Goeasy Ltd

I am doing no posts from June 16 to June 20.

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price might be reasonable and could be cheap. Debt Ratios are showing that the company has too much debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth good. See my spreadsheet on Goeasy Ltd .

Is it a good company at a reasonable price? This is not the sort of company I personally would like to invest in because of the business it is in. It has a lot of debt. I would worry about that. The company certainly has performed well for shareholders and that have increased their dividends a lot. It is off its recent high and is certainly testing as reasonable.

I do not own this stock of Goeasy Ltd (TSX-GSY, OTC-EHMEF). In April of 2016 Investment Reporter said to seek stocks with growing dividends from The Investment Reporter Key stock buys. This is one stock that was named. However, I would still rather invest in companies that are not in the business of charging very high interest rates.

When I was updating my spreadsheet, I noticed that the company has far too much debt. Long Term Debt to Market Cap is 131. A good ratio is 0.50. It has delivered good returns to its shareholders, but I personally do not like the sort of business that it is in.

If you had invested in this company in December 2014, for $1,003.00 you would have bought 50 shares at $20.06 per share. In December 2024, after 10 years you would have received $964.00 in dividends. The stock would be worth $8,335.50. Your total return would have been $9,299.50. This would be a total return of 26.31% per year with 23.58% from capital gain and 2.73% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$20.06	$1,003.00	50	10	$964.00	$8,335.50	$9,299.50

The current dividend yield is moderate with dividend growth good. The current dividend yield is moderate (2% to 4% ranges) at 3.80%. The 5, 10 and historical median dividend yields are also moderate at 2.51%, 2.21% and 2.33%. The dividend growth is good (15% and higher) at 31% per year over the past 5 years. The last dividend increase was for 25% and it was in 2025.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 27% with 5 year coverage at 24%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 27% with 5 year coverage at 26%. The DPR for 2024 for Cash Flow per Share (CFPS) is non-calculable due to negative cash Flow. For this case I also looked at the DPR for 2024 for Cash Flow per Share without Working Capital and for 2024 it is good at 9% with 5 year coverage at 9%. The DPR for 2024 for Free Cash Flow is non-calculable due to negative FCF. However, the values given for FCF varies greatly.

Item	Cur	5 Years
EPS	27.42%	24.63%
AEPS	26.75%	25.60%
CFPS	-15.85%	-18.04%
CFPS WC	8.91%	9.14%
FCF	-12.22%	-14.06%

Debt Ratios are showing that the company has too much debt. The Long Term Debt/Market Cap Ratio for 2024 is far too high at 1.31 and currently at 1.54. The Liquidity Ratio for 2024 is good at 1.51 and 1.53 currently. The Debt Ratio for 2024 is fine but low at 1.30 and 1.28 currently. I like to see this ratio at 1.50 or higher. The Leverage and Debt/Equity Ratios for 2024 are far too high at 4.32 and 3.32 and currently at 4.62 and 3.62. I like to see these ratios below 3.00 and below 2.00.

Type	Ratio '22	Ratio Curr
Lg Term R	1.31	1.54
Intang/GW	0.11	0.12
Liquidity	1.51	1.53
Liq. + CF	1.10	0.97
Debt Ratio	1.30	1.28
Leverage	4.32	4.62
D/E Ratio	3.32	3.62

The Total Return per year is shown below for years of 5 to 29 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	31.08%	22.13%	19.11%	3.03%
2014	10	28.65%	26.31%	23.58%	2.73%
2009	15	18.29%	24.66%	21.95%	2.71%
2004	20	19.83%	15.75%	13.75%	2.00%
1999	25		12.71%	11.77%	0.94%
1995	29		8.25%	7.65%	0.60%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.39, 10.64 and 12.58. The corresponding 10 year ratios are 8.80, 11.11 and 14.11. The corresponding historical ratios are 9.34, 11.97 and 15.12. The current P/E Ratio is 9.66 based on a stock price of $153.53 and EPS estimate for 2025 of $15.89. 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 also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.34, 10.67 and 13.16. The corresponding 10 year ratios are 8.23, 10.73 and 13.43. The corresponding historical ratios are 8.54, 11.42 and 14.52. The current P/E Ratio is 8.61 based on a stock price of $153.53 and AEPS estimate for 2025 of $17.84. 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 $168.82. The 10-year low, median, and high median Price/Graham Price Ratios are 0.74, 0.98 and 1.29. The current P/GP Ratio is 0.91 based on a stock price of $153.53. 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 2.06. The current ratio is 2.16 based on a stock price of $153.53, Book Value of $1,152M and Book Value per Share of $71.00. The current ratio is 5% 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 a Book Value per Share estimate for 2025 of $78.94. This implies a ratio of 1.94 based on a stock price of $153.53 and Book Value of $1,281M. This 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.

I can do a 10-year median Price/Cash Flow per Share Ratio test because of negative cash flow.

I get an historical median dividend yield of 2.33%. The current dividend yield is 3.80% based on a stock price of $153.53 and dividends of $5.84. The current dividend yield is 63% 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 2.21%. The current dividend yield is 3.80% based on a stock price of $153.53 and dividends of $5.84. The current dividend yield is 72% 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 1.35. The current ratio is 1.49 based on Revenue estimate for 2025 of $1,672M, Revenue per Share of $103.01 and a stock price of $153.53. The current ratio is 10% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price might be reasonable and could be cheap. The dividend yield tests say that the stock price is relatively cheap, but this is not confirmed by the P/S Ratio test which says that the stock price is reasonable but above the median. The rest of the testing is saying the stock is either cheap or reasonable with it being above the below the median.

