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/
Bank of Montreal TSX: BMO www.bmo.com Fiscal Yr: Oct 31 NYSE: BMO
Year 10/31/00 10/31/01 10/31/02 10/31/03 10/31/04 10/31/05 10/31/06 10/31/07 10/31/08 10/31/09 10/31/10 10/31/11 10/30/12 10/30/13 #Y
Accting Rules C GAAP C GAAP IFRS
split 2
retat '05
Revenue* $8,664 $8,863 $8,859 $9,271 $9,612 $9,958 $10,112 $9,529 $10,205 $11,604 $12,210 $13,718 $14,499 $15,137 54.78% <-Total Growth 10 Revenues
Increase 9.3% 2.3% 0.0% 4.7% 3.7% 3.6% 1.5% -5.8% 7.1% 13.7% 5.2% 12.4% 5.7% 4.4% 4.47% <-IRR #YR-> 10 Revenues
Rev per Share $16.58 $18.12 $17.99 $18.56 $19.19 $19.91 $20.19 $19.11 $20.17 $21.03 $21.55 $21.47 $22.69 $23.69 6.29% <-IRR #YR-> 5 Revenues
Increase 11.7% 9.3% -0.7% 3.2% 3.4% 3.7% 1.4% -5.4% 5.5% 4.3% 2.5% -0.4% 5.7% 4.4% 1.71% <-IRR #YR-> 10 Rev Per share
P/S (Price/Sales) 2.13 1.87 2.15 2.66 3.00 3.27 3.42 3.30 2.13 2.36 2.79 2.74 2.50 2.39 1.23% <-IRR #YR-> 5 Rev Per share
*Total Revenue  as stated by BMO P/S 10 yr  2.77 5 yr  2.74
-$8,863 $0 $0 $0 $0 $0 $0 $0 $0 $0 $13,718
-$10,112 $0 $0 $0 $0 $13,718
-$18.12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $21.47
-$20.19 $0.00 $0.00 $0.00 $0.00 $21.47
Pre Split '01
EPS* $3.25 $2.66 $2.68 $3.44 $4.42 $4.64 $5.15 $4.11 $3.76 $3.08 $4.75 $5.26 $5.65 $6.14 97.74% <-Total Growth 10 Earnings
Increase 37.7% -18.2% 0.8% 28.4% 28.5% 5.0% 11.0% -20.2% -8.5% -18.1% 54.2% 10.7% 7.4% 8.7% 7.06% <-IRR #YR-> 10 Earnings
Earnings Yield 9.2% 7.9% 6.9% 7.0% 7.7% 7.1% 7.5% 6.5% 8.7% 6.2% 7.9% 8.9% 10.0% 10.8% 0.42% <-IRR #YR-> 5 Earnings
*Fully diluted EPS, not basic before goodwill, as on Globe & Mail site E/P 10 Yrs 7.30% 5Yrs 7.89%
-$2.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.26
-$5.15 $0.00 $0.00 $0.00 $0.00 $5.26
Pre Split '01 $1.97
Div* $1.00 $1.12 $1.20 $1.34 $1.59 $1.85 $2.26 $2.71 $2.80 $2.80 $2.80 $2.80 $2.80 $2.80 150.00% <-Total Growth 10 Dividends
Increase 8.1% 12.0% 7.1% 11.7% 18.7% 16.4% 22.2% 19.9% 3.3% 0.0% 0.0% 0.0% 0.0% 0.0% 9.40% <-Median-> 10 Dividends
Yield Ave H/L Pr 3.52% 2.90% 3.38% 3.04% 2.92% 3.13% 3.57% 4.07% 5.56% 7.07% 4.85% 4.69% 3.82% <-Median-> 10 Dividends
Yield on High Pr 2.79% 2.52% 3.08% 2.68% 2.67% 2.85% 3.24% 3.73% 4.41% 5.13% 4.28% 4.40% 3.48% <-Median-> 10 Dividends
Yield on Low Pr 4.76% 3.42% 3.74% 3.52% 3.23% 3.47% 3.97% 4.48% 7.52% 11.35% 5.61% 5.03% 4.23% <-Median-> 10 Dividends
Yield on Cl Pr. 2.84% 3.31% 3.10% 2.72% 2.76% 2.85% 3.28% 4.30% 6.51% 5.65% 4.65% 4.75% 4.94% 4.94% 3.79% <-Median-> 10 Dividends
Payout Ratio 30.8% 42.1% 44.8% 39.0% 36.0% 39.9% 43.9% 65.9% 74.5% 90.9% 58.9% 53.2% 49.6% 45.6% 49.00% <-Median-> 10 DPR EPS
Payout Ratio CF -17.5% 5.1% -14.4% -7.5% 35.1% -13.0% 183.7% -6.3% 33.4% 12.1% -24.1% 312.8% 37.2% 37.2% 2.90% <-Median-> 10 DPR CF
Payout Ratio CF NC -17.5% 5.1% -26.9% -6.6% 31.5% -11.1% -62.4% 129.0% 52.4% 9.8% -19.0% 165.7% 37.2% 37.2% 1.60% <-Median-> 10 DPR CF NC
