SmartCentres REIT

Yesterday, I bought another 1,000 shares of Accord Financial Corp (TSX-ACD, OTC-ACCFF). The share price has collapsed because of financial difficulties. They have come up a bit from their bottom of $0.50 in June 2026. They ended today at $0.96 and I bought shares at $0.89 and $0.88. I originally bought this stock with my fooling around money and I am continuing in that mode.

Sound bite for Twitter is: Dividend Paying Real Estate. Debt Ratios are mostly fine, but Liquidity could improve. The Dividend Payout Ratios (DPR) are high, but DPRs tend to be rather high on REITs. The current dividend yield is good with dividends flat. See my spreadsheet on SmartCentres REIT.

Is it a good company at a reasonable price? I buy REITs for diversification and dividends. Most REITs have little dividend growth, but dividends are good. For REITs, most of your return is from dividends. I own this stock in my TFSA account and I intend to keep it.

I own this stock of SmartCentres REIT (TSX-SRU.UN, OTC-CWYUF). Once you have 5 or 6 stocks, you might want to consider a REIT for diversification. REITs are an easy way to investment in real estate. I am therefore following a few REIT stocks and in 2009 I decided to look at a few on the Dividend Achiever's List. It is not always on this list because of periods of flat dividends.

When I was updating my spreadsheet, I noticed I have done well with this stock with a return of 10.90% with 3.88% from capital gains and 7.02% from dividends. This is a REIT, so you would expect the greater proportion of the return of come from dividends or distributions. There is a tradeoff between dividend yield versus dividend growth and stock price growth. I noticed that the REIT had a Net Income loss because of Fair Value adjustments on Investment Properties and Financial Instruments. However, most analysts look at Adjusted Funds from Operations (AFFO) and Funds from Operations (FFO) to evaluate REITs than in Net Income or EPS.

If you had invested in this company in December 2015, for $1,0026.46 you would have bought 34 shares at $30.19 per share. In December 2025, after 10 years you would have received $613.14 in dividends. The stock would be worth $875.50. Your total return would have been $1,488.64. This would be a total return of 4.76% per year with 1.58% from capital loss and 6.34% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$30.19	$1,026.46	34	10	$613.14	$875.50	$1,488.64

The current dividend yield is good with dividends flat. The current dividend yield is good (5% to 6% ranges) at 6.72%. The 5 year median dividend yield is high (7% and higher) at 7.40%. The 10 year and historical median dividend yield is good at 6.85%, and 6.29%. Dividends have been flat for the last 6 years from 2020.

The Dividend Payout Ratios (DPR) are high, but DPRs tend to be rather high on REITs. The DPR for 2025 for Earnings per Share (EPS) is far too high at 134% with 5 year coverage better and high at 73%, but REITs tend to have high DPRs. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is high at 91% with 5 year coverage at 95%. The DPR for 2025 for Funds from Operations (FFO) is fine at 83% with 5 year coverage at 84%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 60% with 5 year coverage at 65%. The DPR for 2025 for Free Cash Flow (FCF) is high at 71% with 5 year coverage at 75%.

Item	Cur	5 Years
EPS	133.89%	73.26%
AFFO	91.13%	94.29%
FFO	82.96%	84.48%
CFPS	60.59%	64.51%
FCF	71.06%	74.88%

Debt Ratios are mostly fine, but Liquidity could improve. The Long Term Debt/Market Cap Ratio for 2025 is high at 1.01 and currently at 0.80. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.41 and currently at 0.35 because this is a more important ratio for a REIT. The Liquidity Ratio for 2025 is really low at 0.26 and 0.41 currently. If you added in Cash Flow after dividends, the ratios are still low at 0.31 and currently at 0.18. The Debt Ratio for 2025 is good at 2.10 and 2.05 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.91 and 0.91 and currently at 1.95 and 0.95.

Type	Year End	Ratio Curr
Lg Term R	1.01	0.80
Lg Term A	0.41	0.35
Intang/GW	0.01	0.01
Liquidity	0.26	0.14
Liq. + CF	0.31	0.18
Liq CF DT	0.81	0.67
Debt Ratio	2.10	2.05
Leverage	1.91	1.95
D/E Ratio	0.91	0.95

The Total Return per Year is shown below for years of 5 to 28 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%	9.91%	2.21%	7.70%
2015	10	1.41%	4.76%	-1.58%	6.34%
2010	15	1.20%	7.60%	0.65%	6.95%
2005	20	1.51%	7.05%	0.41%	6.64%
2000	25	2.18%	13.90%	4.35%	9.55%
1997	28		26.63%	10.23%	16.40%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.26, 10.88 and 12.49. The corresponding 10 year ratios are 13.25, 14.29 and 15.57. The corresponding historical ratios are 13.65, 16.85 and 19.07. The current ratio is 33.13 based on a stock price of $27.51 and EPS estimate for 2026 of $0.83. 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.

