Cenovus Energy Inc

Sound bite for Twitter is: Dividend Paying Resource. Results of stock price testing is that the stock price is that the stock price is reasonable and may even be cheap. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth good recently. See my spreadsheet on Cenovus Energy Inc.

Is it a good company at a reasonable price? This is in the oil and gas business and therefore is risky and cyclical. The stock near its recent high, but off the 2024 highs. Dividends have been volatile. Over the past 32 years dividends have gone up 15 times and down 6 times.

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

When I was updating my spreadsheet, I noticed Analysts seem to think that this year will be an ok year, next year that the company will not do as well and then better in 2027. For Revenue they expect it to be 1.8% less in 2025 than in 2024, then 2026 to go down 7% and up 33% in 2027. For EPS they expect it to go up 14% this year, go down 12% next year and then go up 32% in 2027.

Almost all the officers and directors I follow bought more stock during the past year. There is one director I follow that did not. Often directors do not buy shares.

If you had invested in this company in December 2014, for $1,006.74 you would have bought 42 shares at $23.97 per share. In December 2024, after 10 years you would have received $151.99 in dividends. The stock would be worth $915.18. Your total return would have been $1,067.17. This would be a total return of 0.62% per year with 0.95% from capital loss and 1.57% from dividends. The 5 year total return is much better than the 10 year total return. See the chart in a paragraph below.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$23.97	$1,006.74	42	10	$151.99	$915.18	$1,067.17

The current dividend yield is moderate with dividend growth good recently. The current dividend yield is moderate (2% to 4% ranges) at 3.35%. The 5, 10 and historical median dividend yields are low (below 2%) at 1.48%, 1.68% and 1.48%. The dividend increase is good (above 15% per year) over the past 5 years at 26% per year. However, dividends have decrease by 4% per year over the past 10 years because dividends were cut by 70% in 2020.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 49% with 5 year coverage at 37%. The DPR for 2024 for Adjusted Funds from Operations (AFFO) is good at 16% with 5 year coverage at 10%. The DPR for 2024 for Funds from Operations (FFO) is good at 40% with 5 year coverage at 13%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 11%. The DPR for 2024 for Free Cash Flow (FCF) is good at 36% with 5 year coverage at 21%. FCF varies in 2024 from $2,920M to $4,285M.

Item	Cur	5 Years
EPS	48.80%	36.73%
AFFO	15.53%	10.47%
FFO	40.23%	13.10%
CFPS	15.53%	10.62%
FCF	36.20%	20.71%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.18 and currently at 0.16. The Liquidity Ratio for 2024 is low at 1.42 and 1.32 currently. If you added in Cash Flow after dividends, the ratios are good at 2.50 and currently at 2.22. The Debt Ratio for 2024 is good at 2.11 and 2.11 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.90 and 0.90 and currently at 1.90 and 0.90.

Type	Year End	Ratio Curr
Lg Term R	0.18	0.16
Intang/GW	0.07	0.07
Liquidity	1.42	1.32
Liq. + CF	2.50	2.22
Debt Ratio	2.11	2.11
Leverage	1.90	1.90
D/E Ratio	0.90	0.90

The Total Return per year is shown below for years of 5 to 32 to the end of 2024 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	26.19%	12.71%	10.54%	2.17%
2014	10	-4.39%	0.62%	-0.95%	1.57%
2009	15	-1.08%	1.40%	-0.96%	2.36%
2004	20	9.20%	4.34%	1.37%	2.97%
1999	25	9.78%	7.94%	4.40%	3.54%
1994	30	8.09%	11.10%	6.89%	4.21%
1992	32	8.01%	10.72%	6.77%	3.95%

The Total Return per year is shown below for years of 5 to 19 to the end of 2024 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	23.63%	10.52%	8.34%	2.18%
2014	10	-6.42%	-1.55%	-3.04%	1.49%
2009	15	-3.13%	-1.03%	-3.34%	2.30%
2005	19	8.23%	0.80%	-1.93%	2.73%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.74, 11.71 and 13.69. The corresponding 10 year ratios are 5.36, 7.07 and 8.77. The corresponding historical ratios are 12.04, 14.95 and 16.98. The current P/E Ratio is 12.55 based on a stock price of $23.91 and EPS estimate for 2025 of $1.91. 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 expensive.

However, the 10 year median ratios are very low because of a number of earning losses and therefore negative P/E Ratios. The 5 year or historical P/E Ratios might be better to compare the current P/E Ratio to. This current ratio is between the low and high ratios of the 10 year median ratios and gives says that the stock price is relatively reasonable but above the median. The current P/E Ratio is between the low and median ratios of the historical ratios and says that stock price is relatively reasonable and below the median.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 4.52, 5.43 and 6.35. The corresponding 10 year ratios are 4.55, 5.64 and 7.28. The corresponding historical ratios are 6.03, 6.56 and 7.75. The current P/AFFO Ratio is 5.05 based on a stock price of $23.91 and EPS estimate for 2025 of $4.73. 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 also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 4.49, 6.52 and 8.54. The corresponding 10 year ratios are 5.68, 7.55 and 9.65. The corresponding historical ratios are 6.36, 7.27 and 8.54. The current P/FFO Ratio is 7.61 based on a stock price of $23.91 and EPS estimate for 2025 of $3.14. 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 $26.28. The 10-year low, median, and high median Price/Graham Price Ratios are 0.51, 0.80 and 1.02. The current P/GP Ratio is 0.91 based on a stock price of $23.91. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. There are problems with this test because of earnings losses over the past year affect how the Graham Price is calculated.

