Brookfield Corp

Sound bite for Twitter and StockTwits is: Dividend Paying Financial. Results of stock price testing is that the stock price could be relatively reasonable and could be relatively expensive. There is certainly room for improvement in the Debt Ratios for this company. The Dividend Payout Ratios (DPR) should be fine in 2023. The current dividend yield is low with dividend recently cut. See my spreadsheet on Brookfield Corp .

Is it a good company at a reasonable price? Personally, I would not buy any Brookfield companies. The whole mess is complicated and they continue to restructure. My spreadsheet is showing 10 since 1973. I am sure that this is not for the benefit of people buying shares on the stock exchanges. However, people who have bought Brookfield shares appear to be getting a nice profit. See Total Return charts below. Analysts seem to imply that the stock price is going to up a lot in the next 12 months. Some of the sites seem to be confusing US$ and CDN$ currency in their estimates. Some estimates make no sense to me, so who knows.

I do not own this stock of Brookfield Corp (TSX-BN, NYSE-BN). The company’s statements and reviews are always a pain in the ass. As far as I can see, the stock price is lowered because of the spin off, but they have not reduced other items like Revenue and EPS in connection with the spin-off. Also, the Stock Prices I found on TD, they did not reduce the stock price by 88%, but seemed to have reduced the stock prices by 79%. Brookfield financials and all their different company’s financial have always been difficult. That is why I would not invest in this company or their related companies.

Where I go for estimates, sites do not seem to have switched to having ones for Brookfield Corp with a symbol of BN or there is not much in the way of estimates or estimates that make any sense to me. Perhaps this is because they do not know where this version of Brookfield is going?

When I was updating my spreadsheet, I noticed changes in this stock on December 2, 2022. Brookfield Asset Management (TSX-BAM, NYSE-BAM). Brookfield Asset Management is changing its TSX Symbol from BAM.A to BAM and the company is spinning off asset management business to shareholders and post spinoff, Brookfield Asset Management is renamed Brookfield Corporation with a TSX symbol of BN and spin off will be named Brookfield Asset Management with the TSX symbol of BAM. Brookfield Corp will continue with the Brookfield Dividend of 0.56 US$.

This is a site I found with notes called Stock Spinoff Investing. The Motley Fool staff put out some notes also.

It is interesting that my American site (WSJ) for stock prices, gives stock prices previous to 2022 for Brookfield Corp (BN) but not for the US$ versions of this stock (NYSE-BN) and not for Brookfield Asset Management (NYSE-BAM). My brokerage firm, TD, gives stock prices prior to 2022 for Brookfield Corp (NYSE-BN).

If you had invested in this company in December 2012, for $1,010.60 you would have bought 78 shares at $12.96 per share. In December 2022, after 10 years you would have received $1,402.92 in dividends. The stock would be worth $3,321.24. Your total return would have been $4,724.16. This is a total return would be a total return of 14.92% per year with 9.21% from capital gain and 5.70% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$12.96	$1,010.60	78	10	$1,402.92	$3,321.24	$4,724.16

The current dividend yield is low with dividend recently cut. The current dividend yield is low (below 2%) at 0.86%. The 5 and 10 year median dividend yields are also low at 1.66% and 1.79%. The historical dividend yield is moderate (2% to 4%) ranges at 2.51%. The dividend had been growing at a moderate rate (8% to 14% ranges) at 8.5% per year over the past year. However, in 2023, the company cut the dividend by 50%.

The Dividend Payout Ratios (DPR) should be fine in 2023. The DPR for 2022 for Earnings per Share (EPS) is 719% with 5 year coverage at 144%. The DPR for 2023 is good, coming in at 26%. The DPR for 2022 for Funds from Operations (FFO) is 15% with 5 year coverage at 14%. The DPR for 2022 for Cash Flow per Share (CFPS) is 114% with 5 year coverage at 36%. The DPR for 2023 is expected to be 5%. The DPR for 2022 for Free Cash Flow (FCF) is 68% with 5 year coverage at 40%. There is some disagreement on what the FCF is for the company, but most of the values are close.

Item	Cur	5 Years
EPS	719.33%	144.06%
FFO	14.66%	14.00%
CFPS	113.94%	36.10%
FCF	67.92%	40.18%

There is certainly room for improvement in the Debt Ratios for this company. The Long Term Debt/Covering Assets ratio for 2022 is high at 1.00, but better currently at 0.76. The Intangible and Goodwill/Market Cap Ratio is too high at 1.36, better currently at 1.11, but still high. This means that the company has intangibles on their balance sheet higher than the stock’s market cap. Often when this happens, there would be a write-down. But who knows what Brookfield will do.

