“You have a pair of pants. In the left pocket, you have $100. You take $1 out of the left pocket and put in the right pocket. You now have $101. There is no diminution of dollars in your left pocket. That is one magic pair of pants.”

Month: December 2021

MP Market Review – December 24, 2021

Posted by BM on December 27, 2021

The Canadian stock market continued its strong performance this past week keeping pace with its peers to the south. With the new year in sight, stay tuned for our year-end summaries of companies on ‘The List’ and whether there will be any changes to ‘The List’ for 2022.

Our new list will be published in the first week of 2022.

Performance of ‘The List’

The best performers this week on ‘The List’ were Alimentation Couche-Tard (ATD-T) up 9.1% on the back of another acquisition; Enghouse Systems Limited (ENGH-T) up 8.1% after it was obviously in oversold territory following last week’s earnings news; and TFI International (TFII-T) up 3.4% as it continues to soar in 2021.

Canadian National Railway (CNR-T) was the worst performer, down -4.5% after the setback in their CEO search.

‘The List’ as a whole was up 2% this past week with a 19.0% YTD price return gain (capital) and an average of 8.2% dividend increase (income) in 2021.

Dividend Increases

There were no dividend increases announced from companies on ‘The List’ this past week.

Earnings Releases

There were no earnings releases announced from companies on ‘The List’ this past week.

Recent News

ALIMENTATION COUCHE-TARD ANNOUNCES THE ACQUISITION OF 19 SITES AND 2 NON-OPERATING PROPERTIES FROM PIC QUIK

Alimentation Couche-Tard (ATD-T) announced an agreement with Pic Quik under which Couche-Tard has acquired 19 convenience stores and 2 non-operating properties across the state of New Mexico. The assets are owned and operated by Pic Quik, a successful Company originally founded in 1958. The acquisition closed on December 17, 2021.

“We are very pleased to welcome the Pic Quik locations and team to our Circle K family in New Mexico,” said Alex Miller, Couche-Tard’s Executive Vice President, Operations, North America, and Global Commercial Optimization. “With this acquisition, we will be able to build on our strong network in the state and grow our mission of making our customers’ lives a little easier every day.

ATD-T has been in acquisition mode lately after acquiring 17 sites last week from Slidell Oil Company.

CCL INDUSTRIES ACQUIRES BRAZIL’S FOREVER BLUE FOR C$19.1 MILLION

CCL Industries (CCL-B-T) on Monday said it agreed to acquire Brazil-based Forever Blue Investimentos e Participacoes for C$19.1 million

The company said the company “is a leader in labels and tags for the retail and apparel industry strategically located at the heart of Brazil’s textile industry” with 2021 sales forecast to be C$17.6 million.

This too is CCL-B-T’s second acquisition in as many weeks.

JIM VENA WITHDRAWS AS CANDIDATE FOR CANADIAN NATIONAL CEO ROLE

Canadian National Railway (CNR-T) said on Monday Jim Vena, who was backed by a group of investors to lead the country’s largest railway operator, had pulled out of the running to serve as its new chief.

The former Union Pacific executive was pitched for the top job by TCI Fund Management, which is Canadian National’s second-largest shareholder with a 5% stake.

“Vena looked to us like an ideal candidate considering his contribution to Union Pacific’s solid OR (operating ratio) progress since implementing PSR (precision scheduled railroading) in 2018,” Morningstar analyst Matthew Young said.

“There’s a good chance he would have helped reinvigorate CN’s operating strategy, and we suspect shareholders would have welcomed his leadership.”

Below is a snapshot of ‘The List’ from last Friday’s close. For a sortable version of ‘The List’ please click on The List menu item.

‘The List’ is not meant to be a template for investors to copy exactly. Rather, its purpose is to provide investment ideas and a real-time illustration of dividend growth investing in action. It is not a ‘Buy List’, only a starting point for our analysis and discussion.

The List (2021)
Last updated by BM on December 24, 2021

*Note: The following graph is wide, you can scroll to the right on your device to see more of the data.

