HLS Therapeutics Inc

Sound bite for Twitter is: Health Care Consumer stock. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are fine. This stock no longer buys a dividend, so there are no current dividend yield and Dividend Payout Ratios (DPR). See my spreadsheet on HLS Therapeutics Inc.

Is it a good company at a reasonable price? This stock is rather risky as they are not making a profit and Revenue is declining. Analysts expect a turn around in Revenue this year. This is a small cap so that makes it risky also. I am currently going to hold on to my shares to see how this all works out. I do not have much invested. It is hard to know if the taking a risk on this stock will work out to have a reward. This stock price is cheap, but being cheap does not necessarily make it a good buy.

I own this stock of HLS Therapeutics Inc (TSX-HLS, OTC-HLTRF). I got this stock because it did a reverse takeover of Automodular Corp (TSX-AM, OTC-AMZKF) on March 12, 2018. There was a plan of arrangement whereby Automodular shareholders got 0.165834 HLS common shares and one HLS preferred share. The HLS preferred shares were a form of contingent value right allowing AMD shareholders to have an equity stake linked to the outcome of litigation that had been ongoing for several years between AMD and General Motors. I bought some stock in 2018, 2020 and 2023 because this is a Health Care sector stock and there are few of them in the Canadian market.

When I was updating my spreadsheet, I noticed I have not made money on this stock. My Total Return was a 16.34% loss with a 17.43% from capital loss and 1.09% from dividends. The main problem is that the company is not making a profit. Analysts do not expect the company to make a profit until 2028.

If you had invested in this company in December 2015, for $1,003.32 you would have bought 26 shares at $10.24 per share. In December 2025, after 10 years you would have received $93.10 in dividends. The stock would be worth $472.36. Your total return would have been $565.46. This would be a total loss of 7.06% per year with 8.30% from capital loss and 1.24% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$10.24	$1,003.32	98	9	$93.10	$472.36	$565.46

This stock no longer buys a dividend, so there are no current dividend yield and Dividend Payout Ratios (DPR).

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.44 and currently at 0.40. The Liquidity Ratio for 2025 is low at 1.11 and too low at 1.00 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.77 and currently at 1.70. The Debt Ratio for 2025 is good at 1.81 and 1.81 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.23 and 1.23 and currently at 2.24 and 1.24.

Type	Year End	Ratio Curr
Lg Term	0.44	0.40
Intang/GW	0.98	0.98
Liquidity	1.11	1.00
Liq. + CF	1.77	1.70
Debt Ratio	1.81	1.81
Leverage	2.23	2.24
D/E Ratio	1.23	1.24

The Total Return per year is shown below for years of 5 to 10 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%	-22.46%	-23.17%	0.71%
2015	10		-7.06%	-8.30%	1.24%

The Total Return per year is shown below for years of 5 to 10 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%	-23.64%	-24.35%	0.71%
2015	10		-7.01%	-8.49%	1.48%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and useless. The corresponding 10 year ratios are negative and useless. The corresponding Historical ratios are negative and useless. The current ratios are negative and so useless. I can do no testing on this item. A positive EPS is expected in 2028 with a P/E Ratio of 46.35, a rather high ratio.

I cannot do any Price/Graham Price testing because of all the earnings losses.

I get a 10-year median Price/Book Value per Share Ratio of 1.72. The current ratio is 1.74 based on a Book Value of $58.6M, Book Value per Share of $1.87 and a stock price of $3.24. The current ratio is 0.9% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and at the median. This testing is in US$

I get a 10-year median Price/Cash Flow per Share Ratio of 11.38. The current ratio is 5.11 based on a stock price $3.24, Cash Flow for the last 12 months of $19.95M, and Cash Flow per Share of $0.64. The current ratio is 55% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I cannot do any dividend yield testing as this company is currently not paying any dividend.

The 10-year median Price/Sales (Revenue) Ratio is 4.12. The current ratio is 1.76 based on Revenue estimate for 2025 of $58M, Revenue per Share of $1.85 and a stock price of $3.24. The current ratio is 57% 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 cheap. The P/S Ratio test is a good one and says that the stock price is relatively cheap. The other two tests I could do said that it was either cheap or reasonable and at the median.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (1) and Hold (2). The consensus is a Buy. The 12 month stock price consensus is $7.15 ($5.18 US$) with a high of $12.06 ($8.73 US$) and low of $4.52 ($3.27 US$). The consensus stock price of $7.15 implies a total return of 59.67% all from capital gains.

