BRP Inc

I will probably not publish on Friday, as I am on an all-day bus trip.

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price could be relatively cheap. Debt Ratios need improving and the company has a lot of debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth good currently, but growth inconsistent. See my spreadsheet on BRP Inc.

Is it a good company at a reasonable price? There are things not to like about this stock. The Revenue is off its peak of 2024 over the last two year. EPS and AEPS is also declining over the past two years. Analysts seem to think that the financial year ending January 2027 will be a better year. The results for the second quarter report of 2027 dated July 2026 does show higher revenue and AEPS. However, book value is very low and debt is quite high. Also, having a past high it has not been able to breach is not a good sign. I bought my stock with my fooling around money. It is rather a risky buy, but the stock price might be cheap.

I own this stock of BRP Inc (TSX-DOO, OTC-DOOO). Robin Speziale, author of Market Masters and Capital Compounders had mentioned this stock in Capital Compounders, Table 3 (page 93 in my copy) as a possible next Capital Compounder. I had extra money in my TFSA, so I bought 40 shares of this stock.

When I was updating my spreadsheet, I noticed that this stock is showing a cyclical pattern. It had a high in September 2021 that it has not been able to pass. Note that I am looking at the financial year ending in January 2026 and its second quarter for 2027 ending July 2026.

If you had invested in this company in December 2015, for $1,020.60 you would have bought 36 shares at $28.35 per share. In December 2025, after 10 years you would have received $168.84 in dividends. The stock would be worth $3,493.80. Your total return would have been $3,662.64. This would be a total return of 18.15% per year with 17.18% from capital gain and 0.97% from dividends. (However, the 5 year total return is low, see the Total Return per Year chart in a paragraph below.)

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$28.35	$1,020.60	36	10	$168.84	$3,493.80	$3,662.64

The current dividend yield is low with dividend growth good currently, but growth inconsistent. The current dividend yield is low (below 2%) at 1.22%. The 5 and 8 year dividend yields are also low at 0.72%, and 0.69%. Dividends have only been paid since 2018. Dividend growth over the past 5 years is good (15% per year or higher) at 50.1% per year. The last dividend increase was in 2027 financial year and it was for 16%. Dividend increases are not consistent.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 22% with 5 year coverage at 12%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 17% with 5 year coverage at 10%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 6% with 5 year coverage at 4%. The DPR for 2025 for Free Cash Flow (FCF) is fine at 88% with 5 year coverage at 14%. FCF for 2026 varies from $70M to $871M and I am using $70M.

Item	Cur	5 Years
EPS	21.77%	11.72%
AEPS	16.51%	10.30%
CFPS	5.89%	4.08%
FCF	88.43%	14.16%

Debt Ratios need improving and the company has a lot of debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.34 and currently at 0.42. The Liquidity Ratio for 2025 is low at 1.27 and 1.19 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.70 and currently at 1.51. The Debt Ratio for 2025 is low at 1.11 and 1.05 currently. The Leverage and Debt/Equity Ratios for 2025 are way too high at 10.35 and 9.35 and currently at 19.81 and 18.81. Note that good ratios are below 3.00 and 2.00. The leverage with EBITDA is too high at 5.18 and currently at 6.02. It is better when at 3.00 or below.

Type	Year End	Ratio Curr
Lg Term R	0.34	0.42
Intang/GW	0.07	0.09
Liquidity	1.27	1.19
Liq. + CF	1.70	1.51
Debt Ratio	1.11	1.05
Leverage	10.35	19.81
L/EBITDA	5.18	6.02
D/E Ratio	9.35	18.81

The Total Return per Year is shown below for years of 5 to 12 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	50.88%	3.71%	2.91%	0.80%
2015	10	13.15%	18.15%	17.18%	0.97%
2013	12		10.83%	10.23%	0.60%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.32, 10.60 and 12.87. The corresponding 10 year ratios are 8.66, 12.17 and 15.13. The corresponding historical ratios are 9.42, 14.15 and 19.54. The current ratio is 27.24 based on a stock price of $80.76 and EPS estimate for 2027 of $2.97. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.61, 10.75 and 12.66. The corresponding 10 year ratios are 8.73, 12.24 and 17.10. The corresponding historical ratios are 9.07, 14.15 and 17.26. The current ratio is 19.14 based on a stock price of $80.76 and AEPS estimate for 2027 of $4.22. 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 $21.09. The 10-year low, median, and high median Price/Graham Price Ratios are 2.58, 3.51 and 4.50. The current ratio is 3.83 based on a stock price of $80.76. The current 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. This is a very imperfect test because 5 of the last 10 entries are fudged because of negative book values.

I get a 10-year median Price/Book Value per Share Ratio of 0.80. The current ratio is 17.25 based on a stock price of $80.76, Book Value of $335M and Book Value per Share of $4.68. The current ratio is 2049% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. There are lots of problems with this test also. There were years of a negative book value. The latest quarter is showing the book value falling by 44%. Book Values seem to vary a lot.

