Waste Connections Inc

Sound bite for Twitter and StockTwits is: Dividend Growth Industrial. Results of stock price testing is that the stock price could be reasonable, but at the high end of the ranges or into the expensive range. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are fine (but seem high for such a low yield). The current dividend yield is low with dividend growth moderate. See my spreadsheet on Waste Connections Inc.

Is it a good company at a reasonable price? I do not buy companies with dividends below 1%. Since this is not a growth business, probably the reason to buy is earning dividends. However, the dividend yields are very low. On the other hand, the company has a decent total return and they are making money, although a rather low ROE of 8.5% per year over the past 5 years. The stock price is probably a bit high at this point.

See charts below about dividend increase potential of this stock. After 5 years at the current 5 year yearly increases of 13.58%, yield will only be 1.42%. If dividend continues to increase at the last increase of 10.87%, then after 5 years the dividend yield would only be 1.26.

Div Yd	Years	At IRR	Div Inc
1.42%	5	13.58%	89.00%
2.68%	10	13.58%	257.21%
5.07%	15	13.58%	575.13%

Div Yd	Years	At IRR	Div Inc
1.26%	5	10.87%	67.52%
2.11%	10	10.87%	180.63%
3.53%	15	10.87%	370.12%

I do not own this stock of Waste Connections Inc (TSX-WCN, NYSE-WCN), but I used to. I first bought this stock in 2007 because TD Securities had a very favorable report on this stock and had it on their action buy list. I had money because I had recently sold RIM. At that time, it was BFI Canada Income Fund. In 2010, I needed to buy something for Pension Account. I have this already and it is on TD Action Buy List. It had two more name changes and in 2017, Progressive Waste Solutions Ltd was bought out by Progressive Waste Solutions Ltd in late 2016.

When I was updating my spreadsheet, I noticed that this company has had good growth. I am going from Progressive Waste Solutions Ltd to Waste Connections Inc. This change occurred 5 years ago, so the 5 year growth is all WCN, the 10 year growth is from BIN to WCN.

Year	Item	Tot. Growth	Per Year
5	Revenue Growth US$	55.75%	9.27%
5	AEPS Growth	76.51%	12.03%
5	Net Income Growth	56.41%	9.36%
5	Cash Flow Growth	70.35%	11.24%
5	Dividend Growth	89.00%	13.58%
5	Stock Price Growth	86.86%	13.32%
10	Revenue Growth US$	280.22%	14.29%
10	AEPS Growth	184.44%	11.02%
10	Net Income Growth	1101.54%	28.23%
10	Cash Flow Growth	500.57%	19.63%
10	Dividend Growth	152.70%	9.71%
10	Stock Price Growth	343.26%	16.06%

However, if you had invested in this company in December 2017, for $1,069.92 you would have bought 4 shares at $89.16 per share. In December 2022, after 5 years you would have received $59.69 in dividends. The stock would be worth $2,153.76. Your total return would have been $2,213.45. 5 years ago, was when Progressive Waste Solutions Ltd was bought by Waste Connection.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$89.16	$1,069.92	12	5	$59.69	$2,153.76	$2,213.45

The current dividend yield is low with dividend growth moderate. The current dividend is low (below 2%) at just 0.69%. The 5, 10 and historical dividend yields are also low at 0.79%, 0.84% and 1.17%. The dividend growth is moderate (8% to 14% ranges) at 13.9% per year over the past 5 years. The last dividend increase was in 2023 and it was for 10.9%.

The Dividend Payout Ratios (DPR) are fine (but seem high for such a low yield). The DPR for 2022 for Earnings per Share (EPS) is 29% with 5 year coverage at 36%. The DPR for 2022 for Adjusted Earnings per Share (AEPS) is 25% with 5 year coverage at 25%. The DPR for 2022 for Cash Flow per Share (CFPS) is 12% with 5 year coverage at 12%. The DPR for 2022 for Free Cash Flow (FCF) is 18% with 5 year coverage at 20%

Item	Cur	5 Years
EPS	29.17%	35.84%
AEPS	24.74%	25.42%
CFPS	12.46%	12.46%
FCF	18.01%	20.39%

Debt Ratios are fine. The Long Term/Market Cap Ratio for 2022 is good and low at 0.20. The Liquidity Ratio for 2022 is low at 0.74, but if you add in Cash Flow after Dividends, it is good at 1.92. The Debt Ratio is good at 1.71. The Leverage and Debt/Equity Ratios are fine at 2.41 and 1.41.

Type	Ratio '22	Ratio Curr
Lg Term R	0.20	0.17
Intang/GW	0.25	0.22
Liquidity	0.74	1.12
Liq. + CF	1.92	2.62
Debt Ratio	1.71	1.78
Leverage	2.41	2.28
D/E Ratio	1.41	1.28

The Total Return per year is shown below for years of 5 to 21 to the end of 2022 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2017	5	15.33%	15.85%	15.02%	0.82%
2012	10	13.11%	20.75%	19.69%	1.05%
2007	15	0.36%	12.05%	11.11%	0.93%
2002	20	4.35%	14.91%	12.71%	2.20%
2001	21		15.37%	12.98%	2.39%

The Total Return per year is shown below for years of 5 to 21 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	13.58%	14.14%	13.32%	0.82%
2012	10	9.71%	17.00%	16.06%	0.94%
2007	15	-1.72%	9.89%	9.01%	0.89%
2002	20	5.15%	14.82%	12.37%	2.46%
2001	21		19.27%	15.30%	3.97%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 35.59, 40.90, and 46.22. The corresponding 10 year ratios are 31.01, 36.38 and 41.15. The corresponding historical ratios are 25.16, 29.00 and 32.84. The current P/E Ratio is 36.31 based on a stock price of $181.18 and EPS estimate for 2023 of $4.99 ($3.74 US$). The current ratio is between the low and median ratios of the 10 year ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in CDN$.

