Boralex Inc

Sound bite for Twitter and StockTwits is: Dividend Paying Utility. Debt Ratios show that the debt level is high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth suspended. See my spreadsheet on Boralex Inc.

Is it a good company at a reasonable price? I notice that there are various opinions on this stock. The positive points are that shareholders have done well with this stock. Look at the Total Returns over the past 33 years in an item below. Insiders are buying. I think a negative is the lack of their ability to raise dividends. The stock price does seem to be reasonable at this time.

I do not own this stock of Boralex Inc (TSX-BLX, OTC-BRLXF). This stock is on the Money Sense Dividend list (2022, 2023) and the Maple Money Dividend List (2020).

When I was updating my spreadsheet, I noticed that the Dividend Payout Ratios have been very high. As this company has been earning money for the last few years, the DPRs are coming down and probably will end up being a lot more reasonable. They are expected to be in the 50% ranges next year and in the following years.

I noticed that the CEO and CFO has increased their shares in the company over the past year. The Chairman has not, but several officers and directors have. This is a positive sign.

If you had invested in this company in December 2013, for $1,006.26 you would have bought 93 shares at $10.82 per share. In December 2023, after 10 years you would have received $569.25 in dividends. The stock would be worth $3,132.24. Your total return would have been $3,701.49. This would be a total return of 15.57% per year with 12.02% from capital gain and 3.55% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$10.82	$1,006.26	93	10	$569.25	$3,132.24	$3,701.49

If you had invested in this company in December 1992, for $1,001.90 you would have bought 233 shares at $4.30 per share. In December 2023, after 30 years you would have received $1,341.15 in dividends. The stock would be worth $7,847.44. Your total return would have been $9,188.59. This would be a total return of 8.10% per year with 7.10% from capital gain and 1.00% from dividends. Note that in a lot of these years there were not dividends. Dividends were paid consistently since 2014.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$4.30	$1,001.90	233	30	$1,341.15	$7,847.44	$9,188.59

The current dividend yield is moderate with dividend growth suspended. The current dividend yield is moderate (2% - 4%) at 2.02%. The 5 year median yield is low (below 2%) at 1.92%. The 10 year median dividend yield is moderate at 2.96%. The historical median dividend yield is 0% because of there were a couple of dividends between 1996 and 2013, but regular dividends did not start until 2014. So, if you are looking for historical median dividend yields since 2014, it is the same as for the 10 year median dividend, that is 2.96%. The last dividend increase was in 2019 and it was for 4.6%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2023 for Earnings per Share (EPS) is fine at 87% with 5 year coverage much too high at 246%, but the DPR for AFFO is a better measure. The DPR for 2023 for Adjusted Funds from Operations (AFFO) is good at 38% with 5 year coverage at 45%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 115%. The DPR for 2023 for Free Cash Flow (FCF) is good at 23% with 5 year coverage at 36%.

Item	Cur	5 Years
EPS	86.84%	246.27%
AFFO	37.71%	44.83%
CFPS	15.63%	14.97%
FCF	23.14%	36.14%

Debt Ratios show that the debt level is high. The Long Term Debt/Market Cap Ratio for 2023 is fine at 0.87 and currently at 0.87, but I prefer this ratio to be 0.50 or lower. The Liquidity Ratio for 2023 is too low at 1.08 and 0.99 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.77 and currently at 1.46. The Debt Ratio for 2023 is fine at 1.44 and 1.46 currently, but I prefer this ratio to be 1.50 or above. The Leverage and Debt/Equity Ratios for 2023 are too high at 3.92 and 2.71 and currently at 3.95 and 2.71.

Type	Ratio '22	Ratio Curr
Lg Term R	0.87	0.87
Intang/GW	0.35	0.37
Liquidity	1.08	0.99
Liq. + CF	1.77	1.46
Debt Ratio	1.44	1.46
Leverage	3.92	3.95
D/E Ratio	2.71	2.71

The Total Return per year is shown below for years of 5 to 33 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	0.90%	17.92%	14.87%	3.05%
2013	10	2.68%	15.57%	12.02%	3.55%
2008	15	0.00%	12.53%	10.48%	2.05%
2003	20	0.00%	12.69%	11.06%	1.62%
1998	25	0.00%	9.69%	8.58%	1.11%
1993	30	4.15%	8.10%	7.10%	1.00%
1990	33		17.81%	15.38%	2.43%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 33.87, 55.46 and 86.67. The corresponding 10 year ratios are negative, 2.61 and 5.68. The corresponding historical ratios are 7.71, 11.51 and 15.32. The current ratio is 29.35. It depends on what comparison you make whether the ratio is showing the stock as expensive or cheap.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 14.71, 20.59 and 31.40. The corresponding 10 year ratios are 16.63, 21.45, 27.88. The current ratio P/AFFO Ratio is 19.48 based on AFFO estimate for 2024 of $1.68 and a stock price of $32.73. This 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 $24.95. The 10-year low, median, and high median Price/Graham Price Ratios are 1.13, 1.56 and 1.81. The current P/GP Ratio is 1.31 based on a stock price of $32.73. This 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 2.36. The current P/B Ratio is 1.99 based on a stock price of $32.73, Book Value of $1,692M, and Book Value per Share of $16.46. This 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 also have a Book Value per Share estimate for 2024 of $16.66. This implies a ratio of 1.96 based on a stock price of $32.76 and Book Value of $1,712M. This ratio is 17% 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 8.40. The current ratio is 8.85 based on Cash Flow per Share estimate for 2024 of $3.70, Cash Flow of $380M and a stock price of $32.76. This ratio is 5% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 2.96%. The current dividend yield is 2.02% based on dividends of $0.66 and a stock price of $32.73. The current ratio is 32% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. The problem with this test is that the dividends are flat. This test works best if dividends are increasing. However, it is not a good sign when dividends are flat.

