Maple Leaf Foods Inc

Sound bite for Twitter is: Dividend Paying Consumer. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are fine. The Dividend Payout Ratios (DPR) need improving and analysts believe it will be. The current dividend yield is moderate with a recent dividend cut. See my spreadsheet on Maple Leaf Foods Inc.

Is it a good company at a reasonable price? When dividends are cut, it is never a good sign. It seems to reflect a negative view of the future by the company. So, I believe caution on buying this stock is warranted.

I do not own this stock of Maple Leaf Foods Inc (TSX-MFI, OTC-MLFNF). I am doing a report on this stock because it was on the Top 100 Canadian Dividend Stocks by Maple Money . Note that this list does not seem to have changed since 2022. It also was on the Top 100 Dividend Stocks Money Sense for 2021 gets a solid C Rating from Money Sense. For the Money Sense list, this stock in 2025 gets an E rating

When I was updating my spreadsheet, I noticed this company has decreased their dividends by 21% for December 2025 Dividend Payment. The last time the dividends were decreased was in 1995. I have 34 years of dividend data. Dividend have been increased in 10 years and decreased in 2 years. See the press release from Maple Leaf Foods Inc on this.

If you had invested in this company in December 2014, for $1,012.44 you would have bought 52 shares at $19.47 per share. In December 2024, after 10 years you would have received $317.20 in dividends. The stock would be worth $939.64. Your total return would have been $1,256.84. This would be a total return of 2.42% per year with 0.74% from capital loss and 3.17% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$19.47	$1,012.44	52	10	$317.20	$939.64	$1,256.84

The current dividend yield is moderate with a recent dividend cut. The current dividend is moderate (2% to 4% ranges) at 3.00%. The 5 and 10 year median dividend yields are moderate at 3.07% and 2.27%. The historical median dividend yield is low (below 2%) at 1.49%. Dividends have been increasing since 2015, but this year the company cut the dividends by 21%. This is the last dividend change and it is for the December 2025 dividend payment.

The Dividend Payout Ratios (DPR) need improving and analysts believe it will be. The DPR for 2024 for Earnings per Share (EPS) is far too high at 113% with 5 year coverage 5 year coverage non-calculable due to earning losses. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is far too high at 113% with 5 year coverage at 236%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 28% with 5 year coverage too high at 64%. The DPR for 2024 for Free Cash Flow (FCF) is good at 25% with 5 year coverage at 31%. FCF for 2024 varies from $368.3M to $460M. I am using the $460M value.

Item	Cur	5 Years
EPS	112.82%	0.00%
AEPS	112.82%	235.64%
CFPS	27.33%	64.42%
FCF	25.13%	30.76%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is fine at 0.62 and currently good at 0.47. The Liquidity Ratio for 2024 is low at 1.23 and 1.26 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.54 and currently at 1.47. The Debt Ratio for 2024 is good at 1.53 and 1.51 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.88 and 1.88 and currently at 2.95 and 1.95.

Type	Year End	Ratio Curr
Lg Term R	0.62	0.47
Intang/GW	0.15	0.11
Liquidity	1.23	1.26
Liq. + CF	1.54	1.47
Debt Ratio	1.53	1.51
Leverage	2.88	2.95
D/E Ratio	1.88	1.95

The Total Return per year is shown below for years of 5 to 34 to the end of 2024. 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.
2018	5	8.70%	-3.45%	-6.93%	3.48%
2013	10	18.59%	2.42%	-0.74%	3.17%
2008	15	12.04%	5.81%	2.96%	2.85%
2003	20	8.90%	3.07%	0.95%	2.12%
1998	25	7.06%	2.93%	1.03%	1.90%
1993	30	2.84%	3.14%	1.30%	1.84%
1990	34	2.50%	3.62%	1.50%	2.11%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 18.58, 26.79, 33.65. The corresponding 10 year ratios are 21.07, 27.42 and 34.33. The corresponding historical ratios are 16.76, 19.72 and 24.60. The current ratio is 23.64 based on Stock Price of $25.30, EPS estimate for 2025 of $1.07. 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 19.82, 26.79 and 30.74. The corresponding 10 year ratios are 20.76, 26.10 and 30.23. The corresponding historical ratios are 20.55, 25.09 and 29.41. The current ratio is 24.56 based on Stock Price of $25.30, AEPS estimate for 2025 of $1.03. 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 Graham Price of $16.82. The 10-year low, median, and high median Price/Graham Price Ratios are 1.16, 1.44, 1.69. The current P/GP Ratio is 1.50 based on a stock price of $25.30. The current ratio is between the median and high ratios of 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/Book Value per Share Ratio of 1.74. The current ratio is 2.07 based on Book Value of $1,510M, Book Value per Share of $12.20 and a stock price of $25.30. The current ratio is 19% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Book Value per Share estimate for 2025 of $11.83. This implies a Book Value of $1,464M and a ratio of 2.14 based on a stock price of $25.30. This ratio is 23% 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 12.01. The current ratio is 8.66 based on Cash Flow per Share estimate for 2025 of $2.92, Cash Flow of $361.4M and a stock price of $25.30. The current ratio is 28% 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 1.49%. The current dividend is 3% based on Dividends of $0.76 and a stock price of $25.30. The current dividend yield is 102% 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 2.27%. The current dividend is 3% based on Dividends of $0.76 and a stock price of $25.30. The current dividend yield is 32% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.82. The current is 0.80 based on Revenue estimate for 2025 of $3,927M. Revenue per Share of $31.73 and a stock price of $25.30. The current 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.

