham Price Ratios are 1.19, 1.72 and 2.12. The current ratio is 1.61 based on a stock price of $85.72. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.85. The current P/B Ratio is 2.54 based on a stock price of $85.72, Book Value of $5,5553M, and Book Value per Share of 33.77. The current ratio is 37% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $36.09. This implies a ratio of 2.37 based on a stock price of $85.72 with a Book Value of $5,935M. This ratio is 28% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 33.96. The current ratio is 28.86 based on a Cash Flow per Share estimate for 2026 of $2.97, Cash Flow of $488.4M and a stock price of $85.73. The current ratio is 15% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

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

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

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

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

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

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

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

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

The last stock I wrote about was about was WSP Global Inc (TSX-WSP, OTC-WSPOF) ... learn more. The next stock I will write about will be Fortis Inc (TSX-FTS, OTC-FRTSF) ... learn more on Wednesday, May 20, 2026 around 5 pm. Tomorrow on my other blog I will write about Wolf of Oakville Review .... learn more on Tuesday, May 19, 2026 around 5 pm.

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

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

WSP Global Inc

2026-05-15T15:12:30.373-04:00

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

Is it a good company at a reasonable price? The dividend yield is so low, you wonder about calling this a Dividend stock. I have done well with this stock, but I have quite a bit and half of what I have is in my Pension Account. I need more income in that account and I need some more cash. I might sell some 50 shares. This stock is testing a reasonable and possible cheap. It would be a good one to have when you are growing an investment account.

I take out money from my Pension LIF account each year and I like to have 5 years of projected dividends and cash. Bear markets tend not to run longer than 3 years, so I have a 2 year margin for my withdrawals.

I own this stock of WSP Global Inc (TSX-WSP, OTC-WSPOF). In Sept 2011 I rationalized my portfolio. I sold stocks that did not make it into my core and bought stocks that could of the same type. In this case selling Stantec and buying Genivar. In October 2011 I wanted to sell Enerflex because it is not a company I bought but a distribution from Toromont. I bought more Genivar, now called WSP Global. Genivar, when I bought it was an Income Trust.

When I was updating my spreadsheet, I noticed I first bought this stock in 2011 and then made another purchase in 2016. I have made a total return of 20.48% per year with 17.88% from capital gains and 2.60% from dividends. It would be nice if this company raised their dividends as they have gotten quite low at just 0.77%.

If you had invested in this company in December 2015, for $1,1020.24 you would have bought 24 shares at $42.51 per share. In December 2025, after 10 years you would have received $360 in dividends. The stock would be worth $5,964.48. Your total return would have been $6,324.48. This would be a total return of 21.16% per year with 19.31% from capital gain and 1.85% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$42.51	$1,020.24	24	10	$360.00	$5,964.48	$6,324.48

The current dividend yield is low with dividend growth non-existent. The dividend is really low (below 2%) at 0.77%. The 5 and 10 median dividend yields are low at 0.85% and 1.30%. The historical median dividend yield is moderate (2% to 4% ranges) at 3.66%. Dividend increases are non-existent. The dividend has not changed over the past 16 years.

The Board of Directors at WSP Global Inc has determined that the current level of quarterly dividend is appropriate based on the Company’s current earnings and financial requirements for the Company's operations. The dividend is currently expected to remain at this level subject to the Board’s ongoing assessment of the Company’s future requirements, financial performance, liquidity, outlook, and other factors that the Board may deem relevant. From the WSP site.

The Dividend Payout Ratios (DPR) are very good. The DPR for 2025 for Earnings per Share (EPS) is good at 20% with 5 year coverage at 30%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 16% with 5 year coverage at 22%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at12%. The DPR for 2025 for Free Cash Flow (FCF) is good at11% with 5 year coverage at 18%.

Item	Cur	5 Years
EPS	20.38%	29.71%
AEPS	15.66%	22.32%
CFPS	8.79%	11.64%
FCF	11.42%	17.95%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.10 and currently at 0.13. The Liquidity Ratio for 2025 is low at 1.27 and 1.27 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.62 and currently at 1.60. The Debt Ratio for 2025 is good at 1.89 and 1.89 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.12 and 1.12 and currently at 2.12 and 1.12.

Type	Year End	Ratio Curr
Lg Term R	0.10	0.13
Intang/GW	0.33	0.43
Liquidity	1.27	1.27
Liq. + CF	1.62	1.60
Debt Ratio	1.89	1.89
Leverage	2.12	2.12
D/E Ratio	1.12	1.12

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	16.51%	15.56%	0.95%
2015	10	0.00%	21.16%	19.31%	1.85%
2010	15	0.00%	17.38%	15.03%	2.35%
2005	20	5.77%	22.30%	17.43%	4.88%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 32.60, 38.61 and 44.62. The corresponding 10 year ratios are 25.93, 35.93 and 42.10. The corresponding historical ratios are 19.52, 23.12 and 26.73. The current ratio is 23.92 based on a Stock Price of $194.31 and EPS estimate for 2026 of $8.13. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 22.69, 27.19 and 31.42. The corresponding 10 year ratios are 20.93, 25.85 and 29.80. The corresponding historical ratios are 17.16, 22.69 and 26.25. The current ratio is 17.06 based on a Stock Price of $194.31 and AEPS estimate for 2026 of $11.39. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $136.78. The 10-year low, median, and high median Price/Graham Price Ratios are 1.46, 1.86 and 2.25. The current ratio is 1.42 based on a stock price of $194.31. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. Note that the P/GP Ratios are rather high. Normal is considered to be from around 0.80 to 1.20.

I get a 10-year median Price/Book Value per Share Ratio of 2.93. The current ratio is 2.66 based on a stock price of $194.31, Book Value of $9,842M and Book Value per Share of $73.00. 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 14.65. The current ratio is 12.15 based on a stock price of $194.31, Cash Flow per Share estimate for 2025 of $15.99 and Cash Flow of $2,156M. The current ratio is 17% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 3.66%. The current dividend yield is 0.77% based on dividends of $1.50 and a stock price of $194.31. The current dividend yield is 79% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, the dividends are flat and this is not a good test when dividends are flat.

I get a 10 year median dividend yield of 1.30%. The current dividend yield is 0.77% based on dividends of $1.50 and a stock price of $194.31. The current dividend yield is 41% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, the dividends are flat and this is not a good test when dividends are flat.

The 10-year median Price/Sales (Revenue) Ratio is 1.79. The current P/S Ratio is 1.58 based on a Revenue estimate for 2026 of $16,581M, Revenue per Share of $122.99 and a stock price of $194.31. The current ratio is 12% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable, but could be cheap. We cannot use the dividend yield tests because of the flat dividends. The P/S Ratio is a good test and it says that the stock price is relatively reasonable. The P/GP Ratio test is good and it says that the stock price cheap. The P/AEPS Ratio test also says that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (8), and Buy (6). The consensus would be a Strong Buy. The 12 month stock price consensus is $315.50 with a high of $372.00 and low of $272.00. The 12 months stock price consensus of $315.50 implies a total return of $63.14% with 62.37% from capital gains and 0.77% from dividends based on a current stock price of $194.31.

Analyst on Stock Chase in 2026 go from Strong Buy to Do Not Buy and Watch, Buy, and Hold that are in between. The most recent recommendations are all Watch and Hold. The Do Not Buy analyst does not like Engineering Stocks. Aditya Raghunath on Motley Fool says that with the recent pullback, this stock is now a compelling buy. Amy Legate-Wolfe on Motley Fool says this stock could lead the next bull market. The company issued a Press Release on their Annual Results for 2025. The company issued a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. Their conclusion is that they think WSP Global's earnings potential is at least as good as it seems, and maybe even better. They have one warning of has a high level of debt.

WSP Global Inc provides a professional services consulting firm offering technical expertise and advice to clients in the Transportation & Infrastructure, Earth & Environment, Property & Buildings, and Power & Energy sectors. The firm operates through four reportable segments namely, Canada, Americas (United States and Latin America), EMEIA (Europe, Middle East, India and Africa), and APAC (Asia Pacific, comprising Australia, New Zealand, and Asia). Its web site is here WSP Global Inc.

The last stock I wrote about was about was Thomson Reuters Corp (TSX-TRI, NASDAQ-TRI) ... learn more. The next stock I will write about will be AtkinsRealis Group Inc (TSX-ATRL, OTC-SNCAF) ... learn more on Monday, May 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.

Thomson Reuters Corp

2026-05-13T16:07:00.154-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are mostly fine, but I would like to see the Liquidity Ratio improved. The Dividend Payout Ratios (DPR) are too high. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Thomson Reuters Corp.

Is it a good company at a reasonable price? It is cheap compared to where is has been, but I do wonder if it is really cheap. There are fears about AI and this company. It probably went too high in mid-2025. The company does seem optimistic with its recent dividend raises in the 10% range. In any event, I plan to hold on to the shares I have in this company. I bought it for diversification and this reason still holds.

I own this stock of Thomson Reuters Corp (TSX-TRI, NASDAQ-TRI). I bought this stock in 1985 so I have had it for a very long time, over 40 years. I bought this stock to give my portfolio some balance as I had too many financial stocks. Performance has often been mediocre.

When I was updating my spreadsheet, I noticed that this company has done fine for me. It has not been an exciting stock, but it has taken off since 2014. I have made several purchases since 1985 (just over 40 years ago) and my total return is 8.43% with 5.67% from capital gains and 2.76% in dividends. This is a good stock for diversification.

If you had invested in this company in December 2015, for $1,1048.20 you would have bought 20 shares at $52.41 per share. In December 2025, after 10 years you would have received $623.84 in dividends. The stock would be worth $3,679.40. Your total return would have been $4,303.24. This would be a total return of 16.47% per year with 13.38% from capital gain and 3.09% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$52.41	$1,048.20	20	10	$623.84	$3,679.40	$4,303.24

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges0 at 3.03%. The 5 and 10 year median dividend yields are low (below 2%) at 1.48% and 1.93%. The historical median dividend yield is moderate at 2.57%. The dividend growth is moderate (8% to 14% ranges) at 9.4% per year over the past 5 years. The last dividend increase was in 2026 and it was for 10%.

The Dividend Payout Ratios (DPR) are too high. The DPR for 2025 for Earnings per Share (EPS) is too high at 71% with 5 year coverage at 52%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 61% with 5 year coverage at 65%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 41% with 5 year coverage too high at 69%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 53% with 5 year coverage at 54%.

Item	Cur	5 Years
EPS	71.47%	51.54%
AEPS	60.71%	65.29%
CFPS	40.61%	69.28%
FCF	53.08%	54.25%

Debt Ratios are mostly fine, but I would like to see the Liquidity Ratio improved. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.02 and currently at 0.04. The Liquidity Ratio for 2025 is too low at 0.64 and 0.60 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.10 and currently at 1.17. I like to see these ratios at 1.50 or higher. The Debt Ratio for 2025 is good at 2.98 and 2.96 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.51 and 0.51 and currently at 1.52 and 0.52.