The above EPS estimate for 2026 is rather low. The EPS estimate for 2027 is $1.98 and this implies a P/E Ratio of 14.22. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Fund from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Fund from Operations Ratios are 11.63, 12.55 and 15.68. The corresponding 10 year ratios are 12.14, 13.97 and 15.94. The corresponding historical ratios are 12.88, 14.64 and 16.29. The current ratio is 14.48 based on a stock price of $27.51 and AFFO estimate for 2026 of $1.90. The current ratio is between the median and the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Fund from Operations (FFO) data. The 5-year low, median, and high median Price/Fund from Operations Ratios are 9.66, 11.21 and 12.87. The corresponding 10 year ratios are 11.19, 12.38 and 15.02. The corresponding historical ratios are 11.66,13.50 and 15.23. The current ratio is 13.04 based on a stock price of $27.51 and FFO estimate for 2026 of $2.11. The current ratio is between the median and the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $23.57. The 10-year low, median, and high median Price/Graham Price Ratios are 0.63, 0.72, and 0.89. The current ratio is 0.73 based on a stock price of $27.51. The current ratio is between the median and the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 0.95. The current ratio is 0.93 based on a stock price of $27.51, Book Value of $5,069M and Book Value per Share $29.73. The current ratio is 2% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 13.43. The current ratio is 11.99 based on Cash Flow for the last 12 month $391.1M, Cash Flow per Share $2.29 and a stock price of $27.51. The current ratio is 11% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 6.29%. The current dividend yield is 6.72% based on a dividend of $1.85 and a stock price of $27.51. The current dividend yield is 7% above the historical 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 6.85%. The current dividend yield is 6.72% based on a dividend of $1.85 and a stock price of $27.51. The current dividend yield is 2% below the 10 year 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 5.61. The current ratio is 4.89 based on Revenue estimate of $958.4M, Revenue per Share is $5.62 and a stock price of $27.51. 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.

Results of stock price testing is that the stock price is probably reasonable. The 10 yar median dividend yield test says the stock price is reasonable but above the median. The P/S Ratio test says that the stock price is reasonable but below the median. The rest of the testing shows that the stock price is reasonable to expensive. But the good tests say it is reasonable and below or above the median.

When I look at analysts’ recommendations, I find Strong Buy (4), Hold (4) and Unperform (1). The consensus is Buy. The 12 month stock price consensus is $30.00 with a high of $33.00 and low of $27.50. The stock price consensus of $30.00 implies a total return of 15.78% with 9.05% from capital gains and 6.72% from dividends based on a current stock price of $27.51.

There are a number of entries on Stock Chase. Some Buy and some Do Not Buy. One Do Not Buy says that the problem with REITs is that in rocky economic times, REITs either have to cut their dividend or issue shares. Sneha Nahata on Motley Fool likes this stock for its high dividend. Demetris Afxentiou on Motley Fool likes this stock for the high monthly income. The company put out a Press Release about its fourth quarter of 2025. The company put out a Press Release about its second quarter of 2026.

Guru Focus News via Yahoo Finance gives their view of this stock. They think that the Dividend Payout Ratio is too high. Simply Wall Street via Yahoo Finance reviews this stock and says it is undervalued. Simply Wall Street says it has 4 warnings on this stock of interest payments are not well covered by earnings; earnings have declined by 26.4% per year over past 5 years; profit margins (16.4%) are lower than last year (24.3%); large one-off items impacting financial results.

SmartCentres Real Estate Investment Trust is a Canadian fully integrated commercial and residential REIT, with several strategically located properties in communities across the country. It has one reportable segment, which comprises the development, ownership, management, and operation of investment properties located in Canada. Its web site is here SmartCentres REIT.

The last stock I wrote about was about was High Liner Foods (TSX-HLF, OTC-HLNFF) ... learn more. The next stock I will write about will be Cargojet Inc (TSX-CJT, OTC-CGJTF) ... learn more on Friday, September 4, 2026 around 5 pm. . Tomorrow on my other blog I will write about Something to Buy September 2026 learn more on Thursday, September 3, 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.

High Liner Foods

Sound bite for Twitter is: Dividend Paying Consumer. Some Debt Ratios are good, but it has a high debt level. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth probably low going forward. See my spreadsheet on High Liner Foods .

Is it a good company at a reasonable price? It would seem you should be careful when you buy this stock because over some periods it has produced a reasonable return and over other periods the returns were too low or negative. Analyst expect some good growth in Revenue, Earnings and Cash Flow this year. My testing is showing that the stock price is reasonable. The Dividend Yield tests are showing that the stock price is cheap and dividend payout ratios are reasonable.

I do not own this stock of High Liner Foods (TSX-HLF, OTC-HLNFF). When I started to follow this stock, it was liked by the Investment Reporter and was considered to be of average risk. The Investment reporter no longer exists. Ryan Irvine of Keystone also likes this company.

When I was updating my spreadsheet, I noticed that even though they had higher sales, their expenses were a higher percentage of the sales. It was the Cost of Sales that was higher. Cost of Sales Ratio went from 0.77 last year to 0.79 this year. Also, from the total return over the past 5 and 10 years, it would appear that you should be careful when you buy this stock in order to make a reasonable return.

