Finning International Inc

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

Is it a good company at a reasonable price? I was wonder why this stock took off and used Google AI and its said “primarily due to strong financial performance, record equipment backlogs, and an optimistic future outlook driven by high demand in the mining and construction sectors”. I noticed that Toromont has also taken off recently. Generally speaking, it is not a good idea to buy a stock at it all time high. I think this is a nice dividend growth stock, but it might be the wrong timing to buy. I would not buy because I have Toromont. The price seems to be on the expensive side at the moment.

I do not own this stock of Finning International Inc (TSX-FTT, OTC-FINGF). When I was in the market to buy an industrial stock in this area in 2007, I look at this stock was well as Toromont Industries (TSX-TIH). At the time I liked Toromont better, so that is what I bought.

When I was updating my spreadsheet, I noticed changes in governance. They got a new CFO and Chairman. Some of the officers and directors I have been following are gone. I added one new officer. The CFO was promoted from within. I added two new directors. Few of the directors have any shares in this company, but they do have Units of Deferred Share Units. I like to follow the CEO, CFO and one or two officer, plus the Chairman and one or two directors.

If you had invested in this company in December 2014, for $1,009.20 you would have bought 40 shares at $25.23 per share. In December 2024, after 10 years you would have received $339.16 in dividends. The stock would be worth $1,523.60. Your total return would have been $1,862.76. This would be a total return of 6.98% per year with 4.21% from capital gain and 2.77% from dividends. The 5 year return is better at 11.65, see paragraph below.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$25.23	$1,009.20	40	10	$339.16	$1,523.60	$1,862.76

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.68%. The 5, 10 and historical median dividend yields are moderate (2% to 4% ranges) at 2.71%, 2.79% and 2.03%. The dividend growth is low (below 8% per year at 5.7% per year over the past 5 years. The last dividend increase was in 2025 and it was for 10%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 30% with 5 year coverage at 33%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 28% with 5 year coverage at 39%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 12% with 5 year coverage at 12%. The DPR for 2024 for Free Cash Flow (FCF) is good at 18% with 5 year coverage at 39%. FCF varies from $865M, to $740M, so not particularly high variance.

Item	Cur	5 Years
EPS	30.37%	33.36%
AEPS	28.29%	38.72%
CFPS	11.77%	12.24%
FCF	17.64%	38.92%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.27 and currently at 0.14. The Liquidity Ratio for 2024 is good at 1.65 and 1.55 currently. The Debt Ratio for 2024 is good at 1.52 and fine at 1.48 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 2.94 and 1.94 and currently at 2.93 and 1.92.

Type	Year End	Ratio Curr
Lg Term R	0.27	0.14
Intang/GW	0.11	0.04
Liquidity	1.65	1.69
Liq. + CF	1.93	1.87
Debt Ratio	1.52	1.52
Leverage	2.94	2.93
D/E Ratio	1.94	1.92

The Total Return per year is shown below for years of 5 to 37 to the end of 2024. 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.
2019	5	5.69%	11.65%	8.53%	3.13%
2014	10	4.61%	6.98%	4.21%	2.77%
2009	15	6.14%	8.66%	5.66%	3.00%
2004	20	12.61%	6.34%	3.97%	2.38%
1999	25	9.97%	10.08%	7.17%	2.92%
1994	30	9.80%	9.66%	7.02%	2.63%
1989	35	7.02%	9.62%	7.14%	2.48%
1987	37	8.11%	10.85%	7.95%	2.91%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.11, 10.43 and 12.20. The corresponding 10 year ratios are 12.97, 17.09 and 18.67. The corresponding historical ratios are 12.59, 16.96 and 19.90. The current P/AEPS Ratio is 19.23 based on a stock price of $72.10 and EPS estimate for 2025 of $3.75. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.16, 11.20 and 12.96. The corresponding 10 year ratios are 10.82, 14.06 and 17.36. The corresponding historical ratios are 11.93, 15.54 and 18.42. The current P/E Ratio is 17.63 based on a stock price of $72.10 and EPS estimate for 2025 of $4.09. 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.

I get a Graham Price of $42.57. The 10-year low, median, and high median Price/Graham Price Ratios are 0.98, 1.18 and 1.39. The current ratio is 1.69 based on a stock price of $72.10. 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 2.12. The current ratio is 3.66 based on a Book Value of $2,677M, Book Value per Share of $19.69 and a stock price of $72.10. The current ratio is 72% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 14.36. The current ratio is 13.72 based on Cash Flow per Share estimate for 2025 of $5.50, Cash Flow of $747M and a stock price of 72.10. The current ratio is 8.6% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. I noticed that the Cash Flow does vary a lot from year to year.

