| 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. |
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| While I try to
be accurate, I assume no responsibility for any figure in this spreadsheet. |
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9/30/11 |
<-Q3 2011 |
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| See my
website on stocks or see my blog at the following sites. |
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www.spbrunner.com/stocks.html |
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www.spbrunner.blogspot.com/ |
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| FirstService Corp |
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www.firstservice.com |
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Fiscal Yr: |
Dec 31 |
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TSX: |
FSV |
Nasdaq: |
FSRV |
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| Year |
3/31/00 |
3/31/01 |
3/31/02 |
3/31/03 |
3/31/04 |
3/31/05 |
3/31/06 |
3/31/07 |
3/31/08 |
12/31/08 |
12/31/09 |
12/31/10 |
12/31/11 |
12/30/12 |
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#Y |
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| Exch Rate |
1.4733 |
1.5224 |
1.5600 |
1.5600 |
1.2000 |
1.2094 |
1.1670 |
1.1530 |
1.0275 |
1.2240 |
1.0501 |
0.9970 |
1.0172 |
1.0172 |
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| Accting Rules |
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US GAAP |
US GAAP |
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| Statement Currency |
US$--> |
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Date Chge |
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2 |
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| US $ (d4) |
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restated |
2004 |
restated'05 |
restated'06 |
restated'08 |
restated'08 |
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Kept orginal amts for calculaions, |
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| restated '05 |
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$424.174 |
$493.551 |
$523.127 |
$593.782 |
$651.376 |
$918.7 |
$1,181.0 |
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new restated amount appear on this line |
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| Revenue US$ |
$340.04 |
$404.23 |
$493.55 |
$508.66 |
$609.79 |
$812.29 |
$1,068.1 |
$1,359.7 |
$1,573 |
$1,704 |
$1,703 |
$1,986 |
$2,234 |
$2,364 |
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391.37% |
<-Total Growth |
10 |
Revenue |
US$ |
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| Increase |
29.11% |
18.88% |
22.10% |
3.06% |
19.88% |
33.21% |
31.50% |
27.30% |
15.70% |
8.34% |
-0.07% |
16.62% |
12.45% |
5.86% |
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Revenue |
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| Revenue CDN* |
$501.0 |
$615.4 |
$769.9 |
$793.5 |
$731.8 |
$982.4 |
$1,246.5 |
$1,567.7 |
$1,616 |
$2,086 |
$1,789 |
$1,980 |
$2,272 |
$2,405 |
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221.79% |
<-Total Growth |
10 |
Revenue |
CDN$ |
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| Increase |
26.36% |
22.84% |
25.11% |
3.06% |
-7.78% |
34.25% |
26.89% |
25.77% |
3.11% |
29.06% |
-14.26% |
10.72% |
14.73% |
5.86% |
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12.40% |
<-IRR #YR-> |
10 |
Revenue |
CDN$ |
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| Rev per Share |
$19.28 |
$23.37 |
$27.95 |
$28.01 |
$24.81 |
$32.54 |
$41.47 |
$52.39 |
$53.68 |
$71.12 |
$60.37 |
$65.32 |
$75.88 |
$80.33 |
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9.70% |
<-IRR #YR-> |
5 |
Revenue |
CDN$ |
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| P/S (Price/Sales) |
0.43 |
0.53 |
0.63 |
0.30 |
0.62 |
0.74 |
0.70 |
0.61 |
0.41 |
0.22 |
0.34 |
0.46 |
0.34 |
0.32 |
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10.83% |
<-IRR #YR-> |
10 |
Rev per Share |
CDN$ |
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| Averages |
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P/S |
10 yr |
0.53 |
5 yr |
0.41 |
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9.51% |
<-IRR #YR-> |
5 |
Rev per Share |
CDN$ |
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| *Revenue in M
CDN$ (If a company cannot grow revenue, it cannot grow) |
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-$615 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$0 |
$1,980 |
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-$1,246.5 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$1,980 |
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-$23.37 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$65.32 |
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-$41.47 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$65.32 |
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| Adjusted EPS US$ |
$0.36 |
$0.46 |
$0.59 |
$0.64 |
$0.65 |
$0.74 |
$2.21 |
$1.17 |
$1.32 |
$1.37 |
$1.42 |
$1.61 |
$1.86 |
$2.19 |
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250.00% |
<-Total Growth |
10 |
Earnings |
US$ |
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| Split '05 |
$0.72 |
$0.92 |
$1.17 |
$1.27 |
$1.30 |
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(unusual items) |
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| EPS* US$ |
$0.36 |
$0.46 |
$0.59 |
$0.64 |
$0.65 |
$0.74 |
$2.21 |
$1.08 |
$0.85 |
$1.41 |
$1.42 |
$0.11 |
$1.86 |
$2.19 |
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-76.09% |
<-Total Growth |
10 |
Earnings |
US$ |
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| Increase |
33.33% |
27.78% |
27.17% |
8.55% |
2.36% |
13.85% |
198.65% |
-51.13% |
-21.30% |
65.88% |
0.71% |
-92.25% |
1590.91% |
17.74% |
