Badger Infrastructure Solutions Ltd

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are good. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is low with dividend growth low. See my spreadsheet on Badger Infrastructure Solutions Ltd.

Is it a good company at a reasonable price? Analysts say there is an infrastructure super cycle going on in North America and this company will benefit from that. They are saying it is a Strong Buy even though the stock is quite high. However, almost all the stock I follow have a Strong Buy, so I generally do not read much into this. I think that the stock price is expensive. It is true that this stock is expensive but analysts could be right that it will continue to charge ahead.

I do not own this stock of Badger Infrastructure Solutions Ltd (TSX-BDGI, OTC-BDGIF). I started to follow this stock after reading a couple of articles in February 2012 in the G&M that talked about the company. The first article looked at what the pros who manage small-cap funds are buying. Badger was one of 10 stocks mentioned and it looked like an interesting stock. It is a dividend paying small cap. The second article looked at why stocks might appeal to a conservative investor looking for income.

When I was updating my spreadsheet, I noticed the stock price is up 104% in 2025 compared to a decline of 12% in 2024. Also, the stock price is up some 19% so far this year. This is in CDN$. The company reports in US$, with the dividend being paid in CDN$. The estimates give are in CDN$.

This company is growing well. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. In column 5, I am showing what growth has been over the past 12 months to the end of the second quarter in June 2026 and what is expected to the end of this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth US$	89.56%	13.64%	9.56%	<-12 mths
5	ACFFO Growth	112.81%	16.30%	9.06%	<-12 mths
5	Net Income Growth	204.70%	24.96%	2.65%	<-12 mths
5	Cash Flow Growth	49.67%	8.40%	7.99%	<-12 mths
5	Dividend Growth	16.41%	3.09%	1.65%	<-12 mths
5	Stock Price Growth	86.67%	13.30%	21.95%	<-12 mths
10	Revenue Growth US$	184.64%	11.03%	18.96%	<-this year
10	ACFFO Growth	297.10%	14.79%	9.06%	<-this year
10	Net Income Growth	113.09%	7.86%	20.83%	<-this year
10	Cash Flow Growth	140.57%	9.18%	15.72%	<-this year
10	Dividend Growth	108.38%	7.62%	17.71%	<-this year
10	Stock Price Growth	211.08%	12.02%	47.65%	<-this year

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 0.86%. The 5, 10 and historical dividend yields are also low at 1.65%, 1.65% and 1.91%. The dividend growth is low (below 8% per year) at 4.6% per year over the past 5 years. The last dividend increase was for 4% and it occurred in 2026.

The dividends are low, so if you buy this stock what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 4.62% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $87.22 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$0.98	1.12%	5	4.62%	4.90%
$1.22	1.40%	10	4.62%	9.93%
$1.54	1.76%	15	4.62%	16.23%

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is good at 31% with 5 year coverage high at 52%. The DPR for 2025 for Adjusted Operations Cash Flow (AOCF) is good at 9% with 5 year coverage at 15%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow (FCF) is high at 63% with 5 year coverage at 105%. FCF varies in 2025 from $28M to $45M in US$. I am using the $28M figure as I generally the MS figures. If I used the $45M figure, the FCF is good at 40% with 5 year coverage at 37%.

Item	Cur	5 Years
EPS	30.96%	51.79%
AOCF	9.26%	14.89%
CFPS	9.24%	12.14%
FCF	63.87%	105.33%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.11 and currently at 0.10. The Liquidity Ratio for 2025 is low at 1.37 and good at 1.56 currently. If you added in Cash Flow after dividends, the ratios are good at 2.27 and currently at 2.72. The Debt Ratio for 2025 is good at 1.63 and 1.59 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.58 and 1.58 and currently at 2.70 and 1.70.

Type	Year End	Ratio Curr
Lg Term R	0.11	0.10
Intang/GW	0.02	0.01
Liquidity	1.37	1.56
Liq. + CF	2.27	2.72
Debt Ratio	1.63	1.59
Leverage	2.58	2.70
D/E Ratio	1.58	1.70

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	4.62%	15.31%	13.97%	1.34%
2015	10	7.51%	13.03%	11.59%	1.43%
2010	15	3.87%	20.47%	17.67%	2.80%
2005	20	4.19%	16.56%	13.48%	3.08%
2000	25	6.93%	29.15%	20.67%	8.47%
1997	28		12.64%	10.94%	1.71%

