Wajax Corp

Sound bite for Twitter is: Dividend Paying Industrial. Debt Ratios are fine. Results of stock price testing is that the stock price is probably reasonable and below the median. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is good with dividend growth restarted and low. See my spreadsheet on Wajax Corp.

Is it a good company at a reasonable price? This company has had its ups and downs over the years, so I can see why some analysts do not see this company as a long term buy. When looking at the total return over the past 38 years, it would seem important when investing in this stock not to overpay. It seems to be a cyclical stock.

It services the oil and gas industries which also tends to be cyclical. If you look at the chart on this company, it is certainly cyclical. It is off its recent lows. A positive is that they restarting raising the dividends. All the officers I follow bought more stock in the past year with the latest purchases around $22.00. This is a positive. My testing results ae showing that the stock price is reasonable and below the median.

I do not own this stock of Wajax Corp (TSX-WJX, OTC-WJXFF). TD Waterhouse put out a report on good dividend paying stocks to own in November 2011. This was a stock they named. I had not heard of it before, so I decided to investigate it.

When I was updating my spreadsheet, I noticed earnings are down because Revenue went down 2.7%, expenses went up as a percentage of sales and there was a Restructuring Cost. Adjusted Earnings also went down. I noted that all the officers I follow bought shares over the past year. None of the Directors I follow did.

If you had invested in this company in December 2014, for $1,015.41 you would have bought 33 shares at $30.77 per share. In December 2024, after 10 years you would have received $356.51 in dividends. The stock would be worth $691.68. Your total return would have been $1,048.19. This would be a total return of 0.37% per year with 3.77% from capital loss and 4.14% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$30.77	$1,015.41	33	10	$356.51	$691.68	$1,048.19

If you had invested in this company in December 2019, for $1,006.40 you would have bought 68 shares at $14.80 per share. In December 2024, after 5 years you would have received $382.16 in dividends. The stock would be worth $1,425.288. Your total return would have been $11,807.44. This would be a total return of 13.75% per year with 7.21% from capital gain and 6.55% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$14.80	$1,006.40	68	5	$382.16	$1,425.28	$1,807.44

The current dividend yield is good with dividend growth restarted and low. The dividend yield is good (5% to 6% ranges) at 5.83%. The 5, 10 and historical median dividend yields are moderate (2% to 4% ranges) at 4.83%, 4.90% and 4.55%. The dividend increases at a low rate (below 8% per year) with 5 year increase at 6.7% per year. The last dividend increase was in 2024 and it was for 6.1%. Note dividends are up 40% over the past two years. Before that they had been flat for 6 years after a dividend cut.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2024 for Earnings per Share (EPS) is high at 72% with 5 year coverage good at 44%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is high at 58% with 5 year coverage good at 45%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 19% with 5 year coverage at 16%. The DPR for 2024 for Free Cash Flow (FCF) is good at 38% with 5 year coverage at 22%. FCF varies for 2024 from $70M to $61.08M.

Item	Cur	5 Years
EPS	71.50%	43.80%
AEPS	57.98%	44.80%
CFPS	19.32%	15.74%
FCF	38.09%	22.27%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is fine at 0 62 and currently at 0.53. The Liquidity Ratio for 2024 is good at 1.85 and 2.19 currently. The Debt Ratio for 2024 is good at 1.49 and 1.58 currently. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.02 and 2.02 and currently fine at 2.73 and 1.73.

Type	Year End	Ratio Curr
Lg Term R	0.62	0.53
Intang/GW	0.40	0.35
Liquidity	1.85	2.19
Liq. + CF	1.92	2.30
Debt Ratio	1.49	1.58
Leverage	3.02	2.73
D/E Ratio	2.02	1.73

The Total Return per year is shown below for years of 5 to 38 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	6.65%	13.75%	7.21%	6.55%
2014	10	-5.38%	0.37%	-3.77%	4.14%
2009	15	-4.33%	8.38%	-0.27%	8.65%
2004	20	11.38%	20.34%	1.97%	18.37%
1999	25	0.00%	21.43%	5.73%	15.69%
1994	30	0.00%	10.61%	2.95%	7.66%
1989	35	2.61%	7.66%	1.99%	5.67%
1986	38	2.40%	5.84%	0.97%	4.87%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.36, 755 and 11.85. The corresponding 10 year ratios are 7.18, 9.18 and 12.00. The corresponding historical ratios are 7.73, 10.50 and 13.52. The current ratio is 9.17 based on a stock price of $24.00 and EPS estimate for 2025 of $2.62. 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/Earnings per Share Ratios are 5.55, 6.98 and 10.95. The corresponding 10 year ratios are 7.76, 10.55 and 13.34. The corresponding historical ratios are 7.53, 9.60 and 11.75. The current ratio is 9.20 based on a stock price of $24.00 and AEPS estimate for 2025 of $2.61. 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 $37.54. The 10-year low, median, and high median Price/Graham Price Ratios are 0.58, 0.77 and 0.96. The current ratio is 0.64 based on a stock price of $24.00. 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 1.24. The current ratio is 1.00 based on Book Value of $521.98, Book Value per Share of $24.00 and a stock price of $24.00. The current ratio is 19% below 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/Cash Flow per Share Ratio of 4.59. The current ratio is 6.49 based on Cash Flow per Share estimate for 2025 of $3.70, Cash Flow of $80.5M and a stock price of $24.00. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is expensive. Note that the 10 year median P/|CF Ratio is low because it includes two years of negative cash flows.

