Jamieson Wellness Inc

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

Is it a good company at a reasonable price? Even though this stock has not done much in Stock Price over the past 5 years, I still like this stock. It generally has good growth. It is a small cap and I did buy it with my fooling around money. I plan to hold on to the stock I have. Currently the stock price seems to be on the cheap side.

I own this stock of Jamieson Wellness Inc (TSX-JWEL, OTC-JWLLF). This stock was written up in November 26, 2020 by Kay Ng on Motley Fool. She looked at what Warren Buffet was buying and pick some similar stocks, including Jamieson from TSX. I am buying Jamison because it is cheap and I think that it will do well in the future. It has only been on the stock market for 8 years. However, the dividend increases are good. I understand the risks I am taking. I bought this with my fooling around money.

When I was updating my spreadsheet, I noticed all the officer I follow bought more stock last year. This includes the CFO and CFO. One of the directors I follow also bought more shares. Ink shows lots of selling, but it is just officers and directors not picking up options.

If you had invested in this company in July 17, 2017, for $1,003.40 you would have bought 58 shares at $17.30 per share. In December 2025, after just over some 8 years you would have received $273.76 in dividends. The stock would be worth $1,951.70. Your total return would have been $2,225.46. This would be a total return of 9.87% per year with 8.18% from capital gain and 1.69% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.30	$1,003.40	58	8.46	$273.76	$1,951.70	$2,225.46

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.19%. The 5 year median dividend yield is moderate at 2.31%. The 8 year and historical median dividend yield is low (below 2%) at 1.64% and 1.64%. The dividends have been increased at a moderate level (8% to 14% ranges) at 13.3% per year over the past 5 years. The last dividend increase was in 2025 and it was for 9.5%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is high at 60% with 5 year coverage at 58%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 47% with 5 year coverage at 45%. DPRs in the 40% range is probably the best. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 36% with 5 year coverage at 37%. This DPR below at 40% or lower is good. The DPR for 2025 for Free Cash Flow (FCF) is good at 43% with 5 year coverage at 44%. The FCF for 2025 range from $69.8M to $86.9M. I am using the $86.9M value.

Item	Cur	5 Years
EPS	60.27%	57.62%
AEPS	47.57%	45.33%
CFPS	36.32%	36.61%
FCF	42.81%	44.39%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.20 and currently at 0.30. The Liquidity Ratio for 2025 is good at 1.53 and 1.59 currently. The Debt Ratio for 2025 is good at 1.83 and 1.77 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.39 and 1.31 and currently at 2.50 and 1.41.

Type	Year End	Ratio Curr
Lg Term R	0.20	0.30
Intang/GW	0.43	0.46
Liquidity	2.53	2.59
Liq. + CF	2.69	2.86
Debt Ratio	1.83	1.77
Leverage	2.39	2.50
D/E Ratio	1.31	1.41

The Total Return per Year is shown below for years of 5 to 9 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.

Years	Div. Gth	Tot Ret	Cap Gain	Div.
5	13.36%	0.63%	-1.41%	2.04%
8.46	14.55%	9.87%	8.18%	1.69%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 25.84, 28.51 and 31.18. The corresponding 8 year and historical ratios are 23.77, 28.51 and 32.95. The current ratio is 19.61 based on EPS of $2.14 and a stock price of $41.96. The current ratio is below the low ratios of the 8 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 20.22, 21.52 and 23.92. The corresponding 9 year and historical ratios are 20.70, 22.99 and 27.46. The current ratio is 19.61 based on AEPS of $2.14 and a stock price of $41.96. The current ratio is below the low ratios of the 8 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $23.91. The 9-year low, median, and high median Price/Graham Price Ratios are 1.70, 1.88 and 2.20. The current ratio is 1.76 based on a stock price of $41.96. The current ratio is between the low and median ratios of the 9 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 9-year median Price/Book Value per Share Ratio of 3.33. The current ratio is 3.53 based on a Book Value of $492M, Book Value per Share of $11.87 and a stock price of $41.96. The current ratio is 6% above the 9 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have a Book Value per Share estimate for 2026 of $14.43. This gives a ratio of 2.90 based on a Book Value of $600M, Book Value per Share of $14.43 and a stock price of $41.96. The ratio is 13% below the 9 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 9-year median Price/Cash Flow per Share Ratio of 32.52. The current ratio is 20.77 based Cash Flow per Share estimate for 2026 of $2.02, Cash Flow of $83.8M and a stock price of $41.96. The current ratio is 36% below the 9 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical and 9 year median dividend yield of 1.64%. The current dividend yield is 2.19% based on dividends of $0.92 and a stock price of $41.96. The current dividend yield is 34% above the historical and 9 yar median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 9-year median Price/Sales (Revenue) Ratio is 2.48. The current P/S Ratio is 1.89 based on Revenue estimate for 2026 of $919M, Revenue per Share of $22.16 and a stock price of $41.96. The current ratio is 24% below the 9 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. The 9 year median dividend yield test says this and it is confirmed by the P/S Ratio test. The other tests vary from cheap to reasonable but above the median.

When I look at analysts’ recommendations, I find Strong Buy (4), and Buy (3). The consensus would be a Strong Buy. The 12 month consensus stock price is $46.21 with a high of $51.00 and low of $44.00. The consensus stock price of $46.21 implies a total return of 12.32% with 10.13% from capital gains and 2.19% from dividends based on a current stock price of $41.96.

For 2025 on Stock Chase there is a Top Pick, Buy, Watch and Hold recommendations. A positive that is mentioned is that it is growing in China due to attention to quality. Daniel Da Costa on Motley Fool this is stock is a defensive growth stock. Adam Othman on Motley Fool thinks this stock is a cheap growth stock. The company put out Press Release about their fourth quarter of 2025. The company put out a press release via Businesswire about their first quarter of 2026 results.

This article on The Canadian press via Yahoo Finance says that the company is in talks about an offer to buy the company. Personally, I hope that is not bought. Simply Wall Street via Yahoo Finance reviews this stock and think that it is undervalued. They like the fact it went from an earnings loss of $0.06 to earnings of $0.23.

