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Inter Pipeline Ltd TSX: IPL.UN OTC: IPPLF www.interpipeline.com Fiscal Yr: Dec 31 Q1 2017
Year 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 Value Description #Y Item
Accounting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
$1,986.9 <-12 mths 8.90%
Revenue* $927.0 $1,011.0 $1,145.0 $1,224.6 $924.6 $997.1 $1,151.6 $1,187.0 $1,362.7 $1,556.3 $1,676.3 $1,824.6 $2,184 $2,199 $2,279 80.47% <-Total Growth 10 Revenue
Increase 92.18% 9.07% 13.25% 6.95% -24.50% 7.84% 15.50% 3.08% 14.80% 14.20% 7.71% 8.85% 19.70% 0.69% 3.64% 6.08% <-IRR #YR-> 10 Revenue 80.47%
5 year Running Average $356.7 $540.5 $748.7 $958.0 $1,046.4 $1,060.4 $1,088.5 $1,097.0 $1,124.6 $1,250.9 $1,386.8 $1,521.4 $1,720.8 $1,888.0 $2,032.6 9.64% <-IRR #YR-> 5 Revenue 58.44%
Revenue per Share $5.02 $5.01 $5.18 $5.49 $3.63 $3.86 $4.36 $4.31 $4.44 $4.77 $4.98 $4.96 $5.94 $5.98 $6.19 10.90% <-IRR #YR-> 10 5 yr Running Average 181.47%
Increase 87.49% -0.20% 3.43% 5.89% -33.85% 6.42% 12.82% -1.04% 2.96% 7.41% 4.45% -0.47% 19.70% 0.69% 3.64% 6.92% <-IRR #YR-> 5 5 yr Running Average 39.76%
5 year Running Average $2.35 $3.10 $3.86 $4.68 $4.87 $4.64 $4.51 $4.33 $4.12 $4.35 $4.57 $4.69 $5.02 $5.33 $5.61 -0.11% <-IRR #YR-> 10 Revenue per Share -1.05%
P/S (Price/Sales) Med 1.92 1.85 1.80 1.48 2.43 3.37 3.83 4.80 5.43 6.77 5.61 4.95 4.58 0.00 0.00 2.61% <-IRR #YR-> 5 Revenue per Share 13.77%
P/S (Price/Sales) Close 2.00 1.80 1.83 1.28 2.98 3.86 4.27 5.45 5.82 7.53 4.46 5.98 4.21 4.18 4.03 4.23% <-IRR #YR-> 10 5 yr Running Average 51.36%
*Revenue in M CDN $ P/S Med 10 yr 4.31 5 yr 5.43 -2.43% Diff M/C 0.82% <-IRR #YR-> 5 5 yr Running Average 4.18%
-$1,011 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,825
-$1,152 $0 $0 $0 $0 $1,825
-$541 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,521
-$1,089 $0 $0 $0 $0 $1,521
-$5.01 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.96
-$4.36 $0.00 $0.00 $0.00 $0.00 $4.96
-$3.10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.69
-$4.51 $0.00 $0.00 $0.00 $0.00 $4.69
$1.41 <-12 mths 7.63%
EPS Basic $0.48 $0.65 -$0.39 $1.12 $0.66 $0.91 $0.95 $1.14 -$0.20 $1.05 $1.28 $1.31 101.54% <-Total Growth 10 EPS Basic
EPS Diluted* $0.48 $0.65 -$0.39 $1.12 $0.66 $0.91 $0.95 $1.14 -$0.20 $1.02 $1.28 $1.31 $1.47 $1.55 $1.51 101.54% <-Total Growth 10 EPS Diluted
Increase -7.69% 35.42% -160% 72% -41.07% 37.88% 4.40% 20.00% -117.54% -610.00% 25.49% 2.34% 12.21% 5.44% -2.58% 7.26% <-IRR #YR-> 10 Earnings per Share 101.54%
Earnings Yield 4.8% 7.2% -4.1% 15.9% 6.1% 6.1% 5.1% 4.9% -0.8% 2.8% 5.8% 4.4% 5.9% 6.2% 6.0% 6.64% <-IRR #YR-> 5 Earnings per Share 37.89%
5 year Running Average $0.30 $0.41 $0.28 $0.48 $0.50 $0.59 $0.65 $0.96 $0.69 $0.76 $0.84 $0.91 $0.98 $1.33 $1.42 8.25% <-IRR #YR-> 10 5 yr Running Average 120.87%
10 year Running Average $0.24 $0.20 $0.30 $0.37 $0.45 $0.53 $0.62 $0.58 $0.63 $0.71 $0.78 $0.97 $1.01 $1.09 6.96% <-IRR #YR-> 5 5 yr Running Average 40.00%
* Diluted ESP per share E/P 10 Yrs 4.98% 5Yrs 4.42%
-$0.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.31
-$0.95 $0.00 $0.00 $0.00 $0.00 $1.31
-$0.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.91
-$0.65 $0.00 $0.00 $0.00 $0.00 $0.91
Special Dividends $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 <-Median-> 10 Special Dividends
Dividend* $0.75 $0.80 $0.84 $0.84 $0.84 $0.90 $0.96 $1.05 $1.16 $1.31 $1.48 $1.57 $1.62 $1.62 $1.62 95.63% <-Total Growth 10 Dividends
Increase 2.74% 6.67% 5.00% 0.00% 0.00% 7.14% 6.67% 9.37% 10.00% 12.99% 13.22% 5.92% 3.51% 0.00% 0.00% Count 19 Years of data
Dividends 5 Yr Running $0.71 $0.74 $0.77 $0.79 $0.81 $0.84 $0.88 $0.92 $0.98 $1.07 $1.19 $1.31 $1.42 $1.52 $1.58 78.06% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 7.79% 8.63% 9.02% 10.33% 9.52% 6.92% 5.75% 5.07% 4.78% 4.04% 5.28% 6.38% 5.96% 6.07% <-Median-> 10 Yield H/L Price