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-13.33% |
<-IRR #YR-> |
10 |
Earnings |
US$ |
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| Earnings Yield |
6.3% |
5.8% |
5.2% |
11.0% |
5.6% |
3.8% |
9.0% |
3.9% |
3.8% |
10.7% |
7.4% |
0.4% |
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-45.12% |
<-IRR #YR-> |
5 |
Earnings |
US$ |
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| * ESP per
share (US, Diluted) |
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E/P |
10 Yrs |
5.37% |
5Yrs |
3.90% |
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-$0.46 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.11 |
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-$2.21 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.11 |
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| Adjusted EPS CDN$ |
$0.53 |
$0.70 |
$0.91 |
$0.99 |
$0.78 |
$0.89 |
$2.58 |
$1.35 |
$1.36 |
$1.68 |
$1.49 |
$1.61 |
$1.81 |
$2.20 |
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129.21% |
<-Total Growth |
10 |
Earnings |
CDN$ |
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| Split '05 CDN$ |
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(unusual items) |
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| EPS* CDN$ |
$0.53 |
$0.70 |
$0.91 |
$0.99 |
$0.78 |
$0.89 |
$2.58 |
$1.25 |
$0.87 |
$1.73 |
$1.49 |
$0.11 |
$1.81 |
$2.20 |
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-84.34% |
<-Total Growth |
10 |
Earnings |
CDN$ |
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| Increase |
14.06% |
32.04% |
30.31% |
8.55% |
-21.26% |
14.74% |
188.18% |
-51.72% |
-29.86% |
97.61% |
-13.60% |
-92.65% |
1550.41% |
21.55% |
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-16.92% |
<-IRR #YR-> |
10 |
Earnings |
CDN$ |
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| Earnings Yield |
6.4% |
5.6% |
5.2% |
11.7% |
5.1% |
3.7% |
8.9% |
3.9% |
3.9% |
10.8% |
7.3% |
0.4% |
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-46.82% |
<-IRR #YR-> |
5 |
Earnings |
CDN$ |
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| * ESP per share (CDN, Diluted) |
(re 2008, one bad year, does make this
suddenly a bad stock) |
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E/P |
10 Yrs |
5.14% |
5Yrs |
3.94% |
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-$0.70 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.11 |
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-$2.58 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.11 |
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| Div on Pref US$ |
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$1.16 |
$1.75 |
$1.75 |
$1.75 |
$1.75 |
$1.75 |
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| Div on Pref CND$ |
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$1.16 |
$1.88 |
$2.00 |
$1.74 |
$1.78 |
$1.78 |
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Factor = |
2.500 |
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Dividends |
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| Div on stock* |
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$0.46 |
$0.75 |
$0.80 |
$0.70 |
$0.71 |
$0.71 |
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#DIV/0! |
<-Total Growth |
2 |
Dividends |
CDN$ |
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| Increase |
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#DIV/0! |
61.92% |
6.24% |
-12.55% |
2.03% |
0.00% |
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Factor is number of Pref shares per stock |
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| Yield H/L Pr. |
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1.54% |
4.06% |
4.98% |
2.79% |
2.85% |
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3.43% |
<-Median-> |
4 |
Dividends |
CDN$ |
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| Yield on Cl Pr. |
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2.09% |
4.70% |
3.93% |
2.32% |
2.78% |
2.78% |
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3.13% |
<-Median-> |
4 |
Dividends |
CDN$ |
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| Payout Ratio |
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53.1% |
43.5% |
53.5% |
636.4% |
39.3% |
32.4% |
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53.32% |
<-Median-> |
4 |
DPR EPS |
CDN$ |
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| Payout Ratio CF |
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23.8% |
20.3% |
27.8% |
18.4% |
22.2% |
16.4% |
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22.06% |
<-Median-> |
4 |
DPR CF |
CDN$ |
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| Payout Ratio CF NC |
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17.3% |
17.3% |
34.2% |
23.3% |
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20.31% |
<-Median-> |
4 |
DPR CF NC |
CDN$ |
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| Median 5 Yrs |
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Yield |
3.43% |
3.13% |
Payout |
53.32% |
22.06% |
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#NUM! |
<-IRR #YR-> |
10 |
Dividends |
CDN$ |
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| * Dividends
per share equivalent for stock, CDN$ (paid in US$ so dividend fluctuates). |
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Last Div Inc US$ ---> |
$0.44 |
$0.44 |
0.0% |
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14.58% |
<-IRR #YR-> |
4 |
Dividends |
CDN$ |
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Until the end of 2009, I show what I actually
recevied. |
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$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.70 |
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-$0.46 |
$0.00 |
$0.00 |
$0.70 |
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| Price Close |
