Agnico Eagle Mines Ltd

This is a new stock that I decided to cover. I will need to get at least 2 more stocks to cover to complete a full roster that I can cover in a year. I was thinking of Hydro One Inc as another one to follow.

Sound bite for Twitter and StockTwits is: Dividend Growth Materials. The stock price is reasonable and it may be cheap. Debt Ratios are good. The Dividend Payout Ratios (DPR) are fine. The dividend yields are moderate with dividend growth good. See my spreadsheet on Agnico Eagle Mines Ltd.

Is it a good company at a reasonable price? The stock price seems reasonable. This is a materials stock (into mining), so it is risky. You must be careful when buying these stocks as it seems timing is everything. You should buy when it is relatively cheap. This stock is cyclical and it has cut dividends in the past as well as raised them.

I do not own this stock of Agnico Eagle Mines Ltd (TSX-AEM, NYSE-AEM). Recently, two mining stocks were recommended. Agnico-Eagle Mines Ltd (TSX-AEM) by Advice for Investors and Franco-Nevada (FNV.T) recommended in by a member of Ellen’s Investment Club. I decided to look at Agnico-Eagle Mines because it was also on the Money Sense List of Dividend Stocks.

When I was updating my spreadsheet, I noticed that long term investors have generally not made the 8% total return which is the minimum I like to see. See the Charts below for total return in CDN$ and US$. When I am looking at long term returns, I arbitrarily pick starting points 5, 10, 15 years etc. in the past. However, with resources timing is everything because of volatility.

The chart below shows that some of my starting points had high prices compared to other prices around that date. For example, 10 years ago the starting point is December 2011 with a price of $36.32. However, if the purchase was done two years later in December 14, the stock price was much lower at $22.02 and total return to date would have been 15.18%.

# Years	Tot Ret	Start Year	Price	Date	Price	Tot. Ret
5	6.38%	Dec-16	$42.00	Jan-16	$26.78	13.86%
10	5.35%	Dec-11	$36.32	Dec-14	$22.02	15.18%
15	2.77%	Dec-06	$41.24	Dec-05	$19.76	12.30%
18	9.99%	Dec-03	$12.11

If you had invested in this company in December 2011, for $1,000.35 you would have bought 27 shares at $37.05 per share. In December 2021, after 10 years you would have received $211.76 in dividends. The stock would be worth $1,814.13. Your total return would have been $2,025.89.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$37.05	$1,000.35	27	10	$211.76	$1,814.13	$2,025.89

The dividend yields are moderate with dividend growth good. The current dividend yield is moderate (2% to 4% ranges) at 3.13%. The 5, 10 and historical dividend yields are low (below 2%) at 1.14%, 1.19% and 0.85%. Dividend growth is good (15% and higher) at 29.7% per year over the past 5 years. I have data for the past 18 years and yearly dividends were increased in 12 years and decreased in 6 years over this time period.

The Dividend Payout Ratios (DPR) are fine. The DPR for EPS for 2021 is 63% with 5 year coverage at 64%. The DPR for Adjusted Earnings per Share (AEPS) for 2021 is 58% with 5 year coverage at 70%. The DPR for Cash Flow per Share (CFPS) for 2021 is 21% with 5 year coverage at 17%. The DPR for Free Cash Flow (FCF) for 2021 is 71% with 5 year coverage at 314%. This is in US$ as the company reports in US$.

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2021 is 0.20. This is low and good. The Liquidity Ratio for 2021 is good at 1.71. The Debt Ratio for 2021 is good at 2.42. The Leverage and Debt/Equity Ratios for 2021 are good at 1.70 and 0.70.

The Total Return per year is shown below for years of 5 to 18 to the end of 2021 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.
2016	5	29.71%	5.09%	3.54%	1.54%
2011	10	10.55%	7.70%	6.13%	1.57%
2006	15	29.93%	3.28%	2.25%	1.02%
2003	18	23.67%	9.71%	8.42%	1.29%

The Total Return per year is shown below for years of 5 to 18 to the end of 2021 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.
2016	5	31.21%	6.38%	4.82%	1.57%
2011	10	8.14%	5.35%	3.88%	1.47%
2006	15	29.20%	2.77%	1.70%	1.06%
2003	18	23.80%	9.99%	8.56%	1.42%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 20.02, 27.95 and 34.35. The corresponding 10 year ratios are 20.78, 29.46 and 38.49. The corresponding historical ratios are 23.00, 30.98 and 42.64. The current P/E Ratio is 34.01 based on a stock price of $70.32 and EPS estimate for 2022 of $2.07 ($1.52 US$). 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. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 39.47, 45.19, and 50.92. The corresponding 10 year ratios are 34.73, 44.33 and 58.22. The current P/AEPS Ratio is 22.98 based on AEPS of $2.26 and a stock price of $51.93. The current ratio is below the low of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get similar results in CDN$.

I get a Graham Price of $57.74. The 10-year low, median, and high median Price/Graham Price Ratios are 1.50, 2.11 and 2.64. The current P/GP Ratio is 1.22 based on a stock price of $70.32. The current ratio is below the low of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 2.21. The current P/B Ratio is 1.47 based on a stock price of $51.93, Book Value of $16,127M, and Book Value per Share of $35.44. The current ratio is 34% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I also have a Book Value per Share estimate for 2022. The Book Value per Share estimate for 2022 is $36.80. This implies a Book Value of $16,747M and a P/B Ratio of $1.41 based on a stock price of $51.93. This ratio is 36% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 12.51. The current P/CF Ratio is 10.28 based on Cash Flow per Share estimate for 2022 of $5.05, Cash Flow of $2,298M and a stock price of $51.93. The current ratio is 18% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get similar results in CDN$.

I get an historical median dividend yield of 0.90%. The current ratio is 3.08% based on dividends of $1.60 and a stock price of $51.93. The current dividend yield is 242% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get a 10 year median dividend yield of 1.11%. The current ratio is 3.08% based on dividends of $1.60 and a stock price of $51.93. The current dividend yield is 177% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 4.24. The current ratio is 4.07 based on a stock price of $51.93, Revenue estimate for 2022 of $5,810M and Revenue per Share of $12.77. The current ratio is 4% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$.

Results of stock price testing is that the stock price is probably reasonable, but maybe cheap. The dividend yield tests are saying the stock price is cheap, but the P/S Ratio testings is saying it is reasonable.

