Pason Systems Inc

Sound bite for Twitter and StockTwits is: Dividend Paying Industrial. Results of stock price testing is that the stock price is probably reasonable, but could be cheap. Debt Ratios are good with the company having little debt. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is moderate with dividend growth restarting. See my spreadsheet on Pason Systems Inc.

Is it a good company at a reasonable price? There are problems because of the recent volatility of the dividends. The good news is that the company seems optimistic about the future because they are now raising the dividends. This company is in the oil and gas industry and this points to a risky stock. A good thing about this company is that the debt is little and the debt ratios are good. I said the results of the testing is pointing to a reasonable price, but the price could very well be cheap.

I do not own this stock of Pason Systems Inc (TSX-PSI, OTC-PSYTF). I read a report on this stock in the Buy and Sell Advisor in September 2013. I had not heard of this dividend growth company before so I decided to investigate it.

When I was updating my spreadsheet, I noticed that the company did better in 2022 than expected. The Revenue estimate was sort of close with an estimate of $323M and coming in at $335M and increase of 62% compared to estimate of 56%. The EPS difference was much higher coming at $1.30 an 217% increase when the estimate was $0.98 and a 139% increase.

If you had invested in this company in December 2012, for $1,011.85 you would have bought 59 shares at $17.17 per share. In December 2022, after 10 years you would have received $339.84 in dividends. The stock would be worth $940.46. Your total return would have been $1,280.30. This is a total return would be a total return of 2.78% per year with 0.73% from capital loss and 3.51% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$17.15	$1,011.85	59	10	$339.84	$940.46	$1,280.30

The current dividend yield is moderate with dividend growth restarting. The current dividend yield is moderate (2% to 4%) at 3.47%. The 5, 10 and historical median dividend yields are also moderate at 3.58%, 3.49% and 2.50%. The dividends have decreased by 12% per year over the past 5 years. However, the decreasing of dividends stopped in 2021 and in 2022 dividends were again increased. The last dividend increase was in 2022 and it was a 50% increase. However, dividends are down by 74% from those paid in 2019.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2022 for Earnings per Share (EPS) is 28% with 5 year coverage at 79%. The DPR for 2022 for Funds from Operations (FFO) is 22% with 5 year coverage at 50%. The DPR for 2022 for Cash Flow per Share (CFPS) is 22% with 5 year coverage at 43%. The DPR for 2022 for Free Cash Flow (FCF) is 58% with 5 year coverage at 70%. There is some disagreement on what the FCF is for the company, but most of the values are close.

Item	Cur	5 Years
EPS	27.69%	78.73%
FFO	22.09%	49.74%
CFPS	21.76%	42.62%
FCF	57.82%	70.74%

Debt Ratios are good with the company having little debt. The Long Term Debt/Market Cap Ratio for 2022 is 0.01 and is good and low. The Liquidity Ratio for 2022 is good at 4.02. The Debt Ratio is good for 2022 at 5.08. The Leverage and Debt/Equity Ratios are good at 1.22 and 0.23 respectively.

Type	Year End	Ratio Curr
Lg Term R	0.01	0.01
Intang/GW	0.03	0.04
Liquidity	4.02	4.29
Liq. + CF	5.08	5.82
Debt Ratio	5.28	5.23
Leverage	1.22	1.22
D/E Ratio	0.23	0.23

The Total Return per year is shown below for years of 5 to 26 to the end of 2022. 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.
2017	5	-11.94%	0.27%	-2.61%	2.88%
2012	10	-1.53%	2.78%	-0.73%	3.51%
2007	15	5.56%	5.02%	1.64%	3.38%
2002	20	11.70%	13.45%	8.73%	4.72%
1997	25		13.45%	9.66%	3.80%
1996	26		19.11%	13.95%	5.17%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 20.02, 26.77 and 30.95. The corresponding 10 year ratios are 19.20, 25.02 and 29.55. The corresponding historical ratios are 13.84, 19.89 and 25.21. The current P/E Ratio is 10.04 based on a stock price of $13.85 and EPS estimate for 2023 of $1.38. 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. Note: that when a company has problems, it will only lose so much value, depending on what investors think the company is worth. In that case, the P/E Ratios tend to rise and these P/E Ratios are on the high side.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations Ratios are 9.63, 12.90 and 14.96. The corresponding 10 year ratios are 10.12, 12.92 and 15.56. The current P/FFO Ratio is 7.14 based on FFO for the last 12 months of $1.94 and a stock price of $13.85. 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 $12.48. The 10-year low, median, and high median Price/Graham Price Ratios are 1.94, 2.70 and 3.16. The current P/GP Ratio is 1.69 based on a stock price of $13.85. The current ratio is below the 1ow 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 3.96. The current P/B Ratio is 2.76 based on a stock price of $13.85, Book Value of $4032M, and Book Value per Share of $5.02. The current ratio is 30% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Cash Flow per Share Ratio of 13.34. The current P/CF Ratio is 8.10 based on Cash Flow per Share estimate for 2023 of $1.71, Cash Flow of $137M and a stock price of $13.85. The current ratio is 39% 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 2.50%. The current dividend yield is 3.47% based on dividends of $0.48 and a stock price of $13.85. The current dividend yield is 0.61% blow 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 3.49%. The current dividend yield is 3.47% based on dividends of $0.48 and a stock price of $13.85. The current dividend yield is 39% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable above the median.

The 10-year median Price/Sales (Revenue) Ratio is 4.94. The current P/S Ratio is 3.12 based on Revenue estimate for 2023 of $356M, Revenue per Share of $4.44 and a stock price of $13.65. The current ratio is 37% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

Results of stock price testing is that the stock price is probably reasonable, but could be cheap. See paragraph below on problems with the Dividend Yield tests. The 10 year one is pointing to a reasonable price. However, the P/S Ratio test is pointing to a cheap price. All the other testing is pointing to a cheap price.

