Fortis Inc

Sound bite for Twitter is: Results of stock price testing is that the stock price is probably still in a reasonable range, but at the top end. Debt Ratios should be improved, but utilities often have high debt. The Dividend Payout Ratios (DPR) are mostly fine. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Fortis Inc.

Is it a good company at a reasonable price? This is a good company to have in your portfolio. It is a little pricy at this time, but you should always buy stocks in installments over a few years and in different month. It is a utility so it provides a reasonable dividend that has been increasing over the years.

I own this stock of Fortis Inc (TSX-FTS, OTC-FRTSF). I bought this stock as Newfoundland Light and Power Co. Ltd. Class A shares in 1987. I bought more in 1995, 1998 and 2005. In 2005 I sold some Fortis from my RRSP account as I needed to get $20,000 in this account and I was concerned about the debt liquidity of this stock. However, this stock continues to be one of my big stock holdings.

When I was updating my spreadsheet, I noticed I have had this stock for 38 years and I have made a total return of 12.69% per year with 7.71% from capital gains and 4.98% from dividends. This stock, as for most utilities, does have a high debt load. Analyst recommendations go the full range from Strong Buy to Sell.

If you had invested in this company in December 2015, for $1,1010.07 you would have bought 27 shares at $37.41 per share. In December 2025, after 10 years you would have received $540.41 in dividends. The stock would be worth $1,926.72. Your total return would have been $2,467.13. This would be a total return of 10.64% per year with 6.67% from capital gain and 3.96% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$37.41	$1,010.07	27	10	$540.41	$1,926.72	$2,467.13

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.32%. The 5, 10 and historical dividend yields are also moderate at 3.38%, 3.36% and 3.71%. The dividend increases have been low (below 8% per year) at 5.1% per year over the past 5 years. The last dividend increase was in 2025 and it was for 4.1%.

The Dividend Payout Ratios (DPR) are mostly fine. The DPR for 2025 for Earnings per Share (EPS) is high at 73% with 5 year coverage at 75%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 70% with 5 year coverage at 74%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is fine at 63% with 5 year coverage at 65%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 30% with 5 year coverage at 31%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to negative FCFs.

Item	Cur	5 Years
EPS	73.09%	75.18%
AEPS	70.40%	74.49%
AFFO	63.07%	65.52%
CFPS	30.16%	30.86%
FCF	-40.00%	-132.82%

Debt Ratios should be improved, but utilities often have high debt. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.85 and currently at 0.78. The Liquidity Ratio for 2025 is far too low at 0.51 and 0.51 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.88 and currently at 0.90. I like to see the Liquidity Ratio at 1.50 or high. It is too low when below 1.00. If you add back in current debt the ratio is 1.51 and currently at 1.55. The Debt Ratio for 2025 is good at 1.53 and 1.53 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.89 and 1.89 and currently at 2.89 and 1.89.

Type	Year End	Ratio Curr
Lg Term R	0.85	0.78
Intang/GW	0.39	0.36
Liquidity	0.51	0.51
Liq. + CF	0.88	0.90
Liq. +CF+D	1.51	1.55
Debt Ratio	1.53	1.53
Leverage	2.89	2.89
D/E Ratio	1.89	1.89

The Total Return per year is shown below for years of 5 to 44 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	5.10%	10.39%	6.53%	3.85%
2015	10	5.94%	10.64%	6.67%	3.96%
2010	15	5.46%	8.59%	5.07%	3.52%
2005	20	7.47%	9.11%	5.54%	3.57%
2000	25	6.98%	13.65%	8.63%	5.01%
1995	30	6.08%	13.08%	8.14%	4.94%
1990	35	5.69%	12.61%	7.65%	4.96%
1985	40	5.76%	12.23%	7.25%	4.98%
1981	44	6.08%	13.32%	7.52%	5.80%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.10, 19.37 and 21.64. The corresponding 10 year ratios are 17.36, 19.37 and 21.34. The corresponding historical ratio are 13.23, 15.50 and 17.72. The current ratio is 21.35 based on a stock price of $77.17 and EPS estimate $3.62. The current ratios are 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 16.47, 18.66 and 20.85. The corresponding 10 year ratios are 16.43, 18.41 and 20.38. The corresponding historical ratio are 16.43, 18.26 and 20.00. The current ratio is 21.14 based on a stock price of $77.17 and EPS estimate $3.65. The current ratios are 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 $60.01. The 10-year low, median, and high median Price/Graham Price Ratios are 0.96, 1.08 and 1.20. The current Ratio is 1.29 based on a stock price of $77.17. The current ratios are 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 1.40. The current ratio is 1.76 based on a stock price of $77.17, Book Value of $22,323M and Book Value per Share of $43.85. The current ratio is 26% 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 $47.60. This analyst calculates the Book Value differently than I do and here the 10 year median ratio is 1.27. This implies a ratio of 1.62 based on a stock price of $77.17 and Book Value of $24,233M. The current ratio is 27% 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 8.41. The current P/CF Ratio is 9.21 based a Cash Flow per Share estimate for 2026 of $8.38, Cash Flow of $4,264M and a stock price of $77.17. The current ratio is 10% 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 3.71%. The current dividend yield is 3.32% based on dividends of $2.56 and a stock price of $77.17. The current dividend yield is 10% 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 3.36%. The current dividend yield is 3.32% based on dividends of $2.56 and a stock price of $77.17. The current dividend yield is 1.4% 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 2.48. The current P/S Ratio is 2.96 based on Revenue estimate for 2026 of $13,291M, Revenue per Share of $26.11 and a stock price of $77.17. The current ratio is 19% 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 in a reasonable range, but at the top end. The 10 yar dividend yield test says that the ratio is above the median by only 1.4%, but the P/S Ratio test says it is above the median by 19%. A lot of the rest of the testing is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3), Hold (6), Underperform (2), Sell (2). The consensus would be a Hold. The 12 month stock price consensus is $78.90 with a high of $85.00 and low of $71.00. The consensus stock price of $78.90 implies a total return of 5.56% with 2.24% from capital gains and 3.32% from dividends based on a current stock price of $77.17.