When I look at analysts’ recommendations, I find Strong buy (3), Buy (5), and Hold (1). The consensus would be a Strong Buy. The 12 month stock price consensus is $212.56 with a high of $300.00 and low of $171.00. The 12 month consensus stock price of $212.56 implies a total return of 42.25% with 38.45% from capital gains and 3.80% from dividends based on a current stock price of $153.53.

There are a number of entries on Stock Chase for 2025. Analysts like this company. There is one Hold and that analyst says there is an overhang as the respected CEO is retiring. Amy Legate-Wolfe on Motley Fool says to buy for income and growth. Jitendra Parashar on Motley Fool says buy this beaten-down financial stock for strong returns in the long run. The company put out a press release on Newswire about their fourth quarter of 2024. The company put out a press release on Newswire about their first quarter of 2025.

Simply Wall Street via Yahoo Finance talk about this company’s insider ownership. Simply Wall Street via Yahoo Finance talk about the company’s first quarterly results. Simply Wall Street has two warnings on this stock of debt is not well covered by operating cash flow; and dividend of 3.82% is not well covered by free cash flows.

Goeasy Ltd is a financial services company. A majority of its revenue is generated from the easyfinancial segment, which lends out capital in the form of unsecured and secured consumer loans to nonprime borrowers. This segment offers unsecured and real estate secured installment loans and also specializes in financing consumer purchases in the powersports, automotive, retail, healthcare, and home improvement categories. Its web site is here Goeasy Ltd .

The last stock I wrote about was about was Algonquin Power & Utilities Corp (TSX-AQN, NTSE-AQN) ... learn more. The next stock I will write about will be Lassonde Industries Inc (TSX-LAS.A, OTC-LSDAF) ... learn more on Saturday, June 21, 2025 around 5 pm, maybe.

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.

Algonquin Power & Utilities Corp

Sound bite for Twitter is: Dividend Paying Utility. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are need improving and the debt level is high. The Dividend Payout Ratios (DPR) need improving and analysts expect it will. The current dividend yield is moderate with dividends currently declining. See my spreadsheet on Algonquin Power & Utilities Corp .

Is it a good company at a reasonable price? This company’s financials and dividend payments are in US$. I can see why analysts are giving this a recommendation of Hold. Preferably you want to invest in a company with increasing dividends. It is never a good sign when a company decreases the dividends. I know that I was saying that this stock price is probably reasonable, but when a company has financial problems to work out you want to buy the stock when it is cheap. Analysts expect the stock price to go down in the near future.

I do not own this stock of Algonquin Power & Utilities Corp (TSX-AQN, NTSE-AQN). This is a dividend paying utility stock. I got it off a list of dividends paying utility stocks. Also, I own Emera Inc. and this company owns shares in Algonquin Power.

When I was updating my spreadsheet, I noticed Revenue, EBITDA etc. went down in 2024 and values for 2023 and 2022 were adjusted to lower levels. This seems to be because the company sold their Renewable Energy Business. See press release on Newswire. I did not adjust past years. My spreadsheets look at data for much longer than the last 2 years. I always use original reporting figures unless there is a very good reason not too.

If you had invested in this company in December 2014, for $1,002.56 you would have bought 104 shares at $9.64 per share. In December 2024, after 10 years you would have received $703.74 in dividends. The stock would be worth $663.52. Your total return would have been $1367.26. This would be a total return of 4.14% per year with 4.04% from capital loss and 8.18% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$9.64	$1,002.56	104	10	$703.74	$663.52	$1,367.26

The current dividend yield is moderate with dividends currently declining. The current dividend yield is moderate (2% to 4% ranges, at 4.43%. The 5 year median dividend yield is good (5% to 6% ranges) at 6.45%. The 10 year median dividend yield is moderate at 4.72%. The historical median dividend yield is high (7% and above) at 7.14%. The dividends have recently been cut. Since 2023, the dividends have been cut by 64%. The cuts were 40% in 2023 and another 40% in 2024. Analysts expect the current dividends to be flat over the next 3 years.

The Dividend Payout Ratios (DPR) need improving and analysts expect it will. The DPR for 2024 for Earnings per Share (EPS) is non-calculable due to earnings losses with 5 year coverage the same. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is too high at 130.17% with 5 year coverage at 102.37%. The DPR for 2024 for Cash Flow per Share (CFPS) is too high at 46% with 5 year coverage at 54%. The DPR for 2024 for Adjusted Funds from Operations (AFFO) is fine at 56% with 5 year coverage at 54%. The DPR for 2024 for Free Cash Flow (FCF) is non-calculable due to earnings losses with 5 year coverage the same. There is no agreement on FCF except all sites think it is negative. Analysts expect that the DPRs will improve in the future.

Item	Cur	5 Years
EPS	0.00%	0.00%
AEPS	130.17%	102.37%
CFPS	46.00%	54.12%
AFFO	55.58%	53.74%
FCF	0.00	0.00%

Debt Ratios are need improving and the debt level is high. The Long Term Debt/Market Cap Ratio for 2024 is too high at 1.82 and currently at 1.35. The problem is, of course, fall stock prices. A good ratio is 0.50. The Liquidity Ratio for 2024 is too low at 0.76 and 1.16 currently. If you added in Cash Flow after dividends, the ratios are still low for 2024 at 0.89 but they are fine currently at 1.53. The Debt Ratio for 2024 is good at 1.57 and 1.60 currently. The Leverage and Debt/Equity Ratios for 2024 is too high at 3.75 and 2.38 and currently at 3.03 and fine at 1.86. These values need to be below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term	1.82	1.35
Intang/GW	0.40	0.31
Liquidity	0.76	1.16
Liq. + CF	0.89	1.53
Liq, CF DB	1.24	4.48
Debt Ratio	1.57	1.60
Leverage	3.75	3.03
D/E Ratio	2.38	1.89