I also have Adjusted Earning per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 27.21, 31.06 and 38.08. The corresponding 10 year ratios are 21.62, 28.25 and 32.66. The current P/AEPS Ratio is 32.19 based on AEPS estimate for 2023 of $4.22 and a stock price of $135.83. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$, but you get a similar result in CDN$.

I get a Graham Price of $66.63. The 10-year low, median, and high median Price/Graham Price Ratios are 1.62, 1.88 and 2.13. The current P/GP Ratio is 2.72 based stock price of $181.18. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 2.71. The current P/B Ratio is 4.83 based on a stock price of $135.83, Book Value of $7,234M and Book Value per Share of $28.13. The current ratio is 78% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I also have a Book Value per Share estimate for 2023 of $29.70. This implies a ratio of 4.57 and Book Value of $7,637.72 with a stock price of $135.83. The resulting ratio is 69% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 13.74. The current P/CF Ratio is 16.25 based on a stock price of $135.83, Cash Flow per Share estimate for 2023 of $8.36. The current ratio is 18% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$ and you will get a similar result in CDN$.

I get an historical median dividend yield of 1.17%. The current dividend yield is 0.75% based on dividends of $1.02 and a stock price of $135.83. The current dividend yield is 36% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

I get a10 year median dividend yield of 0.84%. The current dividend yield is 0.75% based on dividends of $1.02 and a stock price of $135.83. The current dividend yield is 11% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$ and you will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 3.54. The current P/S Ratio is 4.32 based on a stock price of $135.83, Revenue estimate for 2023 of $8,079M, and Revenue per Share of $31.42. The current P/S Ratio is 22% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$ and you will get a similar result in CDN$.

Results of stock price testing is that the stock price could be reasonable, but at the high end of the range or into the expensive range. The 10 year dividend yield test says it is reasonable but above the median. This is not confirmed by the P/S Ratio test that says the stock is expensive (but just inside the expensive range). Most of the other testing is saying the stock price is above the median or into the expensive range.

When I look at analysts’ recommendations, I find Strong Buy (13), Buy (5), Hold (1), and Sell (2). The consensus is a Buy. The 12 months stock price consensus is $206.56 ($154.83 US$). This implies a total return of 14.76% with 14.01% from capital gains and 0.75% from dividends. Negative comments on this stock are that waste management is not a growth stock and can only grow by consolidation. Another thought that Waste Management Inc (NYSE-WM) was a better buy,

On Stock Chase there are two buys and one hold in 2023. Stock Chase gives this stock 4 stars out of 5. Vishesh Raisinghani on Motley Fool thinks this stock could be a safe haven. Amy Legate-Wolfe on Motley Fool thinks this is a good buy for small investors. The company put out a Press Release via Newswire about their 2022 results. The company put out a Press Release on their first quarter of 2023 results.

This company was reviewed by via Yahoo Finance by Zacks Equity Research. They rated it a hold. Simply Wall Street on Yahoo Finance talks about insider selling. Simply Wall Street has 1 warning of has a high level of debt. Simply Wall Street gives this stock 3 stars out of 5.

Waste Connections is the third-largest integrated provider of traditional solid waste and recycling services in the North America. The firm serves residential, commercial, industrial, and energy end markets. Waste Connections entered the Canadian market with its 2016 merger with Progressive Waste. Its web site is here Waste Connections Inc.

The last stock I wrote about was about was Lassonde Industries Inc (TSX-LAS.A, OTC-LSDAF) ... learn more. The next stock I will write about will be CI Financial Corp (TSX-CIX, NYSE-CIXX) ... learn more on Wednesday, June 21, 2023 around 5 pm. Tomorrow on my other blog I will write about My Fooling Around Money .... learn more on Tuesday, June 20, 2023 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. 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.

Lassonde Industries Inc

Sound bite for Twitter and StockTwits is: Dividend Paying Consumer. The stock price is cheap. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is low with dividends being cut. See my spreadsheet on Lassonde Industries Inc.

Is it a good company at a reasonable price? One problem with this small cap is that it is not traded often, but it seems to be traded at least daily. The other problem is that the dividends are being cut. If you look at long term returns, Dividend Cutters are at the bottom, after Dividend Growth, Dividend Paying, and Non-Dividend stocks. I have some 31 years of data and this company has done fine for shareholders in the past. But it does currently have problems showing up in the dividend cuts. On the other hand, the stock price is cheap. But it is cheap for a reason.

I do not own this stock of Lassonde Industries Inc (TSX-LAS.A, OTC-LSDAF). Although this stock is not on the Investment Reporter list, MPL communications does write about this stock. It has been covered several times in their Advice Hotline emails in 2010. Reports have been favorable and they suggest buying it for dividends and long term capital gains.

When I was updating my spreadsheet, I noticed that this company although has been increasing their sales, they have not been increasing their Earnings or Cash Flow over the past 5 years. They recently have been cutting their dividends. The recent series of dividend cuts started in 2019, and then they cut the dividends in 2022 and 2023. Dividends investors do not like dividend cuts and this accounts for the lower stock price. See chart below.

