Bombardier Inc

Sound bite for Twitter is: Industrial Sector Stock. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are awful with a negative book value. This company does not currently have dividends, so no discussion on dividends and Dividend Payout Ratios (DPR). See my spreadsheet on Bombardier Inc.

Is it a good company at a reasonable price? It might be a turnaround stock situation, but I would be leery of buying a stock that has a negative book value. Another problem is that my testing is showing that it is relatively expensive. The company is off its recent high, but it is still testing as relatively expensive. Personally, I would not currently be interested in this stock.

I do not own this stock of Bombardier Inc (TSX-BBD.B, OTC-BDRBF). The buying of this stock was part of my early foray into industrial stocks in 1987. Up until 2001, I was making some 35% return per annum on this stock. When the stock first dropped in 2002, I had still made some 28% return per annum on this stock. Even by the lowest point in 2005, I had made some 13% per annum on this stock. By that time, it seemed to be turning itself around, so I did not sell. I lost hope by 2017, so I sold. I made 11.08% per year.

When I was updating my spreadsheet, I noticed that this stock price is up some 81% this year. This is a big leap. Also, some of the officer sold stock last year after the stock sky rocked. You have to wonder why?

If you had invested in this company in December 2015, for $1,005.00 you would have bought 30 shares at $33.50 per share. In December 2025, after 10 years you would have received $0.00 in dividends. The stock would be worth $7,005.00. Your total return would have been $7,005.00. This would be a total return of 21.43% per year with 21.43% from capital gain and 0.00% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$33.50	$1,005.00	30	10	$0.00	$7,005.00	$7,005.00

This company does not currently have dividends. So, no discussion on dividends and Dividend Payout Ratios (DPR).

Debt Ratios are awful with a negative book value. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.27 and currently at 0.27. The Liquidity Ratio for 2025 is too low at 1.11 and 1.11 currently. If you added in Cash Flow after dividends, the ratios still too low at 1.31 and currently at 1.30. I prefer this ratio to be 1.50 or higher. The Debt Ratio for 2025 is awful at 0.94 and 0.94 currently. This company has a negative book value. The Leverage and Debt/Equity Ratios for 2025 are non-calculable due to a negative book value.

Type	Year End	Ratio Curr
Lg Term R	0.27	0.27
Intang/GW	0.00	0.00
Liquidity	1.11	1.11
Liq. + CF	1.31	1.30
Debt Ratio	0.94	0.94
Leverage	-15.26	-15.26
D/E Ratio	-16.26	-16.26

The Total Return per year is shown below for years of 5 to 39 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	0.00%	81.06%	81.06%	0.00%
2015	10	0.00%	21.43%	21.43%	0.00%
2010	15	0.00%	3.78%	3.32%	0.46%
2005	20	0.00%	6.73%	5.88%	0.85%
2000	25	0.00%	-3.55%	-3.79%	0.24%
1995	30	0.00%	3.06%	2.13%	0.94%
1990	35	0.00%	9.50%	6.64%	2.86%
1987	39	0.00%	11.50%	7.74%	3.76%

The Total Return per year is shown below for years of 5 to 36 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	0.00%	78.04%	78.04%	0.00%
2015	10	0.00%	21.62%	21.62%	0.00%
2010	15	0.00%	1.63%	1.18%	0.45%
2005	20	0.00%	5.87%	4.91%	0.96%
2000	25	0.00%	-3.16%	-3.46%	0.30%
1995	30	0.00%	3.11%	2.13%	0.99%
1990	35	0.00%	8.66%	6.13%	2.53%
1989	36	0.00%	8.61%	6.10%	2.51%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.14, 10.22 and 13.16. The corresponding 10 year ratios are negative and unusable. The corresponding historical ratios are 9.23, 12.86 and 16.23. The current ratio is 22.46 based on a stock price of $244.34 and EPS estimate for 2026 of $10.88 ($7.93 US$). This ratio is above the high ratio of both the 5 year ratios and historical ratios. This stock price testing suggests that the stock price is relatively expensive. (Note that 22.46 is a rather high P/E Ratio.)

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 7.23, 11.18, 15.86. The corresponding 10 year ratios are 6.86, 11.04 and 14.77. The corresponding historical ratios are 7.13, 11.52 and 15.09. The current ratio is 22.52 based on a stock price of $179.50 and AEPS estimate for 2026 of $7.97. This ratio is above the high ratio of the 10 year 5 year ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get similar results in CDN$.

I cannot calculate a Graham Price because the book value is negative. A negative book value is never a good sign.

I cannot do a Price/Book Value per Share Ratio test because the Book Value is negative.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.54. The current ratio is 15.06 based on Cash Flow per Share estimate for 2026 of $11.92, Cash Flow of $1,181M and a stock price of $179.50. The current ratio is 100% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get similar results in CDN$.

I cannot do any dividend yield testing because this stock has no dividends.

The 10-year median Price/Sales (Revenue) Ratio is 0.39. The current P/S Ratio is 1.75 based on Revenue estimate for 2026 of $10,144M, Revenue per Share of $102.36 and a stock price of $179.50. The current ratio is 349% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get similar results in CDN$.

Results of stock price testing is that the stock price is probably expensive. What tests I can do tell me the price is relatively expensive. An important one is the P/S Ratio test and it says that the stock price is relatively expensive. A number of tests I cannot do and that is never a good sign.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3), Hold (7) and Sell (1). The consensus would be a Buy. The 12 month stock price consensus is $275.49 ($200.85 US$), with a high of $307.87 ($223.00 US$) and low of $206.91 ($150.85 US$). The consensus stock price $275.49 implies a total return of $12.75 based on a current stock price of $244.34.