Yield on High Price 6.98% 7.55% 8.53% 8.18% 7.60% 5.89% 5.07% 4.35% 4.34% 3.35% 4.16% 5.24% 5.45% 5.16% <-Median-> 10 Yield on High Price
Yield on Low Price 8.81% 10.06% 9.57% 14.00% 12.75% 8.36% 6.64% 6.09% 5.33% 5.09% 7.24% 8.15% 6.57% 7.69% <-Median-> 10 Yield on Low Price
Yield on Close Price 7.46% 8.85% 8.85% 11.91% 7.77% 6.03% 5.15% 4.47% 4.47% 3.63% 6.65% 5.28% 6.49% 6.49% 6.49% 5.66% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 156.25% 123.08% -215.38% 75.00% 127.27% 98.90% 101.05% 92.11% -577.50% 127.94% 115.43% 119.47% 110.20% 104.52% 107.28% 99.98% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 234.21% 178.64% 276.26% 166.39% 161.51% 143.05% 134.77% 96.03% 141.76% 140.58% 141.95% 144.01% 145.95% 114.44% 110.99% 142.50% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 80.57% 80.03% 79.26% 58.36% 75.91% 66.44% 55.07% 76.99% 75.61% 74.47% 65.36% 71.44% 61.36% 61.13% 62.07% 72.96% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 99.38% 95.36% 91.35% 76.56% 73.52% 70.81% 65.34% 65.50% 69.12% 69.36% 68.77% 72.04% 68.67% 66.01% 63.98% 70.08% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 90.52% 78.56% 75.14% 66.82% 72.72% 69.60% 64.33% 68.37% 74.99% 75.48% 64.21% 67.83% 61.36% 61.13% 62.07% 68.99% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 94.04% 89.88% 85.58% 78.34% 75.69% 72.24% 69.35% 68.17% 69.90% 70.75% 69.17% 69.61% 67.72% 65.26% 63.18% 70.33% <-Median-> 10 DPR CF WC 5 Yr Running
Median 5 Yrs 5 Yr Med 5 Yr Cl 5.07% 4.47% 5 Yr Med Payout 115.43% 74.47% 68.37% 6.94% <-IRR #YR-> 10 Dividends 95.63%
* Dividends per share 5 Yr Med and Cur. 27.85% 45.03% Last Div Inc ---> $0.1300 $0.1350 3.8% 10.27% <-IRR #YR-> 5 Dividends 63.02%
-$0.80 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.57
-$0.96 $0.00 $0.00 $0.00 $0.00 $1.57
Historical Dividends Historical High Div 14.00% Low Div 4.16% Ave Div 9.08% Med Div 8.77% Close Div 7.87% Historical Dividends
High/Ave/Median Values Curr diff Exp. -53.68% 55.89% Exp. -28.58% Exp. -26.05% Exp. -17.60% High/Ave/Median
Future Dividend Yield Div Yd 9.53% earning in 5.00 Years at IRR of 8.00% Div Inc. 46.93% Future Dividend Yield
Future Dividend Yield Div Yd 14.00% earning in 10.00 Years at IRR of 8.00% Div Inc. 115.89% Future Dividend Yield
Future Dividend Yield Div Yd 20.57% earning in 15.00 Years at IRR of 8.00% Div Inc. 217.22% Future Dividend Yield
Cost cover if held 5 years 60.60% 57.37% 58.27% 57.23% 48.89% 43.84% 47.22% 49.28% 60.30% 60.88% 45.70% 39.27% 34.41% 31.43% 24.46% 49.08% <-Median-> 10 Paid Median Price
Cost cover if held 10 years 115.64% 128.12% 132.43% 125.64% 127.92% 128.11% 113.39% 105.64% 117.87% 125.74% 153.56% 150.48% 125.64% <-Median-> 9 Paid Median Price
Cost cover if held 15 years 192.91% 219.37% 233.66% 227.79% 236.00% 237.75% 208.32% 223.58% <-Median-> 4 Paid Median Price
Cost cover if held 20 years 312.45% 353.65% #NUM! <-Median-> 0 Paid Median Price
Yield if held 5 yrs 12.77% 12.47% 12.75% 12.14% 10.09% 9.35% 10.35% 11.27% 14.20% 14.80% 11.35% 9.38% 7.83% 6.71% 5.01% 11.31% <-Median-> 10 Paid Median Price
Yield if held 10 yrs 13.23% 14.27% 15.32% 14.96% 15.93% 16.69% 15.68% 15.35% 16.87% 17.39% 19.91% 18.37% 15.35% <-Median-> 9 Paid Median Price
Yield if held 15 yrs 18.20% 22.18% 25.15% 24.40% 24.58% 23.41% 19.46% 23.29% <-Median-> 4 Paid Median Price
Yield if held 20 yrs 25.52% 27.53% #NUM! <-Median-> 0 Paid Median Price
