Alimentation Couche-Tard Inc

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is reasonable and may even be cheap. 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? This company certainly has done well in the past for its shareholders. Some Directors own a significant number of shares, like the Chairman who owns 13%. Other only own 2 to3%. Dividends maybe low, but increases are good. Most testing is saying that the stock price is reasonable, but the dividend tests show that it is relatively cheap.

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 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 they appointed a new CEO. He was already an officer of the company. The chairman of the company, Alain Bouchard owns around 13% of the company. Note that this company has a year-end around April 30 each year. The year end date for 2025 was April 27, 2025.

If you had invested in this company in December 2014, for $1,022.49 you would have bought 42 shares at $24.35 per share. In December 2024, after 10 years you would have received $147.84 in dividends. The stock would be worth $3,348.24. Your total return would have been $3,496.08. This would be a total return of 13.33% per year with 12.59% from capital gain and 0.74% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$24.35	$1,022.49	42	10	$147.84	$3,348.24	$3,496.08

The dividends are low, so if you buy this stock what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 23.51% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $69.70 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$2.24	3.22%	5	23.51%	8.92%
$6.44	9.24%	10	23.51%	31.34%
$18.51	26.56%	15	23.51%	95.77%

The current dividend yield is low with dividend growth good. The current dividend yield is low (below 2%) at 1.12%. The 5, 10 and historical dividend yields are also low at 0.84%, 0.71% and 0.68%. The dividend growth is good (15% per year and higher) at 23.5% per year over the past 5 years. The last dividend increase was in 2024 and it was for 11.4%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 20% with 5 year coverage at 14%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 20% with 5 year coverage at 14%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 10% with 5 year coverage at 8%. The DPR for 2024 for Free Cash Flow (FCF) is good at 19% with 5 year coverage at 14%. There is no agreement on FCF. In 2025 the FCF varied from $1,804, to $3,777M.

Item	Cur	5 Years
EPS	19.72%	14.35%
AEPS	19.72%	14.06%
CFPS	10.33%	8.49%
FCF	19.59%	14.03%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.18 and currently at 0.18. The Liquidity Ratio for 2024 is low at 0.96 and 0.99 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.53 and currently at 1.59. The Debt Ratio for 2024 is good at 1.65 and 1.65 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.56 and 1.55 and currently at 2.56 and 1.55.

Type	Year End	Ratio Curr
Lg Term R	0.18	0.18
Intang/GW	0.22	0.22
Liquidity	0.96	0.99
Liq. + CF	1.53	1.59
Debt Ratio	1.65	1.65
Leverage	2.56	2.56
D/E Ratio	1.55	1.55

The Total Return per year is shown below for years of 5 to 32 to the end of 2024 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.
2019	5	23.51%	14.86%	13.94%	0.92%
2014	10	23.80%	13.33%	12.59%	0.74%
2009	15	25.62%	24.36%	23.24%	1.12%
2004	20	16.60%	18.65%	17.92%	0.73%
1999	25		24.09%	23.21%	0.88%
1994	30		27.02%	26.09%	0.93%
1992	32		31.57%	30.31%	1.26%

The Total Return per year is shown below for years of 5 to 32 to the end of 2024 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.
2019	5	21.80%	12.97%	12.02%	0.95%
2014	10	20.57%	10.98%	10.25%	0.72%
2009	15	22.65%	22.07%	20.94%	1.13%
2004	20	15.07%	17.74%	16.94%	0.80%
1999	25		22.82%	21.87%	0.95%
1994	30		25.05%	24.10%	0.95%
1992	32		30.21%	28.85%	1.36%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.77, 15.44 and 18.11. The corresponding 10 year ratios are 13.35, 15.64 and 18.28. The corresponding historical ratios are 12.64, 16.06 and 19.97. The current P/E Ratio is 17.62 based on a stock price of $69.70 and EPS estimate for 2026 of $3.96 ($2.86 US$). The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.38,14.97 and 17.56. The corresponding 10 year ratios are 14.31, 16.83 and 19.68. The corresponding historical ratios are 12.33, 15.38 and 17.79. The current P/E Ratio is 17.64 based on a stock price of $50.45 and EPS estimate for 2026 of $2.86. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$ and you will get a similar result in CDN$.

I get a Graham Price of $44.13. The 10-year low, median, and high median Price/Graham Price Ratios are 1.35, 1.57 and 1.81. The current P/GP Ratio is 1.58 based on a stock price of $69.70. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 3.47. The current ratio is 3.20 based on a Book Value of $14,947M, Book Value per share of $15.77 and a stock price of $50.45. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I also have a Book Value per Share estimate for 2025 of $17.53. This implies a ratio of 2.88 and a Book Value of $16,620M with a stock price of $50.45. This ratio is 17% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 10.34. The current ratio is 9.34 based on Cash Flow per Share estimate for 2026 of $5.40, Cash Flow of $5,120M, and a stock price of $50.45. The current ratio is 10% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I get an historical median dividend yield of 0.68%. The current dividend yield is 1.12% based on a stock price of $69.70 and dividends of $0.78. The current dividend is 65% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$. Dividends are paid in CDN$.

