Finning International Inc

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is testing as relatively expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth low. See my spreadsheet on Finning International Inc.

Is it a good company at a reasonable price? This company has been a solid one for investors. It is off its most recent high price wise. I know that analysts are giving it a Strong Buy, but they do this on most good stock. It is a good company, but it is testing as rather expensive at the present time.

I do not own this stock of Finning International Inc (TSX-FTT, OTC-FINGF). When I was in the market to buy an industrial stock in this area in 2007, I look at this stock was well as Toromont Industries (TSX-TIH). At the time I liked Toromont better, so that is what I bought. Now, the only reason I would not buy this company is because I own Toromont Industries Ltd. They are both involved with Caterpillar equipment, although the companies are often classified in different sectors. I classify these companies as industrials, but Stock Channel classifies Finning as Construction and Finning as Industrial.

When I was updating my spreadsheet, I noticed that the stock price went up 95% in 2025 and 25% so far this year.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year.

The last column of the stock price growth is for the next 12 months.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	83.62%	12.92%	5.40%	<-12 mths
5	AEPS Growth	261.40%	29.30%	6.80%	<-12 mths
5	Net Income Growth	183.62%	23.18%	-13.98%	<-12 mths
5	Cash Flow Growth	-28.48%	N/C	48.84%	<-12 mths
5	Dividend Growth	44.21%	7.60%	8.03%	<-12 mths
5	Stock Price Growth	175.14%	22.44%	24.92%	<-12 mths
10	Revenue Growth	71.10%	5.52%	8.48%	<-this year
10	AEPS Growth	219.38%	12.31%	14.08%	<-this year
10	Net Income Growth	508.70%	19.80%	-11.09%	<-this year
10	Cash Flow Growth	81.53%	N/C	7.59%	<-this year
10	Dividend Growth	63.10%	5.01%	7.57%	<-this year
10	Stock Price Growth	298.13%	14.82%	30.73%	<-12 mths

If you had invested in this company in December 2015, for $1,008.72 you would have bought 54 shares at $18.68 per share. In December 2025, after 10 years you would have received $482.57 in dividends. The stock would be worth $4,015.98. Your total return would have been $4,498.55. This would be a total return of 17.48% per year with 14.82% from capital gain and 2.67% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$18.68	$1,008.72	54	10	$482.57	$4,015.98	$4,498.55

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 7.6% 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 $92.60 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
$1.87	2.02%	5	7.60%	8.14%
$2.70	2.91%	10	7.60%	17.87%
$3.90	4.20%	15	7.60%	31.89%

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.35%. The 5, 10 and historical dividend yields are moderate (2% to 4% ranges) at 2.66%, 2.73% and 2.09%. the dividends have grown at a low rate (below 8% per year) at 7.6% per year over the past 5 years. The last dividend increase was in 2026 and it was for 7.4%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 30% with 5 year coverage at 31%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 29% with 5 year coverage at 30%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 12% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow (FCF) is good at 33% with 5 year coverage high at 50%. The difference FCF for 2025 ranges from $480M to 546M.

Item	Cur	5 Years
EPS	30.17%	30.52%
AEPS	28.70%	30.07%
CFPS	11.55%	11.77%
FCF	32.50%	50.23%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.12 and currently at 0.07. The Liquidity Ratio for 2025 is good at 1.67 and a little low currently 1.47 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.83 and currently at 1.61. The Debt Ratio for 2025 is good at 1.56 and 1.52 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.80 and 1.80 and currently at 2.95 and 1.94.

Type	Year End	Ratio Curr
Lg Term R	0.12	0.07
Intang/GW	0.03	0.03
Liquidity	1.67	1.47
Liq. + CF	1.83	1.61
Debt Ratio	1.56	1.52
Leverage	2.80	2.95
D/E Ratio	1.80	1.94

The Total Return per Year is shown below for years of 5 to 38 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	7.60%	24.96%	22.44%	2.52%
2015	10	5.01%	17.48%	14.82%	2.67%
2010	15	6.34%	8.78%	6.96%	1.81%
2005	20	13.15%	9.02%	7.18%	1.84%
2000	25	10.39%	12.83%	10.34%	2.48%
1995	30	8.58%	11.63%	9.50%	2.12%
1990	35	6.89%	11.48%	9.47%	2.01%
1987	38	8.16%	11.91%	9.64%	2.27%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.16, 11.20 and 12.96. The corresponding 10 year ratios are 10.82, 14.43 and 18.70. The corresponding historical ratios are 11.90, 15.01 and 19.00. The current ratio is 20.24 based on a stock price of $92.90 and EPS estimate for 2026 of $4.59. This current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.66, 10.43 and 12.20. The corresponding 10 year ratios are 11.07, 16.04 and 18.17. The corresponding historical ratios are 12.44, 16.56 and 19.40. The current ratio is 19.77 based on a stock price of $92.90 and AEPS estimate for 2026 of $4.70. This current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $49.24. The 10-year low, median, and high median Price/Graham Price Ratios are 0.92, 1.24 and 1.46. The current ratio is 1.89 based on a stock price of $92.90. This 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 2.21. The current ratio is 4.05 based on a Book Value of $2,984, Book Value per Share of $22.93 and a stock price of $92.90. The current ratio is 83% 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 14.36. The current ratio is 16.33 based on Cash Flow per Share estimate for 2026 of $5.69, Cash Flow of $740M and a stock price of $92.90. The current ratio is 14% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 2.09%. The current dividend yield is 1.40% based on dividends of $1.30 and a stock price of $92.90. The current dividend yield is 34% 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 2.73%. The current dividend yield is 1.40% based on dividends of $1.30 and a stock price of $92.90. The current dividend yield is 49% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.65. The current P/S Ratio is 1.05 based on Revenue estimate for 2026 of $11,489M, Revenue per Share of $88.28 and a stock price of $92.90. The current ratio is 61% 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 testing as relatively expensive. The 10 year dividend yield test says this and it is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the same thing. The only one different is the P/CF Ratio test and there the stock price is reasonable but above the median.

