Canadian Tire Corp

Sound bite for Twitter and StockTwits is: Dividend Growth Consumer. Results of stock price testing is that the stock price is relatively cheap. They have some good Debt Ratios but they do have a lot of debt. The Dividend Payout Ratios (DPR) mostly good, but have been growing since 2018. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Canadian Tire Corp.

Is it a good company at a reasonable price? I plan to continue to hold the stock that I have. I am not buying anymore but I am not buying any more stocks for my Trading Accounts. I have enough. This stock hit a high in 2021, that it has yet to repeat. TD Cowen gave a positive view of this stock, but is also worried about US tariffs threat. I must admit it has had lower highs and lower lows since 2021. This is never good. However, it is testing as relatively cheap. I would suggest caution until we have a better idea of any possible US tariffs.

I own this stock of Canadian Tire Corp (TSX-CTC.A, OTC-CDNAF). In 2000 when I first bought this stock, it was on the Investment Reporter's list of conservative Canadian stocks. I bought stock for my trading account in 2009 because I have done well with it in my Pension Account and it was a consumer stock. I have moved all my shares from my Pension Account to my Trading Account.

When I was updating my spreadsheet, I noticed I have done well with this stock. I have had it for 25 years and I have made a total return of 11.61% per year with 9.12% from capital gains and 2.49% from dividends.

If you had invested in this company in December 2014, for $1104.66 you would have bought 9 shares at $122.74 per share. In December 2024, after 10 years you would have received $394.20 in dividends. The stock would be worth $1,360.98. Your total return would have been $1,755.18. This would be a total return of 5.20% per year with 2.11% from capital gain and 3.09% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$122.74	$1,104.66	9	10	$394.20	$1,360.98	$1,755.18

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 4.98%. The 5 and 10 year median dividend yields are also moderate at 4.05% and 2.69%. The historical median dividend yield is low (below 2%) at 1.70%. You notice that the dividend yield started to climb between 2018 and 2020. Prior to that, dividend yields were low. The dividend increases are moderate (between 8% and 14% per year) at 11% per year over the past 5 years. The last dividend increase was in 2025 and it was for 1.4%. They generally only have one increase a year.

The Dividend Payout Ratios (DPR) mostly good, but have been growing since 2018. The DPR for 2024 for Earnings per Share (EPS) is good at 44% with 5 year coverage at 43%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is fine at 55% with 5 year coverage good at 35%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 18% with 5 year coverage at 15%. The DPR for 2024 for Free Cash Flow (FCF) is good at 34% with 5 year coverage at 29%. But here again, sites do not agree on what the FCF is.

Item	Cur	5 Years
EPS	43.97%	42.73%
AEPS	55.35%	35.13%
CFPS	18.46%	14.62%
FCF	33.94%	29.10%

They have some good Debt Ratios but they do have a lot of debt. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.49 and currently at 0.51. The Liquidity Ratio for 2024 is good at 1.79 and 1.79 currently. The Debt Ratio for 2024 is fine at 1.47 and 1.47 currently. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.14 and 2.14 and currently at 3.14 and 2.14.

Type	Year End	Ratio Curr
Lg Term R	0.49	0.51
Intang/GW	0.25	0.26
Liquidity	1.79	1.79
Liq. + CF	2.06	1.98
Debt Ratio	1.47	1.47
Leverage	3.14	3.14
D/E Ratio	2.14	2.14

The Total Return per year is shown below for years of 5 to 36 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	11.02%	5.54%	1.56%	3.98%
2014	10	14.08%	5.20%	2.11%	3.09%
2009	15	15.18%	9.76%	6.66%	3.10%
2004	20	14.11%	7.42%	5.07%	2.35%
1999	25	12.13%	8.30%	6.10%	2.20%
1994	30	10.01%	11.08%	8.39%	2.69%
1989	35	9.42%	7.16%	5.35%	1.81%
1988	36	9.82%	8.33%	6.28%	2.05%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.03, 9.50 and 11.58. The corresponding 10 year ratios are 10.85, 12.24 and 13.64. The corresponding historical ratios are 10.45, 13.04 and 14.84. The current ratio is 11.14 based on a stock price of $142.60 and EPS estimate for 2025 of $12.80. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.61, 9.93 and 11.65. The corresponding 10 year ratios are 10.67, 12.25 and 13.82. The current ratio is 10.60 based on a stock price of $142.60 and AEPS estimate for 2025 of $13.45. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $183.00. The 10-year low, median, and high median Price/Graham Price Ratios are 0.87, 0.99 and 1.13. The current P/GP Ratio is 0.78 based on a stock price of $142.60. This 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 1.77. The current ratio is 1.29 based on a stock price of $142.60, Book Value of $6,155M and Book Value per Share of $110.66. The current ratio is 19% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.38. The current P/CF Ratio is 4.93 based on a stock price of $142.60, Cash Flow per Share estimate for 2025 of $28.91 and Cash Flow of $1,608M. The current ratio is 41% 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 1.70%. The current dividend yield is 4.98% based on a stock price of $142.60 and dividends of $7.10. The current yield is 193% 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 2.69%. The current dividend yield is 4.98% based on a stock price of $142.60 and dividends of $7.10. The current yield is 85% 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 0.64. The current ratio is 0.48 based on a stock price of $142.60, Revenue estimate for 2025 of $16,673 and Revenue per Share of $299.76. The current ratio is 26% 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 relatively cheap. The dividend yield tests say that the stock price is relatively cheap. The rest of the testing says that the stock price is either cheap or reasonable but below the median.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (3), Hold (6), and Underperform (2). The consensus is a Hold. The 12 month stock price consensus is $161.08, with a high of $195.00 and low of $135.00. The consensus stock price of $161.08 implies a total return of 17.94% with 12.96% from capital gains and 4.98% from dividends based on a current stock price of $142.60.