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$22.37 |
$18.75 |
$14.00 |
$20.75 |
$24.65 |
$25.58 |
$25.58 |
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10.19% |
<-Total Growth |
4 |
Stock Price |
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| Div Yield |
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0.00% |
6.19% |
13.41% |
9.62% |
7.08% |
6.96% |
6.96% |
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#NUM! |
<-IRR #YR-> |
10 |
Stock Price |
CDN$ |
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| Price H/L Median |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$21.38 |
$17.28 |
$17.65 |
$23.08 |
$25.58 |
$25.58 |
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2.46% |
<-IRR #YR-> |
4 |
Stock Price |
CDN$ |
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| Price High |
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$24.25 |
$21.05 |
$21.30 |
$25.45 |
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|
|
#NUM! |
<-IRR #YR-> |
10 |
Price & Div |
CDN$ |
|
|
|
|
|
|
|
|
|
| Price Low |
|
|
|
|
|
|
|
|
$18.50 |
$13.50 |
$14.00 |
$20.70 |
|
|
|
9.68% |
<-IRR #YR-> |
4 |
Price & Div |
CDN$ |
|
|
|
|
|
|
|
|
|
| Pref. Shares and Yield |
|
|
|
|
|
|
|
|
|
Yield Ave |
|
7.08% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$24.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$22.37 |
$0.00 |
$0.00 |
$0.00 |
$24.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$0.00 |
$225.36 |
$239.43 |
$0.00 |
$225.36 |
$239.43 |
$0.00 |
$1.16 |
$1.88 |
$2.00 |
$26.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$22.37 |
$1.16 |
$1.88 |
$2.00 |
$26.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| I am earning |
|
|
|
|
|
|
|
|
|
Pension |
$23.09 |
2002 |
3.08% |
Sold |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Yield if held 5 yrs |
|
|
|
|
|
|
|
|
3.19% |
6.13% |
4.08% |
2.63% |
2.46% |
2.36% |
|
3.64% |
<-Median-> |
4 |
Dividends |
CDN$ |
|
|
|
|
|
|
|
|
|
| Yield if held 10 yrs |
|
|
|
|
|
|
|
|
7.28% |
8.35% |
7.98% |
6.84% |
4.13% |
4.89% |
|
7.63% |
<-Median-> |
4 |
Dividends |
CDN$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Split '05 |
$11.50 |
$15.75 |
$22.71 |
$11.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price Cl US$ |
$5.75 |
$7.88 |
$11.36 |
$5.78 |
$11.64 |
$19.53 |
$24.58 |
$27.66 |
$22.60 |
$13.15 |
$19.12 |
$30.18 |
$25.05 |
$25.05 |
|
283.24% |
<-Total Growth |
10 |
Stock Price |
US$ |
|
|
|
|
|
|
|
|
|
| Increase |
-11.54% |
36.96% |
44.19% |
-49.14% |
101.56% |
67.78% |
25.86% |
12.53% |
-18.29% |
-41.81% |
45.40% |
57.85% |
-17.00% |
0.00% |
|
14.38% |
<-IRR #YR-> |
10 |
Stock Price |
US$ |
|
|
|
|
|
|
|
|
|
| 5 year values |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4.19% |
<-IRR #YR-> |
5 |
Stock Price |
US$ |
|
|
|
|
|
|
|
|
|
|
|
-$7.88 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$30.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$24.58 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$30.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Graham Price CDN$ |
$6.96 |
$8.51 |
$10.78 |
$12.31 |
$10.52 |
$12.24 |
$23.14 |
$16.91 |
$10.23 |
$9.43 |
$5.08 |
$2.11 |
$7.08 |
$7.81 |
|
-75.18% |
<-Total Growth |
10 |
Graham Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| Prem/Disc H/L |
43.6% |
19.9% |
60.0% |
18.3% |
16.5% |
59.6% |
14.5% |
70.9% |
194.8% |
96.1% |
215.3% |
1084.3% |
|
|
|
65.47% |
<-Median-> |
10 |
Graham Price |
|
|
|
|
|
|
|
|
|
|
| Prem/Disc High |
77.7% |
48.1% |
104.1% |
67.6% |
50.9% |
98.1% |
30.6% |
88.0% |
288.9% |
160.5% |
338.5% |
1323.2% |
|
|
|
101.08% |
<-Median-> |
10 |
Graham Price |
|
|
|
|
|
|
|
|
|
|
| Prem/Disc Low |
9.5% |
-8.3% |
16.0% |
-30.9% |
-17.8% |
21.1% |
-1.6% |
53.8% |
100.7% |
31.8% |
92.2% |
845.3% |
|
|
|
26.44% |
<-Median-> |
10 |
Graham Price |
|
|
|
|
|
|
|
|
|
|
| Prem/Disc Close |
19.9% |
46.9% |
63.1% |
-30.9% |
45.4% |
96.0% |
25.2% |
88.0% |
116.6% |
69.6% |
299.3% |
1323.2% |
261.3% |
227.7% |
|
78.85% |
<-Median-> |
10 |
Graham Price |
CDN$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price Cl CDN$ |
$8.35 |
$12.50 |
$17.58 |
$8.50 |
$15.30 |
$24.00 |
$28.97 |
$31.80 |
$22.17 |
$15.99 |
$20.30 |
$30.05 |
$25.58 |
$25.58 |
|
140.40% |
<-Total Growth |
10 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| Increase |
-15.44% |
49.70% |
40.64% |
-51.65% |
80.00% |
56.86% |
20.71% |
9.77% |
-30.28% |
-27.88% |
26.95% |
48.03% |
-14.88% |
0.00% |
|
9.17% |
<-IRR #YR-> |
10 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| P/E |
15.74 |
17.85 |
19.26 |
8.58 |
19.62 |
26.82 |
11.23 |
25.54 |
25.38 |
9.27 |
13.61 |
274.00 |
14.13 |
11.63 |
|
0.73% |
<-IRR #YR-> |
5 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| Trailing P/E |
17.96 |
23.57 |
25.10 |
9.31 |
15.45 |
30.77 |
32.37 |
12.33 |
17.80 |
18.31 |
11.76 |
20.15 |
233.25 |
14.13 |
|
10.25% |
<-IRR #YR-> |
10 |
Price & Div |
CDN$ |
|
|
|
|
|
|
|
|
|
| Median 10, 5 Yrs |
|
|
1.08% |
1.82% |
Div % |
Ret. |
|
Price Inc |
9.77% |
P/E: |
19.44 |
25.38 |
|
|
|
2.55% |
<-IRR #YR-> |
5 |
Price & Div |
CDN$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$12.50 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$30.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$28.97 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$30.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$12.50 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.46 |
$0.75 |
$0.80 |
$30.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$28.97 |
$0.00 |
$0.46 |
$0.75 |
$0.80 |
$30.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Split '05 |
$16.69 |
$15.75 |
$28.00 |
$27.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price H/L Median |
$10.00 |
$10.20 |
$17.25 |
$14.56 |
$12.26 |
$19.54 |
$26.50 |
$28.90 |
$30.17 |
$18.49 |
$16.03 |
$25.01 |
$25.01 |
