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. Estimates Estimates Estimates
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/ Q2 2016
Badger Daylighting Ltd. TSX: BAD OTC: BADFF www.badgerinc.com Fiscal Yr: Dec 31
Year 12/31/04 12/31/05 12/31/06 12/31/07 12/30/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 Value Description #Y Item
Accounting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
$392.6 <-12 mths -2.96%
Revenue* $78.7 $83.3 $98.4 $117.7 $148.3 $135.0 $139.6 $194.2 $239.2 $324.6 $422.2 $404.6 $394.0 $437.0 $463.0 385.55% <-Total Growth 10 Revenue
Increase 23.57% 5.89% 18.05% 19.64% 26.05% -9.02% 3.44% 39.09% 23.20% 35.68% 30.08% -4.17% -2.62% 10.91% 5.95% 17.12% <-IRR #YR-> 10 Revenue
5 year Running Average $65.5 $66.8 $74.8 $88.4 $105.3 $116.5 $127.8 $147.0 $171.3 $206.5 $264.0 $317.0 $356.9 $396.5 $424.2 23.72% <-IRR #YR-> 5 Revenue
Revenue per Share $2.52 $2.59 $3.05 $3.65 $4.58 $4.16 $4.30 $5.99 $6.47 $8.76 $11.40 $10.91 $10.62 $11.78 $12.48 16.85% <-IRR #YR-> 10 5 yr Running Average
Increase 19.66% 2.70% 17.83% 19.60% 25.71% -9.17% 3.39% 39.09% 8.08% 35.49% 30.08% -4.34% -2.62% 10.91% 5.95% 19.92% <-IRR #YR-> 5 5 yr Running Average
5 year Running Average $2.15 $2.16 $2.38 $2.78 $3.28 $3.60 $3.95 $4.54 $5.10 $5.94 $7.38 $8.71 $9.63 $10.69 $11.44 15.48% <-IRR #YR-> 10 Revenue Per share
P/S (Price/Sales) Med 1.73 2.22 1.76 1.61 1.37 1.08 1.24 1.09 1.38 2.25 2.98 2.20 20.44% <-IRR #YR-> 5 Revenue Per share
P/S (Price/Sales) Close 2.30 2.26 1.64 1.98 1.20 1.14 1.48 1.22 1.59 3.24 2.32 2.24 2.47 2.23 2.32 14.96% <-IRR #YR-> 10 5 yr Running Average
*Revenue in M CDN $  P/S Med 10 yr  1.50 5 yr  2.20 64.83% Diff M/C 17.13% <-IRR #YR-> 5 5 yr Running Average
-$83.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $404.6
-$139.6 $0.0 $0.0 $0.0 $0.0 $404.6
-$66.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $317.0
-$127.8 $0.0 $0.0 $0.0 $0.0 $317.0
-$2.59 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.91
-$4.30 $0.00 $0.00 $0.00 $0.00 $10.91
$1.28 <-12 mths 23.08%
EPS Basic $0.44 $0.46 $0.51 $0.52 $0.59 $0.61 $0.57 $0.80 $0.80 $1.09 $1.43 $1.04 126.09% <-Total Growth 10 EPS Basic
EPS Diluted* $0.43 $0.46 $0.51 $0.52 $0.58 $0.61 $0.57 $0.79 $0.80 $1.09 $1.43 $1.04 $0.87 $1.32 $1.55 126.09% <-Total Growth 10 EPS Diluted
Increase 225.00% 6.15% 10.87% 1.31% 12.90% 4.00% -6.04% 39.18% 1.26% 35.68% 31.19% -27.27% -16.35% 51.72% 17.42% 8.50% <-IRR #YR-> 10 Earnings per Share
Earnings Yield 7.5% 7.9% 10.2% 7.1% 10.6% 12.8% 9.0% 10.9% 7.8% 3.8% 5.4% 4.3% 3.3% 5.0% 5.4% 12.78% <-IRR #YR-> 5 Earnings per Share
5 year Running Average $0.09 $0.17 $0.31 $0.41 $0.50 $0.54 $0.56 $0.61 $0.67 $0.77 $0.94 $1.03 $1.05 $1.15 $1.24 19.52% <-IRR #YR-> 10 5 yr Running Average
10 year Running Average $0.10 $0.14 $0.18 $0.21 $0.31 $0.37 $0.46 $0.54 $0.64 $0.74 $0.79 $0.83 $0.91 $1.01 13.10% <-IRR #YR-> 5 5 yr Running Average
* Diluted ESP per share  E/P 10 Yrs 8.38% 5Yrs 5.41%
-$0.46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.04
-$0.57 $0.00 $0.00 $0.00 $0.00 $1.04
-$0.17 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.03
-$0.56 $0.00 $0.00 $0.00 $0.00 $1.03
Special Dividend $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 0.00% <-Median-> 10 Sp Dividends
