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. 9/30/11
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
DirectCash Payments Inc  www.directcash.net  DCI 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 12/30/13 #Y
Accting Rules C GAAP IFRS
Revenue* $48.9 $73.9 $81.5 $88.8 $96.7 $112.0 $119.0 $120.7 51.47% <-Total Growth 4 Revenue
Increase 51.25% 10.23% 8.95% 8.94% 15.77% 6.29% 1.39% #NUM! <-IRR #YR-> 10 Revenue
Rev per Share $3.92 $5.93 $6.53 $7.12 $7.76 $8.09 $8.60 $8.72 18.03% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 3.60 2.56 1.87 1.04 2.06 2.75 2.33 2.34 #NUM! <-IRR #YR-> 10 Rev Per share
Averages P/S 10 yr  2.31 5 yr  2.06 15.60% <-IRR #YR-> 5 Rev Per share
*Revenue in M CDN $ 
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $112.0
-$48.9 $0.0 $0.0 $0.0 $0.0 $112.0
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.09
-$3.92 $0.00 $0.00 $0.00 $0.00 $8.09
FFO $25.7
Payout Ratio DI 90.0% 90.0% 88.5% 85.3% 72.8% 14.67% <-IRR #YR-> 4 Distri Inc
EPS* $0.10 $0.19 $0.05 $0.16 $1.20 $1.95 $1.20 $1.18 926.32% <-Total Growth 4 Earnings
Increase 90.00% -73.68% 220.00% 650.00% 62.50% -38.46% -1.67% #NUM! <-IRR #YR-> 10 Earnings
Earnings Yield 0.7% 1.3% 0.4% 2.2% 7.5% 8.8% 6.0% 5.8% 81.14% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 1.71% 5Yrs 2.16%
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.95
-$0.10 $0.00 $0.00 $0.00 $0.00 $1.95
Sp Div $0.00 $0.00 $0.00 $0.00 $0.12 $0.10 $0.00 $0.00 $0.00
Div* $1.07 $1.28 $1.38 $1.38 $1.38 $1.38 $1.38 $1.38 $1.38 8.24% 0.00% <-Total Growth 4 Dividends
Increase 18.86% 8.24% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% <-Median-> 6 Dividends
Yield H/L Pr. 7.21% 7.87% 10.00% 14.66% 11.93% 7.38% 6.57% 8.94% 7.87% <-Median-> 7 Dividends
Yield on High  Pr. 5.99% 7.10% 8.63% 11.19% 8.63% 6.00% 6.00% 7.86% 7.10% <-Median-> 7 Dividends
Yield on Low Pr. 9.05% 8.83% 11.90% 21.23% 19.35% 9.56% 7.26% 10.73% 9.56% <-Median-> 7 Dividends
Yield on Cl Pr. 7.61% 8.39% 11.31% 18.65% 8.63% 6.20% 6.90% 6.77% 6.77% 8.51% 8.39% <-Median-> 7 Dividends
Payout Ratio 671.1% 2760.0% 862.5% 125.0% 75.9% 115.0% 116.9% #DIV/0! 671.05% 398.03% <-Median-> 6 DPR EPS
Payout Ratio CF 88.1% 75.2% 84.2% 68.6% 60.4% 59.5% 42.4% #VALUE! #DIV/0! 71.91% 68.61% <-Median-> 7 DPR CF
Payout Ratio CF NC 82.6% 75.0% 81.2% 73.0% 67.5% 60.9% 47.3% #VALUE! #DIV/0! 74.02% 73.01% <-Median-> 7 DPR CF NC
Median Values Div Yd 6.77% 5 6.77% 10 Yield  10.00% 8.63% Payout 125.00% 60.41% #NUM! #NUM! <-IRR #YR-> 10 Dividends
* Dividends per share  0.0% Years 0.0% Years Curr diff -32.28% Last Div Inc ---> $0.12 $0.12 0.0% 2.00% 0.00% <-IRR #YR-> 4 Dividends
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.38
-$1.38 $0.00 $0.00 $0.00 $1.38
H/LYield held 5 yrs 9.28% 8.52% 10.00% 14.66% 9.28% <-Median-> 1 Dividends