Some analyst on Stock Chase think this stock is a hold because of its price. Kay Ng on Motley Fool thinks this is a solid stock to own in your TFSA, but $65 to $70 price would be better. Andrew Walker on Motley Fool says that the company is working on a capital program that will significantly boost the rate base and support future dividend increases. The company put out a Press Release about their fourth quarter of 2025 results. The company put out a Press Release about their first quarter of 2026 results.

Simply Wall Street via Yahoo Finance says that analysts are definitely expecting Fortis growth to accelerate. Simply Wall Street has two warnings of interest payments are not well covered by earnings; and dividend of 3.4% is not well covered by free cash flows.

Fortis owns and operates eight utility transmission and distribution subsidiaries in Canada and the United States. The company has smaller stakes in electricity generation and several Caribbean utilities. Its web site is here Fortis Inc.

The last stock I wrote about was about was AtkinsRealis Group Inc (TSX-ATRL, OTC-SNCAF) ... learn more. The next stock I will write about will be McCoy Global Inc (TSX-MCB, OTC-MCCRF) ... learn more on Friday, May 22, 2026 around 5 pm. Tomorrow on my other blog I will write about Talk About Tipping .... learn more on Thursday, May 21, 2026 around 5 pm.

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

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

Also, on my book blog I have put a review of the book 1929 by Andrew Ross Sorkin learn more...

AtkinsRealis Group Inc

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are very good. The current dividend yield is low with dividend growth non-existent. See my spreadsheet on AtkinsRealis Group Inc.

Is it a good company at a reasonable price? My testing is saying that the stock price suggests that it is relatively expensive. However, if you like the P/GP Ratio test best, it is saying that the stock price is reasonable. They still have not increased the dividends so I would be cautious until they do. Analysts think this will have in 2028.

I do not own this stock of AtkinsRealis Group Inc (TSX-ATRL, OTC-SNCAF), but I used to when it was SNC-Lavalin Group. I sold my stock in SNC-Lavalin (TSX-SNC, OTC-SNCAF) in 2019. I had given up hope that there will be any sort of resolution for this company anytime soon. In 2019 the Investment Reporter has removed this stock from their Key Stock List and Issued a sell on the stock. Also in 2019 the largest shareholder and a shareholder for lots of Quebec companies of Caisse de Depot et Placement du Quebec seems to be losing patience with this stock also.

When I was updating my spreadsheet, I noticed that the EPS is really high because earnings include the disposal of a Capital Investment. That is why the Adjusted Earnings per Share (AEPS) is a better view of what the company is actually earning. You will know this company is doing well again when they increase their dividends. Last year, analysts thought that that would be in 2027, now they say 2028. People who bought this stock around 2010 have done poorly with total return around 3.5%.

If you had invested in this company in December 2015, for $1,028.00 you would have bought 25 shares at $41.12 per share. In December 2025, after 10 years you would have received $100 in dividends. The stock would be worth $2,215.00. Your total return would have been $2,315.00. This would be a total return of 8.85% per year with 7.98% from capital gain and 0.87% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$41.12	$1,028.00	25	10	$100.00	$2,215.00	$2,315.00

The current dividend yield is low with dividend growth non-existent. The dividends are low (below 2%) at just 0.09%. The 5, 10 and historical are low at 0.23%, 0.30% and 1.38%. Dividend yields have always been low and they have seldom reached 2%. Dividends were decreased in 2019 and they have not been raised since. The analysts think there will be an increase in 2028, but last years they thought that dividends would be raised in 2027.

The Dividend Payout Ratios (DPR) are very good. The DPR for 2025 for Earnings per Share (EPS) is good at 0.52% with 5 year coverage at 2%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 2.38% with 5 year coverage at 4.87%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 1.48% with 5 year coverage at 2.90%. The DPR for 2025 for Free Cash Flow (FCF) is good at 2.89% with 5 year coverage at 6.34%.

Item	Cur	5 Years
EPS	0.52%	2.07%
AEPS	2.38%	4.87%
CFPS	1.48%	2.90%
FCF	2.89%	6.34%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.03 and currently at 0.03. The Liquidity Ratio for 2025 is low at 1.08 and 1.08 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.17 and currently at 1.17. I like to see this ratio at 1.50 or higher. The Debt Ratio for 2025 is good at 1.68 and 1.68 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.25 and 1.25 and currently at 2.25 and 1.25.

Type	Year End	Ratio Curr
Lg Term R	0.03	0.03
Intang/GW	0.29	0.27
Liquidity	1.08	1.08
Liq. + CF	1.17	1.17
Liq. +CF +D	1.25	1.26
Debt Ratio	1.80	1.80
Leverage	2.25	2.25
D/E Ratio	1.25	1.25

