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
See my website on stocks or see my blog at the following sites.  www.spbrunner.com/stocks.html www.spbrunner.blogspot.com/ Q1 2017
Morneau Shepell Inc. TSX: MSI OTC: MSIXF www.morneaushepell.com  Fiscal Yr: Dec 31
Year 12/31/05 12/31/06 12/31/07 12/30/08 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 IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
$601 <-12 mths 1.47%
Operating Revenue* $120.3 $132.1 $147.1 $249.7 $331.7 $335.2 $365.0 $419.3 $471.2 $535.9 $567.3 $592.1 $632 $668 348.23% <-Total Growth 10 Revenue
Increase 9.78% 11.36% 69.77% 32.83% 1.05% 8.89% 14.89% 12.35% 13.73% 5.86% 4.37% 6.75% 5.70% 16.19% <-IRR #YR-> 10 Revenue 348.23%
5 year Running Average $196.2 $239.2 $285.7 $340.2 $384.5 $425.3 $471.7 $517.1 $559.7 $599.0 10.16% <-IRR #YR-> 5 Revenue 62.21%
Revenue per Share $4.38 $4.75 $5.29 $6.08 $6.95 $6.99 $7.61 $8.75 $9.82 $11.16 $11.75 $11.12 $11.87 $12.55 8.87% <-IRR #YR-> 7 5 yr Running Average #DIV/0!
Increase 8.54% 11.36% 14.83% 14.29% 0.64% 8.89% 14.89% 12.30% 13.65% 5.27% -5.35% 6.75% 5.70% 7.88% <-IRR #YR-> 5 5 yr Running Average 80.99%
5 year Running Average $5.49 $6.01 $6.59 $7.28 $8.02 $8.87 $9.82 $10.52 $11.15 $11.69 8.87% <-IRR #YR-> 10 Revenue per Share 133.97%
P/S (Price/Sales) Med 2.52 2.44 2.41 1.79 1.40 1.42 1.31 1.35 1.42 1.41 1.36 1.53 7.88% <-IRR #YR-> 5 Revenue per Share 46.10%
P/S (Price/Sales) Close 2.80 2.19 2.77 1.44 1.41 1.48 1.37 1.45 1.57 1.56 1.23 1.73 1.77 1.67 9.74% <-IRR #YR-> 7 5 yr Running Average #DIV/0!
*Operating Revenue in M CDN $  P/S Med 10 yr  1.41 5 yr  1.41 25.01% Diff M/C 9.83% <-IRR #YR-> 5 5 yr Running Average 59.78%
-$132.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $592.1
-$365.0 $0.0 $0.0 $0.0 $0.0 $592.1
-$196.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $517.1
-$285.7 $0.0 $0.0 $0.0 $0.0 $517.1
-$4.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $11.12
-$7.61 $0.00 $0.00 $0.00 $0.00 $11.12
Normalized Free Cash Flow $23.64 $28.20 $43.49 $44.65 $44.25 $40.62 $53.31 $53.98 $50.53 $61.58 $70.90 199.94% <-Total Growth 10 Distributable Income
Dividends paid $18.42 $24.25 $32.72 $43.90 $45.11 $37.39 $37.40 $37.40 $37.42 $37.47 $39.66 115.28% <-Total Growth 10 Dividends Declared
Normalized Payout Ratio 77.9% 86.0% 75.2% 98.3% 101.9% 92.1% 70.1% 69.3% 74.1% 60.8% 55.9% 74.64% <-Median-> 10 Normalized Payout Ratio
Was adjusted Consolidated Distributable Income
$0.50 <-12 mths 2.04%
EPS Basic $0.10 $0.44 $0.55 $0.30 $0.27 $0.45 $0.52 $0.43 $0.21 $0.51 $0.33 $0.49 10.56% <-Total Growth 10 EPS Basic
EPS Diluted* $0.10 $0.44 $0.55 $0.30 $0.26 $0.44 $0.51 $0.43 $0.21 $0.51 $0.33 $0.49 $0.91 $1.04 10.56% <-Total Growth 10 EPS Diluted
Increase 363.92% 23.88% -46.27% -11.86% 69.23% 15.91% -15.69% -51.16% 142.86% -35.29% 48.48% 85.71% 14.29% 1.01% <-IRR #YR-> 10 Earnings per Share 10.56%
Earnings Yield 0.8% 4.3% 3.7% 3.4% 2.6% 4.2% 4.9% 3.4% 1.4% 2.9% 2.3% 2.6% 4.3% 5.0% -0.80% <-IRR #YR-> 5 Earnings per Share -3.92%
5 year Running Average $0.33 $0.40 $0.41 $0.39 $0.37 $0.42 $0.40 $0.39 $0.49 $0.66 2.63% <-IRR #YR-> 7 5 yr Running Average #DIV/0!