SYMBOL COMPANY YLD PRICE YTD % DIV YTD % STREAK
AQN-N Algonquin Power & Utilities 4.7% $14.32 -11.9% $0.67 10.2% 10
ATD-T Alimentation Couche-Tard Inc. 0.7% $52.45 20.2% $0.37 25.2% 11
BCE-T Bell Canada 5.3% $65.65 19.4% $3.46 5.1% 12
BIP-N Brookfield Infrastructure Partners 3.5% $58.75 18.7% $2.04 2.5% 13
BNS-T Bank of Nova Scotia 4.0% $89.76 32.5% $3.60 0.0% 10
CCL-B-T CCL Industries 1.3% $66.62 14.9% $0.84 16.7% 19
CNR-T Canadian National Railway 1.6% $156.66 11.9% $2.46 7.0% 25
CTC-A-T Canadian Tire 2.6% $180.89 8.7% $4.70 3.3% 10
CU-T Canadian Utilities Limited 4.8% $36.32 17.4% $1.76 1.1% 49
DOL-T Dollarama Inc. 0.3% $63.10 20.8% $0.20 12.4% 10
EMA-T Emera 4.1% $62.30 16.1% $2.58 3.8% 14
ENB-T Enbridge Inc. 6.9% $48.75 19.3% $3.34 3.1% 25
ENGH-T Enghouse Systems Limited 1.3% $48.64 -21.7% $0.64 24.3% 14
EQB-T Equitable Group Inc 1.1% $69.35 32.0% $0.74 0.0% 10
FNV-N Franco Nevada 0.9% $135.49 2.8% $1.16 12.6% 13
FTS-T Fortis 3.4% $60.64 16.2% $2.05 4.1% 47
IFC-T Intact Financial 2.1% $163.48 9.2% $3.40 2.4% 16
MGA-N Magna 2.2% $79.50 14.0% $1.72 7.5% 11
MRU-T Metro 1.5% $67.52 17.2% $1.00 13.6% 26
RY-T Royal Bank of Canada 3.2% $133.99 28.0% $4.32 0.7% 10
SJ-T Stella-Jones Inc. 1.8% $39.79 -14.4% $0.72 20.0% 16
TD-T TD Bank 3.3% $96.30 33.9% $3.16 1.6% 10
TFII-T TFI International 0.8% $141.10 115.9% $1.16 8.4% 10
TIH-T Toromont Industries 1.2% $113.29 28.0% $1.36 9.7% 31
TRP-T Trans Canada 5.8% $60.45 15.8% $3.48 7.4% 20
T-T Telus 4.3% $29.52 16.0% $1.25 8.2% 17
WCN-N Waste Connections 0.6% $132.19 30.6% $0.85 11.2% 11
Averages 2.7% 19.0% 8.2% 17

‘The List’ – Portfolio Review (December 2021)

Posted by BM on December 22, 2021 

Each month I will walk through our valuation process using a stock on ‘The List’ that meets our minimum screen of 6.5% EPS Yld. This month it is Intact Financial Corp. (IFC-T).

Valuation is the second step in our three-step process. Buying when our quality stocks are sensibly priced will help ensure our future investment returns meet our expectations. We rely heavily on the fundamental analyzer software tool (FASTgraphs) to help us understand the fundamentals of the stocks we invest in and then read the company’s website for investor presentations and recent earnings reports to learn more.

the list portfolio review december 2021

Intro:

Intact Financial Corporation (IFC-T) is the largest provider of property and casualty (P&C) insurance in Canada, a leading provider of global specialty insurance, and, with RSA, a leader in the U.K. and Ireland. The business has grown organically and through acquisitions to over $20 billion of total annual premiums.

In Canada, Intact distributes insurance under the Intact Insurance brand through a wide network of brokers, including its wholly-owned subsidiary BrokerLink, and directly to consumers through Belairdirect. Intact also provides affinity insurance solutions through the Johnson Affinity Groups.

In the U.S., Intact Insurance Specialty Solutions provides a range of specialty insurance products and services through independent agencies, regional and national brokers, and wholesalers and managing general agencies.

Outside of North America, the Company provides personal, commercial and specialty insurance solutions acro ss the U.K., Ireland, Europe and the Middle East through the RSA brands.

Intact directly manages its investments through subsidiary Intact Investment Management. Most of these invested assets are fixed-income securities. Its asset mix is designed to generate interest and dividend income.

