Ballard Power Systems Inc

Sound bite for Twitter and StockTwits is: Industrial Sector Stock. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are good and will remain good as long as they can continue to raise cash. This stock has never paid a dividend, so there is no dividend information or dividend payout ratios. See my spreadsheet on Ballard Power Systems Inc.

Is it a good company at a reasonable price? Currently, I would not buy this stock. I am still following it because I owned it in the past and I am still curious on how it is doing. You should not invest in this stock money you cannot afford to lose. The stock price seems to be relatively cheap, but that does not say it is a good buy. Fuel Cells may yet be the next big thing. It is hard to tell at this point. I note that analysts recommendations are all over the place.

I do not own this stock of Ballard Power Systems Inc (TSX-BLDP, NASDAQ-BLDP). Back in 1997, I read about Ballard and fell in love with the idea of cars running with fuel cells. I could help save the environment and also make some money. It was very attractive. I sold this stock in 2006 because it had lost its attraction. It did not seem that Ballard fuel cells would be in any car anytime soon. I was ahead in 2000, but the stock started to fall in October 2000 and did not look like it would recover anytime soon and I sold in 2006. It made a recover in 2020, but has since fallen again.

When I was updating my spreadsheet, I noticed that expected Revenue for 2023 was $150M, but it came in as $102M. Expected increase was 86%, but increase was only 22%. Also, earnings loss was expected to decrease by 25%, but it has stayed the same. Note that this company gets money mainly from issuing new shares.

If you had invested in this company in December 2013, for $1,001.42 you would have bought 622 shares at $1.61 per share. In December 2023, after 10 years you would have received $0.00 in dividends. The stock would be worth $3,054.02. Your total return would have been $3,054.02. This would be a total return of 11.80% per year with 11.80% from capital gain and 0.00% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$1.61	$1,001.42	622	10	$0.00	$3,054.02	$3,054.02

This stock has never paid a dividend, so there is no dividend information or dividend payout ratios.

Debt Ratios are good and will remain good as long as they can continue to raise cash. The Long Term Debt/Market Cap Ratio for 2023 is good at 0.01 and currently at 0.04. The Liquidity Ratio for 2023 is good at 12.25 and 11.66 currently. The Debt Ratio for 2023 is good at 12.48 and 10.63 currently. The Leverage and Debt/Equity Ratios for 2023 are good at 1.09 and 0.09 and currently at 1.10 and 0.10.

Type	Year End	Ratio Curr
Lg Term R	0.01	0.04
Intang/GW	0.04	0.06
Liquidity	12.25	11.66
Liq. + CF	11.01	10.27
Debt Ratio	12.48	10.63
Leverage	1.09	1.10
D/E Ratio	0.09	0.10

The Total Return per year is shown below for years of 5 to 28 to the end of 2023. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2018	5	0.00%	8.40%	8.40%	0.00%
2013	10	0.00%	11.80%	11.80%	0.00%
2008	15	0.00%	9.04%	9.04%	0.00%
2003	20	0.00%	-5.49%	-5.49%	0.00%
1998	25	0.00%	-8.23%	-8.23%	0.00%
1995	28	0.00%	-0.06%	-0.06%	0.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and useless. The corresponding 10 year and historical median ratios are also negative and useless. Basically, this company has had earnings losses, just that some losses were less bad than others.

You cannot really do a Graham Price test because of earnings losses. However, if you assume that the company is making a $0.01 profit each year, I get a Graham Price of $0.99. The 10-year low, median, and high median Price/Graham Price Ratios would be 5.12, 8.72 and 12.13. The current ratio would be 3.14 based on a $0.01 profit and a stock price of $3.11. This ratio below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. But this is a rather dubious test. This testing would be in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 3.71. The current P/B Ratio is 0.71 based on a stock price of $2.26, Book Value of $952M, and Book Value per Share of $3.18. The current ratio is 81% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$, but you will get a similar result in CDN$. This is a valid test.

I cannot to any Price/Cash Flow per Share Ratio testing as the cash flow is negative.

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

The 10-year median Price/Sales (Revenue) Ratio is 8.64. The current P/S Ratio is 5.99 based on Revenue estimate for 2024 of $113M, Revenue per Share of $0.38 and a stock price of $2.26. The current ratio is 31% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$, but you will get a similar result in CDN$. This is a valid test.

Results of stock price testing is that the stock price is probably cheap. This is taking the results of the P/S Ratio test and it is a good one. The other good test is the P/B Ratio test and this says the stock is cheap and it is a good test. However, most testing I could not do. This was due to the lack of earnings and cash flow.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1), Hold (13), Underperform (1) and Sell (1). The consensus would be a Hold. The 12 months stock price consensus is $4.48 ($3.26 US$) with a high of $6.18 ($4.50 US$) and low of $2.75 ($2.19 US$). The consensus stock price of $.48 ($3.26 US$) implies a total return of 43.89%, all from capital gains based on a current stock price of $3.11 ($2.26 US$).

There is only one entry on Stock Chase for 2024 and it is a Wait. They think it holds promise, but you need a long term view for this stock. Stock Chase gives this stock 3 stars out of 5. Last year, most of the entries were Do Not Buy. Adam Othman on Motley Fool thinks this stock has potential. Puja Tayal on Motley Fool says the stock has possible windfall returns. The company put out a Press Release on their fourth quarter of 2023. The company put out a Press Release about their first quarter of 2024.

Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street has 1 warning of currently unprofitable and not forecast to become profitable over the next 3 years. Simply Wall Street gives this stock 2 and one half stars out of 5.