The 10-year median Price/Sales (Revenue) Ratio is 3.58. The current ratio is 3.85 based on Revenue estimate for 2024 of $874M, Revenue per Share of $8.50 and a stock price of $32.73. The current ratio is 7.5% 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 still reasonable. The P/S Ratio test says that the stock price is reasonable but above the median. The dividend yield test says that the stock price is expensive, but this is not a good test. The P/AFFO Ratio, P/GP Ratio, P/B Ratio tests all say that the stock price is reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (5), Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $41.36 with a high of $47.00 and low of $36.00. The consensus stock price of $41.36 implies a total return of 28.38% with capital gains of 26.37% and dividend at 2.02% based on a current stock price of $32.73.

There are two analysts’ recommendations on Stock Chase for 2024. One is a Top Pick and the other is Do Not Buy. The Do Not Buy Stock comment is that this company is into clean energy, but he does not think clean energy is a good investment. Chase gives this stock 3 stars out of 5. Amy Legate-Wolfe on Motley Fool thinks this stock current represents a great opportunity. Christopher Liew on Motley Fool says this stock pays a decent dividend, but continues to underperform. The company put out a press release via Newswire about their fourth quarter results for 2023. The company put out a press release via Nation Talk about their second quarter of 2024.

Simply Wall Street via Yahoo Finance reviews this stock and puts out a positive report on the company. Simply Wall Street has one warning of interest payments are not well covered by earnings. Simply Wall Street has 3 and one half stars out of 5 on this company

Boralex is a power producer whose core business is dedicated to the development and operation of renewable energy power stations in Canada, France, the United States, and the United Kingdom. Boralex owns power generation assets across four technologies: wind, solar, hydroelectric, and thermal. Substantially all of its operating assets are subject to indexed fixed-price energy sales contracts. Its web site is here Boralex Inc.

The last stock I wrote about was about was Capital Power Corp (TSX-CPX, OTC-CPRHF) ... learn more. The next stock I will write about will be High Liner Foods (TSX-HLF, OTC-HLNFF) ... learn more on Monday, September 2, 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 Possess the Air by Taras Grescoe learn more...

Capital Power Corp

Sound bite for Twitter and StockTwits is: Dividend Growth Utility. Results of stock price testing is that the stock price is could still be reasonable. Debt Ratios could be improved and ratios show that this company carries a big debt load. The Dividend Payout Ratios (DPR) are currently fine but has been too high over the past 5 years. The current dividend yield is good with dividend growth low. See my spreadsheet on Capital Power Corp.

Is it a good company at a reasonable price? Certainly, the dividend yield is good (5.88%). The Dividend Payout Ratio is currently reasonable. Buying this stock for passive income seems a good reasons to buy. The company does have a lot of debt, but most utilities do. The stock price still seems to be in a reasonable range, but in the top end of this range.

I do not own this stock of Capital Power Corp (TSX-CPX, OTC-CPRHF). Capital power Corp is in John Heinzl's yield Hog model portfolio. In Money Sense annual list of the 100 best dividend stocks for 2021, this stock was rated an A.

When I was updating my spreadsheet, I noticed that for the second quarter in June 2024 that do not state anywhere the number of outstanding shares. The problem is that the outstanding shares increased a lot in the first two quarters of 2024.

If you had invested in this company in December 2013, for $1,001.10 you would have bought 47 shares at $21.30 per share. In December 2023, after 10 years you would have received $848.12 in dividends. The stock would be worth $1,788.48. Your total return would have been $2,626.60. This would be a total return of 12.32% per year with 5.91% from capital gain and 6.41% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$21.30	$1,001.10	47	10	$848.12	$1,778.48	$2,626.60

The current dividend yield is good with dividend growth low. The current dividend yield is good (5% to 6% ranges) at 5.88%. The 5, 10 and historical dividend yields are also good at 5.75%, 6.27% and 5.75%. The dividend growth is low (below 8% per year) at 6.4% per year. The last dividend increase was in 2024 and it was for 6%.

The Dividend Payout Ratios (DPR) are currently fine but has been too high over the past 5 years. The DPR for 2023 for Earnings per Share (EPS) is good at 39% with 5 year coverage is too high at 120%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is good at 39% with 5 year coverage is too high at 101%. The DPR for 2023 for Adjusted Funds from Operations (AFFO) is good at 34% with 5 year coverage at 35%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 21% with 5 year coverage at 26%. The DPR for 2023 for Free Cash Flow (FCF) is too high at 04% with 5 year coverage at 110%. But there is no agreement on what the FCF is each year.