There are no entries for this stock on Stock Chase. Adam Othman on Motley Fool talked about this stock in 2023. He says that this stock will give you exposure to the pharmaceutical industry. The other stock he mentions of Knight Therapeutics (TSX-GUD) is at least currently recovering. The company put out a press release via Newswire about their annual results for 2025. The company put out a press release via Newswire about their first quarter of 2026 results.

Simply Wall Street via Yahoo Finance recently reviewed this stock. They talk about analyst expecting the company to be profitable in 2028. However, they think it might happen later than that unless the company grows aggressively. Simply Wall Street report has a problem with the level of debt this company has. Simply Wall Street site does not list any risks on this stock. It seems that Simply Wall Street is the only place I can find any recent valuations of this stock. It is not on Stock Chase and reviews on Motley Fool are old.

Simply Wall Street via Yahoo Finance reviewed this stock in January 2025. They talk about the decline in the stock and the fact that HLS has only slow revenue growth and is not making a profit.

When I asked google why this company has fallen, because its stock is why down, it said HLS Therapeutics Inc. (TSX: HLS) has experienced a long-term decline in its stock price primarily due to ongoing unprofitability, persistent revenue headwinds, and a historically high debt-to-equity ratio. It referenced Simply Wall Street. They are right.

HLS Therapeutics Inc is a specialty pharmaceutical company. It is focused on the acquisition and commercialization of branded pharmaceutical products in the North American markets. The company operates in Canada, the United States, and the Rest of world, with the majority of its revenue generated from Canada. Its web site is here HLS Therapeutics Inc.

The last stock I wrote about was about was Pizza Pizza Royalty Corp (TSX-PZA, OTC-PZRIF) ... learn more. The next stock I will write about will be Reitmans (Canada) Ltd (TSXV-RET.A, OTC-RTMAF) ... learn more on Wednesday, June 10, 2026 around 5 pm. Tomorrow on my other blog I will write about Canadian Women Regret About Money.... learn more on Tuesday, June 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.

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

Also, on my book blog I have put a review of the book The Ancient Near East by Amanda Podany learn more...

Pizza Pizza Royalty Corp

Sound bite for Twitter is: Dividend Paying Consumer. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are for Pizza Pizza Limited need improving, but long term debt is gone. Debt Ratios are for PZA are good. The Dividend Payout Ratios (DPR) are high, but this Royalty Corp can afford to pay all their make in dividends. The current dividend yield is good with dividend growth suspended. See my spreadsheet on Pizza Pizza Royalty Corp.

Is it a good company at a reasonable price? The company just cut its dividend. This is never a good sign. It is not a good sign when analysts lose interest in a stock. I do not like the fact that you have to analyze two companies and this makes things complicated. I do not like complicated. The stock price is testing as reasonable, but that does not mean that it is a good stock to buy. It would not be one I would be interested in.

I do not own this stock of Pizza Pizza Royalty Corp (TSX-PZA, OTC-PZRIF). A number of people have recommended this stock, so I decided to take a look at it. It was on once on John Heinzl's Dividend Hog Portfolio, but has been taken off.

When I was updating my spreadsheet, I noticed what I have always disliked about this stock. It is complicated. I do not complicated when it comes to investing. This stock’s financials do not mean much if the base company, Pizza Pizza Limited is not doing well. Pizza Pizza Limited does not seem doing ok as Net Income is up over the past 5 years (but down over the past 10 years). I do not like complicated as it is too easy to miss something important.

If you had invested in this company in December 2015, for $1,010.10 you would have bought 74 shares at $13.65 per share. In December 2025, after 10 years you would have received $615.35 in dividends. The stock would be worth $1,155.14. Your total return would have been $1,770.49. This would be a total return of 7.10% per year with 1.35% from capital gain and 5.75% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$13.65	$1,010.10	74	10	$615.35	$1,155.14	$1,770.49

The current dividend yield is good with dividend growth suspended. The current dividend yield is good (5% to 6% ranges) at 6.37%. The 5, 10 and historical dividend yields are also good at 6.39%, 6.42% and 6.86%. The dividend was recently cut by 13%.