Ballard Power Systems focuses on developing and bringing to market PEM fuel cell systems for transportation, stationary, and portable applications. Ballard now offers key subsystems and components that are based on technology developed in support of Ballard fuel cell products. Its web site is here Ballard Power Systems Inc.

The last stock I wrote about was about was Savaria Corporation (TSX-SIS, OTC-SISXF) ... learn more. The next stock I will write about will be Loblaw Companies Ltd (TSX-L, OTC-LBLCF) ... learn more on Monday, July 29, 2024 around 5 pm.

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

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

Savaria Corporation

Sound bite for Twitter and StockTwits is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are good. The Dividend Payout Ratios (DPR) could improve. The current dividend yield is moderate with dividend growth low and currently pausing. See my spreadsheet on Savaria Corporation.

Is it a good company at a reasonable price? This does seem to be a good company. They had problems in 2021 when they purchased Handicare Group. See link. Earnings dropped then. Analysts still like this company and feel it has a great future. It will be a very positive sign when the company starts to raise the dividends again. Results of price testing is saying the stock price is reasonable.

I do not own this stock of Savaria Corporation (TSX-SIS, OTC-SISXF). I got this stock off the Dividend Blogger site that no longer exists. I am always interested in dividend growth small cap stock. The first few years of accounting were rather confusing, but I think I figured them out in the end.

When I was updating my spreadsheet, I noticed this stock has been growing quite well, but it is slowing down. 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 2024 and expected growth over the next year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	192.61%	23.95%	-0.26%	<-12 mths
5	AEPS Growth	47.73%	8.12%	9.23%	<-12 mths
5	Net Income Growth	114.30%	16.47%	13.23%	<-12 mths
5	Cash Flow Growth	218.06%	26.04%	3.65%	<-12 mths
5	Dividend Growth	38.56%	6.74%	0.00%	<-12 mths
5	Stock Price Growth	16.16%	3.04%	24.19%	<-12 mths
10	Revenue Growth	1005.05%	27.16%	4.52%	<-this year
10	AEPS Growth	182.61%	10.95%	29.23%	<-this year
10	Net Income Growth	614.12%	21.72%	16.01%	<-this year
10	Cash Flow Growth	1028.11%	27.42%	30.84%	<-this year
10	Dividend Growth	549.50%	20.58%	0.08%	<-this year
10	Stock Price Growth	414.24%	17.79%	24.19%	<-this year

If you had invested in this company in December 2013, for $1,000.05 you would have bought 339 shares at $2.95 per share. In December 2023, after 10 years you would have received $1,250.74 in dividends. The stock would be worth $5,142.63. Your total return would have been $6,393.37. This would be a total return of 25.58% per year with 17.79% from capital gain and 5.79% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$2.95	$1,000.05	339	10	$1,250.74	$5,142.63	$6,393.37

The current dividend yield is moderate with dividend growth low and currently pausing. The current dividend yield is moderate (2% to 4% ranges) at 2.72%. The 5, 10 and historical median dividend yields are also moderate at 3.32%, 3.26% and 3.50%. The dividend growth over the past 5 years is low (below 8% per year) at 6.7% per year. The last dividend increase was in 2022 and it was for 3.8%. Dividends are paid monthly

The Dividend Payout Ratios (DPR) could improve. The DPR for 2023 for Earnings per Share (EPS) is too high at 91% with 5 year coverage at 102%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is find at 80% with 5 year coverage too high at 91%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 30% with 5 year coverage at 35%. The DPR for 2023 for Free Cash Flow (FCF) is too high at 58% with 5 year coverage at 59%.

Item	Cur	5 Years
EPS	91.16%	101.89%
AEPS	79.94%	91.00%
CFPS	29.77%	34.58%
FCF	57.50%	59.12%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2023 is good at 0.26 and currently at 0.20. The Liquidity Ratio for 2023 is good at 1.98 and 1.92 currently. The Debt Ratio for 2023 is good at 1.99 and 1.99 currently. The Leverage and Debt/Equity Ratios for 2023 are fine at 2.01 and 1.01 and currently at 2.01 and 1.01.

Type	Year End	Ratio Curr
Lg Term R	0.26	0.20
Intang/GW	0.58	0.46
Liquidity	1.98	1.92
Liq. + CF	2.23	2.31
Debt Ratio	1.99	1.99
Leverage	2.01	2.01
D/E Ratio	1.01	1.01

The Total Return per year is shown below for years of 5 to 22 to the end of 2023. 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	6.74%	6.50%	3.04%	3.46%
10	20.58%	23.58%	17.79%	5.79%
15	15.10%	35.13%	25.38%	9.75%
20	14.45%	14.05%	11.18%	2.86%
22	11.23%	16.80%	13.70%	3.10%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 21.49, 26.08 and 31.04. The corresponding 10 year ratios are 20.84, 25.74 and 32.82. The corresponding historical ratios are 14.44, 19.43 and 23.57. The current P/E Ratio is 26.46 based on a stock price of $18.79 and EPS estimate for 2024 of $0.71. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 19.45, 23.56 and 28.82. The corresponding 10 year ratios are 19.15, 24.48 and 30.01. The current P/AEPS Ratio is 22.37 based on a stock price of $18.79 and AEPS estimate for 2024 of $0.84. 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 Graham Price of $12.11. The 10-year low, median, and high median Price/Graham Price Ratios are 1.28, 1.63 and 1.98. The current ratio is 1.55 based on a stock price of $18.79. 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 2.86. The current P/B Ratio is 2.42 based on a stock price of $18.79, Book Value of $550.5M, and Book Value per Share of $7.76. The current ratio is 15% 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 15.36. The current P/CF Ratio is 12.96 based on a stock price of $18.79, Cash Flow per Share estimate for 2024 of $1.45 and Cash Flow of $102.9M. The current ratio is 16% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 3.50%. The current dividend yield is 2.77% based on dividends of $0.5196 and a stock price of $18.79. The current dividend yield is 21% above 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 3.26%. The current dividend yield is 2.77% based on dividends of $0.5196 and a stock price of $18.79. The current dividend yield is 15% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 1.76. The current P/S Ratio is 1.52 based on a stock price of $18.79, Revenue estimate for 2024 of $875M and Revenue per Share of $12.33. The current ratio is 13% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable. The 10 year dividend yield test says the stock price is reasonable, but above the median. This is because the company has not increased their dividends since 2022. This is this also the point. They are not doing well currently if they cannot afford to increase their dividends. Analysts do not expect a dividend raise in the near future. The P/S Ratio test says the stock price is reasonable. Most of the rest of the testing is saying the stock price is reasonable and above and below the median.

