AtkinsRealis Group Inc

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably expensive. Debt Ratios are fine, but Liquidity Ratio could be improved. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth negative. See my spreadsheet on AtkinsRealis Group Inc.

Is it a good company at a reasonable price? Simply Wall Street thinks this stock is underpriced. The Analysts Recommendations for the 12 month stock price imply that the stock is underpriced. That would imply that the stock price is relatively cheap. I sort of doubt that as the stock is just off an historical high. I currently would not be tempted to buy because it is really not a dividend stock with a dividend yield of just 0.12%. My testing is implying that the stock price is on the expensive side.

I do not own this stock of AtkinsRealis Group Inc (TSX-ATRL, OTC-SNCAF), but I used to. This stock was one from Mike Higgs' list of dividend growth stocks as SNC-Lavalin Group Inc. By 2008 this stock had grown so much it was too high a percentage of my portfolio so I sold 1/3 of my stock. I sold all my stock in SNC-Lavalin (TSX-SNC, OTC-SNCAF) in 2019. I had given up hope that there will be any sort of resolution for this company anytime soon. I live off my dividends and they have cut the dividends twice that year.

When I was updating my spreadsheet, I noticed what I would have gotten on this stock if I had continued to hold it to today. My capital gains would have been roughly the same at around 19% per year. My dividend income would have been a lot lower.

If you had invested in this company in December 2014, for $1,019.13 you would have bought 23 shares at $44.31 per share. In December 2024, after 10 years you would have received $113.16 in dividends. The stock would be worth $1,753.98. Your total return would have been $1,867.14. This would be a total return of 6.59% per year with 5.58% from capital gain and 1.01% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$44.31	$1,019.13	23	10	$113.16	$1,753.98	$1,867.14

The current dividend yield is low with dividend growth negative. The current dividend yield is low (below 2%) at 0.12%. Hardly a dividend at all. The 5, 10 and historical dividend yields are also low at 0.27%, 0.53% and 1.40%. The dividends have declined by 20% per year over the past 5 years. This is because of a dividend cut of 93% in 2019. Analysts last year thought there would be a dividend increase in 2026, now they think it will be 2027.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 5% with 5 year coverage at 21%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 4% with 5 year coverage at 11%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 2% with 5 year coverage at 5%. The DPR for 2024 for Free Cash Flow (FCF) is good at 3% with 5 year coverage at 3%.

Item	Cur	5 Years
EPS	4.94%	21.16%
AEPS	4.47%	10.55%
CFPS	1.95%	5.17%
FCF	3.26%	2.97%

Debt Ratios are fine, but Liquidity Ratio could be improved. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.13 and currently at 0.14. The Liquidity Ratio for 2024 is too low at 1.02 and 1.02 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.13 and currently at 1.13. Even if I add back the current portion of the debt the Liquidity Ratio is too low at 1.13. The current portion of the debt is small. I prefer the Liquidity Ratio to be at 1.50 or higher. The Debt Ratio for 2024 is good at 1.51 and 1.51 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.98 and 1.98 and currently at 2.98 and 1.98.

Type	Year End	Ratio Curr
Lg Term R	0.13	0.14
Intang/GW	0.28	0.32
Liquidity	1.02	1.02
Liq. + CF	1.13	1.12
Liq. +CF +D	1.13	1.13
Debt Ratio	1.51	1.51
Leverage	2.98	2.98
D/E Ratio	1.98	1.98

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	-19.73%	20.72%	20.55%	0.17%
2014	10	-22.00%	6.59%	5.58%	1.01%
2009	15	-12.57%	3.37%	2.33%	1.04%
2004	20	-4.06%	8.83%	7.10%	1.73%
1999	25	0.00%	16.27%	12.93%	3.35%
1994	30	2.63%	14.81%	12.07%	2.74%
1989	35	6.89%	14.99%	12.31%	2.68%
1988	36	4.65%	20.03%	15.40%	4.64%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 22.89, 37.18 and 48.47. The corresponding 10 year ratios are 18.36, 22.53 and 27.08. The corresponding historical ratios are 14.63, 21.05 and 25.16. The current P/E Ratio is 25.05 based on a stock price of $68.22 and EPS estimate for 2025 of $2.72. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 23.45, 33.65 and 43.79. The corresponding 10 year ratios are 19.51, 28.21 and 36.73. The corresponding historical ratios are 15.98, 21.72 and 27.76. The current ratio is 23.61 based on a stock price of $68.22 and AEPS estimate for 2025 of $2.89. This ratio is 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 $37.46. The 10-year low, median, and high median Price/Graham Price Ratios are 1.13, 1.70 and 2.11. The current ratio is 1.82 based on a stock price of $68.22. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.82. The current ratio is 3.16 based on a stock price of $68.22, Book Value of $3,775M and Book Value per Share of $21.58. The current ratio is 74% 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 $23.00. This implies a ratio of 2.97 based on a stock price of $68.22 and Book Value of $4,021M. This ratio is 63% 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 29.01. The current ratio is 23.61 based on a Cash Flow per Share estimate for 2025 of $2.89, Cash Flow of $505M and a stock price of $68.22. The current ratio is 19% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 1.40%. The current ratio is 0.12% based on a stock price of $68.22 and dividends of $0.08. The current dividend yield is 92% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This is not a good test because dividends were cut in 2018 and then have been flat since 2019. However, dividends cuts and flat dividends are also not good.

I get a 10 year median dividend yield of 0.53%. The current ratio is 0.12% based on a stock price of $68.22 and dividends of $0.08. The current dividend yield is 78% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This is not a good test because dividends were cut in 2018 and then have been flat since 2019. However, dividends cuts and flat dividends are also not good.

