BRP Inc

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably still reasonable. Some Debt Ratios are good, but debt is too high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth good, but seems to be slowing down. See my spreadsheet on BRP Inc.

Is it a good company at a reasonable price? I have never been keen on stocks with low and negative book values. The dividend yield is so low you really are not getting much. The last annual increase was just over 2%. I would rather wait a bit to see what this stock does in the future before I would be positive about it. The current stock price could be reasonable, but it is close to the recent high.

I do not own this stock of BRP Inc (TSX-DOO, OTC-DOOO). Robin Speziale, author of Market Masters and Capital Compounders had mentioned this stock in Capital Compounders, Table 3 (page 93 in my copy) as a possible next Capital Compounder.

When I was updating my spreadsheet, I noticed a number of reasons for an earnings loss in 2025, compared to 2024. The revenue went down but the percentage of expenses compared to revenue went up. Foreign Exchange loss on long-term debt went up a lot. There was also a bigger loss from discontinued operations in 2025 compared to 2024. Also, this stock has an annual reporting date of January 31 each year and I am looking at the financials for January 31, 2025.

The dividend increases were quite good until this year. The 5 year dividend increase for the last 5 years was 16%. If this continued, what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 16% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $87.97 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$1.81	2.05%	5	16.00%	6.72%
$3.79	4.31%	10	16.00%	18.79%
$7.96	9.05%	15	16.00%	44.12%

However, the dividend increase for this year is a lot lower at 2.38%. If this continues the above chart would be different and look like the following one.

Div Pd	Div Yield	Years	At IRR	Div Cov
$0.97	1.10%	5	2.38%	5.13%
$1.09	1.24%	10	2.38%	9.79%
$1.22	1.39%	15	2.38%	15.04%

If you had invested in this company in December 2014, for $1,013.88 you would have bought 51 shares at $19.88 per share. In December 2024, after 10 years you would have received $195.33 in dividends. The stock would be worth $3,733.71. Your total return would have been $3,929.04. This would be a total return of 12.50% per year with 11.70% from capital gain and 0.79% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$19.88	$1,013.88	51	10	$195.33	$3,733.71	$3,929.04

The current dividend yield is low with dividend growth good, but seems to be slowing down. The current dividend yield is low (below 2%) at 0.98%. Dividends have only been paid for 7 years, so the 5 and 7 year median dividend yields are also low at 0.69%. The dividend growth is good (15% per year or higher) at 16% per year over the past 5 years. The last dividend increase was in 2025 and it was for 2.38%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is non-calculable due to an earnings loss with 5 year coverage good at 9%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 18% with 5 year coverage at 7%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 7% with 5 year coverage at 3%. The DPR for 2024 for Free Cash Flow (FCF) is good at 9% with 5 year coverage at 9%.

Item	Cur	5 Years
EPS	0.00%	9.22%
AEPS	17.95%	7.40%
CFPS	7.43%	3.39%
FCF	9.10%	8.72%

Some Debt Ratios are good, but debt is too high. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.54 and currently at 0.45. The Liquidity Ratio for 2024 is low at 1.31 and 1.34 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.57 and currently at 1.64. The Debt Ratio for 2024 is good at 1.68 and 1.68 currently. The Leverage and Debt/Equity Ratios for 2024 are far too high at 25.50 and 24.50 and currently at 12.74 and 11.74. This is because book value was negative in the past and is currently very low.

Type	Year End	Ratio Curr
Lg Term R	0.54	0.45
Intang/GW	0.11	0.10
Liquidity	1.31	1.34
Liq. + CF	1.57	1.64
Liq. CF WC	1.61	1.64
Debt Ratio	1.04	1.09
Leverage	25.50	12.74
D/E Ratio	24.50	11.74

The Total Return per year is shown below for years of 5 to 11 to the end of 2024. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	16.00%	5.21%	4.35%	0.82%
2014	10	14.78%	12.50%	11.70%	0.85%
2013	11	14.78%	9.04%	8.40%	7.87%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.06, 10.60 and 12.87. The corresponding 10 year ratios are 8.66, 12.17 and 15.13. The corresponding historical ratios are 9.21, 13.49 and 18.16. The current ratio is 16.28 based on a stock price of $87.97 and EPS estimate for 2026 of $5.40. 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 also have Adjusted Earnings per Share (Data). The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 7.09, 10.26 and 12.66. The corresponding 10 year ratios are 8.81, 12.07 and 17.02. The corresponding historical ratios are 9.30, 13.32 and 17.18. The current ratio is 19.86 based on a stock price of $87.97 and AEPS estimate for 2026 of $4.43. 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 Graham Price of $25.96. The 10-year low, median, and high median Price/Graham Price Ratios are 11.86, 29.39 and 39.59. The current ratio is 3.39 based on a stock price of $87.97. 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 negative 8.86. We cannot do any testing here with a negative P/B Value. The current ratio is 13.02 based on a Book Value of $493.6M, Book Value per Share of 6.76 and a stock price of $87.97. A normal value would be around 1.50. The P/B Ratio is very high because the company used to have a negative book value and currently it is positive but really low.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.72. The current ratio is 8.18 based on a Cash Flow per Share estimate for 2026 of $10.75, Cash Flow of $785M and a stock price of $87.97. The current ratio is 6% 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 0.69%. The current dividend yield is 0.98% based on dividends of $0.86 and a stock price of $87.97. The current yield is 42% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. Note dividends have only been given for 7 years, so the 7 year and historical median dividend yield is the same.

The 10-year median Price/Sales (Revenue) Ratio is 0.76. The current P/S Ratio is 0.78 based on revenue estimate for 2026 of $8,217M, Revenue per Share of $112.51 and a stock price of $87.97. The current ratio is 2% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price is probably still reasonable. The dividend yield test says it is cheap. The P/S Ratio test does not confirm this and says it is reasonable but above the median. Most of the rest of the testing is saying it is reasonable, but above the median or expensive. This is why I do not think this stock is cheap. I could, of course, be wrong on this.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (4) and Hold (8). The consensus is a Buy. The 12 month stock price is $100.53 with a high of $114.00 and low of $90.00. The consensus stock price of $100.53 implies a total return of 15.26% with 14.28% from capital gains and 0.98% from dividends based on a current stock price of $87.97.

