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/
Canadian Oil Sands www.cdnoilsands.com COS 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 IFRS
Revenue* $472.5 $671.5 $673.0 $725.2 $932.0 $1,352.0 $2,019 $2,692 $3,633 $4,543 $2,779 $3,460 $3,811 $4,051 415.23% <-Total Growth 10 Revenue
Increase 41.80% 42.12% 0.22% 7.76% 28.51% 45.06% 49.33% 33.33% 34.96% 25.05% -38.83% 24.51% 10.14% 6.30% 17.81% <-IRR #YR-> 10 Revenue
Rev per Share $1.67 $2.37 $2.37 $2.51 $2.14 $2.96 $4.36 $5.72 $7.58 $9.43 $5.74 $7.14 $7.87 $8.37 11.38% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 2.99 2.46 3.25 3.03 4.16 4.57 5.77 5.70 5.11 2.24 5.21 3.70 2.44 2.30 11.68% <-IRR #YR-> 10 Rev Per share
Averages P/S 10 yr  4.37 5 yr  5.11 10.35% <-IRR #YR-> 5 Rev Per share
*Revenue in M CDN $ 
-$672 $0 $0 $0 $0 $0 $0 $0 $0 $0 $3,460
-$2,019 $0 $0 $0 $0 $3,460
-$2.37 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.14
-$4.36 $0.00 $0.00 $0.00 $0.00 $7.14
Pre-split 2006 $1.27 $2.34 $2.75 $2.00 $3.43 $6.47
Distri Inc (FFO) $0.25 $0.47 $0.55 $0.40 $0.69 $1.29 $2.45 $2.08 $2.87 $4.66 $1.13 $1.49 218.38% <-Total Growth 10 FFO FFO
Payout Ratio FFO 157.5% 96.2% 89.1% 100.0% 58.3% 30.9% 16.3% 52.9% 57.5% 80.5% 79.6% 124.2% 68.93% <-Average 10 FFO FFO
P/FFO 19.61 12.44 14.00 19.03 12.97 10.45 10.29 15.67 13.49 4.53 26.47 17.75 #NUM! <-IRR #YR-> 9 FFO FFO
Trailing P/FFO 71.14 22.91 16.45 13.84 22.25 19.71 19.47 13.31 18.61 7.35 6.42 23.41 #NUM! <-IRR #YR-> 4 FFO FFO
High P/FFO 20.39 14.10 15.25 22.33 12.97 9.95 11.01 18.10 13.55 11.80 30.32 18.44 <-Average 4 High P/FFO
Low P/FFO 13.31 10.04 10.64 17.43 9.87 6.31 5.18 12.69 8.74 3.89 15.40 10.18 <-Average 4 Low P/FFO
EPS* $0.52 $0.62 $0.60 $0.94 $0.78 $1.14 $1.80 $1.78 $1.54 $3.16 $0.89 $1.83 $2.35 $2.20 194.21% <-Total Growth 10 Earnings
Increase 439.58% 20.08% -4.18% 58.39% -17.58% 47.04% 57.34% -1.11% -13.48% 105.19% -71.84% 105.62% 28.42% -6.38% 11.40% <-IRR #YR-> 10 Earnings
Earnings Yield 10.4% 10.7% 7.7% 12.4% 8.7% 8.5% 7.1% 5.5% 4.0% 15.0% 3.0% 6.9% 12.2% 11.5% 0.33% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 7.44% 5Yrs 5.46%
-$0.62 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.83
-$1.80 $0.00 $0.00 $0.00 $0.00 $1.83
Pre-split 06 $2.00 $2.25 $2.45 $2.00 $2.00 $2.00 $2.00
Div* $0.40 $0.45 $0.49 $0.40 $0.40 $0.40 $0.40 $1.10 $1.65 $3.75 $0.90 $1.85 $1.10 $1.20 311.11% <-Total Growth 10 Dividends
Increase 207.69% 12.50% 8.89% -18.37% 0.00% 0.00% 0.00% 175.00% 50.00% 127.27% -76.00% 105.56% -40.54% 9.09% 4.44% <-Median-> 10 Dividends
Yield H/L 9.35% 7.96% 6.88% 5.03% 5.11% 3.80% 2.02% 3.43% 5.16% 10.25% 3.48% 6.52% 5.07% <-Median-> 10 Dividends