I get a 10 year median dividend yield of 0.71%. The current dividend yield is 1.12% based on a stock price of $69.70 and dividends of $0.78. The current dividend is 57% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$. Dividends are paid in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 0.68. The current Ratio is 0.64 based on Revenue estimate for 2026 of $74,942M, Revenue per Share of $79.04. This current ratio is 6% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

Results of stock price testing is that the stock price is reasonable and may even be cheap. The dividend yield tests are saying that the stock price is cheap. The P/S Ratio test says that the stock price is reasonable. The rest of the testing is saying that the stock price is reasonable and either above or below the median.

When I look at analysts’ recommendations, I find Strong Buy (9), Buy (5), and Hold (2). The consensus is a Strong Buy. The 12 month stock price is $83.11 ($59.99 US$) with a high of $94.35 ($68.10 US$) and low of7 $5.14 ($54.24 US$). The consensus stock price of $83.11 implies a total return of 20.36% with 1.12% from dividends and 19.24% from capital gains based on a current stock price of $69.70.

Few analysts follow this stock on Stock Chase , but they do like this stock. Joey Frenette on Motley Fool in August says that this company was downgraded after it could not buy 7-Eleven stores. Jitendra Parashar on Motley Fool says this company combine reliable cash with growth potential. The company put out a press release via Newswire about this company’s fourth quarter of April 2025.

Simply Wall Street via Yahoo Finance reviews this stock. They have one warning of has a high level of debt.

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 29, 2025 around 5 pm. Tomorrow on my other blog I will write about Flow State vs. Cash Flow.... learn more on Thursday, August 28, 2025 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.

Chemtrade Logistics Income Fund

Sound bite for Twitter is: Dividend Growth Materials. Results of stock price testing is that the stock price is probably expensive. Debt Ratios need improving, especially the Liquidity Ratio. The Dividend Payout Ratios (DPR) are improving. The current dividend yield is good with dividend growth restarting in 2024. See my spreadsheet on Chemtrade Logistics Income Fund.

Is it a good company at a reasonable price? It is certainly a positive that this company has restarted dividend increases. It is also a positive that both the CEO and an officer bought shares in the past year. They bought shares between around $9.25 and $13.00. A negative is the amount of debt they have and the very low Liquidity Ratios. A negative also is that there are problems with a number of my tests. A number of analysts feel positive about the company’s future. However, it is testing as being expensive.

I do not own this stock of Chemtrade Logistics Income Fund (TSX-CHE.UN, OTC-CGIFF). I decided to investigate this stock after reading an article in the G & M in February 2012 about investing in small cap stocks that pay dividends. This was one of the stocks mentioned that I had never heard of before.

When I was updating my spreadsheet, I noticed that this stock used to be an income trust. They may have finally got their dividend payments right. They are buying too much in dividends, but they have decreased them and analysts think that their will get better soon. A problem is that the Revenue is growing, but the Revenue per Share is not. Revenue per Share is going down. It is really the Revenue per Share that counts.

The current dividend yield is good with dividend growth restarting in 2024. The dividend yield is good (5% to 6% ranges) at 5.29%. The 5, 10 and historical median dividend yields are high (7% and over at 7.19%, 7.16%, and 8.14%. This stock used to be an income trust and that is why rates are so high. Dividends are down by 11.4% per year over the past 5 years. Income trusts need to reduce dividends when they became corporations. They just started in 2024 to again raise dividends. The last dividend increase was in 2025 and it was for 4.5%.

The Dividend Payout Ratios (DPR) are improving. The DPR for 2024 for Earnings per Share (EPS) is high at 63% with 5 year coverage non-calculable because of earnings losses in the past 5 years. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is high at 64% with 5 year good coverage at 44%. The DPR for 2024 for Distributable Cash Flow (DCF) is good at 37% with 5 year coverage at 41%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 17% with 5 year coverage at 18%. The DPR for 2024 for Free Cash Flow (FCF) is good at 31% with 5 year coverage at 32%. There is no consensus on what the FCF is and for 2024 they range from $158M to $190M.