When I look at analysts’ recommendations, I find Strong Buy (6), and Buy (5). The consensus is a Strong Buy. The 12 month target price is $121.45 with a high of $129.00 and a low of $116.00. The 12 month stock price consensus of $121.45 implies a total return of 31.13% with 30.73% from capital gains and 1.40% from dividends based on a current stock price of $92.90.

There are a couple of Buys on Stock Chase but others are Hold and Watch because they believe that the valuation is too high. If Carney’s promises of construction turns out to be true then Amy Legate-Wolfe on Motley Fool thinks that this company will benefit. Kay Ng on Motley Fool also thinks that this stock will benefit from Canada’s infrastructure projects. 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.

Simply Wall Street via Yahoo Finance covers both Caterpillar and Finning. Simply Wall Street has one risk of debt is not well covered by operating cash flow. Simply Wall Street gives this company 2 and one half stars out of 5.

Finning International Inc is a dealer and distributor of heavy-duty machinery and parts of the Caterpillar brand. The company operates in Canada, Chile, UK, Argentina, and Others. Its web site is here Finning International Inc.

The last stock I wrote about was about was Johnson and Johnson (NYSE-JNJ) ... learn more. The next stock I will write about will be Quarterhill Inc (TSX-QTRH, OTC-QTRHF) ... learn more on Wednesday, November 4, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks October 2026.... learn more on Tuesday, November 3, 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.

Johnson and Johnson

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are fine, but Liquidity could improve. The Dividend Payout Ratios (DPR) are currently good. The current dividend yield is low with dividend growth low. See my spreadsheet on Johnson and Johnson.

Is it a good company at a reasonable price? Not doubt that this company has generally done well for its shareholders over long periods of time. However, the stock price is at a long term high. It is probably not a good time to buy. My testing is saying that the stock price is relatively expensive.

I do not own this stock of Johnson and Johnson (NYSE-JNJ). As Canadians, we are told we should be buying US stocks for our portfolio. It is often recommended that we have at least 25% of our portfolio in US stocks. I have never followed this, although I have tried dipping into the US market, but I have never made any money there. I bought some of this stock in June 2005 and realized a year later, in June of 2006 that it was going nowhere for me and sold. I lost almost 17% of my investment. When I bought in 2005, all the analysts were saying that it was a good buy at that time.

When I was updating my spreadsheet, I noticed that the stock price went up by 43% in 2028 and is up some 91% so far this year. There were 5 years periods between 2003 and 2012 that this stock did not do well. That changed after 2013 and most of the time to 2025 there was 8% total return over 5 year periods.

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 third quarter in 2026 and what is expected to the end of this year. The last column of the stock price growth is for the next 12 months.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	14.06%	2.67%	8.99%	<-12 mths
5	AEPS Growth	34.37%	6.09%	-1.30%	<-12 mths
5	Net Income Growth	82.17%	12.74%	-39.95%	<-12 mths
5	Cash Flow Growth	4.22%	0.83%	6.64%	<-12 mths
5	Dividend Growth	29.15%	5.25%	3.50%	<-12 mths
5	Stock Price Growth	31.50%	5.63%	33.44%	<-12 mths
10	Revenue Growth	34.42%	3.00%	8.99%	<-this year
10	AEPS Growth	74.03%	5.70%	-1.30%	<-this year
10	Net Income Growth	73.95%	5.69%	-39.95%	<-this year
10	Cash Flow Growth	27.24%	2.44%	6.64%	<-this year
10	Dividend Growth	74.24%	5.71%	3.50%	<-this year
10	Stock Price Growth	101.47%	7.26%	1.18%	<-12 mths

If you had invested in this company in December 2015, for $1,027.20 you would have bought 26 shares at $102.72 per share. In December 2025, after 10 years you would have received $680.30 in dividends. The stock would be worth $2,069.50. Your total return would have been $2,749.80. This would be a total return of 11.60% per year with 7.26% from capital gain and 4.34% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$102.72	$1,027.20	10	10	$680.30	$2,069.50	$2,749.80

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.95%. The 5, 10 and historical median dividend yields are moderate (2% to 4% ranges) at 2.88%, 280% and 2.49%. The dividend growth is low (below 8% per year) at 5.3% per year over the past 5 years. The last dividend increase was for 3.08% and it occurred in 2026.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2025 for Earnings per Share (EPS) is good at 47% with 5 year coverage far too high at 112%. However, the DPR for AEPS is more important. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 48% with 5 year coverage at 46%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 33% with 5 year coverage high at 94%. The DPR for 2025 for Free Cash Flow (FCF) is high at 63% with 5 year coverage at 62%. I only get 2 estimates for FCF and they agree the FCF is $19,689M for 2025.