Note that the Book Value per Share estimate for 2027 is $9.30. This implies a ratio of 8.68 with a Book Value of $665M and a stock price of $80.76. In this case the current ratio is 982% above the 10 year ratio of 0.80. This stock price testing suggests that the stock price is relatively expensive. The 10 year median ratio is very low because of years of negative book values.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.72. The current ratio is $5.73 based on a Cash Flow per Share estimate for 2027 of $14.10, Cash Flow of $1,009M and a stock price of $80.76. The current ratio is 26% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This is a relatively reasonable test, but Cash Flow has varied a lot.

I get an 8 year and historical median dividend yield of 0.69%. The current ratio is 1.24% based on dividends of $1.00 and a stock price of $80.76. The current dividend yield is 79% above the historical and 8 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This is a relatively good test.

The 10-year median Price/Sales (Revenue) Ratio is 0.76. The current ratio is 0.61 based on Revenue estimate for 2027 of $9,406M, Revenue per Share of $131.48 and a stock price of $80.76. The current ratio is 19.6% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. It is very close to cheap

Results of stock price testing is that the stock price could be relatively cheap. The dividend yield test for the last 8 years is showing the stock price as cheap. Dividends have only been paid for 8 years. This is confirmed by the P/S Ratio test. It is a problem that a number of the tests are not good tests. The P/E Ratio and P/AEPS Ratio tests show that the stock price is expensive, but the AEPS ratio is not that high.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (5) and Hold (9). The consensus would be a Buy. The 12 month stock price is $103.07 with a high of $113.00 and low of $90.00. The 12 month stock price of $103.07 implies a total return of 28.86% with 27.63% from capital gains and 1.24% from dividends based on a current stock price of $80.76.

Analysts on Stock Chase stopped following this stock after 2024. Never a good sign. Jitendra Parashar on Motley Fool in August said that the stock jumped 8% following the launch of BRP Financial Services, a new retail financing program for customers and dealers in the U.S. market. Amy Legate-Wolfe on Motley Fool is looking for a cyclical rebound potential as demand and margins recover. The company put out a press release via Newswire about its fourth quarter for 2026. The company put out a press release via Newswire about its second quarter for the 2027 financial year.

Simply Wall Street via Yahoo Finance see a higher Fair Value Estimate of CA$103.07, up from CA$97.22, which lines up more closely with the Street price targets that have been cited after the latest update. Simply Wall Street has 3 warnings on this stock of profit margins (1.2%) are lower than last year (2.6%); has a high level of debt; and large one-off items impacting financial results. Note that the company has Adjusted Earnings per Share to get rid of impact of one-off items.

BRP designs, develops, manufactures, distributes, and markets snowmobiles, all-terrain vehicles, and personal watercraft under the Ski-Doo, Sea-Doo, Can-Am, and Lynx brand names. It also builds engines under the Rotax brand (after shuttering the Evinrude outboard engine business in 2020) and offers clothing, parts, and accessories that cater to its core consumers. Its web site is here BRP Inc.

The last stock I wrote about was about was K-Bro Linen Inc (TSX-KBL, OTC-KBRLF) ... learn more. The next stock I will write about will be Linamar Corporation (TSX-LNR, OTC-LIMAF) ... learn more on Friday, September 24, 2026 around 5 pm. Tomorrow on my other blog I will write about Agnico Eagle Mines Ltd.... learn more on Thursday, September 24, 2026 around 5 pm.

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

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

K-Bro Linen Inc

Sound bite for Twitter is: Dividend Paying Consumer. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth non-existent. See my spreadsheet on K-Bro Linen Inc .

Is it a good company at a reasonable price? The dividends are flat and I prefer stocks with dividend increases. The company has been growing faster than the stock price over the past 5 and 10 years, but the P/E Ratio is just getting to reasonable level for this type of company. Analysts expect the stock price to go up nicely within the next 12 months so perhaps the company will have some better total returns going forward. The stock price does seem reasonable.

I do not own this stock of K-Bro Linen Inc (TSX-KBL, OTC-KBRLF). People were talking about this stock at the 2009 Toronto Money Show. This was one income trust being touted as currently a good buy with very good yield. It was also recommended by Aaron Dunn who is the Senior Equity Analyst for Keystone Publishing Corp, a publisher of Canadian investment newsletters.

When I was updating my spreadsheet, I noticed that this stock has had some good growth except for the stock price and dividends. See paragraph and chart below.

The company started as an income fund and these companies have not become dividend growers as they seem to have a hard time getting their dividends right. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	157.78%	20.85%	16.86%	<-12 mths
5	AEPS Growth	609.44%	47.97%	76.41%	<-12 mths
5	Net Income Growth	375.67%	36.60%	20.78%	<-12 mths
5	Cash Flow Growth	47.91%	8.14%	16.80%	<-12 mths
5	Dividend Growth	0.00%	0.00%	0.00%	<-12 mths
5	Stock Price Growth	-9.91%	-2.06%	19.40%	<-12 mths
10	Revenue Growth	250.62%	13.37%	18.14%	<-this year
10	EPS - AEPS Growth	68.03%	5.33%	68.36%	<-this year
10	Net Income Growth	49.07%	4.07%	39.19%	<-this year
10	Cash Flow Growth	255.96%	13.54%	49.32%	<-this year
10	Dividend Growth	0.00%	0.00%	0.00%	<-this year
10	Stock Price Growth	-31.09%	-3.66%	53.80%	<-this year

