TransAlta Corp

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably expensive. Debt Ratios need improving and the debt is far too high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth restarting. See my spreadsheet on TransAlta Corp.

Is it a good company at a reasonable price? I find lots of problems. Estimates given for 2026 show some lower value like for Revenue, EBITDA, FCF, and FFO. However, they do show growth in AEPS. Comments on Stock Chase is negative, but when I look at current Analyst recommendations the results are Strong Buy. Does not make much sense. I am happy to no longer have this stock and I do not intend to buy it again. It is off its recent high. It is a good sign that dividends are currently increasing. Personally, I would be cautious. My testing is showing that the stock price is currently expensive. Who knows.

I do not own this stock of TransAlta Corp (TSX-TA, NSYE-TAC). I bought this stock in 1987. It was a utility stock and utility stocks were considered to be good investments. I sold some in 2000 as the stock price was below what I had paid for it. I bought some more in February 2009 because it was relatively cheap and it seemed to be recovering. I sold more in August 2012 as this company was doing poorly again. By September 2019, I had finally had enough and saw no hope in this stock doing better. I noticed that MPL Communications had given up hope in 2014.

When I was updating my spreadsheet, I noticed that the company is shifting towards clean energy. I do not see that utilities doing clean energy are doing well financially. Analysts seem to be expecting better results next year and the year after. Personally, I will wait to see because I have heard that before.

If you had invested in this company in December 2015, for $1,001.64 you would have bought 204 shares at $4.91 per share. In December 2025, after 10 years you would have received $414.12 in dividends. The stock would be worth $3,308.88. Your total return would have been $3,723.00. This would be a total return of 15.30% per year with 12.69% from capital gain and 2.60% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$4.91	$1,001.64	204	10	$414.12	$3,308.88	$3,723.00

The current dividend yield is low with dividend growth restarting. The current dividend yield is low (below 2%) at 1.55%. The 5 and 10 year median dividend yields are low at 1.55% and 1.91%. The historical median dividend yield is good (5% to 6% ranges) at 5.35%. They started to decrease dividend in 2014 for several years. Then in 2020 they started to raise them again. Dividends have grown at a moderate rate (8% to 14% ranges) at 8.3% per year over the past 5 years. The last dividend increase was in 2026 and it was for 7.7%. The current dividends are still 77% below the dividends of 2013.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is non-calculable due to EPS losses. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 14% with 5 year coverage at 9%. The DPR for 2025 for Funds from Operations (FFO) is good at 8% with 5 year coverage at 6%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 12% with 5 year coverage at 7%. The DPR for 2025 for Free Cash Flow (FCF 1) is good at 19% with 5 year coverage good at 16%. The DPR for 2025 for Free Cash Flow (FCF 2) is good at 14% with 5 year coverage good at 9%. FCF for 2025 varies from $380M to $514M.

Item	Cur	5 Years
EPS	0.00%	N/C
AFFO	14.45%	8.65%
FFO	8.74%	5.77%
CFPS	11.54%	6.54%
FCF 1	18.58%	15.64%
FCF 2	14.43%	8.73%

Debt Ratios need improving and the debt is far too high. The Long Term Debt/Market Cap Ratio for 2025 is high but fine at 0.71 and currently at 0.65. The Liquidity Ratio for 2025 is far too low at 0.73 and 0.73 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.04 and currently at 1.05. I prefer this ratio be at 1.50 or higher. The Debt Ratio for 2025 is too low at 1.20 and 1.20 currently. I prefer this ratio be at 1.50 or higher The Leverage and Debt/Equity Ratios for 2025 are far too high at 5.91 and 4.91 and currently at 5.91 and 4.91.

Type	Year End	Ratio Curr
Lg Term R	0.71	0.65
Intang/GW	0.16	0.14
Liquidity	0.73	0.73
Liq. + CF	1.04	1.05
Debt Ratio	1.20	1.20
Leverage	5.91	5.91
D/E Ratio	4.91	4.91

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	8.34%	12.71%	10.90%	1.81%
2015	10	-10.04%	15.30%	12.69%	2.60%
2010	15	-9.73%	0.82%	-1.75%	2.58%
2005	20	-6.70%	0.87%	-2.22%	3.09%
2000	25	-5.39%	2.73%	-1.21%	3.94%
1995	30	-4.45%	6.17%	0.34%	5.82%
1990	35	-3.83%	8.08%	0.89%	7.18%
1987	38	-3.37%	6.53%	0.32%	6.21%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.36, 5.18 and 6.00. The corresponding 10 year ratios are negative and so useless. The corresponding historical ratios are 14.15, 14.23 and 18.39. The current P/E Rate is negative and therefore useless. The P/E Ratio for 2027 is really high at 180.60. The P/E Ratio for 2028 is 26.56 and is also rather high. This is not a useful test.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 4.47, 5.83 and 6.95. The corresponding 10 year ratios are 3.94, 5.63 and 7.10. The corresponding historical ratios are 4.47, 6.44 and 8.57. The current P/AFFO Rate is 12.90 based on AFFO estimate for 2026 of $1.40 and a stock price of $18.06. 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. Problem is that AFFO for 2026 is lower that it has been over the past 10 years.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 2.74, 3.39 and 4.04. The corresponding 10 year ratios are 2.19, 2.83 and 3.39. The corresponding historical ratios are 3.52, 5.30 and 6.11. The current P/FFO Rate is 8.52 based on FFO estimate for 2026 of $2.12 and a stock price of $18.06. 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. Problem is that FFO for 2026 is lower that it has been over the past 10 years.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/ Adjusted Earnings per Share Ratios are 10.71, 18.53 and 26.35. The corresponding 10 year ratios are 6.76, 9.48 and 12.19. The corresponding historical ratios are 4.36, 5.18 and 6.00. The current P/AEPS Ratio is 75.25 based on AEPS estimate for 2026 of $0.24 and a stock price of $18.06. 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. Problem is that this stock has a lot of earnings losses over the past 10 years. Also, the P/AEPS Ratio is really high at 75.25.