Jamieson Wellness Inc is engaged in the manufacturing, development, distribution, and marketing of branded natural health products, including vitamins, minerals, and supplements. Geographically, the majority of its revenue is derived from the domestic market. Its web site is here Jamieson Wellness Inc.

The last stock I wrote about was about was Premium Brands Holdings Corp (TSX-PBH, OTC-PRBZF) ... learn more. The next stock I will write about will be Suncor Energy Inc (TSX-SU, NYSE-SU) ... learn more on Wednesday, July 15, 2026 around 5 pm. Tomorrow on my other blog I will write about Bill Ackman by Robin Speziale.... learn more on Tuesday, July 14, 2026 around 5 pm.

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

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

Premium Brands Holdings Corp

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably cheap. Debt Ratios could be improved and the company has a lot of debt. The Dividend Payout Ratios (DPR) are too high but analysts hope they will improve in 2027. The current dividend yield is moderate with dividend growth moderate, but currently stalled. See my spreadsheet on Premium Brands Holdings Corp.

Is it a good company at a reasonable price? If you like this stock, now would be the time to buy because it is cheap. There is certainly a risk because of its debt. It has done well in the past and hopefully will do well again in the future. Analysts expect that it DPR will be good going forward from 2027. They will probably increase the dividends when the DPR is better. It is certainly relatively cheap at the present time.

I do not own this stock of Premium Brands Holdings Corp (TSX-PBH, OTC-PRBZF). I was looking for another stock to follow and I found this as one of the top stocks in TD Bank's Canadian Equity Fund in 2016.

When I was updating my spreadsheet, I noticed EPS decline has to do with business acquisitions and equity losses. Note that Adjusted EPS went up. I noticed that they have stopped dividend increases since 2024. They needed to as the DPRs were getting too high. This company has so far done well for its shareholders but currently, it has too much debt. This stock used to be an income trust and such companies could pay more dividends than corporations can. All the old income trust companies are having a hard time getting their dividend levels right and this stock is no exception.

If you had invested in this company in December 2015, for $1,1031.13 you would have bought 27 shares at $38.19 per share. In December 2025, after 10 years you would have received $654.08 in dividends. The stock would be worth $2,746.17. Your total return would have been $3,400.25. This would be a total return of 14.23% per year with 10.29% from capital gain and 3.94% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$38.19	$1,031.13	27	10	$654.08	$2,746.17	$3,400.25

For this company, the 5 year growth in such things as cash flow has not been as good as for the past 10 years, but analysts seem to think that growth will be very good this year for Net Income and Cash Flow. They also think that the stock price will growth well this year. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Growth	Per Year	Gwth	Coverage
5	Revenue Growth	83.76%	12.94%	4.97%	<-12 mths
5	AEPS Growth	49.84%	8.42%	4.16%	<-12 mths
5	Net Income Growth	-51.61%	-13.51%	0.74%	<-12 mths
5	Cash Flow Growth	-58.82%	-16.26%	-60.58%	<-12 mths
5	Dividend Growth	50.61%	8.54%	0.00%	<-12 mths
5	Stock Price Growth	0.97%	0.19%	-13.37%	<-12 mths
10	Revenue Growth	403.66%	17.55%	24.38%	<-this year
10	AEPS Growth	152.49%	9.70%	33.92%	<-this year
10	Net Income Growth	246.33%	13.23%	560.49%	<-this year
10	Cash Flow Growth	38.97%	3.35%	403.16%	<-this year
10	Dividend Growth	158.56%	9.97%	0.00%	<-this year
10	Stock Price Growth	166.33%	10.29%	20.85%	<-this year

The current dividend yield is moderate with dividend growth moderate, but currently stalled. The current dividend yield is moderate (2% to 4% ranges) at 3.86%. The 5, 10 and historical median dividend yield is moderate at 3.07%, 2.68% and 4.15%. The historical median dividend yield is rather high because this company used to be an income trust until 2009. The dividend growth is moderate (8% to 14% ranges) at 8.5% per year over the past 5 years. The last dividend increase was in 2024 and it was for 10.39%.

The Dividend Payout Ratios (DPR) are too high but analysts hope they will improve in 2027. The DPR for 2025 for Earnings per Share (EPS) is far too high at 378% with 5 year coverage at 121%. The DPR for 2025 for Free Cash Flow calculated by the company (FCF Co.) is high at 52% with 5 year coverage fine at 49%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 74% with 5 year coverage at 69%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 40% with 5 year coverage at 39%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 90% with 5 year coverage at 185%. With level dividends analysts think that the DPR will improve to the 40% range in 2027.

Item	Cur	5 Years
EPS	377.78%	121.13%
FCF Co.	51.52%	49.36%
AEPS	74.40%	68.93%
CFPS	39.11%	38.69%
FCF	89.76%	184.94%

Debt Ratios could be improved and the company has a lot of debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.40 and currently at 0.48. The Liquidity Ratio for 2025 is low at 1.23 and 1.28 currently. If you added in Cash Flow after dividends, the ratios are low at 1.18 and currently better at 1.44. The Debt Ratio for 2025 is low at 1.39 and 1.46 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 4.39 and 3.16 and currently at 3.18 and 2.18. I prefer these ratios to be below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.40	0.48
Intang/GW	0.30	0.20
Liquidity	1.23	1.28
Liq. + CF	1.18	1.44
Debt Ratio	1.39	1.46
Leverage	4.39	3.18
D/E Ratio	3.16	2.18

