Stantec Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Industrial. Results of stock price testing is that the stock price is relatively expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on Stantec Inc.

Is it a good company at a reasonable price? First, I would not buy a dividend stock with a dividend below 1%. It just takes too long to get to a good dividend yield on the original stock price. This stock, in the past, has had dividends over 1%. I know analysts have given it a buy rating, but analyst recommendations almost always are buys. Paying too much for a stock can adversely affect your long term returns. All my testing is showing that the stock price is relatively expensive. I think it is a good company, but it is currently relatively expensive.

I do not own this stock of Stantec Inc (TSX-STN, NYSE-STN), but I used to. I bought and sold this stock between 2008 and 2011 and did not make any money. It was a non-core holding. With their new policy of dividends, this stock has become more interesting.

When I was updating my spreadsheet, I noticed that both the CEO and Chairman have bought more stock over the past year. They have a new CFO who has bought shares over the past year since becoming CFO.

This company has had fairly good growth over the past 5 and 10 years. Analysts seem to expect this to continue this year. 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 this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	51.00%	8.59%	41.12%	<-12 mths
5	AEPS Growth	101.65%	15.06%	12.26%	<-12 mths
5	Net Income Growth	598.73%	47.52%	2.02%	<-12 mths
5	Cash Flow Growth	215.59%	25.84%	2.79%	<-12 mths
5	Dividend Growth	45.71%	7.82%	7.84%	<-12 mths
5	Stock Price Growth	255.67%	28.89%	12.86%	<-12 mths
10	Revenue Growth	176.48%	10.70%	14.78%	<-this year
10	AEPS Growth	133.76%	8.86%	17.44%	<-this year
10	Net Income Growth	126.54%	8.52%	13.92%	<-this year
10	Cash Flow Growth	100.16%	7.19%	27.32%	<-this year
10	Dividend Growth	137.21%	9.02%	9.15%	<-this year
10	Stock Price Growth	223.05%	12.44%	12.86%	<-this year

If you had invested in this company in December 2013, for $1,020.83 you would have bought 31 shares at $32.95 per share. In December 2023, after 10 years you would have received $171.28 in dividends. The stock would be worth $3,297.78. Your total return would have been $3,469.06. This would be a total return of 14.41% per year with 12.44% from capital gain and 0.97% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$32.93	$1,020.83	31	10	$171.28	$3,297.78	$3,469.06

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 0.70%. The 5, 10 and historical median dividend yields are also low at 1.15%, 1.31% and 1.31%. The dividend growth has been moderate (below 8% per year) over the past 5 years at 7.8%. The last dividends increase 2024 and it was for 7.7%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2023 for Earnings per Share (EPS) is good at 26% with 5 year coverage at 32%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is good at 21% with 5 year coverage at 25%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 13% with 5 year coverage at 7%. The DPR for 2023 for Free Cash Flow (FCF) is good at 15% with 5 year coverage at 15%. The sites I looked at all disagree on what the FCF is.

Item	Cur	5 Years
EPS	25.67%	32.16%
AEPS	20.84%	25.21%
CFPS	13.39%	6.87%
FCF	15.44%	14.93%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2023 is good at 0.08 and currently at 0.11. The Liquidity Ratio for 2023 is low at 1.41 and 1.42 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.69 and currently at 1.74. The Debt Ratio for 2023 is good at 1.83 and 1.65 currently. The Leverage and Debt/Equity Ratios for 2023 are fine at 2.20 and 1.20 and currently at 2.54 and 1.54.

Type	Year End	Ratio Curr
Lg Term R	0.08	0.11
Intang/GW	0.22	0.22
Liquidity	1.41	1.42
Liq. + CF	1.69	1.74
Debt Ratio	1.83	1.65
Leverage	2.20	2.54
D/E Ratio	1.20	1.54

The Total Return per year is shown below for years of 5 to 29 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	7.82%	30.26%	28.89%	1.37%
2013	10	9.02%	13.41%	12.44%	0.97%
2008	15	8.88%	14.78%	13.91%	0.87%
2003	20		16.66%	15.94%	0.73%
1998	25		20.05%	19.34%	0.71%
1994	29		12.40%	11.99%	0.42%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 21.82, 27.74 and 31.38. The corresponding 10 year ratios are 22.30, 27.07 and 30.53. The corresponding historical ratios are 16.07, 16.68 and 25.29. The current P/E Rati is 37.78 based on a stock price of $121.38 and EPS estimate for 2024 of $3.13. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 16.95, 19.67 and 22.26. The corresponding 10 year ratios are 16.57, 18.85 and 21.07. The current P/AEPS Ratio is 28.16 based on a stock price of $121.38 and AEPS estimate for 2024 of $4.31. 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.

I get a Graham Price of $48.21. The 10-year low, median, and high median Price/Graham Price Ratios are 1.18, 1.33 and 1.54. The current ratio is 2.52 based on a stock price of $121.38. The current ratio is above the high ratio for 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 2.28. The current ratio is 5.07 based on a stock price of $121.38, Book Value of $2,733M and Book Value per Share of $23.96. The current ratio is 122% 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 14.94. The current P/CF 19.96 based on Cash Flow per Share estimate for 2024 of $6.08, Cash Flow of $693.5M and a stock price of $121.38. The current ratio is 34% 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 1.31%. The current dividend yield is 0.69% based on dividends of $0.84 and a stock price of $121.38. The current dividend yield is 47% 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 1.31%. The current dividend yield is 0.69% based on dividends of $0.84 and a stock price of $121.38. The current dividend yield is 47% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 1.24. The current P/S Ratio is 2.38 based on Revenue estimate for 2024 of $5,815M, Revenue per Share of $50.98 and a stock price of $121.38. The current ratio is 92% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is relatively expensive. The dividend yield tests say that the stock price is expensive. This is confirmed by the P/S Ratio test. All the tests say that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (6) and Hold (2). The consensus is a Buy. The 12 month stock price of $131.54 with a high of $145.00 and low of $120.00. The consensus stock price implies a total return of 9.06% with 8.37% from capital gains and 0.69% from dividends.