When I look at analysts’ recommendations, I find Strong Buy (1), and Buy (5). The consensus would be a Buy. The 12 month stock price consensus is $22.75 with a high of $24.00 and a low of $21.00. The consensus price of $22.75 implies a total return of 23.84% with 21.08% from capital gains and 2.27% from dividend based on a current stock price of $18.79.

There are two entries on Stock Chase for 2024, and they are both buys. Stock Chase gives this stock 4 stars out of 5. Rajiv Nanjapla on Motley Fool thinks this will be a top performing stock over the next 20 years. Kay Ng on Motley Fool believe this stock will benefit from an aging population. The company put out a Press Release about their fourth quarter of 2023. The company put out a Press Release on their first quarter of 2024.

Simply Wall Street via Yahoo Finance talks about this stock and its dividends. They have two warnings out on this stock of significant insider selling over the past 3 months; and shareholders have been diluted in the past year. I noticed over the past year for officers and directors I follow that the CEO and Chairman has bought stock over the past year, but two directors have sold some stock. Other have not changed the number of shares owned. Simply Wall Street gives this stock 4 stars out of 5.

Savaria Corp designs, engineers, and manufactures products for personal mobility. Its products include home elevators, wheelchair lifts, commercial elevators, ceiling lifts, stairlifts, and van conversions. Its web site is here Savaria Corporation.

The last stock I wrote about was about was TECSYS Inc (TSX-TCS, OTC-TCYSF) ... learn more. The next stock I will write about will be Ballard Power Systems Inc (TSX-BLDP, NASDAQ-BLDP) ... learn more on Friday, July 26, 2024 around 5 pm. Tomorrow on my other blog I will write about Smart Investing 2.... learn more on Thursday, July 25, 2024 around 5 pm.

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

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

Also, on my book blog I have put a review of the book Persians by Lloyd Llewellyn-Jones learn more...

TECSYS Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Tech. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios are fine, but Liquidity could be improved. The Dividend Payout Ratios (DPR) are higher than they should be. The current dividend yield is low with dividend growth moderate. See my spreadsheet on TECSYS Inc .

Is it a good company at a reasonable price? It is a small tech company so you should not invest money into it that you cannot afford to lose. I still like this company. I am holding on to the share that I have but will not buy more at the moment. The stock price is testing as being on the expensive side, but analysts still consider it a buy.

I own this stock of TECSYS Inc (TSX-TCS, OTC-TCYSF). I came across this stock when I was looking for a dividend paying small cap stock as a filler stock. This is a small cap dividend paying stock that I like.

When I was updating my spreadsheet, I noticed I have done very well with this stock. I have had it for 13.5 years and I have made a total return of 26.81% with 24.45% from capital gains and 2.36% from dividends. Because dividends have been increasing, I am now get a yield of 16.6% on the stock I bought in 2011.

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 2024 and expected growth over the next year. This shows growth over the past 5 years is higher than over the past 10 years for most items. It also shows better growth is expected over the next year for EPS and Net Income. Cash Flow growth is weak.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	124.00%	17.50%	1.70%	<-12 mths
5	EPS Growth	316.67%	33.03%	7.69%	<-12 mths
5	Net Income Growth	349.53%	35.07%	522.77%	<-12 mths
5	Cash Flow Growth	18.41%	3.44%
5	Dividend Growth	47.62%	8.10%	3.23%	<-12 mths
5	Stock Price Growth	163.54%	21.39%	-2.92%	<-12 mths
10	Revenue Growth	267.80%	13.91%	8.50%	<-this year
10	EPS Growth	-18.75%	-2.05%	292.31%	<-this year
10	Net Income Growth	3.01%	0.30%	309.33%	<-this year
10	Cash Flow Growth	-36.95%	-4.51%	0.00%	<-this year
10	Dividend Growth	313.33%	15.25%	3.23%	<-this year
10	Stock Price Growth	535.08%	20.30%	-2.92%	<-this year

If you had invested in this company in December 2013, for $1,000.05 you would have bought 117 shares at $5.65 per share. In December 2023, after 10 years you would have received $361.97 in dividends. The stock would be worth $5,807.37. Your total return would have been $6,169.34. This would be a total return of 20.78% per year with 19.23% from capital gain and 1.54% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$5.65	$1,000.05	177	10	$361.97	$5,807.37	$6,169.34

The current dividend yield is low with dividend growth moderate. The dividends are low (below 2%) at just 0.82%. The 5, 10 and historical median dividend yields are also low at 0.96%, 1.18% and 1.32%. The dividend growth is moderate (8% to 14% ranges) at 8.1% per year over the past 5 years. The last dividend increase was in 2024 and it was for 6.7%.

