Allied Properties Real Estate Investment Trust

Sound bite for Twitter is: Dividend Paying REIT. Results of stock price testing is that the stock price is that the stock is relatively cheap. Debt Ratios are mostly fine, but the Liquidity Ratio is a problem. The Dividend Payout Ratios (DPR) were too high and a dividend cut was needed. The current dividend yield is high with a current dividend cut. See my spreadsheet on Allied Properties Real Estate Investment Trust.

Is it a good company at a reasonable price? A problem is that when the stock price is cheap, a stock purchase is not always a good idea. This is true if the stock is cheap for a good reason. This stock seems to have fallen because of a dividend cut. Investors generally behave in this way. A dividend cut is never good news. Some analysts think that the company is doing the right thing to shore up their balance sheet. Most of the analysts have a Hold rating on this stock and I can see why. It is sort of waiting to see what happens. The stock is testing as cheap.

I do not own this stock of Allied Properties Real Estate Investment Trust (TSX-AP.UN, OTC-APYRF). Since several stocks that I followed in 2015 were deleted from the stock exchange, I was looking for other stocks to follow. I am sure that I got this from a Canadian Dividend site called Think Dividends, but I cannot find it at present.

When I was updating my spreadsheet, I noticed in 2026 they decreased their dividend by 60%. There was little growth in Revenue (up by 0.06%) with AFFO down 12% and FFO down 13% for 2025.

If you had invested in this company in December 2015, for $1,010.24 you would have bought 32 shares at $31.57 per share. In December 2025, after 10 years you would have received $544.93 in dividends. The stock would be worth $427.84. Your total return would have been $972.77. This would be a total loss of 0.49% per year with 8.26% from capital loss and 7.74% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$31.57	$1,010.24	32	10	$544.93	$427.84	$972.77

The current dividend yield is high with a current dividend cut. The dividend yield is currently high (7% and above) at 7.49%. The 5 year median dividend yield is high at 7.85%. the 10 year median dividend yield is moderate (2% to4% ranges) at 4.29%. The historical median dividend yield is good (5% to 6% ranges) at 5.67%. The dividend growth for the 5 years to 2025 is low at 1.8%. However, in 2026, the dividends were cut 60%.

The Dividend Payout Ratios (DPR) were too high and a dividend cut was needed. The DPR for 2025 for Earnings per Share (EPS) is non-calculable for 2025 and currently due to earnings losses. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is too high at 105% with 5 year coverage at better at 91%. The DPR for 2025 for Funds from Operations (FFO) is high at 95% with 5 year coverage better at 81%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 62% with 5 year coverage at 65%. I have no DPR for 2025 for Free Cash Flow because no one seems to calculate this value this year.

Item	Cur	5 Years
EPS	-18.95%	-104.47%
AFFO	104.59%	90.60%
FFO	95.19%	81.26%
CFPS	62.37%	65.15%

Debt Ratios are mostly fine, but the Liquidity Ratio is a problem. The Long Term Debt/Market Cap Ratio for 2025 is high at 2.31 and currently at 3.22. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.46 and currently at 0.46 because this is a more important ratio for a REIT. The Liquidity Ratio for 2025 is far too low at 0.53 and 0.53 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.55 and currently at 0.66. If you add back in the current portion of the dividend, the ratios are acceptable at 1.31 and currently at 1.57. The Debt Ratio for 2025 is good at 1.77 and 1.77 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.31 and 1.31 and currently at 2.31 and 1.31.

Type	Year End	Ratio Curr
Lg Term R A	0.46	0.46
Lg Term R	2.31	3.22
Intang/GW	0.00	0.00
Liquidity	0.53	0.53
Liq. + CF	0.55	0.66
Liq. + CF +Dd	1.31	1.57
Debt Ratio	1.77	1.77
Leverage	2.31	2.31
D/E Ratio	1.31	1.31

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	1.81%	-11.33%	-18.78%	7.45%
2015	10	2.12%	-0.49%	-8.23%	7.74%
2010	15	2.09%	5.54%	-3.13%	8.67%
2005	20	2.18%	7.99%	-1.18%	9.17%
2003	22	3.61%	10.53%	0.18%	10.35%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and so unusable. The corresponding 10 year ratios are 7.53, 8.68 and 9.83. The corresponding historical ratios are 8.76, 11.03 and 12.60. The current ratio is 6.24 based on a stock price of $9.61 and EPS estimate for 2026 of $1.54. 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 Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 7.06, 9.61 and 12.87. The corresponding 10 year ratios are 13.75, 16.52 and 19.50. The corresponding historical ratios are 12.82, 15.58 and 18.13. The current ratio is 5.03 based on a stock price of $9.61 and FFO estimate for 2026 of $1.91. 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 Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 7.82, 10.51 and 14.07. The corresponding 10 year ratios are 16.35, 19.58 and 22.43. The corresponding historical ratios are 16.04, 19.20 and 16.04. The current ratio is 6.12 based on a stock price of $9.61 and AFFO estimate for 2026 of $1.57. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $32.98. The 10-year low, median, and high median Price/Graham Price Ratios are 0.50, 0.62 and 0.71. The current ratio is 0.29 based on a stock price of $9.61. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 0.88. the current ratio is 0.31 based on a Book Value of $4,016M, Book Value per Share of $31.39 and a stock price of $9.61. The current ratio is 65% 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 16.10. The current ratio is 4.82 based on Cash Flow for the last 12 months of $255M, Cash Flow per Share of $2.00 and a stock price of $9.61. The current ratio is 70% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 5.67%. The current dividend yield is 7.49% based on Dividends of $0.72 and a stock price of $9.61. The current dividend yield is 32% 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 4.29%. The current dividend yield is 7.49% based on Dividends of $0.72 and a stock price of $9.61. The current dividend yield is 75% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 8.72. The current P/S Ratio is 2.12 based on Revenue estimate for 2026 of $580.2M, Revenue per Share of $4.53 and a stock price of $9.61. The current ratio is 76% 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 that the stock is relatively cheap. The dividend yield tests say that the stock price is cheap. It is confirmed by the P/S Ratio test. All the tests are pointing that way.

