Hammond Power Solutions Inc

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is Low with dividend growth good. See my spreadsheet on Hammond Power Solutions Inc.

Is it a good company at a reasonable price? This stock is testing as very expensive. However, it is connected with AI infrastructure. I doubt if it will get to a price where my sort of testing says that it is at a reasonable price. Will there be any pull back in price in the future? Maybe. I just do not see it getting to any price where my testing will show the price as reasonable. It is a good time to buy? I have no idea. I think that AI is the in thing at the moment and any company connected with it will be at a relatively high price. I plan to hold on to my shares in this company. I have no plans to buy more. This stock was bought with my fooling around money.

I own this stock of Hammond Power Solutions Inc (TSX-HPS.A, OTC-HMDPF). I bought this stock as my main purchase for the TFSA in 2013 and 2014. I picked Hammond initially in 2013 as my main buy because it has good growth and reasonable dividend. Also, I think that it important to try out newer smaller companies for investment purposes. Companies on the TSX are always changing and it is good to get into new industries and new companies. The problem of this, of course, is you do not always know what industries and companies will be long lasting.

When I was updating my spreadsheet, I noticed that it is interesting to go from Ag Growth International which is not doing well to this stock of Hammond Power that is doing so well. Hammond Total Return for the last 5 and 10 years is 82.24% and 39.68%. The stock is up some 105% so far this year.

If you had invested in this company in December 2015, for $1,000.09 you would have bought 26 shares at $6.37 per share. In December 2025, after 10 years you would have received $736.33 in dividends. The stock would be worth $25,038.36. Your total return would have been $25,774.69. This would be a total return of 39.68% per year with 37.99% from capital gain and 1.69% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$6.37	$1,000.09	157	10	$736.33	$25,038.36	$25,774.69

The current dividend yield is Low with dividend growth good. The dividend yield is low (below 2%) at 0.34%. (It is very low.) The 5 year dividend yield is also low at 1.08%. The 10 year and historical median dividend yields are moderate (2% to 4% ranges) at 3.02% and 2.29%. The dividend growth is good (15% or higher per year) at 26.5% per year over the past 5 years. The last dividend increase was in 2024 at 83%. There was no increase in 2025 and none so far in 2026.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 18% with 5 year coverage at 15%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 10% with 5 year coverage at 8%. The DPR for 2025 for Free Cash Flow (FCF) is good at 25% with 5 year coverage at 16%.

Item	Cur	5 Years
EPS	18.12%	14.92%
CFPS	9.80%	8.20%
FCF	25.48%	15.83%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.01 and currently at 0.01. The Liquidity Ratio for 2025 is good at 1.86 and 1.82 currently. The Debt Ratio for 2025 is good at 2.50 and 2.42 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.67 and 0.67 and currently at 1.70 and 0.70.

Type	Year End	Ratio Curr
Lg Term	0.01	0.01
Intang/GW	0.01	0.01
Liquidity	1.86	1.82
Liq. + CF	1.93	1.94
Debt Ratio	2.50	2.42
Leverage	1.67	1.70
D/E Ratio	0.67	0.70

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.
2020	5	26.47%	82.24%	79.87%	2.37%
2015	10	16.44%	39.68%	37.99%	1.69%
2010	15	15.30%	21.03%	20.06%	0.97%
2005	20	16.17%	24.52%	23.35%	1.17%
2001	24		25.43%	24.37%	1.05%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.60, 9.59 and 15.48. The corresponding 10 year ratios are 6.18, 8.83 and 12.50. The corresponding historical ratios are 6.51, 8.91 and 10.24. The current ratio is 40.04 based on a stock price of $326.67 and EPS estimate for 2026 of $8.16. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. The ratios on this stock for 10 years are low, but the current one is very high.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 6.60,9.59 and 15.48. The corresponding 10 year ratios are 6.74, 9.34 and 13.13. The corresponding historical ratios are 7.73, 10.51 and 14.36. The current ratio is 35.39 based on a stock price of $326.67 and EPS estimate for 2026 of $9.23. 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 $80.43. The 10-year low, median, and high median Price/Graham Price Ratios are 0.44, 0.62 and 0.79. The current ratio is 4.06 based on a stock price of $326.67 and AEPS estimate for 2026 of $9.23. The current ratio is higher than 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 0.91. The current ratio is 8.07 based on a Book Value of $3701M, Book Value per Share of $31.15 and a stock price of $326.67. The current ratio is 1055% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $37.14. This implies a ratio of 8.80 based on a stock price of $326.67, Book Value per Share of $37.14 and Book Value of $442M. The current ratio is 868% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 9.88. The current ratio is 94.14 based on Cash Flow for the last 12 months of $41.3M, Cash Flow per Share of $3.47 and a stock price of $326.67. The current ratio is 853% 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 2.29%. The current dividend yield is 0.34% based on a stock price of $326.67 and dividends of $1.10. The current yield is 85% 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 3.02%. The current dividend yield is 0.34% based on a stock price of $326.67 and dividends of $1.10. The current yield is 89% 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 0.32. The current P/S Ratio is 2.97 based on a stock price of $326.67, Revenue estimate for 2026 of $1,309M and Revenue per Share of $109.95. The current ratio is 842% 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. First note that the stock price is up 105% so far this year. The dividend yield testing is showing the stock price as relatively expensive. In fact, all my testing is showing that the stock price is wildly overpriced.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (4). The consensus would be a Strong Buy. The 12 months stock price consensus is $358.43 with a high of $430.00 and low of $325.00. The consensus stock price of $358.43 implies a total return of 10.06% with 9.72% from capital gains and 0.34% from dividends based on a current stock price of $326.67.