I get a Graham Price of $8.57 using FFO in the calculation. (EPS has been negative over a number of years.) The 10-year low, median, and high median Price/Graham Price Ratios are 0.49, 0.65 and 0.80. The current ratio is 2.11 based on a stock price of $18.06. 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 3.37. The current ratio is 11.73 based on a stock price of $18.06, Book Value of $1,399M, and Book Value per Share of $4.72. The current ratio is 248% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Problem is book value is going down.

I also have Book Value per Share estimate for 2026 of 1.66. The P/B Ratio is 10.88 with a book value of $492.5 and a stock price of $18.06. This ratio is 223% 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 3.25. The current ratio is 7.97 based on Cash Flow per Share estimate for 2026 of $2.27, Cash Flow of $672M and a stock price of $18.06. The current ratio is 145% 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 5.35%. The current dividend yield is 1.55% based on dividends of $0.28 and a stock price of $18.06. The current dividend yield is 71% 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 1.91%. The current dividend yield is 1.55% based on dividends of $0.28 and a stock price of $18.06. The current dividend yield is 19% 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 1.09. The current ratio is 2.55 based on Revenue estimate for 2029 of $2,102M, Revenue per Share of $7.08 and a stock price of 18.06. The current ratio is 133% 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 dividend yield test is saying it is reasonable but above the median, but the dividend yield is 19% below the 10 year median dividend yield and very close to expensive. All the other tests are showing this stock as expensive. A lot of tests are not great because earning losses over the years and a lot of the estimates are below 2025 values. Revenue is expected to be down 13%, FFO down 16% and AFFO down 19%.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (3), Hold (1) and Underperform (1). The consensus is a Strong Buy. The 12 month stock price is $23.55 with a high of $28.00 and low of $14.00. The 12 month consensus stock price of $23.55 implies a total return of 31.95% with 30.40% from capital gains and 1.55% from dividends based on a current stock price of $18.06. These recommendations do not line up with 2026 estimates given.

Not much available for this stock on Stock Chase. For 2025 there is a Do Not Buy, Sell and Watch advise. The Do Not Buy says that the company is not profitable. Amy Legate-Wolfe on Motley Fool says that TransAlta stands out because it combines diversified, long-lived power-generation assets with a commitment to transition toward cleaner energy. Jitendra Parashar on Motley Fool in 2025 says that TransAlta’s recent partnership with Nova Clean Energy gives it access to U.S. renewable projects, while its push into data centers shows it’s thinking long term. The company put out a Press Release about their 2025 fourth quarter results.

Simply Wall Street via Yahoo Finance reviews this stock. They only have one warning on this stock of significant insider selling over the past 3 months. I do not see that. The Officers I am following have increased share a bit over the past year. Lots of times when stock options are not picked up, they show up as sales. I am surprised they do not mention debt.

TransAlta Corp is an independent power producer based in Alberta, Canada. The company operates a diverse electrical power generation asset in Canada, the United States, and Western Australia. The company has reportable segments namely, Hydro, Wind & Solar, Gas, Energy Transition segment and Corporate Segment. The company generates the majority of its revenue from the gas segment. Its web site is here TransAlta Corp.

The last stock I wrote about was about was TFI International Inc (TSX-TFII, OTC-TFIFF) ... learn more. The next stock I will write about will be Emera Inc (TSX-EMA, OTC-EMRA) ... learn more on Friday, March 26, 2026 around 5 pm. Tomorrow on my other blog I will write about Stable Dividend Portfolio.... learn more on Thursday, March 26, 2026 around 5 pm.

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

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

TFI International Inc

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price could be expensive, but certainly above the median. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are fine, but higher this year. The current dividend yield is low with dividend growth good. See my spreadsheet on TFI International Inc.

Is it a good company at a reasonable price? I do like this company and I have done well with it. However, you do have to be careful about paying too much for a company. With this stock I would be in the Hold category. The last dividend increase was much lower than for the last 7 years. However, there is also the possibility that the stock does not go any lower in the future. My inclination for this stock is a Hold, but I could be wrong.

I own this stock of TFI International Inc (TSX-TFII, OTC-TFIFF). I read a report called "6 Canadian Dividend Stocks That Fly Under the Radar" by John Heinzl in April of 2013. This is one of the stocks mentioned. There was also a good review of this stock by Advice Hotline by MPL Communications.

When I was updating my spreadsheet, I noticed I have made a total return of 25.07% per year with 22.66% from capital gains and 2.41% from dividends. I have had this stock for 8.8 years and I am making a dividend yield in 9.7% on my original investment. This is why I like lower dividends, but good dividend increases.

If you had invested in this company in December 2015, for $1,015.23 you would have bought 43 shares at $23.61 per share. In December 2025, after 10 years you would have received $581.73 in dividends. The stock would be worth $6,100.41. Your total return would have been $6,682.14. This would be a total return of 21.99% per year with 19.64% from capital gain and 2.35% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$23.61	$1,015.23	43	10	$581.73	$6,100.41	$6,682.14

The current dividend yield is low with dividend growth good. The dividends are paid in US$ (since 2021). The current dividend is low (below 2%) at 1.85%. The 5 and 10 year median dividend yields are also low 1.17% and 1.88%. This historical median dividend is moderate (2% to 4%) at 2.51%. The last increase was in 2026 and it was for 4.4%. Last year increase was for 12.5%. The last time the increase was below 10% was in 2018 when increase was 4.4%. Over the last 23 dividends have gone up 19 times and down 4 times.

The Dividend Payout Ratios (DPR) are fine, but higher this year. The DPR for 2025 for Earnings per Share (EPS) is high for this company at 48% with 5 year coverage good at 22%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high for this company at 41% with 5 year coverage good at 25%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 13% with 5 year coverage at 9%. The DPR for 2025 for Free Cash Flow (FCF) is good at 27% with 5 year coverage at 15%. FCF varies from $ $550 .00 to $1,140.73 and I am using $550.00 consistent with other years.