10 year Running Average $0.37 $0.40 $0.40 $0.44 $0.51 -0.83% <-IRR #YR-> 5 5 yr Running Average -4.09%
* Diluted ESP per share  E/P 10 Yrs 3.14% 5Yrs 2.55%
-$0.44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.49
-$0.51 $0.00 $0.00 $0.00 $0.00 $0.49
-$0.33 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.39
-$0.41 $0.00 $0.00 $0.00 $0.00 $0.39
Special Dividend $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* $0.14 $0.83 $0.90 $0.91 $0.94 $0.94 $0.79 $0.78 $0.78 $0.78 $0.78 $0.78 $0.78 $0.78 $0.78 -5.45% <-Total Growth 10 Dividends
Increase 0.00% 8.87% 1.72% 3.38% 0.00% -15.97% -1.73% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% <-Median-> 10 Increase
Dividends 5 Yr Running $0.74 $0.91 $0.90 $0.88 $0.85 $0.82 $0.78 $0.78 $0.78 $0.78 $0.78 #DIV/0! <-Total Growth 7 Dividends 5 Yr Running
Yield H/L Price 1.27% 7.11% 7.04% 8.37% 9.71% 9.53% 7.95% 6.59% 5.60% 4.95% 4.87% 4.59% 3.90% 6.81% <-Median-> 10 Yield H/L Price
Yield on High  Price 1.13% 6.27% 6.00% 6.20% 9.59% 8.83% 7.39% 5.98% 5.05% 4.46% 4.32% 3.84% 3.61% 5.99% <-Median-> 10 Yield on High  Price
Yield on Low Price 1.43% 8.21% 8.50% 12.90% 9.84% 10.36% 8.61% 7.34% 6.29% 5.54% 5.59% 5.71% 4.24% 7.92% <-Median-> 10 Yield on Low Price
Yield on Close Price 1.14% 7.93% 6.13% 10.42% 9.62% 9.10% 7.60% 6.14% 5.06% 4.46% 5.39% 4.06% 3.71% 3.71% 3.71% 6.14% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 146.33% 186.15% 163.60% 309.70% 363.28% 214.66% 155.63% 181.40% 371.43% 152.94% 236.36% 159.18% 85.71% 75.00% #DIV/0! 198.03% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 226.52% 227.75% 218.82% 226.17% 229.34% 194.20% 196.67% 197.97% 159.18% 118.90% #DIV/0! 222.49% <-Median-> 8 DPR EPS 5 Yr Running
Payout Ratio CFPS 60.68% 72.92% 89.52% 106.33% 92.12% 106.76% 69.36% 101.64% 94.76% 76.54% 58.93% 61.93% 70.91% #DIV/0! #DIV/0! 90.82% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 87.56% 92.29% 91.41% 93.49% 91.34% 87.92% 77.08% 75.11% 70.58% #DIV/0! #DIV/0! 89.63% <-Median-> 8 DPR CF 5 Yr Running
Payout Ratio CFPS WC 57.45% 80.62% 83.44% 80.58% 70.14% 78.13% 52.66% 53.46% 45.82% 41.20% 46.99% 43.99% 70.91% #DIV/0! #DIV/0! 53.06% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 77.14% 78.18% 71.65% 65.76% 58.73% 52.48% 47.60% 45.95% 47.98% #DIV/0! #DIV/0! 62.24% <-Median-> 8 DPR CF WC 5 Yr Running
Median Values 5 Yr Med 5 Yr Cl 4.95% 5.06% 5 Yr Med Payout 181.40% 76.54% 45.82% -0.62% <-IRR #YR-> 10 Dividends -5.45%
* Dividends per share  5 Yr Med and Cur. -24.90% -26.57% Last Div Inc ---> $0.0787 $0.0650 -17.4% -0.35% <-IRR #YR-> 5 Dividends -1.73%
-$0.83 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.78
-$0.79 $0.00 $0.00 $0.00 $0.00 $0.78
Historical Dividends Historical High Div 12.14% Low Div 1.95% Ave Div 7.05% Med Div 6.81% Close Div 6.14% Historical Dividends
High/Ave/Median Values Curr diff Exp. -69.40% Cheap 90.48% Exp. -47.28% Exp. -45.46% Exp. -39.47% High/Ave/Median 
Adjusted Historical Dividends Historical High Div 10.04% Low Div 1.81% Ave Div 5.93% Med Div 5.84% Close Div 5.76% $0.0787 $0.0650 Adj Historical Dividends
High/Ave/Median Values Curr diff Exp. -63.01%     105.21% Exp. -37.31% Exp. -36.40% Exp. -35.56% 82.58% -17.42% High/Ave/Median 
Future Dividend Yield Div Yd 3.71% earning in 5.00 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Yield
Future Dividend Yield Div Yd 3.71% earning in 10.00 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Yield
Future Dividend Yield Div Yd 3.71% earning in 15.00 Years at IRR of 0.00% Div Inc. 0.00% Future Dividend Yield
