Is it a good company at a reasonable price? I find it an interesting company. They have changed the industries that they invest in over the years. It seems like they got into golf courses around 2009. They have done fine with their shareholders over the longer term. However, the stock price seems to be at the top of their recent range. So, it is probably not a good time to buy. I do not think that the current stock price is showing as reasonable.
I do not own this stock of TWC Enterprises Ltd (TSX-TWC, OTC-CLKXF). I came across this stock in December 2025. It looked interesting. This is the last of the three new stocks I started to cover this December.
When I was updating my spreadsheet, I noticed that their EPS can fluctuate a lot. Costs can fluctuate, but also in the last 8 years they have an item on the Revenue statement for “Other Costs” and these can fluctuate a lot.
If you had invested in this company in December 2014, for $1,009.75 you would have bought 95 shares at $10.63 per share. In December 2024, after 10 years you would have received $105.50 in dividends. The stock would be worth $1,805.95. Your total return would have been $1,910.45. This would be a total return of 6.70% per year with 5.99% from capital gain and 0.72% from dividends.
| Cost | Tot. Cost | Shares | Years | Dividends | Stock Val | Tot Ret |
|---|---|---|---|---|---|---|
| $10.63 | $1,009.76 | 95 | 10 | $104.50 | $1,805.95 | $1,910.45 |
The current dividend yield is low with dividend growth currently good. The current dividend yield is low (below 2%) at 1.47%. The 5 and 10 year dividend yields are low at 0.92% and 0.65%. The historical dividend yield is moderate (2% to 4%) at 2.19%. The dividend growth over the last 5 years is good (above 15% per year) at 30.3%. However, this is after dividend suspension in 2014. Dividend were restarted in 2016, but then were flat until 2022. Dividends are current 12.5% above what they were in 2013. The last dividend increase was in 2025 and it was for 20%. I would expect dividends to be below 8% per year going forward.
The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 18% with 5 year coverage at 11%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 13% with 5 year coverage at 10%. The DPR for 2024 for Free Cash Flow (FCF) is good at 20% with 5 year coverage at 12%. I only found FCF on one site.
| Item | Cur | 5 Years |
|---|---|---|
| EPS | 18.07% | 11.43% |
| CFPS | 13.47% | 9.56% |
| FCF | 20.06% | 11.90% |
Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.06 and currently at 0.06. The Liquidity Ratio for 2024 is good at 3.87 and 2.96 currently. The Debt Ratio for 2024 is good at 4.31 and 4.94 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.30 and 0.30 and currently at 1.25 and 0.25.
| Type | Year End | Ratio Curr |
|---|---|---|
| Lg Term R | 0.06 | 0.00 |
| Intang/GW | 0.02 | 0.01 |
| Liquidity | 3.87 | 2.96 |
| Liq. + CF | 4.92 | 3.62 |
| Debt Ratio | 4.38 | 4.94 |
| Leverage | 1.30 | 1.25 |
| D/E Ratio | 0.30 | 0.25 |
The Total Return per year is shown below for years of 5 to 25 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 | 30.26% | 8.90% | 7.90% | 1.00% |
| 2013 | 10 | 2.26% | 6.70% | 5.99% | 0.72% |
| 2008 | 15 | 0.46% | 10.41% | 8.25% | 2.17% |
| 2003 | 20 | 4.72% | 6.98% | 4.98% | 2.00% |
| 1998 | 25 | 0.00% | 8.52% | 6.08% | 2.43% |
The 5-year low, median, and high median Price/Earnings per Share Ratios are 17.21, 18.87 and 19.07. The corresponding 10 year ratios are 19.07, 19.44 and 19.80. The current ratio is 17.12 based on a stock price of $24.48 and EPS for the last 12 months of $1.43. 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 $17.64. The 10-year low, median, and high median Price/Graham Price Ratios are 0.82, 0.86 and 0.95. The current P/GP Ratio is 0.87 based on a stock price of $24.48. The current ratio is between and median and the 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 0.83. The current P/B Ratio is 0.99 based on a stock price of $24.48, Book Value of $600.8M and Book Value per share of $24.65. 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.
I get a 10-year median Price/Cash Flow per Share Ratio of 7.75. The current ratio is 9.60 based on Cash Flow for the last 12 months of $62.2M, Cash Flow per Share of $2.55 and a stock price of $24.65. The current ratio is 24% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive
I get an historical median dividend yield of 2.19%. The current dividend yield is 1.47% based on dividends of $0.36 and a stock price of $24.65. The current dividend yield is 33% 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 0.65%. The current dividend yield is 1.47% based on dividends of $0.36 and a stock price of $24.65. The current dividend yield is 127% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap.
The 10-year median Price/Sales (Revenue) Ratio is 1.99. The current ratio 2.63 based on Revenue for the last 12 months of $226.7M. The current ratio is 32% 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 not reasonable. The 10 year dividend yield test says that the stock price is cheap. However, dividends have been very low in the past 10 years because of dividends being flat for a lot of these 10 years. This test works better when dividends are growing. The P/S Ratio test says that the stock price is relatively expensive. My testing varies from cheap to expensive and they are mainly good tests. A favourite test of mine after dividend testing is the P/GP Ratio test and this says the stock price is relatively reasonable, but above the median.
When I look at analysts’ recommendations, I find a Hold. The consensus is a Hold. The 12 month stock price consensus is $23.50. There is only one price given. This implies a total loss of 2.53% with a capital gain loss of 4.00% and dividends of 1.47%. Most site I go to are not covering this stock. It is hard to find information.
The last entry is in 2018 on Stock Chase . However, the company has moved on from Oil and Gass support industries. Chen Liu on Motley Fool in 2020 thought this company was overvalued. Nikhil Kumar on Motley Fool in 2019 thought this under the radar stock could provide good returns to long term investors. The company put out a press release via Globa Newswire about their fourth quarter of 2024. The company put out a press release via Global Newswire about their third quarter of 2025.
Simply Wall Street via Yahoo Finance reviewed this stock are saw some counterbalanced positive underlying factors. Simply Wall Street via Yahoo Financial review this stock and talks about their returns over the past 5 year.
TWC Enterprises Ltd is a leisure services provider in Canada. The company's geographical segment includes Canadian golf club operations and United States golf club operations. Its web site is here TWC Enterprises.
The last stock I wrote about was about was Dexterra Group Inc (TSX-DXT, OTC-HZNOF) ... learn more. The next stock I will write about will be Metro Inc (TSX-MRU, OTC-MTRAF) ... learn more on Monday, January 2, 2026 around 5 pm. Tomorrow on my other blog I will write about Morningstar on Canadian Dividend Stocks.... learn more on Thursday, January 1, 2026 around 5 pm.
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