The Dividend Payout Ratios (DPR) are high, but this Royalty Corp can afford to pay all their make in dividends. The DPR for 2025 for Earnings per Share (EPS) is high at 99% with 5 year coverage at 95%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is high at 98% with 5 year coverage at 93%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 98% with 5 year coverage at 92%. The DPR for 2025 for Free Cash Flow (FCF) is high at 106% with 5 year coverage at 100%.

Item	Cur	5 Years
EPS	98.83%	94.83%
AEPS	97.79%	92.64%
CFPS	97.56%	92.71%
FCF	106.42%	100.23%

Debt Ratios are for PZA are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.09 and currently at 0.11. The Liquidity Ratio for 2025 is good at 2.06 and 1.64 currently. The Debt Ratio for 2025 is good at 4.99 and 5.06 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.74 and 0.35 and currently at 1.79 and 0.35.

Type	Year End	Ratio Curr
Lg Term	0.09	0.11
Intang/GW	0.71	0.88
Liquidity	2.06	1.64
Liq. + CF	2.32	2.46
Debt Ratio	4.99	5.06
Leverage	1.74	1.79
D/E Ratio	0.35	0.35

Debt Ratios are for Pizza Pizza Limited need improving, but long term debt is gone. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.74 and currently at 0.00. The Liquidity Ratio for 2025 is too low at 0.87 and 0.91 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.94 and currently at 0.88. The Debt Ratio for 2025 is low at 1.28 and 1.28 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.72 and 1.72 and currently at 0.00 and 0.00.

Type	Year End	Ratio Curr
Lg Term	0.74	0.00
Intang/GW	0.00	0.00
Liquidity	0.87	0.91
Liq. + CF	0.94	0.88
Debt Ratio	1.28	1.28
Leverage	2.72	0.00
D/E Ratio	1.72	0.00

The Total Return per year is shown below for years of 5 to 20 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. Note that the stock is down 19% so far this year.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	6.15%	18.55%	11.15%	7.40%
2015	10	1.36%	7.10%	1.35%	5.75%
2010	15	0.00%	11.75%	4.22%	7.53%
2005	20	0.99%	9.36%	2.25%	7.11%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.40, 14.83 and 16.39. The corresponding 10 year ratios are 13.28, 14.69 and 16.48. The corresponding historical ratios are 13.17, 14.83 and 16.57. The current ratio is 12.84 based on a stock price of $12.71 and EPS estimate for 2026 of $0.99. 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 also have Adjusted Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 13.05, 14.54 and 15.74. The corresponding 10 year ratios are 13.02, 14.46 and 15.94. The corresponding historical ratios are 12.11, 14.27 and 15.71. The current ratio is 13.97 based on a stock price of $12.71 and AEPS estimate for 2026 of $0.91. 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 Graham Price of $11.38. The 10-year low, median, and high median Price/Graham Price Ratios are 0.97, 1.14 and 1.28. The current ratio is 1.12 based on a stock price of $12.71. 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 1.93. The current P/B Ratio is 2.01 based on a Book Value of $213.8M, Book Value per Share of $6.32 and a stock price of $12.71. 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.

I get a 10-year median Price/Cash Flow per Share Ratio of 14.23. The current ratio is 13.57 based on Cash Flow for the last 12 months of $31.7M, Cash Flow per Share of $0.94 and a stock price of $12.71. The current ratio is 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 an historical median dividend yield of 6.86%. The current dividend yield is 6.37% based on a stock price of $12.71 and Dividends of $0.81. The current ratio is 7% 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 6.42%. The current dividend yield is 6.37% based on a stock price of $12.71 and Dividends of $0.81. The current ratio is 0.7% below 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 11.46. The current Ratio is 10.62 based on Operating Income for PZA for the last 12 months of $40.5M, Operation Income per Share of $1.20 and a stock price of $12.71. The current ratio is 7% below the 10 year median ratio. Operation Income for PZA is the closes thing this stock has for revenue.

Results of stock price testing is that the stock price is probably reasonable. The 10 dividend yield test say that the stock price is reasonable and at the median. The P/S Ratio test says the stock price is reasonable and below the median. The rest of the testing varies from cheap to reasonable but above the median.