When I look at analysts’ recommendations, I find Hold (7) and Sell (1). The consensus would be a Hold. The 12 months stock price is $11.16 with a high of $15.75 and a low of $8.50. The consensus stock price of $11.16 implies a total return of 23.62% with 16.13% from capital gains and 7.49% from dividends based on a current stock price of $9.61.

Analysts on Stock Chase mainly talk about the company cutting the dividend to shore up its balance sheet. Jitendra Parashar on Motley Fool says that the company is positioning itself for the future. Christopher Liew on Motley Fool says this stock is a dividend trap. The company put out a press release via Global Newswire about their fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance reviews this company and says that there is a wide variation in what people think the true value is from the stock being 40% above its fair value of $9.16 to a fair value between $13.34 and $48.53.

Allied Properties Real Estate Investment Trust is a real estate investment trust engaged in the development, management, and ownership of urban office environments across Canadian cities. The company also controls a number of telecommunications / IT and retail properties within its real estate portfolio. Its web site is here Allied Properties Real Estate Investment Trust.

The last stock I wrote about was about was FirstService Corp (TSX-FSV, NASDAQ-FSV) ... learn more. The next stock I will write about will be Toromont Industries Ltd (TSX-TIH, OTC-TMTNF) ... learn more on Wednesday, February 18, 2026 around 5 pm. Tomorrow on my other blog I will write about Intact Financial and In the Money.... learn more on Thursday, February 19, 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.

Also, on my book blog I have put a review of the book The Good Kings by Kara Cooney learn

FirstService Corp

Sound bite for Twitter is: Dividend Growth Real Estate. Results of stock price testing is that the stock price testing as reasonable, but I find a lot of the ratios to be very high. Debt Ratios are mostly fine, but the debt is too high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on FirstService Corp.

Is it a good company at a reasonable price? This would not be a preferred stock pick. The dividend is below 1% and I would never buy a stock with a dividend below 1%. Also, I find the ratios to be quite high. Look at the 10 year ratios for AEPS which are 25.35, 30.54 and 36.28. Generally, you would think that for this type of company a ratio above 20 would be high. However, it seems like analysts disagree and give it a Buy rating. The stock price is testing as relatively reasonable.

I do not own this stock of FirstService Corp (TSX-FSV, NASDAQ-FSV), but I used to. I bought FirstService Corp in 2002 as it looked like a good solid company that knows how to make money. By 2010 the company was underperforming so I sold the stock and kept the preferred shares until the end of the year before selling them too. Preferred shares are not by favorite why of getting dividends. Actually, the stock is done quite well after I sold.

I am happy to have sold because the dividends are paid in US$ which fluctuates against the Canadian dollar that I do my spending in. Another problem is that the dividends are generally below 1% and so lower than what I like in a stock. It is also quite a different managed company now from when I held it.

When I was updating my spreadsheet, I noticed the Chairman and Founder, Jay Steward Hennick, sold 4% of his holdings last year. He has sold off shares ever once in a while since 2019. His special shares were traded for common shares in 2018. For the other officers and directors, they are not picking up their stock options.

I am moving up my review of the stock of the November timeframe to February. At this time of the year, it is hard to find companies that have produced their results for the end of the previous year, in this case 2025.

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at just 0.71%. The 5, 10 and historical dividend yields are also low at 0.58%, 0.62% and 0.67%. The dividend growth is moderate (8% to 14% ranges) at 10.8% per year over the past 5 years. The last dividend increase was in 2026 and it was for 11%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 34% with 5 year coverage at 31%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 19% with 5 year coverage at 18%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 12% with 5 year coverage at 13%. The DPR for 2025 for Free Cash Flow (FCF) is good at 18% with 5 year coverage at 18%. Only one company, WSJ, is giving out a FCF value and it is $444.7M in 2025.

Item	Cur	5 Years
EPS	33.91%	31.31%
AEPS	18.70%	18.25%
CFPS	12.17%	12.59%
FCF	17.65%	17.57%

Debt Ratios are mostly fine, but the debt is too high. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.15 and currently at 0.16. The Liquidity Ratio for 2025 is good at 1.70 and 1.76 currently. The Debt Ratio for 2025 is good at 1.70 and 1.76 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.11 and 2.11 and currently at 3.27 and 2.27.

Type	Year End	Ratio Curr
Lg Term R	0.15	0.16
Intang/GW	0.31	0.30
Liquidity	1.70	1.76
Liq. + CF	2.21	2.22
Debt Ratio	1.70	1.76
Leverage	3.11	3.27
D/E Ratio	2.11	2.27

The Total Return per year is shown below for years of 5 to 30 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	12.40%	4.84%	4.15%	0.69%
2015	10	10.28%	15.31%	14.34%	0.98%
2010	15	10.19%	20.57%	19.25%	1.33%
2005	20		15.02%	14.32%	0.69%
2000	25		15.69%	15.11%	0.58%
1995	30		19.73%	19.10%	0.63%

