Last updated by BM on August 15, 2022
Summary
- This article is part of our weekly series (MP Market Review) highlighting the performance and activity from the previous week related to the financial markets and Canadian dividend growth companies we follow on ‘The List’.
- Last week, ‘The List’ was up with a +0.6% YTD price return (capital). Dividend growth of ‘The List’ remains at +10.2% YTD, demonstrating the rise in income over the last year.
- Last week, there were no dividend increases from companies on ‘The List’.
- Last week, there were eight earnings reports from companies on ‘The List’.
- No companies on ‘The List’ are due to report earnings this week.
- Are you looking for a portfolio of ideas like these? Magic Pants DGI Premium Membership Subscribers get exclusive access to the MP Wealth-Builder Model Portfolio (CDN). Learn More
“Our approach to saving is all wrong: We need to think about monthly income, not net worth.”
– Robert C. Merton, HBR (2014)
I was speaking with a couple of our young subscribers recently who wanted a quick way to calculate how much capital they would need to invest today to generate a certain amount of income in the future.
Accurately, predicting future income is one of the great things about the dividend growth strategy as it is something that has proven very reliable over the years. Let us show you how.
First, we need to calculate our estimated yield at some point in the future on the capital we will be investing today. We call this future yield our Growth Yield.
Estimating Growth Yield can be calculated by taking the current (or starting) dividend yield and multiplying it by the average annual forward dividend growth rate to the power of the period in question (5 for the next five years, 10 for the next ten years). We will use ten years for our demonstration.
We assume a starting yield of 3% today and dividend growth of 7% each year over the next ten years. These are the same conservative assumptions we make in our Model Portfolio (CDN) Business Plan.
Current Yield * Average Annual Forward Dividend Growth Rate ^ Period = Estimated Growth Yield
3.0 * 1.07 ^ 10 = 5.9%
Next, we need to know how much income we will require a decade from now. Let’s assume $70,000 annually. By taking the desired income and dividing it by our new estimated Growth Yield we get our answer.
$70,000 / 5.9% = $1,186,440
The subscribers would need to invest ~ one million two hundred thousand dollars today in a portfolio of individual dividend growth stocks with an initial average yield of 3% and grow their dividends on average by 7% per year. They should have ~ $70,000 in yearly dividends from their original investment in only ten years.
By changing the formula’s inputs (starting yield, dividend growth and time), you can arrive at your desired income and initial capital requirements.
As a bonus, their capital should also have increased (~10% annually), and their income will continue to grow to protect them from inflation. This exercise does not include any new contributions (cash or reinvested dividends) to their original capital over the decade. The compounding of reinvested dividends is a powerful force for younger investors who may not need the income in the short term and will accelerate the achievement of their investing goals.
An investment strategy that is time-tested, focused on income, and predictable over the long term allows everyday investors to take control of their future and enjoy building real wealth without the stress of constant trading and unpredictable price fluctuations.
If this strategy interests you, please subscribe to our Magic Pants DGI Premium Membership, and you can build a dividend growth portfolio alongside ours.
Performance of ‘The List’
Last week, ‘The List’ was up with a +0.6% YTD price return (capital). Dividend growth of ‘The List’ remains at +10.2% YTD, demonstrating the rise in income over the last year.
The best performers last week on ‘The List’ were Stella-Jones Inc. (SJ-T), up +7.33%; Magna (MGA-N), up +6.59%; and Stantec Inc. (STN-T), up +4.41%.
Canadian Tire (CTC-A-T) was the worst performer last week, down -3.98%.
Recent News
Has Inflation Peaked? Sam and Robert Kovacs (Seeking Alpha Contributors)
One of the narratives sparking the upturn in the stock markets recently is that inflation has peaked and that interest rate hikes may not be as aggressive going forward.
In this article, the authors agree that one component of inflation (gas prices) has indeed reversed course but this may only be temporary. Food and shelter costs are still rising and gas prices could reverse course and head even higher.
The authors advise caution and warn not to be too quick to jump back into the market full throttle just yet.
