Trigon Metals Inc

Sound bite for Twitter is: Risky Mining Stock. Results of stock price testing is that there is basis for any of the testing I generally do. Some Debt Ratios fine like the Long Term Debt/Market Cap Ratio, but the stock has a negative book value. There are no dividends, so no dividend yields or Dividend Payout Ratios (DPR). See my spreadsheet on Trigon Metals Inc.

Is it a good company at a reasonable price? Buying this stock is a gamble on a mine. I knew that when I bought this stock. None of my stock price testing worked. So who knows about the current price.

I own this stock of Trigon Metals Inc (TSX-TM, OTC-PNTZF). This stock is not having a good year. Stock price is down by 55% so far this year. I also find the financials and other information confusing and I am not sure that my spreadsheet is totally accurate. It probably does not matter as this is a cheap mining stock that still has not seen any revenue or profit and I do not want to waste anymore of my time on it.

If you had invested in this company in December 2014, for $1,001.25 you would have bought 445 shares at $2.25 per share. In December 2024, after 10 years you would have received $0.00 in dividends. The stock would be worth $106.80. Your total return would have been $106.80. This would be a total loss of 13.79% per year with 13.79% from capital loss and 0.0% from dividends. This calculation takes into consideration stock consolidations, which means that the original cost would be increased by these consolidations.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$2.25	$1,001.25	445	10	$0.00	$106.80	$106.80

When I was updating my spreadsheet, I noticed the stock is not making any revenue and therefore no earnings. I find little in information besides the financial statements. The US$ prices are generally off the CDN$ prices because the stock is traded so seldom. This is a mining company and therefore a gamble on my part.

There are no dividends, so no dividend yields or Dividend Payout Ratios (DPR).

Some Debt Ratios fine like the Long Term Debt/Market Cap Ratio, but the stock has a negative book value. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.13 and currently at 0.39. The Liquidity Ratio for 2024 is far too low at 0.85 and 0.78 currently. If you added in Cash Flow after dividends, the ratios are still far too low at 0.86 and currently at 0.29. The Debt Ratio for 2024 is far too low at 0.85 and 0.78 currently and the book value is negative. The Leverage and Debt/Equity Ratios for 2024 cannot be calculated because of the negative book value.

Type	Year End	Ratio Curr
Lg Term R	0.13	0.39
Intang/GW	0.00	0.00
Liquidity	0.85	0.78
Liq. + CF	0.86	0.29
Debt Ratio	0.85	0.78
Leverage	-49.03	-8.23
D/E Ratio	-57.47	-10.53

The Total Return per year is shown below for years of 5 to 15 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	0.00%	-4.74%	-4.74%	0.00%
2014	10	0.00%	-13.79%	-13.79%	0.00%
2009	15	0.00%	-10.06%	-10.06%	0.00%

The 5-year low, median, and high median Price/Earnings per Share Ratios are negative and useless, as are the 10 year and historical corresponding ratios.

I cannot calculate a Graham Price because the company is not making any money.

I cannot do a Price/Book Value per Share Ratio test because of a negative book value.

I cannot do a Price/Cash Flow per Share Ratio test because of negative cash flows.

I cannot do any dividend yield tests because there are no dividends.

I cannot do a Price/Sales (Revenue) Ratio test because there is no revenue.

Results of stock price testing is that there is no basis for any of the testing I generally do. Buying this stock is a gamble on a mine.

When I look at analysts’ recommendations, I find on the Globe and Mail site and on WSJ site, a Strong Buy (1). They both have a price target of $1.50. The target price of $1.50 implies a total return of 665% all from capital gains based on a current stock price of $0.20.

There are no entries on Stock Chase for this stock. There is an article on Business Wire about Trigon Metals selling Kombat Mines. The company put out a press release via Businesswire of private placement of common shares at $0.25 in March 2025. The company put out a press release via Businesswire about their fourth quarter ending March 2025. The company put out a Press Release via Businesswire about their first quarter ending in June 2025.