If you had invested in this company in December 2015, for $1,010.75 you would have bought 65 shares at $15.55 per share. In December 2025, after 10 years you would have received $309.73 in dividends. The stock would be worth $962.00. Your total return would have been $1,271.73. This would be a total return of 2.62% per year with 0.49% from capital loss and 3.11% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$15.55	$1,010.75	65	10	$309.73	$962.00	$1,271.73

However, if you had invested in this company in December 2020, for $1,010.10 you would have bought 91 shares at $11.10 per share. In December 2025, after 5 years you would have received $235.24 in dividends. The stock would be worth $1,346.80. Your total return would have been $1,582.04. This would be a total return of 9.96% per year with 5.92% from capital gain and 4.04% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.10	$1,010.10	91	5	$235.24	$1,346.80	$1,582.04

The current dividend yield is moderate with dividend growth probably low going forward. The current dividend yield is moderate (2% to 4% ranges) at 4.65%. The 5, 10 and historical median dividend yields are also moderate at 4.15%, 3.32% and 2.59%. The dividend growth over the past 5 years is high (above 15% per year) at 25.5% per year. However, there were dividend decreases before the high increases in the past 5 years. The last dividend increase occurred in 2025 and it was for 2.9%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 41% with 5 year coverage at 28%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 43% with 5 year coverage at 29%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 13%. The DPR for 2025 for Free Cash Flow (FCF) is high at 83% with 5 year coverage good at 27%. Free Cash Flow for 2025 goes from $17.26M to a negative $28.9M. I am using the $17.26M value.

Item	Cur	5 Years
EPS	40.97%	27.96%
AEPS	42.72%	28.89%
CFPS	16.37%	12.59%
FCF	83.17%	26.80%

Some Debt Ratios are good, but it has a high debt level. The Long Term Debt/Market Cap Ratio for 2025 is much too high at 0.93 and currently at 0.95. You would want this ratio closer to 0.50. The Liquidity Ratio for 2025 is good at 2.18 and 2.29 currently. The Debt Ratio for 2025 is good at 1.74 and 1.70 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.36 and 1.36 and currently at 2.43 and 1.43.

Type	Year End	Ratio Curr
Lg Term R	0.93	0.95
Intang/GW	0.93	0.86
Liquidity	2.18	2.29
Liq. + CF	2.16	2.52
Debt Ratio	1.74	1.70
Leverage	2.36	2.43
D/E Ratio	1.36	1.43

The Total Return per Year is shown below for years of 5 to 42 to the end of 2025 CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	25.50%	9.96%	5.92%	4.04%
2015	10	3.95%	2.62%	-0.49%	3.11%
2010	15	9.95%	7.94%	4.08%	3.86%
2005	20	10.10%	9.92%	6.07%	3.84%
2000	25	9.60%	11.91%	8.07%	3.84%
1995	30		8.78%	6.25%	2.53%
1990	35		1.90%	0.60%	1.30%
1985	40		-0.30%	-1.33%	1.02%
1983	42		1.16%	0.05%	1.11%

The Total Return per Year is shown below for years of 5 to 21 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	23.67%	7.74%	3.83%	3.91%
2015	10	4.06%	2.78%	-0.46%	3.24%
2010	15	7.65%	5.41%	1.86%	3.55%
2005	20	9.21%	9.16%	5.16%	4.00%
2004	21	8.92%	8.18%	4.52%	3.65%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.79, 8.52 and 10.10. The corresponding 10 year ratios are 7.60, 9.82 and 12.11. The corresponding historical ratios are 8.02, 10.29 and 12.17. The current ratio is 5.39 based on a stock price of $15.05 and EPS estimate for 2026 of $2.79. 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 also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 6.51, 7.99 and 9.47. The corresponding 10 year ratios are 6.62, 8.37 and 10.42. The corresponding historical ratios are 7.08, 9.57 and 12.02. The current ratio is 5.16 based on a stock price of $15.05 and AEPS estimate for 2026 of $2.92 ($2.12 US$). 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 Graham Price of $35.92. The 10-year low, median, and high median Price/Graham Price Ratios are 0.44, 0.57, and 0.71. The current ratio is 0.42 based on a stock price of $15.05. 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 0.86. The current ratio is 0.77 based on Book Value of $561M, Book Value per Share of $19.66 and a stock price of $15.05. The current ratio is 10.7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 3.80. The current ratio is 4.65 based on Cash Flow per Share estimate for 2026 of $3.23 and a stock price of $15.05. The current ratio is 23% 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 2.59%. The current ratio is 4.65% based on a stock price of $15.05 and dividends of $0.70. The current dividend yield is 80% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 3.32%. The current ratio is 4.65% based on a stock price of $15.05 and dividends of $0.70. The current dividend yield is 40% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.33. The current ratio is 0.27 based on Revenue estimate for 2026 of $1,569M, Revenue per Share of $54.95 and a stock price of $15.05. 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.