The Total Return per year is shown below for years of 5 to 36 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	32.66%	32.46%	0.20%
2015	10	-22.32%	8.85%	7.98%	0.87%
2010	15	-13.30%	3.54%	2.66%	0.88%
2005	20	-5.14%	7.87%	6.44%	1.43%
2000	25	-0.16%	15.54%	12.51%	3.02%
1995	30	1.81%	14.62%	12.02%	2.61%
1990	35	2.17%	14.92%	12.36%	2.56%
1988	36	4.53%	19.99%	15.42%	4.57%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 25.89, 37.18 and 48.47. The corresponding 10 year ratios are 18.36, 22.53 and 27.08. The corresponding historical ratios are 14.34, 20.77 and 25.05. The current ratio is 23.34 based on a stock price of $85.70 and EPS estimate for 2026 of $3.67. 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 23.43, 33.65 and 43.79. The corresponding 10 year ratios are 20.77, 29.31 and 37.67. The corresponding historical ratios are 16.06, 22.40 and 28.05. The current ratio is 22.98 based on a stock price of $85.70 and AEPS estimate for 2026 of $3.73. 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 $53.23. The 10-year low, median, and high median Price/Graham Price Ratios are 1.19, 1.72 and 2.12. The current ratio is 1.61 based on a stock price of $85.72. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.85. The current P/B Ratio is 2.54 based on a stock price of $85.72, Book Value of $5,5553M, and Book Value per Share of 33.77. The current ratio is 37% 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 $36.09. This implies a ratio of 2.37 based on a stock price of $85.72 with a Book Value of $5,935M. This ratio is 28% 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 33.96. The current ratio is 28.86 based on a Cash Flow per Share estimate for 2026 of $2.97, Cash Flow of $488.4M and a stock price of $85.73. 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.

I get an historical median dividend yield of 1.38%. The current dividend yield is 0.09% based on a stock price of $85.72 and dividends of $0.08. The current dividend yield is 93% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not a good test because of the lack of dividend growth.

I get a 10 year median dividend yield of 0.30%. The current dividend yield is 0.09% based on a stock price of $85.72 and dividends of $0.08. The current dividend yield is 68% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this is not a good test because of the lack of dividend growth.

The 10-year median Price/Sales (Revenue) Ratio is 0.79. The current ratio is 1.18 based on Revenue estimate for 2026 of $11,992M, Revenue per Share of $72.92 and a stock price of $85.72. 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 relatively expensive. The P/S Ratio testing says that the stock price is relatively expensive. This is not confirmed by the P/GP Ratio test which says that the stock price is relatively reasonable. The dividend yield tests are not good ones because of the flat dividends.

When I look at analysts’ recommendations, I find Strong Buy (7), and Buy (8). The consensus is a Strong Buy. The 12 month stock price consensus is $114.67 with a high of $131.00 and low of $101.00.

It is not that analysts do not like this stock on Stock Chase, but they seem to prefer WSP. Amy Legate-Wolfe on Motley Fool say to buy because it gives investors exposure to infrastructure, nuclear, engineering, and long-cycle public spending instead of just a simple economic rebound trade.. Demetris Afxentiou on Motley Fool says Canada’s infrastructure boom is creating opportunities for investors. He says that AtkinsRéalis is now focusing on engineering, consulting, and project management work. That pivot has reduced risk and improved earnings stability. The company has put out a Press Release for the fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviewed this stock and says it is undervalued. Simply Wall Street has two warnings of earnings are forecast to decline by an average of 25.5% per year for the next 3 years; and high level of non-cash earnings.

Based in Montreal, AtkinsRéalis is a fully integrated professional services and project management firm that offers a wide range of services, including financing, consulting, engineering and construction, procurement, and operations and maintenance. Its web site is here AtkinsRealis Group Inc.

The last stock I wrote about was about was WSP Global Inc (TSX-WSP, OTC-WSPOF) ... learn more. The next stock I will write about will be Fortis Inc (TSX-FTS, OTC-FRTSF) ... learn more on Wednesday, May 20, 2026 around 5 pm. Tomorrow on my other blog I will write about Wolf of Oakville Review .... learn more on Tuesday, May 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.

WSP Global Inc

Sound bite for Twitter is: . Results of stock price testing is that the stock price is probably reasonable, but could be cheap. Debt Ratios are fine. The current dividend yield is low with dividend growth non-existent. The Dividend Payout Ratios (DPR) are very good. See my spreadsheet on WSP Global Inc.

Is it a good company at a reasonable price? The dividend yield is so low, you wonder about calling this a Dividend stock. I have done well with this stock, but I have quite a bit and half of what I have is in my Pension Account. I need more income in that account and I need some more cash. I might sell some 50 shares. This stock is testing a reasonable and possible cheap. It would be a good one to have when you are growing an investment account.

I take out money from my Pension LIF account each year and I like to have 5 years of projected dividends and cash. Bear markets tend not to run longer than 3 years, so I have a 2 year margin for my withdrawals.

I own this stock of WSP Global Inc (TSX-WSP, OTC-WSPOF). In Sept 2011 I rationalized my portfolio. I sold stocks that did not make it into my core and bought stocks that could of the same type. In this case selling Stantec and buying Genivar. In October 2011 I wanted to sell Enerflex because it is not a company I bought but a distribution from Toromont. I bought more Genivar, now called WSP Global. Genivar, when I bought it was an Income Trust.

When I was updating my spreadsheet, I noticed I first bought this stock in 2011 and then made another purchase in 2016. I have made a total return of 20.48% per year with 17.88% from capital gains and 2.60% from dividends. It would be nice if this company raised their dividends as they have gotten quite low at just 0.77%.

If you had invested in this company in December 2015, for $1,1020.24 you would have bought 24 shares at $42.51 per share. In December 2025, after 10 years you would have received $360 in dividends. The stock would be worth $5,964.48. Your total return would have been $6,324.48. This would be a total return of 21.16% per year with 19.31% from capital gain and 1.85% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$42.51	$1,020.24	24	10	$360.00	$5,964.48	$6,324.48

The current dividend yield is low with dividend growth non-existent. The dividend is really low (below 2%) at 0.77%. The 5 and 10 median dividend yields are low at 0.85% and 1.30%. The historical median dividend yield is moderate (2% to 4% ranges) at 3.66%. Dividend increases are non-existent. The dividend has not changed over the past 16 years.