Analysts on Stock Chase mainly think that this stock is a buy. However, one analyst prefers WSP and one thinks the price is too high. Stock Chase gives this stock 4 stars out of 5. Amy Legate-Wolfe on Motley Fool thinks this is a good infrastructure stock to buy. Brian Paradza on Motley Fool thinks this growth stock will power up investors’ portfolios. . . .

Stantec Inc is a sustainable engineering, architecture, and environmental consulting company. The company is geographically diversified in three regional operating units namely Canada, United States and Global offering similar services across all regions. Its web site is here Stantec Inc.

The last stock I wrote about was about was Keg Royalties Income Fund (TSX-KEG.UN, OTC-KRIUF) ... learn more. The next stock I will write about will be Methanex Corp (TSX-MX, NASDAQ-MEOH) ... learn more on Monday, December 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.

Keg Royalties Income Fund

Sound bite for Twitter and StockTwits is: Dividend Paying Consumer. Results of stock price testing is that the stock price is probably cheap but with a caution. Debt Ratios are probably fine. For Dividend Payout Ratios (DPR) this company probably can afford to payout all they get in, but no more and current ones are under 100%. The current dividend yield is high with dividend growth suspended. See my spreadsheet on Keg Royalties Income Fund.

Is it a good company at a reasonable price? This Income Fund is dependent on one client, The Keg Restaurant and little in the way of financial information beyond Revenue, is given for the Keg. I see this as a problem. It is also not followed by analysts as there are no analyst recommendations and no analysts estimates. This is a big negative to me.

I do not own this stock of Keg Royalties Income Fund (TSX-KEG.UN, OTC-KRIUF). This was a stock suggested by one of my readers. I like dinning at The Keg. I find the food very good. At stock forums I viewed, investors liked this company as it is guaranteed 4% of the sales at Keg restaurants as income to the fund. So, I decided to take a look at it.

When I was updating my spreadsheet, I noticed that they had larger earnings this year than in other years because they had a Fair Value Gain on Exchangeable Partnership Units. Other years there were Fair Value Losses on Exchangeable Partnership Units.

If you had invested in this company in December 2013, for $1,002.84 you would have bought 61 shares at $16.44 per share. In December 2023, after 10 years you would have received $626.63 in dividends. The stock would be worth $849.73. Your total return would have been $1,476.36. This would be a total return of 5.04% per year with 1.64% from capital loss and 6.69% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.44	$1,002.84	61	10	$626.63	$849.73	$1,476.36

The current dividend yield is high with dividend growth suspended. The current dividend yield is high (7% and above) at 7.48%. The 5 and 10 year median dividend is good (5% to 6% ranges) at 6.89% and 5.89%. The historical median dividend yield is high at 7.08%. They cut the dividend in 2020, but it is now back to what it was in 2019. The was no increase in 2023 and so far in 2024. There were increases in 2021 and 2022 to get dividend back to where it was in 2019.

For Dividend Payout Ratios (DPR) this company probably can afford to payout all they get in, but no more and current ones are under 100%. The DPR for 2023 for Earnings per Share (EPS) is high at 99% with 5 year coverage far too high at 165%. The DPR for 2023 for Distributable Cash Flow (DCF) is high at 98% with 5 year coverage is far too high at 102%. The DPR for 2023 for Cash Flow per Share (CFPS) is fine at 48% with 5 year coverage at 50%. The DPR for 2023 for Free Cash Flow (FCF) is too high at 99% with 5 year coverage also too high at 100%.

Item	Cur	5 Years
EPS	98.80%	164.97%
DCF	97.98%	102.35%
CFPS	48.33%	50.35%
FCF	99.38%	99.99%

Debt Ratios are probably fine. The Long Term Debt/Market Cap Ratio for 2023 is fine at 0.93 and currently at 0.89. The Liquidity Ratio for 2023 is good at 1.51 and low at 0.04 currently (due to reclassifying liabilities). If you added in Cash Flow after dividends, the ratios are fine at 1.53 and low at 0.14. The Debt Ratio for 2023 is good at 1.69 and 1.64 currently. The Leverage and Debt/Equity Ratios for 2023 are fine at 2.44 and 1.44 and currently at 2.55 and 1.55.

Type	Year End	Ratio Curr
Lg Term R	0.93	0.89
Intang/GW	0.75	0.76
Liquidity	1.51	0.04
Liq. + CF	4.32	0.14
Debt Ratio	1.69	1.64
Leverage	2.44	2.55
D/E Ratio	1.44	1.55