There are a couple of entries on Stock Chase for 2026. Analysts think it is a buy. In 2025 there were a couple of holds also. The thinking was that the it was overbought. Adam Othman on Motley Fool says he thinks there is still some upside to this stock. It is making equipment for AI data centers. Sneha Nahata on Motley Fool thinks this stock is well-positioned to capitalize on AI Infrastructure spending. The company put out a press release via Globe Newswire about their fourth quarter of 2025. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance talks about TSX companies with High Insider Ownership. Hammond is included in this list and is the third company that they review. Simply Wall Street via Yahoo Finance review this company after its first quarter results of 2026. They think that the fair price is $241.20 and therefore it is overpriced.

Hammond Power Solutions Inc is engaged in designing and manufacturing custom electrical magnetics, cast resin, custom liquid-filled distribution and power transformers, and standard electrical transformers, serving the electrical and electronic industries. The company has manufacturing plants in Canada, the United States, Mexico, and India. The company operates in various geographical markets including Canada, the United States, Mexico, and India from which it derives majority revenue in the United States and Mexico. Its web site is here Hammond Power Solutions Inc.

The last stock I wrote about was about was Ag Growth International (TSX-AFN, OTC-AGGZF) ... learn more. The next stock I will write about will be Pizza Pizza Royalty Corp (TSX-PZA, OTC-PZRIF) ... learn more on Friday, June 5, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy June 2026.... learn more on Thursday, June 4, 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.

Ag Growth International

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably relatively cheap. Debt Ratios are shows that debt is far too high. The current dividend has just been suspended, so I am not sure what they are going to do in the future at this point. See my spreadsheet on Ag Growth International.

Is it a good company at a reasonable price? This stock really has not done well over the past 10 years. I bought it for diversification reasons, but this has not really worked out for me. It does not seem that it might be doing well over the next while. It may be taken private. I think that the risk level is quite high. It would seem to be on the cheap side currently, but you have to wonder if it is a good buy.

I own this stock of Ag Growth International (TSX-AFN, OTC-AGGZF). By 2011 when I bought this stock, I have been interested in AFN for some time. This stock is a play on the agricultural sector. I looked on it as a backbone stock.

When I was updating my spreadsheet, I noticed the Stock Price fell almost 40% in November 2025. See article by Simply Wall Street via Yahoo Finance. The CEO was stepped down and new one appointed. See article at AGI.

One other thing I found interesting is that for the last 3 years, there has been, according to my records, 3 women on the board over the last 3 years. They had trouble and now there are only men on the board.

I guess because the decline in November 2025 and this stock has not recovered much, to the end of April I have a total return of 2.27% with a 4.03% from a capital loss and 6.30% from dividends. This stock still has not recovered much for November and is only up to $22.84 on May 23, 2026.

If you had invested in this company in December 2015, for $1,030.75 you would have bought 31 shares at $33.25 per share. In December 2025, after 10 years you would have received $423.15 in dividends. The stock would be worth $719.20. Your total return would have been $1,142.35. This would be a total return of 1.35% per year with 3.54% from capital loss and 4.89% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$33.25	$1,030.75	31	10	$423.15	$719.20	$1,142.35

The current dividend has just been suspended, so I am not sure what they are going to do in the future at this point. There is no current dividend information or current Dividend Payout Ratios (DPR) information.

Debt Ratios are shows that debt is far too high. The Long Term Debt/Market Cap Ratio for 2025 is far too high at 2.01 and currently at 2.20. However, because of current problems the stock price just fallen over 50%. The Liquidity Ratio for 2025 is low at 1.28 and 1.34 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.27 and currently at 1.54. The Debt Ratio for 2025 is low at 1.18 and 1.17 currently. The Leverage and Debt/Equity Ratios for 2025 are far too high at 6.70 and 5.70 and currently at 6.99 and 5.99. The Leverage and Debt/Equity Ratios have been far too high for a while.

Type	Year End	Ratio Curr
Lg Term	2.01	2.20
Intang/GW	1.16	1.17
Liquidity	1.28	1.34
Liq. + CF	1.27	1.54
Debt Ratio	1.18	1.17
Leverage	6.70	6.99
D/E Ratio	5.70	5.99

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	-32.24%	-3.02%	-4.89%	1.87%
2015	10	-24.21%	1.19%	-3.54%	4.73%
2010	15	-16.05%	-0.33%	-5.00%	4.67%
2005	20	-10.60%	12.75%	1.86%	10.89%
2003	22	-7.56%	18.00%	3.81%	14.19%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and so not usable. The corresponding 10 year ratios are 15.88, 20.25 and 22.84. The corresponding historical ratios are 12.12, 16.00 and 21.17. The current ratio is negative and so useless. The ratio for 2027 is 8.47 based on a stock price of $22.00 and EPS estimate of $2.60. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share Ratios. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 9.13, 11.93 and 13.88. The corresponding 10 year ratios are 10.07, 14.26 and 17.36. The corresponding historical ratios are 11.80, 16.61 and 22.28. The current ratio is 19.47 based on a stock price of $22.00 and AEPS estimate of $1.13. This ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

