Is it a good company at a reasonable price? There is a problem that they have not put out audited financial statements for their fourth quarter of March 31, 2026. I am using the unaudited results and this means that the audited values might be different. This is a problem. This is a risk. I am going to hold on to the stock I now have. I have not decided if I would buy any more. Analysts think that the stock will go up some 43% by next year. My testing is showing the stock price as relatively expensive.
I own this stock of Stingray Digital Group Inc (TSX-RAY, OTC-STGYF). I was following Newfoundland Capital Corp and Stingray bought them out. Also, I read the blub on CEO, Eric Boyko. The site says he is an entrepreneur with nearly two decades of experience with start-ups. Mr. Boyko has extensive expertise in early stage business innovations.
When I was updating my spreadsheet, I noticed I have done fine with this stock. It is with my fooling around money in my TFSA account. I first bought this in 2018 and then made purchases in 2019, 2021, 2022 and 2023. I have a total return of 16.86% with 13.59% from capital gains and 3.27% from dividends. This return is to the end of June 2026. Also note that this stock as a financial year ending March 31 each year, so I am looking at the fourth quarter dated March 31, 2026.
They have not put out audited Fourth Quarter results for their financial year ending March 31, 2026. I updated my spreadsheet from Supplemental Financial Information that they put out. Note that the stock price has gone up this year by 4.6%. The reason that they had an earning loss in 2026 is that they had a write-off for Impairment of Goodwill and Broadcast Licenses.
If you had invested in this company in December 2015, for $1,005.71 you would have bought 163 shares at $6.17 per share. In December 2025, after 10 years you would have received $439.29 in dividends. The stock would be worth $2,353.72. Your total return would have been $2,793.01. This would be a total return of 11.83% per year with 8.88% from capital gain and 2.95% from dividends.
| Cost | Tot. Cost | Shares | Years | Dividends | Stock Val | Tot Ret |
|---|---|---|---|---|---|---|
| $6.17 | $1,005.71 | 163 | 10 | $439.29 | $2,353.72 | $2,793.01 |
The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 2.25%. The 5, 10 and historical dividend yields are moderate 4.12%, 3.91% and 3.71%. The dividend growth is low (below 8% per year) at just 1.30% per year over the past 5 years. The last dividend increase was in 2025 (and 2026 financial year) and it was for 13.33%. Dividends for the 5 years before had been flat.
The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is non-calculable due to an earnings loss with 5 year coverage high at 188%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 24% with 5 year coverage at 33%. The DPR for 2025 for Adjusted Free Cash Flow (AFCF) is good at 21% with 5 year coverage at 26%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 17% with 5 year coverage at 18%. The DPR for 2025 for Free Cash Flow (FCF) is good at 25% with 5 year coverage at 30%.
| Item | Cur | 5 Years |
|---|---|---|
| EPS | 0.00% | 187.65% |
| AEPS | 24.06% | 32.61% |
| AFCF | 21.33% | 26.10% |
| CFPS | 17.02% | 18.39% |
| FCF | 25.37% | 29.99% |
Debt Ratios need improving and the company has too much debt. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.51 and currently at 0.49. Note that a number of analysts do not like to see this ratio at 0.50 and above. The Liquidity Ratio for 2025 is too low at 0.79 and 0.79 currently. If you added in Cash Flow after dividends, the ratios are still low at 1.20 and currently better at 1.51. The Debt Ratio for 2025 is low at 1.26 and 1.26 currently. The Leverage and Debt/Equity Ratios for 2025 are much too high at 4.86 and 3.86 and currently at 4.86 and 3.86. I like to see these debt ratios below 3.00 and below 2.00.
