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 good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth restarted. See my spreadsheet on Trican Well Service Ltd.

Is it a good company at a reasonable price? They are not a dividend growth company, so I generally would not be interested in this company. They have been doing better over the past 6 years that they had for a while, but they are in a cyclical business, so that is not surprising. They are just off a cyclical high and that is generally not a good time to buy. I would not think that this stock is a long term buy, although money could be made in the short term. The stock price could be in a reasonable range, but it would be above the median.

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.

When I was updating my spreadsheet, I noticed that they had a good year in 2025. Revenue, EPS, Net Income, Cash Flow, Dividends, and Stock Price all went up in 2025 compared to 2024. For the 12 months to the end of the second quarter, EPS and Net Income are down. EPS and Net Income is expected to be lower in 2026 than in 2025.

Note that I am following Canyon Services Group (TSX-FRC) into Trican Well Service Ltd (TSX-TCW) when the plan of arrangement occurred 9 years ago in 2017. I do have values for Trican Well Service Ltd when it comes to stock price and dividends for longer than 9 years.

If you had invested in this company in December 2015, for $1,000.32 you would have bought 1563 shares at $0.64 per share. In December 2025, after 10 years you would have received $859.65 in dividends. The stock would be worth $10,143.87. Your total return would have been $2,794.39. This would be a total return of 26.34% per year with 24.96% from capital gain and 1.39% from dividends. (Note that this stock is cyclical and hit a bottom 10 years ago.)

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$0.64	$1,000.32	1,563	10	$859.65	$9,284.22	$10,143.87

The current dividend yield is moderate with dividend growth restarted. The current dividend yield is moderate (2% to 4% ranges) at 3.47%. Dividends were just restarted in 2023 after being suspended in 2015. The 5 and 10 year median dividend yields are low (below 1%) at 1.96% and 0%. Even when dividends were paid prior to 2015, they were mostly flat and yields were mostly in the median range. The last dividend increase was in 2025 and it was for 10%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 37% with 5 year coverage at 27%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 19% with 5 year coverage at 12%. The DPR for 2025 for Free Cash Flow calculated by the company (FCF) is good at 13% with 5 year coverage at 34%. The DPR for 2025 for Free Cash Flow (FCF) is good at 39% with 5 year coverage at 26%. FCF varies from $104.69 to $149.40.

Item	Cur	5 Years
EPS	36.84%	26.83%
CFPS	18.52%	12.16%
FCF Comp.	12.79%	33.76%
FCF	39.73%	26.40%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2025 is good at 0.07 and currently at 0.00. The Liquidity Ratio for 2025 is good at 2.49 and 2.07 currently. The Debt Ratio for 2025 is good at 3.19 and 3.93 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.46 and 0.46 and currently at 1.34 and 0.34.

Type	Year End	Ratio Curr
Lg Term R	0.07	0.00
Intang/GW	0.11	0.10
Liquidity	2.49	2.07
Liq. + CF	4.00	5.71
Debt Ratio	3.19	3.93
Leverage	1.46	1.34
D/E Ratio	0.46	0.34

The Total Return per Year is shown below for years of 5 to 29 to the end of 2025 for 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.
2020	5	0.00%	31.73%	28.73%	3.00%
2015	10	0.00%	26.34%	24.96%	1.39%
2010	15	5.07%	-6.92%	-7.82%	0.90%
2005	20	7.85%	-6.68%	-7.46%	0.78%
2000	20		5.68%	3.66%	2.02%
1996	29		11.89%	8.76%	3.12%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 7.33, 8.93 and 11.12. The corresponding 10 year ratios are 6.03, 7.95 and 9.56. The corresponding historical ratios are 3.95, 7.46 and 9.56. The current ratio is 11.74 based on a stock price of $6.34 and EPS estimate for 2026 of $0.54. This 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 $5.26. The 10-year low, median, and high median Price/Graham Price Ratios are 0.59, 0.80 and 1.06. The current ratio is 1.21 based on a stock price of $6.34. This 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 1.31. The current ratio is 2.79 based on a stock price of $6.34, Book Value of $476.5M and Book Value per Share of $2.28. The current ratio is 113% 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 2026 of $3.48. This implies a ratio of 1.82 with a stock price of $6.34 and a Book Value of $727.4M. This ratio is 40% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get a 10-year median Price/Cash Flow per Share Ratio of 6.02. The current ratio is 7.96 based on Cash Flow per Share estimate for 2026 of $1.01 and a stock price of $6.34. The current ratio is 32% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I cannot do a historical or 10 year median dividend yield test because dividends have just restarted and I do not have historical or 10 year data to use. Although the median dividend yield for 2023 to 2025 is 3.94%. The current dividend yield is 3.47%, a value 12% below the 3 year median. 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 0.93. The current ratio is 1.05 based on Revenue estimate for 2026 of $1,269.8M, Revenue per Share of $6.07 and a stock price of $6.34. The current ratio is 12% 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 expensive, but could be reasonable. I can do not dividend yield testing because of lack of dividends from 2015 to 2023. What testing I can do says that the stock price is reasonable, but above the median and this is what the P/S Ratio testing says too. All the other tests are showing the stock price as relatively expensive.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (1) and Hold (4). The consensus is a Buy. The 12 month stock price is $7.84 with a high of $9.00 and low of $6.75. The 12 month stock price of $7.84 implies a total return of 27.13% with 23.66% from capital gains and 3.47% from dividends based on a current stock price of $6.34.

Analysts on Stock Chase seem to like this company and think it is a buy. Amy Legate-Wolfe on Motley Fool likes this company for its low debt and FCF. Christopher Liew on Motley Fool likes this stock because it is a top pressure-pumping provider. The company put out a press release via Energy Now about their fourth quarter of 2025 results. The company put out a press release via Energy Now about their second quarter of 2026 results.

