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. 3/31/11 <-Q3 2011
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/
Gluskin Sheff + Associates Inc http://www.gluskinsheff.com TSX-GS Fiscal Yr: Jun 30 Yr 2011 Yr 2012
Year 6/30/98 6/30/99 6/30/00 6/30/01 6/30/02 7/1/03 5/31/04 6/30/05 6/30/06 7/1/07 6/30/08 6/30/09 6/30/10 6/30/11 #Y
Accting Rules C GAAP C GAAP
Revenue* $47.7 $123.5 $133.8 $179.8 $105.8 $69.0 $123.3 $121.0 $126.0 158.43% <-Total Growth 6 Revenue
Increase 158.87% 8.33% 34.43% -41.19% -34.73% 78.57% -1.84% 4.13% #NUM! <-IRR #YR-> 10 Revenue
Rev per Share $16.25 $4.58 $6.15 $3.62 $2.36 $4.21 $4.13 $4.30 -2.02% <-IRR #YR-> 4 Revenue
P/S (Price/Sales) 1.14 3.37 4.25 5.41 6.81 4.04 4.20 4.04 #NUM! <-IRR #YR-> 10 Rev Per share
*Revenue in M CDN $  P/S 10 yr  4.14 5 yr  4.25 -2.08% <-IRR #YR-> 4 Rev Per share
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $123.3
-$133.8 $0.0 $0.0 $0.0 $123.3
$0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $4.2
-$4.6 $0.0 $0.0 $0.0 $4.2
EPS* $0.62 $0.10 $2.55 $1.34 $0.73 $1.30 $1.55 $1.51 108.44% <-Total Growth 5 Earnings
Increase -84% 2450% -47.45% -45.52% 78.08% 19.23% -2.58% #NUM! <-IRR #YR-> 10 Earnings
Earnings Yield 3.4% 0.6% 9.8% 6.8% 4.5% 7.6% 8.9% 8.7% 15.82% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 5.69% 5Yrs 6.84%
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.30
-$0.62 $0.00 $0.00 $0.00 $0.00 $1.30
Total Dividends $0.31 $1.81 $0.75 $0.60
Yield on Cl 1.18% 9.25% 4.66% 3.50% 4.08% <-Median-> 4 Total Div
Special Div $1.39 $0.28 $0.10 $0.80 $0.00 Sp Div
Div* $0.31 $0.42 $0.47 $0.50 $0.55 $0.55 60.98% <-Total Growth 3 Reg Div
Increase 37.40% 11.24% 5.32% 11.11% 0.00% 11.24% <-Median-> 3 Reg Div
Yield H/L 1.52% 1.71% 3.73% 2.63% 2.17% <-Median-> 4 Reg Div
Yield on High 1.10% 1.39% 2.45% 2.17% 1.78% <-Median-> 4 Reg Div
Yield on Low 2.46% 2.25% 7.82% 3.36% 2.91% <-Median-> 4 Reg Div
Yield on Cl 1.18% 2.16% 2.92% 2.91% 3.17% 3.17% 2.53% <-Median-> 4 Reg Div
Payout Ratio E 12.1% 135.3% 102.7% 45.8% 87.1% 36.4% 74.25% <-Median-> 4 Payout- All Divs
Payout Ratio CF 20.1% 73.2% 85.5% 28.9% 51.07% <-Median-> 4 Payout- All Divs
Average 5 Yrs Div Yd 5.34% in 5 yrs 3.17% Yield  2.17% 2.53% Payout 74.25% 51.07% #NUM! <-IRR #YR-> 10 Reg Div
* Dividends per share  11.00% 5 11.00% Last Div Inc ---> $0.13 $0.14 10.0% 17.20% <-IRR #YR-> 3 Reg Div
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.50
-$0.31 $0.00 $0.00 $0.50
H/LYield held 5 yrs 3.29% 2.73% Ave H/L Yield on your  Reg Div
H/LYield held 10 yrs #DIV/0! #DIV/0! Ave H/L original money Reg Div
Graham No. $2.96 $0.45 $11.99 $7.89 $5.94 $9.36 $9.77 $9.64 216.40% <-Total Growth 5 Graham Price
Prem /Disc.Med H/L 3643.37% 68.12% 212.51% 112.30% 100.79% 112.30% <-Median-> 5 Graham Price
Prem /Disc. High 4044.36% 132.03% 286.68% 223.37% 144.04% 223.37% <-Median-> 5 Graham Price
Prem /Disc. Low 3242.37% 4.22% 138.35% 1.22% 57.53% 57.53% <-Median-> 5 Graham Price
Prem /Disc. Cl 525.14% 3361% 117.94% 148.49% 171.16% 81.56% 77.80% 80.14% 159.83% <-Median-> 6 Graham Price
Price Cl $18.50 $15.45 $26.14 $19.60 $16.10 $17.00 $17.37 $17.37 -8.11% <-Total Growth 5 Stock Price
Increase -16.49% 69.19% -25.02% -17.86% 5.59% 2.18% 0.00% #NUM! <-IRR #YR-> 10 Stock Price