The 10-year median Price/Sales (Revenue) Ratio is 0.71. The current P/S Ratio is 1.14 based on Revenue estimate for 2025 of $10,484M, Revenue per Share of $59.96 and a stock price of $68.22. The current ratio is 59% 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 expensive. The dividend yield testing is saying this, but these are not good tests. The P/S Ratio testing however is also saying that the stock price is relatively expensive. The rest of the testing ranges from reasonable to expensive. The P/AEPS Ratio test is a good one and it says that the stock price is reasonable and below the median. The P/B Ratio test is also a good one and it says that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (7) and Hold (1). The consensus is a Strong Buy. The 12 month stock price consensus is $91.29 with a high of $105.00 and low of $74.00. The 12 month stock price consensus implies a total return of 33.93% with 33.82% from capital gains and 0.12% from dividends based on a current stock price of $68.22.

There are a number of analysts’ recommendations on Stock Chase for 2024 and they are all buys. There are no entries for 2025. Christopher Liew on Motley Fool says to buy for stability and growth. Amy Legate-Wolfe on Motley Fool says buy as a long term investment. The company put out a Press Release about their fourth quarter of 2024.

Simply Wall Street via Yahoo Finance reviews this stock and thinks it is underpriced. Simply Wall Street has no warnings out on this stock.

Based in Montreal, AtkinsRéalis is a fully integrated professional services and project management firm that offers a wide range of services, including financing, consulting, engineering and construction, procurement, and operations and maintenance. The firm serves clients in the infrastructure, nuclear, and engineering design and project management industries. Its web site is here AtkinsRealis Group Inc.

The last stock I wrote about was about was Barclays PLC ADR (LSE-BARC, NYSE-BCS) ... learn more. The next stock I will write about will be Fortis Inc (TSX-FTS, OTC-FRTSF) ... learn more on Friday, May 2, 2025 around 5 pm. Tomorrow on my other blog I will write about Hand Holding.... learn more on Thursday, May 1, 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.

Barclays PLC ADR

Sound bite for Twitter is: Dividend Growth Bank. Debt Ratios are fine. Results of stock price testing is that the stock price is probably still reasonable. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Barclays PLC ADR.

Is it a good company at a reasonable price? For a Canadian, following international stocks is complex as you need to keep track of the stock using 3 currencies, this includes buying ADRs on the US stock market. This UK bank puts out its annual statement using UK Pounds. The ADRs are priced in US$ and living in Canada, we have CSN$. I used to have a number of international stocks, but no longer. This bank has not done well for shareholders. If you look at the total return paragraph below, this bank has not been a good long term investment for the past 25 years. People who bought 5 years ago have done well again.

I do not own this stock of Barclays PLC ADR (LSE-BARC, NYSE-BCS). I bought this stock when Barrett took over in 2000. Barrett used to run Bank of Montreal in Canada. At that time, it was a good dividend paying stock and I thought it would give me some geographical diversifications. I sold it in 2017 as I had lost faith in this bank making me any money. At that time, I had a total return of 1.25% with a capital loss of 4.92% and dividends of 6.17%. I had had the stock for almost 18 years.

When I was updating my spreadsheet, I noticed I bought this stock as an ADR in 2000. If I had kept it, I would have, to date, a capital loss of 2% per year over the 25 years. I would probably have had a positive return because of dividends. This is the only international stock that I am currently following.

If you had invested in this company in December 2014, for $1,005.67 you would have bought 67 shares at $15.01 per share. In December 2024, after 10 years you would have received $173.11 in dividends. The stock would be worth $890.43. Your total return would have been $1,063.54. This would be a total return of 0.60% per year with 1.21% from capital loss and 1.81% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$15.01	$1,005.67	67	10	$173.11	$890.43	$1,063.54

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.03% based on dividends of £0.084 and stock price of £2.773. The 5, 10 year and historical median dividend yields are also moderate at 3.54%, 2.69% and 3.41%. The dividend growth is low (below 8% per year) at 3.2% per year over the past 5 years. Dividends are paid twice yearly with a larger dividend paid at the beginning of the year based on how the company did in the past year and a second smaller dividend paid near the end of the year. Dividends are generally paid in April and September each year. Over the past 31 years, this bank has increased the annual dividends 23 times and decreased them 4 times.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 24% with 5 year coverage at 18%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 13% with 5 year coverage at 2%. The DPR for 2024 for Free Cash Flow (FCF) is good at 19% with 5 year coverage at 18%.

Item	Cur	5 Years
EPS	23.56%	18.44%
CFPS	13.43%	1.66%
FCF	19.05%	18.30%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is fine at 14.50 and currently at 14.02. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2024 which is good at 0.75 and currently at 0.75 because this is a more important ratio for a bank. The Liquidity Ratio for 2024 is fine for a bank at 1.05 and 1.05 currently. The bank gives a Leverage Ratio of 4.1% and this is good.

Type	Year End	Ratio Curr
Lg Term R+A	0.75	0.75
Lg Term R	14.50	14.02
Intang/GW	0.21	0.21
Debt Ratio	1.05	1.05
Leverage Bank	4.1%	4.1%

The Total Return per year is shown below for years of 5 to 31 to the end of 2024 in UK£. 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	3.22%	10.47%	8.27%	2.20%
2014	10	2.35%	2.94%	0.97%	1.97%
2009	15	15.06%	1.77%	-0.19%	1.96%
2004	20	-5.23%	-1.51%	-3.84%	2.33%
1999	25	-1.67%	1.62%	-1.91%	3.54%
1994	30	1.50%	9.85%	2.16%	7.69%
1993	31	2.51%	8.98%	1.96%	7.02%

The Total Return per year is shown below for years of 5 to 31 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	2.11%	8.98%	6.90%	2.08%
2014	10	0.15%	0.60%	-1.21%	1.81%
2009	15	13.10%	0.07%	-1.86%	1.92%
2004	20	-6.45%	-3.81%	-5.99%	2.17%
1999	25	-2.27%	0.72%	-3.04%	3.77%
1994	30	0.76%	9.92%	1.38%	8.54%
1993	31	1.94%	9.49%	1.37%	8.12%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.21, 5.94 and 7.80. The corresponding 10 year ratios are 4.38, 6.13 and 8.11. The corresponding historical ratios are 7.91, 9.79 and 12.14. The current P/E Ratio is 7.42 based on a stock price of $15.96 and EPS estimate for 2025 of $2.15 The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is done in US$.

