Brookfield Corp

Sound bite for Twitter is: Dividend Paying Financial. Results of stock price testing is that the stock price is on the expensive side. Debt Ratios could certainly due with an improvement in the ratios. The Dividend Payout Ratios (DPR) are probably fine. The current dividend yield is low with dividend growth restarting. See my spreadsheet on Brookfield Corp.

Is it a good company at a reasonable price? I have always thought that this company was overly complex and they also keep re-organizing. So, this has not been a stock I wanted to invest in. However, I must admit shareholders have done well in total returns over the years by investing in this company. Even though lots of analysts are giving this a Strong Buy rating, the 12 month stock price is less than 1% above the current price. This is rather inconsistent to me. My testing is showing that the stock price is on the expensive side.

I do not own this stock of Brookfield Corp (TSX-BN, NYSE-BN). I used to own an earlier version of this stock as Hees International, then Edper Group and then EdperBrascan back in 1987 to 1999.

When I was updating my spreadsheet, I noticed that few sites are giving estimates for this company for 2025 and beyond. The sites that are giving things like EPS has values that make no sense at all. The other thing to mention is that the company just did, in October 2025, a Stock Split of 3 shares for every 2 shares. There was also a recent dividend cut in 2023.

This company I have always find rather annoying to review. It is always complex. I do not like overly complex reports from companies because it becomes too easy to miss something important. They also keep reorganizing their companies. However, I must admit that this company has had good returns for investors.

If you had invested in this company in December 2014, for $1,007.34 you would have bought 73 shares at $13.80 per share. In December 2024, after 10 years you would have received $809.31 in dividends. The stock would be worth $4,020.84. Your total return would have been $4,380.15. This would be a total return of 18.27% per year with 14.85% from capital gain and 3.43% from dividends. This calculation takes into consideration stock splits, which means that the original cost would be lowered by these splits. Dividends are also high because of a special dividend in 2022. This is in CDN$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$13.80	$1,007.34	73	10	$809.31	$4,020.84	$4,830.15

The current dividend yield is low with dividend growth restarting. The current dividend yield is low (below 2%) at 0.54%. The 5 and 10 year median dividend yields are low at 1.32% and 1.69%. The historical median dividend yield is moderate (2% to 4%) at 2.15%. Dividends were cut by 50% in 2023. In 2024 they started to raise the dividend rate again. The dividend is still 35% below the 2022 dividend rate. I have dividend information covering the last 37 years and dividends decreased in 8 years in that period.

The Dividend Payout Ratios (DPR) are probably fine. The DPR for 2024 for Earnings per Share (EPS) is much too high at 103% with 5 year coverage fine at 49.8%. The DPR for 2024 for Distributable Earnings (DE) is good at 8% with 5 year coverage at 13%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 4% with 5 year coverage at 7%. The DPR for 2024 for Free Cash Flow (FCF) is non-calculable currently at 21% with 5 year coverage high at 75%. FCF varies from $1,188M to a negative $7,102M.

Item	Cur	5 Years
EPS	103.16%	49.80%
DE	8.08%	13.04%
CFPS	4.43%	6.53%
FCF	-19.33%	74.50%

Debt Ratios could certainly due with an improvement in the ratios. The Long Term Debt/Market Cap Ratio for 2024 is too much too high at 2.71 and currently at 2.49. However, we need also to look at the Long Term Debt/Covering Assets Ratio for 2024 which is still too high at 1.04 and currently at 1.07 because this is a more important ratio for a Financial. The Covering Assets Ratio is better than the Market Cap Ratio, but it is still too high. The Liquidity Ratio for 2024 is fine at 1.43 and 1.50 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.54 and currently at 1.66. The Debt Ratio for 2024 is good at 1.51 and 1.68 currently. The Leverage and Debt/Equity Ratios for 2024 are fine at 2.97 and 1.97 and currently too high at 3.13 and 2.13.

Type	Year End	Ratio Curr
Lg Term /A	1.04	1.07
Lg Term R	2.71	2.49
Intang/GW	0.83	0.78
Liquidity	1.43	1.50
Liq. + CF	1.54	1.66
Debt Ratio	1.51	1.47
Leverage	2.97	3.13
D/E Ratio	1.97	2.13

The Total Return per year is shown below for years of 5 to 37 to the end of 2024 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.
2018	5	-3.65%	21.00%	15.60%	5.40%
2013	10	3.54%	18.27%	14.85%	3.43%
2008	15	4.36%	20.28%	16.54%	3.74%
2003	20	6.49%	16.42%	13.28%	3.14%
1998	25	5.22%	20.38%	16.02%	4.36%
1993	30	4.33%	19.84%	14.95%	4.89%
1988	35	3.82%	12.20%	9.83%	2.38%
1987	37	4.44%	13.49%	10.54%	2.96%

The Total Return per year is shown below for years of 5 to 37 to the end of 2024 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.
2018	5	-5.60%	19.67%	14.11%	5.55%
2013	10	1.34%	15.75%	12.42%	3.34%
2008	15	2.19%	17.92%	14.15%	3.76%
2003	20	5.55%	15.81%	12.37%	3.44%
1998	25	5.32%	21.66%	16.40%	5.26%
1993	30	4.24%	20.12%	14.85%	5.26%
1988	35	3.18%	11.52%	9.15%	2.37%
1987	37	4.16%	13.42%	10.24%	3.18%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 25.94, 33.68 and 41.43. The corresponding 10 year ratios are 13.27, 16.39 and 19.51. The corresponding historical ratios are 9.49, 11.92 and 14.37. The current P/E Ratio is 129.32 based on EPS estimate for 2025 of $0.35 and a stock price of $44.83. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. (This is because of low EPS expected, but this EPS is 68% above the EPS for 2024.) This testing is in US$.