I get a 10-year median Price/Book Value per Share Ratio of 1.17. The current ratio is 1.48 based on a Book Value of $29,402M, Book Value per Share of $16.11 and a stock price of $23.91. The current ratio is 26% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This ratio is a rather normal ratio as good P/B Ratio is considered to be 1.50.

I also have a Book Value per Share estimate for 2025 of $17.05. This implies a ratio of 1.40 with a stock price of $23.91 and Book Value of $31,117M. This 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.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.11. The current ratio is 5.57 based on a stock price of $23.91, Book Value per Share estimate for 2025 of $4.29 and Cash Flow of $7,829M. The current ratio is 8.7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 1.48%. The current dividend yield is 3.35% based on dividends of $0.80 and a stock price of $23.91. The current dividend yield is 126% above the historical median dividend yield. This stock price t

esting suggests that the stock price is relatively cheap. I get a 10 year median dividend yield of 1.60%. The current dividend yield is 3.35% based on dividends of $0.80 and a stock price of $23.91. The current dividend yield is 110% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.79. The current P/S Ratio is 0.82 based on Revenue estimate for 2025 of $53,318M, Revenue per Share of $29.21 and a stock price of $23.91. The current ratio is 3.9% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is that the stock price is reasonable and may even be cheap. The dividend yield testing is saying that the stock price is cheap. However, the P/S Ratio testing does not confirm this and says it is reasonable, but above the median. This all depends on how much faith you put into the dividend yield tests. I like the dividend yield tests because they do not reply on estimates. A lot of the other testing is saying that the stock price is reasonable and above and below the median.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (6), Hold (1) and Underperform (1). The consensus is a Strong Buy. The 12 month stock price consensus is $27.77 with a high of $32.00 and low of $21.00. The consensus stock price implies a total return of $19.49% with 16.14% from capital gains and 3.35% from dividends based on a current stock price of $23.91.

There are mixed opinions on this stock at Stock Chase. One analyst reminded us of the past dividend cut, so not a good dividend stock. One analyst does not like Oil Sands companies. Others think it is a good buy. Joey Frenette on Motley Fool thinks it is a red hot energy stock. Amy Legate-Wolfe on Motley Fool talks about them acquiring MEG Energy. The company put out a Press Release about their fourth quarter of 2024. The company put out a Press Release about their second quarterly results for 2025. The company has now put out a Press Release about their third quarterly results for 2025.

Simply Wall Street via Yahoo Finance reviews this stock and provides two valuation methods with one saying it is undervalued and one saying it is fairly valued. Simply Wall Street has two warnings out on this stock of profit margins (5.1%) are lower than last year (8.6%); and unstable dividend track record.

Cenovus Energy Inc is an integrated oil company. The company had upstream projects across Western Canada; crude oil production and natural gas and NGLs production offshore China and Indonesia. The downstream operations include upgrading and refining operations in Canada and the U.S., and commercial fuel operations across Canada. Its web site is here Cenovus Energy Inc.

The last stock I wrote about was about was Keyera Corp (TSX-KEY, OTC-KEYUF) ... learn more. The next stock I will write about will be Quebecor Inc (TSX-QBR.B, OTC-QBCRF) ... learn more on Monday, November 3, 2024 around 5 pm.

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

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

Keyera Corp

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price might still be reasonable. Debt Ratios need to be improved and they have a lot of debt. The Dividend Payout Ratios (DPR) mostly fine but could improve. The current dividend yield is good with dividend growth low. See my spreadsheet on Keyera Corp.

Is it a good company at a reasonable price? For utilities I would expect to receive at 4% from capital gains and 4% from dividends. Analysts think that the DPR for EPS will go down over the next few years and that would be good. The current P/E Ratios are good, but the dividend yield is showing that the stock price might be on the high side. You generally do not lose money on Utilities and they provide good dividends. The stock price could still be reasonable, but it is at the top of the reasonable range.

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

When I was updating my spreadsheet, I noticed that Revenue was expected at $6,900M (a drop of 2%) and it came in higher at $7,138M (an increase of 1.2%). Last year they expected Revenue to come in at $6,960M and $7,419M for 2025 and 2026, now they expect the Revenue for 2025 to be $6,279M and for 2026 to be $8,383M. As of the second quarter, Revenue for the last 12 months is $7,269M.

This stock has done better in last 5 years with a 10.46% total return. The capital gain for the last 5 years is 5.26% and dividends are 5.20%.

If you had invested in this company in December 2014, for $1,013.25 you would have bought 51 shares at $40.53 per share. In December 2024, after 10 years you would have received $447.25 in dividends. The stock would be worth $1,099.00. Your total return would have been $1,546.25. This would be a total return of 5.02% per year with 0.82% from capital gain and 4.20% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$40.53	$1,013.25	25	10	$447.25	$1,099.00	$1,546.25

The current dividend yield is good with dividend growth low. The current dividend yield is good (5% to 6% ranges) at 5.16%. The 5, 10 and historical dividend yields are also good at 6.26%, 5.68% and 5.98%. The dividend growth is low (below 8% per year) at 2.1% per year over the past 5 years. The last dividend increase was in 2025 and it was for 3.9%.

The Dividend Payout Ratios (DPR) mostly fine but could improve. The DPR for 2024 for Earnings per Share (EPS) is far too high at 96% with 5 year coverage at 136%. The DPR for 2024 for Adjusted Funds from Operations (AFFO) is fine at 61% with 5 year coverage at 60%. The DPR for 2024 for Funds from Operations (FFO) is good at 50% with 5 year coverage at 50%. The DPR for 2024 for Cash Flow per Share (CFPS) is high at 49% with 5 year coverage at 50%. I like to see the CFPS ratios at 40% or lower. The DPR for 2024 for Free Cash Flow (FCF) is fine at 46% with 5 year coverage too high at 151%. The FCF for 2024 varies from $710M to $1,013M.