Analysts on Stock Chase have no entries for 2025. In 2024 analysts have different reactions with some thinking this stock is a buy and other that it is not. Amy Legate-Wolfe on Motley Fool thinks this stock has been given a bad rap and you should buy. Jitendra Parashar on Motley Fool thinks this stock will be good for the long-term. The company put out a press release via newswire about their fourth quarter results ending January 2025. The company put out a press release via newswire about their second quarter of 2026 results ending in July 2025.

Simply Wall Street via Yahoo Financial reviews this stock and talks about the recent surge in the stock price and their recent equity offering. Simply Wall Street has 3 warnings out on this stock of interest payments are not well covered by earnings; large one-off items impacting financial results; and profit margins (2.6%) are lower than last year (5.4%).

BRP designs, develops, manufactures, distributes, and markets snowmobiles, all-terrain vehicles, and personal watercraft under the Ski-Doo, Sea-Doo, Can-Am, and Lynx brand names. It also builds engines under the Rotax brand (after shuttering the Evinrude outboard engine business in 2020) and offers clothing, parts, and accessories that cater to its core consumers. Its web site is here BRP Inc.

The last stock I wrote about was about was K-Bro Linen Inc (TSX-KBL, OTC-KBRLF) ... learn more. The next stock I will write about will be Linamar Corporation (TSX-LNR, OTC-LIMAF) ... learn more on Friday, October 3, 2025 around 5 pm. Tomorrow on my other blog I will write about Something to Buy October 2025.... learn more on Thursday, October 2, 2025 around 5 pm

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Also, on my book blog I have put a review of the book Dominion by Tom Holland learn more...

K-Bro Linen Inc

Sound bite for Twitter is: Dividend Paying Consumer. Results of stock price testing is that the stock price is reasonable, but it could be cheap. Debt Ratios are fine, but debt is going up. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is moderate with dividend growth non-existent. See my spreadsheet on K-Bro Linen Inc.

Is it a good company at a reasonable price? Currently, it would not be a stock I would be interested in. I like dividend growth companies and this is no one. The stock price has been rather flat lately, but I do realize that analysts do expect it to rise quite well over the next year. My stock price testing points to a rather cheap current price.

I do not own this stock of K-Bro Linen Inc (TSX-KBL, OTC-KBRLF). People were talking about this stock at the 2009 Toronto Money Show. This was one income trust being touted as currently a good buy with very good yield. It was also recommended by Aaron Dunn who is the Senior Equity Analyst for Keystone Publishing Corp, a publisher of Canadian investment newsletters.

When I was updating my spreadsheet, I noticed that they recently have started to use an Adjusted Earnings per Share value. A lot of companies are going that way. After two years of stock price rises, this stock is down by 6% so far this year. This company used to be an income trust and as such had a high dividend yield. Income Trust companies can pay out a lot more in dividends or distributions than corporations can. All the old income trust companies are having a hard time getting their dividends at the right level.

Note that the P/E Ratios and P/AEPS Ratios are quite high. This can occur, as in this case, when the EPS and AEPS goes down, but because of what the market thinks of the company, the stock price may not go down very far, and so you end up with high P/E and P/AEPS Ratios. For this sort of company, a ratio of 20.00 would be considered a high ratio but the 5 year P/E Ratios are 41.67, 49.35 and 57.04 for the low, median, and high ratios. The P/E Ratio went as high as 99.92 in 2022.

If you had invested in this company in December 2014, for $1,014.42 you would have bought 22 shares at $46.11 per share. In December 2024, after 10 years you would have received $264 in dividends. The stock would be worth $833.36. Your total return would have been $1,097.36. This would be a total return of 0.89% per year with 1.95% from capital loss and 2.83% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$46.11	$1,014.42	22	10	$264.00	$833.36	$1,097.36

The current dividend yield is moderate with dividend growth non-existent. The current dividend is moderate (2% to 4% ranges) at 3.38%. The 5, 10 and historical dividend yields are also moderate at 3.43%, 3.25% and 3.62%. This company used to be an income trust and therefore had some high yields in the past. Dividend have been flat since 2014. They would probably need to get them down in terms of DPR to do any increase in dividends.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2024 for Earnings per Share (EPS) is high at 68% with 5 year coverage very high at 121%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 40% with 5 year coverage high at 58%. The DPR for 2024 for Distributable Cash Flow (DCF) is good at 32% with 5 year coverage at 45%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 23% with 5 year coverage at 30%. The DPR for 2024 for Free Cash Flow (FCF) is good at 36% with 5 year coverage at 42%. There is no agreement on FCF, but values are similar in 2024 varying from $31M to $35M.

Item	Cur	5 Years
EPS	67.80%	121.46%
AESP	39.79%	58.37%
DCF	32.00%	45.11%
CFPS	23.35%	30.36%
FCF	36.25%	41.86%

Debt Ratios are fine, but debt is going up. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.31 and currently high at 0.66. It is best when this ratio is 0.50 or lower. The Liquidity Ratio for 2024 is good at 1.95 and 1.86 currently. The Debt Ratio for 2024 is good at 1.76 and 1.61 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.31 and 1.31 and currently at 2.63 and 1.63.

