This report should not be construed as providing investment advice. It is for educational purposes only.  Before making any investment decision, you should always do your own research or consult a investment professional.
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. 6/30/11 <-Q2 2011
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Ag Growth International  www.aggrowth.com AFN Fiscal Yr: Dec 31
Year 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/30/12 #Y
Accting Rules C GAAP C GAAP IFRS
Revenue* $48.0 $55.0 $61.0 $55.0 $57.0 $62.0 $84.0 $81.5 $130.4 $199.3 $237.3 $262.1 $313.0 $354.0 376.50% <-Total Growth 10 Revenue
Increase -12.73% 14.58% 10.91% -9.84% 3.64% 8.77% 35.53% -2.98% 59.91% 52.90% 19.04% 10.44% 19.43% 13.10% 16.90% <-IRR #YR-> 10 Revenue
Rev per Share $4.98 $5.71 $6.33 $5.71 $5.92 $6.44 $8.34 $7.35 $10.17 $15.89 $18.23 $21.14 $25.25 $28.56 25.54% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 0.00 0.00 0.00 0.00 1.72 1.93 1.93 2.04 3.24 1.12 1.91 2.37 1.56 1.38 13.98% <-IRR #YR-> 10 Rev Per share
Averages P/S 10 yr  1.92 5 yr  2.04 20.45% <-IRR #YR-> 5 Rev Per share
*Revenue in M CDN $ 
-$55.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $262.1
-$84.0 $0.0 $0.0 $0.0 $0.0 $262.1
-$5.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $21.1
-$8.3 $0.0 $0.0 $0.0 $0.0 $21.1
EPS* $1.21 $1.82 $1.70 $1.06 $1.64 $3.45 $2.78 $2.56 $3.14 52.75% <-Total Growth 5 Earnings
Increase 50.00% -6.59% -37.65% 54.72% 110.37% -19.42% -7.91% 22.66% #NUM! <-IRR #YR-> 10 Earnings
Earnings Yield 9.8% 11.3% 11.3% 3.2% 9.2% 9.9% 5.6% 6.5% 8.0% 8.84% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 9.78% 5Yrs 9.24%
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.78
-$1.82 $0.00 $0.00 $0.00 $0.00 $2.78
Sp Div $0.07 $0.37 $0.00 $0.14 $0.24 $0.00 $0.00 $0.00 $0.00 Sp Div
Div* $0.78 $1.41 $1.54 $1.68 $1.83 $2.04 $2.07 $2.40 $2.40 165.08% <-Total Growth 6 Dividends
Increase 80.43% 9.30% 9.09% 8.93% 11.48% 1.47% 15.94% 0.00% 9.19% <-Median-> 6 Dividends
Yield H/L 6.91% 9.65% 10.30% 6.98% 6.79% 7.89% 4.78% 6.98% <-Median-> 7 Dividends
Yield on High 6.30% 8.26% 9.09% 5.10% 4.87% 5.86% 3.83% 5.86% <-Median-> 7 Dividends
Yield on Low 7.66% 11.60% 11.89% 11.05% 11.21% 12.04% 6.37% 11.21% <-Median-> 7 Dividends
Yield on Cl 6.30% 8.78% 10.27% 5.10% 10.31% 5.86% 4.13% 6.10% 6.10% 6.30% <-Median-> 7 Dividends
Payout Ratio 70.13% 97.64% 90.59% 171.70% 126.22% 59.13% 74.46% 93.75% 76.43% 90.59% <-Median-> 7 Div + Sp
Payout Ratio CF 77.17% 84.17% 73.90% 85.25% 63.52% 50.85% 45.65% 66.67% 64.86% 73.90% <-Median-> 7 Div + Sp
Average 5 Yrs Div Yd 8.56% 5 12.00% 10 Yield  6.98% 5.86% Payout 90.59% 63.52% #NUM! <-IRR #YR-> 10 Dividends
* Dividends per share  7.0% Years 7.0% Years Last Div Inc ---> $0.17 $0.20 17.6% 8.00% <-IRR #YR-> 5 Dividends