Type	Year End	Ratio Curr
Lg Term R	0.02	0.04
Intang/GW	0.21	0.34
Liquidity	0.64	0.60
Liq. + CF	1.10	0.88
Liq. + CF+D	1.53	1.17
Debt Ratio	2.98	2.93
Leverage	1.51	1.52
D/E Ratio	0.51	0.52

The Total Return per year is shown below for years of 5 to 40 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	9.94%	14.02%	12.03%	1.99%
2015	10	6.52%	16.47%	13.38%	3.09%
2010	15	7.05%	14.11%	11.24%	2.87%
2005	20	6.35%	10.28%	7.97%	2.31%
2000	25	4.75%	6.82%	5.03%	1.79%
1995	30	5.19%	10.81%	7.86%	2.95%
1990	35	5.41%	9.69%	7.04%	2.65%
1985	40	6.25%	9.05%	6.61%	2.44%

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	9.38%	13.33%	10.42%	2.91%
2015	10	5.91%	16.52%	13.47%	3.05%
2010	15	4.91%	11.49%	8.87%	2.62%
2005	20	5.67%	10.32%	7.08%	3.24%
2000	25	5.11%	7.88%	5.46%	2.42%
1995	30	5.25%	11.43%	7.85%	3.58%
1990	35	4.93%	9.47%	6.53%	2.94%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 29.33, 32.64 and 35.95. The corresponding 10 year ratios are 21.06, 23.03 and 24.99. The corresponding historical ratios are 20.01, 22.38 and 25.05. The current ratio is 21.58 based on a stock price of $83.97 and EPS estimate for 2026 of $3.89. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 38.04, 42.33, 46.63. The corresponding 10 year ratios are 36.25, 41.72 and 46.81. The corresponding historical ratios are 19.68, 22.36 and 25.17. The current ratio is 18.95 based on a stock price of $83.97 and AEPS estimate for 2026 of $4.43. The current ratio is below the low median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I get a Graham Price of $71.28. The 10-year low, median, and high median Price/Graham Price Ratios are 2.24, 2.67 and 3.10. The current ratio is 1.60 based on a stock price of $114.26. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$$.

I get a 10-year median Price/Book Value per Share Ratio of 3.55. The current ratio is 3.10 based on a Book Value of $11,812M, Book Value per Share of $27.06 and a stock price of $83.97. The current ratio is 13% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I also have a Book Value per Shar estimate for 2026 of $26.05. This implies a ratio of 3.22 based on a Book Value per Share of $26.05, Book Value of $11,372M and a stock price of $83.97. This ratio is 9% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 25.85. The current ratio is 13.39 based on Cash Flow per Share estimate for 2026 of $6.27, Cash Flow of $2,738M and a stock price of $83.97. The current ratio is 48% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I get an historical median dividend yield of 2.57%. The current ratio is 3.12% based on dividends of $2.62 and a stock price of $83.97. The current dividend yield is 21% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I get a 10 year median dividend yield of 1.93%. The current ratio is 3.12% based on dividends of $2.62 and a stock price of $83.97. The current dividend yield is 61% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 6.68. The current ratio is 4.53 based on Revenue estimate for 2026 of $8,086M, Revenue per Share of $18.52 and a stock price of $83.97. The current ratio is 32% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

Results of stock price testing is that the stock price is probably cheap. The dividend yield testing is saying that the stock price is relatively cheap. It is confirmed by the P/S Ratio test. Other testing is saying that the stock price is relatively reasonable and below the median or relatively cheap. I did most of this testing in US$ as the financials are reported in US$.

When I look at analysts’ recommendations, I find Strong Buy (9), Buy (3) and Hold (5). The 12 month stock price consensus is $175.73 CDN$ ($128.18 US$), with a high of $194.24 CDN$ ($141.68 US$) and low of $156.49 CDN$ ($114.14 US$). The 12 month consensus stock price of $175.73 implies a total return of 56.92% with 53.80% from capital gains and 3.12% from dividends.

Analysts on Stock Chase talk about its big rally and then collapse. Some think it is a Buy and others say Do Not Buy. Some think AI will be a problem, others do not. Adam Othman on Motley Fool likes their foraying into AL-powered solutions. Aditya Raghunath on Motley Fool says they are down from their peak, but the company is growing faster than ever. The company put out a Press Release about their results for 2025. The company put out a Press Release for their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They talk about how AI has fueled recent good results. Some analysts are very cautious about AI and this company. Some think the company is undervalued.

Thomson Reuters is a leading global provider of business information services, delivering trusted data, technology, and expertise to professionals across legal, tax, accounting, risk, compliance, and the news and media sectors. Thomson Reuters serves legal and accounting/tax professionals, corporations, and governments worldwide, but around 75% of revenue is generated in the US. Its web site is here Thomson Reuters Corp.

The last stock I wrote about was about was Algoma Central Corporation (TSX-ALC, OTC-AGMJF) ... learn more. The next stock I will write about will be WSP Global Inc (TSX-WSP, OTC-WSPOF) ... learn more on Friday, May 15, 2026 around 5 pm. Tomorrow on my other blog I will write about Long Term Mindset by Brian.... learn more on Thursday, May 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.

Algoma Central Corporation

2026-05-11T17:15:00.007-04:00

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios are generally fine, but Liquidity Ratio needs improving. The Dividend Payout Ratios (DPR) are currently good. See my spreadsheet on Algoma Central Corporation.

Is it a good company at a reasonable price? This is a small cap stock, so caution is advised. They have done well for their shareholders in the past. At the moment, the testing seems to be saying that the stock price is relatively high. The lone analyst giving it a Strong Buy also gives a 12 month stock price of $19.00 which is below today’s price. I would think a Hold is more advisable.

I do not own this stock of Algoma Central Corporation (TSX-ALC, OTC-AGMJF). I got the name from the internet. The description was that Algoma Central Corporation is a Canadian shipping company. It operates Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes. The company operates its business through six segments that are Domestic Dry-Bulk, Product Tankers, Ocean Self Unloaders, Corporate, Investment Properties, and Global Short Sea Shipping.

When I was updating my spreadsheet, I noticed it is not well followed. There are few places to get any estimates from and mainly I just got EPS estimates from WSJ. This is a small company, but it has mainly done well for its shareholders. See the Total Return section below. Yearly dividend increases occur around 40% of the time over the last 37 years and 80% of the time over the past 10 years.

If you had invested in this company in December 2015, for $1,006.51 you would have bought 91 shares at $11.06 per share. In December 2025, after 10 years you would have received $937.30 in dividends. The stock would be worth $1,719.90. Your total return would have been $2,657.20. This would be a total return of 12.25% per year with 5.50% from capital gain and 6.74% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.06	$1,006.51	91	10	$937.30	$1,719.90	$2,657.20

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 3.81%. The 5, 10 and historical dividend yields are moderate at 4.66%, 4.16% and 2.93%. The dividend growth is moderate (8% to 14% ranges) at 9.9% per year over the past 5 years. The last dividend increase was in 2026 and it was for 5%. Dividend increases over the past 10 years have varied from 36% to 0%.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2025 for Earnings per Share (EPS) is good at 23% with 5 year coverage too high at 60%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 43% with 5 year coverage at 40%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 19% with 5 year coverage at 39%. The DPR for 2025 for Free Cash Flow (FCF) is good at 34% with 5 year coverage too high at 61%.

Item	Cur	5 Years
EPS	22.66%	60.06%
AEPS	43.24%	39.38%
CFPS	19.05%	38.54%
FCF	34.12%	60.97%

Debt Ratios are generally fine, but Liquidity Ratio needs improving. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.54 and currently good at 0.46. The Liquidity Ratio for 2025 is too low at 0.71 and 0.48 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.26 and currently too low at 0.81. It is only when you add back in current debt that Liquidity Raio is getting decent for 2025 at 1.27 and currently at 1.70. The Debt Ratio for 2025 is good at 2.32 and 2.19 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.76 and 0.76 and currently at 1.84 and 0.84. The Company was in compliance with all of its debt covenants.

Type	Year End	Ratio Curr
Lg Term R	0.54	0.46
Intang/GW	0.01	0.01
Liquidity	0.71	0.48
Liq. + CF	1.26	0.81
Liq. + CF+D	1.27	1.70
Debt Ratio	2.32	2.19
Leverage	1.76	1.84
D/E Ratio	0.76	0.84

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	9.86%	17.23%	6.31%	10.92%
2015	10	11.07%	12.25%	5.50%	6.41%
2010	15	10.46%	11.84%	6.46%	5.93%
2005	20	10.96%	7.56%	3.84%	4.23%
2000	25	8.67%	15.16%	9.68%	5.15%
1995	30	7.98%	11.50%	7.35%	5.03%
1990	35	12.03%	14.13%	9.50%	4.04%
1988	37	7.25%	10.05%	6.83%	3.48%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.16, 6.45 and 6.74. The corresponding 10 year ratios are 6.91, 8.09 and 9.27. The corresponding historical ratios are 6.91, 8.12 and 9.60. The current ratio is 9.98 based on a stock price of $22.06 and EPS estimate for 2026 of $2.21. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. The P/E Ratios are rather low, but this is common for small cap stocks.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 7.16, 7.72 and 8.31. The corresponding 10 year ratios are 8.22, 9.66 and 10.78. The corresponding historical ratios are 7.16, 8.82 and 10.52. The current ratio is 9.98 based on a stock price of $22.06 and AEPS estimate for 2026 of $2.21. The current ratio is between the median and the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. Note that this company does not have an AEPS every year.

I get a Graham Price of $35.16. The 10-year low, median, and high median Price/Graham Price Ratios are 0.47, 0.52 and 0.58. The current P/GP Ratio is 0.63 based on a stock price of $22.06. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. The P/GP Ratios are rather low, but this is common for small cap stocks.

I get a 10-year median Price/Book Value per Share Ratio of 0.67. The current P/B Ratio is 0.89 based on a Book Value of $1,008.5M, Book Value per Share of $24.86 and a stock price of $22.06. The current ratio is 32% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.11. The current P/CF Ratio is 5.77 based on Cash Flow for the last 12 months of $155.2M, Cash Flow per Share of $3.83 and a stock price of $22.06. The current ratio is 40% 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 2.93%. The current dividend yield is 3.81% based on dividends of $0.84 and a stock price of $22.06. The current dividend yield is 30% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 4.16%. The current dividend yield is 3.81% based on dividends of $0.84 and a stock price of $22.06. The current dividend yield is 8% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.88. The current ratio is 1.14 based on Revenue for the last 12 months of $781.6M, Revenue per Share of $19.27 and a stock price of $22.06. The current ratio is 31% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably on the expensive side. The 10 year dividend yield test says that the stock price is reasonable, but above the median. This is not confirmed by the P/S Ratio test that says that the stock price is relatively expensive. Most of my testing is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (1). The consensus would be a Strong Buy. The 12 months stock price consensus is $19.00. The 12 months stock price of $19.00 implies a total loss of 10.06% with 13.87% from a capital loss and 3.81% from dividends based on a current stock price of $22.06. However, a Strong Buy and a 12 month stock price lower than the current stock price does not make much sense.

There are few entries on Stock Chase for 2025. One analyst says it is cyclical, which is true. Another says there are balance sheet issues. Brian Paradza on Motley Fool says that since the turnaround of 2022, the company has increased dividends and DPR is good. Christopher Liew on Motley Fool says this is a stock to buy and hold forever. The company put out a Press Release about their fourth quarter results for 2025. The company put out a press release via Morningstar about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. It says maybe to dive deeper into reviewing because it lately has some real business momentum. Simply Wall Street has two warnings of has a high level of debt; and dividend of 3.73% is not well covered by free cash flows.

Algoma Central Corp owns and operates a fleet of dry and liquid bulk carriers on the Great Lakes, St. Lawrence Waterway. Its web site is here Algoma Central Corporation.

The last stock I wrote about was about was Barclays PLC ADR (LSE-BARC, NYSE-BCS) ... learn more. The next stock I will write about will be Thomson Reuters Corp (TSX-TRI, NASDAQ-TRI) ... learn more on Wednesday, May 13, 2026 around 5 pm. Tomorrow on my other blog I will write about TransAlta Corp.... learn more on Tuesday, May 12, 2026 around 5 pm.