Item	Cur	5 Years
EPS	48.39%	22.31%
AEPS	41.19%	24.54%
CFPS	13.35%	9.45%
FCF	27.47%	14.87%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.28 and currently at 0.28. The Liquidity Ratio for 2025 is low at 1.03 and 1.03 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.74 and currently at 1.69. The Debt Ratio for 2025 is good at 1.55 and 1.55 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.80 and 1.80 and currently at 2.80 and 1.80.

Type	Year End	Ratio Curr
Lg Term R	0.28	0.28
Intang/GW	0.34	0.34
Liquidity	1.03	1.03
Liq. + CF	1.74	1.69
Debt Ratio	1.55	1.55
Leverage	2.80	2.80
D/E Ratio	1.80	1.80

The Total Return per year is shown below for years of 5 to 35 to the end of 2025 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	18.86%	18.70%	16.71%	2.00%
2015	10	13.75%	21.99%	19.64%	2.35%
2010	15	12.90%	20.02%	17.54%	2.48%
2005	20	3.34%	13.86%	11.17%	2.68%
2000	25	3.41%	48.98%	19.36%	29.63%
1995	30		30.31%	18.56%	11.74%
1990	35		18.37%	14.25%	4.12%

The Total Return per year is shown below for years of 5 to 23 to the end of 2025 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	17.12%	16.85%	14.91%	1.94%
2015	10	13.87%	22.03%	19.61%	2.43%
2010	15	10.51%	17.29%	15.01%	2.29%
2005	20	2.51%	13.12%	10.24%	2.88%
2002	23	4.05%	23.66%	14.01%	9.66%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.63, 21.00, and 24.37. The corresponding 10 year ratios are 9.07, 12.12 and 17.31. The corresponding historical ratios are 8.87, 12.09 and 14.94. The current ratio is 25.73 based EPS estimate for 2026 of $5.55 ($4.05 US$) and a Stock Price of $142.81. This ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 16.11, 19.18 and 22.98. The corresponding 10 year ratios are 9.61, 13.97 and 17.29. The corresponding historical ratios are 9.23, 12.24 and 16.20. The current ratio is 22.42 based AEPS estimate for 2026 of $4.64 and a Stock Price of $104.04. This ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get a similar result in CDN$.

I get a Graham Price of $80. The 10-year low, median, and high median Price/Graham Price Ratios are 0.97, 1.20 and 1.47. The current ratio is 1.78 based on a stock price of $142.81. This ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 2.64. The current ratio is 3.19 based on a Book Value of $3,673M, Book Value per Share of $44.71 and a stock price of $142.81. The current ratio is 21% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I also have Book Value per Share estimate for 2026 of $45.18 ($32.94 US$). This implies a ratio of 3.16 and Book Value of $3,712M. This ratio is 19.8% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.21. The current ratio is 9.31 based on Cash Flow per Share estimate for 2026 of $11.17, Cash Flow of $917.6M and a stock price of $104.04. The current ratio is 14% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. You will get a similar result in CDN$.

I get an historical median dividend yield of 2.47%. The current dividend yield is 1.81% based on $2.58 ($1.88 US$) dividends and a stock price of $142.81. The current ratio is 27% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10 year median dividend yield of 1.88%. The current dividend yield is 1.81% based on $2.58 ($1.88 US$) dividends and a stock price of $142.81. The current ratio is 4% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 0.89. The current P/S Ratio is 1.08 based on Revenue estimate for 2026 of $7,928M, Revenue per Share of $96.51 and a stock price of $104.04. The current ratio is 21% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get a similar result in CDN$.

Results of stock price testing is that the stock price could be expensive, but certainly above the median. The 10 year dividend yield test says it is above the median but only by 4%. However, the P/S Ratio test says the stock price is relatively expensive. All the rest of the testing is saying either the price is reasonable but above the median or expensive. The chart is showing the stock off the highs of 2024 and just off the recent highs of 2026.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (5) and Hold (7). The consensus is a Buy. The 12 month stock price consensus is $163.14 ($118.94 US$) with a high of $196.14 ($143.00 US$) and low of $116.23 ($84.74 US$). The consensus stock price implies a total return of 15.66% with 13.85% from capital gains and 1.81% from dividends based on a stock price of $142.81.

There are two analysts’ remarks for 2026 on Stock Chase and they are both Buys. There were more mixed reviews in 2025 from Do Not Buy to Top Buy and lots in between. Amy Legate-Wolfe on Motley Fool says to pick Canadian stocks with real assets, steady demand, and managers who treat costs like it is their own money. Jitendra Parashar on Motley Fool says TFI is a magnificent Canadian Dividend Stock to Buy and hold for decades. The company put out a press release via Global Newswire about its fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock and gives both a bull and bear perspectives. Simply Wall Street gives two risks on this stock of unstable dividend track record; and has a high level of debt. I disagree with the unstable dividend track record. This company changed dividend currency recently from CDN$ to US$ which could seem to people getting the dividends that the dividends are unstable.

TFI International Inc is involved in the provision of transportation and logistics services across the United States, Canada, and Mexico. The company's reportable segments are; Less-Than-Truckload, which derives maximum revenue, Truckload, and Logistics. Geographically, the company generates maximum revenue from the United States. Its web site is here TFI International Inc.

The last stock I wrote about was about was RioCan Real Estate (TSX-REI.UN, OTC-RIOCF) ... learn more. The next stock I will write about will be TransAlta Corp (TSX-TA, NSYE-TAC) ... learn more on Wednesday, March 25, 2026 around 5 pm. Tomorrow on my other blog I will write about TFI International Inc on In the Money.... learn more on Tuesday, March 24, 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.

RioCan Real Estate

Sound bite for Twitter is: Dividend Growth REIT. Results of stock price testing is that the stock price is reasonable and below the median. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is good with dividend growth restarted after a dividend decrease. See my spreadsheet on RioCan Real Estate.

