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.
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/
IGM Financial Inc IGM http://www.igmfinancial.com/english/    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 C GAAP                            
Revenue* $1,014.7 $1,197.1 $1,784.1 $1,939.7 $1,874.2 $2,119.1 $2,347.6 $2,604.6 $2,895.1 $2,704.7 $2,312.4 $2,622.5       119.07% <-Total Growth 10 Revenue                
Increase 9.17% 17.98% 49.03% 8.72% -3.38% 13.07% 10.78% 10.95% 11.15% -6.58% -14.50% 13.41%       8.16% <-IRR #YR-> 10 Revenue                
Revenue /share $4.80 $5.71 $6.78 $7.35 $7.10 $8.01 $8.87 $9.83 $10.96 $10.31 $8.80 $10.10       2.24% <-IRR #YR-> 5 Revenue                
Increase 9.21% 18.84% 18.82% 8.41% -3.47% 12.85% 10.81% 10.81% 11.44% -5.93% -14.59% 14.69%       5.87% <-IRR #YR-> 10 Rev per share              
P/S (Price/Sales) 4.29 4.38 3.73 3.54 4.38 4.58 5.10 4.99 4.57 3.44 4.82 4.30       2.62% <-IRR #YR-> 5 Rev per share              
Averages               P/S 10 yr  4.47 5 yr  4.57                              
*Operating Income M CDN $                                                   
    -$1,197 $0 $0 $0 $0 $0 $0 $0 $0 $0 $2,623                              
              -$2,348 $0 $0 $0 $0 $2,623                              
    -$5.71 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.10                              
              -$8.87 $0.00 $0.00 $0.00 $0.00 $10.10                              
                                                   
EPS* $1.12 $1.35 $1.34 $1.85 $2.03 $2.24 $2.56 $2.90 $3.29 $2.76 $2.12 $2.76 $3.20 $3.50 D 105.05% <-Total Growth 10 Earnings                
Increase 25.84% 20.18% -0.59% 38.57% 9.65% 10.18% 14.29% 13.28% 13.45% -16.11% -23.19% 30.19% 15.94% 9.37%   7.45% <-IRR #YR-> 10 Earnings                
* ESP per share (Cdn GAAP)                             1.52% <-IRR #YR-> 5 Earnings                
    -$1.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.76                              
              -$2.56 $0.00 $0.00 $0.00 $0.00 $2.76                              
                                                       
Div* $0.49 $0.61 $0.73 $0.86 $0.99 $1.15 $1.34 $1.54 $1.78 $2.00 $2.05 $2.05 $2.05 $2.05   236.07% <-Total Growth 10 Dividends                
Increase 28.95% 24.49% 19.67% 17.81% 15.12% 16.16% 16.09% 14.98% 15.64% 12.68% 2.50% 0.00% 0.00% 0.00%   15.38% <-Median-> 10 Dividends                
Yield H/L 2.27% 3.06% 3.33% 3.08% 3.59% 3.45% 3.33% 3.21% 3.42% 5.22% 5.83% 5.02%       3.43% <-Median-> 10 Dividends                
Yield on Low 2.86% 4.11% 4.01% 3.70% 4.19% 3.73% 3.83% 3.61% 3.70% 6.99% 8.18% 5.58%       3.92% <-Median-> 10 Dividends                
Yield on Cl 2.38% 2.44% 2.88% 3.31% 3.18% 3.14% 2.95% 3.13% 3.55% 5.64% 4.83% 4.72% 4.17% 4.17%   3.24% <-Median-> 10 Dividends                
Payout Ratio 43.8% 45.3% 54.6% 46.4% 48.7% 51.3% 52.1% 52.9% 54.0% 72.5% 96.7% 74.3% 64.1% 58.6%   53.44% <-Median-> 10 Dividends                
Payout Ratio CF 39.6% 40.8% 50.5% 63.7% 61.9% 65.6% 58.5% 59.1% 60.7% 89.1% 77.0% 61.7% 51.3% 48.3%   61.81% <-Median-> 10 Dividends                
Median Div Yd 6.41% in 5 yrs 9.87% in 10 yrs Yield  5.02% 5.58% Payout 72.46% 61.68%       12.89% <-IRR #YR-> 10 Dividends                
* Dividends per share  9.0% 5 9.0% 10                     8.96% <-IRR #YR-> 5 Dividends                
                                                 