#Quad4 (Bulls, Beware)
Another service we subscribe to is Hedgeye. Hedgeye proposes an active investing strategy based on four quads. The one we are in now is Quad4 (Growth and Inflation both slowing). Here is what they have to say about our current environment.
“The facts belie that rosy outlook. By our estimation, inflation will remain sticky (even as inflation slows from multi-decade highs). Combine this with the U.S. economy on the precipice of a major multi-quarter slowdown and we have a recipe for serious hardship for most Americans. (For investors, this outlook posits #Quad4 market risk according to our Growth, Inflation, Policy model.)
Financial pressure is already hurting cash-strapped U.S. consumers. Here’s an alarming stat. According to the U.S. Census Bureau, about 15% of U.S. renters (representing 8.4 million Americans) are late on making their monthly rent payments (for the period June 1 to June 13). Millions of these struggling Americans will see their leases run off in the coming months.
Getting back to the Fed.
With sticky inflation, we think the Fed will need to raise rates into an impending #Quad4 slowdown which will exacerbate the existing squeeze on American consumers. In this environment, job cuts broaden as U.S. corporates feel the bite of economic malaise. As we recently detailed in our 154-slide Mid-Quarter Update presentation, we’re already seeing many of these dynamics play out.
In other words, bulls beware.”
No companies on ‘The List’ are due to report earnings this week.
Dividend Increases
Last week, there were no dividend increases from companies on ‘The List’.
Earnings Releases
Last week, eight companies on ‘The List’ reported their Q2 Fiscal 2022 earnings. We will begin with Metro’s latest earnings report.
Metro (MRU-T)
Metro, follows an off-cycle reporting schedule. Its fiscal year ends at the end of September. This means that its fiscal Q3 is reported in line with the Q2 Fiscal 2022 earnings of ‘The List’.
“We are pleased with the performance of our food and pharmacy businesses in the third quarter, which was achieved in a challenging operating environment with increasing inflationary pressures as well as ongoing labor shortages that are impacting the supply chain and our operations. I want to thank our teams who strive to deliver the best value possible to customers in these inflationary times with our multiple formats, effective promotional strategies and strong private label offering. Finally, we are on track with our supply chain modernization program as the transition to our fully automated frozen food distribution center in Toronto is now complete and the ramp-up is progressing well”, declared Eric La Flèche, President and Chief Executive Officer.
Highlights:
- Sales of $5,865.5 million, up 2.5%
- Food same-store sales up 1.1%
- Pharmacy same-store sales up 7.2%
- Net earnings of $275.0 million, up 9.0% and adjusted net earnings(1) of $283.8 million, up 8.7%
- Fully diluted net earnings per share of $1.14, up 10.7%, and adjusted fully diluted net earnings per share of $1.18, up 11.3%
Outlook:
“We continue to face higher than normal inflationary pressures and labor shortages, and it is difficult to predict how long this situation will last. If prolonged, this environment could put pressure on margins. In the short term, we expect same-store food sales to grow at a higher rate than in recent quarters as we are now cycling periods last year without significant pandemic restrictions. On the pharmacy side, we expect growth in prescriptions to moderate versus year-to-date levels given the high number of visits to physicians in the fourth quarter last year. We also expect front of store revenues to remain strong, namely driven by over-the-counter product sales.”
See the full Earnings Release here
Emera (EMA-T)
“Our portfolio of high-quality regulated assets continues to deliver solid performance and predictable earnings growth, driven by strong results from our Florida utilities, “ said Scott Balfour, President and CEO of Emera Inc. “Our strategy continues to deliver for both customers and shareholders, with our focus on a clean energy transition that ensures grid reliability and minimizes the cost impacts to customers.”
Highlights:
- Quarterly adjusted EPS increased $0.05 or 9% to $0.59 compared to $0.54 in Q2 2021. Quarterly reported net loss per common share increased $0.18 to $(0.25) in Q2 2022 compared to a net loss per common share of $(0.07) in Q2 2021 due to higher mark-to-market (“MTM”) losses.