The Total Return per Year is shown below for years of 5 to 30 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	8.54%	3.14%	0.19%	2.94%
2015	10	9.97%	14.23%	10.29%	3.94%
2010	15	7.33%	19.87%	14.17%	5.70%
2005	20	5.45%	20.13%	12.89%	7.24%
2000	25		10.68%	7.61%	3.07%
1995	30		13.02%	9.89%	3.13%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 33.02, 38.97 and 44.91. The corresponding 10 year ratios are 27.78, 34.12 and 41.20. The corresponding historical ratios are 20.46, 23.10 and 25.74. The current ratio is 16.05 based on a stock price of $88.11 and EPS estimate for 2026 of $5.49. The current ratio is below the below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 19.11, 21.71 and 25.96. The corresponding 10 year ratios are 19.19, 24.86 and 29.19. The corresponding historical ratios are 18.07, 21.72 and 25.82. The current ratio is 14.40 based on a stock price of $88.11 and AEPS estimate for 2026 of $6.12. The current ratio is below the below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $78.13. The 10-year low, median, and high median Price/Graham Price Ratios are 1.35, 1.76 and 2.11. The current ratio is 1.13 based on a stock price of $88.11. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 2.92. The current ratio is 2.73 based on a Book Value of $1,682M, Book Value per Share of $26.52. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have a Book Value per Share estimate for 2026 of $49.49. This analyst calculates the Book Value differently that I do. In this case 10-year median Price/Book Value per Share Ratio of 2.27. With a Book Value per Share of $46.49, Book Value of $2,419M and stock price of $88.11, the ratio is 1.90. This ratio is 1.90 is 17% below the 10 year median ratio of 2.27. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 21.35. The current ratio is 9.74 based on Cash Flow per Share estimate for 2026 of $9.05, Cash Flow of $471M and a stock price of $88.11. The current ratio is 54% 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 4.15%. The current dividend yield is 3.86% based on dividends of $3.40 and a stock price of $88.11. The current dividend yield is 7% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 2.68%. The current dividend yield is 3.86% based on dividends of $3.40 and a stock price of $88.11. The current dividend yield is 44% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.86. The current ratio is 0.49 based on Revenue estimate for 2026 of $9,300M, Revenue per Share of $178.71 and a stock price of $88.11. The current ratio is 43% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

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

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (6) and Hold (1). The consensus is a strong Buy. The 12 month stock price consensus is $122.92 with a High of $150.00 and low of $108.00. The consensus stock price of $122.92 implies a total return of 43.37% with 39.51% from capital gains and 3.86% from dividends based on a current stock price of $88.11.

Analysts on Stock Chase go the full range from Do Not Buy to Top Pick for 2026. A Do Not Buy was worried about debt. Stock Chase gives this stock 4 stars out of 5. Amy Legate-Wolfe on Motley Fool thinks this is a stock to buy and hold for a very long time. Daniel Da Costa on Motley Fool says that the market is reacting to short term pressures. He thinks it is a good stock to buy now. The company put out a press release via Newswire about their fourth quarter of 2025 results. The company put out a press release via Newswire about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They do not like the fact that the company has issued more shares during the year. EPS is down over the last 12 months. They have 4 warnings out on this company of dividend of 3.94% is not well covered by earnings or free cash flows; interest payments are not well covered by earnings; profit margins (0.5%) are lower than last year (1.8%); and shareholders have been diluted in the past year.

Premium Brands Holdings Corp is engaged in specialty food manufacturing, premium food distribution, and wholesale businesses with operations in British Columbia, Alberta, Saskatchewan, Manitoba, Ontario, Quebec, Nevada, and Washington State. Its web site is here Premium Brands Holdings Corp.

The last stock I wrote about was about was Empire Company Ltd (TSX-EMP.A, OTC-EMLAF) ... learn more. The next stock I will write about will be Jamieson Wellness Inc (TSX-JWEL, OTC-JWLLF) ... learn more on Monday, July 13, 2026 around 5 pm.

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

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

Empire Company Ltd

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably reasonable. It would be nice if the Debt Ratios were a bit better and they have too much debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on Empire Company Ltd.

Is it a good company at a reasonable price? I think that the price is reasonable for this generally blue chip stock. The only reason I see for the Hold rating appears to be slowing eCommerce demand and a delay in breakeven point at Voila. There is not much in analysts’ comments that I can see. It is off its recent high of June 2025. The P/S Ratio test did say it was reasonable but above the median, so maybe the price is a bit high.

I do not own this stock of Empire Company Ltd (TSX-EMP.A, OTC-EMLAF). I have known about this stock for some time before I decided to follow it. This stock has a financial year ending in end of April or first of May each year.

When I was updating my spreadsheet, I noticed that the earnings loss was due to impairment losses and related charges. They also have a high level of debt. However, you can see from the Total Return per Year chart that shareholders have done well with this company over the years. This stock has a financial year ending around April 30, so I am reviewing the financial year ending May 2, 2026.

If you had invested in this company in December 2015, for $1,003.86 you would have bought 39 shares at $25.74 per share. In December 2025, after 10 years you would have received $230.88 in dividends. The stock would be worth $1,849.38. Your total return would have been $2,080.26. This would be a total return of 7.99% per year with 6.30% from capital gain and 1.69% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$25.74	$1,003.86	39	10	$230.88	$1,849.38	$2,080.26

The current dividend yield is low with dividend growth moderate. The dividend yield is low (below 2%) at 1.96%. The 5, 10 and historical dividend yields are low at 1.73%, $1.71% and 1.45%. The dividend growth is moderate (between 8% and 14% per year) at 12% per year over the past 5 years. The last dividend increase was in 2026 and it was for 10.2%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is too high at 102%, but analysts expect it to be around 27% in 2027 and EPS has with 5 year coverage good at 30%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 27% with 5 year coverage at 25%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 8% with 5 year coverage at 8%. The DPR for 2025 for Free Cash Flow (FCF) is good at 21% with 5 year coverage at 18%. The FCF for 2026 varies from $950M to $1,487M. I am using $950M.