Type	Year End	Ratio Curr
Lg Term R	0.31	0.66
Intang/GW	0.25	0.56
Liquidity	1.95	1.86
Liq. + CF	2.59	2.33
Debt Ratio	1.76	1.61
Leverage	2.31	2.63
D/E Ratio	1.31	1.63

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

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2019	5	0.00%	0.91%	-2.07%	2.97%
2014	10	0.00%	0.89%	-1.95%	2.83%
2009	15	0.58%	13.11%	7.13%	5.98%
2004	20	0.80%	12.56%	6.06%	6.50%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 41.67, 49.35 and 57.04. The corresponding 10 year ratios are 36.48, 42.73 and 48.98. The corresponding historical ratios are 19.60, 21.70 and 24.80. The current ratio is 18.73 based on a stock price of $35.55 and EPS estimate for 2025 of $1.90. The ratios are high because earnings were low from 2020 to 2022 inclusive. The current ratio is below the low ratio of the 10 year median ratio. It is also below the low ratio of the historical 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 41.67, 49.35 and 57.04. The corresponding 10 year ratios are 36.48, 42.73 and 49.98. The current P/AEPS Ratio is 16.77 based on a stock price of $35.55 and AEPS estimate for 2025 of $2.12. The ratios are high because earnings were low from2020 to 2022 inclusive. The current ratio is below the low ratio of the 10 year median ratio. It is also below the low ratio of the historical median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Distributable Cash Flow (DC) data. The 5-year low, median, and high median Price/ Distributable Cash Flow Ratios are 8.95, 11.89 and 15.58. The corresponding 10 year ratios are 13.27, 15.55 and 17.74. The corresponding historical ratios are 9.28, 11.18 and 13.43. The current P/DC Ratio is 8.27 based on a stock price of $35.55 and DC estimate for 2025 of $4.30. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $31.62. The 10-year low, median, and high median Price/Graham Price Ratios are 1.95, 2.28 and 2.59. The current P/GP Ratio is 1.12 based on a stock price of $35.55. 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 2.00. The current ratio is 1.70 based on current Book Value of $272.3M, Book Value per share of $20.96 and a stock price of $35.50. The current ratio is 15% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have a Book Value per Share estimate for 2025 of $23.34. This implies a Book Value of $303M and a ratio of 1.52 with a stock price of $35.50. The current ratio is 24% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 13.22. The current ratio is 6.10 based Cash Flow per Share estimate for 2025 of $5.83, Cash Flow of $75.7M and a stock price of $35.50. The current ratio is 54% 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 3.62%. The current dividend yield is 3.38% based on a stock price of $35.50 and dividends of $1.20. The current dividend yield is 7% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get an historical median dividend yield of 3.25%. The current dividend yield is 3.38% based on a stock price of $35.50 and dividends of $1.20. The current dividend yield is 3.9% 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 1.76. The current P/S Ratio is 0.93 based on Revenue estimate for 2025 of $496.2M, Revenue per Share of $38.20 and a stock price of $35.50. The current ratio is 47% 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 reasonable, but it could be cheap. The dividend testing, especially the 10 year one says that stock price is reasonable. The problem with the dividend testing is that dividends are flat due to the fact that this stock used to be an income trust, which all have problems resetting dividends appropriately. The P/S Ratio test says that the stock price is cheap. The rest of the testing is saying that the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (2) and Hold (1). The consensus would be a Strong Buy. The 12 month stock price consensus is $50.67 with a high of $55.00 and low of $48.00. The consensus stock price of $50.67 implies a total return of 45.91% with 42.53% from capital gains and 3.38% from dividends based on a current stock price of $35.55.

There are two entries on Stock Chase for 2025 and both are top picks. They like this stock and comment on their recent UK acquisition. Aditya Raghunath on Motley Fool and talks about recent acquisition. Brian Paradza on Motley Fool says this business is boring but profitable. The company put out a Press Release about their fourth quarter of 2024. The company put out a press release via Newswire about their second quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock. They say it covers all the check boxes for an income stock. Simply Wall Street has 3 warnings out on this stock of debt is not well covered by operating cash flow; large one-off items impacting financial results; and shareholders have been diluted in the past year. Note companies use Adjusted Earnings per Share because large one-off items.

K-Bro Linen Inc is a healthcare and hospitality laundry and linen processor in Canada. It operates in cities across Canada, and has two distribution centers, providing management services and laundry processing of hospitality, healthcare, and specialty linens. It operates through two divisions, which are the Canadian division and the United Kingdom division. Its web site is here K-Bro Linen Inc.

The last stock I wrote about was about was Granite REIT (TSX-GRT.UN, NYSE-GRP.U) ... learn more. The next stock I will write about will be BRP Inc (TSX-DOO, OTC-DOOO) ... learn more on Wednesday, October 1, 2025 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks October 2025 … learn more on Tuesday, September 30, 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.

Granite REIT

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

Is it a good company at a reasonable price? For a REIT, this stock has done rather well in increasing their distributions. What you should expect from REIT stock is about half from distributions and half from capital gains. Of course, this can vary over the years. It has done well since it changed its name in 2012. It still has a big connection to Magna. The stock seems to be at a current reasonable price.

I do not own this stock of Granite REIT (TSX-GRT.UN, NYSE-GRP.U). I first bought some of this stock in 2003 when it was called MI Developments (TSX-MIM.A). It was a company connected with Frank Stronach and Magna. TD bank also had an Action Buy Call (Strong Buy) on this stock. By the December 2006, it was doing well and my stock was up some 15% per year. I bought some more. The year of 2006 was the last time I did well on this stock. It kept going down and I sold it in 2009; being discourage it would ever do well again.

When I was updating my spreadsheet, I noticed that after the company changed its name in 2012, and it has done quite well since. As is typical of a REIT stock, a large portion of your total return is in distributions. There is always a tradeoff between growth of a stock and yield.