I have Distributable Earnings (DE) data which has been given by the company for the past 8 years. The 5-year low, median, and high median Price/Distributable Earnings Ratios are 9.45, 11.02 and 13.29. The corresponding 8 year ratios are 9.61, 12.47 and 14.89. The current ratio is 17.70 based on a stock price of $44.83 and DE estimate for 2025 of $2.53. The current ratio is above the high ratio for the 8 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a Graham Price of $62.92. The 10-year low, median, and high median Price/Graham Price Ratios are 0.81, 1.03 and 1.29. The current P/GP Ratio is 2.89 based on a stock price of $62.92. The current ratio is above the high ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.22. The current P/B Ratio is 1.45 based on Book Value of $88,215M, Book Value per Share of $30.90 and a stock price of $44.83. The current ratio is 18% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median. This testing is in US$.

I picked up a Book Value per Share estimate for 2025 of $12.55. Since this is 146% below the current Book Value per Share, I wonder how valid it is. Therefore, I am not using this in my testing.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.51. The current ratio is 10.40 based on Cash Flow per Share estimate for 2025 of $4.31, Cash Flow of $9,669M and a stock price of $44.83. The current ratio is 38% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This CFPS estimate is 50% above the CFPS for 2025, so I wonder about it. However, the stock would still not pass this test if the estimate were lower. This testing is in US$.

I get an historical median dividend yield of 2.15%. The current dividend yield is .54% based on dividends of 0.24 and a stock price of $44.83. The current dividend yield is 75% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

I get a 10 year median dividend yield of 1.69%. The current dividend yield is .54% based on dividends of 0.24 and a stock price of $44.83. The current dividend yield is 68% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

The 10-year median Price/Sales (Revenue) Ratio is 0.70. The current ratio is 132 based on Revenue for the last 12 months of $76,076M, Revenue per Share of $33.91 and a stock price of $44.83. The current ratio is 88% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. This testing is in US$.

The estimate given for Revenue for 2025 is $9,474M which make no sense as it is 89% below the Revenue for 20240. I used instead the Revenue for the 12 months ending at the second quarter of 2025.

Results of stock price testing is that the stock price is on the expensive side. I did the testing in US$ because this company reports in US$ and the estimates are also in US$. Dividends have been recently cut in 2023. This makes the dividend test not a good one, but it is never good when I company cuts the dividends. The P/S Ratio test says that the stock price is expensive. In fact, all the testing is pointing to an expensive stock price except the P/B Ratio test which says it is reasonable, but above the median.

When I look at analysts’ recommendations, I find Strong Buy (4), Buy (5), Hold (1) and Sell (1). The consensus would be a Buy. The 12 month stock price consensus is $63.08 ($45.06 US$) with a high of $76.54 ($54.67 US$) and low of $37.84 ($27.30 US$). The consensus stock price of $63.08 implies a total return of 0.79% with 0.26% from capital gains and 0.53% from dividends based on a current stock price of $62.92. This is in CDN$.

There are various opinions from analysts on Stock Chase from Buy and Top Pick to Do Not Buy for 2025. One analyst, with a Do Not Buy, says it is complexity on steroids and it is really hard to understand what it’s doing. My thoughts exactly. Kay Ng Motley Fool says you can build real wealth with this stock. Andrew Button on Motley Fool says the stock is fast rising, but still a good buy. The company put out a Press Release about their fourth quarter of 2024. The company put out a Press Release about their second quarter of 2025.

Simply Wall Street via Yahoo Finance gives a review of this stock. They said that it is undervalued compared to it s Fair Value, but might be overvalued compared to the P/E Ratio. Simply Wall Street shows three warnings of interest payments are not well covered by earnings; earnings have declined by 17.8% per year over past 5 years; and significant insider selling over the past 3 months.

Brookfield Corporation is focused on deploying its capital on a value basis and compounding it over the long term. This capital is allocated across core pillars of asset management, insurance solutions, and our operating businesses. Brookfield Corporation, formerly known as Brookfield Asset Management Ltd., is based in Toronto, 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 Monday, October 20, 2025 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 is: Dividend Growth Consumers. Some Debt Ratios should be improved. The Dividend Payout Ratios (DPR) are currently good. The current dividend yield is moderate with dividend growth re-started. See my spreadsheet on Molson Coors Canada.

Is it a good company at a reasonable price? I can see that drinking habits are changing among people of all ages. Mocktails are very popular as is fruity beers and also zero percent alcoholic drinks of beer and wine. This company has in a number of time frames not delivered at least 8% per year including capital gains and dividends. The company had a big run up in stock price in 2016 and has not done much since.

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 can 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. Molson Coors was formed in 2005 through the merger of Molson of Canada, and Coors of the United States.

When I was updating my spreadsheet, I noticed that some growth is slowing down. For example, Revenue growth over the past 10 years was 10.8% per year but over the past 5 years was just 1.9%. Cash Flow growth over the past 10 years was 4.2% but over the past 5 years was 0.1% per year. Stock Price has not done will over the past 5 and 10 years and was down over the past 10 years by 2.6%, and is up just 1.24% over the past 5 years.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2025 and expected growth over this year.