Graham No. $7.77 $9.32 $8.39 $11.30 $8.77 $10.28 $10.72 $12.08 $13.25 $14.74 $15.54 $15.98 $17.12 $16.65 $16.44 71.46% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.24 1.00 1.11 0.72 1.01 1.27 1.56 1.71 1.82 2.19 1.80 1.53 1.59 1.55 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.38 1.14 1.17 0.91 1.26 1.48 1.77 2.00 2.01 2.64 2.29 1.87 1.74 1.82 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.09 0.85 1.05 0.53 0.75 1.05 1.35 1.43 1.63 1.74 1.31 1.20 1.44 1.26 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.29 0.97 1.13 0.62 1.23 1.45 1.74 1.94 1.95 2.44 1.43 1.85 1.46 1.50 1.52 1.59 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 29.27% -3.01% 13.05% -37.60% 23.21% 45.08% 73.81% 94.49% 94.93% 143.77% 42.91% 85.47% 45.88% 50.01% 51.98% 59.44% <-Median-> 10 Graham Price
Price Close $10.05 $9.04 $9.49 $7.05 $10.81 $14.92 $18.63 $23.50 $25.83 $35.94 $22.21 $29.64 $24.98 $24.98 $24.98 227.88% <-Total Growth 10 Stock Price
Increase 9.72% -10.05% 4.98% -25.71% 53.33% 38.02% 24.87% 26.14% 9.91% 39.14% -38.20% 33.45% -15.72% 0.00% 0.00% 12.61% <-IRR #YR-> 10 Stock Price 227.88%
P/E 20.94 13.91 -24.33 6.29 16.38 16.40 19.61 20.61 -129.15 35.24 17.35 22.63 16.99 16.12 16.54 9.73% <-IRR #YR-> 5 Stock Price 59.10%
Trailing P/E 19.33 18.83 14.60 -18.08 9.65 22.61 20.47 24.74 22.66 -179.70 21.77 23.16 19.07 16.99 16.12 19.74% <-IRR #YR-> 10 Price & Dividend
Median 10, 5 Yrs D. per yr 7.13% 5.77% % Tot Ret 36.12% 37.23% Price Inc 26.14% P/E: 16.87 20.61 15.50% <-IRR #YR-> 5 Price & Dividend
-$9.04 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $29.64
-$18.63 $0.00 $0.00 $0.00 $0.00 $29.64
-$9.04 $0.84 $0.84 $0.84 $0.90 $0.96 $1.05 $1.16 $1.31 $1.48 $31.21
-$18.63 $1.05 $1.16 $1.31 $1.48 $31.21
Price Median H/L $9.63 $9.28 $9.32 $8.14 $8.82 $13.02 $16.69 $20.70 $24.14 $32.31 $27.96 $24.53 $27.18 164.42% <-Total Growth 10 Stock Price
Increase 15.62% -3.64% 0.43% -12.67% 8.42% 47.56% 28.20% 24.06% 16.62% 33.82% -13.45% -12.29% 10.83% 10.21% <-IRR #YR-> 10 Stock Price 164.42%
P/E 20.05 14.27 -23.88 7.26 13.36 14.30 17.56 18.16 -120.70 31.67 21.84 18.72 18.49 8.01% <-IRR #YR-> 5 Stock Price 46.99%
Trailing P/E 18.51 19.32 14.33 -20.86 7.88 19.72 18.34 21.79 21.18 -161.53 27.41 19.16 20.75 17.75% <-IRR #YR-> 10 Price & Dividend
P/E on Run. 5 yr Ave 31.66 22.51 33.51 17.09 17.50 22.06 25.67 21.65 34.88 42.28 33.37 26.95 27.85 14.65% <-IRR #YR-> 5 Price & Dividend
P/E on Run. 10 yr Ave 38.81 47.05 27.03 23.97 29.12 31.42 33.55 41.34 50.95 39.16 31.44 28.14 18.16 P/E Ratio Historical Median
Median 10, 5 Yrs D. per yr 7.53% 6.64% % Tot Ret 42.45% 45.34% Price Inc 16.62% P/E: 15.93 18.72 Count 19 Years of data
-$9.28 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.53
-$16.69 $0.00 $0.00 $0.00 $0.00 $24.53
-$9.28 $0.84 $0.84 $0.84 $0.90 $0.96 $1.05 $1.16 $1.31 $1.48 $26.09
-$16.69 $1.05 $1.16 $1.31 $1.48 $26.09
High Months Jul 05 Feb 06 Nov 07 Jun Dec Dec Dec Dec Oct Sep Jan Dec Jan
Price High $10.74 $10.60 $9.85 $10.27 $11.05 $15.27 $18.92 $24.15 $26.63 $38.95 $35.52 $29.84 $29.72 181.51% <-Total Growth 10 Stock Price
Increase 14.26% -1.30% -7.08% 4.26% 7.59% 38.19% 23.90% 27.64% 10.27% 46.26% -8.81% -15.99% -0.40% 10.90% <-IRR #YR-> 10 Stock Price 181.51%
P/E 22.38 16.31 -25.26 9.17 16.74 16.78 19.92 21.18 -133.15 38.19 27.75 22.78 20.22 9.54% <-IRR #YR-> 5 Stock Price 57.72%
Trailing P/E 20.65 22.08 15.15 -26.33 9.87 23.14 20.79 25.42 23.36 -194.75 34.82 23.31 22.69 20.55 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 10.27% P/E: 18.35 22.78 42.49 P/E Ratio Historical High
-$10.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $29.84
-$18.92 $0.00 $0.00 $0.00 $0.00 $29.84
Low Months Mar 05 Nov 06 Jan 07 Dec Mar May Aug Jan Jun Jan Dec Jan Jun
Price Low $8.51 $7.95 $8.78 $6.00 $6.59 $10.76 $14.45 $17.25 $21.65 $25.66 $20.40 $19.21 $24.64 141.64% <-Total Growth 10 Stock Price
Increase 17.38% -6.58% 10.44% -31.66% 9.83% 63.28% 34.29% 19.38% 25.51% 18.52% -20.50% -5.83% 28.27% 9.22% <-IRR #YR-> 10 Stock Price 141.64%
P/E 17.73 12.23 -22.51 5.36 9.98 11.82 15.21 15.13 -108.25 25.16 15.94 14.66 16.76 5.86% <-IRR #YR-> 5 Stock Price 32.94%
