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. Estimates Estimates Estimates
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Loblaw Companies Ltd TSX: L OTC: LBLCF www.loblaw.com Fiscal Yr Dec 31 (or nearest) Q2 2017
Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019
Financial Year End 31-Dec-05 30-Dec-06 29-Dec-07 3-Jan-09 2-Jan-10 1-Jan-11 31-Dec-11 29-Dec-12 28-Dec-13 3-Jan-15 2-Jan-16 31-Dec-16 31-Dec-17 31-Dec-18 31-Dec-19 Value Description #Y Item Total G
Accounting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS
Statements
$46,753 <-12 mths 0.79%
Revenue* $27,801 $28,640 $29,384 $30,802 $30,735 $30,997 $31,250 $31,604 $32,371 $42,611 $45,394 $46,385 $46,927 $47,583 $48,582 61.96% <-Total Growth 10 Revenue
Increase 6.07% 3.02% 2.60% 4.83% -0.22% 0.85% 0.82% 1.13% 2.43% 31.63% 6.53% 2.18% 1.2% 1.4% 2.1% 4.94% <-IRR #YR-> 10 Revenue 61.96%
5 year Running Average $24,760 $26,190 $27,451 $28,567 $29,472 $30,112 $30,634 $31,078 $31,391 $33,767 $36,646 $39,673 $42,738 $45,780 $46,974 8.22% <-IRR #YR-> 5 Revenue 48.43%
Revenue per Share $101.40 $104.46 $107.17 $112.34 $111.28 $110.48 $111.06 $112.20 $114.66 $103.30 $110.72 $116.04 $118.73 $120.39 $122.91 4.24% <-IRR #YR-> 10 5 yr Running Average 51.48%
Increase 6.10% 3.02% 2.60% 4.83% -0.95% -0.73% 0.53% 1.03% 2.20% -9.91% 7.18% 4.81% 2.31% 1.40% 2.10% 5.31% <-IRR #YR-> 5 5 yr Running Average 29.51%
5 year Running Average $89.98 $95.31 $100.03 $104.19 $107.33 $109.15 $110.47 $111.47 $111.94 $110.34 $110.39 $111.39 $112.69 $113.84 $117.76 1.06% <-IRR #YR-> 10 Revenue per Share 11.09%
P/S (Price/Sales) Med 0.64 0.49 0.39 0.27 0.30 0.35 0.35 0.33 0.39 0.50 0.59 0.59 0.88% <-IRR #YR-> 5 Revenue per Share 4.49%
P/S (Price/Sales) Close 0.56 0.47 0.32 0.31 0.30 0.37 0.35 0.37 0.37 0.60 0.59 0.61 0.57 0.57 0.55 1.57% <-IRR #YR-> 10 5 yr Running Average 16.86%
*Sales in M CDN $  P/S Med 10 yr  0.37 5 yr  0.50 54.11% Diff M/C 0.17% <-IRR #YR-> 5 5 yr Running Average 0.83%
-$28,640 $0 $0 $0 $0 $0 $0 $0 $0 $0 $46,385
-$31,250 $0 $0 $0 $0 $46,385
-$26,190 $0 $0 $0 $0 $0 $0 $0 $0 $0 $39,673
-$30,634 $0 $0 $0 $0 $39,673
-$104.46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $116.04
-$111.06 $0.00 $0.00 $0.00 $0.00 $116.04
-$95.31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $111.39
-$110.47 $0.00 $0.00 $0.00 $0.00 $111.39
$2.99 <-12 mths 26.16%
EPS Basic $2.72 -$0.80 $1.20 $1.99 $2.39 $2.45 $2.73 $2.31 $2.24 $0.14 $1.52 $2.40 400.00% <-Total Growth 10 EPS Basic
Comments $3.35 $2.72 $2.05 Ones in purple are adjusted EPS ( EPS prior to Write-offs)
EPS Diluted* $2.71 -$0.80 $1.20 $1.99 $2.38 $2.44 $2.71 $2.28 $2.22 $0.14 $1.51 $2.37 $4.41 $4.62 $5.09 396.25% <-Total Growth 10 EPS Diluted
Increase -22.8% -129.5% -250.0% 65.8% 19.6% 2.5% 11.1% -15.9% -2.6% -93.7% 978.6% 57.0% 86.1% 4.8% 10.2% #NUM! <-IRR #YR-> 10 Earnings per Share 396.25%
Earnings Yield 4.8% -1.6% 3.5% 5.7% 7.0% 6.0% 7.0% 5.4% 5.2% 0.2% 2.3% 3.3% 6.5% 6.8% 7.5% -2.65% <-IRR #YR-> 5 Earnings per Share -12.55%
5 year Running Average $2.78 $2.22 $1.93 $1.72 $1.50 $1.44 $2.14 $2.36 $2.41 $1.96 $1.77 $1.70 $2.13 $2.61 $3.60 -2.60% <-IRR #YR-> 10 5 yr Running Average -23.17%
10 year Running Average $1.97 $1.81 $1.85 $1.94 $2.04 $2.11 $2.18 $2.15 $2.06 $1.73 $1.61 $1.92 $2.25 $2.51 $2.78 -4.49% <-IRR #YR-> 5 5 yr Running Average -20.52%
* Diluted ESP per share  E/P 10 Yrs 5.34% 5Yrs 3.35%
$0.80 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.37
-$2.71 $0.00 $0.00 $0.00 $0.00 $2.37
-$2.22 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.70
-$2.14 $0.00 $0.00 $0.00 $0.00 $1.70
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* $0.84 $0.84 $0.84 $0.84 $0.84 $0.84 $0.84 $0.85 $0.94 $0.98 $1.00 $1.03 $1.07 $1.08 $1.08 22.62% <-Total Growth 10 Dividends
Increase 10.5% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 1.2% 10.6% 3.7% 2.1% 3.5% 3.9% 0.9% 0.0% Count 27 Years of data
