Granite REIT

Sound bite for Twitter is: Dividend Growth REIT. Results of stock price testing is that the stock price is probably still reasonable. Debt Ratios are quite good except for the Liquidity Ratio. The Dividend Payout Ratios (DPR) are mostly fine, especially the important values of AFFO and FFO. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Granite REIT.

Is it a good company at a reasonable price? This stock seems to be growing fine with a good dividend. It seems to be a bit cyclical, so I think you have to be careful of when you buy. Of course, it is always best to buy a stock over time in different months and years. Currently the stock price is showing as possibly still reasonable. It is off its recent high.

I do not own this stock of Granite REIT (TSX-GRT.UN, OTC-GRTUF). I first bought some of this stock in 2003 when it was called MI Developments (TSX-MIM.A). It was a company connected with Frank Stronach and Magna. TD bank also had an Action Buy Call (Strong Buy) on this stock. By the December 2006, it was doing well and my stock was up some 15% per year. I bought some more. The year of 2006 was the last time I did well on this stock. It kept going down and I sold it in 2009; being discourage it would ever do well again.

When I was updating my spreadsheet, I noticed I sold this stock after 6 years because it seemed to be going nowhere and I had a loss of 22%. However, if I had held it to today and held it for almost 19 years, I would probably have had a profit of 8.35% per year, part dividends and part capital gains. I also notice that this company is no longer listed on the NYSE, it is now on OTC with a new symbol of GRTUF.

If you had invested in this company in December 2015, for $1,024.92 you would have bought 27 shares at $37.96 per share. In December 2025, after 10 years you would have received $827.03 in dividends. The stock would be worth $2,206.17. Your total return would have been $3,033.20. This would be a total return of 13.83% per year with 7.97% from capital gain and 5.86% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$37.96	$1,024.92	27	10	$827.03	$2,206.17	$3,033.20

The current dividend yield is moderate with dividend growth low. The dividend yield is moderate (2% to 4% ranges) at 4.25%. The 5, 10 and historical dividend yields are moderate at 4.23%, 4.68% and 4.49%. The dividend growth is low (below 8% per year) at 3.2% per year over the past 5 years. The last dividend increase was in 2026 and it was for 4.4%.

The Dividend Payout Ratios (DPR) are mostly fine, especially the important values of AFFO and FFO. The DPR for 2025 for Earnings per Share (EPS) is high at 61% with 5 year coverage at 68%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 65% with 5 year coverage at 72%. The DPR for 2025 for Funds from Operations (FFO) is good at 57% with 5 year coverage at 66%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 44% with 5 year coverage at 51%. It is best if DPR for CFPS is at 40% or lower. The DPR for 2025 for Free Cash Flow (FCF) is high at 103% with 5 year coverage at 72%. There is only one value for FCF and it is for $202.6M and only one site giving this information.

Item	Cur	5 Years
EPS	61.12%	68.45%
AFFO	65.25%	72.47%
FFO	57.52%	65.78%
CFPS	43.79%	51.30%
FCF	102.73%	72.25%

The Long Term Debt/Market Cap Ratio for 2025 is good at 0.04 and currently at 0.08. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.08 and currently at 0.16 because this is a more important ratio for a REIT. The Liquidity Ratio for 2025 is far too low at 0.41 and 0.18 currently. If you added in Cash Flow after dividends, the ratios are still far too low at 0.72 and currently at 0.34. The Debt Ratio for 2025 is good at 2.31 and 2.44 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.77 and 0.77 and currently at 1.70 and 0.69.

Type	Year End	Ratio Curr
Lg Term A	0.08	0.16
Lg Term R	0.04	0.08
Intang/GW	0.00	0.00
Liquidity	0.41	0.18
Liq. + CF	0.72	0.34
Liq. CF Dt	0.72	0.34
Debt Ratio	2.31	2.44
Leverage	1.77	1.70
D/E Ratio	0.77	0.69

The Total Return per Year is shown below for years of 5 to 23 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.20%	4.98%	0.96%	4.02%
2015	10	3.97%	13.83%	7.97%	5.86%
2010	15	13.65%	13.42%	7.64%	5.78%
2005	20	8.81%	6.96%	3.63%	3.34%
2002	23	9.46%	8.40%	4.97%	3.43%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.41, 12.88 and 14.72. The corresponding 10 year ratios are 6.48, 7.92 and 9.68. The corresponding historical ratios are 7.30, 8.60 and 10.51. The current ratio is 14.28 based on a stock price of $83.70 and EPS estimate for 2026 of $5.86. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 15.22, 17.73 and 12.71. The corresponding 10 year ratios are 12.90, 14.95 and 16.86. The corresponding historical ratios are 11.40, 13.51 and 15.13. The current ratio is 13.24 based on a stock price of $83.70 and FFO estimate for 2026 of $6.32. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This is a better test than the P/E Ratio test.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 14.03, 16.81 and 19.58. The corresponding 10 year ratios are 14.10, 16.33 and 19.29. The corresponding historical ratios are 14.03, 15.85 and 19.03. The current ratio is 14.87 based on a stock price of $83.70 and AFFO estimate for 2026 of $5.63. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This is also better test than the P/E Ratio test.

I get a Graham Price of $115.72. The 10-year low, median, and high median Price/Graham Price Ratios are 0.68, 0.79 and 0.91. The current ratio is 0.72 based on a stock price of $83.70. 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 0.97. The current ratio is 0.89 based on a stock price of $83.70, Book Value of $5,778M and Book Value per Share of $94.18. 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 15.25. The current ratio is 13.47 based on Cash Flow for the last 12 months of $381M, Cash Flow per Share of $6.21 and a stock price of $83.70. 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.