When I look at analysts’ recommendations, I find Strong Buy (5) and Buy (8). The consensus would be a Strong Buy. The 12 month stock price consensus is $84.22 CDN$ ($61.91 US$). This implies a total return of 22.86% with 19.76% from capital gains and 3.10% from dividends based on a current stock price of $70.32 CDN$.

For the entries on Stock Chase for 2022, the recommendations are a buy. Stock Chase gives this stock 4 stars out of 5. Money Sense gives this company a C rating. Chris MacDonald on Motley Fool thinks this stock is a buy. Joey Frenette on Motley Fool thinks the way to invest in gold is buying this stock. The company put out a Press Release on the results of 2021. The company put out a Press Release on their results for the third quarter of 2022.

Simply Wall Street via Yahoo Finance talks about a independent director buying stock. Simply Wall Street gives out 4 warnings on this stock of dividend of 3.08% is not well covered by earnings or cash flows; shareholders have been substantially diluted in the past year; large one-off items impacting financial results; and profit margins (10.4%) are lower than last year (17.3%).

Agnico Eagle Mines is a gold miner operating mines in Canada, Mexico, and Finland. It also owns 50% of the Canadian Malartic mine. Its web site is here Agnico Eagle Mines Ltd.

The last stock I wrote about was about was KP Tissue Inc (TSX-KPT, OTC-KPTSF) ... learn more. The next stock I will write about will be Metro Inc (TSX-MRU, OTC-MTRAF) ... learn more on Monday, January 2, 2023 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. 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 website for stocks followed and investment notes. 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 or StockTwits. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

KP Tissue Inc

Sound bite for Twitter and StockTwits is: Dividend Paying Consumer. The stock price may be relatively cheap. For Debt Ratios the Liquidity Ratio is a problem, but other ratios are fine. The Dividend Payout Ratios (DPR) are awful because of no positive earnings and cash flow. The dividend yields are high with dividend growth non-existent. See my spreadsheet on KP Tissue Inc.

Is it a good company at a reasonable price? The stock price maybe relatively cheap. Since all the covering analysts recommend a Hold, you have to wonder. I really do not know what to think about this stock. It has a dividend, which is paid from the distributions that it receives from Kruger Products L.P. It issues common shares each year, but this just shows up in the Change in Equity. The good thing is that it is a holding company for Kruger Products. However, the company’s statements show that it has seldom any positive Income or Earnings and never any Operating Cash Flow. Dividend is high, but flat. Not my sort of stock.

I do not own this stock of KP Tissue Inc (TSX-KPT, OTC-KPTSF). This was a stock suggested by a speaker at the Ellen's Investment Club.

When I was updating my spreadsheet, I noticed that the company is not making money, has no cash flow and is paying a dividend. This does not compute very well. And yet, if you had invested in this stock over the past 9 years, you would not have lost much. See chart below.

If you had invested in this company in December 2012, for $1,013.84 you would have bought 58 shares at $17.48 per share. In December 2021, after 9 years you would have received $377.99 in dividends. The stock would be worth $603.78. Your total return would have been $981.77.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.48	$1,013.84	58	9	$377.99	$603.78	$981.77

The dividend yields are high with dividend growth non-existent. The current dividend yield is high (7% and higher) at 7.09%. The 5, 10 and historical dividend yield is good (5% and 6% ranges) at 6.72%, 5.54% and 5.54%. Dividends have only been paid for 7 years. The dividend has basically been flat since its inception. Analysts do not expect any change anytime soon.

The Dividend Payout Ratios (DPR) are awful because of no positive earnings and cash flow. Basically the company cannot afford to pay a dividend as mostly they have had earnings losses except for the years of 2012 and 2021. The DPR for EPS for 2021 is 554%. They did not earn much. They have no Cash Flow. They have no Free Cash Flow because they have no Cash Flow.

For Debt Ratios the Liquidity Ratio is a problem, but other ratios are fine. They have no long term debt. They also have no Intangible or Goodwill Assets. The Liquidity Ratio is awful at 0.49. That means that they cannot cover their current liabilities with current assets. This can get companies into trouble quickly when the economy is not good. However, the Debt Ratio is good at 16.65 (where anything over 1.50 is good). The Leverage and Debt/Equity Ratios are good at 1.06 and 0.06.

The Total Return per year is shown below for years of 5 to 9 to the end of 2021. 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.
2016	5	0.00%	-2.46%	-7.85%	5.40%
2012	9	0.00%	-0.43%	-5.60%	5.17%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and so unusable. The corresponding 10 year and historical ratios are also negative and unusable. The current P/E Ratio is negative, so we can not doing any testing with that.

I guess a Graham Price of $1.95. There are so many earning losses that no proper calculation can be done. The 10-year low, median, and high median Price/Graham Price Ratios are 4.52, 5.77 and 6.61. The current P/GP Ratio is 5.21 based on a stock price of $10.15. This ratio is between and low and median 10 year median P/GP Ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. However, this testing must be look at as unreliable.

I get a 10-year median Price/Book Value per Share Ratio of 1.01. The current P/B Ratio is 1.20 based on a stock price of $10.15, Book Value of $83.5M and a Book Value per Share of $8.43. The current ratio is 19% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This is a good test.

I also have a Book Value per Share estimate for 2022 of $8.03. This gives a Book Value of $79.8M and with a stock price of $10.15, a ratio of 1.26. This ratio is 25% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This is also a good test.

I cannot do any Price/Cash Flow per Share Ratio testing as there is no cash flow.

I get 7 year and historical median dividend yield of 5.54%. The current dividend yield is 7.09% based on a dividend of $0.72 and a stock price of $10.15. This dividend yield is 28% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This is also a good test.

The 10-year median Price/Sales (Revenue) Ratio is 0.10. The current P/S Ratio is 0.06 based on Revenue of $1,697M, Revenue per Share of $170.72 and a stock price of $10.15. the current ratio is 41% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. I wonder about this test because the Revenue is for Kruger Products L.P and the stock price is for KP Tissue Inc. There is no stock price for Kruger Products. Also, the Revenue for KP Tissue Inc has fallen by 900% comparing the last 12 months to 2021.

Results of stock price testing is that the stock price maybe cheap. The dividend yield tests is a valid test and it says that the stock price is cheap. Who know about the P/S Ratio test, and I wonder how good it is. The P/B Ratio tests are good, but one says it is reasonable but above the median and the other says expensive.