The Liquidity Ratio for 2022 is low at 1.43 and adding cash flow after dividends does not help. The Liquidity Ratio including cash flow after dividends is currently at 1.58 and this is fine. I prefer this value to be 1.50 or higher. The Debt Ratio for 2022 is a bit low at 1.47 but fine. However, I do like this ratio to be 1.50 or higher. The current one is close to this. The Leverage and Debt/Equity Ratios for 2022 ae too high at 3.11 and 2.11. I prefer these to be below 3.00 and 2.00.

Type	Year End	Ratio Curr
Lg Term /A	1.00	0.76
Lg Term R	4.32	3.91
Intang/GW	1.36	1.11
Liquidity	1.43	1.41
Liq. + CF	1.35	1.58
Debt Ratio	1.47	1.48
Leverage	3.11	3.07
D/E Ratio	2.11	2.07

The Total Return per year is shown below for years of 5 to 35 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	9.74%	14.74%	7.85%	6.89%
2012	10	12.02%	18.75%	12.63%	6.12%
2007	15	9.06%	12.84%	8.51%	4.33%
2002	20	6.82%	19.22%	13.56%	5.65%
1997	25	7.34%	16.27%	11.60%	4.67%
1992	30	6.08%	22.34%	13.97%	8.37%
1987	35	6.21%	12.97%	9.09%	3.88%

The Total Return per year is shown below for years of 5 to 35 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	8.45%	13.06%	6.26%	6.80%
2012	10	8.64%	14.92%	9.21%	5.70%
2007	15	6.80%	10.38%	6.24%	4.14%
2002	20	7.64%	21.30%	14.34%	6.97%
1997	25	7.56%	16.88%	11.83%	5.06%
1992	30	5.86%	21.78%	13.73%	8.05%
1987	35	6.08%	13.04%	8.96%	4.07%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 14.21, 16.34 and 18.47. The corresponding 10 year ratios are 13.41, 14.41 and 15.36. The corresponding historical ratios are 11.95, 12.33 and 12.96. The current P/E Ratio is 9.70 based on a stock price of $43.94 and EPS estimate for 2023 of $4.53 ($3.32 US$). The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

I also have Distributable Cash (DC) data. The 5-year low, median, and high median Price/ Distributable Cash per Share Ratios are 9.50, 12.33 and 14.61. The corresponding 6 year ratios are 10.39, 12.82 and 14.89. The current P/DC Ratio is 8.94 based on a stock price of $32.02 and FFO estimate for 2023 of $3.58. This ratio is below the low ratio of the 6 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I also have Funds from Operations (FFO) data. The 5-year low, median, and high median Price/ Funds from Operations per Share Ratios are 6.74, 8.47 and 11.4. The corresponding 10 year ratios are 6.90, 8.37 and 10.79. The current P/FFO Ratio is 9.85 based on a stock price of $32.02 and FFO estimate for 2023 of $3.25. This ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$.

I get a Graham Price of $60.87. The 10-year low, median, and high median Price/Graham Price Ratios are 0.87, 0.99 and 1.06. The current P/GP Ratio is 0.72 based on a stock price of $43.94. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.22. The current P/B Ratio is 1.20 based on a Book Value of $41,652M, Book Value per Share of $26.63 and a stock price of $32.02. The current ratio is 2% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$ and you will get a similar result in CDN$.

I also have a Book Value per Share estimate of $27.00 for 2023. This implies a ratio of 1.19 with a stock price of $32.02 and Book Value of $42,224M. This ratio is 3% below the 10 year median ratio of 1.22. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.51. The current P/CF Ratio is 5.55 based on a stock price of $32.02, Cash Flow per Share estimate for 2023 of $5.77 and Cash Flow of $9,024M. The current ratio is 26% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$ and you will get a similar result in CDN$.

I get an historical median dividend yield of 2.51%. The current dividend yield is 0.87% based on dividends of $0.28 and a stock price of $32.02. This dividend yield is 65% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

I get a 10 year median dividend yield of 1.79%. The current dividend yield is 0.87% based on dividends of $0.28 and a stock price of $32.02. This dividend yield is 51% below the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively expensive.