The Total Return per year is shown below for years of 5 to 21 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%	3.54%	-2.84%	6.38%
2013	10	1.69%	5.04%	-1.64%	6.69%
2008	15	-0.76%	18.14%	5.05%	13.09%
2003	20	0.25%	11.88%	1.77%	10.11%
2001	21	3.60%	10.89%	1.52%	9.37%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 10.16, 14.43 and 15.53. The corresponding 10 year ratios are 15.13, 18.49, and 20.93. The corresponding historical ratios are 10.98, 13.11 and 14.42. The current P/E Ratio is 23.89 based on a stock price of $15.05 and EPS for the last 12 months of $0.63. This P/E Ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $11.26. The 10-year low, median, and high median Price/Graham Price Ratios are 1.18, 1.38 and 1.56. The current P/GP Ratio is 1.34 based on a stock price of $15.05. 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 1.96. The current ratio is 1.68 based on a Book Value of $101.6M, Book Value per Share of $8.95 and a stock price of $15.05. The current ratio is 14% 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 8.54. The current P/CF Ratio is 6.14 based on Cash Flow for the last 12 months of $27.8M, Cash Flow per Share of $2.45 and a stock price of $15.05. The current ratio is 37% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 7.08%. The current dividend yield is 7.54% based on dividends of $1.135 and a stock price of $15.05. The current dividend is 7% 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 5.89%. The current dividend yield is 7.54% based on dividends of $1.135 and a stock price of $15.05. The current dividend is 28% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 0.36. The current P/S Ratio is 0.23 based on Revenue for the last 12 months of $734M, Revenue per Share of $64.64 and a stock price of $15.05. The current ratio is 35% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap but with a caution. Both the 10 year median dividend yield test and the P/S Ratio test says that the stock price is cheap. The P/E test says the stock is expensive, but the rest says cheap to reasonable. I am using values from the last 12 months to the third quarter. There are no estimates by any analysts. There is no recommendation by any analyst. This is very unusual. You have to wonder why this stock is not being followed by anyone.

When I look at analysts’ recommendations, I find that there are 0 analysts following this stock. I looked at a number of sites and none have any analysts’ recommendations.

There is only one analyst on Stock Chase for 2024 and it was a past pick and the analysts also recommends a trailing stop at $13.50. Stock Chase gives this stock 4 stars out of 5. Aditya Raghunath on Motley Fool likes this stock for its dividend. Amy Legate-Wolfe on Motley Fool likes it for a passive dividend stock. The company put out a Press Release on their fourth quarter of 2023. The company put out a Press Release about their third quarter of 2024.

A site I have not been to before called Sure Dividend put out a report on this stock in October 2024. Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street put out 4 warnings of earnings have declined by 10.6% per year over past 5 years; interest payments are not well covered by earnings; dividend of 7.49% is not well covered by earnings; and profit margins (13.5%) are lower than last year (69%).

Simply Wall Street gives 4 warnings about this stock of earnings have declined by 10.6% per year over past 5 years; interest payments are not well covered by earnings; dividend of 7.48% is not well covered by earnings; and profit margins (13.5%) are lower than last year (69%). Simply Wall Street does not show stars for this stock.

The Keg Royalties Income Fund is a Canada-based company. The organization works in the Restaurant business sector. Its primary activity is operating and franchising keg steakhouses and bar restaurants in Canada and the United States. The target market of this company is those people who want a higher-end casual dining experience. Its web site is here Keg Royalties Income Fund.

The last stock I wrote about was about was Wild Brain Ltd (TSX-WILD, OTC-WLDBF) ... learn more. The next stock I will write about will be Stantec Inc (TSX-STN, NYSE-STN) ... learn more on Friday, November 29, 2024 around 5 pm. Tomorrow on my other blog I will write about Nature Briefing.... learn more on Thursday, November 28, 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.

Wild Brain Ltd

Sound bite for Twitter and StockTwits is: Consumer Sector Stock. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are mostly awful. The dividends were cancelled in 2019, so there is no dividend information or Dividend Payout Ratios (DPR). See my spreadsheet on Wild Brain Ltd.

Is it a good company at a reasonable price? They seem to be going through a restructuring. Most of the recommendations are a Hold and I can see why. People seem to be waiting to see what unfolds with this company in the future. I think it is cheap, but being cheap does not always make a stock a good buy. I think that wait and see is a good attitude for this stock.

I do not own this stock of Wild Brain Ltd (TSX-WILD, OTC-WLDBF). In the CanTech Letter of May 2014 Byron Capital says investors should accumulate DHX Media aggressively.

When I was updating my spreadsheet, I noticed since this is a small stock and really is not doing well presently, it still has analysts following it and giving estimates for the next 3 years. It would seem that analysts feel that this company will do well in the future. However, in the meantime it has a negative book value (that is bad), Debt/Market Cap Ratio of 1.59 (that is bad) and Intangible/Market Cap Ratio of 1.96 (and that is bad).

Note that this company has a financial year ending June 30 each year, so I am doing my spreadsheet based on the June 30, 2024 financials.

If you had invested in this company in December 2013, for $1,002.40 you would have bought 179 shares at $5.60 per share. In December 2023, after 10 years you would have received $48.33 in dividends. The stock would be worth $195.11. Your total return would have been $243.44. This would be a total loss of 14.33% per year with 15.10% from capital loss and 0.66% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$5.60	$1,002.40	179	10	$48.33	$195.11	$243.44

The dividends were cancelled in 2019, so there is no dividend information or Dividend Payout Ratios (DPR).

Debt Ratios are mostly awful. The Long Term Debt/Market Cap Ratio for 2023 is far too high at 1.59 and currently at 2.32. The Intangible/Market Cap Ratio for 2023 is far too high at 1.80 and currently at 1.96. The Liquidity Ratio for 2023 is too low at 1.19 and better at 1.76 currently. If you added in Cash Flow after dividends, the ratio is currently too low at 1.37 and but fine currently at 1.89. The Debt Ratio for 2023 is too low at 1.31 and 1.32 currently. The Leverage and Debt/Equity Ratios for 2023 are negative because this company now has a negative book value.