If you had invested in this company in December 2015, for $1,019.00 you would have bought 20 shares at $50.95 per share. In December 2025, after 10 years you would have received $240.00 in dividends. The stock would be worth $702.20. Your total return would have been $942.20. This would be a total loss of 0.88% per year with 3.66% from capital loss and 2.78% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$50.95	$1,019.00	20	10	$240.00	$702.20	$942.20

The current dividend yield is moderate with dividend growth non-existent. The current dividend yield is moderate (2% to 4% range) at 2.86%. The 5, 10 and historical dividend yields are moderate at 3.38%, 3.32% and 3.44%. Originally, dividends were in the 7% to 12% ranges as this company was an income trust, however, they have been moderate since 2012. Dividends have been flat since 2014. Most old income trust stocks have problems with progressing into a dividend growth stock.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is high at 79% with 5 year coverage at 98%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 32% with 5 year coverage at 47%. The DPR for 2025 for Distributable Cash Flow (DCF) is good at 30% with 5 year coverage at 43%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 22% with 5 year coverage at 28%. The DPR for 2025 for Free Cash Flow (FCF) is good at 25% with 5 year coverage at 38%. FCF for 2025 varies from $48M to $55M and I am using the $55M.

Item	Cur	5 Years
EPS	79.47%	98.52%
AESP	32.00%	46.99%
DCF	30.18%	42.99%
CFPS	22.02%	27.94%
FCF	25.53%	37.84%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.50 and currently at 0.43. The Liquidity Ratio for 2025 is good at 1.87 and 1.85 currently. The Debt Ratio for 2025 is good at 1.64 and 1.65 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.57 and 1.57 and currently at 2.54 and 1.54.

Type	Year End	Ratio Curr
Lg Term R	0.50	0.43
Intang/GW	0.45	0.38
Liquidity	1.87	1.85
Liq. + CF	2.33	2.57
Debt Ratio	1.64	1.65
Leverage	2.57	2.54
D/E Ratio	1.57	1.54

The Total Return per Year is shown below for years of 5 to 21 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%	1.14%	-2.06%	3.21%
2015	10	0.00%	-0.88%	-3.66%	2.78%
2010	15	0.58%	9.48%	4.44%	5.04%
2005	20	0.76%	11.53%	5.20%	6.34%
2004	21		12.09%	5.38%	6.71%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 21.21, 23.50 and 25.78. The corresponding 10 year ratios are 36.48, 42.73 and 48.49. The corresponding historical ratios are 20.41, 23.30 and 25.78. The current ratio is 21.23 based on a stock price of $41.92 and EPS estimate for 2026 of $1.98. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. However, the 10 year median ratios are quite 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 15.34, 17.78 and 20.23. The corresponding 10 year ratios are 36.48, 42.73 and 48.98. The corresponding historical ratios are 25.69, 30.52 and 35.35. The current ratio is 9.75 based on a stock price of $41.92 and AEPS estimate for 2026 of $2.37. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. However, the 10 year median ratios are quite high. But the current ratio of 9.75 is a reasonable one for this company.

I also have Distributable Cash (DC) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.95, 10.38 and 11.80. The corresponding 10 year ratios are 12.32, 14.41 and 16.55. The corresponding historical ratios are 8.95, 10.48 and 11.80. The current ratio is 9.75 based on a stock price of $41.92 and DC estimate for 2026 of $4.30. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $33.82. The 10-year low, median, and high median Price/Graham Price Ratios are 1.80, 2.14 and 2.47. The current ratio is 1.24 based on a stock price of $41.92. 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 find the 10 year median ratios are rather high. Normally, good ratios are between 0.80 and 1.20, so 1.24 ratio is a bit high.

I get a 10-year median Price/Book Value per Share Ratio of 1.98. The current ratio is 1.95 based on a Book Value of $279M, Book Value per Share of $21.45 and a stock price of $41.92. The current ratio is 1.3% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This looks like a good test.

I also have a Book Value per Share estimate for 2026 of $21.91. In the case the ratio would be 1.91 with a stock price of $41.92 and Book Value of $285M. This ratio is 3.3% 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 10.99. The current ratio is 5.82 based on Cash Flow per Share estimate for 2026 of $7.20, Cash Flow of $93.6M and a stock price of $41.92. The current ratio is 47% below 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. I wonder about the estimates as the estimate for 2026 is 49% higher than the Cash Flow per Share of 2025 and higher than any previous year.

I get an historical median dividend yield of 3.44%. The current dividend yield is 2.86% based on Dividends of $1.20 and a stock price of $41.92. The current dividend yield is 17% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This is generally not considered a good test when the dividends are flat, which they are for this stock.

I get a 10 year median dividend yield of 3.32%. The current dividend yield is 2.86% based on Dividends of $1.20 and a stock price of $41.92. The current dividend yield is 14% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This is generally not considered a good test when the dividends are flat, which they are for this stock.

The 10-year median Price/Sales (Revenue) Ratio is 1.59. The current ratio is 0.91 based on Revenue estimate for 2026 of $598.7M, Revenue per Share of $46.04 and a stock price of $41.92. The current ratio is 43% below the 10 year median ratio. This stock price testing suggests that the stock price is cheap. This is a good test.