The Total Return per year is shown below for years of 5 to 27 to the end of 2024 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	-4.28%	-12.74%	-18.97%	6.22%
2014	10	4.65%	4.14%	-4.04%	8.18%
2009	15	5.84%	12.46%	3.01%	9.46%
2004	20	-2.43%	4.45%	-2.49%	6.94%
1999	25	-1.87%	7.46%	-1.39%	8.85%
1997	27	-1.51%	6.41%	-1.81%	8.22%

The Total Return per year is shown below for years of 5 to 21 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	-6.22%	-14.36%	-20.65%	6.29%
2014	10	2.42%	1.89%	-6.02%	7.91%
2009	15	3.61%	10.32%	0.95%	9.37%
2004	20	-3.30%	4.14%	-3.34%	7.48%
2003	21	-1.85%	5.29%	-2.83%	8.11%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.99, 10.37 and 12.75. The corresponding 10 year ratios are 21.92, 24.69 and 27.46. The corresponding historical ratios are 23.61, 27.16 and 30.32. The current P/E Ratio is 19.57 based on a stock price of $8.02 and EPS estimate for 2025 of $0.41 ($0.30 US$). 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 also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 14.32, 17.86 and 22.15. The corresponding 10 year ratios are 15.82, 18.85 and 21.98. The corresponding historical ratios are 16.54, 19.85 and 22.15. The current P/E Ratio is 18.94 based on a stock price of $8.02 and EPS estimate for 2025 of $0.42 ($0.31 US$). The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $8.74. The 10-year low, median, and high median Price/Graham Price Ratios are 1.00, 1.17 and 1.37. The current P/GP Ratio is 0.92 based on a stock price of $8.02. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 1.62. The current ratio is 1.00 based on a Book Value of $4,509.8M, Book Value per Share of $5.87 and a stock price of $5.85. The current ratio is 38% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I also have a Book Value per Share of $6.27 for 2025. This analyst calculates the Book Value differently that I do and, in this case, the 10 year median P/B Ratio is 1.54. This implies a P/B Ratio is 0.93 with a Book Value of $4812M and a stock price of $5.85. The current ratio is 39% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 10.11. The current ratio is 7.91 based on Cash Flow per Share estimate for 2025 of $0.74, Cash Flow of $541.5M and a stock price of $5.85. The current ratio is 22% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get an historical median dividend yield of 7.14%. The current dividend yield is 4.43% based on dividends of $0.36 ($0.26 US$) and a stock price of $8.02. The current dividend yield is 38% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. (Note that I have 26 years of data for CDN$ dividends and only 21 years of data for US$ dividends. Testing is different in US$.)

I get a 10 year median dividend yield of 4.79%. The current dividend yield is 4.43% based on dividends of $0.26 US$ and a stock price of $5.85. The current dividend yield is 7% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. You will get a similar result in CDN$. There is a problem with this test as dividends are declining and this test works best with increasing dividends. Decreasing dividends are not a positive.

The 10-year median Price/Sales (Revenue) Ratio is 2.80. The current P/S Ratio is 1.86 based on Revenue estimate for 2025 of $2,419M, Revenue per Share of $3.15 and a stock price of $5.85. The current ratio is 34% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably reasonable. This is based on the P/S Ratio testing and considering the dividend yield testing. The P/S Ratio test says that the stock price is cheap, but the dividend yield testing says the stock price is expensive. A number of tests say that the stock price is cheap and a number says reasonable, but above the median.

When I look at analysts’ recommendations, I find only Holds (12). The 12 month stock price target is $7.21 ($5.28 US$) with a high of $7.96 ($5.83 US$) and low of $5.86 ($4.29 US$). This implies a total loss of 5.65% with 10.08% from capital loss and 4.43% from dividends based on a current stock price of $8.02.

Analysts on Stock Chase generally like this stock in 2025. There is one Do Not Buy and they do not like this stock because of missed EPS and Revenue estimates in 5 of past 8 years. Christopher Liew on Motley Fool thinks this stock is a strong buy for a pure-play utility under $10. Puja Tayal on Motley Fool thinks this is a stock to avoid. The company put out a press release via Business Wire about its fourth quarter of 2024. The company put out a Press Release for their first quarter of 2025 results.

Simply Wall Street via Yahoo Finance says it is hard to get excited about this stock. Simply Wall Street has 3 warnings on this stock of interest payments are not well covered by earnings; dividend of 4.42% is not well covered by earnings or free cash flows; and large one-off items impacting financial results.

Algonquin Power & Utilities Corp is a Canada-based diversified international generation, transmission, and distribution company. It has operations in the United States, Canada, Bermuda, and Chile. Its web site is here Algonquin Power & Utilities Corp .

The last stock I wrote about was about was Sylogist Ltd (TSX-SYZ, OTC-SYZLF) ... learn more. The next stock I will write will about be Goeasy Ltd (TSX-GSY, OTC-EHMEF) ... learn more maybe on Sunday, June 15, 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.

Sylogist Ltd

Sound bite for Twitter is: Dividend Paying Tech. Results of stock price testing is that the stock price is probably relatively cheap. Debt Ratios for Liquidity, an important ratio needs improving, with the rest of the ratios fine. The Dividend Payout Ratios (DPR) are far too high. The current dividend yield is moderate with dividend growth currently flat after a dividend cut. See my spreadsheet on Sylogist Ltd.

Is it a good company at a reasonable price? I think caution is called for as the company has had problems and seem to be recovering. Analysts do expect it to recover. Analysts also talk about the company having a new CEO. A negative is that earnings cannot cover dividends and will not do so over the next few years. A positive is that the stock price is relatively cheap.

I do not own this stock of Sylogist Ltd (TSX-SYZ, OTC-SYZLF). I learned about this stock from the newsletter I subscribe to.