Item	Cur	5 Years
EPS	62.98%	0.00%
AFFO	63.67%	44.47%
DCF	36.39%	41.68%
CFPS	16.56%	18.30%
FCF	30.54%	31.81%

Debt Ratios need improving, especially the Liquidity Ratio. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.26 and currently at 0.34. The Liquidity Ratio for 2024 is far too low at 0.42 and 0.50 currently. If you added in Cash Flow after dividends, the ratios are still far too low at 0.76 and currently at 0.78. You want to see this important ratio at 1.50 or higher. The Debt Ratio for 2024 is good at 1.56 and fine at 1.48 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.79 and 1.79 and currently too high at 3.07 and 2.07. I like to see these ratios below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.26	0.34
Intang/GW	0.42	0.40
Liquidity	0.42	0.50
Liq. + CF	0.76	0.78
Debt Ratio	1.56	1.48
Leverage	2.79	3.07
D/E Ratio	1.79	2.07

The Total Return per year is shown below for years of 5 to 23 to the end of 2024. 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.
2019	5	-11.40%	5.69%	-0.16%	5.85%
2014	10	-5.87%	-0.36%	-6.18%	5.82%
2009	15	-3.96%	9.90%	-0.04%	9.95%
2004	20	-3.44%	4.20%	-3.04%	7.24%
2001	23	1.22%	12.81%	-0.31%	13.12%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.70, 5.67 and 6.64. The corresponding 10 year ratios are negative and so unusable. The corresponding historical ratios are 8.11, 10.31 and 12.30. The current ratio is 13.05 based on a stock price of $13.05 and EPS estimate for 2025 of $1.00. This ratio is above the high ratio of the historical median ratios. Ratio are low on this stock because of earning losses. Generally speaking, a ratio is 10 or below is low (or cheap) and 20 and above is high (or expensive).

I also have Distributable Cash Flow (DCF) data. The 5-year low, median, and high median Price/ Distributable Cash Flow Ratios are 4.33, 5.51 and 6.69. The corresponding 10 year ratios are 7.62, 10.45 and 12.19. The corresponding historical ratios are 7.21, 8.98 and 10.37. The current ratio is 6.40 based on a stock price of $13.05 and DCF for the last 12 months of $ estimate for 2025 of $2.04. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $12.03. The 10-year low, median, and high median Price/Graham Price Ratios are 0.63, 0.79 and 0.94. The current ratio is 1.09 based on a stock price of $13.05. This ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. However, there has been a number of years of earning losses, so it could be debated that this is not a good test.

I get a 10-year median Price/Book Value per Share Ratio of 1.47. The current ratio is 2.03 based on a stock price of $13.05, Book Value of $726M and Book Value per Share of $6.43. This ratio is 38% above the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

There is also a Book Value per Share estimate for 2025 and it is $6.43. This is the same as the book Value per Share above, so the results will be no different.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.47. The current ratio is 5.18 based on CFPS estimate for 2025 of $2.52, Cash Flow of $285M and a stock price of $13.05. The current ratio is 16% 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 8.14%. The current dividend yield is 5.29% based on dividends of $0.69 and a stock price of $13.05. The current dividend yield is 35% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. Problem with this test is the recent dividend cuts.

I get a 10 year median dividend yield of 7.16%. The current dividend yield is 5.29% based on dividends of $0.69 and a stock price of $13.05. The current dividend yield is 26% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. Problem with this test is the recent dividend cuts.

The 10-year median Price/Sales (Revenue) Ratio is 0.63. The current P/S Ratio is 0.76 based on Revenue estimate for 2025 of $1,927M, Revenue per Share of $15.02 and a stock price of $13.02. The current ratio is 21% above the 10 year ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. The P/S Ratio test is saying that the stock price is expensive. There are problems with a number of the tests and that is never a good sign. The Price/Distributive Cash Flow, Price/Book Value and Price/Cash Flow are good tests. One says that the stock price is cheap, one that it is reasonable and above the median and one that says it is expensive.

When I look at analysts’ recommendations, I find Strong Buy (2) and Buy (5). The consensus would be a Strong Buy. The 12 month stock price consensus is $15.50 with a high of $17.50 and low of $14.00. The consensus stock price implies a total return of 24.06% with 18.77% from capital gains and 5.29% from dividends based on a current stock price of $13.05.

The analysts on Stock Chase like this stock and think it is a current buy. It is coming out of a long turnaround after making a bad acquisition 10 years ago. Christopher Liew on Motley Fool says that this company has had a good start to the year and buy for income for your TFSA. Amy Legate-Wolfe on Motley Fool talks about why this stock had a jump in price in May. The company put out a press release about their fourth quarter of 2024 via The Canadian Press. The company put out a press release via The Globe and Mail about their second quarterly results for 2025.

Simply Wall Street via Yahoo Finance talks about this company’s fair value. They say it is slightly undervalued. Simply Wall Street has 3 warnings out on this stock of has a high level of debt; unstable dividend track record; and large one-off items impacting financial results.

Chemtrade Logistics Income Fund provides industrial chemicals and services to customers in North America and around the world. The company is organized into two operating segments: Sulphur and Water Chemicals (SWC) and Electrochemicals. Its geographical segments are Canada, the United States which derives maximum revenue, and South America. Its web site is here Chemtrade Logistics Income Fund.