Item	Cur	5 Years
EPS	46.60%	111.56%
AEPS	47.64%	46.16%
CFPS	33.23%	94.22%
FCF	62.85%	61.95%

Debt Ratios are fine, but Liquidity could improve. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.08 and currently at 0.05. The Liquidity Ratio for 2025 is low at 1.03 and 1.02 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.25 and currently at 1.16. I like these ratios to be at 1.50 or higher. The Debt Ratio for 2025 is good at 1.69 and 1.70 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.44 and 1.44 and currently at 2.42 and 1.42.

Type	Year End	Ratio Curr
Lg Term R	0.08	0.05
Intang/GW	0.20	0.14
Liquidity	1.03	1.02
Liq. + CF	1.25	1.16
Debt Ratio	1.69	1.70
Leverage	2.44	2.42
D/E Ratio	1.44	1.42

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	5.25%	11.34%	5.63%	5.71%
2015	10	5.71%	11.60%	7.26%	4.34%
2010	15	6.12%	12.55%	8.37%	4.17%
2005	20	7.22%	9.70%	6.38%	3.33%
2000	25	8.83%	8.39%	5.64%	2.75%
1995	30	9.70%	11.00%	7.86%	3.14%
1990	35	10.32%	12.99%	9.43%	3.56%
1988	37	10.69%	14.46%	10.40%	4.05%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 19.60, 21.29 and 22.98. The corresponding 10 year ratios are 20.73, 23.99 and 26.18. The corresponding historical ratios are 16.55, 19.17 and 21.97. The current ratio is 25.04 based on a stock price of $276.15 and EPS estimate for 2026 of $6.83. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 14.68, 16.52 and 18.31. The corresponding 10 year ratios are 14.54, 16.47 and 18.32. The corresponding historical ratios are 14.48, 16.35 and 18.12. The current ratio is 24.83 based on a stock price of $276.15 and AEPS estimate for 2026 of $11.12. The current ratio is above the high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $92.04. The 10-year low, median, and high median Price/Graham Price Ratios are 1.83, 2.04 and 2.27. The current ratio is 3.00 based on a stock price of $276.15. The current ratio is above the high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 5.70. The current ratio is 8.16 based on a Book Value of $81,529M, Book Value per Share of $33.86 and a stock price of $276.15. The current ratio is 43% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $35.41. This implies a Book Value of $85,265M with a Ratio of 7.80 with a stock price of $276.15. The current ratio of 7.80 is 37% 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 16.15. The current ratio is 32.40 based on Cash Flow per Share estimate for 2026 of $8.52 and a stock price of $276.15. The current ratio 101% 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 2.49%. The current ratio is 1.94% based on dividends of $5.36 and a stock price of $276.15. The current dividend yield is 22% 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 2.80%. The current ratio is 1.94% based on dividends of $5.36 and a stock price of $276.15. The current dividend yield is 31% 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 4.42. The current P/S Ratio is 6.57 based on Revenue estimate for 2026 of $101,222M, Revenue per Share of $42.04 and a stock price of $276.15. The current ratio is 49% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. The 10 year median dividend yield says this and it is confirmed by the P/S Ratio test. All but one test is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (11), Buy (5), Hold (6), and Sell (1). The consensus is a Buy. The 12 month stock price consensus is $279.41 with a high of $320.00 and a low of 190.00. The 12 month stock price of $279.41 implies a total return of 3.12% with 1.18% from capital gains and 1.94% from dividends based on a current stock price of $276.15.

Analyst on Stock Chase seem to like this company. Brendan Coffey on Motley Fool compares Amgen and JNJ and says they are both good but Amgen is relatively cheaper. Matthew DiLallo on Motley Fool talks about what companies JNJ owns and the fact that Motley Fool issued a rare Total Conviction Buy Alert. The company put out a Press Release about their fourth quarter results for 2025. The company put out a Press Release about their third quarter of 2026.

Simply Wall Street via Yahoo Finance talk about JNJ’s treatment for Plaque Psoriasis and what they can gain from this pharmaceutical. Zacks via Yahoo Finance asks if JNJ is a good investment. Simply Wall Street via Yahoo Finance asks if JNJ is fairly values after its recent run up in stock value. Simply Wall Street has three warnings of large one-off items impacting financial results; profit margins (16.2%) are lower than last year (27.2%); and significant insider selling over the past 3 months.

Johnson & Johnson's biggest strength is its diversified business model. It operates through pharmaceuticals, medical devices, and consumer products divisions. Its web site is here Johnson and Johnson.