I get a Graham Price of $28.26. The 10-year low, median, and high median Price/Graham Price Ratios are 0.34, 0.50 and 0.66. The current P/GP Ratio is 0.49 based on a stock price of $15.96. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is done in US$.

I get a 10-year median Price/Book Value per Share Ratio of 0.53. The current ratio is 0.78 based on a Book Value of $73,347M, Book Value per Share of $20.35 and a stock price of $15.96. The current ratio is 49% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is done in US$. A problem is that the ratios are very low. A good ratio is considered to be around 1.50 and these are a lot lower.

I get a 10-year median Price/Cash Flow per Share Ratio of 1.86. The current P/CF Ratio is 6.07 based on Cash Flow for the last 12 months of $8913M, Cash Flow per Share of $2.63 and a stock price of $15.96. The current ratio is 227% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is done in US$.

I get an historical median dividend yield of 2.86%. The current dividend yield is 2.80% based on dividends of $0.4476 and a stock price of $15.96. The current dividend yield is 2% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is done in US$.

I get a 10 year median dividend yield of 2.42%. The current dividend yield is 2.80% based on dividends of $0.4476 and a stock price of $15.96. The current dividend yield is 16% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is done in US$.

The 10-year median Price/Sales (Revenue) Ratio is 1.29. The current ratio is 1.53 based on Revenue estimate for 2025 of $37,644M, Revenue per Share of $10.45 and a stock price of 15.96. The current dividend yield is 18% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is done in US$.

Results of stock price testing is that the stock price is probably still reasonable. The 10 year median dividend yield test says that the stock price is reasonable and below the median. The P/S Ratio testing is saying that the stock price is reasonable but above the median. The other tests range from reasonable and below the median to expensive. I did the testing in US$ because it was easier and I would have gotten similar results in UK Pounds.

When I look at analysts’ recommendations, I find Strong Buy (8) and Buy (6) and Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $18.31 with a high of $21.84 and low of $12.25. The 12 months consensus stock price of $18.31 implies a total return of 17.53% with 14.72% from capital gains and 2.80% from dividends.

This bank is not well followed on Stock Chase. An entry for 2025 says Do Not Buy. He says that the bank is OK, but he does not like to exposure to UK economy. The prior entry is for 2021 and it is also a Do Not Buy. Stephen Wright on UK Motley Fool says now is a good time to buy UK stocks as they are out of favour and he suggests this bank. Keith Noonan on US Motley Fool reviews this stock and gives reasons investors should be excited. This bank’s fourth quarter for 2024 is reviewed on CNBC.

Talha Qureshi on Insider Monkey via Yahoo Finance says that BCS ranks number 10 on a list of cheap stocks to buy now. This stock is also reviewed by Zacks via Yahoo Finance. Simply Wall Street has one warning of unstable dividend track record. They are right in this case, the most recent decreases were in 2016 and 2017. In 2016, they also went from 4 dividends a year back to just 2.

Barclays PLC is a major global banking and financial services company. With 325 years of expertise in banking, and operating through an international network in many countries and regions in Europe, the U.S., Africa & Asia, the company provides a wide range of financial services to individuals, corporations, and institutions. The company has two divisions - Barclays UK and Barclays International. Its web site is here Barclays PLC ADR.

The last stock I wrote about was about was Canadian Natural Resources (TSX-CNQ, NYSE-CNQ) ... learn more. The next stock I will write about will be AtkinsRealis (TSX-ATRL, OTC-SNCAF) ... learn more on Wednesday, April 30, 2025 around 5 pm. Tomorrow on my other blog I will write about TFSA Calculator.... learn more on Thursday, April 29, 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.

Canadian Natural Resources

Sound bite for Twitter is: Dividend Growth Resources. Debt Ratios are fine. The Dividend Payout Ratios (DPR) need some improvement and analysts expect this to happen. The current dividend yield is good with dividend growth high. See my spreadsheet on Canadian Natural Resources .

Is it a good company at a reasonable price? As I have reported recently, I have more shares in this company, but with fooling around money mostly. This is a resource stocks and I have little in resource stocks, around 1% of my portfolio. Now they are putting some of my utilities into Energy sections, but I have not moved my utilities into these sectors. This would move my resource investments to the 10% mark.

I own this stock of Canadian Natural Resources (TSX-CNQ, NYSE-CNQ). I first bought CNQ in September 2012 because the dividend yield was relatively high. The 5 and 10 year median dividend yields were 0.73% and 0.75%. The current one was at 1.31% and I got it with a yield of 1.32%. In April 2013 I bought more shares of this stock because the yield is now at 1.54%. I bought another 100 shares in 2020 because the yield was 11.63%. I bought more shares recently as the yield is now in the 5% range.

When I was updating my spreadsheet, I noticed that I have made a total return of 13.97% per year to date with 12.27% from capital gains and 1.70% from dividends. I recently bought more shares in this company even thought I did buy it as a tracking stock.

I noticed that both the CEO and Chairman bought stock last year. No others that I follow bought stock. I know INK shows a lot of sales, but it is just insiders not picking up options. In 2024, the company did a 2 for 1 stock split.