Yr	Item	Tot. Growth	Per Year	Gwth	Coverage
5	Revenue Growth US$	9.90%	1.91%	-2.96%	<-12 mths
5	AEPS Growth	31.28%	5.59%	-5.37%	<-12 mths
5	Net Income Growth	364.38%	35.95%	-7.58%	<-12 mths
5	Cash Flow Growth	0.69%	0.14%	-13.98%	<-12 mths
5	Dividend Growth	-10.20%	-2.13%	6.82%	<-12 mths
5	Stock Price Growth	6.35%	1.24%	-19.80%	<-12 mths
10	Revenue Growth US$	180.42%	10.86%	-3.19%	<-this year
10	AEPS Growth	-17.31%	-1.88%	-9.06%	<-this year
10	Net Income Growth	118.37%	8.12%	-2.35%	<-this year
10	Cash Flow Growth	50.11%	4.15%	-1.33%	<-this year
10	Dividend Growth	18.92%	1.75%	6.93%	<-this year
10	Stock Price Growth	-23.08%	-2.59%	-6.96%	<-this year

If you had invested in this company in December 2014, for $1,044.00 you would have bought 12 shares at $87.00 per share. In December 2024, after 10 years you would have received $233.37 in dividends. The stock would be worth $993.84. Your total return would have been $1,227.21. This would be a total return of 1.74% per year with 0.49% from capital loss and 2.23% from dividends. This is in CDN$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$87.00	$1,044.00	12	10	$233.37	$993.84	$1,227.21

If you had invested in this company in December 2014, for $1,043.28 you would have bought 14 shares at $74.52 per share. In December 2024, after 10 years you would have received $205.66 in dividends. The stock would be worth $802.48. Your total return would have been $1008.14. This would be a total loss of 0.38% per year with 2.59% from capital loss and 2.21% from dividends. This is in US$.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$74.52	$1,043.28	14	10	$205.66	$802.48	$1,008.14

The current dividend yield is moderate with dividend growth re-started. The current dividend yield is moderate (2% to 4% ranges) at 4.09%. The 5 and 10 year median dividend yields are also moderate 2.74% and 2.19%. The historical median dividend yield is low (below 2%) at 1.88%. The dividends were cut by around 70% in 2020. Since then, there has been dividend increases. The dividend is still 4% below the 2019 dividend. The last dividend increase was in 2025 and it was for 6.8%. This is in US$ as dividends are paid in US$.

The Dividend Payout Ratios (DPR) are currently good. The DPR for 2024 for Earnings per Share (EPS) is good at 33% with 5 year coverage to high at 67%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 30% with 5 year coverage at 26%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 14% with 5 year coverage at 12%. The DPR for 2024 for Free Cash Flow (FCF) is good at 30% with 5 year coverage at 23%. The FCF in 2024 varied from $1,326M to $1,410M. This is in US$ as dividends are paid in US$ and statements are in US$.

Item	Cur	5 Years
EPS	32.90%	67.43%
AEPS	29.53%	25.55%
CFPS	14.13%	11.90%
FCF	29.87%	23.45%

Some Debt Ratios should be improved. The Long Term Debt/Market Cap Ratio for 2024 is fine at 0.52 and currently at 0.69. A lot of analysts like to see this ratio at 0.50 or less. The Intangible and Goodwill Ratios are much too high at 1.56 and currently higher still at 1.97. These should definitely be much lower than 1.00. The Liquidity Ratio for 2024 is low at 0.94 and 0.87 currently. If you added in Cash Flow after dividends, the ratios are low at 1.45 and currently at 1.30. These ratios should be 1.50 or high. The Debt Ratio for 2024 is good at 2.07 and 2.06 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.99 and 0.96 and currently at 2.00 and 0.97.

Type	Year End	Ratio Curr
Lg Term R	0.52	0.69
Intang/GW	1.56	1.97
Liquidity	0.94	0.87
Liq. + CF	1.45	1.30
Debt Ratio	2.07	2.06
Leverage	1.99	2.00
D/E Ratio	0.96	0.97

The Total Return per year is shown below for years of 5 to 29 to the end of 2024 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.
2018	5	-0.10%	4.86%	2.85%	2.01%
2013	10	3.96%	1.74%	-0.49%	2.23%
2008	15	6.66%	6.60%	3.84%	2.76%
2003	20	6.08%	6.89%	3.11%	3.78%
1998	25	6.70%	13.03%	7.17%	5.86%
1995	29	5.56%	10.04%	6.11%	3.93%