The last stock I wrote about was about was Quebecor Inc (TSX-QBR.B, OTC-QBCRF) ... learn more. The next stock I will write about will be Finning International Inc (TSX-FTT, OTC-FINGF) ... learn more on Monday, November 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.

Quebecor Inc

Sound bite for Twitter is: Dividend Growth Telecom. Debt Ratios are mostly fine, but debt level is high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Quebecor Inc.

Is it a good company at a reasonable price? The stock price is off its recent high, but the stock price has climber sharply since January 2025. It has done well for its shareholders over time, but a lot of that has to do with the recent rise in the stock price. This seems like a good stock, but because of the current price, I would be cautious if buying. The stock price may not be very reasonable at present. When buying any company, you should do more than one purchase and purchase in different months.

I do not own this stock of Quebecor Inc (TSX-QBR.B, OTC-QBCRF). I thought I should cover more communication stock besides BCE, so I chose Quebecor Inc, Telus Inc and Cogeco Communications Inc.

When I was updating my spreadsheet, I noticed that last year the stock price went up 64% and this year it went up 26%. There are good increases in the stock price. This company has been growing. See the chart below. Dividends were increased twice in 2026 and increase for 2026 of 21.4%.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2026 and expected growth over this year. I have included EBITDA Growth as this has become more important.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	31.44%	5.62%	1.97%	<-12 mths
5	AEPS Growth	63.47%	10.33%	6.59%	<-12 mths
5	Net Income Growth	40.97%	7.11%	10.27%	<-12 mths
5	EBITDA Growth	22.56%	4.15%	2.06%	<-12 mths
5	Cash Flow Growth	44.04%	7.57%	1.54%	<-12 mths
5	Dividend Growth	75.00%	11.84%	21.43%	<-12 mths
5	Stock Price Growth	57.81%	9.55%	26.48%	<-12 mths
10	Revenue Growth	46.29%	3.88%	3.11%	<-this year
10	AEPS Growth	354.26%	16.34%	12.61%	<-this year
10	Net Income Growth	463.90%	18.88%	16.94%	<-this year
10	EBITDA Growth	66.11%	5.21%	4.71%	<-this year
10	Cash Flow Growth	92.31%	6.76%	1.54%	<-this year
10	Dividend Growth	2053.85%	35.93%	21.43%	<-this year
10	Stock Price Growth	205.19%	11.80%	41.59%	<-Next 12

If you had invested in this company in December 2015, for $1,016.40 you would have bought 26 shares at $16.94 per share. In December 2025, after 10 years you would have received $473.31 in dividends. The stock would be worth $3,102.00. Your total return would have been $3,575.31. This would be a total return of 14.13% per year with 11.80% from capital gain and 2.33% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.94	$1,016.40	60	10	$473.31	$3,102.00	$3,575.31

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.72%. The 5 and 10 year median dividend yields are also moderate at 3.81% and 2.99%. The historical median dividend yield is low (below 2%) at 0.74%. Prior to 2019, the dividend yields were under 2%. The dividend growth over the past 5 years was moderate (8% per year) at 11.8% per year.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 38% with 5 year coverage at 42%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 37% with 5 year coverage at 41%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 18% with 5 year coverage at 19%. The DPR for 2025 for Free Cash Flow (FCF) is good at 28% with 5 year coverage at 41%. FCF varies in 2025 from $1,120M to $1,426M and I have using $1,120M.

Item	Cur	5 Years
EPS	37.94%	42.58%
AEPS	36.92%	41.10%
CFPS	18.10%	18.61%
FCF	28.83%	41.08%

Debt Ratios are mostly fine, but debt level is high. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.54 and currently good at 0.38. The Liquidity Ratio for 2025 is too low at 0.89 and 0.68 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.68 and currently quite low at 1.09. The Debt Ratio for 2025 is low at 1.27 and 1.30 currently. I like to see these ratios are 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 4.88 and 3.84 and currently at 4.72 and 3.64. I like to see these ratios below 3.00 and 2.00 but utilities do have lots of debt.

Type	Year End	Ratio Curr
Lg Term R	0.54	0.38
Intang/GW	0.52	0.44
Liquidity	0.89	0.68
Liq. + CF	1.68	1.09
Debt Ratio	1.27	1.30
Leverage	4.88	4.72
D/E Ratio	3.84	3.64

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	11.84%	12.78%	9.63%	3.15%
2015	10	35.93%	14.20%	11.88%	2.33%
2010	15	24.88%	13.73%	12.06%	1.68%
2005	20	18.43%	12.40%	11.05%	1.35%
2000	25	10.06%	9.84%	8.76%	1.09%
1995	30	12.47%	9.11%	8.03%	1.09%
1990	35		11.10%	9.90%	1.25%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.36, 11.24 and 12.75. The corresponding 10 year ratios are 11.39, 12.66 and 14.46. The corresponding historical ratios are 9.60, 11.25 and 13.01. The current ratio is 18.95 based on a stock price of $65.95 and EPS estimate for 2026 of $3.48. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.99, 10.80 and 12.24. The corresponding 10 year ratios are 11.32, 12.97 and 14.61. The corresponding historical ratios are 11.05, 12.97 and 14.61. The current ratio is 15.44 based on a stock price of $65.95 and AEPS estimate for 2026 of $4.27. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $34.30. The 10-year low, median, and high median Price/Graham Price Ratios are 1.71, 1.96 and 2.21. The current ratio is 2.13 based on a stock price of $65.95. 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 6.45. The current ratio is 5.37 based on a Book Value of $2,743.7M, Book Value per Share of $12.25 and a stock price of $65.95. The current ratio is 17% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.91. The current ratio is 9.85 based on Cash Flow per Share of $6.70, Cash Flow estimate for 2026 of $1,500M and a stock price of $65.95. The current ratio is 100% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. (I sort of wonder about the estimate as the estimate is 26% below the CFPS for 2025.)

