Mullen Group Ltd

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) could be improved. The current dividend yield is moderate with dividend growth good, lately. See my spreadsheet on Mullen Group Ltd.

Is it a good company at a reasonable price? This is a small company and therefore is on the risky side. I bought this with my fooling around money. I still like this company and I be keeping my stock. However, I think that at the present time it is relatively expensive.

I own this stock of Mullen Group Ltd (TSX-MTL, OTC-MLLGF). I like to look at recommended small cap dividend paying stock to see if they would be a possible good investment now or in the future. The other thing to mention about this stock is that it converted from an income trust and decreased it dividends. The reduction in dividend brought the Dividend Payout Ratios down to a place that would allow for the company to begin growing dividends again.

When I was updating my spreadsheet, I noticed that revenue was higher, but expenses were not only higher but of a higher percentage. I am looking at Operating Expenses, Selling and Administration and Finance. The percentage of these costs went from a ratio of 0.85 to 0.88. I have had this stock for just over 11 years. I have made a Total Return of $5.23% with 1.94% from capital gains and 3.29% from dividends. I paid too much for the first stock I bought in 2014. I have since purchased more stock at lower prices.

If you had invested in this company in December 2015, for $1,008.72 you would have bought 72 shares at $14.01 per share. In December 2025, after 10 years you would have received $429.84 in dividends. The stock would be worth $1,133.28. Your total return would have been $1,563.12. This would be a total return of 5.14% per year with 1.17% from capital gain and 3.97% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$14.01	$1,008.72	72	10	$429.84	$1,133.28	$1,563.12

The current dividend yield is moderate with dividend growth good, lately. The current dividend yield is moderate (2% to 4% ranges) at 3.85%. The 5, 10 and historical median dividend yields are also moderate, but a bit higher at 4.92%, 4.69% and 4.45%. The dividend growth for the past 5 years is at 19% per year. However, 11 years ago, the dividends were reduced. That is why the 10 year dividend growth is negative at 3.50%. Dividends are not higher than they were 10 years ago, but are higher than they were 15 years. The last dividend increase was in 2025 and it was for 8.4%.

The Dividend Payout Ratios (DPR) could be improved. The DPR for 2025 for Earnings per Share (EPS) is high at 84% with 5 year coverage at 57%. The DPR for 2025 for Funds from Operations (FFO) is good at 24% with 5 year coverage at 23%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 97% with 5 year coverage at 63%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 23% with 5 year coverage at 20%. The DPR for 2025 for Free Cash Flow (FCF) is high at 73% with 5 year coverage at 44%. FCF varies from 210.2M to 110M. I am using the 110M. This one is from Morningstar which I used quite regularly.

Item	Cur	5 Years
EPS	84.00%	57.02%
FFO	24.21%	23.27%
AEPS	97.24%	63.49%
CFPS	23.96%	20.23%
FCF	73.10%	44.86%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.53 and currently at 0.31. The Liquidity Ratio for 2025 is good at 2.17 and 2.07 currently. The Debt Ratio for 2025 is good at 1.80 and 1.79 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.25 and 1.25 and currently at 2.26 and 1.26.

Type	Year End	Ratio Curr
Lg Term	0.53	0.31
Intang/GW	0.42	0.32
Liquidity	2.17	2.07
Liq. + CF	2.55	2.81
Debt Ratio	1.80	1.79
Leverage	2.25	2.26
D/E Ratio	1.25	1.26

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	19.14%	12.99%	7.63%	5.37%
2015	10	-3.50%	5.14%	1.17%	3.97%
2010	15	3.52%	4.41%	-0.48%	4.88%
2005	20	1.10%	0.22%	-3.59%	3.81%
2000	25	7.64%	8.90%	2.11%	6.79%
1997	28		9.22%	2.94%	6.29%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 10.20, 11.50 and 12.80. The corresponding 10 year ratios are 10.48, 13.21 and 17.27. The corresponding historical ratios are 10.93, 14.51 and 17.72. The current ratio is 17.44 based on a stock price of $21.83 and EPS estimate for 2026 of $1.25. The current ratio is above the high ratios 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 10.20, 11.50 and 12.80. The corresponding 10 year ratios are 13.78, 16.46 and 19.21. The corresponding historical ratios are 13.56, 16.39 and 19.42. The current ratio is 17.33 based on a stock price of $21.83 and AEPS estimate for 2026 of $1.26. The current ratio is between the median and the 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 $18.40. The 10-year low, median, and high median Price/Graham Price Ratios are 0.79, 0.95 and 1.11. The current ratio is 1.19 based on a stock price of $21.83. 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 1.30. The current ratio is 1.83 based on a Book Value of $1,146M, Book Value per Share of $11.95 and a stock price of 21.83. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $12.34. The analyst calculates the Book Value differently that I do and, in this case, the 10 year ratio is 1.28. The ratio is 1.77 based on a stock price of $21.83 and Book Value of $1,184M. This ratio is 38% 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 5.40. The current ratio is 7.37 based on Cash Flow per Share estimate for 2026 of $2.96, Cash Flow of $284M and a stock price of $21.83. The current ratio is 36% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 4.45%. The current dividend yield is 3.85% based on dividends of $0.84 and stock price of $21.83. The current dividend yield is 14% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. There are problems with this test because dividends have gone down as well as up and have been level a number of years.

I get a 10 year median dividend yield of 4.69%. The current dividend yield is 3.85% based on dividends of $0.84 and stock price of $21.83. The current dividend yield is 18% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. There are problems with this test because dividends were cut 11 years.