Simply Wall Street has 6 warnings on this stock of has less than 1 year of cash runway; negative shareholders equity; earnings have declined by 2.2% per year over past 5 years; makes less than USD$1m in revenue ($0); does not have a meaningful market cap (CA$13M); and shareholders have been diluted in the past year.

Trigon Metals Inc and its subsidiaries are the acquisition, maintenance, exploration and development of mines and mineral properties on the African continent. The Company derives revenues and pre-production revenues from the sale of copper and silver concentrate. The company's projects include Kalahari Copperbelt Project. Its web site is here Trigon Metals Inc.

The last stock I wrote about was about was Dollarama Inc (TSX-DOL, OTC-DLMAF) ... learn more. The next stock I will write about will be Keyera Corp (TSX-KEY, OTC-KEYUF) ... learn more on Wednesday, October 29, 2025 around 5 pm. Tomorrow on my other blog I will write about Value Stocks to Buy.... learn more on Tuesday, October 28, 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.

Dollarama Inc

Sound bite for Twitter is: Dividend Growth Consumer. Results of stock price testing is that the stock price is probably expensive. Debt Ratios shows debt is too high. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on Dollarama Inc.

Is it a good company at a reasonable price? The dividends are extremely low and I do not know why they bother to pay them. I do not buy dividend stocks when the dividend yield is lower than 1%. It takes too long to get a decent dividend yield on your original purchase. See the chart with a paragraph on this below. I would worry about the amount of debt this company has. I also do not like the fact that the book value has been negative. This stock is just off its recent high. My current stock price testing is showing that the stock is relatively expensive.

I do not own this stock of Dollarama Inc (TSX-DOL, OTC-DLMAF). I belong to an investment club and this was a stock I volunteered to look at. I had, of course, heard of this stock before and people have mentioned that it is doing very well for shareholders.

When I was updating my spreadsheet, I noticed that the Chairman of this company has sold almost half his shares. He had shares worth $17.4M last year and shares worth $9.8M this year. Prior to last year the Chairman was accumulating shares. Company is still growing strongly. See chart below. Debt is still very high with Leverage at 5.46 and Debt to Equity (D/E Ratio) at 4.46. Good ratios are less than 2.00 and 1.00 with acceptable ratios less than 3.00 and 2.00 respectively. Still these ratios are not as bad as last year when they were at 13.82 and 12.82. Dividends are hardly noticeable at 0.31%.

This company has a financial year ending February 1 each year, so I am reviewing the annual report dated February 1, 2025. The company is currently in its 2026 financial year.

If you had invested in this company in December 2014, for $1,009.80 you would have bought 51 shares at $19.80 per share. In December 2024, after 10 years you would have received $103.45 in dividends. The stock would be worth $7,174.28. Your total return would have been $7,257.73. This would be a total return of 22.06% per year with 21.63% from capital gain and 0.43% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$19.80	$1,009.80	51	10	$103.45	$7,154.28	$7,257.73

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 all growth is still good between the 10 year growth and 5 year growth.

Yr	Item	Tot. Gwth	Per Year	Gwth	Coverage
5	Revenue Growth	69.33%	11.11%	4.30%	<-12 mths
5	EPS Growth	133.71%	18.50%	8.41%	<-12 mths
5	Net Income Growth	107.17%	15.68%	8.00%	<-12 mths
5	Cash Flow Growth	124.45%	17.55%	2.35%	<-12 mths
5	Dividend Growth	97.05%	14.53%	18.05%	<-12 mths
5	Stock Price Growth	214.32%	25.74%	30.43%	<-12 mths
10	Revenue Growth	175.15%	10.65%	25.21%	<-this year
10	EPS Growth	464.71%	18.90%	24.66%	<-this year
10	Net Income Growth	295.57%	14.74%	9.02%	<-this year
10	Cash Flow Growth	362.00%	16.54%	7.92%	<-this year
10	Dividend Growth	235.61%	12.87%	20.70%	<-this year
10	Stock Price Growth	608.48%	21.63%	41.72%	<-this year