The 10-year median Price/Sales (Revenue) Ratio is 0.86. The current ratio is 0.53 based on Revenue estimate for 2023 of $130,820M, Revenue per Share of $83.65 and a stock price of $43.94. The current ratio is 39% 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 could be relatively reasonable and could be relatively expensive. I did the best I could on estimates. Some estimates made no sense when they gave the value for 2022 compared to the financial statements. Some estimates said that they were in US$ when clearly, from 2022 value they were in CDN$. Some sites have nothing currently for the company, but list all the other Brookfield companies.

The dividend yield tests are pointing to an expensive stock price. The problem is the cut in dividends. This is never a good sign. The dividends were cut 50%, but Brookfield Corp said it retained 88% of the old company. Also, since the dividend yield is so low can we really consider this stock a dividend stock? The Revenue estimates imply that the stock price is cheap. Between cheap and expensive is reasonable. Other testing is pointing to cheap or reasonable stock price.

When I look at analysts’ recommendations, I find Strong Buy (7), Buy (1), Hold (2), Underperform (1). The consensus is a Buy. The 12 month target price is $61.20 with a high of $88.45 and low of $37.00. This appears to be in CDN$. The 12 month stock price target implies a total return of 40.15% with 39.28% from capital gains and 0.87% from dividends.

There are lots of comments on Stock Chase for this stock. Mostly they are a buy, but there are some Do Not Buy. Some just do not think they will do well in the near future. Stock Chase gives them 5 stars out of 5. They are on all the dividend lists I follow. Kay Ng on Motley Fool says buy because it is cheap, but buy for capital gains not dividends. Andrew Button on Motley Fool likes this company because it is big and it has a long history. (It has a long history of restructuring from my point of view and that is not good for shareholders.) The company put out a Press Release about their 2022 year end results. The company put out a Press Release on their results for the second quarter of 2023.

Simply Wall Street gives this stock 1 and one half stars out of 5. Simply Wall Street has 4 warnings of interest payments are not well covered by earnings; earnings have declined by 6.6% per year over past 5 years; large one-off items impacting financial results; and profit margins (0.2%) are lower than last year (4.2%).

Brookfield Corp owns and manages the commercial property, power, and infrastructure assets. Its investment focus includes Real Estate, Infrastructure, Renewable Power, and Private Equity. The company generates the majority revenue through Private Equity. Located around the world, its assets are concentrated in the United States, and Canada. Its web site is here Brookfield Corp .

The last stock I wrote about was about was Molson Coors Canada (TSX-TPX.B, NYSE-TAP) ... learn more. The next stock I will write about will be CCL Industries Inc (TSX-CCL.B, OTC-CCDBF) ... learn more on Friday, October 20, 2023 around 5 pm. Tomorrow on my other blog I will write about Investing Newsletters.... learn more on Thursday, October 19, 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.

Molson Coors Canada

Sound bite for Twitter and StockTwits is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably cheap. For Debt Ratios the Liquidity Ratio is important and is too low, the Intangible Ratio is too high and the other ratios are fine. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is moderate with dividend growth restarting. See my spreadsheet on Molson Coors Canada.

Is it a good company at a reasonable price? Just because a stock is cheap, it does not mean it is a buy. If you bought this you may make a satisfactory dividend, but dividends have been unstable recently. The company seems to be improving lately, but this is a risk. If I was looking for dividends, I would probably look elsewhere. However, the currently price does seem relatively cheap.

I do not own this stock of Molson Coors Canada (TSX-TPX.B, NYSE-TAP). In 2008 I did a spreadsheet on this stock as it has recently been recommended and generally, beer companies make good money. Labatt’s was one of the original companies that I purchased and I did very well with it before it was bought out.

When I was updating my spreadsheet, I noticed they had cut their dividends in 2020. They have been raising them rapidly and the dividends are back to where they were in 2018. However, they are not back to the level of 2019 and are still 16% below that level.

As you can see from the following chart, there has been no growth over the past 5 years and little over the past 10 years. N/C means that the value fell more than 100% (and my formula do not handle negative values well).

