Stingray Digital Group Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Consumer. Results of stock price testing is that the stock price could be reasonable. Debt Ratios shows that the company has too much debt with Intangible and Goodwill too high. The Dividend Payout Ratios (DPR) seem fine. The current dividend yield is moderate with dividend growth stopped. See my spreadsheet on Stingray Digital Group Inc.

Is it a good company at a reasonable price? This is an illiquid small cap Canadian stock. So, you should be cautious about investing in it and not invest money you cannot afford to lose. This is a small cap I have invested in and although it has not yet done well for me, I still have faith that it will do better in the future. The price seems to be still reasonable, but it could be at the top range of reasonableness.

I own this stock of Stingray Digital Group Inc (TSX-RAY.A, OTC-STGYF). 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. Note that the financial year ends at March 31 each year, so I am covering the March 31, 2024 year end.

When I was updating my spreadsheet, I noticed that I was buying into the stock as it was going down in 2022 and 2023. Last year I had a Total Loss of 7.32% with a capital loss of 11.49% and Dividends of 4.17%. This year I have a total return of 6.02% with 1.97% from capital gains and 4.05% from dividends. So, there is an improvement. They did not have any earnings because they did an impairment of goodwill (that is they wrote off some of their goodwill value). Their Intangible and Goodwill Ratio is still too high and they have a lot of debt.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2024 and expected growth over the next year. Net Income is down over 5 years because they had a bad year in 2024. Stock price growth seems one of the lowest growths. It is expected to grow well this year though.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	62.44%	10.19%	1.65%	<-12 mths
5	AEPS Growth	52.63%	8.83%	5.75%	<-12 mths
5	Net Income Growth	-14.62%	-3.11%	7.89%	<-12 mths
5	Cash Flow Growth	241.05%	27.81%
5	Dividend Growth	25.00%	4.56%	0.00%	<-12 mths
5	Stock Price Growth	9.89%	1.90%	7.43%	<-12 mths
10	Revenue Growth	475.50%	19.13%	7.37%	<-this year
10	AEPS Growth	107.14%	7.55%	21.84%	<-this year
10	Net Income Growth	163.25%	10.16%	479.01%	<-this year
9	Cash Flow Growth	1096.27%	31.75%	-2.33%	<-this year
8	Dividend Growth	215.79%	15.46%	0.00%	<-this year
9	Stock Price Growth	5.79%	0.63%	31.42%	<-this year

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 2023, after 9 years you would have received $299.46 in dividends. The stock would be worth $836.28. Your total return would have been $1,135.74. This would be a total return of 1.58% per year with 1.97% from capital loss and 3.55% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$7.25	$1,000.50	138	9	$299.46	$836.28	$1,135.74

The current dividend yield is moderate with dividend growth stopped. The current dividend yield is moderate (2% to 4% ranges) at 3.64%. The 5 year median dividend yield is good (5% to 6% ranges) at 5.01%. The 8 and historical median dividend yields are moderate at 4.12%. Dividends have been flat since 2021 and no one seems to think that they will be raised in the near future.

The Dividend Payout Ratios (DPR) seem fine. The DPR for 2023 for Earnings per Share (EPS) is not calculable with 5 year coverage too high at 99%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is good at 34% with 5 year coverage at 28%. The DPR for 2023 for Adjusted Free Cash Flow (AFCF) is not calculable with 5 year coverage too high at 99%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 17% with 5 year coverage at 20%. The DPR for 2023 for Free Cash Flow (FCF) is good at 25% with 5 year coverage at 32%.

Item	Cur	5 Years
EPS	n/c	99.33%
AEPS	34.48%	36.63%
AFCF	n/c	99.33%
CFPS	16.57%	20.16%
FCF	24.51%	32.19%

Debt Ratios shows that the company has too much debt with Intangible and Goodwill too high. The Long Term Debt/Market Cap Ratio for 2023 is fine at 0.67 and currently at 0.66. The Intangible and Goodwill ratios for 2023 is 1.20 and currently 1.18. This ratio should be below 1.00 certainly. The Liquidity Ratio for 2023 is too low at 0.68 and 0.68 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.64 and currently at 1.62. The Debt Ratio for 2023 is too low at 1.44 and 1.44 currently. I prefer this ratio to be at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2023 are too high at 3.26 and 2.26 and currently at 3.26and 2.26. I prefer these ratios to be below 3.00 and 2.00.