Results of stock price testing is that the stock price is probably reasonable. I did not like a number of the tests, but the P/AEPS Ratio test has a reasonable ratio of 9.75. The P/B Ratio tests are good and say that the stock price is reasonable. The P/S Ratio test is a good one and says that the stock price is relatively cheap. The dividend yield tests are not good because the dividends are flat.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (4). The consensus would be a Strong Buy. The 12 month stock price consensus is $54.00 with a high of $60.00 and low of $49.00. The consensus stock price of $54.00 implies a total return of $31.68 with 28.82% from capital gains and 2.86% from dividends based on a current stock price of $41.92.

There are three entries on Stock Chase for 2026 and analysts see the stock as a buy. They think it is a boring small cap. Daniel Da Costa on Motley Fool likes this stock for its monthly dividend. Brian Paradza on Motley Fool has that this company has proved that boring can be profitable. The company put out a press release via Newswire about their fourth quarter results for 2025. The company put out a press release via Newswire about their second quarter of 2026.

Guru Focus via Yahoo Finance reviews this stock and talk about their positive and negative points. Simply Wall Street via Yahoo Finance reviews this stock. They like the fact that the company can cover their dividends, but do not like it that they have issued new shares. Simply Wall Street gives this stock 2 and one half stars out of 5. They have one warning of interest payments are not well covered by earnings.

K-Bro Linen Inc is a healthcare and hospitality laundry and linen processor in Canada. It operates through two divisions, which are the Canadian segment, which provides laundry and linen services to the healthcare and hospitality sectors in Canada. and the United Kingdom Segment, which provides laundry and linen services to the healthcare and hospitality sectors in United Kingdom. Its web site is here K-Bro Linen Inc .

The last stock I wrote about was about was Granite REIT (TSX-GRT.UN, NYSE-GRP.U) ... learn more. The next stock I will write about will be BRP Inc (TSX-DOO, OTC-DOOO) ... learn more on Wednesday, September 23, 2026 around 5 pm. Tomorrow on my other blog I will write about Problems and RRIF Withdrawals.... learn more on Tuesday, September 22, 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.

Granite REIT

Sound bite for Twitter is: Dividend Growth REIT. Results of stock price testing is that the stock price is probably still reasonable. Debt Ratios are quite good except for the Liquidity Ratio. The Dividend Payout Ratios (DPR) are mostly fine, especially the important values of AFFO and FFO. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Granite REIT.

Is it a good company at a reasonable price? This stock seems to be growing fine with a good dividend. It seems to be a bit cyclical, so I think you have to be careful of when you buy. Of course, it is always best to buy a stock over time in different months and years. Currently the stock price is showing as possibly still reasonable. It is off its recent high.

I do not own this stock of Granite REIT (TSX-GRT.UN, OTC-GRTUF). I first bought some of this stock in 2003 when it was called MI Developments (TSX-MIM.A). It was a company connected with Frank Stronach and Magna. TD bank also had an Action Buy Call (Strong Buy) on this stock. By the December 2006, it was doing well and my stock was up some 15% per year. I bought some more. The year of 2006 was the last time I did well on this stock. It kept going down and I sold it in 2009; being discourage it would ever do well again.

When I was updating my spreadsheet, I noticed I sold this stock after 6 years because it seemed to be going nowhere and I had a loss of 22%. However, if I had held it to today and held it for almost 19 years, I would probably have had a profit of 8.35% per year, part dividends and part capital gains. I also notice that this company is no longer listed on the NYSE, it is now on OTC with a new symbol of GRTUF.

If you had invested in this company in December 2015, for $1,024.92 you would have bought 27 shares at $37.96 per share. In December 2025, after 10 years you would have received $827.03 in dividends. The stock would be worth $2,206.17. Your total return would have been $3,033.20. This would be a total return of 13.83% per year with 7.97% from capital gain and 5.86% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$37.96	$1,024.92	27	10	$827.03	$2,206.17	$3,033.20

The current dividend yield is moderate with dividend growth low. The dividend yield is moderate (2% to 4% ranges) at 4.25%. The 5, 10 and historical dividend yields are moderate at 4.23%, 4.68% and 4.49%. The dividend growth is low (below 8% per year) at 3.2% per year over the past 5 years. The last dividend increase was in 2026 and it was for 4.4%.

The Dividend Payout Ratios (DPR) are mostly fine, especially the important values of AFFO and FFO. The DPR for 2025 for Earnings per Share (EPS) is high at 61% with 5 year coverage at 68%. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is good at 65% with 5 year coverage at 72%. The DPR for 2025 for Funds from Operations (FFO) is good at 57% with 5 year coverage at 66%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 44% with 5 year coverage at 51%. It is best if DPR for CFPS is at 40% or lower. The DPR for 2025 for Free Cash Flow (FCF) is high at 103% with 5 year coverage at 72%. There is only one value for FCF and it is for $202.6M and only one site giving this information.