Results of stock price testing is that the stock price is probably reasonable. The dividend yield testing says that the stock price is relatively cheap. The P/S Ratio test does not confirm this but says the stock price is relatively reasonable and below the median. The rest of the testing goes from cheap to expensive.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (3), and Hold (2). The consensus is a Strong Buy. The 12 month stock price consensus is $33.88 with a high of $42.00 and low of $27.00. The consensus stock price of $33.88 implies a total return of 36.92% with 33.91% from capital gains and 3.00% from dividends based on a current stock price of $25.30.

Last year when I look at analysts’ recommendations, I found Strong Buy (3), and Buy (2). The consensus would be a Strong Buy. The 12 month stock price consensus is $29.80 with a high of $34.00 and low of 26.00. The 12 month consensus price implies a total return of 40.22% with 36.20% from capital gains and 4.02% from dividends based on a stock price of $21.88. What happened was an increase in stock price of $21.88 to $25.30, a 15.63% increase for a total return of 19.65% with 4.02% from dividends.

Analysts on Stock Chase mainly to say to watch the stock as it may improve. One says it is too volatile for a consumer staples company. I must say that I do agree with that assessment. Christopher Liew on Motley Fool says that Buy Canada movement help the company and made it into a stock for long term investors. Chris MacDonald on Motley Fool thinks this stock is a passive income gem. The company put out a Press Release about their year-end results for 2024. The company put out a Press Release about their third quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock. They think it is undervalued. They also say that Maple Leaf Foods (TSX-MFI) just signed on as the Official Protein Partner of Team Canada for the 2026 and 2028 Olympics, a branding move that has quickly focused investor attention on the stock.

Maple Leaf Foods Inc is a protein company that responsibly produces food products under brands including Maple Leaf, Maple Leaf Prime, Maple Leaf Natural Selections, Schneiders, Mina, Greenfield Natural Meat Co., Lightlife and Field Roast. The Company's portfolio includes prepared meats, ready-to-cook and ready-to-serve meals, and valued-added fresh pork and poultry, and plant protein products. Its main markets are Canada, the United States, Japan, and China. Its web site is here Maple Leaf Foods Inc.

The last stock I wrote about was about was Element Fleet Management Corp (TSX-EFN, OTC-ELEEF) ... learn more. The next stock I will write about will be KP Tissue Inc (TSX-KPT, OTC-KPTSF) ... learn more on Wednesday, December 17, 2025 around 5 pm. Tomorrow on my other blog I will write about Canadian Banks Fourth Quarters.... learn more on Tuesday, December 16, 2025 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.

Element Fleet Management Corp

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

Is it a good company at a reasonable price? It would seem that dividend growth has really slowed down as the last increase was for 8.3% whereas the 5 year dividend growth per year is 21.6%. Note that Cash Flow without Working Capital has positive growth, unlike just Cash Flow. If you like to company, but careful as it is testing expensive. It is always wise to make several purchases over time rather than just one purchase. The stock is testing as expensive and check on the 10 year dividend yield test, the stock would have to be around $25.75 at a minimum to pass this test.

I do not own this stock of Element Fleet Management Corp (TSX-EFN, OTC-ELEEF). I was looking for stocks to follow and I found this stock in 100 best Dividend Stocks Money Sense for 2018. It was also on Raymond James' top 19 Canadian stocks for 2019 list.

When I was updating my spreadsheet, I noticed the company has switched their accounting from CDN$ to US$ starting this year. However, analysts who give out estimates are still giving estimates in CDN$. Of the officers and directors, I am following the CEO has increased his shares in the company, but one officer and one director have decreased their shares in the company.

If you had invested in this company in December 2014, for $1,002.14 you would have bought 89 shares at $11.26 per share. In December 2024, after 10 years you would have received $551.34 in dividends. The stock would be worth $2,586.34. Your total return would have been $3,137.68. This would be a total return of 14.67% per year with 9.95% from capital gain and 4.73% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.26	$1,002.14	89	10	$551.34	$2,586.34	$3,137.68

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. In column 5, I am showing what growth has been over the past 12 months and what is expected to the end of this year. You can see from this chart that they are growing every item except Cash Flow. However, Cash Flow excluding Working Capital is growing.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth US$	42.09%	7.28%	2.46%	<-12 mths
5	AEPS Growth	72.13%	11.47%	6.36%	<-12 mths
5	Net Income Growth	470.16%	41.64%	11.56%	<-12 mths
5	Cash Flow Growth	-113.40%	N/C	-190.08%	<-12 mths
5	Dividend Growth	140.16%	19.21%	12.47%	<-12 mths
5	Stock Price Growth	139.88%	19.12%	29.40%	<-12 mths
10	Revenue Growth US$	277.82%	14.22%	10.39%	<-this year
10	AEPS Growth	750.74%	23.87%	13.64%	<-this year
10	Net Income Growth	930.26%	26.27%	15.61%	<-this year
10	Cash Flow Growth	-149.52%	N/C	696.77%	<-this year
8	Dividend Growth	347.91%	23.89%	33.85%	<-this year
10	Stock Price Growth	104.97%	7.44%	29.40%	<-this year
5	Revenue Growth CDN$	57.42%	9.50%	2.46%	<-12 mths
5	AEPS Growth	90.70%	13.78%	2.45%	<-12 mths
5	Net Income Growth	470.16%	41.64%	11.56%	<-12 mths
5	Cash Flow Growth	-114.84%	N/C	-190.08%	<-12 mths
5	Dividend Growth	166.67%	21.67%	8.33%	<-12 mths
5	Stock Price Growth	162.04%	21.25%	25.46%	<-12 mths
10	Revenue Growth CDN$	368.61%	16.70%	6.33%	<-this year
10	AEPS Growth	955.19%	26.57%	9.46%	<-this year
10	Net Income Growth	930.26%	26.27%	15.61%	<-this year
10	Cash Flow Growth	-161.42%	N/C	674.83%	<-this year
8	Dividend Growth	380%	25.12%	33.85%	<-this year
10	Stock Price Growth	158.08%	9.95%	25.46%	<-this year

