Is it a good company at a reasonable price? This stock has been returning to its shareholders reasonable returns over the past 5 and 10 years. Analysts expect good returns this year also. The dividend yield is low, but it is growing at a good rate. This seems to be a stock you had buy and hold for the longer term. It would seem to be in a reasonable range at the present time.
I do not own this stock of CCL Industries Inc (TSX-CCL.B, OTC-CCDBF). In 2009 I read a favorable report on this stock of which I had also heard before. This is also a dividend paying stock and in 2009 it was on Dividend Achievers list. This company has had reasonable growth. See the paragraph below. When I was updating my spreadsheet, I noticed profit was lower than last year due to a higher restructuring charge.
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 and what is expected to the end of this year.
| Yr | Item | Tot. Gwth | Per Year | Gwth | Coverage |
|---|---|---|---|---|---|
| 5 | Revenue Growth | 46.19% | 7.89% | 2.97% | <-12 mths |
| 5 | AEPS Growth | 50.65% | 8.54% | 3.23% | <-12 mths |
| 5 | Net Income Growth | 51.48% | 8.66% | 1.02% | <-12 mths |
| 5 | Cash Flow Growth | 47.74% | 8.12% | -3.79% | <-12 mths |
| 5 | EBITDA Growth | 44.45% | 7.63% | 2.60% | <-12 mths |
| 5 | Dividend Growth | 77.78% | 12.20% | 12.50% | <-12 mths |
| 5 | Stock Price Growth | 50.03% | 8.45% | 10.70% | <-12 mths |
| 10 | Revenue Growth | 152.17% | 9.69% | 6.61% | <-this year |
| 10 | AEPS Growth | 169.45% | 10.42% | 9.91% | <-this year |
| 10 | Net Income Growth | 171.93% | 10.52% | 8.14% | <-this year |
| 10 | Cash Flow Growth | 174.46% | 10.62% | 9.47% | <-this year |
| 10 | EBITDA Growth | 166.68% | 10.31% | 27.12% | <-this year |
| 10 | Dividend Growth | 326.67% | 15.61% | 12.50% | <-this year |
| 10 | Stock Price Growth | 93.21% | 6.81% | 24.68% | <-this year |
If you had invested in this company in December 2015, for $1,032.10 you would have bought 23 shares at $44.87 per share. In December 2025, after 10 years you would have received $185.84 in dividends. The stock would be worth $1,994.10. Your total return would have been $2,179.94. This would be a total return of 8.07% per year with 6.81% from capital gain and 1.26% from dividends.
| Cost | Tot. Cost | Shares | Years | Dividends | Stock Val | Tot Ret |
|---|---|---|---|---|---|---|
| $44.87 | $1,032.10 | 23 | 10 | $185.84 | $1,994.10 | $2,179.94 |
The current dividend yield is low with dividend growth moderate. The current yield is low (below 2%) at 1.50%. The 5, 10 and historical median dividend yields are also low at 1.61%, 1.39% and 1.91%. The dividend growth is moderate (between 8% and 14% ranges per year) at 12.2% per year over the past 5 years. The last dividend increase was in 2026 and it was for 12.5%.
You have dividends starting over 1% and a good increase each year. If dividends continue to increase by 12.20% 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 $95.98 would be. The last column shows the percentage of your stock’s original price would be covered by dividends in 5, 10 and 15 years.
| Div Pd | Div Yield | Years | At IRR | Div Cov |
|---|---|---|---|---|
| $2.56 | 2.67% | 5 | 12.20% | 9.57% |
| $4.55 | 4.74% | 10 | 12.20% | 23.91% |
| $8.09 | 8.43% | 15 | 12.20% | 49.41% |
The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 28% with 5 year coverage at 28%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 28% with 5 year coverage at 27%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 13% with 5 year coverage at 13%. The DPR for 2025 for Free Cash Flow (FCF) is good at 26% with 5 year coverage at 30%. FCF does not vary much for 2025.
| Item | Cur | 5 Years |
|---|---|---|
| EPS | 28.01% | 27.88% |
| AEPS | 27.59% | 26.89% |
| CFPS | 13.37% | 13.45% |
| FCF | 25.92% | 30.63% |
Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.09 and currently at 0.11. The Liquidity Ratio for 2025 is fine at 1.42 and 1.39 currently. If you added in Cash Flow after dividends, the ratios are good at 1.90 and currently at 1.82. The Debt Ratio for 2025 is good at 2.26 and 2.05 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.79 and 0.79 and currently at 1.95 and 0.95.