Is it a good company at a reasonable price? It appears that you have to be careful of when you buy this REIT as not all 5 years periods give you close to an 8% total return. See the Total Return paragraph below. It is always good to buy stock over a period of years and in different months. The good thing about REITs is their good dividend yields, but they generally have low dividend growth if dividends grow at all. Currently my testing is showing that the stock price is at a reasonable level.

I own this stock of RioCan Real Estate (TSX-REI.UN, OTC-RIOCF). I bought this stock for diversification reasons. REITs tend to have low capital gains and high dividends. I first bought this stock in 1998 because I wanted to diversify my portfolio into REITs. It was a stock covered and recommended by MPL Communications in their Income Trust coverage. Over the years I have made several more purchases of this REIT.

When I was updating my spreadsheet, I noticed I have a total return of 9.30% per year with 0.24% from capital gains and 9.06% from distributions. I have had this stock for just over 28 years. I made a number of purchases over time in different accounts. They had lower revenue because of losses from equity-accounted investments, loss of investment properties and loss from other investments. This is all under Other Income (loss) section which was a net gain of $69,154M in 2024 and a net loss of $345,150M in 2025.

In the past year, all the officers I follow, including the CEO and CFO has bought shares over the past year. Also, of the directors I follow, the Chairman has bought shares over the past year. This is a positive. A problem I see is that there is far too many AFFO and FFO values from AFFO, Adjusted AFFO, and Core AFFO plus FFO, Adjusted FFO and Core FFO. I get a report from the TD on this stock and their AFFO and FFO values, including Adjusted and Core values do not always agree on what it was on the company’s statement for 2025, so it is hard to know their values for 2026.

If you had invested in this company in December 2015, for $1,018.67 you would have bought 43 shares at $23.69 per share. In December 2025, after 10 years you would have received $536.32 in dividends. The stock would be worth $804.10. Your total return would have been $1,340.42. This would be a total return of 3.53% per year with 2.34% from capital loss and 5.87% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$23.69	$1,018.67	43	10	$536.32	$804.10	$1,340.42

The current dividend yield is good with dividend growth restarted after a dividend decrease. The current dividend yield is good (5% to 6% ranges) at 6.04%. The 5, 10 and historical median dividend yields are good at 5.37%, 5.59% and 6.38%. Dividends were decreased in 2021 by 36%. They started to increase them again in 2022. They are still 20% below what they were in 2020. The last dividend increase was in 2025 and it was for 4.3%.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is too high at 500% with 5 year coverage at 116%, but the FFO and AFFO ratios are the important ones. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 72% with 5 year coverage at 70%. The DPR for 2025 for Funds from Operations (FFO) is good at 70% with 5 year coverage at 61%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 67% with 5 year coverage at 14%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 99% with 5 year coverage at 88%. FCF varies in 2025 from $250.00 to $344.75 and I am using the latter one.

Item	Cur	5 Years
EPS	500.00%	115.98%
AFFO	71.88%	70.01%
FFO	61.50%	61.11%
CFPS	67.40%	69.76%
FCF	98.79%	88.84%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is high at 1.19 and currently at 1.16. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.50 and currently at 0.50 because this is a important ratio for a REIT. The Liquidity Ratio for 2025 is good at 2.45 and 2.45 currently. The Debt Ratio for 2025 is good at 1.93 and 1.93 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.08 and 1.08 and currently at 2.08 and 1.08.

Type	Year End	Ratio Curr
Lg Term R	1.19	1.16
Lg Term R+A	0.50	0.50
Intang/GW	0.00	0.00
Liquidity	2.45	2.45
Liq. + CF	2.94	2.93
Debt Ratio	1.93	1.93
Leverage	2.08	2.08
D/E Ratio	1.08	1.08

The Total Return per year is shown below for years of 5 to 32 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	-4.40%	8.31%	2.23%	6.08%
2015	10	-2.02%	3.53%	-2.34%	5.87%
2010	15	-1.21%	5.33%	-1.08%	6.41%
2005	20	-0.50%	5.32%	-0.98%	6.30%
2000	25	0.28%	13.85%	2.79%	11.06%
1995	30	2.34%	17.08%	3.78%	13.30%
1993	32	3.22%	13.73%	3.12%	10.61%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 23.42, 28.59 and 33.77. The corresponding 10 year ratios are 10.57, 11.65 and 12.73. The corresponding historical ratios are 11.23, 12.67 and 13.83. (Note the 5 year ratios are high because of lower EPS in the last 5 years.) The current ratio is 12.14 based on a stock price of $19.18 and EPS estimate for 2026 of $1.58. This ratio is between the median and high ratio of the 10 year median ratio. 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 10.81, 13.02, and 15.23. The corresponding 10 year ratios are 11.59, 14.27 and 15.57. The corresponding historical ratios are 13.68, 15.13 and 18.07. The current ratio is 12.06 based on a stock price of $19.18 and AFFO estimate for 2026 of $1.59. This ratio is between the low and median ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 9.34, 11.25 and 13.16. The corresponding 10 year ratios are 10.40, 12.72 and 14.62. The corresponding historical ratios are 10.68, 12.73 and 15.08. The current ratio is 11.77 based on a stock price of $19.18 and FFO estimate for 2026 of $1.63. This ratio is between the low and median ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $29.90 using FFO in the equation. The 10-year low, median, and high median Price/Graham Price Ratios are 0.56, 0.69 and 0.81. The current P/GP Ratio is 0.64 based on a stock price of $19.18. The current ratio is between the low and median ratios of the 10 year median ratios.