The Dividend Payout Ratios (DPR) are higher than they should be. The DPR for 2023 for Earnings per Share (EPS) is far too high at 238% with 5 year coverage at 107%. The DPR for 2023 for Cash Flow per Share (CFPS) is also too high at 45% with 5 year coverage at 45%. I prefer this ratio be 40% or less. The DPR for 2023 for Free Cash Flow (FCF) is good at 38% with 5 year coverage at 40%.

Item	Cur	5 Years
EPS	238.46%	107.26%
CFPS	45.21%	45.21%
FCF	37.78%	39.96%

Debt Ratios are fine, but Liquidity could be improved. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.00. There is no long term debt. The Liquidity Ratio for 2024 is fine at 1.38. If you added in Cash Flow after dividends, the ratios are fine at 1.39. However, I do prefer this ratio to be at 1.50 or better. The Debt Ratio for 2024 is good at 2.15. The Leverage and Debt/Equity Ratios for 2024 are good at 1.87 and 0.87.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.04	0.04
Liquidity	1.38	1.38
Liq. + CF	1.39	1.39
Debt Ratio	2.15	2.15
Leverage	1.87	1.87
D/E Ratio	0.87	0.87

The Total Return per year is shown below for years of 5 to 25 to the end of 2023. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2018	5	8.10%	10.81%	9.59%	1.24%
2013	10	15.25%	24.38%	22.45%	1.38%
2008	15	14.63%	22.27%	20.34%	1.96%
2003	20	13.65%	17.71%	16.55%	0.96%
1998	25		9.79%	9.21%	0.43%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 98.10, 99.58 and 133.78. The corresponding 10 year ratios are 45.85, 76.08 and 82.36. The corresponding historical ratios are 14.32, 18.62 and 23.09. The current P/E Ratio is 76.25 based on a stock price of $38.89 and EPS estimate for 2025 of $0.51. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $7.27. The 10-year low, median, and high median Price/Graham Price Ratios are 3.04, 4.17 and 4.79. The current ratio is 5.35 based on a stock price of $38.89. This ratio is above the high ratio of the 10 year median ratio. 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 4.59. The current P/B Ratio is 8.44 based on a Book Value of $68.37M, Book Value per Share of $4.61 and a stock price of $38.89. The current ratio is 84% 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 48.84. The current ratio is 118.87 based on Cash Flow for the last 12 months of $4.86M, Cash Flow per Share of $0.33 and a stock price of $38.89. The current ratio is 143% 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 1.32%. The current dividend yield is 0.82% based on a stock price of $38.89 and dividends of $0.32. The current ratio 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 1.18%. The current dividend yield is 0.82% based on a stock price of $38.89 and dividends of $0.32. The current ratio is 30% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 2.61. The current P/S Ratio is 3.11 based on Revenue estimate for 2025 of $186M, Revenue per Share of $12.52 and a stock price of 38.89. The current ratio is 38.9% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is probably on the expensive side. The dividend yield testing is saying that the stock price is relatively expensive. The P/S Ratio testing is saying the stock price is relative reasonable, but above the median. It is close to being expensive. Most of the testing is saying that the stock price is expensive, except for the P/E Ratio and P/S Ratio tests that says it is reasonable, but above the median.

When I look at analysts’ recommendations, I find Strong Buy (1), and Buy (4). The consensus would be a Strong Buy. The 12 months stock price consensus is $45.80, with a high of $50.00 and low of $41.00. The consensus price of $45.80 implies a total return of 18.59% with 17.77% from capital gains and 0.82% from dividends based on a stock price of $38.89.

There are two entries on Stock Chase for 2024 and they are both buys. Stock Chase gives this stock 4 stars out of 5. Christopher Liew on Motley Fool is an outperforming tech stock you should buy. Chris MacDonald on Motley Fool reviews this stock in 2023 and said it was for long-term investors. The company put out a Press Release on their fourth quarter of 2024 results.

Simply Wall Street via Yahoo Finance reviews this stock and it is worried about the dividends. Dividend Payout Ratios are high. They have one warning on this stock of large one-off items impacting financial results. Simply Wall Street gives this stock 3 and one half stars out of 5.

Tecsys Inc is engaged in the development and sale of enterprise supply chain management software for distribution, warehousing, transportation logistics, point-of-use, and order management. It also provides related consulting, education, and support services. The company serves healthcare systems, services parts, third-party logistics, retail, and general wholesale distribution industries. Geographically, it derives a majority of its revenue from the United States and also has a presence in Canada, Europe, and other regions. Its web site is here TECSYS Inc .

The last stock I wrote about was about was Pulse Seismic Inc (TSX-PSD, OTC-PLSDF) ... learn more. The next stock I will write about will be Savaria Corporation (TSX-SIS, OTC-SISXF) ... learn more on Wednesday, July 24, 2024 around 5 pm. Tomorrow on my other blog I will write about Robin Speziale.... learn more on Tuesday, July 23, 2024 around 5 pm.

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

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

Pulse Seismic Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are good. The Dividend Payout Ratios (DPR) are fine, but there were a number of years with no dividends. The current dividend yield is moderate with dividends and growth restarting and with some special dividends. See my spreadsheet on Pulse Seismic Inc.

Is it a good company at a reasonable price? This is a volatile small cap stock, so you should not invest any money in this stock that you cannot afford to lose. It is an interesting stock. It is a positive that they restarted the dividends and have given out special dividends. Another positive is the good debt ratios. A negative is how volatile some values are. The stock price is testing as reasonable.

I do not own this stock of Pulse Seismic Inc (TSX-PSD, OTC-PLSDF). I got this stock through a Stock Filter. I asked for companies that were worth between $1 and $5.50 and had a yield between 4% and 20%. I was looking for filler stocks for my TFSA and this was one of 5 companies that I got and looked into. This is not a stock I chose, but I found it of interest so I am following it.