When I look at analysts’ recommendations, I find only Hold (6) recommendations. The 12 months stock price consensus is $10.17. This implies a total return of 7.29% with 0.20% from capital gains and 7.09% from dividends based on a stock price of $10.15. This stock does not trade often and the stock price has been higher than the 12 month stock consensus a number of times over the past 6 months.

Analysts do not show much interest in this stock on Stock Chase. There was a comment in 2020 and prior one in 2019. Stock Chase gives this stock 1 star out of 5. Joey Frenette on Motley Fool said in September 2021 that he liked to juicy 7% dividend. Joey Frenette on Motley Fool in August 2021, said to start buying some of this stock if you have a tolerance for volatility. The company put out a press release on Globe Newswire about their fourth quarterly results. The company put out a press release on Globe Newswire about their third quarter of 2022.

Simply Wall Street via Yahoo Finance reviews this stock. It talks about the company having Free Cash Flow, but the statements for KP Tissue does not show this as far as I can see. The Morningstar Quant Report shows $0 Free Cash Flow. However, it does get a distribution from Kruger Products that it uses to fund the dividends. KP Tissue owns part of Simply Wall Street has 3 warnings of makes less than USD$1m in revenue (CA$0); dividend of 7.09% is not well covered; and does not have a meaningful market cap.

KP Tissue Inc operates as a holding company owning part of Kruger Products L.P. The firm produces, distributes, markets, and sells a range of disposable tissue products in North America. Its web site is here KP Tissue Inc.

The last stock I wrote about was about was Maple Leaf Foods Inc (TSX-MFI, OTC-MLFNF) ... learn more. The next stock I will write about will be Agnico Eagle Mines Ltd (TSX-AEM, NYSE-AEM) ... learn more on Friday, December 30, 2022 around 5 pm. Tomorrow on my other blog I will write about Sahil Bloom .... learn more on Thursday, December 29, 2022 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. 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 website for stocks followed and investment notes. 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 or StockTwits. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Maple Leaf Foods Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Consumer. The stock price seems to be cheap. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are fine. The dividend yields are moderate with dividend growth good. See my spreadsheet on Maple Leaf Foods Inc.

Is it a good company at a reasonable price? I tend to like companies that produce a Total Return of at least 8% per year. This company has not done that. But it is a dividend growth stock.

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 . It also was on the Top 100 Dividend Stocks Money Sense for 2021 gets a solid C Rating from Money Sense.

When I was updating my spreadsheet, I noticed that if you had invested in this stock 10 years ago, you would have done very well and much better than in a lot of other periods. See Chart on Total Return below. If you invested in this company 10 years ago your total return is $12.58% per year. However, every other period is below 8% per year. For example, an investment 30 years ago, your total return would be 2.99% per year.

Here are some growth statistics for the past 5 and 10 years. Over the past 5 years EPS growth and Cash Flow Growth has done in the wrong direction. Dividends have grown much stronger than Revenue, Earnings or Cash Flow.

Year	Item	Growth
5	Revenue Growth	35.69%
5	EPS Growth	-60.98%
5	Net Income Growth	-76.71%
5	Cash Flow Growth	-17.13%
5	Dividend Growth	100.00%
5	Stock Price Growth	4.05%
10	Revenue Growth	-8.24%
10	EPS Growth	41.38%
10	Net Income Growth	17.74%
10	Cash Flow Growth	24.49%
10	Dividend Growth	350.00%
10	Stock Price Growth	170.18%

If dividends continue to increase at the rate for the past 5 years of 14.87%, as current dividend is a lot higher than in the past. So, in 10 years, your dividend yield would be 13.21%. This would be a 300% increase from the current rate of 3.30%. You would cover some 60.01% of the cost of your stock.

Div Yd	Years	At IRR	Div Inc	Cost Covered
6.60%	5	14.87%	100.00%	22.20%
13.21%	10	14.87%	300.00%	60.01%
26.41%	15	14.87%	700.00%	135.62%

If you look at the history of dividend changes from 5, 10 and 15 years ago, the dividend yield started from a much lower rate and after 5, 10 or 15 years, the growth has been lower. If you bought this stock 10 years ago, your dividend yield would now be 6.96%, your starting dividend would have been 1.34% and the dividend would have grown by 420%. You would have covered 35.51% of the cost of your stock.

Div Yd	Years	Start Div	Div Inc	Cost Covered
2.61%	5	1.23%	112.21%	10.87%
6.96%	10	1.34%	420.43%	35.51%
5.43%	15	1.08%	404.24%	34.49%

If you had invested in this company in December 2011, for $1,007.19 you would have bought 93 shares at $10.83 per share. In December 2021, after 10 years you would have received $377.58 in dividends. The stock would be worth $2,721.18. Your total return would have been $3,098.76.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$10.83	$1,007.19	93	10	$377.58	$2,721.18	$3,098.76

The dividend yields are moderate with dividend growth good. The current dividend yield is moderate (2% to 4% ranges) at 3.42%. The 5 year median dividend yield is moderate at 2.03%. The 10 year median and historical median dividend yields are low (below 2%) at 1.46% and 1.45%. The dividend growth has been good (14% or higher) over the past 5 years at 14.9% per year. The last dividend increase occurred in 2022 and was for 11%.

The Dividend Payout Ratios (DPR) are fine. The DPR for EPS for 2021 is 88% with 5 year coverage at 67%. The DPR for Adjusted Earnings per Share (AEPS) for 2021 is 70% with 5 year coverage at 58%. The DPR for Cash Flow per Share (CFPS) for 2021 is 51% with 5 year coverage at 27%. The CFPS for 2021 is too high as I like this at 40% or under, but 5 year coverage is fine. The DPR for Free Cash Flow (FCF) for 2021 is negative. However, there is disagreement on what the FCF is.

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio is good at 0.34. The Liquidity Ratio is low at 1.40 as I like it to be 1.50 or higher, but add in Cash Flow after dividends and it is good at 1.64. The Debt Ratio is good at 1.87. The Leverage and Debt/Equity Ratios are fine at 2.15 and 1.15.