The Total Return per year is shown below for years of 5 to 34 to the end of 2024 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.
2018	5	-2.13%	3.43%	1.24%	2.19%
2013	10	1.75%	-0.38%	-2.59%	2.21%
2008	15	4.42%	4.48%	1.68%	2.80%
2003	20	7.56%	4.66%	2.09%	2.57%
1998	25	7.02%	5.72%	3.19%	2.52%
1993	30	6.72%	10.27%	6.62%	3.65%
1990	34	5.91%	8.03%	5.19%	2.84%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.26, 10.97 and 12.67. The corresponding 10 year ratios are 10.05, 12.45 and 14.35. The corresponding historical ratios are 12.76, 13.72 and 18.23. The current P/E Ratio is 8.34 based on a stock price of $45.97 and EPS estimate for 2025 of $5.52. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.20, 12.13 and 13.75. The corresponding 10 year ratios are 11.23, 13.05 and 15.43. The corresponding historical ratios are 10.55, 12.24 and 13.90. The current P/E Ratio is 8.51 based on a stock price of $45.97 and AEPS estimate for 2025 of $7.59. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a Graham Price of $91.05. The 10-year low, median, and high median Price/Graham Price Ratios are 0.64, 0.74 and 0.84. The current ratio is 0.50 based on a stock price of $45.97. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10-year median Price/Book Value per Share Ratio of 0.97. The current P/B Ratio is 0.68 based on a stock price of $45.97, Book Value of $13,440.7M, and Book Value per Share of $67.99. The current P/B Ratio is 31% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 7.06. The current P/CF Ratio is 4.82 based on Cash Flow per Share estimate for 2025 of $9.53, Cash Flow of $1,885M and a stock price of $45.97. The current ratio is 32% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get an historical median dividend yield of 1.88%. The current dividend yield is 4.09% based on dividends of $1.88 and a stock price of $45.97. The current dividend yield is 118% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10 year median dividend yield of 2.19%. The current dividend yield is 4.09% based on dividends of $1.88 and a stock price of $45.97. The current dividend yield is 87% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

The 10-year median Price/Sales (Revenue) Ratio is 1.17. The current P/S Ratio is 0.81 based on Revenue estimate for 2025 of $11,256M, Revenue per Share of $56.93 and a stock price of $45.97. The current ratio is 31% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

Results of stock price testing is that the stock price is probably cheap. The dividend yield testing is saying this. It is confirmed by the P/S Ratio test. All the rest of the testing is saying that the stock price is relatively cheap. I did the testing in US$ because that is the dominate currency for this stock.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (2), Hold (13), Underperform (1) and Sell (1). The consensus would be a Buy. The 12 months stock price consensus is $74.66 ($53.33 US$) with a high of $100.80 ($72.00 US$) and low of $58.80($42.00 US$). The consensus stock price of 74.66 implies a total return of $19.72% with 15.65% from capital gains and 4.08% from dividends based on a current stock price of $64.56 CDN$. The US$ consensus stock price of 53.33 implies a total return of 20.10% with 16.01% from capital gains and 4.09% from dividends based on a current stock price of $45.97. (Difference would be because of the exchange rate.)

There is only one entry on Stock Chase for 2025 and it is a Do Not Buy. Analyst says that the beer market is tough and has not great growth. Tony Dong in 2022 on Motley Fool says he likes Warren Buffett type companies but this company has fundamentals that look too shaky and it is not a buy. The company put out a press release via Business Wire about their fourth quarter of 2024 results. The company put out a press release via Business Wire about their second quarter of 2025.

Simply Wall Street via Yahoo Finance had a positive view of this company in February 2025. Simply Wall Street has 2 warnings out on this stock of unstable dividend track record; has a high level of debt.

Molson Coors Canada Inc is a large brewer and distributor of beer and other malt beverages. Its breweries are located across the U.S., Canada, and Europe, with the majority of the company's revenue generated in the Americas. 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 Friday, October 17, 2025 around 5 pm. Tomorrow on my other blog I will write about Art of Doing Less.... learn more on Thursday, October 16, 2025 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 is: Dividend Growth Industrial. Results of stock price testing is that the stock price is probably cheap. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. 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? This company is connected with the Oil and Gas industry, so it is going to be cyclical. Currently it seems to be cheap. Its dividend is moderate, but there have been dividends cuts in the past so dividends are unstable. There is certainly a risk in buying this small company. It does seem to be doing better currently than it has for a while. But it is relatively cheap so perhaps there is some gains to be made here.

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 this stock has done better in the last 5 years than in the last 10 years. See chart below.

In the chart below, I am showing 5 and 10 year total growth and per year growth in columns 3 and 4. Column 5 shows growth expected over 12 months to the second quarter in 2025 and expected growth over this year. You can see that most growth is lower over the past 10 years than over the past 5 years.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	40.08%	6.97%	2.16%	<-12 mths
5	FFO Growth	25.19%	4.60%	-12.80%	<-12 mths
5	Net Income Growth	124.54%	17.56%	-39.31%	<-12 mths
5	Cash Flow Growth	13.49%	2.56%	2.58%	<-12 mths
5	Dividend Growth	-29.73%	-6.81%	0.00%	<-12 mths
5	Stock Price Growth	3.81%	0.75%	-14.03%	<-12 mths
10	Revenue Growth	-17.05%	-1.85%	-0.47%	<-this year
10	FFO Growth	-39.48%	-4.90%	-12.80%	<-this year
10	Net Income Growth	8.39%	0.81%	-44.83%	<-this year
10	Cash Flow Growth	-42.32%	-5.35%	2.40%	<-this year
10	Dividend Growth	-14.75%	-1.58%	0.00%	<-this year
10	Stock Price Growth	-37.83%	-4.64%	5.80%	<-this year

If you had invested in this company in December 2014, for $1,006.94 you would have bought 46 shares at $21.89 per share. In December 2024, after 10 years you would have received $253.92 in dividends. The stock would be worth $626.06. Your total return would have been $879.98. This would be a total loss of 1.56% per year with 4.65% from capital loss and 3.09% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$21.89	$1,006.94	46	10	$253.92	$626.06	$879.98