The Total Return per Year is shown below for years of 5 to 21 to the end of 2025 in US$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.09%	14.61%	13.30%	1.31%
2015	10	7.62%	13.50%	12.02%	1.48%
2010	15	1.67%	16.35%	15.57%	2.62%
2005	20	3.35%	14.37%	12.68%	3.31%
2004	21	6.27%	14.37%	13.25%	3.83%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.66, 21.65 and 25.64. The corresponding historical ratios are 16.66, 22.62 and 27.60. The corresponding historical ratios are 12.40, 16.39 and 20.35. The current ratio is 29.45 based on a stock price of $87.22 and EPS estimate for 2026 of $2.96. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 14.47, 18.73 and 22.99. The corresponding historical ratios are 14.59, 19.39 and 25.49. The corresponding historical ratios are 16.48, 22.01 and 28.58. The current ratio is 30.76 based on a stock price of $66.76 and AEPS for the last 12 months of $2.17. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a Graham Price of $27.25. The 10-year low, median, and high median Price/Graham Price Ratios are 1.57, 2.18 and 2.70. The current ratio is 3.20 based on a stock price of $66.76. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 3.51. The current ratio is 7.83 based on a Book Value of $375M, Book Value per Share of $11.15 and a stock price of $87.22. The current ratio is 123% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 9.61. The current ratio is 11.07 based on Cash Flow per Share estimate for 2026 of $7.88, Cash Flow of $265M and a s tock price of $87.22. The current ratio is 15% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get an historical median dividend yield of 1.91%. The current dividend yield is 0.89% based on dividends of $0.78 and a stock price of $87.22. The current dividend yield is 53% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10 year median dividend yield of 1.65%. The current dividend yield is 0.89% based on dividends of $0.78 and a stock price of $87.22. The current dividend yield is 46% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 1.70. The current ratio is 2.12 based on Revenue estimate for 2026 of $1,388M, Revenue per Share of $41.24 and a stock price of $87.22. The current ratio is 24% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

Results of stock price testing is that the stock price is probably expensive. The dividend yield tests are saying this and it is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (5) and Buy (3). The consensus would be a Strong Buy. The 12 month stock price consensus is $113.41 with a high of $125.00 and a low of $105.00. The consensus stock price of $113.41 implies a total return of 30.92% with 30.03% from capital gains and 0.89% from dividends based on a current stock price of $87.22.

There is only one entry on Stock Chase for 2026 and it is a Top Pick. Analyst says there is an infrastructure super cycle in NA. There are 4 entries for 2025 and they are all buys. Sneha Nahata on Motley Fool says that Canada is entering a new wave of infrastructure investment creating opportunities to companies like Badger. Amy Legate-Wolfe on Motley Fool says this company will benefit from the wider spending wave around digital infrastructure. The company put out a press release about their fourth quarter results for 2025. The company put out a Press Release about its second quarterly results for 2026.

Simply Wall Street via Yahoo Finance reviews this company and says that the fair value is $83.17 CDN$. Simply Wall Street has one warning on this stock of has a high level of debt.

Badger Infrastructure Solutions Ltd is North America's provider of non-destructive excavating and related services, with operations in both the United States and Canada. Its key technology is the Badger Hydrovac, which is used predominantly for safe excavation around critical infrastructure and in congested underground conditions. Its web site is here Badger Infrastructure Solutions Ltd.

The last stock I wrote about was about was Pulse Seismic Inc (TSX-PSD, OTC-PLSDF) ... learn more. The next stock I will write about will be GFL Environmental Inc (TSX-GFL, NYSE-GFL) ... learn more on Friday, August 14, 2026 around 5 pm. Tomorrow on my other blog I will write about AL and S&P 500.... learn more on Thursday, August 13, 2026 around 5 pm.

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

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

Pulse Seismic Inc

I will probably not be following Obsidian Energy Ltd (TSX-OBE, NYSE-OBE); Ballard Power Systems Inc (TSX-BLDP, NASDAQ-BLDP); Artis REIT (TSX-AX.UN, OTC-ARESF) which is now RFA Capital (TSX-RFA, OTCQX-RFAFF); and Superior Plus Corp (TSX-SPB, OTC-SUUIF). I have kept them on my spreadsheet, but I have not updated their individual spreadsheets as I am not sure I want to follow them anymore as they do not appear to be doing anything I am interested in.

Sound bite for Twitter is: Dividend Growth Industrial. This stock price testing suggests that the stock price is relatively reasonable and below the median. Debt Ratios are good with no debt and a lot of cash. The Dividend Payout Ratios (DPR) are high because of special dividends. The current dividend yield is moderate with dividend growth probably low. See my spreadsheet on Pulse Seismic Inc.

Is it a good company at a reasonable price? It is probably having temporary revenue problems as happened in 2022 and 2018. They have a strong balance sheet, with lots of cash and no to little debt. They are in a good position to outlast any short term problems. The stock price testing is suggesting that the stock price is reasonable and below the median. I could, of course, be wrong on all of this.

I do not own this stock of Pulse Seismic Inc (TSX-PSD, OTC-PLSDF). I wanted to invest some extra money in a dividend paying small cap. I used a Stock Filter. I asked for companies that were priced between $1 and $5.50 and had a yield between 4% and 20%. Pulse Seismic Inc. was one of the companies that were returned. This is not a stock I chose to invest in but I found it of interest so I am following it.

When I was updating my spreadsheet, I noticed that Revenue from Data Licensing is way down for the first and second quarters of 2026 ending in March 31, 2026 and June 30, 2026. However, the company increased their dividends in the second quarter of 2026 by over 7%. Stock Price for the year has only fallen 3.7%. I also noticed that the Revenue fell 80% in 2022 from $49M to 9.5M. In 2023 Revenue was 39M. Basically, the same thing happened in 2018.

The current dividend yield is moderate with dividend growth probably low. The dividend yield is moderate (2% to 4% range) at 2.37%. The 5 and historical median dividend yields are moderate at 2.18% and 2.14%. The 10 year median dividend yield is low (below 2%) at 0.35%. This is because there were a number of years without dividends. The dividend growth looks large because dividends were restarted with one dividend in 2021. They have really only gone up 50% since being restarted in 2021. They are still 6% below the dividends payments of made in 2015. The last dividend increase was for 7%.