The current dividend yield is low with dividend growth good. The current dividend yield is low (below 2%) at 1.44%. The 5, 8 year and historical median dividend yields are moderate (2% to 4% ranges) at 2.02% for all periods. The dividend growth is good (above 15% per year) at 23.6% per year over the past 5 years. The last dividend increase was in 2025 and it was for 8.3%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 38% with 5 year coverage at 37%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 33% with 5 year coverage at 30%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 14% with 5 year coverage at 10%. The DPR for 2024 for Free Cash Flow (FCF) is too high at 78% with 5 year coverage good at 35%. FCF for 2024 varies from a negative $662M to a positive $803M. I am using $188M.

Item	Cur	5 Years
EPS	38.04%	37.02%
AEPS	32.85%	30.43%
CFPS	13.94%	9.63%
FCF	78.07%	35.13%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is too high at 1.03 and currently high at 0.81. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2024 which is too high at 1.04 and currently fine at 0.91 because this is a more important ratio for a Financials. The Liquidity Ratio for 2024 is low at 0.46 and 0.50 currently, but this ratio is not important for financials. The Debt Ratio for 2024 is fine at 1.28 and 1.25 currently. The Leverage and Debt/Equity Ratios for 2024 are fine for financials at 4.58 and 3.58 and currently at 4.98 and 3.98.

Type	Year End	Ratio Curr
Lg Term R	1.03	0.81
Lg Term R+A	1.04	0.91
Intang/GW	0.20	0.16
Liquidity	0.46	0.50
Liq. + CF	0.40	0.79
Debt Ratio	1.28	1.25
Leverage	4.58	4.98
D/E Ratio	3.58	3.98

The Total Return per year is shown below for years of 5 to 13 to the end of 2024 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.
2019	5	21.67%	23.14%	21.25%	1.89%
2014	10	21.66%	14.67%	9.95%	4.73%
2011	13		19.68%	14.86%	4.83%

The Total Return per year is shown below for years of 5 to 13 to the end of 2024 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.
2019	5	19.21%	21.06%	19.12%	1.94%
2014	10	20.61%	11.63%	7.44%	4.19%
2011	13		16.03%	11.86%	4.17%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.40, 17.88 and 20.79. The corresponding 10 year ratios are 15.49, 18.34 and 21.44. The corresponding historical ratios are 14.26, 17.78 and 20.41. The current ratio is 22.41 based on a stock price of $36.06 and EPS estimate for 2025 of $1.61. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I also have Adjusted Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.88, 14.94 and 18.38. The corresponding 10 year ratios are 10.18, 12.81 and 16.10. The corresponding historical ratios are 9.46, 12.29 and 15.70. The current ratio is 20.98 based on a stock price of $26.23 and AEPS estimate for 2025 of $1.25. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you would get a similar result in CDN$.

I get a Graham Price of $19.53. The 10-year low, median, and high median Price/Graham Price Ratios are 0.65, 0.83 and 1.07. The current ratio is 1.85 based on a stock price of $36.06. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.19. The current P/B Ratio is 3.68 based on a Book Value of $3,920.4M, Book Value per Share of $9.79 and a stock price of $36.06. The current ratio is 211% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.27. The current P/CF Ratio is 16.29 based on a Stock Price of $36.06, Cash Flow per Share estimate for 2025 of $2.21 and Cash Flow of $886.3M. The current ratio is 617% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get an historical median dividend yield of 1.94%. The current dividend yield is 1.44% based on a stock price of $36.06 and dividends of $0.52. The current dividend yield is 26% below the historical median dividend. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10 year median dividend yield of 1.94%. The current dividend yield is 1.44% based on a stock price of $36.06 and dividends of $0.52. The current dividend yield is 26% below the 19 year median dividend. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 5.06. The current P/S Ratio is 8.68 based on a stock price of $36.06, Revenue estimate for 2025 of $1,664M and Revenue per Share of $4.50. The current ratio is 71% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

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. It is confirmed by the P/S Ratio test. All the other tests are saying the same thing. The stock price would have to be at $26.75 or lower to pass the 10 year median dividend yield test.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (3) and Hold (2). The consensus would be a Strong Buy. The 12 month stock price consensus is $42.30 with a high of $48.00 and low of $39.00. The consensus stock price of $42.30 implies a total return of 18.75% with 17.30% from capital gains and 1.44% from dividends based on a current stock price of $36.06.