If you had invested in this company in December 2019, for $1,009.47 you would have bought 77 shares at $13.11 per share. In December 2024, after 5 years you would have received $157.08 in dividends. The stock would be worth $1,047.97. Your total return would have been $1,205.05. This would be a total gain of 3.80% per year with 0.75% from capital gains and 3.05% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$13.11	$1,009.47	77	5	$157.08	$1,047.97	$1,205.05

The current dividend yield is moderate with dividend growth restarting. The current dividend yield is moderate (2% to 4% range) at 4.33%. The 5, 10 and historical dividend yields are also moderate at 3.31%, 3.51% and 2.51%. The dividend growth over the past 5 years is negative. Dividends are down by 6.8% per year. However, after an over 70% decrease in dividends in 2020, the company started to raise dividends in 2022. They did increases in 2023 and 2024. The last dividend increase was in 2024 and it was for 8.3%. Dividends were not raised yet in 2025.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 34% with 5 year coverage at 45%. The DPR for 2024 for Funds from Operations (FFO) is good at 32% with 5 year coverage at 41%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 32% with 5 year coverage at 31%. The DPR for 2024 for Free Cash Flow (FCF) is high at 72% with 5 year coverage at 61%. The FCF value for 2024 vary from $56.7M to $38.7M.

Item	Cur	5 Years
EPS	34.21%	45.13%
FFO	31.71%	40.51%
CFPS	31.50%	30.96%
FCF	72.84%	61.31%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.03 and currently at 0.01. The Liquidity Ratio for 2024 is good at 2.43 and 2.57 currently. The Debt Ratio for 2024 is good at 5.17 and 5.64 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.22 and 0.24 and currently at 1.19 and 0.21.

Type	Year End	Ratio Curr
Lg Term R	0.03	0.01
Intang/GW	0.20	0.22
Liquidity	2.43	2.57
Liq. + CF	3.41	3.85
Debt Ratio	5.17	5.64
Leverage	1.22	1.19
D/E Ratio	0.24	0.21

The Total Return per year is shown below for years of 5 to 28 to the end of 2024. 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.
2019	5	-6.81%	3.80%	0.75%	3.05%
2014	10	-1.58%	-1.56%	-4.64%	3.09%
2009	15	5.29%	5.23%	1.04%	4.18%
2004	20	7.40%	5.56%	1.95%	3.61%
1999	25	13.71%	14.41%	9.05%	5.36%
1996	28		18.40%	12.25%	6.15%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 9.09, 11.46 and 13.88. The corresponding 10 year ratios are 13.74, 17.37 and 21.02. The corresponding historical ratios are 13.33, 19.64 and 24.27. The current ratio is 13.85 based on a stock price of $11.70 and EPS estimate for 2025 of $0.85. 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 have Fund from Operations (FFO) data. The 5-year low, median, and high median Price/ Fund from Operations Ratios are 7.88, 9.57 and 11.27. The corresponding 10 year ratios are 10.04, 12.92 and 15.56. The corresponding historical ratios are 9.30, 11.56 and 13.95. The current ratio is 8.18 based on a stock price of $11.70 and FFO for the last 12 months of $1.43. 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 $10.85. The 10-year low, median, and high median Price/Graham Price Ratios are 1.79, 2.24 and 2.70. The current ratio is 1.08 based on a stock price of $11.70. The current ratio is 1.08 based on a stock price of $11.70. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 3.23. The current ratio is 1.89 based on a Book Value of $484.5M, Book Value per Share of $6.19 and a stock price of $ 11.70. The current ratio is 42% 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 13.01. The current ratio is 7.25 based on Cash Flow per Share estimate for 2025 of $1.61, Cash Flow of $126.2M and a stock price of $11.70. The current ratio is 44% 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 2.51%. The current dividend yield is 4.44% based on dividends of $0.52 and a stock price of $11.70. The current dividend yield is 77% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap.

I get a 10 year median dividend yield of 3.51%. The current dividend yield is 4.44% based on dividends of $0.52 and a stock price of $11.70. The current dividend yield 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 4.94. The current P/S Ratio is 2.22 based on Revenue estimate for 2025 of $412.2M, Revenue per Share of $5.27 and a stock price of $11.70. The current ratio is 55% 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 dividend yield tests say this. It is confirmed by P/S Ratio test. This is a very clear test result. The other tests, except for the P/E Ratio test, is showing the stock price as cheap. The P/E Ratio test says it is reasonable and below the median.

When I look at analysts’ recommendations, I find Strong Buy (2), Buy (1), Hold (2). The consensus would be a Buy. The 12 month stock price consensus is $14.40 with a high of $17.00 and low of $13.00. The consensus stock price implies total return of 27.52% with 23.08% from capital gain and 4.44% from dividends based on a current stock price of $11.70.

This stock is not well covered on Stock Chase. The last entry, which covers this stock well, is dated in 2024. They gave a current recommendation of a Hold, but expected the stock to perform better in the future. Jitendra Parashar on Motley Fool thought this stock is undervalued and overlooked. Christopher Liew on Motley Fool thought in April that this was trading below its fair value. The company put out a press release via newswire about its fourth quarter of 2024. The company put out a press release via Newswire about their second quarter of 2025.