Median 5 Yrs Div Yd 7.60% 5 11.70% 10 Yield  4.85% 4.75% Payout 65.94% 12.07% 9.60% <-IRR #YR-> 10 Dividends
* Dividends per share  9.0% Years 9.0% Years Last Div Inc ---> $0.70 $0.70 0.0% 4.38% <-IRR #YR-> 5 Dividends
-$1.12 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.80
-$2.26 $0.00 $0.00 $0.00 $0.00 $2.80
I am earning # yrs are-> 29 Trading $14.50 1983 19.31%
Yield if held 5 yrs 7.26% 6.31% 4.77% 3.86% 5.35% 6.51% 5.86% 7.63% 6.35% 5.14% 4.73% 4.42% 4.20% 5.56% 5.24% <-Median-> 10 Dividends
Yield if held 10 yrs 13.59% 13.81% 11.24% 11.01% 12.06% 13.42% 12.73% 10.77% 8.07% 9.42% 9.86% 7.26% 7.88% 6.35% 10.89% <-Median-> 10 Dividends
H/LYield held 15 yrs 25.14% 27.87% 25.39% 23.00% 21.23% 20.32% 15.77% 11.13% 8.07% 23.00% <-Median-> 7 Dividends
H/LYield held 20 yrs 38.05% 34.53% 26.24% 23.00% 36.29% <-Median-> 2 Dividends
Graham No. $37.89 $34.33 $35.64 $42.01 $50.00 $52.63 $57.86 $51.14 $51.97 $47.05 $60.23 $68.40 $70.89 $73.90 99.24% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L -25.05% 12.36% -0.33% 4.94% 8.92% 12.40% 9.45% 30.26% -3.13% -15.83% -4.24% -12.77% 2.30% <-Median 10 Graham No.
Prem /Disc. High -5.5% 29.3% 9.3% 19.1% 19.3% 23.5% 20.6% 42.2% 22.1% 15.9% 8.6% -6.9% 19.22% <-Median 10 Graham No.
Prem /Disc. Low -44.6% -4.6% -9.9% -9.3% -1.4% 1.3% -1.7% 18.3% -28.3% -47.6% -17.1% -18.6% -9.61% <-Median 10 Graham No.
Prem /Disc. Cl -7.0% -1.4% 8.4% 17.4% 15.1% 23.5% 19.3% 23.2% -17.2% 5.3% 0.0% -13.9% -25.12% -30.43% 11.76% <-Median 10 Graham No.
Pre Split '01 $70.50 2
Price Cl $35.25 $33.86 $38.65 $49.33 $57.55 $65.00 $69.00 $63.00 $43.02 $49.56 $60.23 $58.89 $56.66 $56.66 73.92% <-Total Growth 10 Stock Price
Increase 24.4% -3.9% 14.1% 27.6% 16.7% 12.9% 6.2% -8.7% -31.7% 15.2% 21.5% -2.2% -3.8% 0.0% 5.69% <-IRR #YR-> 10 Stock Price
P/E 10.8 12.7 14.4 14.3 13.0 14.0 13.4 15.3 11.4 16.1 12.7 11.2 10.0 9.2 -3.12% <-IRR #YR-> 5 Stock Price
trailing P/E 14.9 10.4 14.5 18.4 16.7 14.7 14.9 12.2 10.5 13.2 19.6 12.4 10.8 10.0 10.55% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs 4.86% 4.29% Div %  Ret. Price Inc -2.22% P/E:  13.70 12.68 1.17% <-IRR #YR-> 5 Price & Div
-$33.86 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $58.89
-$69.00 $0.00 $0.00 $0.00 $0.00 $58.89
-$33.86 $1.20 $1.34 $1.59 $1.85 $2.26 $2.71 $2.80 $2.80 $2.80 $61.69
-$69.00 $2.71 $2.80 $2.80 $2.80 $61.69
Price Average H/L $28.40 $38.58 $35.53 $44.09 $54.47 $59.15 $63.33 $66.62 $50.35 $39.61 $57.68 $59.67 54.69% <-Total Growth 10 Stock Price
Increase -4.5% 35.8% -7.9% 24.1% 23.5% 8.6% 7.1% 5.2% -24.4% -21.3% 45.6% 3.5% 4.46% <-IRR #YR-> 10 Stock Price
P/E 8.7 14.5 13.3 12.8 12.3 12.7 12.3 16.2 13.4 12.9 12.1 11.3 -1.18% <-IRR #YR-> 5 Stock Price
trailing P/E 12.0 11.9 13.4 16.5 15.8 13.4 13.6 12.9 12.2 10.5 18.7 12.6 8.96% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs 4.50% 4.49% Div %  Ret. Price Inc 3.45% P/E:  12.78 12.86 3.31% <-IRR #YR-> 5 Price & Div