When I was updating my spreadsheet, I noticed they currently do not have any financial reports on their site. What financial information is there will not download. There are numerous sites where I can get the information I want. If they want you to invest in the company, they should make it easy to get financial information. Even their Press Releases on their financial reports have very minimal information.

If you had invested in this company in December 2014, for $1,005.68 you would have bought 104 shares at $9.67 per share. In December 2024, after 10 years you would have received $387.92 in dividends. The stock would be worth $922.48. Your total return would have been $1,310.40. This would be a total return of 3.38% per year with 2.07% from capital loss and 4.24% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$9.67	$1,005.68	104	10	$387.92	$922.48	$1,310.40

The current dividend yield is moderate with dividend growth currently flat after a dividend cut. The current dividend yield is moderate (2% to 4% ranges) at 4.35%. The 5, 10 and historical dividend yields are moderate at 4.65%, 3.33% and 3.29%. The dividends were cut by 20% in 2023 and they have been flat since then. Analysts do not expect any changes within the next 3 years.

The Dividend Payout Ratios (DPR) are far too high. The DPR for 2024 for Earnings per Share (EPS) is non-calculable due to an earnings loss with 5 year coverage at unacceptably high at 559%%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is non-calculable due to an earnings loss with 5 year coverage far too high at 253%. The DPR for 2024 for Cash Flow per Share (CFPS) is far too high at 412% with 5 year coverage at 94%. The DPR for 2024 for Free Cash Flow (FCF) is far too high at 73% with 5 year coverage at 113%.

Item	Cur	5 Years
EPS	0.00%	558.75%
AEPS	0.00%	252.99%
CFPS	411.61%	94.42%
FCF	72.64%	113.08%

Debt Ratios for Liquidity, an important ratio needs improving, with the rest of the ratios fine. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.09 and currently at 0.09. The Liquidity Ratio for 2024 is too low at 0.79 and 0.80 currently. If you added in Cash Flow after dividends, the ratios are too low at 0.83 and currently at 0.67. Even if you add back in the current portion of the long term debt, the ratios are too low at 0.79 and 0.80. The Debt Ratio for 2024 is good at 1.62 and 1.64 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.61 and 1.61 and currently at 2.55 and 1.55.

Type	Year End	Ratio Curr
Lg Term R	0.09	0.09
Intang/GW	0.34	0.33
Liquidity	0.79	0.80
Liq. + CF	0.83	0.67
Liq. + CF+D	0.79	0.80
Debt Ratio	1.62	1.64
Leverage	2.61	2.55
D/E Ratio	1.61	1.55

The Total Return per year is shown below for years of 5 to 26 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	0.77%	2.66%	-2.07%	4.73%
2014	10	6.91%	3.38%	-0.86%	4.24%
2009	15	13.99%	24.28%	14.59%	9.69%
2004	20		19.23%	13.46%	5.77%
1999	25		6.66%	4.24%	2.42%
1998	26		1.95%	0.14%	1.81%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 54.17, 77.54 and 109.83. The corresponding 10 year ratios are 34.90, 53.85 and 69.57. The corresponding historical ratios are 14.63, 21.05 and 26.05. The current P/E Ratio is 276.28 based on a stock price of $9.20 and EPS estimate for 2025 of $0.03. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 18.72, 32.09, 45.05. The corresponding 10 year ratios are 23.00, 30.17, 37.33. The corresponding historical ratios are 18.16, 23.88 and 33.41. The current P/AEPS Ratio is 920.00 based on a stock price of $9.20 and AEPS estimate for 2025 of $0.01.

Note that the EPS estimate for 2025 and 2026 are $0.22 and $0.37 with P/E Ratios of 41.82 and 24.86. These are much more reasonable P/E Ratios. For AEPS, the AEPS estimate for 2025 and 2026 are also $0.22 and $0.37 with P/AEPS Ratios of 41.82 and 24.86. These are much more reasonable ratios. It is only the earnings for 2026 that the ratios show a relatively reasonable stock price of $9.20.

I get a Graham Price of $0.59. The 10-year low, median, and high median Price/Graham Price Ratios are 2.15, 2.68 and 3.59. The current P/GP Ratio is 8.52 based on a stock price of $9.20. This stock price testing suggests that the stock price is relatively expensive.

However, the Graham Price for 2025 and 2026 are $2.77 and $3.60. These produced P/GP Ratios of 3.32 and 2.56 with a stock price of $9.20. These ratios are pointing to stock price testing suggesting that the stock price is relatively reasonable.

I get a 10-year median Price/Book Value per Share Ratio of 5.15. The current P/B Ratio is 5.92 based on a Book Value of $36.4M, Book Value per Share of $1.55 and a stock price of $9.20. 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. Note that the Book Value hit a high in 2019 and has been declining ever since.

I get a 10-year median Price/Cash Flow per Share Ratio of 17.48. The current ratio is 12.21 based on Cash Flow for the last 12 month of $17.626M, Cash Flow per Share of $0.75 and a stock price of $9.20. The current ratio is 30% 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 3.29%. The current dividend yield is 4.35% based on a stock price of $9.20 and dividends of $0.40. The current yield is 32% 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 3.33%. The current dividend yield is 4.35% based on a stock price of $9.20 and dividends of $0.40. The current yield is 31% 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 6.45. The current P/S Ratio is 3.16 based on a stock price of $9.20, Revenue estimate for 2025 of $68M, and Revenue per Share of $2.91. The current ratio is 51% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably relatively cheap. The dividend yield tests say this and it is confirmed by the P/S Ratio test. There are some problems with other testing mainly due to the fact the company has had recent earning problems. Analysts expect earnings to pick up over the next two years. The P/B Ratio tests is good and says the stock price is reasonable and above the median. The P/CF Ratio test is also good and says that the stock price is cheap.