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

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

Barclays PLC ADR

2026-05-08T18:55:00.007-04:00

Sound bite for Twitter is: Dividend Growth Bank. Results of stock price testing is that the stock price is probably expensive. I think it is a Hold. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are currently good. The current dividend yield is low with dividend growth resuming. See my spreadsheet on Barclays PLC ADR.

Is it a good company at a reasonable price? This bank may have been in the business a very long time, but it seems to be quite volatile. The stock chart since 1988 shows a big run up to 2002 and then a steep decline. It has not done much since then. However, the stock has been climbing since 2024. Personally, I would not be interested in this stock again. My testing is showing that the stock price is relatively expensive.

I do not own this stock of Barclays PLC ADR (LSE-BARC, NYSE-BCS), but I used to. I bought this stock when Barrett took over in 2000. Barrett used to run Bank of Montreal in Canada. At that time, it was a good dividend paying stock and I thought it would give me some geographical diversifications. I sold it in 2017 as I had lost faith in this bank making me any money. At that time, I had a total return of 1.25% with a capital loss of 4.92% and dividends of 6.17%. I had had the stock for almost 18 years.

When I was updating my spreadsheet, I noticed that this stock BCS, is up 28.56% to the end of 2025 with 26.07% from capital gains and 2.48% from dividends. The stock went up 91.5% in 2025. So far this year it is down by 7.35%. Over the past 12 months, the CEO increased his shares by 4% and one director I follow by 16%. The chairman increased his shares by 0.88%, but then he owns over a 1.9M BARC shares. (Note that there is 4 BARC shares for every BCS share.) Note that ADR shares consist of 4 Barclay PLC shares.)

If you had invested in this company in December 2015, for $1,010.88 you would have bought 78 shares at $12.96 per share. In December 2025, after 10 years you would have received $207.24 in dividends. The stock would be worth $1,985.10. Your total return would have been $2,192.34. This would be a total return of 8.44% per year with 6.98% from capital gain and 1.46% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$12.96	$1,010.88	78	10	$207.24	$1,985.10	$2,192.34

The current dividend yield is low with dividend growth resuming. The current dividend yield is low (below 2%) at 1.96%. The 5, 10 and historical dividend yields are moderate (2% to 4% ranges) at 3.54%, 2.47% and 3.39%. The dividends have grown over the past 4 years at 30%. I used 4 years because dividends were £0 in 2020. Dividends are now 23% higher than what they were in 2019. The last dividend increase was in 2026 and it was for 3.8%. This bank gives out two dividends a year. We will not know what the year end dividend is until nearer to the time it will be paid.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2025 for Earnings per Share (EPS) is good at 20% with 5 year coverage at 20%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 3.4% with 5 year coverage at 4.4%. The DPR for 2025 for Free Cash Flow (FCF) is good at 16% with 5 year coverage at 75%. The 5 year coverage is high because of a negative FCF in 2022.

Item	Cur	5 Years
EPS	20.09%	19.78%
CFPS	3.39%	4.42%
FCF	15.85%	75.47%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 8.87 and currently at 9.74. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.74 and currently at 0.74 because this is a more important ratio for a Financial. The Debt Ratio for 2025 is good at 1.05 and 1.05 currently. The Bank Leverage for 2025 is good at 5.1% and currently at 5.1%.

Type	Year End	Ratio Curr
Lg Term R+A	0.74	0.74
Lg Term R	8.87	9.74
Intang/GW	0.14	0.14
Debt Ratio	1.05	1.05
Leverage Bank	5.1%	5.1%

The Total Return per year is shown below for years of 5 to 32 to the end of 2025 in UK£. 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	29.74%	29.29%	26.54%	2.74%
2015	10	2.72%	9.61%	7.99%	1.62%
2010	15	4.33%	5.72%	4.07%	1.65%
2005	20	-5.24%	0.46%	-1.25%	1.71%
2000	25	-2.11%	2.13%	-0.37%	2.49%
1995	30	0.90%	9.28%	3.48%	5.80%
1993	32	2.55%	9.61%	3.74%	5.87%

The Total Return per year is shown below for years of 5 to 32 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	29.58%	28.56%	26.07%	2.48%
2015	10	1.76%	8.44%	6.98%	1.46%
2010	15	3.30%	4.50%	2.92%	1.58%
2005	20	-6.75%	-0.80%	-2.48%	1.68%
2000	25	-2.66%	1.80%	-0.94%	2.73%
1995	30	0.44%	8.77%	2.74%	6.03%
1993	32	2.22%	10.07%	3.41%	6.67%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.21, 5.94 7.80. The corresponding 10 year ratios are 5.07, 7.38 and 9.87. The corresponding historical ratios are 7.72, 9.61 and 11.91. The current ratio is 8.42 based on a stock price of $23.58 and EPS estimate for 2026 of $2.80. This ratio is between the median and high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$.

I get a Graham Price of £7.36. The 10-year low, median, and high median Price/Graham Price Ratios are 0.34, 0.53 and 0.66. The current ratio is 0.59 based on a stock price of £4.37. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in UK£.

I get a 10-year median Price/Book Value per Share Ratio of 0.53. The current P/B Ratio is 0.95 based on a Book Value of $86,441M, Book Value per Share of $24.93 and a stock price of $23.58. The current ratio is 80% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I also have a Book Value per Share estimate for 2026 of $26.75. This implies a ratio of 0.88 based on a stock price of $23.58, Book Value per share of $26.75 and Book Value of $92,745M. This ratio is 68% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 1.82. The current ratio is 3.23 based on Cash Flow per Share for 2025 of $7.27, Cash Flow of $25,273M and a stock price of $23.58. The current ratio is 78% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get an historical median dividend yield of 3.39%. The current dividend yield is 1.96% based on dividends of £0.0860 and a stock price of £4.37. The current dividend yield is 42% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in UK£.

I get a 10 year median dividend yield of 2.47%. The current dividend yield is 1.96% based on dividends of £0.0860 and a stock price of £4.37. The current dividend yield is 21% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in UK£.

The 10-year median Price/Sales (Revenue) Ratio is 1.29. The current ratio is 1.96 based on a stock price of $23.58, Revenue estimate for 2026 of $41,796M, and Revenue per Share of $12.06. The current ratio is 52% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

Results of stock price testing is that the stock price is probably expensive. I think it is a Hold. 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 (8), Buy (4) and Hold (4). The consensus would be a Strong Buy. The 12 months stock price consensus is $29.09 US$ (£5.392) with a high of $33.99 US$ (£6.300) and low of $23.47 US$ (£4.350). The consensus stock price of $29.09 implies a total return of 25.31% with 23.37% from capital gains and 1.94% from dividends.

There are only 2 comments on Stock Chase for 2025. They think that the bank is OK, but it is not like Canadian Banks. There is no Motley Fool articles on this stock as far as I can see. The company put out a press release via Reuters about their annual results for 2025. The company put out a press release via The Globe and Mail about their first quarter of 2026 results.

Noor Ul Ain Rehman of Insider Monkey via Yahoo Finance reviews this company. He says it is one of the best strong buy growth stocks to buy right now. Simply Wall Street via Yahoo Finance reviews this bank and says it is undervalued. They have no warnings out on this bank.

Barclays PLC is a major global banking and financial services company. With 325 years of expertise in banking, and operating through an international network in many countries and regions in Europe, the U.S., Africa & Asia, the company provides a wide range of financial services to individuals, corporations, and institutions. Its web site is here Barclays PLC ADR.

The last stock I wrote about was about was Canadian Natural Resources (TSX-CNQ, NYSE-CNQ) ... learn more. The next stock I will write about will be Algoma Central Corporation (TSX-ALC, OTC-AGMJF) ... learn more on Monday, May 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.

Canadian Natural Resources

2026-05-06T17:21:00.005-04:00

Sound bite for Twitter is: Dividend Growth Resources. Results of stock price testing is that the stock price is probably expensive. I think it is a hold. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are getting too high in some cases. The current dividend yield is moderate with dividend growth good. See my spreadsheet on Canadian Natural Resources.

Is it a good company at a reasonable price? I am pleased with my investment in this company. I think you have to be careful when you buy, but it has not been as cyclical as other resource stocks. I plan to hold on to the shares I have. It is testing as reasonable but above the median with the 10 year median dividend yield test. But the DPRs are a bit high. I would use caution if buying. It is probably on the expensive side. It may be best to wait until the war is over in the Middle East.

I own this stock of Canadian Natural Resources (TSX-CNQ, NYSE-CNQ). I first bought CNQ in September 2012 because the dividend yield was relatively high. The 5 and 10 year median dividend yields were 0.73% and 0.75%. I got it with a yield of 1.32%. I sold some TransAlta to buy this stock. TransAlta is not doing well lately. In April 2013 I bought more shares of this stock because the yield is now at 1.54%. I bought another 100 shares in 2020 because the yield was 11.63%.

When I was updating my spreadsheet, I noticed I have had this stock for 13 years and I have made several purchases since my initial purchase. My Total Return to date is 19.21% with 16.35% from capital gain and 2.86% from dividends. There were a number of directors selling during the past year. The Chairman sold half his 2025 holdings, however, he has twice the number of shares currently that he had in 2024. The officers I am following all bought shares during the past year.

If you had invested in this company in December 2015, for $1,012.37 you would have bought 67 shares at $15.11 per share. In December 2025, after 10 years you would have received $887.50 in dividends. The stock would be worth $3,114.83. Your total return would have been $4,002.33. This would be a total return of 16.42% per year with 11.89% from capital gain and 4.53% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$15.11	$1,012.37	67	10	$887.50	$3,114.83	$4,002.33

The current dividend yield is moderate with dividend growth good. The current dividend yield is moderate (2% to 4% ranges) at 4.00%. The 5 and 10 median dividend yields are moderate at 4.38% and 4.17%. The historical median dividend yield is low (below 2%) at 1.48%. The dividend growth is good (15% and higher) at 23% per year over the past 5 years. The last dividend increase was in 2026 and it was for 6.4%. This company sometimes has two dividend increases each year.

The Dividend Payout Ratios (DPR) are getting too high in some cases. The DPR for 2025 for Earnings per Share (EPS) is good at 45% with 5 year coverage high at 51%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 65% with 5 year coverage at 51%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 34% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 64% with 5 year coverage good at 41%. FCF varies from $8,784M to $7,640M. I am using $7,604M.

Item	Cur	5 Years
EPS	45.06%	50.73%
AEPS	65.49%	51.08%
CFPS	33.53%	28.54%
FCF	63.76%	41.03%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.17 and currently at 0.12. The Liquidity Ratio for 2025 is too low at 0.95 and 0.95 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.22 and currently at 2.78. The Debt Ratio for 2025 is good at 1.93 and 1.93 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.07 and 1.07 and currently at 2.07 and 1.07.