Year	Item	Tot. Growth	Per Year
5	Revenue Growth US$	-2.74%	-0.55%
5	AEPS Growth	-8.28%	-1.71%
5	Net Income Growth	-112.40%	N/C
5	Cash Flow Growth	-19.52%	-4.25%
5	Dividend Growth	-7.32%	-1.51%
5	Stock Price Growth	-37.22%	-8.89%
10	Revenue Growth US$	173.23%	10.57%
10	AEPS Growth	-39.04%	-4.83%
10	Net Income Growth	-139.57%	N/C
10	Cash Flow Growth	52.69%	4.32%
10	Dividend Growth	18.75%	1.73%
10	Stock Price Growth	20.40%	1.87%

However, you can see that there has been growth in these items over the past 12 months.

Item	Value	Growth
Revenue Growth US$	$11,177.60	4.45%
AEPS Growth	$4.69	14.39%
Net Income Growth	$40.80	-123.27%
Cash Flow Growth	$1,729.60	15.15%
Dividend Growth	$1.64	7.89%
Stock Price Growth	$59.38	15.26%

If you had invested in this company in December 2012, for $1,019.52 you would have bought 24 shares at $42.48 per share. In December 2022, after 10 years you would have received $424.17 in dividends. The stock would be worth $1,608.00. Your total return would have been $2,032.17. 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
$42.48	$1,019.52	24	10	$424.17	$1,608.00	$2,032.17

The current dividend yield is moderate with dividend growth restarting. The dividend yield is moderate (2% to 4% ranges at 2.78%. The 5, 10 and historical dividend yields are also moderate at 2.33%, 2.21% and 2.33%. These values are in CDN$ and will vary somewhat in US$.

The dividend growth over the past 5 years is negative, with the 5 year average dividend going down 1.5% per year. Dividends were cut in 2020 with only 1 dividend being paid. When they were restated in 2021, they were 40% lower. They did a big increase in 2022 of 124%. The last dividend increase was in 2023 and it was for 7.9%. These values are in US$ and dividends are paid in US$.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2022 for Earnings per Share (EPS) is negative with 5 year coverage at 112%. This DPR is expected to be around 35% in 2023. The DPR for 2022 for Adjusted Earnings per Share (AEPS) is 37% with 5 year coverage at 29%. The DPR for 2022 for Cash Flow per Share (CFPS) is 17% with 5 year coverage at 13%. The DPR for 2022 for Free Cash Flow (FCF) is 39% with 5 year coverage at 22%.

Item	Cur	5 Years
EPS	-187.65%	111.95%
AEPS	37.07%	28.74%
CFPS	17.22%	13.02%
FCF	39.16%	22.28%

For Debt Ratios the Liquidity Ratio is important and is too low, the Intangible Ratio is too high and the other ratios are fine. The Long Term Debt/Market Cap Ratio for 2022 is fine at 0.53. The Intangible Ratio/Market Cap Ratio is far to higher and generally when this high you will get a future write-down. The Liquidity Ratio for 2022 is low at 0.78. It means that the current assets cannot cover the current liabilities. If you add in Cash Flow after Dividends it at 2022 at 1.12 and currently at 1.30. This is still low and a good value is 1.50 or higher. The Debt Ratio for 2022 is good at 2.00. The Leverage and Debt/Equity Ratios for 2022 are fine at 2.04 and 1.02.

Type	Year End	Ratio Curr
Lg Term R	0.53	0.46
Intang/GW	1.54	1.35
Liquidity	0.78	0.87
Liq. + CF	1.12	1.30
Debt Ratio	2.00	1.98
Leverage	2.04	2.06
D/E Ratio	1.02	1.04

The Total Return per year is shown below for years of 5 to 27 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	0.01%	-5.87%	-7.74%	1.87%
2012	10	4.88%	8.63%	5.12%	3.51%
2007	15	8.19%	4.74%	2.14%	2.60%
2002	20	7.04%	4.70%	1.85%	2.85%
1997	25	5.82%	10.38%	6.11%	4.27%
1995	27	4.83%	9.97%	5.91%	4.05%