Item	Cur	5 Years
EPS	96.23%	135.56%
AFFO	60.71%	59.77%
FFO	50.46%	50.39%
CFPS	48.57%	50.34%
FCF	46.15%	150.65%

Debt Ratios need to be improved and they have a lot of debt. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.34 and currently at 0.34. The Liquidity Ratio for 2024 is low at 0.95 and 1.00 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.62 and currently too low at 1.12. I prefer these ratios to be at 1.50 or higher. The Debt Ratio for 2024 is low at 1.48 and too low 1.12 currently. I prefer these ratios be at 1.50 or better. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.09 and 2.09 and currently at 3.76 and 2.76.

Type	Year End	Ratio Curr
Lg Term R	0.34	0.34
Intang/GW	0.01	0.01
Liquidity	0.95	1.00
Liq. + CF	1.62	1.12
Debt Ratio	1.48	1.36
Leverage	3.09	3.76
D/E Ratio	2.09	2.76

The Total Return per year is shown below for years of 5 to 22 to the end of 2024. 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	2.09%	10.46%	5.26%	5.20%
2014	10	5.00%	5.02%	0.82%	4.20%
2009	15	5.61%	15.80%	8.90%	6.90%
2004	20	6.82%	17.51%	9.47%	8.04%
2002	22	10.06%	19.18%	10.39%	8.79%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.91, 9.76 and 11.61. The corresponding 10 year ratios are 9.39, 10.90 and 12.60. The corresponding historical ratios are 17.18, 20.64 and 24.09. The current P/E Ratio is 18.50 based on EPS estimate for 2025 of $2.26 and a stock price of $41.86. 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 Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 16.31, 20.12 and 23.82. The corresponding 10 year ratios are 17.41, 20.64 and 23.87. The corresponding historical ratios are 9.32, 11.27 and 13.41. The current P/AFFO Ratio is 10.18 based on AFFO estimate for 2025 of $4.11 and a stock price of $41.86. 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 Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 6.92, 8.47 and 9.84. The corresponding 10 year ratios are 7.54, 9.13 and 10.73. The corresponding historical ratios are 7.69, 9.60 and 11.52. The current P/FFO Ratio is 10.89 based on FFO estimate for 2025 of $3.84 and a stock price of $41.86. The current ratio is above high ratio 10 year median ratios. This stock price testing suggests that the stock price is expensive.

I get a Graham Price of $25.07. The 10-year low, median, and high median Price/Graham Price Ratios are 1.28, 1.59 and 1.86. The current ratio is 1.67 based on a stock price of $41.86. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.56. The current P/B Ratio is 3.39 based on a stock price of $41.86, Book Value of $2,829M and Book Value per Share of $12.35. 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 9.27. The current ratio is 11.10 based on Cash Flow per Share estimate for 2025 of $3.77, Cash Flow of $863.9M and a stock price of $41.86. The current ratio is 19.8% 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 5.98%. The current dividend yield is 5.16% based on a stock price of $41.86 and dividends of $2.16. The current dividend yield is 13.7% 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 5.68%. The current dividend yield is 5.16% based on a stock price of $41.86 and dividends of $2.16. The current dividend yield is 9% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 1.60. The current P/S Ratio is 1.53 based on Revenue estimate for 2025 of $6,279M, Revenue per Share of $27.40 and a stock price of $41.86. The current ratio is 4.8% below the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price might still be reasonable. The dividend yield testing is saying that the stock price is reasonable, but above the median. The P/S Ratio test is saying that the stock price is reasonable but below the median. The rest of the testing is mixed from reasonable to expensive.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (3) and Hold (5). The consensus is a Buy. The 12 month stock price is $51.21 with a high of $61.00 and low of $43.00. The consensus stock price of $51.21 implies a total return of 27.50% with 22.34% from capital gains and 5.16% from dividends based on a current price of $41.86.

There are lots of analysts commenting on this stock on Stock Chase. Most are positive, however, there are a couple of negative entries. One was worried about earnings. Iain Butler on Motley Fool thinks this is one of the companies to benefit from Phase 2 of the LNG Canada Project. Jitendra Parashar on Motley Fool says after BCE’s dividend cut, this company offers higher and steadier income and is a better dividend alternative. The company put out a Press Release about their annual results for 2024. The company put out a Press Release about their second quarter results for 2025.

Simply Wall Street via Yahoo Finance says this stock is undervalued because bold revenue targets, rising profit margins and a future corporate multiple. Simply Wall Street has one risk warning of has a high level of debt.

Keyera is a midstream energy business that operates primarily out of Alberta. The firm currently has interests in about a dozen active gas plants and operates over 4,000 kilometers of pipelines. Its web site is here Keyera Corp.

The last stock I wrote about was about was Trigon Metals Inc (TSX-TM, OTC-PNTZF) ... learn more. The next stock I will write about will be Cenovus Energy Inc (TSX-CVE, NYSE-CVE) learn more on Friday, October 31, 2025 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.

Trigon Metals Inc

Sound bite for Twitter is: Risky Mining Stock. Results of stock price testing is that there is basis for any of the testing I generally do. Some Debt Ratios fine like the Long Term Debt/Market Cap Ratio, but the stock has a negative book value. There are no dividends, so no dividend yields or Dividend Payout Ratios (DPR). See my spreadsheet on Trigon Metals Inc.