Analysts so far on Stock Chase give this stock two Holds and a Buy for 2026. Amy Legate-Wolfe on Motley Fool says this company would thrive if the Loonie weakens. Chris MacDonald on Motley Fool says that if you a patient, this is a good turnaround stock to buy. The company put out a Press Release about their successful turnaround and their fourth quarter results for 2025.

Simply Wall Street via Yahoo Finance says this stock is overvalued and its fair value is only $47.40. Simply Wall Street has three warnings of interest payments are not well covered by earnings; negative shareholders’ equity; and significant insider selling over the past 3 months.

Bombardier designs, manufactures, markets, and provides parts and maintenance for its large, long-range Global and medium-to-large Challenger families of business jets. Most of the company's revenue is generated in North America, 60% of which is from customers in the US. It also has operations in Europe, North America, Asia-Pacific, and other markets. Its web site is here Bombardier Inc.

The last stock I wrote about was about was Manulife Financial Corp (TSX-MFC, NYSE-MFC) ... learn more. The next stock I will write about will be RioCan Real Estate (TSX-REI.UN, OTC-RIOCF) ... learn more on Friday, March 20, 2026 around 5 pm. Tomorrow on my other blog I will write about The Frugal Dividend portfolio.... learn more on Thursday, March 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.

Manulife Financial Corp

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 moderate. See my spreadsheet on Manulife Financial Corp.

Is it a good company at a reasonable price? I still think that this is a good company and I intend to hold on to my current shares. The main problem that long term holders of this stock had was that interest rates, after I bought this stock, went to zero and sometimes negative. All insurance companies had a hard time with such low interest rates. I think the stock price currently maybe a bit pricy.

I own this stock of Manulife Financial Corp (TSX-MFC, NYSE-MFC). In May 2005, I was look for good companies to buy at a reasonable price. This stock met my criteria. I bought some more stock in October 2005. I had some more money to spend and wanted to buy stock of dividend paying company I owned, for which I did not own too much. In April 2009, I was looking for something else to buy and Manulife was at a good price. In April 2013, I need to buy higher dividend stocks for my RRIF account. There was some money after RRSP sales, so I bought more MFC.

When I was updating my spreadsheet, I noticed I bought this stock at the wrong time. I paid too much for my original purchase in 2005, some 20 years ago, and that is why my return is low. My total return is 6.09% per year with 3.60% from capital gains and 2.49% from dividends. I am not selling because this is a good company. If you look at the Total Return chart in a paragraph below, you will see that people who bought 20 years ago have a Total Return of 4.09% with 1.91% from capital gains and 2.18% from dividends. I also realized that all insurance companies had financial problems when the interest rates went to 0% and sometimes lower.

If you had invested in this company in December 2015, for $1,016.26 you would have bought 26 shares at $20.74 per share. In December 2025, after 10 years you would have received $583.10 in dividends. The stock would be worth $2,442.16. Your total return would have been $3,025.26. This would be a total return of 12.88% per year with 9.16% from capital gain and 3.72% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$20.74	$1,016.26	49	10	$583.10	$2,442.16	$3,025.26

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% range) at 4.15%. The 5, 10 and historical median dividend yields are also moderate at 4.63%, 4.33% and 3.39%. The dividends have grown at a moderate rate (8% to 14% per year) at 9.5% per year over the past 5 years. The last dividend increase was in 2026 and it was for 10.2%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is too high at 57% with 5 year coverage good at 46%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 42% with 5 year coverage at 41%. This is the important one for Earnings. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 11%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to a negative FCF with 5 year coverage good at 10%. (I have two FCF for 2025 of $32,105 and a negative -$2,250.) These are two far apart and make no sense.

Item	Cur	5 Years
EPS	57.33%	46.44%
AEPS	41.81%	40.76%
CFPS	9.19%	10.88%
FCF	0.00%	10.20%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.51 and currently at 0.55. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.09 and currently at 0.09 because this is an important ratio for a financial. The Liquidity Ratio for 2025 is too low at 0.98 and 0.98 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.99 and currently at 1.98. The Debt Ratio for 2025 is fine for a financial at 1.05 and 1.05 currently. The Reported Leverage for 2025 is fine at 23.9%.

Type	Year End	Ratio Curr
Lg Term R A	0.09	0.09
Lg Term R	0.51	0.55
Intang/GW	0.15	0.16
Liquidity	0.98	0.98
Liq. + CF	1.99	1.98
Debt Ratio	1.05	1.05
Leverage Rep	23.90%	23.90%