Year	Item	Tot. Growth	Per Year
5	Revenue Growth	40.94%	7.10%
5	EPS Growth - AESP	-27.20%	-6.15%
5	Net Income Growth	-40.03%	-9.72%
5	Cash Flow Growth	-83.44%	-30.20%
5	Dividend Growth	27.35%	4.95%
5	Stock Price Growth	-56.53%	-15.35%
10	Revenue Growth	110.42%	7.72%
10	EPS Growth - AESP	48.97%	4.07%
10	Net Income Growth	22.74%	2.07%
10	Cash Flow Growth	124.22%	8.41%
10	Dividend Growth	-76.36%	-13.43%
10	Stock Price Growth	47.88%	3.99%

If you had invested in this company in December 2012, for $1,053.50 you would have bought 111 shares at $75.25 per share. In December 2022, after 10 years you would have received $328.02 in dividends. The stock would be worth $1,557.92. Your total return would have been $1,885.94.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$75.25	$1,053.50	14	10	$328.02	$1,557.92	$1,885.94

However, if you had invested in this company in December 2017, for $1,024.08 you would have bought 4 shares at $256.02 per share. In December 2022, after 5 years you would have received $57.80 in dividends. The stock would be worth $445.12. Your total return would have been $502.92.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$256.02	$1,024.08	4	5	$57.80	$445.12	$502.92

The current dividend yield is low with dividends being cut. The current dividend yield is low (below 2%) at 1.77%. The 5, 10 and historical dividend yields are also low at 1.82%, 1.39% and 1.76%. The last dividend change was in 2023 and it was a dividend cut of 29%. I have 34 years of dividend data and yearly dividends have been cut 4 times and increased 19 time. Three of the cuts were recent in 2019, 2020 and 2022, but the dividends were increased in 2021.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2022 for Earnings per Share (EPS) is 38% with 5 year coverage at 27%. The DPR for 2022 for Adjusted Earnings per Share (AEPS) is 32% with 5 year coverage at 27%. The DPR for 2022 for Cash Flow per Share (CFPS) is 13% with 5 year coverage at 12%. The DPR for 2022 for Free Cash Flow is negative so unhelpful, with 5 year coverage at 23%.

Item	Cur	5 Years
EPS	37.96%	27.26%
AEPS	31.80%	27.10%
CFPS	13.12%	11.58%
FCF	-76.72%	22.84%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio is good and low at 0.20. The Liquidity Ratio is fine at 1.53. The Debt Ratio is good at 2.41. The Leverage and Debt/Equity Ratios are good and low at 1.71 and 0.71.

Type	Ratio '22	Ratio Curr
Lg Term R	0.20	0.32
Intang/GW	0.69	0.65
Liquidity	1.53	2.05
Liq. + CF	1.53	2.12
Debt Ratio	2.41	2.37
Leverage	1.71	1.73
D/E Ratio	0.71	0.73

The Total Return per year is shown below for years of 5 to 32 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	4.95%	-13.73%	-15.35%	1.62%
2012	10	-2.68%	6.52%	3.99%	2.53%
2007	15	12.20%	9.67%	6.97%	2.70%
2002	20	11.15%	13.19%	10.06%	3.12%
1997	25	9.92%	9.59%	7.39%	2.19%
1992	30	9.61%	10.71%	8.36%	2.35%
1990	32	9.89%	13.12%	10.09%	3.03%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 12.85, 16.52 and 19.77. The corresponding 10 year ratios are 15.26, 17.59 and 20.14. The corresponding historical ratios are 11.66, 13.59 and 16.01. The current P/E Ratio is 9.99 based on a stock price of $112.87 and an EPS estimate for 2023 of $11.30. The current ratio is below the low ratios of the 10 year median ratio. 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 12.25, 14.79 and 17.33. The corresponding 10 year ratios are 15.26, 17.59 and 19.93. The current P/AEPS Ratio is 10.01 based on a stock price of $112.87 and AEPS estimate for 2023 of $11.28. The current ratio is below the low ratios of the 10 median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $181.99. The 10-year low, median, and high median Price/Graham Price Ratios are 1.07, 1.24 and 1.07. The current P/GP Ratio is 0.62 based on a stock price of $112.87. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 1.95. The current P/B Ratio is 0.86 based on a stock price of $112.87, Book Value of $890M and Book Value per Share of $130.79. The current ratio is 56% 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 9.70. The current P/CF Ratio is 19.39 based on a stock price of $112.87, Cash Flow for the last 12 months of $40M and Cash Flow per Share of $5.82. The current ratio is 99.9% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

However, if you look at Cash Flow excluding Working Capital, you will come to a different conclusion. The 10-year median Price/Cash Flow (excluding WC) per Share Ratio is 6.97. The current P/CF Ratio is 4.74 based on a stock price of $112.87, Cash Flow excluding WC for the last 12 months of 162M, and Cash Flow per Share of $23.82. The current ratio is 32% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I published notes on Cash Flow excluding working Capital here. I also go into this in notes on Goeasy Ltd published on Wednesday, June 14, 2023.

I get an historical median dividend yield of 1.76%. The current dividend yield is 1.77% based on dividends of $2.00 and a stock price of $112.87. The current ratio is 0.7% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a 10 year median dividend yield of 1.39%. The current dividend yield is 1.77% based on dividends of $2.00 and a stock price of $112.87. The current ratio is 27% 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 0.71. The current P/S Ratio 0.34 based on Revenue estimate for 2023 of $2,279M, Revenue per Share of $334.08 and a stock price of $112.87. The current P/S Ratio is 52% 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 testing is saying that the stock price is cheap and it is confirmed by the P/S Ratio test. Most of the other testing is saying the same thing.