If you had invested in this company in December 2014, for $1,031.50 you would have bought 25 shares at $41.26 per share. In December 2024, after 10 years you would have received $738.38 in dividends. The stock would be worth $1,733.00. Your total return would have been $2,482.38. This would be a total return of 11.05% per year with 5.39% from capital gain and 5.66% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$41.26	$1,031.50	25	10	$738.38	$1,744.00	$2,482.38

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.44%. The 5, 10 and historical dividend yields are also moderate at 4.23%, 4.68% and 4.36%. The dividend growth is low (below 8% per year) at 3.4% per year over the past 5 years. The last dividend increase was in 2025 and it was for 3.02%.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2024 for Earnings per Share (EPS) is high at 58% with 5 year coverage at 78%. The DPR for 2024 for Adjusted Funds from Operations (AFFO) is good at 68% with 5 year coverage at 75%. The DPR for 2024 for Funds from Operations (FFO) is good at 61% with 5 year coverage at 68%. The DPR for 2024 for Cash Flow per Share (CFPS) is high at 48% with 5 year coverage at 56%. The DPR for 2024 for Free Cash Flow (FCF) is high at 60% with 5 year coverage at 69%. FCF for 2024 goes from 286.6M to 345.7M. Note that the DPR for AFFO and FFO are considered to be the most important DPRs for REITs.

Item	Cur	5 Years
EPS	57.84%	78.47%
AFFO	67.90%	74.66%
FFO	60.66%	68.87%
CFPS	47.68%	55.74%
FCF	60.13%	69.15%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is high at 0.71 and currently at 0.68. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2024 which is good at 0.33 and currently at 0.36 because this is a more important ratio for a REIT. The Liquidity Ratio for 2024 is low at 1.07 and good at 2.81 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.97 and currently at 3.79. The Debt Ratio for 2024 is good at 2.48 and 2.33 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.68 and 0.68 and currently at 1.75 and 0.75.

Type	Year End	Ratio Curr
Lg Term R	0.71	0.68
Lg Term C.A.	0.33	0.36
Intang/GW	0.00	0.00
Liquidity	1.07	2.81
Liq. + CF	1.97	3.79
Liq. CF Dt	1.97	3.79
Debt Ratio	2.48	2.33
Leverage	1.68	1.75
D/E Ratio	0.68	0.75

The Total Return per year is shown below for years of 5 to 22 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	3.37%	3.82%	-0.86%	4.67%
2014	10	4.16%	8.57%	3.16%	5.41%
2009	15	11.67%	18.00%	9.60%	8.40%
2004	20	10.68%	6.17%	2.40%	3.77%
2002	22	9.78%	9.29%	4.89%	4.39%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.41, 12.88 and 14.34. The corresponding 10 year ratios are 6.48, 7.92 and 9.68. The corresponding historical ratios are 7.09, 8.28 and 10.21. The current ratio is 14.53 based on a stock price of $77.61 and EPS for the last 12 months of $5.34. 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. However, in for a REIT, AFFO and FFO values are generally used.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 14.03, 16.81, and 20.91. The corresponding 10 year ratios are 14.10, 16.33 and 19.29. The corresponding historical ratios are 14.10, 16.33 and 19.29. The current ratio is 14.90 based on a stock price of $77.61 and AFFO estimate for 2025 of $5.21. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/Funds from Operations Ratios are 12.71, 15.22 and 20.01. The corresponding 10 year ratios are 14.95, 14.95 and 16.86. The corresponding historical ratios are 11.46, 13.52 and 15.18. The current ratio is 13.38 based on a stock price of $77.61 and FFO estimate for 2025 of $5.80. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $105.97 based on FFO. The 10-year low, median, and high median Price/Graham Price Ratios are 0.68, 0.79 and 0.91. The current ratio is 0.73 based on a stock price of $77.61 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 0.98. The current P/B Ratio is 0.90 based a book value of $5,379.3M, Book Value per Share of $86.05 and a stock price of $77.61. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 15.25. The current P/CF Ratio is 13.54 based on Cash Flow for the last 12 months of $359.64M, Cash Flow per Share of $5.73 and a stock price of $77.61. The current 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 4.36%. The current dividend yield is 4.38% based on dividends of $3.3996 and a stock price of $77.61. The current dividend yield is 0.5% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 4.68%. The current dividend yield is 4.38% based on dividends of $3.3996 and a stock price of $77.61. The current dividend yield is 6% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 9.91. The current ratio is 8.08 based on Revenue estimate for 2025 of $602.8M, Revenue per Share of $8.01 and a stock price of $77.61. The current ratio is 18% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably still reasonable. The dividend yield tests are showing that the stock price is reasonable but above and below the median. The 10 year test says above the median. The P/S Ratio test says that the stock price is reasonable and below the median. All the other tests say the same thing.

When I look at analysts’ recommendations, I find Strong Buy (6) and Buy (4). The consensus would be a Strong Buy. The 12 month stock price consensus is $90.45 with a high of $115.49 and low of $85.00. The consensus stock price of $90.45 implies a total return of 20.93% with 16.54% from capital gains and 4.38% from dividends based on a stock price of $77.61.

Most entries suggest a buy on Stock Chase, but not all. Most mentioned that Magna was a large tenant. Amy Legate-Wolfe on Motley Fool likes this stock for is over 4% dividend. Tony Dong on Motley Fool likes this because of the exposure to an Industrial REIT. He also thinks you need exposure to Residential and Retail REITs. The company put out a press release via Globe and Mail about their fourth quarter of 2024 results. The company put out a press release via Globe and Mail about their second quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock and suggests it may be undervalued and the fair value is $105.45. Simply Wall Street has one warning on this stock of debt is not well covered by operating cash flow. I find the debt to cash flow is 9.19 years and generally speaking 3 years is what analysts like.

Granite Real Estate Investment Trust is a real estate investment trust engaged in the acquisition, development, ownership, and management of logistics, warehouse and industrial properties in North America and Europe. The vast majority of the company's assets are logistics and distribution warehouses and multipurpose buildings split fairly evenly amongst Canadian, Austrian, and U.S. locations. The company's tenant is Magna International. Its web site is here Granite REIT.

The last stock I wrote about was about was Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF) ... learn more. The next stock I will write about will be K-Bro Linen Inc (TSX-KBL, OTC-KBRLF) ... learn more on Monday, September 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.

Great-West Lifeco Inc

Sound bite for Twitter is: Dividend Growth Financial. Results of stock price testing is that the stock price is probably reasonable but above the median, but caution is called for. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is moderate with dividend growth low. Debt Ratios are fine, but the company does have a lot of debt. See my spreadsheet on Great-West Lifeco Inc.

