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.
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Bank of Nova Scotia TSX: BNS NYSE: BNS www.scotiabank.com Fiscal Yr: Oct 31
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 10/31/12 11/1/13
Accting Rules C GAAP C GAAP IFRS
Int Inc $15,331 $16,983 $14,368 $13,246 $12,177 $13,803 $17,682 $21,035 $22,316 $18,935 $16,891 $18,712 $18,248 $19,557 10.18% <-Total Growth 11 Fin Post uses only Int Inc for Revenue
Other Inc $4,434 $4,071 $3,942 $4,015 $4,320 $4,529 $4,800 $5,392 $4,302 $6,129 $6,884 $8,018 $8,018 $8,018 96.95% <-Total Growth 11 Revenue
Revenue* $19,765 $21,054 $18,310 $17,261 $16,497 $18,332 $22,482 $26,427 $26,618 $25,064 $23,775 $26,730 $26,266 $27,575 26.96% <-Total Growth 11 Revenue
Increase 18.68% 6.52% -13.03% -5.73% -4.43% 11.12% 22.64% 17.55% 0.72% -5.84% -5.14% 12.43% -1.74% 4.98% 2.42% <-IRR #YR-> 10 Revenue
Rev per Share $19.85 $20.90 $18.16 $17.08 $16.36 $18.51 $22.72 $26.86 $26.84 $24.45 $22.80 $24.55 $24.12 $25.32 3.52% <-IRR #YR-> 5 Revenue
Increase 17.80% 5.29% -13.09% -5.96% -4.22% 13.18% 22.72% 18.23% -0.10% -8.87% -6.78% 7.67% -1.74% 4.98% 1.62% <-IRR #YR-> 10 Rev per Share
P/S (Price/Sales) 1.10 1.05 1.26 1.92 2.42 2.32 2.21 1.99 1.50 1.85 2.40 2.14 1.56% <-IRR #YR-> 5 Rev per Share
*Interest Inc. & Other Inc in M CDN $  P/S 10 yr  2.07 5 yr  1.99
-$21,054 $0 $0 $0 $0 $0 $0 $0 $0 $0 $26,730
-$22,482 $0 $0 $0 $0 $26,730
-$20.90 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.55
-$22.72 $0.00 $0.00 $0.00 $0.00 $24.55
EPS* $1.82 $2.03 $1.65 $2.35 $2.82 $3.15 $3.55 $4.01 $3.05 $3.31 $3.91 $4.62 $4.73 $5.18 128.15% <-Total Growth 10 Earnings
Increase 23.89% 11.57% -18.52% 42.12% 20.26% 11.70% 12.70% 12.96% -23.94% 8.52% 18.13% 18.16% 2.38% 9.51% 8.60% <-IRR #YR-> 10 Earnings
Earnings Yield 8.3% 9.2% 7.2% 7.2% 7.1% 7.3% 7.1% 7.5% 7.6% 7.3% 7.2% 8.8% 9.3% 10.2% 5.41% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 7.25% 5Yrs 7.50%
-$2.03 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.62
-$3.55 $0.00 $0.00 $0.00 $0.00 $4.62
pre '98 Split
pre '04 Split $1.00 $1.24 $1.45 $1.68
Div* $0.50 $0.62 $0.73 $0.84 $1.10 $1.32 $1.50 $1.74 $1.92 $1.96 $1.96 $2.05 $2.08 $2.08 230.65% <-Total Growth 10 Dividends
Increase 14.94% 24.00% 16.94% 15.86% 30.95% 20.00% 13.64% 16.00% 10.34% 2.08% 0.00% 4.59% 1.46% 0.00% 14.75% <-Median-> 10 Dividends
Yield H/L Pr. 2.79% 2.82% 2.95% 3.00% 3.10% 3.27% 3.29% 3.41% 4.29% 5.38% 3.92% 3.72% 3.35% <-Median-> 10 Dividends
Yield on High  Pr. 2.19% 2.46% 2.58% 2.49% 2.75% 2.99% 3.05% 3.19% 3.61% 4.03% 3.53% 3.36% 3.12% <-Median-> 10 Dividends
Yield on Low Pr. 3.84% 3.32% 3.45% 3.77% 3.54% 3.63% 3.58% 3.67% 5.29% 8.10% 4.39% 4.16% 3.72% <-Median-> 10 Dividends
Yield on Cl Pr. 2.30% 2.83% 3.16% 2.57% 2.78% 3.07% 2.99% 3.25% 4.78% 4.33% 3.59% 3.90% 4.08% 4.08% 3.21% <-Median-> 10 Dividends
