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While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Estimates Estimates Estimates
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Pembina Pipelines Corp TSX: PPL NYSE PBA www.pembina.com Fiscal Yr: Dec 31
Year 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/30/12 12/30/13 12/30/14 12/30/15 12/30/16 12/30/17 12/30/18 12/30/19 Value Description #Y Item
Accounting Rules C GAAP IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
$6,069 <-12 mths 0.00%
Revenue* $290.52 $335.82 $504.79 $674.88 $811.80 $1,255.10 $1,676.71 $3,427.4 $5,025 $6,069 $4,635 $4,265 $6,466 $7,409 $7,717 1170.03% <-Total Growth 10 Revenue
Increase 4.40% 15.59% 50.32% 33.70% 20.29% 54.61% 33.59% 104.41% 46.61% 20.78% -23.63% -7.98% 51.61% 14.58% 4.16% 28.94% <-IRR #YR-> 10 Revenue 1170.03%
5 year Running Average $245.6 $274.4 $330.5 $416.9 $523.6 $716.5 $984.7 $1,569.2 $2,439 $3,491 $4,167 $4,684 $5,292 $5,769 $6,098 20.53% <-IRR #YR-> 5 Revenue 154.37%
Revenue per Share $2.55 $2.66 $3.81 $5.01 $5.12 $7.52 $9.99 $11.69 $15.95 $17.96 $12.43 $10.74 $16.29 $18.66 $19.44 32.81% <-IRR #YR-> 10 5 yr Running Average 1606.89%
Increase -5.65% 4.31% 43.14% 31.55% 2.16% 46.94% 32.77% 17.05% 36.42% 12.63% -30.81% -13.55% 51.61% 14.58% 4.16% 36.61% <-IRR #YR-> 5 5 yr Running Average 375.73%
5 year Running Average $2.46 $2.55 $2.84 $3.35 $3.83 $4.82 $6.29 $7.86 $10.05 $12.62 $13.60 $13.75 $14.67 $15.22 $15.51 14.98% <-IRR #YR-> 10 Revenue per Share 303.78%
P/S (Price/Sales) Med 5.87 6.18 4.12 3.14 2.87 2.60 2.61 2.40 2.07 2.50 2.88 3.25 1.47% <-IRR #YR-> 5 Revenue per Share 7.58%
P/S (Price/Sales) Close 6.25 5.33 4.61 3.04 3.42 2.87 2.97 2.43 2.35 2.36 2.43 3.91 2.68 2.34 2.25 18.33% <-IRR #YR-> 10 5 yr Running Average 438.27%
*Revenue in M CDN $ P/S Med 10 yr 2.74 5 yr 2.50 -2.27% Diff M/C 16.94% <-IRR #YR-> 5 5 yr Running Average 118.68%
-$336 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,265
-$1,677 $0 $0 $0 $0 $4,265
-$274 $0 $0 $0 $0 $0 $0 $0 $0 $0 $4,684
-$985 $0 $0 $0 $0 $4,684
-$2.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.74
-$9.99 $0.00 $0.00 $0.00 $0.00 $10.74
-$2.55 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.75
-$6.29 $0.00 $0.00 $0.00 $0.00 $13.75
Adjusted FFO Total $234.7 $252.7 $297.5
AFFO $1.58 $1.55 $1.78 $1.91 $2.34 $2.38 $2.53 $2.54 $2.80 $3.26 61.25% <-Total Growth 7 AFFO
Increase -1.71% 14.97% 7.30% 22.51% 1.71% 6.30% 0.40% 10.24% 16.43% 7.06% <-IRR #YR-> 7 AFFO #DIV/0!
AFFO Yield 9.0% 7.2% 6.0% 6.7% 6.3% 5.6% 8.4% 6.1% 6.4% 7.5% 7.37% <-IRR #YR-> 5 AFFO 42.70%
5 year Running Average $1.83 $1.99 $2.19 $2.34 $2.52 $2.70 8.53% <-IRR #YR-> 3 5 yr Running Average #DIV/0!
Payout Ratio 101.02% 102.78% 89.39% 84.31% 70.09% 72.06% 70.85% 74.41% 71.79% 62.58% 8.53% <-IRR #YR-> 3 5 yr Running Average #DIV/0!
5 year Running Average 87.66% 81.82% 76.32% 73.91% 71.86% 69.93% 79.07% <-Median-> 4 Payout 5 yr Running Average
Price/AFFO Median 9.34 12.62 14.65 14.71 14.10 18.85 14.16 13.74 14.97 0.00 14.13 <-Median-> 8 P/AFFO Med
Price/AFFO High 11.23 14.46 17.38 16.07 15.99 22.21 17.08 16.78 15.51 0.00 16.42 <-Median-> 8 P/AFFO High
Price/AFFO Low 7.45 10.79 11.92 13.36 12.21 15.49 11.25 10.71 14.42 0.00 11.58 <-Median-> 8 P/AFFO Low
Price/AFFO Close 11.12 13.95 16.66 14.90 15.99 17.79 11.92 16.52 15.59 13.39 15.45 <-Median-> 8 P/AFFO Close
Trailing P/AFFO 13.71 19.16 15.99 19.59 18.09 12.67 16.58 17.19 15.59 16.58 <-Median-> 7 Trailing P/AFFO Close
Median Values DPR 10 Yrs 79.36% 5 Yrs 72.06% P/CF 5 Yrs in order 14.16 16.78 12.21 15.99 10.12% Diff M/C 10.35% Diff M/C 10 DPR 75% to 95% best
* Adjusted Cash Flow From Operating Activities
-$1.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.54
-$1.78 $0.00 $0.00 $0.00 $0.00 $2.54
-$1.83 $0.00 $0.00 $2.34
-$1.83 $0.00 $0.00 $2.34
Accting chge '05 $208.49 $228.32
Distributable Cash $123.40 $148.20 $188.90 $207.20 $234.70 $297.50
Distributable Cash per Share $1.08 $1.17 $1.43 $1.54 $1.48 $1.57 $1.71 $1.39 $2.12 $2.45 $2.31 $2.78 136.76% <-Total Growth 10 FFO
Increase 0.92% 8.37% 21.38% 7.93% -3.80% 6.09% 8.92% -18.71% 52.52% 15.57% -5.71% 20.35% 9.00% <-IRR #YR-> 10 FFO 136.76%
FFO Yield 6.8% 8.3% 8.1% 10.1% 8.4% 7.3% 5.8% 4.9% 5.7% 5.8% 7.7% 6.6% 10.21% <-IRR #YR-> 5 FFO 62.57%
5 year Running Average $1.06 $1.09 $1.16 $1.26 $1.34 $1.44 $1.54 $1.54 $1.65 $1.85 $2.00 $2.21 7.36% <-IRR #YR-> 10 5 yr Running Average 103.46%