Item	Cur	5 Years
EPS	38.99%	119.52%
AEPS	38.96%	100.87%
AFFO	33.69%	35.41%
CFPS	20.76%	25.98%
FCF	103.57%	110.02%

Debt Ratios could be improved and ratios show that this company carries a bit debt load. The Long Term Debt/Market Cap Ratio for 2023 is too high at 102 and currently fine at 0.85. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2023 which is good at 0.69 and currently at 0.63 because this is an important one for a Utilities. The Liquidity Ratio for 2023 is fine at 1.29 and too low currently at 0.88 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.49 and currently still too low at 1.22. The Debt Ratio for 2023 is fine at 1.40 and 1.48 currently. The Leverage and Debt/Equity Ratios for 2023 are far too high at 4.58 and 3.27 and currently at 3.83 and 2.59.

Type	Year End	Ratio Curr
Lg Term R	1.02	0.85
Lg Term /A	0.69	0.63
Intang/GW	0.17	0.15
Liquidity	1.29	0.88
Liq. + CF	1.49	1.22
Debt Ratio	1.40	1.48
Leverage	4.58	3.83
D/E Ratio	3.27	2.59

The Total Return per year is shown below for years of 5 to 14 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	6.36%	14.13%	7.31%	6.82%
2013	10	6.45%	12.32%	5.91%	6.41%
2009	14	4.57%	9.89%	4.17%	5.73%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 36.69, 42.71 and 50.35. The corresponding 10 year ratios are 24.28, 34.32 and 43.55. The corresponding historical ratios are 22.06, 27.68 and 30.57. The current P/S Ratio is 11.52 based on a stock price of $44.34 and EPS estimate for 2024 of $3.85. The current ratio is below the low ratio for the 10 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 16.72, 19.85 and 22.57. The corresponding 10 year ratios are 16.92, 21.40 and 24.08. The current P/AEPS Ratio is 11.00 based on a stock price of $44.34 and AEPS estimate for 2024 of $4.03. 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 Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 5.04, 5.96 and 7.10. The corresponding 10 year ratios are 5.10, 6.05 and 7.23. The current P/AFFO Ratio is 6.97 based on a stock price of $44.34 and AFFO estimate for 2024 of $6.36. The current ratio is between and 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 $46.70. The 10-year low, median, and high median Price/Graham Price Ratios are 1.00, 1.19 and 1.34. The current P/GP Ratio is 0.95 based on a stock price of $44.34. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 1.35. The current P/B Ratio is 1.84 based on a Book Value of $3,125M, Book Value per Share of $24.05 and a stock price of $44.34. The current ratio is 36% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have a Book Value per Share estimate for 2024 of $26.65. The analyst calculates the Book Value differently and the 10 year median ratio would be 0.86. The P/B Ratio would be 1.66 based on a Book Value of $3,462M and a stock price of $44.34. The current ratio is 92% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.25. The current P/CF Ratio is 5.95 based on a stock price of $44.34, Cash Flow per Share estimate for 2024 of $7.45 and Cash Flow of $968M. The current ratio is 13% above 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 5.75%. The current dividend yield is 5.88% based on dividends of $2.6076 and a stock price of $44.34. The current yield is 2.3% 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 6.27%. The current dividend yield is 5.88% based on dividends of $2.6076 and a stock price of $44.34. The current yield is 6.2% below the 10 year 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 1.66. The current P/S Ratio is 1.82 based Revenue estimate for 2024 of $3,164M, Revenue per Share of $24.35 and a stock price of $44.34. The current ratio is 9.5% 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 could still be reasonable. The dividend yield tests show the stock price to be reasonable and above and below the median. The 10 year dividend yield test shows the stock price to be above the median. The P/S Ratio test confirms this result. The other tests run from Cheap (example P/E test) to expensive (example P/B test).

When I look at analysts’ recommendations, I find Strong Buy (4), Hold (5) and Underperform (1). The consensus would be a Buy. The 12 month consensus stock price is $45.30 with a low of $40.00 and a High of $54.00. The consensus stock price of $45.30 implies a total return of 8.05% with 2.17% from capital gains and 5.88% from dividends based on a current stock price of $44.34.

Analyst mostly like this stock on Stock Chase. In 2024 some think it is a Buy and some a Hold. Amy Legate-Wolfe on Motley Fool thinks now is the time to buy this 6% dividend stock. She also likes it because it is into renewables. Puja Tayal on Motley Fool says this is a cash gushing dividend stock. The company put out a Press Release about their fourth quarter of 2023 results.. The company put out a Press Release about their second quarter of 2024.

Simply Wall Street via Yahoo Finance reviews this stock and talks about how the issuing of new shares affect this company and its shareholders. Simply Wall Street has 4 warnings out on this stock of debt is not well covered by operating cash flow; earnings are forecast to decline by an average of 10.9% per year for the next 3 years; dividend of 5.81% is not well covered by free cash flows; and significant insider selling over the past 3 months. Simply Wall Street gives this stock 4 stars out of 5.

Capital Power Corp is a North American power producer whose principal activities are developing, acquiring, and operating power plants. Through its subsidiary, Capital Power owns and operates a portfolio of natural gas, coal, wind, solar, and solid fuel energy generating facilities. These are located throughout Western and Central Canada and the U.S. Capital Power's natural gas and coal facilities. Its web site is here Capital Power Corp.