I get a 10-year median Price/Book Value per Share Ratio of 0.88. The current ratio is 0.79 based on a Book Value of $7,157M, Book Value per Share of $24.37 and a stock price of $19.18. The current ratio is 10% 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 14.52. The current ratio is 12.98 based on Cash Flow for the last 12 months of $434M, Cash Flow per Share of $1.48 and a stock price of $19.18. The current ratio is 11% 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 6.38%. The current dividend yield is 6.04% based on Dividends of $1.158 and a stock price of $19.18. The current dividend yield is 5% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 5.59%. The current dividend yield is 6.04% based on Dividends of $1.158 and a stock price of $19.18. The current dividend yield is 8% 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 5.52. The current P/S Ratio is 4.67 based on Revenue estimate for 2026 of $1,206M, Revenue per Share of $4.11 and a stock price of $19.18. The current ratio is 15% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is reasonable and below the median. The 10 year dividend yield test says this and it is confirmed by the P/S Ratio test. Most of the other testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (5), Hold (2) and Underperform (1). The consensus is a Buy. The 12 months stock price consensus is $21.48 with a high of $22.75 and a low of $20.00. The consensus stock price of $21.48 implies a total return of 18.03% with 11.99% from capital gains and 6.04% from dividends based on a current stock price of $19.18.

There are only analysts’ comments for 2025 on Stock Chase . The last two are Do Not Buy and one said that this was because they were in the retail space. Others are mostly Holds and a couple of Buys. Amy Legate-Wolfe on Motley Fool says to buy CDN REITs for income, including this one. Demetris Afxentiou on Motley Fool says if you want real estate exposure without the costs and complexities of ownership, buy this stock. The company put out a Press Release for its fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock rather negatively. Simply Wall Street gives this stock one and one half stars out of 5. They list 4 risks of interest payments are not well covered by earnings; unstable dividend track record; large one-off items impacting financial results; and profit margins (5.6%) are lower than last year (35.4%).

RioCan Real Estate Investment Trust is a Canadian real estate investment trust which owns, develops, and operates Canada's portfolio of retail-focused, increasingly mixed-use properties. The REIT's property portfolio includes shopping centers and mixed-use developments, with majority of its properties located in Ontario, Canada. The company's tenants consist of grocery stores, supermarkets, restaurants, cinemas, pharmacies, and corporates. Its web site is here RioCan Real Estate.

The last stock I wrote about was about was Bombardier Inc (TSX-BBD.B, OTC-BDRBF) ... learn more. The next stock I will write about will be TFI International Inc (TSX-TFII, OTC-TFIFF) ... learn more on Monday, March 23, 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.

Bombardier Inc

Sound bite for Twitter is: Industrial Sector Stock. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are awful with a negative book value. This company does not currently have dividends, so no discussion on dividends and Dividend Payout Ratios (DPR). See my spreadsheet on Bombardier Inc.

Is it a good company at a reasonable price? It might be a turnaround stock situation, but I would be leery of buying a stock that has a negative book value. Another problem is that my testing is showing that it is relatively expensive. The company is off its recent high, but it is still testing as relatively expensive. Personally, I would not currently be interested in this stock.

I do not own this stock of Bombardier Inc (TSX-BBD.B, OTC-BDRBF). The buying of this stock was part of my early foray into industrial stocks in 1987. Up until 2001, I was making some 35% return per annum on this stock. When the stock first dropped in 2002, I had still made some 28% return per annum on this stock. Even by the lowest point in 2005, I had made some 13% per annum on this stock. By that time, it seemed to be turning itself around, so I did not sell. I lost hope by 2017, so I sold. I made 11.08% per year.

When I was updating my spreadsheet, I noticed that this stock price is up some 81% this year. This is a big leap. Also, some of the officer sold stock last year after the stock sky rocked. You have to wonder why?

If you had invested in this company in December 2015, for $1,005.00 you would have bought 30 shares at $33.50 per share. In December 2025, after 10 years you would have received $0.00 in dividends. The stock would be worth $7,005.00. Your total return would have been $7,005.00. This would be a total return of 21.43% per year with 21.43% from capital gain and 0.00% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$33.50	$1,005.00	30	10	$0.00	$7,005.00	$7,005.00

This company does not currently have dividends. So, no discussion on dividends and Dividend Payout Ratios (DPR).

Debt Ratios are awful with a negative book value. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.27 and currently at 0.27. The Liquidity Ratio for 2025 is too low at 1.11 and 1.11 currently. If you added in Cash Flow after dividends, the ratios still too low at 1.31 and currently at 1.30. I prefer this ratio to be 1.50 or higher. The Debt Ratio for 2025 is awful at 0.94 and 0.94 currently. This company has a negative book value. The Leverage and Debt/Equity Ratios for 2025 are non-calculable due to a negative book value.

Type	Year End	Ratio Curr
Lg Term R	0.27	0.27
Intang/GW	0.00	0.00
Liquidity	1.11	1.11
Liq. + CF	1.31	1.30
Debt Ratio	0.94	0.94
Leverage	-15.26	-15.26
D/E Ratio	-16.26	-16.26

The Total Return per year is shown below for years of 5 to 39 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%	81.06%	81.06%	0.00%
2015	10	0.00%	21.43%	21.43%	0.00%
2010	15	0.00%	3.78%	3.32%	0.46%
2005	20	0.00%	6.73%	5.88%	0.85%
2000	25	0.00%	-3.55%	-3.79%	0.24%
1995	30	0.00%	3.06%	2.13%	0.94%
1990	35	0.00%	9.50%	6.64%	2.86%
1987	39	0.00%	11.50%	7.74%	3.76%

The Total Return per year is shown below for years of 5 to 36 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%	78.04%	78.04%	0.00%
2015	10	0.00%	21.62%	21.62%	0.00%
2010	15	0.00%	1.63%	1.18%	0.45%
2005	20	0.00%	5.87%	4.91%	0.96%
2000	25	0.00%	-3.16%	-3.46%	0.30%
1995	30	0.00%	3.11%	2.13%	0.99%
1990	35	0.00%	8.66%	6.13%	2.53%
1989	36	0.00%	8.61%	6.10%	2.51%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.14, 10.22 and 13.16. The corresponding 10 year ratios are negative and unusable. The corresponding historical ratios are 9.23, 12.86 and 16.23. The current ratio is 22.46 based on a stock price of $244.34 and EPS estimate for 2026 of $10.88 ($7.93 US$). This ratio is above the high ratio of both the 5 year ratios and historical ratios. This stock price testing suggests that the stock price is relatively expensive. (Note that 22.46 is a rather high P/E Ratio.)