There are problems with the dividend yield tests as this works best on companies that are increasing their dividends. This company was decreasing the dividends until 2021 and then started to increase them again. Decreasing dividends are not good. But the company seems to feel optimistic again about the future because they are rising the dividends. So, these are problems with this test.

When I look at analysts’ recommendations, I find Strong Buy (1), Buy (4), Hold (1) and Underperform (1). The consensus would be a Buy. The 12 months stock price of $16.93, with a high of $20.00 and low of $12.00. The consensus price of $16.93 implies a total return of 25.70% with 22.24% from capital gains and 3.47% from dividends.

Two out of three comments on Stock Chase say buy. Stock Chase gives this stock 4 stars out of 5. It is not on any of the list that I follow. Karen Thomas on Motley Fool thinks this is a good oil stock to invest in. Iain Butler onMotley Fool says buy this stock as it has been cast aside. The company put out a press release on Newswire about their fourth quarter of 2022 results. The company put out a press release on Newswire about their results for the second quarter of 2023.

Simply Wall Street reviews this stock via Yahoo Finance. Simply Wall Street has two warnings on this stock of high level of non-cash earnings; and unstable dividend track record. Simply Wall Street gives this stock 4 stars out of 5.

Pason Systems Inc is an oilfield specialist with fully integrated drilling data solutions. The company operates in three geographic segments: Canada, the United States, and International (Latin America, Offshore, the Eastern Hemisphere, and the Middle East). Its web site is here Pason Systems Inc.

The last stock I wrote about was about was EQB Inc (TSX-EQB, OTC-EQGPF) ... learn more. The next stock I will write about will be Molson Coors Canada (TSX-TPX.B, NYSE-TAP) ... learn more on Monday, October 16, 2023 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.

EQB Inc

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

Is it a good company at a reasonable price? This is a bank, but not a normal one. This means that the risk level to invest in this company is high. It is growing and that is a positive. They have been raising their dividends and the increases are getting larger. This is positive. See the total return chart below under Div. Gth. The price seems reasonable.

I do not own this stock of EQB Inc (TSX-EQB, OTC-EQGPF). I had read a glowing report on investing on this company in 2013, so I decided to check it out. It was interesting as it was loaning money to new immigrants, a class of people who generally have a difficult time getting loans and mortgages from our regular banks. It sounded intriguing.

When I was updating my spreadsheet, I noticed that they have sharply increased their dividends lately. There was no dividend increase in 2021, but in 2022 they went up 63.5% and then up again in 2023 by 22.3%.

This company has been growing well. Analysts expect 2023 to be a good year and they expect 34% increase in Revenue, and 35% increase in EPS and 17% in AEPS. Revenue has increase in the second quarter of 2023 compared to the second quarter of 2022 by 22% and over this time period, the EPS has increased by 23% and AEPS has increase by 13%.

Year	Item	Tot. Growth	Per Year
5	Revenue Growth	137.49%	18.89%
5	AEPS Growth	95.59%	14.36%
5	Net Income Growth	91.29%	13.85%
5	Cash Flow Growth	-89.08%	-35.78%
5	Dividend Growth	163.04%	21.34%
5	Stock Price Growth	58.69%	9.67%
10	Revenue Growth	375.69%	16.88%
10	AEPS Growth	258.86%	13.63%
10	Net Income Growth	225.88%	12.54%
10	Cash Flow Growth	121.46%	8.28%
10	Dividend Growth	384.00%	17.08%
10	Stock Price Growth	247.50%	13.27%

If you had invested in this company in December 2012, for $1,012.15 you would have bought 62 shares at $16.33 per share. In December 2022, after 10 years you would have received $352.47 in dividends. The stock would be worth $3,517.26. Your total return would have been $3,869.73. This is a total return would be a total return of 15.09% per year with 13.27% from capital gain and 1.82% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$16.33	$1,012.15	62	10	$352.47	$3,517.26	$3,869.73

The current dividend yield is moderate with dividend growth good. The current dividend yield is moderate (2% to 4% ranges) at 2.10%. The 5, 10 and historical dividend yields are low (below 2%) at 1.71%, 1.44% and 1.50%. The dividend growth is good (above 15% per year) at 21.3% per year over the past 5 years. The last dividend increase occurred in 2023 and was for 2.7%. However, this was the second increase this year, the first one was for 5.7%. This bank often does several increases in a year and the dividends paid this year so far are 22.3% above those paid in 2022.

The Dividend Payout Ratios (DPR) are good. The DPR for 2022 for Earnings per Share (EPS) is 16% with 5 year coverage at 12%. The DPR for 2022 for Adjusted Earnings per Share (AEPS) is 13% with 5 year coverage at 11%. The DPR for 2022 for Cash Flow per Share (CFPS) is 11% with 5 year coverage at 7%. The DPR for 2022 for Free Cash Flow (FCF) is 10% with 5 year coverage at 9%. However, for FCF, site vary a lot about what the FCF is.

Item	Cur	5 Years
EPS	16.03%	11.52%
AEPS	13.20%	10.86%
CFPS	10.31%	6.52%
FCF	9.83%	8.71%

Debt Ratios are fine. The Long Term Debt/Covering Assets (Lg Term A) Ratio for 2022 is fine at 0.91. The Liquidity Ratio for 2023 is good at 3.81. The Debt Ratio for 2023 is fine for a financial at 1.05.

