Stingray Digital Group Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably cheap. Debt Ratios show that they have too much debt. The most important Dividend Payout Ratios (DPR) are for AEPS and CFPS and they are good. The current dividend yield is good with dividend growth suspended but growth moderate. See my spreadsheet on Stingray Digital Group Inc.

Is it a good company at a reasonable price? I found this an interesting small cap and invested in it. I still find it interesting. It has certainly been able to grow it s Revenue and it is Revenue growth that ultimately can provide for earnings, and dividend growth. A problem is the debt load. The stock price seems relatively cheap.

I own this stock of Stingray Digital Group Inc (TSX-RAY.A, OTC-NONE). I was following Newfoundland Capital Corp and Stingray Bought them out. Also, I read the blub on CEO, Eric Boyko. The site says he is an entrepreneur with nearly two decades of experience with start-ups. Mr. Boyko has extensive expertise in early stage business innovations. The financial year end is March 31 each year, so I am looking at the financial year ending March 31, 2023.

When I was updating my spreadsheet, I noticed I have had this stock for 5 years and so far, it has been a loser. I have a total loss of 7.32% with a capital loss of 11.49T and dividends of 4.17%. This stock was bought with my fooling around money. However, Revenue, Earnings and Dividends are growing so this is a positive.

Year	Item	Tot. Growth	Per Year
5	Revenue Growth	155.17%	20.61%
5	AEPS Growth	58.00%	9.58%
5	Net Income Growth	1211.80%	67.33%
5	Cash Flow Growth	348.54%	35.01%
5	Dividend Growth	50.00%	8.45%
5	Stock Price Growth	-43.15%	-10.68%
9	Revenue Growth	439.71%	18.36%
9	AEPS Growth	88.10%	6.52%
9	Net Income Growth	246.55%	13.23%
8	Cash Flow Growth	777.56%	24.26%
7	Dividend Growth	215.79%	12.19%
8	Stock Price Growth	-18.76%	-2.06%

If you had invested in this company in December 2014, for $1,000.50 you would have bought 138 shares at $7.25 per share. In December 2022, after 8 years you would have received $258.06 in dividends. The stock would be worth $672.06. Your total return would have been $930.12. This is a total loss of 1.00% per year with a capital loss of 4.85% and dividends of 3.85%.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$7.25	$1,000.50	138	8	$258.06	$672.06	$930.12

The current dividend yield is good with dividend growth suspended but growth moderate. The current dividend yield is good (5% to 6% ranges) at 5.91%. The 5 year median dividend yield is also good at 5.01%. The 7 year and historical dividend yields are moderate (3% to 4% ranges) at 3.47%. The dividend increase over the past 5 years is moderate (8% to 14% ranges) at 8.45%. However, the last dividend increase was in 2020 and it was for 7.1%.

The most important Dividend Payout Ratios (DPR) are for AEPS and CFPS and they are good. The DPR for 2023 for Earnings per Share (EPS) is 70% with 5 year coverage at 95%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is 38% with 5 year coverage at 38%. The DPR for 2023 for Cash Flow per Share (CFPS) is 20% with 5 year coverage at 23%. The DPR for 2023 for Free Cash Flow (FCF) is 31% with 5 year coverage at 32%. The company has its own version of Free Cash Flow they call Adjusted Free Cash Flow (AFCF) and the DPR for 2023 for AFCF is 70% with 5 year coverage at 95%.

Item	Cur	5 Years
EPS	69.77%	94.67%
AEPS	37.97%	38.16%
AFCF	69.77%	94.67%
CFPS	20.28%	22.72%
FCF	30.73%	31.55%

Debt Ratios show that they have too much debt. The Long Term Debt/Market Cap Ratio for 2023 is too high at 0.93 and currently at 1.08, and it is to do with rising debt and fall stock price. The Intangible and Goodwill Ratios are too high also at 1.70 and 1.98, which means these are higher than the market cap. However, they include the Broadcast License and if ignore than they are still high, but better at 0.87 and 1.01. The current one is high at 1.01 because of fall stock price.

The Liquidity Ratio is low at 0.86 and is better at 1.30 if we add in Cash Flow after dividends, but still lower than what I would like which is a ratio of 1.50 or higher. The Debt Ratio is fine at 1.47. The Leverage Debt/Equity Ratios are too high at 3.13 and 2.13. I prefer these below 3.00 and 2.00, respectively.

Type	Yr End	Ratio Curr.
Lg Term R	0.93	1.08
Intang/GW	1.70	1.98
Int. less BL	0.87	1.01
Liquidity	0.86	0.86
Liq. + CF	1.30	1.44
Debt Ratio	1.47	1.47
Leverage	3.13	3.13
D/E Ratio	2.13	2.13