I get an historical median dividend yield of 4.49%. The current dividend yield is 4.24% based on dividends of $3.5496 and a stock price of $83.70. The current dividend yield is 6% 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 4.68%. The current dividend yield is 4.24% based on dividends of $3.5496 and a stock price of $83.70. The current dividend yield is 9% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 9.96. The current ratio is 7.70 based on Revenue estimate for 2026 of $666.9M, Revenue per Share of $10.87 and a stock price of $83.70. The current ratio is 23% 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 still reasonable. The dividend yield testing is saying it is reasonable but above the median. The P/S Ratio test says it is cheap. Most of the rest of the testing is saying it is reasonable and below the median. It is off its recent high.

When I look at analysts’ recommendations, I find Strong Buy (5), and Buy (5). The consensus is a Strong Buy. The 12 months stock price $106.30 with a high of $112.00 and low of $101.00. The 12 month stock price of $106.30 implies a total return of 31.24% with 27.00% from capital gains and 4.24% from dividends based on a stock price of $83.70.

Analysts on Stock Chase like this REIT but worry about interest rates. Robin Brown on Motley Fool says to buy this company for growth and passive dividends. Puja Tayal on Motley Fool says that this stock could be a growth engine as it is tied to industrial clients like Amazon and Magna International. The company put out a press release via Globe and Mail about their fourth quarter results for 2025. The company put out a press release via Globe and Mail about their second quarter of 2026.

Guru Focus via Yahoo Finance reviews this stock and says it has a strong revenue model to grow it dividends. Simply Wall Street has one warning on this stock of debt is not well covered by operating cash flow.

Granite Real Estate Investment Trust is a real estate investment trust engaged in the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties in North America and Europe. The company's tenant is Magna International, an automotive parts and systems manufacturer, which accounts for the majority of Granite's lease income. Its web site is here Granite REIT.

The last stock I wrote about was about was Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF) ... learn more. The next stock I will write about will be K-Bro Linen Inc (TSX-KBL, OTC-KBRLF) ... learn more on Monday, September 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.

Great-West Lifeco Inc

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are generally fine. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Great-West Lifeco Inc.

Is it a good company at a reasonable price? I think you can do well to invest in Insurance Companies; however, it would seem that this company’s stock has gone up a lot lately and is at an all-time high. I would be cautious about investing in a company at an all-time high. My testing is showing that the stock price is relatively expensive.

I do not own this stock of Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF). This stock seems to be a favorite with investors who like solid, stable, dividend paying stock. It was on Mike Higgs' list and it used to be on the dividend lists. I have been following this stock for some time. However, I will not buy it because I have Power Corp. (TSX-POW). Great West Lifeco Inc. is one of the companies under Power Corp. (TSX-POW).

When I was updating my spreadsheet, I noticed that in 2025 the company purchased (Buy-back) 3% of the outstanding shares. In the first 6 months of this year, the company purchased 1.5% of the outstanding shares. I noticed that the Desmarais Family Residuary Trust shares went down 3.5% between September 12, 2025 and September 11, 2026. The shares in this trust were flat for many years, but last year they sold some shares also.

If you had invested in this company in December 2015, for $1,101.37 you would have bought 29 shares at $34.53 per share. In December 2025, after 10 years you would have received $531.16 in dividends. The stock would be worth $1,963.01. Your total return would have been $2,494.17. This would be a total return of 10.83% per year with 6.96% from capital gain and 3.87% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$34.53	$1,001.37	29	10	$531.16	$1,963.01	$2,494.17

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 2.88%. The 5 and 10 year median dividend yields are good (5% to 6% ranges) at 5.24% and 5.16%. The historical dividend yield is moderate at 3.86%. The dividend growth is low (below 8% per year) at 6.9% per year over the past 5 years. The last dividend increase was in 2026 and it was for 9.8%.

The Dividend Payout Ratios (DPR) are generally fine. The DPR for 2025 for Earnings per Share (EPS) is high at 57% with 5 year coverage at 58%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage high at 52%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 82% with 5 year coverage good at 32%. The DPR for 2025 for Free Cash Flow (FCF) is high at 83% with 5 year coverage good at 36%. FCF varies for 2025 from a negative $5,040M to $2,708M and I am using the $2,708M.

The EPS DPR for 2026 is expected to be in the 50% range, but declining into the 40% range in 2027.

Item	Cur	5 Years
EPS	57.28%	57.68%
AEPS	48.70%	51.90%
CFPS	81.66%	32.45%
FCF	83.20%	36.42%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is at 4.10 and currently at 3.11. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is fine at 0.94 and currently at 0.93 because this is a more important ratio for a Financial. The Liquidity Ratio for 2025 is low at 1.03 and 1.10 currently. But this is not an important ratio for a financial. The Debt Ratio for 2025 is fine but is a little low at 1.04 and 1.04 currently. The Leverage Ratio for 2025 are fine at 28% and currently at 28%.