The dividends are very low, so if you buy this stock what sort of dividends would you get in the future? This chart is an attempt to show this. If dividends continue to increase by 14.53% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on the current stock price of $184.16 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$0.83	0.45%	5	14.53%	1.53%
$1.64	0.89%	10	14.53%	4.11%
$3.24	1.76%	15	14.53%	9.17%

The current dividend yield is low with dividend growth moderate. The current dividend yield is low (below 2%) at the very low rate of 0.23%. The 5, 10 and historical median dividend yields are also low at 0.30%, 0.35% and 0.39%. The dividend growth is moderated (8% to 14% ranges) at 14.5% per year over the past 5 years. The last dividend increase was in 2025 and it was for 17.9%.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 8% with 5 year coverage at 8%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 6% with 5 year coverage at 6%. The DPR for 2024 for Free Cash Flow (FCF) is good at 9% with 5 year coverage at 8%. The FCF for 2024 varies from $1,110M to $1,397M.

Item	Cur	5 Years
EPS	8.34%	8.19%
CFPS	5.93%	5.57%
FCF	8.84%	8.27%

Debt Ratios shows debt is too high. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.05 and currently at 0.04. The Liquidity Ratio for 2024 is low at 1.18 and 1.24 currently. If you added in Cash Flow after dividends, the ratios are fine at 2.71 and currently at 2.32. The Debt Ratio for 2024 is low at 1.22 and 1.23 currently. The Leverage and Debt/Equity Ratios for 2024 are far too high at 5.46 and 4.46 and currently at 5.28 and 4.28. For these ratios good is low than 2.00 and 1.00 and fine is lower than 3.00 and 2.00. I guess a consolidation is that these ratios are better than they have been in a while.

Type	Year End	Ratio Curr
Lg Term R	0.05	0.04
Intang/GW	0.02	0.02
Liquidity	1.18	1.24
Liq. + CF	2.71	2.32
Debt Ratio	1.22	1.23
Leverage	5.46	5.28
D/E Ratio	4.46	4.28

The Total Return per year is shown below for years of 5 to 16 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	11.31%	26.07%	24.08%	33.00%
2014	10	11.73%	22.06%	20.57%	0.43%
2009	15	14.56%	28.04%	27.36%	0.68%
2008	16	14.56%	27.37%	26.76%	0.60%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 21.65, 25.92 and 30.39. The corresponding 10 year ratios are 20.37, 25.46 and 30.68. The corresponding historical ratios are 19.28, 24.60 and 31.71. The current ratio is 40.17 based on a stock price of $184.16 and EPS estimate for 2026 of 4.59. 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.

I get a Graham Price of $23.31. The 10-year low, median, and high median Price/Graham Price Ratios are 7.77, 9.37, and 10.98. The current ratio is 7.90 based on a stock price of $184.16. 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.

The P/GP Ratio are really high. Normally you expect ratios from around 0.80 to 1.20. The P/GP Ratios are really high because of a very low Book Value per Share. Also, I had to fudge a few of the calculations as the formula cannot handle a negative book value. So, there are lots of problems with this test.

I get a 10-year median Price/Book Value per Share Ratio of 24.71. The current ratio is 34.95 based on a stock price of $184.16, Book Value of $1,456M, and Book Value per Share of $5.27. The current ratio is 41% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive. The P/B Ratios are very high. I good ratio is consider to be around 1.50.

I also have a Book Value per Share estimate for 2026 of $6.50. This implies a ratio of 28.35 based on a stock price of $184.16 and Book Value of $1,795M. This ratio is 15% 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 20.44. The current ratio is 28.69 based on Cash Flow per Share estimate for 2026 of $6.42, Cash Flow of $1,774M and a stock price of $184.16. The current ratio is 40% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

I get an historical median dividend yield of 0.39%. The current dividend yield is 0.23% based on dividends of $0.4232 and a stock price of $184.16. The current dividend yield is 34% 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 0.35%. The current dividend yield is 0.23% based on dividends of $0.4232 and a stock price of $184.16. The current dividend yield is 41% 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 3.78. The current ratio is 7.08 based on a stock price of $184.16, Revenue estimate for 2026 of $7,189M and Revenue per Share of $26.01. The current ratio is 87% above the 10 year median ratio. This stock price testing suggests that the stock price is relatively expensive.

