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.

Alimentation Couche-Tard Inc

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

Is it a good company at a reasonable price? This stock has done very well for its shareholders. Even thought the dividend is low, it has good growth. I would buy when dividend is 1% or above. A lot of the testing is saying that the stock price is expensive. It is just of a recent high, so it could be expensive. Both the Price/Graham Price Ratio and Price/Book Value Ratio testing is showing it reasonable but above the median. So, it might be on the high side. But I must admit, I do like the dividend tests best.

I do not own this stock of Alimentation Couche-Tard Inc (TSX-ATD, OTC-ANCTF). In 2004 I bought this stock as it had a good reputation and my spreadsheet showed I should do well with it. I bought more of this stock in 2006 as it had a good past record and had started to pay a dividend. By the year end I bought more as TD Bank said it was a good time to buy this stock. I sold the stock in my trading account in 2007 as I was raising mortgage money and this stock had gone down so it was cheap, tax wise, to sell. In 2013, I sold the stock in my Pension account as it had the lowest dividend yield and I had to raise money in this account because of yearly withdrawals.

When I was updating my spreadsheet, I noticed all the officers I follow bought more shares in the past years. It is mixed story with the directors. Some directors have lots of shares and two sold small amounts and one bought a small amount. However, directors often do not have shares or buy more shares very often on any company.

Note that this company has a financial year ending at the end of April each year. I am looking at the financial year end dated 26 April 2026. The financial statements are in US$, the estimates are in US$. The dividends are paid in CDN$.

If you had invested in this company in December 2015, for $1,005.02 you would have bought 33 shares at $30.46 per share. In December 2025, after 10 years you would have received $138.52 in dividends. The stock would be worth $2,473.68. Your total return would have been $2,612.20. This would be a total return of 10.25% per year with 9.43% from capital gain and 0.82% from dividends.

Cost Tot. Cost Shares Years Dividends Stock Val Tot Ret $30.46 $1,005.02 33 10 $138.52 $2,473.68 $2,612.20

You can see from the following chart, that this stock has good growth, but growth was high in the past 10 years than in the past 5 years, so growth of earnings has slowed as has cash flow. 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 first quarter in 2027 (July 2026) and expected growth over this financial year of 2027.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth US$	67.19%	10.83%	5.36%	<-12 mths
5	AEPS Growth	26.53%	4.82%	4.52%	<-12 mths
5	Net Income Growth	16.20%	3.05%	2.83%	<-12 mths
5	Cash Flow Growth	31.24%	5.59%
5	Dividend Growth	127.64%	17.88%	6.19%	<-12 mths
5	Stock Price Growth	74.46%	11.77%	12.24%	<-12 mths
10	Revenue Growth US$	124.07%	8.40%	10.00%	<-this year
10	AEPS Growth	197.05%	11.50%	6.77%	<-this year
10	Net Income Growth	163.40%	10.17%	-4.25%	<-this year
10	Cash Flow Growth	184.08%	11.01%	5.59%	<-this year
10	Dividend Growth	504.17%	19.71%	11.46%	<-this year
10	Stock Price Growth	169.94%	10.44%	12.24%	<-this year

The current dividend yield is low with dividend growth good. The current dividend yield is low (below 2%) at 1.00%. The 5, 10 and historical median dividend yields are also low at 0.85%, 0.77% and 0.70%. The dividend growth is good (15% per year or higher) at 20.5% per year over the past 5 years. The last dividend increase was in 2026 and it was for 10.3%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 17% with 5 year coverage at 16%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 19% with 5 year coverage at 16%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 9%. The DPR for 2025 for Free Cash Flow (FCF) is good at 21% with 5 year coverage at 17%. FCF for 2026 varies from $2,580M to $3,638M. I am using the one for 2026 of $2,580M.

Item	Cur	5 Years
EPS	17.44%	15.66%
AEPS	18.95%	15.75%
CFPS	9.13%	8.93%
FCF	21.45%	16.62%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.19 and currently at 0.18. The Liquidity Ratio for 2025 is low at 1.12 and too low at 0.99 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.66 and currently at 1.66. The Debt Ratio for 2025 is good at 1.60 and 1.60 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.69 1.68 and currently at 2.69and 1.68.