- Year-to-date, adjusted EPS increased $0.02 or 1% to $1.51 compared to $1.49 in Q2 2021. Year-to-date reported EPS increased by $0.11 to $1.12 from $1.01 in 2021 due to lower MTM losses.
- Contributions from regulated utilities increased adjusted EPS 18% for the quarter and 12% year-to-date primarily driven by new rates and favourable weather at Tampa Electric and continued growth at both Tampa Electric and People’s Gas (“PGS”) year-to-date. These increases were partially offset by higher corporate costs, lower contributions from Emera Energy and a higher share count.
- On track to fully execute on 2022 capital plan with almost $1.1B of capital investment in cleaner and reliable energy in the first half of 2022.
Capital Program Update:
- On track to deliver $2.9 billion in capital investment in 2022, a 19% increase over the $2.4 billion capital investment in 2021
- Emera’s capital program continues to drive forecasted rate base growth of approximately 7% to 8% through 2024
- 2023‐2025 capital plan will be rolled out in Q3 2022
See the full Earnings Release here
Stella-Jones (SJ-T)
“Stella-Jones recorded solid results in the second quarter, above market performance, delivering sequentially higher margins and generating significant cash,” said Éric Vachon, President and CEO of Stella-Jones. “We are particularly pleased with the performance of our infrastructure-related businesses, which speaks highly to the wide reach of our expanded network and to our procurement and logistics capabilities to continue to meet strong demand. While inflationary pressures impacted costs of all product categories, we continued to successfully implement contractual price adjustments and generate healthy margins, underscoring the strength of our business model.”
Highlights:
- Sales increased to $907 million, despite the normalization of residential lumber sales
- 10% organic growth for infrastructure-related businesses
- EBITDA of $154 million, or a healthy margin of 17.0%
- Net income of $94 million, or $1.51 per share
- Strong cash flow generation of $228 million
Outlook:
Stella-Jones’ sales are primarily to critical infrastructure-related businesses. While all product categories can be impacted by short-term fluctuations, the business is mostly based on replacement and maintenance-driven requirements, which are rooted in long-term planning. Corresponding to this longer-term horizon and to better reflect the expected sales run-rate for residential lumber and reduce the impact of commodity price volatility, the Company shifted its guidance to a three-year outlook in early 2022. Below are key highlights of the 2022-2024 outlook with a more comprehensive version, including management assumptions, available in the Company’s MD&A. Management remains confident in the achievement of its three-year strategic guidance.
Key Highlights:
- Compound annual sales growth rate in the mid-single digit range from 2019 pre-pandemic levels to 2024;
- EBITDA margin of approximately 15% for the 2022-2024 period;
- Capital investment of $90 to $100 million to support the growing demand of its infrastructure-related customer base, in addition to the $50 to $60 million of annual capital expenditures;
- Residential lumber sales expected to stabilize between 20-25% of total sales while infrastructure-related businesses expected to grow and represent 75-80% of total sales by 2024;
- Anticipated returns to shareholders between $500 and $600 million during three-year outlook period;
- Leverage ratio of 2.0x-2.5x between 2022-2024, but may temporarily exceed range to pursue acquisitions.
See the full Earnings Release here
Stantec (STN-T)
“We are very pleased that our operational performance continues to drive record earnings,” said Gord Johnston, President and CEO. “Our backlog has never been higher and the opportunity pipeline remains robust. Significant US Federal funding is moving forward, although it has taken longer than expected, and this will further add to future growth prospects that will accelerate in 2023.”
Highlights:
- Stantec achieved adjusted diluted EPS of $0.83 in Q2 2022, a $0.21 per share or 33.9% increase from $0.62 in Q2 2021, reflecting strong net revenue growth, solid execution of its strategic growth initiatives, and focused project execution.
- Net revenue increased 22.9% or $208.4 million to $1.1 billion compared to Q2 2021, driven by 9.4% organic growth and 12.4% acquisition growth. Consistent with the first quarter of this year, every one of the regional and business operating units delivered organic growth, most notably in Global and in Water and Environmental Services where organic growth was in the double-digits.