When I looked at analysts’ recommendations last year, I find Strong Buy (1), Buy (4), Hold (5), and Underperform (1). The consensus is a Buy. The 12 month stock price consensus is $155.50, with a high of $195.00 and low of $130.00. The consensus stock price of $155.50 implies a total return of 20.79% with 15.43% from capital gains and 5.37% from dividends based on a stock price of $130.43. What happened was a stock price move to $142.60, an increase of 9.33%. Last year my stock pricing testing said the stock price was relatively cheap.

There is only one entry for 2025 on Stock Chase which is a Do Not Buy because the company is facing headwinds like a weaker CAD, trade war risk and potential recession. Last year there was a mix of Buy and Do Not Buy. Generally, some analysts though retail is a tough business. Stock Chase gives this stock 5 stars out of 5. Joey Frenette on Motley Fool thinks this stock is the best deal in retail today. Demetris Afxentiou on Motley Fool says this stock is a no brainer dividend stock to buy. The company put out a Press Release on their fourth quarter of 2024.

Simply Wall Street via Yahoo Finance thinks this stock is overpriced by 39%. Simply Wall Street gives this stock 3 and one half stars out of 5. They have 3 warnings out on this stock of earnings are forecast to decline by an average of 1% per year for the next 3 years; has a high level of debt; and large one-off items impacting financial results. For the last time, that you why you pay attention to Adjusted Earnings per Share.

Canadian Tire is a leading general merchandise retailer. The retailer boasts a wide array of owned and affiliated banners that include its iconic namesake brand, Mark's, Sport Chek, Sports Experts, PartSource, Party City, and Helly Hansen. The firm also offers a loyalty program with 11 million members and owns a financial services arm that manages a credit card portfolio for its more than 2 million active users. Its web site is here Canadian Tire Corp.

The last stock I wrote about was about was Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF) ... learn more. The next stock I will write about will be RioCan Real Estate (TSX-REI.UN, OTC-RIOCF) ... learn more on Monday, March 3, 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.

Also, on my book blog I have put a review of the book Accelerated Minds by Neil Seeman learn more...

Choice Properties REIT

Sound bite for Twitter and StockTwits is: Dividend Growth REIT. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are fine, but debt is high. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is good with dividend growth low. See my spreadsheet on Choice Properties REIT.

Is it a good company at a reasonable price? I bought Real Estate companies for diversification purposes. I still think that is a good reason to hold Real Estate companies and this REIT. I have made a reasonable return on this stock and I intend to continue to hold it. I do not expect much in capital gains and I expect most of my return to be in distributions. Currently, this stock is testing as reasonable.

I own this stock of Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF). I got this stock when CDN REIT was acquired by Choice Properties. Choice was originally a spin off from Loblaws. Later George Weston Limited (TSX-WN) in a reorganization received Loblaw’s share of Choice (61.6% interest) and Loblaws minority shareholders got George Weston Limited shares. The Weston Family owns a majority share in George Weston Ltd and George Weston Limited has a controlling interest in Loblaws.

When I was updating my spreadsheet, I noticed I have had Choice since 2018 and I have made a total return of 8.01% with 2.04% from capital gains and 5.48% from dividends. If I look at my total return from CDN REIT and Choice over the past 17 years, I have a total return of 10.06% with 4.43% from capital gains and 5.63% from dividends.

If you had invested in this company in December 2014, for $1,005.12 you would have bought 96 shares at $10.47 per share. In December 2024, after 10 years you would have received $569.68 in dividends. The stock would be worth $1,281.60. Your total return would have been $1,851.28. This would be a total return of 8.72% per year with 2.46% from capital gain and 6.26% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$10.47	$1,005.12	96	10	$569.68	$1,281.60	$1,851.28

The current dividend yield is good with dividend growth low. The current dividend yield is good (5% to 6% ranges) at 5.50%. The 5, 10 and historical median dividend yields are also good at 5.42%, 5.45% and 5.45%. The dividend increases are low (below 8% per year) at 0.5% per year over the past 5 years. The last dividend increase was in 2024 and it was for 1.3%. Most of the years in the past 5 years had no dividend increases.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2024 for Earnings per Share (EPS) is too high at 70% with 5 year coverage at 96%. The DPR for 2024 for Adjusted Funds from Operations (AFFO) is fine at 88% with 5 year coverage at 91%. The DPR for 2024 for Funds from Operations (FFO) is fine at 73% with 5 year coverage at 76%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 25% with 5 year coverage at 27%. The DPR for 2024 for Free Cash Flow 1 (FCF 1) is fine at 33% with 5 year coverage at 57%. The DPR for 2024 for Free Cash Flow 2 (FCF 2) is too high at 65% with 5 year coverage at 60%. Currently, the two FCF values to not agree.

Item	Cur	5 Years
EPS	69.96%	96.00%
AFFO	87.77%	90.76%
FFO	73.48%	76.46%
CFPS	25.25%	27.18%
FCF 1	33.29%	56.56%
FCF 2	64.67%	59.60%

Debt Ratios are fine, but debt is high. The Long Term Debt/Market Cap Ratio for 2024 is fine for an REIT at 0.69 and currently at 0.67. The Liquidity Ratio for 2024 is good at 4.64 and 6.64 currently. If you added in Cash Flow after dividends, the ratios are still good at 2.18 and currently at 2.18. The Debt Ratio for 2024 is fine but low at 1.39 and 1.39 currently. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.58and 2.58 and currently at 3.58 and 2.58. Debt is high but REITs do tend to have a lot of debt.