Most analysts on Stock Chase really like this stock. However, one says sell because it is highly leveraged. Tony Dong on Motley Fool reviews this stock and thinks it is a good buy as it is a compounder. Christopher Liew on Motley Fool thinks that this stock will continue to rise. The company put out a Press Release about their third quarter of 2025. The company put out a Press Release about their fourth quarter of 2024.

Simply Wall Street via Yahoo Finance reviews this stock and its dividend payments. They have one warning out on this stock of Interest payments are not well covered by earnings.

Element Fleet Management Corp is a fleet management company, providing services and financings for commercial vehicle and equipment fleets. The company operates in the U.S., Canada, Mexico, Australia, and New Zealand. Key revenue is generated from United States and Canada. Its web site is here Element Fleet Management Corp.

The last stock I wrote about was about was Bird Construction Inc (TSX-BDT, OTC-BIRDF) ... learn more. The next stock I will write about will be Maple Leaf Foods Inc (TSX-MFI, OTC-MLFNF) ... learn more on Monday, December 15, 2025 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.

Bird Construction Inc

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is showing that the stock price is relatively expensive. Debt Ratios have problems and there is too much debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth currently low. See my spreadsheet on Bird Construction Inc.

Is it a good company at a reasonable price? The stock price has recently gone up a lot. The company has too much debt. They now seem to have set the dividends at a good level of payment. I do not like the Liquidity Ratio as it is too low. I know that analysts’ recommendation is a Strong Buy, but they put that on most stocks. This stock is testing as being in the expensive range.

I do not own this stock of Bird Construction Inc (TSX-BDT, OTC-BIRDF). This was listed as a top stock in ETF of iShares S&P TSX Canadian Dividend Aristocrats Index. I had not heard of it before, so I decided to do a spreadsheet on this stock in 2016.

When I was updating my spreadsheet, I noticed that over the past 5 years, this stock’s capital gain was 29.5% per year. The stock increased in price in 2023 by 77% and in 2024 by 81%. The stock is only up 9.63% this year so far. All the officers and one director I am following bought shares in the past year. The latest purchase was for $25.31. This company has a lot of debt. The Leverage and Debt/Equity Ratios are 4.20 and 3.20. You want these ratios to be below 3.00 and 2.00. Dividends are inconsistent. In the last 24 years, dividends were up in 13 years and down in 4 years.

The current dividend yield is moderate with dividend growth currently low. The current dividend yield is moderate (2% to 4% ranges) at 2.94%. The 5year median dividend yield is moderate at 4.23%. The 10 year and historical median dividend yields are good (5% to 6% ranges) at 5.03% and 5.70%. The dividend growth over the past 5 years is low (below 8%) at 7.16%. The last dividend increase was for 50% and it was in 2024. Note that dividends were cut in 2017. Dividends for 2025 are now 10% above dividends in 2016.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 30% with 5 year coverage at 38%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 27% with 5 year coverage at 37%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 13% with 5 year coverage at 23%. The DPR for 2024 for Free Cash Flow (FCF) is good at 19% with 5 year coverage at 25%. FCF varies in 2024 from $96.21M to $160M. I am using the $96.21M value.

Item	Cur	5 Years
EPS	29.95%	37.56%
AEPS	27.01%	37.16%
CFPS	13.35%	22.57%
FCF	18.75%	25.42%

Debt Ratios have problems and there is too much debt. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.09 and currently at 0.08. The Liquidity Ratio for 2024 is low at 1.27 and 1.28 currently. If you added in Cash Flow after dividends, the ratios are low at 1.35 and currently at 1.37. The Debt Ratio for 2024 is low at 1.31 and 1.33 currently. The Leverage and Debt/Equity Ratios for 2024 are far too high at 4.20 and 3.20 and currently at 4.06 and 3.06. I like to see these ratios below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.09	0.08
Intang/GW	0.16	0.15
Liquidity	1.27	1.28
Liq. + CF	1.35	1.37
Debt Ratio	1.31	1.33
Leverage	4.20	4.06
D/E Ratio	3.20	3.06

The Total Return per year is shown below for years of 5 to 27 to the end of 2024. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	7.16%	33.23%	29.52%	3.71%
2014	10	-3.16%	11.29%	8.13%	3.16%
2009	15	0.11%	9.40%	5.63%	3.77%
2004	20	2.70%	29.76%	12.82%	16.94%
1999	25	7.21%	36.44%	15.63%	20.80%
1997	27		49.59%	20.23%	29.36%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.23, 8.53 and 11.03. The corresponding 10 year ratios are 8.58, 12.02 and 15.46. The corresponding historical ratios are 6.91, 9.98 and 11.30. The current ratio is 18.09 based on a stock price of $28.57 and EPS estimate for 2025 of 1.58. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.64, 9.07 and 11.02. The corresponding 10 year ratios are 7.45, 10.45 and 13.11. The corresponding historical ratios are 8.12, 10.03 and 11.41. The current ratio is 15.04 based on a stock price of $28.57 and AEPS estimate for 2025 of 1.90. 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 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 $18.79. The 10-year low, median, and high median Price/Graham Price Ratios are 0.89, 1.24 and 1.63. The current P/GP Ratio is 1.52 based on a stock price of $28.57. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.30. The current P/B Ratio is 3.46 based on a stock price of $28.57, Book Value of $457.4M and Book Value per Share of $8.26. The current ratio is 51% 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 7.42. The current P/CF Ratio is 11.41 based on Cash Flow per Share estimate for 2025 of $2.50, Cash Flow of $138.7M and a stock price of $28.57. The current ratio is 54% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 5.70%. The current dividend yield is 2.94% based on a stock price of $28.57 and dividends of $0.84. The current ratio is 48% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 5.03%. The current dividend yield is 2.94% based on a stock price of $28.57 and dividends of $0.84. The current ratio is 42% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. The reason for quite high past dividend yields is that this stock used to be an Income Trust. Income Trust could pay much higher dividends than corporations could and so had high dividend yields. However, this company changed to a corporation in 2011, more than 10 years ago. On the other hand, old Income Trusts have had a hard time setting dividends at the right level.