I get an historical median dividend yield of 4.55%. The current dividend yield is 5.83% based on dividends of $1.40 and a stock price of $24.00. The current dividend yield is 28% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap

I get a 10 year median dividend yield of 4.90%. The current dividend yield is 5.83% based on dividends of $1.40 and a stock price of $24.00. The current dividend yield is 19% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.25. The current ratio is 0.24 based on Revenue estimate for 2025 of $2,153M, Revenue per Share of $99.01 and a stock price of $24.00. The current ratio is 3.8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable and below the median. The 10 year median dividend yield test says this. It is confirmed by the P/S Ratio test. Most of the rest of the testing says the same thing.

When I look at analysts’ recommendations, I find Hold (4) only. The consensus would be a Hold. The 12 month stock price consensus is $24.25 with a high of $26.00 and low of $22.00. The consensus stock price implies a total return of 6.88% with 1.04% from capital gains and 5.83% from dividends based on a current stock price of $24.00.

A couple of analysts on Stock Chase do not like the stock because it is not a long term buy. One likes it for its current dividend yield. Amy Legate-Wolfe on Motley Fool says income seeking investors like this stock. Christopher Liew on Motley Fool thinks this stock is beaten down but has solid fundamentals. The company put out a Press Release for its fourth quarter of 2024. The company put out a Press Release about its second quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock and finds it fairly valued and its fair value to be $26.09.

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

The last stock I wrote about was about was Trican Well Service Ltd (TSX-TCW, OTC-TOLWF) ... learn more. The next stock I will write about will be Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF) ... learn more on Wednesday, September 24, 2025 around 5 pm. Tomorrow on my other blog I will write about Well Health Technologies Corp.... learn more on Tuesday, September 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.

Trican Well Service Ltd

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

Is it a good company at a reasonable price? It is always a good sign when a company starts or restarts dividend payments. Looking at this company’s chart, it has not really down well since its last highs in 2014. However, it seems to be better over the last 5 years. Since it supplies services to the oil and gas industry it will be volatile. Positives are that they can afford their dividends and the debt ratios are very good. The stock price testing I can do is not great and the stock price is probably relatively expensive. Even if reasonable, you have to be careful because it is connected to the oil and gas industry and therefore volatile.

I do not own this stock of Trican Well Service Ltd (TSX-TCW, OTC-TOLWF). I was following Canyon Services Group Inc. and Trican Well Services Ltd. had a plan of arrangement with Canyon Shareholders (2016). My spreadsheet is showing data from Canyon Services Group Inc. (2016) to Trican Well Services Ltd.

When I was updating my spreadsheet, I noticed that this stock has grown better over the past 5 years that the past 10. 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 2024 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	54.20%	9.05%	-1.11%	<-12 mths
5	EPS Growth	$3.08	32.45%	5.56%	<-12 mths
5	Net Income Growth	249.04%	28.40%	-5.52%	<-12 mths
5	Cash Flow Growth	440.89%	40.16%	40.14%	<-12 mths
5	Dividend Growth	0.00%	0.00%	16.67%	<-12 mths
5	Stock Price Growth	350.00%	35.10%	11.70%	<-12 mths
10	Revenue Growth	65.96%	5.20%	9.09%	<-this year
10	EPS Growth	$0.24	2.18%	9.26%	<-this year
10	Net Income Growth	$1.23	8.35%	7.14%	<-this year
10	Cash Flow Growth	$0.89	6.59%	43.23%	<-this year
10	Dividend Growth	-$0.49	-6.51%	16.67%	<-this year
10	Stock Price Growth	-$0.03	-0.30%	11.70%	<-this year

If you had invested in this company in December 2014, for $1,002.60 you would have bought 180 shares at $5.57 per share. In December 2024, after 10 years you would have received $61.20 in dividends. The stock would be worth $923.40. Your total return would have been $984.60. This would be a total loss of 0.18% per year with 0.82% from capital loss and 0.64% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$5.57	$1,002.60	180	10	$61.20	$923.40	$984.60

The current dividend yield is moderate with dividend growth good over the past two years. The current dividend yield is moderate (2% to 4% ranges) at 3.84%. Since dividends just restarted in 2023, the 5 and 10 median dividend yields are 0%. The historical median dividend yield is 1.40% but lots of years had 0% in dividends. Dividends were mostly in the 4% range (around 4.10%) when paid. Dividends went up 12.5% between 2023 and 2024 and up 16.7% between 2024 and 2025. We need a few more years to dividends to see what dividends would be like. However, when they did pay dividends between 2006 and 2010, the dividends were mainly flat with a couple of big dividend increases.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 33% with 5 year coverage fine at 58% because the company had earnings losses to 2000. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 15% with 5 year coverage at 10%. The DPR for 2024 for Free Cash Flow (FCF) provided by the company is good at 13% with 5 year coverage at 38%. The DPR for 2024 for Free Cash Flow (FCF) is good at 43% with 5 year coverage at 18%. FCF for 2024 goes from $80M to $137M from different sources excluding the company. The company’s FCF is $137M.