Pre-Split '14 $0.55 $0.98 $1.22 $1.26 $1.26 $1.26 $1.26 $1.04 $1.03
Dividend* $0.182 $0.327 $0.406 $0.420 $0.420 $0.420 $0.420 $0.347 $0.342 $0.360 $0.360 $0.360 $0.378 $0.396 $0.396 Count 13 Increase
Increase 80.00% 24.16% 3.45% 0.00% 0.00% 0.00% -17.46% -1.44% 5.37% 0.00% 0.00% 5.00% 4.76% 0.00% 0.00% <-Median-> 10 Increase
Dividends 5 Yr Running $0.35 $0.40 $0.42 $0.41 $0.39 $0.38 $0.37 $0.35 $0.36 $0.37 $0.38 0.78% <-Total Growth 7 Dividends 5 Yr Running
Yield H/L Price 4.18% 5.70% 7.58% 7.14% 6.67% 9.36% 7.85% 5.32% 3.81% 1.83% 1.06% 1.50% 1.57% 5.99% <-Median-> 10 Yield H/L Price
Yield on High  Price 3.14% 4.98% 6.77% 5.81% 5.29% 7.59% 6.60% 4.76% 3.24% 1.23% 0.83% 1.20% 1.36% 5.03% <-Median-> 10 Yield on High  Price
Yield on Low Price 6.26% 6.66% 8.61% 9.24% 9.00% 12.21% 9.70% 6.03% 4.63% 3.55% 1.45% 2.00% 1.86% 7.32% <-Median-> 10 Yield on Low Price
Yield on Close Price 3.14% 5.61% 8.10% 5.81% 7.66% 8.84% 6.60% 4.76% 3.32% 1.27% 1.36% 1.47% 1.44% 1.51% 1.37% 5.28% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 41.92% 71.09% 79.61% 81.29% 72.00% 69.23% 73.68% 43.70% 42.53% 33.03% 25.17% 34.62% 43.45% 30.00% 25.55% 56.46% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 70.09% 74.46% 74.86% 66.02% 58.04% 48.88% 39.01% 34.29% 34.39% 32.24% 30.43% 62.03% <-Median-> 8 DPR EPS 5 Yr Running
Payout Ratio CFPS 33.83% 40.49% 47.84% 55.50% 38.59% 40.32% 52.19% 33.60% 27.35% 22.83% 15.83% 14.18% 18.62% 16.71% #DIV/0! 36.10% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 43.45% 43.87% 45.95% 42.91% 37.35% 33.10% 26.36% 20.39% 18.61% 17.18% #DIV/0! 40.13% <-Median-> 8 DPR CF 5 Yr Running
Payout Ratio CFPS WC 27.44% 42.94% 47.04% 42.62% 34.88% 43.92% 40.47% 25.69% 24.84% 19.09% 13.27% 17.69% 18.62% 16.71% #DIV/0! 30.28% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 39.20% 41.78% 41.33% 36.62% 32.89% 28.59% 21.87% 18.89% 17.93% 16.80% #DIV/0! 34.76% <-Median-> 8 DPR CF WC 5 Yr Running
Median Values 5 Yr Med 5 Yr Cl 1.83% 1.47% 5 Yr Med Payout 34.62% 22.83% 19.09% 0.97% <-IRR #YR-> 10 Dividends
* Dividends per share  5 Yr Med and Cur. -17.45% 2.33% Last Div Inc ---> $0.030 $0.033 10.0% -3.04% <-IRR #YR-> 5 Dividends
-$0.33 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.36
-$0.42 $0.00 $0.00 $0.00 $0.00 $0.36
Historical Dividends Historical High Div 11.46% Low Div 0.94% Ave Div 6.20% Med Div 5.51% Close Div 5.18% Historical Dividends
High/Ave/Median Values Curr diff Exp. -86.84%     60.49% Exp. -75.67% Exp. -72.62% Exp. -70.89% High/Ave/Median 
Future Dividend Yield Div Yd 1.93% earning in 5 Years at IRR of 5.00% Div Inc. 27.63% Future Dividend Yield
Future Dividend Yield Div Yd 2.46% earning in 10 Years at IRR of 5.00% Div Inc. 62.89% Future Dividend Yield
Future Dividend Yield Div Yd 3.14% earning in 15 Years at IRR of 5.00% Div Inc. 107.89% Future Dividend Yield
Cost cover if held 5 years 4.87% 34.37% 113.39% 186.23% 141.13% 45.85% 36.38% 37.82% 33.11% 29.97% 40.75% 33.06% 27.60% 20.70% 9.59% 39.29% <-Median-> 10 Paid Median Price
Cost cover if held 10 years 40.04% 30.52% 58.25% 175.32% 364.63% 458.09% 293.00% 87.91% 67.23% 71.41% 64.61% 59.97% 87.91% <-Median-> 9 Paid Median Price
Cost cover if held 15 years 98.49% 63.36% 107.22% 294.80% 587.73% 716.79% 445.01% 102.86% <-Median-> 4 Paid Median Price