The Total Return per year is shown below for years of 5 to 8 to the end of 2022. 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.	check
2017	5	8.45%	-9.39%	-13.26%	3.87%	-9.39%
2014	8	13.32%	-1.00%	-4.85%	3.85%	-1.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.58, 13.22 and 16.86. The corresponding 8 year ratios are 15.82, 20.19 and 22.95. The corresponding historical ratios are 15.82, 20.19 and 22.95. The current P/E Ratio is 8.33 based on a stock price of $5.08 and EPS estimate for 2024 of $0.61. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (data). The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 5.22, 7.55 and 10.38. The corresponding 8 year ratios are 8.08, 9.23 and 10.70. The current P/AEPS Ratio is 5.64 based on a stock price of $5.08 and AEPS estimate for 2024 of $0.90. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Free Cash Flow per Share (data). The 5-year low, median, and high median Price/Adjusted Free Cash Flow per Share Ratios are 3.30, 5.41 and 7.01. The corresponding 8 year ratios are 5.45, 6.23 and 7.68. The current P/AFCF Ratio is 4.06 based on a stock price of $5.08 and AFCF for the last 12 months of $1.25. 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 Graham Price of $9.14. The 8-year low, median, and high median Price/Graham Price Ratios are 0.82, 1.05 and 1.29. The current P/GP Ratio is 0.56 based on a stock price of $5.08. 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 an 8-year median Price/Book Value per Share Ratio of 1.92. The current P/B Ratio is 1.23 based on a stock price of $5.08, Book Value of $286M, and Book Value per Share of $4.13. The current ratio is 36% below the 8 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have an estimate for the Book Value in 2024 of $4.45. This estimate implies a Book Value of $309M, and a P/B Ratio of 1.14 based on a stock price of $5.08. This ratio is 41% below the 8 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an 8-year median Price/Cash Flow per Share Ratio of 9.23. The current P/CF Ratio is 3.24 based on a stock price of $5.08, Cash Flow per Share estimate for 2024 of $1.57 and Cash Flow of 4109M. The current ratio is 65% below the 8 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an 8 year and historical median dividend yield of 3.47%. The current dividend yield is 5.91% based on dividends of $0.30 and a stock price of $5.08. The current dividend yield is 70% above the 8 and historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 9-year median Price/Sales (Revenue) Ratio is 1.80. The current P/S Ratio is 1.03 based on Revenue estimate for 2024 of $341M, Revenue per Share of $4.92 and a stock price of $5.08. The current ratio is 43% below the 9 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 tests say this and it is confirmed by the P/S Ratio test. All the tests are pointing to a cheap price.

When I look at analysts’ recommendations, I find Strong Buy (2), and Buy (3) recommendations. The consensus would be a Strong Buy. The 12 months stock price consensus is $7.70. This implies a total return of 43.71% with 37.80% from capital gains and 5.91% from Dividends.

Last analysts wrote on Stock Chase that this stock was on his watch list in February 2021. Stock Chase gives this stock 1 star out of 5. Christopher Liew on Motley Fool thinks this is a stock to watch as it is trading at a bargain price. Christopher Liew on Motley Fool in 2022 thought this was good stock for passive income. The company put out a press release on Global Newswire about their fourth quarter ending March 2023.

Simply Wall Street via Yahoo Finance put out a report on this stock in August 2022. They issued 3 warnings of has a high level of debt; unstable dividend track record; and large one-off items impacting financial results. Their dividends are not unstable, but Simply Wall Street often views dividends paid in CDN$ as unstable because of currency exchange. The reason for using Adjusted Earnings per Share is to deal with large one-off items and this company does that. Simply Wall Street gives this stock 3 and one half stars out of 5.

Stingray Group Inc is a music, media, and technology company. It operates through the following segments namely the Broadcasting and commercial music segment and Radio segment. Its web site is here Stingray Digital Group Inc.

The last stock I wrote about was about was Loblaw Companies Ltd (TSX-L, OTC-LBLCF) ... learn more. The next stock I will write about will be BlackBerry Ltd (TSX-BB, NYSE-BB) ... learn more on Wednesday, August 2, 2023 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks August 2023.... learn more on Tuesday, August 1, 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 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.

Loblaw Companies Ltd

Sound bite for Twitter and StockTwits is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably on the expensive side, but could still be within a reasonable range. Some Debt Ratios are fine, but debt is high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth low. See my spreadsheet on Loblaw Companies Ltd.

Is it a good company at a reasonable price? This company has done quite well recently. More like it was doing in the 1990’s when I bought it. There is a lot of mixed feelings about this stock with some analysts feeling that it will not do as well in the future has it has in the near past. I think that my testing is showing that it is not cheap by any means at present. Whether the stock price is reasonable is hard to judge. It might be. However, it may also be rather expensive at this time. I now have Metro and I am happy with this company and would not buy Loblaws because I have Metro. One grocery store stock is enough.

I do not own this stock of Loblaw Companies Ltd (TSX-L, OTC-LBLCF). I owned it from 1996 to 2007. It was originally a great stock. I sold it in 2007 because it was having problems with its tech upgrade to its supply system and it did not seem that it would be fixed anytime soon. This system must still have problems as I notice that if an item is out in a Loblaws store, it takes awhile for it to be in stock again. On the other hand, I have notice that with Metro, if they are out of stock on an item, it is back in stock the next day.

When I was updating my spreadsheet, I noticed that after having trouble with their supply chain system in 2005, it took this company until 2021 before it again reached the stock price of 2005. Dividend recovered earlier as they started to increase again in 2013, 6 years after 2005. This past problem is still showing up in the long term returns for 20 and 25 years. See Chart on Total Return below.

If you had invested in this company in December 2012, for $1,006.32 you would have bought 24 shares at $41.93 per share. In December 2022, after 10 years you would have received $279.96 in dividends. The stock would be worth $2,873.28. Your total return would have been $3,153.24. This is a total return would be 12.80% per year with a capital gain of 11.06% and dividends of 1.74%.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$41.93	$1,006.32	24	10	$279.96	$2,873.28	$3,153.24

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 1.52%. The 5, 10 and historical dividend yields are also low at 1.82%, 1.76% and 1.47%. The dividend growth is low (below 8% per year) at 6.3% per year over the past 5 years. The last dividend increase was in 2023 and it was for 10%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2022 for Earnings per Share (EPS) is 27% with 5 year coverage at 36%. The DPR for 2022 for Adjusted Earnings per Share (AEPS) is 23% with 5 year coverage at 27%. The DPR for 2022 for Cash Flow per Share (CFPS) is 8% with 5 year coverage at 9%. The DPR for 2022 for Free Cash Flow (FCF) is 18% with 5 year coverage at 18%.