When I look at analysts’ recommendations, I find Strong Buy (5), and Buy (2). The consensus would be a Strong Buy. The 12 month stock price consensus would be $12.96 with a high of $14.00 and a low of $12.00. The consensus stock price of $12.96 implies a total return of 45.22% with 40.87% from capital gains and 4.35% from dividends based on a current stock price of $9.20.

There are two analysts writing on Stock Chase in 2025. They mention that there is a new CEO and they seem positive about this company. Amy Legate-Wolfe on Motley Fool thinks that this company is recovering and will have future great growth. Christopher Liew on Motley Fool thinks that this company might be among the next generation of winners. The company put out a Press Release about their fourth quarter of 2024. The company put out a Press Release about their first quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this company. They give out no risk warnings on this stock.

Sylogist Ltd is a software company that provides software-as-a-service (SaaS) solutions that provides ERP, CRM, fundraising, education administration, and payments solutions to education verticals including fund accounting, grant management, and payroll to public service organizations. Geographically, the company offers its services to the United States of America, Canada, the United Kingdom, and other regions. Its web site is here Sylogist Ltd.

The last stock I wrote about was about was Ensign Energy Services (TSX-ESI, OTC-ESVIF) ... learn more. The next stock I will write about will be Algonquin Power & Utilities Corp (TSX-AQN, NTSE-AQN) ... learn more on Friday, June 13, 2025 around 5 pm. Tomorrow on my other blog I will write about Mike Higgs .... learn more on Thursday, June 12, 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.

Ensign Energy Services

Sound bite for Twitter is: Small Cap Industrial. Debt Ratios are fine. Currently, this stock pays not dividend, so I cannot rate a current dividend yield and there is, of course, no Dividend Payout Ratios (DPR).See my spreadsheet on Ensign Energy Services.

Is it a good company at a reasonable price? Since this is a small cap company, I am using fooling around money for it. I find the company interesting. I am currently holding on to the shares I have, but I currently have no plans to buy anymore. The company seems to be recovering. Time will tell. The stock price is probably cheap.

I own this stock of Ensign Energy Services (TSX-ESI, OTC-ESVIF). I bought this stock in June 2012. Stock is a good one and was rather cheap in June of 2012. I had been following this stock for some time. I sold this stock in December 2014 to buy Mullen instead. Details of why is in a December 2014 post. I know I would be selling Ensign at a loss, but I also could buy Mullen cheaply Ensign and Mullen. In June 2020, Ensign was selling at $0.74. It was quite a low, so I bought some. I again bought more in May 2021 at $.33.

When I was updating my spreadsheet, I noticed that if you consider my adventure in this stock from 2012, I currently have a loss of 2.31% per year. If you just consider what I bought from 2020, my total return is 15.99% per year.

If you had invested in this company in December 2014, for $1,009.80 you would have bought 99 shares at $10.20 per share. In December 2024, after 10 years you would have received $249.48 in dividends. The stock would be worth $295.02. Your total return would have been $544.50. This would be a total loss of 8.04% per year with 11.58% from capital loss and 3.53% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$10.20	$1,009.80	99	10	$249.48	$295.02	$544.50

If you had invested in this company in December 2020, for $1,000.06 you would have bought 1,099 shares at $0.91 per share. In December 2024, after 4 years you would have received $0.00 in dividends. The stock would be worth $3,275.02. Your total return would have been $3,275.02. This would be a total gain of 34.49% per year with 34.49% from capital gain and 0.00% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$0.91	$1,000.09	1,099	4	$0.00	$3,275.02	$3,275.02

Currently, this stock pays no dividend, so I cannot rate a current dividend yield and there is, of course, no Dividend Payout Ratios (DPR).

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is of course far too high for 2024 at 1.59 and currently at 1.92, but this is, of course, a function of the big decline in the stock price. The Liquidity Ratio for 2024 is too low at 0.79 and 0.79 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.76 and currently at 1.47. The Debt Ratio for 2024 is good at 1.89 and 1.92 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.13 and 1.13 and currently at 2.08 and 1.08.

Type	Year End	Ratio Curr
Lg Term	1.59	1.92
Intang/GW	0.00	0.00
Liquidity	0.79	0.79
Liq. + CF	1.76	1.47
Liq, CF,DB	1.26	1.35
Debt Ratio	1.89	1.92
Leverage	2.13	2.08
D/E Ratio	1.13	1.08

The Total Return per year is shown below for years of 5 to 33 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%	1.75%	0.90%	0.86%
2014	10	0.00%	-8.04%	-11.58%	3.53%
2009	15	0.00%	-6.43%	-10.21%	3.78%
2004	20	0.00%	-2.48%	-6.94%	4.46%
1999	25	0.00%	3.41%	-2.48%	5.90%
1994	30	0.00%	15.35%	4.33%	11.01%
1991	33	0.00%	25.38%	9.13%	16.25%

The 5 and 10 year low, median, and high median Price/Earnings per Share Ratios are negative and so useless. The corresponding historical ratios are 8.35, 12.27 and 16.43. The current P/E is 101.72 based on a stock price of $2.37 and EPS estimate for 2025 of $0.02. This all would suggest that this stock price testing suggests that the stock price is relatively expensive.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 0.82, 1.27 and 2.12. The corresponding 10 year ratios are 1.20, 2.22 and 3.31. The corresponding historical ratios are 3.57, 4.73 and 5.95. The current P/AEPS ratio is 1.33 based on a stock price of $2.37 and AEPS estimate for 2025 of $1.78. 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 $17.30. The 10-year low, median, and high median Price/Graham Price Ratios are 0.12, 0.21 and 0.31. The current ratio is 0.14 based on a stock price of $2.37. 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. This Graham Price is based on FFO as there is two many years of earnings losses to base it on EPS.