The Total Return per year is shown below for years of 5 to 26 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	9.46%	21.78%	17.09%	4.70%
2015	10	9.98%	12.88%	9.16%	3.72%
2010	15	8.47%	10.55%	7.37%	3.18%
2005	20	5.71%	4.09%	1.91%	2.18%
2000	25	8.88%	5.30%	3.06%	2.24%
1999	26	8.88%	10.26%	6.70%	3.56%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.11, 10.17, and 11.22. The corresponding 10 year ratios are 8.53, 9.99 and 11.45. The corresponding historical ratios are 10.82, 13.74 and 15.86. The current ratio is 10.53 based on a stock price of $46.73 and EPS estimate for 2026 of $4.44. 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 Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 7.11, 7.93 and 9.00. The corresponding 10 year ratios are 6.96, 8.14, 10.01. The corresponding historical ratios are 7.32, 9.91 and 11.95. The current ratio is 10.23 based on a stock price of $46.73 and AEPS estimate for 2026 of $4.57. The current ratio is above high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $51.62. The 10-year low, median, and high median Price/Graham Price Ratios are 0.52, 0.63 and 0.73. The current ratio is 0.91 based on a stock price of $46.73. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.04. The current ratio is 1.80 based on a stock price of $46.73, Book Value of $43,461M, and Book Value per Share of $25.92. The current ratio is 74% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $28.66. This implies a ratio of 1.63 with a stock price of $46.73 and Book Value of $48,063M. This ratio is 57% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.33. The current ratio is 2.44 based on Cash Flow for the last 12 months of $32,105M, Cash Flow per Share of $19.14 and a stock price of $46.73. The current ratio is 4.8% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 3.39%. The current dividend yield is 4.15% based on dividends of $1.94 and a stock price of $46.73. The current dividend yield is 22% 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 4.33%. The current dividend yield is 4.15% based on dividends of $1.94 and a stock price of $46.73. 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 0.89. The current P/S Ratio is 1.38 based on Revenue estimate for 2026 of $56,641M, Revenue per Share of $33.78 and a stock price of $46.73. The current ratio is 55% 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. However, it is off it recent high. The 10 year median dividend yield test says it is reasonable but above the median. It is not confirmed by the P/S Ratio test that says the stock price is expensive. Most of the rest of the testing is saying that the stock price is either reasonable but above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (4), Hold (4) and Underperform (1). The consensus would be a Buy. The 12 months stock price consensus is $54.71 with a high of $59.00 and a low of $41.70. The consensus stock price of $54.71 implies a total return of $21.23% with 17.08% from capital gains and 4.15% from dividends based on a current stock price of $46.73.

Analysts in 2026 on Stock Chase give a couple of Weak Buys and a Hold. Sneha Nahata on Motley Fool thinks this is a good stock to buy and hold 5 years. She says that overall, Manulife’s diversified operations, strong insurance growth, expanding presence in Asia, higher dividend payments, and share repurchases make it an attractive long-term stock. Kay Ng on Motley Fool says to buy this company along with BCE and Loblaws for your TFSA this year for a balance approach. The company put out a press release via Newswire about their fourth quarter of 2025.

Simply Wall Street via Yahoo Finance says the fair value for this stock is $54.67 and therefore the stock is undervalued. Simply Wall Street has no warnings out on this stock. It gives the stock 3 and one half stars out of 5.

Manulife Financial is one of the Big Three Canadian life insurers. The firm provides life insurance, annuities, asset management, and wealth management products to individuals and group customers in Canada, the United States, and Asia. Its web site is here Manulife Financial Corp .

The last stock I wrote about was about was Canadian Tire Corp (TSX-CTC.A, OTC-CDNAF) ... learn more. The next stock I will write about will be Bombardier Inc (TSX-BBD.B, OTC-BDRBF) ... learn more on Wednesday, March 18, 2026 around 5 pm. Tomorrow on my other blog I will write about Fourth Quarter Reports.... learn more on Tuesday, March 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.

Canadian Tire Corp

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably reasonable Debt Ratios shows that that there is a lot of debt, but most ratios are fine. The Dividend Payout Ratios (DPR) need improving. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Canadian Tire Corp.

Is it a good company at a reasonable price? I think this is a good company, but you have to be careful of when you buy. Look at the Total Return paragraph below. The Total Return has been below 8% years 5, 10, 20 and 35. If you like this stock, be careful. It is always best to buy stocks you like several times over a few years and in different months. The stock price seems to be in the reasonable range at the present time.

I own this stock of Canadian Tire Corp (TSX-CTC.A, OTC-CDNAF). In 2000 when I first bought this stock, it was on the Investment Reporter's list of conservative Canadian stocks. I bought stock for my trading account in 2009 because I have done well with it in my Pension Account and it was a consumer stock. I have moved all my shares from my Pension Account to my Trading Account.

When I was updating my spreadsheet, I noticed I have done well with this stock which I first bought in 2000, some 26 years ago. I made other purchases over the years. I have a total return of 11.62% per year with 9.05% from capital gains and 2.57% from dividends to the end of 2025. The dividend yield on my original purchase in 2000 is 32%.

If you had invested in this company in December 2015, for $1,063.44 you would have bought 9 shares at $118.16 per share. In December 2025, after 10 years you would have received $439.20 in dividends. The stock would be worth $1,565.46. Your total return would have been $2,004.66. This would be a total return of 7.23% per year with 3.94% from capital gain and 3.29% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$118.16	$1,063.44	9	10	$439.20	$1,565.46	$2,004.66

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 3.84%. The 5 and 10 median dividend yields are moderate at 4.29% and 3.21%. The historical dividend yield is low (below 2%) at 1.71%. The dividend growth for the past 5 years is moderate (between 8% and 14% per year) at 9.3% per year. The last dividend increase was in 2026 and it was for 1.41%. The dividend increases in 2024 and 2025 were also below 2%. They are probably low because the DPRs are getting too high.

The Dividend Payout Ratios (DPR) need improving. The DPR for 2025 for Earnings per Share (EPS) is too high at 73% with 5 year coverage better at 48%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is too high at 52% with 5 year coverage better at 39%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 20% with 5 year coverage at 16%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 54% with 5 year coverage better at 35%. The FCF for 2025 are $670M and $370M. I am using the $670M.