Trailing P/E 16.37 16.56 13.51 -15.38 5.88 16.30 15.88 18.16 18.99 -128.30 20.00 15.01 18.81 14.90 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 18.52% P/E: 13.24 15.13 -0.22 P/E Ratio Historical Low
-$7.95 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.21
Long Term Debt $3,294 $3,422 $4,068 $4,381 Debt
Change 3.88% 18.88% 7.69% 11.38% <-Median-> 2 Change
Debt/Market Cap Ratio 0.28 0.46 0.37 0.48 0.37 <-Median-> 3 Debt/Market Cap Ratio
Goodwill & Intangibles $502.01 $609.38 $617.70 $596.66 $595.20 $684.70 $676.90 Intangibles Goodwill
Change 21.39% 1.37% -3.41% -0.25% 15.04% -1.14% 1.37% <-Median-> 5 Change
Intangible/Market Cap Ratio 0.10 0.09 0.08 0.05 0.08 0.06 0.07 0.08 <-Median-> 6 Intangible/Market Cap Ratio
Market Cap $1,855 $1,824 $2,096 $1,573 $2,753 $3,850 $4,921 $6,466 $7,925 $11,724 $7,471 $10,905 $9,190 $9,190 $9,190 497.96% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 257.040 260.350 270.593 285.943 327.812 334.8 344.3 33.95% <-Total Growth 6 Diluted
Change 1.29% 3.93% 5.67% 14.64% 2.13% 2.84% 3.39% <-Median-> 6 Change
Basic # of Shares in Millions 182.740 199.570 203.360 222.040 238.800 256.880 259.940 269.900 285.943 320.210 334.6 343.4 72.07% <-Total Growth 10 Basic
Change 18.18% 9.21% 1.90% 9.19% 7.55% 7.57% 1.19% 3.83% 5.94% 11.98% 4.49% 2.63% 5.22% <-Median-> 10 Change
Difference 1.0% 1.1% 8.6% 0.5% 6.6% 0.5% 1.6% 1.9% 7.3% 1.9% 0.5% 7.1% 1.91% <-Median-> 10 Difference
$874.00 <-12 mths 8.45%
# of Share in Millions 184.59 201.73 220.88 223.10 254.65 258.04 264.16 275.16 306.80 326.21 336.4 367.9 367.90 367.90 367.90 6.19% <-IRR #YR-> 10 Shares 82.37%
Increase 2.50% 9.28% 9.49% 1.01% 14.14% 1.33% 2.37% 4.16% 11.50% 6.33% 3.12% 9.36% 0.00% 0.00% 0.00% 6.85% <-IRR #YR-> 5 Shares 39.27%
CF fr Op $M $171.8 $201.6 $234.1 $321.1 $281.8 $349.6 $460.5 $375.3 $468.7 $571.7 $760.5 $805.9 $971.3 $974.9 $960.2 299.67% <-Total Growth 10 Cash Flow
Increase 28.43% 17.35% 16.09% 37.19% -12.26% 24.05% 31.74% -18.51% 24.90% 21.98% 33.03% 5.97% 20.52% 0.38% -1.51% DRIP, S. Issues Fr Conv. Shares
5 year Running Average $94.4 $124.1 $160.4 $212.5 $242.1 $277.6 $329.4 $357.6 $387.2 $445.1 $527.3 $596.4 $715.6 $816.9 $894.6 380.42% <-Total Growth 10 CF 5 Yr Running
CFPS $0.93 $1.00 $1.06 $1.44 $1.11 $1.35 $1.74 $1.36 $1.53 $1.75 $2.26 $2.19 $2.64 $2.65 $2.61 119.15% <-Total Growth 10 Cash Flow per Share
Increase 25.30% 7.38% 6.02% 35.83% -23.13% 22.42% 28.69% -21.77% 12.02% 14.72% 29.00% -3.10% 20.52% 0.38% -1.51% 14.86% <-IRR #YR-> 10 Cash Flow 299.67%
5 year Running Average $0.72 $0.77 $0.84 $1.03 $1.11 $1.19 $1.34 $1.40 $1.42 $1.55 $1.73 $1.82 $2.07 $2.30 $2.47 11.84% <-IRR #YR-> 5 Cash Flow 75.00%
P/CF on Med Price 10.34 9.28 8.79 5.65 7.97 9.61 9.57 15.18 15.80 18.43 12.37 11.20 10.30 0.00 0.00 8.16% <-IRR #YR-> 10 Cash Flow per Share 119.15%
P/CF on Closing Price 10.80 9.04 8.95 4.90 9.77 11.01 10.69 17.23 16.91 20.51 9.82 13.53 9.46 9.43 9.57 4.67% <-IRR #YR-> 5 Cash Flow per Share 25.66%
-9.03% Diff M/C 8.95% <-IRR #YR-> 10 CFPS 5 yr Running 135.67%
Excl.Working Capital CF -$18.88 $3.77 $12.83 -$40.67 $12.4 -$15.9 -$66.3 $47.3 $3.9 -$7.7 $13.6 $42.9 $0.0 $0.0 $0.0 6.29% <-IRR #YR-> 5 CFPS 5 yr Running 35.67%
CF fr Op $M WC $153.0 $205.4 $246.9 $280.5 $294.2 $333.7 $394.2 $422.6 $472.6 $564.0 $774.1 $848.8 $971.3 $974.9 $960.2 313.22% <-Total Growth 10 Cash Flow less WC
Increase 1.95% 34.30% 20.20% 13.59% 4.88% 13.43% 18.15% 7.20% 11.82% 19.36% 37.25% 9.65% 14.43% 0.38% -1.51% 15.24% <-IRR #YR-> 10 Cash Flow less WC 313.22%
5 year Running Average $99.5 $130.1 $168.8 $207.2 $236.0 $272.1 $309.9 $345.0 $383.4 $437.4 $525.5 $616.4 $726.1 $826.6 $905.9 16.58% <-IRR #YR-> 5 Cash Flow less WC 115.31%
CFPS Excl. WC $0.83 $1.02 $1.12 $1.26 $1.16 $1.29 $1.49 $1.54 $1.54 $1.73 $2.30 $2.31 $2.64 $2.65 $2.61 16.83% <-IRR #YR-> 10 CF less WC 5 Yr Run 373.63%