When I look at analysts’ recommendations, I find only one Recommendation of a Hold. The consensus would be a Hold. The 12 month stock price consensus is $130.00. This implies a total return of 16.95% with 15.18% from capital gains and 1.77% from dividends. Yahoo Finance is showing analysts’ recommendations of Hold (1) and a target also of $130.00.

Last analyst’s recommendation on Stock Chase was in 2021 and it was a Hold. Stock Chase gives this stock 1 star out of 5. It has never been on the Money Sense List. Adam Othman on Motley Fool reviews this stock in May 2023. Nikhil Kumar on Motley Fool reviews this stock in 2021. The company put out a Press Release on Newswire about their 2022 results. The company put out a press release on Newswire about their first quarter of 2023 results. Simply Wall Street on Yahoo Finance reviewed this stock in 2022. Simply Wall Street gives this stock 2 stars out of 5. They list 3 warnings of earnings have declined by 3.8% per year over past 5 years; dividend of 2.57% is not well covered; and profit margins (2.6%) are lower than last year (3.7%).

Lassonde Industries Inc is engaged in the development, manufacturing, and marketing of ready-to-drink fruit and vegetable juices and drinks. It also acts as a producer of store-brand shelf-stable fruit juices and drinks in the United States and a producer of cranberry sauces. Lassonde has a presence in Canada and the United States. It earns most of the revenue in the United States. Its web site is here Lassonde Industries Inc.

The last stock I wrote about was about was Goeasy Ltd (TSX-GSY, OTC-EHMEF) ... learn more. The next stock I will write about will be Waste Connections Inc (TSX-WCN, NYSE-WCN) ... learn more on Monday, June 19, 2023 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. 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.

Goeasy Ltd

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

Is it a good company at a reasonable price? Personally, I would not buy this stock as I do not like Pay Loan type businesses. It may be the only way for some to buy things that they want, but it is not the sort of business I want to invest in. The company does have good growth, but I would worry about the debt and debt ratios. The stock price is probably reasonable.

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

When I was updating my spreadsheet, I noticed that this company has great growth. I worry about the Debt/Market Cap Ratio is high at 1.27 for 2022 and is presently at 1.32. That means that their debt is higher than the Market Cap. This ratio is bad at 1.00 and above and is better at 0.50. They do not separate out current and long term debt, but it is not that hard to see the debt among the liabilities.

The other thing that has worried me and have stopped me from investing in this company is they have a reputation of very high interest rates. This is not how I want to invest.

If you had invested in this company in December 2012, for $1,001.22 you would have bought 111 shares at $9.02 per share. In December 2022, after 10 years you would have received $1,303.14 in dividends. The stock would be worth $11,815.95. Your total return would have been $13,119.09.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$9.02	$1,001.22	111	10	$1,303.14	$11,815.95	$13,119.09

They do have some good growth as you can see from the chart below. I included Cash Flow Growth excluding Working Capital as this is another way of looking at Cash Flow. I published notes on this here. See also. See Investopedia. So, there are reasons to look at the Cash Flow excluding the Working Capital.

Year	Item	Tot. Growth	Per Year
5	Revenue Growth	151.55%	20.26%
5	AEPS Growth	288.89%	31.21%
5	Net Income Growth	287.91%	31.14%
5	Cash Flow Growth	0.00%	0.00%
5	CF Growth Excl. WC	235.71%	27.41%
5	Dividend Growth	409.77%	38.51%
5	Stock Price Growth	186.54%	23.43%
10	Revenue Growth	410.50%	17.71%
10	AEPS Growth	1227.59%	29.51%
10	Net Income Growth	1167.62%	28.91%
10	Cash Flow Growth	0.00%	0.00%
10	CF Growth Excl. WC	684.70%	22.88%
10	Dividend Growth	841.67%	25.14%
10	Stock Price Growth	1080.16%	28.00%

The current dividend yield is moderate with dividend growth good. The current dividend yield is moderate (2% to 4% ranges) at 3.48%. The 5, 10 and historical median dividend yields are also moderate at 2.07%, 2.12% and 2.21. The current dividend growth is 38.5% per year over the past 5 years. The last dividend increase was for 5.5% and it occurred in 2023.

The Dividend Payout Ratios (DPR) are fine. The DPR for Earnings per Share (EPS) for 2022 is 40% with 5 year coverage at 20%. The DPR for 2022 for Adjusted Earnings per Share (AEPS) is 29% with 5 year coverage at 24%. The DPR for 2022 for Cash Flow per Share (CFPS) is 10% with 5 year coverage at 8%. The DPR for Free Cash Flow is negative. However, there are disagreements between site on what the FCF is.

Item	Cur	5 Years
EPS	40.26%	20.09%
AEPS	29.35%	24.19%
CFPS	10.14%	7.96%
FCF	-3.12%	-7.86%

Some Debt Ratios are awful. The Long Term Debt/Market Cap Ratio for 2022 is too high at 1.27. It is even higher currently at 1.30. If over 1.00, it means that the Long Term Debt is higher than the Market Cap (Shares times stock price). The stock price has come down, but debt has also gone up. Debt increased 72% in 2021 and 40% in 2022.

The Liquidity Ratio is fine at 1.46 for 2022. The Debt Ratio is low for 2022 at 1.36, I prefer it to be at 1.50 or above for safety’s sake. The Leverage and Debt/Equity Ratios for 2022 are too high at 3.80 and 2.80. I prefer them to be below 3.00 and below 2.00.

