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.
See my website on stocks or see my blog at the following sites.							www.spbrunner.com/stocks.html				www.spbrunner.blogspot.com/
Shoppers Drug Mart				SC	www1.shoppersdrugmart.ca			Fiscal Yr:	Dec 31				3/26/11
Year	1999	2000	2001	2002	2003	2004	2005	2006	2007	2008	2009	2010	2011	2012	2013
Year	12/31/99	12/31/00	12/31/01	12/31/02	12/31/03	12/31/04	12/31/05	12/30/06	12/29/07	1/3/09	1/2/10	1/1/11	12/31/11	12/29/12	12/28/13				#Y
Accting Rules												GAAP	IFRS
Revenue*	$2,821.5	$3,188.1	$3,634.6	$4,019.4	$4,415.2	$6,566.4	$7,151.1	$7,786.5	$8,478.4	$9,422.9	$9,985.6	$10,376	$10,607	$11,003			225.46%	<-Total Growth	10	Revenue
Increase		12.99%	14.00%	10.59%	9.85%	48.72%	8.90%	8.88%	8.89%	11.14%	5.97%	3.91%	2.23%	3.73%			12.53%	<-IRR #YR->	10	Revenue
Rev per Share	$15.72	$17.76	$17.33	$19.17	$21.05	$31.27	$33.51	$36.22	$39.11	$43.36	$45.93	$47.71	$48.77	$50.59			7.73%	<-IRR #YR->	5	Revenue
P/S (Price/Sales)	0.00	1.01	1.08	1.28	1.42	1.19	1.31	1.38	1.35	1.07	0.99	0.83	0.84	0.81			10.39%	<-IRR #YR->	10	Rev per Share
*Revenue in M CDN $								P/S	10 yr	1.24	5 yr	1.07					7.32%	<-IRR #YR->	5	Rev per Share
		-$3,188	$0	$0	$0	$0	$0	$0	$0	$0	$0	$10,376
							-$7,151	$0	$0	$0	$0	$10,376
		-$17.76	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$47.71
							-$33.51	$0.00	$0.00	$0.00	$0.00	$47.71
													Yr 2011	Yr 2012	Yr 2013
EPS*		$0.09	$0.41	$1.20	$0.98	$1.43	$1.69	$1.95	$2.28	$2.60	$2.69	$2.72	$2.85	$3.08	$3.24	I	563.41%	<-Total Growth	9	Earnings
Increase			357.25%	192.68%	-18.33%	45.92%	18.18%	15.38%	16.92%	14.04%	3.46%	1.12%	4.78%	8.07%	5.19%		23.40%	<-IRR #YR->	9	Earnings
* ESP per share (Cdn GAAP)																	9.99%	<-IRR #YR->	5	Earnings
			-$0.41	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$2.72
							-$1.69	$0.00	$0.00	$0.00	$0.00	$2.72
Div*			$0.22	$0.23	<--latest inc		$0.40	$0.48	$0.60	$0.81	$0.86	$0.89	$0.98	$1.00			85.42%	<-Total Growth	4	Dividends
Increase				4.65%				20.00%	25.00%	34.17%	6.83%	3.49%	9.55%	2.56%			13.42%	<-Median->	6	Dividends
Yield H/L							0.98%	1.17%	1.14%	1.62%	1.88%	2.26%					1.40%	<-Median->	6	Dividends
Yield on Low							1.09%	1.19%	1.27%	1.93%	2.07%	2.72%					1.60%	<-Median->	6	Dividends
Yield on Cl							0.91%	0.96%	1.13%	1.73%	1.89%	2.25%	2.39%	2.45%			1.43%	<-Median->	6	Dividends
Payout Ratio							23.7%	24.6%	26.3%	31.0%	32.0%	32.7%	34.2%	32.5%			28.64%	<-Median->	6	Dividends
Payout Ratio CF							18.9%	18.1%	23.0%	36.5%	27.0%	23.3%	22.3%	21.6%			23.14%	<-Median->	6	Dividends
Average 5 Yrs		Div Yd	3.04%	in 5 yrs	3.89%	in 10 yrs	Yield	1.93%	1.73%	Payout	30.96%	23.27%					#NUM!	<-IRR #YR->	10	Dividends
* Dividends per share			5.00%	5	5.00%	10			Last Div Chge --->		$0.23	$0.25	11.1%				17.35%	<-IRR #YR->	5	Dividends
		$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.89
							-$0.40	$0.00	$0.00	$0.00	$0.00	$0.89
I am earning											TFSA	$43.38	2009	2.31%
Yield if held 5 yrs								2.71%	2.73%	3.07%	2.57%	2.18%	2.38%	1.90%			Ave H/L	Yield on your		Dividends
Yield if held 10 yrs													5.51%	4.54%			Ave H/L	original money		Dividends
Graham No.		$3.18	$7.94	$14.34	$13.94	$17.88	$20.62	$23.58	$27.07	$30.52	$32.64	$34.47	$35.00	$36.38	$37.32		Cl Pr higher/lower by?