Increase -0.54% 22.89% 9.78% 12.46% -8.11% 11.94% 15.41% 2.91% 0.29% 12.25% 33.09% 0.26% 14.43% 0.38% -1.51% 14.75% <-IRR #YR-> 5 CF less WC 5 Yr Run 98.92%
5 year Running Average $0.76 $0.82 $0.90 $1.01 $1.08 $1.17 $1.26 $1.35 $1.40 $1.52 $1.72 $1.88 $2.10 $2.33 $2.50 8.52% <-IRR #YR-> 10 CFPS - Less WC 126.58%
P/CF on Med Price 11.62 9.11 8.33 6.47 7.64 10.07 11.18 13.48 15.67 18.68 12.15 10.63 9.10% <-IRR #YR-> 5 CFPS - Less WC 54.60%
P/CF on Closing Price 12.13 8.88 8.49 5.61 9.36 11.54 12.48 15.30 16.77 20.79 9.65 12.85 9.46 9.43 9.57 8.68% <-IRR #YR-> 10 CFPS 5 yr Running 129.91%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 10.40 5 yr 15.18 P/CF Med 10 yr 10.91 5 yr 13.48 -13.23% Diff M/C 8.31% <-IRR #YR-> 5 CFPS 5 yr Running 49.05%
-$1.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.19 Cash Flow per Share
-$1.74 $0.00 $0.00 $0.00 $0.00 $2.19 Cash Flow per Share
-$0.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.82 CFPS 5 yr Running
-$1.34 $0.00 $0.00 $0.00 $0.00 $1.82 CFPS 5 yr Running
-$205.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $848.8 Cash Flow less WC
-$394.2 $0.0 $0.0 $0.0 $0.0 $848.8 Cash Flow less WC
-$130.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $616.4 CF less WC 5 Yr Run
-$309.9 $0.0 $0.0 $0.0 $0.0 $616.4 CF less WC 5 Yr Run
OPM 18.54% 19.94% 20.44% 26.22% 30.48% 35.06% 39.99% 31.61% 34.39% 36.73% 45.37% 44.17% 121.46% <-Total Growth 10 OPM
Increase -33.17% 7.59% 2.51% 28.27% 16.22% 15.03% 14.06% -20.95% 8.79% 6.81% 23.50% -2.64% Should increase or be stable.
Diff from Median -46.6% -42.6% -41.1% -24.5% -12.2% 1.0% 15.2% -9.0% -1.0% 5.8% 30.6% 27.2% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 34.73% 5 Yrs 36.73% should be zero, it is a check on calculations
Current Assets $198.44 $160.85 $191.95 $231.27 $162.00 $184.03 $175.25 $261.32 $339.90 $256.83 $250.30 $280.9 $259.6 Liquidity ratio of 1.5 and up, best
Current Liabilities $147.78 $159.52 $240.87 $269.45 $308.61 $596.57 $1,821.05 $1,693.92 $2,248.55 $2,046.64 $1,712.30 $2,094.3 $2,050.1 0.15 <-Median-> 10 Ratio
Liquidity Ratio 1.34 1.01 0.80 0.86 0.52 0.31 0.10 0.15 0.15 0.13 0.15 0.13 0.13 0.15 <-Median-> 5 Ratio
Liq. with CF aft div 0.51 0.21 0.21 0.20 0.20 0.30 0.24 0.31 0.21 <-Median-> 5 Ratio
Liq. CF re Inv+Div 0.32 0.19 0.14 0.12 0.12 0.22 0.13 0.31 0.13 <-Median-> 5 Ratio
Less LTD, Com Paper $386.58 $1,555.36 $1,351.13 $1,597.44 $1,427.52 $1,384.4 $1,738.5 $1,727.3 $1,427.52 <-Median-> 5 Ratio
Liquidity Ratio 0.88 0.66 0.76 0.52 0.41 0.76 0.79 0.80 0.76 <-Median-> 5 Ratio
Less debt plus CF aft div 1.44 1.44 1.01 0.70 0.65 1.57 1.44 1.97 1.01 <-Median-> 5 Ratio
Actual Cash Dividend Paid $194.49 $156.60 $76.26 $91.49 $158.60 $403.60 $470.4 $158.60 <-Median-> 5 Ratio
Change -19.48% -51.30% 19.97% 73.34% 154.48% 16.55%
Less debt, plus CF aft cash D 1.61 1.80 1.63 1.10 1.08 1.85 1.73 1.63 <-Median-> 5 Ratio
Assets $2,082 $2,157 $3,550 $4,126 $4,473 $4,712 $4,768 $5,590 $7,658 $8,647 $9,029 $10,152 $10,135 Debt Ratio of 1.5 and up, best
Liabilities $1,049 $959 $2,486 $2,996 $3,153 $3,379 $3,348 $3,931 $5,273 $5,273 $5,873 $6,964 $6,874 1.43 <-Median-> 10 Ratio
Debt Ratio 1.98 2.25 1.43 1.38 1.42 1.39 1.42 1.42 1.45 1.64 1.54 1.46 1.47 1.46 <-Median-> 5 Ratio
Book Value $1,033 $1,198 $1,064 $1,130 $1,320 $1,333 $1,420 $1,659 $2,384 $3,374 $3,157 $3,188 $3,261 $3,261 $3,261 166.02% <-Total Growth 10 Book Value
NCI $93 $284 $284 $336 $0 $0 $336 $336 -100.00% <-Total Growth 4 NCI
Net Book Value $1,033 $1,198 $1,064 $1,130 $1,320 $1,333 $1,420 $1,566 $2,100 $3,090 $2,821 $3,188 $3,261 $2,925 $2,925 166.02% <-Total Growth 10 Book Value
Book Value per share $5.60 $5.94 $4.82 $5.07 $5.18 $5.17 $5.37 $5.69 $6.85 $9.47 $8.39 $8.67 $8.86 $7.95 $7.95 45.86% <-Total Growth 10 Book Value per Share