Is it a good company at a reasonable price? Buying this stock is a gamble on a mine. I knew that when I bought this stock. None of my stock price testing worked. So who knows about the current price.

I own this stock of Trigon Metals Inc (TSX-TM, OTC-PNTZF). This stock is not having a good year. Stock price is down by 55% so far this year. I also find the financials and other information confusing and I am not sure that my spreadsheet is totally accurate. It probably does not matter as this is a cheap mining stock that still has not seen any revenue or profit and I do not want to waste anymore of my time on it.

If you had invested in this company in December 2014, for $1,001.25 you would have bought 445 shares at $2.25 per share. In December 2024, after 10 years you would have received $0.00 in dividends. The stock would be worth $106.80. Your total return would have been $106.80. This would be a total loss of 13.79% per year with 13.79% from capital loss and 0.0% from dividends. This calculation takes into consideration stock consolidations, which means that the original cost would be increased by these consolidations.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$2.25	$1,001.25	445	10	$0.00	$106.80	$106.80

When I was updating my spreadsheet, I noticed the stock is not making any revenue and therefore no earnings. I find little in information besides the financial statements. The US$ prices are generally off the CDN$ prices because the stock is traded so seldom. This is a mining company and therefore a gamble on my part.

There are no dividends, so no dividend yields or Dividend Payout Ratios (DPR).

Some Debt Ratios fine like the Long Term Debt/Market Cap Ratio, but the stock has a negative book value. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.13 and currently at 0.39. The Liquidity Ratio for 2024 is far too low at 0.85 and 0.78 currently. If you added in Cash Flow after dividends, the ratios are still far too low at 0.86 and currently at 0.29. The Debt Ratio for 2024 is far too low at 0.85 and 0.78 currently and the book value is negative. The Leverage and Debt/Equity Ratios for 2024 cannot be calculated because of the negative book value.

Type	Year End	Ratio Curr
Lg Term R	0.13	0.39
Intang/GW	0.00	0.00
Liquidity	0.85	0.78
Liq. + CF	0.86	0.29
Debt Ratio	0.85	0.78
Leverage	-49.03	-8.23
D/E Ratio	-57.47	-10.53

The Total Return per year is shown below for years of 5 to 15 to the end of 2024. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	0.00%	-4.74%	-4.74%	0.00%
2014	10	0.00%	-13.79%	-13.79%	0.00%
2009	15	0.00%	-10.06%	-10.06%	0.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and useless, as are the 10 year and historical corresponding ratios.

I cannot calculate a Graham Price because the company is not making any money.

I cannot do a Price/Book Value per Share Ratio test because of a negative book value.

I cannot do a Price/Cash Flow per Share Ratio test because of negative cash flows.

I cannot do any dividend yield tests because there are no dividends.

I cannot do a Price/Sales (Revenue) Ratio test because there is no revenue.

Results of stock price testing is that there is no basis for any of the testing I generally do. Buying this stock is a gamble on a mine.

When I look at analysts’ recommendations, I find on the Globe and Mail site and on WSJ site, a Strong Buy (1). They both have a price target of $1.50. The target price of $1.50 implies a total return of 665% all from capital gains based on a current stock price of $0.20.

There are no entries on Stock Chase for this stock. There is an article on Business Wire about Trigon Metals selling Kombat Mines. The company put out a press release via Businesswire of private placement of common shares at $0.25 in March 2025. The company put out a press release via Businesswire about their fourth quarter ending March 2025. The company put out a Press Release via Businesswire about their first quarter ending in June 2025.

Simply Wall Street has 6 warnings on this stock of has less than 1 year of cash runway; negative shareholders equity; earnings have declined by 2.2% per year over past 5 years; makes less than USD$1m in revenue ($0); does not have a meaningful market cap (CA$13M); and shareholders have been diluted in the past year.

Trigon Metals Inc and its subsidiaries are the acquisition, maintenance, exploration and development of mines and mineral properties on the African continent. The Company derives revenues and pre-production revenues from the sale of copper and silver concentrate. The company's projects include Kalahari Copperbelt Project. Its web site is here Trigon Metals Inc.

The last stock I wrote about was about was Dollarama Inc (TSX-DOL, OTC-DLMAF) ... learn more. The next stock I will write about will be Keyera Corp (TSX-KEY, OTC-KEYUF) ... learn more on Thursday, October 31, 2025 around 5 pm. Tomorrow on my other blog I will write about Value Stocks to Buy.... learn more on Tuesday, October 28, 2025 around 5 pm.

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

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

Dollarama Inc

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

Is it a good company at a reasonable price? The dividends are extremely low and I do not know why they bother to pay them. I do not buy dividend stocks when the dividend yield is lower than 1%. It takes too long to get a decent dividend yield on your original purchase. See the chart with a paragraph on this below. I would worry about the amount of debt this company has. I also do not like the fact that the book value has been negative. This stock is just off its recent high. My current stock price testing is showing that the stock is relatively expensive.

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

When I was updating my spreadsheet, I noticed that the Chairman of this company has sold almost half his shares. He had shares worth $17.4M last year and shares worth $9.8M this year. Prior to last year the Chairman was accumulating shares. Company is still growing strongly. See chart below. Debt is still very high with Leverage at 5.46 and Debt to Equity (D/E Ratio) at 4.46. Good ratios are less than 2.00 and 1.00 with acceptable ratios less than 3.00 and 2.00 respectively. Still these ratios are not as bad as last year when they were at 13.82 and 12.82. Dividends are hardly noticeable at 0.31%.