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.07
-$1.41 $0.00 $0.00 $0.00 $0.00 $2.07
H/LYield held 5 yrs 18.05% 14.18% 16.05% 9.97% Ave H/L Yield on your  Dividends
H/LYield held 10 yrs #DIV/0! #DIV/0! #DIV/0! Ave H/L original money Dividends
Graham No. $15.93 $21.21 $19.56 $16.52 $19.21 $32.47 $28.47 $31.08 $34.42 78.69% <-Total Growth 6 Graham Price
Prem /Disc.Med H/L -29.09% -31.18% -23.58% 45.75% 40.22% -20.32% 52.00% -20.32% <-Median-> 7 Graham Price
Prem /Disc. High -22.18% -19.63% -13.36% 99.48% 95.44% 7.19% 89.83% 7.19% <-Median-> 7 Graham Price
Prem /Disc. Low -35.99% -42.72% -33.81% -7.98% -15.01% -47.82% 14.18% -33.81% <-Median-> 7 Graham Price
Prem /Disc. Cl -22.18% -24.34% -23.33% 99.48% -7.62% 7.19% 75.85% 26.58% 14.29% -7.62% <-Median-> 7 Graham Price
Price Cl $10.20 $12.40 $16.05 $15.00 $32.95 $17.75 $34.80 $50.07 $39.34 $39.34 303.79% <-Total Growth 6 Stock price
Increase 21.57% 29.44% -6.54% 119.67% -46.13% 96.06% 43.88% -21.43% 0.00% #NUM! <-IRR #YR-> 10 Stock price
P/E 10.22 8.82 8.82 31.08 10.82 10.09 18.01 15.37 12.53 25.55% <-IRR #YR-> 5 Stock price
Trailing P/E 13.23 8.24 19.38 16.75 21.22 14.51 14.15 15.37 #NUM! <-IRR #YR-> 10 Price & Div + Sp
Average 5 Yrs 7.82% #NUM! Div %  5, 10 yrs Price Inc 43.88% P/E: Y-T 10.82 16.75 33.37% <-IRR #YR-> 5 Price & Div + Sp
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $50.07
-$16.05 $0.00 $0.00 $0.00 $0.00 $50.07
$0.00 $0.00 $0.00 $0.00 $0.85 $1.78 $1.54 $1.82 $2.07 $2.04 $52.14
-$16.05 $1.54 $1.82 $2.07 $2.04 $52.14
Price H/L Median $11.30 $14.60 $14.95 $24.08 $26.94 $25.87 $43.28 283.01% <-Total Growth 6 Stock price
Increase #DIV/0! 29.20% 2.40% 61.04% 11.90% -3.97% 67.30% #NUM! <-IRR #YR-> 10 Stock price
P/E 9.31 8.02 8.79 22.71 16.43 7.50 15.57 24.28% <-IRR #YR-> 5 Stock price
Trailing P/E 12.03 8.21 14.16 25.42 15.77 12.54 #NUM! <-IRR #YR-> 10 Price & Div + Sp
Average 5 Yrs 8.76% #NUM! Div %  5, 10 yrs Price Inc 11.90% P/E: Y-T 15.57 14.16 33.03% <-IRR #YR-> 5 Price & Div + Sp
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $43.28
-$14.60 $0.00 $0.00 $0.00 $0.00 $43.28
$0.00 $0.00 $0.00 $0.00 $0.85 $1.78 $1.54 $1.82 $2.07 $2.04 $45.35
-$14.60 $1.54 $1.82 $2.07 $2.04 $45.35
Hi Mths Dec Aug Oct Dec Mar Mar Dec
Price Hi $12.40 $17.05 $16.95 $32.95 $37.55 $34.80 $54.05 335.89% <-Total Growth 6 Stock price
Increase 37.50% -0.59% 94.40% 13.96% -7.32% 55.32% #NUM! <-IRR #YR-> 10 Stock price
P/E 10.22 9.37 9.97 31.08 22.90 10.09 19.44 25.95% <-IRR #YR-> 5 Stock price
Trailing P/E 14.05 9.31 19.38 35.42 21.22 15.67
Average 5 Yrs Price Inc 13.96% P/E: Y-T 19.44 19.38
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $54.05
-$17.05 $0.00 $0.00 $0.00 $0.00 $54.05
Low Mths May Jan Aug Jan Dec Feb Jun
Price Low $10.20 $12.15 $12.95 $15.20 $16.33 $16.94 $32.51 218.73% <-Total Growth 6 Stock price