Item	Cur	5 Years
EPS	27.48%	35.87%
AEPS	23.17%	26.81%
CFPS	8.22%	8.92%
FCF	18.22%	17.84%

Some Debt Ratios are fine, but debt is high. The Long Term Debt/Market Cap Ratio for 2022 is low and good at 0.18. The Liquidity Ratio is low at 1.32, but if you add in Cash Flow after dividends it is good at 1.75. The Debt Ratio is fine at 1.43. The Leverage and Debt/Equity Ratios are too high at 3.33 and 2.33. I prefer them to be below 3.00 and below 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.18	0.18
Intang/GW	$0.28	$0.28
Liquidity	1.32	1.36
Liq. + CF	1.75	1.85
Debt Ratio	1.43	1.45
Leverage	3.33	3.24
D/E Ratio	2.33	2.24

The Total Return per year is shown below for years of 5 to 34 to the end of 2022. 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.
2017	5	8.11%	13.46%	11.91%	1.55%
2012	10	6.40%	12.80%	11.06%	1.74%
2007	15	4.30%	10.50%	8.75%	1.74%
2002	20	6.14%	5.29%	4.06%	1.23%
1997	25	9.59%	7.77%	6.30%	1.47%
1992	30	10.46%	12.46%	10.20%	2.27%
1988	34	9.76%	14.43%	11.67%	2.76%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 19.43, 22.04 and 24.65. The corresponding 10 year ratios are 20.18, 22.78 and 25.39. The corresponding historical ratios are 17.03, 19.41 and 21.83. The current P/E Ratio is 18.57 based on a stock price of $117.54 and EPS estimate for 2023 of $6.33. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 13.56, 15.98 and 18.39. The corresponding 10 year ratios are 14.48, 16.22 and 18.40. The current P/AEPS Ratio is 15.45 based on a stock price of $117.54 and AEPS estimate for 2023 of $7.61. 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 $77.38. The 10-year low, median, and high median Price/Graham Price Ratios are 1.12, 1.26 and 1.39. The current P/GP Ratio is 1.52 based on a stock price of $117.54. The current ratio is above the high 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 2.16. The current P/B Ratio is 3.36 based on a stock price of $117.54 and Book Value of 411,332M and Book Value per share of $34.97. The current ratio is 56% 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 8.47. The current P/CF Ratio is 6.68 based on Cash Flow per Share estimate for 2023 of $17.60, Cash Flow of $5,704 and a stock price of $117.54. The current ratio is 21% 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 1.47%. The current dividend yield is 1.52% based on dividends of $1.56 and a stock price of $117.56. The current dividend yield is 3% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 1.76%. The current dividend yield is 1.52% based on dividends of $1.56 and a stock price of $117.56. The current dividend yield is 14% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.51. The current P/S Ratio is 0.64 based on a stock price of $117.54, Revenue estimate for 2023 of $59,294M, and Revenue per Share of $182.97. The current ratio is 25% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably on the expensive side, but could still be within a reasonable range. The dividend yield tests show the stock price is reasonable and the 10 year dividend yield test says above the median. The P/S Ratio test does not confirm this but says the stock price is expensive. Other tests vary from cheap to expensive.

When I look at analysts’ recommendations, I find Strong buy (3), Buy (3), Hold (3) and Underperform (1). As in my testing, analysts are split on their recommendations. The consensus would be a Buy. The 12 month stock price consensus is $138.00. This implies a total return of 18.92% with 17.41% from capital gains and 1.52% from dividends.

A couple of analysts on Stock Chase feel that the recent growth will not continue. Stock Chase gives this company 5 stars out of 5. It is on the Money Sense list and the Aristocrat list. Joey Frenette on Motley Fool thinks this stock might be a shelter from inflation. Amy Legate-WolfeMotley Fool thinks this stock will return to be a stable one and a good stock to own. The company put out a press release on Newswire about its results for 2022. The company put out a press release on Newswire about its results for the first quarter of 2023.

Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street has one risk warning of has a high level of debt. Simply Wall Street gives this stock 2 and one half stars out of 5.

Loblaw is one of Canada's largest grocery, pharmacy, and general merchandise retailers, operating the most expansive store footprint in Ontario and maintaining sizable presences in provinces like Quebec and British Columbia. The firm's controlling shareholder is George Weston, which owns 52.6% of the equity. Its web site is here Loblaw Companies Ltd.

The last stock I wrote about was about was Ballard Power Systems Inc (TSX-BLDP, NASDAQ-BLDP) ... learn more. The next stock I will write about will be Stingray Digital Group Inc (TSX-RAY.A, OTC-NONE) ... learn more on Monday, July 31, 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 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.

Ballard Power Systems Inc

Sound bite for Twitter and StockTwits is: Industrial Sector Stock. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are very good. This stock never had a dividend. See my spreadsheet on Ballard Power Systems Inc.

Is it a good company at a reasonable price? This company has revenue, but not earnings or cash flow. It has money because people keep putting money into it. Therefore, any holding of this stock is highly risky. At the current time, my testing seems to say that the stock price is relatively expensive. However, since I cannot do most testings, I do because of lack of earnings and cash flow, it is probably anyone guess on the reasonableness of the stock price.

I do not own this stock of Ballard Power Systems Inc (TSX-BLDP, NASDAQ-BLDP). Back in 1997, I read about Ballard and fell in love with the idea of cars running with fuel cells. I could help save the environment and make some money. It was very attractive. I sold this stock in 2006 because it had lost its attraction. It did not seem that Ballard fuel cells would be in any car anytime soon. I was ahead in 2000, but the stock started to fall in October 2000 and never recovered.

When I was updating my spreadsheet, I noticed that the stock price is growing better than any other item. Although, the stock price has gone up and down quite a bit. The stock has revenue, but no earnings and no cash flow. People are willing to invest in this stock and therefor the company has cash.