Yield if held 5 yrs 8.56% 6.84% 6.11% 7.15% 8.02% 7.87% 7.82% 6.59% 5.60% 4.95% 7.82% <-Median-> 7 Paid Median Price
Yield if held 10 yrs 7.07% 6.72% 6.11% 7.15% 8.02% 6.89% <-Median-> 2 Paid Median Price
Yield if held 15 yrs #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Yield if held 20 yrs #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Yield if held 25 yrs #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Cost cover if held 5 years 40.99% 38.75% 34.28% 38.89% 41.94% 39.49% 39.08% 32.95% 28.02% 24.73% 39.08% <-Median-> 7 Paid Median Price
Cost cover if held 10 years 76.45% 72.37% 64.84% 74.64% 82.04% 74.41% <-Median-> 2 Paid Median Price
Cost cover if held 15 years #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Cost cover if held 20 years #DIV/0! #NUM! <-Median-> 0 Paid Median Price
Graham No. $3.98 $8.35 $9.37 $7.17 $6.57 $8.36 $9.25 $8.37 $5.66 $8.72 $6.81 $8.66 $11.81 $12.63 $0.00 3.63% <-Total Growth 10 Graham Price
Increase 110.11% 12.23% -23.52% -8.36% 27.30% 10.61% -9.50% -32.39% 54.04% -21.95% 27.18% 36.50% 6.90% -100.00% 1.13% <-Median-> 10 Graham Price
Price/GP Ratio Med 2.78 1.39 1.36 1.52 1.48 1.18 1.08 1.41 2.46 1.81 2.35 1.96 1.69 1.50 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 3.10 1.57 1.60 2.06 1.50 1.28 1.16 1.56 2.73 2.00 2.66 2.35 1.83 1.80 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 2.45 1.20 1.13 0.99 1.46 1.09 1.00 1.27 2.19 1.61 2.05 1.58 1.56 1.36 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 3.08 1.25 1.56 1.22 1.49 1.24 1.13 1.52 2.72 2.00 2.13 2.22 1.78 1.66 #DIV/0! 1.54 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 208.14% 24.63% 56.28% 22.32% 49.45% 24.10% 12.85% 51.69% 172.41% 100.36% 112.77% 121.71% 77.75% 66.27% #DIV/0! 53.98% <-Median-> 10 Graham Price
Price Close $12.25 $10.41 $14.65 $8.77 $9.82 $10.38 $10.44 $12.70 $15.42 $17.47 $14.48 $19.19 $21.00 $21.00 $21.00 84.34% <-Total Growth 10 Stock Price D.  per yr 4.98%
Increase 22.50% -15.02% 40.73% -40.14% 11.97% 5.70% 0.58% 21.65% 21.42% 13.29% -17.12% 32.53% 9.43% 0.00% 0.00% 6.31% <-IRR #YR-> 10 Stock Price 84.34% 3.67%
P/E 128.23 23.49 26.68 29.73 37.77 23.59 20.47 29.53 73.43 34.25 43.88 39.16 23.08 20.19 #DIV/0! 12.95% <-IRR #YR-> 5 Stock Price 83.81% 10.58%
Trailing P/E #DIV/0! 108.97 33.06 15.97 33.29 39.92 23.73 24.90 35.86 83.19 28.39 58.15 42.86 23.08 20.19 12.86% <-IRR #YR-> 10 Price & Dividend 8.65%
Median 10, 5 Yrs D.  per yr 6.56% 6.02% % Tot Ret 50.97% 31.73% Price Inc 21.42% P/E:  31.99 39.16 18.97% <-IRR #YR-> 5 Price & Dividend 15.70%
-$10.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.19
-$10.44 $0.00 $0.00 $0.00 $0.00 $19.19
-$10.41 $0.90 $0.91 $0.94 $0.94 $0.79 $0.78 $0.78 $0.78 $0.78 $19.97
-$10.44 $0.78 $0.78 $0.78 $0.78 $19.97
Price H/L Median $11.04 $11.60 $12.77 $10.91 $9.73 $9.91 $9.98 $11.84 $13.92 $15.77 $16.02 $16.99 $20.01 46.42% <-Total Growth 10 Stock Price
Increase #DIV/0! 5.07% 10.04% -14.53% -10.86% 1.90% 0.71% 18.59% 17.62% 13.29% 1.55% 6.06% 17.81% 3.89% <-IRR #YR-> 10 Stock Price 46.42%
P/E 115.57 26.17 23.25 36.98 37.40 22.52 19.57 27.52 66.29 30.92 48.53 34.66 21.99 11.22% <-IRR #YR-> 5 Stock Price 70.19%
Trailing P/E #DIV/0! 121.43 28.80 19.87 32.97 38.12 22.68 23.21 32.37 75.10 31.40 51.47 40.84 10.25% <-IRR #YR-> 10 Price & Dividend
P/E on Run. 5 yr Ave 29.60 24.93 24.29 30.58 37.62 37.55 40.24 43.11 40.84 17.69% <-IRR #YR-> 5 Price & Dividend
P/E on Run. 10 yr Ave 42.14 40.27 42.21 45.63 32.79 P/E Ratio Historical Median
Median 10, 5 Yrs D.  per yr 6.37% 6.47% % Tot Ret 62.09% 36.56% Price Inc 13.29% P/E:  32.79 34.66 Count 12 Years of data
-$11.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.99
