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The Stingy News Weekly: 02/05/2023


New from Norm

Graphing Dividends 2023
"I've written many articles highlighting the big returns generated by Canadian dividend stocks. They usually include only one or two graphs due to space limitations. But I've given the extra graphs a home here for the enjoyment of dividend aficionados." [pdf]


Stingy Links

60-40 annus horribilis
"2022 was the first year in which both assets were down significantly. The Bond Agg lost 13.0 while the S&P 500 fell 18.1%. The only other year a 60/40 portfolio lost money and had a negative bond return was 1994, a mere blip on the chart."
[Markets]

Why equal weighting works
"two factors will remain the key driver of outperformance: three parts small cap and one part value."
[Markets]

After the darkest hour
"Today, deep value companies in Europe can be purchased at around 5x EV/EBITDA and 0.8x Price/Book"
[Value Investing]

The disappearing index effect
"The abnormal return associated with a stock being added to the S&P 500 has fallen from an average of 3.4% in the 1980s and 7.6% in the 1990s to 0.8% over the past decade. This has occurred despite a significant increase in the percentage of stock market assets linked to the index. A similar pattern has occurred for index deletions, with large negative abnormal returns on average during the 1980s and 1990s, but only -0.6% between 2010 and 2020."
[Indexing]

Dividend impact on stock returns
"As shown in the table above, without controlling for the factor exposures, while the dividend payers had lower monthly returns (1.06% vs. 1.09%), the significantly higher monthly volatility of the non-payers (6.42% vs. 4.23%) resulted in the dividend payers having a higher annualized compound return (12.25% vs. 11.10%)."
[Dividends]

The value of projects
"We find that discounting based on expected returns (such as variants on the CAPM or multi-factor model), performs very poorly. Discounting with an Implied Cost of Capital (ICC), imputed from comparable firms, obtains much better results. ... Finally, we show that under standard assumptions about the production function, the value loss from using the CAPM can be sizable, of the order of 10%."
[Management]


S&P/TSX60 Value Screens

High Dividend Yield StocksP/EP/BYield
Enbridge (ENB)CCA
TC Energy (TRP)CBA
BCE (BCE)CDA
Pembina Pipeline (PPL)BCA
Bank of Nova Scotia (BNS)AAA
CIBC (CM)AAA
Power (POW)BAA
Emera (EMA)CBA
Manulife Financial (MFC)AAA
TELUS (T)CDA
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Tourmaline Oil (TOU)AAD
Nutrien (NTR)ABC
Bank of Montreal (BMO)ABB
Teck Resources (TECK.B)AAE
Imperial Oil (IMO)ACC
Manulife Financial (MFC)AAA
Canadian Natural (CNQ)ACB
Suncor Energy (SU)ABA
Bank of Nova Scotia (BNS)AAA
CIBC (CM)AAA
Notes | More Info...


Low Price/Book Value StocksP/EP/BYield
Canadian Apt REIT (CAR.UN)CAC
Kinross Gold (K)FAC
Algonquin Power (AQN)EAB
Manulife Financial (MFC)AAA
Power (POW)BAA
Teck Resources (TECK.B)AAE
CIBC (CM)AAA
First Quantum (FM)BAD
Bank of Nova Scotia (BNS)AAA
Fortis (FTS)DAB
Notes | More Info...


Canadian Stock SummaryP/EP/BYield
Bank of Nova Scotia (BNS)YYY
CIBC (CM)YYY
Manulife Financial (MFC)YYY
Power (POW)YY
Teck Resources (TECK.B)YY
Algonquin Power (AQN)Y
BCE (BCE)Y
Bank of Montreal (BMO)Y
Canadian Apt REIT (CAR.UN)Y
Canadian Natural (CNQ)Y
Emera (EMA)Y
Enbridge (ENB)Y
First Quantum (FM)Y
Fortis (FTS)Y
Imperial Oil (IMO)Y
Kinross Gold (K)Y
Nutrien (NTR)Y
Pembina Pipeline (PPL)Y
Suncor Energy (SU)Y
TC Energy (TRP)Y
TELUS (T)Y
Tourmaline Oil (TOU)Y
Notes...


DOW 30 Value Screens

High Dividend Yield StocksP/EP/BYield
Verizon (VZ)AAA
Walgreens (WBA)AAA
3M (MMM)ACA
Intel (INTC)BAA
IBM (IBM)CCA
Dow (DOW)ABB
Chevron (CVX)ABB
Amgen (AMGN)CEB
Cisco Systems (CSCO)BCB
JPMorgan Chase (JPM)BAB
Notes | More Info...


Low Price/Earnings StocksP/EP/BYield
Walgreens (WBA)AAA
Verizon (VZ)AAA
Chevron (CVX)ABB
Dow (DOW)ABB
3M (MMM)ACA
JPMorgan Chase (JPM)BAB
Goldman (GS)BAC
Travelers (TRV)BBD
Intel (INTC)BAA
Merck (MRK)BDC
Notes | More Info...


Low Price/Book Value StocksP/EP/BYield
Goldman (GS)BAC
Intel (INTC)BAA
Walgreens (WBA)AAA
JPMorgan Chase (JPM)BAB
Verizon (VZ)AAA
Travelers (TRV)BBD
Dow (DOW)ABB
Chevron (CVX)ABB
Walt Disney (DIS)EBF
salesforce.com (CRM)EBF
Notes | More Info...


US Stock SummaryP/EP/BYield
Chevron (CVX)YYY
Dow (DOW)YYY
Intel (INTC)YYY
JPMorgan Chase (JPM)YYY
Verizon (VZ)YYY
Walgreens (WBA)YYY
3M (MMM)YY
Goldman (GS)YY
Travelers (TRV)YY
Amgen (AMGN)Y
Cisco Systems (CSCO)Y
IBM (IBM)Y
Merck (MRK)Y
Walt Disney (DIS)Y
salesforce.com (CRM)Y
Notes...



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