Type	Yr End	Ratio Curr
Lg Term R	0.67	0.66
Intang/GW	1.20	1.18
Int less BL	0.68	0.68
Liquidity	0.91	0.91
Liq. + CF	1.64	1.62
Debt Ratio	1.44	1.44
Leverage	3.26	3.26
D/E Ratio	2.26	2.26

The Total Return per year is shown below for years of 5 to 9 to the end of 2023. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2018	5	4.56%	2.44%	-2.13%	4.57%
2014	9	11.56%	1.58%	-1.97%	3.55%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.58, 13.22 and 16.86. The corresponding 9 year and historical ratios are 13.57, 15.51 and 17.45. The current P/E Ratio is 10.70 based on a stock price of $8.24 and EPS estimate for 2025 of $0.77. The current ratio is below the low ratio of the 9 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 3.65, 5.41 and 7.01. The corresponding 9 year and historical ratios are 5.02, 6.27 and 7.87. The current P/AEPS Ratio is 7.57 based on a stock price of $8.24 and AEPS estimate for 2025 of $1.09. The current ratio is between the median and high ratios of the 9 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $9.25. The 9-year low, median, and high median Price/Graham Price Ratios are 0.78, 0.89 and 1.01. The current P/GP Ratio is 0.89 based on a stock price of 8.24. The current ratio is at the median ratio of the 9 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and at the median.

I get a 9-year median Price/Book Value per Share Ratio of 1.80. The current P/B Ratio is 2.30 based on a stock price of $8.24, Book Value of $248.6M and Book Value per Share of $3.59. The current ratio is 28% above the 9 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2025 of $4.08. This implies a Book Value of $282.8M and a Ratio of 2.02 based on a stock price of $8.24. This ratio is 12% above the 9 year median ratio of 1.80. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 9-year median Price/Cash Flow per Share Ratio of 8.41. The current P/CF Ratio is 4.93 based on Cash Flow per Share estimate for 2025 of $1.67, Cash Flow of $115.8M and a stock price of $8.24. The current ratio is 9.8% below the 9 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an 8 year and historical median dividend yield of 4.12%. The current dividend yield is 3.64% based on a dividend of $0.30 and a stock price of $8.24. The current ratio is 11.6% below the 8 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. There is a problem because this test works best when dividends are being raised. However, dividends going flat is not a good sign either.

The 9-year median Price/Sales (Revenue) Ratio is 1.80. The current P/S Ratio is 1.54 based on a stock price of $8.24, Revenue estimate for 2025 of $370.9M and Revenue per Share of $5.35. This ratio is 14.5% below the 9 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. The dividend yield test says the stock price is reasonable and above the median. The P/S Ratio test says that the stock price is reasonable and below the median. A number of tests say that the stock price is reasonable and above or below the median and one say it is expensive and one says it is cheap.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (4). The consensus would be a Strong buy. The 12 month stock price consensus is $10.08 with a high of $11.00 and a low of $9.50. The consensus stock price of $10.08 implies a total return of 25.97% with 22.23% from capital gains and 3.64% from Dividends based on a current stock price of $8.24.

There is only one report in 2023 on Stock Chase and it was given a watch rating. He saw the company is profitable, but illiquid. Stock Chase gives this stock 1 star out of 5. Christopher Liew on Motley Fool that this stock will overcome headwinds and beat the market. Aditya Raghunath on Motley Fool reviews this company and says stock is cheap and gives a good dividend. The company put out a Press Release amount their fourth quarter of 2024..

Simply Wall Street via Yahoo Financial reviews this stock. Simply Wall Street has 3 warnings out on this stock of shares are highly illiquid; dividend of 3.7% is not well covered by earnings; and has a high level of debt.

Stingray Group Inc is a provider of multi-platform music services. It broadcasts music and video content on several platforms including radio stations, premium television channels, digital TV, satellite TV, IPTV, the Internet, mobile devices, and game consoles. Geographically, the company derives its key revenue from Canada and the rest from the United States and other countries. 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 Friday, August 2, 2024 around 5 pm. Tomorrow on my other blog I will write about BCE .... learn more on Thursday, August 1, 2024 around 5 pm.

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

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

Also, on my book blog I have put a review of the book The End of Everything by Victor Davis Hanson learn more...

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 relatively expensive. Debt Ratios show that they have a lot of debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on Loblaw Companies Ltd.

Is it a good company at a reasonable price? This stock has done well since their low point in 2008 (some 15 years ago). In the last 5 years, dividend increases have been good. I think this is a solid company and if I had it, I would continue to hold it. Currently the stock price seems to be on the expensive side, so I would seem it is not a good time to buy. However, there are analyst that think it is currently a good buy.