The 10-year median Price/Sales (Revenue) Ratio is 0.71. The current ratio is 0.91 based on a stock price of $21.83, Revenue estimate for 2026 of $2,309M and Revenue per Share of $24.07. The current ratio is 27% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

The 10 year median dividend yield says the stock price is relatively reasonable, but above the median, but at 18% above the median it is close to expensive. The P/S Ratio test says that the stock price is relatively expensive. Most of the rest of the testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3), and Hold (4). The consensus would be a Buy. The 12 month stock price consensus of $21.50 with a high of $24.00 and low of $18.00. The consensus stock price of $21.50 implies a total return of 2.34% with a 1.51% capital loss and 3.85% from dividends based on a current stock price of $21.83.

The only entry for 2026 on Stock Chase says this company is cyclical for a good operator. There is a Weak Buy for 2025. Not much in entries. Amy Legate-Wolfe on Motley Fool says the company is driven by Logistics demand and looks like it trading at a sensible price. Robin Brown on Motley Fool says buy for growth and income. The company put out a Press Release about its fourth quarter of 2025. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance looks at this stock. It talks about the fact that the company has issued more shares and therefor has diluted shareholders. Simply Wall Street has 3 warnings on this stock of has a high level of debt; unstable dividend track record; and large one-off items impacting financial results. They are right about unstable dividend track record. The company also reports Adjusted Earnings per Share to exclude one-off items impacting financial results.

Mullen Group Ltd is a logistics provider with a network of independently operated businesses providing a wide range of service offerings, including less-than-truckload, truckload, Specialized & Industrial Services, warehousing and logistics, U.S., and International Logistics, and Corporate. The company also provides a diverse set of specialized services related to the energy, mining, forestry, and construction industries in western Canada. Its web site is here Mullen Group Ltd.

The last stock I wrote about was about was Power Corp of Canada (TSX-POW, OTC-PWCDF) ... learn more. The next stock I will write about will be Canadian Utilities Ltd (TSX-CU, OTC-CDUAF) ... learn more on Friday, May 17, 2026 around 5 pm. Tomorrow on my other blog I will write about Speziale on TFSAs.... learn more on Thursday, May 28, 2026 around 5 pm.

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

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

Power Corp of Canada

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably expensive. I give it a Hold. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are generally good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Power Corp of Canada.

Is it a good company at a reasonable price? This company is doing fine. It is a good dividend paying stock and I will continue to hold the shares that I have. However, I think at the moment, the stock price is too high. If you overpay for a stock, it can affect badly your long term total return. I think that currently it is testing as too expensive.

I own this stock of Power Corp of Canada (TSX-POW, OTC-PWCDF). I started following this stock because it was on the Dividend Achievers, the Dividend Aristocrats lists and also on Mike Higgs’ list. It is a stock that I notice has been recommended lately as good value (October 2008). I got shares in this company when in 2020 Power Corp reorganized and gave out Power Corp Shares to replace Power Financial Shares.

When I was updating my spreadsheet, I noticed I have made a total return of 9.71% with 5.95% from capital gains and 3.76% from dividends. I am looking at my Power Financial shares and Power Corp shares.

If you had invested in this company in December 2015, for $1,012.90 you would have bought 26 shares at $28.94 per share. In December 2025, after 10 years you would have received $630.97 in dividends. The stock would be worth $2,553.25. Your total return would have been $3,184.22. This would be a total return of 13.77% per year with 9.69% from capital gain and 4.08% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$28.94	$1,012.90	35	10	$630.97	$2,553.25	$3,184.22

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.26%. The 5 and 10 year median dividend yield is good (5% to 6% range) at 5.28% and 5.32%. The historical median dividend yield is moderate at 2.82%. The dividend growth is low (below 8% per year) at 6.6% per year over the past 5 years. The last dividend increase was in 2026 and it was for 9%.

The Dividend Payout Ratios (DPR) are generally good. The DPR for 2025 for Earnings per Share (EPS) is too high at 61% with 5 year coverage at 57%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 45% with 5 year coverage at 49%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 83% with 5 year coverage at very good at 13%. The DPR for 2025 for Free Cash Flow (FCF) is good at 38% with 5 year coverage at 25%.

Item	Cur	5 Years
EPS	60.91%	56.50%
AEPS	45.20%	49.36%
CFPS	83.37%	13.17%
FCF	38.34%	25.16%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is fine at 5.43 and currently at 4.82. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.89 and currently at 0.89 because this is a more important ratio for a Financial. The Liquidity Ratio for 2025 is good at 2.67 and 2.67 currently. But this is not an important ratio for a financial. The Debt Ratio for 2025 is fine for a financial at 1.05 and 1.05 currently. Financial Leverage is also fine at 29% and 29% currently.

Type	Year End	Ratio Curr
Lg Term R+A	0.89	0.89
Lg Term R	5.43	4.82
Intang/GW	0.47	0.42
Liquidity	2.67	2.67
Liq. + CF	2.97	3.15
Debt Ratio	1.05	1.05
Financial Lev	29%	29%