However, as for EPS, the AEPS for 2027 is expected to be $2.76 and so with a P/AEPS of 7.97 which 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 $18.99. The 10-year low, median, and high median Price/Graham Price Ratios are 0.92, 1.34 and 1.59. The current ratio is 1.16 based on a stock price of $22.00. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.67. The current ratio is 1.55 based on a stock price of $22.00, Book Value of $266.7M, and Book Value per Share of $14.18. The current P/B Ratio is 42% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have a Book Value per Share estimate for 2026 of $11.22. This analyst calculates the book value differently than I do and, in this case, the 10 year median ratio is 2.65. The current ratio would be 1.96 based on a Book Value per Share of $11.22, Book Value of $211M and a stock price $22.00. This ratio is 22% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 11.48. The current ratio is 4.44 based on Cash Flow per Share estimate for 2026 of $4.96, Cash Flow of $93.3M and a stock price of $22.00. The current ratio is 61% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

The company has suspended their dividend this year, so I cannot do any dividend yield testing.

The 10-year median Price/Sales (Revenue) Ratio is 0.70. The current P/S Ratio is 0.32 based on a stock price of $22.00, Revenue estimate for 2026 of $1,295M and Revenue per Share of $68.85. The current ratio is 54% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably relatively cheap. The P/S Ratio test says this. Another good test is the P/GP Ratio test and it says that the stock price is relatively reasonable and this is a good test. The P/E Ratio and P/AEPS Ratio tests are showing the stock reasonable now, but cheap next year.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (2), Hold (3) and Underperfrom (1). The consensus is a Buy. The 12 month stock price consensus is $26.14 with a high of $30.00 and low of $24.00. The consensus stock price of $26.14 implies a total return of 18.82%, all from capital gains based on a current stock price of $22.00.

For this stock, in 2025 analysts on Stock Chase say Do Not Buy. In 2024, all the entries thought it was a great stock to buy. They site lots of problems in the farm business. Amy Legate-Wolfe on Motley Fool is mostly positive about this stock. However, she says if margins recover, investors may warm up quickly. Yet if execution keeps slipping, the discount could stick around. Aditya Raghunath on Motley Fool thinks this stock could more than double in the next 3 years. The company put out a Press Release about its fourth quarter of 2025 results. The company put out a Press Release via Globe and Mail about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock and talks about what other reviewers are saying. Simply Wall Street says that they have 1 warning on this stock of interest payments are not well covered by earnings.

There is an interesting article on Global Newswire. Some of the shareholders would like to take the company private to do a turnaround. I hope not. I would rather keep this company, but if it goes private, I will have to sell.

Ag Growth International Inc manufactures portable and stationary grain handling, storage, and conditioning equipment, including augers, belt conveyors, grain storage bins, grain handling accessories, grain aeration equipment, and grain drying systems. It has two reportable segments, Farm and Commercial. It has manufacturing facilities in Canada, the United States, Italy, Brazil, France, the United Kingdom, and India. Its geographical segments are Canada, the United States, and the International. Its web site is here Ag Growth International.

The last stock I wrote about was about was Canadian Utilities Ltd (TSX-CU, OTC-CDUAF) ... learn more. The next stock I will write about will be Hammond Power Solutions Inc (TSX-HPS.A, OTC-HMDPF) ... learn more on Wednesday, June 3, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks June 2026.... learn more on Tuesday, June 2, 2026 around 5 pm.

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

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

Canadian Utilities Ltd

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably relatively expensive. I would rate this a Hold. Debt Ratios like Liquidity is fine, but the company has too much debt. The Dividend Payout Ratios (DPR) could use some adjustment. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Canadian Utilities Ltd.

Is it a good company at a reasonable price? This is a utility stock. Utility stocks tend to give you a nice dividend but not much growth. This is a trade off between the dividend rate and growth. Utility companies tend to do fine in all economic situations because people need what they produce. It is not exciting, but steady. I plan to hold on to this stock. It is testing as in the expensive range, so now may not be a good buying opportunity.

I own this stock of Canadian Utilities Ltd (TSX-CU, OTC-CDUAF). This is a dividend growth utility stock. This stock is closely linked to ATCO Ltd. (TSX-ACO), so you would not buy both.

When I was updating my spreadsheet, I noticed that the company had an impairment write-off for 2025 of $471M. This goes a long way to explain the much lower EPS for 2025. My total return for this stock I have had for 9 years is 7.17% with 3.11% from capital gains and 4.06% from Dividends. This stock seems to often have long term returns in the 7% range. But this is a utilities stock and they tend not to have great returns. It is a steady dividend payer. I noticed that the dividend increases have been around 1% per year over the past 5 years.

If you had invested in this company in December 2015, for $1,022.08 you would have bought 32 shares at $31.94 per share. In December 2025, after 10 years you would have received $534.69 in dividends. The stock would be worth $1,367.36. Your total return would have been $1,902.05. This would be a total return of 7.51% per year with 2.95% from capital gain and 4.56% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$31.94	$1,022.08	32	10	$534.69	$1,367.36	$1,902.05

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.69%. The 10 year and historical dividend yields are moderate at 4.78% and 4.05%. The 5 year historical dividend yield is good (5% to 6% ranges) at 5.26%. The dividend increases are low (below 8% per year) at 1% per year over the past 5 years. The DPRs are too high, that is probably why increases are so low.

The Dividend Payout Ratios (DPR) could use some adjustment. The DPR for 2025 for Earnings per Share (EPS) is far too high at 1221% with 5 year coverage at 124%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 76% with 5 year coverage at 77%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 26% with 5 year coverage at 27%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable with 5 year coverage at 473%. FCF varies from a negative $50M, which I am using to $472M.