Increase 19.12% 6.58% 17.37% 7.43% 3.74% 91.91% #NUM! <-IRR #YR-> 10 Stock price
P/E 8.41 6.68 7.62 14.34 9.96 4.91 11.69 21.76% <-IRR #YR-> 5 Stock price
Trailing P/E 10.01 7.12 8.94 15.41 10.33 9.42
Average 5 Yrs Price Inc 7.43% P/E: Y-T 9.96 9.42
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $32.51
Market Cap $119 $162 $166 $422 $223 $453 $621 $488 $488
# of Sh in M 9.630 9.630 9.630 9.630 9.630 9.630 10.080 11.089 12.819 12.549 13.020 12.400 12.395 12.395 Shareholders' equity Shares
Increase 4.67% 10.01% 15.60% -2.11% 3.76% -4.77% -0.04% 0.00% 4.53% <-Average 6 Shares
CF fr Op $M $18.46 $21.28 $25.24 $37.07 $10.90 $54.39 $40.75 $44.62 $45.86 120.68% <-Total Growth 6 Cash Flow
OPS $1.92 $2.11 $2.28 $2.89 $0.87 $4.18 $3.29 71.39% <-Total Growth 6 Cash Flow
Chge non-cash -$7.85 $0.00 -$2.13 -$9.71 $29.99 -$2.16 $15.48
OPS $1.10 $2.11 $2.08 $2.14 $3.26 $4.01 $4.53 $3.60 $3.70 D 114.79% <-Total Growth 5 Cash Flow
Increase 91.47% -1.29% 2.45% 52.63% 23.10% 13.04% -20.61% 2.78% #NUM! <-IRR #YR-> 10 Cash Flow
5 yr running ave $1.10 $1.61 $1.77 $1.86 $2.14 $2.72 $3.20 $3.51 $3.82 9.25% <-IRR #YR-> 5 Cash Flow
P/CF on Cl 11.25 7.60 7.20 15.43 5.45 8.68 11.04 10.93 10.63 #NUM! <-IRR #YR-> 10 Cash Flow
Averages P/CF 10 Yrs 9.52 5 Yrs 9.56 16.52% <-IRR #YR-> 5 Cash Flow
*Operational Cash Flow per share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.53
-$2.11 $0.00 $0.00 $0.00 $0.00 $4.53
OPM 29.78% 25.32% 30.96% 28.44% 5.47% 22.92% 15.55% 14.26% should be zero, it is a check on calculations
Diff from Ave 17.6% 0.0% 22.2% 12.3% -78.4% -9.5% -38.6% -43.7% 0.00 <-Median-> 7 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM OPM 10 Yrs 25.32% 5 Yrs 22.92%
Q2 2011
Curr Assets $27.95 $37.19 $44.18 $62.75 $75.17 $193.81 $151.06 $133.99 Liq ratio of 1.5 and up, best Assets
Curr Liab. $11.03 $13.56 $17.71 $26.63 $37.71 $37.03 $58.86 $44.70 2.53 <-Median-> 7 Liabilities
Liquidity 2.53 2.74 2.49 2.36 1.99 5.23 2.57 3.00 2.49 <-Median-> 5 Ratio
Assets $120.67 $144.35 $170.23 $210.68 $228.46 $387.85 $391.56 $390.74 A/L ratio of 1.5 and up, best Assets
Liab. $31.10 $33.58 $59.27 $64.03 $102.93 $211.05 $230.85 $182.87 2.87 <-Median-> 7 Liabilities
Liquidity 3.88 4.30 2.87 3.29 2.22 1.84 1.70 2.14 2.22 <-Median-> 5 Ratio
Book Value $89.57 $110.77 $110.96 $146.65 $125.54 $176.80 $160.72 $207.87 79.43% <-Total Growth 6 Book Value
BV per share $9.30 $10.99 $10.01 $11.44 $10.00 $13.58 $12.96 $16.77 $16.77 39.36% <-Total Growth 6 Book Value
Change 18.15% -8.94% 14.33% -12.56% 35.73% -4.55% 29.39% 2.1772 Current/Historical Book Value
P/BV (CL) 1.33 1.46 1.50 2.88 1.77 2.56 3.86 2.35 #NUM! <-IRR #YR-> 10 Book Value
Change 9.55% 2.64% 92.13% -38.40% 44.44% 50.73% -39.28% 3.36% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 1.35 1.30 1.53 1.44 1.82 2.19 2.44 1.88 1.53 <-Median-> 7 A/BV