Increase -5.34% 6.15% -18.90% 5.14% 2.34% -0.35% 4.05% 5.90% 20.28% 38.36% -11.46% 3.33% 2.31% -10.31% 0.00% 70.40% P/B Ratio Current/Historical Median
P/B Ratio (Median) 1.72 1.56 1.93 1.61 1.70 2.52 3.10 3.64 3.53 3.41 3.33 2.83 3.07 1.65 P/B Ratio Historical Median
P/B Ratio (Close) 1.80 1.52 1.97 1.39 2.09 2.89 3.47 4.13 3.77 3.79 2.65 3.42 2.82 3.14 3.14 3.85% <-IRR #YR-> 10 Book Value per Share 45.86%
Change 15.90% -15.26% 29.44% -29.34% 49.83% 38.51% 20.01% 19.12% -8.62% 0.57% -30.20% 29.16% -17.62% 11.49% 0.00% 10.02% <-IRR #YR-> 5 Book Value per Share 61.22%
Leverage (A/BK) 2.02 1.80 3.34 3.65 3.39 3.54 3.36 3.37 3.21 2.56 2.86 3.18 3.11 3.35 <-Median-> 10 A/BV
Debt/Equity Ratio 1.02 0.80 2.34 2.65 2.39 2.54 2.36 2.37 2.21 1.56 1.86 2.18 2.11 2.35 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 2.97 5 yr Med 3.41 -5.04% Diff M/C 2.29 Historical 20 A/BV
-$5.94 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.67
-$5.37 $0.00 $0.00 $0.00 $0.00 $8.67
$427.70 <-12 mths 26.09%
Comprehensive Income $325.76 $30.81 $329.92 $542.20 $367.10 12.69% <-Total Growth 4 Comprehensive Income
NCI $9.83 $11.10 $14.65 $35.60 $27.90 151.35% <-Total Growth 4 NCI
Shareholders -$121.12 $236.64 $135.22 $207.20 $248.34 $315.93 $19.71 $315.27 $506.60 $339.20 380.04% <-Total Growth 9 Comprehensive Income
Increase 295.37% -42.86% 53.23% 19.86% 27.22% -93.76% 1499.94% 60.69% -33.04% 27.22% <-Median-> 5 Comprehensive Income
5 Yr Running Average $141.25 $228.66 $185.28 $221.29 $281.17 $299.34 #NUM! <-IRR #YR-> 9 Comprehensive Income #DIV/0!
ROE -11.4% 20.9% 10.2% 15.5% 17.5% 19.0% 0.8% 9.3% 16.0% 10.6% 6.43% <-IRR #YR-> 5 Comprehensive Income 36.59%
5Yr Median 12.9% 15.5% 17.5% 15.5% 15.5% 16.0% 10.6% 16.21% <-IRR #YR-> 5 5 Yr Running Average #DIV/0!
% Difference from NI 51.4% -5.2% -14.2% -11.7% 0.2% 2.9% -133.9% -5.8% 18.5% -24.6% 16.21% <-IRR #YR-> 5 5 Yr Running Average 111.92%
Median Values Diff 5, 10 yr -5.5% -5.8% 10.6% <-Median-> 5 Return on Equity
$121.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $339.2
-$248.3 $0.0 $0.0 $0.0 $0.0 $339.2
-$141.3 $0.0 $0.0 $0.0 $0.0 $299.3
-$141.3 $0.0 $0.0 $0.0 $0.0 $299.3
Current Liability Coverage Ratio 1.16 1.26 0.97 1.19 0.91 0.59 0.25 0.22 0.21 0.28 0.44 0.38 CFO / Current Liabilities
5 year Median 1.96 1.32 1.26 1.19 1.16 0.97 0.91 0.59 0.25 0.25 0.25 0.28 0.28 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 8.25% 9.35% 6.59% 7.78% 6.30% 7.42% 9.66% 6.71% 6.12% 6.61% 8.42% 7.94% CFO / Total Assets
5 year Median 7.68% 7.68% 7.68% 7.78% 7.78% 7.42% 7.42% 7.42% 6.71% 6.71% 6.71% 6.71% 6.7% <-Median-> 5 Return on Assets
Return on Assets ROA 4.3% 6.1% -2.3% 6.1% 3.5% 5.0% 5.2% 5.5% -0.8% 3.9% 4.7% 4.4% Net Income/Assets Return on Assets
5Yr Median 2.7% 4.3% 4.3% 4.7% 4.3% 5.0% 5.0% 5.2% 5.0% 5.0% 4.7% 4.4% 4.6% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 8.6% 10.9% -7.5% 22.1% 11.9% 17.6% 17.5% 18.5% -2.4% 9.9% 13.5% 14.1% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 4.2% 7.6% 7.6% 8.6% 10.9% 11.9% 17.5% 17.6% 17.5% 17.5% 13.5% 13.5% 13.8% <-Median-> 10 Return on Equity
$493.90 <-12 mths 9.83%
Net Income $316.98 -$47.00 $349.48 $463.00 $477.60
NCI $9.83 $11.10 $14.65 $35.60 $27.90
Shareholders $89.26 $130.61 -$80.02 $249.70 $157.68 $234.77 $247.93 $307.15 -$58.10 $334.83 $427.40 $449.70 $506 $600 $574 244.30% <-Total Growth 10 Net Income
Increase 10.07% 46.33% -161.27% -412% -36.85% 48.89% 5.61% 23.89% -118.91% -676.36% 27.65% 5.22% 12.52% 18.58% -4.33% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $42.5 $67.0 $46.9 $94.1 $109.4 $138.5 $162.0 $239.4 $177.9 $213.3 $251.8 $292.2 $332.0 $463.6 $511.4 13.16% <-IRR #YR-> 10 Net Income 244.30%
Operating Cash Flow $171.83 $201.64 $234.08 $321.14 $281.79 $349.57 $460.50 $375.25 $468.67 $571.67 $760.50 $805.90 12.65% <-IRR #YR-> 5 Net Income 81.38%