The Board of Directors at WSP Global Inc has determined that the current level of quarterly dividend is appropriate based on the Company’s current earnings and financial requirements for the Company's operations. The dividend is currently expected to remain at this level subject to the Board’s ongoing assessment of the Company’s future requirements, financial performance, liquidity, outlook, and other factors that the Board may deem relevant. From the WSP site.

The Dividend Payout Ratios (DPR) are very good. The DPR for 2025 for Earnings per Share (EPS) is good at 20% with 5 year coverage at 30%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 16% with 5 year coverage at 22%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at12%. The DPR for 2025 for Free Cash Flow (FCF) is good at11% with 5 year coverage at 18%.

Item	Cur	5 Years
EPS	20.38%	29.71%
AEPS	15.66%	22.32%
CFPS	8.79%	11.64%
FCF	11.42%	17.95%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.10 and currently at 0.13. The Liquidity Ratio for 2025 is low at 1.27 and 1.27 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.62 and currently at 1.60. The Debt Ratio for 2025 is good at 1.89 and 1.89 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.12 and 1.12 and currently at 2.12 and 1.12.

Type	Year End	Ratio Curr
Lg Term R	0.10	0.13
Intang/GW	0.33	0.43
Liquidity	1.27	1.27
Liq. + CF	1.62	1.60
Debt Ratio	1.89	1.89
Leverage	2.12	2.12
D/E Ratio	1.12	1.12

The Total Return per year is shown below for years of 5 to 20 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	0.00%	16.51%	15.56%	0.95%
2015	10	0.00%	21.16%	19.31%	1.85%
2010	15	0.00%	17.38%	15.03%	2.35%
2005	20	5.77%	22.30%	17.43%	4.88%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 32.60, 38.61 and 44.62. The corresponding 10 year ratios are 25.93, 35.93 and 42.10. The corresponding historical ratios are 19.52, 23.12 and 26.73. The current ratio is 23.92 based on a Stock Price of $194.31 and EPS estimate for 2026 of $8.13. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 22.69, 27.19 and 31.42. The corresponding 10 year ratios are 20.93, 25.85 and 29.80. The corresponding historical ratios are 17.16, 22.69 and 26.25. The current ratio is 17.06 based on a Stock Price of $194.31 and AEPS estimate for 2026 of $11.39. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $136.78. The 10-year low, median, and high median Price/Graham Price Ratios are 1.46, 1.86 and 2.25. The current ratio is 1.42 based on a stock price of $194.31. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. Note that the P/GP Ratios are rather high. Normal is considered to be from around 0.80 to 1.20.

I get a 10-year median Price/Book Value per Share Ratio of 2.93. The current ratio is 2.66 based on a stock price of $194.31, Book Value of $9,842M and Book Value per Share of $73.00. The current ratio is 9% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 14.65. The current ratio is 12.15 based on a stock price of $194.31, Cash Flow per Share estimate for 2025 of $15.99 and Cash Flow of $2,156M. 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 an historical median dividend yield of 3.66%. The current dividend yield is 0.77% based on dividends of $1.50 and a stock price of $194.31. The current dividend yield is 79% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, the dividends are flat and this is not a good test when dividends are flat.

I get a 10 year median dividend yield of 1.30%. The current dividend yield is 0.77% based on dividends of $1.50 and a stock price of $194.31. The current dividend yield is 41% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, the dividends are flat and this is not a good test when dividends are flat.

The 10-year median Price/Sales (Revenue) Ratio is 1.79. The current P/S Ratio is 1.58 based on a Revenue estimate for 2026 of $16,581M, Revenue per Share of $122.99 and a stock price of $194.31. The current ratio is 12% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable, but could be cheap. We cannot use the dividend yield tests because of the flat dividends. The P/S Ratio is a good test and it says that the stock price is relatively reasonable. The P/GP Ratio test is good and it says that the stock price cheap. The P/AEPS Ratio test also says that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (8), and Buy (6). The consensus would be a Strong Buy. The 12 month stock price consensus is $315.50 with a high of $372.00 and low of $272.00. The 12 months stock price consensus of $315.50 implies a total return of $63.14% with 62.37% from capital gains and 0.77% from dividends based on a current stock price of $194.31.

Analyst on Stock Chase in 2026 go from Strong Buy to Do Not Buy and Watch, Buy, and Hold that are in between. The most recent recommendations are all Watch and Hold. The Do Not Buy analyst does not like Engineering Stocks. Aditya Raghunath on Motley Fool says that with the recent pullback, this stock is now a compelling buy. Amy Legate-Wolfe on Motley Fool says this stock could lead the next bull market. The company issued a Press Release on their Annual Results for 2025. The company issued a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. Their conclusion is that they think WSP Global's earnings potential is at least as good as it seems, and maybe even better. They have one warning of has a high level of debt.

WSP Global Inc provides a professional services consulting firm offering technical expertise and advice to clients in the Transportation & Infrastructure, Earth & Environment, Property & Buildings, and Power & Energy sectors. The firm operates through four reportable segments namely, Canada, Americas (United States and Latin America), EMEIA (Europe, Middle East, India and Africa), and APAC (Asia Pacific, comprising Australia, New Zealand, and Asia). Its web site is here WSP Global Inc.

The last stock I wrote about was about was Thomson Reuters Corp (TSX-TRI, NASDAQ-TRI) ... learn more. The next stock I will write about will be AtkinsRealis Group Inc (TSX-ATRL, OTC-SNCAF) ... learn more on Monday, May 18, 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.

Thomson Reuters Corp

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are mostly fine, but I would like to see the Liquidity Ratio improved. The Dividend Payout Ratios (DPR) are too high. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Thomson Reuters Corp.