The Total Return per year is shown below for years of 5 to 30 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	10.76%	3.22%	2.61%	0.61%
2015	10	10.39%	15.35%	14.42%	0.92%
2010	15	8.59%	17.68%	16.72%	0.95%
2005	20		14.03%	13.46%	0.57%
2000	25		16.31%	15.78%	0.53%
1995	30		19.63%	19.09%	0.54%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 45.48, 55.30 and 65.78. The corresponding 10 year ratios are 39.57, 52.74 and 64.86. The corresponding historical ratios are 15.59, 19.35 and 25.54. The current P/E Ratio is 40.73 based on a stock price of $210.63 and EPS estimate for 2026 of $5.17 ($3.79 US$). 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. However, these ratios are very high. This testing is in CDN$. For this sort of company, I would think a ratio higher than 20.00 was 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 26.59, 33.89 and 39.41. The corresponding 10 year ratios are 25.35, 30.54 and 36.28. The corresponding historical ratios are 17.41, 24.48 and 32.43. The current P/AEPS Ratio is 25.02 based on a stock price of $154.65 and AEPS estimate for 2026 of $6.18. The current ratio is below the low of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$. I think that these ratios are also quite high.

I get a Graham Price of $87.12. The 10-year low, median, and high median Price/Graham Price Ratios are 2.63, 3.23 and 4.09. The current ratio is 2.42 based on a stock price of $210.63. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$. I think that these ratios are also quite high.

I get a 10-year median Price/Book Value per Share Ratio of 8.47. The current ratio is 5.28 based on a Book Value of $1,339.5M, Book Value per Share of $29.30 and a stock price of $154.65. This ratio is 38% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$. I think that these ratios are also quite high.

I also have a Book Value per Share estimate for 2026 of $33.35. This implies a ratio of 4.64 with a stock price of $154.65 and a Book Value of $1,524.5M. This ratio is 45% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$. I think that these ratios are also quite high.

I get a 10-year median Price/Cash Flow per Share Ratio of 24.92. The current ratio is 16.78 based on Cash Flow per Share estimate for 2026 of $9.22, Cash Flow of $421.3M and a stock price of $154.65. This ratio is 33% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar answer in CDN$.

I get an historical median dividend yield of 0.67%. The current dividend yield is 0.71% based on dividends of $1.10 and a stock price of $154.65. The current dividend yield is 6% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. Dividends are paid in US$. You will get a similar answer in CDN$.

I get a 10 year median dividend yield of 0.62%. The current dividend yield is 0.71% based on dividends of $1.10 and a stock price of $154.65. The current dividend yield is 14% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. Dividends are paid in US$. You will get a similar answer in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 1.49. The current ratio is 1.21 based on Revenue estimate for 2026 of $5,837M, Revenue per Share of $127.69 and a stock price of $154.65. The current ratio is 19% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. Dividends are paid in US$. You will get a similar answer in CDN$.

Results of stock price testing is that the stock price testing as reasonable, but I find a lot of the ratios to be very high. The dividend yield testing is saying that the stock price is reasonable and below the median. This is confirmed by the P/S Ratio test. The rest of the testing is saying that the stock price is cheap or reasonable. However, I do find that the ratios are quite high, so I wonder if the stock is overvalued rather than reasonable.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (3) and Hold (1). The consensus is a Strong Buy. The 12 month stock price consensus is $257.39 ($188.59 US$) with a high of 257.39 ($188.59 US$) and low of $257.39 ($188.59 US$). This implies a total return of 22.91% with 22.20% from capital gains and 0.71% from dividends. (There are 9 analysts’ consensus for this stock, but there appears to be only 1 target price given.)

Analysts on Stock Chase like this stock, but some say it is always too expensive. Robin Brown on Motley Fool thinks that this stock may surge in 2026. Kay Ng on Motley Fool thinks that this stock is undervalued. The company put out a press release via Global Newswire about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and gives its pros and cons. Simply Wall Street via Yahoo Finance talks how investors react to the company’s earnings beat and 11% dividend increase.

FirstService Corp operates in two business divisions: FirstService Residential and FirstService Brands. The company earns the majority of its revenue in the United States, with the remaining revenue generated in Canada. Its web site is here FirstService Corp.

The last stock I wrote about was about was ARC Resources Ltd (TSX-ARX, OTC-AETUF) ... learn more. The next stock I will write about will be Allied Properties Real Estate Investment Trust (TSX-AP.UN, OTC-APYRF) ... learn more on Monday, February 16, 2026 around 5 pm. Tomorrow on my other blog I will write about Gen Z Guide to Negotiating.... learn more on Tuesday, February 17, 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.

ARC Resources Ltd

Sound bite for Twitter is: Dividend Growth Resource. Results of stock price testing is that the stock price could be reasonable. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth has restarted. See my spreadsheet on ARC Resources Ltd.

Is it a good company at a reasonable price? Personally, I have never been a keen investor in the resource sector. There is a lot of volatility in this sector. For investors, there are periods where the 8% total return I want has not been met. I know some long term investors like the resource area. The stock price seems to be reasonable at this point in time.

I do not own this stock of ARC Resources Ltd (TSX-ARX, OTC-AETUF). When TFSA first came out, this stock was recommended for this account as it was an income trust at that point and most of the distributions were taxable. This stock is no longer an income trust and the distributions are now dividends and taxed as normal Canadian dividends.

When I was updating my spreadsheet, I noticed insiders were buying stock over the past year between $24.00 and $27.00. Buying was by all the officers I was following and some of the Directors.