- Project margin increased $119.4 million or 24.7% to $602.7 million as a result of net revenue growth and solid project execution. As a percentage of net revenue, Stantec delivered a 54.0% project margin, an 80 basis point increase from Q2 2021.
- Adjusted EBITDA1 increased $40.1 million or 27.4% to $186.7 million and achieved a margin of 16.7% compared to 16.1% in the prior period, resulting from strong performance across the business.
- Net income decreased 4.0%, or $2.5 million, to $60.7 million, and diluted EPS decreased 3.5%, or $0.02, to $0.55. Acquisition-related expenses (namely integration, depreciation and amortization, and interest expenses), coupled with a net unrealized fair value loss associated with Stantec’s equity investments held for self-insured liabilities, more than offset increased project margin and lower income tax expense.
- Adjusted net income1 grew 33.0%, or $23.0 million, to $92.6 million, achieving 8.3% of net revenue compared to 7% in Q2 2021, and adjusted diluted EPS increased 33.9% to $0.83 from $0.62 in Q2 2021.
- Contract backlog stands at $5.8 billion at June 30, 2022, a new record reflecting 13.0% organic growth from December 31, 2021. Like net revenue, organic backlog growth was achieved across all Stantec’s regional and business operating units. US operations led with 14.8% organic backlog growth. Global’s backlog exceeded $1 billion, a high-water mark, reflecting 13.4% organic growth. Infrastructure, Buildings, and Energy & Resources achieved double-digit organic backlog growth. Contract backlog represents approximately 14 months of work—an increase of one month from December 31, 2021.
- Operating cash flows amounted to an outflow of $4.4 million compared to an inflow of $78.2 million in the prior period reflecting the expected disruptions from the Cardno integration, particularly the financial system migration. Cash outflow was also driven by the increased investment in net working capital to support organic revenue growth and an increase in days sales outstanding (DSO).
- Days sales outstanding was 79 days, remaining within Stantec’s expectations, and represents an increase of 4 days from 75 days at December 31, 2021.
- Net debt to adjusted EBITDA (on a trailing twelve-month basis) at June 30, 2022 was 2.0x, remaining within Stantec’s internal target range of 1.0x to 2.0x.
- In Q2 2022, Stantec repurchased 625,019 common shares at a cost of $36.7 million under its normal course issuer bid.
- On April 1, 2022, Stantec acquired Barton Willmore, the UK’s leading planning and design consultancy firm. This acquisition added approximately 300 team members across the UK providing services for both public and private clients across all development sectors, which strategically complements Stantec’s existing business in Infrastructure.
Outlook:
“The inflationary environment does not seem to be slowing the pace of project opportunities in any meaningful way,” continued Mr. Johnston. “As we engage with our clients, the imperative for tackling the challenges of aging and overloaded infrastructure, climate change, and production capacity constraints is outweighing the effects of inflation. This gives us confidence in our continued ability to meet our financial targets.”
Franco-Nevada (FNV-N)
“We are proud to report record quarterly and half-year results on many financial metrics,” stated Paul Brink, CEO. “The low-risk nature of our business is most pronounced in today’s inflationary environment. Our top-line precious metal stream and royalty interests helped generate our highest margins since starting streaming. Our Energy assets performed well and are the driver behind our record revenues. We are pleased to add exposure to the construction-ready Tocantinzinho gold project and to have received good organic growth news from several of our assets during the quarter, in particular the further expansion of the Detour Lake mine. Franco-Nevada is debt-free and is growing its cash balances.”