Is it a good company at a reasonable price? It is cheap compared to where is has been, but I do wonder if it is really cheap. There are fears about AI and this company. It probably went too high in mid-2025. The company does seem optimistic with its recent dividend raises in the 10% range. In any event, I plan to hold on to the shares I have in this company. I bought it for diversification and this reason still holds.

I own this stock of Thomson Reuters Corp (TSX-TRI, NASDAQ-TRI). I bought this stock in 1985 so I have had it for a very long time, over 40 years. I bought this stock to give my portfolio some balance as I had too many financial stocks. Performance has often been mediocre.

When I was updating my spreadsheet, I noticed that this company has done fine for me. It has not been an exciting stock, but it has taken off since 2014. I have made several purchases since 1985 (just over 40 years ago) and my total return is 8.43% with 5.67% from capital gains and 2.76% in dividends. This is a good stock for diversification.

If you had invested in this company in December 2015, for $1,1048.20 you would have bought 20 shares at $52.41 per share. In December 2025, after 10 years you would have received $623.84 in dividends. The stock would be worth $3,679.40. Your total return would have been $4,303.24. This would be a total return of 16.47% per year with 13.38% from capital gain and 3.09% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$52.41	$1,048.20	20	10	$623.84	$3,679.40	$4,303.24

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges0 at 3.03%. The 5 and 10 year median dividend yields are low (below 2%) at 1.48% and 1.93%. The historical median dividend yield is moderate at 2.57%. The dividend growth is moderate (8% to 14% ranges) at 9.4% per year over the past 5 years. The last dividend increase was in 2026 and it was for 10%.

The Dividend Payout Ratios (DPR) are too high. The DPR for 2025 for Earnings per Share (EPS) is too high at 71% with 5 year coverage at 52%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 61% with 5 year coverage at 65%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 41% with 5 year coverage too high at 69%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 53% with 5 year coverage at 54%.

Item	Cur	5 Years
EPS	71.47%	51.54%
AEPS	60.71%	65.29%
CFPS	40.61%	69.28%
FCF	53.08%	54.25%

Debt Ratios are mostly fine, but I would like to see the Liquidity Ratio improved. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.02 and currently at 0.04. The Liquidity Ratio for 2025 is too low at 0.64 and 0.60 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.10 and currently at 1.17. I like to see these ratios at 1.50 or higher. The Debt Ratio for 2025 is good at 2.98 and 2.96 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.51 and 0.51 and currently at 1.52 and 0.52.

Type	Year End	Ratio Curr
Lg Term R	0.02	0.04
Intang/GW	0.21	0.34
Liquidity	0.64	0.60
Liq. + CF	1.10	0.88
Liq. + CF+D	1.53	1.17
Debt Ratio	2.98	2.93
Leverage	1.51	1.52
D/E Ratio	0.51	0.52

The Total Return per year is shown below for years of 5 to 40 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	9.94%	14.02%	12.03%	1.99%
2015	10	6.52%	16.47%	13.38%	3.09%
2010	15	7.05%	14.11%	11.24%	2.87%
2005	20	6.35%	10.28%	7.97%	2.31%
2000	25	4.75%	6.82%	5.03%	1.79%
1995	30	5.19%	10.81%	7.86%	2.95%
1990	35	5.41%	9.69%	7.04%	2.65%
1985	40	6.25%	9.05%	6.61%	2.44%

The Total Return per year is shown below for years of 5 to 35 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	9.38%	13.33%	10.42%	2.91%
2015	10	5.91%	16.52%	13.47%	3.05%
2010	15	4.91%	11.49%	8.87%	2.62%
2005	20	5.67%	10.32%	7.08%	3.24%
2000	25	5.11%	7.88%	5.46%	2.42%
1995	30	5.25%	11.43%	7.85%	3.58%
1990	35	4.93%	9.47%	6.53%	2.94%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 29.33, 32.64 and 35.95. The corresponding 10 year ratios are 21.06, 23.03 and 24.99. The corresponding historical ratios are 20.01, 22.38 and 25.05. The current ratio is 21.58 based on a stock price of $83.97 and EPS estimate for 2026 of $3.89. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 38.04, 42.33, 46.63. The corresponding 10 year ratios are 36.25, 41.72 and 46.81. The corresponding historical ratios are 19.68, 22.36 and 25.17. The current ratio is 18.95 based on a stock price of $83.97 and AEPS estimate for 2026 of $4.43. The current ratio is below the low median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I get a Graham Price of $71.28. The 10-year low, median, and high median Price/Graham Price Ratios are 2.24, 2.67 and 3.10. The current ratio is 1.60 based on a stock price of $114.26. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$$.

I get a 10-year median Price/Book Value per Share Ratio of 3.55. The current ratio is 3.10 based on a Book Value of $11,812M, Book Value per Share of $27.06 and a stock price of $83.97. The current ratio is 13% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I also have a Book Value per Shar estimate for 2026 of $26.05. This implies a ratio of 3.22 based on a Book Value per Share of $26.05, Book Value of $11,372M and a stock price of $83.97. This ratio is 9% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 25.85. The current ratio is 13.39 based on Cash Flow per Share estimate for 2026 of $6.27, Cash Flow of $2,738M and a stock price of $83.97. The current ratio is 48% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I get an historical median dividend yield of 2.57%. The current ratio is 3.12% based on dividends of $2.62 and a stock price of $83.97. The current dividend yield is 21% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I get a 10 year median dividend yield of 1.93%. The current ratio is 3.12% based on dividends of $2.62 and a stock price of $83.97. The current dividend yield is 61% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 6.68. The current ratio is 4.53 based on Revenue estimate for 2026 of $8,086M, Revenue per Share of $18.52 and a stock price of $83.97. The current ratio is 32% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

Results of stock price testing is that the stock price is probably cheap. The dividend yield testing is saying that the stock price is relatively cheap. It is confirmed by the P/S Ratio test. Other testing is saying that the stock price is relatively reasonable and below the median or relatively cheap. I did most of this testing in US$ as the financials are reported in US$.

