This report is for educational purposes only, and not to provide investment advice.  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.
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
BCE Inc BCE www.bce.ca Fiscal Yr: Dec-31 US - BCE
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                                
split     v '02 '03 '04 v  '03 '04 v  '03 '04 restated in 06, spreadsheet not changed                                            
Revenue* $14,214 $17,432 $18,796 $18,900 $18,737 $19,193 $19,105 $17,713 $17,866 $17,698 $17,735 $18,069       3.65% <-Total Growth 10 Revenue                    
Increase 9.73% 22.64% 7.82% 0.55% -0.86% 2.43% -0.46% -7.29% 0.86% -0.94% 0.21% 1.88%       0.36% <-IRR #YR-> 10 Revenue                    
Rev per Share $22.08 $21.52 $23.25 $20.64 $20.28 $20.73 $20.60 $21.93 $22.19 $22.04 $22.50 $24.02       -1.11% <-IRR #YR-> 5 Revenue                    
P/S (Price/Sales) 1.40 2.01 1.55 1.38 1.43 1.40 1.35 1.10 1.79 1.14 1.29 1.47       1.10% <-IRR #YR-> 10 Rev per share                    
*Revenue in M CDN $              P/S 10 yr  1.39 5 yr  1.29       3.12% <-IRR #YR-> 5 Rev per share                    
                                                           
    -$17,432 $0 $0 $0 $0 $0 $0 $0 $0 $0 $18,069                                  
            -$19,105 $0 $0 $0 $0 $18,069                                  
    -$21.52 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.02                                  
            -$20.60 $0.00 $0.00 $0.00 $0.00 $24.02                                  
US GAAP $7.97 -$0.55                                          
before split $8.35                                          
Nortel 9.31%                                          
With Nortel $8.35 7.43                         #DIV/0! <-Total Growth 0                      
EPS*  $7.57 $1.26 $0.46 $2.66 $1.90 $1.65 $2.04 $2.25 $4.87 $1.01 $2.11 $2.85 $2.96 $3.07   126.19% <-Total Growth 10 Earnings                    
Increase 259.21% -83.36% -63.49% 478.26% -28.57% -13.16% 23.64% 10.29% 116.44% -79.26% 108.91% 35.07% 3.86% 3.72%   8.50% <-IRR #YR-> 10 Earnings                    
* ESP per share (Cdn GAAP)                             6.92% <-IRR #YR-> 5 Earnings                    
                                                           
  -$1.26 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.85                                  
          -$2.04 $0.00 $0.00 $0.00 $0.00 $2.85                                  
                                                           
Act Div '08                                                          
Nortel   $0.17                                                      
No Nortel   $1.24 $1.20                                                    
from state.                                                          
If paid 4 dividends                   $1.46                                      
Div* $1.36 $1.24 $1.20 $1.20 $1.20 $1.20 $1.32 $1.32 $1.46 $0.73 $1.58 $1.73 $1.97 $1.97   39.72% <-Total Growth 10 Dividends                    
Increase 0.00% -8.82% -3.23% 0.00% 0.00% 0.00% 10.00% 0.00% 10.61% 0.00% 8.22% 9.65% 13.71% 0.00%   0.00% <-Median-> 10 Dividends                    
Yield on H/L 6.55% 3.14% 3.10% 4.01% 4.07% 4.31% 4.46% 5.89% 4.13% 2.38% 6.04% 5.45%       4.22% <-Median-> 10 Div H/L                    
Yield on Low 14.32% 3.88% 3.48% 5.22% 4.50% 4.65% 4.99% 6.75% 5.01% 3.44% 6.77% 6.27%       5.00% <-Median-> 10 Div Low                    
Yield on Cl 4.39% 2.86% 3.33% 4.21% 4.15% 4.15% 4.76% 5.48% 3.68% 2.90% 5.45% 4.90% 5.56% 5.56%   4.18% <-Median-> 10 Div Close                    
Payout Ratio 18.0% 98.4% 260.9% 45.1% 63.2% 72.7% 64.7% 58.7% 30.0% 72.3% 74.9% 60.8% 66.6% 64.2%   63.93% <-Median-> 10 Dividends                    
Payout Ratio CF 33.7% 43.4% 23.1% 25.1% 18.4% 20.1% 22.0% 19.8% 20.6% 9.9% 25.5% 27.6% 26.0% 25.7%   21.32% <-Median-> 10 Dividends                    
Median 5 Yrs   Div Yd 7.30% in 5 yrs 9.58% in 10 yrs Yield  5.45% 4.90% Payout 60.79% 20.61%       3.40% <-IRR #YR-> 10 Dividends                    
* Dividends per share    5.6% 5 5.6% 10                   5.59% <-IRR #YR-> 5 Dividends                    
                                                           