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 7.23, 11.18, 15.86. The corresponding 10 year ratios are 6.86, 11.04 and 14.77. The corresponding historical ratios are 7.13, 11.52 and 15.09. The current ratio is 22.52 based on a stock price of $179.50 and AEPS estimate for 2026 of $7.97. This ratio is above the high ratio of the 10 year 5 year ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get similar results in CDN$.

I cannot calculate a Graham Price because the book value is negative. A negative book value is never a good sign.

I cannot do a Price/Book Value per Share Ratio test because the Book Value is negative.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.54. The current ratio is 15.06 based on Cash Flow per Share estimate for 2026 of $11.92, Cash Flow of $1,181M and a stock price of $179.50. The current ratio is 100% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get similar results in CDN$.

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

The 10-year median Price/Sales (Revenue) Ratio is 0.39. The current P/S Ratio is 1.75 based on Revenue estimate for 2026 of $10,144M, Revenue per Share of $102.36 and a stock price of $179.50. The current ratio is 349% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get similar results in CDN$.

Results of stock price testing is that the stock price is probably expensive. What tests I can do tell me the price is relatively expensive. An important one is the P/S Ratio test and it says that the stock price is relatively expensive. A number of tests I cannot do and that is never a good sign.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3), Hold (7) and Sell (1). The consensus would be a Buy. The 12 month stock price consensus is $275.49 ($200.85 US$), with a high of $307.87 ($223.00 US$) and low of $206.91 ($150.85 US$). The consensus stock price $275.49 implies a total return of $12.75 based on a current stock price of $244.34.

Analysts so far on Stock Chase give this stock two Holds and a Buy for 2026. Amy Legate-Wolfe on Motley Fool says this company would thrive if the Loonie weakens. Chris MacDonald on Motley Fool says that if you a patient, this is a good turnaround stock to buy. The company put out a Press Release about their successful turnaround and their fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance says this stock is overvalued and its fair value is only $47.40. Simply Wall Street has three warnings of interest payments are not well covered by earnings; negative shareholders’ equity; and significant insider selling over the past 3 months.

Bombardier designs, manufactures, markets, and provides parts and maintenance for its large, long-range Global and medium-to-large Challenger families of business jets. Most of the company's revenue is generated in North America, 60% of which is from customers in the US. It also has operations in Europe, North America, Asia-Pacific, and other markets. Its web site is here Bombardier Inc.

The last stock I wrote about was about was Manulife Financial Corp (TSX-MFC, NYSE-MFC) ... learn more. The next stock I will write about will be RioCan Real Estate (TSX-REI.UN, OTC-RIOCF) ... learn more on Friday, March 20, 2026 around 5 pm. Tomorrow on my other blog I will write about The Frugal Dividend portfolio.... learn more on Thursday, March 19, 2026 around 5 pm.

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

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

Manulife Financial Corp

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Manulife Financial Corp.

Is it a good company at a reasonable price? I still think that this is a good company and I intend to hold on to my current shares. The main problem that long term holders of this stock had was that interest rates, after I bought this stock, went to zero and sometimes negative. All insurance companies had a hard time with such low interest rates. I think the stock price currently maybe a bit pricy.

I own this stock of Manulife Financial Corp (TSX-MFC, NYSE-MFC). In May 2005, I was look for good companies to buy at a reasonable price. This stock met my criteria. I bought some more stock in October 2005. I had some more money to spend and wanted to buy stock of dividend paying company I owned, for which I did not own too much. In April 2009, I was looking for something else to buy and Manulife was at a good price. In April 2013, I need to buy higher dividend stocks for my RRIF account. There was some money after RRSP sales, so I bought more MFC.

When I was updating my spreadsheet, I noticed I bought this stock at the wrong time. I paid too much for my original purchase in 2005, some 20 years ago, and that is why my return is low. My total return is 6.09% per year with 3.60% from capital gains and 2.49% from dividends. I am not selling because this is a good company. If you look at the Total Return chart in a paragraph below, you will see that people who bought 20 years ago have a Total Return of 4.09% with 1.91% from capital gains and 2.18% from dividends. I also realized that all insurance companies had financial problems when the interest rates went to 0% and sometimes lower.

If you had invested in this company in December 2015, for $1,016.26 you would have bought 26 shares at $20.74 per share. In December 2025, after 10 years you would have received $583.10 in dividends. The stock would be worth $2,442.16. Your total return would have been $3,025.26. This would be a total return of 12.88% per year with 9.16% from capital gain and 3.72% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$20.74	$1,016.26	49	10	$583.10	$2,442.16	$3,025.26

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% range) at 4.15%. The 5, 10 and historical median dividend yields are also moderate at 4.63%, 4.33% and 3.39%. The dividends have grown at a moderate rate (8% to 14% per year) at 9.5% per year over the past 5 years. The last dividend increase was in 2026 and it was for 10.2%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is too high at 57% with 5 year coverage good at 46%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 42% with 5 year coverage at 41%. This is the important one for Earnings. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 11%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to a negative FCF with 5 year coverage good at 10%. (I have two FCF for 2025 of $32,105 and a negative -$2,250.) These are two far apart and make no sense.

Item	Cur	5 Years
EPS	57.33%	46.44%
AEPS	41.81%	40.76%
CFPS	9.19%	10.88%
FCF	0.00%	10.20%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.51 and currently at 0.55. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.09 and currently at 0.09 because this is an important ratio for a financial. The Liquidity Ratio for 2025 is too low at 0.98 and 0.98 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.99 and currently at 1.98. The Debt Ratio for 2025 is fine for a financial at 1.05 and 1.05 currently. The Reported Leverage for 2025 is fine at 23.9%.