Type	Year End	Ratio Curr
Lg Term R	0.19	0.18
Intang/GW	0.22	0.21
Liquidity	1.12	0.99
Liq. + CF	1.66	1.66
Debt Ratio	1.60	1.60
Leverage	2.69	2.69
D/E Ratio	1.68	1.68

The Total Return per Year is shown below for years of 5 to 33 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	20.49%	12.66%	11.56%	1.10%
2015	10	20.64%	10.25%	9.43%	0.82%
2010	15	24.47%	21.85%	20.61%	1.25%
2005	20	16.16%	16.73%	15.93%	0.81%
2000	25		22.47%	21.44%	1.03%
1995	30		24.98%	23.93%	1.05%
1992	33		30.54%	29.02%	1.51%

The Total Return per Year is shown below for years of 5 to 33 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	17.88%	10.89%	9.82%	1.07%
2015	10	19.71%	10.37%	9.52%	0.85%
2010	15	21.50%	19.19%	18.04%	1.15%
2005	20	14.99%	15.65%	14.83%	0.82%
2000	25		21.51%	20.44%	1.07%
1995	30		23.71%	22.64%	1.08%
1992	33		29.37%	27.79%	1.58%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 14.74, 16.66 and 18.58. The corresponding 10 year ratios are 13.35, 15.64 and 18.28. The corresponding historical ratios are 12.77, 16.17 and 19.85. The current ratio is 18.62 based on a stock price of $86.05 and EPS estimate for 2027 of $4.62 ($3.33 US$). The current ratio is above the high ratio of the 10 year median. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.52, 17.79 and 20.05. The corresponding 10 year ratios are 14.30, 16.61 and 19.24. The corresponding historical ratios are 12.41, 15.41 and 18.11. The current ratio is 18.83 based on a stock price of $62.32 and AEPS estimate for 2027 of $4.59. The current ratio is between the median and the high ratio of the 10 year median. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. You will get similar results in CDN$.

I get a Graham Price of $50.26. The 10-year low, median, and high median Price/Graham Price Ratios are 1.33, 1.53 and 1.77. The current ratio is 1.71 based on a stock price of $86.05. The current ratio is between the median and the high ratio of the 10 year median. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 3.38. The current ratio is 3.54 based on a stock price of $62.32, Book Value of $16,179M, and Book Value per Share of $17.62. The current ratio is 4.6% above the 10 year median ratio. The current ratio is between the median and the high ratio of the 10 year median. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. You will get similar results in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 10.18. The current ratio is 10.11 based on Cash Flow per Share estimate for 2027 of 6.17, Cash Flow of $5,663M and a stock price of $62.32. The current ratio is 0.7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get similar results in CDN$.

I get an historical median dividend yield of 0.70. The current dividend yield is 1.00% based on dividends of $0.86 and a stock price of $86.05. The current dividend yield is 43% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

I get a 10 year median dividend yield of 0.77. The current dividend yield is 1.00% based on dividends of $0.86 and a stock price of $86.05. The current dividend yield is 29% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 0.66. The current dividend yield is 0.68 based on Revenue estimate for 2027 of $84,154M, Revenue per Share of $91.64 and a stock price of $62.32. The current ratio is 2.9% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. You will get similar results in CDN$.

Results of stock price testing is that the stock price is probably reasonable, but could be cheap. The dividend yield testing is saying that the stock price is cheap, but the P/S Ratio testing is saying reasonable but above the median (but not by much). The rest of the testing varies from reasonable, but above the median to expensive.

When I look at analysts’ recommendations, I find Strong Buy (8) and Buy (2). The consensus would be a Buy. The 12 month stock price consensus is $104.00 with a high of $110.00 and low of $82.00. The consensus stock price of $104 implies a total return of 21.86% with 20.86% from capital gains and 1.00% from dividends based on a current stock price of $86.05.

Most analysts on Stock Chase like this stock, but there are some Do Not Buy comments on high price and low dividend yield. Aditya Raghunath on Motley Fool thinks that you can double your money in 10 years with this stock. Joey Frenette on Motley Fool says it is a stock that pairs strong long-term drives with real profitability. The company put out a Press Release about their fourth quarter ending April 2026.

Simply Wall Street via Yahoo Finance reviews this stock and gives it a fair value of $158.60. Simply Wall Street has one warning on this stock of has a high level of debt.

Alimentation Couche-Tard Inc operates a network of convenience stores across North America, Europe, and Asia. Its operation is geographically divided into the U.S., Europe and other regions, and Canada. Revenue from external customers falls mainly into three categories: merchandise and services, road transportation fuel, and others. The company generates the majority of its revenue from the United States. Its web site is here Alimentation Couche-Tard Inc.

The last stock I wrote about was about was Chemtrade Logistics Income Fund (TSX-CHE.UN, OTC-CGIFF) ... learn more. The next stock I will write about will be Exchange Income Corp (TSX-EIF, OTC-EIFZF) ... learn more on Monday, August 24, 2026 around 5 pm.

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

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

Chemtrade Logistics Income Fund

Sound bite for Twitter is: Dividend Growth Materials. Results of stock price testing is that the stock price is relatively expensive. Debt Ratios could be improved and debt is high. The Dividend Payout Ratios (DPR) are generally good. The current dividend yield is moderate with dividend growth restarted. See my spreadsheet on Chemtrade Logistics Income Fund.