    -$0.61 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.05                              
              -$1.34 $0.00 $0.00 $0.00 $0.00 $2.05                              
                                                       
I am earning                     RRSP $46.28 2006 4.43%                          
Yield if held 5 yrs 5.13% 7.12% 6.58% 4.78% 4.30% 5.32% 6.70% 6.99% 6.36% 7.26% 6.14% 5.12% 4.29% 3.95% 6.25% <-Median-> 10 Dividends                
Yield if held 10 yrs 10.79% 12.03% 15.59% 13.83% 9.86% 8.70% 9.48% 10.29% 9.34% 7.34% 10.54% <-Median-> 8 Dividends                
Yield if held 15 yrs 21.80% 21.44% 23.93% #REF! #REF! 21.80% <-Median-> 3 Dividends                
                                                       
Graham Price $10.74 $12.43 $16.34 $20.24 $16.20 $24.49 $27.39 $30.67 $34.15 $31.30 $27.86 $32.16 $34.63 $0.00   Cl Pr higher/lower by?                    
Prem/Disc High 143.0% 101.2% 57.3% 61.0% 94.5% 46.6% 65.2% 73.0% 63.8% 53.4% 62.2% 39.9%       61.63% <-Median-> 10 Graham Pr                
Prem/Disc Low 59.7% 19.5% 11.4% 14.9% 45.7% 26.0% 27.4% 38.6% 40.5% -8.6% -10.0% 14.2%       20.44% <-Median-> 10 Graham Pr                
Prem/Disc Cl 91.8% 101.2% 54.9% 28.5% 92.0% 49.6% 65.2% 60.1% 46.5% 13.3% 52.2% 35.1% 42.0% #DIV/0!   50.92% <-Median-> 10 Graham Pr                
                                               
Price Cl $20.60 $25.00 $25.31 $26.01 $31.10 $36.64 $45.25 $49.10 $50.03 $35.45 $42.41 $43.46 $49.18 $49.18   73.84% <-Total Growth 10 Stock Price                
Increase -21.97% 21.36% 1.24% 2.77% 19.57% 17.81% 23.50% 8.51% 1.89% -29.14% 19.63% 2.48% 13.16% 0.00%   5.69% <-IRR #YR-> 10 Stock Price                
P/E 18.39 18.57 18.92 14.03 15.30 16.36 17.68 16.93 15.21 12.84 20.00 15.75 15.37 14.05   -0.80% <-IRR #YR-> 5 Stock Price                
Trailing P/E 23.15 22.32 18.80 19.44 16.77 18.02 20.20 19.18 17.25 10.78 15.37 20.50 17.82 15.37   9.93% <-IRR #YR-> 10 Price & Div                
Median 5 Yrs 4.20% 4.24% Div %  5, 10 yrs   Price Inc 2.48% P/E: Y-T 15.75 17.25       3.40% <-IRR #YR-> 5 Price & Div                
                                                       
    -$25.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $43.46                              
              -$45.25 $0.00 $0.00 $0.00 $0.00 $43.46                              
    -$25.00 $0.73 $0.86 $0.99 $1.15 $1.34 $1.54 $1.78 $2.00 $2.05 $45.51                              
              -$45.25 $1.54 $1.78 $2.00 $2.05 $45.51                              
                                                       
Price H/L Ave $21.63 $19.93 $21.95 $27.92 $27.55 $33.38 $40.08 $47.78 $51.96 $38.30 $35.14 $40.86       105.04% <-Total Growth 10 Stock Price                
Increase -5.98% -7.86% 10.16% 27.20% -1.33% 21.14% 20.07% 19.23% 8.75% -26.29% -8.26% 16.28%       7.44% <-IRR #YR-> 10 Stock Price                
P/E 19.31 14.80 16.41 15.06 13.55 14.90 15.65 16.48 15.79 13.88 16.57 14.80       0.39% <-IRR #YR-> 5 Stock Price                
Trailing P/E 24.30 17.79 16.31 20.87 14.86 16.42 17.89 18.66 17.92 11.64 12.73 19.27       12.36% <-IRR #YR-> 10 Price & Div                
Median 5 Yrs 4.63% 4.92% Div %  5, 10 yrs   Price Inc 8.75% P/E: Y-T 15.79 17.92       5.02% <-IRR #YR-> 5 Price & Div                
                                                       