The last stock I wrote about was about was Aecon Group Inc (TSX-ARE, OTC-AEGXF) ... learn more. The next stock I will write about will be Alimentation Couche-Tard Inc (TSX-ATD, OTC-ANCUF) ... learn more on Wednesday, August 27, 2025 around 5 pm. Tomorrow on my other blog I will write about A Sun Life Interview with the CEO.... learn more on Tuesday, August 26, 2025 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.

Aecon Group Inc

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably reasonable and below the median. Debt Ratios are need improving and the company has too much debt. The Dividend Payout Ratios (DPR) need improvement and analyst think this will happen in 2026. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Aecon Group Inc.

Is it a good company at a reasonable price? This stock has mostly done well for shareholders, but I would worry about the amount of debt them have. It is classified as a medium risk level. Analysts think that they DPRs will soon be at a good level. The stock price testing is putting it at a current reasonable price.

I do not own this stock of Aecon Group Inc (TSX-ARE, OTC-AEGXF). This stock has been coming up on Canada Stock Channel Weekly email in 2020. Site is Canada Stock Channel.

When I was updating my spreadsheet, I noticed that in 2024 they basically lost money because of a greater decline in Revenue that in expenses. Analysts do expect this stock to return to profitability in 2025. If you had invested in this company in December 2014, for $1,006.74 you would have bought 94 shares at $10.71 per share. In December 2024, after 10 years you would have received $556.48 in dividends. The stock would be worth $2,558.68. Your total return would have been $3,115.16. This would be a total return of 13.35% per year with 9.78% from capital gain and 3.57% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$10.71	$1,006.74	94	10	$556.48	$2,558.68	$3,115.16

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.70%. The 5, 10 and historical dividend yields are also moderate at 4.23%, 3.26% and 2.46%. The dividends are increasing at a low rate (less than 8% per year) at 6.2% per year over the past 5 years. The last dividend increase was in 2024 and it was for 2.7%.

The Dividend Payout Ratios (DPR) need improvement and analyst think this will happen in 2026. The DPR for 2024 for Earnings per Share (EPS) is non-calculable due to an earnings loss with 5 year coverage far too high at 96%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is non-calculable due to an earnings loss with 5 year coverage far too high at 97%. The DPR for 2024 for Cash Flow per Share (CFPS) is non-calculable due to a negative cash flow with 5 year coverage good at 39%. The DPR for 2024 for Free Cash Flows (FCF) are non-calculable due to a negative cash flow with 5 year coverage at far too high at 720% and 396%. There is no agreement on what FCF is in 2024 and varies from a negative 23M to a negative 130M. Analysts think that the DPRs for EPS and AEPS will improve in 2026.

Item	Cur	5 Years
EPS	0.00%	95.80%
AEPS	$0.00	97.12%
CFPS	$0.00	38.71%
FCF 1	-36.21%	719.97%
FCF 2	-203.93%	396.28%

Debt Ratios are need improving and the company has too much debt. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.15 and currently at 0.37. The Liquidity Ratio for 2024 is low at 1.15 and 1.20 currently. If you added in Cash Flow after dividends, the ratios do not improve at 1.12 and currently at 1.17. I prefer this ratio to be 1.50 or higher. The Debt Ratio for 2024 is low at 1.43 and 1.35 currently. I prefer this ratio to be 1.50 or higher. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.37 and 2.37 and currently at 3.88 and 2.88. I prefer these ratios to be below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.15	0.37
Intang/GW	0.07	0.18
Liquidity	1.15	1.20
Liq. + CF	1.12	1.17
Debt Ratio	1.43	1.35
Leverage	3.37	3.88
D/E Ratio	2.37	2.88

The Total Return per year is shown below for years of 5 to 28 to the end of 2024. 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. Note that dividends were not paid between 2003 and 2007.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	6.16%	12.60%	9.21%	3.39%
2014	10	7.99%	13.35%	9.78%	3.57%
2009	15	9.26%	6.31%	4.05%	2.26%
2004	20	#NUM!	9.71%	7.36%	2.35%
1999	25	8.79%	11.26%	8.87%	2.38%
1996	28		9.37%	7.55%	1.83%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.84, 11.45 and 14.06. The corresponding 10 year ratios are 15.15, 17.71 and 20.27. The corresponding historical ratios are 8.62, 12.14 and 16.91. The current P/E Ratio is 108.16 based on a stock price of $20.55 and EPS estimate for 2025 of $0.19. This stock price testing suggests that the stock price is relatively expensive. Note that EPS expected in 2025 is quite low after an earnings loss in 2024.