The Dividend Payout Ratios (DPR) are high because of special dividends. The DPR for 2025 for Earnings per Share (EPS) is too high at 102% with 5 year coverage at 83%. However, this is because of special dividends given. Without the special dividend the DPR for 2025 would be 15%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 68% with 5 year coverage good at 40%. Here also the special dividend increases the 2025 DPR from 10% to 68%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 58% with 5 year coverage good at 35%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 74% with 5 year coverage at 54%.

Item	Cur	5 Years
EPS	101.63%	83.25%
AEPS	67.75%	40.48%
CFPS	58.04%	34.55%
FCF	73.99%	54.21%

Debt Ratios are good with no debt and a lot of cash. 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 9.32 and 7.25 currently. The Debt Ratio for 2025 is good at 20.41 and 24.15 currently. They have no debt and a lot of cash. The Leverage and Debt/Equity Ratios for 2025 are good at 1.31 and 0.31 and currently at 1.24 and 0.24.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.00	0.00
Liquidity	9.32	7.25
Liq. + CF	22.81	6.05
Debt Ratio	20.41	24.15
Leverage	1.31	1.24
D/E Ratio	0.31	0.24

The Total Return per Year is shown below for years of 5 to 27 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	52.44%	36.80%	27.93%	8.87%
2015	10	1.18%	7.56%	4.01%	3.55%
2010	15	0.00%	7.82%	4.34%	3.48%
2005	20	-0.53%	5.08%	1.70%	3.38%
2000	25	1.37%	11.38%	6.09%	5.29%
1998	27		13.92%	7.87%	6.05%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.89, 6.89 and 7.86. The corresponding 10 year ratios are negative and useless. The corresponding historical ratios are 2.95, 4.57 and 6.36. The current ratio is 300.00. The ratio is 300 because the company only earned $0.01 over the past 12 months.

I get a Graham Price of $0.22. The 10-year low, median, and high median Price/Graham Price Ratios are 0.98, 1.17 and 1.51. The current ratio is 13.83 based on a stock price of $3.00. 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 get a 10-year median Price/Book Value per Share Ratio of 3.73. The current ratio is 14.35 based on Book Value of $10.6M, Book Value per Share of $0.21 and a stock price of $3.00. The current ratio is 284% 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 6.29. The current ratio is 88.97 based on Cash Flow for the last 12 months of $1.7M, Cash Flow per Share of $0.03 and a stock price of $3.00. The current ratio is 1313% 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 2.14%. The current dividend yield is 2.50% based on dividends of $0.075 and a stock price of $3.00. The current dividend yield is 16.82% 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 5 year median dividend yield of 2.14%. The current dividend yield is 2.50% based on dividends of $0.075 and a stock price of $3.00. The current dividend yield is 14.50% above the 5 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. I am using 5 year median as there were no dividends paid between 2017 and 2021.

The 10-year median Price/Sales (Revenue) Ratio is 4.93. The current ratio is 9.83 based on Revenue for the last 12 months of $15.472M, Revenue per Share of $0.31 and a stock price of $3.00. The current ratio 99% above the 10 year ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. Problem is lack of recent sales.

Results of stock price testing is that the stock price is probably cheap. This is based on the dividend yield testing. The rest of the testing is showing the stock price as rather expensive because of lack of recent sales. However, the company has made no effort to cut the dividends. In 2018 when sales dropped, they did cut the dividends. However, in 2022 when sales also dropped, they restarted the dividends.

When I look at analysts’ recommendations, I find a Hold (1) recommendation on one site and a Buy (1), 3 months ago on another. Another site gives it a Strong Buy (1) with a fourth site giving it a Hold (1). It is probably a Hold. The 12 month stock price consensus on one site is $2.10 and on another $3.00.

The last entry on Stock Chase was in 2025 and analyst thought it a partial buy. They had just won a big contract. The latest entry on Motley Fool is also 2025 by Chris MacDonald. He thought it still had some growth to come. The company put out a press release via Global Newswire about their annual results for 2025. The company put out a Press Release about their second quarter results for 2026.

Simply Wall Street via Yahoo Finance looks at this company and says it is a TSX Penny Stock with market Cap over $50M to consider. This was June 3, 2026.

Pulse Seismic Inc is a Canadian company which acts as a provider of seismic data to the energy sector in western Canada. The company is engaged in the acquisition, marketing, and licensing of 2D and 3D seismic data to the energy sector. Its web site is here Pulse Seismic Inc.

The last stock I wrote about was about was Evertz Technologies Ltd (TSX-ET, OTC-EVTZF) ... learn more. The next stock I will write about will be Badger Infrastructure Solutions Ltd (TSX-BDGI, OTC-BDGIF) ... learn more on Wednesday, August 12, 2026 around 5 pm. Tomorrow on my other blog I will write about Amber Kanwar Talks About Sun Life.... learn more on Tuesday, August 11, 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.

Evertz Technologies Ltd

Sound bite for Twitter is: Dividend Growth Tech. Results of stock price testing is that the stock price is probably still reasonable. Debt Ratios are fine. The Dividend Payout Ratios (DPR) far too high. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Evertz Technologies Ltd .