Is it a good company at a reasonable price? Note that this stock is rather cyclical, so it is best to buy somewhere in the troughs. The month income is nice and fewer and fewer companies are giving monthly dividends. I think you can do with income from this stock, but I would try to buy it off a high. I think that this stock is rather pricy at this time.

I do not own this stock of Chemtrade Logistics Income Fund (TSX-CHE.UN, OTC-CGIFF). I decided to investigate this stock after reading an article in the G&M in February 2012 about investing in small cap stocks that pay dividends. This was one of the stocks mentioned that I had never heard of before.

When I was updating my spreadsheet, I noticed that the company had a good year in 2025 with Revenue, AFFO, Distributable Cash, Net Income, Cash Flow, Dividends and Stock Price all increased in 2025 compared to 2024. They are not expected to increase again in 2026, but the stock price is up in 2026 by 13%. I noticed that all the officers I following have increased the stock that they hold in the past year. None of the Directors have, but it is not unusual for Directors to change the number of shares that they hold.

If you had invested in this company in December 2015, for $1,000.16 you would have bought 56 shares at $17.86 per share. In December 2025, after 10 years you would have received $486.78 in dividends. The stock would be worth $826.00. Your total return would have been $1,312.78. This would be a total return of 3.51% per year with 1.90% from capital loss and 5.41% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.86	$1,000.16	56	10	$486.78	$826.00	$1,312.78

However, if you had invested in this company in December 2020, for $1,002.76 you would have bought 172 shares at $5.83 per share. In December 2025, after 5 years you would have received $540.51 in dividends. The stock would be worth $2,537.00. Your total return would have been $3077.51. This would be a total return of 28.14% per year with 20.40% from capital gain and 7.74% from dividends. Note that the stock price hit a low point in 2020.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$5.83	$1,002.76	172	5	$540.51	$2,537.00	$3,077.51

Growth is interesting. Growth is better in the last 5 years than for past 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	44.80%	7.69%	91.57%	<-12 mths
5	AFFO Growth	11.37%	2.18%	-5.44%	<-12 mths
5	Dis. Cash Growth	210.94%	25.47%	-21.25%	<-12 mths
5	Net Income Growth	183.23%	23.15%	6.84%	<-12 mths
5	Cash Flow Growth	35.55%	6.27%	11.07%	<-12 mths
5	Dividend Growth	-8.33%	-1.73%	4.36%	<-12 mths
5	Stock Price Growth	153.00%	20.40%	6.58%	<-12 mths
10	Revenue Growth	46.37%	3.88%	14.18%	<-this year
10	AFFO Growth	-41.26%	-5.18%	-5.44%	<-this year
10	Dis. Cash Growth	1.02%	0.10%	-21.25%	<-this year
10	Net Income Growth	392.90%	17.29%	11.92%	<-this year
10	Cash Flow Growth	119.22%	8.17%	-6.46%	<-this year
10	Dividend Growth	-42.71%	-5.42%	4.73%	<-this year
10	Stock Price Growth	-17.41%	-1.90%	6.58%	<-this year

The current dividend yield is moderate with dividend growth restarted. The current dividend yield is moderate (2% to 4% ranges) at 4.58%. The 5 year median dividend yield was good (5% to 6% ranges). The 10 year and historical median dividend yields are high (7% or higher) at 7.16% and 8.09%. The dividends have decreased by 1.7% per year over the past 5 years. This company kept the dividends flat from 2007 to 2019, then decreased they. They have been increasing the dividends since 2024 and the last dividend increase was for 4.4% and it occurred in 2026.

Note that this company used to be an income trust. Income trusts generally have high dividend yields, and it seems that almost all of the old income trusts are having a hard time getting their dividends right after they become corporations.

The Dividend Payout Ratios (DPR) are generally good. The DPR for 2025 for Earnings per Share (EPS) is high at 56% with 5 year coverage very high at 128%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 43% with 5 year coverage at 43%. The DPR for 2025 for Distributable Cash Flow (DCF) is good at 35% with 5 year coverage at 35%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 15% with 5 year coverage at 16%. The DPR for 2025 for Free Cash Flow (FCF) is high at 42% with 5 year coverage good at 32%. FCF varies from $178M to $190M. I am using the $190M.