The last stock I wrote about was about was ATCO Ltd (TSX-ACO.X, OTC-ACLLF) ... learn more. The next stock I will write about will be Boralex Inc (TSX-BLX, OTC-BRLXF) ... learn more on Friday, August 30, 2024 around 5 pm. Tomorrow on my other blog I will write about Crypto Currencies .... learn more on Thursday, August 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.

Also, on my book blog I have put a review of the book Everything Under the Heavens by Howard French learn more...

ATCO Ltd

Sound bite for Twitter and StockTwits is: Dividend Growth Utility. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is moderate with dividend growth low. See my spreadsheet on ATCO Ltd.

Is it a good company at a reasonable price? This stock is on the MoneySense list in from 2017 to 2023, but it is not on the list in 2024. I have dividend information for the pat 35 year and in 31 of those years, dividends have increased. It does produce a nice dividend and it has grown its dividends. It has not produced any capital gains lately. You expect a utility to produce capitals gains from 3% to 5%. You would buy this for a passive dividend. The stock price is down 11% since its last high in 2019. The current stock price is reasonable.

I do not own this stock of ATCO Ltd (TSX-ACO.X, OTC-ACLLF). I started to look at this stock in 2009 because it was a dividend paying stock that was on everyone’s list. At that time this stock was on the Dividend Achievers list, the Dividend Aristocrats list and also was on Mike Higgs’ list. ATCO (TSX-ACO-X) owns 52.3% (2021) Canadian Utilities (TSX-CU), so you would not buy both these stocks.

When I was updating my spreadsheet, I noticed analysts had expected an increase in Revenue by 1.6% (small increase), but Revenue went down by 4.8%. However, both AEPS and EPS went up more than expected and this year they are the same. It is interesting that there is insider buying over the past year.

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.33%. The 5, 10 and historical dividend yield are also moderate at 4.20%, 3.69% and 2.19%. Dividend growth is low (below 8% per year) at 4.8% per year over the past 5 years. The last dividend increase was in 2024 and it was for 3%. Dividend increases hit a high of 15.2% in 2016 and have been dropping ever since.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2023 for Earnings per Share (EPS) is fine at 50% with 5 year coverage at 56%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is fine at 50% with 5 year coverage at 52%. It is better if the DPR on AEPS is no higher than the 40% range. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 10% with 5 year coverage at 11%. The DPR for 2023 for Free Cash Flow (FCF) is high at 195% with 5 year coverage at 40%. However, no place I look has agreed on what the FCF is, so I am dismissing FCF.

Item	Cur	5 Years
EPS	49.80%	56.06%
AEPS	49.93%	52.24%
CFPS	10.69%	10.54%
FCF	195.45%	39.18%

Debt Ratios are fine. The Long Term Debt/Covering Assets Ratio for 2023 is good at 0.50 and currently at 0.52. The Long Term Debt/Market Cap Ratio for 2023 is high at 2.42 and currently at 2.12. The Liquidity Ratio for 2023 is low at 1.14 and 1.59 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.22 and currently at 3.28. The Debt Ratio for 2023 is good at 1.50 and 1.52 currently. The Leverage and Debt/Equity Ratios for 2023 are fine at 2.98 and 1.50 and currently at 2.92 and 1.52.

Type	Year End	Ratio Curr
Lg Term A	0.50	0.52
Lg Term R	2.42	2.12
Intang/GW	0.29	0.24
Liquidity	1.14	1.59
Liq. + CF	2.22	3.28
Debt Ratio	1.50	1.52
Leverage	2.98	2.92
D/E Ratio	1.50	1.52

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	4.78%	4.62%	0.03%	4.59%
2013	10	9.75%	1.52%	-1.86%	3.38%
2008	15	9.77%	8.85%	4.85%	4.00%
2003	20	9.32%	10.07%	6.11%	3.96%
1998	25	10.14%	9.21%	5.75%	3.46%
1993	30	12.21%	11.69%	7.78%	3.92%
1988	35	10.96%	13.16%	8.97%	4.18%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.40, 13.67 and 14.94. The corresponding 10 year ratios are 12.35, 14.07 and 16.21. The corresponding historical ratios are 8.99, 10.54 and 12.18. The current P/E Ratio is 10.98 based on a stock price of $45.25 and EPS estimate for 2024 of $4.12. The current P/E Ratio is below the low ratio of the 10 year median ratio. 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 10.85, 12.28 and 13.72. The corresponding 10 year ratios are 11.14, 13.41 and 15.89. The current P/AEPS Ratio is 10.98 based on a stock price of $45.25 and EPS estimate for 2024 of $4.12. The current P/E Ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $60.57. The 10-year low, median, and high median Price/Graham Price Ratios are 0.73, 0.87 and 1.04. The current P/CF Ratio is 0.75 based on a stock price of $45.25. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.25. The current ratio is 1.14 based on a Book Value of $4,439M, Book Value per Share of $39.58 and a stock price of $45.25. The current ratio is8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Book Value per Share estimate of $40.94 for 2024. This implies a ratio of 1.11 and Book Value of $4,592M based on a stock value of $45.25. This ratio is 11.7% 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 2.76. The current P/CF Ratio is 2.45 based on Cash Flow per Share estimate for 2024 of $18.50, Cash Flow of $2075M and a stock price of $45.25. The current ratio is 11.4% 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 2.19%. The current dividend yield is 4.33% based on a stock price of $45.25 and dividends of $1.952. The current dividend yield is 98% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 3.69%. The current dividend yield is 4.33% based on a stock price of $45.25 and dividends of $1.952. The current dividend yield is 17% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