This company has a financial year ending February 1 each year, so I am reviewing the annual report dated February 1, 2025. The company is currently in its 2026 financial year.

If you had invested in this company in December 2014, for $1,009.80 you would have bought 51 shares at $19.80 per share. In December 2024, after 10 years you would have received $103.45 in dividends. The stock would be worth $7,174.28. Your total return would have been $7,257.73. This would be a total return of 22.06% per year with 21.63% from capital gain and 0.43% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$19.80	$1,009.80	51	10	$103.45	$7,154.28	$7,257.73

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2025 and expected growth over this year. You can see that all growth is still good between the 10 year growth and 5 year growth.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	69.33%	11.11%	4.30%	<-12 mths
5	EPS Growth	133.71%	18.50%	8.41%	<-12 mths
5	Net Income Growth	107.17%	15.68%	8.00%	<-12 mths
5	Cash Flow Growth	124.45%	17.55%	2.35%	<-12 mths
5	Dividend Growth	97.05%	14.53%	18.05%	<-12 mths
5	Stock Price Growth	214.32%	25.74%	30.43%	<-12 mths
10	Revenue Growth	175.15%	10.65%	25.21%	<-this year
10	EPS Growth	464.71%	18.90%	24.66%	<-this year
10	Net Income Growth	295.57%	14.74%	9.02%	<-this year
10	Cash Flow Growth	362.00%	16.54%	7.92%	<-this year
10	Dividend Growth	235.61%	12.87%	20.70%	<-this year
10	Stock Price Growth	608.48%	21.63%	41.72%	<-this year

The dividends are very low, so if you buy this stock what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 14.53% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $184.16 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$0.83	0.45%	5	14.53%	1.53%
$1.64	0.89%	10	14.53%	4.11%
$3.24	1.76%	15	14.53%	9.17%

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at the very low rate of 0.23%. The 5, 10 and historical median dividend yields are also low at 0.30%, 0.35% and 0.39%. The dividend growth is moderated (8% to 14% ranges) at 14.5% per year over the past 5 years. The last dividend increase was in 2025 and it was for 17.9%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 8% with 5 year coverage at 8%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 6% with 5 year coverage at 6%. The DPR for 2024 for Free Cash Flow (FCF) is good at 9% with 5 year coverage at 8%. The FCF for 2024 varies from $1,110M to $1,397M.

Item	Cur	5 Years
EPS	8.34%	8.19%
CFPS	5.93%	5.57%
FCF	8.84%	8.27%

Debt Ratios shows debt is too high. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.05 and currently at 0.04. The Liquidity Ratio for 2024 is low at 1.18 and 1.24 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.71 and currently at 2.32. The Debt Ratio for 2024 is low at 1.22 and 1.23 currently. The Leverage and Debt/Equity Ratios for 2024 are far too high at 5.46 and 4.46 and currently at 5.28 and 4.28. For these ratios good is low than 2.00 and 1.00 and fine is lower than 3.00 and 2.00. I guess a consolidation is that these ratios are better than they have been in a while.

Type	Year End	Ratio Curr
Lg Term R	0.05	0.04
Intang/GW	0.02	0.02
Liquidity	1.18	1.24
Liq. + CF	2.71	2.32
Debt Ratio	1.22	1.23
Leverage	5.46	5.28
D/E Ratio	4.46	4.28

The Total Return per year is shown below for years of 5 to 16 to the end of 2024. 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	11.31%	26.07%	24.08%	33.00%
2014	10	11.73%	22.06%	20.57%	0.43%
2009	15	14.56%	28.04%	27.36%	0.68%
2008	16	14.56%	27.37%	26.76%	0.60%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 21.65, 25.92 and 30.39. The corresponding 10 year ratios are 20.37, 25.46 and 30.68. The corresponding historical ratios are 19.28, 24.60 and 31.71. The current ratio is 40.17 based on a stock price of $184.16 and EPS estimate for 2026 of 4.59. 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 $23.31. The 10-year low, median, and high median Price/Graham Price Ratios are 7.77, 9.37, and 10.98. The current ratio is 7.90 based on a stock price of $184.16. The current ratio is between the low and median ratios of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

The P/GP Ratio are really high. Normally you expect ratios from around 0.80 to 1.20. The P/GP Ratios are really high because of a very low Book Value per Share. Also, I had to fudge a few of the calculations as the formula cannot handle a negative book value. So, there are lots of problems with this test.

I get a 10-year median Price/Book Value per Share Ratio of 24.71. The current ratio is 34.95 based on a stock price of $184.16, Book Value of $1,456M, and Book Value per Share of $5.27. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. The P/B Ratios are very high. I good ratio is consider to be around 1.50.

I also have a Book Value per Share estimate for 2026 of $6.50. This implies a ratio of 28.35 based on a stock price of $184.16 and Book Value of $1,795M. This ratio is 15% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 20.44. The current ratio is 28.69 based on Cash Flow per Share estimate for 2026 of $6.42, Cash Flow of $1,774M and a stock price of $184.16. 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 0.39%. The current dividend yield is 0.23% based on dividends of $0.4232 and a stock price of $184.16. The current dividend yield is 34% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 0.35%. The current dividend yield is 0.23% based on dividends of $0.4232 and a stock price of $184.16. The current dividend yield is 41% 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 3.78. The current ratio is 7.08 based on a stock price of $184.16, Revenue estimate for 2026 of $7,189M and Revenue per Share of $26.01. The current ratio is 87% 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 testing is saying that. It is confirmed by the P/S Ratio test. Most of my testing is saying that the stock price is expensive, but a couple say reasonable. There are problems with a number of my tests.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (4), Hold (6), and Sell (1). The consensus is a Strong Buy. The 12 month stock price consensus is $198.81 with a high of $223.00 and low of $125.00. The consensus stock price of $198.81 implies a total return of 8.18% with 7.96% from capital gains and 0.23% from dividends based on a current stock price of $184.16.