Guru Focus via Yahoo Finance gives the positive and negative points in owning this stock. Simply Wall Street via Yahoo Finance reviews this stock. They say there is wide range in the fair value estimates. They also say that to own Trican Well Service, you need to believe in the long term demand for Canadian pressure pumping and completion services, particularly in gas-weighted plays. Simply Wall Street gives no warnings on this stock, but gives the stock 2 and one half stars out of 5.

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. 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 14, 2026 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.

Telus Corp

Sound bite for Twitter is: Dividend Paying Telecom. Results of stock price testing is that the stock price is probably relatively cheap. Debt Ratios are rather ugly. The Dividend Payout Ratios (DPR) are far too high. The current dividend yield is good with dividend growth low. See my spreadsheet on Telus Corp.

Is it a good company at a reasonable price? There is much I do not like about this stock and that begins with the awful Debt Ratios and the high DPRs. On the other hand, it is a good sign that maybe things are going to get better because insiders are buying and they probably think that. A cheap stock is not necessarily a good stock to buy. If this stock is to turn around, it will probably take some time. It is cheap at present and with a decent dividend yield.

I do not own this stock of Telus Corp (TSX-T, NYSE-TU). I started to follow this stock because of a list of stock John Sartz talked about in 2008. At the Toronto Money Shows in 2009 and 2010 Aaron Dunn from Key Stone Financial Publishing Corp talked about having recommended this stock. Aaron Dunn says he likes companies with resilient business models, which are profitable and are growing their earnings. He also like companies with strong management teams, health balance sheets, and compelling valuations. They look at the P/E and the Price/Cash Flow ratios. Telus Corp (TSX-T) was one of three stocks he recommended in 2009.

When I was updating my spreadsheet, I noticed every officer and directors I follow bought more shares in the past year. They have a new CEO and he was appointed from within the company and he increased his shares by 200%. They also have a new CFO and he bought shares. The rest of the people I follow have been with the company at least 5 years and they all bought more shares. This is, of course, a positive.

The negative is, of course, that this company cut their dividends this year by 55%. They were probably paying more in dividends than they could afford. What they are earning has been going down, even the Adjusted Earnings have been going down over the past 3 years. As you can see in the chart below, if you had invested in this company 10 years ago, your stock price is down, but overall, you had a gain. This is quite typical of stocks that pay dividends. You often, at least, break even when problems appear.

If you had invested in this company in December 2015, for $1,013.89 you would have bought 53 shares at $19.13 per share. In December 2025, after 10 years you would have received $655.02 in dividends. The stock would be worth $958.77. Your total return would have been $1,613.79. This would be a total return of 5.85% per year with 0.56% from capital loss and 6.41% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$19.13	$1,013.89	53	10	$655.02	$958.77	$1,613.79

The current dividend yield is good with dividend growth low. The current dividend is good (5% to 6% ranges) at 5.69%. The 5 year median dividend yield is also good at 5.68%. The 10 year and historical median dividend yields are moderate at 4.56%, and 4.34%. The dividend growth is low (below 8% per year) at 7% per year over the past 5 years. The last dividend change was in 2026 and was a decrease in dividends by 55%.

The Dividend Payout Ratios (DPR) are far too high. The DPR for 2025 for Earnings per Share (EPS) is far too high at 227% with 5 year coverage at 166%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is far too high at 178% with 5 year coverage at 141%. The DPR for 2025 for Cash Flow per Share (CFPS) is too high at 52% with 5 year coverage at 43%. The DPR for 2025 for Free Cash Flow (FCF) is too high at 77% with 5 year coverage at 91%. With the drop in dividends, the DPR for EPS is expected to remain above 100% over the next 3 years. With the drop in dividends, the DPR for AEPS is expected to be around 89 in the next 3 years.

Item	Cur	5 Years
EPS	227.39%	165.53%
AEPS	177.96%	141.34%
CFPS	51.80%	43.91%
FCF	76.76%	91.02%

Debt Ratios are rather ugly. The Long Term Debt/Market Cap Ratio for 2025 is high at 0.98 and currently far too high at 1.25. The Intangible and Goodwill Ratios are much too high at 1.10 and currently at 1.09. The Liquidity Ratio for 2025 is too low at 0.86 and 0.86 currently. If you added in Cash Flow after dividends, the ratios are still too low at 1.10 and currently at 1.09. The Debt Ratio for 2025 is low at 1.39 and 1.36 currently. The Leverage and Debt/Equity Ratios for 2025 are too high at 3.60 and 2.60 and currently at 3.77 and 2.77.

Type	Year End	Ratio Curr
Lg Term R	0.98	1.25
Intang/GW	1.10	1.37
Liquidity	0.86	0.86
Liq. + CF	1.10	1.09
Liq, CF DB	1.62	1.85
Debt Ratio	1.39	1.36
Leverage	3.60	3.77
D/E Ratio	2.60	2.77

The Total Return per Year is shown below for years of 5 to 35 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	7.04%	0.06%	-6.42%	6.48%
2015	10	7.16%	5.85%	-0.56%	6.41%
2010	15	8.41%	9.94%	3.14%	6.79%
2005	20	11.08%	7.34%	2.09%	5.25%
2000	25	6.37%	6.61%	2.24%	4.36%
1995	30	5.73%	8.90%	3.78%	5.12%
1990	35	10.18%	9.00%	3.86%	5.14%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 24.19, 28.21 and 32.22. The corresponding 10 year ratios are 20.86, 23.93 and 26.99. The corresponding historical ratios are 15.75, 17.42 and 15.75. The current ratio is negative and therefore useless in testing.