I get a 10 year median dividend yield of 2.79%. The current dividend yield is 1.68% based on dividends of $1.21 and a stock price of $72.10. The current dividend yield is 40% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.62. The current P/S Ratio is 0.95 based on Revenue estimate for 2025 of $10.278M, Revenue per Share of $75.59 and a stock price $72.10. The current ratio is 54% 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 relatively expensive. The dividend yield tests are saying that the stock price is relatively expensive. This is confirmed by the P/S Ratio test. Most of the testing is also saying that the stock price is relatively expensive. This stock took off in March of 2025 and it is just off its all-time high.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (3) and Hold (1). The consensus is a Buy. The 12 month stock price consensus is $70.89 with a high of $81.00 and low of $58.00. The consensus stock price of $70.89 implies a total return of 0% with a capital loss of 1.68% and dividends of 1.68% based on a current stock price of $72.10. To me, the stock price consensus and stock recommendations do not match. You got no gain over the next 12 month and the biggest recommendation is a Strong Buy?

There are only two entries on Stock Chase for 2025. One is a Top Pick and one is a Do Not Buy. The Do Not Buy likes TIH better. Amy Legate-Wolfe onMotley Fool likes this stock as a dividend growth stock for your TFSA. Christopher Liew on Motley Fool says this stock should be on your watch list. The company put out a Press Release about their fourth quarter of 2024. The company put out a Press Release about their second quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and looks at it fair value. Simply Wall Street thinks that is $84.41 and therefore this stock is undervalued. They have one warning of has a high level of debt.

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

The last stock I wrote about was about was Johnson and Johnson (NYSE-JNJ) ... learn more. The next stock I will write about will be Quarterhill Inc (TSX-QTRH, OTC-QTRHF) ... learn more on Monday, November 10, 2025 around 5 pm.

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

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

Johnson and Johnson

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably still reasonable. Debt Ratios are fine, but I would like to see the Liquidity Ratio improved. The Dividend Payout Ratios (DPR) need some improvement. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Johnson and Johnson.

Is it a good company at a reasonable price? This is a dividend growth stock with total return on the low side. I like companies that deliver around 8% per year in total return which includes dividends and capital gains. This company sort of does this.

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

When I was updating my spreadsheet, I noticed a big drop in EPS from last year of 58%. This difference is Net earnings from discontinued operations, net of tax. The EPS from 2024 is down 14% from 2022 at 5.79. EPS next year is expected to be $11.06, an increase of 91%, but both the EPS for 2026 and 2027 are lower at $9 48 and $10.83.

Note that this stock is being sold in Canada as Johnson & Johnson CDR (CAD HEDG (JNJ.NE). It is a Canadian-dollar-denominated and Canadian-dollar-hedged structure that represents shares of Johnson & Johnson (JNJ), a global healthcare company, and trades on the NEO Exchange in Canada. The "CDR" stands for Canadian Depositary Receipt, and the "CAD HEDG" indicates the investment is denominated in Canadian dollars and its currency exchange rate fluctuations relative to the U.S. dollar are hedged to reduce risk for Canadian investors.

If you had invested in this company in December 2014, for $1,045.70 you would have bought 10 shares at $104.57 per share. In December 2024, after 10 years you would have received $389.40 in dividends. The stock would be worth $1,446.20. Your total return would have been $1,835.60. This would be a total return of 6.46% per year with 3.30% from capital gain and 3.16% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$104.57	$1,045.70	10	10	$389.40	$1,446.20	$1,835.60

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 2.79%. The 5, 10 and historical median dividend yields are also moderate at 2.88%, 2.80% and 2.47%. The dividend growth is low (below 8% per year) at 5.5% per year over the past 5 years. The last dividend increase was in 2025 and it was for 4.8%.

The Dividend Payout Ratios (DPR) need some improvement. The DPR for 2024 for Earnings per Share (EPS) is too high at 85% with 5 year coverage at 124%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage at 47%. The DPR for 2024 for Cash Flow per Share (CFPS) is high at 53% with 5 year coverage at 107%. I like to see this DPR at 40% or lower. The DPR for 2024 for Free Cash Flow (FCF) is high at 60% with 5 year coverage at 60%. There is agreement on what the FCF is at $19,842M for 2024. Analysts expect that the DPRs for EPS will be better in 2025.

Item	Cur	5 Years
EPS	84.80%	124.19%
AEPS	49.20%	46.55%
CFPS	52.69%	107.21%
FCF	59.59%	59.64%

Debt Ratios are fine, but I would like to see the Liquidity Ratio improved. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.09 and currently at 0.09. The Liquidity Ratio for 2024 is low at 1.11 and 1.07 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.36 and currently at 1.47. You want this ratio at 1.50 or higher. The Debt Ratio for 2024 is good at 1.66 and 1.70 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.52 and 1.52 and currently at 2.43 and 1.43.