Historical Graph:

ifct price correlated with fundamentals 2021
Source: FASTgraphs

Comments:

Intact Financial Corp. is another of our good dividend growers that trades within a narrow valuation corridor. As you can see from the Blue Line on the graph (Normal P/E) and the Black Line (Price), there is typically very little variance. Investment opportunities occur when the Black Line falls below the Orange Line (15 PE) with this quality dividend grower. The fundamentals show a company whose earnings have grown steadily over the last ten years at an annualized rate of ~10%.

Performance Graph:

Source: FASTgraphs

Comments:

Intact Financial Corp. has an annualized dividend growth rate of 9.34% over the last decade. The company also has an annualized Total Return of 12.70% over that time. IFC-T recently announced another dividend increase of 9.64% for 2022.

Estimated Earnings:

ifct estimated earnings
Source: FASTgraphs

Comments:

Using the “Normal Multiple’ estimating tool from FASTgraphs, we see a blended P/E average over the last five years of 17.73. Based on Analysts’ forecasts two years out, you can expect an annualized return based on today’s price of 19.53% should IFC-T trade at its blended P/E.

Blended P/E is based upon a weighted average of the most recent actual value and the closest forecast value.

Another thing I like about Intact Financial Corp.’s earnings is that they are being revised upwards from both six months and three months ago for both 2022 and 2023. Analysts seem bullish on IFC-T in the short term.

Analyst Scorecard:

Source: FASTgraphs

Comments:

Analyst estimates over the years are not very accurate based on one and two-year earnings projections. Analysts’ projections have hit or beat 33% of the time on one-year estimates and 45% on two-year estimates. This does not give us a lot of confidence on estimating the future with Intact Financial Corp.’s earnings. Monitoring quarterly earnings reports will give us a better idea on where things are headed.

Recent Earnings Report-Q3 2021:

Highlights

  • Net operating income per share of $2.87 driven by strong underwriting performance and an accretive contribution from RSA
  • Premiums grew 68%, reflecting the first full quarter of RSA in our results and continued strength in commercial lines
  • Combined ratio of 91.3%, driven by strength in all business segments despite an elevated 7.5 pts of catastrophe losses
  • OROE of 18.3% with a total capital margin of $2.7 billion
  • EPS of $1.60 reflects strong operating results tempered by an investment loss and integration costs
  • Quarterly dividend increased by 10% to $0.91 per common share

Charles Brindamour, Chief Executive Officer, said:

“The strength of our business was again evident this quarter, with robust operating performance across the platform, despite an elevated level of catastrophes. Our people have worked hard to get customers back on track following many severe weather events. We are making great progress on the integration of RSA, with synergies being realized as expected. The acquisition is already delivering high single-digit accretion to NOIPS since closing on June 1, and we remain on track to generate upper teens accretion within 36 months. With a strong and resilient balance sheet and momentum in all segments, we are increasing dividends to our common shareholders for the sixteenth consecutive year.”

UBS Keeps Buy Rating, $187 Target Price on Intact Financial, Ups EPS Estimates

01:22 PM EST, 11/30/2021 (MT Newswires) — UBS has kept its 12-month Buy rating and $187 TP on Intact Financial Corporation. 2021 EPS estimate goes to $11.42 from $10.11 to reflect stronger underlying results and distribution income, stronger RSA results, and a lower personal auto underlying loss ratio, partially offset by lower growth in personal auto. 2022 EPS estimate goes to $11.30 from $10.90 on stronger RSA results, partially offset by lower personal auto growth. 2023 estimate is also increasing to $12.91 from $12.44.

Summary:

Intact Financial Corp. appears to be sensibly priced based on historical metrics. Both its forecasted earnings growth and dividend growth appear to be trending along historical norms as well (~10%). Throw in a recent dividend increase (16 years and counting) and there is a lot to like about IFC-T. The company seems to be integrating its newest acquisition, RSA, quite well which will help improve the bottom line. Incrementally buying when the price gets below a 15 P/E has worked well over the last decade with this dividend grower.

MP Market Review – December 17, 2021

Posted by BM on December 20, 2021

Each week we will comment on some of the significant events from the past week for companies on ‘The List’ and update the numbers.

