Hi Vanessa,
Toromont is a solid stock. Just an all around solid performer - nothing flashy but one that has just provided consistent results. It owns the third longest dividend growth streak in the country and has consistently raised by double-digits.
This year, the company has outperformed in a pretty big way. This has led to histrically high valuations. As of writing it is trading at a slight premium to historical P/S, P/E and P/B ratios. Nothing extreme, but certainly on the high end of historical valuations. For what its worth, it is also currently trading at a premium to one-year estimates of $84.21 per share.
In terms of growth, sales and earnings are expected to drop YOY before rebounding in a big way in 2021 - a trend we can see with many companies. This is likely why the company is trading at a premium to historical valuations. Over the past five years, it has averaged ~17% annual sales and revenue growth. A trend that is likely to continue once the pandemic is in the rearview mirror.
Overall, this is a solid stock and IMO is a rare "set and forget" type of position. I would not expect 25%+ growth every year given the current run up in share prices, but there is no reason why it can't deliver returns inline with industry averages and provide solid and growing income.
Mat