Item	Cur	5 Years
EPS	73.42%	48.36%
AEPS	51.56%	38.72%
CFPS	19.52%	15.84%
FCF	53.99%	34.69%

Debt Ratios shows that that there is a lot of debt, but most ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.42 and currently at 0.39. The Liquidity Ratio for 2025 is good at 1.83 and 1.83 currently The Debt Ratio for 2025 is a bit low at 1.48 and 1.48 currently. I like to see this ratio at 1.05 or higher. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.16 and 2.16 and currently at 3.16 and 2.16.

Type	Year End	Ratio Curr
Lg Term R	0.42	0.39
Intang/GW	0.15	0.14
Liquidity	1.83	1.83
Liq. + CF	1.92	2.02
Debt Ratio	1.46	1.46
Leverage	3.16	3.16
D/E Ratio	2.16	2.16

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	9.31%	4.47%	0.78%	3.69%
2015	10	12.95%	7.23%	3.94%	3.29%
2010	15	15.29%	9.48%	6.44%	3.04%
2005	20	13.34%	6.93%	4.69%	2.24%
2000	25	12.19%	12.30%	9.35%	2.95%
1995	30	10.06%	11.13%	8.51%	2.62%
1990	35	8.72%	7.66%	5.82%	1.84%
1988	37	9.59%	8.53%	6.51%	2.02%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.86, 10.22, and 11.58. The corresponding 10 year ratios are 10.85, 12.24 and 13.64. The corresponding historical ratios are 10.45, 13.06 and 14.85. The current ratio is 14.65 based on a stock price of $187.27 and EPS estimate for 2026 of $12.78. 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/Adjusted Earnings per Share Ratios are 10.12, 11.36 and 12.54. The corresponding 10 year ratios are 10.15, 11.42 and 12.69. The corresponding historical ratios are 10.15, 11.93 and 14.56. The current ratio is 13.13 based on a stock price of $187.27 and EPS estimate for 2026 of $14.26. 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 $188.77. The 10-year low, median, and high median Price/Graham Price Ratios are 0.86, 0.99 and 1.10. The current ratio is 0.99 based on a stock price of $187.27. The current ratio is at the median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and at the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.72. The current ratio is 1.69 based on a Book Value of $5,881M, Book Value per Share of $111.06 and a stock price of $187.27. The current ratio is 2% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have a Book Value per Share estimate for 2026 of $111.80. This implies a ratio of 1.68 with a Book Value of $5,920M and a stock price of $187.27. This ratio is 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 8.38. The current ratio is 6.16 based on Cash Flow per share estimate for 2026 of $30.42, Cash Flow of $1,611M and a stock price of $187.27. The current ratio is 27% 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 1.71%. The current dividend yield is 3.84% based on dividends of $7.20 and a stock price of $18.7.27. The current dividend yield is 125% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 3.21%. The current dividend yield is 3.84% based on dividends of $7.20 and a stock price of $18.7.27. The current dividend yield is 19.9% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. But it is very close to being cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.58. The current P/S Ratio is 0.60 based on Revenue estimate for 2026 of $16,442M, Revenue per Share of $310.53 and a stock price of $187.27. The current ratio is 4.8% 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 probably reasonable. The 10 year dividend yield test says it is reasonable and very close to cheap. The P/S Ratio test says it is reasonable and above the median. The rest of the testing varies from cheap to expensive. A good one is always the P/GP Ratio test and that one says that the stock price is relatively reasonable and below the median.

When I look at analysts’ recommendations, I find Buy (2), Hold (7), and Underperform (2). The consensus would be a Hold. The 12 months stock price consensus is $191.45 with a high of $211.00 and a low of $172.00. The consensus stock price of $191.45 implies a total return of 6.08% with 2.23% from capital gains and 3.84% from dividends based on a current stock price of $187.27.

It is interesting that there is on Stock Chase a lot of Do Not Buys in 2024. There was also a couple of Buy on Weakness. For 2026 there is Partial Sell as analysts likes DOL and NWC better. Joey Frenette on Motley Fool says Canadian Tire is the iconic retailer that probably deserves a nice spot in your portfolio, especially after the recent resilience. Daniel Da Costa on Motley Fool says Canadian Tire is another impressive Canadian stock that offers an attractive mix of dividends and growth. The company put out a Press Release about their fourth quarter results for 2025.

This stock is on the Money Sense 100 best dividend stock list rated as a C. Simply Wall Street via Yahoo Finance reviews this company. They note that they acquired the Hudson's Bay Company's iconic stripes and related intellectual property for CA$30.00 million. They have 4 warnings out on this stock of debt is not well covered by operating cash flow; large one-off items impacting financial results; dividend of 3.83% is not well covered by free cash flows; and profit margins (3.5%) are lower than last year (5.3%). Note that the company has Adjusted Earnings per Share which copes with the large one-off items impacting financial results.

Canadian Tire is a leading general merchandise retailer. The retailer boasts a wide array of owned and affiliated banners that include its iconic namesake brand, Mark's, Sport Chek, Sports Experts, PartSource, and Party City. Its web site is here Canadian Tire Corp.

The last stock I wrote about was about was Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF) ... learn more. The next stock I will write about will be Manulife Financial Corp (TSX-MFC, NYSE-MFC) ... learn more on March 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.