|
|
145.15% |
<-Total Growth |
10 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| Increase |
11.11% |
2.00% |
69.12% |
-15.58% |
-15.79% |
59.35% |
35.62% |
9.06% |
4.39% |
-38.73% |
-13.28% |
55.99% |
|
|
|
9.38% |
<-IRR #YR-> |
10 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| P/E |
18.85 |
14.57 |
18.90 |
14.70 |
15.72 |
21.83 |
10.28 |
23.21 |
34.54 |
10.71 |
10.75 |
228.00 |
|
|
|
-1.15% |
<-IRR #YR-> |
5 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| Trailing P/E |
21.51 |
19.23 |
24.63 |
15.96 |
12.38 |
25.05 |
29.61 |
11.21 |
24.23 |
21.17 |
9.29 |
16.77 |
|
|
|
10.68% |
<-IRR #YR-> |
10 |
Price & Div |
CDN$ |
|
|
|
|
|
|
|
|
|
| Median 10, 5 Yrs |
|
|
1.30% |
2.08% |
Div % |
Ret. |
|
Price Inc |
4.39% |
P/E: |
17.31 |
23.21 |
|
|
|
0.93% |
<-IRR #YR-> |
5 |
Price & Div |
CDN$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$10.20 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$25.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$26.50 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$25.01 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$10.20 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.46 |
$0.75 |
$0.80 |
$25.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$26.50 |
$0.00 |
$0.46 |
$0.75 |
$0.80 |
$25.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Pr H/L Med Tot. |
$10.00 |
$10.20 |
$17.25 |
$14.56 |
$12.26 |
$19.54 |
$26.50 |
$28.90 |
$38.72 |
$25.40 |
$23.09 |
$34.24 |
$35.24 |
|
|
235.64% |
<-Total Growth |
10 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| Increase |
11.11% |
2.00% |
69.12% |
-15.58% |
-15.79% |
59.35% |
35.62% |
9.06% |
33.98% |
-34.41% |
-9.08% |
48.27% |
|
|
|
12.87% |
<-IRR #YR-> |
10 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| P/E |
18.85 |
14.57 |
18.90 |
14.70 |
15.72 |
21.83 |
10.28 |
23.21 |
44.33 |
14.71 |
15.48 |
312.16 |
|
|
|
5.26% |
<-IRR #YR-> |
5 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| Trailing P/E |
21.51 |
19.23 |
24.63 |
15.96 |
12.38 |
25.05 |
29.61 |
11.21 |
31.09 |
29.08 |
13.38 |
22.96 |
|
|
|
13.91% |
<-IRR #YR-> |
10 |
Price & Div |
CDN$ |
|
|
|
|
|
|
|
|
|
| Median 10, 5 Yrs |
|
|
1.03% |
1.77% |
Div % |
Ret. |
|
Price Inc |
9.06% |
P/E: |
17.31 |
23.21 |
|
|
|
7.03% |
<-IRR #YR-> |
5 |
Price & Div |
CDN$ |
|
|
|
|
|
|
|
|
|
| This is true
return as it includes Preferred shares |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$10.20 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$34.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$26.50 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$34.24 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$10.20 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.46 |
$0.75 |
$0.80 |
$34.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$26.50 |
$0.00 |
$0.46 |
$0.75 |
$0.80 |
$34.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| High Mth US$ |
|
|
|
|
Mar |
Mar |
Feb |
Mar |
Jul |
Apr |
Oct |
Dec |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price Hi US$ |
$8.34 |
$7.88 |
$14.00 |
$13.59 |
$11.99 |
$20.24 |
$26.96 |
$27.66 |
$37.70 |
$24.43 |
$21.57 |
$30.18 |
|
|
|
283.24% |
<-Total Growth |
10 |
Stock Price |
US$ |
|
|
|
|
|
|
|
|
|
| Increase |
20.27% |
-5.62% |
77.78% |
-2.93% |
-11.77% |
68.81% |
33.20% |
2.60% |
36.30% |
-35.20% |
-11.71% |
39.92% |
|
|
|
14.38% |
<-IRR #YR-> |
10 |
Stock Price |
US$ |
|
|
|
|
|
|
|
|
|
| 5 year values |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2.28% |
<-IRR #YR-> |
5 |
Stock Price |
US$ |
|
|
|
|
|
|
|
|
|
|
|
-$7.88 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$30.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$26.96 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$30.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| High Mth CDN$ |
Jun |
Mar |
Jan |
Jun |
Mar |
Mar |
Feb |
Mar |
Jul |
Apr |
Oct |
Dec |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Split '05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price Hi CDN$ |
$12.38 |
$12.60 |
$22.00 |
$20.63 |
$15.88 |
$24.25 |
$30.22 |
$31.80 |
$39.80 |
$24.55 |
$22.29 |
$30.05 |
$30.05 |
|
|
138.49% |
<-Total Growth |
10 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| Increase |
15.12% |
1.82% |
74.60% |
-6.25% |
-23.03% |
52.76% |
24.62% |
5.23% |
25.16% |
-38.32% |
-9.21% |
34.81% |
0.00% |
|
|
9.08% |
<-IRR #YR-> |
10 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| P/E |
23.33 |
17.99 |
24.11 |
20.82 |
20.35 |
27.10 |
11.72 |
25.54 |
45.57 |
14.22 |
14.95 |
274.00 |
|
|
|
-0.11% |
<-IRR #YR-> |
5 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| Trailing P/E |
45.83 |
35.00 |
47.83 |
35.26 |
25.00 |
37.31 |
40.84 |
14.39 |
36.85 |
28.88 |
15.81 |
21.16 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Median 10, 5 Yrs |
|
|
|
|
|
|
|
Price Inc |
5.23% |
P/E: |
22.46 |
25.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$12.60 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$30.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$30.22 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$30.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Low Mth US$ |
|
|
|
|
Apr |
Jul |
Jun |
Jan |
Jan |
Oct |
Mar |
Feb |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Split '05 |
$10.00 |
$11.13 |
$16.18 |
$11.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price Low US$ |
$5.00 |
$5.56 |
$8.09 |
$5.99 |
$5.70 |
$11.15 |
$17.58 |
$22.10 |
$20.48 |
$10.15 |
$7.53 |
$18.93 |
|
|
|
240.31% |
<-Total Growth |
10 |
Stock Price |
US$ |
|
|
|
|
|
|
|
|
|
| Increase |
8.11% |
11.25% |
45.45% |
-25.96% |
-4.84% |
95.61% |
57.67% |
25.71% |
-7.33% |
-50.44% |
-25.81% |
151.39% |
|
|
|
13.03% |
<-IRR #YR-> |
10 |
Stock Price |
US$ |
|
|
|
|
|
|
|
|
|
| 5 year values |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1.49% |
<-IRR #YR-> |