If you had invested in this company in December 2015, for $1,002.00 you would have bought 26 shares at $16.70 per share. In December 2025, after 10 years you would have received $330.36 in dividends. The stock would be worth $1,545.00. Your total return would have been $1,875.36. This would be a total return of 7.18% per year with 4.43% from capital gain and 2.76% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.70	$1,002.00	60	10	$330.36	$1,545.00	$1,875.36

The current dividend yield is moderate with dividend growth has restarted. The current dividend yield is moderate (2% to 4% ranges) at 3.44%. The 5 and 10 year median dividend yields are also moderate at 2.76% and 3.32%. The historical median dividend yield is good (5% to 6% ranges) at 6.50%.

The dividends have increased by 25.9% per year over the past 5 years. However, dividends are lower than they have been in the past. Dividends were being deceased lastly from 2009 until 2020. I have dividend information for the past 29 years and there has been 12 years of dividend increases and 8 years of dividend decreases. Much of the problem with dividends has to do with this company being a Income Trust company in the past. Old Income Trust companies have had a hard time getting dividends right. The last dividend increase occurred in 2026 and it was for 10.5%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 35% with 5 year coverage at 24%. The DPR for 2025 for Funds from Operations (FFO) is good at 14% with 5 year coverage at 12%. The DPR for 2025 for Free Funds Flow (FFF) is good at 35% with 5 year coverage at 27%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 14% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow (FCF) is good at 35% with 5 year coverage at 26%. (Only WSJ is giving out FCF information at the present time.)

Item	Cur	5 Years
EPS	34.70%	24.26%
FFO	13.87%	11.82%
FFF	34.55%	27.33%
CFPS	13.58%	11.68%
FCF	35.32%	26.28%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.17 and currently at 0.18. The Liquidity Ratio for 2025 is too low at 0.70 and 0.70currently. If you added in Cash Flow after dividends, the ratios are fine at 2.48 and currently at 2.37. The Debt Ratio for 2025 is good at 2.97 and 2.17 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.51 and 0.51 and currently at 1.85 and 0.85.

Type	Year End	Ratio Curr
Lg Term R	0.17	0.18
Intang/GW	0.02	0.02
Liquidity	0.70	0.70
Liq. + CF	2.48	2.37
Debt Ratio	2.97	2.17
Leverage	1.51	1.85
D/E Ratio	0.51	0.85

The Total Return per year is shown below for years of 5 to 29 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	25.93%	38.67%	33.82%	4.85%
2015	10	-4.46%	7.18%	4.43%	2.76%
2010	15	-3.00%	3.23%	0.09%	3.14%
2005	20	-4.70%	4.53%	-0.15%	4.67%
2000	25	-3.82%	15.87%	3.31%	12.56%
1996	29	-2.58%	12.83%	2.43%	10.40%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.51, 7.62 and 10.52. The corresponding 10 year ratios are 7.97, 10.00 and 12.40. The corresponding historical ratios are 10.05, 12.18 and 14.29. The current P/E Ratio is 10.78 based on a stock price of $24.43 and EPS estimate for 2026 of $2.27. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 3.33, 4.38 and 5.43. The corresponding 10 year ratios are 3.35, 4.71 and 5.57. The corresponding historical ratios are 5.16, 6.46 and 7.20. The current P/FFO Ratio is 4.62 based on a stock price of $24.43 and FFO estimate for 2026 of $5.29. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Free Funds Flow (FFF) data. The 5-year low, median, and high median Price/ Free Funds Flow Ratios are 10.85, 12.54 and 14.22. The corresponding 10 year ratios are 14.91, 18.42 and 21.93. The current P/FFF Ratio is 6.98 based on a stock price of $24.43 and FFF estimate for 2026 of $3.50. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $27.17. The 10-year low, median, and high median Price/Graham Price Ratios are 0.59, 0.82 and 0.96. The current ratio is 0.90 based on a stock price of $24.43. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.53. The current ratio is 1.69 based on a Book Value of $8,294M, Book Value per Share of $14.48 and a stock price of $24.43. 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 also have a Book Value per Share estimate for 2026 of $14.88. This implies a ratio of 1.64 with a stock price of $24.43 and Book Value of $8,491M. The current ratio is 7% 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 4.75. The current P/CF Ratio is 4.70 based on Cash Flow per Share estimate for 2026 of $5.20, Cash Flow of $2,997M and a stock price of $24.43. The current ratio is 1% below the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 6.50%. The current dividend yield is 3.44% based on dividends of $0.84 and a stock price of $24.43. The current dividend yield is 47% below the historical median yield. This stock price testing suggests that the stock price is relatively expensive. However, the dividends on this stock have gone up and down a lot, so this is not a very good test.

I get a 10 year median dividend yield of 3.32%. The current dividend yield is 3.44% based on dividends of $0.84 and a stock price of $24.43. The current dividend yield is 4% above the 10 year median yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. However, the dividends on this stock have gone up and down a lot, so this is not a very good test.

The 10-year median Price/Sales (Revenue) Ratio is 3.32%. The current P/S Ratio is 2.19 based on a stock price of $24.43, Revenue estimate for 2026 of $6,356M, and Revenue per Share of 11.14. The current ratio is 20% 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 could be reasonable. The 10 year dividend yield test says it is reasonable and below the median. The P/S Ratio test says it is cheap. However, analysts expect Revenue to increase 30% in 2026 after an increase for in 2025 of 20%. You have to wonder. A lot of the rest of the testing is saying that the stock price is reasonable and above and below the median.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (4), Hold (3), Underperform (2), Sell (1). The consensus would be a Buy. The 12 month stock price consensus is $28.00 with a high of $35.00 and low of $25.50. The consensus stock price of $28.00 implies a total return of 18.05% with 14.61% from capital gains and 3.44% from dividends based on a current stock price of $24.43.