Yield on High 7.72% 6.82% 5.84% 4.48% 4.49% 3.11% 1.48% 2.92% 4.24% 6.82% 2.63% 5.74% 4.36% <-Median-> 10 Dividends
Yield on Low 11.83% 9.57% 8.38% 5.74% 5.91% 4.90% 3.15% 4.17% 6.58% 20.66% 5.17% 7.55% 5.82% <-Median-> 10 Dividends
Yield on Cl 8.03% 7.73% 6.36% 5.26% 4.49% 2.96% 1.59% 3.37% 4.26% 17.77% 3.01% 6.99% 5.73% 6.25% 4.38% <-Median-> 10 Dividends
Payout Ratio 77.2% 72.3% 82.2% 42.4% 51.4% 35.0% 22.2% 61.8% 107.1% 118.7% 101.1% 101.1% 46.8% 54.5% 72.01% <-Median-> 10 Payout
Payout Ratio CF 58.2% 56.7% 32.4% 78.6% 30.8% 19.5% 45.4% 57.4% 80.6% 79.7% 73.5% 27.0% 32.5% 57.05% <-Median-> 10 Payout
Average 5 Yrs Div Yd 9.22% 5 14.85% 10 Yield  5.16% 4.26% Payout 101.12% 73.53% 15.18% <-IRR #YR-> 10 Dividends
* Dividends per share  10.0% Years 10.0% Years Last Div Inc ---> $0.20 $0.30 50.00% 35.84% <-IRR #YR-> 5 Dividends
-$0.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.85
-$0.40 $0.00 $0.00 $0.00 $0.00 $1.85
H/LYield held 5 yrs 8.71% 10.39% 9.35% 7.08% 15.45% 20.75% 47.86% 8.56% 9.33% 3.43% 3.75% 9.35% <-Median-> 9 Dividends
H/LYield held 10 yrs 35.95% 97.40% 21.03% 32.74% 15.45% 15.09% 34.35% <-Median-> 4 Dividends
Graham No. $5.55 $6.46 $6.17 $8.39 $9.19 $12.18 $17.21 $18.34 $17.36 $24.03 $12.81 $18.34 $21.30 $20.61 183.98% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L -22.82% -12.51% 15.47% -5.28% -14.73% -13.64% 15.23% 74.59% 84.19% 52.23% 101.67% 54.66% 33.85% <-Median-> 10 Graham Price
Prem /Disc. High -6.59% 2.20% 36.06% 6.40% -3.14% 5.73% 56.71% 105.26% 123.90% 128.92% 167.49% 75.68% 66.20% <-Median-> 10 Graham Price
Prem /Disc. To Low -39.05% -27.22% -5.13% -16.96% -26.32% -33.02% -26.26% 43.93% 44.49% -24.46% 35.85% 33.64% -11.04% <-Median-> 10 Graham Price
Prem /Disc. To Cl -10.20% -9.88% 24.87% -9.33% -3.14% 10.98% 46.43% 77.73% 122.92% -12.18% 133.53% 44.22% -9.80% -6.78% 34.55% <-Median-> 10 Graham Price
Pre-split 06 $24.90 $29.10 $38.50
Price Cl $4.98 $5.82 $7.70 $7.61 $8.90 $13.52 $25.20 $32.60 $38.71 $21.10 $29.91 $26.45 $19.21 $19.21 354.47% <-Total Growth 10 Stock Price
Increase 48.21% 16.87% 32.30% -1.17% 16.95% 51.91% 86.39% 29.37% 18.74% -45.49% 41.75% -11.57% -27.37% 0.00% 16.35% <-IRR #YR-> 10 Stock Price
P/E 9.61 9.36 12.92 8.06 11.44 11.82 14.00 18.31 25.14 6.68 33.61 14.45 8.17 8.73 0.97% <-IRR #YR-> 5 Stock Price
Trailing P/E 51.88 11.24 12.38 12.77 9.43 17.38 22.03 18.11 21.75 13.70 9.47 29.72 10.50 8.17 24.30% <-IRR #YR-> 10 Price & Div
Median 5 Yrs 7.16% 7.96% Div %  5, 10 yrs Price Inc 18.74% P/E: Y-T 18.31 18.11 8.13% <-IRR #YR-> 5 Price & Div
-$5.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.45
-$25.20 $0.00 $0.00 $0.00 $0.00 $26.45
-$5.82 $0.49 $0.40 $0.40 $0.40 $0.40 $1.10 $1.65 $3.75 $0.90 $28.30
-$25.20 $1.10 $1.65 $3.75 $0.90 $28.30