Item	Cur	5 Years
EPS	102.33%	30.21%
AEPS	27.16%	25.24%
CFPS	8.26%	7.73%
FCF	21.37%	18.18%

It would be nice if the Debt Ratios were a bit better and they have too much debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.10 and currently at 0.09. The Liquidity Ratio for 2025 is far too low at 0.82 and 0.88 currently. If you added in Cash Flow after dividends, the ratios are still quite low at 1.24 and currently at 1.32. I prefer these ratios be at 1.50 or higher. The Debt Ratio for 2025 is low at 1.43 and 1.43 currently. I prefer these ratios be at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.41 and 2.38 and currently at 3.41 and 2.38. I prefer these ratios be below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.10	0.09
Intang/GW	0.32	0.30
Liquidity	0.82	0.88
Liq. + CF	1.24	1.32
Debt Ratio	1.43	1.43
Leverage	3.41	3.41
D/E Ratio	2.38	2.38

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	11.97%	8.24%	6.39%	1.85%
2015	10	8.20%	7.99%	6.30%	1.69%
2010	15	8.28%	8.11%	6.43%	1.67%
2005	20	8.06%	8.93%	7.18%	1.75%
2000	25	11.60%	11.06%	8.98%	2.07%
1995	30	11.26%	13.27%	10.83%	2.44%
1990	35	10.51%	12.61%	10.41%	2.19%
1985	40	10.16%	11.81%	9.84%	1.97%
1984	41	9.90%	14.52%	11.64%	2.89%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.65, 14.49 and 16.33. The corresponding 10 year ratios are 12.91, 14.61 and 17.43. The corresponding historical ratios are 10.96, 13.03 and 14.21. The current ratio is 13.50 based on a stock price of $48.45 and EPS estimate for 2027 $3.59. 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 11.97, 13.91 and 16.36. The corresponding 10 year ratios are 12.60, 14.43 and 17.12. The corresponding historical ratios are 11.71, 13.68 and 15.55. The current ratio is 13.50 based on a stock price of $48.45 and AEPS estimate for 2027 of $3.59. 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 $42.36. The 10-year low, median, and high median Price/Graham Price Ratios are 0.96, 1.15 and 1.32. The current ratio is 1.14 based on a stock price of $48.45. 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 1.85. The current ratio is 2.18 based on a stock price of $48.45, Book Value of $5,003M and Book Value per Share of $22.21. The current ratio is 18% 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 5.59. The current ratio is 7.51 based Cash Flow per Share for the last 12 months of $8.48, Cash Flow of $1,911M and a stock price of $48.45. The current ratio is 2% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 1.45%. The current ratio is 2.00% based on dividends of $0.87 and a stock price of $48.45. The current ratio is 38% 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 1.71%. The current ratio is 2.00% based on dividends of $0.87 and a stock price of $48.45. The current ratio is 17% 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 0.31. The current ratio is 0.33 based on Revenue estimate for 2027 of $32,949M, Revenue per Share of $146.29 and a stock price of $48.45. The current ratio is 7% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is probably reasonable. The 10 year median dividend yield says it is reasonable and below the median. The P/S Ratio test says it is reasonable but above the median. The rest of the testing runs from cheap to reasonable but above the median, but the most are reasonable and below the median.

When I look at analysts’ recommendations, I find Buy, (1), Hold (5) and Underperform (1). The consensus would be a Hold. The 12 month stock price consensus is $53.86 with a high of $58.00 and a low of $48.00. The consensus stock price of $53.86 implies a total return of 13.17% with 11.17% from capital gains and 2.00% from dividends based on a current stock price of $48.45.

There is one analyst on Stock Chase in 2026 giving this stock a weak buy. He says that grocers are getting higher highs and higher lows. Stock Chase gives this stock 3 and one half stars out of 5. Kay Ng on Motley Fool thinks this is a blue chip stock to buy because it is a defensive dividend grower. Amy Legate-Wolfe on Motley Fool thinks this is a comfortable stock to own. The company put out a Press Release about their fourth quarter results ending in March 2026.

Simply Wall Street via Yahoo Finance reviews this stock and says that on a Discounted Cash Flow basis, the stock is slightly undervalued. Simply Wall Street via Yahoo Finance say that this is a resilient Canada stock to own. Simply Wall Street gives this stock one and one half stars out of 5. It shows no risks.

Empire Co Ltd is a Canadian company whose key businesses are food retailing and related real estate. The Food retailing segment is comprised of three operating segments: Sobeys National, Farm Boy and Longo's. The Investments and other operations consist of investments in Crombie REIT, real estate partnership. Its web site is here Empire Company Ltd.

The last stock I wrote about was about was Saputo Inc (TSX-SAP, OTC-SAPIF) ... learn more. The next stock I will write about will be Premium Brands Holdings Corp (TSX-PBH, OTC-PRBZF) ... learn more on Friday, July 10, 2026 around 5 pm. Tomorrow on my other blog I will write about Your Neighbour Canada Has Changed.... learn more on Thursday, July 9, 2026 around 5 pm.

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

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

Also, on my book blog I have put a review of the book Earning the Rockies by Robert Kaplan learn more...

Saputo Inc

Sound bite for Twitter is: Dividend Growth Consumer. Debt Ratios are good. The Dividend Payout Ratios (DPR) are decreasing and that is good. The current dividend yield is low with dividend growth low. See my spreadsheet on Saputo Inc.

Is it a good company at a reasonable price? There are some positives that I see with this company. The first is that the DPR for EPS and AEPS is improving and is expected to continue to improve. Also, analysts expect better growth this year. So, I am hopeful. I plan to hold on to the shares I have. The shares seem to be priced at a reasonable price.

I own this stock of Saputo Inc (TSX-SAP, OTC-SAPIF). This was a stock on Mike Higgs' Canadian Dividend Growth Stock list and on the dividend lists that I followed. I bought this stock first in 2006 for my RRSP account. Because I am now taking money from my RRSP accounts, I have been selling this stock because of the low dividend. I still like this stock so I have been buying it in my TFSA. However, it has not done well lately.

When I was updating my spreadsheet, I noticed that I have made a good return on the stock I bought in 2006 and 2007, but recent buys have not produced a good return. You can see that in the Total Return per Year chart below.

Also, that they have been increasing the dividends without doing much to increased the earnings. When this happens, the Dividend Payout Ratios increases. The DPR has gone from a relatively reasonable one in 2021 in the 40% ranges to the current one in 2024 of 117% and the 5 year running average in 2025 of 93% with the DPR non-calculable due an earning loss. The DPRs are improving and for the March 2026 financial year, they are back into the 40% range.