When I look at analysts’ recommendations, I find Strong Buy (9), Buy (3) and Hold (5). The 12 month stock price consensus is $175.73 CDN$ ($128.18 US$), with a high of $194.24 CDN$ ($141.68 US$) and low of $156.49 CDN$ ($114.14 US$). The 12 month consensus stock price of $175.73 implies a total return of 56.92% with 53.80% from capital gains and 3.12% from dividends.

Analysts on Stock Chase talk about its big rally and then collapse. Some think it is a Buy and others say Do Not Buy. Some think AI will be a problem, others do not. Adam Othman on Motley Fool likes their foraying into AL-powered solutions. Aditya Raghunath on Motley Fool says they are down from their peak, but the company is growing faster than ever. The company put out a Press Release about their results for 2025. The company put out a Press Release for their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They talk about how AI has fueled recent good results. Some analysts are very cautious about AI and this company. Some think the company is undervalued.

Thomson Reuters is a leading global provider of business information services, delivering trusted data, technology, and expertise to professionals across legal, tax, accounting, risk, compliance, and the news and media sectors. Thomson Reuters serves legal and accounting/tax professionals, corporations, and governments worldwide, but around 75% of revenue is generated in the US. Its web site is here Thomson Reuters Corp.

The last stock I wrote about was about was Algoma Central Corporation (TSX-ALC, OTC-AGMJF) ... learn more. The next stock I will write about will be WSP Global Inc (TSX-WSP, OTC-WSPOF) ... learn more on Friday, May 15, 2026 around 5 pm. Tomorrow on my other blog I will write about Long Term Mindset by Brian.... learn more on Thursday, May 14, 2026 around 5 pm.

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

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

Algoma Central Corporation

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios are generally fine, but Liquidity Ratio needs improving. The Dividend Payout Ratios (DPR) are currently good. See my spreadsheet on Algoma Central Corporation.

Is it a good company at a reasonable price? This is a small cap stock, so caution is advised. They have done well for their shareholders in the past. At the moment, the testing seems to be saying that the stock price is relatively high. The lone analyst giving it a Strong Buy also gives a 12 month stock price of $19.00 which is below today’s price. I would think a Hold is more advisable.

I do not own this stock of Algoma Central Corporation (TSX-ALC, OTC-AGMJF). I got the name from the internet. The description was that Algoma Central Corporation is a Canadian shipping company. It operates Canadian flag fleet of dry and liquid bulk carriers operating on the Great Lakes. The company operates its business through six segments that are Domestic Dry-Bulk, Product Tankers, Ocean Self Unloaders, Corporate, Investment Properties, and Global Short Sea Shipping.

When I was updating my spreadsheet, I noticed it is not well followed. There are few places to get any estimates from and mainly I just got EPS estimates from WSJ. This is a small company, but it has mainly done well for its shareholders. See the Total Return section below. Yearly dividend increases occur around 40% of the time over the last 37 years and 80% of the time over the past 10 years.

If you had invested in this company in December 2015, for $1,006.51 you would have bought 91 shares at $11.06 per share. In December 2025, after 10 years you would have received $937.30 in dividends. The stock would be worth $1,719.90. Your total return would have been $2,657.20. This would be a total return of 12.25% per year with 5.50% from capital gain and 6.74% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.06	$1,006.51	91	10	$937.30	$1,719.90	$2,657.20

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 3.81%. The 5, 10 and historical dividend yields are moderate at 4.66%, 4.16% and 2.93%. The dividend growth is moderate (8% to 14% ranges) at 9.9% per year over the past 5 years. The last dividend increase was in 2026 and it was for 5%. Dividend increases over the past 10 years have varied from 36% to 0%.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2025 for Earnings per Share (EPS) is good at 23% with 5 year coverage too high at 60%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 43% with 5 year coverage at 40%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 19% with 5 year coverage at 39%. The DPR for 2025 for Free Cash Flow (FCF) is good at 34% with 5 year coverage too high at 61%.

Item	Cur	5 Years
EPS	22.66%	60.06%
AEPS	43.24%	39.38%
CFPS	19.05%	38.54%
FCF	34.12%	60.97%

Debt Ratios are generally fine, but Liquidity Ratio needs improving. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.54 and currently good at 0.46. The Liquidity Ratio for 2025 is too low at 0.71 and 0.48 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.26 and currently too low at 0.81. It is only when you add back in current debt that Liquidity Raio is getting decent for 2025 at 1.27 and currently at 1.70. The Debt Ratio for 2025 is good at 2.32 and 2.19 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.76 and 0.76 and currently at 1.84 and 0.84. The Company was in compliance with all of its debt covenants.