-$9.98 $0.00 $0.00 $0.00 $0.00 $16.99
-$11.60 $0.90 $0.91 $0.94 $0.94 $0.79 $0.78 $0.78 $0.78 $0.78 $17.77
-$9.98 $0.78 $0.78 $0.78 $0.78 $17.77
High Months Dec Apr Nov Jan Dec Mar Mar/May Dec Dec Dec Apr Oct May
Price High $12.33 $13.15 $14.96 $14.74 $9.85 $10.70 $10.74 $13.05 $15.44 $17.47 $18.07 $20.31 $21.62 54.45% <-Total Growth 10 Stock Price
Increase #DIV/0! 6.65% 13.76% -1.47% -33.18% 8.63% 0.37% 21.51% 18.31% 13.15% 3.43% 12.40% 6.45% 4.44% <-IRR #YR-> 10 Stock Price 54.45%
P/E 129.07 29.67 27.25 49.97 37.88 24.32 21.06 30.35 73.52 34.25 54.76 41.45 23.76 13.59% <-IRR #YR-> 5 Stock Price 89.11%
Trailing P/E #DIV/0! 137.65 33.76 26.85 33.39 41.15 24.41 25.59 35.91 83.19 35.43 61.55 44.12 36.07 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 13.15% P/E:  36.07 41.45 62.26 P/E Ratio Historical High
-$13.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20.31
-$10.74 $0.00 $0.00 $0.00 $0.00 $20.31
Low Months Oct  Nov Jan Nov Feb Oct Oct Mar Jan Feb Dec Jan Jan
Price Low $9.75 $10.05 $10.57 $7.08 $9.60 $9.12 $9.22 $10.62 $12.40 $14.07 $13.96 $13.66 $18.40 35.92% <-Total Growth 10 Stock Price
Increase 3.08% 5.17% -33.02% 35.59% -5.00% 1.10% 15.18% 16.76% 13.47% -0.78% -2.15% 34.70% 3.12% <-IRR #YR-> 10 Stock Price 35.92%
P/E 102.06 22.68 19.25 24.00 36.92 20.73 18.08 24.70 59.05 27.59 42.30 27.88 20.22 8.18% <-IRR #YR-> 5 Stock Price 48.16%
Trailing P/E 105.20 23.85 12.90 32.54 35.08 20.95 20.82 28.84 67.00 27.37 41.39 37.55 26.14 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 13.47% P/E:  26.14 27.88 20.14 P/E Ratio Historical Low
-$10.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.66
Long Term Debt $222.44 $241.85 $166.30 $166.31 Debt
Change 8.73% -31.24% 0.00% -11.26% <-Median-> 2 Change
Debt/Market Cap Ratio 0.27 0.35 0.16 0.15 0.27 <-Median-> 3 Debt/Market Cap Ratio
Goodwill & Intangibles $257.97 $252.79 $284.98 $589.10 $554.45 $535.44 $532.51 $533.31 $517.02 $547.28 $550.14 $551.33 $546.71 Intangibles Goodwill
Change -2.01% 12.73% 106.72% -5.88% -3.43% -0.55% 0.15% -3.05% 5.85% 0.52% 0.22% -0.84% 0.18% <-Median-> 10 Change
Intangible/Market Cap Ratio 0.77 0.87 0.70 1.64 1.18 1.08 1.06 0.88 0.70 0.65 0.79 0.54 0.49 0.83 <-Median-> 10 Intangible/Market Cap Ratio
Market Cap $336.53 $289.24 $407.04 $360.25 $468.84 $497.62 $500.50 $608.84 $739.59 $838.55 $698.99 $1,021.45 $1,117.80 $1,117.80 $1,117.80 183.54% <-Total Growth 10 Market Cap 253.16%
Diluted # of Shares in Million 46.333 48.191 48.658 48.915 49.317 49.746 50.104 53.388 55.770 15.23% <-Total Growth 7 Diluted
Change 4.01% 0.97% 0.53% 0.82% 0.87% 0.72% 6.55% 4.46% 0.87% <-Median-> 7 Change
Basic # of Shares in Millions 21.977 22.023 27.780 29.820 40.509 42.432 48.237 48.467 48.744 49.143 49.491 52.809 53.228
Change 0.21% 26.14% 7.34% 35.85% 4.75% 13.68% 0.48% 0.57% 0.82% 0.71% 6.70% 0.79% 3150.86% <-Total Growth 10 Basic
Difference 25.0% 26.2% 0.0% 37.8% 17.9% 13.0% -0.6% -1.1% -1.6% -2.3% -2.5% 0.8% 0.0% -0.30% <-Median-> 10 Change
$65.8 <-12 mths -1.80% #NUM! <-Median-> 0 Difference
# of Share in Millions 27.472 27.784 27.784 41.077 47.744 47.940 47.940 47.940 47.963 48.000 48.272 53.228 53.228 53.228 53.228 6.72% <-IRR #YR-> 10 Shares 91.58%
Change 1.14% 0.00% 47.84% 16.23% 0.41% 0.00% 0.00% 0.05% 0.08% 0.57% 10.27% 0.00% 0.00% 0.00% 2.11% <-IRR #YR-> 5 Shares 11.03%
Cash Flow from Operations $M $6.3 $31.4 $27.9 $35.3 $49.0 $42.4 $54.9 $36.8 $39.5 $48.9 $63.9 $67.0 $58.6 113.27% <-Total Growth 10 Cash Flow
Increase 396.67% -11.31% 26.61% 38.70% -13.36% 29.35% -32.94% 7.31% 23.91% 30.63% 4.92% -12.66% S. Iss. S.O. Conv. Of Deb.