I get a 10-year median Price/Book Value per Share Ratio of 0.47. The current ratio is 0.32 based on a stock price of $2.37, Book Value of $1,372M and Book Value per Share of $7.48. The current ratio is 33% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have a book value estimate for 2025 of $7.48. This would end of up the same above with stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.23. The current P/CF Ratio is 1.36 based on Cash Flow per Share estimate for 2025 of $1.74, Cash Flow of $319.5M and a stock price $2.37. The current ratio is 39% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I cannot do any dividend yield testing as dividends on this stock have been discontinued.

The 10-year median Price/Sales (Revenue) Ratio is 0.41. The current P/S Ratio is 0.26 based on Revenue estimate for 2025 of $1,667M, Revenue per Share of $9.09 and a stock price of $2.37. The current ratio is 36% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably relatively cheap. There are no dividends for dividend yield testing. However, the P/S Ratio test is good and it says 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 Buy (2) and Hold (4). The consensus would be a Hold. The 12 month stock price consensus is $2.58 with a high of $3.00 and low of $2.25. The consensus stock price of $2.58 implies a total return of 8.86% all from capital gains.

There is a number of entries on Stock Chase, but there are only two ratings of Hold and Buy. They mention that the company is paying down its debt with their current debt repayment plan. Amy Legate-Wolfe on Motley Fool thinks it has some strong potential for growth. Aditya Raghunath on Motley Fool thinks that this stock can help you beat the market over time. He thinks that this company might be on the cusp of a turnaround. The company put out a press release via Newswire about its fourth quarter of 2024. The company put out a press release via Newswire about their first quarter of 2025.

Simply Wall Street via Yahoo Finance talks about who owns this company. There is a lot of insider ownership at almost 28%. Simply Wall Street via Yahoo Finance looks at Return on Capital Employed (ROCE) for this company. They find that it is low but growing. Simply Wall Street seem no risks for this company. This surprises me but the stock does pass all their tests.

Ensign Energy Services Inc provides oilfield services to the crude oil and natural gas industries in Canada, the United States, and internationally. Geographically the company operates in nine countries; Canada, the United States, Argentina, Australia, Bahrain, Kuwait, Oman, United Arab Emirates, and Venezuela. Its web site is here Ensign Energy Services.

The last stock I wrote about was about was Adentra Inc (TSX-ADEN, OTC-HDIUF) ... learn more. The next stock I will write about will be Sylogist Ltd (TSX-SYZ, OTC-SYZLF) ... learn more on Wednesday, June 11, 2025 around 5 pm. Tomorrow on my other blog I will write about Home Buying in Canada.... learn more on Tuesday, June 10, 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.

Adentra Inc

Sound bite for Twitter is: Dividend Growth Materials. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Adentra Inc.

Is it a good company at a reasonable price? I bought this company thinking that at some point in the future it may become a backbone type stock in my portfolio. I still consider it an interesting small cap.

I own this stock of Adentra Inc (TSX-ADEN, OTC-HDIUF). In April 2017, I asked for suggestions on what stocks I should now follow because of a number that I had followed had been bought out. This was one of the suggestions. I bought the stock in 2020 as Hardwoods Distribution Inc (TSX-HDI, OTC- HDIUF). In 2022 the company changed its name to Adentra Inc (TSX-ADEN, OTC-HDIUF).

When I was updating my spreadsheet, I noticed this stock has been on a wild ride. It hit a high of $48.50 in 2022 and the went down to $22.89. It hit another high of $43.60 in 2024 and is currently at $26.18. I have had this stock for around 5 years and I have made 6.23% per year with 3.86% from capital gains and 2.37% from dividends.

It looks like there were a lot of insider sales for 2025. The reason is that some directors have left and therefore sold their shares. Of the directors I currently follow, they all have bought shares in the past year. However, shares bought because of options do not show up as insider buying.

If you had invested in this company in December 2014, for $1,002.24 you would have bought 87 shares at $11.52 per share. In December 2024, after 10 years you would have received $313.64 in dividends. The stock would be worth $3,230.31. Your total return would have been $3,543.95. This would be a total return of 14.17% per year with 12.42% from capital gain and 1.75% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.52	$1,002.24	87	10	$313.64	$3,230.31	$3,543.95

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.22%. The 5, 10 and historical median dividend yields are low (below 2%) at 1.66%, 1.67% and 1.87%. The dividend growth is moderate (8% to 14% ranges per year) at 11.8% per year over the past 5 years. The last dividend increase was for 7% and it was done in 2025.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 20% with 5 year coverage at 11%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 13% with 5 year coverage at 12%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 5% with 5 year coverage at 5%. The DPR for 2024 for Free Cash Flow (FCF) is good at 4% with 5 year coverage at 5%. There is no agreement on what the FCF is.

Item	Cur	5 Years
EPS	20.27%	11.45%
AEPS	13.10%	11.67%
CFPS	5.34%	4.50%
FCF	3.89%	4.80%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.47 and currently at 0.44. The Liquidity Ratio for 2024 is good at 2.23 and 1.56 currently. The Debt Ratio for 2024 is good at 1.83 and 1.75 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.20 and 1.20 and currently at 2.33 and 1.33.