Payout Ratio 98.12% 92.69% 96.90% 97.37% 107.53% 101.35% 93.05% 115.86% 77.36% 70.00% 77.60% 67.99% 7.43% <-IRR #YR-> 5 5 yr Running Average 43.07%
5 year Running Average 99.73% 98.16% 97.51% 96.79% 98.81% 99.47% 99.08% 102.52% 97.03% 88.18% 83.66% 78.26% 97.27% <-Median-> 10 Payout 5 yr Running Average
Price/FFO Median 13.82 14.01 11.00 10.22 9.94 12.45 15.25 20.22 15.56 18.31 15.51 12.56 13.90 <-Median-> 10 P/FFO Med
Price/FFO High 15.69 15.76 12.62 12.14 11.95 14.26 18.09 22.08 17.65 21.58 18.70 15.33 16.49 <-Median-> 10 P/FFO High
Price/FFO Low 11.95 12.26 9.37 8.29 7.93 10.64 12.41 18.35 13.48 15.05 12.32 9.78 11.48 <-Median-> 10 P/FFO Low
Price/FFO Close 14.72 12.08 12.31 9.91 11.84 13.76 17.35 20.47 17.65 17.28 13.05 15.09 14.43 <-Median-> 10 P/FFO Close
Trailing P/FFO Close 14.86 13.09 14.94 10.69 11.39 14.60 18.89 16.64 26.92 19.97 12.31 18.16 15.79 <-Median-> 10 Trailing P/FFO Close
Median Values DPR 10 Yrs 94.98% 5 Yrs 77.36% P/CF 5 Yrs in order 15.56 18.70 13.48 17.28 -100.00% Diff M/C -100.00% Diff M/C 10 DPR 75% to 95% best
* Cash Flow From Operating Activities
$0.97 <-12 mths -8.49%
EPS Basic $0.65 $0.73 $1.09 $1.21 $1.09 $1.14 $0.99 $0.87 $1.12 $1.07 $1.02 $1.02 39.73% <-Total Growth 10 EPS Basic
EPS Diluted* $0.65 $0.73 $1.06 $1.19 $1.07 $1.14 $0.99 $0.87 $1.12 $1.06 $1.02 $1.01 $1.68 $2.07 $2.31 38.36% <-Total Growth 10 EPS Diluted
Increase 8.33% 12.31% 45.21% 12.26% -10.08% 6.54% -13.16% -12.12% 28.74% -5.36% -3.77% -0.98% 66.34% 23.21% 11.59% 3.30% <-IRR #YR-> 10 Earnings per Share 38.36%
Earnings Yield 4.1% 5.1% 6.0% 7.8% 6.1% 5.3% 3.3% 3.1% 3.0% 2.5% 3.4% 2.4% 3.8% 4.7% 5.3% 0.40% <-IRR #YR-> 5 Earnings per Share 2.02%
5 year Running Average $0.57 $0.61 $0.71 $0.85 $0.94 $1.04 $1.09 $1.05 $1.04 $1.04 $1.01 $1.02 $1.18 $1.37 $1.62 5.17% <-IRR #YR-> 10 5 yr Running Average 65.47%
10 year Running Average $0.44 $0.51 $0.60 $0.69 $0.77 $0.80 $0.85 $0.88 $0.94 $0.99 $1.03 $1.05 $1.12 $1.20 $1.33 -1.40% <-IRR #YR-> 5 5 yr Running Average -6.79%
* Diluted ESP per share E/P 10 Yrs 3.36% 5Yrs 2.99%
-$0.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.01
-$0.99 $0.00 $0.00 $0.00 $0.00 $1.01
-$0.61 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.02
-$1.09 $0.00 $0.00 $0.00 $0.00 $1.02
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
last 3 mths of 1997
Dividend* $1.06 $1.09 $1.38 $1.50 $1.59 $1.59 $1.59 $1.61 $1.64 $1.72 $1.79 $1.89 $2.01 $2.04 $2.04 73.67% <-Total Growth 10 Dividends
Increase 0.08% 2.37% 26.90% 8.46% 6.24% 0.00% 0.00% 1.21% 1.84% 4.57% 4.52% 5.44% 6.35% 1.49% 0.00% 4.55% <-Median-> 10 Dividends
Dividends 5 Yr Running $1.06 $1.07 $1.13 $1.22 $1.32 $1.43 $1.53 $1.58 $1.60 $1.63 $1.67 $1.73 $1.81 $1.89 $1.95 62.22% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 7.10% 6.62% 8.81% 9.53% 10.81% 8.14% 6.10% 5.73% 4.97% 3.82% 5.00% 5.41% 4.80% 5.92% <-Median-> 10 Yield H/L Price
Yield on High Price 6.25% 5.88% 7.68% 8.02% 8.99% 7.11% 5.14% 5.25% 4.38% 3.24% 4.15% 4.43% 4.63% 5.20% <-Median-> 10 Yield on High Price
Yield on Low Price 8.21% 7.56% 10.34% 11.75% 13.55% 9.53% 7.50% 6.31% 5.74% 4.65% 6.30% 6.95% 4.98% 7.22% <-Median-> 10 Yield on Low Price
Yield on Close Price 6.67% 7.67% 7.87% 9.83% 9.08% 7.37% 5.36% 5.66% 4.38% 4.05% 5.95% 4.50% 4.60% 4.67% 4.67% 5.80% <-Median-> 10 Yield on Close Price
Payout Ratio EPS 163.55% 149.08% 130.28% 125.87% 148.71% 139.58% 160.73% 185.10% 146.43% 161.79% 175.74% 187.13% 119.64% 98.55% 88.31% 154.72% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 187.02% 173.65% 159.94% 144.03% 140.88% 137.76% 140.41% 149.84% 154.61% 157.29% 165.00% 170.23% 153.61% 138.12% 120.80% 152.22% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 107.76% 95.48% 96.57% 91.75% 112.35% 104.08% 93.06% 131.24% 79.39% 72.44% 83.47% 69.67% 66.56% 56.82% 52.71% 92.41% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 99.70% 100.16% 100.93% 96.23% 100.25% 100.03% 99.16% 104.89% 100.96% 91.56% 87.72% 82.20% 73.48% 68.27% 63.70% 99.59% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 102.86% 92.37% 95.21% 96.77% 110.53% 104.48% 69.23% 80.31% 62.50% 58.54% 67.06% 62.27% 66.56% 56.82% 52.71% 74.77% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 97.81% 98.64% 99.41% 97.19% 99.58% 100.15% 92.65% 89.42% 81.13% 71.59% 66.63% 65.18% 63.35% 61.96% 60.37% 91.04% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 5 Yr Med 5 Yr Cl 5.00% 4.50% 5 Yr Med Payout 175.74% 79.39% 62.50% 5.67% <-IRR #YR-> 10 Dividends 73.67%