If we look at EPS estimate for 2026, we get a ratio of 24.21. This is based on a stock price of $13.17, EPS of $0.54. This ratio is between the median and high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. If we look at EPS estimate for 2027, we get a ratio of 20.09. This is based on a stock price of $13.17, EPS of $0.66. This ratio is below the low 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 22.33, 25.69 and 27.98. The corresponding 10 year ratios are 18.68, 21.57 and 24.39. The corresponding historical ratios are 15.29, 16.50 and 17.69. The current ratio 19.09 based on a stock price of $13.17 and AEPS estimate for 2026 of $0.69. The current ratio is between the low and median ratios of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $12.25. The 10-year low, median, and high median Price/Graham Price Ratios are 1.45, 1.52 and 1.65. The current ratio is 1.08 based on a stock price of $13.17. 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 2.58. The current ratio is 1.36 based on a Book Value of $15,220, Book Value per Share of $9.66, and stock price of $13.17. This ratio is 47% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have a Book Value per Share estimate for 2026 of $7.80. This implies a ratio of 1.69, Book Value of $12,291M with a stock price of $13.17. This ratio is 35% below 10 year median ratio of 2.58. 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 7.13. The current ratio is 4.29 based on Cash Flow per Share estimate for 2026 of $3.07, Cash Flow of $4,832M and a stock price of $13.17. The current ratio is 40% 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 4.34%. The current ratio is 5.69% based on dividends of $0.75 and a stock price of $13.17. The current ratio is 31% 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 4.56%. The current ratio is 5.69% based on dividends of $0.75 and a stock price of $13.17. The current ratio is 25% 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 1.97. The current P/S Ratio is 1.02 based on Revenue estimate for 2026 of $20,256M, Revenue per Share of $12.86 and a stock price of $13.17. The current ratio is 48% 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 testing is saying this. However, you have to wonder about this when the company just cut dividends. (Dividend cutting is a negative.) The P/S Ratio test is a good one and it says that the stock price is relatively cheap. The P/BV Ratio testing is saying that the stock price is relatively cheap. This is a good test because it relies on the actual book value. Most of 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), Hold (11), Underperform (2) and Sell (2). The consensus would be a Hold. The 12 months stock price consensus is $14.31 with a high of $17.00 and a low of $11.50. The 12 month stock price consensus of $14.31 implies a total return of 14.35% with 8.66% from capital gains and 5.69% from dividends based on a current stock price of $13.17.

There are mixed feelings on Stock Chase about this stock. However, there are lots of Do Not Buy for this stock in 2026. Some complain that after the dividend cut, the payouts are still too high. I think that they are right. One says buy for a diversified portfolio. Jitendra Parashar on Motley Fool says that Telus’ sharply lower share price and renewed focus on cash flow, debt reduction, and disciplined capital allocation make its stock worth considering today. Joey Frenette on Motley Fool says don’t count on quick turnaround gains from beaten-down Telus. The company put out a press release via Newswire about their fourth quarter results for 2025. The company put out a Press Release about their second quarter of 2026.

People on Money.ca via Yahoo Finance way in on whether or not you should buy this stock.. Simply Wall Street via Yahoo Finance reviews this stock after the dividend reset. They say it might be undervalued and worth $20.28. Simply Wall Street has two warnings on this stock of interest payments are not well covered by earnings; and dividend of 12.5% is not well covered by earnings or free cash flows. Even with the dividend cuts, I think that the DPRs are too high.

Telus is one of Canada's Big Three telecom service providers, offering wireless and broadband services nationally, but with strongholds in British Columbia and Alberta. The firm operates two additional segments, Telus Health and Telus Digital. Its web site is here Telus Corp.

The last stock I wrote about was about was Accord Financial Corp (TSX-ACD, OTC-ACCFF) ... learn more. The next stock I will write about will be Trican Well Service Ltd (TSX-TCW, OTC-TOLWF) ... learn more on Friday, September 11, 2026 around 5 pm. Tomorrow on my other blog I will write about Financial Expertise and Blind Spots.... learn more on Thursday, September 10, 2026 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.

Accord Financial Corp

Sound bite for Twitter is: Financial Sector Stock. Results of stock price testing is that the stock price is cheap. Some Debt Ratio are good, but the debt is high. The company got into financial difficulties and so cancelled their dividends in 2023, so there is no current dividend yield or Dividend Payout Ratios (DPR). See my spreadsheet on Accord Financial Corp.

Is it a good company at a reasonable price? This is a very small company and that is, of course, risky. The company is going through major restructuring because of financial difficulties and they have exited the US market. I think that they will recover and that is why I bought more stock. It will take time. The company is very illiquid. This is, of course, high risk. I bought stock originally and lately with my fooling around money. The company’s stock price is cheap.

I own this stock of Accord Financial Corp (TSX-ACD, OTC-ACCFF). I was looking for a small cap financial stock in 2024. The dividend was good and it did raise the dividend regularly. It has had some problems recently, but a lot of companies are with this long drawn out recover. As with all small cap stocks there is low trading volume.

When I was updating my spreadsheet, I noticed that I have a 61.06% loss. I bought stock with my fooling around money in September of 2024. They got into financial difficulties last year and the stock crashed. The best I can say about the company is that it has seemed to stabilize recently. The company says that they are now entirely focused on small business lending in Canada – one country, one target market, one team. They say that the loss in 2025 occurred because of their exit from the US market and that they increased their provision for credit losses.

The company got into financial difficulties and so cancelled their dividends in 2023, so there is no current dividend yield or Dividend Payout Ratios (DPR).

Some Debt Ratio are good, but the debt is high. The Long Term Debt/Market Cap Ratio for 2025 is far too high at 18.86 and currently at 14.33. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is fine at 0.87 and currently at 0.82 because this is a more important ratio for a Financial. The Liquidity Ratio for 2025 is good at 10.02and 10.19 currently, but this is not an important ratio for a financial. The Debt Ratio for 2025 is fine for a financial at 1.18 and 1.36 currently. The Leverage and Debt/Equity Ratios for 2025 are far too high at 7.00 and 5.94 and currently high at 3.79 and 2.79.