Prem /Disc. High			137.92%	81.01%	115.98%	114.23%	118.24%	76.39%	114.65%	89.17%	53.18%	33.31%					101.70%	<-Median->	10	Graham price
Prem /Disc. Low			107.83%	25.93%	59.72%	59.64%	78.13%	70.58%	74.57%	36.41%	27.32%	-5.15%					59.68%	<-Median->	10	Graham price
Prem /Disc. Cl		466.00%	136.53%	71.04%	115.12%	108.47%	113.39%	111.85%	95.7%	52.4%	39.1%	14.7%	16.8%	12.3%	9.5%		102.08%	<-Median->	10	Graham price
Price Cl		$18.00	$18.79	$24.53	$29.98	$37.27	$44.00	$49.95	$52.98	$46.50	$45.41	$39.53	$40.87	$40.87	$40.87		119.61%	<-Total Growth	10	Stock Price
Increase			4.39%	30.55%	22.22%	24.32%	18.06%	13.52%	6.07%	-12.23%	-2.34%	-12.95%	3.39%	0.00%	0.00%		8.18%	<-IRR #YR->	10	Stock Price
P/E		200.74	45.83	20.44	30.59	26.06	26.04	25.62	23.24	17.88	16.88	14.53	14.34	13.27	12.61		-2.12%	<-IRR #YR->	5	Stock Price
Trailing P/E			209.56	59.83	24.98	38.03	30.77	29.56	27.17	20.39	17.47	14.70	15.03	14.34	13.27		10.86%	<-IRR #YR->	9	Price & Div
Median 5 Yrs			1.73%	2.68%	Div %	5, 10 yrs		Price Inc	-2.34%	P/E: Y-T	17.88	20.39					-0.39%	<-IRR #YR->	5	Price & Div
		-$18.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$39.53
							-$44.00	$0.00	$0.00	$0.00	$0.00	$39.53
		-$18.00	$0.22	$0.23	<--latest inc	$0.00	$0.40	$0.48	$0.60	$0.81	$0.86	$40.42
							-$44.00	$0.48	$0.60	$0.81	$0.86	$40.42
Price H/L Average			$17.71	$22.01	$26.18	$33.42	$40.87	$40.91	$52.69	$49.68	$45.77	$39.33					122.14%	<-Total Growth	9	Stock Price
Increase				24.32%	18.95%	27.65%	22.28%	0.10%	28.80%	-5.70%	-7.87%	-14.07%					9.27%	<-IRR #YR->	9	Stock Price
P/E			43.18	18.34	26.71	23.37	24.18	20.98	23.11	19.11	17.01	14.46					-0.76%	<-IRR #YR->	5	Stock Price
Trailing P/E			197.45	53.68	21.82	34.10	28.58	24.20	27.02	21.79	17.60	14.62					12.38%	<-IRR #YR->	8	Price & Div
Median 5 Yrs			1.80%	3.11%	Div %	5, 10 yrs		Price Inc	-5.70%	P/E: Y-T	19.11	21.79					1.04%	<-IRR #YR->	5	Price & Div
			-$17.71	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$39.33
							-$40.87	$0.00	$0.00	$0.00	$0.00	$39.33
			-$17.71	$0.23	<--latest inc	$0.00	$0.40	$0.48	$0.60	$0.81	$0.86	$40.22
							-$40.87	$0.48	$0.60	$0.81	$0.86	$40.22
Hi Mths										Jun 08	Jun 09	Jun 10
Price Hi			$18.90	$25.96	$30.10	$38.30	$45.00	$41.59	$58.11	$57.73	$49.99	$45.96					143.17%	<-Total Growth	9	Stock Price
Increase				37.35%	15.95%	27.24%	17.49%	-7.58%	39.72%	-0.65%	-13.41%	-8.06%					10.38%	<-IRR #YR->	9	Stock Price
P/E			46.10	21.63	30.71	26.78	26.63	21.33	25.49	22.20	18.58	16.90					0.42%	<-IRR #YR->	5	Stock Price