Results of stock price testing is that the stock price is probably expensive. The dividend yield testing is saying that. It is confirmed by the P/S Ratio test. Most of my testing is saying that the stock price is expensive, but a couple say reasonable. There are problems with a number of my tests.

When I look at analysts’ recommendations, I find Strong Buy (5), Buy (4), Hold (6), and Sell (1). The consensus is a Strong Buy. The 12 month stock price consensus is $198.81 with a high of $223.00 and low of $125.00. The consensus stock price of $198.81 implies a total return of 8.18% with 7.96% from capital gains and 0.23% from dividends based on a current stock price of $184.16.

There are a variety of opinions on Stock Chase. One analyst gives it a partial sell because Canada is saturated with stores and he will have to expand abroad and they can be problematic. Some still like it, of course. Amy Legate-Wolfe on Motley Fool says to buy as it will quietly compound its growth. Robin Brown on Motley Fool says this stock can help you battle inflation. The company put out a press release via Newswire about its fourth quarter dated February 2, 2025. The company put out a press release via Newswire about their first quarter of 2026 dated May 4, 2025.

Simply Wall Street via Yahoo Finance reviews this stocks and talks about how great it has been in the past. They have one warning of has a high level of debt.

Dollarama is Canada's largest dollar store chain that sells a broad range of everyday consumables and household items at low fixed price points. It also holds a 60% stake in South American value retailer Dollarcity, which operates stores across Colombia, Guatemala, El Salvador, Peru, and Mexico. It also owns Australian retail chain The Reject Shop. Its web site is here Dollarama Inc.

The last stock I wrote about was about was Ovintiv Inc (TSX-OVV, NYSE-OVV) ... learn more. The next stock I will write about will be Trigon Metals Inc (TSX-TM, OTC-PNTZF) ... learn more on Monday, October 27, 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.

Ovintiv Inc

Sound bite for Twitter is: Dividend Paying Energy. Results of stock price testing is that the stock price is probably reasonable, but could be cheap. Debt Ratios are fine. The Dividend Payout Ratios (DPR) are good. The current dividend yield is moderate with current dividend growth restarted and good. See my spreadsheet on Ovintiv Inc.

Is it a good company at a reasonable price? This is a resource stock so it is cyclical and risky. It is interesting that there is not much in the way of reviews on this stock, but when I look at analyst’s recommendations, there are 24 entries. The 12 month stock price consensus high stock price gives a capital gain of 83% to a low stock price of 4% capital gains. There is quite a range. The stock price is probably cheap.

I do not own this stock of Ovintiv Inc (TSX-OVV, NYSE-OVV). I have owned this stock before as Alberta Energy Co. This company split into two companies in the later part of 2009 - Encana Corporation and Cenovus Energy Inc. On January 27, 2020, this company has changed its name from Encana Corp (TSX-ECA, OTC-ECA) to Ovintiv Inc (TSX-OVV, OTC-OVV).

When I was updating my spreadsheet, I noticed even though the company has a AEPS ($5.83) higher than last year’s estimate ($5.01), the new estimates for 2025 are lower by 9% ($4.85 compared to $4.43) and for 2026 lower by 46% ($9.96 compared to $5.38).

If you had invested in this company in December 2014, for $1,051.05 you would have bought 13 shares at $80.85 per share. In December 2024, after 10 years you would have received $140.96 in dividends. The stock would be worth $756.99. Your total return would have been $897.95. This would be a total loss of 1.89% per year with 3.25% from capital gain and 1.34% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$80.85	$1,051.05	13	11	$140.96	$756.99	$897.95

The current dividend yield is moderate with current dividend growth restarted and good. The current dividend is moderate (2% to 4% range) at 3.34%. The 5 year and Historical median dividend yield is moderate at 2.59% and 2.14%. The 10 year median dividend yield is low (below 2%) at 1.82%. The dividends were cut in 2016 by 79%. Increases restarted in 2019. Dividends are still some 15% below the 2015 dividends. The dividend increases over the past 5 years is at 26.18%, but increases were inconsistent in that there were no increases in some years and increases were wildly different being around 103% in 2022 and 4% in 2024.