However, the EPS estimate for 2026 is $1.46. This implies a P/E Ratio of 14.08. If you compare that to the 10 year ratios above, it is lower than the low ratio of the 10 year median ratios. In this case the 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/Earnings per Share Ratios are 8.84, 11.45 and 14.06. The corresponding 10 year ratios are 11.95, 14.31 and 16.67. The corresponding historical ratios are 8.62, 12.14 and 16.91. The current P/E Ratio is 158.08 based on a stock price of $20.55 and EPS estimate for 2025 of $0.13. This stock price testing suggests that the stock price is relatively expensive. Note that AEPS expected in 2025 is quite low after an earnings loss in 2024.

However, the AEPS estimate for 2026 is $1.42. This implies a P/E Ratio of 14.47. If you compare that to the 10 year ratios above, it is between the low and median ratio of the 10 year median ratios. In this case the stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $7.76. The 10-year low, median, and high median Price/Graham Price Ratios are 0.86, 1.02 and 1.22. The current ratio is 2.65 based on a stock price of $20.55. This ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

However, the Graham Price for 2026 is $21.51. This produces a ratio of 0.96 based on a stock price of $20.55. This ratio is below the low ratio of the 10 year median ratios. In this case the stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 1.24. The current ratio is 1.46 based on a book Value of $887.8M, Book Value per Share of 14.08 and a stock price of $20.55. The current ratio is 17% 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 5.52. The current ratio is 11.68 based on Cash Flow per Share estimate for 2025 of $1.76, Cash Flow of $111M, and a stock price of $20.55. The current ratio is 111% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.46%. The current dividend yield is 3.70% based on dividends of $0.76 and a stock price of $20.55. The current dividend yield is 50% 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 3.26%. The current dividend yield is 3.70% based on dividends of $0.76 and a stock price of $20.55. The current dividend yield is 13% 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 0.29. The current ratio is 0.25 based on Revenue estimate for 2025 of $5,104M, Revenue per Share of $80.94 and a stock price of $20.55. 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 and below the median. The 10 year dividend yield test says this. It is confirmed by the P/S Ratio test. The rest of the testing is showing the stock price from cheap to reasonable. It is really only the P/CF Ratio test is showing the stock price as expensive.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (3), and Hold (3). The consensus would be a Strong Buy. The 12 month stock price consensus is $23.27 with a high of $28.00 and low of $19.00. The consensus stock price of $23.27 implies a total return of 16.93% with 13.24% from capital gains and 3.70% from dividends based on a current stock price of $20.55.

There are mixed views of this stock on Stock Chase. One says that the company is held back by legacy issues. One likes WSP better. Some think it is a buy because it is cheap. Another analyst says it is risky. Amy Legate-Wolfe on Motley Fool thinks that this is a stock to buy and hold as housing ramps up. Jitendra Parashar on Motley Fool says this stock is a reliable dividend stock with a strong backlog. The company put out a Press Release about their year-end results for 2024. The company put out a Press Release about their second quarter of 2025.

Simply Wall Street via Yahoo Finance looks at this company and thinks it is paying too much out in Dividends. Simply Wall Street has two warnings out on this stock of dividend of 3.79% is not well covered by earnings or free cash flows; and large one-off items impacting financial results.

Aecon Group Inc is a Canada-based company that operates in two segments: Construction and Concessions. The Construction segment includes various aspects of the construction of public and private infrastructure projects, mainly in the transportation sector. Its concessions segment is engaged in the development, financing, construction, and operation of infrastructure projects. The company generates the maximum revenue from the Construction segment. Its web site is here Aecon Group Inc.

The last stock I wrote about was about was GFL Environmental Inc (TSX-GFL, NYSE-GFL) ... learn more. The next stock I will write about will be Chemtrade Logistics Income Fund (TSX-CHE.UN, OTC-CGIFF) ... learn more on Monday, August 24, 2025 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.

GFL Environmental Inc

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price is could still be reasonable, but probably not. Debt Ratios are currently fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on GFL Environmental Inc.

Is it a good company at a reasonable price? This company certainly has great possibilities. It is very risky. It is certainly rapidly growing. It is sort of a dividend growth company, but dividends are exceeding low. The stock price is at the top of its range. It would seem to be relatively expensive currently.

I do not own this stock of GFL Environmental Inc (TSX-GFL, NYSE-GFL). GFL Environmental (TSX-GFL) is small, pays dividend and was talked about by Amy Legate-Wolfe on Motley Fool.

When I was updating my spreadsheet, I noticed that they did not have a good start to this year. The second quarter has revenue and Adjusted EPS down. Analysts also expect this year to have a lower Revenue and lower AEPS. Analyst then expect next year to be better and perhaps a full recovery by 2027.

This company made an unusually large amount for EPS for the first two quarters of 2025, coming in at $9.44. The first two quarters of 2024 had a loss of $1.84. There was a profit in 2025 mainly because of income from discontinued operations.

I noticed that the financials are in CDN$, but the dividends are paid in US$. All the estimates are provided in CDN$.