Trailing P/E			210.78	63.32	25.08	39.08	31.47	24.61	29.80	25.32	19.23	17.09
Median 5 Yrs								Price Inc	-7.58%	P/E: Y-T	21.33	24.61
			-$18.90	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$45.96
							-$45.00	$0.00	$0.00	$0.00	$0.00	$45.96
Low Mths										Oct 08	Feb 09	Jul 10
Price Low			$16.51	$18.06	$22.26	$28.54	$36.73	$40.22	$47.26	$41.63	$41.55	$32.70					98.06%	<-Total Growth	9	Stock Price
Increase				9.39%	23.26%	28.21%	28.70%	9.50%	17.50%	-11.91%	-0.19%	-21.30%					7.89%	<-IRR #YR->	9	Stock Price
P/E			40.27	15.05	22.71	19.96	21.73	20.63	20.73	16.01	15.45	12.02					-2.30%	<-IRR #YR->	5	Stock Price
Trailing P/E			184.13	44.05	18.55	29.12	25.69	23.80	24.24	18.26	15.98	12.16
Median 5 Yrs								Price Inc	-0.19%	P/E: Y-T	16.01	18.26
			-$16.51	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$32.70
							-$36.73	$0.00	$0.00	$0.00	$0.00	$32.70
Market Cap		$3,231	$3,940	$5,144	$6,288	$7,826	$9,391	$10,738	$11,485	$10,104	$9,874	$8,598	$8,889	$8,889	$8,889
# of Sh in M	179.522	179.522	209.672	209.703	209.724	209.991	213.431	214.976	216.788	217.300	217.432	217.5	217.5	217.5	217.5			Share Capital		Shares
Increase			16.79%	0.02%	0.01%	0.13%	1.64%	0.72%	0.84%	0.24%	0.06%	0.03%	0.00%	0.00%			0.18%	<-Median->	10	Shares
CF fr Op $M		$267.0	$243.7	$315.4	$364.5	$311.4	$450.6	$569.8	$565.1	$479.0	$693.1	$831.9	$950.5	$1,009.2			211.53%	<-Total Growth	10	Cash Flow
OPS		$1.49	$1.16	$1.50	$1.74	$1.48	$2.11	$2.65	$2.61	$2.20	$3.19	$3.82	$4.37	$4.64		I	157.13%	<-Total Growth	10	Cash Flow
Non-cash WC		-$12.8	-$30.6		-$3.9	$58.5	$89.4	$26.6	$134.1	$325.4	$177.7	$81.5					9.90%	<-IRR #YR->	10	Cash Flow
OPS less WC		$1.42	$1.02	$1.50	$1.72	$1.76	$2.53	$2.77	$3.22	$3.70	$4.01	$4.20					12.62%	<-IRR #YR->	5	Cash Flow
P/OCF on Cl		12.10	16.16	16.31	17.25	25.13	20.84	18.84	20.33	21.10	14.25	10.34	9.35	8.81			11.48%	<-IRR #YR->	10	CF - WC
*Operational Cash Flow per share								P/CF	10 yr	18.05	5 yr	18.84					10.67%	<-IRR #YR->	5	CF - WC
		-$1.49	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$3.82
							-$2.11	$0.00	$0.00	$0.00	$0.00	$3.82
		-$1.42	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$4.20
							-$2.53	$0.00	$0.00	$0.00	$0.00	$4.20
OPM		8.38%	6.71%	7.85%	8.25%	4.74%	6.30%	7.32%	6.66%	5.08%	6.94%	8.02%
Diff from Ave		22.7%	-1.7%	15.0%	21.0%	-30.5%	-7.7%	7.2%	-2.3%	-25.5%	1.7%	17.5%					0.00%	<-Median->	10	OPM
*Operational Profit Margin (CF/Revenue) Ratio								OPM	10 Yrs	6.82%	5 Yrs	6.94%								OPM