The Total Return per year is shown below for years of 5 to 38 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	6.55%	25.12%	20.07%	5.05%
2015	10	6.97%	13.77%	9.69%	4.08%
2010	15	4.97%	10.25%	6.68%	3.57%
2005	20	6.75%	7.20%	4.26%	2.94%
2000	25	8.86%	8.76%	5.64%	3.12%
1995	30	9.81%	13.84%	9.17%	4.67%
1990	35	10.04%	12.47%	8.65%	3.82%
1987	38	9.55%	11.67%	8.27%	3.40%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.93, 10.85 and 11.76. The corresponding 10 year ratios are 9.80, 11.03 and 11.93. The corresponding historical ratios are 10.52, 12.34 and 13.79. The current ratio is 13.64 based on a stock price of $81.82 and EPS estimate for 2026 of $6.00. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.89, 9.15 and 10.41. The corresponding 10 year ratios are 7.89, 9.18 and 11.04. The corresponding historical ratios are 8.97, 10.92 and 11.98. The current ratio is 13.57 based on a stock price of $81.82 and EPS estimate for 2026 of $6.03. 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 $70.18. The 10-year low, median, and high median Price/Graham Price Ratios are 0.58, 0.65 and 0.76. The current ratio is 1.17 based on a stock price of $81.82. 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 1.06. The current ratio is 2.25 based on a stock price of $81.82, Book Value of $54,431M, and Book Value per Share of 2.25. The current ratio is 113% 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 2.17. The current ratio is 7.50 based on Cash Flow for the last 12 months of $6,935M, Cash Flow per Share of $10.91 and a stock price of $81.82. The current ratio is 246% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

get an historical median dividend yield of 2.82%. The current dividend yield is 3.26% based on dividends of $2.67 and a stock price of $81.82. The current dividend yield is 16% above the 10 year dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 5.32%. The current dividend yield is 3.26% based on dividends of $2.67 and a stock price of $81.82. The current dividend yield is 39% below the historical dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.36. The current ratio is 1.11 based on Revenue estimate for 2026 of $46,685M, Revenue per Share of $73.72 and a stock price of $81.82. The current ratio is 211% 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 give it a Hold. The 10 year median dividend yield test says this and it is confirmed by the P/S Ratio test. Most of the rest of the tests are saying the same thing.

When I look at analysts’ recommendations, I find Buy (3), Hold (5), and Sell (1). The consensus is a Hold. The 12 month stock price consensus is $82.56 with a High of $90.00 and low of $58.00. The consensus stock price of $82.56 implies a total return of 4.41% with 0.90% from capital gains and 3.26% from dividends based on a current stock price of $82.56.

There are a lot of entries on Stock Chase for 2026. They vary from Do Not Buy to Buy. Some like other companies better. Some mentioned they do not like mutual fund companies and Power Corp holds IFM. Some think it is getting too pricy. Others say the new management is giving the stock a new lease on life. Lots of various opinions. Amy Legate-Wolfe on Motley Fool thinks you should buy for rising dividends. She thinks the price is currently reasonable. Puja Tayal on Motley Fool thinks you should buy this to generate passive income. The company put out a Press Release about its fourth quarter of 2025 results. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They talk about the fact that some people think the stock is overvalued and others think it is undervalued. Simply Wall Street lists no warnings for this company.

Power Corp. of Canada is a holding company with controlling interests in Great-West Lifeco (one of the big three Canadian life insurers), IGM Financial (Canada's largest nonbank asset manager), and other alternative asset management platforms (Sagard and Power Sustainable). The company also has minority interests in Groupe Bruxelles Lambert, a holding company with interests in European firms. Its web site is here Power Corp of Canada.

The last stock I wrote about was about was McCoy Global Inc (TSX-MCB, OTC-MCCRF) ... learn more. The next stock I will write about will be Mullen Group Ltd (TSX-MTL, OTC-MLLGF) ... learn more on Wednesday, May 27, 2026 around 5 pm. Tomorrow on my other blog I will write about Behavioural Investment.... learn more on Tuesday, May 26, 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.

McCoy Global Inc

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably really reasonable to cheap. Debt Ratios are good. The current dividend yield is moderate with dividend restarting and dividend growth restarting, but with a current pause. See my spreadsheet on McCoy Global Inc.

Is it a good company at a reasonable price? I have not made much on this stock, but it is with fooling around money. Insiders are buying shares. The company says they have problems while the Iranian war is on. They have paused their dividends again. I think that the stock price is probably good, but this is a small cap that is not well followed and it is risky.

I own this stock of McCoy Global Inc (TSX-MCB, OTC-MCCRF). I decided to try out McCoy. They had just restored their dividend. I want to use it as a fuller stock in my TFSA account. For me a fuller stock is one that uses up bits of extra money in an account.

When I was updating my spreadsheet, I noticed I started my TFSA account in 2009. I first bought this stock in February 2011. I made several purchases over the years from $0.45 in 2020 to $6.71 to 2014. I do not have much in this stock (just over $5,000). My Total Return to Date is 3.36% to the end of April 2026. I have 2.12% in capital gains and 1.24% in dividends. I use my TFSA for my fooling around money.

McCoy Global says that they are being impacted negatively by the problems in the Middle East and the closing of the Strait of Hormuz.

Note that every officer and director I am following bought shares in the last year. The officers I follow bought shares last year too.

If you had invested in this company in December 2015, for $1,000.64 you would have bought 26 shares at $2.12 per share. In December 2025, after 10 years you would have received $92.04 in dividends. The stock would be worth $1,387.68. Your total return would have been $1,479.72. This would be a total return of 4.01% per year with 3.32% from capital gain and 0.68% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$2.12	$1,000.64	472	10	$92.04	$1,387.68	$1,479.72

The current dividend yield is moderate with dividend restarting and dividend growth restarting, but with a current pause. The current dividend yield is moderate (2% to 4% range) at 4.44%. The 5 year median dividend yield is low (below 2%) at 1.30%. This is because dividends only restarted in 2023. The 10 year median dividend yield is 0% because of lack of dividends. The historical median dividend yield is low at 0.93% because of all the years without dividends. The 5 year dividend growth is not calculable because dividends 5 years ago was 0. Dividends have grown over the past 2 years by 118%. Dividends restarted at $0.02 and in 2025 $0.095 and today, they are $0.10.