5 year Running Average $30.0 $37.2 $41.9 $43.7 $44.5 $44.5 $48.8 $51.2 $55.6 70.87% <-Total Growth 7 CF 5 Yr Running
CFPS $0.23 $1.13 $1.00 $0.86 $1.03 $0.88 $1.14 $0.77 $0.82 $1.02 $1.32 $1.26 $1.10 11.32% <-Total Growth 10 Cash Flow per Share
Increase 391.07% -11.31% -14.36% 19.33% -13.72% 29.35% -32.94% 7.26% 23.81% 29.89% -4.85% -12.66% 7.87% <-IRR #YR-> 10 Cash Flow 113.27%
5 year Running Average $0.85 $0.98 $0.98 $0.94 $0.93 $0.93 $1.02 $1.04 $1.11 4.09% <-IRR #YR-> 5 Cash Flow 22.19%
P/CF on Med Price 47.92 10.25 12.72 12.70 9.48 11.20 8.72 15.42 16.91 15.47 12.10 13.49 18.19 1.08% <-IRR #YR-> 10 Cash Flow per Share 11.32%
P/CF on Closing Price 53.17 9.20 14.60 10.21 9.58 11.73 9.12 16.55 18.73 17.14 10.94 15.24 19.09 1.93% <-IRR #YR-> 5 Cash Flow per Share 10.05%
50.21% Diff M/C 2.90% <-IRR #YR-> 7 CFPS 5 yr Running #DIV/0!
Excl.Working Capital CF $11.3 $15.3 $15.5 $17.4 $33.2 $42.2 $42.0 $16.2 $27.3 $0.0 1.10% <-IRR #YR-> 5 CFPS 5 yr Running 5.61%
CF fr Op $M WC $6.7 $28.4 $29.9 $46.6 $64.3 $58.0 $72.3 $69.9 $81.6 $90.9 $80.1 $94.4 $58.6 231.95% <-Total Growth 10 Cash Flow less WC
Increase 325.40% 5.18% 55.73% 38.05% -9.86% 24.67% -3.20% 16.73% 11.30% -11.82% 17.79% -37.97% 12.75% <-IRR #YR-> 10 Cash Flow less WC 231.95%
5 year Running Average $35.2 $33.8 $48.2 $52.9 $56.4 $62.9 $64.5 $69.4 $64.8 5.49% <-IRR #YR-> 5 Cash Flow less WC 30.63%
CFPS Excl. WC $0.24 $1.02 $1.08 $1.13 $1.35 $1.21 $1.51 $1.46 $1.70 $1.89 $1.66 $1.77 $1.10 10.19% <-IRR #YR-> 7 CF less WC 5 Yr Run #DIV/0!
Increase 320.61% 5.18% 5.34% 18.77% -10.23% 24.67% -3.20% 16.67% 11.22% -12.32% 6.82% -37.97% 7.56% <-IRR #YR-> 5 CF less WC 5 Yr Run 43.95%
5 year Running Average $0.96 $1.16 $1.25 $1.33 $1.44 $1.55 $1.64 $1.70 $1.63 5.65% <-IRR #YR-> 10 CFPS - Less WC 73.27%
P/CF on Med Price 45.37 11.33 11.86 9.62 7.22 8.20 6.62 8.11 8.18 8.33 9.65 9.58 18.19 3.31% <-IRR #YR-> 5 CFPS - Less WC 17.65%
P/CF on Closing Price 50.35 10.17 13.61 7.73 7.29 8.59 6.93 8.70 9.06 9.23 8.72 10.82 19.09 8.41% <-IRR #YR-> 7 CFPS 5 yr Running #DIV/0!
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 12.71 5 yr  15.42 P/CF Med 10 yr 8.26 5 yr  8.33 131.02% Diff M/C 6.23% <-IRR #YR-> 5 CFPS 5 yr Running 35.31%
-$1.13 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.26 Cash Flow per Share
-$1.14 $0.00 $0.00 $0.00 $0.00 $1.26 Cash Flow per Share
-$0.85 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.04 CFPS 5 yr Running
-$0.98 $0.00 $0.00 $0.00 $0.00 $1.04 CFPS 5 yr Running
-$28.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $94.4 Cash Flow less WC
-$72.3 $0.0 $0.0 $0.0 $0.0 $94.4 Cash Flow less WC
-$35.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $69.4 CF less WC 5 Yr Run
-$48.2 $0.0 $0.0 $0.0 $0.0 $69.4 CF less WC 5 Yr Run
-$1.02 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.77 CFPS - Less WC
-$1.51 $0.00 $0.00 $0.00 $0.00 $1.77 CFPS - Less WC
OPM 5.26% 23.80% 18.95% 14.13% 14.76% 12.65% 15.03% 8.77% 8.38% 9.13% 11.26% 11.32% -52.42% <-Total Growth 10 OPM
Increase 352.43% -20.36% -25.43% 4.42% -14.26% 18.79% -41.64% -4.49% 8.94% 23.39% 0.53% Should increase  or be stable.