Type	Year End	Ratio Curr
Lg Term R	18.86	13.28
Lg Term A	0.87	0.82
Intang/GW	0.00	0.00
Liquidity	10.02	4.81
Liq. + CF	10.19	8.42
Debt Ratio	1.18	1.36
Leverage	7.00	3.79
D/E Ratio	5.94	2.79

The Total Return per Year is shown below for years of 5 to 33 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	0.00%	-20.13%	-23.12%	2.99%
2015	10	0.00%	-10.77%	-15.41%	4.65%
2010	15	0.00%	-2.62%	-9.08%	6.45%
2005	20	0.00%	-0.04%	-6.60%	6.56%
2000	25	0.00%	4.07%	-4.44%	8.51%
1995	30	0.00%	8.41%	-1.52%	9.93%
1992	33	0.00%	10.47%	0.00%	10.47%

The 5-year low, median, and high median Price/Earnings per Share Ratios are all negative and useless. The corresponding 10 year ratios are 8.83, 9.60 and 10.38. The corresponding historical ratios are 8.55, 10.15 and 11.52. I do not have estimate for 2026, but I do have EPS for the past 12 months to the end of the second quarter. The EPS is negative and so I can do no testing.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 4.31, 5.11 and 5.92. The corresponding 10 year ratios are 7.90, 9.32 and 10.95. The corresponding historical ratios are 8.34, 9.59 and 11.06. I do not have estimate for 2026, but I do have AEPS for the past 12 months to the end of the second quarter. The AEPS is negative, so I can do no testing.

I cannot do Graham Price testing because the AEPS values have been negative the last two years and the AEPS is still negative.

I get a 10-year median Price/Book Value per Share Ratio of 0.69. The current ratio is 0.19 based on a Book Value of $43.7M, Book Value per Share of $5.11 and a stock price of $0.69. The current ratio is 73% 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 that is negative and useable. I get a 5- year median P/CF Ratio of 0.63. The current ratio is 0.09 based on Cash Flow for the last 12 month $99.5M, Cash Flow per Share of $11.63 and a stock price of $0.69. The current ratio is 87% below the 5 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I cannot do any dividend yield testing because the dividends have been cut.

The 10-year median Price/Sales (Revenue) Ratio is 1.12. The current ratio is 0.19 based on Revenue for the last 12 months of $44.28M, Revenue per Share of $5.17 and a stock price of $0.69. The current ratio is 84% 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 cheap. The three tests I could do, point to a cheap price.

When I look at analysts’ recommendations, I find one rating of a Strong Buy 3 months ago. This stock is not well followed. There is one target price of $8.60. You have to wonder about this. The implications of a one year target price of $8.60 implies a total return of 796%, all from capital gains and based on a current stock price of $0.96.

There was one entry for 2014 and two entries for 2013 on Stock Chase. Two entries gave the company a Top Pick and one said Do Not Buy because it was not particularly liquid. There are no entries on Motley Fool. The company put out a Press Release about their fourth quarter of 2025. The company put out a Press Release about their second quarter of 2026.

There is a news item on Business Wire about Accord selling their US Portfolio. There is an interesting review on Finder about getting a loan from this company. Simply Wall Street has 4 warnings out on this stock of earnings have declined by 66.5% per year over past 5 years; does not have a meaningful market cap (CA$8M); shares are highly illiquid; and has a high level of debt.

Accord Financial Corp is a provider of asset-based financial services to businesses. It is engaged in providing asset-based financing services, including factoring and receivables financing, equipment and inventory financing, leasing, working capital financing, and media financing, to industrial and commercial enterprises, principally in Canada. Its web site is here Accord Financial Corp.

The last stock I wrote about was about was Cargojet Inc (TSX-CJT, OTC-CGJTF) ... learn more. The next stock I will write about will be Telus Corp (TSX-T, NYSE-TU) ... learn more on Wednesday, September 9, 2026 around 5 pm. Tomorrow on my other blog I will write about Another Approach to Budgeting.... learn more on Tuesday, September 8, 2026 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.

Cargojet Inc

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

Is it a good company at a reasonable price? This stock has not done well over the past 5 years. However, analysts do see it recovering this year. I would think that buying this stock is taking a big risk about its recovery. Revenue is going up, but personally I would like to see earnings go up also to suggest that this stock is a buy. It is testing as cheap.

I do not own this stock of Cargojet Inc (TSX-CJT, OTC-CGJTF). The airline is not only resilient in the face of this unprecedented socio-economic crisis, but it is also in a spot to thrive, as demand for its overnight shipping services is likely to remain stable amid this pandemic. See Motley Fool article. Cargojet Inc (CJT) operates a domestic overnight air cargo co-load network between fourteen Canadian cities. The company also provides dedicated aircraft to customers on an Aircraft, Crew, Maintenance, and Insurance (ACMI) basis, operating between points in Canada and the USA. As well, the company operates scheduled international routes for multiple cargo customers between the USA and Bermuda. Small cap with dividends in 1% range.

When I was updating my spreadsheet, I noticed that this stock hit a high 5 years ago and the stock price has been going down ever since. The Revenue has grown over the past 5 and 10 years, and so have earnings. Cash Flow has varied. 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 first quarter in 2026 and expected growth over this year.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	48.50%	8.23%	0.48%	<-12 mths
5	AEPS Growth	179.04%	22.78%	-22.92%	<-12 mths
5	Net Income Growth	191.34%	23.85%	-54.74%	<-12 mths
5	Cash Flow Growth	-19.82%	-4.32%	2.17%	<-12 mths
5	Dividend Growth	49.57%	8.39%	7.50%	<-12 mths
5	Stock Price Growth	-60.93%	-17.13%	-5.34%	<-12 mths
10	Revenue Growth	243.49%	13.13%	9.50%	<-this year
10	AEPS Growth	339.25%	15.95%	-21.80%	<-this year
10	Net Income Growth	545.56%	20.50%	32.29%	<-this year
10	Cash Flow Growth	1067.16%	27.85%	73.31%	<-this year
10	Dividend Growth	134.74%	8.91%	11.57%	<-this year
10	Stock Price Growth	225.22%	12.52%	48.92%	<-this year