Results of stock price testing is that the stock price is probably reasonable and may even be cheap. The 10 year dividend yield test says that the stock price is cheap. However, the P/S Ratio test says it is reasonable and below the median. Most of the other tests are saying that the stock price is either cheap or reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1) and Hold (3). The consensus is a Buy. The consensus 12 month stock price is $17.75, with a high of $21.00 and low of $16.50. This implies a total return of 22.59% with 17.94% from capital gains and 4.65% from dividends based on a current stock price of $15.05.

This was a top pick in 2024 for two analysts on Stock Chase there are no further entries. There were entries each year from 2018 to 2024. (I cannot look further on this site.) Brian Paradza on Motley Fool says buy this stock down 26% and hold for decades. Amy Legate-Wolfe on Motley Fool also likes this company. She said that they just bought Conagra Brands which was a seafood acquisition. The company put out a press release via Newswire about their fourth quarter results for 2025. The company put out a press release via Newswire about their second quarter of 2026 results.

Simply Wall Street via Yahoo Finance puts out a review of this stock. It says its fair value is $16.52.

High Liner Foods Inc is a Canadian company that is mainly engaged in the processing and marketing of prepared and packaged frozen seafood products. The company's retail branded products are sold throughout the United States and Canada. Its web site is here High Liner Foods .

The last stock I wrote about was about was Capital Power Corp (TSX-CPX, OTC-CPRHF) ... learn more. The next stock I will write about will be SmartCentres REIT (TSX-SRU.UN, OTC-CWYUF) ... learn more on Wednesday, September 2, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks September 2026.... learn more on September 1, 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.

Capital Power Corp

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably expensive. I would like to see the Debt Ratios improved and the company has lots of debt, but utilities tend to have lots of debt. Some of the Dividend Payout Ratios (DPR) are fine and some are too high. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Capital Power Corp.

Is it a good company at a reasonable price? I have always like utility stocks. They give you a mix of good dividends and growth. This seems to me like an interesting stock. They are in to getting electricity to Data Centers. It would certainly seem that Data Centers are in our future. However, this stock would seem to very much be on the expensive side at the present time.

I do not own this stock of Capital Power Corp (TSX-CPX, OTC-CPRHF). Capital power Corp is in John Heinzl's yield Hog model portfolio. In Money Sense annual list of the 100 best dividend stocks for 2021, this stock was rated an A.

When I was updating my spreadsheet, I noticed that revenue was lower and energy and fuel costs were higher as a percentage of revenue. Also, last year the company had a gain on divestitures. This accounts for the lower EPS for 2025 compared to 2024. I also notice the EPS can vary a lot from year to year.

If you had invested in this company in December 2015, for $1,012.89 you would have bought 27 shares at $17.74 per share. In December 2025, after 10 years you would have received $1,166.71 in dividends. The stock would be worth $3,337.35. Your total return would have been $4,504.06. This would be a total return of 19.57% per year with 12.66% from capital gain and 6.91% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.77	$1,012.89	57	10	$1,166.71	$3,337.35	$4,504.06

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.37%. The 5 year dividend yield is moderate at 4.80%. The 10 and historical dividend yields are good (5% and 6% ranges) at 5.89% and 5.51%. The dividend growth is low (below 8% per year) at 6.3% per year over the past 5 years. The last dividend increase was in 2026 and it was for 2%.

Some of the Dividend Payout Ratios (DPR) are fine and some are too high. The DPR for 2025 for Earnings per Share (EPS) is far too high at 301% with 5 year coverage high at 89%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is far too high at 302% with 5 year coverage still far too high at 111%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 33% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is far too high at 483% with 5 year coverage at 374%. FCF for 2025 varies from $47M to $70M and I am using the $70M figure.

Item	Cur	5 Years
EPS	300.76%	88.77%
AEPS	302.39%	111.35%
AFFO	37.38%	35.92%
CFPS	33.64%	28.36%
FCF	482.86%	374.47%

I would like to see the Debt Ratios improved and the company has lots of debt, but utilities tend to have lots of debt. The Long Term Debt/Market Cap Ratio for 2025 is a bit high at 0.70 and currently at 0.61. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.57 and currently at 0.55 because this is a more important ratio for a Utility. The Liquidity Ratio for 2025 is too low at 0.94 and 0.80 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.22 and currently at 1.22. This ratio is better if at 1.50 or higher. The Debt Ratio for 2025 is low at 1.46 and 1.43 currently. This ratio is better at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.51 and 2.41 and currently at 3.66 and 2.55. These ratios are better if they are below 3.00 and 2.00. However, utilities tend to have lots of debt.