Type	Year End	Ratio Curr
Lg Term R	0.09	0.09
Intang/GW	0.24	0.22
Liquidity	1.11	1.07
Liq. + CF	1.36	1.47
Debt Ratio	1.66	1.70
Leverage	2.52	2.43
D/E Ratio	1.52	1.43

The Total Return per year is shown below for years of 5 to 36 to the end of 2024 in CDN$ if bought in an CDN$ account. 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.
2019	5	7.72%	8.22%	1.89%	6.33%
2014	10	8.24%	10.46%	5.54%	4.91%
2009	15	8.68%	12.32%	7.78%	4.54%
2004	20	8.75%	8.49%	5.14%	3.35%
1999	25	11.18%	7.34%	4.53%	2.81%
1994	30	10.11%	12.09%	8.30%	3.79%
1989	35	11.29%	13.52%	9.44%	4.08%
1988	36	11.53%	14.86%	10.27%	4.59%

The Total Return per year is shown below for years of 5 to 36 to the end of 2024 in US$ if bought in an US$ account. 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.
2019	5	5.54%	6.33%	-0.17%	6.50%
2014	10	5.93%	8.13%	3.30%	4.83%
2009	15	6.42%	10.08%	5.54%	4.54%
2004	20	7.79%	7.83%	4.21%	3.62%
1999	25	9.19%	7.84%	4.63%	3.21%
1994	30	9.99%	12.33%	8.18%	4.16%
1989	35	10.70%	12.96%	8.85%	4.10%
1988	36	10.86%	14.13%	9.61%	4.52%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 20.17, 24.37 and 27.64. The corresponding 10 year ratios are 20.73, 23.99 and 26.18. The corresponding historical ratios are 16.56, 19.62 and 22.62. The current P/E Ratio is 16.85 based on a stock price of $186.40 and EPS estimate for 2025 of $11.06. This P/E Ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 14.68, 16.72, and 18.31. The corresponding 10 year ratios are 14.62, 16.39 and 18.24. The corresponding historical ratios are 14.48, 16.33 and 18.07. The current P/E Ratio is 17.15 based on a stock price of $186.40 and EPS estimate for 2025 of $10.87. This P/E Ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $89.77. The 10-year low, median, and high median Price/Graham Price Ratios are 1.83, 2.04 and 2.26. The current ratio is 2.08 based on a stock price of $186.40. This P/E Ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 5.70. The current P/B Ratio is 5.66 based on a Book Value of $79,277M, Book Value per Share of $32.95 and a stock price of $186.40. The current ratio is 0.7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. Note that the P/B Ratio is very high which means that compared to the stock price, the Book Value is very low. A good ratio is 1.50 compared to this company’s ratio of 5.66.

I also have a Book Value per Share estimate for 2025 of $32.63. This implies a ratio of 5.71 with a stock price of $186.40 and Book Value of $78,514M. This ratio is 0.2% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but at the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 15.77. The current ratio is 13.69 based on Cash Flow per Share estimate for 2025 of $13.62 and a stock price of $186.40. 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. Note that this estimate is some 35% above the Cash Flow per Share of 2024.

I get an historical median dividend yield of 2.47%. The current dividend yield is 2.79% based on dividends of $5.20 and a stock price of $186.40. The current dividend yield is 13% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 2.80%. The current dividend yield is 2.79% based on dividends of $5.20 and a stock price of $186.40. The current dividend yield is 0.5% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and at the median.

The 10-year median Price/Sales (Revenue) Ratio is 4.36. The current P/S Ratio is 4.78 based on a Revenue estimate for 2025 of $93,751M, Revenue per Share of $38.96 and a stock price of $186.40. 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.

Results of stock price testing is that the stock price is probably still reasonable. The 10 year median dividend yield test show the stock price basically at the median. The P/S Ratio test is saying that the stock price is reasonable but above the median. The rest of the testing mostly shows that the stock price is reasonable and below, at or above the median.

When I look at analysts’ recommendations, I find Strong Buy (9), Buy (3), Hold (11) and Underperform (1). The consensus would be a Buy. The 12 month stock price consensus is $199.50 with a high of $225.00 and low of $155.00. The consensus stock price of $199.50 implies a total return of 9.82% with 7.03% from capital gains and 2.79% from dividend

There are lots of entries on Stock Chase for this stock. There is a big range from Top Pick to Do Not Buy. One analyst said it had an underwhelming performance, but popped on earnings. A couple of analysts mention the legal overhand of its talcum powered allegedly causing ovarian cancer. Kay Ng on Motley Fool says that Johnson & Johnson has shown remarkable resilience through challenging market conditions. Tony Dong on Motley Fool thinks you should buy this stock for your RRSP account. He says that it is one of only two companies in the U.S. with a AAA credit rating, a testament to its financial stability and a rare accolade that underscores its safety as an investment. The company put out a Press Release about their fourth quarter of 2024. The company put out a Press Release about their third quarter of 2025.

Simply Wall Street on Yahoo Finance gives this stock a valuation of $198.03. Simply Wall Street has one warning of large one-off items impacting financial results.

Johnson & Johnson operates through pharmaceuticals, medical devices, and consumer products divisions. Its web site is here Johnson and Johnson.