If we use the Cash Flow for the last 12 months of $2,094M, we get a Cash Flow per Share of $9.35 and with a stock price of $65.95 and a ratio of 7.06. This ratio is 44% above the 10 year median ratio. And, this stock price testing suggests that the stock price is relatively expensive. So, the score is not better.

I get an historical median dividend yield of 0.74%. The current ratio is 2.73% based on dividends of $1.80 and a stock price of $65.95. The current dividend yield is 269% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. (See above that yields were really low before 2019.)

I get an historical median dividend yield of 2.99%. The current ratio is 2.73% based on dividends of $1.80 and a stock price of $65.95. The current dividend yield is 8.6% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 1.52. The current ratio is 2.52 based on Revenue estimate for 2026 of $5,852M, Revenue per Share of $26.12 and a stock price of $65.95. The current ratio is 66% 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 could be reasonable, but probably not. The 10 year median dividend yield test says that the stock price is reasonable, but above the median. The P/S Ratio test does not confirm this result and it says that the stock price is relatively expensive. A number of other tests are saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (5) and Hold (5). The consensus is Strong Buy. The 12 month stock price consensus is $73.20 with a high of $80.00 and a low of 66.00. The 12 month stock price consensus of $73.20 implies a total return of 13.72% with 10.99% from capital gains and 2.73% from dividends based on a current stock price of $65.95.

Analysts on Stock Chase this year like this stock. Last year one analyst said that money was rotated from telcos to cable companies like this one and there would be some sort of mean reversion. So be cautious. Joey Frenette on Motley Fool thinks that investors will be better off with this stock than with Telus or BCE. Amy Legate-Wolfe on Motley Fool says that because of inflation you want to look at dividend growth not yield. She likes this stock as a dividend grower. The company put out a Press Release for the fourth quarter results of 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street via Yahoo Finance looks at the fair market value of this stock from different perspectives. Simply Wall Street has one warning of has a high level of debt. Simply Wall Street gives this stock 2 and one half stars out of 5.

Quebecor is a Canadian telecom service provider that operates a growing national wireless network and a broadband footprint in Quebec. Quebecor also operates media and sports and entertainment segments, including its television network, newspaper publishing, a minor league hockey team, and the Videotron Center. Its web site is here Quebecor Inc.

The last stock I wrote about was about was Cenovus Energy Inc (TSX-CVE, NYSE-CVE) ... learn more. The next stock I will write about will be Johnson and Johnson (NYSE-JNJ) ... learn more on Friday, October 30, 2026 around 5 pm. Tomorrow on my other blog I will write about Looking for Good Stock to Buy.... learn more on Thursday, October 29, 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.

Cenovus Energy Inc

Sound bite for Twitter is: Dividend Paying Resource. Results of stock price testing is that the stock price could still be reasonable, but maybe not. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is Low with dividend growth currently moderate. See my spreadsheet on Cenovus Energy Inc.

Is it a good company at a reasonable price? This is a resource stocks and I tend not to buy such stocks as they are cyclical. On the dividend testing it is testing as reasonable. However, if you look at its chart, it is at an all-time high. It is probably never a good idea to buy a stock, especially a cyclical stock at a all-time high point.

I do not own this stock of Cenovus Energy Inc (TSX-CVE, NYSE-CVE). This is another stock that was talked about at the 2010 Money Show in Toronto. There were those who liked oil companies and they mentioned both Suncor Energy Inc. (TSX-SU) and Cenovus Energy Inc. (TSX-CVE). This company was split off from EnCana (TSX-ECA) in 2009. My spreadsheet reflects this split.