Dividends 5 Yr Running $0.62 $0.70 $0.78 $0.82 $0.84 $0.84 $0.84 $0.84 $0.86 $0.89 $0.92 $0.96 $1.00 $1.03 $1.05 36.08% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 1.29% 1.63% 2.00% 2.72% 2.52% 2.15% 2.19% 2.31% 2.08% 1.87% 1.52% 1.51% 1.47% 2.12% <-Median-> 10 Yield H/L Price
Yield on High  Price 1.10% 1.44% 1.59% 2.37% 2.27% 1.88% 2.00% 2.02% 1.86% 1.56% 1.38% 1.39% 1.37% 1.87% <-Median-> 10 Yield on High  Price
Yield on Low Price 1.55% 1.87% 2.71% 3.20% 2.84% 2.51% 2.40% 2.70% 2.36% 2.33% 1.70% 1.65% 1.58% 2.46% <-Median-> 10 Yield on Low Price
Yield on Close Price 1.49% 1.72% 2.47% 2.40% 2.48% 2.08% 2.18% 2.03% 2.22% 1.57% 1.52% 1.45% 1.57% 1.59% 1.59% 2.13% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 31.00% -105.00% 70.00% 42.21% 35.29% 34.43% 31.00% 37.28% 42.34% 696.43% 65.89% 43.46% 24.26% 23.38% 21.22% 42.28% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 22.13% 31.74% 40.12% 47.85% 56.15% 58.25% 39.18% 35.68% 35.83% 45.40% 51.92% 56.22% 47.04% 39.46% 29.19% 46.63% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 15.47% 19.52% 18.50% 23.29% 11.93% 14.79% 13.03% 14.63% 17.80% 26.97% 13.25% 13.37% 14.04% 11.60% #DIV/0! 14.71% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 14.66% 15.74% 16.66% 17.80% 16.85% 16.68% 15.37% 14.73% 14.24% 16.56% 16.05% 16.01% 15.79% 14.40% #DIV/0! 16.31% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 14.96% 18.44% 19.03% 18.09% 18.74% 15.42% 14.15% 12.09% 12.12% 37.41% 12.51% 12.35% 14.04% 11.60% #DIV/0! 14.78% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 13.16% 14.29% 15.62% 16.58% 17.71% 17.84% 16.85% 15.29% 14.06% 15.45% 14.70% 14.22% 14.62% 14.37% #DIV/0! 15.53% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 5 Yr Med 5 Yr Cl 2.12% 1.57% 5 Yr Med Payout 43.46% 14.63% 12.35% 2.06% <-IRR #YR-> 10 Dividends 22.62%
* Dividends per share  5 Yr Med and Cur. -25.19% 1.12% Last Div Inc ---> $0.260 $0.270 3.8% 4.16% <-IRR #YR-> 5 Dividends 22.62%
-$0.84 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.03
-$0.84 $0.00 $0.00 $0.00 $0.00 $1.03
Historical Dividends Historical High Div 2.74% Low Div 0.58% Ave Div 1.66% Med Div 1.21% Close Div 1.23% Historical Dividends
High/Ave/Median Values Curr diff Exp. -42.12%     173.43% Exp. -4.46% Cheap 31.07% Cheap 28.85% High/Ave/Median 
Future Dividend Yield Div Yd 1.84% earning in 5 Years at IRR of 3.00% Div Inc. 15.93% Future Dividend Yield
Future Dividend Yield Div Yd 2.13% earning in 10 Years at IRR of 3.00% Div Inc. 34.39% Future Dividend Yield
Future Dividend Yield Div Yd 2.47% earning in 15 Years at IRR of 3.00% Div Inc. 55.80% Future Dividend Yield
Cost cover if held 5 years 7.25% 7.04% 6.79% 6.95% 6.44% 6.43% 8.15% 10.04% 13.98% 13.36% 11.79% 12.47% 13.63% 11.38% 10.07% 9.10% <-Median-> 10 Paid Median Price
Cost cover if held 10 years 46.03% 39.49% 27.09% 19.81% 18.24% 17.13% 15.44% 14.16% 14.22% 13.26% 13.48% 17.44% 21.99% 30.68% 29.15% 16.28% <-Median-> 10 Paid Median Price
Cost cover if held 15 years 77.33% 77.14% 102.67% 97.67% 101.12% 92.05% 73.19% 47.45% 33.49% 30.09% 27.95% 25.02% 22.93% 22.90% 21.32% 60.32% <-Median-> 10 Paid Median Price
Cost cover if held 20 years 147.33% 137.14% 172.83% 158.50% 159.72% 142.47% 111.64% 71.68% 49.84% 44.11% 147.33% <-Median-> 7 Paid Median Price
Cost cover if held 25 years 224.00% 205.57% 256.33% 231.19% 229.00% 214.79% <-Median-> 2 Paid Median Price
H/LYield held 5 yrs 1.98% 1.68% 1.47% 1.42% 1.29% 1.29% 1.63% 2.03% 3.05% 2.93% 2.55% 2.68% 2.91% 2.39% 2.07% 1.83% <-Median-> 10 Paid Median Price
H/LYield held 10 yrs 9.21% 6.74% 4.06% 2.67% 2.24% 1.98% 1.68% 1.49% 1.59% 1.50% 1.52% 2.00% 2.55% 3.50% 3.25% 1.83% <-Median-> 10 Paid Median Price
H/LYield held 15 yrs 14.00% 12.00% 14.00% 11.86% 11.07% 9.21% 6.74% 4.11% 2.98% 2.60% 2.34% 2.06% 1.87% 1.82% 1.66% 5.43% <-Median-> 10 Paid Median Price