Type	Year End	Ratio Curr
Lg Term R	0.17	0.12
Intang/GW	0.00	0.00
Liquidity	0.95	0.95
Liq. + CF	2.22	2.78
Debt Ratio	1.93	1.93
Leverage	2.07	2.07
D/E Ratio	1.07	1.07

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	23.03%	33.38%	24.90%	8.48%
2015	10	17.65%	16.42%	11.89%	4.53%
2010	15	20.67%	7.63%	5.06%	2.57%
2005	20	20.42%	8.10%	5.98%	2.12%
2000	25	21.92%	11.31%	9.17%	2.14%
1995	30		12.12%	10.23%	1.88%
1990	35		19.13%	16.53%	2.61%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.95, 8.05 and 9.16. The corresponding 10 year ratios are 6.79, 8.01 and 9.22. The corresponding historical ratios are 10.23, 13.56 and 15.70. The current ratio is 12.39 based on a stock price of $62.55 and Earnings per Share estimate for 2026 of $5.05. 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. A ratio of 12.39 is not a high P/E Ratio, it is sort of medium.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.87, 10.46 and 12.05. The corresponding 10 year ratios are 9.17, 10.91 and 12.66. The corresponding historical ratios are 9.47, 11.68 and 15.82. The current ratio is 14.15 based on a stock price of $62.55 and Earnings per Share estimate for 2026 of $4.42. 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. A ratio of 14.15 is not a high P/E Ratio, it is sort of medium.

I get a Graham Price of $46.04. The 10-year low, median, and high median Price/Graham Price Ratios are 0.81, 1.00 and 1.15. The current ratio is 1.36 based on a stock price 62.55. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This is an important test. The normal range for P/GP Ratios is from 0.80 to 1.20. So a ratio of 1.36 is on the high side.

I get a 10-year median Price/Book Value per Share Ratio of 1.55. The current ratio is 2.93 based on a stock price of $62.55, Book Value of $44,366M and Book Value per Share of $21.31. The current ratio is 90% 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 $23.42. This implies a ratio of 2.67 with a stock price of $62.55 and a Book Value of $45,751M. This ratio is 73% 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 6.20. The current ratio is 6.54 based Cash Flow per Share estimate for 2026 of $9.56. The current ratio is 5% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. Note that analysts expect the CFPS to increase by some 38% in 2026 as compared to 2025.

I get an historical median dividend yield of 1.48%. The current dividend yield is 4.00% based on dividends of $2.50 and a stock price of $62.55. The current yield is 170% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. Dividend yield started out below 1% and has moved higher ever since.

I get an historical median dividend yield of 4.17%. The current dividend yield is 4.00% based on dividends of $2.50 and a stock price of $62.55. The current yield is 4% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 2.04. The current P/S Ratio is 2.78 based on Revenue estimate for 2026 of $41,511M, Revenue per Share of $22.54 and a stock price of $62.55. The current ratio is 36% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. I think it is a hold. The 10 year dividend yield test says it is reasonable but above the median. This is not confirmed by the P/S Ratio test that says it is expensive. Almost all the testing is showing that the stock price is relatively expensive. I think it is a hold.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (3), Hold (10) and Underperform (2). The consensus is a Buy. The 12 month stock price consensus is $70.35 with a high of $90.00 and a low of $55.00. The consensus stock price of $70.35 implies a total return of 16.47% with 12.47% from capital gains and 4.00% from dividends based on a current stock price of $62.55.

Analysts on Stock Chase are a fan of this company, but some think that the price of oil and this company is too high. Robin Brown on Motley Fool thinks this stock is a must-hold for dividends. Daniel Da Costa on Motley Fool thinks this is the stock to hold for the long term. The company put out a press release via TMX Newsfile about their fourth quarter of 2025.

Zacks via Yahoo Finance says that CNQ is a Strong Buy. Simply Wall Street via Yahoo Finance thinks this stock maybe undervalued. Simply Wall Street has three warnings out on my stock of earnings are forecast to decline by an average of 8% per year for the next 3 years; significant insider selling over the past 3 months; and large one-off items impacting financial results. For this last item, the AEPS is important.

Canadian Natural Resources is the largest producer of oil and the second-largest producer of natural gas in Canada. The company also has smaller offshore production operations in the North Sea and Africa. Its web site is here Canadian Natural Resources.

The last stock I wrote about was about was South Bow Corp (TSX-SOBO, NYSE-SOBO) ... learn more. The next stock I will write about will be Barclays PLC ADR (LSE-BARC, NYSE-BCS) ... learn more on Friday, May 8, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy May 2026.... learn more on Thursday, May 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.

South Bow Corp

2026-05-04T15:35:00.006-04:00

Sound bite for Twitter is: Dividend Paying Utility. Results of stock price testing is that the stock price is relatively expensive. Debt Ratios are mostly fine, but debt is too high. The Dividend Payout Ratios (DPR) are too high. The current dividend yield is good with no current dividend growth, but analysts expect growth in the future. See my spreadsheet on South Bow Corp.

Is it a good company at a reasonable price? The analysts’ recommendations go from Strong Buy to Sell and everything in between. Personally, I plan to hold on to this stock at this present time and see how things go. The stock price has only gone up since it was spun off. The US$ stock price went up 17% in 2025 and another 27% so far in 2026. Revenue is down 5% in 2025 and is expected to only rise 0.5% in 2026. AEPS went up 7% in 2025 (after falling 24% in 2024) and is expected to drop 8% in 2026. The dividends have not changed since this stock was spun off. It may be time to watch and see where this stock goes before buying.

I own this stock of South Bow Corp (TSX-SOBO, NYSE-SOBO). I got this stock because it was a spin-off of TC Energy on October 3, 2024.

When I was updating my spreadsheet, I noticed that this stock has doubled in price since 3 October 2024 when it was spin-off from TC Energy Corp. Over the past 3 years Revenue is down a bit (.95%), EPS and AEPS are down (3% and 19%), Net Income is up a bit (2%), but the stock price is up 23%. They have a lot of debt.

If you had invested in this company in October 2024, for $1,003.05 in CDN$ you would have bought 34 shares at $29.79 per share. In December 2025, after 1 years and 2 months you would have received $94.18 in dividends. The stock would be worth $1,124.57. Your total return would have been $1,218.75. This would be a total return of 29.02% per year with 20.97% from capital gain and 8.05% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$29.79	$1,012.86	34	1	$94.18	$1,124.57	$1,218.75

The current dividend yield is good with no current dividend growth, but analysts expect growth in the future. The current dividend yield is good (5% to 6% ranges) at 5.71%. We only have another yield and that is for 2025 as dividends started in 2025 and that yield is 7.28%, a yield 14% above the current yield. There is really not much testing to be done here. Analysts do expect slight dividend growth in the future.

The Dividend Payout Ratios (DPR) are too high. The DPR for 2025 for Earnings per Share (EPS) is too high at 97% and this year’s expected DPR of 105%. DPR is expected to go lower in 2027 and 2028. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 102% and this year’s expected DPR of 105%. DPR is expected to go lower in 2027 and 2028. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 58% and this year’s expected DPR of 62%. DPR is expected to go lower in 2027 and 2028. The DPR for 2025 for Free Cash Flow (FCF) is too high at 72% and this year’s expected DPR of 69%. DPR is expected to go lower in 2027 and 2028. FCF for 2025 varies from $596M to $753M. I am using $570M. The DPR for Distributable Cash Flow for 2025 is fine at 59% and this year it is expected to also be 59% and then go up slightly in 2027 and 2028.

Item	Cur	This Yr
EPS	96.62%	105%
AEPS	101.52%	105%
CFPS	58.09%	62%
FCF	72.98%	69%
DCF	58.67%	59%

Debt Ratios are mostly fine, but debt is too high. The Long Term Debt/Market Cap Ratio for 2025 is too high at 1.01 and currently better at 0.87, but a lot of analysts like to see this at 0.50 or lower. The Liquidity Ratio for 2025 is good at 1.50 and 1.50 currently. The Debt Ratio for 2025 is low at 1.32 and 1.32 currently. I like to see this ratio at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 4.13 and 3.13 and currently at 4.13 and 3.13. I like to see these ratios below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	1.01	0.87
Intang/GW	0.00	0.00
Liquidity	1.50	1.50
Liq. + CF	1.52	1.48
Debt Ratio	1.32	1.32
Leverage	4.13	4.13
D/E Ratio	3.13	3.13

The Total Return per year is shown below for 2 years 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.	US$
2020	2	0.00%	16.18%	12.18%	4.00%	16.18%

The 2-year low, median, and high median Price/Earnings per Share Ratios are 11.54, 13.08 and 14.62. The current P/E Ratio is 18.42 based on a Stock Price of $35.01 and EPS estimate for 2026 of $1.90. This ratio is higher than the high 2 year median P/E Ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 2-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 12.54, 14.16 and 15.79. The current P/AEPS Ratio is 19.24 based on a Stock Price of $35.01 and AEPS estimate for 2026 of $1.82. This ratio is higher than the high 2 year median P/AEPS Ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I also have Adjusted Funds from Operations (AFFO) data. The 2-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 6.90, 7.80 and 8.70. The current P/AFFO Ratio is 10.64 based on a Stock Price of $35.01 and AFFO estimate for 2026 of $3.29. This ratio is higher than the high 2 year median P/AFFO Ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a Graham Price of $32.41. The 2-year low, median, and high median Price/Graham Price Ratios are 0.92, 1.05 and 1.18. The current ratio is 1.47 based on a stock price of $47.68. This ratio is higher than the high 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 2-year median Price/Book Value per Share Ratio of 1.95. The current P/B Ratio is 2.69 based on a Book Value of $2,709M, Book Value per Share of $13.01 and a stock price of $35.01. The current P/B Ratio is 38% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I also have a Book Value per Share estimate for 2026 of $13.18. This implies a ratio of 2.66 based on a Book Value per Share of $13.18, Book Value of $2,745M and a stock price of $35.01. This ratio is 36% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 2-year median Price/Cash Flow per Share Ratio of 8.49. The current ratio is 10.91 based on Cash Flow per Share estimate for 2026 of $3.21, Cash Flow of $668.5M and a stock price of $35.01. The current ratio is 29% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I get a 1 year median dividend yield of 7.86%. The current dividend yield is 5.71% based on dividends of $2.00 and a stock price of $35.01. The current dividend yield is 27% below the 1 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

The 2-year median Price/Sales (Revenue) Ratio is 2.39. The current P/S Ratio is 3.65 based on Revenue estimate for 2026 of $1,996M, Revenue per Share of $9.58 and a stock price of $35.01. The current ratio is 53% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

Results of stock price testing is that the stock price is relatively expensive. Basically, the testing is showing that the stock price has gone up faster than other growth. Analysts’ recommendations are all over the place.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1), Hold (9), Underperform (2) and Sell (4). The consensus would be a Hold. The 12 months consensus is $42.60 ($31.08 US$) with a high of $50.31 ($36.71 US$) and low of $22.89 ($16.70 US$). The 12 month consensus stock price of $42.60 implies a total loss of 4.91% with 10.66% from capital loss and 5.75% from dividends based on a current stock price of $47.68.

Analyst on Stock Chase do not like to this stock. They say it is a slow grower with a juicy yield but meager prospects for growth. Daniel Da Costa on Motley Fool says it has a sustainable dividend yield and stability and a good stock to buy in this environment. Brian Paradza on Motley Fool says to buy this stock for its passive income. The company put out a press release via Global Newswire about its fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance review this stock and think that it is better to buy stock in profitable companies like South Bow.

South Bow Corp is a energy infrastructure company. The company is engaged in constructing pipelines system safely transports liquids like crude oil, across Canadian provinces, U.S. states, and Gulf coasts. Its web site is here South Bow Corp.

The last stock I wrote about was about was Pembina Pipelines Corp (TSX-PPL, NYSE-PBA) ... learn more. The next stock I will write about will be Canadian Natural Resources (TSX-CNQ, NYSE-CNQ) ... learn more on Wednesday, May 6, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks May 2026.... learn more on Tuesday, May 5, 2026 around 5 pm.