Item	Cur	5 Years
EPS	1220.53%	124.12%
AEPS	75.68%	77.48%
CFPS	25.51%	26.67%
FCF	-916.00%	473.00%

Debt Ratios like Liquidity is fine, but the company has too much debt. The Long Term Debt/Market Cap Ratio for 2025 is too high at 1.03 and currently high at 0.86. The Liquidity Ratio for 2025 is good at 1.56 and 1.32 currently. If you added in Cash Flow after dividends, the ratios are fine at 3.02 and currently at 2.80. The Debt Ratio for 2025 is low at 1.37 and 1.38 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.72 and 2.72 and currently at 3.64 and 2.64. I prefer these ratios to be under 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term	1.03	0.86
Intan/GW	0.07	0.08
Liquidity	1.56	1.32
Liq. + CF	3.02	2.80
Debt Ratio	1.37	1.38
Leverage	3.72	3.64
D/E Ratio	2.72	2.64

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	1.00%	11.69%	6.57%	5.12%
2015	10	4.49%	7.51%	2.95%	4.56%
2010	15	6.08%	7.16%	3.06%	4.10%
2005	20	6.20%	7.18%	3.38%	3.80%
2000	25	5.77%	9.19%	4.96%	4.23%
1995	30	5.52%	11.78%	6.48%	5.30%
1990	35	4.92%	11.66%	6.26%	5.40%
1988	37	4.74%	11.32%	6.02%	5.29%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 19.82, 22.40 and 24.98. The corresponding 10 year ratios are 17.83, 20.31 and 22.55. The corresponding historical ratios are 12.11, 13.77 and 15.81. The current ratio is 19.81 based on EPS estimate for 2026 of $2.53 and a stock price of $50.11. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 13.77, 15.45 and 17.07. The corresponding 10 year ratios are 13.80, 15.61 and 17.82. The corresponding historical ratios are 13.80, 15.75 and 17.70. The current ratio is 19.73 based on AEPS estimate for 2026 of $2.54 and a stock price of $50.11. 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 $32.41. The 10-year low, median, and high median Price/Graham Price Ratios are 1.00, 1.14 and 1.28. The current ratio is 1.55 based on a stock price of $50.11. 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 1.85. The current ratio is 2.73 based on a stock price of $50.11, Book Value of $5,004M and Book Value per Share of $18.38. The current ratio is 47% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $18.74. This analyst calculates the Book Value differently than I do and, in this case, the 10 year ratio is 1.43. The P/B Ratio is 2.67 based on a Book Value per Share of $18.74, Book Value of $5,102M and a stock price of $50.11. This ratio is 86% 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 5.46. The current ratio is 6.63 based on a stock price of $50.11, Cash Flow per Share estimate for 2026 of $7.56 and Cash Flow of $2,058M. The current ratio is 21% 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 4.05%. The current dividend yield is 3.69% based on a stock price of $50.11 and dividends of $1.8492. The current dividend yield is 9% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 4.78%. The current dividend yield is 3.69% based on a stock price of $50.11 and dividends of $1.8492. The current dividend yield is 23% 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 2.53. The current P/S Ratio is 3.24 based on Revenue estimate for 2026 of $4,212M, Revenue per Share of $15.47 and a stock price of $50.11. The current ratio is 28% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably relatively expensive. I would rate this a Hold. The 10 year median dividend yield test says that the stock price is expensive. The P/S Ratio test confirms this. Most of the rest of the testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (1), and Hold (6). The consensus would be a Hold. The 12 month stock price consensus is $50.00 with a high of $55.00 and low of $46.00. The consensus stock price of $50.00 implies a total return of 3.47% with 0.22% capital loss and 3.69% from dividends based on a current stock price of $50.11.

There are few entries on this stock on Stock Chase. The one for 2025 says it is a buy. Others do not like this stock because they prefer others like Fortis. Amy Legate-Wolfe on Motley Fool says that safe dividend stocks rarely feel exciting. Then markets get choppy, rates stay stubborn, and suddenly those less exciting options look highly appealing. Adam Othman on Motley Fool says CU is an excellent dividend-paying stock with a 54-year dividend-growth streak. The company put out a Press Release about their fourth quarter of 2025. The company put out a press release via Newswire about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock and suggests that it is 12.7% overvalued with the Discounted Cash Flow Method and undervalued using the Price to Sales method. Simply Wall Street has 4 warnings out on this stock of dividend of 3.66% is not well covered by earnings or free cash flows; interest payments are not well covered by earnings; profit margins (0.8%) are lower than last year (10.6%); and large one-off items impacting financial results.

Canadian Utilities Ltd, a subsidiary of holding company Atco, offers gas and electricity services. The company is engaged in segments that include ATCO Energy Systems, ATCO EnPower, ATCO Australia, and Corporate & Other. Headquartered in Calgary, Alberta, the firm mainly operates in Canada, Australia, and others. Its web site is here Canadian Utilities Ltd.

The last stock I wrote about was about was Mullen Group Ltd (TSX-MTL, OTC-MLLGF) ... learn more. The next stock I will write about will be Ag Growth International (TSX-AFN, OTC-AGGZF) ... learn more on Monday, June 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.

Mullen Group Ltd

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) could be improved. The current dividend yield is moderate with dividend growth good, lately. See my spreadsheet on Mullen Group Ltd.