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. (Systems still not working well. Items out of stock can take a day or a week to be back in stock. Metro does it the next day. However, I like shopping for food in Loblaws compared to Metro.)

When I was updating my spreadsheet, I noticed I did make money from this stock. The stock did go down after 2007. From the high in 2006, it took until 2015 to reach again. However, if you invest for the long term like I do, and I think of long term of 20 years, companies are going to go through some tough times. That is to be expected. In the Total Return chart below, you will see that people who invested in this company 20 to 25 years ago, did poorly. One of the reasons to invest in installments instead of just one investment in the stock.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2024 and expected growth over the next year. This chart shows that growth has been mostly good. The stock price has increased a lot this year. I notice that currently stock price is increasing faster than over values.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	27.49%	4.98%	0.98%	<-12 mths
5	AEPS Growth	68.48%	11.00%	2.19%	<-12 mths
5	Net Income Growth	174.15%	22.35%	1.95%	<-12 mths
5	Cash Flow Growth	126.07%	17.72%	-1.04%	<-12 mths
5	Dividend Growth	50.91%	8.58%	13.88%	<-12 mths
5	Stock Price Growth	109.92%	15.99%	31.74%	<-12 mths
10	Revenue Growth	83.90%	6.28%	3.57%	<-this year
10	AEPS Growth	201.20%	11.66%	9.81%	<-this year
10	Net Income Growth	233.33%	12.79%	6.90%	<-this year
10	Cash Flow Growth	279.21%	14.26%	-3.34%	<-this year
10	Dividend Growth	85.43%	6.37%	14.06%	<-this year
10	Stock Price Growth	202.69%	11.71%	36.03%	<-this year

If you had invested in this company in December 2013, for $1,017.12 you would have bought 24 shares at $42.38 per share. In December 2023, after 10 years you would have received $299.23 in dividends. The stock would be worth $3,078.72. Your total return would have been $3,377.95. This would be a total return of 13.50% per year with 11.71% from capital gain and 1.78% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$42.38	$1,017.12	24	10	$299.23	$3,078.72	$3,377.95

The current dividend yield is low with dividend growth moderate. The dividend yield is low (below 2%) at 1.21%. The 5, 10 and historical dividend yields are also low at 1.69%, 1.61% and 1.46%. The dividends have increase moderately (8% to 14% per year) at 8.6% per year over the past 5 years. The last dividend increase was in 2024 and it was for 15%. It is on the Money Sense Dividend Stock list.

The Dividend Payout Ratios (DPR) are good. The DPR for 2023 for Earnings per Share (EPS) is good at 27% with 5 year coverage at 35%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is good at 22% with 5 year coverage at 26%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 8% with 5 year coverage at 9%. The DPR for 2023 for Free Cash Flow (FCF) is good at 19% with 5 year coverage at 16%.

Item	Cur	5 Years
EPS	26.73%	34.79%
AEPS	22.49%	26.28%
CFPS	8.36%	8.73%
FCF	18.99%	15.76%

Debt Ratios show that they have a lot of debt. The Long Term Debt/Market Cap Ratio for 2023 is good at 0.17 and currently at 0.13. The Liquidity Ratio for 2023 is too low at 1.25 and 1.28 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.72 and currently at 1.76. The Debt Ratio for 2023 is low at 1.42 and 1.42 currently. I prefer this ratio to be at 1.50 or above. The Leverage and Debt/Equity Ratios for 2023 are too high at 3.35 and 2.35 and currently at 1.38 and 2.38. I prefer these to be below 3.00 and below 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.17	0.13
Intang/GW	0.26	0.19
Liquidity	1.25	1.28
Liq. + CF	1.72	1.76
Debt Ratio	1.42	1.42
Leverage	3.35	3.38
D/E Ratio	2.35	2.38