Type	Year End	Ratio Curr
Lg Term A	0.91	0.90
Lg Term R	21.62	0.03
Intang/GW	0.03	0.08
Liquidity	3.81	4.37
Liq. + CF	3.76	4.32
Debt Ratio	1.05	1.05

The Total Return per year is shown below for years of 5 to 19 to the end of 2022. 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.
2017	5	21.34%	11.40%	9.67%	1.73%
2012	10	17.08%	15.09%	13.27%	1.82%
2007	15	12.75%	11.01%	9.58%	1.42%
2003	19	9.40%	10.01%	8.72%	1.29%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.41, 7.51 and 9.94. The corresponding 10 year ratios are 8.70, 7.27 and 8.70. The corresponding historical ratios are 5.67, 7.20 and 8.72. The current P/E Ratio is 7.10 based on a stock price of $72.46 and EPS estimate for 2023 of $10.20. 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 5.00, 6.73 and 8.68. The corresponding 10 year ratios are 5.20, 6.93 and 8.55. The current P/AEPS Ratio is 6.74 based on a stock price of $72.46 and AEPS estimate for 2023 of $10.75. The current 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 get a Graham Price of $127.57. The 10-year low, median, and high median Price/Graham Price Ratios are 0.36, 0.81 and 0.66. The current P/GP Ratio is 0.57 based on a stock $72.46. 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 10-year median Price/Book Value per Share Ratio of 1.04. The current P/B Ratio is 1.08 based on a stock price of $72.46, Book Value of $2,538M and Book Value per Share of $67.28. The current ratio is 3.8% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have Book Value per Share estimate for 2023 of $72.50. The implies a P/B Ratio of 1.01 with a Book Value of $2,698M when the stock price is $72.46. 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 3.30. The current P/CF Ratio is 65.78 based on Cash Flow for the last 12 months of $41.6M, Cash Flow per Share of $1.10 and a stock price of $72.46. The current ratio is 1892% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. However, for most financials analysts do not think the cash flow is important. That is why I do not find any Cash Flow estimate and I am looking at Cash Flow for the last 12 months.

I get an historical median dividend yield of 1.50%. The current dividend yield is 2.10% based on dividends of $1.52 and a stock price of $72.46. The current dividend yield is 40% 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 1.44%. The current dividend yield is 2.10% based on dividends of $1.52 and a stock price of $72.46. The current dividend yield is 45% 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 3.24. The current P/S Ratio is 2.78 based on Revenue estimate for 2023 of $982M, Revenue per Share of $26.03 and a stock price of $72.46. The current ratio is 14% 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 dividend yield tests shows that the stock price is relatively cheap, but this is not confirmed by the P/S Ratio test that says the stock price is reasonable. Other tests say the stock is either cheap or reasonable and below the median.

When I look at analysts’ recommendations, I find Buy (8) recommendations. The consensus would be a Buy. The 12 month stock price is $95.00 with a high of $100.00 and low of $90.00. The 12 months stock price of $95.00 implies a total return of 33.20% with 31.11% from capital gains and 2.10% from dividends.

Analysts on Stock Chase seem to like this company, but does not say buy. Stock Chase gives this stock 3 stars out of 5. It is on the Marple Money and Aristocrats lists, but not on the Money Sense List. Andrew Button on Motley Fool thinks this is a top bank stock. Aditya Raghunath on Motley Fool thinks this is a cheap stock to buy. The company put out a press release via Newswire about its fourth quarter of 2022 results. The company put out a press release via Newswire about their second quarter results of 2023.

Simply Wall Street via Yahoo Finance issues a review of this stock. Simply Wall Street gives one warning of shareholders have been diluted in the past year.

EQB Inc operates through its wholly owned subsidiary, Equitable Bank, Canada's Challenger Bank. It serves Canadians through two business lines, Personal Banking and Commercial Banking. The company differentiates by providing a host of challenger bank deposit services, alternative single-family lending, reverse mortgage lending, insurance lending, Specialized finance, Commercial finance group and Equipment financing. Its web site is here EQB Inc.

The last stock I wrote about was about was Medtronic PLC (NYSE-MDT) ... learn more. The next stock I will write about will be Pason Systems Inc (TSX-PSI, OTC-PSYTF) ... learn more on Friday, October 14, 2023 around 5 pm. Tomorrow on my other blog I will write about HLS Therapeutics Inc .... learn more on Thursday, October 13, 2023 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.

Medtronic PLC

Sound bite for Twitter and StockTwits is: Dividend Growth Health Care. Results of stock price testing is that the stock price is probably relatively cheap. Debt Ratios are good. The current dividend yield is moderate with dividend growth moderate. The current dividend yield is moderate with dividend growth moderate. See my spreadsheet on Medtronic PLC.

Is it a good company at a reasonable price? It may be in Health Care, but over time this stock does not often produce a reasonable return on investment. Look at the Total Return chart below. After holding this stock for 15, 20 or 25 years in 2022, the total return was below 8% per year. I looked at 4 of the past years and in 3 of those years, the total return was less than 8%. Certainly, a negative is that the dividends increase for 2024 was just 1.5%. This points to expected future slow growth by the company. Personally, this would not be a stock I am interested in. However, the stock seems to be relatively cheap currently.

In one part of my spreadsheet, I was looking at total return over the past 5 years. I did this from 1995, 29 years ago. Over these 29 years, 4 years had a 5 year period with a negative return and 13 years had a total return less than 8%. Those 4 years was in the years from 2009 to 2012.

I do not own this stock of Medtronic PLC (NYSE-MDT). In 2009 I was looking for a good US stock for my US$ account. I had heard good things about this stock and also it is in Health Care sector which is a weak sector in Canada. This is one of the few US stocks that I follow. This stock has a financial year ending April 30 each year, so I am reviewing the financial year ending April 30, 2023.

When I was updating my spreadsheet, I noticed dividend increases have steadily gotten lower over time. The first increase in the spreadsheet is for 1991 and it is for 17.8%. Last year, 2022, the increase was 7.9% and this year it is 1.5%. See chart below with increases over the past 33 years to past 5 years. The rates given are per year during the period. However, the dividend yields back in 1991 was below 1%. The dividend yield hit 1% in 2007 and 2% in 2010.