Is it a good company at a reasonable price? I worry about the high DPRs. Dividends might be kept level for a while. This is a small company so there is risk in that too. It has generated cash and the total return include a large portion from dividends. It has not grown much. It is a negative that the Book Value has declined by 7% and 6% per year over the past 5 and 10 years. It is probably a good stock for passive income. The stock price does seem reasonable at the present time.

I own this stock of Evertz Technologies Ltd (TSX-ET, OTC-EVTZF). I came across an article in G&M about ET and it seemed a good dividend paying company. It has high dividends and is probably riskier than average. The company also has a large amount of insider ownership.

When I was updating my spreadsheet, I noticed I have a total return of 8.04% with 1.71% from capital gains and $6.33% from dividends. The company has given out special dividends when they had excess cash. I do not find this very good. Generally, companies reinvest excess money into their business. Note that this company has the financial year ending in April each year and I am looking at the April 30, 2027 year end and the first quarter of 2027 dated July 31, 2026.

If you had invested in this company in December 2015, for $1,015.50 you would have bought 58 shares at $17.50 per share. In December 2025, after 10 years you would have received $651.92 in dividends. The stock would be worth $802.72. Your total return would have been $1,454.64. This would be a total return of 4.76% per year with 2.32% from capital loss and 7.08% from dividends. There were two big special dividend payments in the past 10 years.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.50	$1,015.00	58	10	$651.92	$802.72	$1,454.64

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4%) at 4.88%. The 5 year median dividend yield is good (5% to 6% ranges) at 5.86%. The 10 year and historical median dividend yields are moderate at 4.96% and 4.15%. The dividend growth is moderate (8% to 14% per year) at 8.5% per year over the past 5 years. The last dividend increase was in 2025 and it was for 2.5%. In 2021, 5 years ago, dividends were decreased by 25%, then in 2022 dividends were increased by 33%. Dividend increases since 2022 have been low (under 8% per year).

The Dividend Payout Ratios (DPR) far too high. The DPR for 2025 for Earnings per Share (EPS) is too high at 218% with 5 year coverage at 136%. The DPR for 2025 for Earnings per Share excluding the special dividend is still too high at 98%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 146% with 5 year coverage at 88%. The DPR for 2025 for Cash Flow per Share (CFPS) without the special dividend is too high at 65%. The DPR for 2025 for Free Cash Flow (FCF) is good at 227% with 5 year coverage at 116%.

Item	Cur	5 Years
EPS	218.07%	135.66%
CFPS	145.95%	88.49%
FCF	226.58%	116.02%

Debt Ratios are fine. 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 1.62 and 1.62 currently. If you added in Cash Flow after dividends, the ratios are low at 1.34 and currently good at 1.76. The Debt Ratio for 2025 is good at 1.90 and 1.90 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 2.11 and 1.11 and currently at 2.11 and 1.11.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.02	0.02
Liquidity	1.62	1.62
Liq. + CF	1.34	1.76
Debt Ratio	1.90	1.90
Leverage	2.11	2.11
D/E Ratio	1.11	1.11

The Total Return per Year is shown below for years of 5 to 19 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	8.45%	9.57%	0.92%	8.65%
2015	10	1.18%	4.76%	-2.32%	7.08%
2010	15	5.56%	4.97%	-1.51%	6.48%
2006	19	8.08%	5.91%	0.09%	5.82%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.56, 15.29 and 17.87. The corresponding 10 year ratios are 13.16, 16.26 and 19.68. The corresponding historical ratios are 13.92, 16.68, 19.92. The current ratio is 19.60 based on a stock price of $16.79 and EPS estimate for 2026 of $0.86. The current ratio is between the median and high ratio of the 10 median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $7.12. The 10-year low, median, and high median Price/Graham Price Ratios are 1.49, 1.71 and 2.00. The current ratio is 2.36 based on a stock price of $16.79. This ratio is above the high ratio of 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 3.85. The current P/B Ratio is 6.39 based on a Book Value of $198.17, Book Value per Share of $2.62 and a stock price of $16.79. The current ratio is 66% 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 13.65. The current ratio is 13.88 based on Cash Flow per Share estimate for 2026 of $1.21, Cash Flow of $91.5M and a stock price of $16.79. The current ratio is 2% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 4.15%. The current ratio is 4.88% based on dividends of $0.82 and a stock price of $16.79. The current dividend yield is 18% 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 4.96%. The current ratio is 4.88% based on dividends of $0.82 and a stock price of $16.79. The current dividend yield is 2% 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 2.52. The current P/S Ratio is 2.36 based on Revenue estimate for 2026 of $538.4M, Revenue per Share of $7.12 and a stock price of $16.79. The current ratio is 7% below the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably still reasonable. The 10 year dividend yield test is saying that the stock price is reasonable, but above the median. The P/S Ratio test says that the stock price is reasonable and below the median. The rest of the testing says the stock price is from reasonable to expensive. My caution is that the DPRs are too high, but on the other had they do have lots of cash. The other caution is the P/B Ratio test where we are also dealing with real values rather than estimates and that test says that the stock price is expensive.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1) and Hold (1). The consensus would be a Strong Buy. The 12 month stock price consensus is $17.75 with a high of $18.00 and a low of $17.00. The 12 month stock price consensus of $17.75 implies a total return of 10.60% with 5.72% from capital gains and 4.88% from dividends based on a current stock price of $16.79.