H/LYield held 20 yrs 14.00% 12.00% 14.17% 13.27% 12.85% 10.90% 8.27% 5.18% 3.43% 2.88% 12.85% <-Median-> 7 Paid Median Price
H/LYield held 25 yrs 16.58% 14.71% 17.83% 15.24% 14.24% 15.65% <-Median-> 2 Paid Median Price
Graham No. $36.18 $23.15 $23.37 $30.86 $34.88 $36.69 $36.08 $34.19 $35.24 $9.88 $32.73 $41.29 $56.38 $57.71 $60.58 78.39% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.80 2.23 1.79 1.00 0.95 1.06 1.06 1.08 1.28 5.28 2.00 1.65 1.29 1.18 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 2.11 2.51 2.26 1.15 1.06 1.22 1.16 1.23 1.44 6.33 2.21 1.80 1.38 1.33 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.50 1.94 1.33 0.85 0.85 0.91 0.97 0.92 1.13 4.23 1.79 1.51 1.20 1.05 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.56 2.11 1.45 1.13 0.97 1.10 1.07 1.23 1.20 6.29 2.00 1.72 1.21 1.18 1.12 1.21 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 55.81% 110.78% 45.50% 13.33% -2.85% 10.03% 6.65% 22.65% 20.27% 529.33% 99.61% 71.56% 20.78% 18.00% 12.42% 21.46% <-Median-> 10 Graham Price
Price Close $56.37 $48.79 $34.00 $34.97 $33.88 $40.37 $38.48 $41.93 $42.38 $62.17 $65.34 $70.84 $68.10 $68.10 $68.10 45.19% <-Total Growth 10 Stock Price
Increase -21.73% -13.45% -30.31% 2.85% -3.12% 19.16% -4.68% 8.97% 1.07% 46.70% 5.10% 8.42% -3.87% 0.00% 0.00% 3.80% <-IRR #YR-> 10 Stock Price 45.19%
P/E 20.80 -60.99 28.33 17.57 14.24 16.55 14.20 18.39 19.09 444.07 43.27 29.89 15.44 14.74 13.38 12.98% <-IRR #YR-> 5 Stock Price 84.10%
Trailing P/E 16.06 18.00 -42.50 29.14 17.03 16.96 15.77 15.47 18.59 28.00 466.71 46.91 28.73 15.44 14.74 5.36% <-IRR #YR-> 10 Price & Dividend
Median 10, 5 Yrs D.  per yr 1.56% 1.96% % Tot Ret 29% 13.14% Price Inc 8.42% P/E:  18.74 29.89 14.95% <-IRR #YR-> 5 Price & Dividend
-$48.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $70.84
-$38.48 $0.00 $0.00 $0.00 $0.00 $70.84
-$48.79 $0.84 $0.84 $0.84 $0.84 $0.84 $0.85 $0.94 $0.98 $1.00 $71.87
-$38.48 $0.85 $0.94 $0.98 $1.00 $71.87
Price H/L Median $65.30 $51.54 $41.93 $30.83 $33.28 $39.02 $38.42 $36.75 $45.25 $52.16 $65.47 $68.27 $72.78 32.46% <-Total Growth 10 Stock Price
Increase 0.13% -21.07% -18.65% -26.46% 7.93% 17.27% -1.54% -4.35% 23.13% 15.27% 25.52% 4.27% 6.61% 2.85% <-IRR #YR-> 10 Stock Price 32.46%
P/E 24.09 -64.42 34.94 15.49 13.98 15.99 14.18 16.12 20.38 372.57 43.36 28.80 16.50 12.18% <-IRR #YR-> 5 Stock Price 77.68%
Trailing P/E 18.60 19.02 -52.41 25.69 16.72 16.39 15.75 13.56 19.85 23.50 467.64 45.21 30.71 4.39% <-IRR #YR-> 10 Price & Dividend
P/E on Run. 5 yr Ave 23.45 23.23 21.68 17.90 22.24 27.06 17.92 15.57 18.81 26.64 36.95 40.06 34.17 14.18% <-IRR #YR-> 5 Price & Dividend
P/E on Run. 10 yr Ave 33.23 28.43 22.72 15.91 16.32 18.47 17.62 17.12 21.92 30.20 40.74 35.48 32.42 19.10 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 1.53% 1.99% % Tot Ret 35% 14.05% Price Inc 15.27% P/E:  18.25 28.80 Count 27 Years of data
-$51.54 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $68.27
-$38.42 $0.00 $0.00 $0.00 $0.00 $68.27
-$51.54 $0.84 $0.84 $0.84 $0.84 $0.84 $0.85 $0.94 $0.98 $1.00 $69.30
-$38.42 $0.85 $0.94 $0.98 $1.00 $69.30
High Months Apr Feb Apr Dec Jan Aug May Dec Jun Dec Aug Mar May
Price High $76.34 $58.15 $52.85 $35.40 $36.99 $44.58 $41.90 $42.05 $50.64 $62.53 $72.24 $74.24 $77.99 27.67% <-Total Growth 10 Stock Price
Increase 6.00% -23.83% -9.11% -33.02% 4.49% 20.52% -6.01% 0.36% 20.43% 23.48% 15.53% 2.77% 5.05% 2.47% <-IRR #YR-> 10 Stock Price 27.67%
P/E 28.17 -72.69 44.04 17.79 15.54 18.27 15.46 18.44 22.81 446.64 47.84 31.32 17.68 12.12% <-IRR #YR-> 5 Stock Price 77.18%
Trailing P/E 21.75 21.46 -66.06 29.50 18.59 18.73 17.17 15.52 22.21 28.17 516.00 49.17 32.91 21.19 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 15.53% P/E:  20.63 31.32 31.97 P/E Ratio Historical High
-$58.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $74.24
-$41.90 $0.00 $0.00 $0.00 $0.00 $74.24