5 |
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
-$5.56 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$18.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$17.58 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$18.93 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Low Mth CDN$ |
Nov |
Apr |
Apr |
Mar |
Apr |
Jul |
May |
Jan |
Jan |
Jul |
Mar |
Feb |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Split '05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price Low CDN$ |
$7.63 |
$7.80 |
$12.50 |
$8.50 |
$8.65 |
$14.83 |
$22.78 |
$26.00 |
$20.54 |
$12.42 |
$9.77 |
$19.96 |
$19.96 |
|
|
155.90% |
<-Total Growth |
10 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| Increase |
5.17% |
2.30% |
60.26% |
-32.00% |
1.76% |
71.45% |
53.61% |
14.14% |
-21.00% |
-39.53% |
-21.34% |
104.30% |
|
|
|
9.85% |
<-IRR #YR-> |
10 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| P/E |
14.38 |
11.14 |
13.70 |
8.58 |
11.09 |
16.57 |
8.83 |
20.88 |
23.52 |
7.20 |
6.55 |
182.00 |
|
|
|
-2.61% |
<-IRR #YR-> |
5 |
Stock Price |
CDN$ |
|
|
|
|
|
|
|
|
|
| Trailing P/E |
16.40 |
14.71 |
17.85 |
9.31 |
8.73 |
19.01 |
25.45 |
10.08 |
16.49 |
14.22 |
5.66 |
13.39 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Median 10, 5 Yrs |
|
|
|
|
|
|
|
Price Inc |
-21.00% |
P/E: |
12.39 |
20.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$7.80 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$19.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$22.78 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$19.96 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market Cap |
$217 |
$329 |
$484 |
$241 |
$451 |
$725 |
$871 |
$952 |
$668 |
$469 |
$601 |
$911 |
$766 |
$766 |
|
|
|
|
|
CDN$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Split '05 |
12.990 |
13.168 |
13.775 |
14.164 |
14.750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| # of Shares |
25.979 |
26.336 |
27.551 |
28.328 |
29.500 |
30.193 |
30.056 |
29.923 |
30.113 |
29.333 |
29.625 |
30.318 |
29.940 |
29.940 |
|
Capital Stock |
|
|
|
|
|
|
|
|
|
|
|
|
| Increase |
0.55% |
1.38% |
4.61% |
2.82% |
4.13% |
2.35% |
-0.45% |
-0.44% |
0.63% |
-2.59% |
0.99% |
2.34% |
-1.25% |
0.00% |
|
1.44% |
<-Average |
10 |
|
|
|
|
|
|
|
|
|
|
|
| OCF US$ |
$19.7 |
$22.3 |
$25.0 |
$32.6 |
$35.1 |
$37.0 |
$59.3 |
$59.8 |
$57.2 |
$88.5 |
$81.0 |
$115.1 |
$94.6 |
$127.5 |
|
416.16% |
<-Total Growth |
10 |
Cash Flow |
US$ |
|
|
|
|
|
|
|
|
|
| OPS US$ |
$0.76 |
$0.85 |
$0.91 |
$1.15 |
$1.19 |
$1.23 |
$1.97 |
$2.00 |
$1.90 |
$3.02 |
$2.74 |
$3.79 |
$3.16 |
$4.26 |
|
348.37% |
<-Total Growth |
10 |
CF per Share |
US$ |
|
|
|
|
|
|
|
|
|
| OCF CDN $ |
$29.0 |
$33.9 |
$38.9 |
$50.8 |
$42.1 |
$44.8 |
$69.3 |
$68.9 |
$58.7 |
$108.3 |
$85.1 |
$114.7 |
$96.2 |
$129.7 |
|
238.02% |
<-Total Growth |
10 |
Cash Flow |
CDN$ |
|
|
|
|
|
|
|
|
|
| OPS CDN$ |
$1.12 |
$1.29 |
$1.41 |
$1.79 |
$1.43 |
$1.48 |
$1.97 |
$2.30 |
$1.95 |
$3.69 |
$2.87 |
$3.78 |
$3.21 |
$4.33 |
|
193.63% |
<-Total Growth |
10 |
CF per Share |
CDN$ |
|
|
|
|
|
|
|
|
|
| Non-Cash CF US$ |
$4.0 |
$6.8 |
$10.7 |
$7.2 |
$1.3 |
$12.1 |
$9.0 |
$5.9 |
$21.2 |
$15.5 |
-$15.2 |
-$23.9 |
-$23.9 |
-$23.9 |
|
11.37% |
<-IRR #YR-> |
10 |
CF per Share |
CDN$ |
|
|
|
|
|
|
|
|
|
| Non-Cash CF CDN$ |
$5.9 |
$10.4 |
$16.7 |
$11.2 |
$1.5 |
$14.7 |
$10.5 |
$6.8 |
$21.8 |
$19.0 |
-$16.0 |
-$23.8 |
-$24.3 |
-$24.3 |
|
13.89% |
<-IRR #YR-> |
5 |
CF per Share |
CDN$ |
|
|
|
|
|
|
|
|
|
| OPS non-cash |
$1.34 |
$1.68 |
$2.02 |
$2.19 |
$1.48 |
$1.97 |
$2.65 |
$2.53 |
$2.67 |
$4.34 |
$2.33 |
$3.00 |
$2.40 |
$3.52 |
|
5.94% |
<-IRR #YR-> |
10 |
OPS Less N-C |
CDN$ |
|
|
|
|
|
|
|
|
|
| P/CF on Cl |
6.22 |
7.42 |
8.70 |
3.88 |
10.35 |
12.19 |
10.92 |
12.56 |
8.29 |
3.68 |
8.70 |
10.02 |
10.65 |
7.26 |
|
2.47% |
<-IRR #YR-> |
5 |
OPS Less N-C |
CDN$ |
|
|
|
|
|
|
|
|
|
| Medians |
|
|
|
|
|
|
|
P/CF |
10 Yrs |
8.93 |
5 Yrs |
8.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| *Operational
Cash Flow per share (shares at year end, Subordinate and Multiple Voting
Shares) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$1.29 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$3.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$1.97 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$3.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$1.68 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$3.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$2.65 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$3.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPM |
5.8% |
5.5% |
5.1% |
6.4% |
5.7% |
4.6% |
5.6% |
4.4% |
3.6% |
5.2% |
4.8% |
5.8% |
|
|
|
should be zero, it is a check
on calculations |
|
|
|
CDN$ |
|
|
|
|
|
|
|
|
|
| Diff from Ave |
12.9% |
7.6% |
-1.3% |
24.9% |
12.2% |
-11.1% |
8.4% |
-14.2% |
-29.1% |
1.3% |
-7.2% |
13.0% |
|
|
|
0.00 |
<-Median-> |
10 |
OPM |
|
|
|
|
|
|
|
|
|
|
| *Operational
Profit Margin (CF/Revenue) Ratio |
|
|
|
|
OPM |
10 Yrs |
5.13% |
5 Yrs |
4.76% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2011 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Curr Assets US$ |
$74.95 |
$106.11 |
$120.87 |
$122.38 |
$147.23 |
$248.77 |
$355.41 |
$362.36 |
$428.82 |
$340.86 |
$382.29 |
$419.63 |
$426.89 |
|
|
Liq ratio of 1.5 and up, best |
|
Assets |
US$ |
|
|
|
|
|
|
|
|
|
| Curr Liab. |
$51.56 |
$71.77 |
$78.45 |
$70.51 |
$86.37 |
$182.78 |
$184.71 |
$256.83 |
$333.64 |
$285.08 |
$321.02 |
$411.90 |
$570.10 |
|
|
1.39 |
<-Median-> |
10 |
Liabilities |
US$ |
|
|
|
|
|
|
|
|
|
| Liquidity |
1.45 |
1.48 |
1.54 |
1.74 |
1.70 |
1.36 |
1.92 |
1.41 |
1.29 |
1.20 |
1.19 |
1.02 |
0.75 |
|
|
1.20 |
<-Median-> |
5 |
Ratio |
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Curr Assets CDN$ |
$110.42 |
$161.54 |
$188.56 |
$190.92 |
$176.68 |
$300.86 |
$414.76 |
$417.80 |