* Dividends per share 5 Yr Med and Cur. -6.62% 3.73% Last Div Inc ---> $0.160 $0.170 6.3% 3.50% <-IRR #YR-> 5 Dividends 18.78%
-$1.09 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.89
-$1.59 $0.00 $0.00 $0.00 $0.00 $1.89
Historical Dividends Historical High Div 15.04% Low Div 4.17% Ave Div 9.61% Med Div 8.42% Close Div 7.83% Historical Dividends
High/Ave/Median Values Curr diff Exp. -68.93% Exp 12.05% Exp. -51.35% Exp. -44.51% Exp. -40.31% High/Ave/Median
Future Dividend Yield Div Yd 5.42% earning in 5 Years at IRR of 3.00% Div Inc. 15.93% Future Dividend Yield
Future Dividend Yield Div Yd 6.28% earning in 10 Years at IRR of 3.00% Div Inc. 34.39% Future Dividend Yield
Future Dividend Yield Div Yd 7.28% earning in 15 Years at IRR of 3.00% Div Inc. 55.80% Future Dividend Yield
I am earning GC Div Gr 91.43% 12/21/01 # yrs -> 15 2001 $11.02 Cap Gain 296.19% I am earning GC
I am earning Div org yield 9.53% 12/30/17 Trading Div G Yrly 4.13% Div start $1.05 -9.53% 18.24% I am earning Div
I am earning GC Div Gr 91.43% 12/21/01 # yrs -> 15 2001 $11.20 Cap Gain 289.82% I am earning GC
I am earning Div org yield 9.38% 12/30/17 RRSP Div G Yrly 4.13% Div start $1.05 -9.38% 17.95% I am earning Div
Yield if held 5 yrs 14.77% 10.70% 12.25% 12.50% 13.03% 10.63% 9.67% 10.27% 10.44% 11.65% 9.17% 7.25% 7.15% 6.18% 4.55% 10.53% <-Median-> 10 Paid Median Price
Yield if held 10 yrs 17.71% 18.10% 20.61% 22.10% 15.65% 14.28% 13.69% 14.04% 11.97% 11.49% 12.82% 12.98% 13.86% 14.96% <-Median-> 10 Paid Median Price
Yield if held 15 yrs 20.65% 19.82% 22.22% 24.90% 18.58% 17.83% 17.03% 16.70% 20.65% <-Median-> 5 Paid Median Price
Yield if held 20 yrs 25.77% 24.65% 26.42% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 73.51% 52.42% 50.22% 50.85% 54.21% 47.74% 46.52% 50.28% 51.06% 55.37% 42.72% 33.17% 32.20% 28.63% 21.78% 50.25% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 136.18% 134.98% 152.99% 172.81% 127.66% 120.12% 117.83% 120.91% 103.50% 99.09% 108.00% 111.18% 121.78% 124.29% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 237.23% 231.95% 258.53% 288.77% 212.70% 200.37% 196.69% 200.91% 237.23% <-Median-> 5 Paid Median Price
Cost covered if held 20 years 353.22% 346.12% 385.12% #NUM! <-Median-> 0 Paid Median Price
Gra Pr (FFO (-AFFO) + BV+D) $13.60 $14.39 $16.25 $16.70 $17.57 $17.37 $17.12 $26.38 $30.83 $33.10 $35.14 $36.09 $37.99 $41.02 $0.00
Graham Pr BV $9.77 $10.53 $12.79 $13.25 $13.09 $13.47 $11.29 $16.89 $20.33 $21.15 $21.37 $21.79 $28.11 $31.20 $32.96 106.90% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.53 1.56 1.23 1.19 1.12 1.45 2.31 1.66 1.62 2.12 1.68 1.60 1.49 1.61 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.74 1.76 1.41 1.41 1.35 1.66 2.74 1.82 1.84 2.50 2.02 1.96 1.55 1.83 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.33 1.37 1.04 0.96 0.90 1.24 1.88 1.51 1.41 1.74 1.33 1.25 1.44 1.37 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.63 1.35 1.37 1.15 1.34 1.60 2.63 1.68 1.84 2.00 1.41 1.93 1.55 1.40 1.32 1.64 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 63.23% 34.63% 37.16% 15.02% 33.81% 60.38% 162.60% 68.46% 84.02% 100.22% 41.07% 92.55% 55.35% 39.95% 32.48% 64.42% <-Median-> 10 Graham Price
Price Close $15.95 $14.18 $17.54 $15.24 $17.52 $21.60 $29.66 $28.46 $37.42 $42.34 $30.15 $41.96 $43.66 $43.66 $43.66 195.91% <-Total Growth 10 Stock Price
Increase 16.85% -11.10% 23.70% -13.11% 14.96% 23.29% 37.31% -4.05% 31.48% 13.15% -28.79% 39.17% 4.05% 0.00% 0.00% 11.46% <-IRR #YR-> 10 Stock Price 195.91%
P/E 24.54 19.42 16.55 12.81 16.37 18.95 29.96 32.71 33.41 39.94 29.56 41.54 25.99 21.09 18.90 7.18% <-IRR #YR-> 5 Stock Price 41.47%
Trailing P/E 26.58 21.82 24.03 14.38 14.72 20.19 26.02 28.75 43.01 37.80 28.44 41.14 43.23 25.99 21.09 19.00% <-IRR #YR-> 10 Price & Dividend
Median 10, 5 Yrs D. per yr 7.54% 5.08% % Tot Ret 39.67% 41.44% Price Inc 13.15% P/E: 29.76 33.41 12.27% <-IRR #YR-> 5 Price & Dividend
-$14.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $41.96
-$29.66 $0.00 $0.00 $0.00 $0.00 $41.96
-$14.18 $1.38 $1.50 $1.59 $1.59 $1.59 $1.61 $1.64 $1.72 $1.79 $43.85
-$29.66 $1.61 $1.64 $1.72 $1.79 $43.85
Price H/L Median $14.98 $16.45 $15.68 $15.72 $14.72 $19.55 $26.08 $28.10 $33.00 $44.87 $35.83 $34.91 $41.91 112.22% <-Total Growth 10 Stock Price