The Total Return per year is shown below for years of 5 to 31 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	-1.51%	-7.04%	-8.89%	1.85%
2012	10	1.73%	4.95%	1.87%	3.08%
2007	15	5.94%	3.60%	0.93%	2.67%
2002	20	6.77%	5.29%	2.63%	2.66%
1997	25	7.08%	7.47%	4.57%	2.90%
1992	30	6.20%	9.68%	6.30%	3.38%
1990	32	5.80%	8.01%	5.18%	2.83%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.18, 10.89 and 12.61. The corresponding 10 year ratios are 11.38, 13.90 and 61.42. The corresponding historical ratios are 11.68, 13.83 and 16.22. The current P/E Ratio is 12.87 based on a stock price of $80.50 and EPS estimate for 2023 $6.26. The current ratio is between and low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in CDN$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 10.94, 12.85 and 14.65. The corresponding 10 year ratios are 11.23, 13.05 and 15.43. The current P/AEPS is 11.74 based on a stock price of $59.38 and AEPS estimate for 2023 of $5.02. The current ratio is low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I get a Graham Price of $105.10. The 10-year low, median, and high median Price/Graham Price Ratios are 0.84, 0.97 and 1.10. The current P/GP Ratio is 0.77 based on a stock price of $80.50. The ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.13. The current P/B Ratio is 1.03 based on a Book Value of $13,027M, Book Value per Share of $57.44 and a stock price of $59.38. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I also have Book Value per Share estimate for 2023 of $61.90. The P/B Ratio would be 0.96 with Book Value of $14,0.39M, and a stock price of $59.38. This ratio is 15% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 8.05. The current P/CF Ratio is 6.70 based on a stock price of $59.38, Cash Flow per Share estimate for 2023 of $8.86 and a stock price of $59.38. The current ratio is 17% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$. You will get a similar result in CDN$.

I get an historical median dividend yield of 1.88%. The current dividend yield is 2.76% based on a stock price of $59.38 and dividends of $1.64. The current dividend is 47% above the historical dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. In CDN$ the difference is the current dividend is 19% above the historical dividend yield is 2.33%. However, the dividends are paid in US$, so I am going with US$. There are differences in dividends due to currency exchange.

I get a 10 year median dividend yield of 2.17%. The current dividend yield is 2.76% based on a stock price of $59.38 and dividends of $1.64. The current dividend is 27% above the historical dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

The 10-year median Price/Sales (Revenue) Ratio is 1.65. The current P/S Ratio is 1.16 based on Revenue estimate for 2023 of $11,600M, Revenue per Share of $51.41 and a stock price of $59.38. The current ratio is 30% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$. You will get a similar result in CDN$.

Results of stock price testing is that the stock price is probably cheap. The 10 year dividend yield test says this and it is confirmed by the P/S Ratio test. This occurs in both US$ and CDN$. However, the rest of the testing does point to a reasonable not a cheap stock price.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (2), Hold (14) and Sell (3). The consensus would be a Hold. The 12 months stock price consensus would be $92.99 ($68.07 US$) with a high of $105.19 ($77.00 US$) and low of $77.87 ($57.00 US$). This would imply a total return of 18.30% with 15.52% from capital gains in 2.78% in dividends in CDN$.

Analysts have no recent postings on Stock Chase for US company. The old postings are negative. This same for postings on Stock Chase for the CDN$ stock. Stock Chase gives this company 1 star out of 5. The company is not on any of the lists of dividends stocks I follow. Jeremy Bowman on Motley Fool says it is a good stock for dividends. Rich Duprey on Motley Fool says this company is not only into beer but into other beverages such as Hard Seltzers and the company is turning itself around. There are no recent remarks for the Canadian side of this company on Motley Fool. The company put out a Press Release for their fourth quarter of 2022. The company put out a press release press release on their second quarter of 2023 results.

Simply Wall Street via Yahoo Finance looks at the company. Simply Wall Street has 4 warnings on this company of dividend of 2.8% is not well covered by earnings; large one-off items impacting financial results; has a high level of debt; and profit margins (0.4%) are lower than last year (6.9%).

Molson Coors Beverage Company manufactures, markets, and sells beer and other malt beverage products under various brands in the Americas, Europe, the Middle East, Africa, and the Asia Pacific. The company offers flavored malt beverages including hard seltzers, craft, and ready to drink beverages. The company was formerly known as Molson Coors Brewing Company and changed its name to Molson Coors Beverage Company in January 2020. Its web site is here Molson Coors Canada.

The last stock I wrote about was about was Pason Systems Inc (TSX-PSI, OTC-PSYTF) ... learn more. The next stock I will write about will be Brookfield Corp (TSX-BN, NYSE-BN) ... learn more on Wednesday, October 18, 2023 around 5 pm. Tomorrow on my other blog I will write about LeDrew 3 Minute Interviews .... learn more on Tuesday, October 17, 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.

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.

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