The Total Return per year is shown below for years of 5 to 35 to the end of 2023. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2018	5	8.58%	17.74%	15.99%	1.76%
2013	10	6.37%	13.50%	11.71%	1.78%
2008	15	4.99%	10.79%	9.05%	1.74%
2003	20	5.48%	4.45%	3.33%	1.12%
1998	25	9.05%	6.32%	5.05%	1.27%
1993	30	10.82%	12.10%	9.86%	2.24%
1988	35	9.77%	14.32%	11.54%	2.79%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 16.96, 18.96 and 21.83. The corresponding 10 year ratios are 20.18, 22.78 and 25.39. The corresponding historical ratios are 17.00, 19.31, and 21.59. The current P/E Ratio 21.50 based on a stock price of $168.99 and EPS estimate for 2024 of $7.86. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 14.23, 15.98 and 18.39. The corresponding 10 year ratios are 14.258, 16.10 and 18.36. The current P/AEPS Ratio is 19.86 based on a stock price of $168.99 and AEPS of $8.51. 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 Graham Price of $82.10. The 10-year low, median, and high median Price/Graham Price Ratios are 1.15, 1.26 and 1.41. The current ratio is 2.06 based on a stock price of $168.99. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 2.19. The current P/B Ratio is 4.80 based on a Book Value of $10,932M, Book Value per Share of $35.20 and a stock price of $168.99. The current ratio is 119% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.85. The current P/CF Ratio is 9.60 based on Cash Flow per Share estimate for 2024 of $17.60, Cash Flow of $5,465M and a stock price of $168.99. The current ratio is 22% 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 1.46%. The current dividend yield is 1.21% based on dividends of $1.985 and a stock price of $168.99. The current dividend yield is 17% 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 1.61%. The current dividend yield is 1.21% based on dividends of $1.985 and a stock price of $168.99. The current dividend yield is 24% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.55. The current P/S Ratio is 0.85 based on Revenue estimate for 2024 of $61,653M, Revenue per Share of $198.54 and a stock price of $168.99. The current ratio is 54% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably relatively expensive. The 10 year median dividend test says that the stock price is relatively expensive. The P/S Ratio test concurs. Most of the rest of the testing says the same thing.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (2), Hold (2) and Underperform (1). The consensus would be a Buy. The 12 month stock price is $174.50 with a high of $189 and a low of $129.00. The consensus stock price of $174.50 implies a total return of 4.47% with 3.26% from capital gains and 1.21% from dividends based on a current price of $168.99.

For 2024 there are on Stock Chase two Holds and a Top Pick. Analysts all make positive remarks on this stock. Stock chase gives this stock 4 stars out of 5. Amy Legate-Wolfe on Motley Fool says the stock offers long term opportunities. Kay Ng on Motley Fool thinks this stock should be a core holding. The company put out a press release via Canadian Grocer on their fourth quarter results. The company put out a Press Release about their first quart of 2024.

Simply Wall Street via Yahoo Finance talks about this company’s dividends. Simply Wall Street has two warnings of earnings are forecast to decline by an average of 0.2% per year for the next 3 years; and has a high level of debt. Simply Wall Street gives this stock 2 and one half stars out of 5.

Loblaw is Canada's largest retailer, operating food retail and pharmacy stores across the country. Beyond retail, Loblaw runs the PC Optimum loyalty program and also offers credit cards and insurance brokerage, which are collectively referred to as financial services. George Weston is Loblaw's controlling shareholder with a 53% stake. 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 Wednesday, July 31, 2024 around 5 pm. Tomorrow on my other blog I will write about Self-Employment.... learn more on Tuesday, July 30, 2024 around 5 pm.

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

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

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 cheap. Debt Ratios are good and will remain good as long as they can continue to raise cash. This stock has never paid a dividend, so there is no dividend information or dividend payout ratios. See my spreadsheet on Ballard Power Systems Inc.

Is it a good company at a reasonable price? Currently, I would not buy this stock. I am still following it because I owned it in the past and I am still curious on how it is doing. You should not invest in this stock money you cannot afford to lose. The stock price seems to be relatively cheap, but that does not say it is a good buy. Fuel Cells may yet be the next big thing. It is hard to tell at this point. I note that analysts recommendations are all over the place.

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 also 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 did not look like it would recover anytime soon and I sold in 2006. It made a recover in 2020, but has since fallen again.

When I was updating my spreadsheet, I noticed that expected Revenue for 2023 was $150M, but it came in as $102M. Expected increase was 86%, but increase was only 22%. Also, earnings loss was expected to decrease by 25%, but it has stayed the same. Note that this company gets money mainly from issuing new shares.

If you had invested in this company in December 2013, for $1,001.42 you would have bought 622 shares at $1.61 per share. In December 2023, after 10 years you would have received $0.00 in dividends. The stock would be worth $3,054.02. Your total return would have been $3,054.02. This would be a total return of 11.80% per year with 11.80% from capital gain and 0.00% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$1.61	$1,001.42	622	10	$0.00	$3,054.02	$3,054.02

This stock has never paid a dividend, so there is no dividend information or dividend payout ratios.