-$38.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $59.67
-$63.33 $0.00 $0.00 $0.00 $0.00 $59.67
-$38.58 $1.20 $1.34 $1.59 $1.85 $2.26 $2.71 $2.80 $2.80 $2.80 $62.47
-$63.33 $2.71 $2.80 $2.80 $2.80 $62.47
High Months Jan/Oct Apr 07 Nov 07 Aug 09 Apr 10 Apr 11
Pre Split '01 $71.60 2
Price Hi $35.80 $44.40 $38.95 $50.06 $59.65 $65.00 $69.75 $72.75 $63.44 $54.55 $65.41 $63.67 43.40% <-Total Growth 10 Stock Price
Increase 2.9% 24.0% -12.3% 28.5% 19.2% 9.0% 7.3% 4.3% -12.8% -14.0% 19.9% -2.7% 3.67% <-IRR #YR-> 10 Stock Price
P/E 11.0 16.7 14.5 14.6 13.5 14.0 13.5 17.7 16.9 17.7 13.8 12.1 -1.81% <-IRR #YR-> 5 Stock Price
trailing P/E 15.2 13.7 14.6 18.7 17.3 14.7 15.0 14.1 15.4 14.5 21.2 13.4
Median 10, 5 Yrs Price Inc -2.66% P/E:  14.27 16.87
-$44.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $63.67
-$69.75 $0.00 $0.00 $0.00 $0.00 $63.67
Low Months Nov Oct 07 Oct 08 May 08 Nov 09 Aug 11
Pre Split '01 $42.00 2
Price Low $21.00 $32.75 $32.10 $38.12 $49.28 $53.30 $56.90 $60.49 $37.25 $24.66 $49.95 $55.67 69.98% <-Total Growth 10 Stock Price
Increase -14.9% 56.0% -2.0% 18.8% 29.3% 8.2% 6.8% 6.3% -38.4% -33.8% 102.6% 11.5% 5.45% <-IRR #YR-> 10 Stock Price
P/E 6.5 12.3 12.0 11.1 11.1 11.5 11.0 14.7 9.9 8.0 10.5 10.6 -0.44% <-IRR #YR-> 5 Stock Price
Trailing P/E 8.9 10.1 12.1 14.2 14.3 12.1 12.3 11.7 9.1 6.6 16.2 11.7
Median 10, 5 Yrs Price Inc 6.31% P/E:  11.06 10.52
-$32.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $55.67
-$56.90 $0.00 $0.00 $0.00 $0.00 $55.67
Market Cap $18,421 $16,560 $19,035 $24,647 $28,827 $32,514 $34,550 $31,409 $21,770 $27,343 $34,118 $37,631 $36,206 $36,206
97, 99 report Acq Bus
# of Sh in M 522.584 489.085 492.505 499.632 500.897 500.219 500.726 498.563 506.045 551.716 566.468 639.000 639.000 639.000 Share Capital Shares
Increase -2.15% -6.41% 0.70% 1.45% 0.25% -0.14% 0.10% -0.43% 1.50% 9.03% 2.67% 12.80% 0.00% 0.00% 1.07% <-Median-> 10 Shares
CF fr Op $M CDN -$2,988 $10,657 -$4,097 -$8,986 $2,272 -$7,120 $616 -$21,557 $4,246 $12,794 -$6,584 $572 $4,812 $4,812 -94.63% <-Total Growth 10 Cash Flow
OPS -$5.72 $21.79 -$8.32 -$17.99 $4.54 -$14.23 $1.23 -$43.24 $8.39 $23.19 -$11.62 $0.90 $7.53 $7.53 -95.89% <-Total Growth 10 Cash Flow
Non-Cash CF $0 $0 $1,899 -$1,088 $255 -$1,252 -$2,430 $22,604 -$1,542 $2,901 -$1,763 $508 -27.33% <-IRR #YR-> 10 Cash Flow
OPS non-cash -$5.72 $21.79 -$4.46 -$20.16 $5.04 -$16.74 -$3.62 $2.10 $5.34 $28.45 -$14.74 $1.69 $7.53 $7.53 -6.16% <-IRR #YR-> 5 Cash Flow
Increase -120.48% 351.79% -125.02% -431.75% -78.35% -157.97% 154.44% 432.39% -152% -111% -22.56% <-IRR #YR-> 10 CF - non cash
P/O on Cl -6.17 1.55 -8.66 -2.45 11.41 -3.88 -19.05 30.00 8.05 1.74 -4.09 34.84 7.52 7.52 -5.28% <-IRR #YR-> 4 CF - non cash
*Operational Cash Flow per share  P/CF 10 yr Ave 4.79 5 yr Ave 14.11