Type	Year End	Ratio Curr
Lg Term R	0.70	0.61
Lg Term /A	0.57	0.55
Intang/GW	0.07	0.06
Liquidity	0.94	0.80
Liq. + CF	1.22	1.22
Debt Ratio	1.46	1.43
Leverage	3.51	3.66
D/E Ratio	2.41	2.55

The Total Return per Year is shown below for years of 5 to 16 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	6.27%	16.36%	10.85%	5.51%
2015	10	6.50%	19.57%	12.66%	6.91%
2010	15	5.07%	11.06%	6.23%	4.83%
2005	16	4.75%	11.53%	6.50%	5.03%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 44.69, 53.13 and 61.57. The corresponding 10 yar ratios are 24.11, 30.80 and 37.75. The corresponding historical ratios are 22.06, 27.68 and 30.57. The current ratio is 32.29 based on a stock price of $64.58 and EPS estimate for 2026 of $2.00. This 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. These are quite high P/E Ratios for a utility.

I also have Adjusted Earning per Share Ratios. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 10.31, 12.26 and 14.21. The corresponding 10 yar ratios are 16.92, 21.40 and 24.08. The corresponding historical ratios are 16.72, 19.63 and 22.02. The current ratio is 32.29 based on a stock price of $64.58 and AEPS estimate for 2026 of $2.00. This ratio is above high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $35.04. The 10-year low, median, and high median Price/Graham Price Ratios are 1.00, 1.19 and 1.34. The current ratio is 1.84 based on a stock price of $64.58. This ratio is above high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.68. The current ratio is 2.37 based on a Book Value of $4,286M, Book Value per Share of $27.29 and a stock price of $64.58. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Book Value per Share estimate for 2026 of $30.46. This analyst calculated the Book Value differently than I do and, in this case, the 10 year Median P/B Ratio is 1.60. The P/B Ratio for a Book Value per Share of $30.46 is 2.12 with a stock price of $64.58 and a Book Value $4,785M. This 2.12 ratio is 63% above the 10 year median ratio of 1.60. 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 5.73. The current ratio is 7.14 based on a stock price of $64.58, Cash Flow per Share estimate for 2026 of $9.05 and Cash Flow of $1,421M. The current ratio of 7.14 is 25% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 5.51%. The current dividend yield is 4.37% based on dividends of $2.778 and a stock price of $64.58. The current dividend yield is 21% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 5.89%. The current dividend yield is 4.37% based on dividends of $2.778 and a stock price of $64.58. The current dividend yield is 26% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.81. The current ratio is 2.85 based on Revenue estimate for 2026 of $3,444M, Revenue per Share of $22.70 and a stock price of $64.58. The current ratio is 57% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. The 10 year median dividend yield test says the stock price is relatively expensive an it is confirmed by the P/S Ratio test. All my tests are saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (2) and Hold (2). The consensus is a Strong Buy. The 12 month stock price consensus is $80.00 with a high of $88.00 and a low of $72.00. This implies a total return of 28.24% with 23.88% from capital gains and 4.37% from dividends based on a current stock price of $64.58.

Most analysts like this stock on Stock Chase however a few say Do Not Buy. They say the company depends on the open market rather than contracts and it is a play on AI. Amy Legate-Wolfe on Motley Fool says the company just locked in a 10 year plus deal for Meta’s Alberta data center. Daniel Da Costa on Motley Fool says to buy this company for a mix of income and growth. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter of 2026.

Simply Wall Street via Yahoo Finance says that this company could be undervalued. Another view is that the P/E Ratio is too high compared to others in the Renewable Energy Industry. Simply Wall Street has 4 warnings on this stock of interest payments are not well covered by earnings; dividend of 4.21% is not well covered by earnings or free cash flows; profit margins (2.7%) are lower than last year (13.9%); and large one-off items impacting financial results.

Capital Power Corp is a North American power producer whose principal activities are developing, acquiring, and operating power plants. These are located throughout Western and Central Canada and the U.S. The company generates the vast majority of its revenue from sale of electricity and natural gas. Its web site is here Capital Power Corp.

The last stock I wrote about was about was ATCO Ltd (TSX-ACO.X, OTC-ACLLF) ... learn more. The next stock I will write about will be High Liner Foods (TSX-HLF, OTC-HLNFF) ... learn more on Monday, August 31, 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.

ATCO Ltd

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably expensive. Some Debt Ratios are good, but the company has too much debt, but utilities often have high debt. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is moderate with dividend growth low. See my spreadsheet on ATCO Ltd.

Is it a good company at a reasonable price? This stock is mostly a utility. As such, you can expect a good dividend, but little in the way of dividend growth and lower capital gains growth. I think that any dividend stock portfolio should have at least a couple of utility type stocks. They are usually good stocks to have both in good times and bad times. This stock has mostly done well for shareholders, but it would appear to be currently rather on the expensive side to buy.

I do not own this stock of ATCO Ltd (TSX-ACO.X, OTC-ACLLF). I started to look at this stock in 2009 because it was a dividend paying stock that was on everyone’s list. At that time this stock was on the Dividend Achievers list, the Dividend Aristocrats list and also was on Mike Higgs’ list. ATCO (TSX-ACO-X) owns 52.3% (2021) Canadian Utilities (TSX-CU), so you would not buy both these stocks.