Low Months Dec Nov Dec Oct Mar Jan Aug Jul Feb Jan Jan Jan Feb 
Price Low $54.25 $44.92 $31.00 $26.26 $29.56 $33.46 $34.94 $31.45 $39.86 $41.79 $58.70 $62.29 $67.56 38.67% <-Total Growth 10 Stock Price
Increase -7.11% -17.20% -30.99% -15.29% 12.57% 13.19% 4.42% -9.99% 26.74% 4.84% 40.46% 6.12% 8.46% 3.32% <-IRR #YR-> 10 Stock Price 38.67%
P/E 20.02 -56.15 25.83 13.20 12.42 13.71 12.89 13.79 17.95 298.50 38.87 26.28 15.32 12.26% <-IRR #YR-> 5 Stock Price 78.28%
Trailing P/E 15.46 16.58 -38.75 21.88 14.85 14.06 14.32 11.61 17.48 18.82 419.29 41.25 28.51 16.84 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 6.12% P/E:  15.87 26.28 13.08 P/E Ratio Historical Low
-$44.92 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $62.29
-$34.94 $0.00 $0.00 $0.00 $0.00 $62.29
Long Term Debt $11,462 $11,011 $10,870 $10,919 Debt
Change -3.93% -1.28% 0.45% -2.61% <-Median-> 2 Change
Debt/Market Cap Ratio 0.45 0.41 0.38 0.41 0.41 <-Median-> 3 Debt/Market Cap Ratio
Goodwill & Intangibles $1,057 $1,057 $1,054 $12,420 $12,526 $12,640 $12,452 Intangibles Goodwill
Change 0.00% -0.28% 1078.37% 0.85% 0.91% -1.49% 0.85% <-Median-> 5 Change
Intangible/Market Cap Ratio 0.10 0.09 0.09 0.48 0.47 0.45 0.46 0.27 <-Median-> 6 Intangible/Market Cap Ratio
Market Cap $15,456 $13,377 $9,322 $9,588 $9,357 $11,327 $10,828 $11,811 $11,964 $25,644 $26,788 $28,316 $26,916 $26,916 $26,916 111.68% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 282.10 285.30 289.40 283.2 284.1 384.4 415.2 409.1 401.3 401.3 401.3 45.02% <-Total Growth 7 Diluted
Change 1.13% 1.44% -2.14% 0.32% 35.30% 8.01% -1.47% -1.91% 0.00% 0.00% 0.01 <-Median-> 7 Change
Basic # of Shares in Millions 274.18 274.07 274.17 274.17 275.03 277.90 281.601 281.439 281.123 380.541 411.5 405.1 397.9 47.79% <-Total Growth 10 Basic
Change -3.54% -0.04% 0.04% 0.00% 0.31% 1.04% 1.33% -0.06% -0.11% 35.36% 8.15% -1.58% -1.76% 0.18% <-Median-> 10 Change
Difference 0.0% 0.0% 0.0% 0.0% 0.4% 1.0% -0.1% 0.1% 0.4% 8.4% -0.4% -1.3% -0.7% 0.04% <-Median-> 10 Difference
$2,784 <-12 mths -9.58%
# of Share in Millions 274.2 274.2 274.2 274.2 276.2 280.6 281.4 281.7 282.3 412.5 410.0 399.7 395.2 395.2 395.2 3.84% <-IRR #YR-> 10 Shares 45.79%
Increase -0.03% 0.00% 0.00% 0.00% 0.73% 1.59% 0.29% 0.10% 0.22% 46.11% -0.61% -2.50% -1.12% 0.00% 0.00% 7.27% <-IRR #YR-> 5 Shares 42.06%
CF fr Op $M $1,489 $1,180 $1,245 $989 $1,945 $1,594 $1,814 $1,637 $1,491 $1,491 $3,079 $3,079 $3,012 $3,680 160.93% <-Total Growth 10 Cash Flow
Increase 3.19% -20.75% 5.51% -20.56% 96.66% -18.05% 13.80% -9.76% -8.92% 0.00% 106.51% 0.00% -2.18% 22.18% S. Issue DRIP, SO Buy Backs
5 year Running Average $1,156 $1,228 $1,278 $1,269 $1,370 $1,391 $1,517 $1,596 $1,696 $1,605 $1,902 $2,155 $2,430 $2,868 75.46% <-Total Growth 10 CF 5 Yr Running
CFPS $5.43 $4.30 $4.54 $3.61 $7.04 $5.68 $6.45 $5.81 $5.28 $3.61 $7.51 $7.70 $7.62 $9.31 78.98% <-Total Growth 10 Cash Flow per Share
Increase 3.21% -20.75% 5.51% -20.56% 95.23% -19.33% 13.48% -9.85% -9.12% -31.56% 107.76% 2.57% -1.08% 22.18% 10.07% <-IRR #YR-> 10 Cash Flow 160.93%
5 year Running Average $4.20 $4.47 $4.66 $4.63 $4.98 $5.04 $5.46 $5.72 $6.05 $5.37 $5.73 $5.98 $6.35 $7.15 11.16% <-IRR #YR-> 5 Cash Flow 69.74%
P/CF on Med Price 12.02 11.97 9.23 8.55 4.73 6.87 5.96 6.32 8.57 14.43 8.72 8.86 9.55 5.99% <-IRR #YR-> 10 Cash Flow per Share 78.98%
P/CF on Closing Price 10.38 11.34 7.49 9.69 4.81 7.11 5.97 7.21 8.02 17.20 8.70 9.20 8.94 3.62% <-IRR #YR-> 5 Cash Flow per Share 19.48%
4.44% Diff M/C 2.96% <-IRR #YR-> 10 CFPS 5 yr Running 33.83%
Excl.Working Capital CF $51.0 $69.0 -$35.0 $284.0 -$707.0 -$66.0 -$143.0 $343.0 $699.0 -$416.0 $182.0 $255.0 $0.0 $0.0 1.84% <-IRR #YR-> 5 CFPS 5 yr Running 9.53%
CF fr Op $M WC $1,540 $1,249 $1,210 $1,273 $1,238 $1,528 $1,671 $1,980 $2,190 $1,075 $3,261 $3,334 $3,012 $3,680 166.93% <-Total Growth 10 Cash Flow less WC