Choice Properties REIT

Sound bite for Twitter is: Dividend Growth REIT. Results of stock price testing is that the stock price is probably still reasonable, but at the higher end of the range. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Choice Properties REIT.

Is it a good company at a reasonable price? This is a REIT, so it will tend to have a higher dividend yield and low growth. I have REITs for diversification reasons. When Choice Properties bought out CDN REIT, I decided to retain this stock. If you like this stock now may not be the time to buy. What you pay for stocks affects greatly your long term total return. So be careful. This stock price is on the high end of the reasonableness range

I own this stock of Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF). I got this stock when CDN REIT was acquired by Choice Properties. Choice was originally a spin off from Loblaws. Later George Weston Limited (TSX-WN) in a reorganization received Loblaw’s share of Choice (61.6% interest) and Loblaws minority shareholders got George Weston Limited shares. The Weston Family owns a majority share in George Weston Ltd and George Weston Limited has a controlling interest in Loblaws.

When I was updating my spreadsheet, I noticed for Choice, since I got it in 2018, I have a total return of 8.81% with 2.89% from capital gains and 5.48% from dividends. If I look at both CDN REIT and Choice, I have a total return of 9.98% per year with 4.66% from capital gains and 5.32% from dividends. This is to the end of the 2025.

If you had invested in this company in December 2015, for $1,003.00 you would have bought 85 shares at $11.80 per share. In December 2025, after 10 years you would have received $507.81 in dividends. The stock would be worth $1,258.85. Your total return would have been $1,766.66. This would be a total return of 7.99% per year with 2.30% from capital gain and 5.69% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.80	$1,003.00	85	10	$507.81	$1,258.85	$1,766.66

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4%) at 4.90%. The 5, 10 and historical dividend yields are good (5% to 6% ranges) at 5.42%, 5.43% and 5.44%. The dividends have increased by a low rate (under 8%) at 0.73% per year over the past 5 years. The last dividend increase was in 2025 and it was for 1.3%.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2025 for Earnings per Share (EPS) is non-calculable because of an earnings loss with 5 year coverage high at 119%. But, the DPR for AFFO and FFO are more important. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is fine at 88% with 5 year coverage at 90%. The DPR for 2025 for Funds from Operations (FFO) is fine at 72% with 5 year coverage at 75%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 26% with 5 year coverage at 27%. The DPR for 2025 for Free Cash Flow 1 (FCF) is good at 34% with 5 year coverage at 46%. The DPR for 2025 for Free Cash Flow 2 (FCF) is good at 47% with 5 year coverage at 46%. There is disagreement on what the FCF is and in 2025 values were $534M and $730M. I used the $534M value.

Item	Cur	5 Years
EPS	0.00%	118.77%
AFFO	87.92%	89.83%
FFO	71.80%	74.75%
CFPS	26.26%	26.69%
FCF 1	34.45%	45.51%
FCF 2	47.08%	46.30%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.63 and currently at 0.60. The Liquidity Ratio for 2025 is good at 4.28 and 4.28 currently. The Debt Ratio for 2025 is low at 1.34 and 1.34 currently. The Leverage and Debt/Equity Ratios for 2025 are high at 3.91 and 2.91 and currently at 3.91 and 2.91. However, this is a REIT, so ratios are fine.

Type	Year End	Ratio Curr
Lg Term R	0.63	0.60
Intang/GW	0.00	0.00
Liquidity	4.28	4.28
Liq. + CF	2.03	2.03
Debt Ratio	1.34	1.34
Leverage	3.91	3.91
D/E Ratio	2.91	2.91

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	0.73%	8.12%	2.63%	5.49%
2015	10	1.68%	7.99%	2.30%	5.69%
2013	12	1.39%	8.83%	2.89%	5.94%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.51, 12.79 and 14.31. The corresponding 10 year ratios are 11.14, 12.66 and 14.18. The corresponding historical ratios are 11.51, 12.79 and 14.31. The current ratio is 14.69 based on a stock price of $15.72 and EPS estimate for 2026 of $1.07. 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 12.09, 13.18 and 15.47. The corresponding 10 year ratios are 11.92, 13.33 and 14.85. The corresponding historical ratios are 11.82, 13.24 and 14.77. The current ratio is 14.42 based on a stock price of $15.72 and FFO estimate for 2026 of $1.09. The current ratio is between the median and the high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 14.73, 16.69 and 18.82. The corresponding 10 year ratios are 14.39, 16.06 and 17.92. The corresponding historical ratios are 14.34, 16.05 and 17.64. The current ratio is 16.04 based on a stock price of $15.72 and AFFO estimate for 2026 of $0.98. The current ratio is between the low and the 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 Graham Price of $18.50. The 10-year low, median, and high median Price/Graham Price Ratios are 0.74, 0.87 and 0.96. The current ratio is 0.85 based on a stock price of $15.72. The current ratio is between the low and the 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 1.24. The current ratio is 1.13 based on a Book Value of $4,576M, Book Value per Share of $13.95 and a stock price of $15.72. 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 6.69. The current ratio us 7.39 based on Cash Flow for the last 12 months of $698M, Cash Flow per Share of $2.13 and a stock price of $15.72. The current ratio is 10% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 5.44%. The current dividend yield is 4.90% based on dividends of $0.77 and a stock price of $15.72. The current ratio is 10% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 5.43%. The current dividend yield is 4.90% based on dividends of $0.77 and a stock price of $15.72. The current ratio is 10% below the historical 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 7.13. The current P/S Ratio is 7.22 based on Revenue estimate for 2026 of $1,576M, Revenue per Share of $2.18 and a stock price of $15.72. 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 probably still reasonable, but at the higher end of the range. The dividend yield tests say that the stock price is reasonable but above the median. The rest of the testing range from reasonable and below the median to expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1) and Hold (5). The Consensus would be a Buy. The 12 month stock price consensus is $16.72 with a high of $17.50 and low of $16.00. This implies a total return of 11.26% with 6.36% from capital gains and 4.90% from dividends.