Item	Cur	5 Years
EPS	33.33%	57.63%
CFPS	15.17%	9.77%
FCF Comp.	13.06%	37.82%
FCF	43.05%	18.28%

Debt Ratios are currently very good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.00 and currently at 0.00. The Liquidity Ratio for 2024 is good at 1.94 and 2.07 currently. The Debt Ratio for 2024 is good at 3.51 and 3.93 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.40 and 0.40 and currently at 1.34 and 0.34.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.00	0.00
Liquidity	1.94	2.07
Liq. + CF	3.35	3.74
Debt Ratio	3.51	3.93
Leverage	1.40	1.34
D/E Ratio	0.40	0.34

The Total Return per year is shown below for years of 5 to 28 to the end of 2024 to TCW. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	0.00%	37.14%	35.10%	2.04%
2014	10	-4.98%	-0.18%	-0.82%	0.64%
2009	15	4.00%	-5.48%	-6.50%	1.02%
2004	20	7.38%	-2.98%	-4.09%	1.11%
1999	20		8.69%	5.95%	2.74%
1996	28		11.72%	8.52%	3.20%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.33, 8.46 and 9.59. The corresponding 10 year ratios are 2.42, 3.12 and 3.82. These are low due to a number of years of earnings losses. The corresponding historical ratios are 2.58, 7.43 and 9.53. The current ratio is 9.71 based on a stock price of $5.73 and EPS estimate for 2025 of 0.59. This ratio is higher than the high ratios of the 10 year ratios, but not the 5 year ratios. Therefore, I am suggesting that this stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Free Cash Flow (FCF) data from the company. The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.23, 6.82 and 7.73. Note none of my sources for FCF agree consistently on what the FCF is each year. For the FCF from the company, I only have 5 year data. The current ratio is 7.85 based on a stock price of $5.73 and FCF per Share of $0.73. The current ratio is above the high ratio of the 5 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $5.46. The 10-year low, median, and high median Price/Graham Price Ratios are 0.56, 0.78 and 1.06. The current ratio is 1.05 based on a stock price of $5.73. 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 1.28. The current ratio is 2.55 based on a Book Value of $476.5M, Book Value per Share of $2.25 and a stock price of $5.73. The current ratio is 100% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. The problem is that the book value is going down, normally you would hope it would go up.

I also have Book Value per Share estimate for 2025 of $3.49. This implies a Book Value of $741M and a ratio of 1.64 with a stock price of $5.73. This ratio is 29% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. I do wonder about this estimate as it is 35% above the BVPS for 2024.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.79. The current ratio is 5.73 based on a stock price of $5.73, Cash Flow per Share estimate for 2025 of $1.05 and Cash Flow of $221.8M. The current ratio is 16% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

The dividend yield testing is not easy as I really do not have a historical or 10 year dividend yield. The best I got is the median dividend yield when dividends were actually paid and that yield is 4.10%. The current yield is 3.84% based on a stock price of $5.73 and dividends of $0.22. The current yield is 6% below this 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 0.94. The current ratio is 1.14 based on Revenue estimate for 2025 of $1,070M, Revenue per Share of $5.04 and a stock price of $5.73. The current ratio is 21% 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, but could be reasonable. The best test I can do for dividend yield says that the stock price is reasonable, but above the median. The P/S Ratio test, which is a good test, says that the stock price is relatively expensive. A number of the tests say that the stock price is expensive, but results ranges from reasonable to expensive.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (2) and Hold (3). The current consensus would be a Buy. The 12 month stock price consensus is $6.64 with a high of $8.00 and low of $6.00. The consensus stock price of $6.64 implies a total return of 19.72% with 15.88% from capital gains and 3.84% from dividends.

There are only two entries on Stock Chase for 2025 they are both positive and feel that things are changing in Canadian oil fields. Motley Fool has no entries on this stock for 2024 or 2025. It would seem that Christopher Liew is the only one following this stock on Motley Fool. Christopher Liew on Motley Fool says this stock is his top pick for 2023 and beyond. The company put out a press release via Energy Now about their fourth quarter result for 2024. The company put out a press release via Newsfile about their second quarter of 2025. .

Simply Wall Street via Yahoo Finance reviews this stock. It is mostly positive. Simply Wall Street has one warning of unstable dividend track record. This is because dividend was recently started.

Trican Well Service Ltd is an equipment services company. It provides products, equipment, services, and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells through its continuing pressure pumping operations in Canada. The company offers these services to customers in Canada from operating bases located across the Western Canadian Sedimentary Basin (WCSB). Its web site is here Trican Well Service Ltd.

The last stock I wrote about was about was Telus Corp (TSX-T, NYSE-TU) ... learn more. The next stock I will write about will be Wajax Corp (TSX-WJX, OTC-WJXFF) ... learn more on Monday, September 22, 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.

Telus Corp

Sound bite for Twitter is: Dividend Growth Telecom. Debt Ratios all need improving. The Dividend Payout Ratios (DPR) are much too high. The current dividend yield is high with dividend growth low. See my spreadsheet on Telus Corp.

Is it a good company at a reasonable price? This company does have problems with debt and Dividend Payout Ratios. However, people feel that it will pay down its debt and that the dividend is safe. Insiders are buying and that is certainly a positive. It is possible for you to collect a very good dividend while you wait for the company to improve. It is a risk. The stock price could very well be cheap as the dividend yield tests are saying.

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

When I was updating my spreadsheet, I noticed that all the management people I am following bought more shares over the past years. Of the Directors I follow, only the Chairman bought stock over the past year. Purchases were made from around $21.50 to $22.00.