Increase 22.60% 9.85% -4.71% 0.26% -6.36% 32.82% 33.41% 7.77% 17.42% 35.99% -20.16% -2.55% 20.04% 7.81% <-IRR #YR-> 10 Stock Price 112.22%
P/E 23.04 22.53 14.79 13.21 13.75 17.14 26.34 32.30 29.46 42.33 35.12 34.56 24.94 6.01% <-IRR #YR-> 5 Stock Price 33.88%
Trailing P/E 24.96 25.31 21.47 14.83 12.37 18.27 22.87 28.38 37.93 40.06 33.80 34.23 41.49 15.10% <-IRR #YR-> 10 Price & Dividend
P/E on Running 5 yr Average 26.46 26.79 22.14 18.58 15.65 18.83 23.92 26.71 31.79 43.31 35.40 34.36 35.57 11.92% <-IRR #YR-> 5 Price & Dividend
P/E on Running 10 yr Average 33.78 32.30 25.95 22.71 19.16 24.37 30.60 31.93 35.03 45.41 34.95 33.15 37.58 23.50 P/E Ratio Historical Median
Median 10, 5 Yrs D. per yr 7.29% 5.91% % Tot Ret 48.26% 49.56% Price Inc 7.77% P/E: 27.90 34.56
-$16.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $34.91
-$26.08 $0.00 $0.00 $0.00 $0.00 $34.91
-$16.45 $1.38 $1.50 $1.59 $1.59 $1.59 $1.61 $1.64 $1.72 $1.79 $36.80
-$26.08 $1.61 $1.64 $1.72 $1.79 $36.80
Dec Mar Oct-Dec Jun Dec Dec Dec May Dec Sep Apr Dec Mar
Price High $17.00 $18.51 $17.99 $18.68 $17.69 $22.39 $30.93 $30.69 $37.42 $52.87 $43.20 $42.62 $43.44 130.25% <-Total Growth 10 Stock Price
Increase 22.92% 8.88% -2.81% 3.84% -5.30% 26.57% 38.14% -0.78% 21.93% 41.29% -18.29% -1.34% 1.92% 8.70% <-IRR #YR-> 10 Stock Price 130.25%
P/E 26.15 25.36 16.97 15.70 16.53 19.64 31.24 35.28 33.41 49.88 42.35 42.20 25.86 6.62% <-IRR #YR-> 5 Stock Price 37.80%
Trailing P/E 28.33 28.48 24.64 17.62 14.87 20.93 27.13 31.00 43.01 47.21 40.75 41.78 43.01 26.36 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc -0.78% P/E: 32.33 42.20 40.81 P/E Ratio Historical High
-$18.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $42.62
-$30.93 $0.00 $0.00 $0.00 $0.00 $42.62
Mar Nov Jan-Mar Oct Mar May Mar Jun Feb Jan Dec Jan Jan
Price Low $12.95 $14.39 $13.36 $12.75 $11.74 $16.70 $21.22 $25.51 $28.57 $36.87 $28.45 $27.20 $40.37 89.02% <-Total Growth 10 Stock Price
Increase 22.17% 11.12% -7.16% -4.57% -7.92% 42.25% 27.07% 20.22% 12.00% 29.05% -22.84% -4.39% 48.42% 6.57% <-IRR #YR-> 10 Stock Price 89.02%
P/E 19.92 19.71 12.60 10.71 10.97 14.65 21.43 29.32 25.51 34.78 27.89 26.93 24.03 5.09% <-IRR #YR-> 5 Stock Price 28.18%
Trailing P/E 21.58 22.14 18.30 12.03 9.87 15.61 18.61 25.77 32.84 32.92 26.84 26.67 39.97 20.04 P/E Ratio Historical Median
Median 10, 5 Yrs Price Inc 12.00% P/E: 23.47 27.89 13.01 P/E Ratio Historical Low
-$14.39 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27.20
-$21.22 $0.00 $0.00 $0.00 $0.00 $27.20
Long Term Debt $163 $201 Debentures Derivatives FI Debt
Change 23.31% Change
Debt/Market Cap Ratio 0.01 0.01 0.01 <-Median-> 2 Debt/Market Cap Ratio
Goodwill & Intangibles $243.90 $2,622.68 $2,564 $2,841 $2,822 $2,834 Intangibles Goodwill
Change 975.29% -2.24% 10.80% -0.67% 0.43% Change
Intangible/Market Cap Ratio 0.05 0.31 0.22 0.20 0.25 0.17 0.21 <-Median-> 6 Intangible/Market Cap Ratio
Market Cap $M $1,817 $1,790 $2,325 $2,053 $2,779 $3,605 $4,980 $8,345 $11,793 $14,308 $11,246 $16,658 $17,333 $17,333 $17,333 830.74% <-Total Growth 10 Market Cap 830.74%
Diluted # of Shares in Million 122.377 137.366 137.648 154.125 167.464 168.175 259.483 308.081 327.656 348 389 217.87% <-Total Growth 10 Basic
Change 12.25% 0.21% 11.97% 8.65% 0.42% 54.29% 18.73% 6.35% 6.21% 11.78% 10.22% <-Median-> 10 Change
Basic # of Shares in Millions 108.110 122.094 130.513 133.380 149.001 163.223 167.433 259.480 307.211 326.266 347 388 217.79% <-Total Growth 10 Basic
Change 5.44% 12.93% 6.90% 2.20% 11.71% 9.54% 2.58% 54.98% 18.39% 6.20% 6.35% 11.82% 8.22% <-Median-> 10 Change
Difference 5.4% 3.4% 1.6% 1.0% 6.4% 2.2% 0.3% 13.0% 2.6% 3.6% 7.5% 2.3% 2.45% <-Median-> 10 Difference
$104 <-12 mths -89.49%
Units at '97
Inc '000
acct OCF chge '05
# of Share in Millions 113.897 126.218 132.542 134.703 158.600 166.877 167.908 293.226 315.144 337.924 373 397 397 397 397 12.14% <-IRR #YR-> 10 Shares 214.54%
Change 10.65% 10.82% 5.01% 1.63% 17.74% 5.22% 0.62% 74.63% 7.47% 7.23% 10.38% 6.43% 0.00% 0.00% 0.00% 18.78% <-IRR #YR-> 5 Shares 136.44%
CF fr Op $M (OCF) $112.36 $143.86 $189.54 $219.91 $224.62 $255.12 $287.09 $359.81 $651 $800 $801 $1,077 $1,199 $1,425 $1,536 648.64% <-Total Growth 10 Cash Flow
Increase -4.44% 28.03% 31.75% 16.02% 2.14% 13.58% 12.53% 25.33% 80.93% 22.89% 0.13% 34.46% 11.32% 18.87% 7.80% S Iss SO DRIP Deb. Conv.