Cost cover if held 20 years 154.11% 96.23% #NUM! <-Median-> 0 Paid Median Price
H/LYield held 5 yrs 4.87% 22.09% 50.33% 58.60% 33.78% 9.66% 7.33% 6.47% 5.81% 5.71% 8.02% 6.73% 5.80% 4.42% 2.01% 7.67% <-Median-> 10 Paid Median Price
H/LYield held 10 yrs 12.60% 7.30% 11.25% 28.38% 42.98% 47.67% 28.95% 8.28% 6.28% 7.05% 6.73% 6.29% 12.60% <-Median-> 9 Paid Median Price
H/LYield held 15 yrs 10.25% 6.26% 9.64% 24.32% 46.86% 55.26% 31.85% 9.95% <-Median-> 4 Paid Median Price
H/LYield held 20 yrs 11.88% 6.89% #NUM! <-Median-> 0 Paid Median Price
Graham No. $3.79 $4.04 $4.40 $4.59 $5.15 $5.54 $5.58 $7.01 $8.26 $10.64 $13.96 $12.99 $11.78 $14.51 $15.72 221.25% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.15 1.42 1.22 1.28 1.22 0.81 0.96 0.93 1.08 1.85 2.44 1.85 2.05 1.22 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.53 1.62 1.36 1.58 1.54 1.00 1.14 1.04 1.27 2.75 3.10 2.30 2.36 1.45 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 0.77 1.21 1.07 0.99 0.91 0.62 0.78 0.82 0.89 0.95 1.77 1.39 1.73 0.93 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.53 1.44 1.14 1.58 1.06 0.86 1.14 1.04 1.24 2.67 1.89 1.88 2.23 1.81 1.84 1.19 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 52.92% 44.22% 13.76% 57.55% 6.45% -14.19% 14.18% 3.90% 24.48% 167.01% 89.50% 87.94% 122.91% 80.97% 84.24% 19.33% <-Median-> 10 Graham Price
Pre-Split '14 $17.38 $17.50 $15.03 $21.68 $16.45 $14.26 $19.10 $21.86 $30.86
Price Close $5.79 $5.83 $5.01 $7.23 $5.48 $4.75 $6.37 $7.29 $10.29 $28.42 $26.45 $24.42 $26.25 $26.25 $28.96 318.63% <-Total Growth 10 Stock Price
Increase 193.58% 0.69% -14.11% 44.24% -24.12% -13.31% 33.94% 14.45% 41.17% 176.28% -6.93% -7.67% 7.49% 0.00% 10.32% 15.39% <-IRR #YR-> 10 Stock Price
P/E 13.37 12.68 9.82 13.99 9.40 7.84 11.17 9.18 12.80 26.07 18.50 23.48 30.17 19.89 18.68 30.85% <-IRR #YR-> 5 Stock Price
Trailing P/E 43.45 13.46 10.89 14.17 10.61 8.15 10.49 12.78 12.97 35.38 24.27 17.08 25.24 30.17 21.94 19.44% <-IRR #YR-> 10 Price & Dividend
Median 10, 5 Yrs D.  per yr 4.04% 3.51% % Tot Ret 20.79% 10.21% Price Inc 14.45% P/E:  11.99 18.50 34.35% <-IRR #YR-> 5 Price & Dividend
-$5.83 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.42
-$6.37 $0.00 $0.00 $0.00 $0.00 $24.42
-$5.83 $0.41 $0.42 $0.42 $0.42 $0.42 $0.35 $0.34 $0.36 $0.36 $24.78
-$6.37 $0.35 $0.34 $0.36 $0.36 $24.78
Price H/L Median $4.35 $5.73 $5.36 $5.89 $6.30 $4.49 $5.35 $6.52 $8.96 $19.70 $34.01 $23.99 $24.10 10.32% 318.34% <-Total Growth 10 Stock Price
Increase 249.60% 31.90% -6.54% 9.83% 7.05% -28.78% 19.21% 21.91% 37.40% 119.91% 72.61% -29.47% 0.48% 1.51% 15.39% <-IRR #YR-> 10 Stock Price
P/E 10.03 12.46 10.51 11.39 10.80 7.40 9.38 8.22 11.15 18.07 23.78 23.06 27.70 11.83% 35.00% <-IRR #YR-> 5 Stock Price
Trailing P/E 32.60 13.23 11.65 11.54 12.19 7.69 8.82 11.44 11.29 24.52 31.20 16.77 23.17 19.50% <-IRR #YR-> 10 Price & Dividend
P/E on Run. 5 yr Ave 47.94 33.08 17.21 14.33 12.58 8.38 9.60 10.62 13.34 25.50 36.28 23.26 23.03 39.00% <-IRR #YR-> 5 Price & Dividend
P/E on Run. 10 yr Ave 59.31 38.00 32.45 29.86 14.33 14.64 14.09 16.56 30.94 46.18 30.20 29.02 10.80 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 4.12% 4.00% % Tot Ret 21.10% 10.25% Price Inc 37.40% P/E:  10.98 18.07 Count 19 Years of data
-$5.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $23.99