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

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

Pembina Pipelines Corp

2026-05-01T16:44:00.002-04:00

First of all, I have to raise some more money in the LIF accounts for withdrawals. I like to have cash, plus expected dividends, in my RIF and LIF accounts to pay for with my withdrawals over the next five years. This is so I do not have to sell into a bear market. Generally, bear markets do not last more than 3 years, but just to be sure, I use a 5 year measure. So today, I sold my shares in Computer Modelling Group Ltd (TSX-CMG, OTC-CMDXF) as this stock has not done much for quite some time now.

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is showing this stock as relatively expensive. Debt Ratios are fine, but it would be nice to have a better Liquidity Ratio. The Dividend Payout Ratios (DPR) are fine based on AFFO and CFPS. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Pembina Pipelines Corp.

Is it a good company at a reasonable price? I still like this stock and I plan to continue to hold the shares that I have. I know analysts are giving it a strong buy but I wonder about that as they do not expect it to go much higher over the next year. If you buy stocks, you should always buy them over time (over a few years) and in different months. The TSX chart shows that this stock is at an all-time peak. My testing is suggesting that the stock price is relatively expensive.

I own this stock of Pembina Pipelines Corp (TSX-PPL, NYSE-PBA). In December 2001 I thought it would be a good time to purchase this stock as the market was relatively low. Pipeline stocks are conservative and the return on this one was good at 9.7%. When I purchased this stock, it was an Income Trust company.

When I was updating my spreadsheet, I noticed I have had this stock for 24 years and I have made purchases over the years of 2004 to 2020 and I have a total return of 15.88% with 7.87% from capital gains and 8.01% from dividends. Not much happen in 2025, but so far this year the stock is up 21%. I noticed that all the officers I am following bought shares over the past year. None of the directors I am following bought any.

The company did not have a particularly good year. Revenue was up 5%, but EPS was down 11%, AEPS down 11%, AFFO down 14%, FFO down 1%, but Cash Flow up 3%. Next year expectations are Revenue was up 2%, with EPS was up 8%, AEPS up 3%, AFFO up 0.4%, but FFO down 8%, and Cash Flow down 7%.

If you had invested in this company in December 2015, for $1,0025.10 you would have bought 34 shares at $30.15 per share. In December 2025, after 10 years you would have received $825.61 in dividends. The stock would be worth $1,1777.86. Your total return would have been $2,603.47. This would be a total return of 11.95% per year with 5.66% from capital gain and 6.29% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$30.15	$1,025.10	34	10	$825.61	$1,777.86	$2,603.47

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.50%. The 5, 10 and historical median dividend yields are good (5% to 6%) at 5.57%, 5.33%, and 6.86%. The dividend growth is low (below 8% per year) at 2.4% per year. The last dividend increase was in 2025 and it was for 2.9%.

The Dividend Payout Ratios (DPR) are fine based on AFFO and CFPS. The DPR for 2025 for Earnings per Share (EPS) is too high at 106% with 5 year coverage at 84%. Analysts expect the DPR to be 99% in 2026 and fall to 85% in 2027. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 96% with 5 year coverage at 98%. Analysts expect the DPR to be 94% in 2026 and fall to 90% in 2027. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is fine at 57% with 5 year coverage at 53%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 41% with 5 year coverage at 39%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 71% with 5 year coverage at 68%. FCF varies from $2,300M to $2,517M and I am using $2,300M.

Item	Cur	5 Years
EPS	106.02%	84.28%
AEPS	96.89%	97.91%
AFFO	57.43%	53.05%
CFPS	40.63%	39.72%
FCF	71.22%	68.38%

Debt Ratios are fine, but it would be nice to have a better Liquidity Ratio. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.40 and currently at 0.34. The Liquidity Ratio for 2025 is far too low at 0.61 and 0.61 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.41 and currently at 1.29. I prefer this ratio to be at 1.50 or higher. The Debt Ratio for 2025 is good at 1.89 and 1.89 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.12 and 1.12 and currently at 2.12 and 1.12.

Type	Year End	Ratio Curr
Lg Term R	0.40	0.34
Intang/GW	0.21	0.17
Liquidity	0.61	0.61
Liq. + CF	1.41	1.29
Debt Ratio	1.89	1.89
Leverage	2.12	2.12
D/E Ratio	1.12	1.12

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	2.36%	18.87%	11.68%	7.19%
2015	10	4.64%	11.95%	5.66%	6.29%
2010	15	3.89%	12.71%	6.07%	6.64%
2005	20	5.00%	13.25%	6.12%	7.13%
2000	25	4.40%	16.95%	7.49%	9.46%
1997	28	5.94%	19.97%	8.07%	11.90%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.01, 17.56 and 20.10. The corresponding 10 year ratios are 15.32, 18.01 and 20.47. The corresponding historical ratios are 18.38, 20.36 and 23.05. The current ratio is 22.08 based on a stock price of $63.16 and EPS estimate for 2026 of $2.86. 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 Adjusted Earnings per Share (AEPS) Data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 15.36, 18.45, 20.19. The corresponding 10 year ratios are 16.08, 18.48 and 20.52. The corresponding historical ratios are 16.80, 18.50 and 20.84. The current ratio is 21.05 based on a stock price of $63.16 and AEPS estimate for 2026 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 also have Adjusted Funds from Operations (AFFO) Data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 7.99, 9.24 and 10.58. The corresponding 10 year ratios are 9.51, 9.79 and 11.35. The corresponding historical ratios are 7.99, 924 and 10.58. The current ratio is 12.81 based on a stock price of $63.16 and AFFO estimate for 2026 of $4.93. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Funds from Operations (AFFO) Data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 8.03, 9.17 and 10.14. The corresponding 10 year ratios are 8.20, 9.30 and 10.49. The corresponding historical ratios are 9.20, 10.84 and 12.99. The current ratio is 12.15 based on a stock price of $63.16 and FFO estimate for 2026 of $5.20. 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 $41.80. The 10-year low, median, and high median Price/Graham Price Ratios are 1.07, 1.22 and 1.41. The current ratio is 1.51 based on a stock price of $63.16. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.68. The current ratio is 2.44 based on a stock price of $63.16, Book Value of $15,042M, and Book Value per share of $25.89. The current ratio is 45% 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 Ratio for 2026 of $25.75. This analyst calculates the Book Value differently than I do and, in this case, the 10 year P/B Ratio is 1.54. The ratio for a Book Value per Share of $25.75 is 2.45 with a stock price of $63.16 and Book Value of $14,961M. This ratio is 59% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 9.49. The current P/CF Ratio is 12.01 based on Cash Flow per Share estimate for 2026 of $5.26, Cash Flow of $3,056M and a stock price of $63.16. The current ratio is 27% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 6.86%. The current ratio is 4.50% based on a stock price of $63.16 and dividends of $2.84. The current dividend is 34% 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 with a high dividend yield because income trust can pay higher dividends than corporations.

I get a 10 year median dividend yield of 5.33%. The current ratio is 4.50% based on a stock price of $63.16 and dividends of $2.84. The current dividend is 16% below the 10 yar median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This stock became a corporation in 2009, more than 10 years ago.

The 10-year median Price/Sales (Revenue) Ratio is 3.17. The current ratio is 4.61 based on Revenue estimate for 2026 of $7,967M, Revenue per Share of $13.71 and a stock price of $63.16. The current P/S Ratio is 45% 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 showing this stock as relatively expensive. The 10 year dividend yield testing is saying that the stock price is relatively expensive. The P/S Ratio test confirms this. All the rest of my testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (6), Hold (6) and Sell (1). The consensus is a Strong Buy. The 12 months stock price consensus is $62.94 with a high of $69.00 and low of $52.00. The 12 month stock price consensus of $62.94 implies a total return of 4.15% with a 0.35% capital loss and 4.15% from dividends based on a current stock price of $63.16. A strong buy does not really go with a lower stock price in 12 months’ time.

The are two Buys, a Top Pick and Partial Buy on Stock chase for 2026. The analysts like this stock and one calls it a pure-play pipeline infrastructure stock. Jitendra Parashar on Motley Fool says this stock has a strong dividend and solid fundamentals. Robin Brown on Motley Fool says to buy this stock because of Canada’s infrastructure spending boom.. The company put out an Press Release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and thinks it is undervalued. Simply Wall Street has two warnings of Has a high level of debt; and dividend of 4.6% is not well covered by earnings.

Pembina Pipeline is a midstream company serving the Canadian and North American (primarily Bakken) markets with an integrated product portfolio. Its operations include transmission pipelines, oil and gas gathering, fractionation, storage, and natural gas liquid exports. It also has a joint venture through the Cedar LNG export terminal. Its web site is here Pembina Pipelines Corp.

The last stock I wrote about was about was Barrick Mining Corp (TSX-ABX, NYSE-B) ... learn more. The next stock I will write about will be South Bow Corp (TSX-SOBO, NYSE-SOBO) ... learn more on Monday, May 4, 2026 around 5 pm.

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

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

Barrick Mining Corp

2026-04-29T17:39:00.003-04:00

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

Is it a good company at a reasonable price? If you look at the chart for this stock, it is off its recent high. This is a positive for buying. It is mining gold and gold prices have shot up. It is a resource stock and resource stocks have a tendency to be cyclical. I never have much in resource stocks because of this. I have resource stocks in my portfolio to keep track of them because they are important in Canada. It is quite possible a Buy.

I own this stock of Barrick Mining Corp (TSX-ABX, NYSE-B). I bought some of this stock in April 2013 because its stock price had fallen hard. I believed the market over reacted. I just bought 100 shares as I am living off my portfolio and do not have much to invest. I bought another 100 shares in 2016. However, this is a resource stock and I only buy resource stocks so I pay attention to that aspect of the TSX. I plan to have only a small stack in any resource stock.

When I was updating my spreadsheet, I noticed I have had this stock for 13 years and I have a total return of 12.94% per year with 11.58% from capital gains and 1.36% from dividends. The company raised their dividend payments by 140% in 2026. They had a very good year in 2025 and stock went up 168% in 2025, but so far this year it is down by around 8%. It is interesting that the CEO increased the number of shares he owns but a most of insider decreased theirs, but some did keep what they had.

If you had invested in this company in December 2015, for $1,003.52 you would have bought 98 shares at $10.24 per share. In December 2025, after 10 years you would have received $504.81in dividends. The stock would be worth $5,859.42. Your total return would have been $6,364.23. This would be a total return of 21.22% per year with 19.30% from capital gain and 1.92% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$10.24	$1,003.52	98	10	$504.81	$5,859.42	$6,364.23

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 4.24%. The 5 year median dividend yield is moderate at 2.27%. The 10 year and historical median dividend yield is low (below 2%) at 1.525 and 1.27%. The dividends have increased at a moderate rate (8% to 14% per year) over the past 5 years at 11.1%. The last dividend increase was in 2026 and it was for 140%. Dividend have gone up and down over the years and the changes for the past 5 years to 2025 are 55.00%, 16.13%, 80.56%, -38.46%, 0.00%, and 31.25%. Dividends are paid in US$ and the company issues its financial statements in US$.

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 49%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 22% with 5 year coverage at 47%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 16%. The DPR for 2025 for Free Cash Flow (FCF) is good at 22% with 5 year coverage at 42%. With the big increase in dividends for 2026, DPR for EPS is expected to be 44% and for AEPS 44%. FCF for 2025 varies from $3,890M to $5,760M. I am using $3,890M.

Item	Cur	5 Years
EPS	17.92%	48.57%
AEPS	21.69%	47.21%
CFPS	8.90%	16.12%
FCF	22.88%	42.06%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.06 and currently at 0.07. The Liquidity Ratio for 2025 is good at 2.93 and 2.93 currently. The Debt Ratio for 2025 is good at 3.29 and 3.29 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.94 and 0.59 and currently at 1.94 and 0.59.