The Total Return per year is shown below for years of 5 to 31 to the end of 2021. 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.
2016	5	14.87%	2.82%	0.80%	2.02%
2011	10	16.23%	12.58%	10.45%	2.13%
2006	15	10.55%	7.47%	5.92%	1.54%
2001	20	7.81%	6.70%	5.25%	1.45%
1996	25	6.20%	6.14%	4.71%	1.43%
1991	30	2.15%	2.99%	1.83%	1.16%
1990	31	2.08%	4.80%	3.24%	1.55%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 28.96, 33.79 and 38.61. The corresponding 10 year ratios are 21.07, 26.39 and 31.72. The corresponding historical ratios are 16.99, 19.97 and 25.14. The current P/E Ratio is 142.53 based on a stock price of $24.23 and EPS estimate for 2022 of $0.17. The current P/E Ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the expensive. The P/E Ratios are quite high.

The problem is that the company is not expected to earn much in EPS next year. For 2023, EPS is much higher at $1.47 and this has a P/E Ratio of 16.48 based on a current stock price of $24.23. This ratio is below the low of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. However, normally a P/E Ratio of 16.48 would be considered reasonable.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 21.70, 24.40 and 29.73. The corresponding 10 year ratios are 20.55, 24.62 and 28.38. Here again the P/AEPS Ratios are high. The P/AEPS Ratio for 2022 is expected to be 127.53 based on a AEPS estimate for 2022 of $0.19. 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, the AEPS for 2022 is expected to be quite low at $0.19. The AEPS for 2023 is higher at $1.47 and with a stock price of $24.23, will give a P/AEPS of 16.48. This ratio is below the low of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. However, normally a P/AEPS ratio of 16.48 would be considered reasonable.

I get a Graham Price of $7.31 . The 10-year low, median, and high median Price/Graham Price Ratios are 1.14, 1.43 and 1.72. The current ratio is 3.32 because of the very low EPS expected in 2022. However, the Graham Price is better in 2023 at $21.49. The P/GP Ratio for 2023 is 1.13. This is just below the P/GP low of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 1.69. The current ratio is 1.73 based on a Book Value of $1,730M, Book Value per Share of 13.97 and a stock price of $24.23. The current ratio is 3% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have an estimate for the Book Value per Share for 2022 and it is $13.40. This produced a Book Value of $1,660M, and a ratio of 1.81. This ratio of 1.81 is 7% above the 10 year median ratio of 1.69. 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 9.95. The current P/CF Ratio is 31.47 based on Cash Flow for 2022 of $0.77 and a stock price of $24.23. The current ratio is 216% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

The above Cash Flow for 2022 is quite low and this gave a very high P/CF Ratio. The Cash Flow per Share for 2023 is $3.60 and this would give a Cash Flow of $446M and a P/CF Ratio of 6.73 with a stock price of $24.23. This ratio is 32% below the 10 year median ratio 9.95. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 1.48%. The current dividend yield is 3.30% based on dividends of $0.80 and a stock price of $24.23. The current dividend yield is 123% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 1.46%. The current dividend yield is 3.30% based on dividends of $0.80 and a stock price of $24.23. The current dividend yield is 127% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.85. The current P/S Ratio is 0.63 based on Revenue estimate for 2022 of $4,757M, Revenue per Share of $38.40 and a stock price of $24.23. The current ratio is 26% 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 Dividend yield tests say this as does the P/S Ratio test. These are good tests. The problem with other testing has to do with the fact that no one seems to think that the company will make much this year in earnings or cash flow.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (2) and Hold (1). The consensus would be a Buy. The 12 month stock price is $32.17. This implies a total return of 36.07% with 32.77% from capital gains and 3.30% from dividends based on a stock price of $24.23.

There is not much in analyst’s comments, but on Stock Chase most analysts do like this company. Stock Chase gives this stock 3 stars out of 5. It is on the Money Sense list with a rating of C. Ambrose O'Callaghan on Motley Fool thinks this stock is worth getting for the long haul. Steven Porrello on Motley Fool talks about food stocks including this one. The company put out a Press Release on their fourth quarter of 2021. The company put out a Press Release on their third quarter of 2022. Simply Wall Street via Yahoo Finance talks about who owns this stock. Simply Wall Street has two risk warnings on this stock of debt is not well covered by operating cash flow and dividend of 3.42% is not well covered by earnings or cash flows.

Maple Leaf Foods Inc is a consumer-packaged meats company. It produces prepared meats and meals, fresh pork, and poultry and turkey products. The company also has agribusiness operations. Its web site is here Maple Leaf Foods Inc.

The last stock I wrote about was about was Neighbourly Pharmacy Inc (TSX-NBLY, OTC-none) ... learn more. The next stock I will write about will be KP Tissue Inc (TSX-KPT, OTC-KPTSF) ... learn more on Wednesday, December 28, 2022 around 5 pm. Today on my other blog I will write about Walking .... learn more on Tuesday, December 27, 2022 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. 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 website for stocks followed and investment notes. 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 or StockTwits. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Neighbourly Pharmacy Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Health Care (maybe). I am going with a reasonable price, but who knows. Debt Ratios are currently good. The Dividend Payout Ratios (DPR) are expected to be good in 2023. The dividend yields are low with dividend growth good for this recently issued stock. See my spreadsheet on Neighbourly Pharmacy Inc.

Is it a good company at a reasonable price? This company is a just at the startup position. This is a risky stock and you should not invest in it any money you cannot afford to lose. I was think of buying it on the basis it might be fun. It has increased it dividend one it started, but dividends are very low. It might be a dividend growth stock. It is too soon to tell.

I do not own this stock of Neighbourly Pharmacy Inc (TSX-NBLY, OTC-none). I read about it on the Daily Advice website.

When I was updating my spreadsheet, I noticed they started to show Adjusted Earnings per Share for the financial year of 2022. There is a big difference in AEPS for 2021 compared EPS for 2021. The AEPS for 2021 is $0.32 and the EPS for 2021 is a loss of $198.80. Also, just at the time they went on the TSX, the company had a consolidation of stock at 10 to 1. (For every 10 shares, shareholders got 1 share.) Note that the financial year ends March 31 each year, so I am reviewing the financial year ending March 31, 2022.

If you had invested in this company in May 2021, for $1,003.00 you would have bought 59 shares at $17.00 per share. In December 2021, after 7 months you would have received $8.73 in dividends. The stock would be worth $2,256.46. Your total return would have been $2,365.19. This stock was issued in may 2021 for $17.00 for its IPO. This is the best I can determine.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.00	$1,003.00	59	7 Mths.	$8.73	$2,356.46	$2,365.19

The dividend yields are low with dividend growth good for this recently issued stock. The dividend yields are low (below 1%). The original dividend was 0.37% and now it is 0.79%. So, it is very low. There was one increase in 2022 and it was for 246%. Dividend went from $0.013 to $0.045.