Type	Year End	Ratio Curr
Lg Term R A	0.09	0.09
Lg Term R	0.51	0.55
Intang/GW	0.15	0.16
Liquidity	0.98	0.98
Liq. + CF	1.99	1.98
Debt Ratio	1.05	1.05
Leverage Rep	23.90%	23.90%

The Total Return per year is shown below for years of 5 to 26 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	9.46%	21.78%	17.09%	4.70%
2015	10	9.98%	12.88%	9.16%	3.72%
2010	15	8.47%	10.55%	7.37%	3.18%
2005	20	5.71%	4.09%	1.91%	2.18%
2000	25	8.88%	5.30%	3.06%	2.24%
1999	26	8.88%	10.26%	6.70%	3.56%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.11, 10.17, and 11.22. The corresponding 10 year ratios are 8.53, 9.99 and 11.45. The corresponding historical ratios are 10.82, 13.74 and 15.86. The current ratio is 10.53 based on a stock price of $46.73 and EPS estimate for 2026 of $4.44. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 7.11, 7.93 and 9.00. The corresponding 10 year ratios are 6.96, 8.14, 10.01. The corresponding historical ratios are 7.32, 9.91 and 11.95. The current ratio is 10.23 based on a stock price of $46.73 and AEPS estimate for 2026 of $4.57. The current ratio is above 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 $51.62. The 10-year low, median, and high median Price/Graham Price Ratios are 0.52, 0.63 and 0.73. The current ratio is 0.91 based on a stock price of $46.73. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.04. The current ratio is 1.80 based on a stock price of $46.73, Book Value of $43,461M, and Book Value per Share of $25.92. The current ratio is 74% 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 $28.66. This implies a ratio of 1.63 with a stock price of $46.73 and Book Value of $48,063M. This ratio is 57% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.33. The current ratio is 2.44 based on Cash Flow for the last 12 months of $32,105M, Cash Flow per Share of $19.14 and a stock price of $46.73. The current ratio is 4.8% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 3.39%. The current dividend yield is 4.15% based on dividends of $1.94 and a stock price of $46.73. The current dividend yield is 22% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 4.33%. The current dividend yield is 4.15% based on dividends of $1.94 and a stock price of $46.73. The current dividend yield is 4% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.89. The current P/S Ratio is 1.38 based on Revenue estimate for 2026 of $56,641M, Revenue per Share of $33.78 and a stock price of $46.73. The current ratio is 55% 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 on the expensive side. However, it is off it recent high. The 10 year median dividend yield test says it is reasonable but above the median. It is not confirmed by the P/S Ratio test that says the stock price is expensive. Most of the rest of the testing is saying that the stock price is either reasonable but above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (4), Hold (4) and Underperform (1). The consensus would be a Buy. The 12 months stock price consensus is $54.71 with a high of $59.00 and a low of $41.70. The consensus stock price of $54.71 implies a total return of $21.23% with 17.08% from capital gains and 4.15% from dividends based on a current stock price of $46.73.

Analysts in 2026 on Stock Chase give a couple of Weak Buys and a Hold. Sneha Nahata on Motley Fool thinks this is a good stock to buy and hold 5 years. She says that overall, Manulife’s diversified operations, strong insurance growth, expanding presence in Asia, higher dividend payments, and share repurchases make it an attractive long-term stock. Kay Ng on Motley Fool says to buy this company along with BCE and Loblaws for your TFSA this year for a balance approach. The company put out a press release via Newswire about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance says the fair value for this stock is $54.67 and therefore the stock is undervalued. Simply Wall Street has no warnings out on this stock. It gives the stock 3 and one half stars out of 5.

Manulife Financial is one of the Big Three Canadian life insurers. The firm provides life insurance, annuities, asset management, and wealth management products to individuals and group customers in Canada, the United States, and Asia. Its web site is here Manulife Financial Corp .

The last stock I wrote about was about was Canadian Tire Corp (TSX-CTC.A, OTC-CDNAF) ... learn more. The next stock I will write about will be Bombardier Inc (TSX-BBD.B, OTC-BDRBF) ... learn more on Wednesday, March 18, 2026 around 5 pm. Tomorrow on my other blog I will write about Fourth Quarter Reports.... learn more on Tuesday, March 17, 2026 around 5 pm.

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

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

Canadian Tire Corp

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably reasonable Debt Ratios shows that that there is a lot of debt, but most ratios are fine. The Dividend Payout Ratios (DPR) need improving. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Canadian Tire Corp.

Is it a good company at a reasonable price? I think this is a good company, but you have to be careful of when you buy. Look at the Total Return paragraph below. The Total Return has been below 8% years 5, 10, 20 and 35. If you like this stock, be careful. It is always best to buy stocks you like several times over a few years and in different months. The stock price seems to be in the reasonable range at the present time.

I own this stock of Canadian Tire Corp (TSX-CTC.A, OTC-CDNAF). In 2000 when I first bought this stock, it was on the Investment Reporter's list of conservative Canadian stocks. I bought stock for my trading account in 2009 because I have done well with it in my Pension Account and it was a consumer stock. I have moved all my shares from my Pension Account to my Trading Account.

When I was updating my spreadsheet, I noticed I have done well with this stock which I first bought in 2000, some 26 years ago. I made other purchases over the years. I have a total return of 11.62% per year with 9.05% from capital gains and 2.57% from dividends to the end of 2025. The dividend yield on my original purchase in 2000 is 32%.

If you had invested in this company in December 2015, for $1,063.44 you would have bought 9 shares at $118.16 per share. In December 2025, after 10 years you would have received $439.20 in dividends. The stock would be worth $1,565.46. Your total return would have been $2,004.66. This would be a total return of 7.23% per year with 3.94% from capital gain and 3.29% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$118.16	$1,063.44	9	10	$439.20	$1,565.46	$2,004.66

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 3.84%. The 5 and 10 median dividend yields are moderate at 4.29% and 3.21%. The historical dividend yield is low (below 2%) at 1.71%. The dividend growth for the past 5 years is moderate (between 8% and 14% per year) at 9.3% per year. The last dividend increase was in 2026 and it was for 1.41%. The dividend increases in 2024 and 2025 were also below 2%. They are probably low because the DPRs are getting too high.