Item	Cur	5 Years
EPS	61.12%	68.45%
AFFO	65.25%	72.47%
FFO	57.52%	65.78%
CFPS	43.79%	51.30%
FCF	102.73%	72.25%

The Long Term Debt/Market Cap Ratio for 2025 is good at 0.04 and currently at 0.08. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.08 and currently at 0.16 because this is a more important ratio for a REIT. The Liquidity Ratio for 2025 is far too low at 0.41 and 0.18 currently. If you added in Cash Flow after dividends, the ratios are still far too low at 0.72 and currently at 0.34. The Debt Ratio for 2025 is good at 2.31 and 2.44 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.77 and 0.77 and currently at 1.70 and 0.69.

Type	Year End	Ratio Curr
Lg Term A	0.08	0.16
Lg Term R	0.04	0.08
Intang/GW	0.00	0.00
Liquidity	0.41	0.18
Liq. + CF	0.72	0.34
Liq. CF Dt	0.72	0.34
Debt Ratio	2.31	2.44
Leverage	1.77	1.70
D/E Ratio	0.77	0.69

The Total Return per Year is shown below for years of 5 to 23 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	3.20%	4.98%	0.96%	4.02%
2015	10	3.97%	13.83%	7.97%	5.86%
2010	15	13.65%	13.42%	7.64%	5.78%
2005	20	8.81%	6.96%	3.63%	3.34%
2002	23	9.46%	8.40%	4.97%	3.43%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.41, 12.88 and 14.72. The corresponding 10 year ratios are 6.48, 7.92 and 9.68. The corresponding historical ratios are 7.30, 8.60 and 10.51. The current ratio is 14.28 based on a stock price of $83.70 and EPS estimate for 2026 of $5.86. 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 Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 15.22, 17.73 and 12.71. The corresponding 10 year ratios are 12.90, 14.95 and 16.86. The corresponding historical ratios are 11.40, 13.51 and 15.13. The current ratio is 13.24 based on a stock price of $83.70 and FFO estimate for 2026 of $6.32. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This is a better test than the P/E Ratio test.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 14.03, 16.81 and 19.58. The corresponding 10 year ratios are 14.10, 16.33 and 19.29. The corresponding historical ratios are 14.03, 15.85 and 19.03. The current ratio is 14.87 based on a stock price of $83.70 and AFFO estimate for 2026 of $5.63. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This is also better test than the P/E Ratio test.

I get a Graham Price of $115.72. The 10-year low, median, and high median Price/Graham Price Ratios are 0.68, 0.79 and 0.91. The current ratio is 0.72 based on a stock price of $83.70. 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 0.97. The current ratio is 0.89 based on a stock price of $83.70, Book Value of $5,778M and Book Value per Share of $94.18. The current ratio is 9% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 15.25. The current ratio is 13.47 based on Cash Flow for the last 12 months of $381M, Cash Flow per Share of $6.21 and a stock price of $83.70. 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 4.49%. The current dividend yield is 4.24% based on dividends of $3.5496 and a stock price of $83.70. The current dividend yield is 6% 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 4.68%. The current dividend yield is 4.24% based on dividends of $3.5496 and a stock price of $83.70. The current dividend yield is 9% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 9.96. The current ratio is 7.70 based on Revenue estimate for 2026 of $666.9M, Revenue per Share of $10.87 and a stock price of $83.70. The current ratio is 23% 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 still reasonable. The dividend yield testing is saying it is reasonable but above the median. The P/S Ratio test says it is cheap. Most of the rest of the testing is saying it is reasonable and below the median. It is off its recent high.

When I look at analysts’ recommendations, I find Strong Buy (5), and Buy (5). The consensus is a Strong Buy. The 12 months stock price $106.30 with a high of $112.00 and low of $101.00. The 12 month stock price of $106.30 implies a total return of 31.24% with 27.00% from capital gains and 4.24% from dividends based on a stock price of $83.70.

Analysts on Stock Chase like this REIT but worry about interest rates. Robin Brown on Motley Fool says to buy this company for growth and passive dividends. Puja Tayal on Motley Fool says that this stock could be a growth engine as it is tied to industrial clients like Amazon and Magna International. The company put out a press release via Globe and Mail about their fourth quarter results for 2025. The company put out a press release via Globe and Mail about their second quarter of 2026.

Guru Focus via Yahoo Finance reviews this stock and says it has a strong revenue model to grow it dividends. Simply Wall Street has one warning on this stock of debt is not well covered by operating cash flow.

Granite Real Estate Investment Trust is a real estate investment trust engaged in the acquisition, development, ownership, and management of logistics, warehouse, and industrial properties in North America and Europe. The company's tenant is Magna International, an automotive parts and systems manufacturer, which accounts for the majority of Granite's lease income. Its web site is here Granite REIT.

The last stock I wrote about was about was Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF) ... learn more. The next stock I will write about will be K-Bro Linen Inc (TSX-KBL, OTC-KBRLF) ... learn more on Monday, September 21, 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.

Great-West Lifeco Inc

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are generally fine. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Great-West Lifeco Inc.

Is it a good company at a reasonable price? I think you can do well to invest in Insurance Companies; however, it would seem that this company’s stock has gone up a lot lately and is at an all-time high. I would be cautious about investing in a company at an all-time high. My testing is showing that the stock price is relatively expensive.