Diff from Median -56.1% 98.5% 58.1% 17.9% 23.1% 5.5% 25.4% -26.8% -30.1% -23.9% -6.0% -5.5% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 11.99% 5 Yrs 9.13% should be  zero, it is a   check on calculations
Current Assets $33.86 $35.34 $35.22 $75.76 $78.17 $80.45 $103.12 $119.76 $148.29 $160.28 $156.41 $160.94 $167.95 Liquidity ratio of 1.5 and up, best
Current Liabilities $12.40 $15.69 $15.54 $85.33 $62.96 $53.18 $66.23 $74.11 $81.14 $84.38 $77.76 $97.08 $102.06 1.64 <-Median-> 10 Ratio
Liquidity Ratio 2.73 2.25 2.27 0.89 1.24 1.51 1.56 1.62 1.83 1.90 2.01 1.66 1.65 1.83 <-Median-> 5 Ratio
Liq. with CF aft div 2.93 2.80 2.45 0.86 1.30 1.46 1.81 1.61 1.85 2.04 2.35 1.92 1.81 1.92 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.15 1.91 1.84 0.21 1.13 1.15 1.25 1.33 1.36 1.21 1.61 1.43 1.81 1.36 <-Median-> 5 Ratio
Assets $303.72 $300.55 $334.43 $689.87 $661.55 $635.80 $668.09 $686.36 $700.12 $756.66 $755.65 $773.63 $777.63 Debt Ratio of 1.5 and up, best
Liabilities $47.40 $50.69 $82.31 $320.01 $263.06 $255.44 $310.51 $339.03 $374.87 $438.64 $454.53 $411.92 $414.76 2.09 <-Median-> 10 Ratio
Debt Ratio 6.41 5.93 4.06 2.16 2.51 2.49 2.15 2.02 1.87 1.73 1.66 1.88 1.87 1.87 <-Median-> 5 Ratio
Check
Total Book Value $256.31 $249.86 $252.12 $369.85 $398.48 $380.37 $357.58 $347.32 $325.25 $318.02 $301.11 $361.71 $362.87 44.76% <-Total Growth 10 Total Book Value
NCI $54.32 $55.46 $54.45 $51.72 $46.14 $41.59 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00
Book Value $201.99 $194.40 $197.67 $318.13 $352.35 $338.77 $357.58 $347.32 $325.25 $318.02 $301.11 $361.71 $362.87 $362.87 $362.87 86.06% <-Total Growth 10 Book Value
Book Value per Share $7.35 $7.00 $7.11 $7.74 $7.38 $7.07 $7.46 $7.24 $6.78 $6.63 $6.24 $6.80 $6.82 $6.82 $6.82 -2.88% <-Total Growth 10 Book Value per Share
Increase -4.84% 1.68% 8.86% -4.71% -4.25% 5.55% -2.87% -6.40% -2.30% -5.85% 8.94% 0.32% 0.00% 0.00% 87.18% P/B Ratio Current/Historical Median
P/B Ratio (Median) 1.50 1.66 1.79 1.41 1.32 1.40 1.34 1.63 2.05 2.38 2.57 2.50 2.94 1.65 P/B Ratio Historical Median
P/B Ratio (Close) 1.67 1.49 2.06 1.13 1.33 1.47 1.40 1.75 2.27 2.64 2.32 2.82 3.08 3.08 3.08 -0.29% <-IRR #YR-> 10 Book Value -2.88%
Change -10.70% 38.40% -45.01% 17.51% 10.39% -4.71% 25.24% 29.72% 15.96% -11.96% 21.65% 9.08% 0.00% 0.00% -1.85% <-IRR #YR-> 5 Book Value -8.90%
Leverage (A/BK) 1.18 1.20 1.33 1.87 1.66 1.67 1.87 1.98 2.15 2.38 2.51 2.14 2.14 1.92 <-Median-> 10 A/BV
Debt/Equity Ratio 0.18 0.20 0.33 0.87 0.66 0.67 0.87 0.98 1.15 1.38 1.51 1.14 1.14 0.92 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.71 5 yr Med 2.38 79.73% Diff M/C 1.87 Historical 12 A/BV
-$7.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.80
-$7.46 $0.00 $0.00 $0.00 $0.00 $6.80
$29.43 <-12 mths 11.49%
Comprehensive Income $12.12 -$2.30 $15.35 $21.68 $22.61 $23.06 $11.94 $25.50 $15.05 $26.40 117.81% <-Total Growth 9 Comprehensive Income
Increase -118.98% 767.39% 41.25% 4.28% 1.99% -48.24% 113.62% -40.96% 75.39% 1.99% <-Median-> 5 Comprehensive Income
5 Yr Running Average $13.89 $16.08 $18.93 $20.96 $19.63 $20.39 9.03% <-IRR #YR-> 9 Comprehensive Income #DIV/0!
ROE 4.8% -0.6% 3.9% 5.7% 6.3% 6.6% 3.7% 8.0% 5.0% 7.3% 3.15% <-IRR #YR-> 5 Comprehensive Income 16.76%
5Yr Median 4.8% 5.7% 5.7% 6.3% 6.3% 6.6% 7.97% <-IRR #YR-> 5 5 Yr Running Average #DIV/0!