Note that this company has a financial year ending at March 31 each year. I am reviewing the financial year ending March 31, 2026.

Growth has been low over the past 5 and 10 years. Analysts expect some better growth in 2027. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4 to then end of the 2026 financial year of March 31, 2026. Column 5 shows growth expected over 12 months to the first quarter in 2027 and expected growth over this financial year to March 31, 2027.

Yr	Item	Tot. Grth	Per Year	Gwth	Coverage
5	Revenue Growth	22.79%	4.19%	<-12 mths	-1.44%
5	AEPS Growth	4.60%	0.90%	<-12 mths	2.20%
5	Net Income Growth	7.42%	1.44%	<-12 mths	5.36%
5	Cash Flow Growth	39.88%	6.94%
5	Dividend Growth	13.67%	2.60%	<-12 mths	1.27%
5	Stock Price Growth	15.00%	2.84%	<-12 mths	-2.35%
10	Revenue Growth	59.68%	4.79%	<-this year	2.11%
10	AEPS Growth	15.19%	1.42%	<-this year	15.93%
10	Net Income Growth	11.80%	1.12%	<-this year	37.43%
10	Cash Flow Growth	77.96%	5.93%	<-this year	-2.22%
10	Dividend Growth	47.66%	3.97%	<-this year	13.29%
10	Stock Price Growth	4.37%	0.43%	<-this year	9.57%

If you had invested in this company in December 2015, for $1,026.10 you would have bought 31 shares at $33.10 per share. In December 2025, after 10 years you would have received $215.45 in dividends. The stock would be worth $1,280.61. Your total return would have been $1,496.06. This would be a total return of 4.13% per year with 2.24% from capital gain and 1.89% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$33.10	$1,026.10	31	10	$215.45	$1,280.61	$1,496.06

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.89%. The 5 and 10 year median dividend yield are moderate (2% to 4% ranges) at 2.40% and 2.08%. The historical median dividend yield is low at 1.68%.

The Dividend Payout Ratios (DPR) are decreasing and that is good. The DPR for 2025 for Earnings per Share (EPS) is good at 48% with 5 year coverage too high at 93%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 43% with 5 year coverage at 47%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 18% with 5 year coverage at 20%. The DPR for 2025 for Free Cash Flow (FCF) is good at 31% with 5 year coverage at 36%.

Item	Cur	5 Years
EPS	48.47%	92.98%
AEPS	43.41%	47.63%
CFPS	18.11%	20.32%
FCF	31.46%	35.93%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.13 and currently at 0.13. The Liquidity Ratio for 2025 is good at 1.71 and 1.71 currently. The Debt Ratio for 2025 is good at 2.00 and 2.00 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.00 and 1.00 and currently at 2.00 and 1.00.

Type	Year End	Ratio Curr
Lg Term R	0.13	0.13
Intang/GW	0.20	0.20
Liquidity	1.71	1.71
Liq. + CF	2.10	2.09
Debt Ratio	2.00	2.00
Leverage	2.00	2.00
D/E Ratio	1.00	1.00

The Total Return per Year is shown below for years of 5 to 29 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	2.60%	4.96%	3.00%	1.96%
2013	10	3.97%	4.13%	2.24%	1.89%
2008	15	6.38%	7.18%	5.03%	2.15%
2003	20	7.68%	10.95%	8.23%	2.73%
1998	25	12.14%	12.06%	9.24%	2.81%
1996	29		10.31%	8.16%	2.16%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 16.69, 21.21, and 25.11. The corresponding 10 year ratios are 19.48, 22.42 and 25.93. The corresponding historical ratios are 11.14, 20.72 and 21.26. The current ratio is 18.60 based on a stock price of $40.91 and EPS estimate for 2027 of $2.20. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 15.66, 19.00 and 23.79. The corresponding 10 year ratios are 18.75, 22.38 and 24.74. The corresponding historical ratios are 16.65, 21.12 and 23.79. The current ratio is 19.39 based on a stock price of $40.91 and AEPS estimate for 2027 of $2.11. The current ratio is between the low ratio 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 $28.27. The 10-year low, median, and high median Price/Graham Price Ratios are 1.27, 1.50 and 1.78. The current ratio is 1.45 based on a stock price of $40.91. The current ratio is between the low ratio 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 2.18. The current ratio is 2.44 based on a Book Value of $6,805M, Book Value per Share of $16.80 and a stock price of $40.91. The current ratio is 12% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 14.52. The current ratio is 11.24 based on CFPS estimate for 2027 of $3.64, Cash Flow of $1,475M and a stock price of $40.91. The current ratio is 23% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 1.68%. The current dividend yield is 1.96% based on a stock price of $40.91 and Dividends of $0.80. The current dividend yield is 16% 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 2.08%. The current dividend yield is 1.96% based on a stock price of $40.91 and Dividends of $0.80. The current dividend yield is 6% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.96. The current P/S Ratio is 0.87. The current ratio is 4% 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 still reasonable. The 10 year dividend yield test says it is reasonable but above the median. The P/S Ratio test says it is reasonable and below the median. The rest of the testing runs from cheap to reasonable.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3), Hold (3) and Underperform (1). The consensus would be a Buy. The 12 month stock price consensus is $47.62 with a high of $51.00 and low of $42.00. The consensus stock price of $47.62 implies a total return of 18.36% with 16.40% from capital gains and 1.96% from dividends based on a current stock price of $40.91.

There are two entries for this stock on Stock Chase for 2026. One is a Buy and the other a Partial Sell. The Partial Sell thinks that the P/E is too high. Stock Chase gives this stock 4 and one half stars out of 5. Christopher Liew on Motley Fool says to buy as it appears to be a turnaround story. Amy Legate-Wolfe on Motley Fool thinks this stock is good for your RRSP with slower growth but a reliable dividend. The company put out a Press Release for their fourth quarter ending in March 2026.