Type	Year End	Ratio Curr
Lg Term	0.47	0.44
Intang/GW	0.80	1.07
Liquidity	2.23	1.56
Liq. + CF	2.71	1.67
Debt Ratio	1.83	1.75
Leverage	2.20	2.33
D/E Ratio	1.20	1.33

The Total Return per year is shown below for years of 5 to 20 to the end of 2024 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	11.84%	19.90%	17.90%	2.00%
2014	10	12.66%	14.17%	12.42%	1.75%
2009	15	0.00%	24.31%	21.50%	2.81%
2004	20	-1.31%	8.19%	5.88%	2.31%

The Total Return per year is shown below for years of 5 to 20 to the end of 2024 in US$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	12.51%	16.69%	14.65%	2.04%
2014	10	11.97%	11.55%	9.84%	1.71%
2009	15	-1.46%	20.67%	18.02%	2.64%
2004	20	-2.25%	7.34%	4.82%	2.52%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.52, 9.98 and 15.44. The corresponding 10 year ratios 9.14, 11.54 and 15.41. The corresponding historical ratios are 8.54, 10.53 and 14.21. The current P/E Ratio is 9.14 based on a stock price of $26.99 and EPS estimate for 2025 of $2.95 ($2.16 US$). The current ratio is at the low end 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 3.86, 8.53 and 10.46. The corresponding 10 year ratios 7.40, 9.51 and 12.24. The corresponding historical ratios are 7.19, 9.45 and 11.58. The current P/E Ratio is 9.26 based on a stock price of $26.99 and AEPS estimate for 2025 of $2.91 ($2.13 US$). The current ratio is between the low and median ratios 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 $40.78. The 10-year low, median, and high median Price/Graham Price Ratios are 0.61, 0.77 and 1.05. The current P/GP Ratio is 0.66 based on a stock price of $26.99. The current ratio is at the between the low and median ratios 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 1.21. The current P/B Ratio is 0.73 based on a stock price of $18.64, Book Value of 633.8M, and Book Value per Share of $25.37. The current ratio is 39% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I also have a Book Value per Share estimate for 2025 of $26.12. The estimate implies a ratio of 0.71 and a Book Value of $652.5M with a stock price of $18.64. This ratio is 41% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 4.58. The current ratio is 8.22 based on Cash Flow per Share estimate for 2025 of $3.28 ($2.40 US$), Cash Flow of $81.99 and a stock price of $26.99. The current ratio is 80% 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 1.87%. The current dividend yield is 2.22% based on dividends of $.60 and a stock price of $26.99. The current dividend yield is 19% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. (Note: dividends are paid in CDN$, but financials and most estimates are in US$.)

I get a 10 year median dividend yield of 1.57%. The current dividend yield is 2.22% based on dividends of $.60 and a stock price of $26.99. The current dividend yield is 42% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. (Note: dividends are paid in CDN$, but financials and most estimates are in US$.)

The 10-year median Price/Sales (Revenue) Ratio is 0.30. The current P/S Ratio is 0.22 based on Revenue estimate for 2025 of $3,013M ($2,203M US$), Revenue per Share of $120.62 and a stock price of $26.99. The current ratio is 25% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. Note that the stock price is off its recent high.

Results of stock price testing is that the stock price is probably cheap. The 10 year dividend yield test says this. It is confirmed by the P/S Ratio test. The rest of the testing is showing that the stock price is relatively reasonable and below the median. I did my testing in CDN$ as this stock is not traded much in US$ and there is a wide spread, because of this, between CDN$ TSX trading and US$ trading.

When I look at analysts’ recommendations, I find Strong Buy (4) and Buy (5). The consensus would be a Strong Buy. The 12 month stock price consensus is $38.57 ($28.20 US$) with a high of $45.65 ($33.38 US$) and low of $30.50 ($22.30 US$). The consensus stock price of $38.57 implies a total return of 45.12% with 42.90% from capital gains and 2.22% from dividends.

There is only one analyst on Stock Chase looking at this stock. Last entry was in 2024. He says it is a well-run company. Sneha Nahata on Motley Fool thinks this stock has potential to generate good returns in the long term. Amy Legate-Wolfe on Motley Fool thinks this is a good buying opportunity for this stock. The company put out a Press Release about their fourth quarter of 2024. The company put out a Press Release about their first quarter of 2025.

Simply Wall Street via Yahoo Finance put out a rather negative report on this stock. They did not like the fact that the company is issuing new shares and thereby diluting shareholders. Simply Wall Street via Yahoo Finance says this company is undervalued. Simply Wall Street has one warning on this stock of interest payments are not well covered by earnings.

Adentra Inc is a distributor of architectural products to fabricators, home centers and professional dealers servicing the new residential, repair and remodel, and commercial construction end markets. The company operates a network in North America of various facilities in the United States and Canada. Its web site is here Adentra Inc.

The last stock I wrote about was about was IA Financial Corp (TSX-IAG, OTC-IDLLF) ... learn more. The next stock I will write about will be Ensign Energy Services (TSX-ESI, OTC-ESVIF) ... learn more on Monday, June 9, 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.

IA Financial Corp

Sound bite for Twitter is: Dividend Growth Insurance. Results of stock price testing is that the stock price could still be in a reasonable range. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on IA Financial Corp.

Is it a good company at a reasonable price? The stock price is testing as reasonable, but I would worry because the stock price is at an historical high. Generally, that is not an ideal time to buy a stock. On the other hand, this stock has produced good returns and rising dividends for its shareholders. But analysts do not think that the stock will grow much more in the near year. It is always wise to buy shares in a company over time and in different months.

I do not own this stock of IA Financial Corp (TSX-IAG, OTC-IDLLF). This was a stock shown as a dividend growth stock on the Canadian All Star List. See site.

When I was updating my spreadsheet, I noticed that the stock price has really taken off this year. The stock price was up 48% in 2024 and up 6% so far this year.

