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/
Melcor Developments Inc www.melcor.ca   MRD   Fiscal Yr: Dec 31 US OTC MODVF                                
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                            
Revenue* $46.6 $61.2 $82.6 $110.6 $80.0 $88.3 $161.5 $203.4 $207.0 $108.4 $136.6 $193.0       215.40% <-Total Growth 10 Revenue                
Increase -19.25% 31.43% 34.98% 33.84% -27.61% 10.38% 82.82% 25.95% 1.78% -47.62% 25.98% 41.30%       12.17% <-IRR #YR-> 10 Revenue                
Rev per Share $1.50 $2.01 $2.71 $3.62 $2.60 $2.89 $5.25 $6.55 $6.64 $3.64 $4.51 $6.41       3.63% <-IRR #YR-> 5 Revenue                
P/S (Price/Sales) 1.23 0.96 1.01 1.02 1.77 1.76 2.26 2.80 3.00 1.26 2.52 2.32       12.28% <-IRR #YR-> 10 Rev per Shares                
*Revenue in M CDN $            P/S 10 yr  2.01 5 yr  2.52       4.07% <-IRR #YR-> 5 Rev per Shares                
                                                       
    -$61.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $193.0                              
              -$161.5 $0.0 $0.0 $0.0 $0.0 $193.0                              
                             
EPS* $0.25 $0.35 $0.52 $0.74 $0.59 $0.62 $1.35 $1.83 $2.00 $1.31 $0.77 $1.48 $1.60 $1.82 I 325.29% <-Total Growth 10 Earnings                
Increase -18.03% 39.20% 49.71% 42.23% -20.92% 4.95% 119.51% 35.56% 9.29% -34.50% -41.22% 92.21% 8.11% 13.75%   15.58% <-IRR #YR-> 10 Earnings                
* ESP per share (Cdn GAAP)                             1.86% <-IRR #YR-> 5 Earnings                
    -$0.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.48                              
              -$1.35 $0.00 $0.00 $0.00 $0.00 $1.48                              
                                                       
Sp Div $1.00 $1.00 $1.00                                                
Pre-split '06 $0.60 $0.70 $0.80 $1.00 $1.10 $1.20                                          
Sp Div $0.10 $0.10 $0.10 $0.00 $0.00 $0.00 $0.10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00         Div Sp                
Div* $0.06 $0.07 $0.08 $0.10 $0.11 $0.12 $0.15 $0.30 $0.40 $0.42 $0.25 $0.35 $0.40 $0.40   400.00% <-Total Growth 10 Div Reg                
Increase Reg 20.00% 16.67% 14.29% 25.00% 10.00% 9.09% 25.00% 100.00% 33.33% 5.00% -40.48% 40.00% 14.29% 0.00%   19.64% <-Median-> 10 Div Reg                
Increase Total 6.67% 6.25% 5.88% -44.44% 10.00% 9.09% 108.33% 20.00% 33.33% 5.00% -40.48% 40.00% 14.29% 0.00%   9.55% <-Median-> 10 Div Total                
Yield H/L 3.35% 3.76% 3.30% 2.90% 2.59% 2.41% 1.75% 1.78% 1.70% 3.63% 3.23% 2.78%       2.69% <-Median-> 10 Div Reg                
Yield on Cl 3.24% 3.64% 2.91% 2.70% 2.39% 2.35% 1.27% 1.64% 2.01% 9.17% 2.19% 2.36% 2.48% 2.48%   2.35% <-Median-> 10 Div Reg                
Payout Ratio 64.0% 48.9% 34.5% 13.5% 18.8% 19.5% 18.5% 16.4% 20.0% 32.1% 32.5% 23.6% 25.0% 22.0%   19.76% <-Median-> 10 Div Total                
Payout Ratio CF 61.0% 82.3% 31.1% 10.9% 18.3% 15.1% 35.5% 51.7% 56.8% -547.9% 17.9% 17.2%       17.46% <-IRR #YR-> 10 Div Total                
Median 5 Yrs Div Yd 2.48% in 5 yrs $0.02 in 10 yrs   Yield  2.78% 2.19% Payout 23.65% 17.93%       18.47% <-IRR #YR-> 5 Div Total                
* Dividends per share  0.00% 5 0.00% 10                                            
                                                       
    -$0.07 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.35                              
              -$0.15 $0.00 $0.00 $0.00 $0.00 $0.35                              
                                                       