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 28% with 5 year coverage high at 52%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 21% with 5 year coverage at 32%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 9% with 5 year coverage at 7%. The DPR for 2024 for Free Cash Flow (FCF) is good at 19% with 5 year coverage at 16%. FCF did not vary that much in 2024, being from 1,670M to 1,739M.

Item	Cur	5 Years
EPS	28.50%	51.53%
AEPS	20.58%	33.61%
CFPS	9.21%	6.58%
FCF	18.92%	16.47%

Debt Ratios are fine. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.46 and currently at 0.48. The Liquidity Ratio for 2024 is far too low at 0.51 and 0.43 currently. If you added in Cash Flow after dividends, the ratios are fine at 1.78 and currently at 1.60. The Debt Ratio for 2024 is good at 2.16 and 2.11 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.86 and 0.86 and currently at 1.90 and 0.90.

Type	Year End	Ratio Curr
Lg Term R	0.46	0.48
Intang/GW	0.24	0.28
Liquidity	0.51	0.43
Liq. + CF	1.78	1.60
Debt Ratio	2.16	2.11
Leverage	1.86	1.90
D/E Ratio	0.86	0.90

The Total Return per year is shown below for years of 5 to 32 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	28.79%	16.52%	13.88%	2.64%
2013	10	0.61%	-1.89%	-3.23%	1.34%
2008	15	-5.75%	-5.37%	-6.91%	1.55%
2003	20	5.25%	0.71%	-2.05%	2.76%
1998	25	6.59%	5.27%	1.58%	3.69%
1993	30	5.46%	9.18%	4.48%	4.70%
1992	32	5.55%	8.97%	4.50%	4.47%

The Total Return per year is shown below for years of 5 to 23 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	26.18%	14.22%	11.55%	2.67%
2013	10	-1.53%	-3.94%	-5.24%	1.29%
2008	15	-7.25%	-4.41%	-8.83%	1.58%
2003	20	-0.03%	2.85%	-3.12%	3.09%
2001	23	5.23%	5.53%	0.66%	4.57%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 2.96, 5.23 and 5.23. The corresponding 10 year ratios are 3.51, 5.25 and 6.99. The corresponding historical ratios are 4.81, 8.69 and 12.38. The current ratio is 12.22 based on a stock price of $36.56 and EPS estimate for 2025 of $2.99. The current ratio is above the high ratio for the 10 year median ratios. This stock price testing suggests that the stock price is relatively expensive. These P/E Ratios are low as generally a ratio below 10.00 is considered low. This testing is in US$.

I also have Adjusted Earnings per Share (AEPS) Ratios. The 5-year low, median, and high median Price/Earnings per Share Ratios are 5.13, 7.09 and 9.05. The corresponding 10 year ratios are 5.92, 8.34 and 10.56. The corresponding historical ratios are 7.29, 12.24, and 16.65. The current ratio is 8.25 based on a stock price of $36.56 and AEPS estimate for 2025 of $4.43. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. These P/E Ratios are low as generally a ratio below 10.00 is considered low. This testing is in US$.

I get a Graham Price of $89.12. The 10-year low, median, and high median Price/Graham Price Ratios are 0.46, 0.71 and 0.97. The current ratio is 0.57 based on a stock price of $51.14. The current ratio is between the low and median ratios of the 10 year median ratios. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in CDN$.