    -$1.24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.73                                  
            -$1.32 $0.00 $0.00 $0.00 $0.00 $1.73                                  
                                                           
I am earning     Acct Real ACB Trading $24.07 $5.42 1982 36.37% RRSP $21.65 1999 9.10%                              
Yield if held 5 yrs 5.73% 5.59% 16.55% 12.97% 9.23% 5.78% 3.34% 3.41% 4.87% 2.47% 5.67% 5.85% 8.79% 5.57% Ave H/L Yield on your                     
Yield if held 10 yrs     5.43% 5.39% 5.06% 5.95% 18.21% 15.78% 5.62% 7.61% 4.39% 5.09% 6.58% Ave H/L original money                    
                                                           
Graham Price $65.46 $23.79 $14.17 $26.94 $23.47 $22.26 $25.42 $27.08 $44.36 $20.29 $29.25 $35.08 $35.75 $36.41   Cl Pr higher/lower by?                        
Prem/Disc High -51.12% 97.60% 203.06% 36.98% 37.81% 34.44% 29.00% -6.75% -6.27% 98.32% -0.85% 2.51%       31.72% <-Median-> 10 Graham Price                    
Prem/Disc H/L -68.30% 66.07% 173.14% 11.18% 25.73% 25.16% 16.57% -17.27% -20.30% 51.49% -10.51% -9.39%       13.87% <-Median-> 10 Graham Price                    
Prem/Disc Low -85.49% 34.54% 143.22% -14.62% 13.66% 15.89% 4.14% -27.80% -34.33% 4.66% -20.16% -21.30%       -5.24% <-Median-> 10 Graham Price                    
Prem/Disc Cl -52.64% 82.05% 154.09% 5.80% 23.11% 29.90% 9.11% -11.03% -10.62% 23.88% -0.85% 0.74% -0.82% -2.68%   7.45% <-Median-> 10 Graham Price                    
                                                           
Price Cl $131.15 $43.30 $36.01                               with Nortel                    
Price Cl  $31.00 $43.30 $36.01 $28.50 $28.90 $28.92 $27.73 $24.09 $39.65 $25.13 $29.00 $35.34 $35.46 $35.46   -18.38% <-Total Growth 10 Stock Price                    
Increase 113.79% 39.68% -16.84% -20.86% 1.40% 0.07% -4.11% -13.13% 64.59% -36.62% 15.40% 21.86% 0.34% 0.00%   -2.01% <-IRR #YR-> 10 Stock Price                    
P/E 4.09 34.37 78.28 10.71 15.21 17.53 13.59 10.71 8.14 24.88 13.74 12.40 11.98 11.55   4.97% <-IRR #YR-> 5 Stock Price                    
Trailing P/E 14.71 5.72 28.58 61.96 10.86 15.22 16.81 11.81 17.62 5.16 28.71 16.75 12.44 11.98   1.24% <-IRR #YR-> 10 Price & Div                    
Median 5 Yrs     4.44% 3.25% Div %  5, 10 yrs   Price Inc 15.40% P/E: Y-T 12.40 16.75       9.41% <-IRR #YR-> 5 Price & Div                    
                                                           
    -$43.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $35.34                                  
            -$27.73 $0.00 $0.00 $0.00 $0.00 $35.34                                  
    -$43.30 $1.20 $1.20 $1.20 $1.20 $1.32 $1.32 $1.46 $0.73 $1.58 $37.07                                  
            -$27.73 $1.32 $1.46 $0.73 $1.58 $37.07                                  
                                                           
Price Ave H/L  $20.75 $39.50 $38.71 $29.95 $29.52 $27.87 $29.63 $22.40 $35.36 $30.73 $26.18 $31.79       -19.53% <-Total Growth 10 Stock Price                    
Increase 59.62% 90.36% -2.00% -22.63% -1.45% -5.59% 6.32% -24.39% 57.83% -13.08% -14.82% 21.43%       -2.15% <-IRR #YR-> 10 Stock Price                    
P/E 2.74 31.35 84.15 11.26 15.53 16.89 14.52 9.96 7.26 30.43 12.41 11.15       1.42% <-IRR #YR-> 5 Stock Price                    
Trailing P/E 9.84 5.22 30.72 65.11 11.10 14.67 17.96 10.98 15.71 6.31 25.92 15.06       1.44% <-IRR #YR-> 10 Price & Div                    
Median 5 Yrs     4.45% 3.59% Div %  5, 10 yrs   Price Inc -13.08% P/E: Y-T 11.15 15.06       5.87% <-IRR #YR-> 5 Price & Div                    
                                                           