5 year Running Average $105.15 $114.15 $130.66 $156.65 $178.06 $206.61 $235.25 $269.31 $356 $471 $580 $738 $906 $1,060 $1,208 546.32% <-Total Growth 10 CF 5 Yr Running
CFPS $0.99 $1.14 $1.43 $1.63 $1.42 $1.53 $1.71 $1.23 $2.07 $2.37 $2.15 $2.71 $3.02 $3.59 $3.87 138.02% <-Total Growth 10 Cash Flow per Share
Increase -13.64% 15.54% 25.47% 14.16% -13.25% 7.95% 11.84% -28.23% 68.35% 14.60% -9.29% 26.33% 11.32% 18.87% 7.80% 22.30% <-IRR #YR-> 10 Cash Flow 648.64%
5 year Running Average $1.06 $1.06 $1.12 $1.27 $1.32 $1.43 $1.54 $1.50 $1.59 $1.78 $1.90 $2.10 $2.46 $2.77 $3.07 30.27% <-IRR #YR-> 5 Cash Flow 275.15%
P/CF on Med Price 15.18 14.43 10.96 9.63 10.39 12.78 15.25 22.90 15.97 18.95 16.68 12.87 13.88 9.06% <-IRR #YR-> 10 Cash Flow per Share 138.02%
P/CF on Closing Price 16.17 12.44 12.27 9.34 12.37 14.13 17.35 23.19 18.11 17.88 14.04 15.47 14.46 9.67% <-IRR #YR-> 5 Cash Flow per Share 58.67%
2.83% Diff M/C 7.05% <-IRR #YR-> 10 CFPS 5 yr Running 97.66%
Excl.Working Capital CF $5.4 $4.9 $2.7 -$11.4 $3.7 -$1.0 $98.9 $228.2 $176.0 $190.0 $196.0 $128.0 $0.0 $0.0 $0.0 6.39% <-IRR #YR-> 5 CFPS 5 yr Running 36.32%
CF fr Op $M WC $117.7 $148.7 $192.3 $208.5 $228.3 $254.2 $386.0 $588.0 $827 $990 $997 $1,205 $1,199 $1,425 $1,536 710.30% <-Total Growth 10 Cash Flow less WC
Increase 8.05% 26.34% 29.28% 8.44% 9.51% 11.31% 51.86% 52.35% 40.65% 19.71% 0.71% 20.86% -0.50% 18.87% 7.80% 23.27% <-IRR #YR-> 10 Cash Flow less WC 710.30%
5 year Running Average $107.11 $116.03 $132.79 $155.22 $179.10 $206.38 $253.83 $332.98 $456.68 $609.02 $757.59 $921.40 $1,043.59 $1,163.23 $1,272.51 25.57% <-IRR #YR-> 5 Cash Flow less WC 212.22%
CFPS Excl. WC $1.03 $1.18 $1.45 $1.55 $1.44 $1.52 $2.30 $2.01 $2.62 $2.93 $2.67 $3.04 $3.02 $3.59 $3.87 23.02% <-IRR #YR-> 10 CF less WC 5 Yr Run 694.09%
Increase -2.35% 14.00% 23.11% 6.70% -6.99% 5.79% 50.92% -12.76% 30.87% 11.64% -8.76% 13.56% -0.50% 18.87% 7.80% 29.41% <-IRR #YR-> 5 CF less WC 5 Yr Run 262.99%
5 year Running Average $1.08 $1.08 $1.14 $1.25 $1.33 $1.43 $1.65 $1.76 $1.98 $2.28 $2.51 $2.65 $2.86 $3.05 $3.24 9.93% <-IRR #YR-> 10 CFPS - Less WC 157.62%
P/CF on Med Price 14.49 13.96 10.81 10.15 10.22 12.83 11.34 14.01 12.57 15.32 13.40 11.50 13.88 5.72% <-IRR #YR-> 5 CFPS - Less WC 32.05%
P/CF on Closing Price 15.43 12.04 12.09 9.85 12.17 14.18 12.90 14.19 14.26 14.45 11.28 13.82 14.46 12.16 11.28 9.40% <-IRR #YR-> 10 CFPS 5 yr Running 145.49%
*Operational Cash Flow per share CF/-WC P/CF Med 10 yr 14.06 5 yr 16.68 P/CF Med 10 yr 12.04 5 yr 13.40 20.10% Diff M/C 9.94% <-IRR #YR-> 5 CFPS 5 yr Running 60.63%
-$1.14 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.71 Cash Flow per Share
-$1.71 $0.00 $0.00 $0.00 $0.00 $2.71 Cash Flow per Share
-$1.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.10 CFPS 5 yr Running
-$1.54 $0.00 $0.00 $0.00 $0.00 $2.10 CFPS 5 yr Running
-$149 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,205 Cash Flow less WC
-$386 $0 $0 $0 $0 $1,205 Cash Flow less WC
-$116.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $921.4 CF less WC 5 Yr Run
-$253.8 $0.0 $0.0 $0.0 $0.0 $921.4 CF less WC 5 Yr Run
-$1.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.04 CFPS - Less WC
-$2.30 $0.00 $0.00 $0.00 $0.00 $3.04 CFPS - Less WC
-$1.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.65 CFPS 5 yr Running
-$1.65 $0.00 $0.00 $0.00 $0.00 $2.65 CFPS 5 yr Running
Change in non-cash operating working capital $0.97 -$18.75 -$109.88 -$96.00 -$33.00 -$11.00 -$36.00
Net interest paid -$80.53 -$118.29 -$80.00 -$76.00 -$79.00 -$91.00
Interest Received $0.41
Taxes paid $0.00 -$81.00 -$137.00 -$3.00
Payments received & deferred $31.00 $2.00
               
Sum $0.00 $0.97 -$98.86 -$228.17 -$176.00 -$190.00 -$196.00 -$128.00
Google -$176.00 -$190.00 -$196.00 -$128.00
Difference $0.00 $0.00 $0.00
OPM 38.68% 42.84% 37.55% 32.58% 27.67% 20.33% 17.12% 10.50% 12.96% 13.18% 17.28% 25.25% -41.05% <-Total Growth 10 OPM
Increase -8.46% 10.77% -12.35% -13.22% -15.08% -26.54% -15.77% -38.69% 23.41% 1.75% 31.10% 46.12% Should increase or be stable.
Diff from Median 105.7% 127.8% 99.7% 73.3% 47.1% 8.1% -8.9% -44.2% -31.1% -29.9% -8.1% 34.3% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 18.80% 5 Yrs 13.18% should be zero, it is a check on calculations
Current Assets $31.01 $46.81 $72.91 $78.78 $150.66 $256.97 $175.69 $474.65 $648 $688 $676 $676 Liquidity ratio of 1.5 and up, best
Current Liabilities $51.73 $71.17 $81.81 $165.33 $272.68 $126.90 $517.80 $372.91 $774 $705 $639 $785 0.88 <-Median-> 10 Ratio
Liquidity 0.60 0.66 0.89 0.48 0.55 2.02 0.34 1.27 0.84 0.98 1.06 0.86 0.98 <-Median-> 5 Ratio
Liq. with CF aft div 0.43 0.75 0.97 0.59 0.45 1.94 0.38 0.97 1.01 1.29 1.27 1.28 1.27 <-Median-> 5 Ratio
Liq. CF re Inv+Div 0.18 0.23 0.22 0.28 0.17 0.78 0.20 0.39 0.48 0.36 0.32 0.33 0.36 <-Median-> 5 Ratio
Curr Long Term Db $81.904 $157.423 $7.981 $323.930 $0.00 $0 $0 $0 $65
Liquidity Less CLTD 0.94 1.31 2.16 0.91 1.27 0.84 0.98 1.06 0.94 ` 0.98 <-Median-> 5 Ratio