P/E 29.66 154.50 10.25 14.63 22.05 13.08 11.21 11.50 -1.68% <-IRR #YR-> 4 Stock Price
Trailing P/E 24.77 261.40 7.69 12.01 23.29 13.36 11.21 #NUM! <-IRR #YR-> 10 Price & Div
Median 5 Yrs 3.83% #NUM! Div %  5, 10 yrs Price Inc -16.49% P/E: Y-T 14.63 23.29 2.15% <-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 $17.00
-$18.50 $0.00 $0.00 $0.00 $0.00 $17.00
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.31 $1.81 $0.75 $17.60
-$18.50 $0.00 $0.31 $1.81 $0.75 $17.60
Price H/L Median $16.71 $20.17 $24.65 $12.61 $18.80 12.51% <-Total Growth 4 Stock Price
Increase 20.68% 22.24% -48.86% 49.15% #NUM! <-IRR #YR-> 10 Stock Price
P/E 167.10 7.91 18.40 17.27 14.46 2.99% <-IRR #YR-> 4 Stock Price
Trailing P/E 1.03 9.67 9.41 25.75 #NUM! <-IRR #YR-> 10 Price & Div
Median 5 Yrs 4.98% #NUM! Div %  5, 10 yrs Price Inc 21.46% P/E: Y-T 17.27 9.54 7.97% <-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 $18.80
-$16.71 $0.00 $0.00 $0.00 $18.80
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.31 $1.81 $0.75 $19.40
-$16.71 $0.31 $1.81 $0.75 $19.40
Hi Mths May 06 May 06 Sep 07 Jul 08 Apr 10
Price Hi $18.50 $27.83 $30.50 $19.20 $22.85 23.51% <-Total Growth 4 Stock Price
Increase 50.43% 9.59% -37.05% 19.01% #NUM! <-IRR #YR-> 10 Stock Price
P/E 185.00 10.91 22.76 26.30 17.58 5.42% <-IRR #YR-> 4 Stock Price
Trailing P/E 29.66 278.30 11.96 14.33 31.30
Median 5 Yrs Price Inc 14.30% P/E: Y-T 22.76 29.66
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $22.85
-$18.50 $0.00 $0.00 $0.00 $22.85
Low Mths Jun 06 Nov 06 Mar 07 Sep 08 Jul-09
Price Low $14.92 $12.50 $18.80 $6.01 $14.75 -1.14% <-Total Growth 4 Stock Price
Increase -16.22% 50.40% -68.03% 145.42% #NUM! <-IRR #YR-> 10 Stock Price
P/E 149.20 4.90 14.03 8.23 11.35 -0.29% <-IRR #YR-> 4 Stock Price
Trailing P/E 23.92 125.00 7.37 4.49 20.21
Median 5 Yrs Price Inc 17.09% P/E: Y-T 11.35 20.21
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.75
Market Cap $141 $451 $764 $572 $470 $498 253.90% <-Total Growth 5 Market Cap
Q3 2011
# of Sh in M 7.60 29.20 29.22 29.20 29.20 29.27 29.29 29.29 Shares
Increase 284.21% 0.08% -0.07% 0.00% 0.23% 0.07% 0.00% 0.08% <-Median-> 5 Shares
CF fr Op $M 11.7 7.5 44.7 72.3 25.6 60.2 413.60% <-Total Growth 5 Cash Flow
OPS $1.54 $0.26 $1.53 $2.47 $0.88 $2.06 33.36% <-Total Growth 5 Cash Flow
Increase -83.38% 496.20% 61.84% -64.56% 134.64% 61.84% <-Median-> 5 Cash Flow
5 yr running ave $1.54 $0.90 $1.11 $1.45 $1.34 $1.44 #NUM! <-IRR #YR-> 10 Cash Flow
Non-Cash CF $6.9 $5.0 $35.2 -$28.9 $2.1 -$10.5 5.93% <-IRR #YR-> 5 Cash Flow
OPS non-cash $2.45 $0.43 $2.73 $1.49 $0.95 $1.70 #NUM! <-IRR #YR-> 10 CF - non cash
P/OCF on Close 7.56 36.03 9.57 13.18 16.96 10.01 -7.03% <-IRR #YR-> 5 CF - non cash
Averages P/CF 10 Yrs 15.55 5 Yrs 17.15
*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 $2.06
-$1.54 $0.00 $0.00 $0.00 $0.00 $2.06
OPM 5.60% 24.85% 68.34% 37.11% 48.87% should be zero, it is a check on calculations
Diff from Ave -84.9% -33.0% 84.2% 0.0% 31.7% 0.00 <-Median-> 5 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 37.11% 5 Yrs 37.11%
Curr Assets $18.70 $44.79 $156.75 $78.74 $71.94 $106.65 $86.68 Liq ratio of 1.5 and up, best Assets
Curr Liab. $14.95 $43.18 $84.55 $21.59 $12.44 $20.74 $16.12 2.75 <-Median-> 6 Liabilities