I do not own this stock of Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF). This stock seems to be a favorite with investors who like solid, stable, dividend paying stock. It was on Mike Higgs' list and it used to be on the dividend lists. I have been following this stock for some time. However, I will not buy it because I have Power Corp. (TSX-POW). Great West Lifeco Inc. is one of the companies under Power Corp. (TSX-POW).

When I was updating my spreadsheet, I noticed that in 2025 the company purchased (Buy-back) 3% of the outstanding shares. In the first 6 months of this year, the company purchased 1.5% of the outstanding shares. I noticed that the Desmarais Family Residuary Trust shares went down 3.5% between September 12, 2025 and September 11, 2026. The shares in this trust were flat for many years, but last year they sold some shares also.

If you had invested in this company in December 2015, for $1,101.37 you would have bought 29 shares at $34.53 per share. In December 2025, after 10 years you would have received $531.16 in dividends. The stock would be worth $1,963.01. Your total return would have been $2,494.17. This would be a total return of 10.83% per year with 6.96% from capital gain and 3.87% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$34.53	$1,001.37	29	10	$531.16	$1,963.01	$2,494.17

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 2.88%. The 5 and 10 year median dividend yields are good (5% to 6% ranges) at 5.24% and 5.16%. The historical dividend yield is moderate at 3.86%. The dividend growth is low (below 8% per year) at 6.9% per year over the past 5 years. The last dividend increase was in 2026 and it was for 9.8%.

The Dividend Payout Ratios (DPR) are generally fine. The DPR for 2025 for Earnings per Share (EPS) is high at 57% with 5 year coverage at 58%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage high at 52%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 82% with 5 year coverage good at 32%. The DPR for 2025 for Free Cash Flow (FCF) is high at 83% with 5 year coverage good at 36%. FCF varies for 2025 from a negative $5,040M to $2,708M and I am using the $2,708M.

The EPS DPR for 2026 is expected to be in the 50% range, but declining into the 40% range in 2027.

Item	Cur	5 Years
EPS	57.28%	57.68%
AEPS	48.70%	51.90%
CFPS	81.66%	32.45%
FCF	83.20%	36.42%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is at 4.10 and currently at 3.11. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is fine at 0.94 and currently at 0.93 because this is a more important ratio for a Financial. The Liquidity Ratio for 2025 is low at 1.03 and 1.10 currently. But this is not an important ratio for a financial. The Debt Ratio for 2025 is fine but is a little low at 1.04 and 1.04 currently. The Leverage Ratio for 2025 are fine at 28% and currently at 28%.

Type	Year End	Ratio Curr
Lg Term R	4.10	3.11
Lg Term A	0.94	0.93
Intang/GW	0.26	0.20
Liquidity	1.03	1.10
Liq. + CF	1.06	1.23
Debt Ratio	1.04	1.04
Fin Leverage	28%	28%

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	6.85%	22.47%	17.40%	5.07%
2015	10	6.47%	10.83%	6.96%	3.87%
2010	15	4.67%	10.41%	6.48%	3.93%
2005	20	5.67%	7.30%	4.03%	3.27%
2000	25	8.40%	8.80%	5.31%	3.50%
1995	30	10.56%	16.91%	10.28%	6.63%
1990	35	11.04%	18.41%	11.44%	6.98%
1988	37	10.41%	16.84%	10.84%	6.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.23, 10.64 and 11.99. The corresponding 10 year ratios are 9.95, 10.97 and 12.02. The corresponding historical ratios are 10.60, 12.36 and 13.64. The current ratio is 17.68 based on a stock price of $93.15 and EPS estimate for 2026 of $5.27. 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.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.34, 9.82 and 11.31. The corresponding 10 year ratios are 8.78, 10.07 and 11.81. The corresponding historical ratios are 10.07, 12.07 and 13.27. The current ratio is 16.28 based on a stock price of $93.15 and AEPS estimate for 2026 of $5.72. 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.

I get a Graham Price of $54.70. The 10-year low, median, and high median Price/Graham Price Ratios are 0.73, 0.84 and 0.94. The current ratio is 1.77 based on a stock price of $93.15. 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.

I get a 10-year median Price/Book Value per Share Ratio of 1.59. The current ratio is 4.01 based on a Book Value of $20,796M, Book Value per Share of $23.25 and a stock price of $93.15. The current ratio is 152% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I have a Book Value per Share estimate for 2026 of $30.53. This analyst determines the Book Value differently than I do and, in this case, the 10 year median dividend yield is 1.38. The ratio is 3.05 based on a Book Value of $27,380M, Book Value per Share of $30.53 and a stock price of $93.15. The current ratio is 120% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.98. The current ratio is 19.75 based pm Cash Flow for the last 12 months of $894.46M, Cash Flow per Share of $4.72 and a stock price of $93.15. The current ratio is 297% 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 3.86%. The current dividend yield is 2.88% based on dividends of $2.68 and a stock price of $93.15. The current dividend yield is 25% 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 5.16%. The current dividend yield is 2.88% based on dividends of $2.68 and a stock price of $93.15. The current dividend yield is 44% 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 0.73. The current ratio is 2.03 based on Revenue estimate for 2026 of $41,066M, Revenue per Share of $45.91 and a stock price of $93.15. The current ratio is 179% 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. The dividend yield testing is saying that the stock price is expensive and it is confirmed by the P/S Ratio test. All the testing is pointing to an expensive price. The TSX chart shows this stock just off its highest peak ever, so the stock testing as expensive is hardly a surprise.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (1), Hold (5), and Underperform (1). The consensus is a Strong Buy. The 12 month stock price consensus is $94.00 with a High of $111.00 and low of $68.00. The consensus stock price of $94 implies a total return of 3.79% with 0.91% from capital gains and 2.88% from dividends based on a current stock price of $93.15.