When I was updating my spreadsheet, I noticed this stock has a good dividend, but it is growing slowly. There is always a trade off between dividend yield and growth. If dividends continue to increase by 3.00% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $76.45 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$2.41	3.15%	5	3.00%	14.43%
$2.79	3.65%	10	3.00%	28.01%
$3.24	4.24%	15	3.00%	43.76%

If you had invested in this company in December 2015, for $1,035.30 you would have bought 29 shares at $35.70 per share. In December 2025, after 10 years you would have received $488.24 in dividends. The stock would be worth $1,635.02. Your total return would have been $2,123.26. This would be a total return of 8.45% per year with 4.68% from capital gain and 3.78% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$35.70	$1,035.30	29	10	$488.24	$1,635.02	$2,123.26

The current dividend yield is moderate with dividend growth low. The current dividend is moderate (2% to 4% ranges) at 2.74%. The 5, 10 and historical dividend yields are moderate at 4.37%, 4.03% and 2.22%. The dividend growth is low (below 8% per year) at 3% per year over the past 5 years. The last dividend increase was in 2026 and it was for 3%.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is far too high at 152% with 5 year coverage too high at 66%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 44% with 5 year coverage at 49%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 10% with 5 year coverage at 10%. The DPR for 2025 for Free Cash Flow (FCF) is far too high at 454% with 5 year coverage at 225%. FCF for 2025 varies from $50M (which I am using) to $227M.

Item	Cur	5 Years
EPS	151.73%	66.25%
AEPS	43.89%	48.63%
CFPS	9.94%	10.41%
FCF	454.00%	224.58%

Some Debt Ratios are good, but the company has too much debt, but utilities often have high debt. The Long Term Debt/Market Cap Ratio for 2025 is rather high at 2.00 and currently at 1.48. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is fine at 0.56 and currently at 0.56 because this is a more important ratio for a Utility. The Liquidity Ratio for 2025 is good at 1.80 and 2.04 currently. The Debt Ratio for 2025 is fine at 1.43 and 1.45 currently. The Leverage Ratio is high at 3.31 and Debt/Equity Ratios for 2025 is fine at 1.43 and currently Leverage Ratio is high 3.22 and Debt/Equity Ratios fine at 1.45.

Type	Year End	Ratio Curr
Lg Term A	0.56	0.56
Lg Term R	2.00	1.48
Intang/GW	0.19	0.15
Liquidity	1.80	2.04
Liq. + CF	3.36	4.09
Debt Ratio	1.43	1.45
Leverage	3.31	3.22
D/E Ratio	1.43	1.45

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	3.00%	13.51%	9.09%	4.41%
2015	10	7.38%	8.45%	4.68%	3.78%
2010	15	9.32%	7.59%	4.40%	3.19%
2005	20	8.71%	8.37%	5.34%	3.03%
2000	25	9.08%	9.66%	6.53%	3.13%
1995	30	10.92%	12.47%	8.64%	3.82%
1990	35	10.57%	12.20%	8.74%	3.46%
1988	37	10.51%	13.44%	9.58%	3.86%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.40, 13.67 and 14.94. The corresponding 10 year ratios are 12.35, 14.07 and 16.21. The corresponding historical ratios are 9.17, 10.67 and 12.34. The current ratio is 16.95 based on a stock price of $75.94 and EPS estimate for 2026 of $4.48. 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 9.95, 11.13 and 12.31. The corresponding 10 year ratios are 10.85, 12.62 and 14.13. The corresponding historical ratios are 10.85, 12.62 and 14.13. The current ratio is 15.56 based on a stock price of $75.94 and AEPS estimate for 2026 of $4.88. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $68.12. The 10-year low, median, and high median Price/Graham Price Ratios are 0.71, 0.82 and 0.91. The current ratio is 1.11 based on a stock price of $75.94. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.20. The current ratio is 1.80 based on a Book Value of $4,755M, Book Value per Share of $42.26 and a stock price of $75.94. The current ratio is 50% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.54. The current ratio is 3.43 based on Cash Flow estimate for 2026 of $2,489M, Cash Flow per Share of $22.12 and a stock price of $75.94. The current ratio is 35% 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 2.22%. The current dividend yield is 2.74% based on dividends of $2.0784 and a stock price of $75.94. The current ratio is 23% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 4.06%. The current dividend yield is 2.74% based on dividends of $2.0784 and a stock price of $75.94. The current ratio is 33% below 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 1.09. The current ratio is 1.46 based on Revenue estimate for 2026 of $5,860M, Revenue per Share of $52.08 and a stock price of $75.94. The current ratio is 34% 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. All but one of my tests is showing that the stock price is relatively expensive. The 10 year median dividend yield says that the stock price is relatively expensive and it is confirmed by the P/S Ratio test.

When I look at analysts’ recommendations, I find Strong Buy (3) and Hold (5). The consensus would be a Buy. The 12 month stock price consensus is $81.00 with a high of $85.00 and a low of $76.00. The 12 month consensus stock price of $81.00 implies a total return of $9.40% with 6.66% from capital gains and 2.74% from dividend based on a current stock price of $75.94.