If you had invested in this company in December 2014, for $1,005.36 you would have bought 48 shares at $20.95 per share. In December 2024, after 10 years you would have received $554 in dividends. The stock would be worth $935.52. Your total return would have been $1,489.52. This would be a total return of 4.81% per year with 0.72% from capital loss and 5.53% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$20.95	$1,005.36	48	10	$554.00	$935.52	$1,489.52

The current dividend yield is high with dividend growth low. The current dividend yield is high (7% and above) at 7.52%. The 5, 10 and historical median dividend yield is moderate (2% to 4% ranges) at 4.89%, 4.52% and 4.27%. the dividend increases a low (below 8% per year) at 6.7% per year over the past 5 years. The last dividend increase was in 2025 and it was for 3.48%. However, that was the second dividend increase in 2025 and total increase was 7%.

The Dividend Payout Ratios (DPR) are much too high. The DPR for 2024 for Earnings per Share (EPS) is far too high at 228% with 5 year coverage at 147%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is far too high at 147% with 5 year coverage at 125%. The DPR for 2024 for Cash Flow per Share (CFPS) is too high at 50% with 5 year coverage much better at 41%. The DPR for 2024 for Free Cash Flow (FCF) is high at 71% with 5 year coverage at 90%. FCF in 2024 range from $1,440M to $2,121M. DPRs are not expected to be much lower over the next few years.

Item	Cur	5 Years
EPS	228.42%	147.18%
AEPS	147.15%	124.73%
CFPS	50.02%	40.60%
FCF	70.61%	90.04%

Debt Ratios all need improving. The Long Term Debt/Market Cap Ratio for 2024 is high at 0.87 and currently at 083. A good ratio is 0.50 or lower. The Intangible and Goodwill Ratios are much too high at 1.06 and currently somewhat better currently at 0.92. The Liquidity Ratio for 2024 is too low at 0.68 and 0.86 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.94 and currently low at 1.17. If you added back in the current portion of the long term debt, the ratio for 2024 is still low at 1.40 and currently better at 1.98. The Debt Ratio for 2024 is low at 1.41 and 1.36 currently. You want this ratio to be 1.50 or higher. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.45 and 2.45 and currently at 3.77 and 2.77.

Type	Year End	Ratio Curr
Lg Term R	0.87	0.83
Intang/GW	1.06	0.92
Liquidity	0.68	0.86
Liq. + CF	0.94	1.17
Liq, CF DB	1.40	1.98
Debt Ratio	1.41	1.36
Leverage	3.45	3.77
D/E Ratio	2.45	2.77

The Total Return per year is shown below for years of 5 to 34 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	6.68%	0.92%	-4.96%	5.88%
2014	10	7.54%	4.81%	-0.72%	5.53%
2009	15	8.11%	12.79%	5.67%	7.12%
2004	20	12.31%	9.20%	3.91%	5.29%
1999	25	6.08%	7.53%	3.24%	4.29%
1994	30	5.55%	8.75%	4.01%	4.74%
1990	34	10.28%	9.08%	4.20%	4.88%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 22.72, 26.33 and 29.93. The corresponding 10 year ratios are 22.95, 25.95 and 28.21. The corresponding historical ratios are 15.71, 17.37 and 19.64. The current ratio is 33.18 based on a stock price of $22.13 and EPS estimate for 2025 of $0.67. The current ratio is above the high ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 22.33, 25.69 and 27.98. The corresponding 10 year ratios are 17.33, 19.19 and 21.05. The corresponding historical ratios are 15.05, 16.38 and 17.43. The current ratio is 21.70 based on a stock price of $22.13 and AEPS estimate for 2025 of $1.02. The current ratio is above the high ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $15.13. The 10-year low, median, and high median Price/Graham Price Ratios are 1.38, 1.58 and 1.68. The current ratio is 1.46 based on a stock price of $22.13. 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 of 2.22 is based on a stock price of $22.13, Book Value of $15,220M and Book Value per Share of $9.98. 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 also have a Book Value per Share estimate for 2025 of $9.69. This implies a ratio of 2.28 with a Book Value of $14,772M and a stock price of $22.13. This 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.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.28. The current ratio is 5.75 based on a Cash Flow per Share estimate for 2025 of $3.85, Cash Flow of $5,871M, and a stock price of $22.13. The current ratio is 21% 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 4.27%. The current dividend yield is 7.52% based on dividends of $1.6652 and a stock price of $22.13. The current dividends yield is 76% 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 4.52%. The current dividend yield is 7.52% based on dividends of $1.6652 and a stock price of $22.13. The current dividends yield is 66% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 2.00. The current ratio is 1.64 based on a stock price of $22.13, Revenue estimate for 2025 of $20,547M and revenue per Share of $13.47. 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.

Results of stock price testing is that the stock price is probably reasonable, but could be cheap. The dividend yield tests are saying that the stock price is relative cheap, so maybe it is. The P/S Ratio test does not confirm that, it just says the stock price is reasonable. The rest of the testing ranges from expensive (P/E Ratio and P/AEPS Ratio tests) to reasonable (P/GP Ratio and P/B) to cheap (P/CF).

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (3), Hold (9) and Underperform (1). The consensus is a Buy. The 12 month stock price consensus is $23.11 with a High of $30.00 and low of $20.00. The consensus stock price of $23.11 implies a total return of 11.95% with 4.43% from capital gains and 7.52% from dividends based on a current stock price of $22.13.