Is it a good company at a reasonable price? This is a small company and therefore is on the risky side. I bought this with my fooling around money. I still like this company and I be keeping my stock. However, I think that at the present time it is relatively expensive.

I own this stock of Mullen Group Ltd (TSX-MTL, OTC-MLLGF). I like to look at recommended small cap dividend paying stock to see if they would be a possible good investment now or in the future. The other thing to mention about this stock is that it converted from an income trust and decreased it dividends. The reduction in dividend brought the Dividend Payout Ratios down to a place that would allow for the company to begin growing dividends again.

When I was updating my spreadsheet, I noticed that revenue was higher, but expenses were not only higher but of a higher percentage. I am looking at Operating Expenses, Selling and Administration and Finance. The percentage of these costs went from a ratio of 0.85 to 0.88. I have had this stock for just over 11 years. I have made a Total Return of $5.23% with 1.94% from capital gains and 3.29% from dividends. I paid too much for the first stock I bought in 2014. I have since purchased more stock at lower prices.

If you had invested in this company in December 2015, for $1,008.72 you would have bought 72 shares at $14.01 per share. In December 2025, after 10 years you would have received $429.84 in dividends. The stock would be worth $1,133.28. Your total return would have been $1,563.12. This would be a total return of 5.14% per year with 1.17% from capital gain and 3.97% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$14.01	$1,008.72	72	10	$429.84	$1,133.28	$1,563.12

The current dividend yield is moderate with dividend growth good, lately. The current dividend yield is moderate (2% to 4% ranges) at 3.85%. The 5, 10 and historical median dividend yields are also moderate, but a bit higher at 4.92%, 4.69% and 4.45%. The dividend growth for the past 5 years is at 19% per year. However, 11 years ago, the dividends were reduced. That is why the 10 year dividend growth is negative at 3.50%. Dividends are not higher than they were 10 years ago, but are higher than they were 15 years. The last dividend increase was in 2025 and it was for 8.4%.

The Dividend Payout Ratios (DPR) could be improved. The DPR for 2025 for Earnings per Share (EPS) is high at 84% with 5 year coverage at 57%. The DPR for 2025 for Funds from Operations (FFO) is good at 24% with 5 year coverage at 23%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 97% with 5 year coverage at 63%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 23% with 5 year coverage at 20%. The DPR for 2025 for Free Cash Flow (FCF) is high at 73% with 5 year coverage at 44%. FCF varies from 210.2M to 110M. I am using the 110M. This one is from Morningstar which I used quite regularly.

Item	Cur	5 Years
EPS	84.00%	57.02%
FFO	24.21%	23.27%
AEPS	97.24%	63.49%
CFPS	23.96%	20.23%
FCF	73.10%	44.86%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.53 and currently at 0.31. The Liquidity Ratio for 2025 is good at 2.17 and 2.07 currently. The Debt Ratio for 2025 is good at 1.80 and 1.79 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.25 and 1.25 and currently at 2.26 and 1.26.

Type	Year End	Ratio Curr
Lg Term	0.53	0.31
Intang/GW	0.42	0.32
Liquidity	2.17	2.07
Liq. + CF	2.55	2.81
Debt Ratio	1.80	1.79
Leverage	2.25	2.26
D/E Ratio	1.25	1.26

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	19.14%	12.99%	7.63%	5.37%
2015	10	-3.50%	5.14%	1.17%	3.97%
2010	15	3.52%	4.41%	-0.48%	4.88%
2005	20	1.10%	0.22%	-3.59%	3.81%
2000	25	7.64%	8.90%	2.11%	6.79%
1997	28		9.22%	2.94%	6.29%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 10.20, 11.50 and 12.80. The corresponding 10 year ratios are 10.48, 13.21 and 17.27. The corresponding historical ratios are 10.93, 14.51 and 17.72. The current ratio is 17.44 based on a stock price of $21.83 and EPS estimate for 2026 of $1.25. The current ratio is above the high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 10.20, 11.50 and 12.80. The corresponding 10 year ratios are 13.78, 16.46 and 19.21. The corresponding historical ratios are 13.56, 16.39 and 19.42. The current ratio is 17.33 based on a stock price of $21.83 and AEPS estimate for 2026 of $1.26. The current ratio is between the median and the 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 $18.40. The 10-year low, median, and high median Price/Graham Price Ratios are 0.79, 0.95 and 1.11. The current ratio is 1.19 based on a stock price of $21.83. 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 1.30. The current ratio is 1.83 based on a Book Value of $1,146M, Book Value per Share of $11.95 and a stock price of 21.83. 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 a Book Value per Share estimate for 2026 of $12.34. The analyst calculates the Book Value differently that I do and, in this case, the 10 year ratio is 1.28. The ratio is 1.77 based on a stock price of $21.83 and Book Value of $1,184M. This ratio is 38% 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 5.40. The current ratio is 7.37 based on Cash Flow per Share estimate for 2026 of $2.96, Cash Flow of $284M and a stock price of $21.83. The current ratio is 36% 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 4.45%. The current dividend yield is 3.85% based on dividends of $0.84 and stock price of $21.83. The current dividend yield is 14% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. There are problems with this test because dividends have gone down as well as up and have been level a number of years.

I get a 10 year median dividend yield of 4.69%. The current dividend yield is 3.85% based on dividends of $0.84 and stock price of $21.83. The current dividend yield is 18% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. There are problems with this test because dividends were cut 11 years.