There are three entries on Stock Chase for 2026. There is one Hold and two Buys. Jitendra Parashar on Motley Fool says the company is pairing steady earnings growth with new projects. Amy Legate-Wolfe on Motley Fool says with regulated utility exposure could benefit from AI data Centres. The company put out a press release about their fourth quarter results for 2025. The company put out a Press Release about their second quarter of 2026.

The Canadian Press via Yahoo Finance talks about the company beginning constructions on a natural gas pipeline. This is great news. Simply Wall Street via Yahoo Finance talks about this stock and says that its fair value is $68.86. Simply Wall Street has 3 warnings out on this stock of interest payments are not well covered by earnings; dividend of 2.76% is not well covered by earnings; and profit margins (3.4%) are lower than last year (8.7%).

Atco Ltd is a Canada-based diversified company. It has 3 sections of Structures and Logistics, Neltume Ports, and Retail Energy segment. It generates maximum revenue from the ATCO Energy Systems segment and earns maximum revenue from Canada. Its web site is here ATCO Ltd.

The last stock I wrote about was about was Exchange Income Corp (TSX-EIF, OTC-EIFZF) ... learn more. The next stock I will write about will be Capital Power Corp (TSX-CPX, OTC-CPRHF) ... learn more on Friday, August 28, 2026 around 5 pm. Tomorrow on my other blog I will write about State of the Nation Financial Overview.... learn more on Thursday, August 27, 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.

Exchange Income Corp

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is testing as expensive. Most Debt Ratios are good, but the company has too much debt. The Dividend Payout Ratios (DPR) are high except for CFPS and here it is good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Exchange Income Corp.

Is it a good company at a reasonable price? This company has done quite well for its shareholders over the long term. However, because it is issuing shares, the increases per share are lower than the absolute increases. For example, Revenue is up by 23% and 15% over the past 5 and 10 years, but Revenue per Share is only up 13% and 7% over the past 5 and 10 years. The stock has had a good run since 2025, but you have to wonder if it is currently too high. My testing is showing that the current stock price is relatively expensive on a number of different tests.

I do not own this stock of Exchange Income Corp (TSX-EIF, OTC-EIFZF). One of my blogger readers suggested this stock as one to review. There was an interesting article about this stock in the Globe and Mail in May 2013. This article suggested that the company had a hefty yield with an acquisition tailwind. This article is no longer available.

When I was updating my spreadsheet, I noticed that this company had a good year in 2025. Revenue is up 23%, Adjusted Earnings is up 21%, Stock Price is up 39% and up 54% so far this year.

If you had invested in this company in December 2015, for $1,026.36 you would have bought 26 shares at $28.51 per share. In December 2025, after 10 years you would have received $836.55 in dividends. The stock would be worth $2,950.56. Your total return would have been $3,787.11. This would be a total return of 16.45% per year with 11.14% from capital gain and 5.31% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$28.51	$1,026.36	36	10	$836.55	$2,950.56	$3,787.11

This stock has had good growth over the past 5 and 10 years. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	185.09%	23.31%	13.14%	<-12 mths
5	AEPS Growth	175.57%	22.47%	14.40%	<-12 mths
5	FCF per Share Growth	48.98%	8.30%	14.61%	<-12 mths
5	Net Income Growth	497.11%	42.96%	22.45%	<-12 mths
5	Cash Flow Growth	149.23%	20.04%	10.29%	<-12 mths
5	Dividend Growth	16.23%	3.05%	4.15%	<-12 mths
5	Stock Price Growth	123.69%	17.47%	62.38%	<-12 mths
10	Revenue Growth	305.93%	15.04%	19.24%	<-this year
10	AEPS Growth	76.96%	5.87%	27.98%	<-this year
10	FCF per Share Growth	50.87%	4.20%	-0.46%	<-this year
10	Net Income Growth	316.36%	15.33%	44.94%	<-this year
10	Cash Flow Growth	549.03%	20.57%	10.29%	<-this year
10	Dividend Growth	47.22%	3.94%	5.74%	<-this year
10	Stock Price Growth	187.48%	11.14%	83.02%	<-this year

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4%) at 2.19%. The 5 and 10 year median dividend yields are good (5% to 6%) at 5.17% and 5.73%. The historical median dividend yield is high (7% and above) at 7.10%. However, this stock used to be an income trust stock and the dividend yield has been dropping since 2009 when the company became a corporation. The dividend growth is low (below 8% per year) at 3.1% per year over the past 5 years. The last dividend increase was in 2025 and it was for 4.56%.

The Dividend Payout Ratios (DPR) are high except for CFPS and here it is good. The DPR for 2025 for Earnings per Share (EPS) is high at 85% with 5 year coverage at 98%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 73% with 5 year coverage at 84%. The DPR for 2025 for Free Cash Flow provided by the company (FCF) is high at 61% with 5 year coverage at 66%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 26% with 5 year coverage at 29%. The DPR for 2025 for Free Cash Flow (FCF) is high at 58% with 5 year coverage at 58%.