All the major North American indexes including the TSX were down this week but ‘The List’ managed to hold its ground and tick a little bit higher. The good part about dividend growth investing is that down markets allow us to purchase more income from our quality companies at better prices. Having ‘The List’ as a starting point in our process makes our portfolio building effort that much easier.

Performance of The List

Performance of ‘The List’

‘The List’ was up slightly this past week with a 17.0% YTD price return gain (capital) and an average of 8.2% dividend increase (income) in 2021.

The best performers this week on ‘The List’ were Metro (MRU-T) up 7.3%, Dollarama (DOL-T) which maintains its position in the top three weekly performers, up another 6.2% and Emera (EMA-T) up 5.7%.

Enghouse Systems Limited (ENGH-T) was the worst performer again this week, down -11.4% after Q4 earnings were released.

Dividend Increases

There were no dividend increases from companies on ‘The List’ this past week.

Earnings Releases

Enghouse Systems’ Fiscal Q4 EPS Beats Forecasts Despite Unexpected YoY Drop in Revenue

Enghouse Systems (ENGH-T) overnight Thursday reported a net income of $30.2 million or $0.54 per share in its fiscal fourth quarter ended Oct. 31, rising from $29.4 million or $0.52 per share in the same period a year ago.

The fiscal fourth-quarter bottom line per share exceeded market consensus expectations of $0.46 per share, but revenue unexpectedly dropped year over year to $113.1 million from $120.9 million. Expectations for the top line were $123.6 million.

Enghouse, which provides enterprise software solutions, attributed the revenue decrease to exceptional results last year as a result of COVID-19-related demand, as well as an unfavorable forex rate. The company reported adjusted EBITDA of $42.1 million or $0.75 per share, down on a yearly basis from $46.6 million or $0.84 per share.

Enghouse closed the year with $198.8 million in cash and equivalents, compared with $251.8 million a year ago.

Source: MT Newswires

Recent News

Couche-Tard Buying 17 Sites and 23 Wholesale Fuels Accounts From Slidell Oil Co of Louisiana

Alimentation Couche-Tard (ATD-T), a global player in convenience and fuel retail, overnight Thursday announced an agreement with Slidell Oil Company, acquiring 17 convenience stores operating primarily under the Purple Cow banner and 23 wholesale fuels accounts across three southeastern states. The assets and accounts are owned and operated by Slidell Oil Company of Slidell, Louisiana. The acquisition closed on December 16.. Financial terms were not disclosed.

Slidell Oil’s principal owners are brothers Keith and Brian Baker, third-generation owners who have managed the company since the early 2000’s. Slidell Oil traces its roots back to the 1940’s and has a history in both the convenience retail and wholesale fuels business, primarily in Louisiana and Alabama.

The Slidell Oil assets are large, modern, high-volume facilities that will complement the existing Circle K portfolio in the region, Couche-Tard said. On the fuel side, the wholesale accounts will further complement Circle K’s wholesale fuels business.

Source: MT Newswires

CCL Industries Closing of D&F Acquisition

CCL Industries Inc. (CCL-B-T), a world leader in specialty label, security and packaging solutions for global corporations, government institutions, small businesses and consumers, announced today the closing of the acquisitions of Desarrollo e Investigación S.A. de C.V. and Fuzetouch PTE LTD (Singapore) (collectively “D&F”), headquartered in San Luis Potosi, Mexico. D&F will form an integral part of CCL Design in Mexico.

Below is a snapshot of ‘The List’ from last Friday’s close. For a sortable version of ‘The List’ please click on The List menu item.

‘The List’ is not meant to be a template for investors to copy exactly. Rather, its purpose is to provide investment ideas and a real-time illustration of dividend growth investing in action. It is not a ‘Buy List’, only a starting point for our analysis and discussion.

The List (2021)
Last updated by BM on December 17, 2021

*Note: The following graph is wide, you can scroll to the right on your device to see more of the data.