If you had invested in this company in December 2014, for $1005.76 you would have bought 56 shares at $17.96 per share. In December 2024, after 10 years you would have received $637.21 in dividends. The stock would be worth $2,485.28. Your total return would have been $3,122.49. This would be a total return of 13.11% per year with 9.47% from capital gain and 3.64% from dividends. Note that so far this stock has fallen in price by 10% in these unstable times. This calculation takes into consideration stock splits, which means that the original cost would be lowered by these splits.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.96	$1,005.76	56	10	$637.21	$2,485.28	$3,122.49

The current dividend yield is good with dividend growth high. The current dividend yield is good (5% to 6% ranges) at 5.89%. The 5 and 10 year median dividend yields are moderate (3% to 4% ranges) at 4.38% and 3.92%. The historical median dividend yield is low (below 2%) at 1.35%. The dividend yields on this stock was low until 2014 and then the yield started to climb (as did the Payout Ratio). The dividend growth is good (15% per year or above) at 23% per year over the past 5 years. The last dividend increase was in 2025 and it was for 4.4%. This was the second rise this year, the other one was for 7.14%.

The Dividend Payout Ratios (DPR) need some improvement and analysts expect this to happen. The DPR for 2024 for Earnings per Share (EPS) is too high at 73% with 5 year coverage at 59%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is too high at 60% with 5 year coverage at 54%. It is better if this is in the 40% range or lower. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 31% with 5 year coverage at 28%. The DPR for 2024 for Free Cash Flow (FCF) is too high at 50% with 5 year coverage is fine at 39%. Here again there is no agreement on what the FCF is.

Item	Cur	5 Years
EPS	72.81%	59.15%
AEPS	59.97%	54.11%
CFPS	30.88%	28.18%
FCF	49.87%	39.20%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.18 and currently at 0.20. The Liquidity Ratio for 2024 is too low at 0.77 and 0.77 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.71 and currently at 1.85. The Debt Ratio for 2024 is good at 1.86 and 1.86 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.16 and 1.16 and currently at 2.16 and 1.16.

Type	Year End	Ratio Curr
Lg Term R	0.18	0.20
Intang/GW	0.00	0.00
Liquidity	0.77	0.77
Liq. + CF	1.71	1.85
Debt Ratio	1.86	1.86
Leverage	2.16	2.16
D/E Ratio	1.16	1.16

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	23.24%	21.86%	16.14%	5.72%
2014	10	16.84%	13.11%	9.47%	3.64%
2009	15	22.11%	8.20%	5.82%	2.38%
2004	20	20.87%	8.34%	6.41%	1.93%
1999	25	22.36%	11.63%	9.68%	1.95%
1994	30		13.25%	11.45%	1.80%
1990	34		19.30%	16.89%	2.40%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.54, 7.84 and 9.14. The corresponding 10 year ratios are 6.59, 7.90 and 9.22. The corresponding historical ratios are 10.26, 9.36 and 16.23. The current ratio is 10.70 based on a stock price of $40.66 and EPS estimate for 2025 of $3.80. The 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 also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 5.57, 6.67 and 8.55. The corresponding 10 year ratios are 9.17, 10.91 and 12.66. The corresponding historical ratios are 9.33, 11.64 and 15.97. The current P/AEPS Ratio is 11.82 based on a stock price of $40.66 and AEPS estimate for 2025 of $3.44. The current ratio is between the median and high ratio of the 10 year median ratio. 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 3.62,584 and 6.73. The corresponding 10 year ratios are 5.78, 5.97 and 7.13. The corresponding historical ratios are 4.46, 6.05 and 7.46. The current P/AEPS Ratio is 6.00 based on a stock price of $40.66, AFFO estimate for 2025 of $14,513M, and AFFO per Share of $6.78. 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 $38.11. The 10-year low, median, and high median Price/Graham Price Ratios are 0.81, 1.00 and 1.19. The current P/GP Ratio is 1.07 based on a stock price of $40.77. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.47. The current P/B Ratio is 2.17 based on a stock price of $40.66, Book Value of $39,468M and Book Value per Share of $18.77. The current ratio is 47% 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 $19.27. This implies a ratio of 2.11 based on a stock price of $40.66 and Book Value of $40,524M. This ratio is 43% 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 6.63. The current ratio is 5.57 based on Cash Flow per Share estimate for 2025 of $7.30, Cash Flow of $15,348M and a stock price of $40.66. This ratio is 16% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 1.35%. The current dividend yield is 5.78% based on dividends of $2.35 and a stock price of $40.66. The current yield is 328% 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 3.92%. The current dividend yield is 5.78% based on dividends of $2.35 and a stock price of $40.66. The current yield is 47% 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 2.13. The current ratio is 2.17 based on a stock price of $40.66, Revenue estimate for 2025 of $38,073M and Revenue per Share of $18.75. The current ratio is 1.8% above 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 maybe cheap. The 10 year median dividend yield is saying that the stock price is relatively cheap. The P/S Ratio test says that the stock price is relatively reasonable, but above the median, but only by 1.8%. A lot of the testing is saying that the stock price is reasonable but above the median or it is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (8), Buy (6) and Hold (7). The consensus would be a Buy. The 12 month stock price consensus is $50.53, with a high of $63.00 and low of $40.00. The current stock price consensus of $50.53 implies a total return of 30.05% with 24.27% from capital gains and 5.78% from dividends.

Analysts on Stock Chase are mostly positive about this stock, and the oil business but a few are concerned about a Liberal win and little clarity for the business. Andrew Walker Motley Fool likes the companies yield and dividend growth record. Puja Tayal on Motley Fool writes about 10 energy stocks to invest in and this one is at the top of his list. The company has a press release on Energy Now about their fourth quarter of 2024 results.

Vardah Gill on Insider Monkey says this stock is a safe dividend stock with a yield over 5%. Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street has one warning on this stock of has a high level of debt.

Canadian Natural Resources Ltd is an independent crude oil and natural gas exploration, development, and production company. The company's exploration and production operations are focused in North America, largely in Western Canada; the United Kingdom (UK) portion of the North Sea; and Cote d'Ivoire in Offshore Africa. Its web site is here Canadian Natural Resources .