Type	Year End	Ratio Curr
Lg Term R	0.69	0.67
Intang/GW	0.00	0.00
Liquidity	4.64	4.64
Liq. + CF	2.18	2.18
Debt Ratio	1.39	1.39
Leverage	3.58	3.59
D/E Ratio	2.58	2.59

The Total Return per year is shown below for years of 5 to 11 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	0.49%	4.62%	-0.82%	5.44%
2014	10	1.55%	8.72%	2.46%	6.26%
2013	11	1.41%	8.35%	2.19%	6.16%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.77, 14.61 and 15.45. The corresponding 10 year ratios are 11.14, 12.66 and 14.18. The corresponding historical ratios are 12.32, 13.32 and 14.44 (11 years). The current ratio is 13.46 based on a stock price of $13.83 and EPS estimate for 2025 of $1.03. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 14.44, 16.69 and 18.82. The corresponding 10 year ratios are 14.15, 16.05 and 17.92. The current ratio is 14.41 based on a stock price of $13.83 and AFFO estimate for 2025 of $0.96. 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 also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 12.09, 13.94 and 1600. The corresponding 10 year ratios are 11.69, 13.33 and 14.85. The current ratio is 13.17 based on a stock price of $13.83 and FFO estimate for 2025 of $1.05. 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 Graham Price of $18.59. The 10-year low, median, and high median Price/Graham Price Ratios are 0.87, 0.98 and 1.06. The current ratio is 0.74 based on a stock price of $13.83. 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 1.25. The current ratio is 0.93 based on Book Value of $4,891M, Book Value per Share of $14.92 and a stock price of $13.83. The current ratio is 26% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.51. The current ratio is 6.26 based on Cash Flow for the last 12 months of $424.7M, Cash Flow per Share of $2.21 and a stock price of $13.83. 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 historical median dividend yield of 5.45. The current dividend yield is 5.50% based on dividends of $0.76 and a stock price of $13.83. The current dividend yield is .8% below the 10 year and historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and above the median. (Note that in this case historical is just 11 years.)

The 10-year median Price/Sales (Revenue) Ratio is 7.13. The current P/S Ratio is 6.68 based on Revenue estimate for 2025 of $1,498M, Revenue per Share of $2.07 and a stock price of $13.83. The 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.

Results of stock price testing is that the stock price is probably reasonable. The dividend yield testing is showing that the current dividend yield is very close to the 10 year median dividend yield. The P/S Ratio testing is showing the stock price as reasonable and below the median. Most of the rest of the testing is showing the stock price as either cheap or reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (4), Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $15.50 with a high of $16.00 and a low of $15.00. The consensus stock price of $15.50 implies a total return of 17.57% with 12.08% from capital gains and 5.50% from dividends.

The analysts’ recommendations in 2025 on Stock Chase are buys. Stock Chase gives this stock 5 stars out of 5. Amy Legate-Wolfe on Motley Fool says to buy this stock for passive income. Demetris Afxentiou on Motley Fool thinks this is a REIT to buy and hold forever. The company put out a Press Release about their results for the fourth quarter of 2024.

There is an article about this stock on Sure Dividend. Simply Wall Street gives this stock 2 and one half stars out of 5. They have 3 warnings out on this stock of interest payments are not well covered by earnings; shares are highly illiquid; and large one-off items impacting financial results.

Choice Properties Real Estate Investment Trust invests in commercial retail, industrial, mixed-use, and residential properties across Canada. Choice Properties generates the majority of its revenue from leasing properties to its tenants. The company's principal tenant, the large-format retailer Loblaw Companies, contributes the vast majority of the total rent. Its web site is here Choice Properties REIT.

The last stock I wrote about was about was Intact Financial Corp (TSX-IFC, OTC-IFCZF) ... learn more. The next stock I will write about will be Canadian Tire Corp (TSX-CTC.A, OTC-CDNAF) ... learn more on Friday, February 28, 2025 around 5 pm. Tomorrow on my other blog I will write about China’s Huge Surplus.... learn more on Thursday, February 27, 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

Intact Financial Corp

Sound bite for Twitter and StockTwits is: Dividend Growth Insurance. Results of stock price testing is that the stock price is probably relatively expensive. Debt Ratios are mostly fine, but they have a lot of debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on Intact Financial Corp.

Is it a good company at a reasonable price? The stock price is just slightly lower than its all time high. This stock has done well for shareholders. It provides a low dividend but the increases are moderate in the 9% range per year. However, it is testing as expensive. So, now may not be the time to buy this stock. However, if you have it, I would not sell either.

I do not own this stock of Intact Financial Corp (TSX-IFC, OTC-IFCZF). I am following this stock because in November 2011, the TD Bank put out a special report on the merits of dividend investing. At the end of the report, they listed a number of Canadian stocks as Equity Yield ideas. This was one stock listed that I did not follow. This and Wajax are from TD Report on dividend investing.

When I was updating my spreadsheet, I noticed this stock as a general insurance company is a bit volatile, but it has done well for its shareholders.