This Globe Newswire article via Yahoo Finance talk about Saputo selling 80% interest in its Dairy Division (Argentina). Simply Wall Street via Yahoo Financial reviews this stock and talks about the bull and bear view of this company. Simply Wall Street has one warning of significant insider selling over the past 3 months. Actually, it is company insiders not taking up options. Simply Wall Street gives this stock 4 and one half stars out of 5 stars.

Saputo Inc produces, markets, and distributes dairy products, including cheese, fluid milk, extended shelf-life milk and cream products, cultured products, and dairy ingredients. The Company is a cheese manufacturer and fluid milk and cream processor in Canada, a dairy processor in Australia, a cheese producer and extended shelf-life and cultured dairy products manufacturer in the USA, and a manufacturer of branded cheese and dairy spreads in the UK. Its web site is here Saputo Inc.

The last stock I wrote about was about was Computer Modelling Group Ltd (TSX-CMG, OTC-CMDXF) ... learn more. The next stock I will write about will be Empire Company Ltd (TSX-EMP.A, OTC-EMLAF) ... learn more on Wednesday, July 8, 2026 around 5 pm. Tomorrow on my other blog I will write about Canada’s Economy.... learn more on Tuesday, July 7, 2026 around 5 pm.

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

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

Computer Modelling Group Ltd

Sound bite for Twitter is: Dividend Paying Tech. Debt Ratios are fine, but Liquidity could be improved. The Dividend Payout Ratios (DPR) could be improved and is going in the right direction. The current dividend yield is low with dividend growth non-existent as dividends are declining. See my spreadsheet on Computer Modelling Group Ltd.

Is it a good company at a reasonable price? I have given up on this stock. It seems to be rather cyclical. It is cheap, but cheap does not necessarily mean a good buy. It has cut its dividend 3 times since 2020. I sold my shares but I will continue to track this stock. It is rather cheap.

I not own this stock of Computer Modelling Group Ltd (TSX-CMG, OTC-CMDXF), but I used to. I bought this company in 2008 because it is a dividend paying growth stock that would also be considered to be a small cap with a capitalization of around $115 million. Insiders are currently buying this stock. It has great growth and it is information technology a favourite sector of mine. When I sold some of my TD Bank stock in June 2009, I bought some more. Because the stock grew rapidly and because it is a tech stock.

I sold some shares in 2011 to lock in profit. I sold the rest of my shares in 2026. This stock has not done much lately and I need more cash in my RIF account. I have given up on this company. I made a lot of money at first as I bought it in 2008 and 2009 before it took off. I have still made good money at 18.95% per year with 7.55% from capital gains and 11.40% from dividends over the 17 years I have had this stock. It cut its dividend again this year. Dividend cuts are never a good sign.

When I was updating my spreadsheet, I noticed there is a big turnover in Directors. They have a new Chairman that was not on the board before and of the directors I was following, only 1 remains. The CEO has been in that position for some time, but there has been a lot of changes in staff. Note that it has a financial year ending at March 31 each year. I am looking at the financial year ending March 31, 2026.

If you had invested in this company in December 2015, for $1,003.47 you would have bought 83 shares at $12.09 per share. In December 2025, after 10 years you would have received $225.76 in dividends. The stock would be worth $433.26. Your total return would have been $659.02. This would be a total loss of 4.92% per year with 8.06% from capital loss and 3.14% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$12.09	$1,003.47	83	10	$225.76	$433.26	$659.02

The current dividend yield is low with dividend growth non-existent as dividends are declining. The current dividend yield is low (below 2%) at 1.10%. The 5, 10 and historical median dividend yields are moderate (2% to 4% ranges) at 2.33%, 3.91% and 3.59%. The dividends growth to 2015 and then they were flat until 2020 and then they were decreased 50%. In 2026 they were decreased a further 80%.

The Dividend Payout Ratios (DPR) could be improved and is going in the right direction. The DPR for 2026 for Earnings per Share (EPS) is too high at 57% with 5 year coverage at 74%. The DPR for 2026 for Funds from Operations (FFO) is good at 39% with 5 year coverage at 52%. The DPR for 2026 for Company’s Free Cash Flow (FCF) is good at 48% with 5 year coverage high at 60%. The DPR for 2026 for Cash Flow per Share (CFPS) is good at 36% with 5 year coverage too high at 60%. The DPR for 2026 for Free Cash Flow (FCF) is good at 22% with 5 year coverage fine at 50%. FCF for 2026 varies from $21M to $29M. I am using the $29M value.

Item	Cur	5 Years
EPS	57.14%	74.19%
FFO	38.71%	52.57%
FCF C.	48.00%	60.44%
CFPS	36.32%	51.20%
FCF	22.88%	49.82%

Debt Ratios are fine, but Liquidity could be improved. The Long Term Debt/Market Cap Ratio for 2026 is good at 0.02 and currently at 0.03. The Liquidity Ratio for 2026 is low at 1.00 and 1.00 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.31 and currently at 1.48. I like to see this ratio at 1.50 or higher. The Debt Ratio for 2026 is good at 1.66 and 1.66 currently. The Leverage and Debt/Equity Ratios for 2026 are fine at 2.52 and 1.52 and currently at 2.52 and 1.52

Type	Year End	Ratio Curr
Lg Term R	0.02	0.03
Intang/GW	0.28	0.33
Liquidity	1.00	1.00
Liq. + CF	1.31	1.48
Debt Ratio	1.66	1.66
Leverage	2.52	2.52
D/E Ratio	1.52	1.52

The Total Return per year is shown below for years of 5 to 29 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	-9.71%	5.06%	1.36%	3.71%
2015	10	-11.34%	-4.92%	-8.06%	3.14%
2010	15	-3.10%	3.91%	-1.42%	5.33%
2005	20	8.16%	24.22%	9.10%	15.12%
2000	25	8.91%	43.73%	18.19%	25.54%
1996	29		17.33%	9.51%	7.83%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 32.75, 26.75 and 33.09. The corresponding 10 year ratios are 20.34, 26.60 and 33.03. The corresponding historical ratios are 13.90, 21.08 and 26.87. The current ratio is 14.60 based on a stock price of $3.65 and EPS estimate for 2027 of $0.25. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $2.37. The 10-year low, median, and high median Price/Graham Price Ratios are 2.53, 3.46 and 4.37. The current ratio is 1.54 based on a stock price of $3.65. 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 10.38. The current ratio is 3.65 based on a stock price of $3.65, Book Value of $78,331M and Book Value per Share of $1.00. The current ratio is 65% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. (However, these ratios are really high, especially the 10 year median at 10.38.)