    -$39.50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $31.79                                  
            -$29.63 $0.00 $0.00 $0.00 $0.00 $31.79                                  
    -$39.50 $1.20 $1.20 $1.20 $1.20 $1.32 $1.32 $1.46 $0.73 $1.58 $33.52                                  
            -$29.63 $1.32 $1.46 $0.73 $1.58 $33.52                                  
                                                           
No Nortel $32.00 $47.00                                                      
Price Hi $136.00 $47.00                                                    
                                                     
      Jan Sep Dec Jul Aug Dec Dec                                  
Price Hi $32.00 $47.00 $42.95 $36.90 $32.35 $29.93 $32.79 $25.25 $41.58 $40.23 $29.00 $35.96       -23.49% <-Total Growth 10 Stock Price                    
Increase 100.00% 46.88% -8.62% -14.09% -12.33% -7.48% 9.54% -22.99% 64.67% -3.25% -27.91% 24.00%       -2.64% <-IRR #YR-> 10 Stock Price                    
P/E 4.23 37.30 93.37 13.87 17.03 18.14 16.07 11.22 8.54 39.83 13.74 12.62       1.87% <-IRR #YR-> 5 Stock Price                    
Trailing P/E 15.18 6.21 34.09 80.22 12.16 15.75 19.87 12.38 18.48 8.26 28.71 17.04                                  
Median 5 Yrs               Price Inc -3.25% P/E: Y-T 12.62 17.04                                  
                                                         
    -$47.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $35.96                                  
            -$32.79 $0.00 $0.00 $0.00 $0.00 $35.96                                  
                                                           
No Nortel $9.50 $32.00                                                      
Price Low $56.75 $32.00                                                    
      Jun-Aug Nov Jun Jan Dec Mar Feb                                  
Price Low $9.50 $32.00 $34.47 $23.00 $26.68 $25.80 $26.47 $19.55 $29.13 $21.23 $23.35 $27.61       -13.72% <-Total Growth 10 Stock Price                    
Increase -5.00% 236.84% 7.72% -33.28% 16.00% -3.30% 2.59% -26.14% 49.00% -27.12% 9.99% 18.24%       -1.46% <-IRR #YR-> 10 Stock Price                    
P/E 1.25 25.40 74.93 8.65 14.04 15.64 12.97 8.69 5.98 21.02 11.07 9.69       0.85% <-IRR #YR-> 5 Stock Price                    
Trailing P/E 4.51 4.23 27.36 50.00 10.03 13.58 16.04 9.58 12.95 4.36 23.12 13.09                                  
Median 5 Yrs               Price Inc 9.99% P/E: Y-T 9.69 12.95                                  
                                                         
    -$32.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27.61                                  
            -$26.47 $0.00 $0.00 $0.00 $0.00 $27.61                                  
                                                           
Market Cap  $19,958 $35,067 $29,115 $26,102 $26,703 $26,778 $25,715 $19,456 $31,929 $20,181 $22,861 $26,585 $26,675 $26,675                              
                                                           
# of Sh in M 643.8 809.9 808.5 915.9 924.0 925.9 927.3 807.6 805.3 803.1 788.3 752.3 752.3 752.3 Share Capital
Increase 0.57% 25.79% -0.17% 13.28% 0.89% 0.21% 0.15% -12.91% -0.29% -0.27% -1.84% -4.57% 0.00% 0.00%   -0.22% <-Median-> 10 Shares                    
CF fr Op $M $2,598 $2,315 $4,192 $4,378 $6,015 $5,519 $5,559 $5,389 $5,704 $5,912 $4,884 $4,724 $5,710 $5,762 104.06% <-Total Growth 10 Cash Flow
OPS $4.04 $2.86 $5.18 $4.78 $6.51 $5.96 $5.99 $6.67 $7.08 $7.36 $6.20 $6.28 $7.59 $7.66 119.68% <-Total Growth 10 Cash Flow
Increase -26.32% -29.16% 81.38% -7.80% 36.18% -8.44% 0.57% 11.31% 6.16% 3.93% -15.84% 1.36% 20.87% 0.92%   -0.14% <-Average 10 Cash Flow
Non-Cash CF $957.0 $1,473.0 -$201.0 $616.0 -$593.0 -$58.0 $390.0 $247.0 $10.0 -$367.0 -$40.0 $45.0     8.19% <-IRR #YR-> 10 Cash Flow
OPS non-cash $5.52 $4.68 $4.94 $5.45 $5.87 $5.90 $6.42 $6.98 $7.10 $6.90 $6.14 $6.34 $7.59 $7.66 0.93% <-IRR #YR-> 5 Cash Flow
P/O on Cl 5.61 9.26 7.30 5.23 4.92 4.90 4.32 3.45 5.59 3.64 4.72 5.57 4.67 4.63 3.09% <-IRR #YR-> 10 Cash Flow
Averages P/CF 10 yr 4.91 5 yr  4.72 -0.24% <-IRR #YR-> 5 Cash Flow
*Operational Cash Flow per share
                                                           