If you had invested in this company in December 2015, for $1,006.59 you would have bought 39 shares at $25.81 per share. In December 2025, after 10 years you would have received $389.20 in dividends. The stock would be worth $3,273.66. Your total return would have been $3,662.86. This would be a total return of 14.76% per year with 12.52% from capital gain and 2.24% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$25.81	$1,006.59	39	10	$389.20	$3,273.66	$3,662.86

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at 1.94%. The 5 and 10 year median dividend yields are also low at 1.07% and 1.08%. The historical median dividend yield is moderate (2% to 4% ranges) at 2.45%. The historical median dividend yield is higher because this stock started out as an income trust with in the high dividend yield category of 7% and above. The dividend growth is moderate (8% to 14% per year) at 8.4% per year over the past 5 years. The last dividend increase was in 2026 and it was for 10.00%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 27% with 5 year coverage at 18%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 31% with 5 year coverage at 29%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 7% with 5 year coverage at 6%. The DPR for 2025 for Free Cash Flow (FCF) is non-calculable due to negative FCF. FCF varies in 2025 from a negative $101.5M to $11.1M. I am using the negative $101.51 value.

Item	Cur	5 Years
EPS	26.72%	17.61%
AEPS	31.46%	28.75%
CFPS	6.50%	6.28%
FCF	-15.76%	-20.85%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2025 is fine at 0.65 and currently at 0.63. The Liquidity Ratio for 2025 is low at 1.23 and 0.91 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.34 and currently at 2.87. The Debt Ratio for 2025 is good at 1.53 and 1.56 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.87 and 1.87 and currently at 2.78 and 1.78.

Type	Year End	Ratio Curr
Lg Term R	0.65	0.63
Intang/GW	0.04	0.04
Liquidity	1.23	0.91
Liq. + CF	2.34	2.87
Debt Ratio	1.53	1.56
Leverage	2.87	2.78
D/E Ratio	1.87	1.78

The Total Return per Year is shown below for years of 5 to 20 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	8.39%	-16.28%	-17.13%	0.86%
2015	10	8.91%	14.76%	12.52%	2.24%
2010	15	7.36%	20.25%	16.51%	3.73%
2005	20	3.10%	15.59%	11.45%	4.14%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.90, 18.08 and 23.28. The corresponding 10 year ratios are 18.73, 22.45 and 27.31. The corresponding historical ratios are 13.18, 17.05 and 19.79. The current ratio is 11.66 based on a stock price of $79.46 and EPS estimate for 2026 of $6.81. 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 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 16.09, 21.86 and 28.54. The corresponding 10 year ratios are 20.67, 24.51 and 33.46. The corresponding historical ratios are 14.49, 20.69 and 26.83. The current ratio is 22.83 based on a stock price of $79.46 and AEPS estimate for 2026 of $3.48. 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 $62.44. The 10-year low, median, and high median Price/Graham Price Ratios are 1.81, 2.27 and 2.94. The current ratio is 1.27 based on a stock price of $79.46. 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 3.68. The current ratio is 1.60 based on Book Value of $741.9M, Book Value per Share of $49.80 and a stock price of $79.46. The current ratio is 57% 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 8.49. The current ratio is 2.91 based on a Cash Flow per Share estimate for 2026 of $27.29, Cash Flow of $406.6M and a stock price of $79.46. The current ratio is 66% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. (But I wonder about this estimate as it is an increase of 73% over the 2025 value, but there have been big increases and decreased in the cash flow in the past.)

I get an historical median dividend yield of 2.45%. The current dividend yield is 1.94% based on dividend of $1.54 and a stock price of $79.46. This dividend yield is 21% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. (This stock used to be an income trust and these company often had quite high dividend yields.)

I get a 10 year median dividend yield of 1.08%. The current dividend yield is 1.94% based on dividend of $1.54 and a stock price of $79.46. This dividend yield is 79% 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 2.09. The current ratio is 1.09 based on Revenue estimate for 2026 of $1,087M, Revenue per Share of $72.96 and a stock price of $79.46. The current ratio 48% 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 cheap. The 10 year median dividend yield test says so and it is confirmed by the P/S Ratio test. The majority of the tests show the stock price as either cheap or reasonable.

When I look at analysts’ recommendations, I find Strong Buy (6), Buy (4) and Hold (1). The consensus would be a Buy. The 12 month stock price consensus is $125.00 with a high of $140.00 and a low of $90.00. The 12 month consensus of $125.00 implies a total return of 59.25% with 57.31% from capital gains and 1.94% from dividends based on a current stock price of $79.46.

On Stock Chase some analysts like this stock. One analyst says he is looking for an exit point and says the break out point will be over $88.00. Jitendra Parashar on Motley Fool says that the stock jumped (in August) due to strong earnings. Amy Legate-Wolfe on Motley Fool says that the company has US dollar-linked contracts that could help if Loonie stays weak. The company put out a press release via Newswire about their fourth quarter of 2025 results. The company put out a press release via Newswire about their second quarter results for 2026.

Guru Focus via Yahoo Finance reviews this stock and talks about it positive and negative points. Simply Wall Street via Yahoo Finance does a short review of this stock. It gives a fair value of $113.21. Simply Wall Street has two warnings on this stock of interest payments are not well covered by earnings; and profit margins (4.5%) are lower than last year (14.2%).

Cargojet Inc operates a domestic air cargo co-load network between several Canadian cities. The company also provides dedicated aircraft to customers on an Aircraft, Crew, Maintenance, and Insurance basis, operating between points in Canada, the USA, South America, Europe, and Asia. In addition, it operates scheduled international routes for multiple cargo customers between the USA and Bermuda, between Canada, the UK, and Germany, between Canada and Asia, and between Canada and Mexico. Its web site is here Cargojet Inc.