Debt Ratios are good and will remain good as long as they can continue to raise cash. The Long Term Debt/Market Cap Ratio for 2023 is good at 0.01 and currently at 0.04. The Liquidity Ratio for 2023 is good at 12.25 and 11.66 currently. The Debt Ratio for 2023 is good at 12.48 and 10.63 currently. The Leverage and Debt/Equity Ratios for 2023 are good at 1.09 and 0.09 and currently at 1.10 and 0.10.

Type	Year End	Ratio Curr
Lg Term R	0.01	0.04
Intang/GW	0.04	0.06
Liquidity	12.25	11.66
Liq. + CF	11.01	10.27
Debt Ratio	12.48	10.63
Leverage	1.09	1.10
D/E Ratio	0.09	0.10

The Total Return per year is shown below for years of 5 to 28 to the end of 2023. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2018	5	0.00%	8.40%	8.40%	0.00%
2013	10	0.00%	11.80%	11.80%	0.00%
2008	15	0.00%	9.04%	9.04%	0.00%
2003	20	0.00%	-5.49%	-5.49%	0.00%
1998	25	0.00%	-8.23%	-8.23%	0.00%
1995	28	0.00%	-0.06%	-0.06%	0.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and useless. The corresponding 10 year and historical median ratios are also negative and useless. Basically, this company has had earnings losses, just that some losses were less bad than others.

You cannot really do a Graham Price test because of earnings losses. However, if you assume that the company is making a $0.01 profit each year, I get a Graham Price of $0.99. The 10-year low, median, and high median Price/Graham Price Ratios would be 5.12, 8.72 and 12.13. The current ratio would be 3.14 based on a $0.01 profit and a stock price of $3.11. This ratio below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. But this is a rather dubious test. This testing would be in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 3.71. The current P/B Ratio is 0.71 based on a stock price of $2.26, Book Value of $952M, and Book Value per Share of $3.18. The current ratio is 81% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$, but you will get a similar result in CDN$. This is a valid test.

I cannot to any Price/Cash Flow per Share Ratio testing as the cash flow is negative.

I cannot do any dividend yield testing, because there are no dividends.

The 10-year median Price/Sales (Revenue) Ratio is 8.64. The current P/S Ratio is 5.99 based on Revenue estimate for 2024 of $113M, Revenue per Share of $0.38 and a stock price of $2.26. The current ratio is 31% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$, but you will get a similar result in CDN$. This is a valid test.

Results of stock price testing is that the stock price is probably cheap. This is taking the results of the P/S Ratio test and it is a good one. The other good test is the P/B Ratio test and this says the stock is cheap and it is a good test. However, most testing I could not do. This was due to the lack of earnings and cash flow.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1), Hold (13), Underperform (1) and Sell (1). The consensus would be a Hold. The 12 months stock price consensus is $4.48 ($3.26 US$) with a high of $6.18 ($4.50 US$) and low of $2.75 ($2.19 US$). The consensus stock price of $.48 ($3.26 US$) implies a total return of 43.89%, all from capital gains based on a current stock price of $3.11 ($2.26 US$).

There is only one entry on Stock Chase for 2024 and it is a Wait. They think it holds promise, but you need a long term view for this stock. Stock Chase gives this stock 3 stars out of 5. Last year, most of the entries were Do Not Buy. Adam Othman on Motley Fool thinks this stock has potential. Puja Tayal on Motley Fool says the stock has possible windfall returns. The company put out a Press Release on their fourth quarter of 2023. The company put out a Press Release about their first quarter of 2024.

Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street has 1 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 focuses on developing and bringing to market PEM fuel cell systems for transportation, stationary, and portable applications. Ballard now offers key subsystems and components that are based on technology developed in support of Ballard fuel cell products. 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 Monday, July 29, 2024 around 5 pm.

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

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

Savaria Corporation

Sound bite for Twitter and StockTwits is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are good. The Dividend Payout Ratios (DPR) could improve. The current dividend yield is moderate with dividend growth low and currently pausing. See my spreadsheet on Savaria Corporation.

Is it a good company at a reasonable price? This does seem to be a good company. They had problems in 2021 when they purchased Handicare Group. See link. Earnings dropped then. Analysts still like this company and feel it has a great future. It will be a very positive sign when the company starts to raise the dividends again. Results of price testing is saying the stock price is reasonable.

