Pembina Pipelines Corp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.01, 17.56 and 20.10. The corresponding 10 year ratios are 15.32, 18.01 and 20.47. The corresponding historical ratios are 18.38, 20.36 and 23.05. The current ratio is 22.08 based on a stock price of $63.16 and EPS estimate for 2026 of $2.86. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) Data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 15.36, 18.45, 20.19. The corresponding 10 year ratios are 16.08, 18.48 and 20.52. The corresponding historical ratios are 16.80, 18.50 and 20.84. The current ratio is 21.05 based on a stock price of $63.16 and AEPS estimate for 2026 of $3.00. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Funds from Operations (AFFO) Data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 7.99, 9.24 and 10.58. The corresponding 10 year ratios are 9.51, 9.79 and 11.35. The corresponding historical ratios are 7.99, 924 and 10.58. The current ratio is 12.81 based on a stock price of $63.16 and AFFO estimate for 2026 of $4.93. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

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

I get a Graham Price of $41.80. The 10-year low, median, and high median Price/Graham Price Ratios are 1.07, 1.22 and 1.41. The current ratio is 1.51 based on a stock price of $63.16. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.68. The current ratio is 2.44 based on a stock price of $63.16, Book Value of $15,042M, and Book Value per share of $25.89. The current ratio is 45% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share Ratio for 2026 of $25.75. This analyst calculates the Book Value differently than I do and, in this case, the 10 year P/B Ratio is 1.54. The ratio for a Book Value per Share of $25.75 is 2.45 with a stock price of $63.16 and Book Value of $14,961M. This ratio is 59% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

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

I get an historical median dividend yield of 6.86%. The current ratio is 4.50% based on a stock price of $63.16 and dividends of $2.84. The current dividend is 34% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this stock used to be an income trust with a high dividend yield because income trust can pay higher dividends than corporations.

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

The 10-year median Price/Sales (Revenue) Ratio is 3.17. The current ratio is 4.61 based on Revenue estimate for 2026 of $7,967M, Revenue per Share of $13.71 and a stock price of $63.16. The current P/S Ratio is 45% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is showing this stock as relatively expensive. The 10 year dividend yield testing is saying that the stock price is relatively expensive. The P/S Ratio test confirms this. All the rest of my testing is saying the same thing.

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

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

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

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

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

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

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

Barrick Mining Corp

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

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

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

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

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

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

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

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 18% with 5 year coverage at 49%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 22% with 5 year coverage at 47%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 16%. The DPR for 2025 for Free Cash Flow (FCF) is good at 22% with 5 year coverage at 42%. With the big increase in dividends for 2026, DPR for EPS is expected to be 44% and for AEPS 44%. FCF for 2025 varies from $3,890M to $5,760M. I am using $3,890M.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

The last stock I wrote about was about was Leon's Furniture Ltd (TSX-LNF, OTC-LEFUF) ... learn more. The next stock I will write about will be Pembina Pipelines Corp (TSX-PPL, NYSE-PBA) ... learn more on Friday, May 1, 2025 around 5 pm. Tomorrow on my other blog I will write about Pesorama, Capital Compounders.... learn more on Thursday, April 30, 2026 around 5 pm.

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

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

Leon's Furniture Ltd

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

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

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

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

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

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

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 3.61%. The 5, 10 and historical median dividend yields are moderate at 3.19%, 3.18% and 2.38%. The dividend growth is moderate (8% to 14% per year) at 8.5% per year over the past 5 years. The last dividend increase was in 2025 and it was for 20%. They also paid a special dividend of $0.50 per year in 2026. Note that this company does not increase the dividends every year, but the dividends have been increasing over time.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 37% with 5 year coverage at 43%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 36% with 5 year coverage at 30%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 26% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is good at 27% with 5 year coverage at 33%. The FCF for 2025 varies from $210M to $237M. I am using the $210M.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Supremex Inc

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

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

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

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

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

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

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

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

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

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

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.00 and currently at 0.00. The Liquidity Ratio for 2025 is good at 1.68 and 1.68 currently. The Debt Ratio for 2025 is good at 1.75 and 1.75 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.33 and 1.33 and currently at 2.33 and 1.33.

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

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	9.00%	19.66%	12.46%	7.20%
2015	10	0.00%	2.06%	-3.03%	5.08%
2010	15	1.50%	9.18%	2.84%	6.33%
2006	19	-8.79%	1.23%	-4.31%	5.54%

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

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

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

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

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

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

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

The 10-year median Price/Sales (Revenue) Ratio is 0.43. The current P/S Ratio is 0.33 based on Revenue estimate for 2026 of $270.8M, Revenue per Share of $11.10 and a stock price of $3.63. The current ratio is 24% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is that the stock price is relatively cheap. The 10 year dividend yield test is saying this and it is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (1). The consensus would be a Strong Buy. The 12 month stock price target is $5.10 with a high of $5.25 and a low of $5.05 (from Alpha Spread). The Market Screener says the 12 month stock price is $5.00 with a high and low of $5.00. The 12 month stock price consensus of $5.00 implies a total return of 43.25% with 37.74% from capital gains and 5.51% from dividends based on a current stock price of $3.63.

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

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

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

The last stock I wrote about was about was Alaris Equity Partners Income Trust (TSX-AD.UN, OTC-ALARF) ... learn more. The next stock I will write about will be Leon's Furniture Ltd (TSX-LNF, OTC-LEFUF) ... learn more on Monday, April 27, 2026 around 5 pm.

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

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

Alaris Equity Partners Income Trust

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Sun Life Financial Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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