The Dividend Payout Ratios (DPR) are expected to be good in 2023. The DPR for EPS for 2022 cannot be calculated because of an earnings loss. The DPR for EPS for 2023 is expected to be around 120% and then falling to around 38% in 2024. The DPR for Adjusted Earnings per Share for 2022 is 39%. The DPR for Cash Flow per Share in 2022 is 46%, and is expected to fall to 27% in 2023. The DPR for Free Cash Flow for 2022 cannot be calculated due to a negative FCF. The DPR for FCF for 2023 is expected to be 20%.

Debt Ratios are currently good. The Long Term Debt/Market Cap for 2022 is good at 0.06. It was 277.40 last year and has improved because of lower debt and increase in Stock Price. The Liquidity Ratio for 2022 is 1.56 and this is good and a great improvement over last year’s 0.31. The Debt Ratio is also good at 2.58 and is better than last year’s 0.74. The Leverage and Debt/Equity Ratio for 2022 are good at 1.67 and 0.65.

The Total Return per year is shown below for years of 1 to the end of 2021 as best as I can determine for this Stock issued in May 2021. 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.
2021	1	7.85%	135.81%	134.94%	0.87%

The low, median, and high median Price/Earnings per Share Ratios are all negative and so unusable. The P/E Ratio for 2023 is 155.47. This is a high ratio.

The 2-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 24.63, 39.73 and 54.82. They are rather high. The P/AEPS Ratio for 2023 is 44.00. This ratio is expected to fall to 28.44 in 2024 and 20.64 in 2025. All are quite high, and that points to an expensive stock price. However, the stock price was rising quickly to the end of last year. It has fallen some 41.6% this year.

I get a Graham Price of $12.94. The 2-year low, median, and high median Price/Graham Price Ratios are 1.01, 1.63 and 2.26. The current P/GP Ratio is 1.80 based on a stock price of $22.89. The current ratio is between the median and high ratios of the 2 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. However, we do not much information to base this on.

I get a 2-year median Price/Book Value per Share Ratio of 1.44. The current P/B Ratio is 1.63 based on a Book Value of $621M, Book Value per Share of $14.04 and a stock price of $22.89. The current ratio is 13% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 2-year median Price/Cash Flow per Share Ratio of 44.42. The current P/CF Ratio is 34.16 based on Cash Flow per Share estimate for 2023 of $0.67, Cash Flow of $29.7M and a stock price of $22.89. The current ratio is 23% below the 2 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 1 year median dividend yield of 0.52%. The current dividend yield is 0.79% based on a stock price of $22.89 and dividends of $0.18. The current yield is 51% above the 1 year median dividend yield. So based on very little data, this stock price testing suggests that the stock price is relatively cheap.

The 1-year median Price/Sales (Revenue) Ratio is 2.30. The current P/S Ratio is 1.34 based on Revenue estimate for 2023 of $758M, Revenue per Share of $17.12 and a stock price of $22.89. The current ratio is 42% below the 1 year median ratio. So based on very little data, this stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is the price. It is difficult to determine a relative price. In some cases, I have only one other year to based this year’s ratios on. Sometimes I have 2 years. The analysts’ recommendation at a Buy is probably a fair conclusion. So, let us go with a reasonable price.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (5) and Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $29.56. This implies a total return of 29.93% with 29.14% from capital gains and 0.79% from dividends based on a current stock price of $22.89.

This stock is mostly liked on Stock Chase by analysts. Stock Chase gives this stock 4 stars out of 5. Daniel Da Costa on Motley Fool thinks this stock can make you a millionaire. Daniel Da Costa on Motley Fool reviews this stock and says it is his top growth stock. The company put out a Press Release on their fourth quarter of 2022. The company put out a Press Release on their second quarter of 2023. Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street gives this stock 3 stars out of 5. Simply Wall Street issues two warnings of large one-off items impacting financial results and shareholders have been diluted in the past year.

Neighbourly Pharmacy Inc is a network of community pharmacies. Its pharmacies act as the centre of care within their communities, representing an indispensable source of both healthcare delivery and trusted advice for their patients. Its web site is here Neighbourly Pharmacy 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 Maple Leaf Foods Inc (TSX-MFI, OTC-MLFNF) ... learn more on Tuesday, December 27, 2022 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. 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 website for stocks followed and investment notes. 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 or StockTwits. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Element Fleet Management Corp

Sound bite for Twitter and StockTwits is: Dividend Growth Finance. Results of stock price testing is that the stock price may still be reasonable but it is getting expensive or it may be expensive. It is certainly above the median. Company has a debt problem as debt is too high. The Dividend Payout Ratios (DPR) are fine. The dividend yields are moderate with dividend growth good. See my spreadsheet on Element Fleet Management Corp.

Is it a good company at a reasonable price? The stock price may still be reasonable, but it is relatively high. The company is growing fast, but unevenly. It has a debt problem. It is a risky investment, but it will probably pay off well in the end. You should only invest in this company money you are willing to lose. The recent big increase in the dividend shows confidence of the management. However, insiders are not buying and not picking up their stock options. That is rather a mixed signal.

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 that 10 year growth is a lot higher than for the last 5 years. However, stock price has grown by 47% in 2022. Over the past 5 and 10 years, outstanding shares have grown at the rate of 1% and 20% per year.

Year	Item	Growth
5	Revenue Growth	3.98%
5	EPS Growth	-30.67%
5	Net Income Growth	-16.10%
5	Cash Flow Growth	408.20%
5	Dividend Growth	160.00%
5	Stock Price Growth	4.21%
10	Revenue Growth	16385.90%
10	EPS Growth	236.36%
10	Net Income Growth	5964.04%
10	Cash Flow Growth	50645.31%
5	Dividend Growth	160.00%
10	Stock Price Growth	168.33%

If you had invested in this company in December 2011, for $1,003.20 you would have bought 209 shares at $4.80 per share. In December 2021, after 10 years you would have received $1,046.00 in dividends. The stock would be worth $2,291.92. Your total return would have been $3,737.92.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$4.80	$1,003.20	209	10	$1,046.00	$2,691.92	$3,737.92

But if you had invested in this company in December 2006, for $1,001.16 you would have bought 81 shares at $12.36 per share. In December 2021, after 5 years you would have received $94.77 in dividends. The stock would be worth $1,043.28. Your total return would have been $1,138.05.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$12.36	$1,001.16	81	5	$94.77	$1,043.28	$1,138.05

The dividend yields are moderate with dividend growth good. The current dividend yield is moderate (2% to 4% ranges) at 2.13%. Dividends have only been paid for 6 years, including 2021, and the median dividend for the past 5 and historical years is low (below 2%) at 1.94%. The dividend increases for the past 5 years is good (15% or higher) at 21% per year. However, dividends have not been constant. There have been 3 years of increasing dividends and 1 year of decreasing dividends in the last 5 years.