Item	Cur	5 Years
EPS	56.35%	127.74%
AFFO	42.87%	42.63%
DCF	34.55%	34.76%
CFPS	15.47%	16.44%
FCF	41.50%	32.34%

Debt Ratios could be improved and debt is high. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.16 and currently a little high at 0.62. Some analysts think that this should be at 50 and below and others think it is ok to be higher, but, of course, not higher than 1.00. The Liquidity Ratio for 2025 is too low at 0.90 and a bit better at 1.07 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.49 and currently at 1.63. The Debt Ratio for 2025 is low at 1.44 and 1.44 currently. This rate is better at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.27 and 2.27 and currently at 3.29 and 2.29. These ratios are better when below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.58	0.62
Intang/GW	0.43	0.42
Liquidity	0.90	1.07
Liq. + CF	1.49	1.63
Debt Ratio	1.44	1.44
Leverage	3.27	3.29
D/E Ratio	2.27	2.29

The Total Return per Year is shown below for years of 5 to 24 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.
2019	5	-1.73%	28.14%	20.40%	7.74%
2014	10	-5.42%	3.51%	-1.90%	5.41%
2009	15	-3.65%	6.78%	-0.17%	6.95%
2004	20	-3.26%	11.47%	1.64%	9.83%
2001	24	1.37%	13.04%	0.95%	12.09%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.95, 8.42 and 9.90. The corresponding 10 year ratios are 1.49, 1.29 and 1.49. The corresponding historical ratios are 7.50, 9.80 and 12.47. The current ratio is 11.64 based on a stock price of $15.72 and EPS estimate for 2026 of $1.35. The 10 year ratios make no sense. In the last 10 years there were a lot of earning losses and that why the values are so low.

If we use the 5-year low, median, and high median Price/Earnings per Share Ratios using only positive values they are 7.04, 8.98 and 10.74. The corresponding 10 year ratios are 7.13, 9.54 and 11.58. The current ratio is 11.64 based on a stock price of $15.72 and EPS estimate for 2026 of $1.35. 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.

I also have Distributable Cash Flow (DCF) data. The 5-year low, median, and high median Price/ Distributable Cash Flow Ratios are 4.33, 5.51 and 6.69. The corresponding 10 year ratios are 6.25, 9.89 and 11.69. The corresponding historical ratios are 7.00, 8.60 and 10.19. The current ratio is 10.03 based on DCF for the last 12 months to the second quarter and a stock price of $15.72. 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.

I get a Graham Price of $14.74. The 10-year low, median, and high median Price/Graham Price Ratios are 0.63, 0.77 and 0.96. The current ratio is 1.07 based on a stock price of $15.72. 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 1.47. The current ratio is 2.20 based on a Book Value of $805.7M, Book Value per Share of $7.16 and stock price of $15.72. The current ratio is 50% 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 $7.56. In this case the P/B Ratio would be 2.08 with a stock price of $15.72 and Book Value of $851M. Here the ratio is 42% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 3.62. The current ratio is 5.33 based on Cash Flow per Share estimate for 2026 of $2.95, Cash Flow of $332M and a stock price of $15.72. The current ratio is 47% 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 8.09%. The current dividend yield is 4.58% based on a stock price of $15.72 and dividends of $0.72. This dividend yield is 43% 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 7.16%. The current dividend yield is 4.58% based on a stock price of $15.72 and dividends of $0.72. This dividend yield is 36% 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 0.63. The current ratio is 0.78 based on Revenue estimate for 2029 of $1,034.8M, Revenue per Share of $20.26 and a stock price of $15.72. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is relatively expensive. The 10 year dividend yield test says this and it is confirmed by the P/S Ratio test. A number tests are saying that the stock price is relatively expensive. But, also note that this stock used to be an income trust and income trust could have quite high yields. The yield on this corporation is rather on the high side for a corporation at 4.58%.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (4) and Hold (1). The consensus would be a Buy. The 12 month stock price consensus is $19.79 with a high of $22.50 and a low of $18.50. The 12 month consensus stock price of $19.79 implies a total return of 30.47% with 25.89% from capital gains and 4.58% from dividends based on a current stock price of $15.72.

This stock is followed by a few analysts. On Stock Chase you have a couple of Buys and a Hold. There is a comment saying if it does not continue to rise, sell. Jitendra Parashar on Motley Fool likes it for the month income it produces. Amy Legate-Wolfe on Motley Fool also likes this stock for its monthly income. The company put out a press release via Business Wire about their 2025 fourth quarter. The company put out a press release via Business Wire about their second quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock and thinks that the fair value is $14.14. Simply Wall Street has two warnings on this stock of has a high level of debt; and unstable dividend track record.

Chemtrade Logistics Income Fund provides industrial chemicals and services to customers in North America and around the world. The company is organized into two operating segments: Sulphur and Water Chemicals (SWC) and Electrochemicals. Its geographical segments are Canada, the United States, which derives maximum revenue, and Brazil. Its web site is here Chemtrade Logistics Income Fund.

The last stock I wrote about was about was Aecon Group Inc (TSX-ARE, OTC-AEGXF) ... learn more. The next stock I will write about will be Alimentation Couche-Tard Inc (TSX-ATD, OTC-ANCUF) ... learn more on Friday, August 21, 2026 around 5 pm. Tomorrow on my other blog I will write about Beaten-Down Canadian Stocks.... learn more on Thursday, August 20, 2026 around 5 pm.

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