If you had invested in this company in December 2014, for $1,006.20 you would have bought 12 shares at $82.85 per share. In December 2024, after 10 years you would have received $393.60 in dividends. The stock would be worth $3,140.76. Your total return would have been $3,534.36. This would be a total return of 14.34% per year with 12.06% from capital gain and 2.28% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$83.85	$1,006.20	12	10	$393.60	$3,140.76	$3,534.36

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 1.90%. The 5, 10 and historical median dividend yields are moderate (2% to 4% ranges) at 2.17%, 2.44% and 2.56%. The dividend increases are moderate (8% to 14% per year) at 9.75% for the last 5 years. The last dividend increase was in 2025 and it was for 9.92%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 39% with 5 year coverage at 38%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 33% with 5 year coverage at 33%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 26% with 5 year coverage at 27%. The DPR for 2024 for Free Cash Flow (FCF) is good at 29% with 5 year coverage at 28%. There is no agreement on what FCF is.

Item	Cur	5 Years
EPS	39.16%	38.08%
AEPS	32.99%	33.37%
CFPS	26.00%	27.38%
FCF	29.14%	28.91%

Debt Ratios are mostly fine, but they have a lot of debt. The Long Term Debt/Market Cap Ratio for 2024 is fine at 0.78 and currently at 0.71. The Liquidity Ratio for 2024 is good at 3.39 and 3.39 currently. The Debt Ratio for 2024 is a bit low at 1.44 and 1.44 currently. I prefer this to be 1.50 or high. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.28 and 2.28 and currently at 3.28 and 2.28. I prefer these ratios to be below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.78	0.71
Intang/GW	0.20	0.19
Liquidity	3.39	3.39
Liq. + CF	7.84	7.69
Debt Ratio	1.44	1.44
Leverage	3.28	3.28
D/E Ratio	2.28	2.28

The Total Return per year is shown below for years of 5 to 20 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.	check
2019	5	9.75%	15.46%	13.26%	2.20%	15.46%
2014	10	9.69%	14.34%	12.06%	2.28%	14.34%
2009	15	9.27%	16.73%	13.90%	2.83%	16.73%
2004	20	11.15%	14.05%	11.57%	2.49%	14.05%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.06, 18.45 and 21.84. The corresponding 10 year ratios are 16.15, 18.85 and 22.01. The corresponding historical ratios are 15.06, 17.19 and 18.46. The current P/E Ratio 18.75 based on a stock price of $280.11 and EPS estimate for 2025 of $15.11. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.78, 15.66 and 18.54. The corresponding 10 year ratios are 15.38, 16.72 and 18.67. The current P/AEPS Ratio is 16.95 based on a stock price of $280.11 and AEPS estimate for 2025 of $16.53. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $194.53. The 10-year low, median, and high median Price/Graham Price Ratios are 1.16, 1.27 and 1.42. The current P/GP Ratio is 1.44 based on a stock price of $280.11. This ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 2.15. The current P/B Ratio is 2.75 based on Book Value per Share of $101.75, Book Value of $18,148M and a stock price of $280.11. The current ratio is 29% 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 12.87. The current ratio is 14.75 based on Cash Flow for the last 12 months of $3,387M, Cash Flow per Share of $18.99 and a stock price of $280.11. The current ratio is 15% 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 2.56%. The current dividend yield is 1.90% based on a stock price of $280.11 and Dividends of $5.32. The current dividend yield is 26% 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 2.44%. The current dividend yield is 1.90% based on a stock price of $280.11 and Dividends of $5.32. The current dividend yield is 22% 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 1.72. The current P/S Ratio is 2.16 based on a stock price of $280.11, Revenue estimate for 2025 of $23,179 and Revenue per Share of $129.95. The current ratio is 26% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably relatively expensive. The dividend yield tests are saying this and it is confirmed by the P/S Ratio test. The rest of the testing goes from relatively reasonable, but above the median to expensive.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (6), Hold (4). The consensus would be a Buy. The 12 month stock price consensus is $302.83 with a high of $324.00 and low of $290.00. The consensus stock price of $302.83 implies a total return of 10.01% with 8.11% from capital gains and 1.90% from dividends.

Most of the recommendations on Stock Chase are a buy, but there is one Hold. Adam Othman on Motley Fool thinks this is a stock to buy and hold forever. Joey Frenette on Motley Fool thinks this is fantastic dividend growth stock. The company put out a Press Release via Newswire about their fourth quarter of 2024 results

Simply Wall Street via Yahoo Finance talks about this company and its dividends. Simply Wall Street gives this stock 2 and one half stars out of 5.

They have one warning of Significant insider selling over the past 3 months. I noticed this at INK, but I find a problem with how they treat stock options. They seem to treat them as sells if not picked up. I follow 5 officers, including the CEO and CFO and they all bought shares within the past year. I follow 3 directors, including the Chairman. Only the Chairman bought more shares within the last year. None of the people I follow sold any shares.

Intact Financial Corp is a property and casualty insurance company that provides written premiums in Canada. Most of the company's direct premiums are written in the personal automotive space. Its web site is here Intact Financial Corp.

The last stock I wrote about was about was Russel Metals Inc (TSX-RUS, OTC-RUSMF) ... learn more. The next stock I will write about will be Choice Properties REIT (TSX-CHP.UN, OTC-PPRQF) ... learn more on Wednesday, February 26, 2025 around 5 pm. Tomorrow on my other blog I will write about TFSA .... learn more on Tuesday, February 25, 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.

Russel Metals Inc

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

Is it a good company at a reasonable price? This is a cyclical stock. I have not gotten a good return, but if you look at total return over the past 5 to 34 years in a paragraph below, shareholders have done quite well. It is just off a recent peak, so I am tending to think it might be on the expensive side as far as the stock price goes.