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 this stock has been growing quite well, but it is slowing down. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2024 and expected growth over the next year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	192.61%	23.95%	-0.26%	<-12 mths
5	AEPS Growth	47.73%	8.12%	9.23%	<-12 mths
5	Net Income Growth	114.30%	16.47%	13.23%	<-12 mths
5	Cash Flow Growth	218.06%	26.04%	3.65%	<-12 mths
5	Dividend Growth	38.56%	6.74%	0.00%	<-12 mths
5	Stock Price Growth	16.16%	3.04%	24.19%	<-12 mths
10	Revenue Growth	1005.05%	27.16%	4.52%	<-this year
10	AEPS Growth	182.61%	10.95%	29.23%	<-this year
10	Net Income Growth	614.12%	21.72%	16.01%	<-this year
10	Cash Flow Growth	1028.11%	27.42%	30.84%	<-this year
10	Dividend Growth	549.50%	20.58%	0.08%	<-this year
10	Stock Price Growth	414.24%	17.79%	24.19%	<-this year

If you had invested in this company in December 2013, for $1,000.05 you would have bought 339 shares at $2.95 per share. In December 2023, after 10 years you would have received $1,250.74 in dividends. The stock would be worth $5,142.63. Your total return would have been $6,393.37. This would be a total return of 25.58% per year with 17.79% from capital gain and 5.79% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$2.95	$1,000.05	339	10	$1,250.74	$5,142.63	$6,393.37

The current dividend yield is moderate with dividend growth low and currently pausing. The current dividend yield is moderate (2% to 4% ranges) at 2.72%. The 5, 10 and historical median dividend yields are also moderate at 3.32%, 3.26% and 3.50%. The dividend growth over the past 5 years is low (below 8% per year) at 6.7% per year. The last dividend increase was in 2022 and it was for 3.8%. Dividends are paid monthly

The Dividend Payout Ratios (DPR) could improve. The DPR for 2023 for Earnings per Share (EPS) is too high at 91% with 5 year coverage at 102%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is find at 80% with 5 year coverage too high at 91%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 30% with 5 year coverage at 35%. The DPR for 2023 for Free Cash Flow (FCF) is too high at 58% with 5 year coverage at 59%.

Item	Cur	5 Years
EPS	91.16%	101.89%
AEPS	79.94%	91.00%
CFPS	29.77%	34.58%
FCF	57.50%	59.12%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2023 is good at 0.26 and currently at 0.20. The Liquidity Ratio for 2023 is good at 1.98 and 1.92 currently. The Debt Ratio for 2023 is good at 1.99 and 1.99 currently. The Leverage and Debt/Equity Ratios for 2023 are fine at 2.01 and 1.01 and currently at 2.01 and 1.01.

Type	Year End	Ratio Curr
Lg Term R	0.26	0.20
Intang/GW	0.58	0.46
Liquidity	1.98	1.92
Liq. + CF	2.23	2.31
Debt Ratio	1.99	1.99
Leverage	2.01	2.01
D/E Ratio	1.01	1.01

The Total Return per year is shown below for years of 5 to 22 to the end of 2023. 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.

Years	Div. Gth	Tot Ret	Cap Gain	Div.
5	6.74%	6.50%	3.04%	3.46%
10	20.58%	23.58%	17.79%	5.79%
15	15.10%	35.13%	25.38%	9.75%
20	14.45%	14.05%	11.18%	2.86%
22	11.23%	16.80%	13.70%	3.10%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 21.49, 26.08 and 31.04. The corresponding 10 year ratios are 20.84, 25.74 and 32.82. The corresponding historical ratios are 14.44, 19.43 and 23.57. The current P/E Ratio is 26.46 based on a stock price of $18.79 and EPS estimate for 2024 of $0.71. This 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/Earnings per Share Ratios are 19.45, 23.56 and 28.82. The corresponding 10 year ratios are 19.15, 24.48 and 30.01. The current P/AEPS Ratio is 22.37 based on a stock price of $18.79 and AEPS estimate for 2024 of $0.84. 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 $12.11. The 10-year low, median, and high median Price/Graham Price Ratios are 1.28, 1.63 and 1.98. The current ratio is 1.55 based on a stock price of $18.79. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.86. The current P/B Ratio is 2.42 based on a stock price of $18.79, Book Value of $550.5M, and Book Value per Share of $7.76. The current ratio is 15% 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 12.96 based on a stock price of $18.79, Cash Flow per Share estimate for 2024 of $1.45 and Cash Flow of $102.9M. The current ratio is 16% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 3.50%. The current dividend yield is 2.77% based on dividends of $0.5196 and a stock price of $18.79. The current dividend yield is 21% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 3.26%. The current dividend yield is 2.77% based on dividends of $0.5196 and a stock price of $18.79. The current dividend yield is 15% above 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 1.76. The current P/S Ratio is 1.52 based on a stock price of $18.79, Revenue estimate for 2024 of $875M and Revenue per Share of $12.33. 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.

