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.

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

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

Canadian Natural Resources

Sound bite for Twitter is: Dividend Growth Resources. 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 getting too high in some cases. The current dividend yield is moderate with dividend growth good. See my spreadsheet on Canadian Natural Resources.

Is it a good company at a reasonable price? I am pleased with my investment in this company. I think you have to be careful when you buy, but it has not been as cyclical as other resource stocks. I plan to hold on to the shares I have. It is testing as reasonable but above the median with the 10 year median dividend yield test. But the DPRs are a bit high. I would use caution if buying. It is probably on the expensive side. It may be best to wait until the war is over in the Middle East.

I own this stock of Canadian Natural Resources (TSX-CNQ, NYSE-CNQ). I first bought CNQ in September 2012 because the dividend yield was relatively high. The 5 and 10 year median dividend yields were 0.73% and 0.75%. I got it with a yield of 1.32%. I sold some TransAlta to buy this stock. TransAlta is not doing well lately. In April 2013 I bought more shares of this stock because the yield is now at 1.54%. I bought another 100 shares in 2020 because the yield was 11.63%.

When I was updating my spreadsheet, I noticed I have had this stock for 13 years and I have made several purchases since my initial purchase. My Total Return to date is 19.21% with 16.35% from capital gain and 2.86% from dividends. There were a number of directors selling during the past year. The Chairman sold half his 2025 holdings, however, he has twice the number of shares currently that he had in 2024. The officers I am following all bought shares during the past year.

If you had invested in this company in December 2015, for $1,012.37 you would have bought 67 shares at $15.11 per share. In December 2025, after 10 years you would have received $887.50 in dividends. The stock would be worth $3,114.83. Your total return would have been $4,002.33. This would be a total return of 16.42% per year with 11.89% from capital gain and 4.53% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$15.11	$1,012.37	67	10	$887.50	$3,114.83	$4,002.33

The current dividend yield is moderate with dividend growth good. The current dividend yield is moderate (2% to 4% ranges) at 4.00%. The 5 and 10 median dividend yields are moderate at 4.38% and 4.17%. The historical median dividend yield is low (below 2%) at 1.48%. The dividend growth is good (15% and higher) at 23% per year over the past 5 years. The last dividend increase was in 2026 and it was for 6.4%. This company sometimes has two dividend increases each year.

The Dividend Payout Ratios (DPR) are getting too high in some cases. The DPR for 2025 for Earnings per Share (EPS) is good at 45% with 5 year coverage high at 51%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 65% with 5 year coverage at 51%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 34% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 64% with 5 year coverage good at 41%. FCF varies from $8,784M to $7,640M. I am using $7,604M.

Item	Cur	5 Years
EPS	45.06%	50.73%
AEPS	65.49%	51.08%
CFPS	33.53%	28.54%
FCF	63.76%	41.03%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.17 and currently at 0.12. The Liquidity Ratio for 2025 is too low at 0.95 and 0.95 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.22 and currently at 2.78. The Debt Ratio for 2025 is good at 1.93 and 1.93 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.07 and 1.07 and currently at 2.07 and 1.07.

Type	Year End	Ratio Curr
Lg Term R	0.17	0.12
Intang/GW	0.00	0.00
Liquidity	0.95	0.95
Liq. + CF	2.22	2.78
Debt Ratio	1.93	1.93
Leverage	2.07	2.07
D/E Ratio	1.07	1.07