The Dividend Payout Ratios (DPR) are fine. The DPR for EPS for 2021 is 35% with 5 year coverage at 106%. The DPR for EPS is expected to be around 33% in 2022. I have Adjusted Earnings per Share data and the DPR for AEPS for 2021 is 31% with 5 year coverage at 29%. The DPR for Cash Flow per Share for 2021 is 11% with 5 year coverage at 10%. The DPR for Free Cash Flow (FCF) for 2021 is 5% with 5 year coverage at 11%. There is disagreement on what the FCF is, but values are close.

Company has a debt problem as debt is too high. The long Term Debt/Market Cap is 1.54. This is high as when it is over 1.00 it means that the long term debt is higher than the company’s market cap. I also have a Debt/Coverage Asset Ratio and for 2021 is it too high at 1.02. It is better for this year’s third quarter at 1.00. That means that the Assets Coverage and Long Term Debt equal each other. The Liquidity Ratio for 2021 is 0.54. However, if you add in Cash Flow after dividends, it is 2.41 and fine. The Debt Ratio is low at 1.36. I prefer this to be 1.50 or higher. The Leverage and Debt/Equity Ratios are too high at 4.41 and 3.24. I prefer these to be below 3.00 and 2.00, respectively.

The Total Return per year is shown below for years of 5 to 10 to the end of 2021. 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.
2016	5	21.06%	2.69%	0.83%	1.87%
2011	10		16.92%	10.37%	6.55%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.73, 18.88 and 24.64. The corresponding 10 year ratios are 14.43, 18.38 and 22.33. The corresponding historical ratios are 13.13, 17.88 and 20.03. The current P/E Ratio is 20.17 based on a stock price of $18.76 and EPS estimate for 2022 of $0.93. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.65, 12.44 and 16.24. The corresponding 10 year ratios are 9.22, 12.21 and 15.16. The current P/AEPS Ratio is 17.53 based on a stock price of $18.76 and AEPS estimate for 2022 of $1.07. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $12.90. The 10-year low, median, and high median Price/Graham Price Ratios are 1.09, 1.32 and 1.57. The current ratio is 1.45 based on a stock price of $18.76. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.28. The current P/B Ratio is 2.36 based on a stock price of $18.76, Book Value of $3,221M and a Book Value per Share of $2.27. The current ratio is 84% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.16. The current P/CF Ratio is 7.35 based on Cash Flow for the last 12 months of $1,033M, Cash Flow per Share of $2.55 and a stock price of $18.76. 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.

I get an historical median dividend yield ( and 5 and 10 year median dividend yield) of 1.94%. The current dividend yield is 2.13% based on a dividend of $0.40 and a stock price of $18.76. The current dividend yield is 9.91% above the 5 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. (Dividends have only been paid for 5 years.)

The 10-year median Price/Sales (Revenue) Ratio is 5.21. The current P/S Ratio is 6.83 based on Revenue estimate for 2022 of $1.113M, Revenue per Share of $2.75 and a stock price of $18.76. The current ratio is 31% 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 may still be reasonable but it is getting expensive. It is certainly above the median. The dividend yield test says it is reasonable, but it is not confirmed by the P/S Ratio test which says it is expensive. Other show it is reasonable and above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (5) and Hold (1). The consensus is a Strong Buy. The 12 month stock price is $22.08. This implies a total return of $19.83% with 17.70% from capital gains and 2.13% from dividends based on a stock price of $18.76.

All the analyst’s recommendations are old on Stock Chase, but, they are positive. Stock Chase gives this stock 1 star out of 5. Christopher Liew on Motley Fool likes the recent dividend jump and the company’s cash flow. Jitendra Parashar on Motley Fool thinks this is a unstoppable dividend stock. The company put out a Press Release on their 2021 results. The company put out a Press Release on their third quarter results for 2022. Simply Wall Street reviews this stock via Yahoo Finance. Simply Wall Street has two warnings of debt is not well covered by operating cash flow and unstable dividend track record.

Element Fleet Management provides management services and financing for commercial vehicle and equipment fleets. The company's suite of fleet management services deals with acquisition and financing, to program management and remarketing. 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 Neighbourly Pharmacy Inc (TSX-NBLY, OTC-none) ... learn more on Friday, December 23, 2022 around 5 pm. Tomorrow on my other blog I will write about Dividend Investing .... learn more on Thursday, December 22, 2022 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. 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 website for stocks followed and investment notes. 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 or StockTwits. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Bird Construction Inc

Sound bite for Twitter and StockTwits is: Dividend Paying Industrial. The stock price is testing as cheap. If not cheap, it is certainly reasonable. Debt Ratios need to be improved, but the company has a long history of questionable debt ratios. The Dividend Payout Ratios (DPR) are fine as they are expected to improve. The dividend yields are good with dividend growth non-existent. See my spreadsheet on Bird Construction Inc.

Is it a good company at a reasonable price? There is nothing wrong with investing in the company, but there are risks of volatility because it is in the construction business and debt ratios are not ideal. They seem now to have the Dividend Payout Ratios under control, so they will probably grow their dividends in the future. The stock price is certainly reasonable and is probably cheap.

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.

When I was updating my spreadsheet, I noticed the long slow recovery from 2008 bear seemed to have affected this company. So has the problems of covid. The long term investors have still done fine, but the return has not been good for the past 5 and 10 years. See chart below. The stock price high was hit in 2012 and stock price was sort of flat until 2016 and then the stock price went into a decline. Dividends were cut in 2017 and have been flat ever since.