The last stock I wrote about was about was South Bow Corp (TSX-SOBO, NYSE-SOBO) ... learn more. The next stock I will write about will be Barclays PLC ADR (LSE-BARC, NYSE-BCS) ... learn more on Monday, April 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.

South Bow Corp

Sound bite for Twitter is: Dividend Paying Utility. Results of stock price testing is that the stock price is the stock is still reasonable compared to 2024, but we have limited testing to go on. Debt Ratios show that this company has too much debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is high with no dividend growth. See my spreadsheet on South Bow Corp.

Is it a good company at a reasonable price? Currently, I plan to hold on to the South Bow Corp stock I received from TC Energy, but I do not plan to buy anymore at this time. The dividend yield is very high. I want to wait and see what happens first. As far as I can see, the stock is at a reasonable price.

I own this stock of South Bow Corp (TSX-SOBO, NYSE-SOBO). I got this stock because it was a spin-off of TC Energy on October 3, 2024.

When I was updating my spreadsheet, I noticed this stock was spin-off of TC Energy (TSX-TRP, NYSE-TRP) 3 October 2024. With the spin-off investors got .2 shares of South Bow Corp for every share that they had of TC Energy. I got shares in South Bow on October 3, 2024. This stock started trading on the NYSE on October 3, 2024. This stock started trading on the TSX on September 25, 2024.

The current dividend yield is high with no dividend growth. The current dividend yield is high (7% and higher) at 8.29%. So far there has been no change in the dividends paid since this stock was issued. Analysts do not expect any dividend changes over the next 3 years. Dividends are paid in US Dollars.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 33%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 27%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 20%. The DPR for 2024 for Free Cash Flow (FCF) is good at 22%, but there is not agreement on what the FCF is.

Item	Cur
EPS	32.89%
AEPS	27.17%
CFPS	19.97%
FCF	22.13%

Debt Ratios show that this company has too much debt. The Long Term Debt/Market Cap Ratio for 2024 is too high at 1.17 and currently at 1.14. Utilities tend to have a lot of debt. The Liquidity Ratio for 2024 is low at 1.25 and 1.25 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.45 and currently at 1.19. I prefer these ratios to be at 1.50 or higher. The Debt Ratio for 2024 is low at 1.30 and 1.30 currently. I prefer this ratio to be at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2024 are too high at 4.34 and 3.34 and currently at 4.34 and 3.43. I prefer these ratios to be below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	1.17	1.14
Intang/GW	0.00	0.03
Liquidity	1.25	1.25
Liq. + CF	1.45	1.19
Debt Ratio	1.30	1.30
Leverage	4.34	4.34
D/E Ratio	3.34	3.34

This company started to trade on the TSX at $30.00 and finished the year at 33.92, an increase of 13.07%. The current stock price is $33.42, a decrease of 1.47%. I cannot do any chart on Total Return as there is not enough data.

The 1-year low, median, and high median Price/Earnings per Share Ratios are 13.29, 15.18 and 17.06. The current P/E Ratio is 14.64 based on a stock price of $33.42 and EPS estimate for 2025 $2.28 ($1.65 US$). This ratio is between the low and median ratios of the 1 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 1 year low, median, and high median Price/Adjusted Earnings per Share Ratios are 10.98, 12.54 and 14.09. The current P/AEPS Ratio is 16.32 based on a stock price of $33.42 and AEPS estimate for 2025 of $2.16 (1.56 US$). This ratio is above the high ratio of the 1 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a Graham Price of $34.02. The 1-year low, median, and high median Price/Graham Price Ratios are 0.85, 0.98 and 1.10. The current ratio is 1.01 based on a stock price of $33.42. This ratio is between the median and high ratios of the 1 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in CDN$.

I get a 1-year median Price/Book Value per Share Ratio of 1.94. The current P/B Ratio is 1.92 based on a stock price of $24.14, Book Value of $2,610M and Book Value per Share of $12.55. The current ratio is 0.9% below the 1 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You get a slightly different results in CDN$ because this stock is traded more on the TSX than NYSE.

I also have estimates for Book Value per Share for 2025 of $12.11. This implies a P/B Ratio of 1.99 with a stock price of $24.14 and Book Value of $2,519M. This ratio is 2.6% above the 1 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$.

I get a 1-year median Price/Cash Flow per Share Ratio of 9.73. The current ratio is 8.41 based on Cash Flow per Share estimate for 2025 of $2.87, Cash Flow of $597M and a stock price of $24.14. This ratio is 12% below the 1 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You get a similar result in CDN$.

I get a 1 year and historical median dividend yield of 8.21%. The current dividend yield is 8.29% based on a stock price of $24.14 and dividends of $2.00. The current dividend yield is 0.9% above the 1 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$. You get a slightly different results in CDN$ because this stock is traded more on the TSX than NYSE.

The 2-year median Price/Sales (Revenue) Ratio is 1.20. The current P/S Ratio is 2.44 based on Revenue estimate for 2025 of $2,061M, Revenue per Share of $9.91 and a stock price of $24.14. The current ratio is 104% above the 2 year median ratio. This stock price testing suggests that the stock price is relatively expensive. The problem is that analysts expect a drop in Revenue of 3% for 2025 and the stock price has gone up.

Results of stock price testing is that the stock price is the stock is still reasonable compared to 2024, but we have limited testing to go on. Analysts’ recommendations are all over the place.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1), Hold (9) and Sell (2). The consensus would be a Hold. The 12 month stock price consensus is $34.41 ($24.90 US$) with a high of $41.79 ($30.24 US$) and low of $23.99 ($17.36 US$). The consensus stock price of $34.41 implies a total return of 11.24% with 2.97% from capital gains and 8.27% from dividends based on a stock price of $33.42.