When I was updating my spreadsheet, I noticed that changes in values are often high. Look at percentage change each year over past 5 years from Revenue, Shareholder Free Cash Flow, Cash Flow from Operations and EBITDA. Values go up and down a lot. For example, Revenue in 2022 was $9.57M and in 2023 $39.12M for a change of 309%

Item	2019	2020	2021	2022	2023
Revenue	137%	-53%	333%	-81%	309%
Shareholder FCF	178%	-60%	500%	-90%	683%
CFFO	-367%	-56%	686%	-60%	100%
EBITDA	251%	-57%	472%	-95%	1395%

If you had invested in this company in December 2013, for $1,001.11 you would have bought 209 shares at $4.79 per share. In December 2023, after 10 years you would have received $135.07 in dividends. The stock would be worth $388.74. Your total return would have been $523.81. This would be a total loss of 6.82% per year with 9.03% from capital loss and 2.20% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$4.79	$1,001.11	209	10	$135.07	$388.74	$523.81

The current dividend yield is moderate with dividends and growth restarting and with some special dividends. The current dividend yield is moderate (2% to 4% ranges) at 2.56%. The 5 and 10 year median dividend yields are low (below 2%) at 0.71% and 0.35% because of a number of years of no dividends. The historical median dividend yield is moderate at 2.14%. Dividends were stopped between 2016 and 2020, but there was a special dividend in 2017.

The Dividend Payout Ratios (DPR) are fine, but there were a number of years with no dividends. The DPR for 2023 for Earnings per Share (EPS) is fine at 73% with 5 year coverage at 90%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is good at 46% with 5 year coverage at 21%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 16%. The DPR for 2023 for Free Cash Flow (FCF) is good at 12% with 5 year coverage at 54%.

Item	Cur	5 Years
EPS	72.77%	90.07%
AEPS	46.31%	21.27%
CFPS	9.01%	16.36%
FCF	12.02%	54.73%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2023 is good at 0.00 and currently at 0.00. The Liquidity Ratio for 2023 is good at 1.50 and 3.75 currently. The Debt Ratio for 2023 is good at 20.41 and 24.15 currently. The Leverage and Debt/Equity Ratios for 2023 are good at 1.61 and 0.61 and currently at 1.17 and 017.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.19	0.13
Liquidity	1.50	3.75
Liq. + CF	2.87	10.39
Debt Ratio	20.41	24.15
Leverage	1.61	1.17
D/E Ratio	0.61	0.17

The Total Return per year is shown below for years of 5 to 25 to the end of 2023. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2018	5	0.00%	7.90%	4.54%	3.36%
2013	10	-3.90%	-6.82%	-9.03%	2.20%
2008	15	-8.39%	4.45%	1.35%	3.09%
2003	20	0.36%	5.83%	1.12%	4.71%
1998	25		13.00%	6.08%	6.92%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and useless. The corresponding 10 year ratios are also negative and useless. The corresponding historical ratios are 2.36, 4.43 and 5.71. The current P/E Ratio is 8.36 based on a stock price of $2.34 and EPS for the last 12 months of $0.28. A P/E Ratio of 8.36 is a low ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have Shareholders Free Cash Flow (FCF) data from the company. The 5-year low, median, and high median Price/ Shareholders Free Cash Flow Ratios are 7.10, 9.04 and 10.32. The corresponding 10 year ratios are 7.43, 9.64 and 11.49. The current P/FCF Ratio is 4.98 based on Shareholders FCF for last 12 months of $0.47. 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 Cash Flow from Operations (CFFO) data from the company. The 5-year low, median, and high median Price/ Cash Flow from Operations Ratios are 7.59, 10.41 and 13.23. The corresponding 10 year ratios are 6.40, 8.47 and 10.54. The current P/FCF Ratio is 4.33 based on Cash Flow from Operations for last 12 months of $0.54. 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 $1.78. The 10-year low, median, and high median Price/Graham Price Ratios are 0.98, 1.25 and 1.51. The current ratio 1.31 based on a stock price of $2.34. This 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. You wonder how good this test is because the all the recent years with earning losses.

I get a 10-year median Price/Book Value per Share Ratio of 3.57. The current ratio is 4.64 based on a stock price of 2.34, Book Value of $26.5M, and Book Value per Share of $0.50. The current ratio is 30% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. The stock is failing this test because Book Value and Book Value per Share is declining.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.21. The current ratio is 4.31 based on a stock price of $2.34, Cash Flow for the last 12 months of $28.6M and Cash Flow per Share of $0.54. The current ratio is 47% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 2.14%. The current dividend is 2.56% based on a stock price of $2.34 and dividends of $0.06. The current dividend yield is 19.8% 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 0.35%. If you look at the 5 years over the past 10 years when there were dividends, the median yield is 2.18%. The current dividend is 2.56% based on a stock price of $2.34 and dividends of $0.06. The current dividend yield 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 6.07. The current ratio is 5.84 based on Revenue estimate for 2024 of $21.1M, Revenue per Share of $0.40 and a stock price of $2.34. 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 reasonable. The dividend yield testing is saying that the stock price is reasonable. This is confirmed by the P/S Ratio test. Most of the rest of the testing is saying that the stock price is relatively cheap or reasonable.

When I look at analysts’ recommendations, I find a Buy (1) recommendation. The consensus recommendation would be a Buy. The 12 months stock price consensus is $3.00. Note that these seems to be only 1 analyst following this stock. The consensus stock price of $3.00 implies a total return of 30.77% with 28.21% from capital gains and 2.56% from dividends based on a stock price of $2.34.