Also note that because of the military conflict in the middle east, the company has suspended dividends effective March 6, 2026.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is good at 29% with 5 year coverage at 14%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 10%. The DPR for 2025 for Free Cash Flow (FCF) is currently non-calculable due to a negative FCF with 5 year coverage too high at 405%%. FCF varies from $7,020M to -$5,962M and I am using the last one.

Item	Cur	5 Years
EPS	28.79%	14.66%
CFPS	16.08%	9.55%
FCF	-42.87%	404.79%

Debt Ratios are good. 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 3.10 and 2.71 currently. The Debt Ratio for 2025 is good at 3.92 and 3.55 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.34 and 0.34 and currently at 1.39 and 0.39.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.12	0.16
Liquidity	3.10	2.71
Liq. + CF	2.78	2.63
Debt Ratio	3.92	3.55
Leverage	1.34	1.39
D/E Ratio	0.34	0.39

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	46.09%	43.69%	2.41%
2015	10	-0.51%	4.01%	3.32%	0.68%
2010	15	0.00%	0.45%	-1.52%	1.97%
2005	20	5.93%	-2.37%	-3.74%	1.37%
2000	25	11.32%	2.80%	0.85%	1.95%
1997	28		0.97%	-0.47%	1.44%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.35, 6.70 and 9.04. The corresponding 10 year ratios are 2.81, 4.01 and 5.20. The corresponding historical ratios are 3.92, 8.11 and 10.18. The current ratio is 18.75 based a stock price of $2.25 and EPS estimate for 2026 of $0.12. This is a ratio higher than the 10 year median high ratio. This stock price testing suggests that the stock price is relatively expensive. I note that expected EPS is low at $0.12 when this time last year the EPS was $0.33.

I get a Graham Price of $4.05. The 10-year low, median, and high median Price/Graham Price Ratios are 0.38, 0.57 and 0.77. The current ratio is 0.56 based on a stock price of $2.25. 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 and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 0.82. The current ratio is 0.91 based on a Book Value of $67.3M, Book Value per Share of $2.48 and a stock price of $2.25. The current ratio is 10% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.43. The current ratio is 79.33 based on Cash Flow for the last 12 months of $0.7M, Cash Flow per Share of $0.03 and a stock price of $2.25. The current ratio is 3166% 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 0.93%. The current dividend yield is 4.44% based on a stock price of $2.25 and dividends of $0.10. The current dividend yield is 377% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. However, note this is not a good test because it covers so many years of no dividends.

I get an historical median dividend yield of 2.56% if I exclude years with 0 dividends. The current dividend yield is 4.44% based on a stock price of $2.25 and dividends of $0.10. The current dividend yield is 73% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 5 year median dividend yield of 2.79 if I exclude years with 0 dividends. The current dividend yield is 4.44% based on a stock price of $2.25 and dividends of $0.10. The current dividend yield is 59% above the 5 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.69. The current ratio is 0.95 based on Revenue estimate for 2026 of $64.4M, Revenue per Share of $2.37 and a stock price of $2.25. The current ratio is 31% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Note this estimate expected the Revenue to fall by 23%.

However, if you look at Revenue for 2027, analyst expects a 20% climb from 2025 (and 57% climb from 2026). This would produce a ratio of 0.60 based on Revenue of $101M, Revenue per Share of 3.72 and a stock price of 2.25. Here the ratio would be 17% below the 10 year 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 really reasonable to cheap. The dividend tests are not the best, but if we exclude years of 0 dividends then the current dividend yield is relatively high and the stock price relatively cheap. If I use the Revenue expected in 2027, the results is also a cheap stock price. The P/GP Ratio test is pointing to a reasonable price. Other tests are showing the stock price as reasonable but above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (2). The consensus would be a Strong Buy. The 12 months stock price consensus is $5.25 with a high of $5.50 and low of $5.00. The consensus stock price of $5.25 implies a total return of 137.78% with 133.33% from capital gains and 4.44% from dividends based on a current stock price of $2.25.

There is only one entry at Stock Chase for 2026 and the analyst talks about the dividend being suspended temporarily. However, he said that temporarily have been known with this company to last for years. He rates it a Hold. Amy Legate-Wolfe on Motley Fool says this stock is cyclical and has suspended dividends, but it could have real future upside. The company put out a Press Release about their fourth quarter of 2025. The company put out a press release via Newswire about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They said that McCoy Global Inc. has shown resilience in the volatile penny stock market.

McCoy Global Inc is a provider of equipment and technologies designed to support tubular running operations, enhance wellbore integrity and assist with collecting critical data for the energy industry across the globe. Geographically, the company operates in United States & Latin America, which derives key revenue; Middle East & Africa; Europe; Asia Pacific; and Canada. Its web site is here McCoy Global Inc.

The last stock I wrote about was about was Fortis Inc (TSX-FTS, OTC-FRTSF) ... learn more. The next stock I will write about will be Power Corp of Canada (TSX-POW, OTC-PWCDF) ... learn more on Monday, May 25,2026 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.

Fortis Inc

Sound bite for Twitter is: Results of stock price testing is that the stock price is probably still in a reasonable range, but at the top end. Debt Ratios should be improved, but utilities often have high debt. The Dividend Payout Ratios (DPR) are mostly fine. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Fortis Inc.

Is it a good company at a reasonable price? This is a good company to have in your portfolio. It is a little pricy at this time, but you should always buy stocks in installments over a few years and in different month. It is a utility so it provides a reasonable dividend that has been increasing over the years.