Analysts on Stock Chase have mixed views on whether to buy or not but all seem to think that the dividend is safe. Amy Legate-Wolfe on Motley Fool says it is a smart stock down on its luck and so is a buy. Adam Othman on Motley Fool says Telus is high yield, but not trash. The company put out a Press Release about their 2024 annual results. The company put out a Press Release about its second quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this company. Simply Wall Street has 3 warnings on this stock of interest payments are not well covered by earnings; dividend of 7.52% is not well covered by earnings or free cash flows; and large one-off items impacting financial results. Because of one-off large items, it is usually best to refer to AEPS rather than EPS.

Telus is one of the Big Three wireless service providers in Canada. It is the incumbent local exchange carrier in the western Canadian provinces of British Columbia and Alberta, where it provides internet, television, and landline phone services. It also has a small wireline presence in eastern Quebec. More than 20% of Telus' sales now come from non-telecom businesses, most notably in the international business services, health, security, and agriculture industries. Its web site is here Telus Corp.

The last stock I wrote about was about was Accord Financial Corp (TSX-ACD, OTC-ACCFF) ... learn more. The next stock I will write about will be Trican Well Service Ltd (TSX-TCW, OTC-TOLWF) ... learn more on Friday, September 19, 2025 around 5 pm. Tomorrow on my other blog I will write about BCE Inc .... learn more on Thursday, September 18, 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.

Accord Financial Corp

Sound bite for Twitter is: Financial Sector Stock. Debt Ratios are fine. The dividends have been suspended. Therefore, there is no Dividend Payout Ratios (DPR). See my spreadsheet on Accord Financial Corp.

Is it a good company at a reasonable price? I just bought this stock last year, so I will keep it for now. I do not have much invested in this stock and I was using fooling around money for this investment. It is too bad that it cut its dividend just after I bought. It is not the first stock to tank after I bought it. Sometimes you lose on stock picks. You just want more winners than losers. It seems to be cheap now, but I am not tempted to buy more.

I own this stock of Accord Financial Corp (TSX-ACD, OTC-ACCFF). Fred Poulin from StockTwits recommended this stock saying it was a small cap that pay dividends. Also, the stock has a solid background and would be a good filler stock.

When I was updating my spreadsheet, I noticed that they had a long history of dividend payments. I have records going back 37 years. They paid dividends in 36 years until 2023. However, the dividends were flat from 2017 and they starred to decrease them in 2020 and cut dividends in 2023.

I have had this stock for just less than a year and I have a loss of 15% per year. Not a good showing. Analysts have lost interest in this stock. This sometime happens when a small stock is not doing well. It is never a good sign.

If you had invested in this company in December 2014, for $1,000.45 you would have bought 107 shares at $9.35 per share. In December 2024, after 10 years you would have received $294.79 in dividends, but now dividends have been suspended. The stock would be worth $413.02. Your total return would have been 707.81. This would be a total loss of 4.26% per year with 8.47% from capital loss and 4.21% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$9.35	$1,000.45	107	10	$294.79	$413.02	$707.81

The dividends have been suspended. Therefore, there is no Dividend Payout Ratios (DPR).

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is high at 8.65 and currently at 10.21. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2024 which is good at 0.76 and currently at 0.77 because this is a more important ratio for a financial. The Liquidity Ratio for 2024 is good at 10.17 and 11.59 currently. But these are not important ratios for financials. The Debt Ratio for 2024 is low at 1.26 and 1.24 currently, but these are good for a financial.

Type	Year End	Ratio Curr
Lg Term R	8.65	10.21
Lg Term A	0.76	0.77
Intang/GW	0.00	0.00
Liquidity	10.17	11.59
Liq. + CF	11.82	9.12
Debt Ratio	1.26	1.24
Leverage	5.12	5.46
D/E Ratio	4.05	4.39

The Total Return per year is shown below for years of 5 to 32 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%	-14.81%	-17.45%	2.65%
2014	10	0.00%	-4.26%	-8.47%	4.21%
2009	15	0.00%	4.32%	-2.03%	6.35%
2004	20	0.00%	0.39%	-4.01%	4.40%
1999	25	0.00%	5.13%	-1.41%	6.54%
1994	30	0.00%	10.19%	1.74%	8.45%
1992	32	0.00%	10.84%	2.41%	8.43%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.75, 5.63 and 6.51. The corresponding 10 year ratios are 9.80, 10.85 and 11.91. The corresponding historical ratios are 8.55, 10.25 and 11.56. The current P/E Ratio is negative, so I cannot do any P/E Ratio testing. The P/E ratio is negative based on last 12 months earnings loss of $0.57. I cannot find anyone giving estimates for this company.

I also have Adjusted Earnings per Share (AEPS) data. However, the AEPS is also negative at $0.48 loss for last 12 months.

I get a Graham Price of $7.04. The 10-year low, median, and high median Price/Graham Price Ratios are 0.56, 0.68 and 0.73. The current P/GP Ratio is 0.50 based on a stock price of $3.50. The current ratio is below the low ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 0.79. The current P/B Ratio is 0.38 based on a stock price of $3.50, Book Value of $78.6M and Book Value per Share of $9.19. The current ratio is 52% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I cannot do a Price/Cash Flow per Share Ratio test because both 10 year P/CF Ratio is negative as is the current ratio.

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

The 10-year median Price/Sales (Revenue) Ratio is 1.30. The current ratio is 0.41 based on Revenue for the last 12 months of $73.4M, Revenue per Share of $8.57 and a stock price of $3.50. The current ratio is 69% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. This is based on mainly on the P/S Ratio test, but the P/GP Ratio and P/B Ratio tests also say that the stock price is cheap.