Highlights:
- GEOs sold consistent year over year
- On track to achieving guidance
- Portfolio performing well
- Benefit of recovery in energy prices
- 85.5% margin in Q2 2022
Portfolio Additions:
- Financing Package with G Mining Ventures on the Tocantinzinho Gold Project: As previously announced on July 18, 2022, we acquired, through our wholly-owned subsidiary, Franco-Nevada (Barbados) Corporation (“FNBC”), a gold stream with reference to production from the Tocantinzinho project, owned by G Mining Ventures Corp. (“G Mining Ventures”) and located in Pará State, Brazil (the “Stream”). FNBC will provide a deposit of $250 million. Additionally, through one of our wholly-owned subsidiaries, we agreed to provide G Mining Ventures with a $75.0 million secured term loan (the “Term Loan”). We also subscribed for $27.5 million of G Mining Ventures’ common shares (“G Mining Common Shares”).
- Acquisition of Caserones Royalty in Chile: On April 14, 2022, we acquired, through a wholly-owned subsidiary, an effective 0.4582% NSR on JX Nippon Mining & Metals Group’s producing Caserones copper-molybdenum mine located in the Atacama Region of northern Chile for an aggregate purchase price of $37.4 million. Franco-Nevada is entitled to royalty payments in respect of the period commencing January 1, 2022. The last quarterly distribution attributable to Franco-Nevada was $1.2 million.
Outlook:
See the full Earnings Release here
CCL Industries (CCL-B-T)
Geoffrey T. Martin, President and Chief Executive Officer, commented, “I am pleased to report record quarterly results despite an unsettled geopolitical backdrop, China-centric Covid lockdowns, persistent inflation and supply chain challenges. The Company posted strong 10.9% organic sales growth, although significantly selling price driven to offset inflation, while adjusted basic earnings per Class B share improved 5.6% to $0.94, including $0.02 of negative impact from foreign currency translation.”
Highlights:
- Per Class B share: $0.94 adjusted basic earnings up 5.6%; $0.91 basic earnings up 5.8%; currency translation negative $0.02 per share
- Sales increased 14.9% on 10.9% organic and 4.8% acquisition growth partially offset by 0.8% negative currency translation
- CCL, Avery and Innovia posted organic sales growth of 10.9%, 13.8% and 19.5%, respectively
- Operating income improved 5.2%, with a 15.3% operating margin down 140 bps
Outlook:
- Final price pass through initiatives implemented to benefit core CCL Label businesses for H222, orders picture still solid
- CCL Design outlook dependent on chip availability recovery and consumer demand holding up, recent acquisitions additive
- Comps at CCL Secure ease significantly for H222
- Avery volume should continue to improve, augmented by recent acquisitions
- Checkpoint RFID growth at ALS might struggle to offset softer MAS picture in broad retail
- Innovia sales likely to decline on lower resins at today’s purchase prices, must balance freight & energy inflation to match H221 profitability
- China operations back to near normal but demand soft
See the full Earnings Release here
Canadian Tire (CTC-A-T)
“Our strong comparable sales growth clearly demonstrated that customer demand for CTC’s unique multi-category product assortment remained healthy in the second quarter,” said Greg Hicks, President and CEO, Canadian Tire Corporation.
Highlights:
- Retail sales were $5,363.8 million, up 9.9%, compared to the second quarter of 2021; consolidated comparable sales (excluding Petroleum) increased 5.0%
- Revenue increased $485.5 million to $4,404.0 million, up 12.4%; Revenue (excluding Petroleum) increased 5.9% over the same period last year
- Consolidated income before income taxes (IBT) was $238.1 million, down 33.4% compared to the second quarter of 2021; and $284.3 million, down 22.0%, on a normalized basis
- Normalized diluted EPS was $3.11, compared to $3.72 in the prior year. Q2 Diluted EPS was $2.43 per share, compared to $3.64 in the prior year
- Retail Return on Invested Capital (ROIC) calculated on a trailing twelve-month basis, remained strong at 13.5% at the end of the second quarter, compared to 14.1% at the end of the second quarter of 2021
Outlook:
“Our results reflect our continued ability to effectively navigate a challenging and dynamic environment. Our retail team’s outstanding focus on inventory and margin management have enabled us to continue to execute well and stay focused on the delivery of our Better Connected strategy,” continued Hicks. “Also, receivables and new account acquisitions at Canadian Tire Bank remained strong, in line with our expectations to drive long-term growth,” said Hicks
See the full Earnings Release here
Algonquin Power and Utilities (AQN-N)
“We are pleased to report solid second quarter results and continued growth across our regulated and renewables businesses,” said Arun Banskota, President and Chief Executive Officer of AQN. “We remain committed to the execution of our capital plan, which we believe supports growth in earnings and cash flows and delivery of long-term value to our shareholders.”