Is it a good company at a reasonable price? This is a well-covered stock and if you are investing for dividends and growth, you should consider at least one life insurance company such as this one. This is a well thought of company. However, analysts do not expect much increase in the stock price this year. It has gone up some 73% since 2022. The price maybe still be reasonable, but it also could be a bit on the expensive side.

I do not own this stock of Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF). This stock seems to be a favorite with investors who like solid, stable, dividend paying stock. It was on Mike Higgs' list and it used to be on the dividend lists. I have been following this stock for some time. However, I will not buy it because I have Power Corp. (TSX-POW). Great West Lifeco Inc. is one of the companies under Power Corp. (TSX-POW).

When I was updating my spreadsheet, I noticed shareholders have done well with dividends in the past. What might the future hold? This chart is an attempt to show this. If dividends continue to increase by 6.09% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the stock price at September 19, 2025 of $54.20 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$3.28	6.05%	5	6.09%	104.56%
$4.41	8.13%	10	6.09%	220.19%
$5.92	10.92%	15	6.09%	375.58%

If you had invested in this company in December 2014, for $1,007.70 you would have bought 30 shares at $33.59 per share. In December 2024, after 10 years you would have received $515.40 in dividends. The stock would be worth $1,430.10. Your total return would have been $1,945.50. This would be a total return of 7.85% per year with 3.56% from capital gain and 4.29% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$33.59	$1,007.70	30	10	$515.40	$1,430.10	$1,945.50

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.47%. The 5 and 10 median dividend yields are good (5% and 6% ranges) at 5.51% and 5.11%. The historical median dividend yield is also moderate at 3.81%. The dividend growth is low (below 8% per year) at 6.1% per year over the past 5 years. The last dividend increase was in 2025 and it was for 9.9%. The Dividend Payout Ratios (DPR) are fine. The DPR for 2024 for Earnings per Share (EPS) is fine at 52% with 5 year coverage at 57%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 50% with 5 year coverage at 54%. It is best that these ratios be in the 40% range or lower. The DPR for 2024 for Cash Flow per Share (CFPS) is fine at 44% with 5 year coverage is good at 28%. The DPR for 2024 for Free Cash Flow (FCF) is fine at 43% with 5 year coverage is good at 27%. The FCF for 2024 varies from $4,751M to $5,590M.

Item	Cur	5 Years
EPS	52.73%	57.33%
AEPS	49.55%	54.33%
CFPS	43.55%	24.70%
FCF	43.55%	27.10%

Debt Ratios are fine, but the company does have a lot of debt. The Long Term Debt/Market Cap Ratio for 2024 is high at 5.55 and currently at 4.93. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2024 which is good at 0.94 and currently at 0.95 because this is a more important ratio for a Financial. The Liquidity Ratio for 2024 is low at 1.17 and 1.14 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.36 and currently at 1.28. The Debt Ratio for 2024 is fine for a financial at 1.04 and 1.04 currently. The Financial Leverage Ratio for 2024 are fine at 29%.

Type	Year End	Ratio Curr
Lg Term R	5.55	4.93
Lg Term A	0.94	0.95
Intang/GW	0.37	0.32
Liquidity	1.17	1.14
Liq. + CF	1.36	1.28
Debt Ratio	1.04	1.04
Fin Leverage	29%	29%

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	6.09%	12.56%	7.46%	5.10%
2014	10	6.08%	7.85%	3.56%	4.29%
2009	15	4.02%	8.21%	3.89%	4.32%
2004	20	6.06%	6.88%	2.98%	3.90%
1999	25	8.87%	11.04%	6.03%	5.01%
1994	30	10.89%	17.76%	9.95%	7.81%
1989	35	10.74%	15.14%	9.29%	5.86%
1988	36	10.43%	16.64%	10.08%	6.56%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.69, 10.24 and 11.99. The corresponding 10 year ratios are 9.99, 11.52 and 12.81. The corresponding historical ratios are 10.54, 12.39 and 13.72. The current ratio is 13.18 based on a stock price of $54.20 and EPS estimate for 2025 of $4.11. 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 also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 8.30, 9.82 and 11.34. The corresponding 10 year ratios are 8.78, 10.20 and 11.97. The corresponding historical ratios are 10.49, 12.29 and 13.30. The current ratio is 11.39 based on a stock price of $54.20 and AEPS estimate for 2025 of $4.76. The current ratio is between the 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 Graham Price of $55.74. The 10-year low, median, and high median Price/Graham Price Ratios are 0.73, 0.84 and 0.96. The current ratio is 0.97 based on a stock price of $54.20. 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 1.59. The current ratio is 1.87 based on a stock price of $54.20, Book Value of $26.824M and Book Value per Share of $29.01. The current ratio is 18% 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 4.98. The current ratio is 11.71 based on Cash Flow for the last 12 months of $1,281M, Cash Flow per Share of $4.63 and a stock price of $54.20. The current ratio is 135% 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 3.81%. The current dividend yield is 4.50% based on a stock price of $54.20 and dividends of $2.44. The current ratio is 18% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 5.11%. The current dividend yield is 4.50% based on a stock price of $54.20 and dividends of $2.44. The current ratio is 12% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.73. The current P/S Ratio is 1.30 based on Revenue $38,495M, Revenue per Share of $41.63 and a stock price of $54.20. The current ratio is 79% above the 10 year median ratio. This stock price testing suggests that the stock price is expensive. However, since they seemed to have been changing the account rules for insurance companies for revenue recently, I do wonder how good this test is.

Results of stock price testing is that the stock price is probably reasonable but above the median, but caution is called for. The 10 year dividend yield test says this, that the stock price is reasonable but above the median. However, the historical one differs. I think that this is important as Life Insurance companies had a rough time when interest rates were 0% to negative. I also note that a lot of the testing is showing that the stock price is reasonable, but above the median and expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1), Hold (6) and Underperform (1). The consensus would be a Buy. The 12 month stock price consensus is $55.73 with a high of $63.00 and low of $45.00. The consensus stock price of $55.73 implies a total return of 7.32% with 2.82% from capital gains and 4.50% from dividends based on a current price of $54.20.