The Dividend Payout Ratios (DPR) need improving. The DPR for 2025 for Earnings per Share (EPS) is too high at 73% with 5 year coverage better at 48%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 52% with 5 year coverage better at 39%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 20% with 5 year coverage at 16%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 54% with 5 year coverage better at 35%. The FCF for 2025 are $670M and $370M. I am using the $670M.

Item	Cur	5 Years
EPS	73.42%	48.36%
AEPS	51.56%	38.72%
CFPS	19.52%	15.84%
FCF	53.99%	34.69%

Debt Ratios shows that that there is a lot of debt, but most ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.42 and currently at 0.39. The Liquidity Ratio for 2025 is good at 1.83 and 1.83 currently The Debt Ratio for 2025 is a bit low at 1.48 and 1.48 currently. I like to see this ratio at 1.05 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.16 and 2.16 and currently at 3.16 and 2.16.

Type	Year End	Ratio Curr
Lg Term R	0.42	0.39
Intang/GW	0.15	0.14
Liquidity	1.83	1.83
Liq. + CF	1.92	2.02
Debt Ratio	1.46	1.46
Leverage	3.16	3.16
D/E Ratio	2.16	2.16

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	9.31%	4.47%	0.78%	3.69%
2015	10	12.95%	7.23%	3.94%	3.29%
2010	15	15.29%	9.48%	6.44%	3.04%
2005	20	13.34%	6.93%	4.69%	2.24%
2000	25	12.19%	12.30%	9.35%	2.95%
1995	30	10.06%	11.13%	8.51%	2.62%
1990	35	8.72%	7.66%	5.82%	1.84%
1988	37	9.59%	8.53%	6.51%	2.02%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.86, 10.22, and 11.58. The corresponding 10 year ratios are 10.85, 12.24 and 13.64. The corresponding historical ratios are 10.45, 13.06 and 14.85. The current ratio is 14.65 based on a stock price of $187.27 and EPS estimate for 2026 of $12.78. 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/Adjusted Earnings per Share Ratios are 10.12, 11.36 and 12.54. The corresponding 10 year ratios are 10.15, 11.42 and 12.69. The corresponding historical ratios are 10.15, 11.93 and 14.56. The current ratio is 13.13 based on a stock price of $187.27 and EPS estimate for 2026 of $14.26. 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 $188.77. The 10-year low, median, and high median Price/Graham Price Ratios are 0.86, 0.99 and 1.10. The current ratio is 0.99 based on a stock price of $187.27. The current ratio is at the median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and at the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.72. The current ratio is 1.69 based on a Book Value of $5,881M, Book Value per Share of $111.06 and a stock price of $187.27. The current ratio is 2% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have a Book Value per Share estimate for 2026 of $111.80. This implies a ratio of 1.68 with a Book Value of $5,920M and a stock price of $187.27. This ratio is 3% 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 8.38. The current ratio is 6.16 based on Cash Flow per share estimate for 2026 of $30.42, Cash Flow of $1,611M and a stock price of $187.27. The current ratio is 27% 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 1.71%. The current dividend yield is 3.84% based on dividends of $7.20 and a stock price of $18.7.27. The current dividend yield is 125% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 3.21%. The current dividend yield is 3.84% based on dividends of $7.20 and a stock price of $18.7.27. The current dividend yield is 19.9% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. But it is very close to being cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.58. The current P/S Ratio is 0.60 based on Revenue estimate for 2026 of $16,442M, Revenue per Share of $310.53 and a stock price of $187.27. The current ratio is 4.8% 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 reasonable. The 10 year dividend yield test says it is reasonable and very close to cheap. The P/S Ratio test says it is reasonable and above the median. The rest of the testing varies from cheap to expensive. A good one is always the P/GP Ratio test and that one says that the stock price is relatively reasonable and below the median.

When I look at analysts’ recommendations, I find Buy (2), Hold (7), and Underperform (2). The consensus would be a Hold. The 12 months stock price consensus is $191.45 with a high of $211.00 and a low of $172.00. The consensus stock price of $191.45 implies a total return of 6.08% with 2.23% from capital gains and 3.84% from dividends based on a current stock price of $187.27.

It is interesting that there is on Stock Chase a lot of Do Not Buys in 2024. There was also a couple of Buy on Weakness. For 2026 there is Partial Sell as analysts likes DOL and NWC better. Joey Frenette on Motley Fool says Canadian Tire is the iconic retailer that probably deserves a nice spot in your portfolio, especially after the recent resilience. Daniel Da Costa on Motley Fool says Canadian Tire is another impressive Canadian stock that offers an attractive mix of dividends and growth. The company put out a Press Release about their fourth quarter results for 2025.

This stock is on the Money Sense 100 best dividend stock list rated as a C. Simply Wall Street via Yahoo Finance reviews this company. They note that they acquired the Hudson's Bay Company's iconic stripes and related intellectual property for CA$30.00 million. They have 4 warnings out on this stock of debt is not well covered by operating cash flow; large one-off items impacting financial results; dividend of 3.83% is not well covered by free cash flows; and profit margins (3.5%) are lower than last year (5.3%). Note that the company has Adjusted Earnings per Share which copes with the large one-off items impacting financial results.

Canadian Tire is a leading general merchandise retailer. The retailer boasts a wide array of owned and affiliated banners that include its iconic namesake brand, Mark's, Sport Chek, Sports Experts, PartSource, and Party City. Its web site is here Canadian Tire Corp.

The last stock I wrote about was about was Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF) ... learn more. The next stock I will write about will be Manulife Financial Corp (TSX-MFC, NYSE-MFC) ... learn more on March 16, 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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