UPDATED Jun 05, 2023
What are the best Canadian (TSX) Dividend Stocks?
According to our Simply Wall St analysis these are the best Canadian dividend companies. We look for companies with high quality dividends and healthy balance sheets to find the top Dividend Stocks.
5 companies meet this criteria in the Canadian market
Quebecor Inc., together with its subsidiaries, operates in the telecommunications, media, and sports and entertainment businesses in Canada.
Stable Dividend
Earnings Coverage
Growing Dividend
Notable Dividend
High Dividend: QBR.A's dividend (3.68%) is low compared to the top 25% of dividend payers in the Canadian market (6.17%).
Future Dividend Coverage
Trading at 31.4% below our estimate of its fair value
Earnings are forecast to grow 5.28% per year
Earnings grew by 3.6% over the past year
Has a high level of debt
EQB Inc., through its subsidiary, Equitable Bank, provides personal and commercial banking services to retail and commercial customers in Canada.
Stable Dividend
Earnings Coverage
Growing Dividend
Future Dividend Coverage
Notable Dividend
High Dividend: EQB's dividend (2.2%) is low compared to the top 25% of dividend payers in the Canadian market (6.17%).
Trading at 59.3% below our estimate of its fair value
Earnings are forecast to grow 21.17% per year
High level of non-cash earnings
Shareholders have been diluted in the past year
Significant insider selling over the past 3 months
Martinrea International Inc. designs, develops, manufactures, and sells metal parts, assemblies and modules, fluid management systems, and aluminum products primarily to the automotive industry in North America, Europe, and internationally.
Stable Dividend
Earnings Coverage
Growing Dividend
Notable Dividend
High Dividend: MRE's dividend (1.69%) is low compared to the top 25% of dividend payers in the Canadian market (6.17%).
Future Dividend Coverage
Trading at 56% below our estimate of its fair value
Earnings are forecast to grow 29.62% per year
Earnings grew by 595.9% over the past year
Has a high level of debt
K-Bro Linen Inc., together with its subsidiaries, provides laundry and linen services to healthcare institutions, hotels, and other commercial organizations in Canada and the United Kingdom.
Stable Dividend
Growing Dividend
Future Dividend Coverage
Notable Dividend
High Dividend: KBL's dividend (3.75%) is low compared to the top 25% of dividend payers in the Canadian market (6.17%).
Earnings Coverage
Trading at 45% below our estimate of its fair value
Earnings are forecast to grow 41.33% per year
No risks detected for KBL from our risks checks.
TransAlta Renewables Inc. owns, develops, and operates renewable and natural gas power generation facilities and other infrastructure assets in Canada, the United States, and Australia.
Stable Dividend
Growing Dividend
High Dividend: RNW's dividend (7.53%) is in the top 25% of dividend payers in the Canadian market (6.19%)
Notable Dividend
Future Dividend Coverage
Earnings Coverage
Trading at 45.7% below our estimate of its fair value
Earnings are forecast to grow 39.66% per year
Profit margins (14.6%) are lower than last year (26.5%)