    -$19.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $40.86                              
              -$40.08 $0.00 $0.00 $0.00 $0.00 $40.86                              
    -$19.93 $0.73 $0.86 $0.99 $1.15 $1.34 $1.54 $1.78 $2.00 $2.05 $42.91                              
              -$40.08 $1.54 $1.78 $2.00 $2.05 $42.91                              
                                                       
Hi Mths Jan Dec Jan/Dec Jun Dec Apr Dec Apr May Apr Aug Mar                              
Price Hi $26.10 $25.00 $25.70 $32.59 $31.50 $35.90 $45.25 $53.06 $55.95 $48.00 $45.20 $45.00       80.00% <-Total Growth 10 Stock Price                
Increase -6.79% -4.21% 2.80% 26.81% -3.34% 13.97% 26.04% 17.26% 5.45% -14.21% -5.83% -0.44%       6.05% <-IRR #YR-> 10 Stock Price                
P/E 23.30 18.57 19.21 17.58 15.49 16.03 17.68 18.30 17.01 17.39 21.32 16.30       -0.11% <-IRR #YR-> 5 Stock Price                
Trailing P/E 29.33 22.32 19.09 24.36 16.99 17.66 20.20 20.73 19.29 14.59 16.38 21.23                              
Median 5 Yrs             Price Inc -0.44% P/E: Y-T 17.39 19.29                              
                                                       
    -$25.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $45.00                              
              -$45.25 $0.00 $0.00 $0.00 $0.00 $45.00                              
                                                       
Low Mths Oct Mar Mar/Oct Jul/Sep Mar Jan Jan Jun Jan Nov Mar Jun                              
Price Low $17.15 $14.85 $18.20 $23.25 $23.60 $30.85 $34.90 $42.50 $47.97 $28.60 $25.07 $36.71       147.21% <-Total Growth 10 Stock Price                
Increase -4.72% -13.41% 22.56% 27.75% 1.51% 30.72% 13.13% 21.78% 12.87% -40.38% -12.34% 46.43%       9.47% <-IRR #YR-> 10 Stock Price                
P/E 15.31 11.03 13.60 12.54 11.61 13.77 13.63 14.66 14.58 10.36 11.83 13.30       1.02% <-IRR #YR-> 5 Stock Price                
Trailing P/E 19.27 13.26 13.52 17.38 12.73 15.17 15.58 16.60 16.54 8.69 9.08 17.32                              
Median 5 Yrs             Price Inc 12.87% P/E: Y-T 13.30 16.54                              
                                                       
    -$14.85 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $36.71                              
                                                       
Market Cap $4,352 $5,244 $6,659 $6,863 $8,213 $9,695 $11,970 $13,005 $13,218 $9,301 $11,138 $11,287                              
                                                       
# of Sh in M 211.283 209.743 263.082 263.845 264.099 264.598 264.539 264.866 264.193 262.365 262.633 259.718 259.718 259.718     Share Capital                    
Increase -0.04% -0.73% 25.43% 0.29% 0.10% 0.19% -0.02% 0.12% -0.25% -0.69% 0.10% -1.11% 0.00% 0.00%   0.10% <-Median-> 10                  
CF fr Op $M $261.3 $313.2 $380.5 $356.5 $422.1 $463.9 $604.1 $687.7 $772.8 $588.8 $699.5 $863.2 $1,038.9 $1,101.2   175.58% <-Total Growth 10 Cash Flow                
OPS $1.24 $1.49 $1.45 $1.35 $1.60 $1.75 $2.28 $2.60 $2.93 $2.24 $2.66 $3.32 $4.00 $4.24 D 122.56% <-Total Growth 10 Cash Flow                
Increase 38.77% 20.75% -3.14% -6.59% 18.30% 9.68% 30.25% 13.70% 12.66% -23.28% 18.68% 24.79% 20.35% 6.00% 8.33% <-IRR #YR-> 10 Cash Flow                
Non-Cash CF $0.0 $0.0 -$35.5 $156.0 $181.2 $121.8 $50.5 $57.6 $84.6 $228.8 -$0.3 -$45.3     7.80% <-IRR #YR-> 5 Cash Flow                
OPS non-cash $1.24 $1.49 $1.31 $1.94 $2.28 $2.21 $2.47 $2.81 $3.25 $3.12 $2.66 $3.15 $4.00 $4.24 7.75% <-IRR #YR-> 10 Cash Flow                
P/OCF on Close 16.66 16.74 19.30 13.39 13.61 16.55 18.29 17.45 15.42 11.38 15.93 13.80 12.30 11.60 4.94% <-IRR #YR-> 5 Cash Flow                
*Operational Cash Flow per share P/CF 10 yr 15.67 5 yr  15.42                    
-$1.49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.32                    
-$2.28 $0.00 $0.00 $0.00 $0.00 $3.32                    
-$1.49 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.15                    
-$2.47 $0.00 $0.00 $0.00 $0.00 $3.15                    
                                                       