The 10-year median Price/Sales (Revenue) Ratio is 0.71. The current ratio is 0.91 based on a stock price of $21.83, Revenue estimate for 2026 of $2,309M and Revenue per Share of $24.07. The current ratio is 27% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

The 10 year median dividend yield says the stock price is relatively reasonable, but above the median, but at 18% above the median it is close to expensive. The P/S Ratio test says that the stock price is relatively expensive. Most of the rest of the testing is saying the same thing.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3), and Hold (4). The consensus would be a Buy. The 12 month stock price consensus of $21.50 with a high of $24.00 and low of $18.00. The consensus stock price of $21.50 implies a total return of 2.34% with a 1.51% capital loss and 3.85% from dividends based on a current stock price of $21.83.

The only entry for 2026 on Stock Chase says this company is cyclical for a good operator. There is a Weak Buy for 2025. Not much in entries. Amy Legate-Wolfe on Motley Fool says the company is driven by Logistics demand and looks like it trading at a sensible price. Robin Brown on Motley Fool says buy for growth and income. The company put out a Press Release about its fourth quarter of 2025. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance looks at this stock. It talks about the fact that the company has issued more shares and therefor has diluted shareholders. Simply Wall Street has 3 warnings on this stock of has a high level of debt; unstable dividend track record; and large one-off items impacting financial results. They are right about unstable dividend track record. The company also reports Adjusted Earnings per Share to exclude one-off items impacting financial results.

Mullen Group Ltd is a logistics provider with a network of independently operated businesses providing a wide range of service offerings, including less-than-truckload, truckload, Specialized & Industrial Services, warehousing and logistics, U.S., and International Logistics, and Corporate. The company also provides a diverse set of specialized services related to the energy, mining, forestry, and construction industries in western Canada. Its web site is here Mullen Group Ltd.

The last stock I wrote about was about was Power Corp of Canada (TSX-POW, OTC-PWCDF) ... learn more. The next stock I will write about will be Canadian Utilities Ltd (TSX-CU, OTC-CDUAF) ... learn more on Friday, May 17, 2026 around 5 pm. Tomorrow on my other blog I will write about Speziale on TFSAs.... learn more on Thursday, May 28, 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.

Power Corp of Canada

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably expensive. I give it a Hold. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are generally good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Power Corp of Canada.

Is it a good company at a reasonable price? This company is doing fine. It is a good dividend paying stock and I will continue to hold the shares that I have. However, I think at the moment, the stock price is too high. If you overpay for a stock, it can affect badly your long term total return. I think that currently it is testing as too expensive.

I own this stock of Power Corp of Canada (TSX-POW, OTC-PWCDF). I started following this stock because it was on the Dividend Achievers, the Dividend Aristocrats lists and also on Mike Higgs’ list. It is a stock that I notice has been recommended lately as good value (October 2008). I got shares in this company when in 2020 Power Corp reorganized and gave out Power Corp Shares to replace Power Financial Shares.

When I was updating my spreadsheet, I noticed I have made a total return of 9.71% with 5.95% from capital gains and 3.76% from dividends. I am looking at my Power Financial shares and Power Corp shares.

If you had invested in this company in December 2015, for $1,012.90 you would have bought 26 shares at $28.94 per share. In December 2025, after 10 years you would have received $630.97 in dividends. The stock would be worth $2,553.25. Your total return would have been $3,184.22. This would be a total return of 13.77% per year with 9.69% from capital gain and 4.08% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$28.94	$1,012.90	35	10	$630.97	$2,553.25	$3,184.22

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.26%. The 5 and 10 year median dividend yield is good (5% to 6% range) at 5.28% and 5.32%. The historical median dividend yield is moderate at 2.82%. The dividend growth is low (below 8% per year) at 6.6% per year over the past 5 years. The last dividend increase was in 2026 and it was for 9%.

The Dividend Payout Ratios (DPR) are generally good. The DPR for 2025 for Earnings per Share (EPS) is too high at 61% with 5 year coverage at 57%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 45% with 5 year coverage at 49%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 83% with 5 year coverage at very good at 13%. The DPR for 2025 for Free Cash Flow (FCF) is good at 38% with 5 year coverage at 25%.

Item	Cur	5 Years
EPS	60.91%	56.50%
AEPS	45.20%	49.36%
CFPS	83.37%	13.17%
FCF	38.34%	25.16%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is fine at 5.43 and currently at 4.82. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.89 and currently at 0.89 because this is a more important ratio for a Financial. The Liquidity Ratio for 2025 is good at 2.67 and 2.67 currently. But this is not an important ratio for a financial. The Debt Ratio for 2025 is fine for a financial at 1.05 and 1.05 currently. Financial Leverage is also fine at 29% and 29% currently.

Type	Year End	Ratio Curr
Lg Term R+A	0.89	0.89
Lg Term R	5.43	4.82
Intang/GW	0.47	0.42
Liquidity	2.67	2.67
Liq. + CF	2.97	3.15
Debt Ratio	1.05	1.05
Financial Lev	29%	29%