SYMBOL COMPANY YLD PRICE YTD % DIV YTD % STREAK
AQN-N Algonquin Power & Utilities 4.8% $13.92 -14.3% $0.67 10.2% 10
ATD-T Alimentation Couche-Tard Inc. 0.8% $47.85 9.7% $0.37 25.2% 11
BCE-T Bell Canada 5.3% $65.69 19.5% $3.46 5.1% 12
BIP-N Brookfield Infrastructure Partners 3.5% $57.51 16.2% $2.04 2.5% 13
BNS-T Bank of Nova Scotia 4.1% $87.29 28.9% $3.60 0.0% 10
CCL-B-T CCL Industries 1.2% $67.42 16.3% $0.84 16.7% 19
CNR-T Canadian National Railway 1.5% $164.12 17.2% $2.46 7.0% 25
CTC-A-T Canadian Tire 2.6% $178.30 7.2% $4.70 3.3% 10
CU-T Canadian Utilities Limited 4.8% $36.51 18.0% $1.76 1.1% 49
DOL-T Dollarama Inc. 0.3% $62.07 18.9% $0.20 12.4% 10
EMA-T Emera 4.1% $62.81 17.0% $2.58 3.8% 14
ENB-T Enbridge Inc. 7.0% $47.65 16.6% $3.34 3.1% 25
ENGH-T Enghouse Systems Limited 1.4% $45.00 -27.5% $0.64 24.3% 14
EQB-T Equitable Group Inc 1.1% $67.69 28.9% $0.74 0.0% 10
FNV-N Franco Nevada 0.9% $133.58 1.4% $1.16 12.6% 13
FTS-T Fortis 3.4% $60.51 16.0% $2.05 4.1% 47
IFC-T Intact Financial 2.1% $162.88 8.8% $3.40 2.4% 16
MGA-N Magna 2.2% $77.29 10.9% $1.72 7.5% 11
MRU-T Metro 1.5% $67.64 17.4% $1.00 13.6% 26
RY-T Royal Bank of Canada 3.3% $130.98 25.1% $4.32 0.7% 10
SJ-T Stella-Jones Inc. 1.8% $39.00 -16.1% $0.72 20.0% 16
TD-T TD Bank 3.4% $94.12 30.8% $3.16 1.6% 10
TFII-T TFI International 0.8% $136.48 108.9% $1.16 8.4% 10
TIH-T Toromont Industries 1.2% $111.07 25.5% $1.36 9.7% 31
TRP-T Trans Canada 5.9% $58.71 12.5% $3.48 7.4% 20
T-T Telus 4.2% $29.55 16.2% $1.25 8.2% 17
WCN-N Waste Connections 0.6% $130.25 28.7% $0.85 11.2% 11
Averages 2.7% 17.0% 8.2% 17

MP Market Review – December 10, 2021

Posted by BM on December 13, 2021

Each week we will comment on some of the significant events from the past week for companies on ‘The List’ and update the numbers.

Dividend Increases

Enbridge Inc. (ENB.TO) on Tuesday said it increased its 2022 quarterly dividend from $0.835 to $0.86 per share, payable March 1, 2022, to shareholders of record on Feb. 15, 2022.

This represents a dividend increase of 3%, marking the 26th straight year of dividend growth.

Earnings Releases

Dollarama Inc. (DOL.TO) on Wednesday reported sales for Q3 2022 increased by 5.5% to $1.12 billion, compared with $1.06 billion last year, and beating a Capital IQ average forecast of $1.11 billion. The increase is due to the growth in the number of stores over the past 12 months, from 1,333 to 1,397 stores on Oct 31, 2021, and to an increase in comparable store sales driven by strong Halloween sales.

Net earnings were $183.4 million, or $0.61 per diluted share, beating a forecast of $0.57. Dollarama had reported net earnings of $161.9 million, or $0.52 per diluted share, for the prior year period.

FY 2022 Guidance:

Dollarama also said that due to the ongoing uncertainty related to COVID-19, guidance for Fiscal 2022 remains limited to the following key metrics:

Net new store openings: 60 to 70

Capital expenditures: $160 million to $170 million.

Performance of ‘The List’

The best performers this week on ‘The List’ were Alimentation Couche-Tard (ATD-T) up 5.2%, Dollarama (DOL-T) up 4.3% and TFI International (TFII-T) up 3.9%.

Enghouse Systems Limited (ENGH-T) was the worst performer, down -4.5%.