I get a 10-year median Price/Book Value per Share Ratio of 1.25. The current ratio is 0.91 based on a Book Value of $10,377M, Book Value per Share of $40.38 and a stock price of $35.56. The current ratio is 27% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I also have Book Value per Share estimate for 2025 of $44.68. This implies a Book Value of $11,483M and a ratio of 0.82 with a stock price of $35.56. This ratio is 34% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10-year median Price/Cash Flow per Share Ratio of 2.81. The current ratio is 2.57 based on Cash Flow per Share estimate for 2025 of $14.21, Cash Flow of $3,652M and a stock price of $35.56. The current ratio is 8% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$.

I get an historical median dividend yield of 2.14%. The current dividend yield is 3.28% based on Dividends of $1.20 and a stock price of $35.56. The current dividend yield is 53% above the historical median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

I get a 10 year median dividend yield of 1.82%. The current dividend yield is 3.28% based on Dividends of $1.20 and a stock price of $35.56. The current dividend yield is 80% above the 10 year median dividend yield. This stock price testing suggests that the stock price is relatively cheap. This testing is in US$.

The 10-year median Price/Sales (Revenue) Ratio is 1.21. The current P/S Ratio is 1.09 based on Revenue estimate for 2025 of $8.500M, Revenue per Share of $33.42 and a stock price of $35.56. The current ratio is 10% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median. This testing is in US$.

Results of stock price testing is that the stock price is probably reasonable, but could be cheap. The dividend yield tests say that the stock price is relatively cheap. The P/S Ratio tests says that the stock price is relatively reasonable. So, I went with reasonable, but could be cheap. Most of the testing is saying that the stock price is either cheap or reasonable. I did the majority of the testing in US$ because the reporting is in US$, the estimates are in US$ and dividends are paid in US$.

When I look at analysts’ recommendations, I find Strong Buy (13), Buy (6) and Hold (5). The consensus is a Strong Buy. The 12 months stock price consensus is $72.66 ($51.82 US$) with a high of $93.00 ($67.00 US$) and low of $53.28 ($38.00 US$). The consensus stock price of $72.66 implies a total return of $45.37% with 3.29% from dividends and $42.08% from Capital Gains based on a current stock price of $51.14. This is in CDN$.

There is only one entry on Stock Chase for 2025 and it is a weak buy. Maybe because this company is more indebted than its peers. There are no entries for this company on Motley Fool for 2025. Aditya Raghunath on Motley Fool talks about the Bull case for Ovintiv in 2024. The company put out a Press Release about their fourth quarter of 2024. The company put out a Press Release for their second quarter of 2025 results.

Simply Wall Street via Yahoo Finance suggests that this stock maybe undervalued. Simply Wall Street has 4 warnings on this stock of has a high level of debt; dividend of 3.31% is not well covered by free cash flows; profit margins (6.6%) are lower than last year (18.8%); and large one-off items impacting financial results.

Ovintiv Inc is a North American oil and natural gas exploration and production company that is focused on developing its multi-basin portfolio of high-quality assets located in the United States and Canada. Its web site is here Ovintiv Inc.

The last stock I wrote about was about was CCL Industries Inc (TSX-CCL.B, OTC-CCDBF) ... learn more. The next stock I will write about will be Dollarama Inc (TSX-DOL, OTC-DLMAF) ... learn more on Friday, October 24, 2025 around 5 pm. Tomorrow on my other blog I will write about Equity Clock Blogger.... learn more on Thursday, October 23, 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.

CCL Industries Inc

Sound bite for Twitter is: Dividend Growth Materials. Results of stock price testing is that the stock price is probably reasonable, but might be cheap. Debt Ratios are good. The Dividend Payout Ratios (DPR) are good. The current dividend yield is low with dividend growth moderate. See my spreadsheet on CCL Industries Inc .

Is it a good company at a reasonable price? This seems to be a good Canadian dividend growth stock that has performed well for its shareholders in the past. It does tend to be a bit cyclical. The dividend is low, but there is good growth. This stock is off its recent high. This stock is certainly at the reasonable price, but could be cheap.

I do not own this stock of CCL Industries Inc (TSX-CCL.B, OTC-CCDBF). In 2009 I read a favorable report on this stock of which I had also heard before. This is also a dividend paying stock and in 2009 it was on Dividend Achievers list.