Item	Rate	Period
Dividends	8.13%	5
Dividends	10.09%	10
Dividends	11.95%	15
Dividends	12.68%	20
Dividends	13.69%	25
Dividends	15.62%	30
Dividends	15.64%	33

The current dividend yield is moderate with dividend growth low. This is the best combination of dividend yield and growth, that is both being moderate. The current dividend yield is moderate (2% to 4% ranges) at 3.68%. The 5 and 10 year median dividend yields are also moderate at 2.22% and 2.11%. The historical median dividend yield is low (below 2%) at 0.96%. The dividend growth is moderate (8% to 14% ranges) at 8.1% per year over the past 5 years.

The Dividend Payout Ratios (DPR) are too high and it would be better if they were lowered. The DPR for 2023 for Earnings per Share (EPS) is 96% with 5 year coverage at 73%. The DPR for 2023 for Adjusted Earnings per Share (AEPS) is 51% with 5 year coverage at 48%. The DPR for 2023 for Cash Flow per Share (CFPS) is 52% with 5 year coverage at 42%. The DPR for 2023 for Free Cash Flow (FCF) is 79% with 5 year coverage at 57%.

Item	Cur	5 Years
EPS	96.45%	72.52%
AEPS	51.42%	47.94%
CFPS	51.66%	41.94%
FCF	78.95%	57.45%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2023 is 0.20 and is good and low. The Liquidity Ratio for 2023 is good at 2.39 and good currently still at 1.58. The Debt Ratio is good for 2023 at 2.32. The Leverage and Debt/Equity Ratios are good at 1.77 and 0.76 respectively.

Type	Year End	Ratio Curr
Lg Term R	0.20	0.17
Intang/GW	0.46	0.55
Liquidity	2.39	1.58
Liq. + CF	2.66	1.85
Debt Ratio	2.32	2.43
Leverage	1.77	1.71
D/E Ratio	0.76	0.70

The Total Return per year is shown below for years of 5 to 33 to the end of 2022 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.
2017	5	8.13%	2.17%	-0.76%	2.94%
2012	10	10.09%	9.96%	6.60%	3.36%
2007	15	11.95%	5.33%	2.95%	2.38%
2002	20	12.68%	4.61%	2.70%	1.91%
1997	25	13.69%	6.33%	4.48%	1.85%
1992	30	15.62%	12.69%	9.91%	2.78%
1989	33	15.64%	16.41%	12.71%	3.70%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 27.00, 32.34, and 36.24. The corresponding 10 year ratios are 26.51, 29.06 and 33.57. The corresponding historical ratios are 23.45, 27.28 and 32.00. The current P/E Ratio is 22.03 based on a stock price of $74.90 and EPS estimate for 2024 of $3.40. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is done in US$ on this US stock.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 17.41, 21.16 and 24.35. The corresponding 10 year ratios are 15.95, 17.79 and 19.71. The current P/AEPS Ratio is 14.63 based on a stock price of $74.90 and AEPS estimate for 2024 of $5.12. This stock price testing suggests that the stock price is relatively cheap. This testing is done in US$ on this US stock.

I get a Graham Price of $55.03. The 10-year low, median, and high median Price/Graham Price Ratios are 1.51, 1.74 and 1.95. The current P/GP Ratio is 1.36 based on a stock price of $74.90. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is done in US$ on this US stock.

I get a 10-year median Price/Book Value per Share Ratio of 2.38. The current P/B Ratio is 1.89 based on a Book Value of $52,673M, Book Value per Share of $39.58 and a stock price of $74.90. The current ratio is 20.5% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is done in US$ on this US stock.

I also have a Book Value per Share estimate for 2024 of $39.20. This implies a P/B Ratio of 1.91 with a Book Value of $52,165M with a stock price of $74.90. This ratio is 19.7% below the 10 year median ratio of $2.38. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is done in US$ on this US stock.

I get a 10-year median Price/Cash Flow per Share Ratio of 19.68. The current P/CF Ratio is 13.26 based on Cash Flow per Share estimate for 2024 of $5.65, Cash Flow of $7,519M and a stock price of $74.90. This ratio is 33% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is done in US$ on this US stock.

I get an historical median dividend yield of 0.96%. The current dividend yield is 3.68% based on dividends of $2.76 and a stock price of $74.90. The current dividend yield is 284% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is done in US$ on this US stock.

I get an historical median dividend yield of 2.11%. The current dividend yield is 3.68% based on dividends of $2.76 and a stock price of $74.90. The current dividend yield is 75% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is done in US$ on this US stock.

The 10-year median Price/Sales (Revenue) Ratio is 3.91. The current P/S Ratio is 3.10 based on Revenue estimate for 2024 of $32,176M, Revenue per Share of $24.18 and a stock price of $74.90. The current ratio is 21% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is done in US$ on this US stock.

Results of stock price testing is that the stock price is probably relatively cheap. The dividend yield tests are saying the stock price is relatively cheap. This is confirmed by the P/S Ratio test. Basically, all the tests are saying the stock price is relatively cheap.

When I look at analysts’ recommendations, I find Strong Buy (11), Buy (6), Hold (13) and Sell (2). It would seem that analysts are quite divided on what to do about investing in this company.

This stock on Stock Chase has mixed reviews. Stock Chase gives this stock 4 stars out of 5. It is on the Dividend Aristocrats list for the S&P 500 index. David Jagielski on Motley Fool reviews this stock. Jim Halley on Motley Fool about what you should know about this stock. The company put out a Press Release on their year-end result. The company put out a Press Release on their first quarterly result..

Simply Wall Street via Yahoo Finance reviews this stock and finds it undervalued. Simply Wall Street has two warnings of dividend of 3.62% is not well covered by earnings; and profit margins (11.5%) are lower than last year (16.7%). Simply Wall Street gives this stock 3 and one half stars out of 5.

Medtronic, Inc currently generates revenues from four major segments - namely Cardiovascular Portfolio, Medical Surgical Portfolio, Neuroscience Portfolio and Diabetes. It offers its products to hospitals, third-party healthcare providers, clinics, institutions including governmental healthcare programs, distributors, and group purchasing organizations in Asia Pacific, Europe, the Americas, the Middle East, and Africa. Medtronic is headquartered in Dublin, Ireland. Its web site is here Medtronic PLC.