Debt/Equity Ratio 0.35 0.30 0.53 0.44 0.82 1.19 1.44 0.88 0.53 <-Median-> 7 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Ave 1.77 5 yr Ave 2.56
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.96
-$10.99 $0.00 $0.00 $0.00 $0.00 $12.96
ROE 0.0% 0.0% 0.0% 34.8% 18.4% 14.4% <12 mths 0.00% <-Median-> 5 Compreh. Inc
Comprehensive Inc $0.00 $0.00 $0.00 $61.45 $29.54 $30.00 <12 mths Compreh. Inc
ROE 13.0% 17.7% 17.2% 8.4% 16.9% 25.6% 22.5% 17.7% <12 mths Net Income/Shareholders' equity
5Yr Running Ave 13.0% 15.6% 16.2% 13.7% 14.4% 17.5% 18.6% 18.6%
Net Income $11.63 $19.65 $19.04 $12.37 $21.21 $45.30 $36.16 $36.88 <12 mths 210.85% <-Total Growth 6 Net Income
Oper C. F. $18.46 $21.28 $25.24 $37.07 $10.90 $54.39 $40.75 $35.86 <12 mths C F Statement  Oper C. F.
Invest. C. F -$44.12 -$22.68 -$24.95 -$35.43 -$15.69 -$8.62 -$55.96 -$46.28 <12 mths C F Statement  Invest. C. F
Total Accruals $37.28 $21.05 $18.75 $10.72 $26.00 -$0.47 $51.37 $47.30 <12 mths Accruals
Total Assets $120.67 $144.35 $170.23 $210.68 $228.46 $387.85 $391.56 $390.74 <12 mths Balance Sheet Assets
Accruals Ratio 30.90% 14.58% 11.01% 5.09% 11.38% -0.12% 13.12% 12.10% <12 mths Ratio
up/down/neutral
Chge in Close 21.57% 29.44% -6.54% 119.67% -46.13% 96.06% 43.88% -21.43%
Any Predictions?
Fin. C. F $28.48 $2.56 $0.27 $10.06 -$11.24 $58.93 -$58.90 -$44.41 <12 mths C F Statement  Fin. C. F
Total Accruals $8.81 $18.49 $18.48 $0.66 $37.23 -$59.40 $110.27 $91.71 <12 mths Accruals
Accruals Ratio 7.30% 12.81% 10.86% 0.31% 16.30% -15.32% 28.16% 23.47% <12 mths Ratio
Aug 30, 2011.  Last estimates for 2010 and 2011 were $2.65 and $3.15 for earnings and $3.45 and $3.85 for Cash Flow.
Aug 11, 2010.  Last time I got 2010 and 2011 earnings of $2.80 and $3.22 and Cash Flow of $3.65 and $4.35. Earnings and cash flow for both years have been decreased.
Apr 29, 2010.  I previously got estimates for 2009 and 2010 of $3.40 and $3.35 for earnings and $3.87 and $4.08 for Cash Flow.
Not all the financial statements connected properly, so I used google financial figures also.  I cannot find any stock price before 2004 either.
Ag Growth was founded in 1996, but went public in May 2004.  I cannot find financials beyond 2004. In June 2009, company was converted into a corporation.
Used to be a Unit Trust AFN.UN
How they make their money.
Ag Growth is a leading North American manufacturer of portable grain handling equipment, consisting of augers, belt conveyors, grain drying, fencing, post hole augers, and other ancillary grain 
handling accessories.  This company has 1,400 dealers and distributors in Canada and the United States.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.  
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.
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