When I was updating my spreadsheet, I noticed this stock has not done as well in the last 5 years as in previous years with a 7.48% total return with 5.98% from capital gains and 1.60% from dividends. However, analysts expect that it will do well this year.

If you had invested in this company in December 2014, for $1,006.96 you would have bought 40 shares at $25.17 per share. In December 2024, after 10 years you would have received $284.00 in dividends. The stock would be worth $2,958.00. Your total return would have been $3,242.00. This would be a total return of 12.98% per year with 11.38% from capital gain and 1.60% from dividends.

Cost	Tot. Cost	Shares	Years	Dividends	Stock Val	Tot Ret
$25.17	$1,006.96	40	10	$284.00	$2,958.00	$3,242.00

The current dividend yield is low with dividend growth moderate. The current dividend is low (below 2%) at 1.70%. The 5, 10 and historical dividend yields are also low at 1.56%, 1.22% and 1.94%. The dividend increases are moderate (between 8% and 14% ranges per year) at 11.3% per year over the past 5 years. The last dividend increase was in 2025 and it was for 10.3%.

The dividends are low, but sometimes they surprise you on what you might earning in dividends in the future. This chart is an attempt to show this. If dividends continue to increase by 11.27% as they have in the past 5 years, what you would get in dividends in 5, 10 and 15 years is shown in the Dividends Paid (Div Pd) column. The next column shows what your yield on a current stock price of $75.82 would be. The last column shows the percentage of your stock’s price would be covered by dividends in 5, 10 and 15 years.

Div Pd	Div Yield	Years	At IRR	Div Cov
$2.18	2.88%	5	11.27%	10.57%
$3.72	4.91%	10	11.27%	25.72%
$6.35	8.38%	15	11.27%	51.57%

The Dividend Payout Ratios (DPR) are good. The DPR for 2024 for Earnings per Share (EPS) is good at 26% with 5 year coverage at 27%. The DPR for 2024 for Adjusted Earnings per Share (AEPS) is good at 27% with 5 year coverage at 26%. The DPR for 2024 for Cash Flow per Share (CFPS) is good at 13% with 5 year coverage at 13%. The DPR for 2024 for Free Cash Flow (FCF) is good at 34% with 5 year coverage at 30%. The FCF does not vary much for this stock in 2024 with arrange from $602M to $607M.

Item	Cur	5 Years
EPS	24.68%	27.27%
AEPS	26.85%	26.05%
CFPS	13.47%	13.15%
FCF	34.29%	30.11%

Debt Ratios are good. The Long Term Debt/Market Cap Ratio for 2024 is good at 0.17 and currently at 0.19. The Liquidity Ratio for 2024 is good at 2.01 and 2.24 currently. The Debt Ratio for 2024 is good at 2.15 and 2.13 currently. The Leverage and Debt/Equity Ratios for 2024 are good at 1.87 and 0.87 and currently at 1.89 and 0.89.

Type	Year End	Ratio Curr
Lg Term R	0.17	0.19
Intang/GW	0.28	0.27
Liquidity	2.01	2.24
Liq. + CF	2.58	3.00
Debt Ratio	2.15	2.13
Leverage	1.87	1.89
D/E Ratio	0.87	0.89

The Total Return per year is shown below for years of 5 to 37 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.
2018	5	11.27%	7.48%	5.98%	1.51%
2013	10	18.09%	12.98%	11.38%	1.60%
2008	15	16.33%	20.89%	18.70%	2.19%
2003	20	14.45%	17.92%	16.06%	1.86%
1998	25	12.43%	15.98%	14.29%	1.68%
1993	30	10.63%	14.42%	12.83%	1.59%
1988	35	9.34%	12.45%	11.03%	1.42%
1987	37	9.25%	12.74%	11.16%	1.58%