OPM 25.75% 26.17% 21.33% 18.38% 22.52% 21.89% 25.73% 26.40% 26.69% 21.77% 30.25% 32.92%   should be zero, it is a check on calculations                      
Diff from Median 6.7% 8.4% -11.6% -23.8% -6.6% -9.3% 6.6% 9.4% 10.6% -9.8% 25.4% 36.4%       0.00% <-Median-> 10 OPM                
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 24.13% 5 Yrs 26.69%                              
                                                       
Curr Assets               $1,545 $1,386 $1,485 $1,195 $1,830       Liq ratio of 1.5 and up, best   Assets                
Curr Liab.               $563 $642 $903 $518 $623       2.31 <-Median-> 4 Liabilities                
Liquidity               2.74 2.16 1.64 2.31 2.94       2.31 <-Median-> 4 Ratio                
                                                       
Assets $1,812 $1,958 $6,122 $5,987 $6,292 $6,473 $6,807 $7,333 $7,859 $8,224 $8,646 $8,893       Liq ratio of 1.5 and up, best   Assets                
Liab. $845 $889 $3,431 $3,036 $4,417 $3,326 $3,362 $3,515 $3,696 $4,085 $4,221 $4,417       2.01 <-Median-> 10 Liabilities                
A/L Ratio 2.14 2.20 1.78 1.97 1.42 1.95 2.02 2.09 2.13 2.01 2.05 2.01       2.05 <-Median-> 5 Ratio                
                                                       
Minority Int. $0.00 $0.00 $13.62 $0.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00                              
Preferred Shares $0.00 $0.00 $360.00 $360.00 $360.00 $0.00 $0.00 $0.00 $0.00 $0.00 $150 $150                              
Book Value $967 $1,069 $2,332 $2,590 $1,514 $3,148 $3,445 $3,818 $4,163 $4,139 $4,275 $4,325 $4,325     304.50% <-Total Growth 10 Book Value                
BV per share $4.58 $5.10 $8.86 $9.82 $5.73 $11.90 $13.02 $14.41 $15.76 $15.78 $16.28 $16.65 $16.65     226.66% <-Total Growth 10 Book Value                
Change 13.67% 11.41% 73.86% 10.77% -41.60% 107.46% 9.48% 10.68% 9.32% 0.11% 3.18% 2.32% 0.00%     0.8793 Current/Historical   Book Value                
P/BV (CL) 4.50 4.90 2.86 2.65 5.42 3.08 3.47 3.41 3.18 2.25 2.61 2.61 2.95 12.57% <-IRR #YR-> 10 Book Value                
Change -31.35% 8.93% -41.77% -7.22% 104.73% -43.21% 12.81% -1.96% -6.80% -29.22% 15.95% 0.16% 13.16% 5.04% <-IRR #YR-> 5 Book Value                
Leverage (A/BK) 1.87 1.83 2.63 2.31 4.15 2.06 1.98 1.92 1.89 1.99 2.02 2.06 0.00     2.04 <-Median-> 10 A/BV                
Debt/Equity Ratio 0.87 0.83 1.47 1.17 2.92 1.06 0.98 0.92 0.89 0.99 0.99 1.02       1.00 <-Median-> 10 Debt/Equity                
              P/BV 10 yr Ave 2.97 5 yr Ave 2.61                              
                                         