When I was updating my spreadsheet, I noticed that the stock price really climbed this year. It ended in December 2025 at $23.22 and is currently $46.67, a 100.99% increase. Since 2008, financials have been in CDN$ and Dividends are currently paid in CDN$. Growth has been good over the past 5 years. See chart below.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the end of the second quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	275.72%	30.31%	27.79%	<-12 mths
5	FFO Growth	469.72%	41.62%	115.51%	<-12 mths
5	Net Income Growth	265.20%	29.57%	69.47%	<-12 mths
5	Cash Flow Growth	2913.92%	97.62%	50.17%	<-12 mths
5	Dividend Growth	1148.00%	65.67%	10.26%	<-12 mths
5	Stock Price Growth	199.61%	24.54%	100.99%	<-12 mths
10	Revenue Growth	280.40%	14.29%	27.79%	<-this year
10	FFO Growth	5.23%	0.51%	115.51%	<-this year
10	Net Income Growth	535.92%	20.32%	69.47%	<-this year
10	Cash Flow Growth	458.21%	18.76%	50.17%	<-this year
10	Dividend Growth	-8.49%	-0.88%	10.26%	<-this year
10	Stock Price Growth	32.69%	2.87%	126.53%	<-this year

If you had invested in this company in December 2015, for $1,015.00 you would have bought 58 shares at $17.50 per share. In December 2025, after 10 years you would have received $205.70 in dividends. The stock would be worth $1,346.76. Your total return would have been $1,552.46. This would be a total return of 4.54% per year with 2.87% from capital gain and 1.67% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.50	$1,015.00	58	10	$205.70	$1,346.76	$1,552.46

The current dividend yield is Low with dividend growth currently moderate. The dividend yield is low (below 2%) at 1.89%. The 10 year and historical median dividend yields are low at 1.60% and 1.60%. The 5 year median dividend yield is moderate (2% to 4% ranges) at 2.11%. The last dividend increase was moderate (8% to 14% per year ranges) at 10%. Dividends increased by 66% per year over the past 5 year but are down by .9% over the past 10 years. There were dividend cuts in 2015, 2016 and 2020. Dividends are now 0.9% lower than they were in 2014.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 36% with 5 year coverage at 28%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 16% with 5 year coverage at 13%. The DPR for 2025 for Funds from Operations (FFO) is good at 35% with 5 year coverage at 22%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow (FCF) is fine at 42% with 5 year coverage good at 23%. FCF varies in 2025 from $3,408M to $3,964M. I am using the $3,408M figure.

Item	Cur	5 Years
EPS	36.28%	28.39%
AFFO	16.02%	13.35%
FFO	35.81%	22.38%
CFPS	16.82%	11.66%
FCF	42.17%	23.13%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.25 and currently at 0.10. The Liquidity Ratio for 2025 is good at 1.57 and 1.63 currently. The Debt Ratio for 2025 is good at 2.00 and 2.11 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.01 and 1.01 and currently at 1.90 and 0.90.

Type	Year End	Ratio Curr
Lg Term R	0.25	0.10
Intang/GW	0.07	0.03
Liquidity	1.57	1.63
Liq. + CF	2.64	3.75
Debt Ratio	2.00	2.11
Leverage	2.01	1.90
D/E Ratio	1.01	0.90

The Total Return per Year is shown below for years of 5 to 33 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	65.67%	28.48%	24.54%	3.94%
2015	10	-0.88%	4.54%	2.87%	1.67%
2010	15	-0.17%	-0.45%	-2.37%	1.93%
2005	20	7.94%	1.89%	-0.47%	2.36%
2000	25	10.39%	5.61%	2.73%	2.88%
1995	30	8.58%	8.62%	5.16%	3.45%
1992	33	8.21%	10.71%	6.76%	3.95%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.74, 11.71 and 13.69. The corresponding 10 year ratios are 5.36, 7.07 and 8.77. The corresponding historical ratios are 11.71, 14.33 and 16.52. The current ratio is 8.23 based on a stock price of $46.67 and EPS estimate for 2026 of $5.67. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 3.11, 4.32 and 5.66. The corresponding 10 year ratios are 3.96, 5.51 and 6.58. The corresponding historical ratios are 5.31, 6.22 and 7.65. The current ratio is 9.41 based on a stock price of $46.67 and AFFO estimate for 2026 of $4.96. 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 $48.57. The 10-year low, median, and high median Price/Graham Price Ratios are 0.51, 0.73 and 0.93. The current ratio is 0.96 based on a stock price of $46.67. 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 1.12. The current ratio is 2.52 based on a Book Value of $34,198M, Book Value per Share of $18.49 and a stock price of $46.67. The current ratio is 126% 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 $20.76. With a stock price of $46.67 this implies a Book Value of $38,396M and a ratio of 2.25. This ratio is 101% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.43. The current ratio is 5.03 based on Cash Flow per Share estimate for 2026 of $9.28, Cash Flow of $17,171M and a stock price of $46.67. This ratio is 7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 1.60%. The current dividend yield is 1.89% based on dividends of $0.88 and a stock price of $46.67. 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 1.60%. The current dividend yield is 1.89% based on dividends of $0.88 and a stock price of $46.67. The current dividend yield is 18% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.76. The current ratio is 1.36 based on Revenue of $63,506M, Revenue per Share of $34.34 and a stock price of $46.67. The current ratio is 80% 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 could still be reasonable, but maybe not. The dividend yield tests are saying this but it is not confirmed by the P/S Ratio test. The dividend yield tests are not all that good because dividends have been inconsistent. The P/S Ratio test says that the stock price is relatively expensive. Most of the testing is saying that except for the P/CF Ratio test that says that the stock price is reasonable.