-$21.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.90
-$1.23 $0.00 $0.00 $0.00 $0.00 $0.90
-$21.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.69
-$2.10 $0.00 $0.00 $0.00 $1.69
For banks, use Net Income, not CF
OPM 21.4% 16.6% 16.0% 19.7% 24.5% 24.1% 26.3% 22.4% 19.4% 15.4% 23.0% 23.8% should be zero, it is a check on calculations
Diff from Median -5.5% -26.8% -29.5% -13.2% 7.8% 6.2% 16.1% -1.4% -14.6% -32.1% 1.4% 4.9% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (Net Income/Revenue) Ratio for banks OPM 10 Yrs 22.69% 5 Yrs 22.36%
Banks usually have a ratio of 1.04 or 1.05
Tot Assets $233,396 $239,409 $252,864 $256,494 $265,194 $297,532 $319,978 $366,524 $416,050 $388,458 $411,640 $477,423 A/L ratio of 1.5 and up, best Assets
Tot Liab. $221,455 $228,727 $240,970 $243,653 $252,005 $283,666 $304,917 $351,226 $398,146 $368,261 $389,840 $449,300 1.05 <-Median-> 10 Liabilities
Asset/Liability 1.05 1.05 1.05 1.05 1.05 1.05 1.05 1.04 1.04 1.05 1.06 1.06 1.05 <-Median-> 5 Ratio Ass-Tot Eq
Total Equity $11,941 $10,682 $11,894 $12,841 $13,189 $13,866 $15,061 $15,298 $17,904 $20,197 $21,800 $28,123 163.27% <-Total Growth 10 Book Value
Preferred Shares $1,681 $1,050 $1,517 $1,446 $596 $596 $596 $1,196 $1,746 $2,571 $2,571 $2,861
Book Value $10,260 $9,632 $10,377 $11,395 $12,593 $13,270 $14,465 $14,102 $16,158 $17,626 $19,229 $25,262 $25,262 162.27% <-Total Growth 10 Book Value
BV per share $19.63 $19.69 $21.07 $22.81 $25.14 $26.53 $28.89 $28.29 $31.93 $31.95 $33.95 $39.53 $39.53 $39.53 100.74% <-Total Growth 10 Book Value
Change 13.69% 0.31% 6.99% 8.24% 10.23% 5.52% 8.89% -2.09% 12.89% 0.06% 6.25% 16.46% 0.00% 0.7344 Current/Historical Book Value
5 yr run. Ave Inc 8.23% 7.00% 6.99% 7.31% 7.89% 6.26% 7.98% 6.16% 7.09% 5.05% 5.20% 6.71% 7.13% 7.22% <-IRR #YR-> 10 Book Value
P/BV (CL) 1.80 1.72 1.83 2.16 2.29 2.45 2.39 2.23 1.35 1.55 1.77 1.49 1.43 6.48% <-IRR #YR-> 5 Book Value
Change 9.47% -4.24% 6.69% 17.91% 5.83% 7.04% -2.52% -6.75% -39.51% 15.14% 14.38% -16.05%
Leverage (A/BK) 22.75 24.86 24.37 22.51 21.06 22.42 22.12 25.99 25.75 22.04 21.41 18.90 0.00 22.27 <-Median-> 10 A/BV
Debt/Equity Ratio 21.58 23.75 23.22 21.38 20.01 21.38 21.08 24.91 24.64 20.89 20.27 17.79 21.23 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Ave 1.95 5 yr Ave 1.68
ROE 17.2% 17.2% 10.2% 20.2% 9.3% 13.8% 13.9% 13.79% <-Median-> 5 Compreh. Inc
Comprehensive Inc $2,281 $2,486 $1,435 $3,260 $1,639 $2,651 $3,508 Compreh. Inc
ROE 18.1% 15.3% 13.7% 16.0% 18.7% 18.1% 18.4% 15.1% 12.2% 10.1% 14.6% 12.9% Net Income/Shareholders' equity
5Yr Median 16.4% 15.6% 15.3% 15.3% 16.0% 16.0% 18.1% 18.1% 18.1% 15.1% 14.6% 12.9%
Net Income $1,857 $1,471 $1,417 $1,825 $2,351 $2,400 $2,663 $2,131 $1,978 $1,787 $2,810 $3,266 122.03% <-Total Growth 10 Net Income
Oper C. F. -$2,988 $10,657 -$4,097 -$8,986 $2,272 -$7,120 $616 -$21,557 $4,246 $12,794 -$6,584 $572 C F Statement  Oper C. F.