Year	Item	Tot. Growth	Per Year
5	Revenue Growth US$	-30.92%	-7.13%
5	EPS Growth	-1080.00%	N/C
5	Net Income Growth	-2227.41%	N/C
5	Cash Flow Growth	-1253.10%	N/C
5	Dividend Growth	0.00%	0.00%
5	Stock Price Growth	8.16%	1.58%
10	Revenue Growth	91.77%	6.73%
10	EPS Growth	-22.92%	-2.57%
10	Net Income Growth	-442.82%	N/C
10	Cash Flow Growth	-369.59%	N/C
10	Dividend Growth	0.00%	0.00%
10	Stock Price Growth	681.97%	22.83%

If you had invested in this company in December 2012, for $1,000.40 you would have bought 1640 shares at $0.61 per share. In December 2022, after 10 years you would have received $0 in dividends. The stock would be worth $10,627.20. Your total return would have been $10,627.20. This is a total return would be 26.66% per year all from capital gain of 26.66%.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$0.61	$1,000.40	1640	10	$0.00	$10,627.20	$10,627.20

This stock never had a dividend. I originally bought into this stock because I thought it was a great idea. I had it for 9 years and sold it in 2006 because I did not think that the stock or the company was going anywhere.

Debt Ratios are very good. The Long Term Debt/Market Cap Ratio for 2022 is 0.01 and is very low and very good. The Liquidity Ratio is very high at 14.06 as is the Debt Ratio at 14.14. This is because a good ratio for the Liquidity Ratio and Debt Ratio is considered good at 1.50. These will go down as the company uses up its cash. The Leverage and Debt/Equity Ratios are good and low at 1.08 and 0.08 respectively.

Type	Year End	Ratio Curr
Lg Term R	0.01	0.01
Intang/GW	0.05	0.05
Liquidity	14.06	14.24
Liq. + CF	12.25	12.40
Debt Ratio	14.14	14.58
Leverage	1.08	1.07
D/E Ratio	0.08	0.07

The Total Return per year is shown below for years of 5 to 27 to the end of 2022 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.
2017	5	0.00%	3.11%	3.11%	0.00%
2012	10	0.00%	26.66%	26.66%	0.00%
2007	15	0.00%	1.35%	1.35%	0.00%
2002	20	0.00%	-4.64%	-4.64%	0.00%
1997	25	0.00%	-6.66%	-6.66%	0.00%
1995	27	0.00%	0.96%	0.96%	0.00%

The Total Return per year is shown below for years of 5 to 27 to the end of 2022 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.
2017	5	0.00%	1.58%	1.58%	0.00%
2012	10	0.00%	22.83%	22.83%	0.00%
2007	15	0.00%	-0.57%	-0.57%	0.00%
2002	20	0.00%	-10.82%	-10.82%	0.00%
1997	25	0.00%	-6.48%	-6.48%	0.00%
1995	27	0.00%	0.99%	0.99%	0.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are all negative and so useless. The corresponding 10 year ratios are negative and useless. The corresponding historical ratios are negative and useless. They are not expected to have any positive earnings in the near future.

I cannot calculate a Graham Price as the Graham Price formula includes the EPS. Most EPS are negative as the company has had earnings losses for most of the past 27 years that I have data. EPS losses will not work in this formula.

I get a 10-year median Price/Book Value per Share Ratio of 3.71. The current P/B Ratio is 1.21 based on a stock price of $4.58, Book Value of $1,127M and Book Value per Share of $3.78. The current ratio is 67% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ but you will get a similar result with CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio that is negative. The company also has a negative cash flow, so I cannot do any testing using the P/CF Ratios.

Since the company pays not dividends, I cannot do any dividend yield testing.

The 10-year median Price/Sales (Revenue) Ratio is 6.11. The current P/S Ratio is 8.76 based on Revenue estimate for 2023 of $156M, Revenue per Share of $0.52 and a stock price of $4.58. The current ratio is 43% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. The P/S Ratio test says this. The P/S Ratio test depends on what is expected in the future. The other test that I got results from was the P/B Ratio test which said that the stock price was cheap. However, the P/B Ratio test tends to be about the pass. So, I will do with the P/S Ratio test.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1), Hold (17), Underperform (2) and Sell (2). In other words, the analysts’ recommendations are all over the place. The consensus would be a Hold. The 12 months stock price consensus is $5.45 CDN$ ($4.129 US$). This implies a capital loss of 9.83% over the next year.

There are a lot of Do Not Buy on Stock Chase by analysts. The last one says that it is risky, but a long term hold. Stock Chase gives this stock 3 stars out of 5. Puja Tayal on Motley Fool says this is a clean energy stock for a sustainable future. Adam Othman on Motley Fool talks about this company being a green energy stock. The company put out a Press Release on Newswire about their results for 2022. The company put out a Press Release on newswire about their first quarter of 2023 results.

Simply Wall Street report on Yahoo Finance talks about the company’s cash burn. Simply Wall Street gives one warning of currently unprofitable and not forecast to become profitable over the next 3 years. Simply Wall Street gives this stock 2 and one half stars out of 5.

Ballard Power Systems is a world leader in proton-exchange membrane fuel cells, power system development, and commercialization. The company's principal business is the design, development, manufacture, sale, and service of PEM fuel cell products for a variety of applications, focusing on power product markets of heavy-duty motive (bus, truck, rail, and marine applications), material handling, and stationary power generation. Sales are concentrated in the U.S., Europe, and China. Its web site is here Ballard Power Systems Inc.

The last stock I wrote about was about was Savaria Corporation (TSX-SIS, OTC-SISXF) ... learn more. The next stock I will write about will be Loblaw Companies Ltd (TSX-L, OTC-LBLCF) ... learn more on Friday, July 28, 2023 around 5 pm. Tomorrow on my other blog I will write about Investing Books .... learn more on Thursday, July 27, 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 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.