If you had invested in this company in December 2014, for $1,021.89 you would have bought 23 shares at $44.43 per share. In December 2024, after 10 years you would have received $463.57 in dividends. The stock would be worth $3,066.36. Your total return would have been $3,529.93. This would be a total return of 14.22% per year with 11.61% from capital gain and 2.61% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$44.43	$1,021.89	23	10	$463.57	$3,066.36	$3,529.93

The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate (2% to 4% ranges) at 2.57%. The 5, 10 and historical dividend yields are also moderate at 3.47%, 3.09% and 2.71%. The dividend growth is moderate (8% to 14% ranges per year) at 13.7% per year over the past 5 years. The last dividend increase was in 2024 and it was for 9.8%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 34% with 5 year coverage at 34%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 30% with 5 year coverage at 29%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 30% with 5 year coverage at 26%. The DPR for 2024 for Free Cash Flow (FCF) is non-calculable 2024 because of a negative FCF with 5 year coverage good at 20%. I was getting values from MS, but they do not agree with earlier values. I do not put much stock into FCF as few agree on how to calculate and sites keep changing their minds on how to calculate it.

Item	Cur	5 Years
EPS	34.39%	33.81%
AEPS	30.11%	28.73%
CFPS	30.15%	26.13%
FCF	-21.33%	19.90%

Debt Ratios are fine. The Long Term Debt/Coverage Assets Ratio for 2024 is fine at 0.95 and currently at 0.96. The Long Term Debt/Market Cap Ratio for 2024 is high at 3.47 and currently at 3.35, but financial tend to be on the high side. The Liquidity Ratio for 2024 is good at 1.83 and 1.83 currently, but not important for financials. The Debt Ratio for 2024 is fine for financials at 1.07 and 1.07 currently. The Financial Leverage is are fine at 17.3% and currently at 14.8%.

Type	Year End	Ratio Curr
Lg Term A	0.95	0.96
Lg Term	3.47	3.35
Intang/GW	0.28	0.27
Liquidity	1.83	1.83
Liq. + CF	1.57	1.55
Debt Ratio	1.07	1.07
Fin Leverage	17.3%	14.8%

The Total Return per year is shown below for years of 5 to 24 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	13.74%	16.09%	13.32%	2.77%
2014	10	12.23%	14.22%	11.61%	2.61%
2009	15	8.56%	12.40%	9.93%	2.47%
2004	20	11.09%	10.41%	8.21%	2.20%
2000	24	10.59%	10.20%	8.15%	2.05%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.77, 9.40 and 12.45. The corresponding 10 year ratios are 7.61, 9.38 and 11.82. The corresponding historical ratios are 10.10, 11.43 and 12.88. The current P/E Ratio is 14.77 based on a stock price of $139.91 and EPS estimate for 2025 of $9.47. The current ratio is above the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 6.71, 8.12 and 10.00. The corresponding 10 year ratios are 7.15, 9.11 and 10.96. The current P/AEPS Ratio is 11.52 based on a stock price of $139.91 and AEPS estimate for 2025 of $12.14. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $148.82. The 10-year low, median, and high median Price/Graham Price Ratios are 0.54, 0.66 and 0.80. The current P/GP Ratio is 0.94 based on a stock price of $139.91. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Book Value per Share Ratio of 1.10. The current P/B Ratio is 1.73 based on a stock price of $139.91, Book Value of $7,562M, and Book Value per Share of $81.09. The current ratio is 57% 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 $78.56, but this analyst calculates the Book Value differently than I do and, in this case, the 10 year median ratio is 1.09. This implies a ratio of 1.78 based on a stock price of $139.91 and Book Value of $7,326M. This ratio is 64% 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 9.44. The current P/CF Ratio is 8.36 based on Cash Flow for the last 12 months of $1,561M, Cash Flow per Share of $16.74 and a stock price of $139.91. This ratio is 11% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 2.71%. The current dividend yield is 2.57% based on dividends of $3.60 and a stock price of $139.91. The current dividend yield is 5% 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 3.09%. The current dividend yield is 2.57% based on dividends of $3.60 and a stock price of $139.91. The current dividend yield is 17% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.56. The current P/S Ratio is 0.55 based on a stock price of $139.91, Revenue for the last 12 months of $23,640 and Revenue per Share of $253.49. The current ratio is 0.6% 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 could still be in a reasonable range. The dividend yield tests say that the stock price is reasonable but above the median. The P/S Ratio test says it is reasonable but below the median. However, a lot of the rest of the testing is saying that the stock price is relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (2) and Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $143.29 with a high of $148.00 and low of $139.00. The consensus stock price of $143.29 implies a total return of 4.99% with 2.42% from capital gains and 2.57% from dividends based on a current stock price of $139.91.

The last entry on Stock Chase was in 2021. There was one entry. There were lots of entries in 2020 and all thought of this stock as a Top Pick. Amy Legate-Wolfe on Motley Fool thinks you should buy this stock for safety and yield. Jitendra Parasharon Motley Fool talks about this stock being a top mover in February. The company put out a press release via Newswire about their fourth quarter of 2024. The company put out a press release via Newswire about their first quarter of 2025 .

Simply Wall Street via Yahoo Finance reviews who owns shares in this company. Simply Wall Street via Yahoo Finance reviews this stock and says they are pretty happy with the company’s performance. Simply Wall Street has no warnings out on this stock.

iA Financial Corp Inc is a life and health insurance company. The company operates and manages its activities according to five main reportable operating segments Insurance Canada, Individual Wealth Management, Investment, Corporate, and U.S Operations. The majority of its revenue comes from Insurance Canada. Its web site is here IA Financial Corp.

The last stock I wrote about was about was RB Global Inc (TSX-RBA, NYSE-RBA) ... learn more. The next stock I will write about will be Adentra Inc (TSX-ADEN, OTC-HDIUF) ... learn more on Friday, June 6, 2025 around 5 pm. Tomorrow on my other blog I will write about Something to Buy June 2025.... learn more on Thursday, June 5, 2025 around 5 pm.

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