Increase -0.13% -18.90% -3.12% 5.21% -2.75% 23.42% 9.36% 18.49% 10.61% -50.91% 203.35% 2.24% -9.66% 22.18% 10.32% <-IRR #YR-> 10 Cash Flow less WC 166.93%
5 year Running Average $1,288 $1,354 $1,364 $1,363 $1,302 $1,300 $1,384 $1,538 $1,721 $1,689 $2,035 $2,368 $2,574 $2,872 14.81% <-IRR #YR-> 5 Cash Flow less WC 99.52%
CFPS Excl. WC $5.62 $4.56 $4.41 $4.64 $4.48 $5.45 $5.94 $7.03 $7.76 $2.61 $7.95 $8.34 $7.62 $9.31 5.75% <-IRR #YR-> 10 CF less WC 5 Yr Run 74.91%
Increase -0.10% -18.89% -3.12% 5.21% -3.46% 21.49% 9.04% 18.37% 10.36% -66.40% 205.20% 4.86% -8.64% 22.18% 11.34% <-IRR #YR-> 5 CF less WC 5 Yr Run 71.10%
5 year Running Average $4.68 $4.93 $4.97 $4.97 $4.74 $4.71 $4.98 $5.51 $6.13 $5.76 $6.26 $6.74 $6.86 $7.17 6.23% <-IRR #YR-> 10 CFPS - Less WC 83.09%
P/CF on Med Price 11.63 11.31 9.50 6.64 7.42 7.17 6.47 5.23 5.83 20.01 8.23 8.18 9.55 7.03% <-IRR #YR-> 5 CFPS - Less WC 40.45%
P/CF on Closing Price 10.04 10.71 7.70 7.53 7.56 7.41 6.48 5.97 5.46 23.85 8.21 8.49 8.94 7.31 3.18% <-IRR #YR-> 10 CFPS 5 yr Running 36.74%
*Cash Flow per share CF/-WC P/CF Med 10 yr 8.56 5 yr  8.72 P/CF Med 10 yr 7.29 5 yr  8.18 22.52% Diff M/C 6.21% <-IRR #YR-> 5 CFPS 5 yr Running 35.17%
OPM 5.36% 4.12% 4.24% 3.21% 6.33% 5.14% 5.80% 5.18% 4.61% 3.50% 6.78% 6.64% 61.11% <-Total Growth 10 OPM
Increase -2.72% -23.07% 2.84% -24.22% 97.09% -18.74% 12.88% -10.77% -11.08% -24.03% 93.85% -2.14% Should increase  or be stable.
Diff from Ave 3.8% -20.2% -17.9% -37.8% 22.6% -0.4% 12.5% 0.4% -10.8% -32.2% 31.4% 28.6% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 5.16% 5 Yrs 5.18% should be  zero, it is a   check on calculations
Current Assets $3,701 $3,948 $4,093 $3,960 $4,364 $4,626 $6,462 $6,667 $7,887 $9,405 $9,855 $10,204 $10,188 Liquidity ratio of 1.5 and up, best
Current Liabilities $3,162 $3,273 $3,622 $3,230 $3,628 $3,852 $4,718 $5,396 $5,513 $6,395 $7,222 $6,942 $6,785 1.30 <-Median-> 10 Ratio
Liquidity Ratio 1.17 1.21 1.13 1.23 1.20 1.20 1.37 1.24 1.43 1.47 1.36 1.47 1.50 1.43 <-Median-> 5 Ratio
Liq. with CF aft div 1.57 1.50 1.41 1.46 1.68 1.55 1.70 1.49 1.65 1.64 1.73 1.85 1.88 1.65 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  1.22 1.07 1.19 1.23 1.25 1.13 1.44 1.26 1.24 0.87 1.48 1.54 1.88 1.26 <-Median-> 5 Ratio
Assets $13,761 $13,486 $13,674 $13,985 $14,991 $15,919 $17,428 $17,961 $20,759 $33,684 $33,939 $34,436 $34,026 Debt Ratio of 1.5 and up, best
Liabilities $7,875 $8,045 $8,129 $8,135 $8,687 $8,998 $11,421 $11,544 $13,741 $20,897 $20,775 $21,408 $21,118 1.62 <-Median-> 10 Ratio
Debt Ratio 1.75 1.68 1.68 1.72 1.73 1.77 1.53 1.56 1.51 1.61 1.63 1.61 1.61 1.61 <-Median-> 5 Ratio
Total Book Value $5,886 $5,441 $5,545 $5,850 $6,304 $6,921 $6,007 $6,417 $7,018 $12,787 $13,164 $13,028 $12,908 $12,908 $12,908 139.44% <-Total Growth 10 Book Value
Preferred Shares $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $221 $221 $221
Minority Int $0 $0 $0 $20 $31 $41 $0 $0 $0 $0 $0 $0 $0
NCI $0 $0 $0 $0 $0 $0 $0 $0 $0 $8 $13 $26 $23
Book Value $5,886 $5,441 $5,545 $5,830 $6,273 $6,880 $6,007 $6,417 $7,018 $12,779 $12,930 $12,781 $12,664 $12,664 $12,664 134.90% <-Total Growth 10 Book Value
Book Value per share $21.47 $19.85 $20.22 $21.26 $22.71 $24.52 $21.35 $22.78 $24.86 $30.98 $31.54 $31.97 $32.04 $32.04 $32.04 61.12% <-Total Growth 10 Book Value per Share
Change 6.83% -7.56% 1.91% 5.14% 6.81% 7.96% -12.94% 6.71% 9.12% 24.63% 1.80% 1.39% 0.21% 0.00% 0.00% 0.95% P/B Ratio Current/Historical Median
P/B Ratio (Median) 3.04 2.60 2.07 1.45 1.47 1.59 1.80 1.61 1.82 1.68 2.08 2.13 2.27 2.11 P/B Ratio Historical Median
P/B Ratio (Close) 2.63 2.46 1.68 1.64 1.49 1.65 1.80 1.84 1.70 2.01 2.07 2.22 2.13 2.13 2.13 4.89% <-IRR #YR-> 10 Book Value per Share
Change -26.74% -6.37% -31.62% -2.18% -9.30% 10.37% 9.49% 2.11% -7.38% 17.71% 3.24% 6.94% -4.07% 0.00% 0.00% 8.42% <-IRR #YR-> 5 Book Value per Share