Analyst on Stock Chase are not keen on this stock at the present time. One analyst said that there are issues with its Attachie Project and they would like to see a resolution first. Aditya Raghunath on Motley Fool is bullish on this stock. Amy Legate-Wolfe on Motley Fool is also bullish on this stock. The company put out a Press Release about their fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock and says it is undervalued. They have two warnings out of earnings are forecast to decline by an average of 2.2% per year for the next 3 years and unstable dividend track record.

Arc Resources is a natural gas and condensate-focused producer in Canada's Western Sedimentary Basin. Its web site is here ARC Resources Ltd.

The last stock I wrote about was about was Canadian Pacific Kansas City Ltd (TSX-CP, NYSE-CP) ... learn more. The next stock I will write about will be FirstService Corp (TSX-FSV, NASDAQ-FSV) ... learn more on Monday, February 16, 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 Pacific Kansas City Ltd

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is testing as still reasonable. Debt Ratios are fine but Liquidity Ratios should be improved. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth low. See my spreadsheet on Canadian Pacific Kansas City Ltd.

Is it a good company at a reasonable price? This is a blue chip stocks and has mainly done well over the years. What I do not like about it currently is its very low dividend yield. I do not buy stocks with a dividend yield below 1% as it takes too long to get a decent yield on your original purchase price. I do not buy stock for just capital gain. I think that dividend growth stocks are a better investment. Currently this stock seems to be reasonable, but above the median.

I do not own this stock of Canadian Pacific Kansas City Ltd (TSX-CP, NYSE-CP). It is a stock I held from 1987 to 1999 so I am following it. I also held it 2006 to 2011. I decided in 2011 to have only one railway stock and chose CN as my railway stock.

When I was updating my spreadsheet, I noticed if I had kept the shares I had in this company, my total return to date would be approximately 11.12% with 9.84% from capital gains and 1.28% from dividends over a 38 year period and 3 purchases in 1987, 1988 and 2006.

They did fine last year with increases to Revenue, AEPS, Net Income, Cash Flow and Dividends. The stock price went down slightly. They increased the dividend 15% after no increases in dividends in 2022, 2023 and 2024.

If you had invested in this company in December 2015, for $1,025.03 you would have bought 26 shares at $35.35 per share. In December 2025, after 10 years you would have received $186.88 in dividends. The stock would be worth $2,930.45. Your total return would have been $3,117.33. This would be a total return of 12.18% per year with 11.08% from capital gain and 1.10% from dividends. This calculation takes into consideration stock splits, which means that the original cost would be lowered by these splits.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$35.35	$1,025.03	29	10	$186.88	$2,930.45	$3,117.33

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 0.81% based on a stock price of $113.26 and Dividends of $5.21. The 5, 10 and historical median dividend yields are also low at 0.81%, 0.89% and 1.21%. The dividend increases are current low at 4.9% per year over the past 5 years. This is because dividends were flat between 2022 and 2024 inclusive.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 19% with 5 year coverage at 19%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 19% with 5 year coverage at 19%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 14% with 5 year coverage at 17%. The DPR for 2025 for Free Cash Flow 1 (FCF) is good at 37% with 5 year coverage at 37%. The DPR for 2025 for Free Cash Flow 1 (FCF) is good at 35% with 5 year coverage at 30%. Both WSJ and the company give out FCF values. No one else did for 2025 so far.

Item	Cur	5 Years
EPS	19.38%	18.95%
AEPS	18.96%	19.39%
CFPS	13.97%	16.50%
FCF 1	36.70%	36.70%
FCF 2	34.87%	29.41%

Debt Ratios are fine but Liquidity Ratios should be improved. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.22 and currently at 0.20. The Liquidity Ratio for 2025 is too low at 0.49 and 0.49 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.25 and currently better at 1.47. The Debt Ratio for 2025 is good at 2.19 and 2.19 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.88 and 0.86 and currently at 1.88 and 0.86.

Type	Year End	Ratio Curr
Lg Term R	0.22	0.20
Intang/GW	0.24	0.21
Liquidity	0.49	0.49
Liq. + CF	1.25	1.47
Debt Ratio	2.19	2.19
Leverage	1.88	1.88
D/E Ratio	0.86	0.86

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	4.90%	3.57%	2.73%	0.84%
2015	10	12.06%	12.18%	11.08%	1.10%
2010	15	10.08%	16.10%	14.68%	1.41%
2005	20	10.60%	13.68%	12.41%	1.28%
2000	25	10.54%	14.86%	13.36%	1.50%
1995	30	11.22%	14.65%	13.14%	1.51%
1990	35	6.64%	13.32%	11.98%	1.34%
1985	37	7.15%	12.47%	11.13%	1.34%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 22.53, 24.53, 26.52. The corresponding 10 year ratios are 18.06, 20.82 and 24.17. The corresponding historical ratios are 13.25, 16.78 and 18.04. The current ratio is 22.46 based on a stock price of $113.26 and EPS estimate for 2026 of $5.04. This ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 23.21, 24.98 and 26.76. The corresponding 10 year ratios are 17.87, 21.48 and 25.08. The corresponding historical ratios are 14.98, 19.59 and 23.27. The current ratio is 21.74 based on a stock price of $113.26 and AEPS estimate for 2026 of $5.21. This ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $77.33. The 10-year low, median, and high median Price/Graham Price Ratios are 1.53, 1.66 and 1.80. The current ratio is 1.46 based on a stock price of $113.26. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is cheap.