Price H/L Median $4.28 $5.65 $7.12 $7.95 $7.84 $10.52 $19.83 $32.03 $31.99 $36.58 $25.83 $28.37 402.04% <-Total Growth 10 Stock Price
Increase 11.17% 32.01% 26.02% 11.66% -1.45% 34.27% 88.50% 61.50% -0.12% 14.35% -29.38% 9.81% 17.51% <-IRR #YR-> 10 Stock Price
P/E 8.26 9.08 11.95 8.42 10.07 9.20 11.02 17.99 20.77 11.57 29.02 15.50 7.42% <-IRR #YR-> 5 Stock Price
Trailing P/E 44.58 10.91 11.45 13.34 8.30 13.52 17.33 17.79 17.97 23.75 8.17 31.87 25.35% <-IRR #YR-> 10 Price & Div
Median 5 Yrs 8.08% 7.84% Div %  5, 10 yrs Price Inc 9.81% P/E: Y-T 17.99 17.97 15.50% <-IRR #YR-> 5 Price & Div
-$5.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $28.37
-$19.83 $0.00 $0.00 $0.00 $0.00 $28.37
-$5.65 $0.49 $0.40 $0.40 $0.40 $0.40 $1.10 $1.65 $3.75 $0.90 $30.22
-$19.83 $1.10 $1.65 $3.75 $0.90 $30.22
Hi Mths Mar Dec Oct Dec Aug Dec Jun Oct Apr Stock Price
Pre-split 06 $25.90 $33.00 $41.95
Price Hi $5.18 $6.60 $8.39 $8.93 $8.90 $12.88 $26.97 $37.65 $38.88 $55.00 $34.26 $32.22 388.18% <-Total Growth 10 Stock Price
Increase 5.71% 27.41% 27.12% 6.44% -0.34% 44.72% 109.39% 39.60% 3.27% 41.46% -37.71% -5.95% 17.18% <-IRR #YR-> 10 Stock Price
P/E 10.00 10.61 14.08 9.46 11.44 11.26 14.98 21.15 25.25 17.41 38.49 17.61 3.62% <-IRR #YR-> 5 Stock Price
Trailing P/E 53.96 12.74 13.49 14.98 9.43 16.56 23.58 20.92 21.84 35.71 10.84 36.20
Median 5 Yrs Price Inc 3.27% P/E: Y-T 21.15 21.84
-$6.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $32.22
-$26.97 $0.00 $0.00 $0.00 $0.00 $32.22
Low Mths Dec May Jun Jan Jan Mar Dec Jan Jul Stock Price
Price Low $3.38 $4.70 $5.85 $6.97 $6.77 $8.16 $12.69 $26.40 $25.09 $18.15 $17.40 $24.51 421.49% <-Total Growth 10 Stock Price
Increase 20.71% 39.05% 24.47% 19.15% -2.87% 20.53% 55.51% 108.04% -4.96% -27.66% -4.13% 40.86% 17.96% <-IRR #YR-> 10 Stock Price
P/E 6.53 7.56 9.82 7.38 8.70 7.13 7.05 14.83 16.29 5.74 19.55 13.39 14.07% <-IRR #YR-> 5 Stock Price
Trailing P/E 35.21 9.07 9.41 11.69 7.17 10.49 11.09 14.67 14.10 11.79 5.51 27.54
Median 5 Yrs Price Inc -4.13% P/E: Y-T 14.83 14.10
-$4.70 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.51
Market Cap $1,413 $1,651 $2,186 $2,195 $3,880 $6,181 $11,658 $15,351 $18,558 $10,162 $14,491 $12,815 $9,298 $9,298
# of Sh in M 283.8 283.8 283.9 288.4 436.0 457.2 462.6 470.9 479.4 481.6 484.5 484.5 484.0 484.0 Shareholders'Capital Shares
Increase 5.09% 0.00% 0.05% 1.59% 51.18% 4.86% 1.18% 1.79% 1.81% 0.46% 0.60% 0.00% -0.10% 0.00% 1.38% <-Median-> 10 Shares
CF fr Op $M $219.3 $245.5 $355.8 $221.8 $593.7 949 1,142 1,377 $2,241 $547 $1,219 $1,970 $1,786 396.52% <-Total Growth 9 Cash Flow
OPS 0.77 0.86 1.23 0.51 1.30 2.05 2.43 2.87 4.65 1.13 2.52 4.07 3.69 190.94% <-Total Growth 9 Cash Flow