Liq. with CF aft div 1.16 1.07 2.07 1.01 0.97 1.01 1.29 1.27 1.39 1.27 <-Median-> 5 Ratio
Assets 1,559.1 1,676.2 1,966.8 2,118.2 2,581.1 2,806.4 3,339.2 8,276.5 9,142 11,262 12,936 15,017 Debt Ratio of 1.5 and up, best
Liabilities 815.5 823.7 1,058.1 1,235.0 1,451.8 1,626.2 2,377.6 4,001.1 3,971 4,926 5,512 6,721 1.96 <-Median-> 10 Ratio
Debt Ratio 1.91 2.03 1.86 1.72 1.78 1.73 1.40 2.07 2.30 2.29 2.35 2.23 2.29 <-Median-> 5 Ratio
Book Value $743.6 $852.5 $908.7 $883.2 $1,129.4 $1,180.2 $961.6 $4,275.4 $5,171 $6,336 $7,424 $8,296 $8,296 $8,296 $8,296 873.16% <-Total Growth 10 Book Value
NCI $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $5.2 $5 $0 $0 $0
Preferred Shares $391 $880 $1,100 $1,509 285.93% <-Total Growth 3 Preferred Shares
Net Book Value $743.6 $852.5 $908.7 $883.2 $1,129.4 $1,180.2 $961.6 $4,270.3 $4,775 $5,456 $6,324 $6,787 $6,787 $6,787 $6,787 696.14% <-Total Growth 10 Book Value
Book Value per share $6.53 $6.75 $6.86 $6.56 $7.12 $7.07 $5.73 $14.58 $16.41 $18.75 $19.90 $20.90 $20.90 $20.90 $20.90 209.39% <-Total Growth 10 Book Value per Share
Change 2.59% 3.45% 1.51% -4.37% 8.60% -0.69% -19.02% 154.59% 12.54% 14.27% 6.15% 4.99% 0.00% 0.00% 0.00%
Plus Payout $7.59 $7.84 $8.24 $8.05 $8.71 $8.66 $7.32 $16.19 $18.05 $20.46 $21.70 $22.79 $22.91 $22.94 $22.94 190.56% <-Total Growth 10 Book Value plus
Change 2.23% 3.30% 5.04% -2.22% 8.16% -0.56% -15.53% 121.24% 11.47% 13.39% 6.02% 5.03% 0.53% 0.13% 0.00% 25.10% P/B Ratio Current/Historical Median
P/B Ratio (Median) 1.97 2.10 1.90 1.95 1.69 2.26 3.56 1.74 1.83 2.19 1.65 1.53 1.67 P/B Ratio Historical Median
P/B Ratio (Close) 2.44 2.10 2.56 2.32 2.46 3.05 5.18 1.95 2.28 2.26 1.51 2.01 2.09 2.09 2.09 11.96% <-IRR #YR-> 10 Book Value per Share 190.56%
Change 13.90% -14.06% 21.85% -9.15% 5.86% 24.14% 69.56% -62.31% 16.84% -0.98% -32.92% 32.56% 4.05% 0.00% 0.00% 29.55% <-IRR #YR-> 5 Book Value per Share 211.37%
Leverage (A/BK) 2.10 1.97 2.16 2.40 2.29 2.38 3.47 1.94 1.77 1.78 1.74 1.81 2.05 <-Median-> 10 A/BV
Debt/Equity Ratio 1.10 0.97 1.16 1.40 1.29 1.38 2.47 0.94 0.77 0.78 0.74 0.81 1.05 <-Median-> 10 Debt/Eq Ratio
Median P/BV 10 yr Med 1.87 5 yr Med 1.74 12.00% Diff M/C 1.96 Historical Leverage (A/BK)
-$6.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20.90
-$5.73 $0.00 $0.00 $0.00 $0.00 $20.90
$353 <-12 mths -4.85%
Comprehensive Income
NCI
Shareholders $145.19 $143.25 $168.35 $183.93 $155.05 $214.03 $369 $371 $429 $452 211.31% <-Total Growth 9 Comprehensive Income
Increase -1.34% 17.52% 9.26% -15.70% 38.04% 72.41% 0.54% 15.63% 5.36% 15.63% <-Median-> 5 Comprehensive Income
5 Yr Running Average $159 $173 $218 $259 $308 $367 13.45% <-IRR #YR-> 9 Comprehensive Income #DIV/0!
ROE 16.0% 16.2% 14.9% 15.6% 16.1% 5.0% 7.1% 5.9% 5.8% 5.4% 23.86% <-IRR #YR-> 5 Comprehensive Income 191.52%
5Yr Median 16.0% 15.6% 14.9% 7.1% 5.9% 5.8% 18.19% <-IRR #YR-> 5 5 Yr Running Average #DIV/0!
% Difference from NI 2.0% -11.5% 3.9% -1.5% -6.4% -5.0% -2.9% -16.6% -10.0% -20.6% 18.19% <-IRR #YR-> 5 5 Yr Running Average 130.60%
Diff 5, 10 yr -5.7% -10.0% 5.8% <-Median-> 5 Return on Equity
-$145 $0 $0 $0 $0 $0 $0 $0 $0 $452
-$155 $0 $0 $0 $0 $452
-$159.2 $0.0 $0.0 $0.0 $0.0 $367.0
-$159.2 $0.0 $0.0 $0.0 $0.0 $367.0
Current Liability Coverage Ratio 2.28 2.09 2.35 1.26 0.84 2.00 0.75 1.58 1.07 1.40 1.56 1.54 CFO / Current Liabilities
5 year Median 2.93 2.28 2.28 2.28 2.09 2.00 1.26 1.26 1.07 1.40 1.40 1.54 147.0% <-Median-> 10 Current Liability Cov Ratio
Asset Efficiency Ratio 7.55% 8.87% 9.77% 9.84% 8.85% 9.06% 11.56% 7.10% 9.05% 8.79% 7.71% 8.02% CFO / Total Assets
5 year Median 7.55% 7.55% 7.55% 8.87% 8.87% 9.06% 9.77% 9.06% 9.05% 9.05% 8.79% 8.02% 8.9% <-Median-> 10 Return on Assets
Return on Assets ROA 4.5% 5.3% 7.2% 7.6% 6.3% 6.7% 5.0% 2.7% 3.8% 3.4% 3.1% 3.1% Net Income/Assets Return on Assets
5Yr Median 3.9% 4.5% 4.5% 5.3% 6.3% 6.7% 6.7% 6.3% 5.0% 3.8% 3.4% 3.1% 4.4% <-Median-> 10 Asset Efficiency Ratio
Return on Equity ROE 9.5% 10.4% 15.7% 18.3% 14.4% 15.8% 17.2% 5.3% 7.4% 7.0% 6.4% 6.9% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 9.1% 9.2% 9.5% 10.4% 14.4% 15.7% 15.8% 15.8% 14.4% 7.4% 7.0% 6.9% 10.9% <-Median-> 10 Return on Equity
$365 <-12 mths -4.70%
Net Income
NCI
Shareholders $70.41 $88.89 $142.31 $161.80 $162.08 $186.70 $165.67 $224.95 $351 $383 $406 $466 $717 $890 $1,026 424.27% <-Total Growth 10 Net Income
Increase 16.53% 26.24% 60.10% 13.70% 0.17% 15.19% -11.27% 35.79% 56.03% 9.12% 6.01% 14.78% 53.86% 24.13% 15.28% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $55.7 $65.4 $82.0 $104.8 $125.1 $148.4 $163.7 $180.2 $218.1 $262.3 $306.1 $366.2 $464.6 $572.4 $701.0 18.02% <-IRR #YR-> 10 Net Income 424.27%
Operating Cash Flow $112.36 $143.86 $189.54 $219.91 $224.62 $255.12 $287.09 $359.81 $651 $800 $801 $1,077 22.98% <-IRR #YR-> 5 Net Income 181.29%
Investment Cash Flow -$71.86 -$159.12 -$286.76 -$183.16 -$447.79 -$187.79 -$478.88 -$547.13 -$860 -$1,837 -$1,898 -$2,286 18.79% <-IRR #YR-> 10 5 Yr Running Average 459.57%