% Difference from NI 0.0% -126.1% 41.8% 14.5% -9.2% 9.6% 14.3% 1.4% -8.3% 1.5% 7.97% <-IRR #YR-> 5 5 Yr Running Average 46.76%
Diff 5, 10 yr 1.5% 1.5% 6.6% <-Median-> 5 Return on Equity
-$12.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $26.4
-$22.6 $0.0 $0.0 $0.0 $0.0 $26.4
-$13.9 $0.0 $0.0 $0.0 $0.0 $20.4
-$13.9 $0.0 $0.0 $0.0 $0.0 $20.4
Current Liability Coverage Ratio 0.51 2.00 1.79 0.41 0.78 0.80 0.83 0.50 0.49 0.58 0.82 0.69   CFO / Current Liabilities
5 year Median 1.26 1.79 1.15 0.78 0.80 0.80 0.78 0.78 0.58 0.58 0.58 0.58 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 2.08% 10.46% 8.34% 5.12% 7.40% 6.67% 8.21% 5.36% 5.64% 6.46% 8.46% 8.67% CFO / Total Assets
5 year Median 6.27% 8.34% 6.73% 7.40% 7.40% 7.40% 6.67% 6.67% 6.46% 6.46% 6.46% 6.5% <-Median-> 5 Return on Assets 
Return on Assets ROA 0.7% 3.2% 3.6% 1.3% 1.6% 3.0% 3.7% 3.1% 1.5% 3.3% 2.2% 3.4% Net  Income/Assets Return on Assets
5Yr Median 0.7% 2.0% 3.2% 2.3% 1.6% 3.0% 3.0% 3.0% 3.0% 3.1% 3.1% 3.1% 3.0% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 0.8% 3.9% 4.8% 2.4% 2.7% 5.0% 7.0% 6.1% 3.2% 7.9% 5.5% 7.2% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 0.8% 2.4% 3.9% 3.1% 2.7% 3.9% 4.8% 5.0% 5.0% 6.1% 6.1% 6.1% 5.2% <-Median-> 10 Return on Equity
$27.12 <-12 mths 4.29%
Net Income $2.10 $9.76 $12.12 $8.80 $10.83 $18.93 $24.90 $21.03 $10.45 $25.14 $16.42 $26.00 166.39% <-Total Growth 10 Net Income
Increase 364.98% 24.18% -27.43% 23.08% 74.85% 31.56% -15.54% -50.34% 140.69% -34.69% 58.36% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $8.7 $12.1 $15.1 $16.9 $17.2 $20.1 $19.6 $19.8 10.29% <-IRR #YR-> 10 Net Income 166.39%
Operating Cash Flow $6.33 $31.43 $27.88 $35.30 $48.96 $42.41 $54.86 $36.79 $39.48 $48.92 $63.90 $67.04 0.87% <-IRR #YR-> 5 Net Income 4.41%
Investment Cash Flow -$228.19 -$7.31 -$5.23 -$257.03 -$9.62 -$14.28 -$29.40 -$15.64 -$29.27 -$57.98 -$35.97 -$33.44 12.43% <-IRR #YR-> 7 5 Yr Running Average #DIV/0!
Total Accruals $223.96 -$14.36 -$10.53 $230.53 -$28.51 -$9.20 -$0.56 -$0.12 $0.24 $34.21 -$11.51 -$7.60 5.56% <-IRR #YR-> 5 5 Yr Running Average 31.05%
Total Assets $303.72 $300.55 $334.43 $689.87 $661.55 $635.80 $668.09 $686.36 $700.12 $756.66 $755.65 $773.63 Balance Sheet Assets
Accruals Ratio 73.74% -4.78% -3.15% 33.42% -4.31% -1.45% -0.08% -0.02% 0.03% 4.52% -1.52% -0.98% -0.02% <-Median-> 5 Ratio
EPS/CF Ratio 0.39 0.43 0.51 0.26 0.19 0.36 0.34 0.29 0.12 0.27 0.20 0.28 0.27 <-Median-> 10 EPS/CF Ratio
-$9.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.00
-$24.90 $0.00 $0.00 $0.00 $0.00 $26.00
-$8.72 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.81
-$15.11 $0.00 $0.00 $0.00 $0.00 $19.81
Change in Close 22.50% -15.02% 40.73% -40.14% 11.97% 5.70% 0.58% 21.65% 21.42% 13.29% -17.12% 32.53% 9.43% 0.00% 0.00% Count 13 Years of data
up/down down down Count 2 15.38%
Meet Prediction? Yes % right Count 1 50.00%
Financial Cash Flow $226.21 -$22.80 -$25.01 $218.33 -$37.22 -$29.37 -$26.63 -$20.48 -$15.27 $9.09 -$20.86 -$38.55 C F Statement  Financial Cash Flow
Total Accruals -$2.25 $8.44 $14.48 $12.20 $8.72 $20.17 $26.07 $20.36 $15.51 $25.12 $9.35 $30.96 Accruals
Accruals Ratio -0.74% 2.81% 4.33% 1.77% 1.32% 3.17% 3.90% 2.97% 2.21% 3.32% 1.24% 4.00% 2.97% <-Median-> 5 Ratio
Cash $4.35 $5.26 $2.90 -$0.50 $1.61 $0.36 -$0.81 -$0.13 -$5.20 -$5.17 $1.90 -$3.06 -$6.16 Cash
Cash per Share $0.16 $0.19 $0.10 -$0.01 $0.03 $0.01 -$0.02 $0.00 -$0.11 -$0.11 $0.04 -$0.06 -$0.12 -$0.06 <-Median-> 5 Cash per Share
Percentage of Stock Price 1.29% 1.82% 0.71% -0.14% 0.34% 0.07% -0.16% -0.02% -0.70% -0.62% 0.27% -0.30% -0.55% -0.30% <-Median-> 5 % of Stock Price
Notes:
July 8, 2017.  Last estimates were for 2016 and 2017 of $608M, $653M for Revenue, $0.92 and $1.08 for EPS, $1.10 for CFPS for 2016
July 3, 2016.  Last estimates were for 2015 and 2016 of $573M and $630M for Revenue, $094 and $1.11 for EPS, $1.10 and $1.18 for CFPS.