The last stock I wrote about was about was SmartCentres REIT (TSX-SRU.UN, OTC-CWYUF) ... learn more. The next stock I will write about will be Accord Financial Corp (TSX-ACD, OTC-ACCFF) ... learn more on Monday, September 7, 2026 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 Beyond the Trees by Adam Shoalts learn more...

SmartCentres REIT

Yesterday, I bought another 1,000 shares of Accord Financial Corp (TSX-ACD, OTC-ACCFF). The share price has collapsed because of financial difficulties. They have come up a bit from their bottom of $0.50 in June 2026. They ended today at $0.96 and I bought shares at $0.89 and $0.88. I originally bought this stock with my fooling around money and I am continuing in that mode.

Sound bite for Twitter is: Dividend Paying Real Estate. Debt Ratios are mostly fine, but Liquidity could improve. The Dividend Payout Ratios (DPR) are high, but DPRs tend to be rather high on REITs. The current dividend yield is good with dividends flat. See my spreadsheet on SmartCentres REIT.

Is it a good company at a reasonable price? I buy REITs for diversification and dividends. Most REITs have little dividend growth, but dividends are good. For REITs, most of your return is from dividends. I own this stock in my TFSA account and I intend to keep it.

I own this stock of SmartCentres REIT (TSX-SRU.UN, OTC-CWYUF). Once you have 5 or 6 stocks, you might want to consider a REIT for diversification. REITs are an easy way to investment in real estate. I am therefore following a few REIT stocks and in 2009 I decided to look at a few on the Dividend Achiever's List. It is not always on this list because of periods of flat dividends.

When I was updating my spreadsheet, I noticed I have done well with this stock with a return of 10.90% with 3.88% from capital gains and 7.02% from dividends. This is a REIT, so you would expect the greater proportion of the return of come from dividends or distributions. There is a tradeoff between dividend yield versus dividend growth and stock price growth. I noticed that the REIT had a Net Income loss because of Fair Value adjustments on Investment Properties and Financial Instruments. However, most analysts look at Adjusted Funds from Operations (AFFO) and Funds from Operations (FFO) to evaluate REITs than in Net Income or EPS.

If you had invested in this company in December 2015, for $1,0026.46 you would have bought 34 shares at $30.19 per share. In December 2025, after 10 years you would have received $613.14 in dividends. The stock would be worth $875.50. Your total return would have been $1,488.64. This would be a total return of 4.76% per year with 1.58% from capital loss and 6.34% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$30.19	$1,026.46	34	10	$613.14	$875.50	$1,488.64

The current dividend yield is good with dividends flat. The current dividend yield is good (5% to 6% ranges) at 6.72%. The 5 year median dividend yield is high (7% and higher) at 7.40%. The 10 year and historical median dividend yield is good at 6.85%, and 6.29%. Dividends have been flat for the last 6 years from 2020.

The Dividend Payout Ratios (DPR) are high, but DPRs tend to be rather high on REITs. The DPR for 2025 for Earnings per Share (EPS) is far too high at 134% with 5 year coverage better and high at 73%, but REITs tend to have high DPRs. The DPR for 2025 for Adjusted Funds from Operations (AFFO) is high at 91% with 5 year coverage at 95%. The DPR for 2025 for Funds from Operations (FFO) is fine at 83% with 5 year coverage at 84%. The DPR for 2025 for Cash Flow per Share (CFPS) is high at 60% with 5 year coverage at 65%. The DPR for 2025 for Free Cash Flow (FCF) is high at 71% with 5 year coverage at 75%.

Item	Cur	5 Years
EPS	133.89%	73.26%
AFFO	91.13%	94.29%
FFO	82.96%	84.48%
CFPS	60.59%	64.51%
FCF	71.06%	74.88%

Debt Ratios are mostly fine, but Liquidity could improve. The Long Term Debt/Market Cap Ratio for 2025 is high at 1.01 and currently at 0.80. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2025 which is good at 0.41 and currently at 0.35 because this is a more important ratio for a REIT. The Liquidity Ratio for 2025 is really low at 0.26 and 0.41 currently. If you added in Cash Flow after dividends, the ratios are still low at 0.31 and currently at 0.18. The Debt Ratio for 2025 is good at 2.10 and 2.05 currently. The Leverage and Debt/Equity Ratios for 2025 are good at 1.91 and 0.91 and currently at 1.95 and 0.95.

Type	Year End	Ratio Curr
Lg Term R	1.01	0.80
Lg Term A	0.41	0.35
Intang/GW	0.01	0.01
Liquidity	0.26	0.14
Liq. + CF	0.31	0.18
Liq CF DT	0.81	0.67
Debt Ratio	2.10	2.05
Leverage	1.91	1.95
D/E Ratio	0.91	0.95

The Total Return per Year is shown below for years of 5 to 28 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	0.00%	9.91%	2.21%	7.70%
2015	10	1.41%	4.76%	-1.58%	6.34%
2010	15	1.20%	7.60%	0.65%	6.95%
2005	20	1.51%	7.05%	0.41%	6.64%
2000	25	2.18%	13.90%	4.35%	9.55%
1997	28		26.63%	10.23%	16.40%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.26, 10.88 and 12.49. The corresponding 10 year ratios are 13.25, 14.29 and 15.57. The corresponding historical ratios are 13.65, 16.85 and 19.07. The current ratio is 33.13 based on a stock price of $27.51 and EPS estimate for 2026 of $0.83. 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.