-$5.35 $0.00 $0.00 $0.00 $0.00 $23.99
-$5.73 $0.41 $0.42 $0.42 $0.42 $0.42 $0.35 $0.34 $0.36 $0.36 $24.35
-$5.35 $0.35 $0.34 $0.36 $0.36 $24.35
High Months Dec Aug Apr Dec Jun Dec Dec Dec Dec Apr May Mar
Pre-Split '14 $17.38 $19.68 $18.00 $21.68 $23.80 $16.60 $19.10 $21.86 $31.60
Price High $5.79 $6.56 $6.00 $7.23 $7.93 $5.53 $6.37 $7.29 $10.53 $29.25 $43.25 $29.93 $27.85 356.25% <-Total Growth 10 Stock Price
Increase 193.58% 13.23% -8.54% 20.44% 9.78% -30.25% 15.06% 14.45% 44.56% 177.69% 47.86% -30.80% -6.95% 16.39% <-IRR #YR-> 10 Stock Price
P/E 13.37 14.26 11.76 13.99 13.60 9.12 11.17 9.18 13.11 26.83 30.24 28.78 32.01 36.28% <-IRR #YR-> 5 Stock Price
Trailing P/E 43.45 15.14 13.04 14.17 15.35 9.49 10.49 12.78 13.28 36.41 39.68 20.93 26.78 13.60 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 44.56% P/E:  13.36 26.83 28.39 P/E Ratio Historical High
-$6.56 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $29.93
-$6.37 $0.00 $0.00 $0.00 $0.00 $29.93
Low Months May Mar Nov Jan Oct Mar Jul Sep Jan Jan Oct Oct Aug
Price Low $2.90 $4.91 $4.72 $4.54 $4.67 $3.44 $4.33 $5.75 $7.38 $10.15 $24.76 $18.04 $20.35 267.66% <-Total Growth 10 Stock Price
Increase 464.94% 69.20% -3.87% -3.67% 2.71% -26.29% 25.87% 32.87% 28.33% 37.47% 143.94% -27.14% 12.80% 13.91% <-IRR #YR-> 10 Stock Price
P/E 6.69 10.67 9.25 8.79 8.00 5.67 7.60 7.25 9.19 9.31 17.31 17.35 23.39 33.03% <-IRR #YR-> 5 Stock Price
Trailing P/E 21.75 11.32 10.25 8.91 9.03 5.90 7.14 10.09 9.31 12.63 22.72 12.62 19.57 8.79 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 32.87% P/E:  8.99 9.31 5.87 P/E Ratio Historical Low
-$4.91 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $18.04
Long Term Debt $124.36 $103.85 $97.57 Debt
Ratio to Market Cap 0.13 0.11 0.10 0.12 <-Median-> 2 % of Market C.
Goodwill & Intangibles $6.55 $16.79 $15.51 $9.11 $9.11 Intangibles Goodwill
Ratio to Market Cap 0.02 0.02 0.02 0.01 0.01 0.02 <-Median-> 4 % of Market C.
Market Cap $181 $188 $162 $233 $178 $154 $207 $236 $380 $1,053 $980 $906 $974 $974 $1,074 382.10% <-Total Growth 10 Market Cap
Diluted 31.553 32.026 32.254 32.281 32.497 32.412 32.494 32.510 34.926 37.007 37.034 37.074 37.074 15.76% <-Total Growth 10 Diluted
Change 3.12% 1.50% 0.71% 0.09% 0.67% -0.26% 0.25% 0.05% 7.43% 5.96% 0.07% 0.11% 0.00% 0.18% <-Median-> 10 Change
Average # of Sh in M 31.500 32.000 32.254 32.281 32.343 32.412 32.425 32.441 34.860 37.007 37.034 37.074 15.86% <-Total Growth 10 Average
Change 4.37% 1.59% 0.79% 0.09% 0.19% 0.21% 0.04% 0.05% 7.46% 6.16% 0.07% 0.11% 0.15% <-Median-> 10 Change
Difference -0.8% 0.7% 0.1% 0.0% 0.1% 0.0% 0.0% 0.0% 6.1% 0.1% 0.0% 0.1% 0.06% <-Median-> 10 Difference
$61.4 <-12 mths -18.65%
# of Sh in Millons 31.246 32.216 32.276 32.285 32.372 32.426 32.441 32.441 36.980 37.034 37.034 37.101 37.101 37.101 37.101 1.42% <-IRR #YR-> 10 Shares
Increase 3.27% 3.10% 0.18% 0.03% 0.27% 0.16% 0.05% 0.00% 13.99% 0.15% 0.00% 0.18% 0.00% 0.00% 0.00% 2.72% <-IRR #YR-> 5 Shares
CF fr Op $M $16.8 $26.0 $27.4 $24.4 $35.2 $33.8 $26.1 $33.5 $46.2 $58.4 $84.2 $94.2 $75.3 $87.9 262.16% <-Total Growth 10 Cash Flow
Increase 32.22% 55.05% 5.29% -10.81% 44.20% -4.13% -22.71% 28.21% 38.04% 26.41% 44.18% 11.90% -20.07% 16.75% SO, S. Iss
5 year Running Average $11.2 $14.8 $17.7 $21.5 $26.0 $29.4 $29.4 $30.6 $35.0 $39.6 $49.7 $63.3 $71.7 $80.0 327.08% <-Total Growth 10 CF 5 Yr Running