July 12, 2015.  Last estimates were for 2014, 2015 and 2016 of $531M, $578M and $593M for Revenue, $0.81, $0.95 and $1.05 for EPS, $1.06, $1.12 and $1.23 for CFPS, $40.50M, $45.70M and $51.27M for Net Income
June 29, 2014.  Last estimates were for 2012 to  2014 of $471M for 2013, EPS $0.48, $0.61 and $0.79 for 2012 to 2013 and $1.09, $1.07 and $1.13 for CFPS from 2012 to 2013.
The 2012 results are to be annonced on March 6th.
On January 1, 2011 Morneau Shepell Inc. announced the reorganization of Morneau Sobeco Income Fund  (TSX:MSI.UN) from an income trust structure into a public corporation named Morneau Shepell Inc.
This company used to be an income trust under Morneau Sobeco Income Trust (TSX-MSI.UN). 
The original name was Morneau Sobeco. Special Voting Units had no distributions in the beginning.
The firm becomes an income trust: Morneau Sobeco Income Fund (MSIF) om 2005.
Company was founded by Bill Morneau's father. W.F. Morneau & Associates ("Morneau") is established 1966.
Would I buy this company and Why.
Not at present.  I would only be interested in this stock if they can change the dividend picture and their earnings picture.  They would need to pay out less in dividends than earnings and they would have to start increasing their dividends.  
The Return on Equity is 5.5% in 2015 with the 5 year median at 6.1%.  I prefer companies with ROE of at least 10%.  
Sector:
Financial Serivces
What should this stock accomplish?
Would I buy this company and Why.
Why am I following this stock. 
Every once in a while I go through the stocks that my brokerage, TD Waterhouse, is recommending to find promising new stocks.  In February 2013 this stock was rated a buy by TD Waterhouse.  It was under Diversified Financials. 
Dividends
Dividends are paid monthly.  The dividends declared for shareholders of record of one month are paid in the following month.
For example, the dividend declared for May 2014 was paid to shareholders of record of May 30, 2014 and was paid on June 16, 2014.
How they make their money.
Morneau Shepell Inc. provides human resource consulting and outsourcing services. The firm delivers solutions to assist employers in managing the financial security, health and productivity of their employees.
The company has business in Canada and US.
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) 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
Date Jun 29 2014 Jul 12 2015 Jul 3 2016 Jul 8 2017
Liptrap, Stephen 0.000 0.00%
CEO - Shares - Amount $0.000
Options - percentage 0.173 0.32%
Options - amount $3.624
Torrie, Alan D. 0.027 0.06% 0.000 0.00% 0.000 0.00%
CEO - Shares - Amount $0.466 $0.000 $0.000
Options - percentage 0.428 0.89% 0.450 0.93% 0.537 1.01%
Options - amount $7.482 $6.521 $10.303
Milligan, Scott 0.006 0.01% 0.007 0.02% 0.009 0.02% 0.011 0.02%
CFO - Shares - Amount $0.099 $0.108 $0.179 $0.224
Options - percentage 0.112 0.23% 0.127 0.26% 0.132 0.25% 0.142 0.27%
Options - amount $1.948 $1.840 $2.531 $2.983
Beaudoin, René 0.000 0.00% 0.000 0.00% 0.000 0.00% ceased insider Sep 2016
CTO - Shares - Amount $0.002 $0.001 $0.002
Options - percentage 0.084 0.17% 0.099 0.20% 0.103 0.19%
Options - amount $1.465 $1.432 $1.982
Chisholm, Robert William 0.192 0.40% 0.169 0.35% 0.036 0.07% 0.163 0.31% not a director in 2016
Officer- Shares - Amount $3.347 $2.445 $0.522 $3.428 according to web site
Options - percentage 0.000 0.00% 0.020 0.04% 0.036 0.07% 0.036 0.07% July 2016
Options - amount $0.000 $0.294 $0.517 $0.754
Morneau, William Frank (Bill) 2.243 4.67% 0.396 0.82% 0.000 0.00% 0.197 0.37% Was Chairman, now has shares again in May 2017
Director - Shares - Amt $39.178 $5.729 $0.000 $4.143 Honorary Chair and 
Options - percentage 0.000 0.00% 0.007 0.02% 0.000 0.00% 0.973 1.83% Founder
Options - amount $0.000 $0.105 $0.000 $20.433 sold his shares
Part of Trudeau's Cabinet
Denham, Gillian H. (Jill) 0.009 0.02% 0.013 0.02%
Chairman - Shares - Amt $0.166 $0.265
Options - percentage 0.016 0.03% 0.021 0.04%
Options - amount $0.300 $0.436
Increase in O/S Shares 0.022 0.05% 0.032 0.07% 0.271 0.56% 0.130 0.24%
due to SO $0.345 $0.562 $3.925 $2.493
Book Value $0.250 $0.332 $2.986 $1.417
Insider Buying -$0.205 -$0.067 $0.000
Insider Selling $1.628 $3.189 $1.586
Net Insider Selling $1.299 $1.423 $3.122 $1.586
% of Market Cap 0.15% 0.20% 0.31% 0.14%
Directors 8 9 9 8
Women 2 25% 2 22% 3 33% 2 25%
Minorities 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 25 41.84% 31 35.98% 35 39.85% 53 38.32%
Total Shares Held 20.070 41.81% 17.274 35.78% 21.164 39.76% 20.601 38.70%
Increase/Decrease -0.430 -2.10% 2.644 18.07% 0.071 0.33% 0.007 0.03%
Starting No. of Shares 20.500 14.630 Reuters  21.093 Reuters  20.594 Reuters 
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