The 10-year median Price/Sales (Revenue) Ratio is 1.12. The current P/S Ratio is 0.99 based on Revenue estimate for 2024 of $5,131M, Revenue per Share of $45.75 and a stock price of $45.25. The current ratio is 12% 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 median dividend yield test says that the stock price is relatively reasonable. This is confirmed by the P/S Ratio test. Most of the testing says that the stock price is relatively reasonable, but some like the historical median dividend yield test and the P/S Ratio tests, says that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1) and Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $47.75, with a high of $51.00 and low of $45.00. The consensus price of $47.75 implies a total return of 9.85% with 5.52% from capital gains and 4.33% from dividends based on a stock price of $45.25.

There are mixed views by analyst on Stock Chase about this stock. A negative for one analyst is that it is a good dividend stock, but there is not much in capital gains. Stock Chase gives this stock 3 stars out of 5. Christopher Liew on Motley Fool likes this stock because it is a dividend aristocrat. That is true, but it is not on the Money Sense list which I like better. Jitendra Parashar on Motley Fool says buy this for passive income. The company put out a Press Release about their Second Quarter of 2024 results. The company put out a Press Release about their fourth quarter of 2023.

Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street has two warnings out on this stock of interest payments are not well covered by earnings, and earnings have declined by 2.5% per year over past 5 years.

Atco Ltd is a Canadian holding company that offers gas, electric, and infrastructure solutions. The largest subsidiary of the company is Canadian utilities, which operates natural gas, electricity, and logistical services. Atco's primary segments include Structures and Logistics, ATCO Energy Systems, ATCO EnPower, and Corporate and Other. It generates maximum revenue from the ATCO Energy Systems segment. Geographically, it derives most of its revenue from Canada. Its web site is here ATCO Ltd.

The last stock I wrote about was about was Exchange Income Corp (TSX-EIF, OTC-EIFZF) ... learn more. The next stock I will write about will be Capital Power Corp (TSX-CPX, OTC-CPRHF) ... learn more on Wednesday, August 28, 2024 around 5 pm. Tomorrow on my other blog I will write about TFI Internation Inc.... learn more on Tuesday, August 27, 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.

Exchange Income Corp

Sound bite for Twitter and StockTwits is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probable reasonable. Most Debt Ratios are fine, but the company has too much debt. Some Dividend Payout Ratios (DPR) are too high, but they are coming down to more reasonable levels. The current dividend yield is good with dividend growth low. See my spreadsheet on Exchange Income Corp .

Is it a good company at a reasonable price? This company has certainly done well for its shareholders in the past. The dividend yields have been quite high in the past because the company used to be an income trust. However, the dividend yields have been generally declining since the Income Trust law changes effective 2011. This will probably continue. The company does have a lot of debt. The stock price is generally testing as reasonable, but at the high end of that range.

I do not own this stock of Exchange Income Corp (TSX-EIF, OTC-EIFZF). One of my blogger readers suggested this stock as one to review. There was an interesting article about this stock in the G&M in May 2013. This article suggested that the company had a hefty yield with an acquisition tailwind. This article is no longer available.

When I was updating my spreadsheet, I noticed as with a lot of companies lately, growth has slowed between 5 years and 10 years. See AEPS, Cash Flow and Net Income. Revenue has picked up. This company has done well for their shareholders. See total return in the chart further down in my blog entry. However, a lot of the total return is in dividends.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	107.61%	15.73%	4.33%	<-12 mths
5	AEPS Growth	9.64%	1.86%	-9.77%	<-12 mths
5	FCF per Share Growth	15.36%	2.90%	6.05%	<-12 mths
5	Net Income Growth	72.83%	11.56%	-5.38%	<-12 mths
5	Cash Flow Growth	114.54%	16.49%	7.16%	<-12 mths
5	Dividend Growth	16.72%	3.14%	4.35%	<-12 mths
5	Stock Price Growth	59.59%	9.80%	7.32%	<-12 mths
10	Revenue Growth	142.55%	9.26%	9.51%	<-this year
10	AEPS Growth	403.01%	17.53%	0.98%	<-this year
10	FCF per Share Growth	227.78%	12.61%	-7.51%	<-this year
10	Net Income Growth	1261.39%	29.84%	11.69%	<-this year
10	Cash Flow Growth	5649.51%	49.96%	7.16%	<-this year
10	Dividend Growth	50.60%	4.18%	4.74%	<-this year
10	Stock Price Growth	99.56%	7.15%	7.32%	<-this year

If you had invested in this company in December 2013, for $1,017.00 you would have bought 45 shares at $22.60 per share. In December 2023, after 10 years you would have received $964.46 in dividends. The stock would be worth $2,029.50. Your total return would have been $2,993.96. This would be a total return of 14.18% per year with 7.15% from capital gain and 7.03% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$22.60	$1,017.00	45	10	$964.46	$2,029.50	$2,993.96

The current dividend yield is good with dividend growth low. The current dividend yield is good (5% to 6% ranges) at 5.32%. The 5 and 10 year dividend yields are also good at 5.52% and 6.07%. The historical median dividend yield is high (7% and above) at 7.30%. This company used to be an income trust and they can have very high dividend. The dividend growth is low (below 8% per year) at 3% per year. The company has appeared on the Money Sense list in the past, but it is not on the current list for 2024.