‘The List’ was up 1% this past week with a 16.6% YTD price return.

Recent news from companies on ‘The List’

Alimentation Couche-Tard’s (ATD-T) Outstanding Shares to be of a Single Class.

“The sun will set this week on the special voting rights held by the four founders of Alimentation Couche-Tard Inc. ATD-B-T leaving the Canadian convenience store giant more exposed to investor pressure than ever before. Its fate will be closely watched by both critics and defenders of dual class share structures.

Laval, Que.-based Couche-Tard is one of Canada’s biggest companies, with a current market capitalization of $50.6 billion. It’s controlled by executive chairman Alain Bouchard and three other founders through a special class of stock that gives them 10 votes for every share they own. A so-called sunset clause – put in place in 1995 when the founders were in their 30s and 40s – says those super-voting rights will end when the youngest of them turns 65 or dies.”

After their special rights expire, that stake, in combination with the support of friendly shareholders such as the Caisse de dépôt et placement du Québec, will still give them “almost a blockage type of group if there’s something we don’t like,” Mr. Bouchard has said.”

Source: The Globe and Mail

Below is a snapshot of ‘The List’ from last Friday’s close. For a sortable version of ‘The List’ please click on The List menu item.

‘The List’ is not meant to be a template for investors to copy exactly. Rather, its purpose is to provide investment ideas and a real-time illustration of dividend growth investing in action. It is not a ‘Buy List’, only a starting point for our analysis and discussion.

The List (2021)
Last updated by BM on December 10, 2021

*Note: The following graph is wide, you can scroll to the right on your device to see more of the data.

SYMBOL COMPANY YLD PRICE YTD % DIV YTD % STREAK
AQN-N Algonquin Power & Utilities 4.8% $13.88 -14.6% $0.67 10.2% 10
ATD-T Alimentation Couche-Tard Inc. 0.7% $50.00 14.6% $0.37 25.2% 11
BCE-T Bell Canada 5.3% $65.77 19.6% $3.46 5.1% 12
BIP-N Brookfield Infrastructure Partners 3.6% $57.44 16.1% $2.04 2.5% 13
BNS-T Bank of Nova Scotia 4.2% $86.12 27.2% $3.60 0.0% 10
CCL-B-T CCL Industries 1.3% $63.98 10.4% $0.84 16.7% 19
CNR-T Canadian National Railway 1.5% $164.71 17.6% $2.46 7.0% 25
CTC-A-T Canadian Tire 2.6% $178.70 7.4% $4.70 3.3% 10
CU-T Canadian Utilities Limited 5.0% $34.88 12.7% $1.76 1.1% 49
DOL-T Dollarama Inc. 0.3% $58.44 11.9% $0.20 12.4% 10
EMA-T Emera 4.3% $59.45 10.8% $2.58 3.8% 14
ENB-T Enbridge Inc. 6.9% $48.08 17.7% $3.34 3.1% 25
ENGH-T Enghouse Systems Limited 1.3% $50.80 -18.2% $0.64 24.3% 14
EQB-T Equitable Group Inc 1.0% $72.00 37.1% $0.74 0.0% 10
FNV-N Franco Nevada 0.9% $130.73 -0.8% $1.16 12.6% 13
FTS-T Fortis 3.5% $57.98 11.1% $2.05 4.1% 47
IFC-T Intact Financial 2.1% $161.36 7.8% $3.40 2.4% 16
MGA-N Magna 2.2% $79.84 14.5% $1.72 7.5% 11
MRU-T Metro 1.6% $63.03 9.4% $1.00 13.6% 26
RY-T Royal Bank of Canada 3.3% $130.18 24.4% $4.32 0.7% 10
SJ-T Stella-Jones Inc. 1.8% $41.05 -11.7% $0.72 20.0% 16
TD-T TD Bank 3.3% $95.33 32.5% $3.16 1.6% 10
TFII-T TFI International 0.8% $137.76 110.8% $1.16 8.4% 10
TIH-T Toromont Industries 1.2% $108.81 22.9% $1.36 9.7% 31
TRP-T Trans Canada 6.0% $58.09 11.3% $3.48 7.4% 20
T-T Telus 4.3% $29.40 15.6% $1.25 8.2% 17
WCN-N Waste Connections 0.6% $132.68 31.1% $0.85 11.2% 11
Averages 2.8% 16.6% 8.2% 17

MP Market Review – December 3, 2021

Posted by BM on December 06, 2021

Each week we will comment on some of the significant events from the past week for companies on ‘The List’ and update the numbers.