Investment Cash Flow -$305.43 -$65.84 -$652.61 -$613.94 -$604.13 -$331.51 -$143.82 -$738.59 -$1,554.09 -$1,347.4 -$616.3 -$1,869.2 15.86% <-IRR #YR-> 10 5 Yr Running Ave. 335.95%
Total Accruals $222.86 -$5.20 $338.51 $542.49 $480.03 $216.71 -$68.75 $670.49 $1,027.32 $1,110.57 $283.20 $1,513.00 12.52% <-IRR #YR-> 5 5 Yr Running Ave. 80.36%
Total Assets $2,082 $2,157 $3,550 $4,126 $4,473 $4,712 $4,768 $5,590 $7,658 $8,647 $9,029 $10,152 Balance Sheet Assets
Accruals Ratio 10.70% -0.24% 9.54% 13.15% 10.73% 4.60% -1.44% 11.99% 13.42% 12.84% 3.14% 14.90% 12.84% <-Median-> 5 Ratio
EPS/CF Ratio 0.58 0.64 -0.35 0.89 0.57 0.70 0.64 0.74 -0.13 0.59 0.56 0.57 0.58 <-Median-> 10 EPS/CF Ratio
-$130.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $449.7
-$247.9 $0.0 $0.0 $0.0 $0.0 $449.7
-$67.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $292.2
-$162.0 $0.0 $0.0 $0.0 $0.0 $292.2
Chge in Close 9.72% -10.05% 4.98% -25.71% 53.33% 38.02% 24.87% 26.14% 9.91% 39.14% -38.20% 33.45% -15.72% 0.00% 0.00% Count 20 Years of data
up/down/neutral down down down down down down down down down Count 14 70.00%
Any Predictions? yes yes Yes % right Count 6 42.86%
Financial Cash Flow $147.44 -$139.07 $416.90 $293.70 $328.33 -$12.95 -$289.38 $377.63 $1,064.30 $790.27 -$167.30 $1,046.50 C F Statement Financial Cash Flow
Total Accruals $75.42 $133.88 -$78.39 $248.80 $151.70 $229.66 $220.63 $292.86 -$36.98 $320.31 $450.50 $466.50 Accruals
Accruals Ratio 3.62% 6.21% -2.21% 6.03% 3.39% 4.87% 4.63% 5.24% -0.48% 3.70% 4.99% 4.60% 4.60% <-Median-> 5 Ratio
Cash $22.51 $50.02 $63.90 $47.24 $61.10 $40.30 $21.40 $27.10 Cash
Cash per Share $0.09 $0.19 $0.23 $0.15 $0.19 $0.12 $0.06 $0.07 $0.15 <-Median-> 5 Cash per Share
Percentage of Stock Price 0.58% 1.02% 0.99% 0.60% 0.52% 0.54% 0.20% 0.29% 0.54% <-Median-> 5 % of Stock Price
Notes:
July 8, 2017. Last estimates were for 2016, 2017 and 2018 of $1750M, $1794M and $1770M for Revenue, $1.32, $1.40 and $1.54 for EPS,
$2.21, $2.26 and $2.22 for CFPS and $453M, $478M and $555M for Net Income.
July 07, 2016. Last estimates were for 2015 and 2016 of $1794M and $1859M for Revenue, $1.47 and $1.66 for EPS, $2.28 and $2.28 for CFPS and $548 and $547 for Net Income.
July 18, 2015. Last estimates were for 2014, 2015 and 2016 of $1581M, $1794M and $1859M for Revenue, $1.14, $1.47 and $1.66 for EPS,
$1.64, $2.28 and 2.28 for CFPS and $383M, $548M and $547M for Net Income.
July 21, 2014. Last estimaes were for 2013, 2014 and 2015 of $1301M, $1280M and $1549M for Revenue, $0.82, $1.11 and $1.33 for EPS, $1.44, 1.56 and $1.72 for CFPS.
In 2013 Class A and Class B shares were cancelled and exchanged for common Shares. Some preferred were issued too, but they seem to have gone also.
Loss is due to non-cash General Partner internalization expense costs of $349M in connection with the company's reorganziation.
June 12, 2013. Last estimates were for 2011 and 2012 of EPS $0.99 and $0.97 and CFPS of $1.52 and 1.50.
Jan 7, 2012. Last I looked I got estimates for 2010 and 2011 of $.91 and $.81 for EPS and $1.28 and $1.38 for CF.
Jan 7, 2012. They have credit facilities set up to handle their debt, including the current portion of the long term debt.
Dec 18, 2010. The last time I looked, I got 2009 estimates for earnings of $.65 and Cash Flow of $1.09
Old name: Koch Pipelines Canada L. P. started 1997
Inter Pipeline was a Limited Partnership. It became a corporation in 2013.
Pipeline Assets Corp. was bought with Preferred Shares in IPL. Preferred are worth the same as Class A Shares.
Probably in 2013, Preferred shares will be converted to Class A Shares.
Annual statements are released at the end of February.
Sector:
Infrastructure,Utility
What should this stock accomplish?
This stock should produce a good dividend yield and low to moderate dividend growth over the longer term.
Would I buy this company and Why.