There is various opinion on this stock on Stock Chase. Most analysts say it is a defensive stock. Some like other Real Estate companies better. Some like it and some do not that the main tenant is Loblaws. Robin Brown Motley Fool says it is a low risk stock with a monthly dividend. Daniel Da Costa on Motley Fool says this is a stock to buy and hold forever in your TFSA. 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 value at $18.12 and therefore undervalued. Simply Wall Street has two warnings out of earnings have declined by 0.05% per year over past 5 years; and interest payments are not well covered by earnings.

Choice Properties Real Estate Investment Trust invests in commercial retail, industrial, mixed-use, and residential properties across Canada. Choice Properties generates the majority of its revenue from leasing properties to its tenants. The company's principal tenant, the large-format retailer Loblaw Companies, contributes the vast majority of the total rent. Its web site is here Choice Properties REIT.

The last stock I wrote about was about was IGM Financial Inc (TSX-IGM, OTC-IGIFF) ... learn more. The next stock I will write about will be Canadian Tire Corp (TSX-CTC.A, OTC-CDNAF) ... learn more on Friday, March 13, 2026 around 5 pm. Tomorrow on my other blog I will write about Something to Buy March 2026.... learn more on Thursday, March 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.

IGM Financial Inc

Sound bite for Twitter is: Dividend Paying Financial. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are currently fine. The current dividend yield is moderate with dividend increase after 11 years of no increases. See my spreadsheet on IGM Financial Inc.

Is it a good company at a reasonable price? This company seems to be doing better than it has for some time. They just did a 10% increase in dividends after dividends have been flat for some 11 years. This is certainly a good sign. The stock price has rising lately and the shareholders have gotten some nice capital gains over the past 5 and 10 years. I suspect the company will do better in the future. Analysts suggests that there will be growth over the next 12 months. However, testing is showing that the stock price is rather high at present.

I do not own this stock of IGM Financial Inc (TSX-IGM, OTC-IGIFF). I am following this stock because I used to own this stock. The stock was on Mike Higgs' list of dividend growth stocks and on the other Dividend lists at that time. I owned this stock from 2006 to 2011. I sold because I decided to rationalizing my portfolio. Selling ones that did not make it into my core and buying ones that did of the same type.

When I was updating my spreadsheet, I noticed I owned this stock for almost 5 years from 2006 to 2011. I made a total return of 3.14% per year with a capital loss of 1.06% and dividends of 4.2%. If I had kept this stock to 2026, some 19 years, I think I would have made a total return of 6.98% per year with 1.94% from capital gains and 5.04% from dividends. I am rather glad I did not keep this stock. Also, see the total return chart below. People who bought this stock 15 and 20 years ago, did not do well.

If you had invested in this company in December 2015, for $1,024.86 you would have bought 29 shares at $35.34 per share. In December 2025, after 10 years you would have received $652.50 in dividends. The stock would be worth $1,792.49. Your total return would have been $2,444.99. This would be a total return of 10.86% per year with 5.75% from capital gain and 5.12% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$35.34	$1,024.86	29	10	$652.50	$1,792.49	$2,444.99

The current dividend yield is moderate with dividend increase after 11 years of no increases. The dividend yield is moderate (2% to 4% range) at 3.90%. The 5, 10 year median dividend yields are good (5% to 6% ranges) at 5.55% and 5.97%. The historical median dividend yield is moderate at 4.37%. The last dividend increase was in 2015. I noticed that analysts are expecting dividend to start to rise again in 2026.

The Dividend Payout Ratios (DPR) are currently fine. The DPR for 2025 for Earnings per Share (EPS) is good at 49% with 5 year coverage high at 53%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 49% with 5 year coverage at high at 58%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 39% with 5 year coverage high at 52%. The DPR for 2025 for Free Cash Flow (FCF) is high at59% with 5 year coverage at 69%. The FCF for 2025 varies from $900M to $986M. I am using the $900M value.

Item	Cur	5 Years
EPS	48.49%	53.32%
AEPS	48.81%	57.74%
CFPS	39.12%	51.99%
FCF	59.21%	68.73%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is high at 0.79 and currently at 0.73. I also have at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.53 and currently at 0.53 because this is an important ratio for a financial. The Liquidity Ratio for 2025 is good at 3.11 and 3.11 currently. The Debt Ratio for 2025 is good at 1.68 and 1.68 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.48 and 1.48 and currently at 2.48 and 1.48.