Most analysts like this stock on Stock Chase and think it is a buy. One analyst would like interest rates to go high because insurance companies would benefit from this. Joey Frenette on Motley Fool says insurance stocks are getting overheated, but they are far from expensive. Amy Legate-Wolfe on Motley Fool says great wealth by investing in this stock in your TFSA. The company put out a press release via Newswire about their 2024 annual results. The company put out a press release via Newswire about their second quarter results for 2025.

Simply Wall Street via Yahoo Finance reviews this stock. Simply Wall Street has no warnings out on this stock.

Great-West Lifeco is one of the Big Three Canadian life insurers. The firm operations in Canada, US, Europe (especially in UK and Ireland). Its web site is here Great-West Lifeco Inc.

The last stock I wrote about was about was Wajax Corp (TSX-WJX, OTC-WJXFF) ... learn more. The next stock I will write about will be Granite REIT (TSX-GRT.UN, NYSE-GRP.U) ... learn more on Friday, September 26, 2025 around 5 pm. Tomorrow on my other blog I will write about Wolf and Small Caps.... learn more on Thursday, September 25, 2025 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. I am not a licensed professional investment advisor. Before making any investment decision, you should always do your own research or consult an investment professional. I do research for my own edification and I am willing to share. I write what I think and I may or may not be correct.

See my site for an index to these blog entries and for stocks followed. I have three blogs. The first talks only about specific stocks and is called Investment Talk. The second one contains information on mostly investing and is called Investing Economics Mostly. My last blog is for my book reviews and it is called Non-Fiction Mostly. Follow me on Twitter. I am on Instagram. Or you can just Google #walktoronto spbrunner8166 to see my pictures.

Wajax Corp

Sound bite for Twitter is: Dividend Paying Industrial. Debt Ratios are fine. Results of stock price testing is that the stock price is probably reasonable and below the median. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is good with dividend growth restarted and low. See my spreadsheet on Wajax Corp.

Is it a good company at a reasonable price? This company has had its ups and downs over the years, so I can see why some analysts do not see this company as a long term buy. When looking at the total return over the past 38 years, it would seem important when investing in this stock not to overpay. It seems to be a cyclical stock.

It services the oil and gas industries which also tends to be cyclical. If you look at the chart on this company, it is certainly cyclical. It is off its recent lows. A positive is that they restarting raising the dividends. All the officers I follow bought more stock in the past year with the latest purchases around $22.00. This is a positive. My testing results ae showing that the stock price is reasonable and below the median.

I do not own this stock of Wajax Corp (TSX-WJX, OTC-WJXFF). TD Waterhouse put out a report on good dividend paying stocks to own in November 2011. This was a stock they named. I had not heard of it before, so I decided to investigate it.

When I was updating my spreadsheet, I noticed earnings are down because Revenue went down 2.7%, expenses went up as a percentage of sales and there was a Restructuring Cost. Adjusted Earnings also went down. I noted that all the officers I follow bought shares over the past year. None of the Directors I follow did.

If you had invested in this company in December 2014, for $1,015.41 you would have bought 33 shares at $30.77 per share. In December 2024, after 10 years you would have received $356.51 in dividends. The stock would be worth $691.68. Your total return would have been $1,048.19. This would be a total return of 0.37% per year with 3.77% from capital loss and 4.14% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$30.77	$1,015.41	33	10	$356.51	$691.68	$1,048.19

If you had invested in this company in December 2019, for $1,006.40 you would have bought 68 shares at $14.80 per share. In December 2024, after 5 years you would have received $382.16 in dividends. The stock would be worth $1,425.288. Your total return would have been $11,807.44. This would be a total return of 13.75% per year with 7.21% from capital gain and 6.55% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$14.80	$1,006.40	68	5	$382.16	$1,425.28	$1,807.44

The current dividend yield is good with dividend growth restarted and low. The dividend yield is good (5% to 6% ranges) at 5.83%. The 5, 10 and historical median dividend yields are moderate (2% to 4% ranges) at 4.83%, 4.90% and 4.55%. The dividend increases at a low rate (below 8% per year) with 5 year increase at 6.7% per year. The last dividend increase was in 2024 and it was for 6.1%. Note dividends are up 40% over the past two years. Before that they had been flat for 6 years after a dividend cut.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2024 for Earnings per Share (EPS) is high at 72% with 5 year coverage good at 44%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is high at 58% with 5 year coverage good at 45%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 19% with 5 year coverage at 16%. The DPR for 2024 for Free Cash Flow (FCF) is good at 38% with 5 year coverage at 22%. FCF varies for 2024 from $70M to $61.08M.

Item	Cur	5 Years
EPS	71.50%	43.80%
AEPS	57.98%	44.80%
CFPS	19.32%	15.74%
FCF	38.09%	22.27%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is fine at 0 62 and currently at 0.53. The Liquidity Ratio for 2024 is good at 1.85 and 2.19 currently. The Debt Ratio for 2024 is good at 1.49 and 1.58 currently. The Leverage and Debt/Equity Ratios for 2024 are too high at 3.02 and 2.02 and currently fine at 2.73 and 1.73.

