Goodfellow Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Melcor Developments Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

BCE Inc

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Atrium Mortgage Investment Corp

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Hydro One Ltd

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably expensive. I would say it is a Hold. Debt Ratios are acceptable, but it would be nice if they were improved. The Dividend Payout Ratios (DPR) could improve. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Hydro One Ltd.

Is it a good company at a reasonable price? The dividends are rather low for a utility, but they are increasing. As it seems with a number of utilities I looked at this year, I wish the Debt Ratios, especially the Liquidity Ratios were better and it had less debt. This stock is going to continue and to pay dividends. The only caution I have is that it seems that the current stock price is too high.

I do not own this stock of Hydro One Ltd (TSX-H, OTC-HRNNF). It is a utility stock and has been recommended by various persons. It was on the Money Sense list with a C. Rating in 2022. It appeared in the Stable Dividend Portfolio when Norman Rothery originally wrote about it in December 21, 2022. This stock has not been on the Money Sense list since 2023.

When I was updating my spreadsheet, I noticed that shareholders have done quite well with this stock. Total Return being over 10% per year for 5, 10 and 11 years at 16.87%, 12.60% and 11.58%. However, like other utilities the DPRs are high and the debt is high.

If you had invested in this company in December 2015, for $1,003.05 you would have bought 45 shares at $22.29 per share. In December 2025, after 10 years you would have received $476.36 in dividends. The stock would be worth $2,458.80. Your total return would have been $2,935.16. This would be a total return of 12.60% per year with 9.38% from capital gain and 3.22% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$22.29	$1,003.05	45	10	$476.36	$2,458.80	$2,935.16

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 2.25%. The 5 and 9 year median dividend yields are also moderate at 2.94% and 3.63%. The dividend growth is low (below 8%) at 5.6% over the past 5 years. The last dividend increase was 2025 and it was for 6.02%

The Dividend Payout Ratios (DPR) could improve. The DPR for 2025 for Earnings per Share (EPS) is high at 59% with 5 year coverage at 63%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is high at 99% with 5 year coverage at 96%. The AFFO values are provided by TD Bank. The DPR for 2025 for Funds from Operations (FFO) is good at 30% with 5 year coverage at 31%. The FFO values are provide by the company.

The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 59% with 5 year coverage at 63%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 29% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to reported negative FCFs.

Item	Cur	5 Years
EPS	58.90%	63.08%
AFFO	98.76%	96.46%
FFO	30.00%	31.33%
AEPS	58.90%	63.31%
CFPS	28.91%	28.11%
FCF 1	NC	NC
FCF 2	NC	NC

Debt Ratios are acceptable, but it would be nice if they were improved. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.55 and currently good at 0.51. The Liquidity Ratio for 2025 is too low at 0.61 and 0.61 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.11 and currently at 1.13. If you add back the debt outstanding currently the ratios are still low at 1.41 and currently at 1.43. I prefer this ratio to be 1.50 or higher, but generally speaking, they tend to be low for utilities. The Debt Ratio for 2025 is fine, but low at 1.47 and 1.47 currently. I prefer these ratios to be at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.14 and 2.13 and currently at 3.14 and 2.13. I prefer these ratios below 3.00 and 2.00, but utilities tend to have a lot of debt.

Type	Year End	Ratio Curr
Lg Term R	0.55	0.51
Intang/GW	0.03	0.03
Liquidity	0.61	0.61
Liq. + CF	1.11	1.13
Liq. + CF+D	1.41	1.43
Debt Ratio	1.47	1.47
Leverage	3.14	3.14
D/E Ratio	2.13	2.13