$440.61 |
$417.21 |
$401.45 |
$418.37 |
$434.23 |
|
|
Liq ratio of 1.5 and up, best |
|
Assets |
CDN$ |
|
|
|
|
|
|
|
|
|
| Curr Liab. |
$75.96 |
$109.26 |
$122.39 |
$109.99 |
$103.64 |
$221.06 |
$215.55 |
$296.12 |
$342.82 |
$348.94 |
$337.11 |
$410.67 |
$579.90 |
|
|
1.39 |
<-Median-> |
10 |
Liabilities |
CDN$ |
|
|
|
|
|
|
|
|
|
| Liquidity |
1.45 |
1.48 |
1.54 |
1.74 |
1.70 |
1.36 |
1.92 |
1.41 |
1.29 |
1.20 |
1.19 |
1.02 |
0.75 |
|
|
1.20 |
<-Median-> |
5 |
Ratio |
CDN$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets US$ |
$234.18 |
$313.66 |
$358.21 |
$389.03 |
$437.55 |
$626.73 |
$711.00 |
$817.00 |
$1,089.3 |
$990.6 |
$1,009.5 |
$1,129.5 |
$1,149.6 |
|
|
A/L ratio of 1.5 and up, best |
|
Assets |
US$ |
|
|
|
|
|
|
|
|
|
| Liab. |
$162.55 |
$234.20 |
$258.27 |
$265.63 |
$282.45 |
$440.86 |
$473.25 |
$503.81 |
$725.19 |
$679.3 |
$679.3 |
$755.9 |
$914.1 |
|
|
1.49 |
<-Median-> |
10 |
Liabilities |
US$ |
|
|
|
|
|
|
|
|
|
| Liquidity |
1.44 |
1.34 |
1.39 |
1.46 |
1.55 |
1.42 |
1.50 |
1.62 |
1.50 |
1.46 |
1.49 |
1.49 |
1.26 |
|
|
1.49 |
<-Median-> |
5 |
Ratio |
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets CDN$ |
$345.0 |
$477.5 |
$558.8 |
$606.9 |
$525.1 |
$758.0 |
$829.7 |
$942.0 |
$1,119.3 |
$1,212.5 |
$1,060.1 |
$1,126.2 |
$1,169.4 |
|
|
A/L ratio of 1.5 and up, best |
|
Assets |
CDN$ |
|
|
|
|
|
|
|
|
|
| Liab. |
$239.5 |
$356.6 |
$402.9 |
$414.4 |
$338.9 |
$533.2 |
$552.3 |
$580.9 |
$745.1 |
$831.5 |
$713.4 |
$753.7 |
$929.8 |
|
|
1.49 |
<-Median-> |
10 |
Liabilities |
CDN$ |
|
|
|
|
|
|
|
|
|
| Liquidity |
1.44 |
1.34 |
1.39 |
1.46 |
1.55 |
1.42 |
1.50 |
1.62 |
1.50 |
1.46 |
1.49 |
1.49 |
1.26 |
|
|
1.49 |
<-Median-> |
5 |
Ratio |
CDN$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Check US$ |
|
|
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$552.1 |
$783.7 |
$843.5 |
$679.3 |
|
|
|
|
|
|
|
|
US$ |
|
|
|
|
|
|
|
|
|
| Check CDN$ |
|
|
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$636.6 |
$805.2 |
$1,032.4 |
$713.4 |
|
|
|
|
|
|
|
|
CDN$ |
|
|
|
|
|
|
|
|
|
| Non-control int.US$ |
$7.0 |
$8.8 |
$11.3 |
$13.8 |
$16.1 |
$26.5 |
$28.5 |
$48.3 |
$58.5 |
$164.2 |
$164.2 |
$174.4 |
$153.6 |
|
|
|
|
|
|
US$ |
|
|
|
|
|
|
|
|
|
| Non-control int.CDN$ |
$10.3 |
$13.4 |
$17.7 |
$21.6 |
$19.3 |
$32.0 |
$33.2 |
$55.7 |
$60.1 |
$200.9 |
$172.4 |
$173.8 |
$156.3 |
|
|
|
|
|
|
CDN$ |
|
|
|
|
|
|
|
|
|
| Total Equity US$ |
$71.6 |
$79.5 |
$99.9 |
$123.4 |
$155.1 |
$185.9 |
$237.8 |
$264.9 |
$305.7 |
$199.1 |
$166.0 |
$199.2 |
$176.8 |
|
|
150.77% |
<-Total Growth |
10 |
Tot. Eq |
US$ |
|
|
|
|
|
|
|
|
|
| Total Equity CDN$ |
$105.5 |
$121.0 |
$155.9 |
$192.5 |
$186.1 |
$224.8 |
$277.5 |
$305.4 |
$314.1 |
$243.7 |
$174.4 |
$198.7 |
$179.8 |
|
|
64.22% |
<-Total Growth |
10 |
Tot. Eq |
CDN$ |
|
|
|
|
|
|
|
|
|
| Change |
134.36% |
14.62% |
28.88% |
23.49% |
-3.32% |
20.78% |
23.43% |
10.07% |
2.84% |
-22.39% |
-28.47% |
13.93% |
-9.47% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| T.E. CDN$ per share |
$4.06 |
$4.59 |
$5.66 |
$6.80 |
$6.31 |
$7.45 |
$9.23 |
$10.21 |
$10.43 |
$8.31 |
$5.89 |
$6.55 |
$6.01 |
|
|
42.65% |
<-Total Growth |
10 |
Tot. Eq |
CDN$ |
|
|
|
|
|
|
|
|
|
| P/BV (CL) |
2.06 |
2.72 |
3.11 |
1.25 |
2.43 |
3.22 |
3.14 |
3.12 |
2.13 |
1.92 |
3.45 |
4.59 |
4.26 |
|
|
1.3688 |
Current/Historical |
|
Book Value |
CDN$ |
|
|
|
|
|
|
|
|
|
| Preferred Shares US$ |
|
|
|
|
|
|
|
$0.0 |
$149.5 |
$144.3 |
$144.3 |
$144.3 |
$140.6 |
|
|
3.62% |
<-IRR #YR-> |
10 |
Tot. Eq |
CDN$ |
|
|
|
|
|
|
|
|
|
| Preferred
Shares CDN$ |
|
|
|
|
|
|
$0.0 |
$153.6 |
$176.6 |
$151.5 |
$143.9 |
$143.0 |
|
|
-6.63% |
<-IRR #YR-> |
5 |
Tot. Eq |
CDN$ |
|
|
|
|
|
|
|
|
|
| Leverage (A/BK) |
3.27 |
3.95 |
3.58 |
3.15 |
2.82 |
3.37 |
2.99 |
3.08 |
3.56 |
4.97 |
6.08 |
5.67 |
6.50 |
|
|
3.47 |
<-Median-> |
10 |
A/BV |
CDN$ |
|
|
|
|
|
|
|
|
|
| Debt/Equity Ratio |
2.27 |
2.95 |
2.58 |
2.15 |
1.82 |
2.37 |
1.99 |
1.90 |
2.37 |
3.41 |
4.09 |
3.79 |
5.17 |
|
|
2.37 |
<-Median-> |
10 |
Debt/Eq Ratio |
CDN$ |
|
|
|
|
|
|
|
|
|
| Total
Shareholders Equity |
|
|
|
|
|
|
P/BV |
10 yr Med |
3.11 |
5 yr Med |
3.12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$4.59 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$6.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$9.23 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$6.55 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book Value US |
$71.6 |
$79.5 |
$99.9 |
$123.4 |
$155.1 |
$185.9 |
$237.8 |
$264.9 |
$156.2 |
$54.8 |
$21.7 |
$54.9 |
$36.2 |
|
|
-30.85% |
<-Total Growth |
10 |
Book Value |
US$ |
|
|
|
|
|
|
|
|
|
| Book Value CDN$ |
$105.5 |
$121.0 |
$155.9 |
$192.5 |
$186.1 |
$224.8 |
$277.5 |
$305.4 |
$160.5 |
$67.1 |
$22.8 |
$54.8 |
$36.9 |
|
|
-54.72% |
<-Total Growth |
10 |
Book Value |
CDN$ |
|
|
|
|
|
|
|
|
|
| BV per share |
$4.06 |
$4.59 |
$5.66 |
$6.80 |
$6.31 |
$7.45 |
$9.23 |
$10.21 |
$5.33 |
$2.29 |
$0.77 |
$1.81 |
$1.23 |
$1.23 |
|
-60.66% |
<-Total Growth |
10 |
Book Value |
CDN$ |
|
|
|
|
|
|
|
|
|
| Change |
133.09% |
13.06% |
23.20% |
20.10% |
-7.16% |
18.01% |
23.99% |
10.56% |
-47.78% |
-57.07% |
-66.34% |
134.59% |
-31.86% |
|
|
6.5324 |
Current/Historical |
|
Book Value |
CDN$ |
|
|
|
|
|
|
|
|
|
| P/BV (CL) |
2.06 |
2.72 |
3.11 |
1.25 |
2.43 |
3.22 |
3.14 |
3.12 |
4.16 |
6.99 |
26.36 |
16.63 |
20.78 |
|
|
-8.91% |
<-IRR #YR-> |
10 |
Book Value |
CDN$ |
|
|
|
|
|
|
|
|
|
| Change |
-63.72% |
32.40% |
14.16% |
-59.74% |
93.88% |
32.93% |
-2.65% |
-0.72% |
33.51% |
68.02% |
277% |
-36.90% |
24.93% |
|
|
-27.84% |
<-IRR #YR-> |
5 |
Book Value |
CDN$ |
|
|
|
|
|
|
|
|
|
| Leverage (A/BK) |
3.27 |
3.95 |
3.58 |
3.15 |
2.82 |
3.37 |
2.99 |
3.08 |
6.97 |
18.07 |
46.46 |
20.56 |
31.73 |
|
|
3.48 |
<-Median-> |
10 |
A/BV |
CDN$ |
|
|
|
|
|
|
|
|
|
| Debt/Equity Ratio |
2.27 |
2.95 |
2.58 |
2.15 |
1.82 |
2.37 |
1.99 |
1.90 |