The Total Return per year is shown below for years of 5 to 38 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	6.55%	25.12%	20.07%	5.05%
2015	10	6.97%	13.77%	9.69%	4.08%
2010	15	4.97%	10.25%	6.68%	3.57%
2005	20	6.75%	7.20%	4.26%	2.94%
2000	25	8.86%	8.76%	5.64%	3.12%
1995	30	9.81%	13.84%	9.17%	4.67%
1990	35	10.04%	12.47%	8.65%	3.82%
1987	38	9.55%	11.67%	8.27%	3.40%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.93, 10.85 and 11.76. The corresponding 10 year ratios are 9.80, 11.03 and 11.93. The corresponding historical ratios are 10.52, 12.34 and 13.79. The current ratio is 13.64 based on a stock price of $81.82 and EPS estimate for 2026 of $6.00. 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 Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.89, 9.15 and 10.41. The corresponding 10 year ratios are 7.89, 9.18 and 11.04. The corresponding historical ratios are 8.97, 10.92 and 11.98. The current ratio is 13.57 based on a stock price of $81.82 and EPS estimate for 2026 of $6.03. 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 $70.18. The 10-year low, median, and high median Price/Graham Price Ratios are 0.58, 0.65 and 0.76. The current ratio is 1.17 based on a stock price of $81.82. 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 1.06. The current ratio is 2.25 based on a stock price of $81.82, Book Value of $54,431M, and Book Value per Share of 2.25. The current ratio is 113% 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 2.17. The current ratio is 7.50 based on Cash Flow for the last 12 months of $6,935M, Cash Flow per Share of $10.91 and a stock price of $81.82. The current ratio is 246% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

get an historical median dividend yield of 2.82%. The current dividend yield is 3.26% based on dividends of $2.67 and a stock price of $81.82. The current dividend yield is 16% above the 10 year dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 5.32%. The current dividend yield is 3.26% based on dividends of $2.67 and a stock price of $81.82. The current dividend yield is 39% below the historical dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.36. The current ratio is 1.11 based on Revenue estimate for 2026 of $46,685M, Revenue per Share of $73.72 and a stock price of $81.82. The current ratio is 211% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. I give it a Hold. The 10 year median dividend yield test says this and it is confirmed by the P/S Ratio test. Most of the rest of the tests are saying the same thing.

When I look at analysts’ recommendations, I find Buy (3), Hold (5), and Sell (1). The consensus is a Hold. The 12 month stock price consensus is $82.56 with a High of $90.00 and low of $58.00. The consensus stock price of $82.56 implies a total return of 4.41% with 0.90% from capital gains and 3.26% from dividends based on a current stock price of $82.56.

There are a lot of entries on Stock Chase for 2026. They vary from Do Not Buy to Buy. Some like other companies better. Some mentioned they do not like mutual fund companies and Power Corp holds IFM. Some think it is getting too pricy. Others say the new management is giving the stock a new lease on life. Lots of various opinions. Amy Legate-Wolfe on Motley Fool thinks you should buy for rising dividends. She thinks the price is currently reasonable. Puja Tayal on Motley Fool thinks you should buy this to generate passive income. The company put out a Press Release about its fourth quarter of 2025 results. The company put out a Press Release about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They talk about the fact that some people think the stock is overvalued and others think it is undervalued. Simply Wall Street lists no warnings for this company.

Power Corp. of Canada is a holding company with controlling interests in Great-West Lifeco (one of the big three Canadian life insurers), IGM Financial (Canada's largest nonbank asset manager), and other alternative asset management platforms (Sagard and Power Sustainable). The company also has minority interests in Groupe Bruxelles Lambert, a holding company with interests in European firms. Its web site is here Power Corp of Canada.

The last stock I wrote about was about was McCoy Global Inc (TSX-MCB, OTC-MCCRF) ... learn more. The next stock I will write about will be Mullen Group Ltd (TSX-MTL, OTC-MLLGF) ... learn more on Wednesday, May 27, 2026 around 5 pm. Tomorrow on my other blog I will write about Behavioural Investment.... learn more on Tuesday, May 26, 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.

McCoy Global Inc

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably really reasonable to cheap. Debt Ratios are good. The current dividend yield is moderate with dividend restarting and dividend growth restarting, but with a current pause. See my spreadsheet on McCoy Global Inc.

Is it a good company at a reasonable price? I have not made much on this stock, but it is with fooling around money. Insiders are buying shares. The company says they have problems while the Iranian war is on. They have paused their dividends again. I think that the stock price is probably good, but this is a small cap that is not well followed and it is risky.

I own this stock of McCoy Global Inc (TSX-MCB, OTC-MCCRF). I decided to try out McCoy. They had just restored their dividend. I want to use it as a fuller stock in my TFSA account. For me a fuller stock is one that uses up bits of extra money in an account.

When I was updating my spreadsheet, I noticed I started my TFSA account in 2009. I first bought this stock in February 2011. I made several purchases over the years from $0.45 in 2020 to $6.71 to 2014. I do not have much in this stock (just over $5,000). My Total Return to Date is 3.36% to the end of April 2026. I have 2.12% in capital gains and 1.24% in dividends. I use my TFSA for my fooling around money.

McCoy Global says that they are being impacted negatively by the problems in the Middle East and the closing of the Strait of Hormuz.

Note that every officer and director I am following bought shares in the last year. The officers I follow bought shares last year too.

If you had invested in this company in December 2015, for $1,000.64 you would have bought 26 shares at $2.12 per share. In December 2025, after 10 years you would have received $92.04 in dividends. The stock would be worth $1,387.68. Your total return would have been $1,479.72. This would be a total return of 4.01% per year with 3.32% from capital gain and 0.68% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$2.12	$1,000.64	472	10	$92.04	$1,387.68	$1,479.72

The current dividend yield is moderate with dividend restarting and dividend growth restarting, but with a current pause. The current dividend yield is moderate (2% to 4% range) at 4.44%. The 5 year median dividend yield is low (below 2%) at 1.30%. This is because dividends only restarted in 2023. The 10 year median dividend yield is 0% because of lack of dividends. The historical median dividend yield is low at 0.93% because of all the years without dividends. The 5 year dividend growth is not calculable because dividends 5 years ago was 0. Dividends have grown over the past 2 years by 118%. Dividends restarted at $0.02 and in 2025 $0.095 and today, they are $0.10.