Type	Year End	Ratio Curr
Lg Term R	4.10	3.11
Lg Term A	0.94	0.93
Intang/GW	0.26	0.20
Liquidity	1.03	1.10
Liq. + CF	1.06	1.23
Debt Ratio	1.04	1.04
Fin Leverage	28%	28%

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	6.85%	22.47%	17.40%	5.07%
2015	10	6.47%	10.83%	6.96%	3.87%
2010	15	4.67%	10.41%	6.48%	3.93%
2005	20	5.67%	7.30%	4.03%	3.27%
2000	25	8.40%	8.80%	5.31%	3.50%
1995	30	10.56%	16.91%	10.28%	6.63%
1990	35	11.04%	18.41%	11.44%	6.98%
1988	37	10.41%	16.84%	10.84%	6.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.23, 10.64 and 11.99. The corresponding 10 year ratios are 9.95, 10.97 and 12.02. The corresponding historical ratios are 10.60, 12.36 and 13.64. The current ratio is 17.68 based on a stock price of $93.15 and EPS estimate for 2026 of $5.27. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.34, 9.82 and 11.31. The corresponding 10 year ratios are 8.78, 10.07 and 11.81. The corresponding historical ratios are 10.07, 12.07 and 13.27. The current ratio is 16.28 based on a stock price of $93.15 and AEPS estimate for 2026 of $5.72. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $54.70. The 10-year low, median, and high median Price/Graham Price Ratios are 0.73, 0.84 and 0.94. The current ratio is 1.77 based on a stock price of $93.15. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.59. The current ratio is 4.01 based on a Book Value of $20,796M, Book Value per Share of $23.25 and a stock price of $93.15. The current ratio is 152% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I have a Book Value per Share estimate for 2026 of $30.53. This analyst determines the Book Value differently than I do and, in this case, the 10 year median dividend yield is 1.38. The ratio is 3.05 based on a Book Value of $27,380M, Book Value per Share of $30.53 and a stock price of $93.15. The current ratio is 120% 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 4.98. The current ratio is 19.75 based pm Cash Flow for the last 12 months of $894.46M, Cash Flow per Share of $4.72 and a stock price of $93.15. The current ratio is 297% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 3.86%. The current dividend yield is 2.88% based on dividends of $2.68 and a stock price of $93.15. The current dividend yield is 25% 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 5.16%. The current dividend yield is 2.88% based on dividends of $2.68 and a stock price of $93.15. The current dividend yield is 44% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.73. The current ratio is 2.03 based on Revenue estimate for 2026 of $41,066M, Revenue per Share of $45.91 and a stock price of $93.15. The current ratio is 179% 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 dividend yield testing is saying that the stock price is expensive and it is confirmed by the P/S Ratio test. All the testing is pointing to an expensive price. The TSX chart shows this stock just off its highest peak ever, so the stock testing as expensive is hardly a surprise.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (1), Hold (5), and Underperform (1). The consensus is a Strong Buy. The 12 month stock price consensus is $94.00 with a High of $111.00 and low of $68.00. The consensus stock price of $94 implies a total return of 3.79% with 0.91% from capital gains and 2.88% from dividends based on a current stock price of $93.15.

Analysts on Stock Chase like this stock, but some are worried about its high valuation. Jitendra Parashar on Motley Fool likes this stock because it has delivered for its shareholders over the past 10 years. Amy Legate-Wolfe on Motley Fool say that this company gives you financial sector exposure on a different lending cycle than banks like TD. However, she says it is also near its highs. The company put out a press release via Newswire about their fourth quarter of 2025. The company put out a press release via Newswire about their second quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. Some people think that this stock is overvalued and its fair value if $80.00 and others think it is undervalued and its fair value if $166.90. Simply Wall Street list no warnings for this stock

Great-West Lifeco is one of the Big Three Canadian life insurers with business in Canada, US, and Europe. Great-West Lifeco also offers various products across European markets with a strong presence in the UK and Ireland. Its web site is here Great-West Lifeco Inc.

The last stock I wrote about was about was Wajax Corp (TSX-WJX, OTC-WJXFF) ... learn more. The next stock I will write about will be Granite REIT (TSX-GRT.UN, NYSE-GRP.U) ... learn more on Friday, September 18, 2026 around 5 pm. Tomorrow on my other blog I will write about Canadian Banks Reporting Third Quarter Earnings.... learn more on Thursday, September 17, 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.

Wajax Corp

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

Is it a good company at a reasonable price? This stock is a fair bit off its recent high, but it is still relatively high for a cyclical stock. Since the stock is rather cyclical, I would be careful in buying. Total Return on this stock have varied widely depending on when the stock was bought. It is testing as still reasonable, but at the high end of the reasonable range. So, I would be cautious. It is always wise to buy a stock over the period of time.

I do not own this stock of Wajax Corp (TSX-WJX, OTC-WJXFF). This is a company I would consider if I was looking for an Indusial stock. This sector has its ups and downs. They have paid good dividends when they could. I am sure dividends will grow as they can. However, industrial company can seldom raise their dividends consistently. The company has good debt ratios and this is a plus for companies in volatile sectors.

When I was updating my spreadsheet, I noticed this company used to be an income trust and it is having a hard time getting dividend rates right as all old income trust companies are. This stock is cyclical so you have to be careful to buy at the right time.

If you had invested in this company in December 2015, for $1,007.40 you would have bought 60 shares at $16.79 per share. In December 2025, after 10 years you would have received $661.20 in dividends. The stock would be worth $1,634.40. Your total return would have been $2,295.60. This would be a total return of 10.23% per year with 4.96% from capital gain and 5.27% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.79	$1,007.40	60	10	$661.20	$1,634.40	$2,295.60