The 10-year median Price/Sales (Revenue) Ratio is 0.23. The current P/S Ratio is 0.46. Based on a stock price of $28.57, Revenue estimate for 2025 of $3,429M and Revenue per Share of $61.91. The current ratio is 101% 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 showing that the stock price is relatively expensive. The dividend yield tests are showing this. It is confirmed by the P/S Ratio test. The rest of the testing I have done says the same thing.

When I look at analysts’ recommendations, I find Strong Buy (5), and Buy (3). The consensus is a Strong Buy. The 12 month stock price is $33.62 with a high of $36.00 and low of $31.00. The consensus stock price of $33.62 implies a total return of 20.62% with 17.68% from capital gains and 2.94% from dividends based on a current stock price of $28.57.

A couple of analysts on Stock Chase point to this company’s small size. One analyst says that the company needs a bit more consistency in execution and meeting estimates. Sneha Nahata on Motley Fool says the stock is under $30 and a screaming buy. She says it is a solid long term buy. Amy Legate-Wolfe on Motley Fool says the company is Under-the-radar Canadian industrials that could reward patient investors. The company put out a Press Release about its fourth quarter 2024 results. The company put out a Press Release about its fourth quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock. They do not like their inconsistency in dividends. They have one warning of Dividend of 3.05% is not well covered by free cash flows.

Bird Construction Inc. is a construction company operating from coast to coast and servicing all Canada's markets. It also provides vertical infrastructure, including electrical, mechanical, and specialty trades. Its web site is here Bird Construction Inc.

The last stock I wrote about was about was Sienna Senior Living Inc (TSX-SIA, OTC-LWSCF) ... learn more. The next stock I will write about will be Element Fleet Management Corp (TSX-EFN, OTC-ELEEF) ... learn more on Friday, December 12, 2025 around 5 pm. Tomorrow on my other blog I will write about Secure Waste Infrastructure Corp.... learn more on Thursday, December 11, 2025 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 On Democracies and Death Cults by Douglas Murray learn more...

Sienna Senior Living Inc

Sound bite for Twitter is: Dividend Paying Health Care. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are show there is a problem with Liquidity and the company has a lot of debt. The Dividend Payout Ratios (DPR) are probably fine. The current dividend yield is moderate with dividend growth flat. See my spreadsheet on Sienna Senior Living Inc.

Is it a good company at a reasonable price? Some people think that Senior Living places will do well because of our demographics, but I am not so sure about that. The company has a lot of debt. It is certainly seem expensive at this point in time.

I do not own this stock of Sienna Senior Living Inc (TSX-SIA, OTC-LWSCF). When I looked in Stock Chase about Chartwell, Greg Newman; Director & Portfolio Manager, Scotia Wealth Management said he liked Sienna Senior Living Better, so I investigated it.

When I was updating my spreadsheet, I noticed that it has been growing its revenue by 5.9% and 6.9% over the past 5 and 10 years. However, Revenue per Share for the past 5 and 10 year is 1.5% and a negative 1.5%. This company also has a lot of debt.

If you had invested in this company in December 2014, for $1,007.28 you would have bought 72 shares at $19.88 per share. In December 2024, after 10 years you would have received $663.12 in dividends. The stock would be worth $1,124.64. Your total return would have been $1,787.76. This would be a total return of 7.39% per year with 1.11% from capital gain and 6.28% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$13.99	$1,007.28	72	10	$663.12	$1,124.64	$1,787.76

The current dividend yield is moderate with dividend growth flat. The current dividend yield is moderate (2% to 4% ranges) at 4.52%. The 5, 10 and historical median dividend yields are good (5% and 6% ranges) at 6.54%, 5.96% and 6.54%. The dividend growth for the past 5 years is 0.26%. The dividends have been flat since 2020.

The Dividend Payout Ratios (DPR) are probably fine. The DPR for 2024 for Earnings per Share (EPS) is far too high at 187% with 5 year coverage at 679%. The DPR for 2024 for Adjusted Funds from Operations (AFFO) is good at 69% with 5 year coverage fine at 87%. The DPR for 2024 for Funds from Operations (FFO) is good at 67% with 5 year coverage fine at 87%. The DPR for 2024 for Operating Funds from Operations (OFFO) is good at 62% with 5 year coverage fine at 83%. The DPR for 2024 for Cash Flow per Share (CFPS) is high at 48% with 5 year coverage good at 37%. The DPR for 2024 for Free Cash Flow (FCF) is negative at 197% with 5 year coverage high at 86%. FCF varies in 2024 from a negative $35M to a positive $12M. I am using the $12M value in my calculations.