When I look at analysts’ recommendations, I find Strong Buy (8) and Buy (3). The consensus would a Strong Buy. The 12 month stock price consensus is $52.60 with a high of $58.00 and a low of $47.00. The consensus stock price of $52.60 implies a total return of 14.59% with a capital gain of 12.71% and dividends of 1.89% based on a current stock price of $46.67.

Most analysts thinks that Cenovus is a buy on Stock Chase. The one Do Not Buy just likes CNQ better. Robin Brown on Motley Fool thinks this stock is a buy now because it is a top Canadian Energy stock. Amy Legate-Wolfe on Motley Fool suggests a small purchase now and then see how things go with the Athabasca purchase before investing more. The company put out a Press Release about their fourth quarter for 2025. The company put out a Press Release about their second quarter of 2026.

Zacks via Yahoo Finance reviews this stock and its recent ascent. Simply Wall Street via Yahoo Finance says that Cenovus Energy is just one of 3 Canadian oil companies to watch. Simply Wall Street has three warnings of earnings are forecast to decline by an average of 4% per year for the next 3 years; unstable dividend track record; and significant insider selling over the past 3 months. (Internet info seems to back up this selling.)

Cenovus Energy Inc is a Canadian integrated energy group. he group's reportable segments are: Oil Sands, Conventional, Offshore, Canadian Refining, U.S Refining, and Corporate and Eliminations. Maximum revenue is generated from its Oil Sands segment. Geographically, the group derives maximum revenue from the U.S., followed by Canada and China. Its web site is here Cenovus Energy Inc.

The last stock I wrote about was about was Keyera Corp (TSX-KEY, OTC-KEYUF) ... learn more. The next stock I will write about will be Quebecor Inc (TSX-QBR.B, OTC-QBCRF) ... learn more on Wednesday, October 28, 2026 around 5 pm. Tomorrow on my other blog I will write about Why Europe is Burning.... learn more on Tuesday, October 27, 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.

Keyera Corp

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios are need improving, but utilities tend to have high debt loads. The Dividend Payout Ratios (DPR) mostly fine as shown by AFFO and FFO. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Keyera Corp.

Is it a good company at a reasonable price? This stock has mostly done fine for shareholders. The dividend yield has been quite good. It is a utility and so mainly a safe stock to buy. Currently, the price seems to be rather expensive.

I do not own this stock of Keyera Corp (TSX-KEY, OTC-KEYUF). I started to review some of the stock recommended by Jennifer Dowty from a column she wrote and I reviewed in February 2010 on Dividends and Special Dividends. The title of the article in Investor’s Digest was Dividend Stocks: Buy, Hold and Collect. Jennifer worked as a Portfolio Manager for Manulife Asset Management Limited after working for Investor's digest.

When I was updating my spreadsheet, I noticed they have a lot of cash. They got this from selling shares. They seem to be on a buying streak. EPS lower in 2026 because of Acquisition and Integration costs.

If you had invested in this company in December 2015, for $1,006.50 you would have bought 25 shares at $40.26 per share. In December 2025, after 10 years you would have received $465.31 in dividends. The stock would be worth $1,100.00. Your total return would have been $1,565.31. This would be a total return of 5.29% per year with 0.89% from capital gain and 4.40% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$40.26	$1,006.50	25	10	$465.31	$1,100.00	$1,565.31

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	127.52%	17.87%	4.88%	<-12 mths
5	AFFO Growth	-1.53%	-0.31%	-26.17%	<-12 mths
5	Net Income Growth	596.98%	47.45%	-11.61%	<-12 mths
5	Cash Flow Growth	12.55%	2.39%	-38.45%	<-12 mths
5	Dividend Growth	10.42%	2.00%	4.01%	<-12 mths
5	Stock Price Growth	94.52%	14.23%	26.77%	<-12 mths
10	Revenue Growth	171.87%	10.52%	33.41%	<-this year
10	AFFO Growth	13.03%	1.23%	-6.85%	<-this year
10	Net Income Growth	114.11%	7.91%	38.78%	<-this year
10	Cash Flow Growth	19.50%	1.80%	20.57%	<-this year
10	Dividend Growth	51.70%	4.26%	4.39%	<-this year
10	Stock Price Growth	9.29%	0.89%	45.00%	<-this year

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges at 4.03%. The 5, 10 and historical dividend yields are good (5% to 6% ranges) at 6.13%, 5.68% and 5.94%. The dividend growth is low (below 8% per year) at 2% per year over the past 5 years. The last dividend increase was in 2026 and it was for 4.2%.

The Dividend Payout Ratios (DPR) mostly fine as shown by AFFO and FFO. The DPR for 2025 for Earnings per Share (EPS) are far too high at 112% with 5 year coverage at 113%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is fine at 66% with 5 year coverage at 61%. The DPR for 2025 for Funds from Operations (FFO) is fine at 57% with 5 year coverage at 51%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 57% with 5 year coverage at 51%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 174% with 5 year coverage at 138%. FCF varies in 2025 from $279M to $571M and I am using $279M.