The only entry for 2026 on Stock Chase says it is a top pick because they have $500M in sales and no debt. Amy Legate-Wolfe on Motley Fool thinks this stock is a long term buy, but she says that the payout coverage needs monitoring. Christopher Liew on Motley Fool also thinks that this company has a great future. The company put out a press release via Newsfile and Yahoo Finance about their 2026 year end. The company put out a press release via Newsfile about their first quarter of 2027.

Simply Wall Street via Yahoo Finance reviews this stock. They think that there is a near term risk that customer concentration and regional exposure could lead to uneven revenue in tougher conditions.

Evertz Technologies Ltd is a supplier of software, equipment and technology solutions to the television broadcast, telecommunications, professional audio-visual, government, military, enterprise, and new media sectors. The Company designs, manufactures, and distributes video and audio infrastructure solutions for the production, post-production, broadcast, and telecommunications markets. Its web site is here Evertz Technologies Ltd .

The last stock I wrote about was about Andrew Peller Ltd (TSX-ADW.A, OTC-ADWPF) ... learn more. The next stock I will write about will be Pulse Seismic Inc (TSX-PSD, OTC-PLSDF) ... learn more on Monday, August 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.

Andrew Peller Ltd

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are good. The Dividend Payout Ratios (DPR) are currently good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Andrew Peller Ltd.

Is it a good company at a reasonable price? Fairfax has offered to buy this stock at around $8.00 a share. A group led by Andrew Peller is rolling its shares into the buyer rather than selling their shares. See an article on Morningstar. If I know a stock I owned is being bought out, I sell. Why hold on for maybe months before you get your money and you can only generally get slightly more money.

I do not own this stock of Andrew Peller Ltd (TSX-ADW.A, OTC-ADWPF). This stock was on Mike Higgs' dividend growth stock list. I owned this stock as Andres Wines Ltd between 1996 and 2000. When I held this stock, it was called Andres Wines Ltd. I sold in 2000 and I only made a total return of 5.41% per year. Wh

en I was updating my spreadsheet, I noticed the stock climbed sharply in June 2026 and that was due to a definitive agreement to be acquired by Fairfax Financial Holdings Limited. After earnings losses in 2023 and 2024, the company had positive earnings in 2025. This year earnings are up 143% and higher than they were in 2021. There may be a Total Return loss over the 5 years to the end 2025, but the stock is up 50% year to date. Note that the financial year ends in 31 March each year, so I am reviewing the March 31, 2026 year end.

If you had invested in this company in December 2015, for $1,004.01 you would have bought 147 shares at $6.83 per share. In December 2025, after 10 years you would have received $320.77 in dividends. The stock would be worth $779.10. Your total return would have been $1,099.87. This would be a total return of 1.05% per year with 2.50% from capital loss and 3.55% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$6.83	$1,004.01	147	10	$320.77	$779.10	$1,099.87

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to4% ranges) at 3.08%. The 5 year median dividend yield is good (5% to 6% ranges) at 5.07%. The 10 year and historical median dividend yield is moderate at 2.41% and 3.84%. The dividends grew by a low amount (less than 8% per year) at 2.7% per year over the past 5 years. The main reason is that dividends have been flat for 3 years. The last dividend increase was in 2022 and it was for 9.04%.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2025 for Earnings per Share (EPS) is good at 40% with 5 year coverage too high at 121%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 40% with 5 year coverage too high at 137%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 15% with 5 year coverage at 26%. The DPR for 2025 for Free Cash Flow (FCF) is good at 23% with 5 year coverage high at 50%.

Item	Cur	5 Years
EPS	40.38%	120.95%
AEPS	39.55%	136.72%
CFPS	14.59%	26.20%
FCF	23.12%	50.16%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is high at 0.63 and currently good at 0.39. The Liquidity Ratio for 2025 is good at 3.25 and 3.25 currently. The Debt Ratio for 2025 is good at 2.00 and 2.00 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 2.00 and 1.00 and currently at 0.00 and 0.00. (They no longer have any debt.)

Type	Year End	Ratio Curr
Lg Term R	0.63	0.39
Intang/GW	0.38	0.23
Liquidity	3.25	3.25
Liq. + CF	4.20	3.75
Debt Ratio	2.00	2.00
Leverage	2.00	0.00
D/E Ratio	1.00	0.00