Simply Wall Street via Yahoo Finance talk about institutions owning 51% of this company. Simply Wall Street has two warnings out on this stock of profit margins (17.4%) are lower than last year (30.1%); and unstable dividend track record

Pason Systems Inc is a provider of instrumentation and data management systems for drilling rigs. The company reports on three strategic business units: The North American (Canada and the United States) and International (Latin America, including Mexico, Offshore, the Eastern Hemisphere, and the Middle East) business units, all of which offer technology services to the oil and gas industry, and the Solar and Energy Storage business unit, which provides technology services to solar and energy storage developers. Its web site is here Pason Systems 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 Molson Coors Canada (TSX-TPX.B, NYSE-TAP) ... learn more on Wednesday, October 15, 2025 around 5 pm. Tomorrow on my other blog I will write about Retirement Taxes.... learn more on Tuesday, October 14, 2025 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 is: Dividend Growth Health Care. Results of stock price testing is that the stock price is probably reasonable, but could be cheap. Debt Ratios are good. The Dividend Payout Ratios (DPR) are high. The current dividend yield is moderate with dividend growth low. See my spreadsheet on Medtronic PLC.

Is it a good company at a reasonable price? Just because a stock is relatively cheap does not make it a good buy. With this stock it does seem to matter greatly what you pay for it to get a decent long term return. It is best to buy a stock you want in installments over a period of years and in different months. There is a wide range of opinions on if this is a good stock to have. If you do like a stock, it is always best to buy when it is relatively cheap.

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. If you invest in this stock, you should have a US$ account so you do any necessary CDN$/US$ exchanges when it suits you.

Note that this company has an April 30 year end. The year end I am looking at is for April 30, 2025.

When I was updating my spreadsheet, I noticed that this company does not meet what I like to see in total return over the years which is 8% from capital gains and dividends. In most years, the company has not done that. See Total Return paragraph below for years 5 to 35 to the end of 2024. This is not just recent. See below the total return to 2018. The total return was low for the 15 and 20 year durations. 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.

From	Years	Div. Gth	Tot Ret	Cap Gain	Div.
2013	5	12.30%	12.02%	9.65%	2.37%
2008	10	10.31%	13.70%	11.22%	2.48%
2003	15	13.74%	5.72%	4.27%	1.45%
1998	20	14.64%	5.84%	4.61%	1.23%
1993	25	16.66%	15.67%	13.30%	2.37%
1989	29	16.74%	17.94%	15.21%	2.74%

If you had invested in this company in December 2014, for $1,010.80 US$ you would have bought 14 shares at $72.20 per share. In December 2024, after 10 years you would have received $313.04 in dividends. The stock would be worth $1,118.32. Your total return would have been $1,431.36. This would be a total return of 3.92% per year with 1.02% from capital gain and 2.90% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$72.20	$1,010.80	14	10	$313.04	$1,118.32	$1,431.36

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 4.08%. The 5, and 10 median dividend yields are moderate at 2.98% and 2.22%. This historical median dividend yield is low (below 2%) at 1.10%. The dividend yield has often been below 2% until 2023. The dividend growth is low (below 8% per year) at 5.3% per year over the past 5 years. The last dividend increase was in 2025 and it was for 1.4%.

The dividend growth has slowed down over the years with the last three years at 1.5%, 1.5% and 1.4%. They have a good record of dividend increases with dividend increases in 35 of the last 35 years, but their problem is that the DPR rates have been too high for a number of years. A good DPR rate is in the 40% range and it has been above that range since 2014. The thing is that the company also needs money to reinvest in their business. So, the higher the DPR the less money there is to reinvest in the company.

The Dividend Payout Ratios (DPR) are high. The DPR for 2024 for Earnings per Share (EPS) is too high at 78% with 5 year coverage at 84%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is high at 51% with 5 year coverage at 51%. You want this DPR to be in the 40% range or lower. The DPR for 2024 for Cash Flow per Share (CFPS) is high at 44% with 5 year coverage at 46%. You want this DPR to be 40% or lower. The DPR for 2024 for Free Cash Flow (FCF) is high at 63% with 5 year coverage at 59%. A number of sites agree with the FCF of $5,185M, but the range is from $5,185M to $5,680M.

Item	Cur	5 Years
EPS	77.56%	84.21%
AEPS	51.00%	50.63%
CFPS	44.32%	46.29%
FCF	63.19%	58.60%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.24 and currently at 0.29. The Liquidity Ratio for 2024 is good at 1.85 and 2.01 currently. The Debt Ratio for 2024 is good at 2.11and 2.12 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.91 and 0.90 and currently at 1.90 and 0.89.

