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Siem Reap Cambodia

For the past week I’ve been in Cambodia checking out the temples in Siem Reap. As you can see from the picture above, it has been a great adventure. I’ll be heading over to Thailand shortly, but happy Canada Day weekend to all the folks back home. I’ve been traveling since October 2012 and it has been a great experience, but it will be nice to come home in late July. Now onto dividends and such…

I’ve updated the Canadian Dividend All-Star List for the month. You can download the latest version here.

There are few updates this month.

  1. A reader pointed out that I was missing Transcontinental Inc. I added Transcontinental Inc to the list as it has a dividend streak of 11 years.
  2. A reader pointed out that I was missing Royal Gold Inc. I added Royal Gold Inc to the list as it also has a dividend streak of 11 years. Royal Gold is listed on the Toronto Stock Exchange, but dividends are paid out in US dollars.
  3. A reader previously commented that the market capitalization wasn’t a number in the excel file, so it couldn’t be easily sorted. Previously it was shown as something like “1.234B” or “1.2M”. I changed the formula so that it gets the number from Yahoo Finance, but shows it as an actual number. The two previous numbers are now shown as 1,234,000,000 and 1,200,000. This will make it a lot easier to sort by market capitalization.

As you can see I missed two companies that should have been in the list, so I’m grateful to my readers for the help. I’m only one person, so it can be difficult navigating the entire Canadian market for companies with 5 or more years of consecutive dividend increases. If you notice anything wrong with my list, please let me know so I can update the list. As the saying goes, “Two heads are better than one”.

Now that I’ve gone over this months changes, let’s take a look at some of the dividend increases that were recorded in June. Of the 24 companies that recorded a dividend in June, 4 increased their dividend.

June Dividend Increases

All 4 of these companies show impressive dividend growth. The company that stands out the most this month would be Suncor with its dividend increasing a whopping 54%. I recently purchased Suncor Energy when it was below my target of $32. You can read my dividend stock analysis of Suncor Energy here and see my target prices here.

TELUS has seen its stock price drop about 10% in the past few days because of the announcement that Verizon may be entering the Canadian market with its plan to buy WIND Mobile. You can read my dividend stock analysis of TELUS here. I think you could get a good annual dividend growth rate of 10% annually from TELUS, but I prefer Rogers Communications as it appears better valued at current levels.

Computer Modelling Group has very impressive dividend growth rates, but its payout ratio is over 100%, which is worrying. The most recent increase was 12.5% which is quite a bit lower than their past rates, but still good. Because their payout ratio is above 100% I expect dividend growth will be less than earnings growth. Analysts are expecting strong growth of 15% annually for the next five years, so you may still be able to get decent dividend growth. I’d like to see a much lower payout ratio, before I’d consider investing.

Canadian Western Bank has the longest dividend streak of any of the Canadian banks as it was able to increase its dividend during the global financial crisis. This is an impressive feat. Canadian Western Bank has historically kept its payout ratio low compared to the big six banks, and it looks like it is continuing this trend with a current payout ratio of 31.4%. With a low payout ratio and strong EPS growth estimates of 9.5% annually I expect continued strong dividend growth from this bank.

As always, if you hear of any stock splits or dividend cuts for any of the companies in the Canadian Dividend All-Star List please let me know. I do my best to keep the information accurate and up to date, but I am human and I expect to make some mistakes. Hopefully with your help I can keep these to a minimum. Thanks!

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  1. Thanks for maintaining your informative list. I mentioned it (with link) in Bob Wells’ Seaking Alpha article today.

    I have only one suggestion for your fine list. The monthly (dividend) schedule is based on ex-div dates. I would prefer you use actual pay dates instead. I’ve been manually changing these to the latter after downloading the list.

    As for CMG’s payout ratio being above 100%, this seems to be standard for this company. The average for the past 5 years is 100%. Perhaps they rely on cash flow for their distributions.

    1. Hey Bernie,

      Thanks for link in SA. I always appreciate link backs to this blog.

      To switch to pay dates at this point would mean I’d have to go over all the streaks again and recalculate them based on the dividend payment date. You’d think that the streaks would be the same, but they aren’t for every company. It took me a long time to do this the first time when I calculated the streaks based on dividend record dates, so I won’t be switching to pay dates at this point. Sorry.

      I had a look at Computer Modelling Group’s 5 year average payout ratio on ADVFN and you are right, its average was 98%. Even though it has been operating with a high payout ratio in the past I still prefer to invest in lower payout ratio companies. With a payout ratio at 100% dividend growth is generally limited to future earnings growth. If something happens that disrupts growth, I like to have a bit of a buffer, which is why I prefer companies with payout ratios of 60%-70% or less.

  2. Wondering if IMO should still be on there. I believe that it has been over a year since they increased their dividend, but I’m not positive on that. Not sure why they would let an 18 year streak lapse with such a low payout ratio.

    1. My streaks are based on the dividends recorded each calendar year, so their streak is still OK. If they haven’t increased their dividend by the end of the year, then I’ll take them off the list. In Imperial Oil’s case their last dividend increase was recorded in March 2012, when they increased their quarterly dividend from $0.11 to $0.12.

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