The above EPS estimate for 2026 is rather low. The EPS estimate for 2027 is $1.98 and this implies a P/E Ratio of 14.22. This ratio is between the low and median ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Fund from Operations (AFFO) data. The 5-year low, median, and high median Price/ Adjusted Fund from Operations Ratios are 11.63, 12.55 and 15.68. The corresponding 10 year ratios are 12.14, 13.97 and 15.94. The corresponding historical ratios are 12.88, 14.64 and 16.29. The current ratio is 14.48 based on a stock price of $27.51 and AFFO estimate for 2026 of $1.90. The current ratio is between the median and the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Fund from Operations (FFO) data. The 5-year low, median, and high median Price/Fund from Operations Ratios are 9.66, 11.21 and 12.87. The corresponding 10 year ratios are 11.19, 12.38 and 15.02. The corresponding historical ratios are 11.66,13.50 and 15.23. The current ratio is 13.04 based on a stock price of $27.51 and FFO estimate for 2026 of $2.11. The current ratio is between the median and the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a Graham Price of $23.57. The 10-year low, median, and high median Price/Graham Price Ratios are 0.63, 0.72, and 0.89. The current ratio is 0.73 based on a stock price of $27.51. The current ratio is between the median and the high ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 0.95. The current ratio is 0.93 based on a stock price of $27.51, Book Value of $5,069M and Book Value per Share $29.73. The current ratio is 2% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 13.43. The current ratio is 11.99 based on Cash Flow for the last 12 month $391.1M, Cash Flow per Share $2.29 and a stock price of $27.51. 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 6.29%. The current dividend yield is 6.72% based on a dividend of $1.85 and a stock price of $27.51. The current dividend yield is 7% above the historical 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 6.85%. The current dividend yield is 6.72% based on a dividend of $1.85 and a stock price of $27.51. The current dividend yield is 2% below the 10 year 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 5.61. The current ratio is 4.89 based on Revenue estimate of $958.4M, Revenue per Share is $5.62 and a stock price of $27.51. The current ratio is 13% 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. The 10 yar median dividend yield test says the stock price is reasonable but above the median. The P/S Ratio test says that the stock price is reasonable but below the median. The rest of the testing shows that the stock price is reasonable to expensive. But the good tests say it is reasonable and below or above the median.

When I look at analysts’ recommendations, I find Strong Buy (4), Hold (4) and Unperform (1). The consensus is Buy. The 12 month stock price consensus is $30.00 with a high of $33.00 and low of $27.50. The stock price consensus of $30.00 implies a total return of 15.78% with 9.05% from capital gains and 6.72% from dividends based on a current stock price of $27.51.

There are a number of entries on Stock Chase. Some Buy and some Do Not Buy. One Do Not Buy says that the problem with REITs is that in rocky economic times, REITs either have to cut their dividend or issue shares. Sneha Nahata on Motley Fool likes this stock for its high dividend. Demetris Afxentiou on Motley Fool likes this stock for the high monthly income. The company put out a Press Release about its fourth quarter of 2025. The company put out a Press Release about its second quarter of 2026.

Guru Focus News via Yahoo Finance gives their view of this stock. They think that the Dividend Payout Ratio is too high. Simply Wall Street via Yahoo Finance reviews this stock and says it is undervalued. Simply Wall Street says it has 4 warnings on this stock of interest payments are not well covered by earnings; earnings have declined by 26.4% per year over past 5 years; profit margins (16.4%) are lower than last year (24.3%); large one-off items impacting financial results.

SmartCentres Real Estate Investment Trust is a Canadian fully integrated commercial and residential REIT, with several strategically located properties in communities across the country. It has one reportable segment, which comprises the development, ownership, management, and operation of investment properties located in Canada. Its web site is here SmartCentres REIT.

The last stock I wrote about was about was High Liner Foods (TSX-HLF, OTC-HLNFF) ... learn more. The next stock I will write about will be Cargojet Inc (TSX-CJT, OTC-CGJTF) ... learn more on Friday, September 4, 2026 around 5 pm. . Tomorrow on my other blog I will write about Something to Buy September 2026 learn more on Thursday, September 3, 2026 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.

High Liner Foods

Sound bite for Twitter is: Dividend Paying Consumer. Some Debt Ratios are good, but it has a high debt level. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with dividend growth probably low going forward. See my spreadsheet on High Liner Foods .

Is it a good company at a reasonable price? It would seem you should be careful when you buy this stock because over some periods it has produced a reasonable return and over other periods the returns were too low or negative. Analyst expect some good growth in Revenue, Earnings and Cash Flow this year. My testing is showing that the stock price is reasonable. The Dividend Yield tests are showing that the stock price is cheap and dividend payout ratios are reasonable.

I do not own this stock of High Liner Foods (TSX-HLF, OTC-HLNFF). When I started to follow this stock, it was liked by the Investment Reporter and was considered to be of average risk. The Investment reporter no longer exists. Ryan Irvine of Keystone also likes this company.

When I was updating my spreadsheet, I noticed that even though they had higher sales, their expenses were a higher percentage of the sales. It was the Cost of Sales that was higher. Cost of Sales Ratio went from 0.77 last year to 0.79 this year. Also, from the total return over the past 5 and 10 years, it would appear that you should be careful when you buy this stock in order to make a reasonable return.

If you had invested in this company in December 2015, for $1,010.75 you would have bought 65 shares at $15.55 per share. In December 2025, after 10 years you would have received $309.73 in dividends. The stock would be worth $962.00. Your total return would have been $1,271.73. This would be a total return of 2.62% per year with 0.49% from capital loss and 3.11% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$15.55	$1,010.75	65	10	$309.73	$962.00	$1,271.73

However, if you had invested in this company in December 2020, for $1,010.10 you would have bought 91 shares at $11.10 per share. In December 2025, after 5 years you would have received $235.24 in dividends. The stock would be worth $1,346.80. Your total return would have been $1,582.04. This would be a total return of 9.96% per year with 5.92% from capital gain and 4.04% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$11.10	$1,010.10	91	5	$235.24	$1,346.80	$1,582.04

The current dividend yield is moderate with dividend growth probably low going forward. The current dividend yield is moderate (2% to 4% ranges) at 4.65%. The 5, 10 and historical median dividend yields are also moderate at 4.15%, 3.32% and 2.59%. The dividend growth over the past 5 years is high (above 15% per year) at 25.5% per year. However, there were dividend decreases before the high increases in the past 5 years. The last dividend increase occurred in 2025 and it was for 2.9%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2025 for Earnings per Share (EPS) is good at 41% with 5 year coverage at 28%. The DPR for 2025 for Adjusted Earnings per Share (AEPS) is good at 43% with 5 year coverage at 29%. The DPR for 2025 for Cash Flow per Share (CFPS) is good at 16% with 5 year coverage at 13%. The DPR for 2025 for Free Cash Flow (FCF) is high at 83% with 5 year coverage good at 27%. Free Cash Flow for 2025 goes from $17.26M to a negative $28.9M. I am using the $17.26M value.