The Total Return per year is shown below for years of 5 to 35 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	23.03%	33.38%	24.90%	8.48%
2015	10	17.65%	16.42%	11.89%	4.53%
2010	15	20.67%	7.63%	5.06%	2.57%
2005	20	20.42%	8.10%	5.98%	2.12%
2000	25	21.92%	11.31%	9.17%	2.14%
1995	30		12.12%	10.23%	1.88%
1990	35		19.13%	16.53%	2.61%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.95, 8.05 and 9.16. The corresponding 10 year ratios are 6.79, 8.01 and 9.22. The corresponding historical ratios are 10.23, 13.56 and 15.70. The current ratio is 12.39 based on a stock price of $62.55 and Earnings per Share estimate for 2026 of $5.05. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. A ratio of 12.39 is not a high P/E Ratio, it is sort of medium.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.87, 10.46 and 12.05. The corresponding 10 year ratios are 9.17, 10.91 and 12.66. The corresponding historical ratios are 9.47, 11.68 and 15.82. The current ratio is 14.15 based on a stock price of $62.55 and Earnings per Share estimate for 2026 of $4.42. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. A ratio of 14.15 is not a high P/E Ratio, it is sort of medium.

I get a Graham Price of $46.04. The 10-year low, median, and high median Price/Graham Price Ratios are 0.81, 1.00 and 1.15. The current ratio is 1.36 based on a stock price 62.55. 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. This is an important test. The normal range for P/GP Ratios is from 0.80 to 1.20. So a ratio of 1.36 is on the high side.

I get a 10-year median Price/Book Value per Share Ratio of 1.55. The current ratio is 2.93 based on a stock price of $62.55, Book Value of $44,366M and Book Value per Share of $21.31. The current ratio is 90% 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 $23.42. This implies a ratio of 2.67 with a stock price of $62.55 and a Book Value of $45,751M. This ratio is 73% 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 6.20. The current ratio is 6.54 based Cash Flow per Share estimate for 2026 of $9.56. The current ratio is 5% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. Note that analysts expect the CFPS to increase by some 38% in 2026 as compared to 2025.

I get an historical median dividend yield of 1.48%. The current dividend yield is 4.00% based on dividends of $2.50 and a stock price of $62.55. The current yield is 170% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. Dividend yield started out below 1% and has moved higher ever since.

I get an historical median dividend yield of 4.17%. The current dividend yield is 4.00% based on dividends of $2.50 and a stock price of $62.55. The current yield is 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 2.04. The current P/S Ratio is 2.78 based on Revenue estimate for 2026 of $41,511M, Revenue per Share of $22.54 and a stock price of $62.55. The current ratio is 36% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. I think it is a hold. The 10 year dividend yield test says it is reasonable but above the median. This is not confirmed by the P/S Ratio test that says it is expensive. Almost all the testing is showing that the stock price is relatively expensive. I think it is a hold.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (3), Hold (10) and Underperform (2). The consensus is a Buy. The 12 month stock price consensus is $70.35 with a high of $90.00 and a low of $55.00. The consensus stock price of $70.35 implies a total return of 16.47% with 12.47% from capital gains and 4.00% from dividends based on a current stock price of $62.55.

Analysts on Stock Chase are a fan of this company, but some think that the price of oil and this company is too high. Robin Brown on Motley Fool thinks this stock is a must-hold for dividends. Daniel Da Costa on Motley Fool thinks this is the stock to hold for the long term. The company put out a press release via TMX Newsfile about their fourth quarter of 2025.

Zacks via Yahoo Finance says that CNQ is a Strong Buy. Simply Wall Street via Yahoo Finance thinks this stock maybe undervalued. Simply Wall Street has three warnings out on my stock of earnings are forecast to decline by an average of 8% per year for the next 3 years; significant insider selling over the past 3 months; and large one-off items impacting financial results. For this last item, the AEPS is important.

Canadian Natural Resources is the largest producer of oil and the second-largest producer of natural gas in Canada. The company also has smaller offshore production operations in the North Sea and Africa. Its web site is here Canadian Natural Resources.

The last stock I wrote about was about was South Bow Corp (TSX-SOBO, NYSE-SOBO) ... learn more. The next stock I will write about will be Barclays PLC ADR (LSE-BARC, NYSE-BCS) ... learn more on Friday, May 8, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy May 2026.... learn more on Thursday, May 7, 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.