| Type | Year End | Ratio Curr |
|---|---|---|
| Lg Term R | 0.09 | 0.11 |
| Intang/GW | 0.24 | 0.23 |
| Liquidity | 1.42 | 1.39 |
| Liq. + CF | 1.90 | 1.82 |
| Debt Ratio | 2.26 | 2.05 |
| Leverage | 1.79 | 1.95 |
| D/E Ratio | 0.79 | 0.95 |
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 | 12.20% | 9.99% | 8.45% | 1.54% |
| 2015 | 10 | 15.61% | 8.07% | 6.81% | 1.26% |
| 2010 | 15 | 16.59% | 21.91% | 19.59% | 2.32% |
| 2005 | 20 | 14.87% | 16.11% | 14.53% | 1.58% |
| 2000 | 25 | 12.73% | 20.28% | 17.78% | 2.51% |
| 1995 | 30 | 10.99% | 14.40% | 12.90% | 1.50% |
| 1990 | 35 | 9.41% | 13.68% | 12.08% | 1.59% |
| 1987 | 38 | 9.28% | 12.86% | 11.31% | 1.55% |
The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.55, 17.70 and 19.84. The corresponding 10 year ratios are 17.61, 20.51 and 23.16. The corresponding historical ratios are 12.33, 15.61 and 20.49. The current ratio is 18.94 based on a stock price of $95.98 and EPS estimate for 2026 of $5.15. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.
I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 14.33, 16.69 and 19.34. The corresponding 10 year ratios are 12.50, 18.37 and 20.80. The corresponding historical ratios are 13.77, 16.58 and 19.49. The current ratio is 18.82 based on a stock price of $95.98 and AEPS estimate for 2026 of $5.10. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.
I get a Graham Price of $61.25. The 10-year low, median, and high median Price/Graham Price Ratios are 1.34, 1.53 and 1.78. The current ratio is 1.57 based on a stock price of $95.98. This ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.
I get a 10-year median Price/Book Value per Share Ratio of 2.88. The current ratio is 2.94 based on a Book Value of $5,664M, Book Value per Share of $32.69 and a stock price of $95.98. The current ratio is 1.8% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.
I also have Book Value per Share estimate for 2026 of $32.36. This implies a ratio of 2.97 with a Book Value of $5,606M and stock price of $95.88. This ratio is 2.9% above the 10 year median ratio of 2.88. This stock price testing suggests that the stock price is relatively reasonable but above the median.
I get a 10-year median Price/Cash Flow per Share Ratio of 12.64. The current ratio is 11.65 based on Cash Flow per Share estimate for 2026 of $8.24, Cash Flow of $1,428M and a stock price of $95.98. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.
I get an historical median dividend yield of 1.91%. The current dividend yield is 1.50% based on a stock price of $95.98. The current dividend yield is 21% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.
I get a 10 year median dividend yield of 1.39%. The current dividend yield is 1.50% based on a stock price of $95.98. The current dividend yield is 7.9% 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 1.86. The current P/S Ratio is 2.04 based on Revenue estimate for 2026 of $8,170M, Revenue per Share of $47.16 and a stock price of $95.98. The current ratio is 9% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.
Results of stock price testing is that the stock price is probably still reasonable. The 10 year median dividend yield test says that the stock price is reasonable and below the median. The P/S Ratio test says that the stock price is reasonable but above the median. Most of the rest of the testing is saying that the stock price is reasonable and above or below the median.
When I look at analysts’ recommendations, I find Strong Buy (4), Buy (5) and Hold (1). The consensus would be a Strong Buy. The 12 month stock price is $108.10 with a high of $115.00 and low of $98.00. This implies a total return of 14.13% with 12.63% from capital gains and 1.50% from dividends based on a current stock price of $95.98.
Analysts on Stock Chase mostly like this company, but one for 2026 says it is not really a compelling, multi-year thesis. Jitendra Parashar on Motley Fool says this company pairs earnings growth with strong cash generation. Amy Legate-Wolfe on Motley Fool says buys some now and on dips. The company sends out a press release via Globe and Mail about their fourth quarter of 2025. The company sends out a press release via Globe and Mail about their second quarter results for 2026.
Guru Focus via Yahoo Finance reviews this stock and talks about their dividends and their ability to pay dividends. Simply Wall Street has one warning on this stock of significant insider selling over the past 3 months.
CCL Industries Inc manufactures and sells packaging and packaging-related products. Its geographical segments include Canada; USA and Puerto Rico; Mexico, Brazil, Chile, and Argentina; Europe; and Asia, Australia, Africa, and New Zealand. Its web site is here CCL Industries Inc.
The last stock I wrote about was about was Brookfield Corp (TSX-BN, NYSE-BN) ... learn more. The next stock I will write about will be Ovintiv Inc (TSX-OVV, NYSE-OVV) ... learn more on Friday, October 16, 2026 around 5 pm. Tomorrow on my other blog I will write about Betting on Canadian Energy.... learn more on Thursday, October 15, 2026 around 5 pm.
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