| Type | Yr End | Ratio Curr |
|---|---|---|
| Lg Term R | 0.51 | 0.49 |
| Intang/GW | 0.77 | 0.73 |
| Int less BL | 0.51 | 0.49 |
| Liquidity | 0.79 | 0.79 |
| Liq. + CF | 1.20 | 1.51 |
| Debt Ratio | 1.26 | 1.26 |
| Leverage | 4.86 | 4.86 |
| D/E Ratio | 3.86 | 3.86 |
The Total Return per Year is shown below for years of 5 to 11 to the end of 2025. 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. |
|---|---|---|---|---|---|
| 2020 | 5 | 1.30% | 20.46% | 16.99% | 3.47% |
| 2015 | 10 | 9.86% | 11.83% | 8.88% | 2.95% |
| 2014 | 11 | 8.93% | 6.46% | 2.46% |
The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.58, 13.22 and 16.86. The corresponding 10 year ratios are 11.32, 14.24 and 17.15. The corresponding historical ratios are 13.06, 15.25 and 17.45. The current ratio is 9.61 based on a stock price of $15.11 and EPS estimate for 2027 of $1.57. 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 5.73, 9.70 and 9.18. The corresponding 10 year ratios are 6.16, 8.46 and 10.54. The corresponding historical ratios are 6.16, 8.46 and 10.54. The current ratio is 7.33 based on a stock price of $15.11 and AEPS estimate for 2027 of $2.06. The current ratio is between the low ratio 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 Free Cash Flow (AFCF) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.08, 6.32 and 7.64. The corresponding 10 year ratios are 5.27, 6.50 and 7.87. The corresponding historical ratios are 5.27, 6.50 and 7.87. The current ratio is 7.15 based on a stock price of $15.11 and AFCF estimate for 2027 of $2.11. The current ratio is between the median ratio 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 $12.01. The 10-year low, median, and high median Price/Graham Price Ratios are 0.75, 0.86 and 1.00. The current ratio is 1.26 based on a stock price of $15.11. 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 1.99. The current ratio is 4.86 based on a Book Value of $211.5M, Book Value per Share of $3.11 and a stock price of $15.11. The current ratio is 144% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. Book Value went down this year because of an earnings loss.
I get a 10-year median Price/Cash Flow per Share Ratio of 5.76. The current ratio is 5.26 based on Cash Flow per Share estimate for 2027 of $2.87, Cash Flow of $195.2M and a stock price of $15.11. The current ratio is 8.6% below the 10 year 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 3.71%. The current dividend yield is 2.25% based on Dividends of $0.34 and a stock price of $15.11. The current dividend yield is 39% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.
I get a 10 year median dividend yield of 3.91%. The current dividend yield is 2.25% based on Dividends of $0.34 and a stock price of $15.11. The current dividend yield is 42% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.
The 10-year median Price/Sales (Revenue) Ratio is 1.78. The current P/S Ratio is 1.58 based on Revenue estimate for 2027 of $648.5M, Revenue per Share of $9.54 and a stock price of $15.11. 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.
Results of stock price testing is that the stock price is probably on the expensive side. The 10 year median dividend yield test says this. The P/S Ratio test does not agree and it says that the stock price is reasonable and below the median. However, the P/GP Ratio test and P/B Ratio test, which are good tests, agree with the dividend yield test. Other tests show stock price as reasonable.
When I look at analysts’ recommendations, I find Strong Buy (3), and Buy (4). The consensus would be a Strong Buy. The 12 month stock price consensus is $21.36 with a high of $24.00 and a low of $20.00. The 12 month stock price consensus of $21.36 implies a total return of 43.61% with 41.36% from capital gains and 2.25% from dividends based on a current stock price of $15.11.
Last year, when I look at analysts’ recommendations, I found Strong Buy (3) and Buy (3). The consensus would be a Strong Buy. The 12 months target price given was $13.12 with a high of $13.50 and low of $13.00. The 12 month target price of $13.12 implies a total return of 28.91% with 26.03% from capital gains and 2.88% from dividends based on a current stock price of $10.72. What happened was a price increase to $15.11, a 40.95% increase so a Total return of 43.83% with 40.95% from capital gains and 2.88% from dividends based on a stock price of $10.72.
There is only one analyst recommendation on Stock Chase for 2026. It is a Top Pick. The previous entry was in 2023 and a Watch. Christopher Liew via Yahoo Finance on Motley Fool writes about this stock and says it has self-sustained momentum. The company put out a press release via Globe Newswire about their fourth quarter ending in March 2026.
Simply Wall Street via Yahoo Finance reviews this stock with regards to its dividend payments and says it can afford the dividend. Simply Wall Street has one warning of has a high level of debt. Simply Wall Street via Yahoo Finance reviewed this stock in May 2026 and thought the $14.79 price was too high for people to make a purchase of this stock..
Stingray Group Inc is a provider of multi-platform music services. It broadcasts music and video content on several platforms, including radio stations, premium television channels, digital TV, satellite TV, IPTV, the Internet, mobile devices, and game consoles. Geographically, the company derives its key revenue from Canada and the rest from the United States and other countries. Its web site is here Stingray Digital Group Inc.
The last stock I wrote about was about was Loblaw Companies Ltd (TSX-L, OTC-LBLCF) ... learn more. The next stock I will write about will be Well Health Technologies Corp (TSX-WELL, OTCQX-WHTCF) ... learn more on Friday, July 31, 2026 around 5 pm. Tomorrow on my other blog I will write about Sweden Buries Social Democracy.... learn more on Thursday, July 30, 2026 around 5 pm.
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