Type	Year End	Ratio Curr
Lg Term R	0.06	0.07
Intang/GW	0.04	0.05
Liquidity	2.93	2.93
Liq. + CF	4.88	4.91
Debt Ratio	3.29	3.29
Leverage	1.94	1.94
D/E Ratio	0.59	0.59

The Total Return per year is shown below for years of 5 to 39 to the end of 2025 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	12.76%	17.84%	15.57%	2.27%
2014	10	14.01%	21.22%	19.30%	1.92%
2009	15	3.35%	1.66%	0.79%	0.86%
2004	20	5.29%	4.15%	3.11%	1.04%
1999	25	3.03%	4.73%	3.61%	1.11%
1994	30	5.06%	2.55%	1.71%	0.84%
1989	35	7.92%	5.76%	4.53%	1.23%
1986	39	11.14%	10.84%	8.33%	2.51%

The Total Return per year is shown below for years of 5 to 39 to the end of 2025 in US$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	11.11%	16.05%	13.84%	2.21%
2014	10	14.13%	21.43%	19.42%	2.01%
2009	15	1.18%	-0.50%	-1.32%	0.82%
2004	20	4.44%	3.37%	2.26%	1.12%
1999	25	3.54%	5.32%	3.99%	1.33%
1994	30	5.04%	2.61%	1.69%	0.92%
1989	35	7.63%	5.26%	4.04%	1.22%
1986	39	10.99%	10.93%	8.38%	2.55%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.35, 18.54 and 21.73. The corresponding 10 year ratios are 11.73, 16.00 and 19.55. The corresponding historical ratios are 10.64, 13.73 and 16.82. The current ratio is 10.18 based on a stock price of $38.45 and EPS estimate for 2026 of $3.78. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 15.09, 18.22 and 21.35. The corresponding 10 year ratios are 15.99, 21.33 and 26.91. The corresponding historical ratios are 14.20, 20.33 and 26.88. The current ratio is 10.42 based on a stock price of $38.45 and AEPS estimate for 2026 of $3.69. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get a Graham Price of $49.50. The 10-year low, median, and high median Price/Graham Price Ratios are 0.93, 1.32 and 1.67. The current ratio is 1.06 based on a stock price of $52.58. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.67. The current ratio is 2.43 based on a stock price of $38.45, Book Value of $36,399M and Book Value per Share of $21.61. The current ratio is 45% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I also have Book Value per Share Estimate for 2026 of $18.30. This will give a P/B Ratio of 2.10 with a Book Value of $30,659M and a stock price of $38.45. This ratio is 26% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. This test showing the stock price as expensive is a bit worrying showing the stock price as expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.02. The current ratio is 6.62 based on Cash Flow estimate for 2026 of $5.80, Cash Flow of $9,724M and a stock price of $38.45. This current ratio is 17% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get an historical median dividend yield of 1.27%. The current dividend yield is 4.37% based on dividends of $1.68 and a stock price of $38.45. The current dividend yield is 224% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get a 10 year median dividend yield of 1.52%. The current dividend yield is 4.37% based on dividends of $1.68 and a stock price of $38.45. The current dividend yield is 187% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 2.78. The current ratio is 2.93 based on Revenue estimate for 2026 of $22,022M, Revenue per Share of $13.14 and a stock price of $38.45. The current ratio is 5% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$ and you will get a similar result in CDN$.

Results of stock price testing is that the stock price is probably reasonable. The Dividend Yield testing is saying that the stock price is relatively cheap. However, the dividends have been increased by 140% in 2026. The P/S Ratio test says that the stock price is reasonable, but above the median. I think it is worrisome that P/B Ratio test is showing that the stock price is relatively expensive. A number of tests are showing that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (11), Buy (7), Hold (2), Underperform (1), and Sell (1). The consensus is a Buy. The 12 month stock price consensus is $72.20 ($52.88 US$) with a high of $94.26 ($69.04 US$) and low of $30.58 ($22.40 US$). The 12 month consensus price of $72.20 implies a total return of 41.67% with 37.31% from capital gains and 4.36% from dividends based on a current stock price of $52.58 CDN$.

There are 3 entries for 2026 on Stock Chase. One is a Top Pick and the other two are Watch. One Watch said that stock price already reflects the good times. Puja Tayal on Motley Fool says both gold and copper could generate wealth in the long term. Joey Frenette on Motley Fool says there is more growth ahead for the company. The company put out a Press Release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance gives the bull and bear case for this company.

Based in Toronto, Barrick is one of the world's largest gold miners. It operates mines in the Americas, Africa, the Middle East, and Asia. The company also has growing copper exposure. Its web site is here Barrick Mining Corp.

The last stock I wrote about was about was Leon's Furniture Ltd (TSX-LNF, OTC-LEFUF) ... learn more. The next stock I will write about will be Pembina Pipelines Corp (TSX-PPL, NYSE-PBA) ... learn more on Friday, May 1, 2025 around 5 pm. Tomorrow on my other blog I will write about Pesorama, Capital Compounders.... learn more on Thursday, April 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.

Leon's Furniture Ltd

2026-04-27T16:02:00.006-04:00

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price seems to be on the expensive side, but it could be reasonable. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Leon's Furniture Ltd.

Is it a good company at a reasonable price? This has been a good solid investment for me. I think an expected total return of 8% per year is good and this stock has done that most years, but it does depend on when you buy. It is always best to buy a stock over time and in different months. The stock price could be reasonable based on the dividends yield tests.

I own this stock of Leon's Furniture Ltd (TSX-LNF, OTC-LEFUF). I had some money in 2006 and this stock has been on MPL Communication's Investor Reporter list for some time. It was also on Mike Higgs' Dividend Growth Stock list. I bought some in 2006 and then some more in 2008, 2009, 2010,2013,2019 and 2022.

When I was updating my spreadsheet, I noticed I have had this stock for almost 20 years. I have a total return of 8.24% per year with 4.91% from capital gains and 3.33% from dividends. I bought this stock over 9 purchases from 2006 to 2022. Analysts do not think that the company will improve on their earnings much this year. They expect the AEPS to go from $2.31 to $2.30 and EPS to go from $2.29 to $2.31.

If you had invested in this company in December 2015, for $1,013.76 you would have bought 72 shares at $14.08 per share. In December 2025, after 10 years you would have received $542.16 in dividends. The stock would be worth $2,016.00. Your total return would have been $2,558.16. This would be a total return of 10.93% per year with 7.12% from capital gain and 3.81% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$14.08	$1,013.76	72	10	$542.16	$2,016.00	$2,558.16

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 3.61%. The 5, 10 and historical median dividend yields are moderate at 3.19%, 3.18% and 2.38%. 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 20%. They also paid a special dividend of $0.50 per year in 2026. Note that this company does not increase the dividends every year, but the dividends have been increasing over time.

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 43%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 36% with 5 year coverage at 30%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 26% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is good at 27% with 5 year coverage at 33%. The FCF for 2025 varies from $210M to $237M. I am using the $210M.

Item	Cur	5 Years
EPS	36.68%	42.76%
AEPS	36.36%	30.06%
CFPS	25.67%	28.20%
FCF	27.29%	32.96%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.03 and currently at 0.03. The Liquidity Ratio for 2025 is good at 1.60 and 1.60 currently. The Debt Ratio for 2025 is good at 2.03 and 2.03 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.97 and 0.97 and currently at 1.97 and 0.97.

Type	Year End	Ratio Curr
Lg Term R	0.03	0.03
Intang/GW	0.34	0.36
Liquidity	1.60	1.60
Liq. + CF	1.95	1.85
Debt Ratio	2.03	2.03
Leverage	1.97	1.97
D/E Ratio	0.97	0.97

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	8.45%	11.01%	6.30%	4.71%
2015	10	7.70%	10.93%	7.12%	3.81%
2010	15	6.65%	7.39%	4.34%	3.05%
2005	20	7.44%	9.29%	5.81%	3.48%
2000	25	8.89%	10.88%	7.14%	3.74%
1995	30	9.86%	11.96%	7.79%	4.17%
1990	35	9.29%	12.08%	8.19%	3.89%
1988	37	8.77%	12.08%	8.27%	3.81%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.67, 8.85 and 10.04. The corresponding 10 year ratios are 8.66, 9.51 and 12.52. The corresponding historical ratios are 9.15, 14.51 and 15.98. The current ratio is 11.51 based on a stock price of $26.56 and EPS estimate for 2025 of $2.31. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 7.73, 8.92 and 10.18. The corresponding 10 year ratios are 8.54, 9.50 and 12.39. The corresponding historical ratios are 11.27, 12.96 and 15.06. The current ratio is 11.55 based on a stock price of $26.56 and AEPS estimate for 2025 of $2.30. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $30.74. The 10-year low, median, and high median Price/Graham Price Ratios are 0.72, 0.80 and 0.96. The current ratio is 0.86 based on a stock price of $26.56. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.40. The current ratio is 1.45 based on a stock price of $26.56, Book Value of $1,256M and Book Value per Share of $18.26. The current ratio is 4% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.55. The current P/CF Ratio is 7.03 based on Cash Flow per Share estimate for 2026 of $3.78, Cash Flow of $261M and a stock price of $26.56. The current ratio is 27% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.38%. The current dividend yield is 3.61% based on a stock price of $26.56 and dividends of $0.96. The current dividend yield is 52% 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 3.18%. The current dividend yield is 3.61% based on a stock price of $26.56 and dividends of $0.96. The current dividend yield is 52% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.55. The current P/S Ratio is 0.70 based on a stock price of $26.56, Revenue estimate for 2026 of $2,616M and Revenue per Share of $38.02. The current ratio is 28% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price seems to be on the expensive side, but it could be reasonable. The 10 year dividend yield is showing the stock price as relatively reasonable and below the median, but this is not confirmed by the P/S Ratio test that is saying it is relatively expensive. The stock could be reasonable based on the 10 year median dividend test. However, a lot of the other tests are saying the stock price is reasonable but above the median.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (2) and Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $36.00 with a high of $50.00 and a low of $30.00. The consensus stock price of $36.00 implies a total return of 39.16% with 35.54% from capital gains and 3.61% from dividends based on a current stock price of $23.56.

The only entry for 2026 says Hold on Stock Chase. The Analysts says that it is not actively traded. It is not much followed by analysts on Stock Chase. Amy Legate-Wolfe on Motley Fool thinks this company will be profitable despite the trade wars. Joey Frenette on Motley Fool thinks the firm looks well-equipped for the next upcycle. The company put out a Press Release about their fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance says it thinks this stock is undervalued and the Fair Value is $36.00. Simply Wall Street has 1 warning of unstable dividend track record. This is untrue. Sometime this site thinks that dividends paid in CDN$ are unstable. Simply Wall Street gives this stock 2 and one half stars out of 5.

Leon's Furniture Ltd operates a network of home furniture, appliances, electronics, and mattress stores in Canada. Its retail banners include: Leon's; The Brick; Brick Outlet and The Brick Mattress Store, The Brick's Midnorthern Appliance, and Appliance Canada. It generates maximum revenue from the sale of goods at stores, followed by income from franchise operations, the sale of extended warranties, etc. Its web site is here Leon's Furniture Ltd.

The last stock I wrote about was about was Supremex Inc (TSX-SXP, OTC-SUMXF) ... learn more. The next stock I will write about will be Barrick Mining Corp (TSX-ABX, NYSE-B) ... learn more on Wednesday, April 29, 2025 around 5 pm. Tomorrow on my other blog I will write about Free Cash Portfolio.... learn more on Tuesday, April 28, 2026 around 5 pm.