Results of stock price testing is that the stock price is probably reasonable. The 10 year dividend yield test says the stock price is reasonable, but above the median. This is because the company has not increased their dividends since 2022. This is this also the point. They are not doing well currently if they cannot afford to increase their dividends. Analysts do not expect a dividend raise in the near future. The P/S Ratio test says the stock price is reasonable. Most of the rest of the testing is saying the stock price is reasonable and above and below the median.

When I look at analysts’ recommendations, I find Strong Buy (1), and Buy (5). The consensus would be a Buy. The 12 month stock price consensus is $22.75 with a high of $24.00 and a low of $21.00. The consensus price of $22.75 implies a total return of 23.84% with 21.08% from capital gains and 2.27% from dividend based on a current stock price of $18.79.

There are two entries on Stock Chase for 2024, and they are both buys. Stock Chase gives this stock 4 stars out of 5. Rajiv Nanjapla on Motley Fool thinks this will be a top performing stock over the next 20 years. Kay Ng on Motley Fool believe this stock will benefit from an aging population. The company put out a Press Release about their fourth quarter of 2023. The company put out a Press Release on their first quarter of 2024.

Simply Wall Street via Yahoo Finance talks about this stock and its dividends. They have two warnings out on this stock of significant insider selling over the past 3 months; and shareholders have been diluted in the past year. I noticed over the past year for officers and directors I follow that the CEO and Chairman has bought stock over the past year, but two directors have sold some stock. Other have not changed the number of shares owned. 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 Friday, July 26, 2024 around 5 pm. Tomorrow on my other blog I will write about Smart Investing 2.... learn more on Thursday, July 25, 2024 around 5 pm.

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

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

Also, on my book blog I have put a review of the book Persians by Lloyd Llewellyn-Jones learn more...

TECSYS Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Tech. Results of stock price testing is that the stock price is probably on the expensive side. Debt Ratios are fine, but Liquidity could be improved. The Dividend Payout Ratios (DPR) are higher than they should be. 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? It is a small tech company so you should not invest money into it that you cannot afford to lose. I still like this company. I am holding on to the share that I have but will not buy more at the moment. The stock price is testing as being on the expensive side, but analysts still consider it a buy.

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. This is a small cap dividend paying stock that I like.

When I was updating my spreadsheet, I noticed I have done very well with this stock. I have had it for 13.5 years and I have made a total return of 26.81% with 24.45% from capital gains and 2.36% from dividends. Because dividends have been increasing, I am now get a yield of 16.6% on the stock I bought in 2011.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the first quarter in 2024 and expected growth over the next year. This shows growth over the past 5 years is higher than over the past 10 years for most items. It also shows better growth is expected over the next year for EPS and Net Income. Cash Flow growth is weak.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	124.00%	17.50%	1.70%	<-12 mths
5	EPS Growth	316.67%	33.03%	7.69%	<-12 mths
5	Net Income Growth	349.53%	35.07%	522.77%	<-12 mths
5	Cash Flow Growth	18.41%	3.44%
5	Dividend Growth	47.62%	8.10%	3.23%	<-12 mths
5	Stock Price Growth	163.54%	21.39%	-2.92%	<-12 mths
10	Revenue Growth	267.80%	13.91%	8.50%	<-this year
10	EPS Growth	-18.75%	-2.05%	292.31%	<-this year
10	Net Income Growth	3.01%	0.30%	309.33%	<-this year
10	Cash Flow Growth	-36.95%	-4.51%	0.00%	<-this year
10	Dividend Growth	313.33%	15.25%	3.23%	<-this year
10	Stock Price Growth	535.08%	20.30%	-2.92%	<-this year

If you had invested in this company in December 2013, for $1,000.05 you would have bought 117 shares at $5.65 per share. In December 2023, after 10 years you would have received $361.97 in dividends. The stock would be worth $5,807.37. Your total return would have been $6,169.34. This would be a total return of 20.78% per year with 19.23% from capital gain and 1.54% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$5.65	$1,000.05	177	10	$361.97	$5,807.37	$6,169.34

The current dividend yield is low with dividend growth moderate. The dividends are low (below 2%) at just 0.82%. The 5, 10 and historical median dividend yields are also low at 0.96%, 1.18% and 1.32%. The dividend growth is moderate (8% to 14% ranges) at 8.1% per year over the past 5 years. The last dividend increase was in 2024 and it was for 6.7%.