Analyst vary on this stock on Stock Chase. Analysts go from Do not Buy to Hold to Buy. They think it has a great yield, but will have little to no growth prospects. Christopher Liew on Motley Fool likes this for the dividends but worries about headwinds from US Tariffs. Jitendra Parashar on Motley Fool likes this stock for stability and growth. The company put out a press release via Global Newswire about their fourth quarter of 2024.

Simply Wall Street via Yahoo Finance put out a short review on this stock. Simply Wall Street via Yahoo Finance and talks about the fact that this company is largely controlled by Institutional Shareholders. Simply Wall Street has 3 warnings out on this stock of interest payments are not well covered by earnings; profit margins (14.9%) are lower than last year (22%); dividend of 8.28% is not well covered by free cash flows.

South Bow Corp is an energy infrastructure company. The company is engaged in constructing pipelines system safely transports liquids like crude oil, across Canadian provinces, U.S. states, and Gulf coasts. Its web site is here South Bow Corp.

The last stock I wrote about was about was Pembina Pipelines Corp (TSX-PPL, NYSE-PBA) ... learn more. The next stock I will write about will be Canadian Natural Resources (TSX-CNQ, NYSE-CNQ) ... learn more on Friday, April 25, 2025 around 5 pm. Tomorrow on my other blog I will write about Human Side of Trade.... learn more on Thursday, April 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.

Pembina Pipelines Corp

Sound bite for Twitter is: Dividend Growth Utility. Results of stock price testing is that the stock price could still in a reasonable range, but at the top end. Debt Ratios are fine, but Liquidity ratio should be improved. The Dividend Payout Ratios (DPR) are high and but have always been on the high side. The current dividend yield is good with dividend growth low. See my spreadsheet on Pembina Pipelines Corp.

Is it a good company at a reasonable price? This stock is a low risk utility stock. Every portfolio probably should have some utility stocks. This is a good one, but there are probably cheaper utility stocks available at the present time. This stock is still testing as reasonable, but it seems to be at the top of that ranges according to P/S Ratio test, but close to the median by the 10 year median dividend yield test.

I own this stock of Pembina Pipelines Corp (TSX-PPL, NYSE-PBA). In December 2001 I thought it would be a good time to purchase this stock as the market was relatively low. Pipeline stocks are conservative and the return on this one was good at 9.7%. When I purchased this stock, it was an Income Trust company.

When I was updating my spreadsheet, I noticed to the end of March 2025, I have this stock for 23 years and I have made a total return per year of 15.94% with 7.86% from capital gains and 8.08% from dividends. I first bought this stock in 2021 and have made several purchases since. Dividends are now lower than when I bought this stock as I bought this stock as an income trust and income trust companies have high dividend yields.

If you had invested in this company in December 2014, for $1,1016.16 you would have bought 24 shares at $42.34 per share. In December 2024, after 10 years you would have received $558.12 in dividends. The stock would be worth $1,274.64. Your total return would have been $1,832.76. This would be a total return of 7.17% per year with 2.29% from capital gain and 4.88% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$42.34	$1,016.16	24	10	$558.12	$1,274.64	$1,832.76

The current dividend yield is good with dividend growth low. The current dividend yield is good (5% to 6% ranges) at 5.34%. The 5, 10 and historical dividend yields are also good at 6.05%, 5.31% and 6.98%. The dividend growth is low (below 8% per year) at 3.1% per year over the past 5 years. The last dividend increase was in 2024 and it was for 3.4%.

The Dividend Payout Ratios (DPR) are high and but have always been on the high side. The DPR for 2024 for Earnings per Share (EPS) is high at 91% with 5 year coverage at 106%. The DPR for 2024 for Adjusted Funds from Operations (AFFO) is good at 48% with 5 year coverage high at 43%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 38% with 5 year coverage at 51%. The DPR for 2024 for Free Cash Flow (FCF) is high at 68% with 5 year coverage at 74%.

Item	Cur	5 Years
EPS	91.25%	105.98%
AFFO	48.37%	53.49%
CFPS	38.18%	40.56%
FCF	68.22%	73.95%

Debt Ratios are fine, but Liquidity ratio should be improved. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.36 and currently at 0.38. The Liquidity Ratio for 2024 is too low at 0.54 and 0.54 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.10 and currently at 1.05. I prefer these ratios be at 1.50 or higher. The Debt Ratio for 2024 is good at 1.95 and 1.95 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.05 and 1.05 and currently at 2.05 and 1.05.

Type	Year End	Ratio Curr
Lg Term R	0.36	0.38
Intang/GW	0.21	0.22
Liquidity	0.54	0.54
Liq. + CF	1.10	1.05
Debt Ratio	1.95	1.95
Leverage	2.05	2.05
D/E Ratio	1.05	1.05

The Total Return per year is shown below for years of 5 to 27 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	3.10%	7.17%	1.99%	5.18%
2014	10	4.79%	7.17%	2.29%	4.88%
2009	15	3.68%	14.96%	7.67%	7.29%
2004	20	4.85%	14.47%	7.03%	7.44%
1999	25	4.32%	18.87%	8.38%	10.49%
1997	27	6.05%	20.10%	8.45%	11.65%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 13.12, 14.69, 16.25. The corresponding 10 year ratios are 15.32, 18.01 and 20.47. The corresponding historical ratios are 18.28, 20.56 and 33.78. The current P/E Ratio is 16.78 based on a stock price of $51.68 and EPS estimate for 2025 of $3.08. 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 Adjusted Fund from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Fund from Operations Ratios are 7.96, 9.13 and 10.66. The corresponding 10 year ratios are 8.58, 9.79 and 11.35. The corresponding historical ratios are 10.71, 12.62 and 14.11. The current ratio is 9.96 based on a stock price of $51.68 and AFFO estimate for 2025 of $5.19. 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 median.