If you had invested in this company in December 2019, for $1,008.00 you would have bought 45 shares at $22.40 per share. In December 2024, after 5 years you would have received $13.69 in dividends. The stock would be worth $2,883.60. Your total return would have been $2,897.29. This would be a total return of 23.57% per year with 23.39% from capital gain and 0.74% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$22.40	$1,008.00	45	5	$13.69	$2,883.60	$2,897.29

The dividends are low, so if you buy this stock what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 8.29% as they have in the past 4 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $70.00 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years. Dividends are paid in US$.

Div Pd	Div Yield	Years	At IRR	Div Cov
$0.09	0.18%	5	8.29%	0.72%
$0.14	0.27%	10	8.29%	1.61%
$0.20	0.40%	15	8.29%	2.94%

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at just 0.12%. Almost no dividends. The 4 year median dividend yield is also low at 0.12%. The dividend growth is moderate (8% to 14% per year) at 8.3% per year over the past 4 years. The last dividend increase was in 2025 and it was for 10%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is non-calculable because of earnings losses. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 9% with 5 year coverage at 13%. The DPR on AEPS is the important one. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 2% with 5 year coverage at 2%. The DPR for 2024 for Free Cash Flow (FCF) is good at 8% with 5 year coverage at 11%. There is no agreement on what the FCF is.

Item	Cur	4 Years
EPS	-3.75%	-3.78%
AEPS	9.42%	12.96%
CFPS	1.53%	1.60%
FCF	7.72%	10.93%

Debt Ratios are currently fine. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.34 and currently at 0.26. The Liquidity Ratio for 2024 is far too low at 0.54 and 0.67 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.02 and currently fine at 1.52. The Debt Ratio for 2024 is good at 1.52 and 1.74 currently. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.02 and 1.99 and currently fine at 2.42 and 1.39.

Type	Year End	Ratio Curr
Lg Term R	0.34	0.26
Intang/GW	0.41	0.32
Liquidity	0.54	0.67
Liq. + CF	1.02	1.52
Debt Ratio	1.52	1.74
Leverage	3.02	2.42
D/E Ratio	1.99	1.39

The Total Return per year is shown below for years of 5 to 5 to the end of 2024 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.
2019	5	11.65%	23.57%	23.39%	0.17%

The Total Return per year is shown below for years of 5 to 5 to the end of 2024 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.
2019	5	8.29%	21.71%	21.53%	0.18%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and so unusable. Also, the P/E Ratios for past 10 years and historically are also negative and unusable. The P/E for 2025 is 7.75 and a good ratio, but with an unusually large EPS that will probably not be repeated for some time. EPS losses are again expected in 2026 and 2027.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 65.31, 80.78 and 96.24. (There are only 5 years of data.) The current ratio is 109.38 based on AEPS estimate for 2025 of $0.64 and a stock price $70.00. The current ratio is above the high ratio of the 5 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I noticed that the P/AEPS Ratio for 2026 is 63.06 based on a stock price of $70.00 and AEPS estimate for $1.11. This ratio is below the low ratio of the 5 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $17.08. The 5-year low, median, and high median Price/Graham Price Ratios are 2.34, 3.02 and 3.70. The current ratio is 4.10 based on a stock price of $70.00. This ratio is above the high ratio of the 5 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

The Graham Price for 2026 is $22.49. The 5-year low, median, and high median Price/Graham Price Ratios are 2.34, 3.02 and 3.70. The 2026 ratio is 3.11 based on a stock price of $70.00. This ratio is between the median and the high ratio of the 5 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 5-year median Price/Book Value per Share Ratio of 2.53. The current ratio is 3.46 based on a stock price of $70.00, Book Value of $7,662M and Book Value per Share of $20.25. The current ratio is 37% above the 5 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I have Book Value per Share estimate for 2025 of $18.85. This implies a ratio of 3.71 based on a stock price of $70.00 and a Book Value of $7,130M. Here the ratio is 47% above the 5 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 6-year median Price/Cash Flow per Share Ratio of 16.48. The current ratio is 16.97 based on Cash Flow per Share estimate for 2025 of $4.13, Cash Flow of $1,561M, and a stock price of $70.00. This ratio is 3% above the 6 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 4 year and historical median dividend yield of 0.14%. The current dividend yield is 0.12% based on dividends of $0.0602 and a stock price of $50.48. This dividend yield is 13% below the 4 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$ because the dividends are paid in US$. You sort of get the same results in CDN$.

The 6-year median Price/Sales (Revenue) Ratio is 2.32. The current ratio is 4.03 based on Revenue estimate for 2025 of $6,575M, Revenue per Share of $17.38 and a stock price of $70.00. The current ratio is 74% above the 6 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is could still be reasonable, but probably not. The dividend yield test says that the stock price is relatively reasonable, but above the median. The P/S Ratio test does not concur and shows the stock price is expensive. The problem with test using EPS and AEPS is negative earnings or volatility in the earnings. If you look at the price chart on this stock, it is at almost at an all-time high. Other tests vary from reasonable and above the median or expensive.