I get a 10-year median Price/Book Value per Share Ratio of 3.64. The current ratio is 2.22 based on a Book Value of $45,787M, Book Value per Share of $51.01 and a stock price of $113.26. The current ratio is 39% 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 $54.05. This implies a P/B Ratio is 2.10 with a stock price of $113.26 and Book Value of $48,515M. This ratio is 43% 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 17.34. The current ratio is 15.18 based on a stock $113.26, Cash Flow per Share estimate for 2026 of $7.46 and Cash Flow of $6,699M. The current ratio is 12% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 1.20%. The current dividend yield is 0.81% based on dividends of $0.912 and a stock price of $113.26. The current dividend yield is 33% 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 0.89%. The current dividend yield is 0.83% based on dividends of $0.912 and a stock price of $109.82. The current dividend yield is 10% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but below the median.

The 10-year median Price/Sales (Revenue) Ratio is 6.35. The current P/S Ratio is 6.40 based on Revenue estimate for 2026 of $15,875M, Revenue per Share of $17.69 and a stock price of $113.26. The current ratio is 1% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is testing as still reasonable. The 10 year dividend yield test says the stock price is still reasonable but above the median. The P/S Ratio test says the same thing. The rest of the testing varies from cheap to reasonable and above the median.

When I look at analysts’ recommendations, I find Strong Buy (17), Buy (8) and Hold (5). The consensus is a Strong Buy. The 12 month stock price consensus is $121.25 with a high of $130.00 and low of 101.00. The consensus stock price of $121.25 implies a total return of 7.86% with 7.05% from capital gains and 0.81% from dividends based on a current stock price of $113.26. A

nalysts on Stock Chase give this stock a weak buy and some are worried about CUSMA. Jitendra Parashar on Motley Fool says if you have $5,000 to buy stock, this stock is a good one to start with. Amy Legate-Wolfe on Motley Fool thinks this stock will be a long term winner. The company put out a Press Release about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and thinks it might be undervalued. Simply Wall Street has one warning out of has a high level of debt.

Canadian Pacific Kansas City is a Class I railroad operating on track that spans across most of Canada and into parts of the Midwestern and Northeastern United States and he Upper Midwest down through Texas, the Gulf of Mexico, and into Mexico. Its web site is here Canadian Pacific Kansas City Ltd.

The last stock I wrote about was about was Canadian National Railway (TSX-CNR, NYSE-CNI) ... learn more. The next stock I will write about will be ARC Resources Ltd (TSX-ARX, OTC-AETUF) ... learn more on Friday, February 13, 2026 around 5 pm. Tomorrow on my other blog I will write about EQB Bank and In the Money.... learn more on Thursday, February 12, 2026 around 5 pm.

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

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

Canadian National Railway

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is testing as reasonable, but might be cheap. Debt Ratios are fine. Results of stock price testing is that the stock price is testing as still reasonable. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Canadian National Railway.

Is it a good company at a reasonable price? Both the Canadian Railway stocks seem to be good long term buys. The time to buy dividend growth stocks is when they are relatively reasonable. The new money sense dividend list gives this company a C rating. It is always best to buy stocks with several purchases over a few years and in different months. This stock could be cheap as the dividend yield tests are pointing to that.

I own this stock of Canadian National Railway (TSX-CNR, NYSE-CNI). In 2005 I was look for good companies to buy at a reasonable price. This stock met by criteria. This is a dividend growth company with a good record of dividend increases. I brought some more in 2009. In my RRSP account, I bought this stock in 2011 and sold in 2013. Reason for sale was to raise money in my RRSP account for future withdrawals. I was looking for something to sell with a low dividend yield.

When I was updating my spreadsheet, I noticed I have had this stock in my trading for just over 20 years. I have made a return of 13.18% per year with 10.53% from capital gains and 2.65% from dividends. I noticed that there has been a lot of insiders buying over the past year. Most of the officers and directors I follow have bought shares. The most recent buying is at $135.00, but over the year buying was from $130.00 to $145.00.

If you had invested in this company in December 2015, for $1,005.55 you would have bought 26 shares at $77.35 per share. In December 2025, after 10 years you would have received $323.70 in dividends. The stock would be worth $1,764.75. Your total return would have been $2,088.45. This would be a total return of 8.19% per year with 5.79% from capital gain and 2.40% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$77.35	$1,005.55	13	10	$323.70	$1,764.75	$2,088.45

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4%) at 2.79%. The 5 year median dividend yield is moderate at 2.02%. The 10 year and historical median dividend yields are low (below 2%) at 1.88% and 1.68%. The dividend growth over the past 5 years is moderate (8% to 14% ranges) at 9.1%. The last dividend increase was in 3.1%. Dividend increases have been declining over the past 5 years.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 47% with 5 year coverage at 41%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 47% with 5 year coverage at 43%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 33% with 5 year coverage at 30%. The DPR for 2025 for Free Cash Flow (FCF) is high at 66% with 5 year coverage at 57%. The FCF varies a bit from $3,336M to $3,391M. I am using the $3,336M value. Some sites no longer give a value.

Item	Cur	5 Years
EPS	46.90%	41.35%
AEPS	46.53%	43.80%
CFPS	33.08%	30.43%
FCF	66.19%	56.86%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.24 and currently at 0.25. The Liquidity Ratio for 2025 is too low at 0.67 and 0.67 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.99 and currently at 1.99. The Debt Ratio for 2025 is good at 1.58 and 1.58 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 1.71 and 0.71 and currently at 1.71 and 0.71.