OPM 18.3% 13.3% 22.3% 23.2% 32.1% 28.8% 29.1% 30.4% 31.9% 33.4% 27.5% 26.1%     should be zero, it is a check on calculations    
Diff from Ave -36.8% -54.1% -22.9% -19.9% 11.0% -0.6% 0.6% 5.2% 10.4% 15.5% -4.8% -9.6%       0.00% <-Median-> 10
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 28.93% 5 Yrs 30.42%                      
                                                           
Curr Assets   $6,700 $5,900 $3,565.0 $3,581.0 $3,581.0 $3,581.0 $3,684.0 $5,212.0 $5,578 $3,284 $3,531       Net ratio of 1.5 and up   Assets                    
Curr Liab.   $11,514 $11,736 $5,860.0 $5,255.0 $5,255.0 $5,255.0 $4,702.0 $4,492.0 $6,227 $4,786 $5,916       0.68 <-Median-> 10 Liabilities                    
Liquidity   0.58 0.50 0.61 0.68 0.68 0.68 0.78 1.16 0.90 0.69 0.60       0.78 <-Median-> 5 Ratio                    
Liq. with CF aft div                       1.18                                  
Liq. CF re  Inv+Div                        0.78                                  
                                                           
Assets $36,960 $51,383 $54,335 $39,106 $39,331 $39,143 $40,630 $36,957 $37,797 $39,663 $38,050 $39,276       Net ratio of 1.5 and up   Assets                    
Liab. $16,608 $30,158 $31,650 $22,907 $22,348 $22,197 $23,011 $21,410 $19,462 $21,272 $20,027 $21,083       1.76 <-Median-> 10 Liabilities                    
Asset/Liability Ratio 2.23 1.70 1.72 1.71 1.76 1.76 1.77 1.73 1.94 1.86 1.90 1.86       1.86 <-Median-> 5 Ratio                    
                                                           
Non-Controlling Int $2,460 $3,764 $5,695 $3,584 $3,403 $2,914 $2,898 $2,180 $1,103 $1,080 $1,049 $986                                  
Preferred Shares $1,700 1,300 1,300 1,510 $1,670 $1,670 $1,670 $1,670 $2,770 $2,770 $2,770 $2,770                                  
Book Value $16,192 $16,161 $15,690 $11,105 $11,910 $12,362 $13,051 $11,697 $14,462 $14,541 $14,204 $14,437 $14,437 $14,437   -10.67% <-Total Growth 10 Book Value                    
BV per share $25.15 $19.96 $19.41 $12.13 $12.89 $13.35 $14.07 $14.48 $17.96 $18.11 $18.02 $19.19 $19.19 $19.19   -3.83% <-Total Growth 10 Book Value                    
Change 34.78% -20.66% -2.75% -37.52% 6.31% 3.58% 5.42% 2.91% 24.00% 0.82% -0.49% 6.51% 0.00% 0.00%   0.9659 Current/Historical Book Value                    
P/BV (CL) 1.23 2.17 1.86 2.35 2.24 2.17 1.97 1.66 2.21 1.39 1.61 1.84 1.85 1.85 -0.39% <-IRR #YR-> 10 Book Value                    
Change 58.62% 76.04% -14.48% 26.67% -4.61% -3.39% -9.04% -15.58% 32.73% -37.14% 15.97% 14.42% 0.34% 0.00% 6.40% <-IRR #YR-> 5 Book Value                    
Leverage (A/BK) 2.28 3.18 3.46 3.52 3.30 3.17 3.11 3.16 2.61 2.73 2.68 2.72 0.00 0.00   1.78 <-Median-> 10 A/BV                    
Debt/Equity Ratio 1.03 1.87 2.02 2.06 1.88 1.80 1.76 1.83 1.35 1.46 1.41 1.46 0.00 0.00   1.79 <-Median-> 10 Debt/Eq Ratio                  
Median               P/BV 10 yr Ave 1.91 5 yr Ave 1.66                                
                                             
  -$19.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.19                                  
            -$14.07 $0.00 $0.00 $0.00 $0.00 $19.19                                  
                                                         