This stock has had relatively good growth in the past. 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 last 12 months to the second quarter in 2026 and expected growth over this year. I have included EBITDA in this chart as this figure is coming more important for stocks at the present time.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	50.80%	8.56%	-3.93%	<-12 mths
5	AEPS Growth	66.08%	10.68%	2.11%	<-12 mths
5	Net Income Growth	81.56%	12.67%	14.21%	<-12 mths
5	Cash Flow Growth	63.26%	10.30%	-8.12%	<-12 mths
5	EBITDA	44.84%	7.69%	-0.91%	<-12 mths
5	Dividend Growth	40.00%	6.96%	0.00%	<-12 mths
5	Stock Price Growth	59.39%	9.77%	11.34%	<-12 mths
10	Revenue Growth	68.48%	5.36%	-2.90%	<-this year
10	AEPS Growth	93.20%	6.81%	8.10%	<-this year
10	Net Income Growth	621.73%	21.85%	23.37%	<-this year
10	Cash Flow Growth	1925.90%	35.10%	-97.69%	<-this year
10	EBITDA	134.66%	8.90%	-2.77%	<-this year
10	Dividend Growth	18.31%	1.70%	8.57%	<-this year
10	Stock Price Growth	62.24%	4.96%	28.49%	<-this year

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.72%. The 5 year median dividend yield is good (5% to 6% ranges) at 5.07%. The 10 year and historical median dividend yields are moderate at 4.90% and 4.57%. The dividend growth over the past 5 years is low (below 8% per year) at 7% per year. However, after having the dividend flat for a number of years, dividends went up 24% in 2023 and then 11% in 2024 year over year and then flat again. The last dividend increase was in 2024 and it was for 6%. The company used to be an income trust company and all these companies are having trouble getting their dividend right.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is fine at 54% with 5 year coverage at 44%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage at 43%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 14% with 5 year coverage at 16%. The DPR for 2025 for Free Cash Flow (FCF) is good at 28% with 5 year coverage at 24%. FCF varies in 2025 from $110M to $184M and I am using the $110M value.

Item	Cur	5 Years
EPS	54.26%	43.53%
AEPS	49.30%	42.97%
CFPS	19.40%	16.10%
FCF	27.72%	24.20%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.37 and currently at 0.27. The Liquidity Ratio for 2025 is good at 2.14 and 2.19 currently. The Debt Ratio for 2025 is good at 1.65 and 1.58 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.54 and 1.54 and currently at 2.73 and 1.73.

Type	Year End	Ratio Curr
Lg Term R	0.37	0.27
Intang/GW	0.30	0.26
Liquidity	2.14	2.19
Liq. + CF	2.52	2.52
Debt Ratio	1.65	1.58
Leverage	2.54	2.73
D/E Ratio	1.54	1.73

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.
2019	5	6.96%	15.56%	9.77%	5.79%
2014	10	1.70%	10.23%	4.96%	5.27%
2009	15	-1.66%	2.95%	-1.99%	4.94%
2004	20	0.59%	7.89%	-0.60%	8.49%
1999	25	0.00%	28.12%	7.98%	20.15%
1994	30	0.00%	9.74%	2.95%	6.79%
1989	35	3.04%	10.41%	4.18%	6.23%
1986	38	2.38%	6.05%	1.63%	4.42%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.11, 8.60 and 11.09. The corresponding 10 year ratios are 7.18, 9.18 and 12.00. The corresponding historical ratios are 7.63, 10.18 and 13.21. The current ratio is 9.67 based on a stock price of $29.69 and EPS estimate for 2026 of $3.07. 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.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 5.55, 7.81 and 10.07. The corresponding 10 year ratios are 7.10, 9.09 and 11.76. The corresponding historical ratios are 7.14, 9.42 and 11.70. The current ratio is 9.67 based on a stock price of $29.69 and EPS estimate for 2026 of $3.07. 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.

I get a Graham Price of $40.72. The 10-year low, median, and high median Price/Graham Price Ratios are 0.54, 0.69 and 0.85. The current ratio is 0.73 based on a stock price of $29.69. 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.

I get a 10-year median Price/Book Value per Share Ratio of 1.15. The current ratio is 1.24 based on a stock price of $29.69, Book Value of $521.98M, and Book Value per Share of $24.00. The current ratio is 7% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.58. The current ratio is 3.62 based on Cash Flow for the last 12 months of $178M, Cash Flow per Share $8.20 and a stock price of $29.69. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is expensive.

I get an historical median dividend yield of 4.57. The current dividend yield is 4.72% based on dividends of $1.40 and a stock price of $29.69. The current dividend yield is 3% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 4.90. The current dividend yield is 4.72% based on dividends of $1.40 and a stock price of $29.69. The current dividend yield is 4% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.26. The current ratio is 0.31 based on Revenue estimate for 2026 of $2,083, Revenue per Share of $95.79 and a stock price of $29.69. The current ratio is 19.8% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably still reasonable. The 10 year median dividend yield testing says that the stock price is reasonable but above the median. This is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the same thing. The exception is the historical median dividend yield test saying that the stock is cheap and the P/CF Ratio test saying the stock price is expensive. Since the Cash Flow bounces around a lot, the historical median dividend yield test is a better test.

When I look at analysts’ recommendations, I find Buy (1), and Hold (3). The consensus is a Hold. The 12 month stock price consensus is $35.00 with a high of $36.00 and a low of $35.00. The consensus stock price of $35.00 implies a total return of 22.60% with 17.88% from capital gains and 4.72% from dividends based on a current stock price of $29.69.

There are three entries in 2025 on Stock Chase. There is one Do Not Buy, one Wait and one Buy. The Do Not Buy says it is medium-quality and not a dividend compounder. The Wait wants to see consistency first and the Buy says his strategy is to ride the stock up. Amy Legate-Wolfe on Motley Fool says that the company has improving margins and a growing backlog and could win big in the future. Amy Legate-Wolfe on Motley Fool wrote in March 2026 that this stock will provide income now and growth later. The company put out a Press Release about their fourth quarter of 20025. The company put out a Press Release about their second quarter of 2026.