Savaria Corporation

Sound bite for Twitter and StockTwits is: Dividend Growth Consumer. Results of stock price testing is that the stock price is that the price is probably reasonable. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are higher than what I would like, especially the one for AEPS. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Savaria Corporation.

Is it a good company at a reasonable price? This company has good growth, but with ratios on the high side. For example, the 10 year P/AEPS low , median, and high ratios are ratios are 17.05, 24.48 and 30.01 when generally speaking a P/E Ratio of 20.00 is considered high. On the other hand, fast growing companies tend to have higher ratios, but growth seems to be slowing. The current price seems to be in a reasonable range. However, I doubt if future investors will do as well as people who bought 10 and 15 years ago.

I do not own this stock of Savaria Corporation (TSX-SIS, OTC-SISXF). I got this stock off the Dividend Blogger site that no longer exists. I am always interested in dividend growth small cap stock. The first few years of accounting were rather confusing, but I think I figured them out in the end.

When I was updating my spreadsheet, I noticed that this company has been growing nicely, they have especially good Revenue growth.

Year	Item	Tot. Growth	Per Year
5	Revenue Growth	337.13%	34.31%
5	AEPS Growth	29.79%	5.35%
5	Net Income Growth	83.45%	12.90%
5	Cash Flow Growth	371.58%	36.37%
5	Dividend Growth	77.26%	12.13%
5	Stock Price Growth	-23.22%	-5.15%
10	Revenue Growth	1082.44%	28.02%
10	AEPS Growth	771.43%	24.17%
10	Net Income Growth	2137.71%	36.45%
10	Cash Flow Growth	1769.43%	34.02%
10	Dividend Growth	437.45%	18.31%
10	Stock Price Growth	796.79%	24.53%

If you had invested in this company in December 2012, for $1,001.52 you would have bought 642 shares at $1.56 per share. In December 2022, after 10 years you would have received $2,124.96 in dividends. The stock would be worth $8,981.58. Your total return would have been $11,106.54. This is a total return would be 32.28% per year with a capital gain of 24.53% and dividends of 7.75%.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$1.56	$1,001.52	642	10	$2,124.96	$8,981.58	$11,106.54

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.97%. The 5, 10 and historical dividend yields are also moderate at 3.23%, 3.26%, and 3.43%. The dividends have been increasing at a moderate rate (8% to 14% ranges) at 12% per year over the past 5 years. However, the last dividend increase in was in 2022 and it was for 3.8%. Over the past 17 years, dividends have increased in 12 years and decreased 5 years. The last decrease was in 2012.

The Dividend Payout Ratios (DPR) are higher than what I would like, especially the one for AEPS. The DPR for 2022 for Earnings per Share (EPS) is 92% with 5 year coverage at 103%. The DPR for 2022 for Adjusted Earnings per Share (AEPS) is 83% with 5 year coverage at 92%. The DPR for 2022 Cash Flow per Share (CFPS) is 38% with 5 year coverage at 37%. The DPR for 2022 for Free Cash Flow (FCF) is 42% with 5 year coverage at 63%.

Item	Cur	5 Years
EPS	91.85%	103.19%
AEPS	82.82%	92.06%
CFPS	28.30%	37.35%
FCF	42.04%	62.52%

Debt Ratios are fine. The Long Term Debt/Market Cap for 2022 is good at 0.41. The Liquidity Ratio for 2022 is good at 1.79. The Debt Ratio is good at 1.69. The Leverage and Debt/Equity Ratios are fine at 2.45 and 1.45.

Type	Year End	Ratio Curr
Lg Term R	0.41	0.33
Intang/GW	0.72	0.58
Liquidity	1.79	1.86
Liq. + CF	2.11	2.20
Debt Ratio	1.69	1.69
Leverage	2.45	2.45
D/E Ratio	1.45	1.45

The Total Return per year is shown below for years of 5 to 21 to the end of 2022. 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.
2017	5	12.13%	-2.38%	-5.15%	2.77%
2012	10	18.31%	32.28%	24.53%	7.75%
2007	15	12.89%	22.84%	17.79%	5.05%
2002	20	15.13%	9.60%	7.57%	2.03%
2001	21		16.96%	13.96%	3.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 22.99, 28.45 and 34.60. The corresponding 10 year ratios are 17.42, 24.92 and 32.82. The corresponding historical ratios are 14.38, 22.88 and 14.38. The current P/E Ratio is 28.72 based on a stock price of $17.52 and EPS estimate for 2023 of $0.61. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 20.10, 25.65 and 31.20. The corresponding 10 year ratios are 17.05, 24.48 and 30.01. The current P/AEPS Ratio is 26.95 based on AEPS estimate for 2023 of $0.65 and a stock price of $17.52. 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 Graham Price of $10.17. The 10-year low, median, and high median Price/Graham Price Ratios are 1.28, 1.63 and 1.98. The current P/GP Ratio is 1.72 based on a stock price of $17.52. 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 2.86. The current P/B Ratio is 2.48 based on a stock price of $17.52, Book Value of $4557M and Book Value per Share of $7.07. The current ratio is 13% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 15.36. The current P/CF Ratio is 12.08 based on Cash Flow per Share estimate for 2023 of $1.45, Cash Flow of $93.4M and a stock price of $17.52. The current ratio is 21% 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 3.43%. The current dividend yield is 2.97% based on a stock price of $17.52 and dividends of $0.5196. The current dividend yield is 14% below the historical 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 dividend yield of 3.26%. The current dividend yield is 2.97% based on a stock price of $17.52 and dividends of $0.5196. The current dividend yield is 9% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 1.76. The current P/S Ratio is 1.33 based on a stock price of $17.52, Revenue estimate for 2023 of $849 and Revenue per Share of $13.18. The current ratio is 24% 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 that the price is probably reasonable. The dividend yield testing says the stock price is reasonable, but above the median and the P/S Ratio tests says the stock price is cheap. Most of the other testing says the stock price is reasonable or cheap.