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	2.71%	-9.66%	-12.75%	3.09%
2015	10	5.25%	1.05%	-2.50%	3.55%
2010	15	5.51%	8.68%	4.02%	4.66%
2005	20	6.36%	6.95%	2.98%	3.97%
2000	25	5.06%	11.47%	6.04%	5.43%
1995	30	4.46%	9.72%	4.93%	4.78%
1990	35	3.81%	11.65%	4.97%	6.68%
1985	40	3.50%	6.45%	2.81%	3.64%
1984	41		7.61%	3.51%	4.10%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.83, 7.80 and 8.76. The corresponding 10 year ratio of 12.87, 17.82 and 20.96. The corresponding historical ratios are 11.39, 13.12 and 14.71. The current ratio is 16.98 based on a stock price of $7.98 and EPS estimate for 2027 of $0.47. 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 also have Adjusted Earnings per Share data (AEPS). The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.21, 15.40 and 18.59. The corresponding 10 year ratio of 13.24, 17.13 and 21.26. The corresponding historical ratios are 11.68, 14.65 and 16.08. The current ratio is 15.65 based on a stock price of $7.98 and EPS estimate for 2027 of $0.51. 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 Graham Price of $8.31. The 10-year low, median, and high median Price/Graham Price Ratios are 0.97, 1.29 and 1.67. The current ratio is 0.96 based on a stock price of $7.98. The current ratio is below the low ratio of the 10 year median ratio. 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 1.53. The current ratio is 1.33 based on a stock price of $7.98, Book Value of $264.3M and Book Value per Share of $6.02. The current ratio is 13% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 14.04. The current ratio is 7.98 based on Cash Flow per Share estimate for 2027 of $1.00, Cash Flow of $43.91 and a stock price of $7.98. The current ratio is 43% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 3.84%. The current dividend yield is 3.08% based on a stock price of $7.98 and Dividends of $0.25. The current dividend yield is 19.7% below the historical median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 2.41%. The current dividend yield is 3.08% based on a stock price of $7.98 and Dividends of $0.25. The current dividend yield is 28% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.05. The current P/S 0.89 based on a Revenue estimate for 2027 of $395.6M, Revenue per Share of $9.01 and a stock price of $7.9. The current ratio is 16% below the current P/S 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 expensive. The dividend yield testing is saying the stock price is relatively expensive, but the P/S Ratio testing is saying that it is relatively reasonable. The rest of the testing ranges from cheap to reasonable but above the median.

When I look at analysts’ recommendations, I find one Hold (1). The consensus is a Hold. The 12 month consensus stock price is $8.00 with a high of $8.00 and a low of $8.00. This is the offer from Fairfax. The 12 month stock price consensus implies a total return of 3.33% with 0.25% from capital gains and 3.08% from dividends based on a current stock price of $7.98.

The one entry on Stock Chase for 2026 say Do Not Buy. Analyst says the company is fairly well run but it is in a tough area with thin margins and lots of taxes. Amy Legate-Wolfe on Motley Fool says to buy companies that can survive when costs rise. Christopher Liew on Motley Fool says that you should buy this company for passive income. The company put out a Press Release about their fourth quarter ending March 31, 2026. The company put out a Press Release about their first quarter of 2027.

The Canadian Press via Yahoo Finance put out a press release about Fairfax Financial Holdings Ltd buying Andrew Peller Ltd. Simply Wall Street via Yahoo Finance reviews this stock think this stock is worth keeping an eye on.

Andrew Peller Ltd is a wine-producing company. The company is engaged in the production, bottling, and marketing of wine, spirits, and craft beverage alcohol products in Canada. Its web site is here Andrew Peller Ltd.

The last stock I wrote about was about was BlackBerry Ltd (TSX-BB, NYSE-BB) ... learn more. The next stock I will write about will be Evertz Technologies Ltd (TSX-ET, OTC-EVTZF) ... learn more on Friday, August 7, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy August 2026 learn more on Thursday, July 2, 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.

BlackBerry Ltd

Sound bite for Twitter is: Canadian Tech Stock. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are good. This stock never paid a dividend so there is no dividend yield or Dividend Payout Ratios (DPR). See my spreadsheet on BlackBerry Ltd.

Is it a good company at a reasonable price? Analysts’ recommendations are all over the place from Strong Buy to Sell. Analyst 12 months stock price is lower than the current stock price. You have to wonder if this will be a profitable company again. I am not interested in this at present. It would seem to be have a rather high price at this point.

I do not own this stock of BlackBerry Ltd (TSX-BB, NYSE-BB) but I used to. I bought this stock for capital gain. I first bought it in 1999 and then some more in 2000. I sold some in 2006 and 2007 to lock in some profit. I sold the rest of my stock in 2010. I had this stock for just over 10 years and a total return of 20.18% per year.

When I was updating my spreadsheet, I noticed that the stock price has climbed a lot recently and the stock price is up 132% to July 25, 2026. In this case if you had invested in this company in December 2016, for $1,000.62 you would have bought 109 shares at $9.18 per share. On July 25, 2026, after almost 10 years you would have received $0 in dividends. The stock would be worth $1,312.36. Your total return would have been $1,312.36. This would be a total return of 2.75% per year with 2.75% from capital gain and 0% from dividends. The total return for the last 5 years from December 2015 to December 2025 is less. See chart of total return below. There has not been a positive 5 year total return for quite some time. (Note that in August 2026, stock price has comedown a bit and 5 year total return is now on 2.65%)

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$9.18	$1,000.62	109	10	$0.00	$1,312.36	$1,312.36

I also noticed that all the officers I follow have bought more shares over the past years. None of the directors have and most of the directors, including the chairman have no shares at all. They all have Deferred Share Units. The last thing to mention is that analysts are all over place on their recommendations from Strong Buy to Sell.

Please note that the financial year for this stock ends at February 28 each year. I am looking at the February 28, 2026 fourth quarter financial results. The estimates are for the financial year ending in February 28, 2027. The financial statements and the estimates I found are all in US$.

This stock never paid a dividend so there is no dividend yield or Dividend Payout Ratios (DPR).