When I look at analysts’ recommendations, I find Hold (1) only. The consensus would be a Hold. The 12 month stock price consensus is $12.00 with a high of $12.00 and low of $12.00. There seems to be only one analyst following this stock. The 12 month stock price consensus of $12.00 implies a total return of 0.79% with 5.59% capital loss and 6.37% from dividends

There is only one entry for 2026 on Stock Chase and analysts says clients happy with dividends. Before that there were entries in 2024. It was thought to be range bound and good for income. Stock is not well followed lately. Amy Legate-Wolfe on Motley Fool likes the dividend but warns of possible risks due to dividend cut and falling sales. Daniel Da Costa on Motley Fool thinks that the dividend cut was the right move for this company and it is a good time to buy the stock now. The company put out a Press Release about their fourth quarter of 2025 results. The company put out a Press Release about their first quarter of 2026.

The company’s dividend cut is announced on Newswire. Simply Wall Street has one warning on this stock of dividend of 7.29% is not well covered by earnings or free cash flows.

Pizza Pizza Royalty Corp through its subsidiary, Pizza Pizza Royalty Limited Partnership, owns and franchises quick-service restaurants under the Pizza Pizza and Pizza 73 brands. It receives the benefit of Pizza Pizza Royalty and Pizza 73 Royalty payable by PPL under the Pizza Pizza Licence and Royalty Agreement and the Pizza 73 Licence and Royalty Agreement, respectively, as well as royalty payments under the international agreement, indirectly through its interests in the partnership. Its web site is here Pizza Pizza Royalty Corp.

The last stock I wrote about was about was Hammond Power Solutions Inc (TSX-HPS.A, OTC-HMDPF) ... learn more. The next stock I will write about will be HLS Therapeutics Inc (TSX-HLS, OTC-HLTRF) ... learn more on Monday, June 8, 2026 around 5 pm.

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

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

Also, on my book blog I have put a review of the book India, a History by John Keay learn more...

Hammond Power Solutions Inc

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

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

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

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

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

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

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

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

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

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

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

The Total Return per year is shown below for years of 5 to 24 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	26.47%	82.24%	79.87%	2.37%
2015	10	16.44%	39.68%	37.99%	1.69%
2010	15	15.30%	21.03%	20.06%	0.97%
2005	20	16.17%	24.52%	23.35%	1.17%
2001	24		25.43%	24.37%	1.05%

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

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 6.60,9.59 and 15.48. The corresponding 10 year ratios are 6.74, 9.34 and 13.13. The corresponding historical ratios are 7.73, 10.51 and 14.36. The current ratio is 35.39 based on a stock price of $326.67 and EPS estimate for 2026 of $9.23. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $80.43. The 10-year low, median, and high median Price/Graham Price Ratios are 0.44, 0.62 and 0.79. The current ratio is 4.06 based on a stock price of $326.67 and AEPS estimate for 2026 of $9.23. The current ratio is higher than the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 0.91. The current ratio is 8.07 based on a Book Value of $3701M, Book Value per Share of $31.15 and a stock price of $326.67. The current ratio is 1055% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

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

I get a 10-year median Price/Cash Flow per Share Ratio of 9.88. The current ratio is 94.14 based on Cash Flow for the last 12 months of $41.3M, Cash Flow per Share of $3.47 and a stock price of $326.67. The current ratio is 853% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.29%. The current dividend yield is 0.34% based on a stock price of $326.67 and dividends of $1.10. The current yield is 85% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 3.02%. The current dividend yield is 0.34% based on a stock price of $326.67 and dividends of $1.10. The current yield is 89% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.32. The current P/S Ratio is 2.97 based on a stock price of $326.67, Revenue estimate for 2026 of $1,309M and Revenue per Share of $109.95. The current ratio is 842% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. First note that the stock price is up 105% so far this year. The dividend yield testing is showing the stock price as relatively expensive. In fact, all my testing is showing that the stock price is wildly overpriced.