The last stock I wrote about was about was North West Company (TSX-NWC, OTC-NWTUF) ... learn more. The next stock I will write about will be EQB Inc (TSX-EQB, OTC-EQGPF) ... learn more on Wednesday, October 11, 2023 around 5 pm. Today on my other blog I will write about End of an Era .... learn more on Tuesday, October 10, 2023 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.

North West Company

Sound bite for Twitter and StockTwits is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably 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 North West Company.

Is it a good company at a reasonable price? This is a rather safe consumer stock that produces dividend income and has a reasonable return. I think a reasonable long term total return to be 8% per year, with part from dividends and part from capital gains. This stock has done this for shareholders in the past and there is no reason to believe that it will not continue to do so. The stock price seems to be reasonable at the present time.

I do not own this stock of North West Company (TSX-NWC, OTC-NWTUF). I wanted to review all the income trust stocks touted in the Money Show of 2009. There was a lot of talk at this show about some of the Income Trust being currently good buys with very good yields. This stock changed from an income trust to a corporation in 2011. This company has a financial year end of January 31, so I will be looking at the financials for their financial year ending January 31, 2023.

When I was updating my spreadsheet, I noticed this is a relatively small company, but it has done quite well for its shareholders. See the chart below. I it growing all items I am following.

Year	Item	Tot. Growth	Per Year
5	Revenue Growth	20.42%	3.79%
5	AEPS Growth	59.73%	9.82%
5	Net Income Growth	81.95%	12.72%
5	Cash Flow Growth	29.29%	5.27%
5	Dividend Growth	16.41%	3.08%
5	Stock Price Growth	24.37%	4.46%
10	Revenue Growth	55.44%	4.51%
10	AEPS Growth	102.99%	7.34%
10	Net Income Growth	87.56%	6.49%
10	Cash Flow Growth	41.74%	3.55%
10	Dividend Growth	43.27%	3.66%
10	Stock Price Growth	56.61%	4.59%

If you look at the chart below, this records the returns using January 31 to January 31 returns. The Total Return per year is shown below for years of 5 to 31 to the end of January 2023. It varies somewhat from the chart further down which is showing returns of 5 to 31 to the end of December 2022.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2018	5	3.08%	8.81%	4.46%	4.35%
2013	10	3.66%	9.16%	4.59%	4.58%
2008	15	2.49%	9.90%	4.61%	5.28%
2003	20	5.61%	17.16%	8.65%	8.51%
1998	25	10.19%	16.34%	8.25%	8.10%
1993	30	8.76%	11.22%	6.33%	4.90%
1990	31	8.27%	12.10%	6.99%	5.11%

If you had invested in this company in December 2012, for $1,007.55 you would have bought 45 shares at $22.39 per share. In December 2022, after 10 years you would have received $581.85 in dividends. The stock would be worth $1,600.65. Your total return would have been $2,182.50. This is a total return would be a total return of 7.72% per year with 3.42% from capital gain and 3.45% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$22.39	$1,007.55	45	10	$581.85	$1,600.65	$2,182.50

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.33%. The 5, 10 and historical dividend yields are also moderate at 4.35%, 4.36% and 4.75%. The dividend growth is low (below 8% per year) at 3.1% per year over the past 5 years. The last dividend increase was in 2023 and it was for 2.6%.

The Dividend Payout Ratios (DPR) are fine. The DPR for Earnings per Share (EPS) for 2023 is 59% with 5 year coverage at 58%. The DPR for Adjusted Earnings per Share (AEPS) for 2023 is 55% with 5 year coverage at 63%. The DPR for 2023 for Cash Flow per Share (CFPS) is 25% with 5 year coverage at 27%. The DPR for 2023 for Free Cash Flow (FCF) is 52% with 5 year coverage at 65%.

Item	Cur	5 Years
EPS	59.36%	58.04%
AEPS	54.78%	62.63%
CFPS	25.31%	26.72%
FCF	51.75%	65.07%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2023 is good at 0.17. The Liquidity Ratio for 2023 is good at 1.91. The Debt Ratio for 2023 is good at 2.36. The Leverage and Debt/Equity Ratios for 2023 are fine at 2.12 and 1.07.

Type	Year End	Ratio Curr
Lg Term R	0.17	0.19
Intang/GW	0.04	0.05
Liquidity	1.91	2.17
Liq. + CF	2.36	2.78
Debt Ratio	1.94	1.90
Leverage	2.12	2.17
D/E Ratio	1.09	1.14

The Total Return per year is shown below for years of 5 to 31 to the end of 2022. 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.
2017	5	3.08%	7.72%	3.42%	4.35%
2012	10	3.66%	9.44%	4.74%	4.58%
2007	15	2.49%	8.49%	3.60%	5.28%
2002	20	5.61%	17.05%	8.52%	8.51%
1997	25	10.19%	18.98%	9.22%	8.10%
1992	30	8.76%	12.01%	6.73%	4.90%
1990	31	8.27%	17.66%	9.62%	5.11%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.73, 14.31 and 15.90. The corresponding 10 year ratios are 15.92, 18.09 and 20.12. The corresponding historical ratios are 9.97, 12.82 and 15.19. The current P/E Ratio is 13.29 based on a stock price of 36.02 and EPS estimate for 2024 of $2.71. It is below the low ratio for 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 11.74, 1321 and 14.68. The corresponding 10 year ratios are 15.64, 17.59 and 19.47. The current P/AEPS Ratio is 13.05 based on a stock price of $36.02 and AEPS estimate for 2024 of $2.76. 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 $28.82. The 10-year low, median, and high median Price/Graham Price Ratios are 1.49, 1.68 and 1.87. The current P/GP Ratio is 1.25 based on a stock price of $36.02. This 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 3.58. The current P/B Ratio is 2.69 based on a stock price of $36.02, Book Value of $638.5M and Book Value per Share of $13.37. The current ratio is 25% 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 9.94. The current P/CF Ratio is 6.47 based on a stock price of $36.02, Cash Flow per Share estimate for 2024 of $5.57 and Cash Flow of $266M. The current ratio is 35% 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 4.75%. The current dividend yield is 4.33% based on a stock price of $36.02 and dividends of $1.56. The current ratio is 8.8% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 4.36%. The current dividend yield is 4.33% based on a stock price of $36.02 and dividends of $1.56. The current ratio is 0.6% above the 10 year 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 0.72. The current P/S Ratio is 0.70 based on a stock price of $36.02, Revenue estimate for 2024 of $2,465M and Revenue per Share of $51.62. The current ratio is 3.6% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable. The 10 year median dividend yield says this and it is confirmed by the P/S Ratio test. There are a number of tests that say that the stock price is cheap, but I do wonder about them. For example, the P/E Ratio testing says cheap, but a P/E Ratio of 13.29 is not considered cheap. A P/E Ratio of 10.00 or less would be. I do find that the stocks P/E Ratios, P/AEPS Ratios and P/GP Ratios to be rather high.