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.10 and currently at 0.04. The Liquidity Ratio for 2025 is good at 2.12 and 2.10 currently. The Debt Ratio for 2025 is good at 2.49 and 2.49 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.67 and 0.67 and currently at 1.67 and 0.67.

Type	Year End	Ratio Curr
Lg Term R	0.10	0.04
Intang/GW	0.81	0.32
Liquidity	2.12	2.10
Liq. + CF	2.27	2.27
Debt Ratio	2.49	2.49
Leverage	1.67	1.67
D/E Ratio	0.67	0.67

The Total Return per Year is shown below for years of 5 to 29 to the end of 2025 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	-9.30%	-9.30%	0.00%
2015	10	0.00%	-8.68%	-8.68%	0.00%
2010	15	0.00%	-14.88%	-14.88%	0.00%
2005	20	0.00%	-7.67%	-7.67%	0.00%
2000	25	0.00%	-5.28%	-5.28%	0.00%
1996	29	0.00%	5.15%	5.15%	0.00%

The Total Return per Year is shown below for years of 5 to 29 to the end of 2025 in US$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	-10.58%	-10.58%	0.00%
2015	10	0.00%	-8.57%	-8.57%	0.00%
2010	15	0.00%	-16.64%	-16.64%	0.00%
2005	20	0.00%	-8.42%	-8.42%	0.00%
2000	25	0.00%	-4.91%	-4.91%	0.00%
1996	29	0.00%	5.15%	5.15%	0.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and useless. The corresponding 10 year ratios are negative and useless. The corresponding historical ratio are 6.62, 11.95 and 15.48. The current ratio is 74.61 based on a stock price of $8.58 and EPS estimate for 2027 of $0.12. The current ratio is very high and would imply that the stock price is relatively expensive. This testing is in US$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 17.94, 23.16 and 28.38. The corresponding 10 year ratios are 39.84, 82.65 and 115.53. The corresponding historical ratio are 8.18, 17.25 and 28.38. The current ratio is 45.16 based on a stock price of $8.58 and AEPS estimate for 2027 of $0.19. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. These ratios are also very high.

I get a Graham Price of $3.24. The 10-year low, median, and high median Price/Graham Price Ratios are 1.98, 3.43 and 4.33. The current ratio is 3.69 based on a stock price of $11.93. The current ratio is between the median and high ratios of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 2.73. The current ratio is 6.95 based on Book Value of $725M, Book Value per Share of $1.23 and a stock price of $8.58. The current ratio is 154% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.91. The current ratio is 122.57 based on Cash Flow per Share estimate for 2027 of $0.07, Cash Flow of $41.1M and a stock price of $8.58. The current ratio is 1450% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I cannot do any dividend yield testing as this stock does not have a dividend.

The 10-year median Price/Sales (Revenue) Ratio is 4.27. The current ratio is 8.20 based on Revenue estimate for 2027 of $614.5M, Revenue per Share of $1.05 and a stock price of $8.58. The current ratio is 92% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

Results of stock price testing is that the stock price is probably expensive. The P/S Ratio test is saying this. Another usually good test is the P/GP Ratio test that is saying that the stock price is reasonable but above the median. However, the P/GP Ratio are very high. A number of tests are saying that the stock price is relatively high.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (1), Hold (4), Underperform (1) and Sell (1). The consensus would be a Hold. The 12 month stock price consensus is $11.43 ($8.11 US$) with a High of $16.91 ($12.00 US$) and low of $7.44 ($5.28 US$). The 12 month consensus stock price of $11.43 implies a total loss of 4.20% based on a current stock price of $11.93.

There seems to be as many analysts on Stock Chase calling for a Sell as calling for a Buy. One analyst says that its overriding challenge is that it's a fallen champion. Stock Chase gives this stock 2 and one half stars out of 5. Karen Thomas on Motley Fool thinks that this stock is worth buying and holding for the Long Term. Christopher Liew on Motley Fool says it is now a software-growth story suited to investors seeking growth despite market turbulence. The company put out a Press Release about their fourth quarter ending in February 2026. The company put out a Press Release about their first quarter of 2027 ending in May 2026.

Zacks via Yahoo Finance reviews this stock. Vaishali Doshi says it started strong in fiscal year 2027, but can it deliver. Simply Wall Street via Yahoo Finance reviews this stock. They think it might be overvalued. They say some think it is undervalued and some think it is overvalued. They have one warning of Significant insider selling over the past 3 months. But that is options not taken up. All the officers I am following bought shares in the past year. However, I can only find one director with any shares. Mostly the directors have options.

BlackBerry, once known for being the world's largest smartphone manufacturer, is now exclusively a software provider with a stated goal of end-to-end secure communications for enterprises. Its web site is here BlackBerry Ltd.

The last stock I wrote about was about was Well Health Technologies Corp (TSX-WELL, OTCQX-WHTCF) ... learn more. The next stock I will write about will be Andrew Peller Ltd (TSX-ADW.A, OTC-ADWPF) ... learn more on Wednesday, August 5, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks August 2026.... learn more on Tuesday, June 30, 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.

Well Health Technologies Corp

Sound bite for Twitter is: Heath Care Sector stock. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are mostly fine, but they need to improve their Liquidity Ratio. This stock has no dividends so no dividend yield and no Dividend Payout Ratios (DPR). See my spreadsheet on Well Health Technologies Corp.