Analysts on Stock Chase like this stock, but some are worried about its high valuation. Jitendra Parashar on Motley Fool likes this stock because it has delivered for its shareholders over the past 10 years. Amy Legate-Wolfe on Motley Fool say that this company gives you financial sector exposure on a different lending cycle than banks like TD. However, she says it is also near its highs. The company put out a press release via Newswire about their fourth quarter of 2025. The company put out a press release via Newswire about their second quarter of 2026.

Simply Wall Street via Yahoo Finance reviews this stock. Some people think that this stock is overvalued and its fair value if $80.00 and others think it is undervalued and its fair value if $166.90. Simply Wall Street list no warnings for this stock

Great-West Lifeco is one of the Big Three Canadian life insurers with business in Canada, US, and Europe. Great-West Lifeco also offers various products across European markets with a strong presence in the UK and Ireland. Its web site is here Great-West Lifeco Inc.

The last stock I wrote about was about was Wajax Corp (TSX-WJX, OTC-WJXFF) ... learn more. The next stock I will write about will be Granite REIT (TSX-GRT.UN, NYSE-GRP.U) ... learn more on Friday, September 18, 2026 around 5 pm. Tomorrow on my other blog I will write about Canadian Banks Reporting Third Quarter Earnings.... learn more on Thursday, September 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.

Wajax Corp

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably still reasonable. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Wajax Corp.

Is it a good company at a reasonable price? This stock is a fair bit off its recent high, but it is still relatively high for a cyclical stock. Since the stock is rather cyclical, I would be careful in buying. Total Return on this stock have varied widely depending on when the stock was bought. It is testing as still reasonable, but at the high end of the reasonable range. So, I would be cautious. It is always wise to buy a stock over the period of time.

I do not own this stock of Wajax Corp (TSX-WJX, OTC-WJXFF). This is a company I would consider if I was looking for an Indusial stock. This sector has its ups and downs. They have paid good dividends when they could. I am sure dividends will grow as they can. However, industrial company can seldom raise their dividends consistently. The company has good debt ratios and this is a plus for companies in volatile sectors.

When I was updating my spreadsheet, I noticed this company used to be an income trust and it is having a hard time getting dividend rates right as all old income trust companies are. This stock is cyclical so you have to be careful to buy at the right time.

If you had invested in this company in December 2015, for $1,007.40 you would have bought 60 shares at $16.79 per share. In December 2025, after 10 years you would have received $661.20 in dividends. The stock would be worth $1,634.40. Your total return would have been $2,295.60. This would be a total return of 10.23% per year with 4.96% from capital gain and 5.27% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.79	$1,007.40	60	10	$661.20	$1,634.40	$2,295.60

This stock has had relatively good growth in the past. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over last 12 months to the second quarter in 2026 and expected growth over this year. I have included EBITDA in this chart as this figure is coming more important for stocks at the present time.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	50.80%	8.56%	-3.93%	<-12 mths
5	AEPS Growth	66.08%	10.68%	2.11%	<-12 mths
5	Net Income Growth	81.56%	12.67%	14.21%	<-12 mths
5	Cash Flow Growth	63.26%	10.30%	-8.12%	<-12 mths
5	EBITDA	44.84%	7.69%	-0.91%	<-12 mths
5	Dividend Growth	40.00%	6.96%	0.00%	<-12 mths
5	Stock Price Growth	59.39%	9.77%	11.34%	<-12 mths
10	Revenue Growth	68.48%	5.36%	-2.90%	<-this year
10	AEPS Growth	93.20%	6.81%	8.10%	<-this year
10	Net Income Growth	621.73%	21.85%	23.37%	<-this year
10	Cash Flow Growth	1925.90%	35.10%	-97.69%	<-this year
10	EBITDA	134.66%	8.90%	-2.77%	<-this year
10	Dividend Growth	18.31%	1.70%	8.57%	<-this year
10	Stock Price Growth	62.24%	4.96%	28.49%	<-this year

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.72%. The 5 year median dividend yield is good (5% to 6% ranges) at 5.07%. The 10 year and historical median dividend yields are moderate at 4.90% and 4.57%. The dividend growth over the past 5 years is low (below 8% per year) at 7% per year. However, after having the dividend flat for a number of years, dividends went up 24% in 2023 and then 11% in 2024 year over year and then flat again. The last dividend increase was in 2024 and it was for 6%. The company used to be an income trust company and all these companies are having trouble getting their dividend right.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is fine at 54% with 5 year coverage at 44%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage at 43%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 14% with 5 year coverage at 16%. The DPR for 2025 for Free Cash Flow (FCF) is good at 28% with 5 year coverage at 24%. FCF varies in 2025 from $110M to $184M and I am using the $110M value.