There are a variety of opinions on Stock Chase. One analyst gives it a partial sell because Canada is saturated with stores and he will have to expand abroad and they can be problematic. Some still like it, of course. Amy Legate-Wolfe on Motley Fool says to buy as it will quietly compound its growth. Robin Brown on Motley Fool says this stock can help you battle inflation. The company put out a press release via Newswire about its fourth quarter dated February 2, 2025. The company put out a press release via Newswire about their first quarter of 2026 dated May 4, 2025.

Simply Wall Street via Yahoo Finance reviews this stocks and talks about how great it has been in the past. They have one warning of has a high level of debt.

Dollarama is Canada's largest dollar store chain that sells a broad range of everyday consumables and household items at low fixed price points. It also holds a 60% stake in South American value retailer Dollarcity, which operates stores across Colombia, Guatemala, El Salvador, Peru, and Mexico. It also owns Australian retail chain The Reject Shop. Its web site is here Dollarama Inc.

The last stock I wrote about was about was Ovintiv Inc (TSX-OVV, NYSE-OVV) ... learn more. The next stock I will write about will be Trigon Metals Inc (TSX-TM, OTC-PNTZF) ... learn more on Monday, October 27, 2025 around 5 pm.

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

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

Ovintiv Inc

Sound bite for Twitter is: Dividend Paying Energy. Results of stock price testing is that the stock price is probably reasonable, but could be cheap. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with current dividend growth restarted and good. See my spreadsheet on Ovintiv Inc.

Is it a good company at a reasonable price? This is a resource stock so it is cyclical and risky. It is interesting that there is not much in the way of reviews on this stock, but when I look at analyst’s recommendations, there are 24 entries. The 12 month stock price consensus high stock price gives a capital gain of 83% to a low stock price of 4% capital gains. There is quite a range. The stock price is probably cheap.

I do not own this stock of Ovintiv Inc (TSX-OVV, NYSE-OVV). I have owned this stock before as Alberta Energy Co. This company split into two companies in the later part of 2009 - Encana Corporation and Cenovus Energy Inc. On January 27, 2020, this company has changed its name from Encana Corp (TSX-ECA, OTC-ECA) to Ovintiv Inc (TSX-OVV, OTC-OVV).

When I was updating my spreadsheet, I noticed even though the company has a AEPS ($5.83) higher than last year’s estimate ($5.01), the new estimates for 2025 are lower by 9% ($4.85 compared to $4.43) and for 2026 lower by 46% ($9.96 compared to $5.38).

If you had invested in this company in December 2014, for $1,051.05 you would have bought 13 shares at $80.85 per share. In December 2024, after 10 years you would have received $140.96 in dividends. The stock would be worth $756.99. Your total return would have been $897.95. This would be a total loss of 1.89% per year with 3.25% from capital gain and 1.34% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$80.85	$1,051.05	13	11	$140.96	$756.99	$897.95

The current dividend yield is moderate with current dividend growth restarted and good. The current dividend is moderate (2% to 4% range) at 3.34%. The 5 year and Historical median dividend yield is moderate at 2.59% and 2.14%. The 10 year median dividend yield is low (below 2%) at 1.82%. The dividends were cut in 2016 by 79%. Increases restarted in 2019. Dividends are still some 15% below the 2015 dividends. The dividend increases over the past 5 years is at 26.18%, but increases were inconsistent in that there were no increases in some years and increases were wildly different being around 103% in 2022 and 4% in 2024.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 28% with 5 year coverage high at 52%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 21% with 5 year coverage at 32%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 7%. The DPR for 2024 for Free Cash Flow (FCF) is good at 19% with 5 year coverage at 16%. FCF did not vary that much in 2024, being from 1,670M to 1,739M.

Item	Cur	5 Years
EPS	28.50%	51.53%
AEPS	20.58%	33.61%
CFPS	9.21%	6.58%
FCF	18.92%	16.47%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.46 and currently at 0.48. The Liquidity Ratio for 2024 is far too low at 0.51 and 0.43 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.78 and currently at 1.60. The Debt Ratio for 2024 is good at 2.16 and 2.11 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.86 and 0.86 and currently at 1.90 and 0.90.

Type	Year End	Ratio Curr
Lg Term R	0.46	0.48
Intang/GW	0.24	0.28
Liquidity	0.51	0.43
Liq. + CF	1.78	1.60
Debt Ratio	2.16	2.11
Leverage	1.86	1.90
D/E Ratio	0.86	0.90

The Total Return per year is shown below for years of 5 to 32 to the end of 2024 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.
2018	5	28.79%	16.52%	13.88%	2.64%
2013	10	0.61%	-1.89%	-3.23%	1.34%
2008	15	-5.75%	-5.37%	-6.91%	1.55%
2003	20	5.25%	0.71%	-2.05%	2.76%
1998	25	6.59%	5.27%	1.58%	3.69%
1993	30	5.46%	9.18%	4.48%	4.70%
1992	32	5.55%	8.97%	4.50%	4.47%

The Total Return per year is shown below for years of 5 to 23 to the end of 2024 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.
2018	5	26.18%	14.22%	11.55%	2.67%
2013	10	-1.53%	-3.94%	-5.24%	1.29%
2008	15	-7.25%	-4.41%	-8.83%	1.58%
2003	20	-0.03%	2.85%	-3.12%	3.09%
2001	23	5.23%	5.53%	0.66%	4.57%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 2.96, 5.23 and 5.23. The corresponding 10 year ratios are 3.51, 5.25 and 6.99. The corresponding historical ratios are 4.81, 8.69 and 12.38. The current ratio is 12.22 based on a stock price of $36.56 and EPS estimate for 2025 of $2.99. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. These P/E Ratios are low as generally a ratio below 10.00 is considered low. This testing is in US$.