Type	Year End	Ratio Curr
Lg Term R	1.59	2.32
Intang/GW	1.80	1.96
Liquidity	1.19	1.76
Liq. + CF	1.37	1.89
Debt Ratio	1.31	1.32
Leverage	-98.03	-93.39
D/E Ratio	-75.08	-70.63

The Total Return per year is shown below for years of 5 to 18 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%	-11.61%	-11.61%	0.00%
2013	10	0.00%	-14.44%	-15.10%	0.56%
2008	15		9.09%	5.62%	2.53%
2005	18		-2.73%	-3.92%	1.13%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and therefore, useless. The corresponding 10 year ratios are negative and useless. The corresponding historical ratios are negative and useless.

This stock price testing suggests that the stock price is relatively reasonable and below the median.

With negative earnings, the Graham Price cannot be calculated, so I cannot do Price/Graham Price Ratio testing.

I get a 10-year median Price/Book Value per Share Ratio of 3.00. I can do no P/B Ratio testing for 2025 as the Book Value is negative in 2025. However, for 2026, I have a Book Value per Share estimate of $0.03. This implies a ratio of 34.00 based on a stock price of $1.02 and Book Value of $6.2M. This ratio is 1033% 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 4.75. The current P/CF Ratio is 5.67 based on Cash Flow per Share estimate for 2025 of $0.18 and a stock price of $1.02. This ratio is 19% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I cannot do any dividend yield tests because this company has suspended dividends.

The 10-year median Price/Sales (Revenue) Ratio is 1.04. The current P/S Ratio is 0.41 based on Revenue estimate for 2025 of $510.3M, Revenue per Share of $2.48 and a stock price of $1.02. The current ratio is 60% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably cheap. A favourite test of mine is the P/S Ratio test (after the dividend tests). This test says that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (1), and Hold (6). The consensus would be a Hold. The 12 month stock price consensus is $1.85 with a high of $3.00 and low of $1.25. The consensus stock price of $1.85 implies a total return of $81.37%, all from capital gains.

There are no entries on Stock Chase for this stock. Aditya Raghunath on Motley Fool says this stock is risky, but could pay off in the future.. Amy Legate-Wolfe on Motley Fool says this stock is due to bounce back. Guru Focus News via Yahoo Finance talks a look at this company’s first quarter of 2025. The company put out a Press Release on their fourth quarter results for 2024. The company put out a Press Release about their first quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street gives this stock 1 and one half stars out of 5. Simply Wall Street has 2 warnings out on this stock of currently unprofitable and not forecast to become profitable over the next 3 years; and shareholders have been diluted in the past year.

WildBrain Ltd develops, produces, and distributes films and television programs for domestic and international markets; licenses its brands in the domestic and international markets; broadcasts films and television programs in the domestic market; sells advertising on various ad-supported video-on-demand platforms; and manages copyrights, licensing, and brands for third parties. Its web site is here Wild Brain Ltd.

The last stock I wrote about was about was Stella-Jones Inc (TSX-SJ, OTC-STLJF) ... learn more. The next stock I will write about will be Keg Royalties Income Fund (TSX-KEG.UN, OTC-KRIUF) ... learn more on Wednesday, November 27, 2024 around 5 pm. Tomorrow on my other blog I will write about Leon’s Furniture .... learn more on Tuesday, November 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.

Stella-Jones Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Materials. Results of stock price testing is that the stock price is probably reasonable, but could be cheap. Debt Ratios are mostly good and the company has a strong balance sheet. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on Stella-Jones Inc.

Is it a good company at a reasonable price? This is one of the few stocks on my list that I wished that I had bought. However, you cannot buy everything. Shareholders have done quite well over time with this company. See the Total Return chart below. The company has had mainly good growth. See the 5 and 10 year growth chart below. The current price is reasonable and could even be cheap by looking at the dividend yield tests.

I do not own this stock of Stella-Jones Inc (TSX-SJ, OTC-STLJF). I started a spreadsheet on this stock in mid-2009 because of a favorable report I read on this stock. It was considered to be a dividend growth stock and I am always on the lookout for dividend growth stocks.

When I was updating my spreadsheet, I noticed that I would rather this company do their financial statements using thousands of dollars and not just per million dollars. The CEO, CFO and the two officers I follow all increased their shares in this company over the past year. No director has increased their shares.

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 this year. This company has had some good growth. Cash Flow has varied from year to year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	56.27%	9.34%	3.25%	<-12 mths
5	EPS Growth	183.84%	23.20%	1.60%	<-12 mths
5	Net Income Growth	136.92%	18.83%	-0.92%	<-12 mths
5	Cash Flow Growth	-16.45%	-3.53%	164.49%	<-12 mths
5	Dividend Growth	91.67%	13.90%	21.74%	<-12 mths
5	Stock Price Growth	94.70%	14.25%	-9.01%	<-12 mths
10	Revenue Growth	242.11%	13.09%	3.43%	<-this year
10	EPS Growth	319.40%	15.42%	-2.90%	<-this year
10	Net Income Growth	252.30%	13.42%	-6.50%	<-this year
10	Cash Flow Growth	2.67%	0.26%	295.94%	<-this year
10	Dividend Growth	360.00%	16.49%	9.78%	<-this year
10	Stock Price Growth	183.01%	10.96%	14.26%	<-this year

If you had invested in this company in December 2013, for $1,008.25 you would have bought 37 shares at $27.25 per share. In December 2023, after 10 years you would have received $204.24 in dividends. The stock would be worth $2,853.44.88. Your total return would have been $3,057.68. This would be a total return of 12.15% per year with 10.96% from capital gain and 1.19% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$27.25	$1,008.25	37	10	$204.24	$2,853.44	$3,057.68

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 1.60%. The 5, 10 and historical median dividend yields are low at 1.56%, 1.20% and 1.31%. The dividend increases are moderate (8% to 14% ranges) at 13.9% per year over the past 5 years. The last dividend increase was in 2024 and it was for 21.7%.