Some Dividend Payout Ratios (DPR) are too high, but they are coming down to more reasonable levels. The DPR for 2023 for Earnings per Share (EPS) is too high at 95% with 5 year coverage at 113%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is too high at 82% with 5 year coverage at 102%. The DPR for 2023 for Free Cash Flow (FCF) stated by the company is fine at 61% with 5 year coverage at 64%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 29% with 5 year coverage at 31%. The DPR for 2023 for Free Cash Flow (FCF) is fine at 57% with 5 year coverage at 59%.

Item	Cur	5 Years
EPS	95.47%	112.93%
AEPS	82.41%	101.69%
FCF Co.	61.26%	64.22%
CFPS	29.39%	31.10%
FCF	56.78%	58.89%

Most Debt Ratios are fine, but the company has too much debt. The Long Term Debt/Market Cap Ratio for 2023 is fine at 0.86 and currently at 0.83 but I do prefer these at 0.50 or less. The Liquidity Ratio for 2023 is good at 1.87 and 1.77 currently. The Debt Ratio for 2023 is fine, but a bit low at 1.44 and 1.43 currently. The Leverage and Debt/Equity Ratios for 2023 are too high at 3.28 and 2.28 and currently at 3.33and 2.33. I prefer these ratios to be below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.86	0.83
Intang/GW	0.49	0.46
Liquidity	1.87	1.77
Liq. + CF	2.25	2.15
Debt Ratio	1.44	1.43
Leverage	3.28	3.33
D/E Ratio	2.28	2.33

The Total Return per year is shown below for years of 5 to 20 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	3.14%	16.74%	9.80%	6.94%
2013	10	4.18%	14.18%	7.15%	7.03%
2008	15	3.52%	23.36%	11.34%	12.01%
2003	20	8.47%	34.16%	13.40%	20.76%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 16.02, 18.47 and 20.92. The corresponding 10 year ratios are 13.45, 16.47 and 20.49. The corresponding historical ratios are 13.01, 15.80 and 19.30. The current P/E Ratio is 18.47 based on a stock price of $49.58 and EPS estimate for 2024 of $2.69. 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/Adjusted Earnings per Share Ratios are 12.12, 15.94 and 18.06. The corresponding 10 year ratios are 10.80, 14.16 and 17.51. The current ratio is 15.99 based on a stock price of $49.58 and AEPS estimate for 2024 of $3.10. 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 Free Cash Flow per Share (FCF) data from the company. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 9.51, 11.23 and 13.28. The corresponding 10 year ratios are 8.76, 11.17 and 13.35. The current ratio is 12.98 based on a stock price of $49.58 and FCF estimate for 2024 of $3.82. 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 get a Graham Price of $36.71. The 10-year low, median, and high median Price/Graham Price Ratios are 0.81, 1.12 and 1.33. The current P/GP Ratio is 1.16 based on a stock price of $49.58. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.87. The current P/B Ratio is 2.57 based on a Stock Price of $49.58, Book Value of $1,224M, and Book Value per Share of $25.98. The current ratio is 2% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Book Value per Share estimate for 2024 of $27.22. In this analysis, the P/B Ratio is calculated different and the 10 year median ratio is 1.81. This PVPS implies a P/B Ratio of 1.82, Book Value of $1,283M with stock price of $49.58. This ratio of 1.82 is 0.8% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 5.91. The current P/CF Ratio is 6.17 based on Cash Flow for the last 12 month to the end of the Second Quarter of $378.5M, Cash Flow per Share of $8.03 and a stock price of $49.58. This ratio is 4.5% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 7.30%. The current dividend yield is 5.32% based on a stock price of $49.58 and dividends of $2.64. The current yield is 27% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this stock used to be an income trust company and these companies and pay much higher dividends than corporations.

I get a 10 year median dividend yield of 6.07%. The current dividend yield is 5.32% based on a stock price of $49.58 and dividends of $2.64. The current yield is 12% 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 1.09. The current P/S Ratio is 0.85 based on Revenue estimate for 2024 of $2,736M, Revenue per Share of $58.04 and a stock price of $49.58. The current ratio is 21.9% 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 probable reasonable. The 10 year dividend yield testing is showing the stock price as relatively reasonable, but above the median. It is interesting that the P/S Ratio test is the only one to show that the stock price is cheap. All of the rest of the testing is showing that the stock price is reasonable, but above the median.

When I look at analysts’ recommendations, I find Strong Buy (5), and Buy (4). The consensus would be a Strong Buy. The 12 month stock price consensus is $64.94, with a high of $72.00 and low of $60.00. The consensus price of $64.94 implies a total return of 36.30% with 30.98% from capital gains and 5.32% from dividends based on a current stock price of $49.58.

There are 5 buys out of 8 recommendations on Stock Chase for 2024. The most recent negative report talks about this company missing estimate for EPS and Revenue. Stock Chase gives this stock 4 stars out of 5. Kay Ng on Motley Fool thinks this is a good stock for passive income for your TFSA. Demetris Afxentiou on Motley Fool thinks this is a good stock to buy for passive income. The company put out a press release via Yahoo Finance about the second quarter. The company put out a press release via Yahoo Finance about their 2023 year end results.