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

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

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

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

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

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

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

Ag Growth International

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

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

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

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

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

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

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

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

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

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

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

The Total Return per year is shown below for years of 5 to 22 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	-32.24%	-3.02%	-4.89%	1.87%
2015	10	-24.21%	1.19%	-3.54%	4.73%
2010	15	-16.05%	-0.33%	-5.00%	4.67%
2005	20	-10.60%	12.75%	1.86%	10.89%
2003	22	-7.56%	18.00%	3.81%	14.19%

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

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

However, as for EPS, the AEPS for 2027 is expected to be $2.76 and so with a P/AEPS of 7.97 which is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $18.99. The 10-year low, median, and high median Price/Graham Price Ratios are 0.92, 1.34 and 1.59. The current ratio is 1.16 based on a stock price of $22.00. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

Canadian Utilities Ltd

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

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

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

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

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

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

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

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

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

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

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

The Total Return per year is shown below for years of 5 to 37 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	1.00%	11.69%	6.57%	5.12%
2015	10	4.49%	7.51%	2.95%	4.56%
2010	15	6.08%	7.16%	3.06%	4.10%
2005	20	6.20%	7.18%	3.38%	3.80%
2000	25	5.77%	9.19%	4.96%	4.23%
1995	30	5.52%	11.78%	6.48%	5.30%
1990	35	4.92%	11.66%	6.26%	5.40%
1988	37	4.74%	11.32%	6.02%	5.29%

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

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

I get a Graham Price of $32.41. The 10-year low, median, and high median Price/Graham Price Ratios are 1.00, 1.14 and 1.28. The current ratio is 1.55 based on a stock price of $50.11. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.85. The current ratio is 2.73 based on a stock price of $50.11, Book Value of $5,004M and Book Value per Share of $18.38. The current ratio is 47% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $18.74. This analyst calculates the Book Value differently than I do and, in this case, the 10 year ratio is 1.43. The P/B Ratio is 2.67 based on a Book Value per Share of $18.74, Book Value of $5,102M and a stock price of $50.11. This ratio is 86% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.46. The current ratio is 6.63 based on a stock price of $50.11, Cash Flow per Share estimate for 2026 of $7.56 and Cash Flow of $2,058M. The current ratio is 21% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 4.05%. The current dividend yield is 3.69% based on a stock price of $50.11 and dividends of $1.8492. The current dividend yield is 9% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 4.78%. The current dividend yield is 3.69% based on a stock price of $50.11 and dividends of $1.8492. The current dividend yield is 23% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 2.53. The current P/S Ratio is 3.24 based on Revenue estimate for 2026 of $4,212M, Revenue per Share of $15.47 and a stock price of $50.11. The current ratio is 28% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

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

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

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

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

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

The last stock I wrote about was about was Mullen Group Ltd (TSX-MTL, OTC-MLLGF) ... learn more. The next stock I will write about will be Ag Growth International (TSX-AFN, OTC-AGGZF) ... learn more on Monday, June 1, 2026 around 5 pm.

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

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

Mullen Group Ltd

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

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

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

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

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

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

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

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

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

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

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

The Total Return per year is shown below for years of 5 to 28 to the end of 2025. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2020	5	19.14%	12.99%	7.63%	5.37%
2015	10	-3.50%	5.14%	1.17%	3.97%
2010	15	3.52%	4.41%	-0.48%	4.88%
2005	20	1.10%	0.22%	-3.59%	3.81%
2000	25	7.64%	8.90%	2.11%	6.79%
1997	28		9.22%	2.94%	6.29%

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

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 10.20, 11.50 and 12.80. The corresponding 10 year ratios are 13.78, 16.46 and 19.21. The corresponding historical ratios are 13.56, 16.39 and 19.42. The current ratio is 17.33 based on a stock price of $21.83 and AEPS estimate for 2026 of $1.26. The current ratio is between the median and the high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $18.40. The 10-year low, median, and high median Price/Graham Price Ratios are 0.79, 0.95 and 1.11. The current ratio is 1.19 based on a stock price of $21.83. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.30. The current ratio is 1.83 based on a Book Value of $1,146M, Book Value per Share of $11.95 and a stock price of 21.83. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2026 of $12.34. The analyst calculates the Book Value differently that I do and, in this case, the 10 year ratio is 1.28. The ratio is 1.77 based on a stock price of $21.83 and Book Value of $1,184M. This ratio is 38% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.40. The current ratio is 7.37 based on Cash Flow per Share estimate for 2026 of $2.96, Cash Flow of $284M and a stock price of $21.83. The current ratio is 36% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 4.45%. The current dividend yield is 3.85% based on dividends of $0.84 and stock price of $21.83. The current dividend yield is 14% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. There are problems with this test because dividends have gone down as well as up and have been level a number of years.

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

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

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

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

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

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

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

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

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

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