When I look at analysts’ recommendations, I find Strong Buy (8), Buy (4), and Hold (3). The consensus is a Strong Buy. The 12 months stock price is $74.25 with a high of 89.00 and low of $58.00. The consensus stock price of $74.25 implies a total return of 6.19% with 6.07% from capital gains and 0.12% from dividends based on a current stock price of $70.00.

There is only one analyst comment on Stock Chase for 2025. The recommendation is a Buy. He says it is a wonderful business run by really good people. Amy Legate-Wolfe on Motley Fool says this stock carries risks but it has the characteristics long term investors look for. Tony Dong on Motley Fool talks about two garbage companies that are growing earnings above the average rates. The company put out a Press Release about their fourth quarter of 2024. The company put out a Press Release on their second quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock. They are concerned about the impact of Unusual Items. The company also got money from an unusual Tax Situation. Simply Wall Street has four warnings on this stock of earnings are forecast to decline by an average of 17.8% per year for the next 3 years; interest payments are not well covered by earnings; large one-off items impacting financial results; and significant insider selling over the past 3 months.

GFL Environmental Inc is an environmental services company. The company's geographical segments are Canada and the United States. The company derives the majority of its revenue from the United States. Its web site is here GFL Environmental Inc.

The last stock I wrote about was about was Badger Infrastructure Solutions Ltd (TSX-BDGI, OTC-BADFF) ... learn more. The next stock I will write about will be Aecon Group Inc (TSX-ARE, OTC-AEGXF) ... learn more on Friday, August 22, 2025 around 5 pm. Tomorrow on my other blog I will write about Canadian Dividend Stocks to Buy.... learn more on Thursday, August 21, 2025 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.

Badger Infrastructure Solutions Ltd

Sound bite for Twitter is: Dividend Growth Industrial. Results of stock price testing is that the stock price could be reasonable, but certainly at the high end. Debt Ratios are generally good. The Dividend Payout Ratios (DPR) are generally good. The current dividend yield is low with dividend growth low. See my spreadsheet on Badger Infrastructure Solutions Ltd.

Is it a good company at a reasonable price? This company is growing, but rather unevenly, but it is growing. The risk level is high on this stock. I like the dividend yield tests because it tells you a lot about how people at a company think about their company. The stock price might still be reasonable, but if you buy, you should be cautious of the risks.

I do not own this stock of Badger Infrastructure Solutions Ltd (TSX-BDGI, OTC-BDGIF). I started to follow this stock after reading a couple of articles in February 2012 in the G&M that talked about the company. The first article looked at what the pros who manage small-cap funds are buying. Badger was one of 10 stocks mentioned and it looked like an interesting stock. It is a dividend paying small cap. The second article looked at why stocks might appeal to a conservative investor looking for income.

When I was updating my spreadsheet, I noticed the US symbol is now BDGIF. It used to be BADFF. I do not know when this change was made. I noticed that the stock price has increased by 58% in 2025. This is a nice increase and will give people who bought this stock in the last 5 or 10 years, a better return than they received at the end of 2024.

If you had invested in this company in December 2014, for $1,005.10 you would have bought 38 shares at $26.45 per share. In December 2024, after 10 years you would have received $204.78 in dividends. The stock would be worth $1,363.44. Your total return would have been $1,568.22. This would be a total return of 4.84% per year with 3.10% from capital gain and 1.74% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$26.45	$1,005.10	38	10	$204.78	$1,363.44	$1,568.22

The current dividend yield is low with dividend growth low. The current dividend yield is low (under2%) at just 1.40%. The 5, 10 and historical median dividend yields are also low at 1.91%, 1.65%, and 1.99%. The dividend growth is low (below 8% per year) at 4.8% per year over the past 5 years. The last dividend increase was in 2025 and it was for 4.2%.

The Dividend Payout Ratios (DPR) are generally good. The DPR for 2024 for Earnings per Share (EPS) is good at 36% with 5 year coverage high at 67%. The DPR for 2024 for Adjusted Operations Cash Flow (AOCF) is good at 10% with 5 year coverage at 16%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 10% with 5 year coverage at 14%. The DPR for 2024 for Free Cash Flow (FCF) is too high at 74% with 5 year coverage at 93%. But there is no agreement on what the FCF is. The range for 2024 is from $35.2M to $69.6M. My calculation used the lower figure.

Item	Cur	5 Years
EPS	35.62%	67.21%
AOCF	9.69%	16.42%
CFPS	9.63%	13.91%
FCF	73.64%	93.18%

Debt Ratios are generally good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.20 and currently at 0.16. The Liquidity Ratio for 2024 is fine at 1.43 and 1.56 currently. If you added in Cash Flow after dividends, the ratios are good at 2.32 and currently at 2.59. The Debt Ratio for 2024 is good at 1.63 and 1.59 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.59 and 1.59 and currently at 2.70 and 1.70.