Type	Year End	Ratio Curr
Lg Term R	0.62	0.53
Intang/GW	0.40	0.35
Liquidity	1.85	2.19
Liq. + CF	1.92	2.30
Debt Ratio	1.49	1.58
Leverage	3.02	2.73
D/E Ratio	2.02	1.73

The Total Return per year is shown below for years of 5 to 38 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	6.65%	13.75%	7.21%	6.55%
2014	10	-5.38%	0.37%	-3.77%	4.14%
2009	15	-4.33%	8.38%	-0.27%	8.65%
2004	20	11.38%	20.34%	1.97%	18.37%
1999	25	0.00%	21.43%	5.73%	15.69%
1994	30	0.00%	10.61%	2.95%	7.66%
1989	35	2.61%	7.66%	1.99%	5.67%
1986	38	2.40%	5.84%	0.97%	4.87%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.36, 755 and 11.85. The corresponding 10 year ratios are 7.18, 9.18 and 12.00. The corresponding historical ratios are 7.73, 10.50 and 13.52. The current ratio is 9.17 based on a stock price of $24.00 and EPS estimate for 2025 of $2.62. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.55, 6.98 and 10.95. The corresponding 10 year ratios are 7.76, 10.55 and 13.34. The corresponding historical ratios are 7.53, 9.60 and 11.75. The current ratio is 9.20 based on a stock price of $24.00 and AEPS estimate for 2025 of $2.61. 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 $37.54. The 10-year low, median, and high median Price/Graham Price Ratios are 0.58, 0.77 and 0.96. The current ratio is 0.64 based on a stock price of $24.00. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Book Value per Share Ratio of 1.24. The current ratio is 1.00 based on Book Value of $521.98, Book Value per Share of $24.00 and a stock price of $24.00. The current ratio is 19% below 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/Cash Flow per Share Ratio of 4.59. The current ratio is 6.49 based on Cash Flow per Share estimate for 2025 of $3.70, Cash Flow of $80.5M and a stock price of $24.00. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is expensive. Note that the 10 year median P/|CF Ratio is low because it includes two years of negative cash flows.

I get an historical median dividend yield of 4.55%. The current dividend yield is 5.83% based on dividends of $1.40 and a stock price of $24.00. The current dividend yield is 28% 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 4.90%. The current dividend yield is 5.83% based on dividends of $1.40 and a stock price of $24.00. 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.

The 10-year median Price/Sales (Revenue) Ratio is 0.25. The current ratio is 0.24 based on Revenue estimate for 2025 of $2,153M, Revenue per Share of $99.01 and a stock price of $24.00. The current ratio is 3.8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable and below the median. The 10 year median dividend yield test says this. It is confirmed by the P/S Ratio test. Most of the rest of the testing says the same thing.

When I look at analysts’ recommendations, I find Hold (4) only. The consensus would be a Hold. The 12 month stock price consensus is $24.25 with a high of $26.00 and low of $22.00. The consensus stock price implies a total return of 6.88% with 1.04% from capital gains and 5.83% from dividends based on a current stock price of $24.00.

A couple of analysts on Stock Chase do not like the stock because it is not a long term buy. One likes it for its current dividend yield. Amy Legate-Wolfe on Motley Fool says income seeking investors like this stock. Christopher Liew on Motley Fool thinks this stock is beaten down but has solid fundamentals. The company put out a Press Release for its fourth quarter of 2024. The company put out a Press Release about its second quarter of 2025 results.

Simply Wall Street via Yahoo Finance reviews this stock and finds it fairly valued and its fair value to be $26.09.

Wajax Corp operates an integrated distribution system, providing sales, parts, and services to a broad range of customers in diversified sectors of the Canadian economy, including: construction, forestry, mining, industrial and commercial, oil sands, transportation, metal processing, government and utilities, and oil and gas. Its web site is here Wajax Corp.

The last stock I wrote about was about was Trican Well Service Ltd (TSX-TCW, OTC-TOLWF) ... learn more. The next stock I will write about will be Great-West Lifeco Inc (TSX-GWO, OTC-GWLIF) ... learn more on Wednesday, September 24, 2025 around 5 pm. Tomorrow on my other blog I will write about Well Health Technologies Corp.... learn more on Tuesday, September 23, 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.

Trican Well Service Ltd

Sound bite for Twitter is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably expensive, but could be reasonable. Debt Ratios are currently very good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth good over the past two years. See my spreadsheet on Trican Well Service Ltd.

Is it a good company at a reasonable price? It is always a good sign when a company starts or restarts dividend payments. Looking at this company’s chart, it has not really down well since its last highs in 2014. However, it seems to be better over the last 5 years. Since it supplies services to the oil and gas industry it will be volatile. Positives are that they can afford their dividends and the debt ratios are very good. The stock price testing I can do is not great and the stock price is probably relatively expensive. Even if reasonable, you have to be careful because it is connected to the oil and gas industry and therefore volatile.

I do not own this stock of Trican Well Service Ltd (TSX-TCW, OTC-TOLWF). I was following Canyon Services Group Inc. and Trican Well Services Ltd. had a plan of arrangement with Canyon Shareholders (2016). My spreadsheet is showing data from Canyon Services Group Inc. (2016) to Trican Well Services Ltd.

When I was updating my spreadsheet, I noticed that this stock has grown better over the past 5 years that the past 10. In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2024 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	54.20%	9.05%	-1.11%	<-12 mths
5	EPS Growth	$3.08	32.45%	5.56%	<-12 mths
5	Net Income Growth	249.04%	28.40%	-5.52%	<-12 mths
5	Cash Flow Growth	440.89%	40.16%	40.14%	<-12 mths
5	Dividend Growth	0.00%	0.00%	16.67%	<-12 mths
5	Stock Price Growth	350.00%	35.10%	11.70%	<-12 mths
10	Revenue Growth	65.96%	5.20%	9.09%	<-this year
10	EPS Growth	$0.24	2.18%	9.26%	<-this year
10	Net Income Growth	$1.23	8.35%	7.14%	<-this year
10	Cash Flow Growth	$0.89	6.59%	43.23%	<-this year
10	Dividend Growth	-$0.49	-6.51%	16.67%	<-this year
10	Stock Price Growth	-$0.03	-0.30%	11.70%	<-this year

If you had invested in this company in December 2014, for $1,002.60 you would have bought 180 shares at $5.57 per share. In December 2024, after 10 years you would have received $61.20 in dividends. The stock would be worth $923.40. Your total return would have been $984.60. This would be a total loss of 0.18% per year with 0.82% from capital loss and 0.64% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$5.57	$1,002.60	180	10	$61.20	$923.40	$984.60