When I look at analysts’ recommendations, I find few sites have information on this company. WSJ says current analysts’ information is Strong Buy (1) only with an average target of $8.60. There is only one target price. The target price of $8.60 implies a total return of 145.71% all from capital gains based on a current stock price of $3.50.

The last entry on Stock Chase was 2014 when the analyst thought the company was well run and conservative. There are no posts on Motley Fool. On a site calledTrust Pilot there are reviews of people working with this company. In 2019 reviews said the company was good to work with. Later reviews were not good. They did reply to negative reviews. The company put out a Press Release about their annual results for 2024. . The company put out a press release about their first quarter of 2025 results. The company put out a Press Release about their second quarter of 2025 results.

A site calledFinder talks about the pros and cons of dealing with this company. Simply Wall Street has 3 warnings on this stock of earnings have declined by 51.2% per year over past 5 years; debt is not well covered by operating cash flow; and does not have a meaningful market cap (CA$30M).

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

The last stock I wrote about was about was Cargojet Inc (TSX-CJT, OTC-CGJTF) ... learn more. The next stock I will write about will be Telus Corp (TSX-T, NYSE-TU) ... learn more on Wednesday, September 17, 2025 around 5 pm. Tomorrow on my other blog I will write about RESP Rules.... … learn more on Tuesday, September 16, 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.

Cargojet Inc

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

Is it a good company at a reasonable price? A lot of the ratios for this company are quite high. For instance, the 10 year low, median, and high P/E Ratios of 18.73, 22.20 and 26.83. I guess the question is, is this stock a still a growth company? If it is still a growth company, then it is cheap. If it is not, there perhaps it is not. Most analysts think it still is a growth company, but there is the odd dissent from this opinion. A positive is that the company raised the dividends by 11.25% in 2024. It is testing as relatively cheap.

I do not own this stock of Cargojet Inc (TSX-CJT, OTC-CGJTF). I read about this stock on Motley Fool in an article by Joey Frenette. See article. Cargojet Inc (CJT) operates a domestic overnight air cargo co-load network between fourteen Canadian cities.

When I was updating my spreadsheet, I noticed that the company had a good year in 2024 and a good second quarter of 2025, but the stock price went down. Maybe because analysts expect the rest of the year to be not good? Stock prices are based on what people believe will happen.

If you had invested in this company in December 2014, for $1,017.50 you would have bought 37 shares at $27.50 per share. In December 2024, after 10 years you would have received $339.51 in dividends. The stock would be worth $3,991.19. Your total return would have been $4,330.70. This would be a total return of 16.43% per year with 14.65% from capital gain and 1.79% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$27.50	$1,017.50	37	10	$339.51	$3,991.19	$4,330.70

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.40%. The 5 and 10 year median dividend yields are also low at 0.85% and 1.08%. The historical median dividend yield is moderate (2% to 4% ranges) at 2.67%. The dividends are increasing at a low rate (below 8% per year) at 7.2% per year over the past 5 years. The last dividend increase was in 2024 and it was for 11.3%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 19% with 5 year coverage at 24%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 24% with 5 year coverage at 23%. 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 17% with 5 year coverage non-calculable due to negative FCF. There is not agreement on FCF and for 2024 it varies from $38.4M to $183.7M.

Item	Cur	5 Years
EPS	19.37%	23.95%
AEPS	24.32%	22.46%
CFPS	6.10%	6.01%
FCF	16.83%	-40.11%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.37 and currently at 0.48. The Liquidity Ratio for 2024 is too low at 0.58 and 0.77 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.14 and currently at 1.84. The Debt Ratio for 2024 is good at 1.62 and 1.55 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.61 and 1.61 and currently at 2.83 and 1.83.

Type	Year End	Ratio Curr
Lg Term R	0.37	0.48
Intang/GW	0.03	0.03
Liquidity	0.58	0.77
Liq. + CF	2.14	1.84
Debt Ratio	1.62	1.55
Leverage	2.61	2.83
D/E Ratio	1.61	1.83

The Total Return per year is shown below for years of 5 to 19 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	7.20%	1.90%	0.86%	1.04%
2014	10	8.05%	16.43%	14.65%	1.79%
2009	15	6.75%	20.93%	17.89%	3.03%
2005	19	2.84%	17.40%	13.58%	3.82%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.02, 14.87 and 20.96. The corresponding 10 year ratios are 18.73, 22.20 and 26.83. The corresponding historical ratios are 12.65, 15.41 and 19.36. The current P/E Ratio is 17.89 based on a stock price of $100.00 and EPS estimate for 2025 of $5.59. This ratio is below the low ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This stock has 10 year ratios indicative of a growth stock.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 26.09, 21.72 and 27.35. The corresponding 10 year ratios are 20.67, 24.51 and 33.46. The corresponding historical ratios are 13.79, 19.65 and 26.32. The current P/E Ratio is 18.38 based on a stock price of $100.00 and EPS estimate for 2025 of $5.41. This stock price testing suggests that the stock price is relatively cheap. This ratio is below the low ratio for the 10 year median ratio.

I get a Graham Price of $75.10. The 10-year low, median, and high median Price/Graham Price Ratios are 2.33, 2.83 and 3.55. The current P/GP Ratio is 133 based on a stock price of $100.00. 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. These ratios are also very high ones.