The last comment was in 2018 on Stock Chase. The analyst said they there was not enough volume to analyze. Stock Chase gives this stock 1 star out of 5. Karen Thomas on Motley Fool reviewed this stock in 2023. Ambrose O'Callaghan on Motley Fool also reviews this stock in 2023. He reviewed this stock and decided to buy. The company put out a press release via Newswire about their first quarter of 2024. The company put out a press release via The Canadian Press about their results for 2023.

Simply Wall Street via Yahoo Finance recently reviewed this stock. Simply Wall Street has two warnings out on this stock of unstable dividend track record; and does not have a meaningful market cap (CA$121M).

Pulse Seismic Inc is a Canadian company which acts as a provider of seismic data to the energy sector in western Canada. Its web site is here Pulse Seismic Inc.

The last stock I wrote about was about was Dorel Industries Inc (TSX-DII.B, OTC-DIIBF) ... learn more. The next stock I will write about will be TECSYS Inc (TSX-TCS, OTC-TCYSF) ... learn more on Monday, July, 22, 2024 around 5 pm.

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

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

Dorel Industries Inc

Sound bite for Twitter and StockTwits is: Consumer Sector Stock. Results of stock price testing is that the stock price could be relatively cheap. Debt Ratios are generally not good and the debt is too high. Currently, no dividends are being paid regularly by this company. They did a $12 special dividend payment in 2022. See my spreadsheet on Dorel Industries Inc.

Is it a good company at a reasonable price? This is not a dividend stock, so currently I would have no interest in buying it. It has not done well for its shareholders in the past. Analysts expect it to do better this year and next. It would be a good sign if they start to pay a dividend again. There are probably better consumer stocks to pick. The stock price could be cheap or on the reasonable side.

I do not own this stock of Dorel Industries Inc (TSX-DII.B, OTC-DIIBF). I am following this stock because I used to own it. I am always curious about what happens to stocks after I no longer hold them. I bought the stock in 1999 and 2000 and sold in 2006. I lost 1.2% per year. If I had continued to hold it to today, I would still have lost money, probably around 5% per year.

When I was updating my spreadsheet, I noticed even the Adjusted Profit is negative. It has been since 2020 and an adjusted earnings loss is expected this year, but an adjusted profit is expected in 2025. The EPS was positive in 2022 and the company gave out a $12.00 special dividend with an EPS for that year of $4.18.

If you had invested in this company in December 2013, for $1,011.50 you would have bought 25 shares at $40.46 per share. In December 2023, after 10 years you would have received $616.12 in dividends. The stock would be worth $156.25. Your total return would have been $772.37. This would be a total loss of 3.41% per year with 17.04% from capital loss and 13.63% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$40.46	$1,011.50	25	10	$616.12	$156.25	$772.37

Currently, no dividends are being paid regularly by this company. They did a $12 special dividend payment in 2022.

The Dividend Payout Ratios (DPR) are shown are for the special dividend of 2022. The DPR for 2023 for Earnings per Share (EPS) is good at 0% with 5 year coverage at negative because of earnings losses. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is good at 0% with 5 year coverage at 18%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 0% with 5 year coverage too high at 89%. The DPR for 2023 for Free Cash Flow (FCF) is good at 0% with 5 year coverage a bit high at 59%.

Item	Cur	5 Years
EPS	0.00%	-2593.75%
AEPS	0.00%	17.65%
CFPS	0.00%	88.57%
FCF	0.00%	58.72%

Debt Ratios are generally not good and the debt is too high. The Long Term Debt/Market Cap Ratio for 2023 is far too high at 1.54 and currently at 1.63. The Liquidity Ratio for 2023 is good at 1.44 and 1.48 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.53 and currently at 1.76. The Debt Ratio for 2023 is low at 1.29 and 1.27 currently. I prefer this ratio to be 1.50 or high. The Leverage and Debt/Equity Ratios for 2023 are far too high at 4.45 and 3.45 and currently at 4.66 and 3.66.

Type	Year End	Ratio Curr
Lg Term R	1.54	1.63
Intang/GW	0.78	0.76
Liquidity	1.44	1.48
Liq. + CF	1.62	1.62
Debt Ratio	1.29	1.27
Leverage	4.45	4.66
D/E Ratio	3.45	3.66

The Total Return per year is shown below for years of 5 to 31 to the end of 2023 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2018	5	0.00%	6.65%	-18.74%	25.39%
2013	10	0.00%	-3.41%	-17.04%	13.63%
2008	15	0.00%	1.91%	-9.51%	11.42%
2003	20	0.00%	0.07%	-8.32%	8.38%
1998	25	0.00%	1.73%	-5.39%	7.12%
1993	30	0.00%	7.55%	0.35%	7.20%
1992	31	0.00%	7.34%	0.41%	6.93%

The Total Return per year is shown below for years of 5 to 31 to the end of 2023 in US$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2018	5	0.00%	7.06%	-18.23%	25.29%
2013	10	0.00%	-6.14%	-18.84%	12.70%
2008	15	0.00%	1.35%	-10.07%	11.42%
2003	20	0.00%	0.22%	-8.35%	8.57%
1998	25	0.00%	2.68%	-4.82%	7.50%
1993	30	0.00%	7.85%	0.37%	7.48%
1992	30	0.00%	8.74%	1.27%	7.48%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and useless. The corresponding 10 year ratios are also negative and useless. The corresponding historical ratios are 8.12, 11.04 and 12.84. The current ratio is 7.66 based on a stock price of $6.99 and EPS estimate for 2024 of $0.91. This ratio is a low one. It is below the low ratio for the historical median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are negative and useless. The corresponding 10 year ratios are 8.16, 12.81 and 14.65. I cannot use the AEPS estimate for 2024 because it is negative. However, the AEPS estimate for 2025 is $0.23 and this implies a P/AEPS Ratio of 22.18 based on a Stock Price of $5.10. This ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I get a Graham Price of $8.17. The 10-year low, median, and high median Price/Graham Price Ratios are 0.53, 0.69 and 0.88. The current P/GP Ratio is 0.86 based on a stock price of $6.99. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 0.80. The current P/B Ratio is 0.73 based on a Book Value of $205.5M, Book Value per Share of $0.67 and a stock price of $5.10. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.62. The current P/CF Ratio is 2.77 based on Cash Flow per Share estimate for 2024 of $1.84, Cash Flow of $54.4M and a stock price of $5.10. The current ratio is 40% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