Increase 11.90% 42.65% -58.76% 155.26% 57.98% 18.22% 18.44% 62.00% -75.74% 122.85% 61.76% -9.34% 12.53% <-IRR #YR-> 10 Cash Flow
Non-Cash CF $13.3 -$18.6 -$29.3 $51.0 -$17.9 $56.0 -$22.0 $165.0 -$202.0 $207.0 -$63.0 $0.0 $0.0 4.17% <-IRR #YR-> 5 Cash Flow
OPS non-cash $0.82 $0.80 $1.13 $0.63 $1.26 $2.17 $2.38 $3.22 $4.23 $1.56 $2.39 $4.07 $3.69 11.27% <-IRR #YR-> 10 Cash Flow
P/OCF on Close 7.10 9.63 6.72 14.22 10.74 11.60 13.71 12.03 4.98 19.22 11.09 4.72 5.21 1.89% <-IRR #YR-> 5 Cash Flow
Averages P/CF 10 Yrs 11.39 5 Yrs 12.21
*Operational Cash Flow per share
-$0.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.52
-$2.05 $0.00 $0.00 $0.00 $0.00 $2.52
-$0.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.39
OPM 32.65% 36.48% 49.06% 23.80% 43.91% 47.00% 42.42% 37.90% 49.33% 19.68% 35.23% 51.69% should be zero, it is a check on calculations
Diff from Ave -18.7% -9.2% 22.1% -40.7% 9.3% 17.0% 5.6% -5.6% 22.8% -51.0% -12.3% 28.7% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 40.16% 5 Yrs 37.90%
Q2 2011
Curr Assets $210.1 $448.2 $354.1 $194.9 $224 $375 $688 $755 $561 $616 $594 $940 Liq ratio of 1.5 and up, best Assets
Curr Liab. $111.1 $129.7 $200.9 $296.3 $327 $291 $315 $305 $301 $301 $456 $417 1.81 <-Median-> 10 Liabilities
Liquidity 1.89 3.45 1.76 0.66 0.68 1.29 2.18 2.48 1.86 2.05 1.30 2.25 2.05 <-Median-> 5 Ratio
Assets $1,232.3 $1,626.3 $1,850.4 $4,260.0 $5,067.7 $5,925 $6,532 $7,271 $6,933 $6,953 $7,016 $7,523 A/L ratio of 1.5 and up, best Assets
Liabilities $386.6 $821.3 $893.9 $2,157.1 $2,431.8 $2,542 $2,576 $3,099 $3,023 $2,984 $3,058 $3,371 2.29 <-Median-> 10 Liabilities
A/L Ratio 3.19 1.98 2.07 1.97 2.08 2.33 2.54 2.35 2.29 2.33 2.29 2.23 2.33 <-Median-> 5 Ratio
Book Value $748.7 $845.6 $805.0 $956.5 $2,103 $2,636 $3,383 $3,956 $4,172 $3,910 $3,969 $3,958 $4,152 430.09% <-Total Growth 10 Book Value
BV per share $2.64 $2.98 $2.84 $3.32 $4.82 $5.77 $7.31 $8.40 $8.70 $8.12 $8.19 $8.17 $8.58 $8.58 210.45% <-Total Growth 10 Book Value
Change 11.89% 12.94% -4.86% 16.97% 45.43% 19.53% 26.85% 14.88% 3.59% -6.71% 0.90% -0.28% 5.01% 1.0877 Current/Historical Book Value
P/BV (CL) 1.89 1.95 2.72 2.29 1.85 2.35 3.45 3.88 4.45 2.60 3.65 3.24 2.24 10.61% <-IRR #YR-> 10 Book Value
Change 32.47% 3.48% 39.06% -15.51% -19.58% 27.09% 46.94% 12.61% 14.63% -41.57% 40.49% -11.32% -30.84% 2.24% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 1.46 2.02 1.93 2.03 1.92 1.75 1.65 1.74 1.77 1.75 1.77 1.81 1.77 <-Median-> 10 A/BV
Debt/Equity Ratio 0.46 1.02 0.93 1.03 0.92 0.75 0.65 0.74 0.77 0.75 0.77 0.81 0.77 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Ave 2.98 5 yr Ave 3.65
-$2.98 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.17