South Bow Corp

Sound bite for Twitter is: Dividend Paying Utility. Results of stock price testing is that the stock price is relatively expensive. Debt Ratios are mostly fine, but debt is too high. The Dividend Payout Ratios (DPR) are too high. The current dividend yield is good with no current dividend growth, but analysts expect growth in the future. See my spreadsheet on South Bow Corp.

Is it a good company at a reasonable price? The analysts’ recommendations go from Strong Buy to Sell and everything in between. Personally, I plan to hold on to this stock at this present time and see how things go. The stock price has only gone up since it was spun off. The US$ stock price went up 17% in 2025 and another 27% so far in 2026. Revenue is down 5% in 2025 and is expected to only rise 0.5% in 2026. AEPS went up 7% in 2025 (after falling 24% in 2024) and is expected to drop 8% in 2026. The dividends have not changed since this stock was spun off. It may be time to watch and see where this stock goes before buying.

I own this stock of South Bow Corp (TSX-SOBO, NYSE-SOBO). I got this stock because it was a spin-off of TC Energy on October 3, 2024.

When I was updating my spreadsheet, I noticed that this stock has doubled in price since 3 October 2024 when it was spin-off from TC Energy Corp. Over the past 3 years Revenue is down a bit (.95%), EPS and AEPS are down (3% and 19%), Net Income is up a bit (2%), but the stock price is up 23%. They have a lot of debt.

If you had invested in this company in October 2024, for $1,003.05 in CDN$ you would have bought 34 shares at $29.79 per share. In December 2025, after 1 years and 2 months you would have received $94.18 in dividends. The stock would be worth $1,124.57. Your total return would have been $1,218.75. This would be a total return of 29.02% per year with 20.97% from capital gain and 8.05% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$29.79	$1,012.86	34	1	$94.18	$1,124.57	$1,218.75

The current dividend yield is good with no current dividend growth, but analysts expect growth in the future. The current dividend yield is good (5% to 6% ranges) at 5.71%. We only have another yield and that is for 2025 as dividends started in 2025 and that yield is 7.28%, a yield 14% above the current yield. There is really not much testing to be done here. Analysts do expect slight dividend growth in the future.

The Dividend Payout Ratios (DPR) are too high. The DPR for 2025 for Earnings per Share (EPS) is too high at 97% and this year’s expected DPR of 105%. DPR is expected to go lower in 2027 and 2028. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 102% and this year’s expected DPR of 105%. DPR is expected to go lower in 2027 and 2028. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 58% and this year’s expected DPR of 62%. DPR is expected to go lower in 2027 and 2028. The DPR for 2025 for Free Cash Flow (FCF) is too high at 72% and this year’s expected DPR of 69%. DPR is expected to go lower in 2027 and 2028. FCF for 2025 varies from $596M to $753M. I am using $570M. The DPR for Distributable Cash Flow for 2025 is fine at 59% and this year it is expected to also be 59% and then go up slightly in 2027 and 2028.

Item	Cur	This Yr
EPS	96.62%	105%
AEPS	101.52%	105%
CFPS	58.09%	62%
FCF	72.98%	69%
DCF	58.67%	59%

Debt Ratios are mostly fine, but debt is too high. The Long Term Debt/Market Cap Ratio for 2025 is too high at 1.01 and currently better at 0.87, but a lot of analysts like to see this at 0.50 or lower. The Liquidity Ratio for 2025 is good at 1.50 and 1.50 currently. The Debt Ratio for 2025 is low at 1.32 and 1.32 currently. I like to see this ratio at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 4.13 and 3.13 and currently at 4.13 and 3.13. I like to see these ratios below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	1.01	0.87
Intang/GW	0.00	0.00
Liquidity	1.50	1.50
Liq. + CF	1.52	1.48
Debt Ratio	1.32	1.32
Leverage	4.13	4.13
D/E Ratio	3.13	3.13