Leverage (A/BK) 2.34 2.48 2.47 2.39 2.38 2.30 2.90 2.80 2.96 2.63 2.58 2.64 2.64 2.61 <-Median-> 10 A/BV
Debt/Equity Ratio 1.34 1.48 1.47 1.39 1.38 1.30 1.90 1.80 1.96 1.63 1.58 1.64 1.64 1.61 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.74 5 yr Med 1.82 22.03% Diff M/C 2.69 Historical 24 A/BV
$1,319.00 <-12 mths 28.56%
Comprehensive Income $15 $781 $1,033
NCI $0 -$9 $7
Shareholders $333 $556 $645 $674 $561 $629 $859 $15 $790 $1,026 84.53% <-Total Growth 9 Comprehensive Income
Increase 66.97% 16.01% 4.50% -16.77% 12.12% 36.57% -98.25% 5166.67% 29.87% 29.87% <-Median-> 5 Comprehensive Income
5 Yr Running Average $554 $613 $674 $548 $571 $664 13.32% <-IRR #YR-> 9 Comprehensive Income 84.53%
ROE 6.0% 9.5% 10.2% 9.7% 9.3% 9.8% 12.2% 0.1% 6.0% 7.9% 12.83% <-IRR #YR-> 5 Comprehensive Income 82.89%
5Yr Median 9.5% 9.7% 9.8% 9.7% 9.3% 7.9% 3.69% <-IRR #YR-> 5 5 Yr Running Average #DIV/0!
% Difference from NI 0.9% 2.0% -1.7% -1.0% -27.0% -3.2% 36.3% -71.7% 25.0% 4.4% 3.69% <-IRR #YR-> 5 5 Yr Running Average 19.86%
Median Values Diff 5, 10 yr -0.1% 4.4% 7.9% <-Median-> 5 Return on Equity
Current Liability Coverage Ratio 0.49 0.38 0.33 0.39 0.34 0.40 0.35 0.37 0.40 0.17 0.45 0.48 0.44   CFO / Current Liabilities
5 year Median 0.41 0.41 0.41 0.39 0.38 0.38 0.35 0.37 0.37 0.37 0.37 0.40 0.44 0.40 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 11.19% 9.26% 8.85% 9.10% 8.26% 9.60% 9.59% 11.02% 10.55% 3.19% 9.61% 9.68% 8.85% CFO / Total Assets
5 year Median 10.49% 10.49% 10.49% 9.26% 9.10% 9.10% 9.10% 9.59% 9.60% 9.60% 9.61% 9.68% 9.61% 9.7% <-Median-> 5 Return on Assets 
Return on Assets ROA 5.4% -1.6% 2.4% 3.9% 4.4% 4.3% 4.4% 3.6% 3.0% 0.2% 1.9% 2.9% 5.2% Net  Income/Assets Return on Assets
5Yr Median 6.6% 6.6% 5.4% 3.9% 3.9% 3.9% 4.3% 4.3% 4.3% 3.6% 3.0% 2.9% 2.9% 3.3% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 12.7% -4.0% 6.0% 9.3% 10.4% 9.8% 12.8% 10.1% 9.0% 0.4% 4.8% 7.5% 13.7% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 17.6% 17.6% 12.7% 9.3% 9.3% 9.3% 9.8% 10.1% 10.1% 9.8% 9.0% 7.5% 7.5% 9.1% <-Median-> 10 Return on Equity
$1,220.00 <-12 mths 24.11%
Net Income $53 $623 $990
NCI $0 -$9 $7
Shareholders $749 -$219 $330 $545 $656 $681 $769 $650 $630 $53 $632 $983 $1,770 $1,854 $2,043 548.86% <-Total Growth 10 Net Income
Increase -22.62% -129% -251% 65.15% 20.37% 3.81% 12.92% -15.47% -3.08% -91.59% 1092.45% 55.54% 80.03% 4.76% 10.17% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $771 $614 $535 $475 $412 $399 $596 $660 $677 $557 $547 $590 $814 $1,058 $1,456 #NUM! <-IRR #YR-> 10 Net Income 548.86%
Operating Cash Flow $1,489 $1,180 $1,245 $989 $1,945 $1,594 $1,814 $1,637 $1,491 $1,491 $3,079 $3,079 5.03% <-IRR #YR-> 5 Net Income 27.83%
Investment Cash Flow -$903 -$1,308 -$671 -$607 -$1,248 -$1,448 -$856 -$989 -$1,839 -$5,684 -$1,238 -$1,437 -0.41% <-IRR #YR-> 10 5 Yr Running Average -4.01%
Total Accrual $163 -$91 -$244 $163 -$41 $535 -$189 $2 $978 $4,246 -$1,209 -$659 -0.22% <-IRR #YR-> 5 5 Yr Running Average -1.11%
Total Assets $13,761 $13,486 $13,674 $13,985 $14,991 $15,919 $17,428 $17,961 $20,759 $33,684 $33,939 $34,436 Balance Sheet Assets
Accruals Ratio 1.18% -0.67% -1.78% 1.17% -0.27% 3.36% -1.08% 0.01% 4.71% 12.61% -3.56% -1.91% 0.01% <-Median-> 5 Ratio
EPS/CF Ratio 0.48 -0.18 0.27 0.43 0.53 0.45 0.46 0.32 0.29 0.05 0.19 0.28 0.31 <-Median-> 10 EPS/CF Ratio
$219.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $983.0
-$769.0 $0.0 $0.0 $0.0 $0.0 $983.0
-$614.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $589.6
-$596.2 $0.0 $0.0 $0.0 $0.0 $589.6
Change in Close -21.73% -13.45% -30.31% 2.85% -3.12% 19.16% -4.68% 8.97% 1.07% 46.70% 5.10% 8.42% -3.87% 0.00% 0.00% Count 24 Years of data
up/down down down Count 11 45.83%
Meet Prediction? Yes % right Count 3 27.27%
Financial Cash Flow -$208 -$120 -$472 -$371 -$173 -$18 -$853 -$531 $1,521 $1,845 -$1,839 -$1,782 C F Statement  Financial Cash Flow