ROE               17.8% 28.5% 6.3% 12.6% 14.9%       14.93% <-Median-> 5 Compreh. Inc                  
Comprehensive Inc               $2,078 $4,120 $914 $1,791 $2,155             Compreh. Inc                  
                                                         
ROE 33.1% 29.1% 2.4% 21.1% 14.6% 12.3% 15.0% 17.2% 28.1% 6.5% 11.5% 15.0%       Net Income/Shareholders' equity                      
5Yr Median 10.9% 29.1% 29.1% 29.1% 21.1% 14.6% 14.6% 15.0% 15.0% 15.0% 15.0% 15.0%                                  
                                                         
Net Income $5,366.0 $4,706.0 $372.0 $2,342.0 $1,744.0 $1,523.0 $1,961.0 $2,007.0 $4,057.0 $943.0 $1,631 $2,165       Income Statement                        
Oper C. F. $2,598.0 $2,315.0 $4,192.0 $4,378.0 $6,015.0 $5,519.0 $5,559.0 $5,389.0 $5,704.0 $5,912.0 $4,884 $4,724       Cash Flow Statement CF from continuing operations                  
Invest. C. F -$32.0 -$7,847.0 -$814.0 -$7,085.0 -$3,015.0 -$3,864.0 -$3,866.0 -$3,701.0 -$69.0 -$3,950.0 -$3,217 -$2,976       Cash Flow Statement                        
Total Accruals $2,800.0 $10,238.0 -$3,006.0 $5,049.0 -$1,256.0 -$132.0 $268.0 $319.0 -$1,578.0 -$1,019.0 -$36 $417                                  
Total Assets $36,960 $51,383 $54,335 $39,106 $39,331 $39,143 $40,630 $36,957 $37,797 $39,663 $38,050 $39,276       Balance Sheet                        
Accruals Ratio 7.58% 19.92% -5.53% 12.91% -3.19% -0.34% 0.66% 0.86% -4.17% -2.57% -0.09% 1.06%                                  
                                                           
Fin. C. F.           -$2,571.0 -$1,613.0 -$3,639.0 -$3,914.0 -$1,559.0 -$4,044 -$1,662                                  
Total Accruals           $2,439.0 $1,881.0 $3,958.0 $2,336.0 $540.0 $4,008 $2,079                                  
Accruals Ratio           6.23% 4.63% 10.71% 6.18% 1.36% 10.53% 5.29%                                  
                                                           
                                                           
Apr 10, 2011.  I last got estimates for 2010 and 2011 of $2.68 and $2.71 for earnings and $7.13 and $7.39 for cash flow. The problem is that company keeps restating their financials.                            
Feb 2010 Unadited Report. When I looked at this in July 2009, I got for 2009 and 2010 earnings of $2.40 & $2.42, and cash flow of $6.37 and $7.03. Earnings for 2009 were $2.11 or $2.50 if other                         
charges are included. Cash Flow came in as $6.20.                                                    
Jul 17, 2009.  when I looked at this in Feb 2009, I got earnings estimates for 2009 and 2010 of $2.35 and $2.36. New estimates up a bit.  I got OCF of $6.37 and $7.03 for these years. Keeping current Estimates.                        
Finally got the annual report and I have updated my spreadsheet.                                                  
2009 Feb.  Analysts still have a buy rating on this stock.                                                  
2008 AP.  They have put out statements for the end of 2008, but they are not typical statements.  It is hard to get the figures I need.  For example, they have no proper cash flow statement.                          
2008.  Stock is not being bought.                                                      
2007 AP. Stock is being bought out. Not done yet.                                                    
2005 AP.  NEED TO SELL?                                                        
I have had BCE for a long time.  Since the 1970's.  Considering all, I think that I have had an IRR of almost 15% since 1987.                                                          
I will hold on to this stock for now.  I am hoping it will sort itself out again.                                                          
AP  2004. Not doing great. However BCE Earnings estimates for 2005 and 2006 are 2.15 and 2.32.  I have sold 1/2 of my stock and hold $15,000 still.  Keep eye on.                                 
May 2003. When looking for stock to buy, this stocks P/E at 12.7 is too high historically.  Stock has other problems too.                                         
                                                           
How they make their money.                                                          
BCE is Canada's largest communications company, providing the most comprehensive and innovative suite of communication services to residential and business customers in Canada. Operating under the                         
Bell and Bell Aliant brands, the Company's services include Bell Home phone local and long distance services, Bell Mobility, Virgin Mobile and Solo Mobile wireless, high-speed Bell Internet,                           
Bell TV direct-to-home satellite and VDSL television, IP-broadband services and information and communications technology (ICT) services.                                    
                                                           
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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