The Total Return per year is shown below for years of 5 to 11 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	5.56%	16.87%	13.69%	3.18%
2015	10	3.43%	12.60%	9.38%	3.22%
2014	11		11.58%	8.79%	2.79%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 18.28, 20.34 and 22.40. The corresponding 10 year ratios are 17.90, 19.87 and 21.85. The corresponding historical ratios are 17.67, 19.70 and 21.73. The current ratio is 26.02 based on a stock price of $59.27 and EPS estimate for 2026 of $2.28. 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 also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 18.28, 20.34 and 22.40. The corresponding 10 year ratios are 17.90, 19.87 and 21.47. The corresponding historical ratios are 17.90, 19.47 and 20.83. The current ratio is 26.11 based on a stock price of $59.27 and AEPS estimate for 2026 of $2.27. 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 (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 9.24, 10.28 and 11.33. The corresponding 10 year ratios are 8.42, 9.25 and 10.34. The corresponding historical ratios are 8.10, 8.94 and 10.09. The current ratio is 13.54 based on a stock price of $59.27 and FFO for the last 12 months of $4.38. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $32.82. The 10-year low, median, and high median Price/Graham Price Ratios are 1.06, 1.16 and 1.28. The current ratio is 1.81 based on a stock price of $59.27. 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 1.57. The current ratio is 2.81 based on a Book Value of $12,648M, Book Value per Share of $21.09 and a stock price of $59.27. The current ratio is 79% 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 8.64. The current ratio is 12.86 based on Cash Flow per Share estimate for 2026 of $4.61, Cash Flow of $2,765M and a stock price of $59.27. The current ratio is 49% 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 3.63%. The current dividend yield is 2.25% based on dividends of $1.3324 and a stock price of $59.27. The current dividend yield is 38% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 3.63%. The current dividend yield is 2.25% based on dividends of $1.3324 and a stock price of $59.27. The current dividend yield is 38% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 2.39. The current ratio is 3.83 based on Revenue estimate for 2026 of $9,292M, Revenue per Share of $15.49 and a stock price of $59.27. The current ratio is 60% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. I would say it is a Hold. The 10 year median dividend yield test says this and it is confirmed by the P/S Ratio test. All the testing I have done shows a stock price that is expensive. I would say it is a Hold.

When I look at analysts’ recommendations, I find Buy (2), Hold (10), Underperform (2) and Sell (1). The consensus is a Hold. The 12 month stock price consensus is $55.53 with a high of $66.00 and low of $46.00. The 12 month stock price consensus implies a total loss of 4.06% with a 6.31% capital loss and 2.25% from dividends based on a current stock price of $59.27.

There is only one entry for 2026 on Stock Chase. The recommendation is Do Not Buy because the low dividend and only operates in Ontario. There were mixed reviews in 2025 from Partial Sell to Hold to Buy. Amy Legate-Wolfe on Motley Fool. She says that Hydro One fits the “sleep better” test perfectly. Joey Frenette on Motley Fool. He says Hydro One stock could hold steady, even in a stormier market. The company put out a Press Release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance. They review the stock and discuss if it under or overvalued. Simply Wall Street has two warnings out on this stock of debt is not well covered by operating cash flow; and dividend of 2.28% is not well covered by free cash flows.

Hydro One operates regulated transmission and distribution assets in Ontario. Hydro One operates a small telecom business with annual revenue contributing less than 1% to consolidated results. The province of Ontario holds an approximate 47.5% common equity stake. Its web site is here Hydro One Ltd.

The last stock I wrote about was about was AltaGas Ltd (TSX-ALA, OTC-ATGFF) ... learn more. The next stock I will write about will be Atrium Mortgage Investment Corp (TSX-AI, OTC-AMIVF) ... learn more on Friday, April 10, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy April 2026 .... learn more on Thursday, April 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.

AltaGas Ltd

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is relatively expensive. Debt Ratios are mostly fine, but Liquidity Ratio could improve. The Dividend Payout Ratios (DPR) are probably too high expect for Cash Flow. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on AltaGas Ltd .