Type	Year End	Ratio Curr
Lg Term R	0.79	0.73
Lg Term R A	0.53	0.53
Intang/GW	0.27	0.25
Liquidity	3.11	3.11
Liq. + CF	3.50	3.12
Debt Ratio	1.68	1.68
Leverage	2.48	2.48
D/E Ratio	1.48	1.48

The Total Return per year is shown below for years of 5 to 35 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%	17.65%	12.36%	5.29%
2015	10	0.41%	10.87%	5.75%	5.12%
2010	15	0.00%	6.79%	2.38%	4.41%
2005	20	0.00%	5.64%	1.57%	4.07%
2000	25	0.62%	8.48%	3.69%	4.79%
1995	30	2.64%	13.57%	6.91%	6.66%
1990	33	5.36%	16.38%	8.84%	7.54%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.47, 10.32 and 12.17. The corresponding 10 year ratios are 8.97, 11.15 and 12.69. The corresponding historical ratios are 12.47, 14.85 and 17.20. The current ratio is 12.74 based on a stock price of $63.64 and EPS estimate for 2026 of $4.99. 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 8.67, 10.83 and 12.73. The corresponding 10 year ratios are 9.07, 11.15 and 12.88. The corresponding historical ratios are 10.40, 12.55 and 14.64. The current ratio is 12.53 based on a stock price of $63.64 and EPS estimate for 2026 of $5.08. 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 $66.28. The 10-year low, median, and high median Price/Graham Price Ratios are 0.71, 0.85 and 1.03. The current P/GP is 0.96 based on a stock price of $63.64. 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 1.50. The current ratio is 1.67 based on a stock price of $63.64, Book Value of $8,944M and Book Value per Share of $38.04. 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 $39.78. This implies a ratio of 1.60 based on a stock price of $63.64 and a Book Value of $9,354M. This ratio is 5.5% 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 11.64. The current ratio is 27.91 based on a stock price of $63.64, Cash Flow per Share estimate for 2026 of $2.28 and Cash Flow of $536M. This ratio is 140% above the 10 year ratio. This stock price testing suggests that the stock price is relatively expensive. (I do wonder about the estimate as it is lower than it has been for several years and is a 48% drop from Cash Flow per Share for 2025.)

I get an historical median dividend yield of 4.37%. The current ratio is 3.90% based on a stock price of $63.64 and Dividends of $2.48. The current ratio is 11% 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 5.97 %. The current ratio is 3.90% based on a stock price of $63.64 and Dividends of $2.48. The current ratio is 35% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 2.81. The current P/S Ratio is 3.73 based on Revenue estimate for 2026 of $4,011M, Revenue per Share of $17.06 and a stock price of $63.64. The current ratio is 33% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. The dividend yield testing is saying that the stock price is relatively expensive and it is confirmed by the P/S Ratio testing. However, the dividend yield tests are not the best because the dividends have been flat for years. However, most of the rest of the testing is saying that the stock price is relatively reasonable but above the median. I note that the stock price is just off its recent high.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (1) and Hold (6). The consensus would be a Hold. The 12 month stock price consensus is $69.75 with a high of $82.00 and a low of $62.00. The consensus stock price of $69.75 implies a total return of 13.50% with 9.60% from capital gains and 3.90% from dividends based on a current stock price of $63.64.

Analysts’ opinion on Stock Chase is not available. However, I found an analysts opinion at here. Rajiv Bhatia said that there is some fear that AI will impact Wealth Management. Amy Legate-Wolfe on Motley Fool says this stock is a passive-income gem on the TSX. Jitendra Parashar on Motley Fool says this is a safe Canadian Dividend stock with consistent returns and financial resilience. The company put out a press release via Newswire about their annual results for 2025.

Simply Wall Street via Yahoo Finance reviews this stock and says its fair value is $68.13. Simply Wall Street gives the stock 3 and one half stars and gives no warnings.

IGM Financial is a leading nonbank Canadian wealth and asset management company. Power Corporation of Canada, which also holds a majority stake in Great-West Life co, has a majority stake (62%) in IGM. Its web site is here IGM Financial Inc.

The last stock I wrote about was about was Intact Financial Corp (TSX-IFC, OTC-IFCZF) ... learn more. The next stock I will write about will be Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF) ... learn more on Wednesday, March 11, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks March 2026 … learn more on Tuesday, March 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.

Intact Financial Corp

Sound bite for Twitter is: Dividend Growth Insurance. 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 moderate. See my spreadsheet on Intact Financial Corp.

Is it a good company at a reasonable price? This stock is done well for its shareholders over time. Analysts seem to expect little growth this year except for the stock price. This is a good dividend growth stock. The last 100 best dividend stocks of Money Sense rate this stock a B. The price current seems reasonable.

I do not own this stock of Intact Financial Corp (TSX-IFC, OTC-IFCZF). I am following this stock because in November 2011, the TD Bank put out a special report on the merits of dividend investing. At the end of the report, they listed a number of Canadian stocks as Equity Yield ideas. This was one stock listed that I did not follow. This and Wajax are from TD Report on dividend investing.

When I was updating my spreadsheet, I noticed that the company has had great growth in the past. See the chart below. Also see the chart on Total Return which shows good stock growth. There is not much available for future estimates, but it seems analysts expect a drop in earnings and very little growth in Revenue this year. 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 2025 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	105.11%	15.45%	<-12 mths	1.79%
5	AEPS Growth	146.46%	19.77%	<-12 mths	0.10%
5	Net Income Growth	211.00%	25.47%	<-12 mths	1.07%
5	Cash Flow Growth	86.56%	13.28%
5	Dividend Growth	60.24%	9.89%	<-12 mths	10.53%
5	Stock Price Growth	89.58%	13.65%	<-12 mths	-7.89%
10	Revenue Growth	207.82%	11.90%	<-this year	5.61%
10	AEPS Growth	277.26%	14.20%	<-this year	-16.03%
10	Net Income Growth	376.63%	16.90%	<-this year	-18.31%
10	Cash Flow Growth	393.59%	17.31%
10	Dividend Growth	150.94%	9.64%	<-this year	11.09%
10	Stock Price Growth	222.20%	12.41%	<-this year	9.57%