I also have Adjusted Earnings per Share (AEPS) Ratios. The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.13, 7.09 and 9.05. The corresponding 10 year ratios are 5.92, 8.34 and 10.56. The corresponding historical ratios are 7.29, 12.24, and 16.65. The current ratio is 8.25 based on a stock price of $36.56 and AEPS estimate for 2025 of $4.43. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. These P/E Ratios are low as generally a ratio below 10.00 is considered low. This testing is in US$.

I get a Graham Price of $89.12. The 10-year low, median, and high median Price/Graham Price Ratios are 0.46, 0.71 and 0.97. The current ratio is 0.57 based on a stock price of $51.14. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.25. The current ratio is 0.91 based on a Book Value of $10,377M, Book Value per Share of $40.38 and a stock price of $35.56. The current ratio is 27% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I also have Book Value per Share estimate for 2025 of $44.68. This implies a Book Value of $11,483M and a ratio of 0.82 with a stock price of $35.56. This ratio is 34% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.81. The current ratio is 2.57 based on Cash Flow per Share estimate for 2025 of $14.21, Cash Flow of $3,652M and a stock price of $35.56. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$.

I get an historical median dividend yield of 2.14%. The current dividend yield is 3.28% based on Dividends of $1.20 and a stock price of $35.56. The current dividend yield is 53% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10 year median dividend yield of 1.82%. The current dividend yield is 3.28% based on Dividends of $1.20 and a stock price of $35.56. The current dividend yield is 80% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

The 10-year median Price/Sales (Revenue) Ratio is 1.21. The current P/S Ratio is 1.09 based on Revenue estimate for 2025 of $8.500M, Revenue per Share of $33.42 and a stock price of $35.56. The current ratio is 10% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$.

Results of stock price testing is that the stock price is probably reasonable, but could be cheap. The dividend yield tests say that the stock price is relatively cheap. The P/S Ratio tests says that the stock price is relatively reasonable. So, I went with reasonable, but could be cheap. Most of the testing is saying that the stock price is either cheap or reasonable. I did the majority of the testing in US$ because the reporting is in US$, the estimates are in US$ and dividends are paid in US$.

When I look at analysts’ recommendations, I find Strong Buy (13), Buy (6) and Hold (5). The consensus is a Strong Buy. The 12 months stock price consensus is $72.66 ($51.82 US$) with a high of $93.00 ($67.00 US$) and low of $53.28 ($38.00 US$). The consensus stock price of $72.66 implies a total return of $45.37% with 3.29% from dividends and $42.08% from Capital Gains based on a current stock price of $51.14. This is in CDN$.

There is only one entry on Stock Chase for 2025 and it is a weak buy. Maybe because this company is more indebted than its peers. There are no entries for this company on Motley Fool for 2025. Aditya Raghunath on Motley Fool talks about the Bull case for Ovintiv in 2024. The company put out a Press Release about their fourth quarter of 2024. The company put out a Press Release for their second quarter of 2025 results.

Simply Wall Street via Yahoo Finance suggests that this stock maybe undervalued. Simply Wall Street has 4 warnings on this stock of has a high level of debt; dividend of 3.31% is not well covered by free cash flows; profit margins (6.6%) are lower than last year (18.8%); and large one-off items impacting financial results.

Ovintiv Inc is a North American oil and natural gas exploration and production company that is focused on developing its multi-basin portfolio of high-quality assets located in the United States and Canada. Its web site is here Ovintiv Inc.

The last stock I wrote about was about was CCL Industries Inc (TSX-CCL.B, OTC-CCDBF) ... learn more. The next stock I will write about will be Dollarama Inc (TSX-DOL, OTC-DLMAF) ... learn more on Friday, October 24, 2025 around 5 pm. Tomorrow on my other blog I will write about Equity Clock Blogger.... learn more on Thursday, October 23, 2025 around 5 pm.

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

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

CCL Industries Inc

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

Is it a good company at a reasonable price? This seems to be a good Canadian dividend growth stock that has performed well for its shareholders in the past. It does tend to be a bit cyclical. The dividend is low, but there is good growth. This stock is off its recent high. This stock is certainly at the reasonable price, but could be cheap.

I do not own this stock of CCL Industries Inc (TSX-CCL.B, OTC-CCDBF). In 2009 I read a favorable report on this stock of which I had also heard before. This is also a dividend paying stock and in 2009 it was on Dividend Achievers list.

When I was updating my spreadsheet, I noticed this stock has not done as well in the last 5 years as in previous years with a 7.48% total return with 5.98% from capital gains and 1.60% from dividends. However, analysts expect that it will do well this year.