CFPS $0.54 $0.81 $0.85 $0.76 $1.09 $1.04 $0.80 $1.03 $1.25 $1.58 $2.27 $2.54 $2.03 $2.37 214.48% <-Total Growth 10 Cash Flow per Share
Increase 28.04% 50.38% 5.10% -10.83% 43.81% -4.29% -22.75% 28.21% 21.10% 26.23% 44.18% 11.70% -20.07% 16.75% 13.73% <-IRR #YR-> 10 Cash Flow
5 year Running Average $0.37 $0.48 $0.56 $0.67 $0.81 $0.91 $0.91 $0.94 $1.04 $1.14 $1.39 $1.73 $1.93 $2.16 29.27% <-IRR #YR-> 5 Cash Flow
P/CF on Med Price 8.09 7.10 6.31 7.78 5.79 4.31 6.65 6.32 7.17 12.49 14.96 9.44 11.87 0.04 12.14% <-IRR #YR-> 10 Cash Flow per Share
P/CF on Closing Price 10.79 7.22 5.90 9.55 5.04 4.56 7.91 7.06 8.23 18.02 11.63 9.62 12.93 11.08 25.84% <-IRR #YR-> 5 Cash Flow per Share
87.18% Diff M/C 13.80% <-IRR #YR-> 10 CFPS 5 yr Running
Excl.Working Capital CF $3.91 -$1.5 $0.5 $7.4 $3.7 -$2.8 $7.6 $10.3 $4.7 $11.4 $16.3 -$18.7 13.82% <-IRR #YR-> 5 CFPS 5 yr Running
CF fr Op $M WC $20.7 $24.5 $27.9 $31.8 $39.0 $31.0 $33.7 $43.8 $50.9 $69.8 $100.5 $75.5 $75.3 $87.9 207.80% <-Total Growth 10 Cash Flow less WC
Increase 71.64% 18.61% 13.54% 14.23% 22.51% -20.44% 8.58% 30.03% 16.16% 37.29% 43.91% -24.84% -0.27% 16.75% 11.90% <-IRR #YR-> 10 Cash Flow less WC
5 year Running Average $11.2 $14.7 $18.5 $23.4 $28.8 $30.8 $32.7 $35.9 $39.7 $45.8 $59.7 $68.1 $74.4 $81.8 17.53% <-IRR #YR-> 5 Cash Flow less WC
CFPS Excl. WC $0.66 $0.76 $0.86 $0.99 $1.20 $0.96 $1.04 $1.35 $1.38 $1.89 $2.71 $2.04 $2.03 $2.37 16.57% <-IRR #YR-> 10 CF less WC 5 Yr Run
Increase 66.21% 15.04% 13.33% 14.19% 22.18% -20.58% 8.53% 30.03% 1.90% 37.09% 43.91% -24.98% -0.27% 16.75% 15.82% <-IRR #YR-> 5 CF less WC 5 Yr Run
5 year Running Average $0.37 $0.47 $0.59 $0.73 $0.90 $0.95 $1.01 $1.11 $1.18 $1.32 $1.67 $1.87 $2.01 $2.21 10.33% <-IRR #YR-> 10 CFPS - Less WC
P/CF on Med Price 6.57 7.53 6.21 5.97 5.23 4.69 5.15 4.83 6.51 10.45 12.53 11.78 11.87 0.04 14.42% <-IRR #YR-> 5 CFPS - Less WC
P/CF on Closing Price 8.75 7.66 5.81 7.33 4.55 4.97 6.13 5.40 7.48 15.07 9.75 12.00 12.93 11.08 14.78% <-IRR #YR-> 10 CFPS 5 yr Running
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 6.91 5 yr  9.44 P/CF Med 10 yr 6.09 5 yr  10.45 112.33% Diff M/C 13.15% <-IRR #YR-> 5 CFPS 5 yr Running
-$0.81 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.54 Cash Flow per Share
-$0.80 $0.00 $0.00 $0.00 $0.00 $2.54 Cash Flow per Share
-$0.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.73 CFPS 5 yr Running
-$0.91 $0.00 $0.00 $0.00 $0.00 $1.73 CFPS 5 yr Running
-$24.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $75.5 Cash Flow less WC
-$33.7 $0.0 $0.0 $0.0 $0.0 $75.5 Cash Flow less WC
-$14.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $68.1 CF less WC 5 Yr Run
-$32.7 $0.0 $0.0 $0.0 $0.0 $68.1 CF less WC 5 Yr Run
-$0.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.04 CFPS - Less WC
-$1.04 $0.00 $0.00 $0.00 $0.00 $2.04 CFPS - Less WC
-$0.47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.87 CFPS 5 yr Running
-$1.01 $0.00 $0.00 $0.00 $0.00 $1.87 CFPS 5 yr Running
OPM 21.32% 31.22% 27.85% 20.76% 23.75% 25.02% 18.70% 17.24% 19.31% 17.99% 19.94% 23.29% -25.41% <-Total Growth 10 OPM
Increase 7.01% 46.43% -10.81% -25.45% 14.40% 5.37% -25.28% -7.82% 12.04% -6.83% 10.84% 16.77% Should increase  or be stable.