Total Accruals $371 $29 $228 $534 $132 $553 $664 $533 -$543 $2,401 $630 $1,123 Accruals
Accruals Ratio 2.70% 0.22% 1.67% 3.82% 0.88% 3.47% 3.81% 2.97% -2.62% 7.13% 1.86% 3.26% 2.97% <-Median-> 5 Ratio
Cash $966 $1,079 $2,260 $999 $1,018 $1,314 $1,276 Cash
Cash per Share $3.43 $3.83 $8.01 $2.42 $2.48 $3.29 $3.23 $3.29 <-Median-> 5 Cash per Share
Percentage of Stock Price 8.92% 9.14% 18.89% 3.90% 3.80% 4.64% 4.74% % of Stock Price
Notes:
August 5, 2017.  Last estimates were for 2016, 2017 and 2018 of $46420M, $47614M and $48852M for Revenue, $2.93, $3.67 and $5.31 for EPS,
 $8.10, $8.65 and $9.77 for CFPS and $1222M and $1403M for Net Income.
August 6, 2016.  Last estimates were for 2015, 2016 and 2017 of $45449M, $43542M and $47745M for Revenue, $2.67, $3.55 and $4.31 for EPS, 
$7.09, $7.65 and $8.49 for CFPS and $1046M, $1296M and $1539M for Net Income.
August 9, 2015.  Last estimates I got for 2014, 2015 and 2016 of $42276M, $45387M and $46546M for Revenue, $0.82, 2.99 and $4.44 for EPS, 
$6.33. $7.97 and $8.22 for CFPS and $233M, $1128M and $1259M for Net Income.
August 10, 2014.  The last estimates I got were for 2013, 2014 and 2015 of $32471M, $33340M and $34259M for Revenue, $2.59, $2.87 and $3.44 for EPS, $6.26 and $6.43 for CFPS (2013 and 2014).
Jan 24, 2012.  Last estimates I got were for 2010 and 2011 with EPS at $2.65 and $2.87 and CF of $5.03 and $5.38.
Feb 10, 2011.  Last time I looked, I got 2009 and 2010 estimates for earnings of $2.23 and $2.48 and Cash Flow of $4.26 and $4.62
Jun 1, 2009 AR 2008. Estimates from Sep 2008 give EPS $1.82 and it came in at $1.99. I do not think I want to invest until they up dividends.
AP 2006.  There is now a reduce rating on this stock. Expect -2.7 return. According to Mike, yield is higher than historical highs so has room to move up.  However, this company is still in deep trouble.
Good news is that accruals a now negative.  Since I have bought it, I have a return of IRR of 11%, but not making any money last 2 years.  EPS has turn negative
AP 2005.  Loblaws is having earnings problem due to spending on Supply Chain.  When this clears up, it should go back to being the great stock it has been. Not followed by TD.
AP 2004.  Am I the only one worried about their income raising a lot faster than revenue?  Accrual Ratio is a lot better in 2004 than it has been. 
2002.  Still a good company.  However, the EPS is increasing faster than revenue and price fast that EPS and revenue. 2002
For loss in 2014 2nd Q.   Basic net loss per common share (3) of $1.13 in the second quarter of 2014 included the recognition of a portion of the Shoppers Drug Mart purchase-related fair value
adjustments for inventory sold ($1.14 per share), the amortization of intangible assets ($0.23 per share), a charge related to inventory measurement and other
conversion differences associated with the implementation of a perpetual inventory system ($0.35 per share), the costs associated with the acquisition of Shoppers
Drug Mart ($0.11 per share) and certain other adjustments ($0.05 per share).
Annual Report out in Late February.
Sector:
Consumer Staple, Consumer
What should this stock accomplish?
Would I buy this company and Why.
I would consider this stock as it is again a dividend growth stock.
Why am I following this stock. 
I have followed this stock for some time.  I got the stock from Mike Higgs' list of dividend growth companies
Dividends
Dividends are paid in cycle 1 sort of.  Dividend payments are in April, July, October and the end of December.  Dividends are declared for shareholders of one month and paid in the following month 
except for December and they are declared for shareholders in December and paid in December.
For example, the dividend declared for shareholders of June 15, 2010 was paid on July 1, 210.  The dividend declared for shareholders on Decemeber 15, 2010 was paid on Decmber 30, 2010.