I get a 10-year median Price/Cash Flow per Share Ratio of 19.85. The current ratio is 8.49 based on CFPS estimate for 2027 of $0.43, Cash Flow of $33.7M and a stock price of $3.65. The current ratio is 57% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 3.59%. The current dividend yield is 1.10% based on dividends of $0.04 and a stock price of $3.65. The current dividend yield is 69% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not a good test for a company decreasing their dividends.

I get a 10 year median dividend yield of 3.91%. The current dividend yield is 1.10% based on dividends of $0.04 and a stock price of $3.65. The current dividend yield is 72% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not a good test for a company decreasing their dividends.

The 10-year median Price/Sales (Revenue) Ratio is 6.72. The current P/S Ratio is 2.25 based on Revenue estimate for 2027 of $113M, Revenue per Share of $1.62 and a stock price of $3.65. The current ratio is 67% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. The dividend yield tests do not work well when they are decreasing. Although, a decreasing dividend is never a good sign. The P/S Ratio test is a good one and it says that the stock price is relatively cheap. Another favourite stock price test is the P/GP Ratio test and that also says that the stock price is cheap. All the tests but the dividend yield tests says that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Buy (2) and Hold (3). The consensus is a Buy. The 12 month stock price consensus is $5.20 with a high of $6.00 and low of $4.50. The consensus stock price of $5.20 implies a total return of $43.56% with 42.47% from capital gains and 1.10% from dividends based on a current stock price of $3.65. The analysts are not very enthusiastic about the stock given that they think it will go up over 42% this year.

The last analyst entry on Stock Chase is dated in 2024. It is never a good sign when analysts lose interest in a stock. Amy Legate-Wolfe on Motley Fool says the stock is undervalue and imperfect but may offer opportunity. Aditya Raghunath on Motley Fool thinks you could grow wealth in your TFSA with this stock. The company put out a press release via Global Newswire about their fourth quarter ending in March 2026.

Simply Wall Street via Yahoo Finance reviews this stock and thinks it is a TSX Penny Stock to Watch. Simply Wall Street via Yahoo Finance looks at this stock and thinks it is a good idea for the company to invite Christopher Wright to its Board. There is a number of fair value estimates and they range from $4.64 to $18.62 per share. This shows how far apart private investors can be on this stock’s potential.

Computer Modelling Group Ltd is a software and consulting technology company engaged in developing and licensing reservoir simulation and seismic interpretation software. The company also provides professional services consisting of highly specialized support, consulting, training, and contract research activities. The firm has operations in the Americas, Europe, Middle East, Africa, and Asia-Pacific regions. Its web site is here Computer Modelling Group Ltd.

The last stock I wrote about was about was Waste Connections Inc (TSX-WCN, NYSE-WCN) ... learn more. The next stock I will write about will be Saputo Inc (TSX-SAP, OTC-SAPIF) ... learn more on Monday, July 6, 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.

Waste Connections Inc

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

Is it a good company at a reasonable price? This company has done well for its shareholders in the past. Analysts do expect growth this year also. Dividend is low, but the growth is moderate. A number of analysts seem to think that the stock is undervalued. My testing is showing that the stock price is reasonable for the tests that I like, but some testing is showing the stock as cheap and some as expensive.

I do not own this stock of Waste Connections Inc. (TSX-WCN, NYSE-WCN), but I used to. I first bought this stock in 2007 because TD Securities had a very favorable report on this stock and had it on their action buy list. I had money because I had recently sold RIM. At that time, it was BFI Canada Income Fund. In 2010, I needed to buy something for Pension Account. I have this already and it is on TD Action Buy List. I sold because it became the target of a reverse takeover by an American company.

Dividend is low, but the growth is moderate. What does this mean for the future? If the dividend increases remain at 12.90% then the dividends paid, the Dividend yield and the Dividend Coverage of the current stock price in 5, 10 and 15 years would as shown below. This is in US$ as dividends are paid in US$.

Div Pd	Div Yield	Years	At IRR	Div Cov
$2.39	1.41%	5	10.87%	5.26%
$4.06	2.36%	10	10.87%	12.80%
$6.93	3.95%	15	10.87%	25.64%

When I was updating my spreadsheet, I noticed that this stock has continued to do well. See the chart below. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2026 and expected growth over this year. This chart is in US$. The financial are in US$. Dividends are paid in US$.

Yr	Item	Tot. Growth	Per Year	Gwth	Coverage
5	Revenue Growth	73.83%	11.69%	1.50%	<-12 mths
5	AEPS Growth	95.08%	14.30%	1.94%	<-12 mths
5	Net Income Growth	425.98%	39.38%	-2.06%	<-12 mths
5	Cash Flow Growth	71.39%	11.38%	0.17%	<-12 mths
5	Dividend Growth	70.39%	11.25%	8.11%	<-12 mths
5	Stock Price Growth	70.97%	11.32%	-5.08%	<-12 mths
10	Revenue Growth	391.64%	17.26%	5.62%	<-this year
10	AEPS Growth	160.10%	10.03%	6.80%	<-this year
10	Net Income Growth	769.06%	24.14%	9.52%	<-this year
10	Cash Flow Growth	481.68%	19.25%	11.12%	<-this year
10	Dividend Growth	307.56%	15.08%	7.64%	<-this year
10	Stock Price Growth	437.82%	18.32%	16.29%	<-this year

If you had invested in this company in December 2015, for $1,038.12 you would have bought 23 shares at $45.14 per share. In December 2025, after 10 years you would have received $255.92 in dividends. The stock would be worth $5,536.56. Your total return would have been $5,792.48. This would be a total return of 19.33% per year with 18.22% from capital gain and 1.11% from dividends. This chart is in CDN$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$45.14	$1,038.12	23	10	$255.92	$5,536.56	$5,792.48

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 0.84%. The 5, 10 and historical median dividend yield is also low at 0.71%, 0.77% and 1.10%. The dividend growth is moderate (8% to 14% per year) at 11% per year over the past 5 years. The last dividend increase was in 2025 and it was for 11%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 31% with 5 year coverage at 35%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 25% with 5 year coverage at 25%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 12% with 5 year coverage at 13%. The DPR for 2025 for Free Cash Flow (FCF) is good at 23% with 5 year coverage at 23%. FCF for 2025 ranges from $1,218M to $1,480M. I am using the $1,480M value. This chart is in US$.