The Total Return per year is shown below for 2 years 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.	US$
2020	2	0.00%	16.18%	12.18%	4.00%	16.18%

The 2-year low, median, and high median Price/Earnings per Share Ratios are 11.54, 13.08 and 14.62. The current P/E Ratio is 18.42 based on a Stock Price of $35.01 and EPS estimate for 2026 of $1.90. This ratio is higher than the high 2 year median P/E Ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 2-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 12.54, 14.16 and 15.79. The current P/AEPS Ratio is 19.24 based on a Stock Price of $35.01 and AEPS estimate for 2026 of $1.82. This ratio is higher than the high 2 year median P/AEPS Ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I also have Adjusted Funds from Operations (AFFO) data. The 2-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 6.90, 7.80 and 8.70. The current P/AFFO Ratio is 10.64 based on a Stock Price of $35.01 and AFFO estimate for 2026 of $3.29. This ratio is higher than the high 2 year median P/AFFO Ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a Graham Price of $32.41. The 2-year low, median, and high median Price/Graham Price Ratios are 0.92, 1.05 and 1.18. The current ratio is 1.47 based on a stock price of $47.68. This ratio is higher than the high 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 2-year median Price/Book Value per Share Ratio of 1.95. The current P/B Ratio is 2.69 based on a Book Value of $2,709M, Book Value per Share of $13.01 and a stock price of $35.01. The current P/B Ratio is 38% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I also have a Book Value per Share estimate for 2026 of $13.18. This implies a ratio of 2.66 based on a Book Value per Share of $13.18, Book Value of $2,745M and a stock price of $35.01. This ratio is 36% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 2-year median Price/Cash Flow per Share Ratio of 8.49. The current ratio is 10.91 based on Cash Flow per Share estimate for 2026 of $3.21, Cash Flow of $668.5M and a stock price of $35.01. The current ratio is 29% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

I get a 1 year median dividend yield of 7.86%. The current dividend yield is 5.71% based on dividends of $2.00 and a stock price of $35.01. The current dividend yield is 27% below the 1 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

The 2-year median Price/Sales (Revenue) Ratio is 2.39. The current P/S Ratio is 3.65 based on Revenue estimate for 2026 of $1,996M, Revenue per Share of $9.58 and a stock price of $35.01. The current ratio is 53% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$. You will get similar results in CDN$.

Results of stock price testing is that the stock price is relatively expensive. Basically, the testing is showing that the stock price has gone up faster than other growth. Analysts’ recommendations are all over the place.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1), Hold (9), Underperform (2) and Sell (4). The consensus would be a Hold. The 12 months consensus is $42.60 ($31.08 US$) with a high of $50.31 ($36.71 US$) and low of $22.89 ($16.70 US$). The 12 month consensus stock price of $42.60 implies a total loss of 4.91% with 10.66% from capital loss and 5.75% from dividends based on a current stock price of $47.68.

Analyst on Stock Chase do not like to this stock. They say it is a slow grower with a juicy yield but meager prospects for growth. Daniel Da Costa on Motley Fool says it has a sustainable dividend yield and stability and a good stock to buy in this environment. Brian Paradza on Motley Fool says to buy this stock for its passive income. The company put out a press release via Global Newswire about its fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance review this stock and think that it is better to buy stock in profitable companies like South Bow.

South Bow Corp is a energy infrastructure company. The company is engaged in constructing pipelines system safely transports liquids like crude oil, across Canadian provinces, U.S. states, and Gulf coasts. Its web site is here South Bow Corp.

The last stock I wrote about was about was Pembina Pipelines Corp (TSX-PPL, NYSE-PBA) ... learn more. The next stock I will write about will be Canadian Natural Resources (TSX-CNQ, NYSE-CNQ) ... learn more on Wednesday, May 6, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks May 2026.... learn more on Tuesday, May 5, 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.