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 19%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 8% with 5 year coverage at 10%. The DPR for 2023 for Free Cash Flow (FCF) is good at 18% with 5 year coverage at 19%.

Item	Cur	5 Years
EPS	16.37%	19.43%
CFPS	8.45%	9.61%
FCF	18.28%	19.12%

Debt Ratios are mostly good and the company has a strong balance sheet. The Long Term Debt/Market Cap Ratio for 2023 is good at 0.28 and currently at 0.32. The Liquidity Ratio for 2023 is good at 5.07 and 6.85 currently. The Debt Ratio for 2023 is good at 1.80 and 1.89 currently. The Leverage and Debt/Equity Ratios for 2023 are fine at 2.24 and 1.24 and currently at 2.13 and 1.13.

Type	Year End	Ratio Curr
Lg Term R	0.28	0.32
Intang/GW	0.12	0.14
Liquidity	5.07	6.85
Liq. + CF	5.21	8.06
Debt Ratio	1.80	1.89
Leverage	2.24	2.13
D/E Ratio	1.24	1.13

The Total Return per year is shown below for years of 5 to 29 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	13.90%	15.62%	14.25%	1.37%
2013	10	16.49%	12.15%	10.96%	1.19%
2008	15	17.21%	23.66%	21.61%	2.05%
2003	20	21.10%	27.49%	24.84%	2.65%
1998	25	19.73%	25.00%	22.98%	2.02%
1994	29		16.95%	16.07%	0.89%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.35, 11.71 and 15.06. The corresponding 10 year ratios are 15.54, 18.17 and 20.77. The corresponding historical ratios are 8.70, 11.85 and 15.02. The current P/E Ratio is 12.86 based on a stock price of $70.17 and EPS estimate for 2024 of $5.46. The current ratio is below the low ratio of 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. Even by the low ratios for 5 years and historical measures, the stock price is still reasonable.

I get a Graham Price of $62.84. The 10-year low, median, and high median Price/Graham Price Ratios are 1.22, 1.42 and 1.62. The current ratio is 1.12 based on a stock price of $70.17. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 2.34. The current P/B Ratio is 2.18 based on a Book Value of $1,829M, Book Value per Share of $32.16 and a stock price of $70.17. The current ratio is 7% 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 $32.71. This implies a ratio of 2.15 based on a stock price of $70.17 and Book Value of $1,860M. This ratio is 8% 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 20.67. The current P/CF Ratio is 9.42 based on Cash Flow per Share estimate for 2024 of $7.45, Cash Flow of $424M and a stock price of 70.17. This ratio is 54% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get an historical median dividend yield of 1.31%. The current dividend yield is 1.60% based on Dividends of $1.12 and a stock price of $70.17. The current dividend yield is 22% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 1.20%. The current dividend yield is 1.60% based on Dividends of $1.12 and a stock price of $70.17. The current dividend yield is 33% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

The 10-year median Price/Sales (Revenue) Ratio is 1.39. The current P/S Ratio is 1.16 based on Revenue estimate for 2024 of $3,433M, Revenue per Share of $60.37 and a stock price of $70.17. 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.

Results of stock price testing is that the stock price is probably reasonable, but could be cheap. The dividend yield tests are showing the stock price as relatively cheap. The P/S Ratio test is showing the stock price as relatively reasonable. So, the stock is testing as reasonable. A number of other tests are showing the stock price as cheap and others as reasonable.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (2) and Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $88.12 with a high of $95.00 and low of $81.00. The consensus stock price of $88.12 implies a total return of 27.18% with 25.58% from capital gains and 1.60% from dividends.

There are lots of entries on Stock Chase for this stock. However, entries are from Do Not Buy to Hold to Buy. A lot of Buy on Weakness. Stock Chase gives this stock 4 stars out of 5. Amy Legate-Wolfe on Motley Fool says this is a top buy in November 2024. Aditya Raghunath on Motley Fool says buy because it is cheap. The company put out a press release via Newswire about their fourth quarter of 2023. The company put out a press release via Newswire about their third quarter of 2024.

Simply Wall Street via Yahoo Finance writes about this stock. Simply Wall Street via Yahoo Finance has a second article about this stock. Simply Wall Street has two warnings out on this stock of earnings are forecast to decline by an average of 1.8% per year for the next 3 years; and has a high level of debt. Simply Wall Street gives this stock 3 and one half stars out of 5.

Stella-Jones Inc produces and sells lumber and wood products. The company operates in two segments: Pressure-treated wood and Logs & Lumber. The vast majority of its revenue comes from the Pressure-treated wood segment. Its geographical segments are the United States and Canada, of which the majority of its revenue is derived from the United States. Its web site is here Stella-Jones Inc.

The last stock I wrote about was about was First Capital REIT (TSX-FCR.UN, OTC-FCXXF) ... learn more. The next stock I will write about will be Wild Brain Ltd (TSX-WILD, OTC-WLDBF) ... learn more on Monday, November 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 Where The Falcon Flies by Adam Shoalts learn more...

First Capital REIT

Sound bite for Twitter and StockTwits is: Dividend Paying REIT. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are fine, but the company has a lot of debt. The important Dividend Payout Ratios (DPR) of AFFO, FFO and CFPS seem fine currently. The current dividend yield is moderate with dividend growth low. See my spreadsheet on First Capital REIT.