I own this stock of Russel Metals Inc (TSX-RUS, OTC-RUSMF). In 2007 I needed to reduce my holdings of Loblaws and buy something to help replace the dividends I had been earning. With Russel Metals, both Mike and TD recommend buying at this time. However, I should keep a watch on this stock as it has had some troubles in the past.

When I was updating my spreadsheet, I noticed that this is a cyclical stock. If you look at the return over the past 5 and 10 years, there is a big difference. The total return for 5 years is 19.25% and for 10 years 9.87%. See paragraphs below. I obviously did not time my purchases right as I have a total return of 7.64 with 3.06% from capital gains and 4.58% from dividends. I have had this stock for almost 18 years.

If you had invested in this company in December 2014, for $1010.10 you would have bought 39 shares at $25.90 per share. In December 2024, after 10 years you would have received $600.60. in dividends. The stock would be worth $1,641.90. Your total return would have been $2,242.50. This would be a total return of 9.87% per year with 4.98% from capital gain and 4.89% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$25.90	$1,010.10	39	10	$600.60	$1,641.90	$2,242.50

If you had invested in this company in December 2019, for $1019.82 you would have bought 46 shares at $22.17 per share. In December 2024, after 10 years you would have received $304.20 in dividends. The stock would be worth $1,936.60. Your total return would have been $2,240.80. This would be a total return of 19.25% per year with 13.69% from capital gain and 5.56% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$22.17	$1,019.82	46	5	$304.20	$1,936.60	$2,240.80

The current dividend yield is moderate with dividend growth low. The dividend yield is moderate (2% to 4% ranges) at 4.02%. The 5, 10 and historical median dividend yields are also good (5% to 6% ranges) at 5.08%, 5.75% and 5.08%. The dividend increases are low (below 8% per year) at 1.8% per year over the past 5 years. This stock did not raise dividends for 7 years between 2016 and 2022. The last dividend increase was in 2024 and it was for 5%.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2024 for Earnings per Share (EPS) is too high at 61% with 5 year coverage is good at 38%. The expected DPR for 2025 is good 43%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 32% with 5 year coverage at 23%. The DPR for 2024 for Free Cash Flow 1 (FCF 1) is good at 33% with 5 year coverage at 29%. The DPR for 2024 for Free Cash Flow 2 (FCF 2) is good at 33% with 5 year coverage at 27%. Two sites on FCF have similar values.

Item	Cur	5 Years
EPS	60.81%	38.52%
CFPS	31.67%	23.13%
FCF 1	32.87%	28.75%
FCF 2	32.87%	27.79%

Debt Ratios are very good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.00 and currently at 0.00. The Liquidity Ratio for 2024 is good at 3.13 and 3.13 currently. The Debt Ratio for 2024 is good at 1.41 and 1.41 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.42 and 0.42 and currently at 1.42 and 0.42.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.06	0.06
Liquidity	3.13	3.13
Liq. + CF	3.65	3.67
Debt Ratio	3.41	3.41
Leverage	1.42	1.42
D/E Ratio	0.42	0.42

The Total Return per year is shown below for years of 5 to 34 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	1.78%	19.25%	13.69%	5.56%
2014	10	1.29%	9.87%	4.98%	4.89%
2009	15	3.44%	11.60%	5.93%	5.67%
2004	20	-1.74%	11.57%	5.12%	6.45%
1999	25	0.20%	20.51%	10.05%	10.46%
1994	30	0.00%	11.51%	6.78%	4.73%
1990	34	4.68%	9.52%	5.81%	3.71%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.68, 8.56, 10.45. The corresponding 10 year ratios are 9.34, 10.96, and 12.58. The corresponding historical ratios are 6.68, 9.69 and 9.99. The current P/E Ratio is 10.65 based on a stock price of $41.80 and EPS estimate for 2025 of $3.93. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $50.65. The 10-year low, median, and high median Price/Graham Price Ratios are 0.72, 1.01 and 1.16. The current ratio is 0.83 based on a stock price of $41.80. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.47. The current ratio is 1.44 based on a Book Value of $1,658M, Book Value per Share of $29.05 and a stock price of $41.80. The current ratio is 2% 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 5.29. The current P/CF Ratio is 6.76 based on a stock price of $41.80, Cash Flow per Share estimate for 2025 of $6.18 and Cash Flow of $352.7M. The current ratio is 28% 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 5.08%. The current dividend yield is 4.02% based on a stock price of $41.80 and dividends of $1.68. The current dividend yield is 21% 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 5.75%. The current dividend yield is 4.02% based on a stock price of $41.80 and dividends of $1.68. The current dividend yield is 30% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive. A problem is that there were no dividend increases for 7 years from 2016 to 2022. This could be affecting this test.

The 10-year median Price/Sales (Revenue) Ratio is 0.52. The current P/S Ratio is 0.49 based on a stock price of $41.80, Revenue estimate for 2025 of $4,870M and Revenue per Share of $85.32. The current ratio is 5% 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 on the expensive side. The dividend yield tests are saying this. It could be reasonable because the P/S Ratio test is saying this. However, the stock price is just below the last high on this cyclical stock which pushes me to think it is relatively expensive. Most of the other testing is saying that the stock price is relatively reasonable.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (4), and Hold (1). The consensus would be a Buy. The 12 month stock price consensus is $54.33 with a high of $60.00 and low of $50.00. The consensus stock price of $54.33 implies a total return of $34.00% with 29.98% from capital gains and $4.02% from dividends.