If you had invested in this company in December 2011, for $1,003.11 you would have bought 87 shares at $11.53 per share. In December 2021, after 10 years you would have received $497.14 in dividends. The stock would be worth $854.34. Your total return would have been $1,351.48.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.53	$1,003.11	87	10	$497.14	$854.34	$1,351.48

The dividend yields are good with dividend growth non-existent. The current dividend yield is good (5% to 6% ranges) at 5.31%. The 5, 10 and historical dividend yields are also good at 5.06%, 5.70% and 5.93%. They decreased the dividends in 2017 and they have been flat ever since. Over the past 21 years, dividends have increased 11 times and declined 4 times. The problem is that this stock used to be an income trust company. All income trust companies paid much higher dividends that corporation can and all companies that were income trusts have had a hard time getting the dividends right.

The Dividend Payout Ratios (DPR) are fine as they are expected to improve. The DPR for EPS for 2021 is 49% with 5 year coverage at 96%. The DPR for 2022 is expected to be 37% and decline in the future. The DPR for Adjusted Earnings per Share (AEPS) for 2021 is 41% with 5 year coverage at 92%. This DPR is expected to decline to 48% in 2022 and continue to decline. The DPR for Cash Flow per Share (CFPS) for 2021 is 20% with 5 year coverage at 39%. The DPR for Free Cash Flow (FCF) for 2021 is 53% with 5 year coverage at 132%. This DPR is expected to decline to 21% in 2022. (The FCF is not the same depending on what site you look at.)

Debt Ratios need to be improved, but the company has a long history of questionable debt ratios. The Long Term Debt/Market Cap for 2021 is 0.14 and it is low and good. The Accounts Payable has also been high for this company and the Accts Payable/Market Cap Ratio for 2021 is high at 0.98. The Liquidity Ratio for 2021 is low at 1.21 and does not improve much if you add in cash flow after dividends (1.23). I prefer this to be 1.50 or higher. The Debt Ratio for 2021 is low at 1.27. I also prefer this to be 1.50 or higher. The Leverage and Debt/Equity Ratios for 2021 are 4.67 and 3.67 and are high. I prefer these to be under 3.00 and under 2.00.

The Total Return per year is shown below for years of 5 to 24 to the end of 2021. 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.
2016	5	-12.48%	5.87%	1.62%	4.25%
2011	10	-5.05%	3.85%	-1.59%	5.45%
2006	15	1.26%	14.06%	4.79%	9.27%
2001	20	6.48%	26.56%	9.18%	17.37%
1997	24		49.60%	18.13%	31.47%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.80, 11.51, and 13.23. The corresponding 10 year ratios are 14.14, 17.54 and 20.94. The corresponding historical ratios are 7.12, 10.03 and 11.38. The current P/E Ratio is 6.99 based on a stock price of $7.34 and EPS estimate for 2023 of $1.05. The current ratio is below the low the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I have Adjusted Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.17, 9.59 and 11.02. The corresponding 10 year ratios are 11.47, 13.95 and 16.43. The current ratio is 9.06 based on a stock price of $7.34 and AEPS estimate for 2023 of $81. 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 10.76 . The 10-year low, median, and high median Price/Graham Price Ratios are 1.24, 1.54 and 1.83. The current P/GP Ratio is 0.68 based on a stock price of $7.34. The current ratio is below the low of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 2.72. The current P/B Ratio is 1.50 based on a stock price of $7.34, Book Value of $263M and Book Value per Share of $4.90. The current ratio is 45% 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 6.65. The current P/CF Ratio is 6.89 based on Cash Flow per Share estimate for 2022 of $1.07, Cash Flow of $57M and a stock price of $7.34. The current ratio is 3.5% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 5.93%. The current dividend yield is 5.31% based on a stock price of $7.34 and dividends of $0.39. The current dividend yield is 10% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This stock used to be an income trust and income trusts have high yields.

I get a 10 year median dividend yield of 5.70%. The current dividend yield is 5.31% based on a stock price of $7.34 and dividends of $0.39. The current dividend yield is 6.8% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This stock used to be an income trust and income trusts have high yields.

The 10-year median Price/Sales (Revenue) Ratio is 0.29. The current P/S Ratio is 0.17 based on a stock price of $7.34, Revenue estimate for 2023 of $2,360M and Revenue per Share of $43.95. The current ratio is 43% 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 saying this. The dividend yield tests are saying reasonable, but the company used to be an income trust and the dividend yield tests are not reliable for these sorts of companies. The rest of the tests vary from cheap to reasonable.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (2) and Hold (3). The consensus would be a Buy. The 12 month stock price is $9.56. This implies a total return of 35.56% with 30.25% from capital gains and 5.31% from dividends based on a stock price of $7.34.

Analysts on Stock Chase think that construction is a tough business to be in. Stock Chase gives this stock 4 stars out of 5. It is not on Money Sense list. Christopher Liew on Motley Fool thinks that this stock may benefit from the future construction boom. Ambrose O'Callaghan on Motley Fool thinks this is a good stock to buy for passive income. The company put out a Press Release on their fourth quarter of 2021. The company put out a Press Release on their third quarter of 2022.

Simply Wall Street reviewed this stock via Yahoo Finance. Simply Wall Street has two warnings of high level of non-cash earnings and dividend of 5.5% is not well covered. Simply Wall Street gives this stock 4 stars out of 5.

Bird Construction Inc is a construction company operating from coast-to-coast and servicing all of Canada's major markets. The group provides a comprehensive range of construction services from new construction for industrial, commercial, institutional, and civil infrastructure markets; to industrial maintenance, repair and operations services, heavy civil construction, and mine support services. 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 Wednesday, December 21, 2022 around 5 pm. Tomorrow on my other blog I will write about Renting or Home Ownership.... learn more on Tuesday, December 20, 2022 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. 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 website for stocks followed and investment notes. 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 or StockTwits. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Sienna Senior Living Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Health Care. Of the Debt Ratios the Liquidity Ratio, a very important one, is awful. The Dividend Payout Ratios (DPR) are fine based on FFO and AFFO. The dividend yields are high with dividend growth low. See my spreadsheet on Sienna Senior Living Inc.

Is it a good company at a reasonable price? The stock price is cheap. However, this stock is more like a real estate stock than a (Health Care) consumer stock. The stock price may be cheap. However, I personally do not like the debt ratios. The Liquidity Ratio is awful. With a Liquidity Ratio below 1.00, or even with very low ones is a big gamble as things can go very wrong in bad times. So, personally, I would not invest in this stock. However, lots of people do like it.