Is it a good company at a reasonable price? It maybe a stock to buy for passive income. It is a REIT and it has lots of debt. It has not done well lately, but neither has a lot of Real Estate stocks. Currently it is doing better than the Real Estate index. A positive is the CEO and CFO are buying. There is a problem with dividends as they have varied over time and are unstable. This stock is testing as having a reasonable stock price.

I do not own this stock of First Capital REIT (TSX-FCR.UN, OTC-FCXXF). Myowneradvistor.com asked me to look into this stock. In 2011 a reader asked me to review this real estate stock. Also, the site Canadian Dividend Stock site mentions this company as a top Canadian REIT.

When I was updating my spreadsheet, I noticed that the CEO, CFO and Chairman all bought more shares over the past year. They had earnings losses over the past 2 years, however, for this year, they again had positive earnings. Also, the return over the past 10 years shows that with dividend stocks, you seldom lose your investment. The capital loss is made up with dividends.

If you had invested in this company in December 2013, for $1,009.47 you would have bought 57 shares at $17.71 per share. In December 2023, after 10 years you would have received $448.96 in dividends. The stock would be worth 874.38. Your total return would have been $1,323.34. This would be a total return of 3.34% per year with 1.43% from capital loss and 4.76% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.71	$1,009.47	57	10	$448.96	$874.38	$1,323.34

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.88%. The 5, 10 and historical dividend yields are also moderate at 4.14%, 4.34% and $4.89%. The dividends have increased by 0.09% per year over the past 5 years. There was a big drop in dividends in 2021 and a big increase in 2023.

The important Dividend Payout Ratios (DPR) of AFFO, FFO and CFPS seem fine currently. The DPR for 2023 for Earnings per Share (EPS) is not calculable because of earnings losses with 5 year coverage too high at 145%. The DPR for 2023 for Adjusted Funds from Operations (AFFO) is high at 92% with 5 year coverage is good at 72%. The DPR for 2023 for Funds from Operations (FFO) is good at 76% with 5 year coverage at 62%. The DPR for 2023 for Cash Flow per Share (CFPS) is high at 45% with 5 year coverage is good at 38%. The DPR for 2023 for Free Cash Flow (FCF) is high at 79% with 5 year coverage at 62%. (But there is no agreement on FCF.)

Item	Cur	5 Years
EPS	-138.40%	145.27%
AFFO	91.55%	71.76%
FFO	75.79%	62.68%
CFPS	45.14%	38.14%
FCF	79.05%	62.48%

Debt Ratios are fine, but the company has a lot of debt. The Long Term Debt/Market Cap Ratio for 2023 is high at 1.11 and currently fine at 0.93. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2023 which is good at 0.42 and currently at 0.41 because this is a more important one for a REIT. The Liquidity Ratio for 2023 is too low at 0.81 and 0.86 currently. If you added in Cash Flow after dividends, the ratios are still too low at 0.88 and currently at 0.93. If you add back in the current portion of the long term debt, the ratios are fine at 2.70 and 3.51. The Debt Ratio for 2023 is good at 1.77 and 1.78 currently. The Leverage and Debt/Equity Ratios for 2023 are fine at 2.30 and 1.30 and currently at 2.28 and 1.28.

Type	Year End	Ratio Curr
Lg Term R	1.11	0.93
Lg Term A	0.42	0.41
Intang/GW	0.00	0.00
Liquidity	0.81	0.86
Liq. + CF	0.88	0.93
Liq. CF xDB	2.70	3.51
Debt Ratio	1.77	1.78
Leverage	2.30	2.28
D/E Ratio	1.30	1.28

The Total Return per year is shown below for years of 5 to 29 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	0.09%	0.09%	-4.04%	4.13%
2013	10	0.28%	3.34%	-1.43%	4.76%
2008	15	0.51%	8.13%	1.73%	6.40%
2003	20	0.92%	9.26%	2.20%	7.07%
1998	25	1.97%	7.78%	1.55%	6.23%
1994	29	3.36%	12.12%	3.52%	8.61%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.48, 7.83 and 9.17. The corresponding 10 year ratios are 11.01, 12.41 and 13.81. The corresponding historical ratios are 14.93, 16.18 and 17.91. The current ratio is 15.34 based on a stock price of $17.80 and EPS estimate for 2024 of $1.16. This ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. Generally, the AFFO and FFO data is considered better.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Funds from Operations Ratios are 13.35, 16.41, and 19.54. The corresponding 10 year ratios are 16.20, 18.07 and 19.81. The current P/AFFO Ratio is 16.48 based on a stock price of $17.80 and AFFO estimate for 2024 of $1.08. The current ratio is between median and high ratios for 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Cash Flow from Operations. (ACFO) data. The 5-year low, median, and high median Price/ Adjusted Cash Flow from Operations Ratios are 12.23, 15.27 and 17.44. The corresponding 10 year ratios are 16.20, 18.07 and 19.81. The current P/ACFO Ratio is 16.33 based on a stock price of $17.80 and AFFO estimate for 2024 of $1.09. The current ratio is between low and median ratios for 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 11.69, 14.28, and 16.74. The corresponding 10 year ratios are 14.63, 16.66 and 18.41. The current P/FFO Ratio is 13.19 based on a stock price of $17.80 and FFO estimate for 2024 of $1.35. The current ratio is below the low ratio for 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $23.80. The 10-year low, median, and high median Price/Graham Price Ratios are 0.76, 0.85 and 0.96. The current ratio is 0.75 based on a stock price $17.80. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 1.00. The current P/B Ratio is 0.95 based on a Book Value of $3,958M, Book Value per Share of $18.65 and a stock price of $17.80. The current ratio is 4% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 16.70. The current ratio is 15.48 based on a stock price of $17.80, Cash Flow for the last 12 months of $244M, and Cash Flow per Share of $1.15. The current ratio is 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 an historical median dividend yield of 4.89%. The current dividend yield is 4.85% based on dividends of $0.864 and a stock price of $17.80. The current dividend yield is 0.74% below the historical median dividend yield. 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 4.36%. The current dividend yield is 4.85% based on dividends of $0.864 and a stock price of $17.80. The current dividend yield is 11% above the 10 year median dividend yield. 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 6.09. The current P/S Ratio is 5.23 based on Revenue estimate for 2024 of $722.1M, Revenue per Share of $3.40 and a stock price of $17.80. The current ratio is 14% below the 10 year median ratios. 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. This is confirmed by the P/S Ratio test. For the rest of the testing, the tests say the stock is anywhere from cheap to reasonable and above the median.