The current dividend yield is moderate with dividend growth good over the past two years. The current dividend yield is moderate (2% to 4% ranges) at 3.84%. Since dividends just restarted in 2023, the 5 and 10 median dividend yields are 0%. The historical median dividend yield is 1.40% but lots of years had 0% in dividends. Dividends were mostly in the 4% range (around 4.10%) when paid. Dividends went up 12.5% between 2023 and 2024 and up 16.7% between 2024 and 2025. We need a few more years to dividends to see what dividends would be like. However, when they did pay dividends between 2006 and 2010, the dividends were mainly flat with a couple of big dividend increases.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 33% with 5 year coverage fine at 58% because the company had earnings losses to 2000. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 15% with 5 year coverage at 10%. The DPR for 2024 for Free Cash Flow (FCF) provided by the company is good at 13% with 5 year coverage at 38%. The DPR for 2024 for Free Cash Flow (FCF) is good at 43% with 5 year coverage at 18%. FCF for 2024 goes from $80M to $137M from different sources excluding the company. The company’s FCF is $137M.

Item	Cur	5 Years
EPS	33.33%	57.63%
CFPS	15.17%	9.77%
FCF Comp.	13.06%	37.82%
FCF	43.05%	18.28%

Debt Ratios are currently very good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.00 and currently at 0.00. The Liquidity Ratio for 2024 is good at 1.94 and 2.07 currently. The Debt Ratio for 2024 is good at 3.51 and 3.93 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.40 and 0.40 and currently at 1.34 and 0.34.

Type	Year End	Ratio Curr
Lg Term R	0.00	0.00
Intang/GW	0.00	0.00
Liquidity	1.94	2.07
Liq. + CF	3.35	3.74
Debt Ratio	3.51	3.93
Leverage	1.40	1.34
D/E Ratio	0.40	0.34

The Total Return per year is shown below for years of 5 to 28 to the end of 2024 to TCW. 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%	37.14%	35.10%	2.04%
2014	10	-4.98%	-0.18%	-0.82%	0.64%
2009	15	4.00%	-5.48%	-6.50%	1.02%
2004	20	7.38%	-2.98%	-4.09%	1.11%
1999	20		8.69%	5.95%	2.74%
1996	28		11.72%	8.52%	3.20%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.33, 8.46 and 9.59. The corresponding 10 year ratios are 2.42, 3.12 and 3.82. These are low due to a number of years of earnings losses. The corresponding historical ratios are 2.58, 7.43 and 9.53. The current ratio is 9.71 based on a stock price of $5.73 and EPS estimate for 2025 of 0.59. This ratio is higher than the high ratios of the 10 year ratios, but not the 5 year ratios. Therefore, I am suggesting that this stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Free Cash Flow (FCF) data from the company. The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.23, 6.82 and 7.73. Note none of my sources for FCF agree consistently on what the FCF is each year. For the FCF from the company, I only have 5 year data. The current ratio is 7.85 based on a stock price of $5.73 and FCF per Share of $0.73. The current ratio is above the high ratio of the 5 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a Graham Price of $5.46. The 10-year low, median, and high median Price/Graham Price Ratios are 0.56, 0.78 and 1.06. The current ratio is 1.05 based on a stock price of $5.73. 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 1.28. The current ratio is 2.55 based on a Book Value of $476.5M, Book Value per Share of $2.25 and a stock price of $5.73. The current ratio is 100% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. The problem is that the book value is going down, normally you would hope it would go up.

I also have Book Value per Share estimate for 2025 of $3.49. This implies a Book Value of $741M and a ratio of 1.64 with a stock price of $5.73. This ratio is 29% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. I do wonder about this estimate as it is 35% above the BVPS for 2024.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.79. The current ratio is 5.73 based on a stock price of $5.73, Cash Flow per Share estimate for 2025 of $1.05 and Cash Flow of $221.8M. 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.

The dividend yield testing is not easy as I really do not have a historical or 10 year dividend yield. The best I got is the median dividend yield when dividends were actually paid and that yield is 4.10%. The current yield is 3.84% based on a stock price of $5.73 and dividends of $0.22. The current yield is 6% below this 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 0.94. The current ratio is 1.14 based on Revenue estimate for 2025 of $1,070M, Revenue per Share of $5.04 and a stock price of $5.73. The current ratio is 21% 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, but could be reasonable. The best test I can do for dividend yield says that the stock price is reasonable, but above the median. The P/S Ratio test, which is a good test, says that the stock price is relatively expensive. A number of the tests say that the stock price is expensive, but results ranges from reasonable to expensive.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (2) and Hold (3). The current consensus would be a Buy. The 12 month stock price consensus is $6.64 with a high of $8.00 and low of $6.00. The consensus stock price of $6.64 implies a total return of 19.72% with 15.88% from capital gains and 3.84% from dividends.

There are only two entries on Stock Chase for 2025 they are both positive and feel that things are changing in Canadian oil fields. Motley Fool has no entries on this stock for 2024 or 2025. It would seem that Christopher Liew is the only one following this stock on Motley Fool. Christopher Liew on Motley Fool says this stock is his top pick for 2023 and beyond. The company put out a press release via Energy Now about their fourth quarter result for 2024. The company put out a press release via Newsfile about their second quarter of 2025. .

Simply Wall Street via Yahoo Finance reviews this stock. It is mostly positive. Simply Wall Street has one warning of unstable dividend track record. This is because dividend was recently started.

Trican Well Service Ltd is an equipment services company. It provides products, equipment, services, and technology for use in the drilling, completion, stimulation, and reworking of oil and gas wells through its continuing pressure pumping operations in Canada. The company offers these services to customers in Canada from operating bases located across the Western Canadian Sedimentary Basin (WCSB). Its web site is here Trican Well Service Ltd.

The last stock I wrote about was about was Telus Corp (TSX-T, NYSE-TU) ... learn more. The next stock I will write about will be Wajax Corp (TSX-WJX, OTC-WJXFF) ... learn more on Monday, September 22, 2025 around 5 pm.

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