I own this stock of Fortis Inc (TSX-FTS, OTC-FRTSF). I bought this stock as Newfoundland Light and Power Co. Ltd. Class A shares in 1987. I bought more in 1995, 1998 and 2005. In 2005 I sold some Fortis from my RRSP account as I needed to get $20,000 in this account and I was concerned about the debt liquidity of this stock. However, this stock continues to be one of my big stock holdings.

When I was updating my spreadsheet, I noticed I have had this stock for 38 years and I have made a total return of 12.69% per year with 7.71% from capital gains and 4.98% from dividends. This stock, as for most utilities, does have a high debt load. Analyst recommendations go the full range from Strong Buy to Sell.

If you had invested in this company in December 2015, for $1,1010.07 you would have bought 27 shares at $37.41 per share. In December 2025, after 10 years you would have received $540.41 in dividends. The stock would be worth $1,926.72. Your total return would have been $2,467.13. This would be a total return of 10.64% per year with 6.67% from capital gain and 3.96% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$37.41	$1,010.07	27	10	$540.41	$1,926.72	$2,467.13

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.32%. The 5, 10 and historical dividend yields are also moderate at 3.38%, 3.36% and 3.71%. The dividend increases have been low (below 8% per year) at 5.1% per year over the past 5 years. The last dividend increase was in 2025 and it was for 4.1%.

The Dividend Payout Ratios (DPR) are mostly fine. The DPR for 2025 for Earnings per Share (EPS) is high at 73% with 5 year coverage at 75%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 70% with 5 year coverage at 74%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is fine at 63% with 5 year coverage at 65%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 30% with 5 year coverage at 31%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to negative FCFs.

Item	Cur	5 Years
EPS	73.09%	75.18%
AEPS	70.40%	74.49%
AFFO	63.07%	65.52%
CFPS	30.16%	30.86%
FCF	-40.00%	-132.82%

Debt Ratios should be improved, but utilities often have high debt. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.85 and currently at 0.78. The Liquidity Ratio for 2025 is far too low at 0.51 and 0.51 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.88 and currently at 0.90. I like to see the Liquidity Ratio at 1.50 or high. It is too low when below 1.00. If you add back in current debt the ratio is 1.51 and currently at 1.55. The Debt Ratio for 2025 is good at 1.53 and 1.53 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.89 and 1.89 and currently at 2.89 and 1.89.

Type	Year End	Ratio Curr
Lg Term R	0.85	0.78
Intang/GW	0.39	0.36
Liquidity	0.51	0.51
Liq. + CF	0.88	0.90
Liq. +CF+D	1.51	1.55
Debt Ratio	1.53	1.53
Leverage	2.89	2.89
D/E Ratio	1.89	1.89

The Total Return per year is shown below for years of 5 to 44 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	5.10%	10.39%	6.53%	3.85%
2015	10	5.94%	10.64%	6.67%	3.96%
2010	15	5.46%	8.59%	5.07%	3.52%
2005	20	7.47%	9.11%	5.54%	3.57%
2000	25	6.98%	13.65%	8.63%	5.01%
1995	30	6.08%	13.08%	8.14%	4.94%
1990	35	5.69%	12.61%	7.65%	4.96%
1985	40	5.76%	12.23%	7.25%	4.98%
1981	44	6.08%	13.32%	7.52%	5.80%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.10, 19.37 and 21.64. The corresponding 10 year ratios are 17.36, 19.37 and 21.34. The corresponding historical ratio are 13.23, 15.50 and 17.72. The current ratio is 21.35 based on a stock price of $77.17 and EPS estimate $3.62. The current ratios are 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 16.47, 18.66 and 20.85. The corresponding 10 year ratios are 16.43, 18.41 and 20.38. The corresponding historical ratio are 16.43, 18.26 and 20.00. The current ratio is 21.14 based on a stock price of $77.17 and EPS estimate $3.65. The current ratios are 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 $60.01. The 10-year low, median, and high median Price/Graham Price Ratios are 0.96, 1.08 and 1.20. The current Ratio is 1.29 based on a stock price of $77.17. The current ratios are 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 1.40. The current ratio is 1.76 based on a stock price of $77.17, Book Value of $22,323M and Book Value per Share of $43.85. The current ratio is 26% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $47.60. This analyst calculates the Book Value differently than I do and here the 10 year median ratio is 1.27. This implies a ratio of 1.62 based on a stock price of $77.17 and Book Value of $24,233M. The current ratio is 27% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.41. The current P/CF Ratio is 9.21 based a Cash Flow per Share estimate for 2026 of $8.38, Cash Flow of $4,264M and a stock price of $77.17. The current ratio is 10% 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 3.71%. The current dividend yield is 3.32% based on dividends of $2.56 and a stock price of $77.17. The current dividend yield is 10% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 3.36%. The current dividend yield is 3.32% based on dividends of $2.56 and a stock price of $77.17. The current dividend yield is 1.4% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 2.48. The current P/S Ratio is 2.96 based on Revenue estimate for 2026 of $13,291M, Revenue per Share of $26.11 and a stock price of $77.17. The current ratio is 19% 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 still in a reasonable range, but at the top end. The 10 yar dividend yield test says that the ratio is above the median by only 1.4%, but the P/S Ratio test says it is above the median by 19%. A lot of the rest of the testing is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3), Hold (6), Underperform (2), Sell (2). The consensus would be a Hold. The 12 month stock price consensus is $78.90 with a high of $85.00 and low of $71.00. The consensus stock price of $78.90 implies a total return of 5.56% with 2.24% from capital gains and 3.32% from dividends based on a current stock price of $77.17.