Total Accruals $29.91 $104.14 $239.53 $125.06 $385.25 $119.37 $357.46 $412.27 $560 $1,420 $1,503 $1,675 17.47% <-IRR #YR-> 5 5 Yr Running Average 123.68%
Total Assets $1,559.1 $1,676.2 $1,966.8 $2,118.2 $2,581.1 $2,806.4 $3,339.2 $8,276.5 $9,142 $11,262 $12,936 $15,017 Balance Sheet Assets
Accruals Ratio 1.92% 6.21% 12.18% 5.90% 14.93% 4.25% 10.71% 4.98% 6.13% 12.61% 11.62% 11.15% 11.15% <-Median-> 5 Ratio
EPS/CF Ratio 0.63 0.62 0.73 0.77 0.74 0.75 0.43 0.43 0.43 0.36 0.38 0.33 0.43 <-Median-> 10 EPS/CF Ratio
-$89 $0 $0 $0 $0 $0 $0 $0 $0 $0 $466
-$166 $0 $0 $0 $0 $466
-$65 $0 $0 $0 $0 $0 $0 $0 $0 $0 $366
-$164 $0 $0 $0 $0 $366
Change in Close 16.85% -11.10% 23.70% -13.11% 14.96% 23.29% 37.31% -4.05% 31.48% 13.15% -28.79% 39.17% 4.05% 0.00% 0.00% Count 20 Years of data
up/down down down down down down down down down down Count 14 70.00%
Meet Prediction? yes yes % right Count 3 21.43%
Financial Cash Flow -$44.84 $24.43 $112.10 -$39.84 $293.76 $4.15 $65.72 $214.33 $214 $1,039 $1,072 $1,216 C F Statement Financial Cash Flow
Total Accruals $74.7 $79.7 $127.4 $164.9 $91.5 $115.2 $291.7 $197.9 $346 $381 $431 $459 Accruals
Accruals Ratio 4.79% 4.76% 6.48% 7.78% 3.54% 4.11% 8.74% 2.39% 3.78% 3.38% 3.33% 3.06% 3.33% <-Median-> 5 Ratio
Cash -$7.31 $1.86 $16.74 $13.64 $53.93 $125.40 -$0.68 $27.34 $51 $53 $28 $35 Cash
Cash per Share -$0.06 $0.01 $0.13 $0.10 $0.34 $0.75 $0.00 $0.09 $0.16 $0.16 $0.08 $0.09 $0.09 <-Median-> 5 Cash per Share
Percentage of Stock Price -0.40% 0.10% 0.72% 0.66% 1.94% 3.48% -0.01% 0.33% 0.43% 0.37% 0.25% 0.21% 0.33% <-Median-> 5 % of Stock Price
Taxes
Other Income 84.62% 76.77% 86.15% 81.08% #DIV/0! <-Average 0
Ret of Cap. 15.38% 23.23% 13.85% 18.92% #DIV/0! <-Average 0
Total 100.00% 100.00% 100.00% 100.00%
$1.18 $1.21
$0.19 $0.28
Total $1.37 $1.49
check $1.37 $1.49
Notes:
April 8, 2017. Last estimates were for 2016, 2017 and 2018 of $5687M, $6760M and $7356M for Revenue, $2.43 and $2.92 for AFFO for 2016 and 2017, $1.28, $1.60 and $1.89 for EPS, 2.54, $2.97 and 3.21 for CFPS, $528, $687 amd $8.55 for Net Income.
April 17, 2016. Last estimates were for 2015, 2016 and 2017 of $4975M, $6203M, and $6991M for Revenue, $2.04 and $2.35 AFFO for 2015 and 2016,
$1.15, $1.44 and $1.66 for EPS, $2.16, 2.62 and $3.05 for CFPS, $411M, $521M and $528M for Net Income.
May 3, 2015. Last estimates were for 2014, 2015 and 2016 of $5101M, $5209M and $4866M for Revenue, $2.22, $2.43 for AFFO, $1.27, $1.34 and $1.37 for EPS, $2.25, $2.39 and $2.47 for CFPS and $389M, $439M and $479M for Net Income.
April 20, 2014. Last estimates were for 2013, 2014 and 2015 of $4199M, $4309M and $4549M for Revenue, $2.15, $2.10 and $2.24 for AFFO, $1.03, $1.13 and $1.32 for EPS, $2.09, $2.15 and $2.19 for CFPS and $260M, $315M and $372M for net income.
May 10th, 2013. Last Estimates were for 2012 and 2013 at $1784M and $1827M for Revenue, $1.72 for FFO, $0.79, $0.89 and $0.97 (2014) for EPS and $1.86 and $1.89 for CFPS.
Feb 27, 2013 The company says they are paying dividends of $0.135, but I am getting dividends of $0.1377. I also did some updating on the spreadsheet.
Feb 25, 2012. Purchases of Provident Energy Ltd by Pembina for 130M shares.
Feb 18, 2012. Last estimates were for 2011 and 2012 for $1208M and $1272M for revenues, $1.71 and $1.72 FFO, $.96 and $1.03 for EPS and $1.65 and $1.75 for CF.
May 11, 2011. Last time I review this stock, I got estimates for 2010, 2011 and 2012 for earnings of $1.08, $0.82 and $0.88. I also got CF estimates of $1.56 and $1.61 for 2010 and 2011.
Last time I review this stock, I got estimates for 2010, 2011 and 2012 for FFO of $1.50, $1.54 and $1.61. By 2014/2015 they will have to earn more to cover pay dividends.
Pembina expected their tax pool to off set taxes until 2014/2015. After that they will have to pay taxes.
Old symbol was PIF.UN (Pembina Pipeline Income Fund) and new one is PPL (Pembina Pipeline Corp), on conversion to a corporation in October 2010.
There will be no capital gain or loss on conversion to Corporation, probably 1 July 2010. Distributions then will be taxed as dividends. Div from $.1326 mthly to $.13, or $1.59 to $1.56.
Apr 17, 2010. When I last looked at this stock, I got estimates for 2009 and 2010 for earnings of $1.09 and 1.13 and cash flow of $1.65 and $1.62 and FFO of $1.79 and $1.72.
Stock did not meet these estimates. The closes was in earnings, but was way off for FFO and Cash Flow. Half increase in units for Reinvestment plan and rest for purchase.
It seems to me that they raised enough money with bank loans, debt instruments and selling units to pay for debt, distributions and investments in additional assets. Most of the cash flow is used in distributions.
They will do no more distribution increases for about 3 years. They say that they remain on track to maintain our current level of cash distributions of $1.56 per unit per year through to 2013.
Markets did not really punish this stock for not meeting estimates. Ones with Sell or reduce recommendations feel stock is overpriced.