H/LYield held 10 yrs #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! <-Median-> 0 Dividends
Graham No. $3.91 $5.69 $2.65 $4.25 $11.32 $16.48 $12.76 $12.65 321.06% <-Total Growth 5 Graham Price
Prem /Disc.Med H/L 279.97% 184.53% 420.43% 121.30% 2.19% 13.51% 64.60% 152.92% <-Median-> 6 Graham Price
Prem /Disc. High 357.24% 215.36% 503.24% 189.82% 41.38% 39.47% 80.31% 202.59% <-Median-> 6 Graham Price
Prem /Disc. Low 202.70% 153.69% 337.62% 52.79% -37.00% -12.46% 48.89% 103.24% <-Median-> 6 Graham Price
Prem /Disc. Cl 260.17% 167.05% 360.26% 73.94% 41.38% 34.98% 56.72% 60.97% 120.49% <-Median-> 6 Graham Price
Price Cl $13.90 $14.10 $15.20 $12.20 $7.40 $16.00 $22.25 $20.00 $20.37 $20.37 57.80% 31.58% <-Total Growth 5 Stock Price
Increase 1.44% 7.80% -19.74% -39.34% 116.22% 39.06% -10.11% 1.85% 0.00% #NUM! #NUM! <-IRR #YR-> 10 Stock Price
P/E 141.00 80.00 244.00 46.25 13.33 11.41 16.67 17.26 #DIV/0! 9.55% 5.64% <-IRR #YR-> 5 Stock Price
Trailing P/E 152.00 64.21 148.00 100.00 18.54 10.26 16.98 17.26 #NUM! #NUM! <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr #NUM! 8.47% % Tot Ret #NUM! 60.02% Price Inc -10.11% P/E:  46.25 16.67 17.92% 14.11% <-IRR #YR-> 5 Price & Div
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20.00
-$15.20 $0.00 $0.00 $0.00 $0.00 $20.00
$0.00 $0.00 $0.00 $0.00 $1.07 $1.28 $1.38 $1.38 $1.50 $1.48 $21.38
-$15.20 $1.38 $1.38 $1.50 $1.48 $21.38
Price Median H/L $14.88 $16.20 $13.80 $9.42 $11.57 $18.71 $21.01 15.53% 52.27% <-Total Growth 4 Stock Price
Increase 8.87% -14.82% -31.75% 22.84% 61.78% 12.27% #NUM! #NUM! <-IRR #YR-> 10 Stock Price
P/E 148.75 85.24 275.90 58.84 9.64 9.59 17.50 3.67% 11.08% <-IRR #YR-> 4 Stock Price
Trailing P/E 161.95 72.61 188.30 72.28 15.59 10.77 #NUM! #NUM! <-IRR #YR-> 10 Price & Div
Median 10, 5 Yrs D.  per yr #NUM! 8.69% % Tot Ret #NUM! 43.94% Price Inc 12.27% P/E:  58.84 17.50 11.90% 19.77% <-IRR #YR-> 4 Price & Div
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $21.01
-$13.80 $0.00 $0.00 $0.00 $21.01
$0.00 $0.00 $0.00 $1.07 $1.28 $1.38 $1.38 $1.38 $1.50 $1.48 $22.39
-$13.80 $1.38 $1.38 $1.38 $22.39
Hi Mths Aug Oct Jan Jan Dec Dec Mar
Price Hi $17.90 $17.95 $15.99 $12.33 $16.00 $22.99 $23.01 28.08% 43.90% <-Total Growth 4 Stock Price
Increase 0.28% -10.92% -22.89% 29.76% 43.69% 0.09% #NUM! #NUM! <-IRR #YR-> 10 Stock Price
P/E 179.00 94.47 319.80 77.06 13.33 11.79 19.18 6.38% 9.53% <-IRR #YR-> 4 Stock Price
Trailing P/E 179.50 84.16 246.60 100.00 19.16 11.80
Median 10, 5 Yrs Price Inc 0.09% P/E:  77.06 19.18
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $23.01
-$15.99 $0.00 $0.00 $0.00 $23.01
Low Mths Nov Feb Nov Dec Mar Apr Nov 
Price Low $11.85 $14.44 $11.60 $6.50 $7.13 $14.43 $19.00 -0.07% 63.79% <-Total Growth 4 Stock Price