This past week was when the big Banks on ‘The List’ reported their Q4 earnings. No surprise, we saw Bank of Nova Scotia, Royal Bank and Toronto Dominion Bank all announce double-digit dividend increases and stock buy backs for next year. Since the banking regulator lifted pandemic related restrictions back on November 4, we were waiting to see how much the increases would be and the Banks delivered.

TFI International announced another acquisition when they purchased D&D Sexton. TFII-T has been our best Year-to-Date performer on ‘The List’, up over 100% since the beginning of the year.

Below is a snapshot of ‘The List’ from last Friday’s close. For a sortable version of ‘The List’ please click on The List menu item.

‘The List’ is not meant to be a template for investors to copy exactly. Rather, its purpose is to provide investment ideas and a real-time illustration of dividend growth investing in action. It is not a ‘Buy List’, only a starting point for our analysis and discussion.

The List (2021)
Last updated by BM on December 3, 2021

*Note: The following graph is wide, you can scroll to the right on your device to see more of the data.

SYMBOL COMPANY YLD PRICE YTD % DIV YTD % STREAK
AQN-N Algonquin Power & Utilities 4.9% $13.54 -16.7% $0.67 10.2% 10
ATD-B-T Alimentation Couche-Tard Inc. 0.8% $47.51 8.9% $0.37 25.2% 11
BCE-T Bell Canada 5.3% $65.84 19.8% $3.46 5.1% 12
BIP-N Brookfield Infrastructure Partners 3.6% $56.37 13.9% $2.04 2.5% 13
BNS-T Bank of Nova Scotia 4.3% $83.92 23.9% $3.60 0.0% 10
CCL-B-T CCL Industries 1.3% $64.09 10.6% $0.84 16.7% 19
CNR-T Canadian National Railway 1.5% $164.34 17.4% $2.46 7.0% 25
CTC-A-T Canadian Tire 2.7% $175.17 5.3% $4.70 3.3% 10
CU-T Canadian Utilities Limited 5.0% $34.91 12.8% $1.76 1.1% 49
DOL-T Dollarama Inc. 0.4% $56.03 7.3% $0.20 12.4% 10
EMA-T Emera 4.4% $59.15 10.2% $2.58 3.8% 14
ENB-T Enbridge Inc. 7.0% $47.89 17.2% $3.34 3.1% 25
ENGH-T Enghouse Systems Limited 1.2% $53.22 -14.3% $0.64 24.3% 14
EQB-T Equitable Group Inc 1.0% $72.35 37.7% $0.74 0.0% 10
FNV-N Franco Nevada 0.9% $132.77 0.8% $1.16 12.6% 13
FTS-T Fortis 3.6% $56.31 7.9% $2.05 4.1% 47
IFC-T Intact Financial 2.1% $162.38 8.4% $3.40 2.4% 16
MGA-N Magna 2.2% $77.06 10.5% $1.72 7.5% 11
MRU-T Metro 1.6% $62.86 9.1% $1.00 13.6% 26
RY-T Royal Bank of Canada 3.4% $128.64 22.9% $4.32 0.7% 10
SJ-T Stella-Jones Inc. 1.8% $40.88 -12.0% $0.72 20.0% 16
TD-T TD Bank 3.3% $95.59 32.9% $3.16 1.6% 10
TFII-T TFI International 0.9% $132.63 103.0% $1.16 8.4% 10
TIH-T Toromont Industries 1.3% $108.21 22.3% $1.36 9.7% 31
TRP-T Trans Canada 5.9% $59.03 13.1% $3.48 7.4% 20
T-T Telus 4.2% $29.53 16.1% $1.25 8.2% 17
WCN-N Waste Connections 0.6% $133.84 32.3% $0.85 11.2% 11
Averages 2.8% 15.6% 8.2% 17

We buy quality individual dividend growth stocks when they are sensibly priced and hold for the growing income.

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