Item	Cur	5 Years
EPS	84.94%	98.35%
AEPS	73.41%	84.27%
FCF Co.	60.50%	66.37%
CFPS	25.54%	29.02%
FCF	58.49%	58.45%

Most Debt Ratios are good, but the company has too much debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.47 and currently at 0.31. The Liquidity Ratio for 2025 is good at 1.71 and 1.63 currently. The Debt Ratio for 2025 is good at 1.50 and 1.48 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.99 and 1.99 and currently too high at 3.07 and 2.07.

Type	Year End	Ratio Curr
Lg Term R	0.47	0.31
Intang/GW	0.26	0.16
Liquidity	1.71	1.63
Liq. + CF	2.33	2.23
Debt Ratio	1.50	1.48
Leverage	2.99	3.07
D/E Ratio	1.99	2.07

The Total Return per Year is shown below for years of 5 to 22 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	3.05%	22.53%	17.47%	5.05%
2015	10	3.94%	16.45%	11.14%	5.31%
2010	15	3.60%	17.20%	10.82%	6.38%
2005	20	4.79%	19.28%	10.82%	8.46%
2003	22	7.87%	34.23%	15.19%	10.04%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 16.02, 20.59 and 23.80. The corresponding 10 year ratios are 14.64, 17.84 and 21.09. The corresponding historical ratios are 13.66, 16.55 and 20.42. The current ratio is 29.17 based on EPS estimate for 2026 of $4.33 and a stock price of $126.29. 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.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.82, 17.15 and 19.82. The corresponding 10 year ratios are 11.56, 15.23 and 18.31. The corresponding historical ratios are 12.50, 15.91 and 18.40. The current ratio is 27.34 based on AEPS estimate for 2026 of $4.62 and a stock price of $126.29. 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.

I get a Graham Price of $57.78. The 10-year low, median, and high median Price/Graham Price Ratios are 0.88, 1.14 and 1.35. The current ratio is 2.19 based on a stock price of $126.29. 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.

I get a 10-year median Price/Book Value per Share Ratio of 1.91. The current ratio is 3.93 based on a Book Value of $1,810.9M, Book Value per Share $32.12 and a stock price of $126.29. The current ratio is 105% 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 5.91. The current ratio is 9.96 based on Cash Flow for the last 12 months of $714.6M, Cash Flow per Share of $12.67 and a stock price of $126.29. The current ratio is 10% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 7.10%. The current dividend yield is 2.19% based on a stock price of $126.29 and dividends of $2.76. The current dividend yield is 69% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this stock used to be an income trust and as such would have quite high dividend yields.

I get a 10 year median dividend yield of 5.73%. The current dividend yield is 2.19% based on a stock price of $126.29 and dividends of $2.76. The current dividend yield is 62% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this stock used to be an income trust and as such would have quite high dividend yields.

The 10-year median Price/Sales (Revenue) Ratio is 1.12. The current ratio is 1.82 based on Revenue estimate for 2026 of $3,908M, Revenue per Share of $69.31 and a stock price of $126.29. The current ratio is 63% 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 testing as expensive. Almost all my tests are showing this stock price as expensive (except for the P/CF Ratio test). Also, if you look at the stock chart, this stock is just slightly of its last peak.

When I look at analysts’ recommendations, I find Strong Buy (7) and Buy (4). The consensus is a Buy. The 12 month consensus target stock price is $150.00 with a high of $165.00 and a low of $122.00. The target price of $150.00 implies a total return of 20.96% with 18.77% from capital gains and 2.19% from dividends based on a current stock price of $126.29. Note that I am currently using Globe and Mail for this information. I used to use Market Screener, but lately my McAfee does not like this site for some reason.

The analysts on Stock Chase like this company, but most of the entries are Buy on Weakness or Hold. Amy Legate-Wolfe on Motley Fool likes this company for its dividends. Jitendra Parashar on Motley Fool likes this stock because of its monthly dividend. The company put out a press release via Business Wire about their fourth quarter of 2025. The company put out a press release via Business Wire about their second quarter of 2026.

Guru Focus via Yahoo Finance looks at the positive and negative points of this company. Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street has two warnings out on this stock of has a high level of debt; and dividend of 2.07% is not well covered by free cash flows. They also point out even though net income gained 67% over the past 3 years, earnings per share only gained 28% because of the company issuing more shares.

Exchange Income Corp is a diversified, acquisition-oriented corporation focused on opportunities in the Aerospace and Aviation and Manufacturing segments. The business plan of the Corporation is to invest in profitable, well-established companies with cash flows operating in niche markets. Its geographic areas are Canada, Europe, the USA, and Others. Its web site is here Exchange Income Corp.

The last stock I wrote about was about was Alimentation Couche-Tard Inc (TSX-ATD, OTC-ANCUF) ... learn more. The next stock I will write about will be ATCO Ltd (TSX-ACO.X, OTC-ACLLF) ... learn more on Wednesday, August 26, 2026 around 5 pm. Tomorrow on my other blog I will write about What Fairfax Holds.... learn more on Tuesday, August 25, 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.