Type	Ratio '22	Ratio Curr
Lg Term R	1.27	1.30
Intang/GW	0.18	0.17
Liquidity	1.46	1.68
Liq. + CF	0.79	1.94
Debt Ratio	1.36	1.35
Leverage	3.80	3.87
D/E Ratio	2.80	2.87

The Total Return per year is shown below for years of 5 to 27 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	38.51%	26.45%	23.43%	3.01%
2012	10	25.14%	31.16%	28.00%	3.17%
2007	15	18.37%	13.46%	11.89%	1.58%
2002	20	20.40%	20.09%	17.31%	2.77%
1997	25		8.63%	7.88%	0.75%
1995	27		7.09%	6.45%	0.64%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 8.74, 11.97 and 15.21. The corresponding 10 year ratios are 8.80, 11.76 and 14.97. The corresponding historical ratios are 9.41, 12.67 and 16.28. The current P/E Ratio is 8.42 based on a stock price of $110.33 and EPS estimate for 2023 of $13.10. 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 8.34, 11.95 and 15.21. The corresponding 10 year ratios are 8.23, 11.42 and 14.52. The current P/AEPS Ratio is 8.09 based on a stock price of $110.33 and AEPS for 2023 of $13.64. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a Graham Price of $129.40. The 10-year low, median, and high median Price/Graham Price Ratios are 0.74, 0.98 and 1.36. The current P/GP Ratio is 0.85 based on a stock price of $110.33. 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 10-year median Price/Book Value per Share Ratio of 1.94. The current P/B Ratio is 2.02 based on a stock price of $110.33, Book Value of $902M and Book Value per Share of $54.56. The current P/B Ratio is 4% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I also have a Book Value per Share estimate for 2023 of $62.60. This implies a P/B Ratio of 1.77, Book Value of $1,028M with a stock price of $110.33. This ratio is 9% 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 negative 3.70. Negative values are not good for doing stock price testing. The current P/CF Ratio is 5.08 based on Cash Flow per Share estimate for 2023 of $21.70 and a stock price of $110.33. This is a low values and points to a cheap price.

I get an historical median dividend yield of 2.21%. The current dividend yield is 3.48% based on dividends of $3.84 and a stock price of $110.33. The current yield is 57% above the historical median dividend yield. This stock price testing suggests that the stock price is cheap.

I get a 10 year median dividend yield of 2.12%. The current dividend yield is 3.48% based on dividends of $3.84 and a stock price of $110.33. The current yield is 64% above the historical median dividend yield. This stock price testing suggests that the stock price is cheap.

The 10-year median Price/Sales (Revenue) Ratio is 1.13. The current P/S Ratio is 1.47 based on Revenue estimates for 2023 of $1,239M, Revenue per Share of $74.94 and a stock price of $110.33. The current ratio is 30% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably reasonable. The dividend yield tests say that the stock price is cheap, but it is not confirmed by the P/S Ratio test which says the stock price is expensive. So, a reasonable price strikes a balance. Also, all the other tests say the stock price is cheap or reasonable.

When I look at analysts’ recommendations, I find Strong Buy (3), Buy (6) and Hold (1). The consensus would be a Strong Buy. The 12 months stock price consensus is $162.10. This implies a total return of 50.40% with 46.92% from capital gains and 3.48% from dividends.

The recommendations from analysts on Stock Chase range from Do Not Buy to Buy. The Do Not Buy range from Government Rules to Risky Loans. Stock Chase gives this stock 4 stars out of 5. Goeasy is on the Money Sense list ranked 22. It is also on the Aristocrats List. Adam Othman on Motley Fool thinks this is a value stock you should not ignore. Sneha Nahata on Motley Fool thinks this is a stock to buy now for massive returns over the next decade. 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 first quarter of 2023.

Simply Wall Street on Yahoo Finance reviews this stock. They give 4 warnings of debt is not well covered by operating cash flow; high level of non-cash earnings; dividend of 3.48% is not well covered; and shareholders have been diluted in the past year. Simply Wall Street gives this stock 3 stars out of 5.

Goeasy Ltd provides financial services company. The principal operating activities of the Company include: providing loans and other financial services to consumers and leasing household products to consumers. The Company operates in two reportable segments: easyfinancial and easyhome. The key revenue of the company is generated from easyfinancial. Its web site is here Goeasy Ltd.

The last stock I wrote about was about was Algonquin Power & Utilities Corp (TSX-AQN, NTSE-AQN) ... learn more. The next stock I will write about will be Lassonde Industries Inc (TSX-LAS.A, OTC-LSDAF) ... learn more on Friday, June 16, 2023 around 5 pm. Tomorrow on my other blog I will write about TD Bank.... learn more on Thursday, June 15, 2023 around 5 pm.

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

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

Algonquin Power & Utilities Corp

Sound bite for Twitter and StockTwits is: Dividend Paying Utility. Results of stock price testing is that the stock price is reasonable and maybe cheap. Debt Ratios are generally not good. The Dividend Payout Ratios (DPR) are generally awful. The current dividend yield is good with dividend growth stopped and dividends declining. See my spreadsheet on Algonquin Power & Utilities Corp.

Is it a good company at a reasonable price? The stock price might be cheap, it is certainly reasonable. However, caution is called for as the company has just decreased their dividends. If you look at charts on how well different stock do over time on the TSX, dividend growth stocks are at the top, dividend stocks next, then non-dividend stock and at the bottom, dividend cutters.

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

When I was updating my spreadsheet, I noticed that Long Term Debt/Market Cap went up high to 1.59. This is due to increasing debt and falling stock price. For 2023 they cut their dividends by 40%. The CFO, over the past year, increased his stock in this company by 247%. The new CEO bought shares. One officer raised their shares by 17% and another officer decreased their shares by 94%.