Type	Year End	Ratio Curr
Lg Term R	0.54	0.46
Intang/GW	0.01	0.01
Liquidity	0.71	0.48
Liq. + CF	1.26	0.81
Liq. + CF+D	1.27	1.70
Debt Ratio	2.32	2.19
Leverage	1.76	1.84
D/E Ratio	0.76	0.84

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	9.86%	17.23%	6.31%	10.92%
2015	10	11.07%	12.25%	5.50%	6.41%
2010	15	10.46%	11.84%	6.46%	5.93%
2005	20	10.96%	7.56%	3.84%	4.23%
2000	25	8.67%	15.16%	9.68%	5.15%
1995	30	7.98%	11.50%	7.35%	5.03%
1990	35	12.03%	14.13%	9.50%	4.04%
1988	37	7.25%	10.05%	6.83%	3.48%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.16, 6.45 and 6.74. The corresponding 10 year ratios are 6.91, 8.09 and 9.27. The corresponding historical ratios are 6.91, 8.12 and 9.60. The current ratio is 9.98 based on a stock price of $22.06 and EPS estimate for 2026 of $2.21. 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. The P/E Ratios are rather low, but this is common for small cap stocks.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 7.16, 7.72 and 8.31. The corresponding 10 year ratios are 8.22, 9.66 and 10.78. The corresponding historical ratios are 7.16, 8.82 and 10.52. The current ratio is 9.98 based on a stock price of $22.06 and AEPS estimate for 2026 of $2.21. The current ratio is between the median and the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. Note that this company does not have an AEPS every year.

I get a Graham Price of $35.16. The 10-year low, median, and high median Price/Graham Price Ratios are 0.47, 0.52 and 0.58. The current P/GP Ratio is 0.63 based on a stock price of $22.06. 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. The P/GP Ratios are rather low, but this is common for small cap stocks.

I get a 10-year median Price/Book Value per Share Ratio of 0.67. The current P/B Ratio is 0.89 based on a Book Value of $1,008.5M, Book Value per Share of $24.86 and a stock price of $22.06. The current ratio is 32% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.11. The current P/CF Ratio is 5.77 based on Cash Flow for the last 12 months of $155.2M, Cash Flow per Share of $3.83 and a stock price of $22.06. The current ratio is 40% 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 2.93%. The current dividend yield is 3.81% based on dividends of $0.84 and a stock price of $22.06. The current dividend yield is 30% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 4.16%. The current dividend yield is 3.81% based on dividends of $0.84 and a stock price of $22.06. The current dividend yield is 8% 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 0.88. The current ratio is 1.14 based on Revenue for the last 12 months of $781.6M, Revenue per Share of $19.27 and a stock price of $22.06. The current ratio is 31% 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. The 10 year dividend yield test says that the stock price is reasonable, but above the median. This is not confirmed by the P/S Ratio test that says that the stock price is relatively expensive. Most of my testing is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (1). The consensus would be a Strong Buy. The 12 months stock price consensus is $19.00. The 12 months stock price of $19.00 implies a total loss of 10.06% with 13.87% from a capital loss and 3.81% from dividends based on a current stock price of $22.06. However, a Strong Buy and a 12 month stock price lower than the current stock price does not make much sense.

There are few entries on Stock Chase for 2025. One analyst says it is cyclical, which is true. Another says there are balance sheet issues. Brian Paradza on Motley Fool says that since the turnaround of 2022, the company has increased dividends and DPR is good. Christopher Liew on Motley Fool says this is a stock to buy and hold forever. The company put out a Press Release about their fourth quarter results for 2025. The company put out a press release via Morningstar about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. It says maybe to dive deeper into reviewing because it lately has some real business momentum. Simply Wall Street has two warnings of has a high level of debt; and dividend of 3.73% is not well covered by free cash flows.

Algoma Central Corp owns and operates a fleet of dry and liquid bulk carriers on the Great Lakes, St. Lawrence Waterway. Its web site is here Algoma Central Corporation.

The last stock I wrote about was about was Barclays PLC ADR (LSE-BARC, NYSE-BCS) ... learn more. The next stock I will write about will be Thomson Reuters Corp (TSX-TRI, NASDAQ-TRI) ... learn more on Wednesday, May 13, 2026 around 5 pm. Tomorrow on my other blog I will write about TransAlta Corp.... learn more on Tuesday, May 12, 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.

Barclays PLC ADR

Sound bite for Twitter is: Dividend Growth Bank. Results of stock price testing is that the stock price is probably expensive. I think it is a Hold. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are currently good. The current dividend yield is low with dividend growth resuming. See my spreadsheet on Barclays PLC ADR.

Is it a good company at a reasonable price? This bank may have been in the business a very long time, but it seems to be quite volatile. The stock chart since 1988 shows a big run up to 2002 and then a steep decline. It has not done much since then. However, the stock has been climbing since 2024. Personally, I would not be interested in this stock again. My testing is showing that the stock price is relatively expensive.

I do not own this stock of Barclays PLC ADR (LSE-BARC, NYSE-BCS), but I used to. I bought this stock when Barrett took over in 2000. Barrett used to run Bank of Montreal in Canada. At that time, it was a good dividend paying stock and I thought it would give me some geographical diversifications. I sold it in 2017 as I had lost faith in this bank making me any money. At that time, I had a total return of 1.25% with a capital loss of 4.92% and dividends of 6.17%. I had had the stock for almost 18 years.

When I was updating my spreadsheet, I noticed that this stock BCS, is up 28.56% to the end of 2025 with 26.07% from capital gains and 2.48% from dividends. The stock went up 91.5% in 2025. So far this year it is down by 7.35%. Over the past 12 months, the CEO increased his shares by 4% and one director I follow by 16%. The chairman increased his shares by 0.88%, but then he owns over a 1.9M BARC shares. (Note that there is 4 BARC shares for every BCS share.) Note that ADR shares consist of 4 Barclay PLC shares.)