Mar 29, 2009. All estimates have been lowered from the last time I looked at this stock.
Mar 6, 2009 AP 2008. This company expects to switch to a Corporation in the later part of 2010. It expects to maintain its distribution of $1.56 for the next 5 years.
AP 2007. Still problem of Units increasing and Bookvalue. But Bookvalue went up slightly this year. However, last 5 years, make 19% IRR and since buying in 2001 make 16% IRR.
TD currently rates it as a hold and does not expect stock price to increase much over next year (to $17).
AR 2006. Still has problem that # of units increasing and bookvalue going down. 2006 is second year it has gone up 7 years of downs. Yield is good. Drop in Nov re Gov Tax changes.
TD rates as hold as do others.
AP 2005. Stock is doing what it is supposed to be doing. However, share holder value is going down, see Book Value.
AP 2003. Because of yield, I get a very good return. This is what this stock is to do. Revenue increasing, Earnings increasing, but so are # of units. At the moment it is a keeper.
May 2003. This is an income trust fund. It is to provide me with income and with a utility stocks. I think it can do this. This is an income trust fund. This stock is also a pipeline and I should watch it re chge to a hydrogen economy,
although I think it will adjust to this. Purchase price is a little to high to purchase more at the moment.
Issued Oct '97 at $10 (previous company was Pembina Pipeline Corporation - PPC)
Company was started in 1954. Their IPO was donw in October 1997 and was publicly traded from 1998 as PIF.UN.
Sector:
Infrastructure, Utility
What should this stock accomplish?
Would I buy this company and Why.
Dividends
Dividends are paid monthly near the middle of the month. Dividends declared for shareholders of record for one month are paid in following month.
For example, the dividend declared on January 7, 2014 for shareholders of record of January 25, 2014 was paid on February 14, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
For customers
For employees
For community
For investors
Why I bought this stock.
In December 2001 I thought it would be a good time to purchase this stock as the market was relatively low. Pipeline stocks are conservative and the return on this one was good at 9.7%.
When I purchased this stock it was an Income Trust company.
How they make their money
Pembina Pipeline Corp owns energy infrastructure assets in North America. It operates conventional oil, NGL, and oil
sands pipeline systems, a natural gas gathering and processing business, NGL extraction and fractionation facilities, and a marketing business.
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 Feb 18 2012 Apr 14 2013 Apr 20 2014 May 3 2015 April 17 2016 April 08 2017
Dilger, Michael H. 0.202 0.06% 0.214 0.06% 0.238 0.06% 0.240 0.06%
CEO - Shares - Amount $8.554 $6.439 $9.976 $10.478
Options - percentage 0.181 0.05% 0.169 0.05% 0.388 0.10% 0.851 0.21%
Options - amount $7.676 $5.105 $16.280 $37.141
Burrows, J. Scott 0.003 0.00% 0.008 0.00% 0.008 0.00%
CFO - Shares - Amount $0.083 $0.324 $0.344
Options - percentage 0.031 0.01% 0.076 0.02% 0.156 0.04%
Options - amount $0.931 $3.194 $6.809
Reuters Options Value
Robertson, Peter 0.227 0.07% 0.246 0.07%
CFO - Shares - Amount $8.482 $10.408
Options - percentage 0.110 0.03% 0.099 0.03%
Options - amount $4.103 $4.206
Reuters Options Value 0.254 $0.155
Conv. Deb 0.210
Andersen, Harold 0.005 0.00% 0.005 0.00% 0.006 0.00% 0.007 0.00% 0.007 0.00%
Officer - Shares - Amount $0.170 $0.222 $0.179 $0.297 $0.326
Options - percentage 0.016 0.00% 0.035 0.01% 0.031 0.01% 0.055 0.01% 0.101 0.03%
Options - amount $0.586 $1.483 $0.940 $2.291 $4.427
Billing, Grant Donald 0.050 0.02% 0.050 0.01% 0.084 0.02% 0.100 0.03% 0.100 0.03%
Director - Shares - Amount $1.871 $2.117 $2.528 $4.196 $4.366
Options - percentage 0.010 0.00% 0.008 0.00% 0.009 0.00% 0.013 0.00% 0.011 0.00%
Options - amount $0.362 $0.342 $0.270 $0.549 $0.466
Conv. Deb/Preferred 1.200 1.200
Michaleski, Robert B. 0.471 0.15% 0.464 0.12% 0.465 0.12% 0.466 0.12% Director in 2015
Director - Shares - Amount $17.622 $14.001 $19.512 $20.327 used to be CFO
Options - percentage 0.227 0.07% 0.026 0.01% 0.007 0.00% 0.005 0.00%
Options - amount $8.510 $0.789 $0.309 $0.217
Buchanan, Thomas William 0.019 0.01%
Director - Shares - Amount $0.709
Options - percentage 0.009 0.00%
Options - amount $0.349
Findlay, Randall J. 0.136 0.04% 0.136 0.04% 0.136 0.03% 0.136 0.03%
Chairman - Shares - Amt $5.771 $4.109 $5.719 $5.951
Options - percentage 0.012 0.00% 0.213 0.06% 0.079 0.02% 0.008 0.00%
Options - amount $0.503 $6.425 $3.335 $0.332
Increase in 2013 9.000 2.86% 0.000 0.00%
$336.780 $0.000
Increase in O/S Shares 1.024 0.61% 0.444 0.15% 1.327 0.42% 0.792 0.23% 0.331 0.09% 1.000 0.25% See under
due to SO $30.369 $12.636 $49.656 $33.533 $9.980 $41.960 Share-based Payments
Book Value $16.978 $9.000 $27.000 $25.000 $25.000 $31.000 and options exercised
Part of debenture conversion and other line 0.008 0.00% 9.000 2.66% $0.000 $0.000
Insider Buying -$3.347 -$0.224 -$0.420
Insider Selling $0.144 $0.042 $0.000
Net Insider Selling $474,109 -$3.203 -$0.182 -$0.420
% of Market Cap 3.02% -0.03% 0.00% 0.00%
Increase in O/S Shares 0.428 0.15%
due to SO 2012 $12.179
Book Value $9.221
Debenture conv & other 0.016 0.01%
Directors 9 10 10 10 10
Women 1 11% 1 10% 2 20% 2 20% 2 20%
Minorities 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 311 34.21% 339 34.21% 0 0.00% 247 46.62% 285 48.95%
Total Shares Held 97.807 33.36% 109.395 34.71% 145.392 43.02% 175.772 44.27% 195.749 49.31%
Increase/Decrease 3.885 4.14% 0.690 0.64% 0.990 0.69% 27.328 18.41% 12.348 6.73%
Starting No. of Shares 93.922 108.704 144.401 148.443 Nasdaq PBA 183.401 Nasdaq PBA
Institutions/Holdings 8 18.06% 9 26.58%
Total Shares Held 1.806 0.45% 2.658 0.67%
Increase/Decrease 0.134 8.04% -0.188 -6.61%
Starting No. of Shares 1.672 Reuters 2.847 Reuters
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