The last analyst remarks on this stock on Stock Chase is that they have raised the dividend and the company is in much better shape than in past cycles. Stock Chase gives this stock 5 stars out of 5. Amy Legate-Wolfe on Motley Fool says you need the right mix of steady payouts, solid finance and growth potential and Russel Metals has this. Jitendra Parashar on Motley Fool in June 2024 said that while other mining stocks tanked Russel Metal surged. The company put out a press release via Newswire about their fourth quarter results for 2024.

Simply Wall Street via Yahoo Finance looks at this stock. They have one warning of Profit margins (3.8%) are lower than last year (5.9%). Simply Wall Street gives this stock 3 and one half stars out of 5.

Russel Metals Inc is a Canada-based metal distribution company. The company conducts business primarily through three metals distribution segments: metals service centers; Energy Field Stores; and steel distributors. The company generates all of its revenue from the North American market. Its web site is here Russel Metals Inc.

The last stock I wrote about was about was Toromont Industries Ltd (TSX-TIH, OTC-TMTNF) ... learn more. The next stock I will write about will be Intact Financial Corp (TSX-IFC, OTC-IFCZF) ... learn more on Monday, February 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.

Toromont Industries Ltd

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

Is it a good company at a reasonable price? Why I do like dividend growth stocks like this one? After holding this stock for 17 years from 2008, I have a dividend yield of 10.58% on my original stock purchase. It is because having such stocks in my portfolio that my dividends grow higher than the rate of inflation. My testing is showing that the stock price is probably reasonable.

I own this stock of Toromont Industries Ltd (TSX-TIH, OTC-TMTNF). This was a stock on Mike Higgs' Canadian Dividend Growth Stock list. I bought a number of stocks recommended by Mike Higgs who was an early blogger.

When I was updating my spreadsheet, I noticed I have had this stock for 17 years and I have made a total return of 12.76% per year with 10.91% from capital gains and 1.85% from dividends to end of January 2025.

If you had invested in this company in December 2014, for $1,026.36 you would have bought 36 shares at $28.51 per share. In December 2024, after 10 years you would have received $418.68 in dividends. The stock would be worth $4,091.04. Your total return would have been $4.504.72. This would be a total return of 16.89% per year with 14.83% from capital gain and 2.07% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$28.51	$1,026.36	36	10	$418.68	$4,091.04	$4,509.72

The current dividend yield is low with dividend growth moderate. The dividend yield is low (below 2%) at 1.56%. The 5, 10 and historical dividend yields are also low at 1.52%, 1.53% and 1.68%. The dividend increases are moderate at 12.5% per year over the past 5 years. The last dividend increase was in 2025 and it was for 11.6%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 31% with 5 year coverage at 30%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 23% with 5 year coverage at 22%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 22% with 5 year coverage at 22%. The DPR for 2024 for Free Cash Flow (FCF) is good at 37% with 5 year coverage at 35%. There is not agreement on what the FCF is.

Item	Cur	5 Years
EPS	30.51%	30.19%
AEPS	22.92%	21.99%
CFPS	21.83%	21.54%
FCF	37.45%	34.85%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.0.05 and currently at 0.05. The Liquidity Ratio for 2024 is good at 2.37 and 2.37 currently. The Debt Ratio for 2024 is good at 2.54 and 2.54 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.65 and 0.65 and currently at 1.65 and 0.64.

Type	Year End	Ratio Curr
Lg Term R	0.05	0.05
Intang/GW	0.05	0.05
Liquidity	2.37	2.37
Liq. + CF	2.54	2.85
Debt Ratio	2.54	2.54
Leverage	1.65	1.65
D/E Ratio	0.65	0.65

The Total Return per year is shown below for years of 5 to 34 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.
2018	5	12.45%	11.75%	9.99%	1.75%
2013	10	12.42%	16.89%	14.83%	2.07%
2008	15	11.58%	15.49%	13.49%	2.00%
2003	20	13.11%	13.33%	11.58%	1.75%
1998	25	13.12%	15.35%	13.33%	2.03%
1993	30	15.55%	16.62%	14.32%	2.30%
1990	34	14.56%	22.18%	17.88%	4.30%

The 5-year low, median, and high median Price/Earnings per Share are 17.64, 20.09 and 22.59. The corresponding 10 year ratios are 17.28, 19.74 and 22.12. The corresponding historical ratios are 13.62, 15.50 and 26.14. The current P/E Ratio is 16.71 based on a stock price of $123.01 and EPS estimate for 2025 of $7.36. 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 also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share are 12.79, 15.08 and 16.53. The corresponding 10 year ratios are 12.95, 15.44 and 17.52. The current P/AEPS Ratio is 19.49 based on a stock price of $123.01 and AEPS estimate for 2025 of $6.31. This is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $71.84. The 10-year low, median, and high median Price/Graham Price Ratios are 1.31, 1.58 and 1.80. The current ratio is 1.71 based on a stock price of $123.01. 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.

I get a 10-year median Price/Book Value per Share Ratio of 3.49. The current P/B Ratio is 3.38 based on a stock price of $123.01, Book Value of $2,955M, and Book Value per Share of $36.35. The current ratio is 3% 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 19.67. The current P/CF Ratio is 13.40 based on Cash Flow per Share estimate for 2025 of $9.18, Cash Flow of $746.34 and a stock price of $123.01. The current ratio is 32% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. (Although I wonder about the Cash Flow per Share estimate as it seems way out of line with past Cash Flows per Shares.)