I am earning             Trading $8.70 2008 4.60% Pension $15.91 2008 2.51%                          
Yield if held 5 yrs 5.52% 6.91% 6.43% 6.24% 5.95% 6.70% 8.05% 12.37% 11.59% 9.88% 5.03% 4.09% 2.37% 1.70% Ave H/L Yield on your                     
Yield if held 10 yrs 11.03% 14.81% 24.10% 24.96% 22.70% 13.97% 18.79% 16.49% 11.59% Ave H/L original money                    
                                                       
Graham No. $3.94 $4.89 $6.41 $8.31 $7.76 $8.34 $13.57 $17.69 $20.33 $17.52 $13.67 $19.90 $20.70 $22.07   Cl Pr higher/lower by?                    
Prem/Disc High -49.85% -58.61% -55.53% -48.88% -38.13% -34.05% -11.54% 25.81% 49.87% 13.41% -16.22% -27.90%       -22.06% <-Median-> 10 Graham Price                
Prem/Disc Low -59.24% -65.25% -68.79% -68.12% -52.31% -46.64% -62.40% -34.98% -18.79% -81.45% -70.51% -45.74%       -57.36% <-Median-> 10 Graham Price                
Prem/Disc Cl -53.02% -60.65% -57.09% -55.49% -40.71% -38.85% -12.65% 3.70% -2.17% -73.86% -16.66% -25.39% -21.96% -26.83%   -32.12% <-Median-> 10 Graham Price                
                                                       
Price Cl $1.85 $1.93 $2.75 $3.70 $4.60 $5.10 $11.85 $18.34 $19.89 $4.58 $11.39 $14.85 $16.15 $16.15   671.43% <-Total Growth 10 Stock Price                
Increase 2.78% 4.05% 42.86% 34.55% 24.32% 10.87% 132.35% 54.77% 8.45% -76.97% 148.69% 30.38% 8.75% 0.00%   22.67% <-IRR #YR-> 10 Stock Price                
P/E 7.40 5.53 5.28 4.99 7.85 8.29 8.78 10.02 9.95 3.50 14.79 10.03 10.09 8.87   4.62% <-IRR #YR-> 5 Stock Price                
Trailing P/E 6.07 7.70 7.90 7.10 6.21 8.70 19.27 13.59 10.87 2.29 8.69 19.29 10.91 10.09   27.66% <-IRR #YR-> 10 Price & Div                
Median 5 Yrs     2.67% 5.00% Div %  5, 10 yrs   Price Inc 30.38% P/E: Y-T 10.02 10.87       7.29% <-IRR #YR-> 5 Price & Div                
                                                       
    -$1.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.85                              
              -$11.85 $0.00 $0.00 $0.00 $0.00 $14.85                              
    -$1.93 $0.18 $0.10 $0.11 $0.12 $0.25 $0.30 $0.40 $0.42 $0.25 $15.20                              
              -$11.85 $0.30 $0.40 $0.42 $0.25 $15.20                              
                                                       
Price Ave H/L $1.79 $1.86 $2.43 $3.45 $4.25 $4.98 $8.55 $16.88 $23.49 $11.56 $7.74 $12.58       575.17% <-Total Growth 10 Stock Price                
Increase -3.24% 4.05% 30.20% 42.27% 23.19% 17.06% 71.86% 97.37% 39.20% -50.79% -33.04% 62.47%       21.04% <-IRR #YR-> 10 Stock Price                
P/E 7.16 5.35 4.65 4.66 7.25 8.09 6.33 9.22 11.75 8.82 10.05 8.50       8.02% <-IRR #YR-> 5 Stock Price                
Trailing P/E 5.87 7.45 6.97 6.62 5.74 8.49 13.90 12.50 12.84 5.78 5.91 16.33       26.47% <-IRR #YR-> 10 Price & Div                
Median 5 Yrs     3.49% 5.43% Div %  5, 10 yrs   Price Inc 39.20% P/E: Y-T 9.22 12.50       11.52% <-IRR #YR-> 5 Price & Div                
                                                       
    -$1.86 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.58                              
              -$8.55 $0.00 $0.00 $0.00 $0.00 $12.58                              
    -$1.86 $0.18 $0.10 $0.11 $0.12 $0.25 $0.30 $0.40 $0.42 $0.25 $12.93                              
              -$8.55 $0.30 $0.40 $0.42 $0.25 $12.93                              
                                                       