Diff from Median 4.8% 53.4% 36.8% 2.0% 16.7% 23.0% -8.1% -15.3% -5.1% -11.6% -2.0% 14.4% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 20.35% 5 Yrs 19.31% should be  zero, it is a   check on calculations
Current Assets $22.68 $22.43 $26.27 $32.52 $41.46 $40.29 $53.34 $62.27 $69.46 $105.50 $142.77 $123.91 $133.57 Liquidity ratio of 1.5 and up, best
Current Liabilities $15.38 $14.20 $16.86 $12.83 $19.67 $13.73 $15.23 $22.52 $25.53 $43.65 $49.86 $40.26 $37.72 2.74 <-Median-> 10 Ratio
Liquidity 1.48 1.58 1.56 2.53 2.11 2.93 3.50 2.76 2.72 2.42 2.86 3.08 3.54 2.76 <-Median-> 5 Ratio
Liq. with CF aft div 2.20 2.67 2.41 3.38 3.21 4.40 4.32 3.75 4.04 3.45 4.28 5.09 5.17 4.04 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  1.25 1.44 1.16 1.05 1.17 2.78 2.07 1.41 1.30 1.11 1.44 2.56 5.17 1.41 <-Median-> 5 Ratio
Curr Long Term Db
Liquidity Less CLTD
Liq. with CF aft div
Assets $67.75 $74.55 $90.19 $110.80 $145.53 $137.86 $154.43 $183.87 $225.58 $333.90 $444.30 $446.69 $431.47 Debt Ratio of 1.5 and up, best
Liabilities $21.76 $23.63 $35.64 $52.37 $80.08 $64.97 $75.78 $94.49 $85.87 $162.83 $220.05 $179.00 $168.63 2.08 <-Median-> 10 Ratio
Debt Ratio 3.11 3.16 2.53 2.12 1.82 2.12 2.04 1.95 2.63 2.05 2.02 2.50 2.56 2.05 <-Median-> 5 Ratio
Book Value $45.99 $50.92 $54.55 $58.43 $65.45 $72.89 $78.65 $89.38 $139.71 $171.07 $224.25 $267.69 $262.84 $262.84 $262.84 425.66% <-Total Growth 10 Book Value
BV per share $1.47 $1.58 $1.69 $1.81 $2.02 $2.25 $2.42 $2.76 $3.78 $4.62 $6.06 $7.22 $7.08 $7.08 $7.08 356.46% <-Total Growth 10 Book Value per Share
Change 15.13% 7.38% 6.93% 7.08% 11.71% 11.19% 7.85% 13.64% 37.12% 22.27% 31.09% 19.16% -1.81% 0.00% 0.00% 17.89% P/B Ratio Current/10 Year Median
P/B Ratio (Median) 2.95 3.63 3.17 3.25 3.12 2.00 2.21 2.37 2.37 4.26 5.62 3.32 3.40 2.83 P/B Ratio Historical Median
P/B Ratio (Close) 3.94 3.69 2.96 3.99 2.71 2.11 2.63 2.64 2.72 6.15 4.37 3.38 3.71 3.71 4.09 16.40% <-IRR #YR-> 10 Book Value per Share
Change 155.01% -6.23% -19.68% 34.71% -32.08% -22.04% 24.19% 0.71% 2.95% 125.96% -29.00% -22.52% 9.48% 0.00% 10.32% 24.37% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 1.47 1.46 1.65 1.90 2.22 1.89 1.96 2.06 1.61 1.95 1.98 1.67 1.64 1.92 <-Median-> 10 A/BV
Debt/Equity Ratio 0.47 0.46 0.65 0.90 1.22 0.89 0.96 1.06 0.61 0.95 0.98 0.67 0.64 0.92 <-Median-> 10 Debt/Eq Ratio
Shareholders' Equity (Assets less liabilities) P/BV 10 yr Med 3.14 5 yr Med 3.32 17.89% Diff M/C 1.89 Historical 20 A/BV
-$1.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.22
-$2.42 $0.00 $0.00 $0.00 $0.00 $7.22
$50.43 <-12 mths -8.33%
Comprehensive Income $16.72 $18.98 $19.65 $18.56 $26.91 $26.81 $45.89 $66.51 $55.01 228.93% <-Total Growth 8 Comprehensive Income
Increase 13.51% 3.54% -5.55% 44.98% -0.36% 71.15% 44.93% -17.30% 44.9% <-Median-> 5 Comprehensive Income
ROE 28.6% 29.0% 27.0% 23.6% 30.1% 19.2% 26.8% 29.7% 20.5% 26.8% <-Median-> 5 Comprehensive Income
5Yr Median 28.6% 27.0% 26.8% 26.8% 26.8% 16.05% <-IRR #YR-> 8 Comprehensive Income
% Difference from NI 0.0% 0.0% 0.0% 0.0% 4.3% -4.4% 13.7% 25.3% 42.9% 24.27% <-IRR #YR-> 5 Comprehensive Income
Median Values Diff 5, 10 yr 0.0% 13.7%
-$16.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $55.0
-$18.6 $0.0 $0.0 $0.0 $0.0 $55.0
Current Liability Coverage Ratio 1.35 1.73 1.65 2.48 1.98 2.26 2.21 1.94 1.99 1.60 2.02 1.88   CFO / Current Liabilities
5 year Median 0.71 0.92 1.35 1.65 1.73 1.98 2.21 2.21 1.99 1.99 1.99 1.94 1.94 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 30.53% 32.91% 30.88% 28.72% 26.79% 22.49% 21.80% 23.81% 22.54% 20.91% 22.62% 16.91% CFO / Total Assets