I get a 10-year median Price/Book Value per Share Ratio of 4.31. The current ratio is 2.16 based on Book Value of $731.7M, Book Value per Share of $46.33 and stock price of $100.00. The current ratio is 50% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. These ratios are also very high ones.

I also have Book Value per Share estimate for 2025 of $47.57. This implies a ratio of 2.10 and Book Value of $751M with a stock price of $100.00. This ratio is 51% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. These ratios are also very high ones.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.60. The current P/CF Ratio is 4.98 based on Cash Flow per Share estimate for 2025 of $20.07, Cash Flow of $316.9M and a stock price of $100.00. The current ratio is 42% 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 2.67%. The current dividend yield is 1.40% based on dividends of $1.40 and a stock price of $100.00. The current dividend yield is 48% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 1.08%. The current dividend yield is 1.40% based on dividends of $1.40 and a stock price of $100.00. The current dividend yield is 30% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 2.09. The current P/S Ratio is 1.54 based on Revenue estimate for 2025 of $1,026M, Revenue per Share of $64.97 and a stock price of $100.00. The current ratio is 27% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably relatively cheap. The 10 year dividend yield test says this and it is confirmed by the P/S Ratio test. Most of the rest of the testing says the same thing. It is interesting that the Historical Dividend yield test says that the stock is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (5) and Hold (1). The consensus would be a Strong Buy. The 12 month stock price consensus is $143.85 with a high of $170.00 and low of $98.00. The consensus stock price of $143.85 implies a total return of 45.25% with 43.85% from capital gains and 1.40% from dividends.

Last year when I look at analysts’ recommendations, I found Strong Buy (6), Buy (3) and Hold (2). The consensus would be a Strong Buy. The 12 months stock price consensus is $162.27 with a high of $189.00 and low of $120.00. The consensus stock price of $162.27 implies a total return of 30.95% with 29.83% from capital gains and 1.12% from dividends based on a current price of $124.99. What happened was a decline of the stock price to $100.00 from $124.99 and so a loss of 18.87% with a capital loss of 19.99% and dividends of 1.12%.

Most analysts on Stock Chase like this stock, but one analyst thinks that it has little room to grow more. Sneha Nahata on Stock Chase that this stock’s current cheapness is a buying opportunity. Daniel Da Costa on Motley Fool thinks this is a ultra cheap growth stock. The company put out a press release via newswire about this their fourth quarter of 2024 results. The company put out a press release via Newswire about their second quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock. They like their high ROE, but are concerned about the debt level. Simply Wall Street has two warnings on this stock of interest payments are not well covered by earnings; and earnings are forecast to decline by an average of 6.5% per year for the next 3 years.

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

The last stock I wrote about was about was SmartCentres REIT (TSX-SRU.UN, OTC-CWYUF) ... learn more. The next stock I will write about will be Accord Financial Corp (TSX-ACD, OTC-ACCFF) ... learn more on Monday, September 15, 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.

SmartCentres REIT

Sound bite for Twitter is: Dividend Paying Real Estate. Results of stock price testing is that the stock price is probably reasonable and below the median. For Debt Ratios I worry about the Liquidity Ratio but other ratios are fine. The Dividend Payout Ratios (DPR) are probably fine as REIT generally have higher payout rates. The current dividend yield is good with dividend growth very low. See my spreadsheet on SmartCentres REIT.

Is it a good company at a reasonable price? With REITs, you tend to get a good yield but low growth in both capital gains and dividends. There is always a trade off between dividend yield and growth. I bought this stock for diversification. I actually bought this in my TFSA, which is generally my fooling around money. I plan to keep this stock. All my testing is saying that the stock price is relatively reasonable.

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

When I was updating my spreadsheet, I noticed I have made a total return of 9.61% per year with 2.35% from capital gains and 7.26% on dividends on this stock which I initially bought in 2021 and 2022. REITs tend to be good dividend producers. This stock is not doing as well now as it did in the past. It is plain to see as the dividends have been flat since 2020. Dividends have been flat before.

I also noticed that Mitchell Goldhar, the founder of the company, between last year and this year, has been granted just under 10M more options. This seems like a lot to me.

If you had invested in this company in December 2014, for $1,010.10 you would have bought 37 shares at $27.30 per share. In December 2024, after 10 years you would have received $658.32 in dividends. The stock would be worth $905.02. Your total return would have been $1,563.34. This would be a total return of 5.67% per year with 1.09% from capital loss and 6.76% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$27.30	$1,010.10	37	10	$658.32	$905.02	$1,563.34

The current dividend yield is good with dividend growth very low. The dividend yield is good (5% to 6% ranges) at 6.84%. The 5 year median dividend yield is high (7% and above) at 7.57%. The 10 year and historical median dividend yields are good at 6.12% and 6.17%. The dividend growth is low (below 8%) at just 0.46% per year over the past 5 years. There has been no dividend increases since 2019 when the dividends were increase by 2.78%. REIT tend to have high yields and low increases. There is always a trade off between yields and growth.

The Dividend Payout Ratios (DPR) are probably fine as REIT generally have higher payout rates. The DPR for 2024 for Earnings per Share (EPS) is far too high at 141% with 5 year coverage at 79%. The DPR for 2024 for Adjusted Funds from Operations (AFFO) is too high at 93% with 5 year coverage at 93%. The DPR for 2024 for Funds from Operations (FFO) is probably fine at 83% with 5 year coverage at 85%. The DPR for 2024 for Cash Flow per Share (CFPS) is high at 62% with 5 year coverage at 66%. The DPR for 2024 for Free Cash Flow (FCF) is high at 74% with 5 year coverage at 77%. In 2025, FCF varies from $215.3M to $410M. REITs tend to have higher payout ratios.