Is it a good company at a reasonable price? I know that they cut their dividends in 2019. People who live off their dividends tend to be unforgiving of dividend cuts. I am not. I have kept or invested in stock that cut their dividends. It depends on how I feel about the company. Note that I have had companies that cut dividends before, but overall, my dividend income does go up each year. I am keeping my shares in this company. I would wonder about buy at the present time because the stock price is at an all time high and my testing is showing that the stock price is relatively expensive.

I own this stock of AltaGas Ltd (TSX-ALA, OTC-ATGFF). When I bought this stock in 2009 it was on many dividend growth stock lists. In 2009, I saw that this stock also had good growth in Revenues, Earnings, Dividends, and Stock Prices over the last 5 and 10 years. The stock had a fairly strong balance sheet. I took a small position in this stock, and planned to wait and see how things go with this stock before buying more. I bought more in 2010 and 2012.

When I was updating my spreadsheet, I noticed I have a total return of 10.73% with 5.05% from capital gains and 5.68% from dividends. I notice that this stock has not been on the Money Sense 100 Best Dividend Stocks since 2021. See the last list here.

If you had invested in this company in December 2015, for $1,068.34 you would have bought 26 shares at $82.18 per share. In December 2025, after 10 years you would have received $560.69 in dividends. The stock would be worth $1,814.15. Your total return would have been $2,374.84. This would be a total return of 9.47% per year with 5.44% from capital gain and 4.03% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$82.18	$1,068.34	17	10	$560.69	$1,814.15	$2,374.84

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.72%. The 5 year and historical median dividend yields are moderate at 3.98% and 4.96%. The 10 year median dividend yield is good (5% to 6% ranges) at 5.21%. The dividends have increased ty 5.6% per year over the past 5 years. Note that this company cut their dividends some 56% in 2019. Dividends are still 39% below those of 2018.

The Dividend Payout Ratios (DPR) are probably too high expect for Cash Flow. The DPR for 2025 for Earnings per Share (EPS) is too high at 51% with 5 year coverage at 64%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 58% with 5 year coverage at 57%. I prefer this percentage to be below 50%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 18% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow (FCF) non-calculable due to negative FCF values.

Item	Cur	5 Years
EPS	50.81%	64.12%
AEPS	56.76%	57.62%
CFPS	15.18%	12.23%
FCF	NC	NC

Debt Ratios are mostly fine, but Liquidity Ratio could improve. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.70 and currently at 0.61. The Liquidity Ratio for 2025 is too low at 0.82 and 0.82 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.05 and currently at 1.09. I prefer these to be at 1.50 or higher but at least they are over 1.00. The Debt Ratio for 2025 is good at 1.55 and 1.55 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.80 and 1.80 and currently at 2.80 and 1.80.

Type	Year End	Ratio Curr
Lg Term R	0.70	0.61
Intang/GW	0.43	0.37
Liquidity	0.82	0.82
Liq. + CF	1.05	1.09
Liq. + CF + D	1.06	1.10
Debt Ratio	1.55	1.55
Leverage	2.80	2.80
D/E Ratio	1.80	1.80