4.64 |
12.39 |
31.27 |
13.76 |
25.23 |
|
|
2.48 |
<-Median-> |
10 |
Debt/Eq Ratio |
CDN$ |
|
|
|
|
|
|
|
|
|
| Sharerholders
Equity (Assets less liabilities) |
|
|
|
|
|
P/BV |
10 yr Med |
3.18 |
5 yr Med |
6.99 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$4.59 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$9.23 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.81 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ROE |
|
|
|
|
|
|
|
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 |
|
|
|
Not Shown in Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ROE |
|
|
|
|
|
|
|
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 |
$0.00 |
|
|
|
Not Shown in Financial Statements |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ROE |
13.8% |
16.0% |
17.4% |
14.9% |
12.3% |
12.5% |
29.2% |
13.2% |
17.6% |
96.1% |
-252.9% |
6.3% |
47.5% |
<-12 mths |
|
Net Income/Shareholders'
equity |
|
|
ROE |
CDN$ |
|
|
|
|
|
|
|
|
|
| 5Yr Median |
|
16.0% |
16.0% |
16.0% |
14.9% |
14.9% |
14.9% |
13.2% |
13.2% |
17.6% |
17.6% |
13.2% |
17.6% |
<-12 mths |
|
|
|
|
ROE |
CDN$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income US$ |
$9.87 |
$12.71 |
$17.41 |
$18.44 |
$19.02 |
$23.21 |
$69.50 |
$34.86 |
$27.45 |
$52.68 |
-$54.96 |
$3.46 |
$17.21 |
<-12 mths |
|
-72.75% |
<-Total Growth |
10 |
Net Income |
US$ |
|
|
|
|
|
|
|
|
|
| Oper C. F. |
$19.67 |
$22.29 |
$24.97 |
$32.55 |
$35.06 |
$37.03 |
$59.35 |
$59.79 |
$57.17 |
$88.51 |
$81.05 |
$115.05 |
|
|
|
|
C F Statement |
|
Oper C. F. |
US$ |
|
|
|
|
|
|
|
|
|
| Invest. C. F |
-$32.81 |
-$55.95 |
-$35.99 |
-$24.34 |
-$29.08 |
-$73.85 |
$56.48 |
-$102.15 |
-$179.57 |
$38.48 |
-$87.98 |
-$66.13 |
|
|
|
|
C F Statement |
|
Invest. C. F |
US$ |
|
|
|
|
|
|
|
|
|
| Total Accruals |
$23.00 |
$46.37 |
$28.44 |
$10.22 |
$13.05 |
$60.02 |
-$46.33 |
$77.22 |
$149.84 |
-$74.31 |
-$48.03 |
-$45.46 |
|
|
|
|
|
|
Accruals |
US$ |
|
|
|
|
|
|
|
|
|
| Total Assets |
$234.18 |
$313.66 |
$358.21 |
$389.03 |
$437.55 |
$626.73 |
$711.00 |
$817.00 |
$1,089.34 |
$990.64 |
$1,009.5 |
$1,129.5 |
|
|
|
|
Balance Sheet |
|
Assets |
US$ |
|
|
|
|
|
|
|
|
|
| Accruals Ratio |
9.82% |
14.78% |
7.94% |
2.63% |
2.98% |
9.58% |
-6.52% |
9.45% |
13.76% |
-7.50% |
-4.76% |
-4.02% |
|
|
|
|
|
|
Ratio |
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fin. C. F. US$ |
$0.42 |
-$0.528 |
-$0.578 |
-$11.130 |
$5.061 |
$50.717 |
$15.721 |
-$28.952 |
$96.695 |
-$111.01 |
$18.72 |
-$51.05 |
|
|
|
|
C F Statement |
|
Fin. C. F |
US$ |
|
|
|
|
|
|
|
|
|
| Total Accruals |
$22.59 |
$46.90 |
$29.01 |
$21.35 |
$7.99 |
$9.31 |
-$62.06 |
$106.17 |
$53.15 |
$36.70 |
-$66.74 |
$5.59 |
|
|
|
|
|
|
Accruals |
US$ |
|
|
|
|
|
|
|
|
|
| Accruals Ratio |
9.64% |
14.95% |
8.10% |
5.49% |
1.83% |
1.48% |
-8.73% |
13.00% |
4.88% |
3.70% |
-6.61% |
0.49% |
|
|
|
|
|
|
Ratio |
US$ |
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|
|
|
| Net Income CDN$ |
$14.54 |
$19.35 |
$27.17 |
$28.77 |
$22.83 |
$28.07 |
$81.10 |
$40.20 |
$28.20 |
$64.48 |
-$57.71 |
$3.45 |
$17.51 |
<-12 mths |
|
-82.15% |
<-Total Growth |
10 |
Net Income |
CDN$ |
|
|
|
|
|
|
|
|
|
| Oper C. F. |
$28.98 |
$33.93 |
$38.95 |
$50.78 |
$42.07 |
$44.79 |
$69.26 |
$68.94 |
$58.74 |
$108.34 |
$85.11 |
$114.71 |
|
|
|
|
C F Statement |
|
Oper C. F. |
CDN$ |
|
|
|
|
|
|
|
|
|
| Invest. C. F |
-$48.33 |
-$85.18 |
-$56.14 |
-$37.96 |
-$34.90 |
-$89.31 |
$65.91 |
-$117.77 |
-$184.50 |
$47.10 |
-$92.39 |
-$65.93 |
|
|
|
|
C F Statement |
|
Invest. C. F |
CDN$ |
|
|
|
|
|
|
|
|
|
| Total Accruals |
$33.89 |
$70.59 |
$44.36 |
$15.95 |
$15.66 |
$72.59 |
-$54.07 |
$89.03 |
$153.96 |
-$90.96 |
-$50.43 |
-$45.33 |
|
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|
|
|
Accruals |
CDN$ |
|
|
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|
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|
| Total Assets |
$345.02 |
$477.52 |
$558.80 |
$606.9 |
$525.1 |
$758.0 |
$829.7 |
$942.0 |
$1,119.3 |
$1,212.5 |
$1,060.1 |
$1,126.2 |
|
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|
Balance Sheet |
|
Assets |
CDN$ |
|
|
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|
|
|
| Accruals Ratio |
9.82% |
14.78% |
7.94% |
2.63% |
2.98% |
9.58% |
-6.52% |
9.45% |
13.76% |
-7.50% |
-4.76% |
-4.02% |
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|
Ratio |
CDN$ |
|
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|
| Fin. C. F. CDN$ |
$0.61 |
-$0.80 |
-$0.90 |
-$17.36 |
$6.07 |
$61.34 |
$18.35 |
-$33.38 |
$99.35 |
-$135.88 |
$19.65 |
-$50.90 |
|
|
|
|
C F Statement |
|
Fin. C. F |
CDN$ |
|
|
|
|
|
|
|
|
|
| Total Accruals |
$33.28 |
$71.39 |
$45.26 |
$33.31 |
$9.59 |
$11.25 |
-$72.42 |
$122.41 |
$54.61 |
$44.92 |
-$70.09 |
$5.57 |
|
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|
Accruals |
CDN$ |
|
|
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|
|
|
|
| Accruals Ratio |
9.64% |
14.95% |
8.10% |
5.49% |
1.83% |
1.48% |
-8.73% |
13.00% |
4.88% |
3.70% |
-6.61% |
0.49% |
|
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Ratio |
CDN$ |
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| Dec 9,
2011. Last estimates I got were EPS of
$1.81 and $2.00US$. |
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| Mar 2010 AR
Dec 2009. They provide an adjusted EPS
of $1.42 US$. This is earnings from
continuing business. Cannot figures
out Book Value properly. |
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| Mar 2009 AR
Dec 2008. I have an estimate of 1.08,
but EPS came in at $1.41. I used 12 mths to Dec 08 figures from
Globeinvestor, not annual report, which was for 9 mths. |
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| AR Dec
2008. The annual report date was
changed but report just had 9 mths figures to Dec 2008. I determined a last 12 month figure by
using 9th figures plus Mar 2008 figure.
In some places I had to used |