Item	Cur	5 Years
EPS	187.20%	679.25%
AFFO	69.18%	87.15%
FFO	67.19%	86.89%
OFFO	61.50%	82.86%
CFPS	48.44%	37.36%
FCF	-197.54%	86.26%

Debt Ratios show there is a problem with Liquidity and the company has a lot of debt. The Long Term Debt/Market Cap Ratio for 2024 is fine at 0.73. and currently at 0.66. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2024 which is good at 0.83 and currently at 0.70 because this is a more important ratio when we are dealing with real estate. The Liquidity Ratio for 2024 is far too low at 0.42 and 0.34 currently. If you added in Cash Flow after dividends, the ratios are still far too low at 0.69 and currently at 0.41. The Debt Ratio for 2024 is fine but low at 1.35 and 1.36 currently. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.87 and 2.84 and currently at 3.76 and 2.76.

Type	Year End	Ratio Curr
Lg Term R	0.73	0.66
Lg Term R A	0.83	0.70
Intang/GW	0.28	0.22
Liquidity	0.42	0.34
Liq. + CF	0.69	0.41
Liq. + CF +D	0.84	0.60
Debt Ratio	1.35	1.36
Leverage	3.87	3.76
D/E Ratio	2.87	2.76

The Total Return per year is shown below for years of 5 to 15 to the end of 2024. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	0.26%	6.55%	0.47%	6.08%
2014	10	0.39%	7.39%	1.11%	6.28%
2009	15	1.60%	11.01%	3.32%	7.69%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 41.84, 48.02 and 54.19. The corresponding 10 year ratios are 61.81, 69.97 and 78.13. The corresponding historical ratios are 37.98, 39.87 and 41.76. The current ratio is 43.17 based on a stock price of $20.72 and EPS estimate for 2025 of $0.48. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. However, these ratios are very high.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 9.72, 13.72 and 15.48. The corresponding 10 year ratios are 10.49, 11.93 and 13.10. The corresponding historical ratios are 9.72, 11.11 and 12.66. The current ratio is 17.41 based on a stock price of $20.72 and AFFO estimate for 2025 of $1.19. The current ratio is above the high ratio of the 10 year median ratio. 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 9.60, 10.84, 12.56. The corresponding 10 year ratios are 11.56, 13.39 and 14.67. The corresponding historical ratios are 11.64, 13.28 and 14.50. The current ratio is 15.82 based on a stock price of $20.72 and FFO estimate for 2025 of $1.31. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Operating Funds from Operations (OFFO) data. The 5-year low, median, and high median Price/Operating Funds from Operations Ratios are 8.90, 12.97 and 14.63. The corresponding 10 year ratios are 11.13, 13.01 and 14.23. The corresponding historical ratios are 11.06, 12.45 and 13.54. The current ratio is 15.82 based on a stock price of $20.72 and OFFO estimate for 2025 of $1.31. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $9.03. The 10-year low, median, and high median Price/Graham Price Ratios are 2.35, 2.77 and 3.14. The current P/GP Ratio is 2.29 based on a stock price of $20.72. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.34. The current ratio is 2.74 based on a stock price of $20.72, Book Value of $624.6M and Book Value per Share of $7.56. The current ratio is 17% 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 12.82. The current P/CF ratio is 26.14 based on Cash Flow for the last 12 months of $65.5M, Cash Flow per Share of $0.79 and a stock price of $20.72. The current ratio is 104% 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 6.54%. The current dividend yield is 4.52% based on dividends of $0.936 and a stock price of $20.72. The current dividend yield is 31% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 5.96%. The current dividend yield is 4.52% based on dividends of $0.936 and a stock price of $20.72. The current dividend yield is 24% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.47. The current P/S Ratio is 1.69 based on Revenue estimate for 2025 of $1,014M, Revenue per Share of $12.27 and a stock price of $20.72. The current ratio is 15% 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 relatively expensive. The dividend yield tests say this. It is not confirmed by the P/S Ratio test, but that test says the stock price is reasonable but above the median. Almost all the testing is saying that the stock price is expensive or if reasonable, above the median.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (4), and Hold (1). The consensus is a Strong Buy. The 12 month stock price consensus is $22.56 with a high of $23.00 and low of $22.00. The consensus stock price of $22.56 implies a total return of 13.40% with 8.88% from capital gains and 1.52% from dividends based on a current stock price of $20.72.

Some analysts like this stock on Stock Chase because of aging demographics tailwind. One analyst does not like this sector at all. Chris MacDonald on Motley Fool calls this stock a REIT and says it is in the defensive area of real estate. Rajiv Nanjapla on Motley Fool likes this stock because of the monthly cash flow. The company put out a Press Release about their annual results for 2024. The company put out a press release via Yahoo Finance about their third quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock. They say that it is hard to get excited about this company at the moment because of the debt. Simply Wall Street has two warnings on this stock of Dividend of 4.52% is not well covered by earnings or free cash flows; and interest payments are not well covered by earnings.

Sienna Senior Living Inc is an owner of seniors' housing, a licensed long-term care operator in Ontario, and a provider of services across the full continuum of care. The firm operates solely within Canada. Its web site is Sienna Senior Living Inc.