Item	Cur	5 Years
EPS	40.97%	27.96%
AEPS	42.72%	28.89%
CFPS	16.37%	12.59%
FCF	83.17%	26.80%

Some Debt Ratios are good, but it has a high debt level. The Long Term Debt/Market Cap Ratio for 2025 is much too high at 0.93 and currently at 0.95. You would want this ratio closer to 0.50. The Liquidity Ratio for 2025 is good at 2.18 and 2.29 currently. The Debt Ratio for 2025 is good at 1.74 and 1.70 currently. The Leverage and Debt/Equity Ratios for 2025 are fine at 2.36 and 1.36 and currently at 2.43 and 1.43.

Type	Year End	Ratio Curr
Lg Term R	0.93	0.95
Intang/GW	0.93	0.86
Liquidity	2.18	2.29
Liq. + CF	2.16	2.52
Debt Ratio	1.74	1.70
Leverage	2.36	2.43
D/E Ratio	1.36	1.43

The Total Return per Year is shown below for years of 5 to 42 to the end of 2025 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.
2020	5	25.50%	9.96%	5.92%	4.04%
2015	10	3.95%	2.62%	-0.49%	3.11%
2010	15	9.95%	7.94%	4.08%	3.86%
2005	20	10.10%	9.92%	6.07%	3.84%
2000	25	9.60%	11.91%	8.07%	3.84%
1995	30		8.78%	6.25%	2.53%
1990	35		1.90%	0.60%	1.30%
1985	40		-0.30%	-1.33%	1.02%
1983	42		1.16%	0.05%	1.11%

The Total Return per Year is shown below for years of 5 to 21 to the end of 2025 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.
2020	5	23.67%	7.74%	3.83%	3.91%
2015	10	4.06%	2.78%	-0.46%	3.24%
2010	15	7.65%	5.41%	1.86%	3.55%
2005	20	9.21%	9.16%	5.16%	4.00%
2004	21	8.92%	8.18%	4.52%	3.65%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 6.79, 8.52 and 10.10. The corresponding 10 year ratios are 7.60, 9.82 and 12.11. The corresponding historical ratios are 8.02, 10.29 and 12.17. The current ratio is 5.39 based on a stock price of $15.05 and EPS estimate for 2026 of $2.79. 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 6.51, 7.99 and 9.47. The corresponding 10 year ratios are 6.62, 8.37 and 10.42. The corresponding historical ratios are 7.08, 9.57 and 12.02. The current ratio is 5.16 based on a stock price of $15.05 and AEPS estimate for 2026 of $2.92 ($2.12 US$). 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 get a Graham Price of $35.92. The 10-year low, median, and high median Price/Graham Price Ratios are 0.44, 0.57, and 0.71. The current ratio is 0.42 based on a stock price of $15.05. 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 0.86. The current ratio is 0.77 based on Book Value of $561M, Book Value per Share of $19.66 and a stock price of $15.05. The current ratio is 10.7% 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 3.80. The current ratio is 4.65 based on Cash Flow per Share estimate for 2026 of $3.23 and a stock price of $15.05. The current ratio is 23% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 2.59%. The current ratio is 4.65% based on a stock price of $15.05 and dividends of $0.70. The current dividend yield is 80% 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 3.32%. The current ratio is 4.65% based on a stock price of $15.05 and dividends of $0.70. The current dividend yield is 40% 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 0.33. The current ratio is 0.27 based on Revenue estimate for 2026 of $1,569M, Revenue per Share of $54.95 and a stock price of $15.05. The current ratio is 17% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable and may even be cheap. The 10 year dividend yield test says that the stock price is cheap. However, the P/S Ratio test says it is reasonable and below the median. Most of the other tests are saying that the stock price is either cheap or reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1) and Hold (3). The consensus is a Buy. The consensus 12 month stock price is $17.75, with a high of $21.00 and low of $16.50. This implies a total return of 22.59% with 17.94% from capital gains and 4.65% from dividends based on a current stock price of $15.05.

This was a top pick in 2024 for two analysts on Stock Chase there are no further entries. There were entries each year from 2018 to 2024. (I cannot look further on this site.) Brian Paradza on Motley Fool says buy this stock down 26% and hold for decades. Amy Legate-Wolfe on Motley Fool also likes this company. She said that they just bought Conagra Brands which was a seafood acquisition. The company put out a press release via Newswire about their fourth quarter results for 2025. The company put out a press release via Newswire about their second quarter of 2026 results.

Simply Wall Street via Yahoo Finance puts out a review of this stock. It says its fair value is $16.52.

High Liner Foods Inc is a Canadian company that is mainly engaged in the processing and marketing of prepared and packaged frozen seafood products. The company's retail branded products are sold throughout the United States and Canada. Its web site is here High Liner Foods .

The last stock I wrote about was about was Capital Power Corp (TSX-CPX, OTC-CPRHF) ... learn more. The next stock I will write about will be SmartCentres REIT (TSX-SRU.UN, OTC-CWYUF) ... learn more on Wednesday, September 2, 2026 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks September 2026.... learn more on September 1, 2026 around 5 pm.

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