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| Dec 2007
9 mth figure compared to March 2008 12 mth figure to get to the March
2008 Q figure. I wanted a 12 mth
figure. |
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| May
2008. I was looking at this as it has
come down a lot over the last few months.
There is lots of insider buying.
Also, the company has instituted rebuying shares. Has the market overreacted? |
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| This is very
possible. The loss in EPS does not
seem to call for such a large drop in price from $40 a share in July 2007 to
$15 today. Or, is something else happening?
Does the market know |
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| something I
cannot see? Usually heavy buying by a company and it excutives is a good
sign. I will hold for now. Also, even
though the company said with the 2008 annual report that they would not be
buying |
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| their stock,
they have started to do so. They stock
has come down quite a bit from the time of the 2008 report. |
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| AR2008. Negative that they keep changing the value
for Revenue. They operate world wide,
and US values are better than CDN, as our currency has increased a lot
lately. |
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| They have
been hit by the problems in US, but TD feels that next year will be
better. They like their long term
propects and have an action buy on this stock currently. I will hold for now. |
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| 2007. This company has given out preferred
shares, so now I get a dividend. |
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| AR2006. I haven't done well on this stock to date,
but stock seems to have done well. |
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| AR2005. I haven't made much money on this stock IRR
of 8.15, but I bought it at P/E of 21.4
Stock is back to where I bought it, basically, so no wonder I have
made little money on it. Paid too
much. |
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| AP 2004. Got it for a core stock. Would be better if it had a dividend. It is doing OK. |
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| Looks like a
good company to buy. The price is not
unreasonable considering what the increase in EPS is. |
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| On August 1,
2007, the Company issued a stock dividend in the form of 7% Cumulative
Preference Shares, Series 1 (the “Preferred Shares”) to holders of
Subordinate Voting Shares and Multiple Voting Shares. |
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| One
Preferred Share was issued for every five outstanding Common Shares. Each
Preferred Share has a stated amount of $25.00. Preferred dividends are
payable quarterly on or about the last day of each quarter. |
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| The
Preferred Shares are redeemable for cash or convertible into Subordinate
Voting Shares at the option of the Company at any time. |
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| FSV.DB.U -
Convertible Debentures |
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| FSV.PR.U is
Preferred Shares |
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| How they make
their money |
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| This company
is a global diversified leader in the rapidly growing real estate services
sector, providing services in the following three areas: commercial real
estate, residential property management, |
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| and property
services. This is an international
company, having business in North and South America, Europe, Asia, Australia
and New Zealand. |
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| Controlling
shareholder is Jay Hennick. He has 9%
holding, but has 52.5% voting control. |
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| M$ US |
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| Cash flows |
$19.673 |
$22.290 |
$24.965 |
$32.554 |
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| Operations |
-$32.806 |
-$55.853 |
-$35.987 |
-$26.171 |
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| Investing |
$0.415 |
-$0.528 |
-$0.578 |
-$11.130 |
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| Financing |
$3.297 |
$5.115 |
$7.332 |
$5.378 |
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| Cash |
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| 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. |
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| 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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| Copyright ©
2008 Website of SPBrunner. All rights reserved. |
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| Hennick, Jay
Steward CEO |
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|
2.641 |
|
8.82% |
$67,563,635 |
|
Shares |
|
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|
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|
|
|
|
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|
1.419 |
|
|
$36,291,599 |
|
Prefers |
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| Proof for 2.5 factor |
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|
12/31/08 |
12/31/09 |
|
12/31/08 |
12/31/09 |
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|
$225.36 |
$239.43 |
|
$225.36 |
$239.43 |
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|
$1.88 |
$2.00 |
|
$0.75 |
$0.80 |
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|
$0.80 |
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2.50 |
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