I get an historical median dividend yield of 1.68%. The current dividend yield is 1.56% based on dividends of $1.92 and a stock price of $123.01. The current dividend yield is 7% 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 1.53%. The current dividend yield is 1.56% based on dividends of $1.92 and a stock price of $123.01. The current dividend yield is 2% 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 1.73. The current ratio is 1.93 based on Revenue estimate for 2025 of $5,185M, Revenue per Share of $63.78 and a stock price of $123.01. The current ratio is 11% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is probably reasonable. The 10 year dividend yield test says that the stock price is reasonable and below the median. The P/S Ratio test shows that the stock price is reasonable but above the median. The rest of the testing shows the stock price from cheap to expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (3) and Hold (3). The consensus is a Buy. The 12 month stock price consensus is $137.17 with a high of $150.00 and a low of $130.00. The consensus stock price of $137.17 implies a total return of 13.07% with 11.51% from capital gains and 1.56% from dividends based on a current stock price of $123.01.

Analyst advise ended last year on Stock Chase with a couple of Hold, but this year, so far, there is two buys. Analyst think that if you have this stock, you should add to it. Stock Chase gives this stock 5 stars out of 5. Amy Legate-Wolfe on Motley Fool say that you should buy and hold forever this magnificent Canadian stock. Motley Fool says that it flies under the radar because of its low dividend, but it makes up for that in growth potential. The company put out a press release via Newswire about its fourth quarter results for 2024.

Simply Wall Street via Yahoo Finance talks about this company’s dividends. Simply Wall Street gives this stock 3 and one half stars out of 5. They have one warning of shares are highly illiquid.

Toromont Industries Ltd is a Canadian industrial company. The company operates two business segments: Equipment Group and CIMCO. The company operates majorly in Canada and derives a smaller portion of sales from the United States of America and other regions. Its web site is here Toromont Industries Ltd.

The last stock I wrote about was about was IGM Financial Inc (TSX-IGM, OTC-IGIFF) ... learn more. The next stock I will write about will be Russel Metals Inc (TSX-RUS, OTC-RUSMF) ... learn more on Friday, February 21, 2025 around 5 pm. Tomorrow on my other blog I will write about Build Canada .... learn more on Thursday, February 20, 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.

Also, on my book blog I have put a review of the book How the World Made the West by Josephine Quinn learn more...

IGM Financial Inc

Sound bite for Twitter and StockTwits is: Dividend Paying Financial. Results of stock price testing is that the stock price is probably reasonable but above the median. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are too high still. The current dividend yield is good with dividend growth non-existent. See my spreadsheet on IGM Financial Inc.

Is it a good company at a reasonable price? This stock has a good dividend over 5%. Some people think that investing in high dividend stocks, especially for people needing income is a good idea. Personally, I do like dividend growth stocks but when you hold stocks for long times, the companies do go through a number of changes. It is interesting that this stock has been rather cyclical and is coming off it last high. If you like this stock, I would be cautious because even though it is testing as reasonable, it is still above the median.

I do not own this stock of IGM Financial Inc (TSX-IGM, OTC-IGIFF). I am following this stock because I used to own this stock. The stock was on Mike Higgs' list of dividend growth stocks and on the other Dividend lists at that time. I owned this stock from 2006 to 2011. I sold because I decided to rationalizing my portfolio. Selling ones that did not make it into my core and buying ones that did of the same type. My son still owns this stock. Also, I own Power Corp which in turn owns IGM.

When I was updating my spreadsheet, I noticed that people who held this stock for the past 10 years have done better to the end of 2024, than to the end of 2023. See the results below of holding this stock for 10 years to the end of 2024 and 2023. For those holding the stock for 10 years to the end of 2023 there was a capital loss and for those holding the stock for 10 years to 2024 there is a capital gain.

If you had invested in this company in December 2014, for $1,032.75 you would have bought 25 shares at $41.31 per share. In December 2024, after 10 years you would have received $562.50 in dividends. The stock would be worth $1,147.75. Your total return would have been $1,710.25. This would be a total return of 6.28% per year with 1.06% from capital gain and 5.22% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$41.31	$1,032.75	25	10	$562.50	$1,147.75	$1,710.25

If you had invested in this company in December 2013, for $1,009.62 you would have bought 18 shares at $56.09 per share. In December 2023, after 10 years you would have received $403.18 in dividends. The stock would be worth $630.18. Your total return would have been $1,033.38. This would be a total return of 0.28% per year with 4.60% from capital loss and 4.89% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$56.09	$1,009.62	18	10	$403.20	$630.18	$1,033.38

The current dividend yield is good with dividend growth non-existent. The current dividend yield is good (5% to 6% ranges) at 5.07%. The 5 and 10 year median dividend yields are also good at 6% and 5.97%. The historical median dividend yield is moderate (2% to 4% ranges) at 4.37%. The last dividend increase was in 2015. I have data for 34 years and of those years the dividends were raised in 21 years, mostly before 2012.

The Dividend Payout Ratios (DPR) are too high still. The DPR for 2024 for Earnings per Share (EPS) is too high at 57% with 5 year coverage at 57%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is too high at 57% with 5 year coverage at 62%. The DPR for EPS and AEPS is better in the 40% range. The DPR for 2024 for Cash Flow per Share (CFPS) is too high at 54% with 5 year coverage at 63%. The DPR for CFPS is better at 40% or less. The DPR for 2024 for Free Cash Flow (FCF) is too high at 62% with 5 year coverage at 74%. There is no agreement on what the FCF is.