The last stock I wrote about was about was Chartwell Retirement Residences (TSX-CSH.UN, OTC-CWSRF) ... learn more. The next stock I will write about will be Bird Construction Inc (TSX-BDT, OTC-BIRDF) ... learn more on Wednesday, December 10, 2025 around 5 pm. Tomorrow on my other blog I will write about Make the Most of Your Compensation.... learn more on Tuesday, December 9, 2025 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.

Chartwell Retirement Residences

Sound bite for Twitter is: Dividend Paying Health Care. Results of stock price testing is that the stock price is testing as expensive. Debt Ratios show that the company has a lot of debt and needs to improve their Liquidity Ratios. The Dividend Payout Ratios (DPR) need improving. The current dividend yield is moderate with dividend growth stopped. See my spreadsheet on Chartwell Retirement Residences.

Is it a good company at a reasonable price? A lot of people think that buying this stock you could benefit from long-term demographic trend of Canada. I am not sure this company will do well in the long term. Simply Wall Street is right, the company is increasing their shares and this is a negative. Shares have grown by 5% per year over the past 5 years or in total 28%. The share price would need to be around $13.50 for the 10 year median dividend yield test to show shares as reasonable and below the median. All my test show that the stock price is on the expensive side.

I do not own this stock of Chartwell Retirement Residences (TSX-CSH.UN, OTC-CWSRF). I saw this stock on a dividend investing blog and looked it up on Stock Chase.

When I was updating my spreadsheet, I noticed this stock has too much debt and it has not been a great investment over the years for shareholders. Mostly, it is not hitting my 8% yearly return with capital gains and dividends. Although it has come close for the 10 year period. I think this is more a real estate investment than a Health Care investment. Revenue is not growing, but is expected to growth in 2025 by 32% with last 12 months growth at 22%.. Net Income seems to be growing a lot, but exactly 5 and 10 years ago, Net Income hit very low values.

If you had invested in this company in December 2014, for $1,005.72 you would have bought 87 shares at $11.56 per share. In December 2024, after 10 years you would have received $514.90 in dividends. The stock would be worth $1,311.96. Your total return would have been $1,826.86. This would be a total return of 7.26% per year with 2.69% from capital gain and 4.56% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.56	$1,005.72	87	10	$514.90	$1,311.96	$1,826.86

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. In column 5, I am showing what growth has been over the past 12 months and what is expected to the end of this year. You can see that Revenue has not grown much over the past 5 and 10 years, but seems to be growing over the past 12 months and expected to be growing this year. Net Income Growth seems good, but exactly 5 and 10 years ago, net income hit very low levels.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	-6.90%	-1.42%	22.15%	<-12 mths
5	FFO Growth	-17.39%	-3.75%	17.11%	<-12 mths
5	Net Income Growth	2000.09%	83.84%	14.88%	<-12 mths
5	Cash Flow Growth	2.19%	0.43%	45.88%	<-12 mths
5	Dividend Growth	2.51%	0.50%	0.00%	<-12 mths
5	Stock Price Growth	8.49%	1.64%	34.22%	<-12 mths
10	Revenue Growth	-1.52%	-0.15%	32.14%	<-this year
10	FFO Growth	-5.00%	-0.51%	23.68%	<-this year
10	Net Income Growth	370.66%	16.75%	61.24%	<-this year
10	Cash Flow Growth	62.80%	4.99%	45.88%	<-this year
10	Dividend Growth	13.33%	1.26%	-0.33%	<-this year
10	Stock Price Growth	30.45%	2.69%	-12.14%	<-this year

The current dividend yield is moderate with dividend growth stopped. The current dividend yield is moderate (2% to 4% ranges) at 3.02%. The 5 year and historical median dividend yields are good (5% to 6% ranges) at 5.70% and 7.58%. The 10 year median dividend yield is moderate at 4.50%. The dividend increases for the past 5 years is low (below 8%) at 0.50%. Dividend increases stopped in 2021. The last dividend increase was in 2020 and it was for 2%.

The Dividend Payout Ratios (DPR) need improving. The DPR for 2024 for Earnings per Share (EPS) is far too high at 744% with 5 year coverage at 324%. However, the DPR for AFFO and FFO are more important. The DPR for 2024 for Adjusted Funds from Operations (AFFO) is fine at 89% with 5 year coverage too high at 107%. The DPR for 2024 for Funds from Operations (FFO) is fine at 81% with 5 year coverage at 96%. The DPR for 2024 for Cash Flow per Share (CFPS) is too high at 54% with 5 year coverage at 59%. I prefer the DPR for CFPS to be 40% or lower.

The DPR for 2024 for Free Cash Flow (FCF) is too high at 144% with 5 year coverage at 349%. The FCF for 2024 ranges from $80.08M to $93.58M. I am using the $80.08M. Analyst expect the DPRs to improve over the next few years.

Item	Cur	5 Years
EPS	744.43%	323.97%
AFFO	88.70%	106.52%
FFO	80.53%	95.83%
CFPS	54.49%	59.17%
FCF	144.08%	348.90%

The Long Term Debt/Market Cap Ratio for 2024 is good at 0.46 and currently at 0.48. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2024 which is good at 0.43 and currently at 0.46 because this is a more important ratio for Real Estate and this company owns a lot of Real Estate. The Liquidity Ratio for 2024 is far too low at 0.36 and 0.57 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.49 and currently at 1.00. If you added back the current portion of the debt, the ratios are acceptable at 1.40 and currently at 2.31. The Debt Ratio for 2024 is low at 1.36 and 1.46 currently. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.81 and 2.81 and currently at 3.18 and 2.18.