-$5.10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.65                              
            -$13.02 $0.00 $0.00 $0.00 $0.00 $16.65                              
                                                     
ROE               20.2% 20.2% 14.5% 15.8% 16.8%       16.83% <-Median-> 5 Compreh. Inc              
Comprehensive Inc               $772.12 $840.47 $599.84 $673.55 $728.10             Compreh. Inc              
                                                     
ROE 24.4% 26.6% 11.7% 19.8% 37.0% 18.9% 19.8% 20.3% 21.1% 17.7% 13.1% 16.8%       Net Income/Shareholders' equity                      
5Yr Median 19.7% 22.1% 22.1% 22.1% 24.4% 19.8% 19.8% 19.8% 20.3% 19.8% 19.8% 17.7%                              
                                                     
Net Income $235.61 $284.03 $272.99 $511.76 $559.78 $596.40 $682.43 $776.69 $879.14 $730.80 $559.09 $725.48       155.43% <-Total Growth 10 Net Income                
Oper C. F. $261.32 $313.24 $380.55 $356.49 $422.15 $463.87 $604.08 $687.70 $772.81 $588.83 $699.52 $863.23         Cash Flow Statement CF from continuing operations            
Invest. C. F -$281 $103 -$2,414 $224.01 -$14.36 -$19.35 -$25.59 -$97.53 -$589.18 -$316.21 -$749.71 $301.56         Cash Flow Statement                
Total Accruals $256 -$132 $2,307 -$69 $152 $152 $104 $187 $695 $458 $609 -$439                              
Total Assets $1,812 $1,958 $6,122 $5,987 $6,292 $6,473 $6,807 $7,333 $7,859 $8,224 $8,646 $8,893         Balance Sheet                    
Accruals Ratio 14.12% -6.76% 37.68% -1.15% 2.42% 2.35% 1.53% 2.54% 8.85% 5.57% 7.05% -4.94%             Accrual Ratio              
                                                       
Chge in CL -21.97% 21.36% 1.24% 2.77% 19.57% 17.81% 23.50% 8.51% 1.89% -29.14% 19.63% 2.48%                              
Chge s/b up down up down neutral neutral neutral neutral neutral down down down                              
Chge was up up neutral neutral up up up up                                      
                                                       
Fin. C. F               -$333 -$329 -$221 -$237 -$536                              
Total Accruals               $519 $1,024 $679 $846 $97                              
Accruals Ratio               7.08% 13.03% 8.26% 9.79% 1.09%             Accrual Ratio              
                                                       
                                                       
Apr 9, 2011.  when I looked last I got estimates for 2010 and 2011 of $2.86 and $3.25 for Earnings and $3.82 and $4.24 for CF.  It has not recovered from recent recession.                          
Mar 29, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $2.35 and $2.55. I picked up figures off internet, not from IGM, so check when report comes out. (Done)                      
IGM did not have a good year in 2009. (done, April 2010) They have not raised their dividend since the rise in 2008.                                    
AR 2008.  EPS estimate in August 2008 was $3.25, but came in as $2.76 diluted and $2.78 basic.  Now March 2009, 2009 is $2.35 down from $3.50 estimate.                            
There has been a lot of insider Selling over the past year on this stoc.                                            
AP 2007.  It has been a rough few months.  I expect this stock to recover.  All figures re 5 and 10 yrs are lower than last yr. Still TD's top pick for this type of company.                          
TD expects a next year return of 19.7%, with shares going from $47.27 to $55                                          
AP 2006.  See no concerns.  TD rates it a Action Buy.  Stock is quite volitile. According to Mike, yield is higher than average high.                                
                                                       
How they make their money                                                  
This is a premier mutual fund, managed asset and personal financial services company.  The company has three operating units, Investors Group, Mackenzie Financial Corporation                       
and Investment Planning Counsel Inc.  IGM Financial Inc. is a member of the Power Financial Corporation group of companies.                                  
                                                       
Power Corp large owner - 54%.                                                  
Desmarais, Paul G.   142.40 54.22%                                                
                                                       
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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