Type	Year End	Ratio Curr
Lg Term R	0.20	0.16
Intang/GW	0.03	0.02
Liquidity	1.43	1.56
Liq. + CF	2.32	2.59
Debt Ratio	1.63	1.59
Leverage	2.59	2.70
D/E Ratio	1.59	1.70

The Total Return per year is shown below for years of 5 to 27 to the end of 2024 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.
2019	5	4.84%	2.20%	0.42%	1.78%
2014	10	7.07%	4.84%	3.10%	1.74%
2009	15	3.59%	18.77%	14.43%	4.35%
2004	20	7.07%	13.29%	9.55%	3.74%
1999	25		14.52%	11.01%	3.51%
1997	27		10.77%	8.46%	2.31%

The Total Return per year is shown below for years of 5 to 20 to the end of 2024 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.
2019	5	2.72%	-0.46%	-2.25%	1.79%
2014	10	4.78%	1.87%	0.23%	1.65%
2009	15	1.41%	16.35%	11.95%	4.40%
2004	20	6.12%	14.37%	9.51%	4.85%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.67, 21.65 and 22.64. The corresponding 10 year ratios are 17.51, 22.35 and 27.21. The corresponding historical ratios are 11.54, 15.82 and 19.23. The current ratio is 20.16 based on a stock price of $53.40 and EPS estimate for 2025 of $2.65. The current ratio is between the low and median ratios of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Operations Cash Flow (AOCF). The 5-year low, median, and high median Price/ Adjusted Operations Cash Flow Ratios are 5.42, 7.27 and 8.34. The corresponding 10 year ratios are 6.40, 8.31 and 10.60. The corresponding historical ratios are 6.60, 8.71 and 10.82. The current ratio is 6.71 based on a stock price of $53.40 and AOCF for the last 12 months of $7.96. The current ratio is between the low and median ratios of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $25.49. The 10-year low, median, and high median Price/Graham Price Ratios are 1.57, 2.05 and 2.47. The current P/GP Ratio is 2.10 based on a stock price of $53.40. The current ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 3.44. The current ratio is 4.90 based on a Book Value of $367.7M, Book Value per Share of $10.90, and a stock price of $53.40. The current ratio is 42% 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 2025 of $12.43. This implies a ratio of 4.30 and a Book Value of $419.4M. This ratio is 25% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 10.07. The current ratio is 7.79 based on Cash Flow per Share estimate for 2025 of $6.858, Cash Flow of $231.4M and a stock price of $53.40. This ratio is 23% 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 1.99%. The current dividend yield is 1.40% based on dividends of $0.743 and a stock price of $53.40. The current dividend yield is 29% 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 1.65%. The current dividend yield is 1.40% based on dividends of $0.743 and a stock price of $53.40. The current dividend yield is 15% 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 1.94. The current P/S Ratio is 1.64 based on Revenue estimate for 2025 of $805M, Revenue per Share of $23.86 and a stock price of $53.40. 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.

Results of stock price testing is that the stock price could be reasonable, but certainly at the high end. The 10 year dividend yield test says that the stock price is reasonable but above the median. The P/S Ratio test is saying that the stock price is reasonable and below the median. The rest of the testing ranges from cheap to expensive. The Graham Test is a good one and it says that the stock price is reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (2), and Hold (2). The consensus would be a Buy. The 12 month stock price consensus is $58.64 with a high of $63.00 and low of $50.00. The consensus 12 month stock price implies a total return of 11.22% with 9.81% from capital gains and 1.40% from dividends based on a current stock price of $53.40.

There are few analysts on Stock Chase covering this stock. The one for this year calls it a buy. The ones for last year called it a buy also. Christopher Liew on Motley Fool says that this company has had a great start to its year with the June quarterly report. Karen Thomas on Motley Fool says that this is a stock to buy and hold for the long term. The company put out via The Canadian Press a press release on their 2024 annual results. The company put out a Press Release on their second quarter of 2025.

Simply Wall Street via Yahoo Finance put out a positive report on this stock. They have one warning of has a high level of debt.

Badger Infrastructure Solutions Ltd is North America's provider of non-destructive excavating and related services, with operations in both the United States and Canada. Badger's two reportable segments are Canada and the United States, which is the key revenue generating market. Its web site is here Badger Infrastructure Solutions Ltd.

The last stock I wrote about was about was Superior Plus Corp (TSX-SPB, OTC-SUUIF) ... learn more. The next stock I will write about will be GFL Environmental Inc (TSX-GFL, NYSE-GFL) ... learn more on Wednesday, August 20, 2025 around 5 pm. Tomorrow on my other blog I will write about Automakers and Subscriptions.... learn more on Tuesday, August 19, 2025 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.