Item	Cur	5 Years
EPS	31.06%	35.11%
AEPS	25.15%	25.05%
CFPS	12.36%	12.58%
FCF	22.55%	22.79%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.20 and currently at 0.21. The Liquidity Ratio for 2025 is far too low at 0.62 and 0.65 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.60 and currently at 1.84. The Debt Ratio for 2025 is good at 1.64 and 1.61 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.56 and 1.56 and currently at 2.63 and 1.63. This chart is in US$.

Type	Year End	Ratio Curr
Lg Term R	0.20	0.21
Intang/GW	0.23	0.23
Liquidity	0.62	0.69
Liq. + CF	1.60	1.84
Debt Ratio	1.64	1.61
Leverage	2.56	2.63
D/E Ratio	1.56	1.63

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	12.90%	13.87%	13.02%	0.85%
2015	10	14.97%	19.33%	18.22%	1.11%
2010	15	11.79%	14.95%	14.05%	0.90%
2005	20	2.45%	10.57%	9.54%	1.03%
2001	24	5.25%	14.89%	12.64%	2.26%

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	11.25%	12.15%	11.32%	0.83%
2015	10	15.08%	19.48%	18.32%	1.16%
2010	15	9.45%	12.47%	11.64%	0.84%
2005	20	1.63%	9.77%	8.68%	1.09%
2001	24	5.91%	18.38%	14.59%	3.78%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 41.33, 46.88 and 50.60. The corresponding 10 year ratios are 39.47, 42.95 and 48.59. The corresponding historical ratios are 25.13, 29.60 and 34.08. The current ratio is 35.90 based on a stock price of $166.45 and EPS of $4.64. The current ratio is below the low ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ 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 30.63, 35.46 and 38.83. The corresponding 10 year ratios are 28.71, 32.03 and 36.85. The corresponding historical ratios are 23.62, 27.68 and 34.90. The current ratio is 30.26 based on a stock price of $166.45 and AEPS of $5.50. The current ratio is between the low and median ratios of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I get a Graham Price of $88.69. The 10-year low, median, and high median Price/Graham Price Ratios are 2.20, 2.51 and 2.77. The current ratio is 2.67 based on a stock price of $236.88. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 3.80. The current ratio is 5.25 based on a Book Value of $8058M, Book Value per Share of $31.69 and a stock price of $166.45. The current ratio is 38% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 15.60. The current ratio is 15.78 based on Cash Flow per Share estimate for 2026 of $10.55, Cash Flow of $2,682M and a stock price of $166.45. The current ratio is 1% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. In CDN$ the results is the current ratio is 4% below the 10 year median ratio and this stock price testing suggests that the stock price is relatively reasonable and below the median. They are not far apart.

I get an historical median dividend yield of 1.10%. The current dividend yield is 0.84% based on dividends of $1.40 and a stock price of $166.45. The current dividend yield is 24% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I get a 10 year median dividend yield of 0.77%. The current dividend yield is 0.84% based on dividends of $1.40 and a stock price of $166.45. The current dividend yield is 9% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 4.29. The current ratio is 4.23 based on Revenue estimate for 2026 of $9,999M, Revenue per Share of $39.33 and a stock price of $166.45. The current ratio is 1% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

Results of stock price testing is that the stock price is probably reasonable. The 10 year median dividend yield test says this and it is confirmed by the P/S Ratio test. However, my testing of the stock price ranges from cheap to expensive. Most of the testing is in US$ as this company reports in US$ and dividends are paid in US$.

When I look at analysts’ recommendations, I find Strong Buy (18), Buy (6) and Hold (4). The consensus would be a Strong Buy. The 12 month consensus stock price is $288.79 ($203.92 US$) with a high of $431.94 ($305.00 US$) and low of $220.93 ($156.00 US$.) The consensus stock price of $288.79 implies a total return of 73.49% with 72.65% from capital gains and 0.84% from dividends based on a current stock price of $236.88.

The analysts on Stock Chase vary from Hold, Wait and Buy. The Wait was the recommendation because the analyst thought the stock was overpriced. Rajiv Nanjapla on Motley Fool thinks this stock is currently undervalued. Adam Othman on Motley Fool says it is a good time to buy this stock for potential capital appreciation. The company put out a Press Release about their fourth quarter of 2025. The company put out a press release via Business Wire about their first quarter of 2026.

Zacks via Yahoo Finance says that investor should hold this stock in their portfolios now. Global Newswire via Yahoo Finance talks about the company opening a Renewable Gas Facility. Simply Wall Street via Yahoo Finance reviews this stock in June 2026 and talks about recent mixed returns. It also thinks the stock is undervalued. They have one warning out of has a high level of debt.

Waste Connections is a North American waste management company focused on integrated waste collection services. Revenue is split among six operating segments: Western, Southern, Eastern, Central, Canada, and Midsouth. Its web site is here Waste Connections Inc.

The last stock I wrote about was about was Lassonde Industries Inc (TSX-LAS.A, OTC-LSDAF) ... learn more. The next stock I will write about will be Computer Modelling Group Ltd (TSX-CMG, OTC-CMDXF) ... learn more on Friday, July 3, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy July 2026 learn more on Thursday, July 2, 2026 around 5 pm.

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