Hi Mths           Nov Dec May Apr Jan Dec May                              
Pre-split '06 $19.75 $20.25 $28.50                                                
Price Hi $1.98 $2.03 $2.85 $4.25 $4.80 $5.50 $12.00 $22.25 $30.47 $19.87 $11.45 $14.35       608.64% <-Total Growth 10 Stock Price                
Increase -8.14% 2.53% 40.74% 49.12% 12.94% 14.58% 118.18% 85.42% 36.94% -34.79% -42.38% 25.33%       21.63% <-IRR #YR-> 10 Stock Price                
P/E 7.90 5.82 5.47 5.74 8.19 8.94 8.89 12.16 15.24 15.17 14.87 9.70       3.64% <-IRR #YR-> 5 Stock Price                
Trailing P/E 6.48 8.10 8.19 8.16 6.48 9.39 19.51 16.48 16.65 9.94 8.74 18.64                              
Median 5 Yrs               Price Inc 25.33% P/E: Y-T 14.87 16.48                              
                                                       
    -$2.03 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.35                              
              -$12.00 $0.00 $0.00 $0.00 $0.00 $14.35                              
                                                       
Low Mths           Feb Jan Jan Dec Dec Feb Mar                              
Price Low $1.61 $1.70 $2.00 $2.65 $3.70 $4.45 $5.10 $11.50 $16.51 $3.25 $4.03 $10.80       535.29% <-Total Growth 10 Stock Price                
Increase 3.55% 5.92% 17.65% 32.50% 39.62% 20.27% 14.61% 125.49% 43.57% -80.31% 24.00% 167.99%       20.31% <-IRR #YR-> 10 Stock Price                
P/E 6.42 4.89 3.84 3.58 6.31 7.24 3.78 6.28 8.26 2.48 5.23 7.30       16.19% <-IRR #YR-> 5 Stock Price                
Trailing P/E 5.26 6.80 5.75 5.09 4.99 7.59 8.29 8.52 9.02 1.63 3.08 14.03                              
Median 5 Yrs             Price Inc 43.57% P/E: Y-T 6.28 8.52                              
                                                       
    -$1.70 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.80                              
                                                       
Market Cap  $57.42 $58.50 $83.76 $112.93 $141.81 $155.78 $364.45 $569.56 $620.37 $136.39 $344.93 $447.13 $486.27 $486.27                          
                                                       
# of Sh in M 31.04 30.39 30.46 30.52 30.83 30.55 30.76 31.06 31.19 29.78 30.28 30.11 30.11 30.11   Share Capital   Shares                
Increase -0.96% -2.10% 0.22% 0.21% 1.01% -0.92% 0.69% 0.98% 0.43% -4.52% 1.69% -0.57% 0.00% 0.00%   -0.08% <-Average 10 Shares                
CF fr Op $M $8.1 $6.3 $17.6 $28.1 $18.6 $24.3 $21.6 $18.0 $22.0 -$2.3 $42.2 $61.1       874.34% <-Total Growth 10 Cash Flow Adj                
OPS $0.26 $0.21 $0.58 $0.92 $0.60 $0.80 $0.70 $0.58 $0.70 -$0.08 $1.39 $2.03       883.38% <-Total Growth 10 Cash Flow                
Increase 89.17% -21.24% 180.56% 58.74% -34.50% 32.27% -11.66% -17.49% 21.38% -110.88% -1919% 45.59% 25.68% <-IRR #YR-> 10 Cash Flow                
Non-Cash CF -$0.1 $4.9 -$1.9 -$3.3 $7.0 $3.5 -$15.4 $4.4 $0.2 $16.7 $16.4 -$11.8 23.60% <-IRR #YR-> 5 Cash Flow                
OPS non-cash $0.26 $0.37 $0.52 $0.81 $0.83 $0.91 $0.20 $0.72 $0.71 $0.49 $1.94 $1.64 16.16% <-IRR #YR-> 10 Cash Flow                
P/O on Cl 7.14 5.25 5.32 4.57 5.54 5.60 58.56 25.44 27.99 9.44 5.88 9.06   10.29% <-IRR #YR-> 6 Cash Flow                
*Operational Cash Flow per share P/CF 10 yr 7.47 5 yr  9.44                            
-$0.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.03                            
-$0.70 $0.00 $0.00 $0.00 $0.00 $2.03                            
                                                       