The last stock I wrote about was about was Quebecor Inc (TSX-QBR.B, OTC-QBCRF) ... learn more. The next stock I will write about will be Finning International Inc (TSX-FTT, OTC-FINGF) ... learn more on Friday, November 7, 2025 around 5 pm. Tomorrow on my other blog I will write about Something to Buy November 2025.... .... learn more on Thursday, November 6, 2025 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 The Age of the Strongman by Gideon Rachman learn more...

Quebecor Inc

Sound bite for Twitter is: Dividend Growth Telecom. Results of stock price testing is that the stock price is might be relatively expensive. Debt Ratios need improving and debt is too high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth good. See my spreadsheet on Quebecor Inc.

Is it a good company at a reasonable price? Simply Wall Street likes that this company is growing its earnings and that it true. However, I would worry about the amount of debt this company is carrying. If you look at the chart the company is at an all time high. It is generally not a good idea to buy at an all time high. I think it is relatively expensive; however, I could be wrong.

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

When I was updating my spreadsheet, I noticed that I had a harder time picking up some estimates this year for this stock, like Dividends, EPS, and CFPS. This usually implies that analysts are losing interest in this stock. That is not a good sign.

If you had invested in this company in December 2014, for $1,006.11 you would have bought 63 shares at $15.97 per share. In December 2024, after 10 years you would have received $412.87 in dividends. The stock would be worth $1,984.50. Your total return would have been $2,397.37. This would be a total return of 9.56% per year with 7.03% from capital gain and 2.54% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$15.97	$1,006.11	63	10	$412.87	$1,984.50	$2,397.37

The current dividend yield is moderate with dividend growth good. The current dividend yield is moderate (2% to 4% ranges) at 3.15%. The 5 and 10 year median dividend yields are also moderate at 3.81% and 2.11%. The historical median dividend yield is low (below 2%) at 0.74%. The dividend increases are good (15% and over per year) at 20.8% per year over the past 5 years. This company started to give good dividend increases staring in 2018. Some were very high. For example, the dividend increased from 2018 to 2020 inclusive were 82.94%, 161.66%, and 58.42%. Increases were restarted in 2015. The last dividend increase was in 2025 and it was for 7.7%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 40% with 5 year coverage at 42%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 40% with 5 year coverage at 41%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 18% with 5 year coverage at 18%. The DPR for 2024 for Free Cash Flow (FCF) is good at 38% with 5 year coverage at 42%. Free Cash Flow for 2025 varies from $800M to $1,120M.

Item	Cur	5 Years
EPS	40.25%	42.36%
AEPS	40.39%	41.14%
CFPS	17.79%	17.95%
FCF	37.94%	42.22%

Debt Ratios need improving and debt is too high. The Long Term Debt/Market Cap Ratio for 2024 is too high at 0.98 and currently better at 0.62. A good ratio is one at 0.50 or lower. The Liquidity Ratio for 2024 is too low at 0.98 and 0.83 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.65 and currently too low at 1.30. It is best when this ratio is 1.50 or higher. The Debt Ratio for 2024 is too low at 1.21 and 1.19 currently. It is best when this ratio is 1.50 or higher. The Leverage and Debt/Equity Ratios for 2024 are far too high at 6.03 and 4.98 and currently at 6.60 and 5.54. These ratios should not be higher than 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.98	0.62
Intang/GW	0.85	0.60
Liquidity	0.98	0.83
Liq. + CF	1.65	1.30
Debt Ratio	1.21	1.19
Leverage	6.03	6.60
D/E Ratio	4.98	5.54

The Total Return per year is shown below for years of 5 to 34 to the end of 2024. 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.
2019	5	20.82%	2.42%	-1.01%	3.43%
2014	10	38.52%	9.56%	7.03%	2.54%
2009	15	24.26%	12.83%	10.75%	2.08%
2004	20	17.99%	9.78%	8.24%	1.55%
1999	25	10.00%	6.02%	4.85%	1.16%
1994	30	12.63%	8.08%	6.75%	1.33%
1990	34		10.36%	8.87%	1.49%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.84, 11.24 and 12.75. The corresponding 10 year ratios are 11.76, 13.48 and 15.19. The corresponding historical ratios are 9.84, 11.24 and 12.75. The current ratio is 12.10 based on a stock price of $44.42 and EPS estimate for 2025 of $3.67. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 9.46, 10.80 and 12.24. The corresponding 10 year ratios are 11.75, 13.33 and 14.84. The corresponding historical ratios are 11.07, 13.24 and 14.78. The current ratio is 12.10 based on a stock price of $44.42 and AEPS estimate for 2025 of $3.67. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $26.16. The 10-year low, median, and high median Price/Graham Price Ratios are 1.84, 2.12 and 2.33. The current P/GP Ratio is 1.70 based on a stock price of $44.42. The current 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 10-year median Price/Book Value per Share Ratio of 7.12. The current ratio is 6.60 based on a stock price of $44.42, Book Value of $1.924M and Book Value per Share of $8.29. The current ratio is 25% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. However, these ratios are very high considering the fact that a good ratios is around 1.50.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.91. The current ratio is 7.37 based on Cash Flow per Share estimate for 2025 of $6.03, Cash Flow of $1,400, and Stock Price of $44.42. The current ratio is 50% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

However, I got this estimate from Alphaspread and I wonder about it because it shows an 19% decline in Cash Flows, but the Cash Flows for the last 12 months is a lot higher at $1,896.8M. If I use this value the current ratio is 5.44 which is 11% 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 0.74%. The current dividend yield is 3.15% based on dividends of $1.40 and a stock price of $44.42. The current dividend yield is 49% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. However, until the company started some big dividend increases in 2018, the yields were under 1%.