Some analyst on Stock Chase think this stock is a hold because of its price. Kay Ng on Motley Fool thinks this is a solid stock to own in your TFSA, but $65 to $70 price would be better. Andrew Walker on Motley Fool says that the company is working on a capital program that will significantly boost the rate base and support future dividend increases. The company put out a Press Release about their fourth quarter of 2025 results. The company put out a Press Release about their first quarter of 2026 results.

Simply Wall Street via Yahoo Finance says that analysts are definitely expecting Fortis growth to accelerate. Simply Wall Street has two warnings of interest payments are not well covered by earnings; and dividend of 3.4% is not well covered by free cash flows.

Fortis owns and operates eight utility transmission and distribution subsidiaries in Canada and the United States. The company has smaller stakes in electricity generation and several Caribbean utilities. Its web site is here Fortis Inc.

The last stock I wrote about was about was AtkinsRealis Group Inc (TSX-ATRL, OTC-SNCAF) ... learn more. The next stock I will write about will be McCoy Global Inc (TSX-MCB, OTC-MCCRF) ... learn more on Friday, May 22, 2026 around 5 pm. Tomorrow on my other blog I will write about Talk About Tipping .... learn more on Thursday, May 21, 2026 around 5 pm.

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

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 1929 by Andrew Ross Sorkin learn more...

AtkinsRealis Group Inc

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are very good. The current dividend yield is low with dividend growth non-existent. See my spreadsheet on AtkinsRealis Group Inc.

Is it a good company at a reasonable price? My testing is saying that the stock price suggests that it is relatively expensive. However, if you like the P/GP Ratio test best, it is saying that the stock price is reasonable. They still have not increased the dividends so I would be cautious until they do. Analysts think this will have in 2028.

I do not own this stock of AtkinsRealis Group Inc (TSX-ATRL, OTC-SNCAF), but I used to when it was SNC-Lavalin Group. I sold my stock in SNC-Lavalin (TSX-SNC, OTC-SNCAF) in 2019. I had given up hope that there will be any sort of resolution for this company anytime soon. In 2019 the Investment Reporter has removed this stock from their Key Stock List and Issued a sell on the stock. Also in 2019 the largest shareholder and a shareholder for lots of Quebec companies of Caisse de Depot et Placement du Quebec seems to be losing patience with this stock also.

When I was updating my spreadsheet, I noticed that the EPS is really high because earnings include the disposal of a Capital Investment. That is why the Adjusted Earnings per Share (AEPS) is a better view of what the company is actually earning. You will know this company is doing well again when they increase their dividends. Last year, analysts thought that that would be in 2027, now they say 2028. People who bought this stock around 2010 have done poorly with total return around 3.5%.

If you had invested in this company in December 2015, for $1,028.00 you would have bought 25 shares at $41.12 per share. In December 2025, after 10 years you would have received $100 in dividends. The stock would be worth $2,215.00. Your total return would have been $2,315.00. This would be a total return of 8.85% per year with 7.98% from capital gain and 0.87% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$41.12	$1,028.00	25	10	$100.00	$2,215.00	$2,315.00

The current dividend yield is low with dividend growth non-existent. The dividends are low (below 2%) at just 0.09%. The 5, 10 and historical are low at 0.23%, 0.30% and 1.38%. Dividend yields have always been low and they have seldom reached 2%. Dividends were decreased in 2019 and they have not been raised since. The analysts think there will be an increase in 2028, but last years they thought that dividends would be raised in 2027.

The Dividend Payout Ratios (DPR) are very good. The DPR for 2025 for Earnings per Share (EPS) is good at 0.52% with 5 year coverage at 2%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 2.38% with 5 year coverage at 4.87%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 1.48% with 5 year coverage at 2.90%. The DPR for 2025 for Free Cash Flow (FCF) is good at 2.89% with 5 year coverage at 6.34%.

Item	Cur	5 Years
EPS	0.52%	2.07%
AEPS	2.38%	4.87%
CFPS	1.48%	2.90%
FCF	2.89%	6.34%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.03 and currently at 0.03. The Liquidity Ratio for 2025 is low at 1.08 and 1.08 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.17 and currently at 1.17. I like to see this ratio at 1.50 or higher. The Debt Ratio for 2025 is good at 1.68 and 1.68 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.25 and 1.25 and currently at 2.25 and 1.25.

Type	Year End	Ratio Curr
Lg Term R	0.03	0.03
Intang/GW	0.29	0.27
Liquidity	1.08	1.08
Liq. + CF	1.17	1.17
Liq. +CF +D	1.25	1.26
Debt Ratio	1.80	1.80
Leverage	2.25	2.25
D/E Ratio	1.25	1.25

