Currently at 6.44 with an indicated yield of 10%
TF stock is down 11.11% in the past decade, so even with the dividend it has not been fun. These types of companies, considering its size and economic and rate risk, will never get a huge valuation multiple (11X earnings currently). They trade more for the yield (10.39% now). Payout ratio is high at 97.2%. EPS fell to 10c from 17c in the Q3, but the company did discuss 'macro economic' delays in deals, and we highly doubt this is going to change much in the medium term. Canada continues to see some difficulty and uncertainty. While we would not put all the blame on management--it is tough to grow when most of your income is paid out--insiders also do not own very much stock. The dividend has not been raised since 2017. Analysts (four) do expect a better 2026 but it is hard to imagine a big improvement here. We would not miss this if sold.