I get a 10 year median dividend yield of 2.11%. The current dividend yield is 3.15% based on dividends of $1.40 and a stock price of $44.42. The current dividend yield is 49% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 7 year median dividend yield of 3.85%. The current dividend yield is 3.15% based on dividends of $1.40 and a stock price of $44.42. The current dividend yield is 8.9% below the 7 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. I did a 7 year test because dividends were raised a lot since 2018.

The 10-year median Price/Sales (Revenue) Ratio is 1.39. The current P/S Ratio is 1.46 based on Revenue estimate for 2025 of $5,619M, Revenue per Share of $24.20 and a stock price of $44.42. The current ratio is 32% 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 might be relatively expensive. I wonder how good the dividend yield tests were because dividends were increased a lot lately starting from 2018. The 7 year dividend yield testing is saying that the stock price is relatively expensive. The P/S Ratio test confirms this. However, a lot of the other testing says the stock is cheap to reasonable.

When I look at analysts’ recommendations, I find Strong Buy (10), Buy (0) and Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $45.67 with a high of $49.00 and low of $39.00. The consensus stock price of $45.67 implies a total return of 5.97% with 2.81% from capital gains and 3.15% from dividends based on a current stock price of $44.42.

There was a number of entries in 2024 on Stock Chase. There were 6 buys and one Do Not Buy. The Do Not Buy analyst thought the stock price at $30.63 was too expensive. Joey Frenette on Motley Fool says he is bullish on this company with a 12.8 P/E (which is currently at 12.1). Kay Ng on Motley Fool thought that Quebecor is a clear winner in Canadian Telecom stocks to own. The company put out a Press Release about its fourth quarter of 2024. The company put out a Press Release about their second quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock. What Simply Wall Street likes is that this company is growing their EPS. Simply Wall Street has one warning out on this stock of has a high level of debt.

Quebecor primarily provides telecom services in Quebec. With the acquisition of Freedom Mobile in April 2023, Quebecor also has more than 1 million mobile subscribers in Ontario, British Columbia, and Alberta. Quebecor also offers a French-language subscription video-on-demand service and has a media segment that owns and operates television stations, publishes newspapers and magazines, and produces and distributes films and television shows. Its web site is here Quebecor Inc.

The last stock I wrote about was about was Cenovus Energy Inc (TSX-CVE, NYSE-CVE learn more. The next stock I will write about will be Johnson and Johnson (NYSE-JNJ) ... learn more on Wednesday, November 5, 2025 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks November 2025 … learn more on Tuesday, November 4, 2025 around 5 pm.

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

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

Cenovus Energy Inc

Sound bite for Twitter is: Dividend Paying Resource. Results of stock price testing is that the stock price is that the stock price is reasonable and may even be cheap. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth good recently. See my spreadsheet on Cenovus Energy Inc.

Is it a good company at a reasonable price? This is in the oil and gas business and therefore is risky and cyclical. The stock near its recent high, but off the 2024 highs. Dividends have been volatile. Over the past 32 years dividends have gone up 15 times and down 6 times.

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

When I was updating my spreadsheet, I noticed Analysts seem to think that this year will be an ok year, next year that the company will not do as well and then better in 2027. For Revenue they expect it to be 1.8% less in 2025 than in 2024, then 2026 to go down 7% and up 33% in 2027. For EPS they expect it to go up 14% this year, go down 12% next year and then go up 32% in 2027.

Almost all the officers and directors I follow bought more stock during the past year. There is one director I follow that did not. Often directors do not buy shares.

If you had invested in this company in December 2014, for $1,006.74 you would have bought 42 shares at $23.97 per share. In December 2024, after 10 years you would have received $151.99 in dividends. The stock would be worth $915.18. Your total return would have been $1,067.17. This would be a total return of 0.62% per year with 0.95% from capital loss and 1.57% from dividends. The 5 year total return is much better than the 10 year total return. See the chart in a paragraph below.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$23.97	$1,006.74	42	10	$151.99	$915.18	$1,067.17

The current dividend yield is moderate with dividend growth good recently. The current dividend yield is moderate (2% to 4% ranges) at 3.35%. The 5, 10 and historical median dividend yields are low (below 2%) at 1.48%, 1.68% and 1.48%. The dividend increase is good (above 15% per year) over the past 5 years at 26% per year. However, dividends have decrease by 4% per year over the past 10 years because dividends were cut by 70% in 2020.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 49% with 5 year coverage at 37%. The DPR for 2024 for Adjusted Funds from Operations (AFFO) is good at 16% with 5 year coverage at 10%. The DPR for 2024 for Funds from Operations (FFO) is good at 40% with 5 year coverage at 13%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 11%. The DPR for 2024 for Free Cash Flow (FCF) is good at 36% with 5 year coverage at 21%. FCF varies in 2024 from $2,920M to $4,285M.