Invest. C. F $10,291 $2,372 -$8,256 $11 -$3,363 -$17,962 -$21,690 -$39,897 $11,047 -$10,655 -$7,028 -$12,768 C F Statement  Invest. C. F
Total Accruals -$5,446 -$11,558 $13,770 $10,800 $3,442 $27,482 $23,737 $63,585 -$13,315 -$352 $16,422 $15,462 Accruals
Total Assets $233,396 $239,409 $252,864 $256,494 $265,194 $297,532 $319,978 $366,524 $416,050 $388,458 $411,640 $477,423 Balance Sheet Assets
Accruals Ratio -2.33% -4.83% 5.45% 4.21% 1.30% 9.24% 7.42% 17.35% -3.20% -0.09% 3.99% 3.24% Ratio
Chge in Close 24.45% -3.94% 14.15% 27.63% 16.66% 12.95% 6.15% -8.70% -31.71% 15.20% 21.53% -2.22%
Fin. C. F -$8,202 -$11,707 $13,630 $7,789 $959 $27,306 $21,287 $57,638 -$10,360 -$63 $21,626 $13,757 C F Statement  Fin. C. F
Total Accruals $2,756 $149 $140 $3,011 $2,483 $176 $2,450 $5,947 -$2,955 -$289 -$5,204 $1,705 Accruals
Accruals Ratio 1.18% 0.06% 0.06% 1.17% 0.94% 0.06% 0.77% 1.62% -0.71% -0.07% -1.26% 0.36% Ratio
Net Cash Flow -899.0 1,322.0 1,277.0 -1,186.0 -132.0 2,224.0 213.0 -3,816.0 4,933.0 2,076.0 8,014.0 1,561.0
Per share -1.72 2.70 2.59 -2.37 -0.26 4.45 0.43 -7.65 9.75 3.76 14.15 2.44
5 yr Running  8.53 0.49 1.19 0.30 0.19 1.42 0.97 -1.08 1.34 2.15 4.09 4.49
December 11, 2011.  Last estimates for 2011 and 2012 were $5.42 and $5.96 for EPS, $7.23 and $7.78 for CF.
Dec 13, 2010.  The last time I looked I got for 2010 and 2011, earnings of $4.30 and $5.15 and cash flow of $6.70 and $7.23.
Dec 18, 2009.  When I last looked at this stock in Feb 2009, I got 2009 and 2010 earnings of $4.11 and $4.40.
AR 2008.  I have still done well overall I have done well with BMO, but I see a concern with the inability to grow Revneue over the last few years.
AR 2006.  Overall I have done well with BMO.
2005. I have done well by BMO.  However, I wonder if it is overvalued. TD Newcrest seems to say the same thing. Rate it a Hold due to valuation.
2004. Doing OK and what I want it to do.  However, note that Revenue is not increasing like dividend or price. 
2003. One has to wonder when the Cash from Operation shows positive or negative based on Changes in Trading Securities?  
2003. I do not think that the liquid ratio shows me anything for this stock, so I am using total assets and liability. 
2003. Note both this stock and RY's stock has increased in price re P/E and is at a 10 year high. 
2002. I have done well by Bank of Montreal. 
2002. Note that IRR is high for Share Price Low as p/e has changed from 8.5 to 12.0 
This bank has been paying dividends since 1829.  This is the longest unbroken record of any Canadian Company
How they make their money.
BMO is a bank.  They offer personal and corporate banking and wealth management services in Canada and US, which includes looking after banking, financing, investing, credit card and insurance needs.  
They offer mortgages and mutual funds and they offer full service and on-line brokerage services.
They are international bank having banking in Canada and US.  They have clients, corporate, institutional and governmental, in UK, Europe, Asia and South America.  
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For all Ratios, lower is better when looking for a good stock price.  The exception is for yield and here you want a higher yield to indicate a good stock price.
My stock