If you had invested in this company in December 2015, for $1,064.16 you would have bought 12 shares at $88.68 per share. In December 2025, after 10 years you would have received $432.00 in dividends. The stock would be worth $3,428.76. Your total return would have been $3,860.76. This would be a total return of 14.75% per year with 12.41% from capital gain and 2.33% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$88.68	$1,064.16	12	10	$432.00	$3,428.76	$3,860.76

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.02%. The 5, 10 and historical median dividend yields are moderate at 2.14%, 2.35% and 2.55%. The dividend growth is moderate (8% to 14% ranges) at 10% per year for the past 5 years. The last dividend increase was 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 29% with 5 year coverage at 35%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 25% with 5 year coverage at 31%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 19% with 5 year coverage at 25%. The DPR for 2025 for Free Cash Flow (FCF) is good at 29% with 5 year coverage at 36%.

Item	Cur	5 Years
EPS	28.99%	34.55%
AEPS	25.45%	30.64%
CFPS	18.84%	24.68%
FCF	29.46%	35.67%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.73 and currently at 0.79. The Liquidity Ratio for 2025 is good at 3.67 and 3.67currently. However, this ratio is not very important for financials. The Debt Ratio for 2025 is good at 1.50 and 1.50 currently. The Leverage and Debt/Equity Ratios for 2025 are fine for a financial at 3.02 and 2.02 and currently at 3.02 and 2.02.

Type	Year End	Ratio Curr
Lg Term R	0.73	0.79
Intang/GW	0.19	0.21
Liquidity	3.67	3.67
Liq. + CF	9.52	9.52
Debt Ratio	1.50	1.50
Leverage	3.02	3.02
D/E Ratio	2.02	2.02

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	9.89%	15.88%	13.65%	2.23%
2015	10	9.64%	14.75%	12.41%	2.33%
2010	15	9.52%	14.67%	12.19%	2.47%
2005	20	11.08%	10.90%	8.97%	1.93%
2004	21		13.94%	11.45%	2.49%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.69, 15.48 and 17.26. The corresponding 10 year ratios are 16.15, 18.85, 22.01. The corresponding historical ratios are 14.38, 16.33 and 17.86. The current ratio is 15.17 based on a stock price of $250.45 and EPS estimate for 2026 of $16.51. 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 12.02,13.59 and 15.15. The corresponding 10 year ratios are 14.77, 16.72 and 18.67. The corresponding historical ratios are 13.74, 16.14 and 18.54. The current ratio is 14.27 based on a stock price of $250.45 and AEPS estimate for 2026 of $17.55. The current ratio is below the low ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $215.22. The 10-year low, median, and high median Price/Graham Price Ratios are 1.13, 1.27, 1.42. The current P/GP Ratio is 1.16 based on a stock price of $250.45. 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 2.15. The current ratio is 2.14 based on a Book Value of $20,836M, Book Value per Share of $117.30 and a stock price of $250.45. The current ratio is 0.5% 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 12.53. The current ratio is 10.14 based on Cash Flow for the last 12 months of $4,388M, Cash Flow per Share of $24.70 and a stock price of $250.45. This ratio is 19% 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 2.55%. The current dividend yield is 2.35% based on dividend of $5.88 and a stock price of $250.45. The current dividend yield is 8% 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 2.35%. The current dividend yield is 2.35% based on dividend of $5.88 and a stock price of $250.45. The current dividend yield is at the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and at the median.

The 10-year median Price/Sales (Revenue) Ratio is 1.76. The current ratio is 1.83 based on Revenue estimate for 2026 of $24,250M, Revenue per Share of $137.08 and a stock price of $250.45. The current ratio is 4% 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 probably reasonable. The 10 year dividend yield test says it is reasonable and at the median. The P/S Ratio test says it is reasonable and above the median. A number of other tests are saying that the price is reasonable and other that it is cheap.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (5), Hold (4). The consensus would be a Strong Buy. The 12 month stock price consensus is $313.08 with a high of $364.00 and low of $280.00. The consensus stock price of $313.08 implies a total return of 27.35% with 25.01% from capital gains and 2.35% from dividends based on a current stock price of $250.45.

Analysts on Stock Chase have mixed views on this stock and whether or not to buy. Some feel it is overvalued. Amy Legate-Wolfe on Motley Fool thinks this is a good stock to buy as it is not affect by US tariffs. Kay Ng on Motley Fool thinks you should buy because this stock is a high-quality, cash-generating business. The company put out a press release via Newswire about their fourth quarter results for 2025.

Simply Wall Street via Yahoo Financial reviews this stock and it is a very positive review. They have one warning on this stock of earnings are forecast to decline by an average of 5.2% per year for the next 3 years.

Intact Financial Corp is a property and casualty insurance company that provides written premiums in Canada. Its asset mix is designed to generate interest and dividend income. The company has three reportable segments Canada, UK & International, and U.S. Its web site is here Intact Financial Corp.

The last stock I wrote about was about was Russel Metals Inc (TSX-RUS, OTC-RUSMF) ... learn more. The next stock I will write about will be IGM Financial Inc (TSX-IGM, OTC-IGIFF) ... learn more on Monday, March 9, 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.

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