Highlights:
- Revenue of $624.3 million, an increase of 18% compared to the second quarter of 2021
- Adjusted EBITDA1 of $289.3 million, an increase of 18% compared to the second quarter of 2021;
- Adjusted Net Earnings1 of $109.7 million, an increase of 19.6% compared to the second quarter of 2021; and
- Adjusted Net Earnings1 per share of $0.16, an increase of 7% compared to the second quarter of 2021.
Corporate Highlights
- Pending Acquisition of Kentucky Power Company and AEP Kentucky Transmission Company, Inc. – On May 4, 2022, the Kentucky Public Service Commission (“KPSC”) issued an order, including an approval of the pending acquisition of Kentucky Power Company and AEP Kentucky Transmission Company, Inc. (the “Kentucky Power Transaction”) by Liberty Utilities Co. (“Liberty Utilities”), an indirect, wholly-owned subsidiary of AQN, subject to certain conditions set forth in the order, including those agreed to by Liberty Utilities in the course of the docket. On May 3, 2022, the KPSC issued an order that required certain changes to the proposed operating and ownership agreements (collectively, the “Mitchell Agreements”) relating to the Mitchell coal generating facility (in which Kentucky Power owns a 50% interest, representing 780 MW). On July 1, 2022, the Public Service Commission of West Virginia (“WVPSC”) issued an order on the Mitchell Agreements that is inconsistent with the KPSC’s order on the Mitchell Agreements. The closing of the Kentucky Power Transaction is subject to the satisfaction of certain conditions precedent, which include those relating to the approval of the Mitchell Agreements by the KPSC, WVPSC and U.S. Federal Energy Regulatory Commission. Liberty Utilities and AEP are in discussions to reach a resolution regarding the conditions precedent in respect of the Mitchell Agreements (the “Mitchell Agreements Condition”), which if successful, could allow the Kentucky Power Transaction to close in the second half of 2022.
- Completion of the Blue Hill Wind Facility – On April 14, 2022, the Renewable Energy Group achieved commercial operations (“COD”) at its 175 MW Blue Hill Wind Facility, located in southwest Saskatchewan. The energy generated from the facility is being sold through a long-term power purchase agreement with SaskPower. Bringing low-cost renewable generation capacity to communities is one of the ways the Company is delivering on its commitment to sustainability.
- Completion of Sandhill Renewable Natural Gas Acquisition – On August 5, 2022, the Renewable Energy Group completed its acquisition of Sandhill Advanced Biofuels, LLC (“Sandhill”). Sandhill is a developer of renewable natural gas (“RNG”) anaerobic digestion projects located on dairy farms with a portfolio of four projects in the state of Wisconsin. Two of the projects recently achieved COD, while the other two projects are in late-stage development. Once fully constructed, the portfolio is expected to produce RNG at a rate of approximately 500 million British thermal units (“MMBTUs”) per day. The acquisition represents the Company’s first investment in the non-regulated RNG space.
- Moody’s assigns Baa2 rating – On August 5, 2022, Moody’s Investors Service (“Moody’s”) assigned an inaugural Baa2 long term issuer rating to Liberty Utilities with a stable outlook. Liberty Utilities is also rated by S&P Global Ratings and Fitch Ratings.