Type	Year End	Ratio Curr
Lg Term R	0.24	0.29
Intang/GW	0.49	0.60
Liquidity	1.85	2.01
Liq. + CF	2.12	2.48
Debt Ratio	2.11	2.12
Leverage	1.91	1.90
D/E Ratio	0.90	0.89

The Total Return per year is shown below for years of 5 to 35 to the end of 2024. 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.
2019	5	5.33%	-4.10%	-6.78%	2.67%
2014	10	8.66%	3.92%	1.02%	2.90%
2009	15	8.53%	7.00%	4.06%	2.94%
2004	20	11.12%	4.59%	2.40%	2.19%
1999	25	12.13%	5.14%	3.19%	1.95%
1994	30	14.25%	8.29%	6.09%	2.20%
1989	35	14.78%	16.06%	12.03%	4.04%

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 33.56. The corresponding historical ratios are 23.45, 27.28 and 32.00. The current P/E Ratio is 23.75 based on a stock price of $96.68 and EPS estimate for 2026 of $4.07. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Earnings per Share Ratios are 14.39, 17.24 and 20.09. The corresponding 10 year ratios are 15.95, 17.79 and 19.71. The corresponding historical ratios are 14.39, 17.24 and 18.70. The current P/E Ratio is 17.17 based on a stock price of $96.68 and EPS estimate for 2026 of $5.63. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get a Graham Price of $68.79. The 10-year low, median, and high median Price/Graham Price Ratios are 1.19, 1.35 and 1.50. The current ratio is 1.41 based on a stock price of 96.68. The current ratio is between the median and high ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Book Value per Share Ratio of 2.32. The current ratio is 2.59 based on a Book Value of $47,893M, Book Value per Share of $37.36 and a stock price of $96.68. The current ratio is 11% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10-year median Price/Cash Flow per Share Ratio of 18.67. The current ratio is 13.80 based on Cash Flow per Share estimate for 2025 of $7.01, Cash Flow of $8,980M and a stock price of $96.68. The current ratio is 26% 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 1.10%. The current dividend yield is 2.94% based on dividends of $2.84 and a stock price of $96.68. The current dividend yield is 167% 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 2.20%. The current dividend yield is 2.94% based on dividends of $2.84 and a stock price of $96.68. The current dividend yield is 32% 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 3.88. The current P/S Ratio is 3.49 based on Revenue estimate for 2025 of $35,537M, Revenue per Share of $25.04 and a stock price of $96.68. The current ratio is 12% 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, but could be cheap. The dividend yield tests are saying that the stock price is relatively cheap. The P/S Ratio test says that it is relatively reasonable and so does not confirm the cheap call of the dividend yield tests. The rest of the testing goes from cheap to reasonable and below and above the median.

When I look at analysts’ recommendations, I find Strong Buy (12), Buy (4), Hold (15) and Sell (1). The consensus would be a Buy. The 12 month stock price consensus is $99.90 with a high of $112.00 and low of $81.00. The consensus stock price of $99.90 implies a total return of $6.27% with 3.335 from capital gains and 2.94% from dividends based on a current price of $96.68.

There are few analyst comments on Stock Chase /a> for this stock. One said that performance has not been good for the past 20 years. Prosper Junior Bakiny on Motley Fool thinks that stock is currently a good buy. Reuben Gregg Brewer on Motley Fool says that Medtronic has worked through hardship before and survived. The company put out a Press Release about their fourth quarter ending in April 2025. The company put out a Press Release about their first quarter of 2026 ending in July 2025.

Zacks Equity Research via Yahoo Finance has reviewed this stock and gives it a Hold rating. Simply Wall Street via Yahoo Finance talks about Medtronic’s approval for the Altaviva device. Simply Wall Street has one warning of has a high level of debt.

Medtronic PLC currently generates revenues from four major segments - namely Cardiovascular Portfolio, Medical Surgical Portfolio, Neuroscience Portfolio and Diabetes. 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 Pason Systems Inc (TSX-PSI, OTC-PSYTF) ... learn more on Monday, October 13, 2025 around 5 pm.

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

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

North West Company

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price could still be reasonable, but the stock price is at the top of the range. Debt Ratios are good. The Dividend Payout Ratios (DPR) are fine. The current dividend yield is moderate with dividend growth low. See my spreadsheet on North West Company.

Is it a good company at a reasonable price? This rather smallish company has done well for its shareholders over the years producing both a reasonable capital gain and dividend growth each year. This seems to be a company you could buy and hold for a long time. However, the price that you buy for a stock does affect your long term total return. The stock price could be reasonable, but it could also be considered to be a little too high. It is hard to call at present.

I do not own this stock of North West Company (TSX-NWC, OTC-NWTUF). I wanted to review all the income trust stocks touted in the Money Show of 2009. There was a lot of talk at this show about some of the Income Trust being currently good buys with very good yields. This stock changed from an income trust to a corporation in 2011.

When I was updating my spreadsheet, I noticed that, unlike Linamar Corp, which I just recently reviewed, this company’s stock price has steadily gone up. See the TSX Chart by googling “North West Company TSX Chart” and clicking on Max. Yes, it is a jagged line, but that is how the stock market works. See chart below on Total Return.

If you had invested in this company in December 2014, for $1,021.80 you would have bought 39 shares at $26.30 per share. In December 2024, after 10 years you would have received $537.03 in dividends. The stock would be worth $1,915.68. Your total return would have been $2,452.71. This would be a total return of 10.49% per year with 6.49% from capital gain and 4.00% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$26.20	$1,021.80	39	10	$537.03	$1,915.68	$2,452.71

The current dividend yield is moderate with dividend growth low. The current dividend yield is moderate (2% to 4% ranges) at 3.55%. The 5, 10 and historical dividend yields are moderate at 4.33%, 4.35% and 4.53%. The dividend increases for the past 5 years are low (below 8% per year) at 3.7% per year over the past 5 years. The last dividend increase was in 2025 and it was for 2.5%. I have 36 years of dividend data and the dividends have been increased 27 times during those 36 years. The last year of no increase was in 2019 and before that was 1998.