Liquidity 1.25 1.04 1.85 3.65 5.78 5.14 5.38 3.65 <-Median-> 5 Ratio
Assets $19.69 $45.77 $157.82 $81.85 $75.12 $117.34 $106.18 A/L ratio of 1.5 and up, best Assets
Liabilities $14.95 $43.18 $84.55 $21.59 $12.44 $29.61 $26.02 2.83 <-Median-> 6 Liabilities
A/L Ratio 1.32 1.06 1.87 3.79 6.04 3.96 4.08 3.79 <-Median-> 5 Ratio
Book Value $4.74 $2.59 $73.27 $60.26 $62.68 $87.73 $80.16 1749.67% <-Total Growth 5 Book Value
BV per share $0.62 $0.09 $2.51 $2.06 $2.15 $3.00 $2.74 $2.74 380.27% <-Total Growth 5 Book Value
Change -85.81% 2731% -17.70% 4.01% 39.65% -8.69% 0.5694 Current/Historical Book Value
P/BV (CL) 29.64 174.45 10.43 9.50 7.50 5.67 6.35 #NUM! <-IRR #YR-> 10 Book Value
Change 488.51% -94.02% -8.89% -21.02% -24.39% 11.90% 36.87% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 4.15 17.70 2.15 1.36 1.20 1.34 1.32 1.76 <-Median-> 6 A/BV
Debt/Equity Ratio 3.15 16.70 1.15 0.36 0.20 0.34 0.32 0.76 <-Median-> 6 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Ave 9.96 5 yr Ave 9.50
$0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.00
-$0.62 $0.00 $0.00 $0.00 $0.00 $3.00
ROE 109.8% 100.6% 65.1% 33.9% 43.8% 65.14% <-Median-> 5 Compreh. Inc
Comprehensive Inc $2.84 $73.74 $39.25 $21.24 $38.44 Reports say same as Net Income
ROE 100.0% 109.8% 100.6% 65.1% 33.9% 43.8% 41.9% Net Income/Shareholders' equity
5Yr Median 100.0% 65.1% 43.8%
Net Income $4.74 $2.84 $73.74 $39.25 $21.24 $38.44 $33.58 710.63% <-Total Growth 5 Net Income
Oper C. F. $11.73 $7.49 $44.69 $72.27 $25.61 $60.24 $27.43 C F Statement  Oper C. F.
Invest. C. F -$0.07 -$0.08 -$1.25 -$3.74 -$4.03 $0.36 $9.93 C F Statement  Invest. C. F
Total Accruals -$6.91 -$4.58 $30.30 -$29.29 -$0.34 -$22.16 -$3.79 Accruals
Total Assets $19.69 $45.77 $157.82 $81.85 $75.12 $117.34 $106.18 Balance Sheet Assets
Accruals Ratio -35.11% -10.00% 19.20% -35.78% -0.46% -18.89% -3.57% Ratio
up/down/neutral
Chge in Close 0.00% -16.49% 69.19% -25.02% -17.86% 5.59% 2.18%
Any Predictions?
Fin. C. F $0.00 -$5.00 -$18.98 -$56.64 -$21.94 -$17.38 -$42.22 C F Statement  Fin. C. F
Total Accruals -$6.91 $0.42 $49.28 $27.36 $21.59 -$4.78 $38.43 Accruals
Accruals Ratio -35.11% 0.92% 31.22% 33.42% 28.74% -4.07% 36.19% Ratio
July 30, 2011.  When I last looked, I got estimates for 2010 of $1.53 and $1.75
Dividends paid in Oct, Dec, Mar, Jun. Statements are on web site, but hard to find.  See shareholders and under Corporate profile, there are other options. 10 9
Feb 2009.  If you are a conservative investor, this stock might be too risky. 12 12
What strikes me most is that earnings and cash flow etc are all over the place.  This stocks price will go up and down with the market as it will be highly correlated to the market. 3 3
This company was formed in 1984 and it went public in May 2006.  There are two levels of shares. There are multiple voting shares that have 15 votes each for all matters except electing directors.   6 6
Stocks sold are subordinate shares. Multiple voting shares elect 3/4 of the directors and subordinate shares 1/3 of the directors.
How they make their money.
Gluskin Sheff is an independent investment firm that manages portfolios for high net-worth individuals and institutional clients.
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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