When I look at analysts’ recommendations, I find Buy (1) and Hold (3). The consensus would be a Hold. The 12 month stock price is $38.75, with a high of $41.00 and a low of $36.00. The consensus price of $38.75 implies a total return of 11.91% with 7.58% from capital gains and 4.33% from dividends.

All the analysts’ recommendations on Stock Chase for 2023 are buys. Stock Chase gives this company 4 stars out of 5. It is on all three of my dividends lists of Money Sense, Maple Money, and Dividend Aristocrats. Joey Frenette on Motley Fool thinks this stock is cheap. Christopher Liew on Motley Fool thinks this is good dividend stock to buy and hold. The company put out a press release on Globe Newswire about its fourth quarter results. The company put out a press release on Global Newswire about their second quarter.

Simply Wall Street via Yahoo Finance reviews this stock and its dividend payments. Simply Wall Street gives this stock 3 and one half stars out of 5. They have no warnings on this stock.

The North West Company is a Canada-based company that is principally engaged in retail business in underserved rural communities and urban neighborhoods. The company provides food, family apparel, housewares, appliances, and outdoor products, with food products accounting for the majority of the company's revenue. The company also offers services, including post offices, income tax return preparation, money transfers, commercial business sales, and others. Its geographical segment includes Canada and International. The company generates maximum revenue from Canada. Its web site is here North West Company.

The last stock I wrote about was about was Logistec Corp (TSX-LGT.B, OTC-LTKBF) ... learn more. The next stock I will write about will be Medtronic PLC (NYSE-MDT) ... learn more on Tuesday, October 10, 2023 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.

Logistec Corp

Sound bite for Twitter and StockTwits is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably reasonable. Debt Ratios are mostly fine, but they do have too much current debt. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth low. See my spreadsheet on Logistec Corp.

Is it a good company at a reasonable price? The problem I have with stock is stock is that the dividend yield is below 1%. I generally do not buy dividend growth stocks when the dividends are lower than 1%. Also, this stock has a low dividend growth only of 6% per year over the past 5 years. They do have too much debt also and this is a negative. A positive is the total return has generally been quite good. If you look at the 5 year total return to date, it would be 7.12% with 6.22% from capital gains and 0.90% from dividends. The result of testing the stock price is that the stock price is reasonable. Even here there is caution because the 10 year dividend test says the stock price is reasonable but above the median.

The reason I do not like yield below 1% is that takes too long for the dividend yield on the original price to get to a reasonable yield. In this case the growth of dividends is low, so if this stock continued as usual, in 25 years the yield on the original price would be 3.8%.

I do not own this stock of Logistec Corp (TSX-LGT.B, OTC-LTKBF). I got this stock from Dividend Growth Investing and Retirement blogger’s all-star spreadsheet for March 2017.

When I was updating my spreadsheet, I noticed that just to make their statements complicated, this company reports separately on Class A and Class B stock for things like EPS. I do not see the point of this and I know of no other company with different classes to do this.

The share price is up some 41% this year. This is because they make a recent acquisition. See item on Globe & Mail. Usually, when a stock takes off like this one, analysts start to follow it. There are still no analysts following this stock. Probably this is because the company is still rather small, but also because most of the company, under Class A shares, are closely held.

The current dividend yield is low with dividend growth low. The current dividend yield is low (below 2%) at 0.86%. The 5, 10 and historical median dividend yields are also low at 1.01%, 0.91% and 1.83%. The dividends are growing at a low rate (below 8% per year) at 6% per year for the past 5 years. The last dividend increase was in 2022 and it was for 20%. Dividend increases have varied a lot over time, with yearly increases varying from 0% to over 19%. Over the past 26 years, they have increased the dividends in 20 year and have no decreases year to year.

The Dividend Payout Ratios (DPR) are good. The DPR for Earnings per Share (EPS) for 2022 is 10% with 5 year coverage at 14%. The DPR for 2022 for Cash Flow per Share (CFPS) for 2022 is 4% with 5 year coverage at 5%. The DPR for 2022 for Free Cash Flow (FCF) for 2022 is 12% with 5 year coverage at 10%.