This is a dividend growth stock, so I should say yest to Buy. At the moment I probably will not buy it because I have enough pipeline stocks already.
It would not be my favourite utility stock as I would be concerned about the debt ratios.
Why am I following this stock.
In 2008, a friend had asked me about this pipeline and I had no information on it, so I investigated it. It is a utility and I follow lots of utility stocks.
Dividends
Dividends are paid monthly. Dividends are declared in one month for payment in the following month.
For example, the cash dividend declared for March 2014 was for shareholders of recird if March 21, 21014 and was paid on April 15, 2014.
How they make their money.
Inter Pipeline is a major petroleum transportation, natural gas liquids extraction, and bulk liquid storage business based in Calgary, Alberta, Canada. Structured as a publicly traded limited partnership, Inter
Pipeline owns and operates energy infrastructure assets in western Canada, the United Kingdom, Germany and Ireland. The company is a limited partnership, not an income trust.
Pipeline Management Inc., the general partner of Inter Pipeline, holds a 0.1% partnership interest represented by Class B units and public unitholders hold the remaining
99.9% partnership interest, as limited partners, which are represented by Class A units. Inter Pipeline's Class A units are widely held.
Inter Pipeline currently makes monthly cash distributions to holders of the Class A limited liability partnership units (Class A units) and Class B unlimited liability partnership units (Class B units)
(collectively Partnership units). Class A is what is sold on TSX.
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.
Shares; '%, Value $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
Date Jan 7 2012 Jun 12 2013 Jul 21 2014 Jul 18 2015 Jul 07 2016 Jul 07 2017
Bayle, Christian 0.223 0.07% 0.435 0.13% 0.450 0.12% 0.450 0.12%
CEO - Shares - Amount $8.027 $9.662 $13.338 $11.241
Options - percentage 0.448 0.14% 0.574 0.17% 0.611 0.17% 0.615 0.17%
Options - amount $16.119 $12.752 $18.101 $15.366
Heagy, Brent 0.004 0.00% 0.010 0.00% 0.015 0.00% 0.020 0.01%
CFO - Shares - Amount $0.144 $0.222 $0.430 $0.500
Options - percentage 0.024 0.01% 0.074 0.02% 0.100 0.03% 0.111 0.03%
Options - amount $0.873 $1.645 $2.974 $2.769
Fesyk, David William 0.667 0.20% was CFO
Officer - Shares - Amount $23.974 was A to 2013
Cl A & B pref - Common 0.635 0.19% 1.302 0.39% 1.302 0.35% 1.302 0.35% was B to 2013
Amount $22.821 $28.918 $38.592 $32.525
Options - percentage 0.359 0.11% 1.081 0.32% 0.997 0.27% 0.941 0.26%
Options - amount $12.888 $24.012 $29.539 $23.510
Arsenych, Stephen James 0.000 0.00% 0.010 0.00% 0.010 0.00% 0.015 0.00% 0.015 0.00%
Officer - Shares - Amount $0.000 $0.359 $0.222 $0.445 $0.375
Options - percentage 0.057 0.02% 0.162 0.05% 0.183 0.05% 0.180 0.05% 0.175 0.05%
Options - amount $1.476 $5.811 $4.063 $5.349 $4.376
van Yzerloo, William Arnold 0.000 0.00%
CFO - Shares - Amount $0.000
Options - percentage 0.185 0.06%
Options - amount $4.768
Brigstocke, Nicholas 0.000 0.00%
Officer - Shares - Amount $0.000
Options - percentage 0.007 0.00%
Options - amount $0.187
Brown, Lorne Easton 0.000 0.00% 0.007 0.00% 0.008 0.00% 0.008 0.00%
Director - Shares - Amount $0.000 $0.145 $0.231 $0.207
Options - percentage 0.036 0.01% 0.042 0.01% 0.043 0.01% 0.042 0.01%
Options - amount $1.281 $0.932 $1.272 $1.060
Driscoll, John Fenbar 5.114 1.57% Old Chairman, retired
Director - Shares - Amount $183.799 was A to 2013
Class A & B preferreds 4.686 1.44% was B to 2013
Percentage $168.423
Class A Units Amounts 0.008 0.00% 5.122 1.67%
Percentage $0.196 $132.292
Options - percentage 0.005 0.00% 0.005 0.00%
Options - amount $0.129 $0.129
Shaw, Richard A. 0.021 0.01% 0.022 0.01% 0.024 0.01% 0.024 0.01%
Chairman - Shares - Amt $0.545 $0.478 $0.715 $0.601
Options - percentage 0.254 0.08% 0.035 0.01% 0.038 0.01% 0.038 0.01%
Options - amount $6.548 $0.783 $1.135 $0.939
Rights Exercised 0.794 0.26% 0.580 0.18% 0.581 0.17% 0.566 0.15% paid in cash
Cost at year end $20.515 $20.849 $12.902 $16.767 Search for
Increased Expenses $23.800 $30.300 $2.400 $25.100 Long-term Incentive Plan
Insider Buying -$1.506 -$1.526 -$1.299 or Employee Benefits
Insider Selling $0.000 $0.000 $0.000 or Restricted Share Units
Net Insider Selling -$1.674 -$1.506 -$1.526 -$1.299
% of Market Cap -0.01% -0.02% -0.01% -0.01%
Directors 6 7 7 8 9
Women 0 0% 1 14% 1 14% 2 25% 2 22%
Minorities 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 87 16.76% 149 22.35% 180 28.93% 196 28.93%
Total Shares Held 31.941 54.119 16.59% 74.838 22.25% 97.460 26.49% 103.547 28.15%
Increase/Decrease 1.181 3.84% 0.799 1.50% 0.286 0.38% -0.738 -0.75% -1.216 -1.16%
Starting No. of Shares 30.760 53.320 74.551 98.198 104.763
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