Increase 21.86% -19.67% -43.97% 9.69% 102.38% 31.67% #NUM! #NUM! <-IRR #YR-> 10 Stock Price
P/E 118.50 76.00 232.00 40.63 5.94 7.40 15.83 -0.02% 13.13% <-IRR #YR-> 4 Stock Price
Trailing P/E 144.40 61.05 130.00 44.56 12.03 9.74
Median 10, 5 Yrs Price Inc 9.69% P/E:  40.63 15.83
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.00
Market Cap $176 $190 $152 $92 $200 $308 $277 $282 $282
# of Sh in M 12.472 12.472 12.472 12.469 12.469 13.840 13.840 13.840 13.840 Shares
Increase 0.00% 0.00% -0.02% 0.00% 10.99% 0.00% 2.19% <-Average 5 Shares
CF fr Op $M $15.190 $21.140 $20.444 $25.080 $30.960 $34.420 $45.066 <-12 mths 62.82% <-Total Growth 4 Cash Flow
OPS $1.22 $1.70 $1.64 $2.01 $2.48 $2.49 $3.26 <-12 mths 46.72% <-Total Growth 4 Cash Flow
Increase 39.17% -3.29% 22.70% 23.44% 0.16% 30.93% <-12 mths 22.70% <-Median-> 5 Cash Flow
non-cash $M $1.010 $0.050 $0.760 -$1.510 -$3.230 -$0.770 -$4.670 <-12 mths #NUM! <-IRR #YR-> 10 Cash Flow
OPS Less Non-Cash $1.30 $1.70 $1.70 $1.89 $2.22 $2.43 $2.92 <-12 mths 10.06% <-IRR #YR-> 4 Cash Flow
Increase 30.80% 0.07% 11.18% 17.65% 9.33% 20.05% <-12 mths #NUM! <-IRR #YR-> 10 CF - non-cash
P/CF on Cl 10.85 8.95 7.18 3.91 7.19 9.15 6.85 <-12 mths 9.37% <-IRR #YR-> 4 CF - non-cash
Median Values P/CF 10 yr 8.07 5 yr  7.19
*Operational Cash Flow per share
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.49
-$1.70 $0.00 $0.00 $0.00 $2.49
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.43
-$1.70 $0.00 $0.00 $0.00 $2.43
OPM 31.08% 28.60% 25.09% 28.25% 32.01% 30.74% 37.87% should be zero, it is a check on calculations
Diff from Ave 4.8% -3.6% -15.4% -4.8% 7.9% 3.6% 27.6% 0.04 <-Median-> 7 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 29.67% 5 Yrs 28.60%
Q3 2011
Curr Assets $16.43 $28.82 $39.37 $38.33 $42.80 $71.87 $73.29 Liq ratio of 1.5 and up, best Assets
Curr Liab. $21.27 $43.01 $57.43 $58.82 $60.23 $81.34 $74.12 0.71 <-Median-> 7 Liabilities
Liquidity 0.77 0.67 0.69 0.65 0.71 0.88 0.99 0.71 <-Median-> 5 Ratio
Liq. with CF aft div 0.86 0.79 0.74 0.79 0.91 1.05 1.34
Liq. CF re  Inv+Div  0.63 0.58 0.65 0.68 0.83 0.79 1.34
Assets $128.78 $137.83 $135.58 $121.93 $119.75 $167.29 $157.77 A/L ratio of 1.5 and up, best Assets
Liab. $43.83 $43.31 $57.69 $59.24 $60.60 $81.58 $74.30 2.12 <-Median-> 7 Liabilities
Liquidity 2.94 3.18 2.35 2.06 1.98 2.05 2.12 2.06 <-Median-> 5 Ratio
Book Value $84.95 $94.52 $77.89 $62.69 $59.15 $85.71 $83.48 -9.32% <-Total Growth 4 Book Value
BV per share $6.81 $7.58 $6.25 $5.03 $4.74 $6.19 $6.03 $6.03 $6.03 -18.28% <-Total Growth 4 Book Value
Change 11.26% -17.59% -19.50% -5.65% 30.55% -2.60% 1.6271 Current/Historical Book Value
P/BV (CL) 2.07 2.01 1.95 1.47 3.37 3.59 3.32 #NUM! <-IRR #YR-> 10 Book Value