Guru Focus via Yahoo Finance talks about the pros and cons of this company. Simply Wall Street via Yahoo Finance reviews this stock as an undervalued small cap with recent insider activity. Simply Wall Street has one warning on this stock of earnings have declined by 2.4% per year over past 5 years.

Wajax Corp operates an integrated distribution system, providing sales, parts, and services to a broad range of customers in diversified sectors of the Canadian economy, including: construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities, and oil and gas. Its web site is here Wajax Corp.

The last stock I wrote about was about was Trican Well Service Ltd (TSX-TCW, OTC-TOLWF) ... learn more. The next stock I will write about will be Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF) ... learn more on Wednesday, September 16, 2026 around 5 pm. Tomorrow on my other blog I will write about Canada’s Banks and Earnings.... learn more on Tuesday, September 15, 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.

Trican Well Service Ltd

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably expensive, but could be reasonable. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth restarted. See my spreadsheet on Trican Well Service Ltd.

Is it a good company at a reasonable price? They are not a dividend growth company, so I generally would not be interested in this company. They have been doing better over the past 6 years that they had for a while, but they are in a cyclical business, so that is not surprising. They are just off a cyclical high and that is generally not a good time to buy. I would not think that this stock is a long term buy, although money could be made in the short term. The stock price could be in a reasonable range, but it would be above the median.

I do not own this stock of Trican Well Service Ltd (TSX-TCW, OTC-TOLWF). I was following Canyon Services Group Inc and Trican Well Services Ltd had a plan of arrangement with Canyon Shareholders.

When I was updating my spreadsheet, I noticed that they had a good year in 2025. Revenue, EPS, Net Income, Cash Flow, Dividends, and Stock Price all went up in 2025 compared to 2024. For the 12 months to the end of the second quarter, EPS and Net Income are down. EPS and Net Income is expected to be lower in 2026 than in 2025.

Note that I am following Canyon Services Group (TSX-FRC) into Trican Well Service Ltd (TSX-TCW) when the plan of arrangement occurred 9 years ago in 2017. I do have values for Trican Well Service Ltd when it comes to stock price and dividends for longer than 9 years.

If you had invested in this company in December 2015, for $1,000.32 you would have bought 1563 shares at $0.64 per share. In December 2025, after 10 years you would have received $859.65 in dividends. The stock would be worth $10,143.87. Your total return would have been $2,794.39. This would be a total return of 26.34% per year with 24.96% from capital gain and 1.39% from dividends. (Note that this stock is cyclical and hit a bottom 10 years ago.)

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$0.64	$1,000.32	1,563	10	$859.65	$9,284.22	$10,143.87

The current dividend yield is moderate with dividend growth restarted. The current dividend yield is moderate (2% to 4% ranges) at 3.47%. Dividends were just restarted in 2023 after being suspended in 2015. The 5 and 10 year median dividend yields are low (below 1%) at 1.96% and 0%. Even when dividends were paid prior to 2015, they were mostly flat and yields were mostly in the median range. The last dividend increase was in 2025 and it was for 10%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 37% with 5 year coverage at 27%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 19% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow calculated by the company (FCF) is good at 13% with 5 year coverage at 34%. The DPR for 2025 for Free Cash Flow (FCF) is good at 39% with 5 year coverage at 26%. FCF varies from $104.69 to $149.40.

Item	Cur	5 Years
EPS	36.84%	26.83%
CFPS	18.52%	12.16%
FCF Comp.	12.79%	33.76%
FCF	39.73%	26.40%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.07 and currently at 0.00. The Liquidity Ratio for 2025 is good at 2.49 and 2.07 currently. The Debt Ratio for 2025 is good at 3.19 and 3.93 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.46 and 0.46 and currently at 1.34 and 0.34.

Type	Year End	Ratio Curr
Lg Term R	0.07	0.00
Intang/GW	0.11	0.10
Liquidity	2.49	2.07
Liq. + CF	4.00	5.71
Debt Ratio	3.19	3.93
Leverage	1.46	1.34
D/E Ratio	0.46	0.34

The Total Return per Year is shown below for years of 5 to 29 to the end of 2025 for TCW. 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%	31.73%	28.73%	3.00%
2015	10	0.00%	26.34%	24.96%	1.39%
2010	15	5.07%	-6.92%	-7.82%	0.90%
2005	20	7.85%	-6.68%	-7.46%	0.78%
2000	20		5.68%	3.66%	2.02%
1996	29		11.89%	8.76%	3.12%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.33, 8.93 and 11.12. The corresponding 10 year ratios are 6.03, 7.95 and 9.56. The corresponding historical ratios are 3.95, 7.46 and 9.56. The current ratio is 11.74 based on a stock price of $6.34 and EPS estimate for 2026 of $0.54. This 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 $5.26. The 10-year low, median, and high median Price/Graham Price Ratios are 0.59, 0.80 and 1.06. The current ratio is 1.21 based on a stock price of $6.34. This 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 1.31. The current ratio is 2.79 based on a stock price of $6.34, Book Value of $476.5M and Book Value per Share of $2.28. The current ratio is 113% 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 $3.48. This implies a ratio of 1.82 with a stock price of $6.34 and a Book Value of $727.4M. This ratio is 40% 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 6.02. The current ratio is 7.96 based on Cash Flow per Share estimate for 2026 of $1.01 and a stock price of $6.34. The current ratio is 32% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I cannot do a historical or 10 year median dividend yield test because dividends have just restarted and I do not have historical or 10 year data to use. Although the median dividend yield for 2023 to 2025 is 3.94%. The current dividend yield is 3.47%, a value 12% below the 3 year median. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.93. The current ratio is 1.05 based on Revenue estimate for 2026 of $1,269.8M, Revenue per Share of $6.07 and a stock price of $6.34. The current ratio is 12% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is probably expensive, but could be reasonable. I can do not dividend yield testing because of lack of dividends from 2015 to 2023. What testing I can do says that the stock price is reasonable, but above the median and this is what the P/S Ratio testing says too. All the other tests are showing the stock price as relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1) and Hold (4). The consensus is a Buy. The 12 month stock price is $7.84 with a high of $9.00 and low of $6.75. The 12 month stock price of $7.84 implies a total return of 27.13% with 23.66% from capital gains and 3.47% from dividends based on a current stock price of $6.34.