If you had invested in this company in December 2012, for $1,005.48 CDN$ you would have bought 147 shares at $6.84 per share. In December 2022, after 10 years you would have received $1,060.86 in dividends. The stock would be worth $1,296.54. Your total return would have been $2,357.40. This is in CDN$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$6.84	$1,005.48	147	10	$1,060.86	$1,296.54	$2,357.40

If you had invested in this company in December 2012, for $1,000.10 US$ you would have bought 146 shares at $6.85 per share. In December 2022, after 10 years you would have received $704.46 in dividends. The stock would be worth $951.92. Your total return would have been $1,656.38. This is in US$. In 2012, US$ and CDN$ exchange rates were much lower than today. Also, between 2012 and today, the company switch both the dividend payments and the Statement currency from CDN$ to US$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$6.85	$1,000.10	146	10	$704.46	$951.92	$1,656.38

The current dividend yield is good with dividend growth stopped and dividends declining. The current dividend yield is good (5% to 6% ranges) at 5.09%. The 5, 10 and historical dividend yields are moderate (2% to 4% ranges) at 4.49%, 4.62% and 4.79%. Dividends were cut in 2008, then in 2010 restarted. Dividends have again been cut in 2023 by 40%.

The Dividend Payout Ratios (DPR) are generally awful. DPR for 2022 for Earnings per Share (EPS) is negative with 5 year coverage at 109%. The DPR for 2022 for Adjusted Earnings per Share (AEPS) is 102% with 5 year coverage at 89%. The DPR for 2022 for Cash Flow per Share is 57% with 5 year coverage at 55%. (DPR for CDPS is best if 40% or less.) The DPR for 2022 for Adjusted Funds from Operations (AFFO) is 55% with 5 year coverage at 51%. The DPR for 2022 for Free Cash Flow is negative as FCF is negative.

Item	Cur	5 Years
EPS	-212.97%	109.28%
AEPS	101.86%	89.15%
CFPS	56.67%	54.51%
AFFO	55.13%	50.81%
FCF	-80.55%	-70.59%

Debt Ratios are generally not good. The long Term Debt/Market Cap Ratio for 2022 is 1.59 and too high. It is currently at 1.26 and this is too high. It means that the value of the company using the Market Cap is lower than the company’s debt. This ratio should not be higher than 1.00 and is better at 0.50. The Liquidity Ratio for 2022 is too low at 0.71 and even with Cash Flow after dividends is too low at 0.81. It currently is better with a ratio of 1.08 with Cash flow after dividends. However, a good ratio is 1.50 and above.

The Debt Ratio is good at 1.63. The Leverage and Debt/Equity Ratios are too high at 3.50 and 2.14. I prefer them to be below 3.00 and 2.00.

Type	Ratio '22	Ratio Curr
Lg Term	1.59	1.26
Intang/GW	0.32	0.25
Liquidity	0.71	0.75
Liq. + CF	0.81	1.08
Liq. CF DB	1.11	1.95
Debt Ratio	1.63	1.65
Leverage	3.50	3.39
D/E Ratio	2.14	2.05

The Total Return per year is shown below for years of 5 to 25 to the end of 2022 in CDN$. Under the Capital Gain column is the portion of the Total Return attributable to capital gains. Under the Dividend column is the portion of the Total Return attributable to dividends. See chart below.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2017	5	10.24%	-2.22%	-8.90%	6.68%
2012	10	12.72%	10.15%	2.57%	7.57%
2007	15	0.23%	6.17%	0.32%	5.86%
2002	20	1.09%	7.00%	-0.25%	7.26%
1997	25	0.55%	6.79%	-0.68%	7.47%

The Total Return per year is shown below for years of 5 to 19 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	8.56%	-3.56%	-10.19%	6.63%
2012	10	9.29%	6.35%	-0.49%	6.84%
2007	15	-1.85%	3.74%	-1.76%	5.50%
2003	19	1.87%	6.03%	-1.15%	7.18%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 10.02, 12.02 and 14.03. The corresponding 10 year ratios are 23.16, 28.12 and 25.87. The corresponding historical ratios are 23.61, 27.16 and 30.32. The current P/E Ratio is 10.78 based on a stock price of $11.44 and EPS estimate for 2023 of $1.06 ($0.79 US$). The current ratio is below the low ratio of the 10 year median ratios and is also quite low for a P/E Ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is done in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 14.98, 19.29 and 23.17. The corresponding 10 year ratios are 16.44, 20.22 and 24.08. The current P/AEPS Ratio is 14.71 based on a stock price of $8.53 and AEPS estimate of $0.58. The current ratio is below the low ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you would get similar results in CDN$.

I also have Adjusted Funds from Operations (AFFO) data. The 5-year low, median, and high median Price/Adjusted Funds from Operations Ratios are 8.88, 10.83 and 12.78. The corresponding 10 year ratios are 8.01, 9.25 and 11.50. The current P/AFFO ratio is 6.77 based on a stock price of $8.53 and AFFO for the last 12 months of $854.80 and AFFO per Share of $1.26. The current ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you would get similar results in CDN$.

I get a Graham Price of $13.50. The 10-year low, median, and high median Price/Graham Price Ratios are 1.09, 1.28 and 1.50. The current P/GP Ratio is 0.85 based on a stock price of $11.44. The current P/GP Ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is done in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.67. The current P/B Ratio is 1.10 based on a stock price of $8.53, Book Value of $2,292M and Book Value per Share of $7.74. The current ratio is 34% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you would get similar results in CDN$.