If you had invested in this company in December 2014, for $1,006.96 you would have bought 40 shares at $25.17 per share. In December 2024, after 10 years you would have received $284.00 in dividends. The stock would be worth $2,958.00. Your total return would have been $3,242.00. This would be a total return of 12.98% per year with 11.38% from capital gain and 1.60% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$25.17	$1,006.96	40	10	$284.00	$2,958.00	$3,242.00

The current dividend yield is low with dividend growth moderate. The current dividend is low (below 2%) at 1.70%. The 5, 10 and historical dividend yields are also low at 1.56%, 1.22% and 1.94%. The dividend increases are moderate (between 8% and 14% ranges per year) at 11.3% per year over the past 5 years. The last dividend increase was in 2025 and it was for 10.3%.

The dividends are low, but sometimes they surprise you on what you might earning in dividends in the future. This chart is an attempt to show this. If dividends continue to increase by 11.27% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on a current stock price of $75.82 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$2.18	2.88%	5	11.27%	10.57%
$3.72	4.91%	10	11.27%	25.72%
$6.35	8.38%	15	11.27%	51.57%

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 26% with 5 year coverage at 27%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 27% with 5 year coverage at 26%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 13% with 5 year coverage at 13%. The DPR for 2024 for Free Cash Flow (FCF) is good at 34% with 5 year coverage at 30%. The FCF does not vary much for this stock in 2024 with arrange from $602M to $607M.

Item	Cur	5 Years
EPS	24.68%	27.27%
AEPS	26.85%	26.05%
CFPS	13.47%	13.15%
FCF	34.29%	30.11%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.17 and currently at 0.19. The Liquidity Ratio for 2024 is good at 2.01 and 2.24 currently. The Debt Ratio for 2024 is good at 2.15 and 2.13 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.87 and 0.87 and currently at 1.89 and 0.89.

Type	Year End	Ratio Curr
Lg Term R	0.17	0.19
Intang/GW	0.28	0.27
Liquidity	2.01	2.24
Liq. + CF	2.58	3.00
Debt Ratio	2.15	2.13
Leverage	1.87	1.89
D/E Ratio	0.87	0.89

The Total Return per year is shown below for years of 5 to 37 to the end of 2024. 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.
2018	5	11.27%	7.48%	5.98%	1.51%
2013	10	18.09%	12.98%	11.38%	1.60%
2008	15	16.33%	20.89%	18.70%	2.19%
2003	20	14.45%	17.92%	16.06%	1.86%
1998	25	12.43%	15.98%	14.29%	1.68%
1993	30	10.63%	14.42%	12.83%	1.59%
1988	35	9.34%	12.45%	11.03%	1.42%
1987	37	9.25%	12.74%	11.16%	1.58%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.55, 17.70 and 20.73. The corresponding 10 year ratios are 17.61, 20.92 and 24.81. The corresponding historical ratios are 13.66, 16.62 and 49.49. The current P/E Ratio is 16.55 based on a stock price of $75.29 and EPS estimate for 2025 of $4.55. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 14.33, 16.69 and 19.49. The corresponding 10 year ratios are 15.20, 19.57 and 22.95. The corresponding historical ratios are 12.08, 15.47 and 20.61. The current P/AEPS Ratio is 16.26 based on a stock price of $75.29 and EPS estimate for 2025 of $4.63. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $56.69. The 10-year low, median, and high median Price/Graham Price Ratios are 1.35, 1.74 and 1.99. The current ratio is 1.33 based on a stock price of $75.29. 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 10-year median Price/Book Value per Share Ratio of 3.38. The current ratio is 2.44 based on a Book Value of $5,379M, Book Value per Share of $30.85 and a stock price of $75.29. The current ratio is 28% 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 2025 of $31.05. This implies a ratio of 2.42 based on a stock price of $75.29 and a Book Value of $5,415M. This ratio is 28% 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 13.04. The current ratio is 9.71 based on Cash Flow per Share estimate for 2025 of $7.76, Cash Flow of $1,352M and a stock price of $75.29. The current ratio is 26% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 1.94%. The current dividend yield is 1.70% based on dividends of $1.28 and a stock price of $75.29. The current dividend yield is 12% 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 1.22%. The current dividend yield is 1.70% based on dividends of $1.28 and a stock price of $75.29. The current dividend yield is 39% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 1.97. The current P/S Ratio is 1.72 based on Revenue estimate for 2025 of $7,613M, Revenue per Share of $43.65 and a stock price of $75.29. The current ratio is 13% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

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

When I look at analysts’ recommendations, I find Strong Buy (4), and Buy (6). The consensus would be a Strong Buy. The 12 month stock price consensus is $92.70 with a high of $96.00 and a low of $90.00. The consensus stock price of $92.70 implies a total return of 24.82% with 23.12% from capital gains and 1.70% from dividends based on a current stock price of $75.29.

There is only one entry for 2025 on Stock Chase. The analyst says he has owned it for a long time. Has good organic growth but is cyclical. Amy Legate-Wolfe on Motley Fool says this stock is a buy and hold for dividend investors. Aditya Raghunath on Motley Fool thinks it is still a good buy. The company put out a press release via TMX Money about their results for their fourth quarter of 2024. The company put out a Press Release about their second quarter of 2025 via Morningstar.

Simply Wall Street via Yahoo Finance reviews the returns on this stock. Simply Wall Street via Yahoo Finance looks at who owns shares in this company. They have one warning of significant insider selling over the past 3 months. The Chairman and a director have sold shares over the past year.

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

The last stock I wrote about was about was Brookfield Corp (TSX-BN, NYSE-BN) ... learn more. The next stock I will write about will be Ovintiv Inc (TSX-OVV, NYSE-OVV) ... learn more on Wednesday, October 22, 2025 around 5 pm. Tomorrow on my other blog I will write about Dividend Ninja .... .... learn more on Tuesday, October 21, 2025 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.