Payout Ratio 27.5% 30.6% 43.9% 35.8% 39.0% 41.9% 42.3% 43.4% 63.0% 59.2% 50.1% 44.4% 44.0% 40.2% 43.67% <-Median-> 10 DPR EPS
Payout Ratio CF -10.5% -136.7% -24.0% -11.9% 115.0% -39.3% -24.9% 85.1% 9.5% -18.2% 27.4% 28.6% 27.2% 25.1% -1.22% <-Median-> 10 DPR CF
Payout Ratio CF NC 19.1% 16.5% 17.2% 25.4% 37.6% 43.6% 42.7% 42.9% 46.8% 32.4% 34.0% 34.9% 27.2% 25.1% 36.24% <-Median-> 10 DPR CF NC
Average 5 Yrs Div Yd 4.73% 5 5.48% 10 Yield  3.92% 3.90% Payout 50.13% 34.88% 12.70% <-IRR #YR-> 10 Dividends
* Dividends per share  3.0% Years 3.0% Years Curr diff 4.23% Last Div Inc ---> $0.49 $0.52 6.1% 6.45% <-IRR #YR-> 5 Dividends
-$0.62 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.05
-$1.50 $0.00 $0.00 $0.00 $0.00 $2.05
H/LYield held 5 yrs 7.34% 7.01% 5.31% 4.98% 6.72% 7.36% 6.83% 7.09% 6.86% 5.51% 4.86% 4.50% 4.08% 4.65% 6.12% <-Median-> 10 Dividends
H/LYield held 10 yrs 13.08% 15.61% 19.38% 16.95% 12.74% 11.38% 11.97% 10.93% 9.34% 8.47% 7.43% 12.74% <-Median-> 9 Dividends
H/LYield held 15 yrs 29.89% 27.81% 28.77% 23.17% 15.22% 12.33% 28.29% <-Median-> 4 Dividends
H/LYield held 20 yrs 32.39% #NUM! <-Median-> 0 Dividends
Graham No. $21.43 $24.09 $22.30 $26.85 $30.40 $33.29 $36.99 $39.68 $36.05 $39.12 $44.67 $52.05 $52.66 $55.11 116.05% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L -16.36% -8.88% 10.11% 4.21% 16.92% 21.11% 23.11% 28.43% 24.13% -6.95% 12.06% 5.89% 14.49% <-Median-> 10 Graham Price
Prem/Disc High 6.5% 4.8% 26.0% 25.5% 31.6% 32.8% 33.0% 37.3% 47.5% 24.2% 24.3% 17.2% 28.80% <-Median-> 10 Graham Price
Prem/Disc Low -39.2% -22.6% -5.8% -17.1% 2.3% 9.4% 13.2% 19.6% 0.8% -38.1% -0.2% -5.4% 0.30% <-Median-> 10 Graham Price
Prem/Disc Cl 1.5% -9.0% 2.9% 21.9% 30.3% 29.1% 35.5% 34.8% 11.5% 15.7% 22.4% 0.9% -3.2% -7.5% 22.14% <-Median-> 10 Graham Price
pre '98 Split
pre '04 Split $43.50 $43.85 $45.88 $65.47
Price Cl $21.75 $21.93 $22.94 $32.74 $39.60 $42.99 $50.10 $53.48 $40.19 $45.25 $54.67 $52.53 $50.97 $50.97 139.59% <-Total Growth 10 Stock Price
Increase 29.46% 0.80% 4.63% 42.70% 20.97% 8.56% 16.54% 6.75% -24.85% 12.59% 20.82% -3.91% -2.97% 0.00% 9.13% <-IRR #YR-> 10 Stock Price
P/E 11.98 10.83 13.90 13.96 14.04 13.65 14.11 13.34 13.18 13.67 13.98 11.37 10.78 9.84 0.95% <-IRR #YR-> 5 Stock Price
Trailing P/E 14.85 12.08 11.33 19.84 16.89 15.24 15.90 15.06 10.02 14.84 16.52 13.43 11.03 10.78 13.52% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 4.39% 3.76% % Tot Ret 32.48% 79.81% Price Inc 6.75% P/E:  13.79 13.34 4.71% <-IRR #YR-> 5 Price & Div
-$21.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $52.53
-$50.10 $0.00 $0.00 $0.00 $0.00 $52.53
-$21.93 $0.73 $0.84 $1.10 $1.32 $1.50 $1.74 $1.92 $1.96 $1.96 $54.58
-$50.10 $1.74 $1.92 $1.96 $1.96 $54.58
Price Med H/L $17.93 $21.95 $24.55 $27.99 $35.54 $40.32 $45.54 $50.97 $44.75 $36.40 $50.06 $55.11 151.07% <-Total Growth 10 Stock Price
Increase 9.47% 22.45% 11.86% 13.98% 27.00% 13.44% 12.95% 11.92% -12.20% -18.65% 37.53% 10.09% 9.64% <-IRR #YR-> 10 Stock Price