Item	Cur	5 Years
EPS	48.80%	36.73%
AFFO	15.53%	10.47%
FFO	40.23%	13.10%
CFPS	15.53%	10.62%
FCF	36.20%	20.71%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.18 and currently at 0.16. The Liquidity Ratio for 2024 is low at 1.42 and 1.32 currently. If you added in Cash Flow after dividends, the ratios are good at 2.50 and currently at 2.22. The Debt Ratio for 2024 is good at 2.11 and 2.11 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.90 and 0.90 and currently at 1.90 and 0.90.

Type	Year End	Ratio Curr
Lg Term R	0.18	0.16
Intang/GW	0.07	0.07
Liquidity	1.42	1.32
Liq. + CF	2.50	2.22
Debt Ratio	2.11	2.11
Leverage	1.90	1.90
D/E Ratio	0.90	0.90

The Total Return per year is shown below for years of 5 to 32 to the end of 2024 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.
2019	5	26.19%	12.71%	10.54%	2.17%
2014	10	-4.39%	0.62%	-0.95%	1.57%
2009	15	-1.08%	1.40%	-0.96%	2.36%
2004	20	9.20%	4.34%	1.37%	2.97%
1999	25	9.78%	7.94%	4.40%	3.54%
1994	30	8.09%	11.10%	6.89%	4.21%
1992	32	8.01%	10.72%	6.77%	3.95%

The Total Return per year is shown below for years of 5 to 19 to the end of 2024 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.
2019	5	23.63%	10.52%	8.34%	2.18%
2014	10	-6.42%	-1.55%	-3.04%	1.49%
2009	15	-3.13%	-1.03%	-3.34%	2.30%
2005	19	8.23%	0.80%	-1.93%	2.73%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.74, 11.71 and 13.69. The corresponding 10 year ratios are 5.36, 7.07 and 8.77. The corresponding historical ratios are 12.04, 14.95 and 16.98. The current P/E Ratio is 12.55 based on a stock price of $23.91 and EPS estimate for 2025 of $1.91. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

However, the 10 year median ratios are very low because of a number of earning losses and therefore negative P/E Ratios. The 5 year or historical P/E Ratios might be better to compare the current P/E Ratio to. This current ratio is between the low and high ratios of the 10 year median ratios and gives says that the stock price is relatively reasonable but above the median. The current P/E Ratio is between the low and median ratios of the historical ratios and says that stock price is relatively reasonable and below 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 4.52, 5.43 and 6.35. The corresponding 10 year ratios are 4.55, 5.64 and 7.28. The corresponding historical ratios are 6.03, 6.56 and 7.75. The current P/AFFO Ratio is 5.05 based on a stock price of $23.91 and EPS estimate for 2025 of $4.73. 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 also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 4.49, 6.52 and 8.54. The corresponding 10 year ratios are 5.68, 7.55 and 9.65. The corresponding historical ratios are 6.36, 7.27 and 8.54. The current P/FFO Ratio is 7.61 based on a stock price of $23.91 and EPS estimate for 2025 of $3.14. 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 $26.28. The 10-year low, median, and high median Price/Graham Price Ratios are 0.51, 0.80 and 1.02. The current P/GP Ratio is 0.91 based on a stock price of $23.91. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. There are problems with this test because of earnings losses over the past year affect how the Graham Price is calculated.

I get a 10-year median Price/Book Value per Share Ratio of 1.17. The current ratio is 1.48 based on a Book Value of $29,402M, Book Value per Share of $16.11 and a stock price of $23.91. The current ratio is 26% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This ratio is a rather normal ratio as good P/B Ratio is considered to be 1.50.