Item	Cur	5 Years
EPS	112.17%	113.05%
AFFO	66.04%	61.18%
FFO	56.92%	51.30%
CFPS	56.94%	51.22%
FCF	174.17%	137.66%

Debt Ratios need improving, but utilities tend to have high debt loads. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.59 and currently at 0.54. The Liquidity Ratio for 2025 is good at 1.76 and low at 1.22 currently. If you added in Cash Flow after dividends, the ratios are good at 1.85 and currently still low at 1.42. The Debt Ratio for 2025 is low at 1.27 and 1.42 currently. I prefer these ratios to be at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 4.72 and 3.72 and currently at 3.48 and 2.48. I prefer these rates below 3.00 and 2.00. However, utilities tend to have rather high debt loads.

Type	Year End	Ratio Curr
Lg Term R	0.59	0.54
Intang/GW	0.01	0.12
Liquidity	1.76	1.22
Liq. + CF	1.85	1.42
Debt Ratio	1.27	1.40
Leverage	4.72	3.48
D/E Ratio	3.72	2.48

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	2.00%	21.14%	14.23%	6.91%
2015	10	4.26%	5.29%	0.89%	4.40%
2010	15	5.88%	12.18%	6.31%	5.88%
2005	20	6.09%	13.77%	7.24%	6.53%
2002	23	9.78%	18.92%	9.92%	9.01%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 16.31, 20.12 and 23.82. The corresponding 10 year ratios are 17.41, 20.64 and 23.87. The corresponding historical ratios are 18.04, 21.17 and 24.26. The current ratio is 25.19 based on a stock price of $55.78 and EPS estimate for 2026 of $2.21. The current ratio is above the high ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 9.29, 10.62 and 11.95. The corresponding 10 year ratios are 9.32, 10.90 and 12.60. The corresponding historical ratios are 9.35, 11.34 and 13.95. The current ratio is 18.66 based on a stock price of $55.78 and AFFO estimate for 2026 of $2.99. The current ratio is above the high ratio for the 10 year median ratio. 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 7.40, 8.54 and 10.15. The corresponding 10 year ratios are 7.54, 9.13 and 10.73. The corresponding historical ratios are 7.77, 9.74 and 11.72. The current ratio is 13.19 based on a stock price of $55.78 and FFO estimate for 2026 of $4.23. The current ratio is above the high ratio for the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $33.87. The 10-year low, median, and high median Price/Graham Price Ratios are 1.28, 1.59 and 1.86. The current ratio is 1.65 based on a stock price of $55.78. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.56. The current ratio is 2.42 based on a Book Value of $5,281M, Book Value per Share of $23.03 and a stock price of $55.78. The current ratio is 5% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 9.41. The current ratio is 13.70 based on Cash Flow per share of $4.07, Cash Flow of $934M and a stock price of 55.78. The current ratio is 46% 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 5.94%. The current dividend yield is 4.03% based on dividends of $2.25 and a stock price of $55.78. The current dividend yield is 32% 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 5.68%. The current dividend yield is 4.03% based on dividends of $2.25 and a stock price of $55.78. The current dividend yield is 28% 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 1.47. The current P/S Ratio is 1.40 based on a stock price of $55.78, Revenue estimate for 2026 of $9,144M and Revenue per Share of 39.88. The current ratio is 5% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably on the expensive side. The dividend yield tests say that the stock price is relatively expensive and I generally go with this test. I like it confirmed by the P/S Ratio test, but that test says the stock price is reasonable. The other tests vary from reasonable and below the median to expensive.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (5), Hold (3). The consensus is a Strong Buy. The 12 month stock price consensus is $63.80 with a high of $70.00 and low of $56.00. the consensus stock price of $63.80 implies a total return of 18.41% with 14.38% from capital gains and 4.03% from dividends based on a current stock price of $55.78.

All but one analyst on Stock Chase gives this stock a buy. The Do Not Buy says that for the last 15 years, everyone has said that natural gas is going to be the play. But it's never really come to fruition. Jitendra Parashar on Motley Fool says that . Keyera offers a 4.3% yield backed by an expanding fee-based Canadian energy infrastructure business. He also says it gives you a dependable income. Adam Othman on Motley Fool says that you should change your TFSA into a passive income machine. This is one of the stocks he likes. 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.

Simply Wall Street via Yahoo Finance talks about 3 Canadian companies and LNG with India. Guru Focus via Yahoo Finance reviews this stock. Guru Focus gives interesting reviews of stocks. Simply Wall Street has 4 warnings on this stock of interest payments are not well covered by earnings; dividend of 4.12% is not well covered by earnings or free cash flows; profit margins (5%) are lower than last year (7.3%); and shareholders have been diluted in the past year.

Keyera Corp is a midstream energy business that operates out of Alberta. Its primary lines of business consist of the gathering and processing of natural gas in western Canada, the storage, transportation, and liquids blending for natural gas liquids and crude oil, and the marketing of natural gas liquids, iso-octane, and crude oil. Its web site is here Keyera Corp.

The last stock I wrote about was about was Safi Silver Corp (TSX-SF, OTC-PNTZF) ... learn more. The next stock I will write about will be Cenovus Energy Inc (TSX-CVE, NYSE-CVE) ... learn more on Monday, October 26, 2026 around 5 pm.

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

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