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

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

Supremex Inc

2026-04-24T17:49:00.005-04:00

Sound bite for Twitter is: Dividend Growth Materials. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are currently high, but expected to be good this year. The current dividend yield is good with dividend growth moderate. See my spreadsheet on Supremex Inc.

Is it a good company at a reasonable price? This stock seems to be cyclical, so when you buy is important. It is off its recent high and is testing as cheap. It is a small cap and the analyst on Stock Chase is right, it is missing its estimates, so that could be why it is cheap. Caution is probably recommended. I plan to keep this stock, but I did buy it with my fooling around money.

I own this stock of Supremex Inc (TSX-SXP, OTC-SUMXF). I read about it in Money Sense article of 15 Stocks to help investors ride market swings by Michael Pe on Mar 4, 2018 . They were an envelope company, but are diversifying into packaging. I investigated this stock for buying for my TFSA.

When I was updating my spreadsheet, I noticed I have had this stock for almost 6 years. I have made a total return of 10.31% with 4.36% from capital gains and 5.95% from dividends. The company had a loss last year because of Asset Impairment charges in 2024. Asset Impairment was a lot less in 2025 so they had a profit with less Revenue. I also noticed that in 2024 the Lease Liabilities were at $40.2M with Right of Use Assets at 41.4M and so quite close, however, in 2025 the Lease Liabilities is at $95.4M with Right of Use Assets at $60M. The sold some property and then leased it back.

Last year the company paid a special $0.50 a share special dividend. See the announcement from Supremex at Globe and Mail. Note that the company also paid off a large part of their Long Term Debt and decreased it by 99%.

If you had invested in this company in December 2015, for $1,002.99 you would have bought 26 shares at $4.99 per share. In December 2025, after 10 years you would have received $453.26 in dividends. The stock would be worth $737.67. Your total return would have been $1,190.93. This would be a total return of 2.06% per year with 3.03% from capital loss and 5.08% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$4.99	$1,002.99	201	10	$453.26	$737.67	$1,190.93

The current dividend yield is good with dividend growth moderate. The current dividend yield is good (5% to 6% ranges) at 5.51%. The 5 and 10 year median dividend yields are moderate (2% to 4%) at 3.09% and 4.54%. The historical median dividend yield is good at 6.46%. (This is because this company used to be an income trust company which generally have quite high dividend yields.) The dividend growth is moderate (8% to 14% per year) at 9% per year over the past 5 years. The dividends have gone up and down and the only reason the growth is 9% for the past 5 years is because of the 17.7% dividend increase in 2025.

The Dividend Payout Ratios (DPR) are currently high, but expected to be good this year. The DPR for 2025 for Earnings per Share (EPS) is far too high at 142% with 5 year coverage good at 49%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is far too high at 206% with 5 year coverage high at 55%. The DPR for 2025 for Cash Flow per Share (CFPS) is far too high at 119% with 5 year coverage good at 19%. The DPR for 2025 for Free Cash Flow (FCF) is far too high at 135% with 5 year coverage good at 21%. DPRs are expected to good in 2026 with EPS and AEPS ratios a round 28%.

Item	Cur	5 Years
EPS	142.86%	48.59%
AEPS	205.88%	54.55%
CFPS	119.20%	19.29%
FCF	135.09%	21.14%

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 1.68 and 1.68 currently. The Debt Ratio for 2025 is good at 1.75 and 1.75 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.33 and 1.33 and currently at 2.33 and 1.33.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.80	0.81
Liquidity	1.68	1.68
Liq. + CF	1.55	1.94
Debt Ratio	1.75	1.75
Leverage	2.33	2.33
D/E Ratio	1.33	1.33

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	9.00%	19.66%	12.46%	7.20%
2015	10	0.00%	2.06%	-3.03%	5.08%
2010	15	1.50%	9.18%	2.84%	6.33%
2006	19	-8.79%	1.23%	-4.31%	5.54%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 3.19, 4.01 and 5.45. The corresponding 10 year ratios are 4.78, 7.50 and 9.32. The corresponding historical ratios are 4.95, 7.10 and 9.32. The current P/E Ratio is 5.04 based on a stock price of $3.63 and EPS estimate for 2026 of $0.72. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 5.07, 7.99 and 9.35. The corresponding 10 year ratios are 6.36, 8.26 and 9.80. The corresponding historical ratios are 5.07, 7.49 and 9.62. The current P/E Ratio is 5.04 based on a stock price of $3.63 and AEPS estimate for 2026 of $0.72. 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. The real difference between the AEPS and EPS, is all the AEPS values are positive and some EPS ratios are negative (that is earnings losses).

I get a Graham Price of $8.48. The 10-year low, median, and high median Price/Graham Price Ratios are 0.46, 0.63 and 0.82. The current ratio is 0.43 based on a stock price of $3.63. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 1.00. The current ratio is 0.82 based on a stock price of $3.63, Book Value of $108.2M, and Book Value per Share of $0.84. The current ratio is 18% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.22. The current ratio is 4.27 based on Cash Flow per Share for the last 12 months of $0.85, Cash Flow of $20.7M and a stock price of $3.63. The current ratio is 1% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 6.46%. The current dividend yield is 5.51% based on a stock price of $3.63 and dividends of $0.20. The current dividend yield is 15% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. The problem with this test is that this company used to be an income trust and therefore started with very high dividend yields.

I get a 10 year median dividend yield of 4.54%. The current dividend yield is 5.51% based on a stock price of $3.63 and dividends of $0.20. The current dividend yield is 21% above the 10 yar median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.43. The current P/S Ratio is 0.33 based on Revenue estimate for 2026 of $270.8M, Revenue per Share of $11.10 and a stock price of $3.63. The current ratio is 24% 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 that the stock price is relatively cheap. The 10 year dividend yield test is 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 (1). The consensus would be a Strong Buy. The 12 month stock price target is $5.10 with a high of $5.25 and a low of $5.05 (from Alpha Spread). The Market Screener says the 12 month stock price is $5.00 with a high and low of $5.00. The 12 month stock price consensus of $5.00 implies a total return of 43.25% with 37.74% from capital gains and 5.51% from dividends based on a current stock price of $3.63.

There is not much on Stock Chase for this stock. An entry for 2024 says Do Not Buy because the company missed some estimate. There are more positive entries in 2016. Amy Legate-Wolfe on Motley Fool thinks buying this stock is an incredible deal. Aditya Raghunath on Motley Fool says it is a cheap but excellent dividend stock to buy. The company put out a press release via Globe Newswire about their fourth quarter of 2025 results.

Guru Focus News via Yahoo Finance gives the positive and negative points for this company. Simply Wall Street via Yahoo Finance talk about this stock as a penny stock to watch. Simply Wall Street via Yahoo Finance reviews this stock and says that they are disappointed in lack of growth in earnings. They have 4 warnings of earnings have declined by 22.2% per year over past 5 years; does not have a meaningful market cap (CA$87M); large one-off items impacting financial results; and unstable dividend track record.

Supremex Inc is engaged in the manufacturing and marketing of envelopes and is a growing provider of paper-based packaging solutions and specialty products. The majority of its revenue is derived from its business in Canada. Its web site is here Supremex Inc.

The last stock I wrote about was about was Alaris Equity Partners Income Trust (TSX-AD.UN, OTC-ALARF) ... learn more. The next stock I will write about will be Leon's Furniture Ltd (TSX-LNF, OTC-LEFUF) ... learn more on Monday, April 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.

Alaris Equity Partners Income Trust

2026-04-22T17:33:00.010-04:00

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

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

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

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

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

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

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

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

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

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

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

The Total Return per year is shown below for years of 5 to 18 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.41%	14.22%	6.37%	7.85%
2015	10	-1.33%	5.19%	-1.32%	6.50%
2010	15	2.57%	13.57%	3.87%	9.70%
2006	18	2.00%	12.82%	4.09%	8.73%

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

I get a Graham Price of $33.98. The 10-year low, median, and high median Price/Graham Price Ratios are 0.50, 0.67 and 0.74. The current P/GP Ratio is 0.66 based on a stock price of $22.36. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 0.98. The current ratio is 0.90 based on a Book Value of $1,124M, Book Value per Share of $24.79 and a stock price of $22.36. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have a Book Value per Share estimate for 2026 of $25.89. This implies a current ratio of 0.86 with a stock price of $22.36 and Book Value of $1,1734M. This ratio is 12% below the current ratio of 0.98. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.54. The current P/CF Ratio is 8.36 based on Cash Flow per Share estimate for 2026 of $2.68, Cash Flow of $121.3M and a stock price of $22.36. The current ratio is 2% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 7.47%. The current dividend yield is 6.62% based on dividends of $1.48 and a stock price of $22.36. The current dividend yield is 11% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 7.68%. The current dividend yield is 6.62% based on dividends of $1.48 and a stock price of $22.36. The current dividend yield is 14% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 5.24. The current P/S Ratio is 4.87 based on Revenue estimate for 2026 of $208M, Revenue per Share of $4.59 and a stock price of $22.36. The current ratio is 7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

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

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

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

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

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

The last stock I wrote about was about was Sun Life Financial Inc (TSX-SLF, NYSE-SLF) ... learn more. The next stock I will write about will be Supremex Inc (TSX-SXP, OTC-SUMXF) ... learn more on Friday, April 24, 2026 around 5 pm. Tomorrow on my other blog I will write about Metro and Rogers Communications from Amber Kanwar.... learn more on Thursday, April 23, 2026 around 5 pm.

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

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

Sun Life Financial Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

The Total Return per year is shown below for years of 5 to 26 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	9.86%	12.11%	8.65%	3.47%
2015	10	8.83%	11.10%	7.10%	4.00%
2010	15	6.14%	11.33%	7.22%	4.11%
2005	20	6.55%	5.98%	3.08%	2.90%
2000	25	8.30%	5.69%	3.09%	2.59%
1999	26	7.96%	12.24%	7.62%	4.63%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.51, 12.46 and 14.17. The corresponding 10 year ratios are 10.41, 12.35 and 14.06. The corresponding historical ratios are 11.51, 13.28 and 19.04. The current ratio is 12.78 based on a stock price of $96.28 and EPS estimate for 2026 of $7.53. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.52, 10.59 and 11.84. The corresponding 10 year ratios are 9.43, 10.45 and 12.00. The corresponding historical ratios are 9.72, 11.09 and 12.16. The current ratio is 12.05 based on a stock price of $96.28 and AEPS estimate for 2026 of $7.99. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This is probably a better guide that the P/E Ratio test.

I get a Graham Price of $84.65. The 10-year low, median, and high median Price/Graham Price Ratios are 0.74, 0.87 and 0.97. The current ratio is 1.14 based on a stock price of $96.28. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.52. The current ratio is 2.42 based on a stock price of $96.28, Book Value of $22, 0.75M, and Book Value per Share of $39.86. The current ratio is 59% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $43.66. This analyst calculates the Book Value differently than I do and, in this case, the 10 year median ratio is 1.28. In this case the current ratio would be 2.21 based on a Book Value per Share of $43.66, Book Value of $24,179M and a stock price of $96.28. This ratio is 72% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.20. The current ratio is 11.12 based on Cash Flow per Share estimate for 2026 of $8.66, Cash Flow of $4,796M and a stock price of $96.28. The current ratio is 36% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 3.76%. The current dividend yield is 3.82% based on dividends of $3.68 and a stock price of $96.28. The current dividend yield is 1.7% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 4.10%. The current dividend yield is 3.82% based on dividends of $3.68 and a stock price of $96.28. The current dividend yield is 6.7% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.97. The current P/S Ratio is 1.25 based on Revenue estimate for 2026 of $42,789M, Revenue per Share of $77.28 and a stock price of $96.28. The current ratio is 28% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably on the expensive side. I would rate it a Hold. The 10 year dividend yield test says that the stock price is reasonable, but above the median. The P/S Ratio test does not confirm this and says that the stock price is relatively expensive. The P/GP Ratio test also says it is expensive. Most of the testing is saying that the stock price is relatively expensive. Some says reasonable but above the median. Also, the stock chart is showing that the stock price is close to an all-time high. Usually, it is not the time to buy when a stock is at an all-time high. I would rate it a Hold.