I also have Book Value per Share estimate for 2023 of $8.20. This implies a Book Value of $7,056M and a ratio of 1.04 with a stock price of $8.53. Because this analyst calculated Book Value per Share differently from me, here the 10 year median P/B Ratio is 1.57. The current ratio of 1.04 is 33.7% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you would get similar results in CDN$.

I get a 10-year median Price/Cash Flow per Share Ratio of 10.49. The current P/CF Ratio is 7.29 based on Cash Flow per Share estimate for 2023 of $1.17, Cash Flow of $683.6M and a stock price of $8.53. The current ratio is 30.5% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you would get similar results in CDN$.

I get an historical median dividend yield of 4.79%. The current dividend yield is 5.09% based on dividends of $0.434 and a Stock Price of $8.53. The current dividend is 6% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you would get similar results in CDN$. Also note that dividend is currently being decreased.

I get a 10 year median dividend yield of 4.62%. The current dividend yield is 5.09% based on dividends of $0.434 and a Stock Price of $8.53. The current dividend is 10% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you would get similar results in CDN$. Also note that dividend is currently being decreased.

The 10-year median Price/Sales (Revenue) Ratio is 2.80. The current P/S Ratio is 2.04 based on Revenue estimate for 2023 of $2,854M, Revenue per Share of $4.17 and a stock price of $8.53. The current ratio is 27% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you would get similar results in CDN$.

Results of stock price testing is that the stock price is reasonable and maybe cheap. The dividend yield tests are showing stock price as reasonable. The P/S Ratio test is showing the stock price as cheap. All the other tests are showing the stock price as cheap. The dividend yield test is different because of recent dividend cuts.

When I look at analysts’ recommendations, I find Strong Buy (1) Buy (3), Hold (10) and Sell (1). The consensus would be a Hold. The 12 month stock price consensus $11.51 ($8.57 US$). This implies a total return of 5.74% with 0.65% from capital gains and 5.10% from dividends.

Analyst on Stock Chase gives this stock ratings of Buy, Hold and Sell. Stock Chase gives this stock 5 stars out of 5. It is on the Money Sense list ranking at 85. Joey Frenette on Motley Fool says it is getting too cheap. Rajiv Nanjapla on Motley Fool says this is a good stock for income seekers, as the company has taken the appropriate steps. The company put out a press release on newswire about their 2022 results. The company put out a press release on Newswire about their first quarter of 2023 results.

Simply Wall Street put out a report on Yahoo Finance on who owns this company. Simply Wall Street gives out two warnings on this stock of interest payments are not well covered by earnings; and dividend of 5% is not well covered by earnings or cash flows. Simply Wall Street gives this stock 1 and one half stars out of 5.

Algonquin Power & Utilities Corp, a parent company of Liberty, is a diversified international generation, transmission, and distribution utility. It has two business groups, the Regulated Services Group, and the Renewable Energy Group. They have customer in the United States and Canada. AQN provides renewable energy through its portfolio of long-term contracted wind, solar, and hydroelectric generating facilities. Its web site is here Algonquin Power & Utilities Corp.

The last stock I wrote about was about was Ensign Energy Services (TSX-ESI, OTC-ESVIF) ... learn more. The next stock I will write about will be Goeasy Ltd (TSX-GSY, OTC-EHMEF) ... learn more on Wednesday, June 14, 2023 around 5 pm. Tomorrow on my other blog I will write about Dividend Investing.... learn more on Tuesday, June 13, 2023 around 5 pm.

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

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

Ensign Energy Services

Sound bite for Twitter and StockTwits is: Small Cap Industrial. Results of stock price testing is that the stock price is probably cheap. Some Debt Ratios are awful and the company has lots of debt. The dividends are currently suspended, so I cannot talk about dividend yields, growth, or Dividend Payout Ratios. See my spreadsheet on Ensign Energy Services.

Is it a good company at a reasonable price? I will retain this stock for now. However, what should give anyone pause is the amount of debt it has. The company has said that it plans to buy down its debt. You should not invest in this company any money you cannot afford to lose. The price is certainly cheap.

I own this stock of Ensign Energy Services (TSX-ESI, OTC-ESVIF). I bought this stock in June 2012. Stock is a good one and was rather cheap in June of 2012. I had been following this stock for some time. I sold this stock in December 2014 to buy Mullen instead. Details of why is in a December 2014 post. I know I would be selling Ensign at a loss, but I also could buy Mullen cheaply. See report. In June 2020, Ensign was selling at $0.74. It was quite a low, so I bought some. I again bought more in May 2021 at $1.33.

When I was updating my spreadsheet, I noticed I originally bought this stock in 2012. Because it was in trouble, I sold at a loss in 2014. However, in 2020, it was very cheap, so I bought some of this stock. On this company, by total return from 2014 is a loss of 2.29% with a capital loss of 3.60% and dividends of 1.31%. Since I rebought the stock in 2020 and then again in 2021, my total return is 33.91% per year with all of it capital gains.

One thing I noticed is the executive officers and directors I follow have money invested in this company. For example, even at the low price now of $2.18 on June 2, the CEO had stocks worth over $3M, the CFO has stocks worth over $.5M, and the Chairman has stocks worth over $1.7M.

The following chart shows that there has been growth over the past 5 years, but not over the past 10 years.