Item	Cur	5 Years
EPS	10.39%	14.25%
CFPS	3.97%	4.95%
FCF	12.04%	10.22%

Debt Ratios are mostly fine, but they do have too much current debt. The Long Term Debt/Market Cap Ratio for 2022 is good at 0.43. The Liquidity Ratio for 2022 is good at 1.65. The Debt Ratio for 2022 is good at 1.58. The Leverage and Debt/Equity Ratios for 2022 are fine at 2.74 and 1.73. However, they are too high currently at 3.32 and 2.31 and I prefer them to be below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term R	0.43	0.44
Intang/GW	0.43	0.41
Liquidity	1.65	1.29
Liq. + CF	2.15	1.80
Debt Ratio	1.58	1.43
Leverage	2.74	3.32
D/E Ratio	1.73	2.31

The Total Return per year is shown below for years of 5 to 26 to the end of 2022. 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.
2017	5	6.04%	-0.56%	-1.51%	0.95%
2012	10	8.87%	15.22%	12.97%	2.25%
2007	15	7.28%	10.89%	9.25%	1.64%
2002	20	6.83%	14.13%	11.44%	2.69%
1997	25	5.83%	10.37%	8.48%	1.89%
1996	26	5.81%	12.34%	9.98%	2.37%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 10.27,12.87 and 12.79. The corresponding 10 year ratios are 12.58, 15.83 and 19.07. The corresponding historical ratios are 9.84, 10.93, and 12.85. The current P/E Ratio is 18.69 based on a stock price of $58.51 and EPS for the last 12 months of 3.13. This 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.

This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $43.28. The 10-year low, median, and high median Price/Graham Price Ratios are 1.07, 1.32 and 1.47. The current P/GP Ratio is 1.35 based on a stock price of $58.51. This 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 2.03. The current P/B Ratio is 2.20 based on a Book Value of $341M, Book Value per share of $26.59 and a stock price of $58.51. The current ratio is 8.5% 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 8.49. The current P/CF Ratio is 5.68 based on Cash Flow for the last 12 month of $135M, Cash Flow per Share of $10.56 and a stock price of $58.51. The current ratio is 33% 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 for Class B of 1.83%. The current dividend yield is 0.89% based on a stock price of $58.51 and dividends of $0.46. The current dividend yield is 52% 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 for Class B of 0.91%. The current dividend yield is 0.89% based on a stock price of $58.51 and dividends of $0.46. The current dividend yield is 2.9% 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 0.94. The current P/S Raio is 0.80 based on Revenue for the last 12 months of $941M, Revenue per Share of $73.42 and a stock price of $58.51. The current ratio is 15% below the 10 year median ratio.

Results of stock price testing is that the stock price is probably reasonable. The 10 year dividend yield test says the stock price is reasonable and above the median. The P/S Ratio test says the stock price is reasonable and below the median. The other tests vary from cheap to expensive.

When I look at analysts’ recommendations, I find none.

An analyst’s recommendations on Stock Chase for 2023 is Top Pick. Stock Chase gives this stock 4 stars out of 5. There seems to be only one analyst. The company is not on any dividend list I have. Christopher Liew on Motley Fool says this stock is defying the strong headwinds. Steven Porrello on Motley Fool says this company is one of the top Canadian Industrial stocks for 2023. The company put out a Press Release for their 2022 year end results. The company put out a Press Release on their second quarter of 2023 results.

Simply Wall Street put out a report on this company. Simply Wall Street has one warning of interest payments are not well covered by earnings.

Logistec Corp provides specialized cargo handling and other services to a wide variety of marine, industrial, and municipal customers. The company is organized and operate in two industry segments: Marine services, and Environmental services. The Marine Services Segment which is the key revenue-generating segment provides cargo handling and other services to marine and industrial customers. It has a business presence in Canada and the US. Its web site is here Logistec Corp.

The last stock I wrote about was about was Teck Resources Ltd (TSX-TECK.B, NYSE-TECK) ... learn more. The next stock I will write about will be North West Company (TSX-NWC, OTC-NWTUF) ... learn more on Friday, October 6, 2023 around 5 pm. Tomorrow on my other blog I will write about Something to Buy October 2023 learn more on Thursday, October5, 2023 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.

Teck Resources Ltd

Sound bite for Twitter and StockTwits is: Dividend Paying Resource. Results of stock price testing is that the stock price is that the stock price is probably on the expensive side, but it could be within a reasonable range, but at the top end. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is low with dividend growth good currently but has varied greatly in the past. See my spreadsheet on Teck Resources Ltd.

Is it a good company at a reasonable price? This is a cyclical stock, and so on the risky side. If I bought it, I would buy at the bottom or near the bottom of its range. It appears to be in the top of its range and so if you are thinking about this stock, you should be very cautious. I know the analysts have come out with a rating of a Strong Buy, but when I was testing this stock’s price it came out mostly expensive. Since it is at the top of its range, I would not personally buy it, even with fooling around money.

I do not own this stock of Teck Resources Ltd (TSX-TECK.B, NYSE-TECK), but I did for a short time in the between 2008 and 2009. I bought this stock in 2008 because the company purchased Fording Canadian Coal Trust at exactly the wrong time and got into financial difficulties and the stock price dropped off a cliff as they had to cut dividends. When the stock recovered somewhat in 2009, I sold for a profit.

When I was updating my spreadsheet, I noticed that there are lots of officers in this company on INK, but few of them have any shares. They do have options.

If you had invested in this company in December 2012, for $1,012.20 you would have bought 28 shares at $36.15 per share. In December 2022, after 10 years you would have received $140.00 in dividends. The stock would be worth $1,432.76. Your total return would have been $1,572.76. This is a total return would be a loss of 4.77% per year with 3.54% from capital gain and 1.23% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$36.15	$1,012.20	28	10	$140.00	$1,432.76	$1,572.76

The current dividend yield is low with dividend growth good currently but has varied greatly in the past. The current dividend yield is low (below 2%) at 0.88%. The 5, 10 and historical dividend yields are also low at 0.83%, 0.96%, and 1.26%. The dividend growth over the past 5 years is 20.11% per year. However, that is because there was one increase in 2022 for 150%. Dividend growth over the past 10 and 15 years is negative. The last dividend increase was in 2022 and it was for 150%.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2022 for Earnings per Share (EPS) is 8%, with 5 year coverage at 13%. The DPR for 2022 for Adjusted Earnings per Share (AEPS) is 5.5%, with 5 year coverage at 9%. The DPR for 2022 for Cash Flow per Share (CFPS) is 3%, with 5 year coverage at 4%. The DPR for 2022 for Free Cash Flow (FCF) is 21%, with 5 year coverage at 44%.