Both eligible and ineligible have gross up and dividend tax credits.  However, the ineligible dividends are taxed at a higher rate than the eligible dividends.
For example, the dividend payable on October 1, 2015 some 3.2% of the dividend is ineligible.
Why I bought this stock.
I owned it from 1996 to 2007.   It was originally a great stock.  I sold it in 2007 because it was having problems with its tech upgrade to its supply system and it did not seem that it would be fixed anytime soon.
How they make their money
Loblaw Companies Limited, a subsidiary of George Weston Limited, is Canada's largest food retailer and a leading provider of drugstore, general merchandise and financial products and services.
Loblaw offers Canada's strongest control (private) label program, including the unique President's Choice, no name and Joe 
Fresh brands. In addition, the Company makes available to consumers President's Choice financial services and offers the PC point loyalty program.
Loblaw, a subsidiary of George Weston Limited, is Canada’s largest food distributor and a leading provider of general merchandise, drugstore and financial products and services.
Corporate owned store banners include Atlantic Superstore, Dominion(1) (in Newfoundland and Labrador only), Extra Foods, Loblaw,
Maxi, Maxi & Cie, Provigo, the Real Canadian Superstore and Zehrs and wholesale outlets operating as Cash & Carry, Presto and The
Real Canadian Wholesale Club. The Company’s franchised and associated stores operate under the trade names Atlantic SaveEasy, Fortinos, no frills, SuperValu, Valu-mart and Your Independent Grocer.
W. Galen Weston and George Weston Ltd own 63% of this company.
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 24 2012 Jul 19 2013 Aug 11 2014 Aug 09 2015 Aug 06 2016 Aug 06 2017
Weston, Willard Galen Garfield 0.290 0.10% 0.290 0.07% 0.290 0.07% 0.316 0.08% 1.705 0.43%
Executive Chairman and President $12.290 $18.029 $18.949 $22.376 $116.144
Options - percentage 1.393 0.49% 1.109 0.27% 1.109 0.27% 1.435 0.36% 0.111 0.03%
Options - amount $59.045 $68.953 $72.469 $101.653 $7.572
Dufresne, Richard 0.000 0.00% 0.000 0.00% 0.001 0.00%
CFO - Shares - Amount $0.000 $0.034 $0.065
Options - percentage 0.066 0.02% 0.101 0.03% 0.140 0.04%
Options - amount $4.317 $7.176 $9.563
Davis, Sarah Ruth 0.005 0.00% 0.006 0.00% 0.007 0.00% 0.008 0.00% 0.009 0.00% Shown as CAO in 2015
CAO - Shares - Amount $0.232 $0.391 $0.475 $0.563 $0.589 before shown as CFO
Options - percentage 0.323 0.11% 0.360 0.09% 0.246 0.06% 0.333 0.08% 0.408 0.10% Now 2017 President of 
Options - amount $13.669 $22.397 $16.106 $23.579 $27.784 Loblaw Companies Ltd.
Adams, Robert David 0.001 0.00%
Officer - Shares - Amount $0.045
Options - percentage 0.036 0.01%
Options - amount $1.529
Froese, Grant Bernard 0.005 0.00% 0.007 0.00% 0.022 0.01% 0.033 0.01%
Officer - Shares - Amount $0.198 $0.433 $1.561 $2.216
Options - percentage 0.404 0.14% 0.472 0.12% 0.497 0.12% 0.480 0.12%
Options - amount $17.107 $30.845 $35.184 $32.677
Bonham, Scott Barclay 0.000 0.00%
Director - Shares - Amount $0.000
Options - percentage 0.002 0.00%
Options - amount $0.132
Bachand, Stephen Eugene 0.016 0.01% 0.005 0.00% 0.005 0.00% 0.005 0.00% Ceased insider August 2016
Director - Shares - Amount $0.678 $0.285 $0.299 $0.325
Options - percentage 0.004 0.00% 0.020 0.00% 0.023 0.01% 0.026 0.01%
Options - amount $0.157 $1.220 $1.487 $1.824
Loblaw Employee Benefit Plan Trust 1.104 0.39% 1.104 0.27% 1.104 0.27% 1.104 0.28% last updated Jan 2013
10% Holder $46.766 $68.605 $72.103 $78.172
George Weston Limited 177.300 62.80% 187.815 45.53% 187.815 45.81% 187.815 46.99% 187.815 47.52%
10% Holder ######## $11,676 $12,272 $13,305 $12,790.211
Weston, W. Galen 3.754 1.33% 3.756 1.33% 3.638 0.89% 5.096 1.27% Last filed Sep 2015
10% Holder $159.086 $159.170 $237.738 $361
Increase in O/S Shares 0.719 0.25% 2.131 0.75% 3.536 0.86% 1.841 0.45% 1.132 0.28%
due to SO  $30.129 $90.329 $219.864 $120.302 $80.187
Book Value $29.000 $90.000 $156.000 $84.000 $50.000
Insider Buying -$0.128 -$0.100 $0.000
Insider Selling $13.502 $13.906 $12.687
Net Insider Selling $54.427 $13.374 $13.806 $12.687
% of Market Cap 0.21% 0.05% 0.05% 0.05%
Directors 14 13 13 13 12
Women 2 14% 3 23% 3 23% 5 38% 5 42%
Minorities 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 31.755 11.27% 126 15.14% 140 18.40% 185 24.08% 246 26.67% 234 26.19%
Total Shares Held 0.018 0.06% 42.851 15.18% 75.945 18.41% 99.324 24.23% 108.161 27.06% 103.535 26.19%
Increase/Decrease 31.773 -2.404 -5.31% 9.302 13.96% -1.512 -1.50% -1.230 -1.12% -0.115 -0.11%
Starting No. of Shares 45.255 66.643 100.836 109.391 103.649
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