Year	Item	Tot. Growth	Per Year
5	Revenue Growth	57.63%	9.53%
5	FFO Growth	134.44%	18.58%
5	Net Income Growth	121.59%	17.25%
5	Cash Flow Growth	136.75%	18.81%
5	Dividend Growth	0.00%	0.00%
5	Stock Price Growth	-47.30%	-12.02%
10	Revenue Growth	-28.22%	-3.26%
10	FFO Growth	-35.47%	-4.29%
10	Net Income Growth	-96.26%	-28.01%
10	Cash Flow Growth	-39.12%	-4.84%
10	Dividend Growth	0.00%	0.00%
10	Stock Price Growth	-77.81%	-13.98%

If you had invested in this company in December 2012, for $1,014.42 you would have bought 66 shares at $15.37 per share. In December 2022, after 10 years you would have received $226.38 in dividends. The stock would be worth $225.06. Your total return would have been $451.44.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$15.37	$1,014.42	66	10	$226.38	$225.06	$451.44

The dividends are currently suspended, so I cannot talk about dividend yields, growth, or Dividend Payout Ratios.

Some Debt Ratios are awful and the company has lots of debt. The Long Term Debt/Market Cap ratio is currently too high at 1.46. If I include their Credit Facility in this, as it can be rolled over, the ratio is 3.67. Part of the reason for the high ratio is falling stock price, but also debt has risen. Debt grow om 2018 by 456%. Any ratio over 1.00 is too high, but a lot of analysts think that this ratio over 0.50 is too high. The ratio of 2022 was 0.89.

The Liquidity Ratio is too low at 0.40 in 2022 at 0.40. If this is below 1.00, it means that current assets cannot cover current liabilities. If I add in Cash Flow, the ratio is only 0.67. Only if I add back in the current portion of the long term debt, this ratio is over 1.50 (a reasonable ratio), at 1.61. The Debt Ratio is good at 1.68. The Leverage and Debt/Equity Ratios are fine at 2.47 and 1.47.

Type	Ratio '22	Ratio Curr
Lg Term	0.89	1.46
Intang/GW	0.00	0.00
Liquidity	0.40	0.40
Liq. + CF	0.67	0.73
Liq, CF,DB	1.61	1.58
Debt Ratio	1.68	1.70
Leverage	2.47	2.43
D/E Ratio	1.47	1.43

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	0.00%	-8.17%	-12.02%	3.85%
2012	10	0.00%	-10.10%	-13.98%	3.88%
2007	15	0.00%	-5.11%	-9.50%	4.39%
2002	20	0.00%	1.13%	-4.37%	5.49%
1997	25	0.00%	3.27%	-2.08%	5.36%
1992	30	0.00%	23.93%	9.22%	14.70%
1991	31	0.00%	25.46%	10.23%	15.24%

The 5-year low, median, and high median Price/Earnings per Share Ratios are all negative and so useless. The corresponding 10 year ratios are also all negative and useless. The corresponding historical ratios are 8.53, 12.27 and 16.43. The current P/E Ratio is 6.97 based on a stock price of $2.09 and EPS estimate for 2023 of $0.30. This ratio is a low one and it is lower than the low ratio of this historical median ratio. This stock price testing suggests that the stock price is relatively cheap.

I have Funds from Operation (FFO) data. The 5-year low, median, and high median Price/FFO Ratios are all 0.86, 1.56 and 2.36. The corresponding 10 year median ratios are 2.99, 4.20 and 5.42. The current P/FFO Ratio is 0.92. 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 Graham Price of $18.96. The 10-year low, median, and high median Price/Graham Price Ratios are 0.24, 0.35 and 0.46. The current P/GP Ratio is 0.11 based on a stock price of $2.09. This ratio is below the low ratio of the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 0.58. The current P/B Ratio is 0.30 based on a Book Value of $1,292M, Book Value per Share of $7.04 and a stock price of $2.09. The current ratio is 49% 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 2023 of $7.26. This implies a P/B Ratio of 0.29, Book Value of $1,332M with a stock price of $2.09. This ratio is ratio is 50% 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 4.02. The current P/CF Ratio is 1.04 based on a stock price of $2.09, Cash Flow per Share estimate for 2023 of $2.01 and a stock price of $2.09. The current ratio is 74% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

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

The 10-year median Price/Sales (Revenue) Ratio is 0.85. The current P/S Ratio is 0.20 based on Revenue estimate for 2023 of $1,898M, Revenue per Share of $10.35 and a stock price of $2.09. The current ratio is 76% 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 P/S Ratio test says this as does the rest of the stock price testing.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (4) and Hold (3). The consensus would be a Buy. The 12 month stock price consensus is $4.67. This implies a total return of 123.44% all from capital gains.

There seems to be one analyst on Stock Chase following this stock and he has named it as his top pick for the last two years. Stock Chase gives this stock 1 star out of 5. Christopher Liew on Motley Fool says it is a favourite stock for March 2023 and he expects it will take off. Amy Legate-Wolfe on Motley Fool. The company put out a press release on Newswire about their 2022 results. The company put out a press release on Newswire about their results for the first quarter of 2023.

Simply Wall Street on Yahoo Finance thinks there is a current opportunity in investing in this stock. Simply Wall Street gives out 1 warning on this company of Interest payments are not well covered by earnings. Simply Wall Street gives this stock 2 and one half stars out of 5.

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

The last stock I wrote about was about was Adentra Inc (TSX-ADEN, OTC- HDIUF) ... learn more. The next stock I will write about will be Algonquin Power & Utilities Corp (TSX-AQN, NTSE-AQN) ... learn more on Monday, June 12, 2023 around 5 pm.

This blog is meant for educational purposes only and is not to provide investment advice. 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.