OPM 17.5% 10.3% 21.4% 25.4% 23.2% 27.5% 13.4% 8.9% 10.6% -2.1% 30.9% 31.7%     should be zero, it is a check on calculations                      
Diff from Ave -21.6% -54.0% -4.1% 13.9% 4.1% 23.6% -39.8% -60.2% -52.3% -109.5% 38.8% 42.2%       0.00% <-Median-> 10 OPM                
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 22.28% 5 Yrs 10.62%                              
                                                       
Curr.Assets               $150.13 $163.83 $115.83 $97.02 $116.86       from Google Finance   Assets                
Cur. Liab.               $33.60 $89.32 $79.50 $85.73 $88.49       1.46 <-Median-> 5 Liabilities                
Liquidity               4.47 1.83 1.46 1.13 1.32       1.46 <-Median-> 5 Ratio                
                                                       
Assets $153.35 $158.79 $177.22 $231.80 $251.70 $282.35 $396.11 $522.93 $726.77 $707.98 $708.20 $809.25       A/L ratio of 1.5 and up, best   Assets                
Liab. $67.77 $65.90 $70.50 $105.28 $110.97 $128.81 $209.79 $287.02 $440.28 $397.82 $381.68 $451.04       1.87 <-Median-> 10 Liabilities                
Asset/Liab. Ratio 2.26 2.41 2.51 2.20 2.27 2.19 1.89 1.82 1.65 1.78 1.86 1.79       1.79 <-Median-> 5 Ratio                
                                                       
Book Value $85.58 $92.89 $106.72 $126.51 $140.74 $153.54 $186.33 $235.91 $286.48 $310.16 $326.52 $358.22 $358.22 $358.22   285.66% <-Total Growth 10 Book Value                
BV per share $2.76 $3.06 $3.50 $4.15 $4.57 $5.03 $6.06 $7.60 $9.19 $10.42 $10.78 $11.90 $11.90 $11.90   289.24% <-Total Growth 10 Book Value                
Change 18.97% 10.86% 14.64% 18.30% 10.14% 10.11% 20.52% 25.39% 20.92% 13.39% 3.52% 10.34% 0.00% 0.00%   1.3110 Current/Historical                    
P/BV (CL) 0.67 0.63 0.78 0.89 1.01 1.01 1.96 2.41 2.17 0.44 1.06 1.25 1.36 1.36 14.56% <-IRR #YR-> 10 Book Value                
Change -13.61% -6.14% 24.62% 13.73% 12.88% 0.69% 92.79% 23.43% -10.31% -79.69% 140% 18.16%     14.45% <-IRR #YR-> 5 Book Value                
Leverage (A/BK) 1.79 1.71 1.66 1.83 1.79 1.84 2.13 2.22 2.54 2.28 2.17 2.26       2.15 <-Median-> 10 A/BV                
Debt/Equity Ratio 0.79 0.71 0.66 0.83 0.79 0.84 1.13 1.22 1.54 1.28 1.17 1.26       1.15 <-Median-> 10 Debt/Eq Ratio                
Median               P/BV 10 yr Ave 1.04 5 yr Ave 1.25                            
                                       
-$3.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.90                              
            -$6.06 $0.00 $0.00 $0.00 $0.00 $11.90                              
                                                     
Return on Assets               11.1% 8.6% 6.0% 3.1% 5.5%             ROA                
5Yr Median                       6.0%         <-Median-> 5                  
Return on Equity               24.6% 21.8% 13.8% 6.7% 12.4%             ROE                
5Yr Median                       13.8%         <-Median-> 5                  
Comprehensive Inc               $58.00 $62.40 $42.67 $21.94 $44.59             Compreh. Inc                
                                                     
Return on Assets 5.1% 6.7% 9.0% 10.0% 7.3% 6.9% 10.5% 11.0% 8.8% 5.8% 3.3% 5.6%                              
Return on Equity 9.1% 11.4% 15.0% 18.3% 13.1% 12.7% 22.4% 24.5% 22.2% 13.2% 7.1% 12.6%       Net Income/Shareholders' equity                      
5Yr Median 9.1% 11.4% 11.6% 13.3% 13.1% 13.1% 15.0% 18.3% 22.2% 22.2% 22.2% 13.2%         <-Median-> 5 ROE                
                                                     