P/E 9.88 10.84 14.88 11.93 12.60 12.80 12.83 12.71 14.67 11.00 12.80 11.93 3.89% <-IRR #YR-> 5 Stock Price
Trailing P/E 12.24 12.09 12.12 16.96 15.16 14.30 14.46 14.36 11.16 11.93 15.12 14.09 13.94% <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr 4.30% 3.92% % Tot Ret 30.83% 50.16% Price Inc 10.09% P/E:  12.75 12.71 7.81% <-IRR #YR-> 5 Price & Div
-$21.95 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $55.11
-$45.54 $0.00 $0.00 $0.00 $0.00 $55.11
-$21.95 $0.73 $0.84 $1.10 $1.32 $1.50 $1.74 $1.92 $1.96 $1.96 $57.16
-$45.54 $1.74 $1.92 $1.96 $1.96 $57.16
Hi Mths Aug May Nov 07 Sep 09 Oct 10 1eb 10
pre '98 Split
pre '04 Split $45.65 $50.50 $56.19 $67.39
Price Hi $22.83 $25.25 $28.10 $33.70 $40.00 $44.22 $49.20 $54.48 $53.17 $48.60 $55.52 $60.99 141.54% <-Total Growth 10 Stock Price
Increase 23.71% 10.62% 11.27% 19.93% 18.71% 10.55% 11.26% 10.73% -2.40% -8.60% 14.24% 9.85% 9.22% <-IRR #YR-> 10 Stock Price
P/E 12.58 12.47 17.03 14.37 14.18 14.04 13.86 13.59 17.43 14.68 14.20 13.20 4.39% <-IRR #YR-> 5 Stock Price
Trailing P/E 15.58 13.91 13.87 20.42 17.06 15.68 15.62 15.35 13.26 15.93 16.77 15.60
Median 10, 5 Yrs Price Inc 9.85% P/E:  14.19 14.20
-$25.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $60.99
-$49.20 $0.00 $0.00 $0.00 $0.00 $60.99
Low Mths May Aug Oct 07 Feb 09 Jan 10 Aug 11
Price Low $13.03 $18.65 $21.01 $22.28 $31.08 $36.41 $41.87 $47.45 $36.32 $24.20 $44.60 $49.23 163.97% <-Total Growth 10 Stock Price
Increase -8.92% 43.19% 12.65% 6.02% 39.53% 17.15% 15.00% 13.33% -23.46% -33.37% 84.30% 10.38% 10.19% <-IRR #YR-> 10 Stock Price
P/E 7.18 9.21 12.73 9.50 11.02 11.56 11.79 11.83 11.91 7.31 11.41 10.66 3.29% <-IRR #YR-> 5 Stock Price
Trailing P/E 8.89 10.28 10.38 13.50 13.25 12.91 13.29 13.37 9.06 7.93 13.47 12.59
Median 10, 5 Yrs Price Inc 10.38% P/E:  11.48 11.41
-$18.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $49.23
Market Cap $M $21,661 $22,091 $23,129 $33,085 $39,937 $42,568 $49,575 $52,612 $39,865 $46,379 $57,016 $57,204 $55,505 $55,505 Market Cap
# of Sh in M 995.9 1,007.6 1,008.2 1,010.7 1,008.5 990.2 989.5 983.8 991.9 1,024.9 1,042.9 1,089.0 1,089.0 1,089.0 Capital Stock Shares
Increase 0.75% 1.17% 0.06% 0.24% -0.22% -1.82% -0.07% -0.58% 0.83% 3.33% 1.75% 4.42% 0.00% 0.00% 0.80% <-Average 10 Shares
CF fr Op $M -4,728 -457 -3,049 -7,110 965 -3,322 -5,964 2,011 20,049 -11,047 -2,945 1,063 8,320 9,017 -332.60% <-Total Growth 10 Cash Flow
OPS -$4.75 -$0.45 -$3.02 -$7.03 $0.96 -$3.35 -$6.03 $2.04 $20.21 -$10.78 $7.16 $7.16 $7.64 $8.28 -1678.63% <-Total Growth 10 Cash Flow
OPS 5 yrs running -$0.41 -$1.04 -$1.64 -$3.05 -$2.86 -$2.58 -$3.70 -$2.68 $2.77 $0.42 $2.52 $5.16 $6.28 $3.89 -596.04% <-Total Growth 10 Cash Flow
Non-Cash CF $7,335 $4,237 $7,308 $10,450 $1,985 $6,318 $9,440 $1,977 -$15,981 $17,242 $8,959 $5,338 #NUM! <-IRR #YR-> 10 Cash Flow