I also have a Book Value per Share estimate for 2025 of $17.05. This implies a ratio of 1.40 with a stock price of $23.91 and Book Value of $31,117M. This 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.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.11. The current ratio is 5.57 based on a stock price of $23.91, Book Value per Share estimate for 2025 of $4.29 and Cash Flow of $7,829M. The current ratio is 8.7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 1.48%. The current dividend yield is 3.35% based on dividends of $0.80 and a stock price of $23.91. The current dividend yield is 126% above the historical median dividend yield. This stock price t

esting suggests that the stock price is relatively cheap. I get a 10 year median dividend yield of 1.60%. The current dividend yield is 3.35% based on dividends of $0.80 and a stock price of $23.91. The current dividend yield is 110% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.79. The current P/S Ratio is 0.82 based on Revenue estimate for 2025 of $53,318M, Revenue per Share of $29.21 and a stock price of $23.91. The current ratio is 3.9% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is that the stock price is reasonable and may even be cheap. The dividend yield testing is saying that the stock price is cheap. However, the P/S Ratio testing does not confirm this and says it is reasonable, but above the median. This all depends on how much faith you put into the dividend yield tests. I like the dividend yield tests because they do not reply on estimates. A lot of the other testing is saying that the stock price is reasonable and above and below the median.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (6), Hold (1) and Underperform (1). The consensus is a Strong Buy. The 12 month stock price consensus is $27.77 with a high of $32.00 and low of $21.00. The consensus stock price implies a total return of $19.49% with 16.14% from capital gains and 3.35% from dividends based on a current stock price of $23.91.

There are mixed opinions on this stock at Stock Chase. One analyst reminded us of the past dividend cut, so not a good dividend stock. One analyst does not like Oil Sands companies. Others think it is a good buy. Joey Frenette on Motley Fool thinks it is a red hot energy stock. Amy Legate-Wolfe on Motley Fool talks about them acquiring MEG Energy. The company put out a Press Release about their fourth quarter of 2024. The company put out a Press Release about their second quarterly results for 2025. The company has now put out a Press Release about their third quarterly results for 2025.

Simply Wall Street via Yahoo Finance reviews this stock and provides two valuation methods with one saying it is undervalued and one saying it is fairly valued. Simply Wall Street has two warnings out on this stock of profit margins (5.1%) are lower than last year (8.6%); and unstable dividend track record.

Cenovus Energy Inc is an integrated oil company. The company had upstream projects across Western Canada; crude oil production and natural gas and NGLs production offshore China and Indonesia. The downstream operations include upgrading and refining operations in Canada and the U.S., and commercial fuel operations across Canada. Its web site is here Cenovus Energy Inc.

The last stock I wrote about was about was Keyera Corp (TSX-KEY, OTC-KEYUF) ... learn more. The next stock I will write about will be Quebecor Inc (TSX-QBR.B, OTC-QBCRF) ... learn more on Monday, November 3, 2024 around 5 pm.

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

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

Keyera Corp

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price might still be reasonable. Debt Ratios need to be improved and they have a lot of debt. The Dividend Payout Ratios (DPR) mostly fine but could improve. The current dividend yield is good with dividend growth low. See my spreadsheet on Keyera Corp.

Is it a good company at a reasonable price? For utilities I would expect to receive at 4% from capital gains and 4% from dividends. Analysts think that the DPR for EPS will go down over the next few years and that would be good. The current P/E Ratios are good, but the dividend yield is showing that the stock price might be on the high side. You generally do not lose money on Utilities and they provide good dividends. The stock price could still be reasonable, but it is at the top of the reasonable range.

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

When I was updating my spreadsheet, I noticed that Revenue was expected at $6,900M (a drop of 2%) and it came in higher at $7,138M (an increase of 1.2%). Last year they expected Revenue to come in at $6,960M and $7,419M for 2025 and 2026, now they expect the Revenue for 2025 to be $6,279M and for 2026 to be $8,383M. As of the second quarter, Revenue for the last 12 months is $7,269M.

This stock has done better in last 5 years with a 10.46% total return. The capital gain for the last 5 years is 5.26% and dividends are 5.20%.

If you had invested in this company in December 2014, for $1,013.25 you would have bought 51 shares at $40.53 per share. In December 2024, after 10 years you would have received $447.25 in dividends. The stock would be worth $1,099.00. Your total return would have been $1,546.25. This would be a total return of 5.02% per year with 0.82% from capital gain and 4.20% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$40.53	$1,013.25	25	10	$447.25	$1,099.00	$1,546.25

The current dividend yield is good with dividend growth low. The current dividend yield is good (5% to 6% ranges) at 5.16%. The 5, 10 and historical dividend yields are also good at 6.26%, 5.68% and 5.98%. The dividend growth is low (below 8% per year) at 2.1% per year over the past 5 years. The last dividend increase was in 2025 and it was for 3.9%.

The Dividend Payout Ratios (DPR) mostly fine but could improve. The DPR for 2024 for Earnings per Share (EPS) is far too high at 96% with 5 year coverage at 136%. The DPR for 2024 for Adjusted Funds from Operations (AFFO) is fine at 61% with 5 year coverage at 60%. The DPR for 2024 for Funds from Operations (FFO) is good at 50% with 5 year coverage at 50%. The DPR for 2024 for Cash Flow per Share (CFPS) is high at 49% with 5 year coverage at 50%. I like to see the CFPS ratios at 40% or lower. The DPR for 2024 for Free Cash Flow (FCF) is fine at 46% with 5 year coverage too high at 151%. The FCF for 2024 varies from $710M to $1,013M.