Analysts on Stock Chase seem to like this company and think it is a buy. Amy Legate-Wolfe on Motley Fool likes this company for its low debt and FCF. Christopher Liew on Motley Fool likes this stock because it is a top pressure-pumping provider. The company put out a press release via Energy Now about their fourth quarter of 2025 results. The company put out a press release via Energy Now about their second quarter of 2026 results.

Guru Focus via Yahoo Finance gives the positive and negative points in owning this stock. Simply Wall Street via Yahoo Finance reviews this stock. They say there is wide range in the fair value estimates. They also say that to own Trican Well Service, you need to believe in the long term demand for Canadian pressure pumping and completion services, particularly in gas-weighted plays. Simply Wall Street gives no warnings on this stock, but gives the stock 2 and one half stars out of 5.

Trican Well Service Ltd is an equipment services company. It provides products, equipment, services, and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells through its continuing pressure pumping operations in Canada. Its web site is here Trican Well Service Ltd.

The last stock I wrote about was about was Telus Corp (TSX-T, NYSE-TU) ... learn more. The next stock I will write about will be Wajax Corp (TSX-WJX, OTC-WJXFF) ... learn more on Monday, September 14, 2026 around 5 pm.

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

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

Telus Corp

Sound bite for Twitter is: Dividend Paying Telecom. Results of stock price testing is that the stock price is probably relatively cheap. Debt Ratios are rather ugly. The Dividend Payout Ratios (DPR) are far too high. The current dividend yield is good with dividend growth low. See my spreadsheet on Telus Corp.

Is it a good company at a reasonable price? There is much I do not like about this stock and that begins with the awful Debt Ratios and the high DPRs. On the other hand, it is a good sign that maybe things are going to get better because insiders are buying and they probably think that. A cheap stock is not necessarily a good stock to buy. If this stock is to turn around, it will probably take some time. It is cheap at present and with a decent dividend yield.

I do not own this stock of Telus Corp (TSX-T, NYSE-TU). I started to follow this stock because of a list of stock John Sartz talked about in 2008. At the Toronto Money Shows in 2009 and 2010 Aaron Dunn from Key Stone Financial Publishing Corp talked about having recommended this stock. Aaron Dunn says he likes companies with resilient business models, which are profitable and are growing their earnings. He also like companies with strong management teams, health balance sheets, and compelling valuations. They look at the P/E and the Price/Cash Flow ratios. Telus Corp (TSX-T) was one of three stocks he recommended in 2009.

When I was updating my spreadsheet, I noticed every officer and directors I follow bought more shares in the past year. They have a new CEO and he was appointed from within the company and he increased his shares by 200%. They also have a new CFO and he bought shares. The rest of the people I follow have been with the company at least 5 years and they all bought more shares. This is, of course, a positive.

The negative is, of course, that this company cut their dividends this year by 55%. They were probably paying more in dividends than they could afford. What they are earning has been going down, even the Adjusted Earnings have been going down over the past 3 years. As you can see in the chart below, if you had invested in this company 10 years ago, your stock price is down, but overall, you had a gain. This is quite typical of stocks that pay dividends. You often, at least, break even when problems appear.

If you had invested in this company in December 2015, for $1,013.89 you would have bought 53 shares at $19.13 per share. In December 2025, after 10 years you would have received $655.02 in dividends. The stock would be worth $958.77. Your total return would have been $1,613.79. This would be a total return of 5.85% per year with 0.56% from capital loss and 6.41% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$19.13	$1,013.89	53	10	$655.02	$958.77	$1,613.79

The current dividend yield is good with dividend growth low. The current dividend is good (5% to 6% ranges) at 5.69%. The 5 year median dividend yield is also good at 5.68%. The 10 year and historical median dividend yields are moderate at 4.56%, and 4.34%. The dividend growth is low (below 8% per year) at 7% per year over the past 5 years. The last dividend change was in 2026 and was a decrease in dividends by 55%.

The Dividend Payout Ratios (DPR) are far too high. The DPR for 2025 for Earnings per Share (EPS) is far too high at 227% with 5 year coverage at 166%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is far too high at 178% with 5 year coverage at 141%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 52% with 5 year coverage at 43%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 77% with 5 year coverage at 91%. With the drop in dividends, the DPR for EPS is expected to remain above 100% over the next 3 years. With the drop in dividends, the DPR for AEPS is expected to be around 89 in the next 3 years.

Item	Cur	5 Years
EPS	227.39%	165.53%
AEPS	177.96%	141.34%
CFPS	51.80%	43.91%
FCF	76.76%	91.02%

Debt Ratios are rather ugly. The Long Term Debt/Market Cap Ratio for 2025 is high at 0.98 and currently far too high at 1.25. The Intangible and Goodwill Ratios are much too high at 1.10 and currently at 1.09. The Liquidity Ratio for 2025 is too low at 0.86 and 0.86 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.10 and currently at 1.09. The Debt Ratio for 2025 is low at 1.39 and 1.36 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.60 and 2.60 and currently at 3.77 and 2.77.