Type	Year End	Ratio Curr
Lg Term R	0.46	0.41
Lg Term R A	0.43	0.46
Intang/GW	0.01	0.00
Liquidity	0.36	0.57
Liq. + CF	0.49	1.00
Liq. + CF+D	1.40	2.31
Debt Ratio	1.36	1.46
Leverage	3.81	3.18
D/E Ratio	2.81	2.18

The Total Return per year is shown below for years of 5 to 21 to the end of 2024. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	0.50%	5.91%	1.64%	4.26%
2014	10	1.26%	7.26%	2.69%	4.56%
2009	15	-0.63%	11.57%	5.42%	6.15%
2004	20	-2.77%	5.43%	0.48%	4.94%
2003	21		6.59%	0.99%	5.60%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 98.85, 153.81 and 196.81. The corresponding 10 year ratios are 154.80, 172.18 and 202.79. The corresponding historical ratios are 15.31, 18.56 and 21.82. The current ratio is 184.00 based a stock price of $20.24 and EPS estimate for 2025 of $0.11. 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. However, these ratios are really high ones where high P/E ratios can start at 20.00.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 16.65, 20.35 and 23.92. The corresponding 10 year ratios are 16.20, 17.69 and 20.16. The corresponding historical ratios are 14.06, 16.46 and 18.87. The current ratio is 23.26 based a stock price of $20.24 and AFFO estimate for 2025 of $0.87. 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 also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 14.95, 18.20 and 21.31. The corresponding 10 year ratios are 14.94, 16.53 and 18.65. The corresponding historical ratios are 13.13, 14.81 and 16.86. The current ratio is 21.53 based a stock price of $20.24 and FFO estimate for 2025 of $0.92. 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 also have Internal Funds from Operations (IFFO) data. The 5-year low, median, and high median Price/Internal Funds from Operations Ratios are 16.12, 19.55 and 22.98. The corresponding 10 year ratios are 14.92, 17.97 and 21.01. The current ratio is 22.00 based a stock price of $20.24 and IFFO for the last 12 months is $0.92. 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. Internal Funds from Operations (IFFO) data is from the Management’s Discussion and Analysis section of the Annual Statement.

I get a Graham Price of $10.19 using the FFO in the calculations, not the EPS. The 10-year low, median, and high median Price/Graham Price Ratios are 1.34, 1.79 and 1.57. The current ratio is 1.99 based on a stock price of $20.24. 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 3.20. The current ratio is 4.13 based on a Book Value of $1,481M, Book Value per Share of $4.91 and a stock price of $20.24. The current ratio is 29% 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 17.22. The current ratio is 20.85 based on Cash Flow for the last 12 months of $293M, Cash Flow per Share of $0.97 and a stock price of $20.24. 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 5.78%. The current dividend yield is 3.02% based on dividends of $0.61 and a stock price of $20.24. The current dividend yield is 48% 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 4.50%. The current dividend yield is 3.02% based on dividends of $0.61 and a stock price of $20.24. The current dividend yield is 33% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This is not a good test unless you are dealing with a dividend growth stock, but when a stock stops growing the dividend it is a bad sign.

The 10-year median Price/Sales (Revenue) Ratio is 3.45. The current P/S Ratio is 5.43 based on a stock price of $20.24, Revenue estimate for 2025 of $1,126M, and Revenue per Share of $3.73. The current ratio is 57% 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 testing as relatively expensive. All the testing is showing the current stock price as expensive. The stock price would have to be around $17.00 before the P/S would show the stock price as relatively reasonable and below the median. The stock price would have to be at around $13.50 or lower for the 10 year median dividends yield to show the stock price as relatively reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (5), and Buy (5). The consensus would be a Strong Buy. The 12 month stock price consensus is $22.95 with a high of $25.00 and low of 22.00. The consensus stock price of $22.95 implies a total return of 16.41% with 13.39% from capital gains and 3.02% from dividends based on a current stock price of $20.24.

Most analysts on Stock Chase seem to like this company, but a couple say not to buy as they do not like the basic set up for long term capital gains. Christopher Liew on Motley Fool thinks buy this will benefit from long-term demographic trend of Canada. Karen Thomas on Motley Fool thinks this company will benefit from strong demand for senior living. The company put out a press release via Newswire about their fourth quarter of 2024. The company put out a press release via Newswire about their third quarter results for 2025.

Simply Wall Street via Yahoo Finance reviews this stock. One negative they point out is that it is hard to grow dividends per share when new shares are regularly being created. Simply Wall Street has 3 warnings out on this stock of interest payments are not well covered by earnings; large one-off items impacting financial results; and dividend of 3.06% is not well covered by earnings.

Chartwell Retirement Residences is an unincorporated open-ended real estate trust that is engaged in the ownership, operations, and management of retirement residences and long-term care homes in Canada. Its web site is here Chartwell Retirement Residences.

The last stock I wrote about was about was Richards Packaging Income Fund (TSX-RPI.UN, OTC-RPKIF) ... learn more. The next stock I will write about will be Sienna Senior Living Inc (TSX-SIA, OTC-LWSCF) ... learn more on Monday, December 8, 2025 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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