Change -3.11% -2.61% -24.65% 129.16% 6.52% -7.71% -1.89% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 1.52 1.46 1.74 1.94 2.02 1.95 1.89 1.84 <-Median-> 6 A/BV
Debt/Equity Ratio 0.52 0.46 0.74 0.94 1.02 0.95 0.89 0.84 <-Median-> 6 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 2.04 5 yr Med 2.01
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.19
-$6.81 $0.00 $0.00 $0.00 $0.00 $6.19
ROE 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00% <-Median-> 5 Compreh. Inc
Comprehensive Inc $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 Compreh. Inc
ROE 1.2% 2.5% 0.8% 3.2% 25.2% 29.2% 45.2% <-12 mths Net Income/Shareholders' equity
5Yr Median 1.8% 2.5% 3.2% 25.2% <-12 mths
Net Income $1.01 $2.37 $0.59 $2.02 $14.91 $25.07 $37.76 <-12 mths 2382.18% <-Total Growth 5 Net Income
Oper C. F. $15.19 $21.14 $20.44 $25.08 $30.96 $34.42 C F Statement  Oper C. F.
Invest. C. F -$7.83 -$15.87 -$7.87 -$8.93 -$6.17 -$26.70 C F Statement  Invest. C. F
Total Accruals -$6.35 -$2.90 -$11.98 -$14.13 -$9.88 $17.35 Accruals
Total Assets $128.78 $137.83 $135.58 $121.93 $119.75 $167.29 Balance Sheet Assets
Accruals Ratio -4.93% -2.10% -8.84% -11.59% -8.25% 10.37% Ratio
up/down/neutral
Chge in Close 1.44% 7.80% -19.74% -39.34% 116.22% 39.06%
Any Predictions?
Fin. C. F -$4.95 -$3.12 -$13.00 -$10.42 -$17.00 $1.76 C F Statement  Fin. C. F
Total Accruals -$1.40 $0.22 $1.02 -$3.71 $7.12 $15.59 Accruals
Accruals Ratio -1.09% 0.16% 0.75% -3.04% 5.95% 9.32% Ratio
Jan 14, 2012.  Last estimates were for EPS in 2010 and 2012 of $1.80 and $1.45 
This company will convert to a corporation on 1 Jan 2011.  It will maintain its current dividend.  Old name was DirectCash Income Fund (DCI.UN) to DirectCash Payments Inc (DCI)
This company only has financial data at Sedar, not on their site.  I got info from www.google.ca/finance.  Company publicises results, but not full financial statements in news releases.
I saw some financials as news releases on their site.  Fund started 2 November 2004.
I started to follow this company as it was recommended as an income trust that will do very well with the conversion to a corporation at the Money Show in 2009.
How they make their money.
DirectCash is the leading provider of ATMs, debit terminals, prepaid phone cards and prepaid cash cards in Canada. They have built a substantial technological, sales and service infrastructure that enables them to 
offer convenient and secure revenue streams for businesses across the country.  DirectCash operates in Canada, the United States and Mexico.
Over 40% owned by Gallacher family.
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.
Copyright © 2008 Website of SPBrunner. All rights reserved.
Smith, Jeffrey; CEO 2.403 $48,943,773 17.36%
Gallacher, Susan 2.170 $44,205,304 15.68%
Institutions 3.562
0.436 13.94%
3.126