The Dividend Payout Ratios (DPR) are fine. The DPR for 2024 for Earnings per Share (EPS) is fine at 56% with 5 year coverage at 53%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 49.5% with 5 year coverage fine at 50%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 23% with 5 year coverage at 24%. The DPR for 2024 for Free Cash Flow (FCF) is fine at 52% with 5 year coverage high at 65%. FCF for 2025 varies from $106M to $114M.

Item	Cur	5 Years
EPS	55.83%	53.25%
AEPS	49.56%	49.99%
CFPS	23.37%	24.08%
FCF	51.75%	65.07%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.13 and currently at 0.14. The Liquidity Ratio for 2024 is good at 2.00 and 2.06 currently. The Debt Ratio for 2024 is good at 2.08 and 2.05 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.98 and 0.95 and currently at 2.01 and 0.98.

Type	Year End	Ratio Curr
Lg Term R	0.13	0.14
Intang/GW	0.04	0.04
Liquidity	2.00	2.06
Liq. + CF	2.68	2.74
Debt Ratio	2.08	2.05
Leverage	1.98	2.01
D/E Ratio	0.95	0.98

The Total Return per year is shown below for years of 5 to 34 to the end of 2024. 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.
2019	5	3.66%	16.81%	12.44%	4.37%
2014	10	3.14%	10.49%	6.49%	4.00%
2009	15	1.21%	11.14%	6.54%	4.61%
2004	20	4.96%	15.39%	8.48%	6.92%
1999	25	5.65%	19.94%	10.28%	9.66%
1994	30	8.64%	16.88%	9.43%	7.45%
1990	34	8.21%	17.72%	10.07%	7.64%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 11.19, 13.02, 14.85. The corresponding 10 year ratios are 14.16, 16.53 and 18.90. The corresponding historical ratios are 10.45, 12.99 and 15.19. The current P/E Ratio is 15.26 based on a stock price of $46.24 and EPS estimate for 2026 of $3.03. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I also have Adjusted Earnings per Share (AEPS) data. The 5-year low, median, and high median Price/Adjusted Earnings per Share Ratios are 9.90, 11.45 and 13.06. The corresponding 10 year ratios are 13.33, 15.91 and 18.31. The corresponding historical ratios are 11.76, 14.61 and 17.46. The current P/AEPS Ratio is 11.65 based on a stock price of $46.24 and AEPS estimate for 2026 of $3.97. 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 $37.96. The 10-year low, median, and high median Price/Graham Price Ratios are 1.29, 1.51 and 1.73. The current ratio is 1.22 based on a stock price of $46.27. The current ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 3.20. The current ratio is 2.87 based on a stock price of $46.27, Book Value of $771.8M and Book Value per Share of $16.13. The current ratio is 10% 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 9.28. The current ratio is 8.19 based on Cash Flow per Share estimate for 2026 of $5.65, Cash Flow of $270.1M and a stock price of $46.27. The current ratio is 12% below the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median.

I get an historical median dividend yield of 4.53%. The current ratio is 3.55% based on dividends of $1.64 and a stock price of $46.27. The current dividend yield is 22% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. But note that this stock used to be an income trust and as such had high dividend yields.

I get a 10 year median dividend yield of 4.35%. The current ratio is 3.55% based on dividends of $1.64 and a stock price of $46.27. The current dividend yield is 19% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

The 10-year median Price/Sales (Revenue) Ratio is 0.72. The current P/S Ratio is 0.85 based on Revenue estimate for 2026 of $2,598M, Revenue per Share of $54.30 and a Stock Price of $46.27. The current ratio is 19% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable but above the median.

Results of stock price testing is that the stock price could still be reasonable, but the stock price is at the top of the range. Both the 10 year median dividend test and the P/S Ratio test shows that the stock price is reasonable and at the top of the range. Other testing is showing the stock price as cheap or reasonable and below the median. The TSX chart is showing the stock price as off its recent high.

When I look at analysts’ recommendations, I find Strong Buy (3) and Buy (1). The consensus would be a Strong Buy. The 12 month stock price consensus is $59.50 with a high of $63.00 and low of $57.00. The consensus stock price of $59.50 implies a total return of 32.22% with 26.68% from capital gains and 3.55% from dividends based on a current stock price of $46.24.

Analysts on Stock Chase like this company, but give ratings of a Hold. Christopher Liew on Motley Fool talks about this stock being a defensive stock for risk adverse investors to buy. Demetris Afxentiou on Motley Fool says the company is dependable dividend payer and in a niche business. The company put out a press release via Global Newswire about their fourth quarter result ending January 2025. The company put out a Press Release about their second quarter of 2025.

Simply Wall Street via Yahoo Finance reviews this stock and basically like what they see. They have one warning of earnings have declined by 1% per year over past 5 years.

The North West Co Inc is a Canada-based company that is principally engaged in retail business in underserved rural communities and urban neighborhoods. Its geographical segment includes Canada and International. It generates maximum revenue from Canada. Its web site is here North West Company.

The last stock I wrote about was about was Teck Resources Ltd (TSX-TECK.B, NYSE-TECK) ... learn more. The next stock I will write about will be Medtronic PLC (NYSE-MDT) ... learn more on Friday, October 10, 2025 around 5 pm. Tomorrow on my other blog I will write about Frances Horodelski.... learn more on Thursday, October 9, 2025 around 5 pm.

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