The Total Return per year is shown below for years of 5 to 36 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	0.00%	32.66%	32.46%	0.20%
2015	10	-22.32%	8.85%	7.98%	0.87%
2010	15	-13.30%	3.54%	2.66%	0.88%
2005	20	-5.14%	7.87%	6.44%	1.43%
2000	25	-0.16%	15.54%	12.51%	3.02%
1995	30	1.81%	14.62%	12.02%	2.61%
1990	35	2.17%	14.92%	12.36%	2.56%
1988	36	4.53%	19.99%	15.42%	4.57%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 25.89, 37.18 and 48.47. The corresponding 10 year ratios are 18.36, 22.53 and 27.08. The corresponding historical ratios are 14.34, 20.77 and 25.05. The current ratio is 23.34 based on a stock price of $85.70 and EPS estimate for 2026 of $3.67. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 23.43, 33.65 and 43.79. The corresponding 10 year ratios are 20.77, 29.31 and 37.67. The corresponding historical ratios are 16.06, 22.40 and 28.05. The current ratio is 22.98 based on a stock price of $85.70 and AEPS estimate for 2026 of $3.73. 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 $53.23. The 10-year low, median, and high median Price/Graham Price Ratios are 1.19, 1.72 and 2.12. The current ratio is 1.61 based on a stock price of $85.72. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.85. The current P/B Ratio is 2.54 based on a stock price of $85.72, Book Value of $5,5553M, and Book Value per Share of 33.77. The current ratio is 37% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $36.09. This implies a ratio of 2.37 based on a stock price of $85.72 with a Book Value of $5,935M. This ratio is 28% 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 33.96. The current ratio is 28.86 based on a Cash Flow per Share estimate for 2026 of $2.97, Cash Flow of $488.4M and a stock price of $85.73. 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 an historical median dividend yield of 1.38%. The current dividend yield is 0.09% based on a stock price of $85.72 and dividends of $0.08. The current dividend yield is 93% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not a good test because of the lack of dividend growth.

I get a 10 year median dividend yield of 0.30%. The current dividend yield is 0.09% based on a stock price of $85.72 and dividends of $0.08. The current dividend yield is 68% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not a good test because of the lack of dividend growth.

The 10-year median Price/Sales (Revenue) Ratio is 0.79. The current ratio is 1.18 based on Revenue estimate for 2026 of $11,992M, Revenue per Share of $72.92 and a stock price of $85.72. The current ratio is 49% 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 relatively expensive. The P/S Ratio testing says that the stock price is relatively expensive. This is not confirmed by the P/GP Ratio test which says that the stock price is relatively reasonable. The dividend yield tests are not good ones because of the flat dividends.

When I look at analysts’ recommendations, I find Strong Buy (7), and Buy (8). The consensus is a Strong Buy. The 12 month stock price consensus is $114.67 with a high of $131.00 and low of $101.00. The consensus stock price of $114.67 implies a total return of 33.90% with 33.80% from capital gains and 0.09% from dividends based on a current stock price of $85.70.

It is not that analysts do not like this stock on Stock Chase, but they seem to prefer WSP. Amy Legate-Wolfe on Motley Fool say to buy because it gives investors exposure to infrastructure, nuclear, engineering, and long-cycle public spending instead of just a simple economic rebound trade.. Demetris Afxentiou on Motley Fool says Canada’s infrastructure boom is creating opportunities for investors. He says that AtkinsRéalis is now focusing on engineering, consulting, and project management work. That pivot has reduced risk and improved earnings stability. The company has put out a Press Release for the fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviewed this stock and says it is undervalued. Simply Wall Street has two warnings of earnings are forecast to decline by an average of 25.5% per year for the next 3 years; and high level of non-cash earnings.

Based in Montreal, AtkinsRéalis is a fully integrated professional services and project management firm that offers a wide range of services, including financing, consulting, engineering and construction, procurement, and operations and maintenance. Its web site is here AtkinsRealis Group Inc.

The last stock I wrote about was about was WSP Global Inc (TSX-WSP, OTC-WSPOF) ... learn more. The next stock I will write about will be Fortis Inc (TSX-FTS, OTC-FRTSF) ... learn more on Wednesday, May 20, 2026 around 5 pm. Tomorrow on my other blog I will write about Wolf of Oakville Review .... learn more on Tuesday, May 19, 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.

WSP Global Inc

Sound bite for Twitter is: . Results of stock price testing is that the stock price is probably reasonable, but could be cheap. Debt Ratios are fine. The current dividend yield is low with dividend growth non-existent. The Dividend Payout Ratios (DPR) are very good. See my spreadsheet on WSP Global Inc.

Is it a good company at a reasonable price? The dividend yield is so low, you wonder about calling this a Dividend stock. I have done well with this stock, but I have quite a bit and half of what I have is in my Pension Account. I need more income in that account and I need some more cash. I might sell some 50 shares. This stock is testing a reasonable and possible cheap. It would be a good one to have when you are growing an investment account.

I take out money from my Pension LIF account each year and I like to have 5 years of projected dividends and cash. Bear markets tend not to run longer than 3 years, so I have a 2 year margin for my withdrawals.

I own this stock of WSP Global Inc (TSX-WSP, OTC-WSPOF). In Sept 2011 I rationalized my portfolio. I sold stocks that did not make it into my core and bought stocks that could of the same type. In this case selling Stantec and buying Genivar. In October 2011 I wanted to sell Enerflex because it is not a company I bought but a distribution from Toromont. I bought more Genivar, now called WSP Global. Genivar, when I bought it was an Income Trust.

When I was updating my spreadsheet, I noticed I first bought this stock in 2011 and then made another purchase in 2016. I have made a total return of 20.48% per year with 17.88% from capital gains and 2.60% from dividends. It would be nice if this company raised their dividends as they have gotten quite low at just 0.77%.

If you had invested in this company in December 2015, for $1,1020.24 you would have bought 24 shares at $42.51 per share. In December 2025, after 10 years you would have received $360 in dividends. The stock would be worth $5,964.48. Your total return would have been $6,324.48. This would be a total return of 21.16% per year with 19.31% from capital gain and 1.85% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$42.51	$1,020.24	24	10	$360.00	$5,964.48	$6,324.48

The current dividend yield is low with dividend growth non-existent. The dividend is really low (below 2%) at 0.77%. The 5 and 10 median dividend yields are low at 0.85% and 1.30%. The historical median dividend yield is moderate (2% to 4% ranges) at 3.66%. Dividend increases are non-existent. The dividend has not changed over the past 16 years.