When I look at analysts’ recommendations, I find Strong Buy (4, Buy (5) and Hold (1). The consensus would be a Strong Buy. The 12 months stock price consensus is $20.30 with a high of $21.50 and low of $18.75. The 12 month consensus stock price of $20.30 implies a total return of 18.90% with 14.04% from capital gains and 4.85% from dividends.

There are three analysts’ comments on Stock Chase for 2024 and they all say this stock is their top pick. Stock Chase gives this stock 4 stars out of 5. All the entries in 2023 say the same thing. Robin Brown on Motley Fool says that this is a good stock to buy for passive income. Aditya Raghunath on Motley Fool reviews this stock and seems bullish on it. The company put out a press release via Newswire about their fourth quarter of 2023. The company put out a press release on Newswire about their third quarter of 2024.

Simply Wall Street does not seem to have written anything about this company. Simply Wall Street has 4 warnings on this stock of interest payments are not well covered by earnings; earnings have declined by 36.1% per year over past 5 years; large one-off items impacting financial results; and unstable dividend track record. Simply Wall Street gives this stock 2 and one half stars out of 5.

First Capital REIT is a developer, owner, and operator of grocery-anchored, open-air centers in neighborhoods in Canada's populated centers. The company's focus is on creating thriving neighborhoods that create value for businesses, residents, communities, and investors. Its web site is here First Capital REIT.

The last stock I wrote about was about was FirstService Corp (TSX-FSV, NASDAQ-FSV) ... learn more. The next stock I will write about will be Stella-Jones Inc (TSX-SJ, OTC-STLJF) ... learn more on Friday, November 22, 2024 around 5 pm. Tomorrow on my other blog I will write about Socializing for Seniors.... learn more on Thursday, November 21, 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.

FirstService Corp

Sound bite for Twitter and StockTwits is: Dividend Growth Real Estate. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on FirstService Corp.

Is it a good company at a reasonable price? There is no doubt that this company is growing and has given shareholders a good return. However, the dividend is so low, I wonder about calling it a dividend growth stock. At the current rate of dividend growth of 10.03%, in 15 years’ time the dividend would be only at 2.50% of today’s stock price. From the testing I have done, it would seem that the stock price is on the expensive side.

I do not own this stock of FirstService Corp (TSX-FSV, NASDAQ-FSV), but I used to. I bought FirstService Corp in 2002 as it a good solid company that knows how to make money. At that time, I was still buying companies to earn capital gains. This one replaces Inco (which I had brought for Capital Gain and sold when I made them.) I bought more of this company in 2007 from my profit from RIM. FSV was a non-dividend paying stock, but it had issued preferred shares to shareholders.

Their way of paying dividends by issuing preferred shares was interesting. However, only if you held shares at the time of the special dividend of preferred shares would you get any dividends. However, they did start to pay dividends in 2013.

When I was updating my spreadsheet, I noticed this stock is still growing nicely. 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 this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth US$	124.42%	17.55%	13.76%	<-12 mths
5	AEPS Growth	78.54%	12.29%	2.15%	<-12 mths
5	Net Income Growth	52.42%	8.79%	7.74%	<-12 mths
5	Cash Flow Growth	181.88%	23.03%	10.36%	<-12 mths
5	Dividend Growth	66.35%	10.71%	11.11%	<-12 mths
5	Stock Price Growth	136.70%	18.81%	16.02%	<-12 mths
10	Revenue Growth US$	265.01%	13.82%	19.48%	<-this year
10	AEPS Growth	331.77%	15.75%	7.94%	<-this year
10	Net Income Growth	1035.22%	27.50%	41.15%	<-this year
10	Cash Flow Growth	375.85%	16.88%	-20.82%	<-this year
10	Dividend Growth	119.38%	8.17%	12.82%	<-this year
10	Stock Price Growth	643.07%	22.21%	16.02%	<-this year

If you had invested in this company in December 2013, for $1,019.99 you would have bought 44 shares at $23.18 per share. In December 2023, after 10 years you would have received $335.67 in dividends. The stock would be worth $9,444.60. Your total return would have been $9,780.27. This would be a total return of 26.31% per year with 24.93% from capital gain and 1.38% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$23.18	$1,019.99	44	10	$335.67	$9,444.60	$9,780.27

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at a very low rate of 0.53%. The 5, 10 and historical dividend yields are also low at 0.61%, 0.68% and 0.69%. The dividend growth is moderate (8% to 14% per year) at 10.7% per year over the past 5 years. The last dividend increase was for 11% and it occurred in 2024. Dividends are paid in US$.

The Dividend Payout Ratios (DPR) are good. The DPR for 2023 for Earnings per Share (EPS) is good at 39% with 5 year coverage too high at 105%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is good at 19% with 5 year coverage at 18%. The DPR for 2023 for Cash Flow per Share (CFPS) is good at 14% with 5 year coverage at 14%. The DPR for 2023 for Free Cash Flow (FCF) is good at 21% with 5 year coverage at 18%.