5 year Median 14.82% 20.15% 30.53% 30.53% 30.53% 28.72% 26.79% 23.81% 22.54% 22.49% 22.54% 22.54% 22.5% <-Median-> 5 Return on Assets 
Return on Assets 20.2% 19.8% 18.3% 15.1% 13.0% 14.3% 12.0% 14.0% 12.4% 12.1% 12.0% 8.6% Net  Income/Assets ROA
5Yr Median 1.7% 6.7% 18.3% 18.3% 18.3% 15.1% 14.3% 14.0% 13.0% 12.4% 12.1% 12.1% 12.1% <-Median-> 5 ROA
ROE 29.8% 29.0% 30.2% 28.6% 29.0% 27.0% 23.6% 28.9% 20.1% 23.6% 23.7% 14.4% Net Inc/ Shareholders' equity ROE
5Yr Median 3.4% 10.3% 29.0% 29.0% 29.0% 29.0% 28.6% 28.6% 27.0% 23.6% 23.6% 23.6% 23.6% <-Median-> 5 ROE
$47.19 <-12 mths 22.61%
Net Income $13.71 $14.78 $16.50 $16.72 $18.98 $19.65 $18.56 $25.80 $28.05 $40.36 $53.10 $38.49 $32.7 $47.6 $53.8 160.39% <-Total Growth 10 Net Income
Increase 244.58% 7.80% 11.61% 1.37% 13.51% 3.54% -5.55% 39.01% 8.71% 43.90% 31.56% -27.52% -15.04% 45.57% 13.03% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $2.8 $5.5 $9.9 $13.1 $16.1 $17.3 $18.1 $19.9 $22.2 $26.5 $33.2 $37.2 $38.5 $42.5 $45.1 10.04% <-IRR #YR-> 10 Net Income
Operating Cash Flow $16.78 $26.02 $27.39 $24.43 $35.23 $33.78 $26.10 $33.47 $46.20 $58.40 $84.20 $94.22 15.70% <-IRR #YR-> 5 Net Income
Investment Cash Flow -$11.63 -$12.16 -$18.11 -$28.35 -$34.04 -$8.01 -$16.59 -$37.37 -$53.88 -$91.77 -$98.54 -$39.68 21.00% <-IRR #YR-> 10 5 Yr Running Ave.
Total Accruals $8.56 $0.92 $7.21 $20.64 $17.79 -$6.12 $9.04 $29.71 $35.73 $73.73 $67.44 -$16.05 15.49% <-IRR #YR-> 5 5 Yr Running Ave.
Total Assets $67.75 $74.55 $90.19 $110.80 $145.53 $137.86 $154.43 $183.87 $225.58 $333.90 $444.30 $446.69 Balance Sheet Assets
Accruals Ratio 12.64% 1.24% 7.99% 18.63% 12.23% -4.44% 5.86% 16.16% 15.84% 22.08% 15.18% -3.59% 15.84% <-Median-> 5 Ratio
EPS/CF Ratio 0.65 0.60 0.59 0.52 0.48 0.63 0.55 0.59 0.58 0.58 0.53 0.51 0.56 <-Median-> 10 EPS/CF Ratio
-$14.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $38.5
-$18.6 $0.0 $0.0 $0.0 $0.0 $38.5
-$5.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $37.2
-$18.1 $0.0 $0.0 $0.0 $0.0 $37.2
Chge in Close 193.58% 0.69% -14.11% 44.24% -24.12% -13.31% 33.94% 14.45% 41.17% 176.28% -6.93% -7.67% 7.49% 0.00% 10.32% count 21 Change in Close
up/down/neutral up down down down down down down down down down count 14
Any Predictions? yes yes yes yes % right count 6 42.86%
Financial Cash Flow -$7.61 -$13.20 -$9.16 $4.07 -$0.01 -$20.91 -$5.15 -$5.36 $7.52 $8.62 $24.87 -$48.97 C F Statement  Financial Cash Flow
Total Accruals $16.17 $14.12 $16.37 $16.57 $17.80 $14.79 $14.19 $35.07 $28.21 $65.11 $42.57 $32.92 Accruals
Accruals Ratio 23.87% 18.94% 18.15% 14.95% 12.23% 10.73% 9.19% 19.07% 12.51% 19.50% 9.58% 7.37% 12.51% <-Median-> 5 Ratio
Cash $0.53 $1.19 $1.32 $1.48 $2.66 $7.52 $11.89 $2.62 $2.46 $8.62 $19.15 $30.40 $40.16 Cash
Cash per Share $0.02 $0.04 $0.04 $0.05 $0.08 $0.23 $0.37 $0.08 $0.07 $0.23 $0.52 $0.82 $1.08 $0.23 <-Median-> 5 Cash per Share
Percentage of Stock Price 0.29% 0.63% 0.82% 0.63% 1.50% 4.88% 5.76% 1.11% 0.65% 0.82% 1.96% 3.36% 4.12% 1.11% <-Median-> 5 % of Stock Price
August 28, 2016.  Last estimates were for 2015 and 2016 of $396M and $437M for Revenue, $0.65 and $1.36 for EPS, $2.81 for CFPS for 2015 and $24.07 and $50.37 for Net Income.
September 6, 2015.  Last estimates were for 2014, 2015 and 2016 of $427M, $498M and $588M for Revenue, $1.27, $1.52 and $1.86 for EPS, $2.28 and $2.81 for CFPS for 2014 and 2015, $47M, 56.2M and $68.8M for Net Income.
August 30, 2014.  Last estimates were for 2013, 2014 and 2015 of $301M, $354M and $386M for Revenue, $2.96, $3.47 and $3.62 for EPS, $5.32 and $7.73 for CPFS for 2013 and 2014.