Also note that because of the military conflict in the middle east, the company has suspended dividends effective March 6, 2026.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is good at 29% with 5 year coverage at 14%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 10%. The DPR for 2025 for Free Cash Flow (FCF) is currently non-calculable due to a negative FCF with 5 year coverage too high at 405%%. FCF varies from $7,020M to -$5,962M and I am using the last one.

Item	Cur	5 Years
EPS	28.79%	14.66%
CFPS	16.08%	9.55%
FCF	-42.87%	404.79%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.00 and currently at 0.00. The Liquidity Ratio for 2025 is good at 3.10 and 2.71 currently. The Debt Ratio for 2025 is good at 3.92 and 3.55 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.34 and 0.34 and currently at 1.39 and 0.39.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.12	0.16
Liquidity	3.10	2.71
Liq. + CF	2.78	2.63
Debt Ratio	3.92	3.55
Leverage	1.34	1.39
D/E Ratio	0.34	0.39

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%	46.09%	43.69%	2.41%
2015	10	-0.51%	4.01%	3.32%	0.68%
2010	15	0.00%	0.45%	-1.52%	1.97%
2005	20	5.93%	-2.37%	-3.74%	1.37%
2000	25	11.32%	2.80%	0.85%	1.95%
1997	28		0.97%	-0.47%	1.44%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.35, 6.70 and 9.04. The corresponding 10 year ratios are 2.81, 4.01 and 5.20. The corresponding historical ratios are 3.92, 8.11 and 10.18. The current ratio is 18.75 based a stock price of $2.25 and EPS estimate for 2026 of $0.12. This is a ratio higher than the 10 year median high ratio. This stock price testing suggests that the stock price is relatively expensive. I note that expected EPS is low at $0.12 when this time last year the EPS was $0.33.

I get a Graham Price of $4.05. The 10-year low, median, and high median Price/Graham Price Ratios are 0.38, 0.57 and 0.77. The current ratio is 0.56 based on a stock price of $2.25. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 0.82. The current ratio is 0.91 based on a Book Value of $67.3M, Book Value per Share of $2.48 and a stock price of $2.25. 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 a 10-year median Price/Cash Flow per Share Ratio of 2.43. The current ratio is 79.33 based on Cash Flow for the last 12 months of $0.7M, Cash Flow per Share of $0.03 and a stock price of $2.25. The current ratio is 3166% 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 0.93%. The current dividend yield is 4.44% based on a stock price of $2.25 and dividends of $0.10. The current dividend yield is 377% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. However, note this is not a good test because it covers so many years of no dividends.

I get an historical median dividend yield of 2.56% if I exclude years with 0 dividends. The current dividend yield is 4.44% based on a stock price of $2.25 and dividends of $0.10. The current dividend yield is 73% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 5 year median dividend yield of 2.79 if I exclude years with 0 dividends. The current dividend yield is 4.44% based on a stock price of $2.25 and dividends of $0.10. The current dividend yield is 59% above the 5 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.69. The current ratio is 0.95 based on Revenue estimate for 2026 of $64.4M, Revenue per Share of $2.37 and a stock price of $2.25. The current ratio is 31% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Note this estimate expected the Revenue to fall by 23%.

However, if you look at Revenue for 2027, analyst expects a 20% climb from 2025 (and 57% climb from 2026). This would produce a ratio of 0.60 based on Revenue of $101M, Revenue per Share of 3.72 and a stock price of 2.25. Here the ratio would be 17% below the 10 year 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 really reasonable to cheap. The dividend tests are not the best, but if we exclude years of 0 dividends then the current dividend yield is relatively high and the stock price relatively cheap. If I use the Revenue expected in 2027, the results is also a cheap stock price. The P/GP Ratio test is pointing to a reasonable price. Other tests are showing the stock price as reasonable but above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (2). The consensus would be a Strong Buy. The 12 months stock price consensus is $5.25 with a high of $5.50 and low of $5.00. The consensus stock price of $5.25 implies a total return of 137.78% with 133.33% from capital gains and 4.44% from dividends based on a current stock price of $2.25.

There is only one entry at Stock Chase for 2026 and the analyst talks about the dividend being suspended temporarily. However, he said that temporarily have been known with this company to last for years. He rates it a Hold. Amy Legate-Wolfe on Motley Fool says this stock is cyclical and has suspended dividends, but it could have real future upside. The company put out a Press Release about their fourth quarter of 2025. The company put out a press release via Newswire about their first quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. They said that McCoy Global Inc. has shown resilience in the volatile penny stock market.

McCoy Global Inc is a provider of equipment and technologies designed to support tubular running operations, enhance wellbore integrity and assist with collecting critical data for the energy industry across the globe. Geographically, the company operates in United States & Latin America, which derives key revenue; Middle East & Africa; Europe; Asia Pacific; and Canada. Its web site is here McCoy Global Inc.

The last stock I wrote about was about was Fortis Inc (TSX-FTS, OTC-FRTSF) ... learn more. The next stock I will write about will be Power Corp of Canada (TSX-POW, OTC-PWCDF) ... learn more on Monday, May 25,2026 around 5 pm.

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