Item	Cur	5 Years
EPS	39.17%	104.64%
AEPS	18.83%	18.24%
CFPS	13.51%	14.05%
FCF	20.64%	18.44%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2023 is good at 0.16 and currently at 0.15. The Liquidity Ratio for 2023 is good at 1.77 and 1.81 currently. The Debt Ratio for 2023 is good at 1.77 and 1.81 currently. The Leverage and Debt/Equity Ratios for 2023 are good at 1.39 and 0.39 and currently fine at 2.61 and 1.61.

Type	Year End	Ratio Curr
Lg Term R	0.16	0.15
Intang/GW	0.25	0.25
Liquidity	1.77	1.81
Liq. + CF	2.13	2.12
Debt Ratio	1.77	1.81
Leverage	1.39	2.61
D/E Ratio	0.39	1.61

The Total Return per year is shown below for years of 5 to 28 to the end of 2023 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	10.03%	18.82%	18.03%	0.78%
2013	10	9.70%	26.31%	24.93%	1.38%
2008	15		25.55%	24.42%	1.13%
2003	20		18.63%	18.06%	0.57%
1998	25		16.63%	16.22%	0.41%
1995	28		21.09%	20.62%	0.47%

The Total Return per year is shown below for years of 5 to 28 to the end of 2023 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	10.71%	19.55%	18.81%	0.74%
2013	10	8.17%	23.32%	22.21%	1.11%
2008	15		24.58%	23.71%	0.87%
2003	20		18.49%	18.02%	0.47%
1998	25		17.22%	16.86%	0.35%
1995	28		21.15%	20.76%	0.39%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 39.57, 53.04, and 65.78. The corresponding 10 year ratios are 33.91, 49.10 and 60.61. The corresponding historical ratios are 14.38, 18.90 and 24.11. The current P/E Ratio is 58.57 based on a stock price of $258.58 and EPS estimate for 2024 of $4.42. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 26.47, 30.95 and 41.68. The corresponding 10 year ratios are 22.98, 29.22 and 35.61. The current P/AEPS Ratio is 36.68 based on a stock price of $184.48 and AEPS estimate for 2024 of $5.03. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I get a Graham Price of $75.94. The 10-year low, median, and high median Price/Graham Price Ratios are 2.55, 3.23 and 4.09. The current ratio is 3.41 based on a stock price of $258.58. The current ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 8.03. The current P/B Ratio is 7.18 based on a Book Value of $1,1489M, Book Value per Share of 25.70 and a stock price of $184.48. The current ratio is 11% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I also have a Book Value per Share estimate for 2024 of $26.21. This implies a ratio of 7.04 based on a stock price of $184.48 and a Book Value of $1,171. This ratio is 12% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 20.80. The current P/CF Ratio is 31.14 based on Cash Flow per Share estimate for 2024 of $5.92, Cash Flow of $264.7M and a stock price of $184.48. The current ratio is 50% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I get an historical median dividend yield of 0.69%. The current dividend yield is 0.54% based on a stock price of $184.48 and dividends of $1.00. The current dividend yield is 21% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I get a 10 year median dividend yield of 0.68%. The current dividend yield is 0.54% based on a stock price of $184.48 and dividends of $1.00. The current dividend yield is 20.8% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 1.45. The current P/S Ratio is 1.59 based on Revenue estimate for 2024 of $5,179M, Revenue per Share of $115.91 and a stock price of $184.48. The current ratio is 10% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$ and you will get a similar result in CDN$.

Results of stock price testing is that the stock price is probably expensive. The dividend yield tests say this. The P/S Ratio test says it is reasonable but above the median. Most of the testing is saying that the stock price is relatively expensive or reasonable but above the median. The only exception is the P/B Ratio test and that test says the stock price is reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (3) and Hold (3). The consensus would be a Buy. The 12 month stock price of $283.11 ($201.09 US$) with a high of $283.11 ($201.09 US$) and low of $283.11 (201.09 US$). It looks like only one future stock price given. The consensus stock price of $283.11 implies a total return of 9.49% all from capital gains.

Not all analysts on Stock Chase think the stock is a buy, but they do like the company. Stock Chase gives this stock 3 stars out of 5. Adam Othman on Motley Fool thinks this is a smart growth stock to buy. Kay Ng on Motley Fool thinks that this stock will deliver nice returns over the next few years. The company put out a press release on Global Newswire about their fourth quarter of 2023. The company put out a press release via Global Newswire about their second quarter of 2024.

Simply Wall Street via Yahoo Finance talk about this company’s latest quarter. Simply Wall Street has two warnings of has a high level of debt; and significant insider selling over the past 3 months. Simply Wall Street gives this stock 2 and one half stars out of 5.

FirstService Corp operates in two business divisions: FirstService Residential and FirstService Brands. FirstService Residential has service contracts to manage thousands of residential communities. FirstService Brands generates most of the company's revenue and provides property services to residential and commercial customers. The company earns the majority of its revenue in the United States, with the remaining revenue generated in Canada. Its web site is here FirstService Corp.

The last stock I wrote about was about was Northland Power Inc (TSX-NPI, OTC-NPIFF) ... learn more. The next stock I will write about will be First Capital REIT (TSX-FCR.UN, OTC-FCXXF) ... learn more on Wednesday, November 20, 2024 around 5 pm. Tomorrow on my other blog I will write about Luxury Beliefs .... learn more on Tuesday, November 19, 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.

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