Item	Cur	5 Years
EPS	8.08%	13.44%
AEPS	5.50%	9.10%
CFPS	3.18%	4.30%
FCF	21.13%	44.29%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio is good and low at 0.25. The Liquidity Ratio is low but fine in 2022, but too low currently at 1.29. However, the Liquidity Ratio moves to 2.73 for 2022 and 2.10 currently when you add in cash flow less dividends. The Debt Ratios are good in 2022 at 2.03 and currently at 20.8. The Leverage and Debt/Equity Ratios are fine at 2.03 and 1.00 for 2022 and 2.01 and 0.96 currently.

Type	Year End	Ratio Curr
Lg Term R	0.25	0.21
Intang/GW	0.04	0.04
Liquidity	1.41	1.29
Liq. + CF	2.73	2.10
Debt Ratio	2.03	2.08
Leverage	2.03	2.01
D/E Ratio	1.00	0.96

The Total Return per year is shown below for years of 5 to 29 to the end of 2022. 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.
2017	5	14.87%	10.17%	9.26%	0.91%
2012	10	-10.40%	4.77%	3.54%	1.23%
2007	15	-10.17%	3.81%	2.56%	1.25%
2002	20	3.53%	15.53%	11.46%	4.07%
1997	25	2.81%	8.44%	6.59%	1.85%
1993	29	2.51%	6.74%	5.30%	1.44%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 4.27, 5.62 and 6.96. The corresponding 10 year ratios are 4.43, 6.11 and 7.63. The corresponding historical ratios are 6.21, 10.63 and 13.23. The current P/E Ratio is 10.86 based on a stock price of $56.79 and EPS estimate for 2023 of $5.23. the current ratio is higher than the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. Although, generally a P/E Ratio of 10.86 is not considered to be a high one.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 4.92, 8.07, 11.21. The corresponding 10 year ratios are 5.40, 11.28 and 15.83. The current P/AEPS Ratio is 10.60 based on AEPS estimate for 2023 of $5.36. The current 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.

I get a Graham Price of $78.34. The 10-year low, median, and high median Price/Graham Price Ratios are 0.32, 0.49 and 0.74. The current P/GP Ratio is 0.73 based on a stock price of $56.79. The current 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.

I get a 10-year median Price/Book Value per Share Ratio of 0.67. The current P/B Ratio is 1.12 based on a stock price of $56.79, Book Value of $26,415M and a Book Value per Share of $50.83. The current ratio is 67% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I also have Book Value per Share (BVPS) estimate for 2023 of $52.70. This BVPS with a Book Value of $27,388M and stock price of $56.79 gives a P/B Ratio of 1.08. This ratio is 61% 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 3.74. The current P/CF Ratio is 6.68 based on Cash Flow per Share estimate for 2023 of $8.50, Cash Flow of $4,417M and a stock price $56.79. The current ratio is 79% 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 1.26%. The current dividend yield is 0.88% based on a dividend of $0.50 and a stock price of $56.79. The current dividend yield is 30% below the historical year median yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 0.96%. The current dividend yield is 0.88% based on a dividend of $0.50 and a stock price of $56.79. The current dividend yield is 9% below the historical year median 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 1.25. The current P/S Ratio is 1.95 based on Revenue estimate for 2023 of $15,117M, Revenue per Share of $29.09 and a stock price of $56.79. The current ratio is 57% 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 that the stock price is probably on the expensive side, but it could be within a reasonable range, but at the top end. The 10 year median dividend yield test says that the stock price is reasonable but above the median. This is not confirmed by the P/S Ratio test. A lot of the tests are saying the stock is expensive. The other thing is that stock tends to be cyclical and it really is close to the top end of its range.

There are problems with testing. Most of the ratios are really low, and the current ones are in a higher range than in the past. For example, the P/E Ratio is 10.86. Normally, a P/E Ratio of 10 is considered low. However, some stocks always have very low P/E Ratio (and others always have very high P/E Ratios), so basically you have to deal with reality, that is that some stocks just do not fit into what is considered normal ranges. This can apply to other ratios as well.

When I look at analysts’ recommendations, I find Strong Buy (8), Buy (5) and Hold (4). The consensus would be a Strong Buy. The 12 month stock price consensus is $67.50 with a high of $80.00 and low of $50.00. The implies total return for a stock price of $67.50 is 19.74% with 18.86% from capital gains and 0.88% from dividends.

There are mixed views about this company on Stock Chase, but mostly it is not liked. Stock Chase gives this stock 5 stars out of 5. This company is on the Money Sense dividend list and on the Maple Money list. Amy Legate-Wolfe on Motley Fool likes it for its dividend and growth potential. Jitendra Parashar on Motley Fool talks about some stock declining with Teck rose. The company put out a Press Release on their fourth quarter of 2022. The company put out a Press Release on their second quarter of 2023 results.

Simply Wall Street via Yahoo Finance reviews this company. They talk about the fact that Institutional investors owning more than 50% of this company. They have two warnings of earnings are forecast to decline by an average of 8.5% per year for the next 3 years; and profit margins (18.1%) are lower than last year (32.2%). Simply Wall Street gives this sock 2 and one half stars out of 5.

Teck Resources is a diversified miner with coal, copper, and zinc operations in Canada, the United States, Chile, and Peru. Metallurgical coal is Teck's primary commodity in terms of EBITDA contribution, followed by copper, with zinc contributing a smaller amount to earnings. Its web site is here Teck Resources Ltd.

The last stock I wrote about was about was Linamar Corporation (TSX-LNR, OTC-LIMAF) ... more. The next stock I will write about will be Logistec Corp (TSX-LGT.B, OTC-LTKBF) ... learn more on Wednesday, October 4, 2023 around 5 pm. Tomorrow on my other blog I will write about Dividend Stocks October 2023.... learn more on Tuesday, October 3, 2023 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.

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