When I look at analysts’ recommendations, I find Buy (8) recommendations. The consensus would be a Buy. The 12 month stock price consensus is $21.56. This implies a total return of $26.03% with 23.06% from capital gains and 2.97% from dividends.

Most analysts on Stock Chase think this stock is a good buy. This company is not on the Money Sense list, but it is on the Maple Money List and the Aristocrat lists. Stock Chase gives this stock 4 stars out of 5. Aditya Raghunath on Motley Fool. Rajiv Nanjapla on Motley Fool thinks this is a riskier stock, but has great long-term potential. The company put out a Press Release about their results for 2022. The company put out a press release on Globe Newswire about their first quarter of 2023 results.

Simply Wall Street on Yahoo Finance says that this stock is worth $21.71 CDN$. Simply Wall Street is giving this stock 2 warnings of have a high level of debt; and dividend of 2.98% is not well covered. Simply Wall Street gives this stock 4 stars out of 5.

Savaria Corp designs, engineers, and manufactures products for personal mobility. Its products include home elevators, wheelchair lifts, commercial elevators, ceiling lifts, stairlifts, and van conversions. Its web site is here Savaria Corporation.

The last stock I wrote about was about was TECSYS Inc (TSX-TCS, OTC-TCYSF) ... learn more. The next stock I will write about will be Ballard Power Systems Inc (TSX-BLDP, NASDAQ-BLDP) ... learn more on Wednesday, July 26, 2023 around 5 pm. Tomorrow on my other blog I will write about Future Crunch on TED.... learn more on Tuesday, July 25, 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 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.

TECSYS Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Tech. Results of stock price testing is that the stock price could be reasonable. Debt Ratios are good. The Dividend Payout Ratios (DPR) are generally too high. The current dividend yield is low with dividend growth moderate. See my spreadsheet on TECSYS Inc.

Is it a good company at a reasonable price? I found this an interesting company. I do like to dabble in Tech stocks. I bought some of this, but did not spend much money on it. By a lot of measures, this stock is expensive, but Tech stocks tend to have very high ratios. According to the dividend yield tests and the P/S Ratio test though, this stock is still reasonable. I intend to hold on to what I got, but have no intentions of buying any more at present.

I own this stock of TECSYS Inc (TSX-TCS, OTC-TCYSF). I came across this stock when I was looking for a dividend paying small cap stock as a filler stock. The financial year is April 30 each year, so I am reviewing the financial year ending April 30, 2023. I have had this stock for 12 years and I have earnings a total return of 26.63% with 24.12% from capital gains and 2.51% from dividends.

When I was updating my spreadsheet, I noticed they did not have a good year as far as earnings go as earnings dropped 53% from 2022 financial year from $0.30 to $0.14. Analysts expect earnings will be better in the 2024 financial year at $0.27 and then the next year at $0.49. Management seems positive about the future as they still raised the dividend in 2024, but by a lower than usual percentage.

If you had invested in this company in December 2012, for $1,001.00 you would have bought 286 shares at $3.50 per share. In December 2022, after 10 years you would have received $517.66 in dividends. The stock would be worth $7,587.58. Your total return would have been $8,105.24. This is a total return would be 24.38% per year with a capital gain of 22.45% and dividends of 1.92%.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$3.50	$1,001.00	286	10	$517.66	$7,587.58	$8,105.2

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 1.13%. The 5, 10 and historical dividend yields are also low at 0.98%, 1.24% and 1.35%. The dividends have been increasing at a moderate rate (8% to 14% ranges) at 8.6% per year over the past 5 years. The last dividend increase was low (below 8%) at 7% and occurred in 2024 financial year.

The Dividend Payout Ratios (DPR) are generally too high. The DPR for 2023 for Earnings per Share (EPS) is 200% with 5 year coverage at 117%. This is too high. The DPR for 2023 for Cash Flow per Share (CFPS) is 47% with 5 year coverage also at 47%. This is too high also and would be better at 40% or less. The DPR for 2023 for Free Cash Flow (FCF) is fine at 55% with 5 year coverage at 43%.

Item	Cur	5 Years
EPS	200.00%	117.14%
CFPS	46.56%	46.56%
FCF	54.65%	43.25%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio is very low and good at 0.02. The Liquidity is a bit low at 1.45 and prefer it to be at 1.50 or higher. However, if you add in Cash Flow after dividends it is at 1.52. The Debt Ratio is good at 2.25. The Leverage and Debt/Equity Ratios are good at 1.80 and 0.80 respectively.

Type	Ratio '22	Ratio Curr
Lg Term R	0.02	0.00
Intang/GW	0.07	0.07
Liquidity	1.45	1.45
Liq. + CF	1.52	1.52
Debt Ratio	2.25	2.25
Leverage	1.80	1.80
D/E Ratio	0.80	0.80

The Total Return per year is shown below for years of 5 to 24 to the end of 2022. 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.
2017	5	8.64%	10.81%	9.59%	1.21%
2012	10	14.87%	24.38%	22.45%	1.92%
2007	15	13.85%	22.27%	20.34%	1.93%
2002	20		17.71%	16.55%	1.16%
1998	24		9.79%	9.21%	0.57%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 70.00, 91.98 and 129.17. The corresponding 10 year ratios are 41.95, 56.01 and 70.07. The corresponding historical ratios are 13.33, 17.61 and 22.22. The current P/E Ratio is 98.19 based on a stock price of $26.51 and EPS estimate for 2024 of $0.27. 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 $5.42. The 10-year low, median, and high median Price/Graham Price Ratios are 2.78, 3.73 and 4.46. The current P/GP Ratio is 4.89 based on a stock price of $26.51. 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.