Type	Year End	Ratio Curr
Lg Term R	0.24	0.25
Intang/GW	0.01	0.00
Liquidity	0.67	0.67
Liq. + CF	1.99	1.99
Debt Ratio	1.58	1.58
Leverage	2.71	2.71
D/E Ratio	1.71	1.71

The Total Return per year is shown below for years of 5 to 29 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.	check
2020	5	9.07%	1.63%	-0.61%	2.23%	1.62%
2015	10	11.00%	8.19%	5.79%	2.40%	8.19%
2010	15	13.38%	12.52%	9.85%	2.67%	12.52%
2005	20	14.19%	11.49%	9.22%	2.28%	11.49%
2000	25	14.64%	15.09%	12.35%	2.74%	15.09%
1996	29	14.69%	15.07%	12.47%	2.60%	15.07%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 18.26, 20.97 and 23.26. The corresponding 10 year ratios are 16.92, 18.96 and 21.06. The corresponding historical ratios are 12.39, 14.67 and 17.53. The current ratio is 17.71 based on a stock price of $140.14 and EPS estimate for 2026 of $7.92. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 19.80, 21.46 and 23.19. The corresponding 10 year ratios are 18.02, 20.34 and 22.54. The corresponding historical ratios are 16.25, 18.69 and 20.81. The current ratio is 17.47 based on a stock price of $140.14 and AEPS estimate for 2026 of $8.02. This ratio is below the low of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $79.66. The 10-year low, median, and high median Price/Graham Price Ratios are 1.75, 2.04 and 2.28. The current ratio is 1.76 based on a stock price of $140.14. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 4.43. The current P/B Ratio is 3.98 based on a Book Value of $21,568M, Book Value per Share of $35.17 and a stock price of $140.14. The current ratio is 10% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have a Book Value per Share estimate for 2026 of $34.85. This implies a ratio of 4.02 with a Book Value of $21,374M with a stock price of $140.14. This ratio is 9% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 13.81. The current P/CF Ratio is 12.16 based on a stock price of $140.14, Cash Flow per Share estimate for 2026 of $11.52 and Cash Flow of $7,065M. This ratio is 12% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 1.68%. The current dividend yield is 2.61% based on a stock price of $140.14 and dividends of $3.66. The current dividend yield is 55% 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 1.88%. The current dividend yield is 2.61% based on a stock price of $140.14 and dividends of $3.66. The current dividend yield is 39% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 5.81. The current P/S Ratio is 4.87 based on Revenue estimate for 2026 of $17,662M, Revenue per Share of $28.80 and a stock price of $140.14. The current ratio is 16% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is testing as reasonable, but might be cheap. The dividend yield tests say that the stock price is relatively cheap. However, the P/S Ratio testing says it is relatively reasonable. The rest of the testing is saying that the stock price is either cheap or reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (10), Buy (5), Hold (14) and Sell (1). The consensus would be a Buy. The 12 month stock price consensus is $152.50 with a high of $190.00 and a low of $132.00. The stock price consensus of $152.50 implies a total return of 11.43% with 8.82% from capital gains and 2.61% from dividends based on a current stock price of $140.14.

For the analysts’ comments on Stock Chase there are 2 Buys and one Do Not Buy. The Do not Buy says it is a great business but always expensive. Amy Legate-Wolfe on Motley Fool says that Blue Chip stocks look boring until the day the market stops playing nice. Andrew Walker on Motley Fool asks that since the stock is down 10% is it oversold? He ends saying that much of the downside risk is likely already reflected in CN’s share price. The company put out a Press Release about it fourth quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stocks and looks at risks and rewards. Simply Wall Street has one warning of has a high level of debt

Canadian National's railway spans Canada from coast to coast and extends through Chicago to the Gulf of Mexico. Its web site is here Canadian National Railway.

The last stock I wrote about was about was AGF Management Ltd (TSX-AGF.B, OTC-AGFMF) ... learn more. The next stock I will write about will be Canadian Pacific Kansas City Ltd (TSX-CP, NYSE-CP) ... learn more on Wednesday, February 11, 2026 around 5 pm. Tomorrow on my other blog I will write about Money Sense Dividend Stocks.... learn more on Tuesday, February 10, 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.

AGF Management Ltd

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth currently moderate. See my spreadsheet on AGF Management Ltd.

Is it a good company at a reasonable price? This stock seems to be doing well at this point. However, I would have no interest in purchasing this stock again. The current ratios seem quite low. For example, the 10 year high P/E Ratio is 8.66. Generally, P/E Ratios below 10 is considered cheap and expensive above 20. But currently my testing is implying that the stock price is relatively expensive.

I do not own this stock of AGF Management Ltd (TSX-AGF.B, OTC-AGFMF) but I used to. I bought this stock several times starting in 2001. If I had kept it over that 24 year period to the end of 2025, I would have lost 1.96% per year or have a total loss of my purchase of 38%. I got out of this stock in 2008 and had a total return of 2.08% per year because of dividends.

When I was updating my spreadsheet, I noticed that the people who bought and held this stock for the last 15, 20 or 25 years did not make a very good return. The Total Return for the last 15, 20 and 25 years is 2.06%, 1.89% and 1.27%. You can see from the Total Return paragraph below that people who held this stock between 15 and 25 years, earned very little and what they did earn was in dividends. For other periods, you got a good return.

If you had invested in this company in December 2015, for $1,003.60 you would have bought 193 shares at $5.20 per share. In December 2025, after 10 years you would have received $715.07 in dividends. The stock would be worth $3,142.04. Your total return would have been $3,857.11. This would be a total return of 16.47% per year with 12.09% from capital gain and 4.38% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$5.20	$1,003.60	193	10	$715.07	$3,142.04	$3,857.11

The current dividend yield is moderate with dividend growth currently moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.75%. The 5 year and historical median dividend yields are moderate at 4.92% an4.71%. The 10 year median dividend yield is good (5% to 6% ranges) at 5.14%. The dividend growth the for last 5 years is moderate (8% to 14% ranges) at 8.9% per year. The last dividend increase was in 2025 and it was for 8.7%. Dividend increases have been inconsistent and dividends are down for the people who bought this stock between 10 and 20 years ago. See Total Return paragraph below.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 26% with 5 year coverage at 34%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 25% with 5 year coverage at 32%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 29% with 5 year coverage high at 38%. The DPR for 2025 for Free Cash Flow MS (FCF) is good at 29% with 5 year coverage at 38%. The DPR for 2025 for Free Cash Flow Company (FCF) is good at 27% with 5 year coverage at 31%. There are several sources for FCF and they are all similar.