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	5.59%	21.98%	17.46%	4.52%
2015	10	-3.86%	7.27%	3.08%	4.19%
2010	15	-1.86%	9.89%	4.48%	5.41%
2005	20	-1.88%	7.22%	2.04%	5.18%
2000	25	9.27%	21.96%	8.66%	13.30%
1999	26		18.00%	7.76%	10.24%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.97, 16.19, and 18.40. The corresponding 10 year ratios are 13.73, 15.90 and 18.06. The corresponding historical ratios are 13.31, 15.61 and 18.40. The current P/E Ratio is 20.64 based on a stock price of $49.16 and EPS estimate for 2026 of $2.38. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 11.93, 14.24 and 16.45. The corresponding 10 year ratios are 12.21, 14.55 and 17.15. The corresponding historical ratios are 12.49, 14.47 and 16.57. The current P/AEPS Ratio is 21.10 based on a stock price of $49.16 and AEPS estimate for 2026 of $2.33. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 6.15, 7.34, and 8.53. The corresponding 10 year ratios are 5.99, 7.34 and 9.01. The corresponding historical ratios are 7.63, 8.85 and 10.40. The current P/AFFO Ratio is 11.93 based on a stock price of $49.16 and AFFO estimate for 2026 of $4.12. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 5.36, 6.22 and 7.23. The corresponding 10 year ratios are 5.28, 6.61 and 8.07. The corresponding historical ratios are 6.76, 7.83 and 9.31. The current P/FFO Ratio is 11.12 based on a stock price of $49.16 and FFO for the last 12 months of $4.42. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $38.33. The 10-year low, median, and high median Price/Graham Price Ratios are 0.68, 0.84 and 0.97. The current ratio is 1.28 based on a stock price of $49.16. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.10. The current ratio is 1.75 based on a Book Value of $8,720M, Book Value per Share of $28.02 and a stock price of $49.16. The current ratio is 60% 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 of 28.94. This analyst calculates the Book Value differently than I do and, in this case, the 10 year ratio is 1.01. The current ratio is 1.70 based on a stock price of $49.16, Book Value of $9,005M and Book Value per Share of $28.94. The current ratio is 75% 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 8.26. The current P/CF Ratio is 10.91 based on Cash Flow per Share estimate for 2026 of $4.51, Cash Flow of $1,402M and a stock price of $49.16. The current ratio is 32% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 4.96%. The current dividend yield is 2.72% based on a stock price of $49.16 and dividends of $1.336. The current dividend yield is 45% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. Main problem is that dividends were cut in 2019 by 56%.

I get a 10 year median dividend yield of 5.21%. The current dividend yield is 2.72% based on a stock price of $49.16 and dividends of $1.336. The current dividend yield is 48% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. Main problem is that dividends were cut in 2019 by 56%.

The 10-year median Price/Sales (Revenue) Ratio is 0.84. The current P/S Ratio is 1.07 based on Revenue estimate for 2026 of $14,234M, Revenue per Share of $45.74 and a stock price of $49.16. the current ratio is 29% 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 relatively expensive. All my tests come back with the same answer. That is that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (4), Hold (2) and Underperform (1). The consensus would be a Buy. The 12 month stock price consensus is $49.73 and a high of $53.00 and low of $42.00. The consensus stock price of $49.73 implies a Total Return of 3.88% with 1.16% from capital gains and 2.72% from dividends based on a current stock price of $49.16.

Most analysts on Stock Chase in 2025 liked this stock. There were a couple of Holds. For 2026 there is a Top Pick and a Do Not Buy. The Do Not Buy does not say why. Christopher Liew on Motley Fool thinks this is a stock to buy and hold long term. Robin Brown on Motley Fool thinks this is a good stock to buy and tuck away in your TFSA. The company put out a Press Release about their fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance. I do not know where they get their information on Cash Flow in their sentence of “Based on the last dividend, AltaGas is earning enough to cover the payment, but then it makes up 10,428% of cash flows.” See my paragraph above on DPRs. Simply Wall Street has two warnings of debt is not well covered by operating cash flow; and dividend of 2.75% is not well covered by free cash flows. Simply Wall Street gives it 2 and on half stars out of 5.

AltaGas Ltd owns and operates a diversified basket of energy infrastructure businesses. Business is conducted through given segments: Midstream, Utilities, and Corporate/other. The business generates revenue from customers in both Canada and the United States, with the majority coming from Canadian customers. Its web site is here AltaGas Ltd .

The last stock I wrote about was about was TC Energy Corp (TSX-TRP, NYSE-TRP0) ... learn more. The next stock I will write about will be Hydro One Ltd (TSX-H, OTC-HRNNF) ... learn more on Wednesday, April 8, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks April 2026.... learn more on Tuesday, April 1, 2026 around 5 pm.

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

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