The 5-year low, median, and high median Price/Earnings per Share Ratios are 15.55, 17.70 and 20.73. The corresponding 10 year ratios are 17.61, 20.92 and 24.81. The corresponding historical ratios are 13.66, 16.62 and 49.49. The current P/E Ratio is 16.55 based on a stock price of $75.29 and EPS estimate for 2025 of $4.55. 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 14.33, 16.69 and 19.49. The corresponding 10 year ratios are 15.20, 19.57 and 22.95. The corresponding historical ratios are 12.08, 15.47 and 20.61. The current P/AEPS Ratio is 16.26 based on a stock price of $75.29 and EPS estimate for 2025 of $4.63. 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 $56.69. The 10-year low, median, and high median Price/Graham Price Ratios are 1.35, 1.74 and 1.99. The current ratio is 1.33 based on a stock price of $75.29. This ratio is below the low ratio of the 10 year median ratios. This stock price testing suggests that the stock price is relatively cheap.

I get a 10-year median Price/Book Value per Share Ratio of 3.38. The current ratio is 2.44 based on a Book Value of $5,379M, Book Value per Share of $30.85 and a stock price of $75.29. The current ratio is 28% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively cheap.

I also have a Book Value per Share estimate for 2025 of $31.05. This implies a ratio of 2.42 based on a stock price of $75.29 and a Book Value of $5,415M. This ratio is 28% 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 13.04. The current ratio is 9.71 based on Cash Flow per Share estimate for 2025 of $7.76, Cash Flow of $1,352M and a stock price of $75.29. 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 1.94%. The current dividend yield is 1.70% based on dividends of $1.28 and a stock price of $75.29. The current dividend yield is 12% below the historical median dividend yield. This stock price testing suggests that the stock price is relatively reasonable but above the median.

I get a 10 year median dividend yield of 1.22%. The current dividend yield is 1.70% based on dividends of $1.28 and a stock price of $75.29. The current dividend yield is 39% 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 1.97. The current P/S Ratio is 1.72 based on Revenue estimate for 2025 of $7,613M, Revenue per Share of $43.65 and a stock price of $75.29. The current ratio is 13% below the 10 year median ratio. This stock price testing suggests that the stock price is relatively reasonable and below the median.

Results of stock price testing is that the stock price is probably reasonable, but might be cheap. The 10 year dividend yield test says that the stock price is cheap. This is why the stock price could be cheap. However, the P/S Ratio test says that it is reasonable and below the median. The rest of the testing varies from cheap to reasonable.

When I look at analysts’ recommendations, I find Strong Buy (4), and Buy (6). The consensus would be a Strong Buy. The 12 month stock price consensus is $92.70 with a high of $96.00 and a low of $90.00. The consensus stock price of $92.70 implies a total return of 24.82% with 23.12% from capital gains and 1.70% from dividends based on a current stock price of $75.29.

There is only one entry for 2025 on Stock Chase. The analyst says he has owned it for a long time. Has good organic growth but is cyclical. Amy Legate-Wolfe on Motley Fool says this stock is a buy and hold for dividend investors. Aditya Raghunath on Motley Fool thinks it is still a good buy. The company put out a press release via TMX Money about their results for their fourth quarter of 2024. The company put out a Press Release about their second quarter of 2025 via Morningstar.

Simply Wall Street via Yahoo Finance reviews the returns on this stock. Simply Wall Street via Yahoo Finance looks at who owns shares in this company. They have one warning of significant insider selling over the past 3 months. The Chairman and a director have sold shares over the past year.

CCL Industries Inc manufactures and sells packaging and packaging-related products. Its geographical segments include Canada; USA and Puerto Rico; Mexico, Brazil, Chile, and Argentina; Europe; and Asia, Australia, Africa, and New Zealand. Its web site is here CCL Industries Inc .

The last stock I wrote about was about was Brookfield Corp (TSX-BN, NYSE-BN) ... learn more. The next stock I will write about will be Ovintiv Inc (TSX-OVV, NYSE-OVV) ... learn more on Wednesday, October 22, 2025 around 5 pm. Tomorrow on my other blog I will write about Dividend Ninja .... .... learn more on Tuesday, October 21, 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.

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.