I also have Fund from Operations (FFO) data. The 5-year low, median, and high median Price/Fund from Operations Ratios are 7.26, 8.64 and 10.14. The corresponding 10 year ratios are 8.20, 9.22 and 10.61. The corresponding historical ratios are 9.78, 12.06 and 13.00. The current ratio is 9.07 based on a stock price of $51.68 and FFO from the last 12 months of $5.70. 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 $42.81. The 10-year low, median, and high median Price/Graham Price Ratios are 1.06, 1.21 and 1.38. The current ratio is 1.21 based on a stock price of $51.68. This ratio is at the median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and at the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.68. The current ratio is 1.95 based on a stock price of $51.68, Book Value of $15,346 and Book Value per Share of $29.21. 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 also have Book Value per Share estimate for 2025 of $26.76. This analyst calculates Book Value differently than me and this way produces a 10 year P/B Ratio of 1.54. The estimate of $26.76 implies a ratio of 1.93 with a stock price of $51.68. This ratio is 25% above the P/B Ratio of 1.54. 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 9.60. The current ratio is 9.77 based on Cash Flow per Share for 2025 of $5.29, Cash Flow of $3,069M, and a stock price $51.68. The current ratio is 1.8% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 6.98%. The current dividend yield is 5.34 based on dividends of $2.76 and stock price of $51.68. The current dividend yield is 23% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. However, this company used to be an income trust and income trust companies have quite high dividend yields.

I get a 10 year median dividend yield of 5.31%. The current dividend yield is 5.34 based on dividends of $2.76 and stock price of $51.68. The current dividend yield is 0.7% above the historical 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 3.03. The current ratio is 3.61 based on a stock price of $51.68, Revenue estimate for 2025 of $8,298M, and Revenue per Share of $14.30. The current ratio is 19% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price could still in a reasonable range, but at the top end. The 10 year dividend yield test shows that the stock is reasonable, but just below the median. The P/S Ratio testing is showing that the stock price is reasonable, but very close to expensive. Most of the testing is showing the stock price as reasonable and above and below the median.

When I look at analysts’ recommendations, I find Strong Buy (8), Buy (5), and Hold (5). The consensus would be a Buy. The 12 month stock price consensus is $61.39 with a high of $66.00 and low of $55.00. The consensus stock price of $61.39 implies a total return of 24.13% with 18.79% from capital gains and 5.34% from dividends based on a current stock price of $51.68.

Analysts’ recommendations on Stock Chase for 2025 are either Buy or Top Pick. Robin Brown on Motley Fool says this is a blue chip stock with an attractive income stream. Jitendra Parashar on Motley Fool says this company is a dependable Canadian Stock for your TFSA. The company put out a Press Release about their fourth quarter results for 2024.

Insider Monkey via Yahoo Finance looks at this stock and says there is a bull case theory for it. Simply Wall Street via Yahoo Finance thinks this stock is undervalued. Simply Wall Street has 3 warnings on this stock of large one-off items impacting financial results; dividend of 5.47% is not well covered by earnings; and has a high level of debt.

Pembina Pipeline is a midstream company serving the Canadian and North American (primarily Bakken) markets with an integrated product portfolio. Its assets include pipelines and gas gathering as well as assets across fractionation, storage, and propane exports. Its web site is here Pembina Pipelines Corp.

The last stock I wrote about was about was Barrick Mining Corp (TSX-ABX, NYSE-GOLD) ... learn more. The next stock I will write about will be South Bow Corp (TSX-SOBO, NYSE-SOBO) ... learn more on Wednesday, April 23, 2025 around 5 pm. Tomorrow on my other blog I will write about Europe Poorer than Mississippi.... learn more on Tuesday, April 22, 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.

Barrick Mining Corp

Sound bite for Twitter is: Dividend Growth Materials. Results of stock price testing is that the stock price is testing as reasonable, but maybe cheap. Debt Ratios are good. The Dividend Payout Ratios (DPR) are currently good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on Barrick Mining Corp.

Is it a good company at a reasonable price? I bought this as a tracking stock as I like to keep an eye on resource stocks because the TSX has lots of resource stocks. I do not plan on buying any more. It is a positive that officers are buying more stock. The dividend yield tests say that the stock price is on the cheap side, so it probably is, although the P/S Ratio test did not confirm this.

I own this stock of Barrick Mining Corp (TSX-ABX, NYSE-GOLD). I bought some of this stock in April 2013 because its stock price had fallen hard. I believed the market over reacted. I just bought 100 shares as I am living off my portfolio and do not have much to invest. I bought another 100 shares in 2016. However, this is a resource stock and I only buy resource stocks so I pay attention to that aspect of the TSX. I plan to have only a small stack in any resource stock.

When I was updating my spreadsheet, I noticed that I have made a total return of 7.51% with 5.65% from capital gains and 1.86% from dividends. I have had this stock for 12 years. I have very little invested in this stock as I am using it as a tracking stock (that is to keep an eye on gold and gold mining because Canada is a resource country).

I noticed that a lot of officers bought more shares in the past year, including the CFO and CEO. The company recently changed its name from Barrick Gold Corp to Barrick Mining Corp.

If you had invested in this company in December 2014, for $1,001.60 you would have bought 80 shares at $12.52 per share. In December 2024, after 10 years you would have received $370.03 in dividends. The stock would be worth $1,783.20. Your total return would have been $2,153.23. This would be a total return of 8.48% per year with 5.94% from capital gain and 2.55% from dividends. (Note dividends might vary a bit from above depending on exchange rate used as dividends are paid in US$.)

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$12.52	$1,001.60	80	10	$370.03	$1,783.20	$2,153.23

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 1.98%. The 5 year median dividend yield is moderate (2% to 4% range) at 2.27%. 10 year and historical median dividend yields are low at 1.39% and 1.26%. The dividend growth is moderate (8% to 14% ranges per year) at 14.9% per year over the past 5 years. The last increase was in 2025 and it was for 11%. Dividends are paid in US$.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2024 for Earnings per Share (EPS) is good at 33% with 5 year coverage is too high at 61%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 32% with 5 year coverage is too high at 55%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 11% with 5 year coverage at 17%. The DPR for 2024 for Free Cash Flow (FCF) is good at 41% with 5 year coverage at 39%. (There is no agreement on what FCF is.)