If you had invested in this company in December 2015, for $1,010.88 you would have bought 78 shares at $12.96 per share. In December 2025, after 10 years you would have received $207.24 in dividends. The stock would be worth $1,985.10. Your total return would have been $2,192.34. This would be a total return of 8.44% per year with 6.98% from capital gain and 1.46% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$12.96	$1,010.88	78	10	$207.24	$1,985.10	$2,192.34

The current dividend yield is low with dividend growth resuming. The current dividend yield is low (below 2%) at 1.96%. The 5, 10 and historical dividend yields are moderate (2% to 4% ranges) at 3.54%, 2.47% and 3.39%. The dividends have grown over the past 4 years at 30%. I used 4 years because dividends were £0 in 2020. Dividends are now 23% higher than what they were in 2019. The last dividend increase was in 2026 and it was for 3.8%. This bank gives out two dividends a year. We will not know what the year end dividend is until nearer to the time it will be paid.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2025 for Earnings per Share (EPS) is good at 20% with 5 year coverage at 20%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 3.4% with 5 year coverage at 4.4%. The DPR for 2025 for Free Cash Flow (FCF) is good at 16% with 5 year coverage at 75%. The 5 year coverage is high because of a negative FCF in 2022.

Item	Cur	5 Years
EPS	20.09%	19.78%
CFPS	3.39%	4.42%
FCF	15.85%	75.47%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 8.87 and currently at 9.74. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.74 and currently at 0.74 because this is a more important ratio for a Financial. The Debt Ratio for 2025 is good at 1.05 and 1.05 currently. The Bank Leverage for 2025 is good at 5.1% and currently at 5.1%.

Type	Year End	Ratio Curr
Lg Term R+A	0.74	0.74
Lg Term R	8.87	9.74
Intang/GW	0.14	0.14
Debt Ratio	1.05	1.05
Leverage Bank	5.1%	5.1%

The Total Return per year is shown below for years of 5 to 32 to the end of 2025 in UK£. 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	29.74%	29.29%	26.54%	2.74%
2015	10	2.72%	9.61%	7.99%	1.62%
2010	15	4.33%	5.72%	4.07%	1.65%
2005	20	-5.24%	0.46%	-1.25%	1.71%
2000	25	-2.11%	2.13%	-0.37%	2.49%
1995	30	0.90%	9.28%	3.48%	5.80%
1993	32	2.55%	9.61%	3.74%	5.87%

The Total Return per year is shown below for years of 5 to 32 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	29.58%	28.56%	26.07%	2.48%
2015	10	1.76%	8.44%	6.98%	1.46%
2010	15	3.30%	4.50%	2.92%	1.58%
2005	20	-6.75%	-0.80%	-2.48%	1.68%
2000	25	-2.66%	1.80%	-0.94%	2.73%
1995	30	0.44%	8.77%	2.74%	6.03%
1993	32	2.22%	10.07%	3.41%	6.67%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.21, 5.94 7.80. The corresponding 10 year ratios are 5.07, 7.38 and 9.87. The corresponding historical ratios are 7.72, 9.61 and 11.91. The current ratio is 8.42 based on a stock price of $23.58 and EPS estimate for 2026 of $2.80. This ratio is between the median and high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$.

I get a Graham Price of £7.36. The 10-year low, median, and high median Price/Graham Price Ratios are 0.34, 0.53 and 0.66. The current ratio is 0.59 based on a stock price of £4.37. 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. This testing is in UK£.

I get a 10-year median Price/Book Value per Share Ratio of 0.53. The current P/B Ratio is 0.95 based on a Book Value of $86,441M, Book Value per Share of $24.93 and a stock price of $23.58. The current ratio is 80% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I also have a Book Value per Share estimate for 2026 of $26.75. This implies a ratio of 0.88 based on a stock price of $23.58, Book Value per share of $26.75 and Book Value of $92,745M. This ratio is 68% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 1.82. The current ratio is 3.23 based on Cash Flow per Share for 2025 of $7.27, Cash Flow of $25,273M and a stock price of $23.58. The current ratio is 78% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get an historical median dividend yield of 3.39%. The current dividend yield is 1.96% based on dividends of £0.0860 and a stock price of £4.37. The current dividend yield is 42% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in UK£.

I get a 10 year median dividend yield of 2.47%. The current dividend yield is 1.96% based on dividends of £0.0860 and a stock price of £4.37. The current dividend yield is 21% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in UK£.

The 10-year median Price/Sales (Revenue) Ratio is 1.29. The current ratio is 1.96 based on a stock price of $23.58, Revenue estimate for 2026 of $41,796M, and Revenue per Share of $12.06. The current ratio is 52% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

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

When I look at analysts’ recommendations, I find Strong Buy (8), Buy (4) and Hold (4). The consensus would be a Strong Buy. The 12 months stock price consensus is $29.09 US$ (£5.392) with a high of $33.99 US$ (£6.300) and low of $23.47 US$ (£4.350). The consensus stock price of $29.09 implies a total return of 25.31% with 23.37% from capital gains and 1.94% from dividends.

There are only 2 comments on Stock Chase for 2025. They think that the bank is OK, but it is not like Canadian Banks. There is no Motley Fool articles on this stock as far as I can see. The company put out a press release via Reuters about their annual results for 2025. The company put out a press release via The Globe and Mail about their first quarter of 2026 results.

Noor Ul Ain Rehman of Insider Monkey via Yahoo Finance reviews this company. He says it is one of the best strong buy growth stocks to buy right now. Simply Wall Street via Yahoo Finance reviews this bank and says it is undervalued. They have no warnings out on this bank.

Barclays PLC is a major global banking and financial services company. With 325 years of expertise in banking, and operating through an international network in many countries and regions in Europe, the U.S., Africa & Asia, the company provides a wide range of financial services to individuals, corporations, and institutions. Its web site is here Barclays PLC ADR.

The last stock I wrote about was about was Canadian Natural Resources (TSX-CNQ, NYSE-CNQ) ... learn more. The next stock I will write about will be Algoma Central Corporation (TSX-ALC, OTC-AGMJF) ... learn more on Monday, May 11, 2026 around 5 pm.

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