Simply Wall Street via Yahoo Finance talks about 3 Canadian small caps with insider buying. The last stock on this report is Exchange Income Corp. Simply Wall Street gives this stock 3 and one half stars out of 5. Simply Wall Street has 3 warnings of interest payments are not well covered by earnings; dividend of 5.34% is not well covered by earnings or free cash flows; and shareholders have been diluted in the past year.

Exchange Income Corp is a diversified, acquisition-oriented corporation focused on opportunities in two sectors, aerospace, aviation services and equipment, and manufacturing. The business plan of the corporation is to invest in profitable, well-established companies with cash flows operating in niche markets. Its web site is here Exchange Income Corp .

The last stock I wrote about was about was Alimentation Couche-Tard Inc (TSX-ATD, OTC-ANCUF) ... learn more. The next stock I will write about will be ATCO Ltd (TSX-ACO.X, OTC-ACLLF) ... learn more on Monday, August 26, 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.

Alimentation Couche-Tard Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Consumer. Results of stock price testing is that the stock price is reasonable, but could be expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth good. See my spreadsheet on Alimentation Couche-Tard Inc.

Is it a good company at a reasonable price? A number of analysts are worried about the possible purchase by this company of 7-Eleven stores. The company already has a lot of debt. This company has certainly done well for its shareholders in the past. Of course, it is never certain how a purchase of another company will work out. I do wonder about the reasonableness of the current stock price as so many of the stock price tests are showing the stock price as expensive. It could be at the high end of the reasonableness stock price range.

I do not own this stock of Alimentation Couche-Tard Inc (TSX-ATD, OTC-ANCUF), but I used to. In 2004 I bought this stock as it had a good reputation and my spreadsheet showed I should do well with it. The only problem I had with it then was it had no dividend. I bought more of this stock in 2006 as it had a good past record and had started to pay a dividend. By the year end I bought more as TD Bank said it was a good time to buy this stock.

I sold the stock in my trading account in 2007 as I was raising mortgage money and this stock had gone down so it was cheap, tax wise, to sell. (In the end, I did not buy a condo, but I came close.) In 2013, I sold the stock in my Pension account as it had the lowest dividend yield and I had to raise money in this account because of yearly withdrawals.

When I was updating my spreadsheet, I noticed that the CEO is selling off shares and the number of shares he has decreased by 65% over the past year. The new CFO who joined last year has no shares. The Chairman increased his shares over the past year by 0.13%, but he has over 123M shares. The problem is that people can sell for all sorts of reasons, but generally only buy because they feel positive about the company.

This company is seeking to buy 7-Eleven Stores. See article on Financial Post

This stock is growing well and providing a good return to shareholders. See growth in the chart below and Shareholders Total Return furth down in this report. 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 2025 (July 2024) and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth US$	17.16%	3.22%	12.97%	<-12 mths
5	AEPS Growth	69.46%	11.12%	-0.36%	<-12 mths
5	Net Income Growth	48.85%	8.28%	11.00%	<-12 mths
5	Cash Flow Growth	56.22%	9.33%
5	Dividend Growth	205.80%	25.05%	7.21%	<-12 mths
5	Stock Price Growth	89.32%	13.62%	9.48%	<-12 mths
10	Revenue Growth US$	82.48%	6.20%	10.02%	<-this year
10	AEPS Growth	293.01%	14.67%	7.12%	<-this year
10	Net Income Growth	236.50%	12.90%	12.76%	<-this year
10	Cash Flow Growth	237.03%	12.92%
10	Dividend Growth	770.32%	24.16%	12.42%	<-this year
10	Stock Price Growth	294.42%	14.71%	9.48%	<-this year

If you had invested in this company in December 2013, for $1,011.94 you would have bought 76 shares at $13.32 per share. In December 2023, after 10 years you would have received $217.93 in dividends. The stock would be worth $5,930.28. Your total return would have been $6,148.21. This would be a total return of 20.17% per year with 19.34% from capital gain and 0.82% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$13.32	$1,011.94	76	10	$217.93	$5,930.28	$6,148.21

The current dividend yield is low with dividend growth good. The current dividend yield is low (below 2%) at 0.86. The 5, 10 and historical median dividend yields are low at 0.79%, 0.65% and 0.67%. The dividend growth is good (15% and above) at 24.3% per year over the past 5 years. The last dividend increase was in 2024 and it was for 25%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2023 for Earnings per Share (EPS) is good at 16% with 5 year coverage at 12%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is good at 16% with 5 year coverage at 12%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 8%. The DPR for 2023 for Free Cash Flow (FCF) is good at 17% with 5 year coverage at 12%.

Item	Cur	5 Years
EPS	16.36%	12.31%
AEPS	16.42%	12.06%
CFPS	9.48%	7.57%
FCF	16.72%	11.54%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2023 is good at 0.17 and currently at 0.16. The Liquidity Ratio for 2023 is low at 0.96 and 0.96 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.51 and currently at 1.52. The Debt Ratio for 2023 is good at 1.56 and 1.56 currently. The Leverage and Debt/Equity Ratios for 2023 are fine at 2.80 and 1.79and currently at 2.80 and 1.79.