Net Income $7.77 $10.63 $15.97 $23.09 $18.41 $19.44 $41.78 $57.77 $63.67 $41.02 $23.22 $45.06       323.86% <-Total Growth 10 Net Income                
Oper C. F. $8.14 $6.27 $17.64 $28.06 $18.57 $24.33 $21.64 $18.03 $21.98 -$2.28 $42.23 $42.23         Cash Flow Statement                 
Invest. C. F -$4.92 -$3.02 -$15.40 -$27.08 -$17.90 -$16.34 -$46.46 -$33.06 -$91.04 $33.39 -$24.95 -$39.43         Cash Flow Statement                
Total Accruals $4.55 $7.38 $13.73 $22.10 $17.74 $11.45 $66.59 $72.80 $132.73 $9.92 $5.94 $42.26                              
Total Assets $153.35 $158.79 $177.22 $231.80 $251.70 $282.35 $396.11 $522.93 $726.77 $707.98 $708.20 $809.25         Balance Sheet                    
Accruals Ratio 2.97% 4.64% 7.75% 9.54% 7.05% 4.06% 16.81% 13.92% 18.26% 1.40% 0.84% 5.22%                              
up/down/neutral                                                      
Chge in Close 2.78% 4.05% 42.86% 34.55% 24.32% 10.87% 132.35% 54.77% 8.45% -76.97% 148.69% 30.38%                              
Any Predictions?                                                      
                                                       
Fin. C. F -$6.35 -$10.48 -$2.10 $4.79 -$2.69 -$6.92 $27.68 $17.57 $67.97 -$39.78 -$14.72 -$19.54                              
Total Accruals $10.91 $17.85 $15.83 $17.31 $20.43 $18.37 $38.91 $55.23 $64.77 $49.70 $20.67 $61.80                              
Accruals Ratio 7.11% 11.24% 8.93% 7.47% 8.12% 6.50% 9.82% 10.56% 8.91% 7.02% 2.92% 7.64%                              
                                                       
Apr 14, 2011.  When last I looked I got estimates for 2010 and 2011 of $1.23 and $1.44 for earnings.                                      
Apr 10, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $.40 and $.60.                                      
Jul 4, 2009. Even though Dividends for this stock has been decreased, there is insider buying.  Insider buying by CFO (lots), Other Officers and Directors (lots).  I will hold for now.                        
This stock has been taken off the Dividend Achievers List as of June 15th.  When I looked at this in Mar 2009, I got earnings estimates for 2009 and 2010 of $.65 and $.98.  They have both been lowered.                  
Mar 2009. AR 2008.  Estimate for 2009 for EPS of $1.64 obtained in Sep 2008.  The real EPS was quite a bit less at $1.31.  There are few analysts covering this stock.  Estimates March 2009 are EPS $.65 for 2009                   
and $.98 for 2010.  Dividend has been cut from .50 to .34.  These shares are trading below Book Value.  Currently rated as a Buy, but there are long term Bearish technical issues.                      
So far my investment has been a disaster, but I willing to hold my shares for now. I made a couple of small investments in this stock, so I do not have much at stake. There is lots of insider buying currently going on.                  
May 2008.  I should have paid more attention to my analysis - Accural Ratio was pointing strongly to a downturn in price. An price is down about 25% this year.                          
AP 2007.  Only one Analyst following this stock and rates it as a strong buy.  It has done well. Dividends are increasing nicely.  Hold for now.                              
I bought this when I sold ONEX. Got to diversify into Real Estate.  It was on Mike's list.  Trading account costs are so low because I bought more in 2009 at a much lower price.                      
                                                       
How they make their money                                                  
This company is primarily engaged in the acquisition of land for development and sale of residential communities, multi-family sites and commercial sites. It operates mostly in B.C. and Alberta.                     
The company also develops, owns and manages commercial income properties, as well as two golf courses.                                    
                                                       
                                                       
Melton Holdings Ltd. 14.61   48.24%                                                
It would seem that the Melton family owns just over 50% of this company.  Melton are related parties to Melcor by virtue of a commonality of certain directors, officers and/or shareholders.                    
Melton, Timothy Charles 1.82   6.05%                                                
Melton, Andrew John 0.15   0.51%                                                
This group also owns debentures in 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.                              
                                                       
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