Is it a good company at a reasonable price? I own this stock and I bought it with my fooling around money. I plan to keep this stock. It would seem that it is currently cheap.

I own this stock of Well Health Technologies Corp (TSX-WELL, OTCQX-WHTCF). I was interested in this stock when I heard it was to acquire Toronto based MyHealth Centers. CanTech Letter says that TSX stock investors can buy today is Well Health (TSX-WELL), a company that operates in the health-tech space. WELL stock has already returned over 4,000% to shareholders since its initial public offering in April 2016. No Dividend. See CanTech Letter.

When I was updating my spreadsheet, I noticed that this stock has not done much since I bought it last year. I have a loss of 12%.

If you had invested in this company in December 2015, for $1,007.24 you would have bought 26 shares at $38.74 per share. In December 2025, after 10 years you would have received $247.17 in dividends. The stock would be worth $2,547.22. Your total return would have been $2,794.39. This would be a total return of 11.26% per year with 9.72% from capital gain and 1.54% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$0.44	$1,000.12	2,273	8	$0.00	$9,069.27	$9,069.27

This stock has no dividends so no dividend yield and no Dividend Payout Ratios (DPR).

Debt Ratios are mostly fine, but they need to improve their Liquidity Ratio. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.42 and currently at 0.45. The Liquidity Ratio for 2025 is low at 1.03 and far too low at 0.83 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.37 and currently too low at 1.08. The Debt Ratio for 2025 is good at 1.98 and 1.94 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.43 and 1.22 and currently at 2.50 and 1.29.

Type	Year End	Ratio Curr
Lg Term R	0.42	0.45
Intang/GW	1.53	1.50
Liquidity	1.03	0.83
Liq. + CF	1.37	1.08
Debt Ratio	1.98	1.94
Leverage	2.43	2.50
D/E Ratio	1.22	1.29

The Total Return per Year is shown below for years of 5 to 8 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%	-13.10%	-13.10%	0.00%
2017	8	0.00%	31.73%	31.73%	0.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are coming up 0 because of too many earnings losses in the years of the past 5 years. The corresponding 7 year ratios are all negative and so useless. Therefore, I can do not P/E Ratio testing.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.86, 19.50 and 26.14. The corresponding 8 year ratios are 9.22, 13.74 and 18.26. The current ratio is 16.83 based on AEPS estimate for 2026 of $0.24 and a stock price of $4.04. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $4.30. The 10-year low, median, and high median Price/Graham Price Ratios are 0.71, 1.08 and 1.26. The current ratio is 0.94 based on a stock price of $4.04. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.52. The current ratio is 1.18 based on Book Value of $867.8M, Book Value per Share of $3.42 and a stock price of $4.04. The current ratio is 22% 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 $3.36. This produces a ratio of 1.20 with a Stock Price of $4.04 and a Book Value of $853M. This ratio is 20.8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 11.39. The current ratio is 8.88 based on Cash Flow per Share estimate for 2026 of $0.45, Cash Flow of $115.5M and a stock price of $4.04. The current ratio is 22% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I cannot do any dividend yield testing because this stock has no dividends.

The 10-year median Price/Sales (Revenue) Ratio is 2.02. The current ratio is 0.65 based on Revenue estimate for 2026 of $1590M, Revenue per Share of $6.26 and a Stock Price of $4.04. The current ratio is 68% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. The P/S Ratio test is saying this and it is confirmed by the P/GP Ratio test. The other tests say that the stock price is cheap to reasonable.

When I look at analysts’ recommendations, I find Strong Buy (8), Buy (4), and Hold (1). The consensus would be a Strong Buy. The 12 month stock price consensus is $7.18 with a high of $8.25 and low of $5.00. The consensus stock price of $7.18 implies a total return of $77.72% all from capital gains based on a current stock price of $4.04.

There is really a divergence of opinion on this stock on Stock Chase and quite a number of entries for 2026. One analyst says Do Not Buy because it tries to be a technology company but has yet to prove it and he sold. Another says Buy because it is an exciting growth play and not an if story, but a when story. Jitendra Parashar on Motley Fool thinks this stock could be a strong multi-year growth winner. Amy Legate-Wolfe on Motley Fool says this stock is a strong buy and that it is expanding fast in clinics and healthcare software. The company put out a Press Release about its fourth quarter results for 2025. The company put out a Press Release about its first quarter of 2026..

Simply Wall Street via Yahoo Finance reviews this stock. It says to own WELL, you need to believe that its mix of clinics, digital tools, and AI can justify today's valuation despite forecast earnings declines and integration risk. It has two warnings on this stock of interest payments are not well covered by earnings; and earnings are forecast to decline by an average of 12% per year for the next 3 years.

WELL Health Technologies Corp is a practitioner-focused digital healthcare company. Its web site is here Well Health Technologies Corp.

The last stock I wrote about was about was Stingray Digital Group Inc (TSX-RAY.A, OTC-STGYF) ... learn more. The next stock I will write about will be BlackBerry Ltd (TSX-BB, NYSE-BB) ... learn more on Monday, August 3, 2026 around 5 pm.

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Also, on my book blog I have put a review of the book The Golden Road by William Dalrymple learn more...