Item	Cur	5 Years
EPS	141.24%	79.20%
AFFO	92.97%	92.73%
FFO	82.96%	84.82%
CFPS	61.93%	66.32%
FCF	73.78%	77.24%

For Debt Ratios I worry about the Liquidity Ratio but other ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is high at 0.97 and currently at 0.90. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2024 which is good at 0.38 and currently at 0.39 because this is a more important ratio for a REIT. The Liquidity Ratio for 2024 is far too low at 0.11 and 0.29 currently. If you added in Cash Flow after dividends, the ratios are still very low at 0.15 and currently at 0.35. This ratio needs to be 1.50 or above to be a good ratio. If you add back in current portion of the long term debt, the ratio is still low at 0.50 and currently at 1.01. The Debt Ratio for 2024 is good at 2.13 and 2.10 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.88 and 0.88 and currently at 1.91 and 0.91.

Type	Year End	Ratio Curr
Lg Term R	0.97	0.90
Lg Term A	0.38	0.39
Intang/GW	0.01	0.01
Liquidity	0.11	0.29
Liq. + CF	0.15	0.34
Liq CF DT	0.50	1.01
Debt Ratio	2.13	2.10
Leverage	1.88	1.91
D/E Ratio	0.88	0.91

The Total Return per year is shown below for years of 5 to 27 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	0.46%	1.75%	-4.76%	6.51%
2014	10	1.74%	5.67%	-1.09%	6.76%
2009	15	1.20%	9.33%	1.52%	7.81%
2004	20	2.11%	9.04%	1.34%	7.70%
1999	25	-1.20%	11.59%	3.60%	7.99%
1997	27		26.66%	10.42%	16.24%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.26, 10.88 and 12.49. The corresponding 10 year ratios are 12.92, 13.98 and 15.29. The corresponding historical ratios are 13.32, 16.43 and 18.76. The current ratio is 13.13 based on a stock price of $27.05 and EPS estimate for 2025 of $2.06. 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 Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 9.46, 11.10 and 14.74. The corresponding 10 year ratios are 11.99, 13.54 and 15.24. The corresponding historical ratios are 12.47, 13.70 and 15.42. The current ratio is 13.87 based on a stock price of $27.05 and FFO estimate for 2025 of $1.95. 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 Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 10.80, 12.28 and 15.78. The corresponding 10 year ratios are 12.95, 14.63 and 15.06. The corresponding historical ratios are 13.12, 14.84 and 16.33. The current ratio is 12.08 based on a stock price of $27.05 and AFFO estimate for 2025 of $2.24. 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 Graham Price of $37.58. The 10-year low, median, and high median Price/Graham Price Ratios are 0.79, 0.87 and 0.94. The current ratio is 0.72 based on a stock price of $27.05. The current ratio is between 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 1.06. The current ratio is 0.89 based a stock price of $27.05, Book Value of $5,190M and Book Value per Share of $30.46. The current ratio is 16% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 13.71. The current ratio is 11.92 based on Cash Flow for the past 12 months of $386.7M, Cash Flow per share of $2.27 and a stock price of $27.05. The current ratio is 13% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 6.17%. The current dividend yield is 6.84% based on a stock price of $27.05 and dividends of $1.85. The current dividend yield is 11% 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 6.12%. The current dividend yield is 6.84% based on a stock price of $27.05 and dividends of $1.85. The current dividend yield is 12% 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 6.10. The current ratio is 4.97 is based on Revenue estimate for 2025 of $923.3M, Revenue per Share of $5.44 and a stock price of $27.05. The current ratio is 18% below the 10 year median ratio.

Results of stock price testing is that the stock price is probably reasonable and below the median. The dividend yield test is saying that the stock price is reasonable and below the median. The P/S Ratio test confirms this. Almost of the tests are saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1), Hold (4), and Underperform (1). The consensus would be a Buy. The 12 month stock price if $27.53 with a high of $30.00 and a low of $25.25. The consensus stock price of $27.53 implies a total return of 8.61% with 1.77% from capital gains and 6.84% from dividends based on a current stock price of $27.05.

Analyst on Stock Chase give both buy and sell recommendations. The problem is their main tenant is Walmart and apparently that can be a befit or a curse. Walmart pays cheap rent, but can attract other tenants. Sneha Nahata on Motley Fool likes this stock for its high yield. Joey Frenette on Motley Fool likes this stock for its high yield and safe dividends. The company put out a press release via Global Newswire about their fourth quarter of 2024 results. The company put out a press release via Business Wire about their Second Quarter of 2025 results.

Simply Wall Street via Yahoo Finance say this stock is undervalue and its fair value is $38.02. Simply Wall Street has two warnings on this stock of earnings have declined by 2.3% per year over past 5 years; and interest payments are not well covered by earnings.

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

The last stock I wrote about was about was High Liner Foods (TSX-HLF, OTC-HLNFF) ... learn more. The next stock I will write about will be Cargojet Inc (TSX-CJT, OTC-CGJTF) ... learn more on Friday, September 12, 2025 around 5 pm. Tomorrow on my other blog I will write about McCoy Global .... learn more on Thursday, September 11, 2025 around 5 pm.

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