Type	Year End	Ratio Curr
Lg Term R	0.98	1.25
Intang/GW	1.10	1.37
Liquidity	0.86	0.86
Liq. + CF	1.10	1.09
Liq, CF DB	1.62	1.85
Debt Ratio	1.39	1.36
Leverage	3.60	3.77
D/E Ratio	2.60	2.77

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	7.04%	0.06%	-6.42%	6.48%
2015	10	7.16%	5.85%	-0.56%	6.41%
2010	15	8.41%	9.94%	3.14%	6.79%
2005	20	11.08%	7.34%	2.09%	5.25%
2000	25	6.37%	6.61%	2.24%	4.36%
1995	30	5.73%	8.90%	3.78%	5.12%
1990	35	10.18%	9.00%	3.86%	5.14%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 24.19, 28.21 and 32.22. The corresponding 10 year ratios are 20.86, 23.93 and 26.99. The corresponding historical ratios are 15.75, 17.42 and 15.75. The current ratio is negative and therefore useless in testing.

If we look at EPS estimate for 2026, we get a ratio of 24.21. This is based on a stock price of $13.17, EPS of $0.54. This 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. If we look at EPS estimate for 2027, we get a ratio of 20.09. This is based on a stock price of $13.17, EPS of $0.66. This ratio is below the low 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 22.33, 25.69 and 27.98. The corresponding 10 year ratios are 18.68, 21.57 and 24.39. The corresponding historical ratios are 15.29, 16.50 and 17.69. The current ratio 19.09 based on a stock price of $13.17 and AEPS estimate for 2026 of $0.69. The current ratio is between the low and median ratios of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $12.25. The 10-year low, median, and high median Price/Graham Price Ratios are 1.45, 1.52 and 1.65. The current ratio is 1.08 based on a stock price of $13.17. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 2.58. The current ratio is 1.36 based on a Book Value of $15,220, Book Value per Share of $9.66, and stock price of $13.17. This ratio is 47% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have a Book Value per Share estimate for 2026 of $7.80. This implies a ratio of 1.69, Book Value of $12,291M with a stock price of $13.17. This ratio is 35% below 10 year median ratio of 2.58. 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 7.13. The current ratio is 4.29 based on Cash Flow per Share estimate for 2026 of $3.07, Cash Flow of $4,832M and a stock price of $13.17. The current ratio is 40% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 4.34%. The current ratio is 5.69% based on dividends of $0.75 and a stock price of $13.17. The current ratio is 31% 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 4.56%. The current ratio is 5.69% based on dividends of $0.75 and a stock price of $13.17. The current ratio is 25% 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 1.97. The current P/S Ratio is 1.02 based on Revenue estimate for 2026 of $20,256M, Revenue per Share of $12.86 and a stock price of $13.17. The current ratio is 48% 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 relatively cheap. The dividend yield testing is saying this. However, you have to wonder about this when the company just cut dividends. (Dividend cutting is a negative.) The P/S Ratio test is a good one and it says that the stock price is relatively cheap. The P/BV Ratio testing is saying that the stock price is relatively cheap. This is a good test because it relies on the actual book value. Most of the rest of the testing is saying that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (3), Hold (11), Underperform (2) and Sell (2). The consensus would be a Hold. The 12 months stock price consensus is $14.31 with a high of $17.00 and a low of $11.50. The 12 month stock price consensus of $14.31 implies a total return of 14.35% with 8.66% from capital gains and 5.69% from dividends based on a current stock price of $13.17.

There are mixed feelings on Stock Chase about this stock. However, there are lots of Do Not Buy for this stock in 2026. Some complain that after the dividend cut, the payouts are still too high. I think that they are right. One says buy for a diversified portfolio. Jitendra Parashar on Motley Fool says that Telus’ sharply lower share price and renewed focus on cash flow, debt reduction, and disciplined capital allocation make its stock worth considering today. Joey Frenette on Motley Fool says don’t count on quick turnaround gains from beaten-down Telus. The company put out a press release via Newswire about their fourth quarter results for 2025. The company put out a Press Release about their second quarter of 2026.

People on Money.ca via Yahoo Finance way in on whether or not you should buy this stock.. Simply Wall Street via Yahoo Finance reviews this stock after the dividend reset. They say it might be undervalued and worth $20.28. Simply Wall Street has two warnings on this stock of interest payments are not well covered by earnings; and dividend of 12.5% is not well covered by earnings or free cash flows. Even with the dividend cuts, I think that the DPRs are too high.

Telus is one of Canada's Big Three telecom service providers, offering wireless and broadband services nationally, but with strongholds in British Columbia and Alberta. The firm operates two additional segments, Telus Health and Telus Digital. Its web site is here Telus Corp.

The last stock I wrote about was about was Accord Financial Corp (TSX-ACD, OTC-ACCFF) ... learn more. The next stock I will write about will be Trican Well Service Ltd (TSX-TCW, OTC-TOLWF) ... learn more on Friday, September 11, 2026 around 5 pm. Tomorrow on my other blog I will write about Financial Expertise and Blind Spots.... learn more on Thursday, September 10, 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.

Accord Financial Corp

Sound bite for Twitter is: Financial Sector Stock. Results of stock price testing is that the stock price is cheap. Some Debt Ratio are good, but the debt is high. The company got into financial difficulties and so cancelled their dividends in 2023, so there is no current dividend yield or Dividend Payout Ratios (DPR). See my spreadsheet on Accord Financial Corp.