The Board of Directors at WSP Global Inc has determined that the current level of quarterly dividend is appropriate based on the Company’s current earnings and financial requirements for the Company's operations. The dividend is currently expected to remain at this level subject to the Board’s ongoing assessment of the Company’s future requirements, financial performance, liquidity, outlook, and other factors that the Board may deem relevant. From the WSP site.

The Dividend Payout Ratios (DPR) are very good. The DPR for 2025 for Earnings per Share (EPS) is good at 20% with 5 year coverage at 30%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 16% with 5 year coverage at 22%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at12%. The DPR for 2025 for Free Cash Flow (FCF) is good at11% with 5 year coverage at 18%.

Item	Cur	5 Years
EPS	20.38%	29.71%
AEPS	15.66%	22.32%
CFPS	8.79%	11.64%
FCF	11.42%	17.95%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.10 and currently at 0.13. The Liquidity Ratio for 2025 is low at 1.27 and 1.27 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.62 and currently at 1.60. The Debt Ratio for 2025 is good at 1.89 and 1.89 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.12 and 1.12 and currently at 2.12 and 1.12.

Type	Year End	Ratio Curr
Lg Term R	0.10	0.13
Intang/GW	0.33	0.43
Liquidity	1.27	1.27
Liq. + CF	1.62	1.60
Debt Ratio	1.89	1.89
Leverage	2.12	2.12
D/E Ratio	1.12	1.12

The Total Return per year is shown below for years of 5 to 20 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	0.00%	16.51%	15.56%	0.95%
2015	10	0.00%	21.16%	19.31%	1.85%
2010	15	0.00%	17.38%	15.03%	2.35%
2005	20	5.77%	22.30%	17.43%	4.88%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 32.60, 38.61 and 44.62. The corresponding 10 year ratios are 25.93, 35.93 and 42.10. The corresponding historical ratios are 19.52, 23.12 and 26.73. The current ratio is 23.92 based on a Stock Price of $194.31 and EPS estimate for 2026 of $8.13. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 22.69, 27.19 and 31.42. The corresponding 10 year ratios are 20.93, 25.85 and 29.80. The corresponding historical ratios are 17.16, 22.69 and 26.25. The current ratio is 17.06 based on a Stock Price of $194.31 and AEPS estimate for 2026 of $11.39. This 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 $136.78. The 10-year low, median, and high median Price/Graham Price Ratios are 1.46, 1.86 and 2.25. The current ratio is 1.42 based on a stock price of $194.31. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. Note that the P/GP Ratios are rather high. Normal is considered to be from around 0.80 to 1.20.

I get a 10-year median Price/Book Value per Share Ratio of 2.93. The current ratio is 2.66 based on a stock price of $194.31, Book Value of $9,842M and Book Value per Share of $73.00. 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 14.65. The current ratio is 12.15 based on a stock price of $194.31, Cash Flow per Share estimate for 2025 of $15.99 and Cash Flow of $2,156M. The current ratio is 17% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 3.66%. The current dividend yield is 0.77% based on dividends of $1.50 and a stock price of $194.31. The current dividend yield is 79% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, the dividends are flat and this is not a good test when dividends are flat.

I get a 10 year median dividend yield of 1.30%. The current dividend yield is 0.77% based on dividends of $1.50 and a stock price of $194.31. The current dividend yield is 41% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, the dividends are flat and this is not a good test when dividends are flat.

The 10-year median Price/Sales (Revenue) Ratio is 1.79. The current P/S Ratio is 1.58 based on a Revenue estimate for 2026 of $16,581M, Revenue per Share of $122.99 and a stock price of $194.31. The current ratio is 12% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable, but could be cheap. We cannot use the dividend yield tests because of the flat dividends. The P/S Ratio is a good test and it says that the stock price is relatively reasonable. The P/GP Ratio test is good and it says that the stock price cheap. The P/AEPS Ratio test also says that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (8), and Buy (6). The consensus would be a Strong Buy. The 12 month stock price consensus is $315.50 with a high of $372.00 and low of $272.00. The 12 months stock price consensus of $315.50 implies a total return of $63.14% with 62.37% from capital gains and 0.77% from dividends based on a current stock price of $194.31.

Analyst on Stock Chase in 2026 go from Strong Buy to Do Not Buy and Watch, Buy, and Hold that are in between. The most recent recommendations are all Watch and Hold. The Do Not Buy analyst does not like Engineering Stocks. Aditya Raghunath on Motley Fool says that with the recent pullback, this stock is now a compelling buy. Amy Legate-Wolfe on Motley Fool says this stock could lead the next bull market. The company issued a Press Release on their Annual Results for 2025. The company issued a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. Their conclusion is that they think WSP Global's earnings potential is at least as good as it seems, and maybe even better. They have one warning of has a high level of debt.

WSP Global Inc provides a professional services consulting firm offering technical expertise and advice to clients in the Transportation & Infrastructure, Earth & Environment, Property & Buildings, and Power & Energy sectors. The firm operates through four reportable segments namely, Canada, Americas (United States and Latin America), EMEIA (Europe, Middle East, India and Africa), and APAC (Asia Pacific, comprising Australia, New Zealand, and Asia). Its web site is here WSP Global Inc.

The last stock I wrote about was about was Thomson Reuters Corp (TSX-TRI, NASDAQ-TRI) ... learn more. The next stock I will write about will be AtkinsRealis Group Inc (TSX-ATRL, OTC-SNCAF) ... learn more on Monday, May 18, 2026 around 5 pm.

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