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

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

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

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

The last stock I wrote about was about was Goodfellow Inc (TSX-GDL, OTC-GFELF) ... learn more. The next stock I will write about will be Alaris Equity Partners Income Trust (TSX-AD.UN, OTC-ALARF) ... learn more on Wednesday, April 22, 2026 around 5 pm. Tomorrow on my other blog I will write about Lemonade Portfolio.... learn more on Tuesday, April 21, 2026 around 5 pm.

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

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

Goodfellow Inc

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

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

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

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

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

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

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

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

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

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

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

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

Debt Ratios are fine, but current bank debt has increased at lot in 2026. The Current Bank Deb/Market Cap Ratio for 2025 is good at 0.18 but increased a lot in 2026 to 0.45. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.00 and currently at 0.00. The Liquidity Ratio for 2025 is good at 3.09 and 2.31 currently. The Debt Ratio for 2025 is good at 3.38 and 2.65 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.42 and 0.42 and currently at 1.61 and 0.61.

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

The Total Return per year is shown below for years of 5 to 34 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	11.38%	15.52%	7.96%	7.55%
2015	10	5.54%	5.62%	1.78%	3.84%
2010	15	0.00%	3.29%	-0.07%	3.37%
2005	20	0.67%	3.72%	-0.11%	3.83%
2000	25	4.93%	10.79%	3.87%	6.92%
1995	30	9.45%	17.01%	6.14%	10.88%
1991	34	9.21%	12.53%	5.14%	7.39%

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

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 3.30, 3.91 and 4.45. The corresponding 10 year ratios are 3.41, 3.95 and 4.49. The corresponding historical ratios are 4.38, 4.80 and 5.22. The current ratio is 3.92 based on a stock price of $11.80 and AFFO for the last 12 months of $3.10. The current ratio is between and low and the median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $21.58. The 10-year low, median, and high median Price/Graham Price Ratios are 0.42, 0.48 and 0.54. The current ratio is 0.55 based on a stock price of $11.80. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 0.53. The current P/B Ratio is 0.48 based on a Book Value of $203M, Book Value per Share of $24.36 and a stock price of $11.80. The current ratio is 9% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 3.24. The current ratio is 30.67 based on Cash Flow for the last 12 months of $3.2M, Cash Flow per Share of $0.38 and a stock price of $11.80. The current ratio is 31% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 3.74%. The current dividend yield is 2.54% based on a stock price of $11.80 and dividends of $0.30. The current dividend yield is 32% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. The problem is that this company just cut their dividend by 57%.

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

The 10-year median Price/Sales (Revenue) Ratio is 0.14. The current P/S Ratio is 0.18 based on Revenue for the last 12 months of $541M, Revenue per Share of $64.83 and a stock price of $11.80. The current ratio is 28% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. The dividend yield tests say this. There are problems with this test because the dividends have been decreased by 57%. However, a dividend decrease is not good news. The P/S Ratio test also says that the stock price is relatively expensive. The P/GP Ratio test also says that the stock price is relatively expensive. The rest of the testing is from reasonable to expensive.

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

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

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

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

The last stock I wrote about was about was Melcor Developments Inc (TSX-MRD, OTC-MODVF) ... learn more. The next stock I will write about will be Sun Life Financial Inc (TSX-SLF, NYSE-SLF) ... learn more on Monday, April 20, 2026 around 5 pm.

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

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

Melcor Developments Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	7.14%	14.70%	10.10%	4.60%
2015	10	-2.21%	3.78%	0.46%	3.32%
2010	15	2.13%	3.75%	0.17%	3.57%
2005	20	5.99%	4.85%	1.27%	3.59%
2000	25	8.01%	16.80%	8.63%	8.17%
1995	30	9.68%	22.36%	9.43%	12.93%
1990	35	11.70%	16.59%	8.42%	8.17%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.44, 6.94, and 7.93. The corresponding 10 year ratios are 8.29, 9.29 and 10.60. The corresponding historical ratios are 6.12, 7.21 and 8.42. The current ratio is 9.62 based on a stock price of $18.37 and EPS for the last 12 months of $1.91. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 3.62, 4.26 and 4.48. The corresponding 10 year ratios are 4.64, 6.69 and 8.96. The corresponding historical ratios are 6.14, 7.49 and 9.33. The current ratio is 4.55 based on a stock price of $18.37 and FFO for the last 12 months of $4.04. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $42.55. The 10-year low, median, and high median Price/Graham Price Ratios are 0.34, 0.38 and 0.43. The current ratio is 0.43 based on a stock price of $18.37. This stock price testing suggests that the stock price is relatively reasonable and at the median.

I get a 10-year median Price/Book Value per Share Ratio of 0.36. The current ratio is 0.44 based on a Book Value of $1,268M, Book Value per Share of $42.13 and a stock price of $18.37. The current ratio is 21% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.41. The current ratio is 5.91 based on Cash Flow for the last 12 months of $93.6M, Cash Flow per Share of $3.11 and a stock price of $18.37. The current ratio is 20% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 2.99%. The current dividend yield is 3.27% based on dividends of $0.60 and a stock price of $18.37. The current ratio is 9% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 3.66%. The current dividend yield is 3.27% based on dividends of $0.60 and a stock price of $18.37. The current ratio is 11% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 1.56. The current P/S Ratio is 1.35 based on Revenue for the last 12 months of $410.5M, Revenue per Share of $13.64 and a stock price of $18.37. The current ratio is 14% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price could still be reasonable. The 10 year median dividend yield test says it is reasonable, but above the median. The P/S Ratio test says that it is reasonable and below the median. The rest of the testing varies from cheap to expensive.

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

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

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

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

The last stock I wrote about was about was BCE Inc (TSX-BCE, NYSE-BCE) ... learn more. The next stock I will write about will be Goodfellow Inc (TSX-GDL, OTC-GFELF) ... learn more on Friday, April 17, 2026 around 5 pm. Tomorrow on my other blog I will write about McCoy Global on Wolfe of Oakville.... learn more on April 16, 2026 around 5 pm.

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

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

BCE Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

The Total Return per year is shown below for years of 5 to 43 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	-2.69%	-1.74%	-9.67%	7.93%
2015	10	1.12%	2.64%	-4.79%	7.42%
2010	15	3.42%	7.61%	-0.51%	8.12%
2005	20	3.96%	8.27%	0.83%	7.44%
2000	25	3.55%	4.91%	-0.62%	5.52%
1995	30	6.63%	7.46%	1.52%	5.94%
1990	35	5.87%	7.09%	1.82%	5.27%
1985	40	5.39%	5.87%	1.45%	4.42%
1982	43	5.36%	8.60%	3.11%	5.49%

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

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 15.54, 17.96 and 20.39. The corresponding 10 year ratios are 15.49, 17.31 and 18.54. The corresponding historical ratios are 14.27, 15.66 and 17.77. The current ratio is 12.61 based on stock price of $32.42 and AEPS estimate for 2026 of $2.57. The current ratio is below the low ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $34.98. The 10-year low, median, and high median Price/Graham Price Ratios are 1.40, 1.59 and 1.76. The current ratio is 0.93 based on a stock price of $32.42. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 3.11. The current ratio is 1.53 based on Book Value of $19,732M, Book Value per Share of $21.16 and a stock price of $32.42. The current ratio is 51% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have a Book Value per Share estimate for 2026 of $22.59. The analyst calculates the Book Value differently than I do and, in this case, the 10 year median ratio is 2.52. The Book Value per Share of $22.59, implies a Book Value of $21,066M and a ratio of 1.44 with a stock price of $32.42. This ratio is 43% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.82. The current ratio is 4.00 based on Cash Flow per Share estimate for 2026 of $8.10, Cash Flow of $7,554M and a stock price of $32.42. The current ratio is 41.34 below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 4.38%. The current dividend yield is 5.40% based on a dividend of $1.75 and a stock price of $32.42. The current ratio is 23% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 5.63%. The current dividend yield is 5.40% based on a dividend of $1.75 and a stock price of $32.42. The current ratio is 4% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This stock price testing suggests that the stock price is relatively reasonable but above the median. (This test is tainted by the recent dividend cut.)

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

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

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

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

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

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

The last stock I wrote about was about was Atrium Mortgage Investment Corp (TSX-AI, OTC-AMIVF) ... learn more. The next stock I will write about will be Melcor Developments Inc (TSX-MRD, OTC-MODVF) ... learn more on Wednesday, April 15, 2026 around 5 pm. Tomorrow on my other blog I will write about Screaming Value Portfolio.... learn more on Tuesday, April 14, 2026 around 5 pm.

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

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

Atrium Mortgage Investment Corp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	2.57%	6.84%	-1.75%	8.60%
2015	10	1.84%	8.80%	0.16%	8.65%
2010	15	3.36%	8.13%	1.05%	7.08%
2009	16		7.41%	0.98%	6.42%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.88, 10.83 and 11.51. The corresponding 10 year ratios are 10.47, 11.85 and 13.53. The corresponding historical ratios are 11.58, 12.37 and 13.45. The current ratio is 11.61 based on a stock price of $11.84 and EPS estimate for 2026 of $1.02. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $15.86. The 10-year low, median, and high median Price/Graham Price Ratios are 0.68, 0.77 and 0.87 based on a stock price of $11.84. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.12. The current ratio is 1.08 based on a stock price of $11.84, Book Value of $525M and Book Value per Share of $10.96. The current ratio is 3.5% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have a Book Value per Share estimate for 2026 of $11.00. This implies a ratio of 1.08 based on a stock price of $11.84 and Book Value per Sare of $527M. This ratio is 3.9% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 9.77. The current ratio is 32.68 based on Cash Flow per Share for the last 12 months of $0.36, Cash Flow of $17.4M and a stock price of $11.84. The current ratio is 235% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Note that Cash Flow fell by 75% between 2024 and 2025. This is the reason for the expensive rating.

I get an historical median dividend yield of 7.25%. The current dividend yield is 7.85% based on dividends of $0.93 and a stock price of $11.84. The current dividend yield is 8% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 7.39%. The current dividend yield is 7.85% based on dividends of $0.93 and a stock price of $11.84. The current dividend yield is 6% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

The 10-year median Price/Sales (Revenue) Ratio is 7.05. The current P/S Ratio is 6.64 based on Revenue estimate for 2026 of $85.4M, Revenue per Share of $1.78 and a stock price of $11.84. The current ratio is 5.7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable. The dividend yield tests are saying the stock price is relatively reasonable and it is confirmed by the P/S Ratio test. Most of the rest of the testing, with one exception is saying the same thing.

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

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

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

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

The last stock I wrote about was about was Hydro One Ltd (TSX-H, OTC-HRNNF) ... learn more. The next stock I will write about will be BCE Inc (TSX-BCE, NYSE-BCE) ... learn more on Monday, April 13, 2026 around 5 pm.

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

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