OPS non-cash $2.62 $3.75 $4.22 $3.30 $2.93 $3.03 $3.51 $4.05 $4.10 $6.04 $5.77 $5.88 $7.64 $8.28 #NUM! <-IRR #YR-> 5 Cash Flow
OPS 5 yrs running $2.19 $1.27 $2.12 $2.78 $3.36 $3.45 $3.40 $3.36 $3.52 $4.15 $4.70 $5.17 $5.89 $6.72 305.76% <-Total Growth 10 CF - non cash
Increase 7.06% 43.32% 12.60% -21.77% -11.48% 3.44% 16.10% 15.40% 1.17% 47.38% -4.59% 1.93% 5.93% <-IRR #YR-> 10 CF - non cash
P/O on Cl 8.31 5.84 5.43 9.91 13.54 14.21 14.26 13.19 9.80 7.49 9.48 8.94 6.67 6.16 10.84% <-IRR #YR-> 5 CF - non cash
*Operational Cash Flow per share  P/CF 10 Yrs 10.62 5 Yrs 9.78
$0.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.16
$6.03 $0.00 $0.00 $0.00 $0.00 $7.16
-$3.30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.88
-$3.51 $0.00 $0.00 $0.00 $0.00 $5.88
For banks, use Net Income, not CF
OPM 9.7% 10.3% 9.8% 14.4% 17.6% 17.5% 15.9% 15.1% 11.4% 13.4% 17.0% 18.6% should be zero, it is a check on calculations
Diff from Ave -35.3% -31.6% -34.9% -4.8% 17.0% 16.2% 5.7% 0.3% -24.4% -11.0% 12.7% 23.1% 0.03 <-Median-> 10 OPM
*Operational Profit Margin (Net income/Revenue) Ratio OPM 10 Yrs 15.07% 5 Yrs 15.09%
Banks are usually 1.04 or 1.05
Assets $253,171 $284,425 $296,380 $285,892 $279,212 $314,025 $379,006 $411,510 $507,625 $496,515 $526,657 $575,256 $575,256 $575,256 Liq ratio of 1.5 and up, best Assets
Liab. $240,196 $269,817 $279,691 $268,952 $263,947 $297,637 $361,024 $392,209 $485,481 $471,189 $498,447 $541,856 $541,856 $541,856 1.06 <-Median-> 10 Liabilities
Asset/Liability R. 1.05 1.05 1.06 1.06 1.06 1.06 1.05 1.05 1.05 1.05 1.06 1.06 1.06 1.06 1.05 <-Median-> 5 Ratio
Non-Cont. Int. $0 $0 $1,912 $2,326 $280 $306 $435 $497 $502 $554 $579 $640 $640 $640
Tot. Book Value $12,975 $14,608 $14,777 $14,614 $14,985 $16,082 $17,547 $18,804 $21,642 $24,772 $27,631 $32,760 $32,760 $32,760
Pref Shares $1,775 $1,775 $1,275 $800 $300 $600 $600 $1,635 $2,860 $3,710 $3,975 $4,384 $4,384 $4,384
Book Value $11,200 $12,833 $13,502 $13,814 $14,685 $15,482 $16,947 $17,169 $18,782 $21,062 $23,656 $28,376 $28,376 $28,376 121.12% <-Total Growth 0 Book Value
BV per share $11.25 $12.74 $13.39 $13.67 $14.56 $15.64 $17.13 $17.45 $18.94 $20.55 $22.68 $26.06 $26.06 $26.06 104.59% <-Total Growth 10 Book Value
Change 15.42% 13.25% 5.14% 2.06% 6.54% 7.38% 9.54% 1.90% 8.50% 8.53% 10.38% 14.88% 0.00% 0.00% 0.8141 Current/Historical Book Value
P/BV (CL) 1.93 1.72 1.71 2.40 2.72 2.75 2.93 3.06 2.12 2.20 2.41 2.02 1.96 1.96 7.42% <-IRR #YR-> 10 Book Value
Change 12.16% -10.99% -0.49% 39.82% 13.55% 1.10% 6.39% 4.75% -30.74% 3.75% 9.46% -16.36% -2.97% 0.00% 8.76% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 22.60 22.16 21.95 20.70 19.01 20.28 22.36 23.97 27.03 23.57 22.26 20.27 20.27 20.27 22.11 <-Median-> 10 A/BV
Debt/Equity Ratio 21.45 21.03 20.71 19.47 17.97 19.22 21.30 22.84 25.85 22.37 21.07 19.10 19.10 19.10 20.89 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 2.40 5 yr Med 2.20