Outlook:
- Expected Capital Deployment in 2022 of Over $4.3 billion
- Majority of expected 2022 capital deployment related to Liberty NY Water acquisition (completed) and Kentucky Power Acquisition (pending)
- Capital plan remains on track, over $1.2 billion has been invested YTD as of end Q2 2022:
- 609 million deployed for closing of Liberty NY Water
- Over $200 million of capital invested into organic investments in Q2 2022
- Committed to maintaining investment-grade capital structure
- Moody’s Investors Service assigned an inaugural Baa2 long term issuer rating to Liberty Utilities Co. with outlook stable
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. Instead, its purpose is to provide investment ideas and a real-time illustration of dividend growth investing in action. It is not a ‘Buy List’ nor does it reflect the composition or returns of our Magic Pants Wealth-Builder (CDN) Portfolio. It is only a starting point for our analysis and discussion.
The List (2022)
Last updated by BM on August 12, 2022
*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% | $14.49 | 1.0% | $0.70 | 5.4% | 11 |
| ATD-T | Alimentation Couche-Tard Inc. | 0.7% | $59.49 | 14.2% | $0.44 | 18.1% | 12 |
| BCE-T | Bell Canada | 5.6% | $64.47 | -2.2% | $3.64 | 4.0% | 13 |
| BIP-N | Brookfield Infrastructure Partners | 3.5% | $41.50 | 1.9% | $1.44 | 5.9% | 14 |
| CCL-B-T | CCL Industries | 1.5% | $63.58 | -6.2% | $0.96 | 14.3% | 20 |
| CNR-T | Canadian National Railway | 1.8% | $163.73 | 5.7% | $2.93 | 19.1% | 26 |
| CTC-A-T | Canadian Tire | 3.6% | $162.78 | -11.1% | $5.85 | 24.5% | 11 |
| CU-T | Canadian Utilities Limited | 4.4% | $40.52 | 10.7% | $1.78 | 1.0% | 50 |
| DOL-T | Dollarama Inc. | 0.3% | $79.25 | 25.0% | $0.22 | 9.2% | 11 |
| EMA-T | Emera | 4.3% | $61.50 | -1.7% | $2.65 | 2.9% | 15 |
| ENB-T | Enbridge Inc. | 6.2% | $55.55 | 12.1% | $3.44 | 3.0% | 26 |
| ENGH-T | Enghouse Systems Limited | 2.2% | $32.90 | -28.3% | $0.72 | 16.3% | 15 |
| FNV-N | Franco Nevada | 1.0% | $133.34 | -2.0% | $1.28 | 10.3% | 14 |
| FTS-T | Fortis | 3.6% | $60.27 | -0.3% | $2.14 | 2.9% | 48 |
| IFC-T | Intact Financial | 2.1% | $192.11 | 17.3% | $4.00 | 17.6% | 17 |
| L-T | Loblaws | 1.3% | $117.99 | 14.9% | $1.54 | 12.4% | 10 |
| MGA-N | Magna | 2.8% | $65.30 | -20.0% | $1.80 | 4.7% | 12 |
| MRU-T | Metro | 1.6% | $70.64 | 5.4% | $1.10 | 12.2% | 27 |
| RY-T | Royal Bank of Canada | 3.9% | $128.03 | -6.4% | $4.96 | 14.8% | 11 |
| SJ-T | Stella-Jones Inc. | 2.0% | $40.54 | -0.3% | $0.80 | 11.1% | 17 |
| STN-T | Stantec Inc. | 1.1% | $64.90 | -7.5% | $0.71 | 6.8% | 10 |
| TD-T | TD Bank | 4.1% | $86.45 | -13.0% | $3.56 | 12.7% | 11 |
| TFII-N | TFI International | 1.0% | $107.56 | -2.9% | $1.08 | 12.5% | 11 |
| TIH-T | Toromont Industries | 1.4% | $107.06 | -5.8% | $1.52 | 15.2% | 32 |
| TRP-T | TC Energy Corp. | 5.5% | $65.32 | 9.4% | $3.57 | 4.4% | 21 |
| T-T | Telus | 4.4% | $30.11 | 1.2% | $1.33 | 6.2% | 18 |
| WCN-N | Waste Connections | 0.6% | $141.56 | 5.6% | $0.92 | 8.9% | 12 |
| Averages | 2.8% | 0.6% | 10.2% | 18 |