Item	Cur	5 Years
EPS	96.23%	135.56%
AFFO	60.71%	59.77%
FFO	50.46%	50.39%
CFPS	48.57%	50.34%
FCF	46.15%	150.65%

Debt Ratios need to be improved and they have a lot of debt. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.34 and currently at 0.34. The Liquidity Ratio for 2024 is low at 0.95 and 1.00 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.62 and currently too low at 1.12. I prefer these ratios to be at 1.50 or higher. The Debt Ratio for 2024 is low at 1.48 and too low 1.12 currently. I prefer these ratios be at 1.50 or better. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.09 and 2.09 and currently at 3.76 and 2.76.

Type	Year End	Ratio Curr
Lg Term R	0.34	0.34
Intang/GW	0.01	0.01
Liquidity	0.95	1.00
Liq. + CF	1.62	1.12
Debt Ratio	1.48	1.36
Leverage	3.09	3.76
D/E Ratio	2.09	2.76

The Total Return per year is shown below for years of 5 to 22 to the end of 2024. 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.
2019	5	2.09%	10.46%	5.26%	5.20%
2014	10	5.00%	5.02%	0.82%	4.20%
2009	15	5.61%	15.80%	8.90%	6.90%
2004	20	6.82%	17.51%	9.47%	8.04%
2002	22	10.06%	19.18%	10.39%	8.79%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.91, 9.76 and 11.61. The corresponding 10 year ratios are 9.39, 10.90 and 12.60. The corresponding historical ratios are 17.18, 20.64 and 24.09. The current P/E Ratio is 18.50 based on EPS estimate for 2025 of $2.26 and a stock price of $41.86. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 16.31, 20.12 and 23.82. The corresponding 10 year ratios are 17.41, 20.64 and 23.87. The corresponding historical ratios are 9.32, 11.27 and 13.41. The current P/AFFO Ratio is 10.18 based on AFFO estimate for 2025 of $4.11 and a stock price of $41.86. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 6.92, 8.47 and 9.84. The corresponding 10 year ratios are 7.54, 9.13 and 10.73. The corresponding historical ratios are 7.69, 9.60 and 11.52. The current P/FFO Ratio is 10.89 based on FFO estimate for 2025 of $3.84 and a stock price of $41.86. The current ratio is above high ratio 10 year median ratios. This stock price testing suggests that the stock price is expensive.

I get a Graham Price of $25.07. The 10-year low, median, and high median Price/Graham Price Ratios are 1.28, 1.59 and 1.86. The current ratio is 1.67 based on a stock price of $41.86. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.56. The current P/B Ratio is 3.39 based on a stock price of $41.86, Book Value of $2,829M and Book Value per Share of $12.35. 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 9.27. The current ratio is 11.10 based on Cash Flow per Share estimate for 2025 of $3.77, Cash Flow of $863.9M and a stock price of $41.86. The current 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.

I get an historical median dividend yield of 5.98%. The current dividend yield is 5.16% based on a stock price of $41.86 and dividends of $2.16. The current dividend yield is 13.7% 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 5.68%. The current dividend yield is 5.16% based on a stock price of $41.86 and dividends of $2.16. The current dividend yield is 9% 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 1.60. The current P/S Ratio is 1.53 based on Revenue estimate for 2025 of $6,279M, Revenue per Share of $27.40 and a stock price of $41.86. The current ratio is 4.8% below the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price might still be reasonable. The dividend yield testing is saying that the stock price is reasonable, but above the median. The P/S Ratio test is saying that the stock price is reasonable but below the median. The rest of the testing is mixed from reasonable to expensive.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (3) and Hold (5). The consensus is a Buy. The 12 month stock price is $51.21 with a high of $61.00 and low of $43.00. The consensus stock price of $51.21 implies a total return of 27.50% with 22.34% from capital gains and 5.16% from dividends based on a current price of $41.86.

There are lots of analysts commenting on this stock on Stock Chase. Most are positive, however, there are a couple of negative entries. One was worried about earnings. Iain Butler on Motley Fool thinks this is one of the companies to benefit from Phase 2 of the LNG Canada Project. Jitendra Parashar on Motley Fool says after BCE’s dividend cut, this company offers higher and steadier income and is a better dividend alternative. The company put out a Press Release about their annual results for 2024. The company put out a Press Release about their second quarter results for 2025.

Simply Wall Street via Yahoo Finance says this stock is undervalued because bold revenue targets, rising profit margins and a future corporate multiple. Simply Wall Street has one risk warning of has a high level of debt.

Keyera is a midstream energy business that operates primarily out of Alberta. The firm currently has interests in about a dozen active gas plants and operates over 4,000 kilometers of pipelines. Its web site is here Keyera Corp.

The last stock I wrote about was about was Trigon Metals Inc (TSX-TM, OTC-PNTZF) ... learn more. The next stock I will write about will be Cenovus Energy Inc (TSX-CVE, NYSE-CVE) learn more on Friday, October 31, 2025 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.