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 the company has done better over the past 10 years than the past 5 years. The lower Funds from Operations (FFO) growth than Revenue growth could be because the Revenue Growth per Share is negative over the past 5 and 10 years. Revenue per Share growth is down by 1.6% and 1.7% per year over the past 5 and 10 years. (This company is sort of like a Real Estate company and that is why they are looking at FFO growth.)

Year	Item	Growth
5	Revenue Growth	34.27%
5	FFO Growth	-13.50%
5	Net Income Growth	79.81%
5	Cash Flow Growth	110.15%
5	Dividend Growth	4.00%
5	Stock Price Growth	-8.45%
10	Revenue Growth	130.43%
10	FFO Growth	35.00%
10	Net Income Growth	272.40%
10	Cash Flow Growth	268.63%
10	Dividend Growth	10.17%
10	Stock Price Growth	33.24%

If you had invested in this company in December 2011, for $1,003.92 you would have bought 89 shares at $2.11.28 per share. In December 2021, after 10 years you would have received $805.59 in dividends. The stock would be worth $1,337.67. Your total return would have been $2,143.26.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.28	$1,003.92	89	44	$805.59	$1,337.67	$2,143.26

The dividend yields are high with dividend growth low. The current dividend yield is high (7% and higher) at 8.49%. The 5, 10 year and historical median dividend yields are good (5% and 6% ranges) at 5.34%, 5.96% and 6.42%. The dividend growth is low (below 8%) at just 0.79% per year over the past 5 years. The last dividend increase was in 2019 and it was for 2%. In the last 11 years, dividends have gone up 5 times and have not been decreased.

The Dividend Payout Ratios (DPR) are fine based on FFO and AFFO. The DPR for EPS for 2021 is 302% with 5 year coverage at 708%. No analyst expects this to improve. Probably because the stock is more real estates than anything else, they give out Adjusted Funds from Operations (AFFO) and Funds from Operations (FFO) data. The DPR for AFFO for 2021 is 86% with 5 year coverage at 73%. The DPR for FFO for 2021 is 82% with 5 year coverage at 74%. The DPR for Free Cash Flow (FCF) for 2021 is 110% with 5 year coverage at 97%. Analysts expect this to grow worse over the short term and sites do not agree on FCF.

Of the Debt Ratios the Liquidity Ratio, a very important one, is awful. The Long Term Debt/Market Cap Ratio is fine at 0.89. The Liquidity Ratio is awful at 0.42 and even if you add in cash flow after dividends it is 0.66. Low Liquidity Ratio for 2021 can get a company into trouble in bad times. The Debt Ratio for 2021 is also low at 1.34. I prefer both these ratios to be 1.50 or higher. The Leverage and Debt/Equity Ratios are too high at 3.96 and 2.96. I prefer these to be below 3.00 and below 2.00.

The Total Return per year is shown below for years of 5 to 12 to the end of 2021. 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.
2016	5	0.79%	4.21%	-1.61%	5.82%
2011	10	0.97%	10.06%	2.91%	7.14%
2009	12	2.04%	11.54%	3.83%	7.70%

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 39.91, 43.94 and 47.97. The corresponding historical ratios are 9.47, 9.84 and 10.20. The current P/E Ratio is 25.74 based on a stock price of $11.02 and EPS estimate for 2022 of $0.43. The current ratio is below the low of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. However, this is more like a Real Estate stock and these ratios are very high.

I have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.30, 13.05 and 14.63. The corresponding 10 year ratios are 11.25, 12.82 and 13.76. The current P/FFO Ratio is 11.48 based on FFO estimate for 2022 of $0.96 and a stock price of $11.02. 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 have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.26, 12.87 and 14.48. The corresponding 10 year ratios are 10.12, 11.73 and 12.67. The current P/AFFO Ratio is 11.72 based on AFFO estimate for 2022 of $0.94 and a stock price of $11.02. 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 $12.15. The 10-year low, median, and high median Price/Graham Price Ratios are 0.97, 1.15 and 1.27. The current P/GP Ratio is 0.91 based on a stock price of $11.02. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 2.30. The current P/B Ratio is 1.61 based on a Book Value of $458M, Book Value per Share of 6.83 and a stock price of $11.02. The current ratio is 30% 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 13.94. The current P/CF Ratio is 6.00 based on Cash Flow for the last 12 months of $123M, Cash Flow per Share of $1.84 and a stock price of $11.02. The current ratio is 57% 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 6.42%. The current dividend yield is 8.49% based on a stock price of $11.02 and dividends of $0.936. The current dividend yield is 32% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 5.96%. The current dividend yield is 8.49% based on a stock price of $11.02 and dividends of $0.936. The current dividend yield is 42% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 1.47. The current P/S Ratio is 1.03 based on a stock price of $11.02, Revenue estimate for 2022 of $717M, and Revenue per Share of $10.70. The current ratio is 30% 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. Both the dividend yield tests point to this and it is confirmed by the P/S Ratio test. The other tests point to a cheap to reasonable stock price.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (3) and Hold (3). The consensus would be a Buy. The 12 month stock price consensus is 14.50. This implies a total return of $40.07% with 31.58% from capital gains and 8.49% from dividends.

Mostly analysts on Stock Chase like this stock, but one felt you should not buy because of the Debt. I agree. Stock Chase gives this stock 4 stars out of 5. It is not on the Money Sense list. Jitendra Parashar on Motley Fool thinks this is a great stock for passive income. Kay Ng on Motley Fool thinks this stock is good for the long term and in the meantime is providing a great income. The company put out a press release on Newswire about its third quarter of 2022. The company put out a press release on Global Newswire about its year end results for 2021.

Simply Wall Street gives this stock 3 stars out of 5. Simply Wall Street via Yahoo Finance reviews this stock and its dividend. Simply Wall Street puts out 5 warnings on this stock of earnings have declined by 4.4% per year over past 5 years; interest payments are not well covered by earnings; dividend of 8.56% is not well covered by earnings or cash flows; large one-off items impacting financial results and shareholders have been diluted in the past year

Sienna Senior Living Inc is one of the largest owners of seniors' housing, the largest licensed long-term care operator in Ontario, and a provider of services across the full continuum of care. The firm operates solely within Canada. The company is comprised of the following main business segments, LTC Business, Retirement and Other. Its web site is here 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 Monday, December 19, 2022 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. 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 website for stocks followed and investment notes. 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 or StockTwits. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.