Item	Cur	5 Years
EPS	54.26%	43.53%
AEPS	49.30%	42.97%
CFPS	19.40%	16.10%
FCF	27.72%	24.20%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.37 and currently at 0.27. The Liquidity Ratio for 2025 is good at 2.14 and 2.19 currently. The Debt Ratio for 2025 is good at 1.65 and 1.58 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.54 and 1.54 and currently at 2.73 and 1.73.

Type	Year End	Ratio Curr
Lg Term R	0.37	0.27
Intang/GW	0.30	0.26
Liquidity	2.14	2.19
Liq. + CF	2.52	2.52
Debt Ratio	1.65	1.58
Leverage	2.54	2.73
D/E Ratio	1.54	1.73

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.
2019	5	6.96%	15.56%	9.77%	5.79%
2014	10	1.70%	10.23%	4.96%	5.27%
2009	15	-1.66%	2.95%	-1.99%	4.94%
2004	20	0.59%	7.89%	-0.60%	8.49%
1999	25	0.00%	28.12%	7.98%	20.15%
1994	30	0.00%	9.74%	2.95%	6.79%
1989	35	3.04%	10.41%	4.18%	6.23%
1986	38	2.38%	6.05%	1.63%	4.42%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.11, 8.60 and 11.09. The corresponding 10 year ratios are 7.18, 9.18 and 12.00. The corresponding historical ratios are 7.63, 10.18 and 13.21. The current ratio is 9.67 based on a stock price of $29.69 and EPS estimate for 2026 of $3.07. The current 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/Adjusted Earnings per Share Ratios are 5.55, 7.81 and 10.07. The corresponding 10 year ratios are 7.10, 9.09 and 11.76. The corresponding historical ratios are 7.14, 9.42 and 11.70. The current ratio is 9.67 based on a stock price of $29.69 and EPS estimate for 2026 of $3.07. The current 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 $40.72. The 10-year low, median, and high median Price/Graham Price Ratios are 0.54, 0.69 and 0.85. The current ratio is 0.73 based on a stock price of $29.69. The current 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 10-year median Price/Book Value per Share Ratio of 1.15. The current ratio is 1.24 based on a stock price of $29.69, Book Value of $521.98M, and Book Value per Share of $24.00. 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 2.58. The current ratio is 3.62 based on Cash Flow for the last 12 months of $178M, Cash Flow per Share $8.20 and a stock price of $29.69. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is expensive.

I get an historical median dividend yield of 4.57. The current dividend yield is 4.72% based on dividends of $1.40 and a stock price of $29.69. The current dividend yield is 3% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 4.90. The current dividend yield is 4.72% based on dividends of $1.40 and a stock price of $29.69. The current dividend yield is 4% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.26. The current ratio is 0.31 based on Revenue estimate for 2026 of $2,083, Revenue per Share of $95.79 and a stock price of $29.69. The current ratio is 19.8% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably still reasonable. The 10 year median dividend yield testing says that the stock price is reasonable but above the median. This is confirmed by the P/S Ratio test. Most of the rest of the testing is saying the same thing. The exception is the historical median dividend yield test saying that the stock is cheap and the P/CF Ratio test saying the stock price is expensive. Since the Cash Flow bounces around a lot, the historical median dividend yield test is a better test.

When I look at analysts’ recommendations, I find Buy (1), and Hold (3). The consensus is a Hold. The 12 month stock price consensus is $35.00 with a high of $36.00 and a low of $35.00. The consensus stock price of $35.00 implies a total return of 22.60% with 17.88% from capital gains and 4.72% from dividends based on a current stock price of $29.69.

There are three entries in 2025 on Stock Chase. There is one Do Not Buy, one Wait and one Buy. The Do Not Buy says it is medium-quality and not a dividend compounder. The Wait wants to see consistency first and the Buy says his strategy is to ride the stock up. Amy Legate-Wolfe on Motley Fool says that the company has improving margins and a growing backlog and could win big in the future. Amy Legate-Wolfe on Motley Fool wrote in March 2026 that this stock will provide income now and growth later. The company put out a Press Release about their fourth quarter of 20025. The company put out a Press Release about their second quarter of 2026.

Guru Focus via Yahoo Finance talks about the pros and cons of this company. Simply Wall Street via Yahoo Finance reviews this stock as an undervalued small cap with recent insider activity. Simply Wall Street has one warning on this stock of earnings have declined by 2.4% per year over past 5 years.

Wajax Corp operates an integrated distribution system, providing sales, parts, and services to a broad range of customers in diversified sectors of the Canadian economy, including: construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities, and oil and gas. Its web site is here Wajax Corp.

The last stock I wrote about was about was Trican Well Service Ltd (TSX-TCW, OTC-TOLWF) ... learn more. The next stock I will write about will be Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF) ... learn more on Wednesday, September 16, 2026 around 5 pm. Tomorrow on my other blog I will write about Canada’s Banks and Earnings.... learn more on Tuesday, September 15, 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.