Is it a good company at a reasonable price? This is a very small company and that is, of course, risky. The company is going through major restructuring because of financial difficulties and they have exited the US market. I think that they will recover and that is why I bought more stock. It will take time. The company is very illiquid. This is, of course, high risk. I bought stock originally and lately with my fooling around money. The company’s stock price is cheap.

I own this stock of Accord Financial Corp (TSX-ACD, OTC-ACCFF). I was looking for a small cap financial stock in 2024. The dividend was good and it did raise the dividend regularly. It has had some problems recently, but a lot of companies are with this long drawn out recover. As with all small cap stocks there is low trading volume.

When I was updating my spreadsheet, I noticed that I have a 61.06% loss. I bought stock with my fooling around money in September of 2024. They got into financial difficulties last year and the stock crashed. The best I can say about the company is that it has seemed to stabilize recently. The company says that they are now entirely focused on small business lending in Canada – one country, one target market, one team. They say that the loss in 2025 occurred because of their exit from the US market and that they increased their provision for credit losses.

The company got into financial difficulties and so cancelled their dividends in 2023, so there is no current dividend yield or Dividend Payout Ratios (DPR).

Some Debt Ratio are good, but the debt is high. The Long Term Debt/Market Cap Ratio for 2025 is far too high at 18.86 and currently at 14.33. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is fine at 0.87 and currently at 0.82 because this is a more important ratio for a Financial. The Liquidity Ratio for 2025 is good at 10.02and 10.19 currently, but this is not an important ratio for a financial. The Debt Ratio for 2025 is fine for a financial at 1.18 and 1.36 currently. The Leverage and Debt/Equity Ratios for 2025 are far too high at 7.00 and 5.94 and currently high at 3.79 and 2.79.

Type	Year End	Ratio Curr
Lg Term R	18.86	13.28
Lg Term A	0.87	0.82
Intang/GW	0.00	0.00
Liquidity	10.02	4.81
Liq. + CF	10.19	8.42
Debt Ratio	1.18	1.36
Leverage	7.00	3.79
D/E Ratio	5.94	2.79

The Total Return per Year is shown below for years of 5 to 33 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%	-20.13%	-23.12%	2.99%
2015	10	0.00%	-10.77%	-15.41%	4.65%
2010	15	0.00%	-2.62%	-9.08%	6.45%
2005	20	0.00%	-0.04%	-6.60%	6.56%
2000	25	0.00%	4.07%	-4.44%	8.51%
1995	30	0.00%	8.41%	-1.52%	9.93%
1992	33	0.00%	10.47%	0.00%	10.47%

The 5-year low, median, and high median Price/Earnings per Share Ratios are all negative and useless. The corresponding 10 year ratios are 8.83, 9.60 and 10.38. The corresponding historical ratios are 8.55, 10.15 and 11.52. I do not have estimate for 2026, but I do have EPS for the past 12 months to the end of the second quarter. The EPS is negative and so I can do no testing.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 4.31, 5.11 and 5.92. The corresponding 10 year ratios are 7.90, 9.32 and 10.95. The corresponding historical ratios are 8.34, 9.59 and 11.06. I do not have estimate for 2026, but I do have AEPS for the past 12 months to the end of the second quarter. The AEPS is negative, so I can do no testing.

I cannot do Graham Price testing because the AEPS values have been negative the last two years and the AEPS is still negative.

I get a 10-year median Price/Book Value per Share Ratio of 0.69. The current ratio is 0.19 based on a Book Value of $43.7M, Book Value per Share of $5.11 and a stock price of $0.69. The current ratio is 73% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio that is negative and useable. I get a 5- year median P/CF Ratio of 0.63. The current ratio is 0.09 based on Cash Flow for the last 12 month $99.5M, Cash Flow per Share of $11.63 and a stock price of $0.69. The current ratio is 87% below the 5 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

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

The 10-year median Price/Sales (Revenue) Ratio is 1.12. The current ratio is 0.19 based on Revenue for the last 12 months of $44.28M, Revenue per Share of $5.17 and a stock price of $0.69. The current ratio is 84% 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 cheap. The three tests I could do, point to a cheap price.

When I look at analysts’ recommendations, I find one rating of a Strong Buy 3 months ago. This stock is not well followed. There is one target price of $8.60. You have to wonder about this. The implications of a one year target price of $8.60 implies a total return of 796%, all from capital gains and based on a current stock price of $0.96.

There was one entry for 2014 and two entries for 2013 on Stock Chase. Two entries gave the company a Top Pick and one said Do Not Buy because it was not particularly liquid. There are no entries on Motley Fool. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter of 2026.

There is a news item on Business Wire about Accord selling their US Portfolio. There is an interesting review on Finder about getting a loan from this company. Simply Wall Street has 4 warnings out on this stock of earnings have declined by 66.5% per year over past 5 years; does not have a meaningful market cap (CA$8M); shares are highly illiquid; and has a high level of debt.

Accord Financial Corp is a provider of asset-based financial services to businesses. It is engaged in providing asset-based financing services, including factoring and receivables financing, equipment and inventory financing, leasing, working capital financing, and media financing, to industrial and commercial enterprises, principally in Canada. Its web site is here Accord Financial Corp.

The last stock I wrote about was about was Cargojet Inc (TSX-CJT, OTC-CGJTF) ... learn more. The next stock I will write about will be Telus Corp (TSX-T, NYSE-TU) ... learn more on Wednesday, September 9, 2026 around 5 pm. Tomorrow on my other blog I will write about Another Approach to Budgeting.... learn more on Tuesday, September 8, 2026 around 5 pm.

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