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

The 10-year median Price/Sales (Revenue) Ratio is 0.26. The current P/S Ratio is 0.10 based on Revenue estimate for 2024 of $1,515M, Revenue per Share of $51.26 and a stock price of $5.10. The current ratio is 62% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

Results of stock price testing is that the stock price could be relatively cheap. The P/S Ratio test is a good test and it says the stock price is relatively cheap. Except for the P/E Ratio test which says the stock price is relatively cheap, the rest says the stock price is reasonable. There are problems with some test because of the number of recent years of earnings losses.

When I look at analysts’ recommendations, I find Strong Buy (1), and Hold (1). The consensus would be a Strong Buy. The 12 month stock price is $9.72 ($7.31 US$), with a high of $12.95 ($9.50 US$) and low of $6.99 ($5.13 US$). The consensus stock price of $9.72 implies a total return of 89.51% all from capital gains based on a current stock price of $6.99.

There is only one entry on Stock Chase for 2023 and it is a Do Not Buy. Analysts says it has never done anything and has disappointed shareholders. Stock Chase gives this stock 3 stars out of 5. Amy Legate-Wolfe on Motley Fool in 2023 says it is a legit value then. Amy Legate-Wolfe on Motley Fool in 2022 report a 10% fall in stock value due to a 122% increase in net losses. The company put out a press release via Newswire about their fourth quarter of 2024. The company put out a press release on Newswire about their first quarter of 2024.

Simply Wall Street via Yahoo Finance reviews this stock and says it is up 53% over the past year and insiders are buying.

Dorel Industries Inc is a Canadian company that sells juvenile products and furniture. Its segments include Dorel Home and Dorel Juvenile. Its geographical segments include Canada, the United States, Europe, Latin America, Asia, and other countries. Its web site is here Dorel Industries Inc.

The last stock I wrote about was about was Artis REIT (TSX-AX.UN, OTC-ARESF) ... learn more. The next stock I will write about will be Pulse Seismic Inc (TSX-PSD, OTC-PLSDF) ... learn more on Friday, July 19, 2024 around 5 pm. Tomorrow on my other blog I will write about Passive Investing Problem.... learn more on Thursday, July 18, 2024 around 5 pm.

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

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

Artis REIT

Sound bite for Twitter and StockTwits is: Dividend Paying REIT. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are fine, but the company does have a lot of debt. The Dividend Payout Ratios (DPR) are generally not good, but are expected to improve over the next few years. The current dividend yield is high with dividend growth is negative to flat. See my spreadsheet on Artis REIT.

Is it a good company at a reasonable price? Since this is a real estate stock, you might buy it for diversification. I have some REITs for this reason, but I do not own this one. If this is a stock you want for your portfolio, the best time to buy it is when the stock price is relatively cheap. A negative is the debt and a positive is insider buy by management. Currently the stock price is relative cheap.

I do not own this stock of Artis REIT (TSX-AX.UN, OTC-ARESF). Early in 2013, this company was mentioned as a good REIT to own. Several people I correspond with mentioned this REIT. However, my first view of it is not positive. It is also not a dividend growth stock.

When I was updating my spreadsheet, I noticed this stock has not been doing well lately. For example, Revenue is down 8% per year over the past 5 years, AFFO is down 7% per year over past 5 years and FFO is down 3.6% per year over the past 5 years. However, over the past year all the management people I am following increased their units in this REIT. None of the Directors that I follow increased their units. Currently, Real Estate stocks are having a hard time.

You can see below the beauty of dividend paying stocks. Even when the stock tanks, you seldom loss money or loss much money because of the dividends.

If you had invested in this company in December 2013, for $1,010.48 you would have bought 68 shares at $14.86 per share. In December 2023, after 10 years you would have received $588.82 in dividends. The stock would be worth $450.84. Your total return would have been $1,039.66. This would be a total return of 14.03% per year with 12.56% from capital gain and 1.47% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$14.86	$1,010.48	68	10	$588.82	$450.84	$1,039.66

The current dividend yield is high with dividend growth negative to flat. The current dividend yield is high (7% and higher) at 906%. The 5 year median dividend yield is good (5% to 6%) at 5.31%. The 10 year median and historical dividend yields are high at 7.38% and 7.15%. The dividends are quite high after dividends have been cut 80%. Dividends have been flat for the last couple of years.

The Dividend Payout Ratios (DPR) are generally not good, but are expected to improve over the next few years. The DPR for 2023 for Earnings per Share (EPS) are not good as there has been a number of earnings losses lately. The DPR for 2023 for Adjusted Funds from Operations (AFFO) is high at 95% with 5 year coverage at 65%. The DPR for 2023 for Funds from Operations (FFO) is good at 56% with 5 year coverage at 45%. The DPR for 2023 for Cash Flow per Share (CFPS) is too high at 81% with 5 year coverage at 53%. The DPR for 2023 for Free Cash Flow (FCF) is too high at 101% with 5 year coverage at 60%. Analysts expect the DPR for AFFO, FFO and CFPS to go lower over the next few years.