-$7.31 $0.00 $0.00 $0.00 $0.00 $8.17
ROE 21.1% 17.7% 38.9% 18.4% 22.3% 27.4% <-12 mths 21.08% <-Median-> 5 Compreh. Inc
Comprehensive Inc $834 $737 $1,520 $729 $883 $1,136 <-12 mths Compreh. Inc
ROE 19.4% 20.9% 21.0% 28.2% 14.7% 19.3% 24.6% 21.1% 17.8% 39.0% 10.9% 22.4% 27.4% Net Income/Shareholders' equity
5Yr Median 19.4% 20.9% 20.9% 20.9% 21.0% 21.1% 19.3% 21.1% 21.1% 21.1% 22.4%
Net Income $145.3 $176.4 $169.4 $269.9 $310.1 $509 $831 $834 $743 $1,523 $432 $886 $1,136 <-12 mths 402.31% <-Total Growth 10 Net Income
Oper C. F. $0.0 $219.3 $245.5 $355.8 $221.8 $594 $949 $1,142 $1,377 $2,241 $547 $1,219 C F Statement  Oper C. F.
Invest. C. F $0.0 -$108.5 -$148.5 -$397.7 -$2,225.5 -$965 -$821 -$523 -$418 -$281 -$416 -$510 C F Statement  Invest. C. F
Total Accruals $145.3 $65.6 $72.5 $311.8 $2,313.8 $881 $703 $215 -$216 -$437 $301 $177 Accruals
Total Assets $0.0 $1,232.3 $1,626.3 $1,850.4 $4,260.0 $5,068 $5,925 $6,532 $7,271 $6,933 $6,953 $7,016 Balance Sheet Assets
Accruals Ratio 5.32% 4.46% 16.85% 54.31% 17.37% 11.86% 3.29% -2.97% -6.30% 4.33% 2.52% Ratio
up/down/neutral
Chge in Close 48.21% 16.87% 32.30% -1.17% 16.95% 51.91% 86.39% 29.37% 18.74% -45.49% 41.75% -11.57% -27.37%
Any Predictions?
Fin. C. F $120.3 $157.6 -$85.4 $1,790.4 $372 -$58 -$354 -$1,044 -$1,949 -$269 -$751 C F Statement  Fin. C. F
Total Accruals -$54.8 -$85.1 $397.3 $523.4 $508 $761 $569 $828 $1,512 $570 $928 Accruals
Accruals Ratio -4.44% -5.23% 21.47% 12.29% 10.03% 12.84% 8.71% 11.39% 21.81% 8.20% 13.23% Ratio
Oct 1, 2011.  The last I looked, I got estimates fir 2010 abd 2011 of $1.49 and $1.83 FFO, $1.63 and $2.00 earnings and $2.73 and $3.38 for CF.
Mar 29, 2010.  This company has said they will change to a corporation in 2010 from Canadian Oil Sands Trust (TSX-COS.UN) to Canadian Oil Sands (TSX-COS) at year end.
From 2001 to present TSX symbol is COS.UN, with almalgamation of CO.UN and AOS.UN from 2001. 
This stock does not seem to give a distributable income figures.  They do say they will pay out all distributable income each quarter.  However basis of calculation keep changing.
How they make their money.
Canadian Oil Sands Trust provides a pure investment opportunity in the oil sands through its 36.74% interest in the Syncrude Project. Syncrude is an experienced oil sands operator, producing a high-quality 
crude oil for the past 30 years.  With large, bitumen-rich leases located in the sweet spot of the Athabasca oil sands deposit and a fully integrated upgrading facility that produces 100% light, sweet crude oil, 
the quality of their Syncrude asset is very good.
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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