The Dividend Payout Ratios (DPR) are higher than they should be. The DPR for 2023 for Earnings per Share (EPS) is far too high at 238% with 5 year coverage at 107%. The DPR for 2023 for Cash Flow per Share (CFPS) is also too high at 45% with 5 year coverage at 45%. I prefer this ratio be 40% or less. The DPR for 2023 for Free Cash Flow (FCF) is good at 38% with 5 year coverage at 40%.

Item	Cur	5 Years
EPS	238.46%	107.26%
CFPS	45.21%	45.21%
FCF	37.78%	39.96%

Debt Ratios are fine, but Liquidity could be improved. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.00. There is no long term debt. The Liquidity Ratio for 2024 is fine at 1.38. If you added in Cash Flow after dividends, the ratios are fine at 1.39. However, I do prefer this ratio to be at 1.50 or better. The Debt Ratio for 2024 is good at 2.15. The Leverage and Debt/Equity Ratios for 2024 are good at 1.87 and 0.87.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.04	0.04
Liquidity	1.38	1.38
Liq. + CF	1.39	1.39
Debt Ratio	2.15	2.15
Leverage	1.87	1.87
D/E Ratio	0.87	0.87

The Total Return per year is shown below for years of 5 to 25 to the end of 2023. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2018	5	8.10%	10.81%	9.59%	1.24%
2013	10	15.25%	24.38%	22.45%	1.38%
2008	15	14.63%	22.27%	20.34%	1.96%
2003	20	13.65%	17.71%	16.55%	0.96%
1998	25		9.79%	9.21%	0.43%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 98.10, 99.58 and 133.78. The corresponding 10 year ratios are 45.85, 76.08 and 82.36. The corresponding historical ratios are 14.32, 18.62 and 23.09. The current P/E Ratio is 76.25 based on a stock price of $38.89 and EPS estimate for 2025 of $0.51. This 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 Graham Price of $7.27. The 10-year low, median, and high median Price/Graham Price Ratios are 3.04, 4.17 and 4.79. The current ratio is 5.35 based on a stock price of $38.89. This ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 4.59. The current P/B Ratio is 8.44 based on a Book Value of $68.37M, Book Value per Share of $4.61 and a stock price of $38.89. 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 48.84. The current ratio is 118.87 based on Cash Flow for the last 12 months of $4.86M, Cash Flow per Share of $0.33 and a stock price of $38.89. The current ratio is 143% 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 1.32%. The current dividend yield is 0.82% based on a stock price of $38.89 and dividends of $0.32. The current ratio is 38% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 1.18%. The current dividend yield is 0.82% based on a stock price of $38.89 and dividends of $0.32. The current ratio is 30% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 2.61. The current P/S Ratio is 3.11 based on Revenue estimate for 2025 of $186M, Revenue per Share of $12.52 and a stock price of 38.89. The current ratio is 38.9% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is probably on the expensive side. The dividend yield testing is saying that the stock price is relatively expensive. The P/S Ratio testing is saying the stock price is relative reasonable, but above the median. It is close to being expensive. Most of the testing is saying that the stock price is expensive, except for the P/E Ratio and P/S Ratio tests that says it is reasonable, but above the median.

When I look at analysts’ recommendations, I find Strong Buy (1), and Buy (4). The consensus would be a Strong Buy. The 12 months stock price consensus is $45.80, with a high of $50.00 and low of $41.00. The consensus price of $45.80 implies a total return of 18.59% with 17.77% from capital gains and 0.82% from dividends based on a stock price of $38.89.

There are two entries on Stock Chase for 2024 and they are both buys. Stock Chase gives this stock 4 stars out of 5. Christopher Liew on Motley Fool is an outperforming tech stock you should buy. Chris MacDonald on Motley Fool reviews this stock in 2023 and said it was for long-term investors. The company put out a Press Release on their fourth quarter of 2024 results.

Simply Wall Street via Yahoo Finance reviews this stock and it is worried about the dividends. Dividend Payout Ratios are high. They have one warning on this stock of large one-off items impacting financial results. Simply Wall Street gives this stock 3 and one half stars out of 5.

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. The company serves healthcare systems, services parts, third-party logistics, retail, and general wholesale distribution industries. Geographically, it derives a majority of its revenue from the United States and also has a presence in Canada, Europe, and other regions. 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 Wednesday, July 24, 2024 around 5 pm. Tomorrow on my other blog I will write about Robin Speziale.... learn more on Tuesday, July 23, 2024 around 5 pm.

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

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