Item	Cur	5 Years
EPS	25.65%	34.06%
AEPS	25.39%	32.19%
CFPS	20.78%	25.09%
FCF MS	29.16%	38.45%
FCF Comp	26.54%	31.36%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.07 and currently at 0.06. The Liquidity Ratio for 2025 is low at 1.00 and 1.00 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.64 and currently at 1.63. The Debt Ratio for 2025 is good at 3.42 and 3.42 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.44 and 0.41 and currently at 1.41 and 0.41.

Type	Year End	Ratio Curr
Lg Term R	0.07	0.06
Intang/GW	1.15	0.90
Liquidity	1.00	1.00
Liq. + CF	1.64	1.63
Debt Ratio	3.42	3.42
Leverage	1.44	1.41
D/E Ratio	0.41	0.41

The Total Return per year is shown below for years of 5 to 34 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	8.90%	26.50%	21.77%	4.73%
2015	10	-0.40%	16.47%	12.09%	4.38%
2010	15	-4.83%	2.06%	-1.20%	3.26%
2005	20	-0.67%	1.89%	-1.56%	3.45%
2000	25	4.09%	1.27%	-1.62%	2.89%
1995	30	4.66%	12.72%	5.56%	7.16%
1990	34	6.18%	16.31%	7.66%	8.65%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.04, 7.41, and 6.39. The corresponding 10 year ratios are 5.61, 7.24 and 8.86. The corresponding historical ratios are 9.04, 12.79 and 15.65. The current ratio is 9.23 based on a stock price of $18.15 and EPS estimate for 2026 of $1.97. 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. The P/E Ratios are quite low where generally a ratio of 10 or lower is consider low.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.89, 6.14, 7.60. The corresponding 10 year ratios are 5.92, 8.09 and 9.34. The corresponding historical ratios are 7.65, 11.32 and 14.21. The current ratio is 8.64 based on a stock price of $18.15 and AEPS estimate for 2026 of $2.10. This ratio is between the median and the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. The P/AEPS Ratios are quite low where generally a ratio of 10 or lower is consider low.

I get a Graham Price of $30.13. The 10-year low, median, and high median Price/Graham Price Ratios are 0.32, 0.39 and 0.49. The current ratio is 0.60 based on a stock price of $18.15. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. These ratios are quite low. Generally good ratios are between 0.85 and 1.20.

I get a 10-year median Price/Book Value per Share Ratio of 0.47. The current ratio is 0.94 based on a Book Value of $1,235M, Book Value per Share of $19.22 and a stock price of $18.15. The current ratio is 100% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. The P/E Ratios are quite low where generally a ratio of 1.50 is considered a good normal ratio.

I also have a Book Value per Share estimate for 2026 of $20.19. This implies a ratio of 0.90 based on a stock price of $18.15 and Book Value of $1,298M. This ratio is 91% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.82. The current P/CF Ratio is 10.16 based on Cash Flow for the last 12 months of $114.9M, Cash per Share of $1.79 and a stock price of $18.15. The current ratio is 49% 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 4.71%. The current dividend yield is 2.75% based on a stock price of $18.15 and Dividends of $0.50. The current ratio is 42% 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 5.14%. The current dividend yield is 2.75% based on a stock price of $18.15 and Dividends of $0.50. The current ratio is 42% 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 1.07. The current ratio is 1.85 based on Revenue estimate for 2026 of $631.7M, Revenue per Share of $9.83 and a stock price of $18.15. The current ratio is 72% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably on the expensive side. The dividend yield tests say this and it is confirmed by the P/S Ratio test. All the other tests, but the P/B Ratio test says that the stock is expensive. The P/B Ratio test says it is reasonable but above the median. The ratios on this stock is generally quite low.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (2) and Hold (3). The consensus is a Buy. The 12 month stock price consensus is $19.54 with a high of $22.00 and a low of $16.50. The consensus stock price of $19.54 implies a total return of 10.41% with 7.66% from capital gains and 2.75% from dividends based on a current stock price of $18.15.

In 2025 the only recommendation on Stock Chase is Do Not Buy. Says company is a shadow of itself. In 2024 the only recommendation was Sell. Says dividend rising too fast and earnings not quality. Jitendra Parashar on Motley Fool says the company is showing strong growth momentum. Amy Legate-Wolfe on Motley Fool in 2025 said that this was a dividend stock to consider. The company put out a Press Release about their 2025annual results.

Simply Wall Street via Yahoo Finance reviews this stock and says that the fair value has edged up from $16.29 to $16.54. Simply Wall Street has one warning on this stock of earnings are forecast to decline by an average of 8.5% per year for the next 3 years.

AGF Management is a Canadian-based independent asset manager. AGF Management's funds are weighted toward equities with roughly three-quarters of the firm's retail AUM tied to equities. Its web site is here AGF Management Ltd.

The last stock I wrote about was about was EQB Inc (TSX-EQB, OTC-EQGPF) ... learn more. The next stock I will write about will be Canadian National Railway (TSX-CNR, NYSE-CNI) ... learn more on Monday, February 9 around 5 pm.

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