Item	Cur	5 Years
EPS	32.79%	60.87%
AEPS	31.75%	54.66%
CFPS	11.31%	16.77%
FCF	40.94%	39.33%

Debt Ratios are good. 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 good at 2.89 and 2.89. The Debt Ratio for 2024 is good at 3.31 and 3.31 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.96 and 0.59 and currently at 1.96 and 0.59.

Type	Year End	Ratio Curr
Lg Term R	0.18	0.13
Intang/GW	0.12	0.09
Liquidity	2.89	2.89
Liq. + CF	4.33	4.60
Debt Ratio	3.31	3.31
Leverage	1.96	1.96
D/E Ratio	0.59	0.59

The Total Return per year is shown below for years of 5 to 38 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	17.25%	1.64%	-1.57%	3.21%
2014	10	9.51%	8.48%	5.94%	2.55%
2009	15	2.12%	-2.49%	-4.05%	1.57%
2004	20	3.96%	0.40%	-1.31%	1.71%
1999	25	2.80%	1.31%	-0.42%	1.73%
1994	30	4.82%	0.29%	-1.13%	1.43%
1989	35	6.20%	7.72%	4.62%	3.10%
1986	38	10.79%	9.40%	5.77%	3.62%

The Total Return per year is shown below for years of 5 to 38 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	14.87%	-0.31%	-3.57%	3.26%
2014	10	7.18%	6.25%	3.73%	2.52%
2009	15	0.00%	-4.44%	-6.03%	1.59%
2004	20	3.03%	-0.32%	-2.21%	1.89%
1999	25	2.81%	1.47%	-0.53%	2.00%
1994	30	4.73%	0.43%	-1.20%	1.63%
1989	35	7.68%	4.14%	1.94%	2.20%
1986	38	10.48%	9.49%	5.69%	3.80%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.44, 18.59, 23.98. The corresponding 10 year ratios are 12.10, 16.39 and 19.55. The corresponding historical ratios are 16.93, 24.72 and 29.00. The current P/E Ratio is 12.46 based on a stock price of $28.02 and EPS estimate for 2025 of $2.25 ($1.62 US$). 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. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) Data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 15.09, 20.06 and 24.32. The corresponding 10 year ratios are 17.18, 22.37 and 30.43. The corresponding historical ratios are 14.78, 20.61 and 27.18. The current ratio is 13.32 based on AEPS estimate for 2025 of $1.52 and a stock price of $20.25. The current ratio is below the low ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I get a Graham Price of $30.26. The 10-year low, median, and high median Price/Graham Price Ratios are 0.93, 1.33 and 1.71. The current P/GP Ratio is 0.93 based on a stock price of $28.02. This ratio is at the low ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.58. The current P/B Ratio is 1.44 based on a stock price of $20.25, Book Value of $24.290M, and Book Value per Share of $14.06. The current ratio is 9% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I also have a Book Value per Share estimate for 2025 of $15.37. This implies a P/B Ratio of 1.32 with a Book Value of $26,246M and a stock price of $20.25. This ratio is 17% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.02. The current P/CF Ratio is 6.71 based on Cash Flow per Share estimate for 2025 of $3.02, Cash Flow of $5,216M and a stock price of $20.25. The current ratio is 16% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I get an historical median dividend yield of 1.26%. The current dividend yield is 1.98% based on Dividends of $0.40 and a stock price of $20.25. The current dividend yield is 57% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

I get a 10 year median dividend yield of 1.39%. The current dividend yield is 1.98% based on Dividends of $0.40 and a stock price of $20.25. The current dividend yield is 53% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 2.52. The current P/S Ratio is 2.47 based on Revenue estimate for 2025 of $14,138M, Revenue per Share of $8.19 and a stock price of $20.25. The current ratio is 2% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

Results of stock price testing is that the stock price is testing as reasonable, but maybe cheap. The dividend yield test says that the stock price is cheap. However, the P/S Ratio testing is only saying it is reasonable, but below the median. The rest of the testing is saying that the stock price is either cheap or reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (9), Buy (4), and Hold (9). The consensus would be a Buy. The 12 months stock price consensus is $33.96 ($24.45 US$) with a high of $44.52 ($32.05 US$) and low of $26.39 ($19.00 US$). The consensus stock price of $33.96 implies a total return 23.19% with 21.20% from capital gains and 1.98% from dividends.

Analysts on Stock Chase mostly do not like this stock. Daniel Da Costa on Motley Fool says to get exposure to gold as its price rises, but high quality stocks like this one. Joey Frenette on Motley Fool says gold stocks are shining stocks this quarter. The company put out a Press Release about their fourth quarter of 2024.

An item on Zacks via Yahoo Finance discusses recent stock moments by this company. Simply Wall Street via Yahoo Finance reviews this stock. They say that this company’s Return on Capital Employed (ROCE) is impressive. They have no warnings out on this stock.

Based in Toronto, Barrick Mining Corp is one of the world's largest gold miners. The company also has growing copper exposure. It operates mines in 19 countries in the Americas, Africa, the Middle East, and Asia. Its web site is here Barrick Mining Corp.

The last stock I wrote about was about was Leon's Furniture Ltd (TSX-LNF, OTC-LEFUF) ... learn more. The next stock I will write about will be Pembina Pipelines Corp (TSX-PPL, NYSE-PBA) ... learn more on Monday, April 21, 2025 around 5 pm.

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Also, on my book blog I have put a review of the book Revenge of the Tipping Point by Malcolm Gladwell learn more...