-$12.74 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.06
-$17.13 $0.00 $0.00 $0.00 $0.00 $26.06
ROE 0.0% 0.0% 0.0% 13.6% 17.3% 16.2% 13.59% <-Median-> 5 Compreh. Inc
Comprehensive Inc $0 $0 $0 $2,862 $4,088 $4,601 Compreh. Inc
ROE 17.2% 16.9% 13.3% 17.9% 19.8% 20.7% 21.1% 23.3% 16.1% 16.0% 17.1% 17.5% Net Income/Shareholders' equity
5Yr Median 16.6% 16.9% 16.1% 16.9% 17.2% 17.9% 19.8% 20.7% 20.7% 20.7% 17.1% 17.1%
Net Income $1,926 $2,169 $1,797 $2,477 $2,908 $3,209 $3,579 $3,994 $3,033 $3,361 $4,038 $4,959 128.63% <-Total Growth 10 Net Income
Oper C. F. -$4,728 -$457 -$3,049 -$7,110 $965 -$3,322 -$5,964 $2,011 $20,049 -$11,047 -$2,945 $1,063 C F Statement  Oper C. F.
Invest. C. F -$17,949 -$305 -$15,427 -$1,818 $3,367 -$27,536 -$47,285 -$45,020 -$51,740 -$8,129 -$25,733 -$33,778 C F Statement  Invest. C. F
Total Accruals $24,603 $2,931 $20,273 $11,405 -$1,424 $34,067 $56,828 $47,003 $34,724 $22,537 $32,716 $37,674 Accruals
Total Assets $253,171 $284,425 $296,380 $285,892 $279,212 $314,025 $379,006 $411,510 $507,625 $496,515 $526,657 $575,256 Balance Sheet Assets
Accruals Ratio 9.72% 1.03% 6.84% 3.99% -0.51% 10.85% 14.99% 11.42% 6.84% 4.54% 6.21% 6.55% Ratio
Oper C. F. Covers Investing C.F. and dividends?
Chge in Cl 29.46% 0.80% 4.63% 42.70% 20.97% 8.56% 16.54% 6.75% -24.85% 12.59% 20.82% -3.91%
Fin. C. F. $22,525 $952 $18,200 $9,420 -$3,254 $31,474 $53,088 $43,124 $31,767 $20,166 $29,189 $33,338 C F Statement  Fin. C. F
Total Accruals $2,078 $1,979 $2,073 $1,985 $1,830 $2,593 $3,740 $3,879 $2,957 $2,371 $3,527 $4,336 Accruals
Accruals Ratio 0.82% 0.70% 0.70% 0.69% 0.66% 0.83% 0.99% 0.94% 0.58% 0.48% 0.67% 0.75% <-this is a better for banks Ratio
Net Cash Flow -152.00 190.00 -276.00 492.00 1,078.00 616.00 -161.00 115.00 76.00 990.00 511.00 623.00
297.00 -209.00 -136.00 -59.00
373.00 781.00 375.00 564.00
Per share -0.15 0.19 -0.27 0.49 1.07 0.62 -0.16 0.12 0.08 0.97 0.49 0.57
5 yr Running  -0.25 0.02 -0.08 0.06 0.26 0.42 0.35 0.43 0.34 0.32 0.30 0.44
Dec 17, 2011.  Last Estimates for 2011 and 2012 were $4.47 and $5.00 for EPS and $7.86 and $8.36 for CF.
Dec 05, 2010.  that last time I looked I got 2010 and 2011 estimates of $3.58 and $4.38 for earnings and $7.16 and 7.86 for cash flow.
Dec 17, 2009.  The last time I looked at this stock in Dec 2008, I got earnings for 2009 at $3.70 and cash flow of $6.60.
This bank has been paying dividends since 1833.
Dividends seem to be paid about the 27th of the month of Jan, April, Jul and Oct.  That is cycle 1.
How they make their money.
The Bank of Nova Scotia 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.
It is an international bank having banking in Canada and some 40 other countries around the world in the geographic regions of the Caribbean and Central America, Mexico, Latin America and Asia.
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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