Item	Cur	5 Years
EPS	57.25%	57.19%
AEPS	56.96%	62.04%
CFPS	54.46%	63.58%
FCF	62.26%	73.96%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.22 and currently at 0.23. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2024 which is good at 0.64 and currently at 0.64 because this is a more important one for a Financial. The Liquidity Ratio for 2024 is good at 2.43 and 2.43 currently. The Debt Ratio for 2024 is good at 1.61 and 1.61 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.63 and 1.63 and currently at 2.63 and 1.63.

Type	Year End	Ratio Curr
Lg Term R	0.22	0.23
Lg Term R A	0.64	0.64
Intang/GW	0.36	0.37
Liquidity	2.43	2.43
Liq. + CF	3.00	2.68
Debt Ratio	1.61	1.61
Leverage	2.63	2.63
D/E Ratio	1.63	1.63

The Total Return per year is shown below for years of 5 to 34 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	0.00%	9.85%	4.26%	5.59%
2014	10	0.46%	6.28%	1.06%	5.22%
2009	15	0.62%	5.54%	0.53%	5.01%
2004	20	3.41%	6.18%	1.13%	5.04%
1999	25	6.29%	8.92%	3.26%	5.66%
1994	30	9.21%	12.26%	5.71%	6.56%
1990	34	9.59%	16.25%	8.16%	8.10%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.31, 9.58 and 12.17. The corresponding 10 year ratios are 9.43, 11.24 and 12.69. The corresponding historical ratios are 12.54, 14.90 and 17.39. The current P/E Ratio is 10.27 based on a stock price of $44.40 and EPS estimate for 2025 of 4.33. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.43, 10.27 and 12.61. The corresponding 10 year ratios are 9.27, 11.20 and 12.88. The current P/AEPS Ratio is 10.14 based on a stock price of $44.40 and AEPS estimate for 2025 of $4.38. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $57.10. The 10-year low, median, and high median Price/Graham Price Ratios are 0.77, 0.93 and 1.07. The current P/GP Ratio is 0.78 based on a stock price of $44.40. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.71. The current P/B Ratio is 1.34 based on a Book Value of $7,870M, Book Value per Share of $33.09 and a stock price of $44.40. The current ratio is 22% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have Book Value per Share estimate for 2025 of $34.45. This implies a ratio of 1.29 based on a stock price of $44.40 and Book Value of $8,195M. This ratio is 24% below the 10 year P/B 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 11.64. The current P/CF Ratio is 13.14 based on a stock price of $44.40, Cash Flow per Share estimate for 2025 of $3.38 and Cash Flow of $804M. The current ratio is 13% 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 4.37%. The current dividend yield is 5.07% based on a stock price of $44.40 and Dividends of $2.25. The current dividend yield is 16% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. However, this test does work better on dividend growth stocks and the dividend on this stock has been flat for some time.

I get a 10 year median dividend yield of 5.97%. The current dividend yield is 5.07% based on a stock price of $44.40 and Dividends of $2.25. 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. However, this test does work better on dividend growth stocks and the dividend on this stock has been flat for some time.

The 10-year median Price/Sales (Revenue) Ratio is 2.81. The current P/S Ratio is 2.91 based on Revenue estimate for 2025 of $6,634M, Revenue per Share of $15.28 and stock price of $44.40. The current ratio is 3% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is probably reasonable but above the median. The 10 year median dividend yield tests says that the price is reasonable but above the median. The problem is that this test is best when dividend increases and not flat like for this stock. The P/S Ratio tests says that the stock price is reasonable and above the median. This is a good test. Most of the rest of the testing is saying that the stock price is reasonable and below the median, with one test saying it is cheap and another reasonable but above the median.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1) and Hold (4). The consensus is a Buy. The 12 month stock price consensus is $51.14 with a high of $56.00 and low of $47.00. The consensus stock price of $51.14 implies a total return of 20.25% with 15.18% from capital gains and 5.07% from dividends.

There is only one entry on Stock Chase for this stock in 2024 and the analysts says Do Not Buy, with best stock of POW, GWO and IGM being GWO. Note that POW owns GWO and IGM. Stock Chase gives this stock 4 stars out of 5. In 2023, there were more entries and a mix to Buy, Hold and Do Not Buy. Amy Legate-Wolfe on Motley Fool thinks you should buy this stock for passive income as the dividend is reliable.. Jitendra Parashar on Motley Fool thinks this is also a good passive income stock. The company put out a press release via Newswire about their fourth quarter for 2024.

Simply Wall Street via Yahoo Finance talks about the 2024 earnings being in line with analysts’ expectations. Simply Wall Street has no warnings out on this stock. Simply Wall Street gives this stock 4 stars out of 5.

IGM Financial is the largest non-bank-affiliated asset manager in Canada. The firm is part of the Power Financial group of companies, which holds a 62% equity stake in IGM Financial as well as stakes in Great-West Life, London Life, and Canada Life. IGM has two main operating divisions of asset management and wealth management that provide investment management products and services. Its web site is here IGM Financial Inc.

The last stock I wrote about was about was ARC Resources Ltd (TSX-ARX, OTC-AETUF) ... learn more. The next stock I will write about will be Toromont Industries Ltd (TSX-TIH, OTC-TMTNF) ... learn more on Wednesday, February 19, 2025 around 5 pm. Tomorrow on my other blog I will write about Best Dividends Stocks 2025.... learn more on Tuesday, February 18, 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.