August 19, 2013.  Last estimates were for 2012 and 2013 with $228.9M and $241.0M for Revenue, $2.58, $2.67 and $2.46 for EPS.
Used to be Badger Income Fund (TSX-BAD.UN).
The 2006 annual report showed different distributions than Yahoo did.  Could be Yahoo did not account for 2004 split as most disagreement was with 2004.  However, some disagreement with 2005.  I used info from 2006 annual report.
In 2004 in changing from an corporation to a trust company, the company issued shares on a 1:2 basis,, effectively doing a reverse split of the shares.
Trading Symbol “BAD.UN” to BAD annouced in January 2011.
Would I buy this company and Why.
Dividends
Dividends are paid monthly.  Dividends are declared for shareholders of record of one month and paid in the following month.
For example, the August 2014 monthly dividend was declared on August 14, 2014 for shareholders of record of August 29, 2014 and is payable on September 15, 2014.
Why am I following this stock. 
I started to follow this stock after reading a couple of articles in February 2012 in the G&M that talked about the company.  The first article looked at what the pros who manage small-cap funds are buying.  
Badger was one of 10 stocks mentioned and it looked like an interesting stock.  It is a dividend paying small cap.  The second article looked at what stocks might appeal to a conservative investor looking for income.
How they make their money.
Badger is North America's largest provider of non-destructive excavating services. Badger traditionally works for contractors and facility owners in the utility and petroleum industries.
Badger's business model involves the provision of excavating services through two distinct entities: the Operating Partners (franchisees in the United States and agents in Canada), and Badger Corporate.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) 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.
Some Small Cap dividend payers to review from
http://www.theglobeandmail.com/globe-investor/investment-ideas/number-cruncher/a-small-cap-strategy-that-pays-dividends/article2348317/
This stock also came out on a list of entitle an alluring mix of stability and profits at G&M
http://www.theglobeandmail.com/globe-investor/investment-ideas/number-cruncher/an-alluring-mix-of-stability-and-profits/article2333323/" 
Shares; '%, Value $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
Date Apr 2012 Aug 19 2013 Aug 31 2014 Sep 06 2015 Aug 28 2016
Vanderberg, Paul J. 0.013 0.04%
CEO - Shares - Amount $0.341
Options - percentage 0.000 0.00%
Options - amount $0.000
Wilson, Tor David 1.395 3.77% 0.701 1.89% 0.701 1.89%
CEO - Shares - Amount $39.639 $18.541 $17.118
Options - percentage 0.131 0.35% 0.460 1.24% 0.093 0.25%
Options - amount $3.714 $12.167 $2.273
Schiefelbein, Jerry 0.000 0.00% 0.000 0.00% 0.000 0.00%
CFO - Shares - Amount $0.000 $0.000 $0.000
Options - percentage 0.005 0.01% 0.018 0.05% 0.035 0.09%
Options - amount $0.143 $0.443 $0.920
Kelly, John 0.00% 0.000 0.00%
CFO - Shares - Amount $0.000 $0.000
Options - percentage 0.036 0.10% 0.058 0.16%
Options - amount $0.872 $1.528
Kelly, Greg 0.202 0.55%
CFO - Shares - Amount $5.751
Options - percentage 0.068 0.18%
Options - amount $1.924
Dillon, Derek Terrence 0.048 0.13% 0.143 0.39%
Officer - Shares - Amount $1.358 $3.790
Options - percentage 0.048 0.13% 0.167 0.45%
Options - amount $1.351 $4.425
Calnan, David 0.415 1.12% 0.415 1.12% 0.415 1.12% 0.415 1.12%
Director - Shares - Amount $11.787 $10.970 $10.128 $10.887
Options - percentage 0.011 0.03% 0.016 0.04% 0.024 0.06% 0.030 0.08%
Options - amount $0.325 $0.411 $0.581 $0.795
Roane, Glen Dawson 0.040 0.11% 0.050 0.13%
Chairman - Shares - Amt $0.977 $1.313
Options - percentage 0.028 0.07% 0.037 0.10%
Options - amount $0.677 $0.965
Watson, George??? 0.391 1.05%
Chairman - Shares - Amt $10.329
Options - percentage 0.030 0.08%
Options - amount $0.802
Increase in O/S Shares 0.117 0.32% 0.054 0.15% 0.000 0.00% 0.067 0.18% Yes 0
due to SO  $1.204 $1.535 $0.000 $1.631
Book Value $0.205 $0.304 $0.000 $1.780
Insider Buying -$0.755 -$0.936
Insider Selling $0.108 $0.246
Net Insider Selling $1.102 -$0.647 -$0.691
% of Market Cap 0.11% -0.07% -0.08%
Directors 6 6 7 7
Women 0 0% 0 0% 1 14% 1 14%
Minorities 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 14 54.00% 31 56.06% 62 42.83% 71 60.42% 68 72.57%
Total Shares Held 17.392 47.03% 20.748 56.02% 15.863 42.83% 22.384 60.44% 26.922 72.57%
Increase/Decrease 0.719 3.97% 1.813 9.58% 0.360 2.32% -0.744 -3.22% 2.030 8.16%
Starting No. of Shares 18.111 18.935 15.503 23.128 24.892
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