I get a 10-year median Price/Book Value per Share Ratio of 4.40. The current P/B Ratio is 5.48 based on a Book Value of $70.4M, Book Value per Share of $4.84 and a stock price of $26.51. The current ratio is 25% 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 44.86. The current P/CF Ratio is 49.75 based on Cash Flow for the last 12 months of $9.9M, Cash Flow per Share of $0.53 and a stock price of $26.51. The current ratio is 27% 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 1.35%. The current dividend yield is 1.13% based on dividends of $0.30 and a stock price of $26.51. The current dividend yield is 16% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 1.24%. The current dividend yield is 1.13% based on dividends of $0.30 and a stock price of $26.51. The current dividend yield is 8.8% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 2.44. The current P/S Ratio is 2.27 based on Revenue estimate for 2024 of $170M, Revenue per Share of $11.67 and a stock price of $26.51. The current ratio is 6.8% 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 could be reasonable. This is a tech company and they often have very high ratios, which is what this company has. The dividend testing says it is reasonable, but above the median. The P/S Ratio test says the stock is reasonable, and below the median. The rest of the testings, even with testing against very high ratios, are say the stock price is expensive.

When I look at analysts’ recommendations, I find Buy (4) recommendations. The consensus would be a Buy. The 12 month stock price consensus is $46.75. This implies a total return of 77.48% with 76.35% from capital gains and $1.13% from dividends.

There is one analyst recommendation on Stock Chase for this stock and it is positive. Stock Chase gives this stock 3 stars out of 5. Christopher Liew on Motley Fool says to buy because it will be an AI winner. Ambrose O'Callaghan on Motley Fool thinks this stock is trading in a favourable value territory. The company put out a press release on Newswire about their fourth quarter results for 2023.

Simply Wall Street on Yahoo Finance reviews this stock and its dividend payments. Simply Wall Street has two warnings for this stock of profit margins (1.4%) are lower than last year (3.3%); and significant insider selling over the past 3 months. The CEO did sell 3% of his holdings over the past year, but the CFO and Chairman bought shares. You never know why people sell shares, but if they buy them, it is because they feel positive about a company.

TECSYS Inc is engaged in the development and sale of enterprise supply chain management software for distribution, warehousing, transportation logistics, point-of-use, and order management. It also provides related consulting, education, and support services. Geographically, it derives most of the revenue from the United States and has a presence in Canada and Other Countries. Its web site is here TECSYS Inc.

The last stock I wrote about was about was Pulse Seismic Inc (TSX-PSD, OTC-PLSDF) ... learn more. The next stock I will write about will be Savaria Corporation (TSX-SIS, OTC-SISXF) ... learn more on Monday, July 24, 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 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.

Pulse Seismic Inc

Sound bite for Twitter and StockTwits is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are very good and point to a strong Balance Sheet. The Dividend Payout Ratios (DPR) could be better but they have just restarted and the restart of dividends is promising. The current dividend yield is moderate with dividends restarting. See my spreadsheet on Pulse Seismic Inc.

Is it a good company at a reasonable price? First this is a small cap and therefore risky. Secondly, there is not much current growth. However, a bright spot is that the company decided that they can pay dividends again. This suggests that the management have an optimistic view of the future. Another bright spot is that during the past year, the CEO, CFO and Chairman all bought stock. The balance sheet is strong and that is another positive. The stock price is probably cheap, but it would also be a risky buy. You should not buy any shares of the company with money you cannot afford to lose.

I do not own this stock of Pulse Seismic Inc (TSX-PSD, OTC-PLSDF). I wanted to invest some extra money in a dividend paying small cap. I used a Stock Filter. I asked for companies that were priced between $1 and $5.50 and had a yield between 4% and 20%. Pulse Seismic Inc. was one of the companies that were returned. This is not a stock I chose to invest in but I found it of interest so I am following it.

When I was updating my spreadsheet, I noticed that Revenue declined a lot in 2022 from $49.15M to $9.57M. However, Revenue is better in the first quarter of 2023 at $8.41M compared to the first quarter of 2022 when it was $1.86M. Revenue in the first quarter of 2021 was $4.83M.

This company has a great balance sheet. The Liquidity Ratio is 6.76 in 2022 and currently at 13.28. The Debt Ratio is 20.41 in 2022 and currently at 24.15. This is when a good ratio for either of these items is at 1.50 or higher.

If you had invested in this company in December 2012, for $1,000.96 you would have bought 368 shares at $2.72 per share. In December 2022, after 10 years you would have received $192.28 in dividends. The stock would be worth $669.76. Your total return would have been $861.04. This is a total return would be loss of 1.67% per year with a capital loss of 3.94% and dividends of 1.26%.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$2.72	$1,000.96	368	10	$192.28	$669.76	$862.04

The current dividend yield is moderate with dividends restarting. The current dividend yield is moderate (2% to 4% ranges) at 3.02%. The 5 and 10 median dividend yields are low (below 2%) at 0.00% and 0.35% because of no dividend payments from 2016 to 2020 inclusive. The historical median dividend yield is moderate at 2.13%. The 5 year dividend growth is 0% because of no dividends between 2016 and 2020. Dividends were restarted in 2021. The last dividend increase was in 2023 and it was for 10%. Dividend increases, when made were good, but over the past 19 years, dividends went up in 7 years and went down in 3 years and were flat or had no dividends the rest of the time.