Item	Cur	5 Years
EPS	-19.35%	1080.34%
AFFO	95.24%	65.08%
FFO	55.56%	45.25%
CFPS	80.50%	53.09%
FCF	100.55%	59.97%

Debt Ratios are fine, but the company does have a lot of debt. The Long Term Debt/Market Cap Ratio for 2023 is too high at 1.46 and currently at 1.61. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2023 which is good at 0.38 and currently at 0.45 because this is an important one for a REIT. The Liquidity Ratio for 2023 is far too low at 0.67 and 1.00 currently. If you added in Cash Flow after dividends, the ratios still too low 0.68 and currently at 1.01. I am also looking at the Liquidity taking into account the current portion of the long term debt which is fine at 5.97 and 10.83. The Debt Ratio for 2023 is good at 1.85 and 1.84 currently. The Leverage and Debt/Equity Ratios for 2023 are fine at 2.18 and 1.18 and currently at 2.20 and 1.20.

Type	Year End	Ratio Curr
Lg Term R	1.46	1.61
Lg Term R +A	0.38	0.45
Intang/GW	0.00	0.00
Liquidity	0.67	1.00
Liq. + CF	0.68	1.01
Liq,CF,DB	5.97	10.83
Debt Ratio	1.85	1.84
Leverage	2.18	2.20
D/E Ratio	1.18	1.20

The Total Return per year is shown below for years of 5 to 19 to the end of 2023. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2018	5	-9.53%	1.78%	-6.42%	8.21%
2013	10	-5.71%	0.40%	-7.75%	8.15%
2008	15	-3.77%	13.50%	-0.69%	14.19%
2004	19	-1.20%	16.20%	0.40%	15.80%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 3.60, 3.92 and 4.23. The corresponding 10 year ratios are 9.27, 10.27 and 11.11. The corresponding historical ratios are 3.39, 3.76 and 4.12. Ratios are very low in some cases because of earning losses. The current P/E Ratio is negative, as is the ratio for 2025, so I cannot do testing here.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 9.40, 11.67 and 13.40. The corresponding 10 year ratios are 9.49,11.78 and 13.35. The current ratio is 10.85 based on AFFO estimate for 2024 of $0.61 and a stock price of $6.62. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 6.42, 7.80 and 9.06. The corresponding 10 year ratios are 7.03, 8.28 and 9.76. The current ratio is 6.55 based on AFFO estimate for 2024 of $1.01 and a stock price of $6.62. 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 $13.42. The 10-year low, median, and high median Price/Graham Price Ratios are 0.51, 0.59 and 0.72. The current P/GP Ratio is 0.49 based on a stock price of $6.62. 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 0.69. The current P/B Ratio is 0.50 based on a Book Value of $1,417M, Book Value per Share of $13.12 and a stock price of $6.62. The current ratio is 27% below the 10 year median ratios. 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 8.43. The current P/CF Ratio is 9.65 based on the Cash Flow for the last 12 months of $74M, Cash Flow per Share of $0.69 and a stock price of $6.62. The current ratio is 14% 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 7.15%. The current dividend yield is 9.06% based on a stock price of $6.62 and dividends of $0.60. The current dividend yield is 27% 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 7.38%. The current dividend yield is 9.06% based on a stock price of $6.62 and dividends of $0.60. The current dividend yield is 23% 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 3.38. The current P/S Ratio is 2.41 based on a stock price of $6.62, Revenue estimate for 2024 of $297 and Revenue per Share of $2.75. The current ratio is 29% 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 testing says that the stock price is cheap. The P/S Ratio test confirms this by saying the stock price is cheap. The rest of the testing says that the stock price is either cheap or reasonable.

When I look at analysts’ recommendations, I find only Holds (3). The consensus would be a Hold. The 12 month stock price consensus is $6.67 with a high of $7.00 and a low of $6.50. The consensus stock price of $6.67 implies a total return of 9.82% with 0.76% from capital gains and 9.06% from dividends.

In 2023 for this REIT on Stock Chase there was a lot of Do Not Buys. Stock Chase give this stock 3 stars out of 5. Apparently, they are trying to decide on strategy and are selling assets. Ambrose O'Callaghan on Motley Fool thinks you should buy this to provide income in a TFSA. Jitendra Parashar on Motley Fool thinks you should buy this stock for reliable passive income. The company put out a press release via Newswire about their fourth quarter of 2023. The company put out a press release via Newswire about their first quarter of 2024.

Simply Wall Street via Yahoo Finance talks about who owns shares in this company. Simply Wall Street give this stock 1 and one half star out of 5. Simply Wall Street has 3 warnings of earnings have declined by 35.6% per year over past 5 years; interest payments are not well covered by earnings; and unstable dividend track record.

Artis Real Estate Investment Trust is an unincorporated closed-end REIT based in Canada. Artis REIT's portfolio comprises properties located in Central and Western Canada and selects markets throughout the United States, including regions such as Alberta, British Columbia, Manitoba, Ontario, Saskatchewan, Arizona, Minnesota, Colorado, New York, and Wisconsin. The properties are divided into three categories: office, retail, and industrial. Its web site is here Artis REIT.

The last stock I wrote about was about was Obsidian Energy Ltd (TSX-OBE, NYSE-OBE) ... learn more. The next stock I will write about will be Dorel Industries Inc (TSX-DII.B, OTC-DIIBF) ... learn more on Wednesday, July 17, 2024 around 5 pm. Tomorrow on my other blog I will write about Smart Investing.... learn more on Tuesday, July 16, 2024 around 5 pm.

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