Type	Year End	Ratio Curr
Lg Term R	0.17	0.16
Intang/GW	0.20	0.18
Liquidity	0.96	0.96
Liq. + CF	1.51	1.52
Debt Ratio	1.56	1.56
Leverage	2.80	2.80
D/E Ratio	1.79	1.79

The Total Return per year is shown below for years of 5 to 31 to the end of 2023 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.
2018	5	24.28%	18.95%	18.11%	0.87%
2013	10	26.43%	20.17%	19.34%	0.75%
2008	15	24.57%	27.20%	26.10%	1.18%
2003	20	16.55%	20.81%	20.12%	0.68%
1998	25		24.13%	23.42%	0.71%
1993	30		31.28%	30.25%	0.98%
1992	31		32.43%	31.33%	1.14%

The Total Return per year is shown below for years of 5 to 31 to the end of 2023 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.
2018	5	25.05%	19.66%	18.79%	0.87%
2013	10	24.16%	17.38%	16.63%	0.75%
2008	15	23.69%	26.62%	25.44%	1.18%
2003	20	15.48%	19.28%	18.60%	0.68%
1998	25		22.68%	21.98%	0.71%
1993	30		29.02%	28.03%	0.98%
1992	31		31.28%	30.14%	1.14%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.11, 14.22 and 16.38. The corresponding 10 year ratios are 13.35, 15.64 and 18.28. The corresponding historical ratios are 12.50, 15.96 and 19.85. The current P/E Ratio is 14.26 based on a stock price of $80.43 and EPS estimate for 2025 of $5.64 ($4.14 US$). 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. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 12.49, 14.44 and 17.51. The corresponding 10 year ratios are 13.97, 16.83 and 19.68. The current P/AEPS Ratio is 19.70 based on AEPS estimate for 2025 of $3.01 and a stock price of $59.31. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get the same result in CDN$.

I get a Graham Price of $41.64. The 10-year low, median, and high median Price/Graham Price Ratios are 1.35, 1.57 and 1.81. The current ratio is 1.93 based on a stock price of $80.43. This ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 3.52. The current P/B Ratio is 4.30 based on a stock price of $59.31, Book Value of $13,189M, and Book Value per Share of $13.79. The current ratio is 22% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get the same result in CDN$.

I also have a Book Value per Share estimate for 2024 of $15.07. This implies a ratio of 3.94 and Book Value of $14,148M with a stock price of $59.31. This ratio is 12% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$ and you will get the same result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 10.81. The current P/CF Ratio is 11.54 based on Cash Flow per Share estimate for 2025 of $5.14, Cash Flow of $4,917M and a stock price of $59.31. The current ratio is 6.7% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$ and you will get the same result in CDN$.

I get an historical median dividend yield of 0.67%. The current dividend yield is 0.87% based on dividends of $0.70 and a stock price of $80.43. The current ratio is 30% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

I get a 10 year median dividend yield of 0.65%. The current dividend yield is 0.87% based on dividends of $0.70 and a stock price of $80.43. The current ratio is 34% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 0.64. The current P/S Ratio is 0.74 based on Revenue estimate for 2025 of $78,250M, Revenue per Share of $79.65 and a stock price $59.31. The current ratio is 16.8% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$ and you will get the same result in CDN$.

Results of stock price testing is that the stock price is reasonable, but could be expensive. It is only the dividend yield testing and EPS Ratio testing that is showing the stock as cheap. Others are showing it was either as reasonable but above the median or expensive. The P/S Ratio testing is showing the price as reasonable but above the median.

When I look at analysts’ recommendations, I find Strong Buy (8), Buy (5) and Hold (2). The consensus would be a Strong Buy. The 12 month stock price consensus is $87.80 ($64.43 US$) with a high of $96.67 ($70.94 US$) and low of $80.24 ($58.88 US$). The consensus price of $87.80 implies a total return of 10.03% with 9.16% from capital gains and 0.87% from dividends.

Most of the recommendations are a buy on Stock Chase for this company. However, the last ones are negative because this company has put out an offer to buy 7-Eleven Parent Company. Stock Chase gives this stock 5 stars out of 5. Chris MacDonald on Motley Fool thinks this is a great company to buy to make your retirement dreams come true. Amy Legate-Wolfe on Motley Fool thinks that this stock can help you get to $1 million. The company put out a press release via Newswire about their fourth quarter results in 2024.

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

Alimentation Couche-Tard Inc operates a network of convenience stores across North America, Europe, and Asia. In addition, the company operates more stores under the Circle K banner in other countries such as Indonesia, Egypt, Macau, and others. Its operation is geographically divided into the U.S., Europe and other regions, and Canada. Revenue from external customers falls mainly into three categories: merchandise and services, road transportation fuel, and others. Its web site is here Alimentation Couche-Tard Inc.

The last stock I wrote about was about was Chemtrade Logistics Income Fund (TSX-CHE.UN, OTC-CGIFF) ... learn more. The next stock I will write about will be Exchange Income Corp (TSX-EIF, OTC-EIFZF) ... learn more on Friday, August 23, 2024 around 5 pm. Tomorrow on my other blog I will write about Toromont Industries Ltd.... learn more on Thursday, August 22, 2024 around 5 pm.

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