The Dividend Payout Ratios (DPR) could be better but they have just restarted and the restart of dividends is promising. The DPR for 2022 for Earnings per Share (EPS) is 0% because there is an earnings loss in 2022. The 5 year coverage is 342%. The DPR for 2022 using the company’s Free Cash Flow (FCF) is 84% with 5 year coverage at 19%. The DPR for 2022 for Cash Flow from Operations (CFFO) is 22% with 5 year coverage at 6%. The DPR for 2022 for Cash Flow per Share is 103% with 5 year coverage at 7%. The DPR for 2022 for Free Cash Flow (FCF) is 24% with 5 year coverage negative.

Item	Cur	5 Years
EPS	0.00%	341.67%
C. FCF	83.91%	18.54%
CFFO	22.39%	6.37%
CFPS	102.85%	7.49%
FCF	23.57%	-49.76%

Debt Ratios are very good and point to a strong Balance Sheet. The Long Term Debt/Market Cap is 0% because there is no long term debt. The Liquidity Ratio is very good and high at 6.76. The Debt Ratio is very good and high at 20.41. The Leverage and Debt/Equity Ratios are good at 1.05 and 0.05.

Type	Ratio '22	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.28	0.27
Liquidity	6.76	13.28
Liq. + CF	14.89	19.77
Debt Ratio	20.41	24.15
Leverage	1.05	1.04
D/E Ratio	0.05	0.04

The Total Return per year is shown below for years of 5 to 24 to the end of 2022. 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.
2007	5	0.00%	-9.68%	-10.62%	0.94%
2002	10	-3.65%	-1.67%	-3.94%	2.26%
1997	15	-7.56%	-0.18%	-2.60%	2.42%
1992	20	0.00%	7.40%	2.19%	5.21%
1998	24		12.99%	6.25%	6.74%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and therefore useless. The corresponding 10 year ratios are also negative and useless. The corresponding historical ratios are 2.24, 4.09 and 5.50 are low because of the years of earning losses. The current P/E Ratio is 45.50 and is quite high and at a range generally thought of as expensive.

I have Free Cash Flow (FCF) calculated by the company. The 5-year low, median, and high median Price/Free Cash Flow per Share Ratios are 7.67, 13.72 and 20.32. The corresponding 10 year ratios are 7.64, 10.54 and 13.39. The current P/ FCF Ratio is 11.40 based on FCF for the last 12 months of $0.16 and a stock price of $1.82. 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 have Cash Flow from Operations (CFFO) calculated by the company. The 5-year low, median, and high median Price/ Cash Flow from Operations per Share Ratios are 7.48, 10.26 and 13.03. The corresponding 10 year ratios are 6.35, 8.40 and 10.45. The current P/ FCF Ratio is 11.14 based on CFFO for the last 12 months of $0.16 and a stock price of $1.82. The current ratio is above the high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $0.92. The 10-year low, median, and high median Price/Graham Price Ratios are 0.91, 1.25 and 1.58. The current P/GP Ratio is 1.18 based on a stock price of $1.82. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 3.45. The current P/B Ratio is 2.74 based on a Book Value of $35.7M, Book Value per Share of $0.66 and a stock price of $1.82. The current ratio is 21% 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 8.21. The current P/CF Ratio is 11.14 based on Cash Flow for the last 12 months of $8.78M, Cash Flow per Share of $0.16 and a stock price of $1.82. The current ratio is 36% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.13%. The current dividend yield is 3.02% based on dividends of $0.055 and a stock price of $1.82. The current dividend yield is 42% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 0.35%. The current dividend yield is 3.02% based on dividends of $0.055 and a stock price of $1.82. The current dividend yield is 756% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. Although this dividend yield is very low because of the recent years of no dividends.

The 10-year median Price/Sales (Revenue) Ratio is 6.07. The current P/S Ratio is 4.82 based on Revenue estimate for 2023 of $20.3M and a stock price of $1.82. The current ratio is 21% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

The Revenue for the last 12 months is $16.1M and with this, the P/S Ratio is 6.04 and the same as the 10 year median ratio. his stock price testing suggests that the stock price is relatively reasonable and at the median.

Results of stock price testing is that the stock price is probably cheap. The historical dividend yield test and the current P/S Ratio test says this. However, other tests say reasonable to expensive. This stock seems to be only followed by one analyst. The dividend yield test may not be accurate because 7 of the 19 years of dividend data, the company paid no dividends.

When I look at analysts’ recommendations, I find a Hold (1). The consensus would be a Hold. The 12 months stock price consensus is $2.10. This implies a total return of 18.41% with 15.38% from capital gains and 3.02% from dividends.

The last three analysts’ comments on Stock Chase are for 2018, 2017 and 2015. Stock Chase gives this stock 1 star out of 5. Karen Thomas on Motley Fool reviews this stock and see long term value. Ambrose O'Callaghan on Motley Fool reviews this stock and says it is a great time to buy it. The company put out a Press Release via Global Newswire about their 2022 year end results. The company put out a press release on Global Newswire about their first quarter of 2023.

Simply Wall Street on Yahoo Finance and compared to Motley Fool reviews are somewhat negative. Simply Wall Street has 2 warnings on this stock of dividend of 3.18% is not well covered; and does not have a meaningful market cap (CA$96M). Simply Wall Street gives this stock 2 and one half stars out of 5.

Pulse Seismic Inc is a Canadian company which acts as a provider of seismic data to the energy sector in western Canada. The company is engaged in the acquisition, marketing, and licensing of 2D and 3D seismic data to the energy sector. Its web site is here Pulse Seismic Inc.

The last stock I wrote about was about was Dorel Industries Inc (TSX-DII.B, OTC-DIIBF) ... learn more. The next stock I will write about will be TECSYS Inc (TSX-TCS, OTC-TCYSF) ... learn more on Friday, July 21, 2023 around 5 pm. Tomorrow on my other blog I will write about Second Source of Income.... learn more on Thursday, July 20, 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 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.