													Q1 2011
Curr Assets		$508.74	$567.72	$600.23	$662.74	$1,462.12	$1,564.91	$1,821.42	$2,172.2	$2,384.5	$2,529.6	$2,623.3	$2,502.1				Liq ratio of 1.5 and up, best			Assets
Curr Liab.		$459.74	$524.12	$593.81	$796.91	$1,268.25	$1,392.50	$1,577.78	$2,159.0	$1,843.9	$1,559.2	$1,367.3	$1,541.7				1.14	<-Median->	10	Liability
Liquidity		1.11	1.08	1.01	0.83	1.15	1.12	1.15	1.01	1.29	1.62	1.92	1.62				1.29	<-Median->	5	Ratio
Assets		$3,040.5	$3,087.1	$3,131.1	$3,303.3	$4,117.4	$4,375.4	$4,929.0	$5,644.0	$6,419.3	$6,852.5	$7,122.2	$7,013.4				A/L ratio of 1.5 and up, best			Assets
Liab.		$2,140.6	$1,652.8	$1,533.6	$1,455.9	$1,921.0	$1,872.4	$2,088.4	$2,433.9	$2,841.2	$2,896.2	$2,759.3	$2,726.9				2.29	<-Median->	10	Liability
Liquidity		1.42	1.87	2.04	2.27	2.14	2.34	2.36	2.32	2.26	2.37	2.58	2.57				2.36	<-Median->	5	Ratio
check -->													2858.54
Associate Int.		$0	$0	$0	$0	$110	$117	$117	$113	$119	$130	$139	$132
Book Value		$900	$1,434	$1,598	$1,847	$2,086	$2,387	$2,724	$3,097	$3,459	$3,826	$4,224	$4,155	$4,155	$4,155		164.40%	<-Total Growth	8	Book Value
BV per share		$5.01	$6.84	$7.62	$8.81	$9.93	$11.18	$12.67	$14.29	$15.92	$17.60	$19.42	$19.10	$19.10	$19.10		154.92%	<-Total Growth	8	Book Value
Change			36.46%	11.36%	15.63%	12.78%	12.56%	13.32%	12.75%	11.44%	10.53%	10.36%	-1.63%	0.00%	0.00%		0.6460	Current/Historical		Book Value
P/BV (CL)		3.59	2.75	3.22	3.40	3.75	3.94	3.94	3.71	2.92	2.58	2.04	2.14	2.14	2.14		12.29%	<-IRR #YR->	9	Book Value
Change			-23.50%	17.23%	5.70%	10.23%	4.89%	0.18%	-5.92%	-21.24%	-11.65%	-21.12%	5.11%	0.00%	0.00%		11.67%	<-IRR #YR->	5	Book Value
Leverage (A/BK)		3.38	2.15	1.96	1.79	1.97	1.83	1.81	1.82	1.86	1.79	1.69	1.69	0.00	0.00		1.83	<-Median->	10	A/BV
Debt/Equity Ratio		2.38	1.15	0.96	0.79	0.92	0.78	0.77	0.79	0.82	0.76	0.65	0.66	0.00	0.00		0.79	<-Median->	10	Debt/Eq Ratio
Median								P/BV	10 yr Ave	3.31	5 yr Ave	2.92
			-$6.84	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$19.42
							-$11.18	$0.00	$0.00	$0.00	$0.00	$19.42
ROE											15.3%	14.0%	14.1%	<-12 mths				<-Median->	2	Compreh. Inc
5 Yr Median												14.7%	14.1%	<-12 mths
Comprehensive Inc											$587.23	$591.38	$587.00	<-12 mths						Com. Inc
ROE		1.8%	1.6%	13.1%	13.9%	14.7%	15.3%	15.5%	15.9%	16.3%	15.3%	14.0%	14.1%	<-12 mths			Net Income/Shareholders' equity
5Yr Median						13.1%	13.9%	14.7%	15.3%	15.5%	15.5%	15.5%	15.3%	<-12 mths
Net Income		$16.10	$22.91	$208.58	$257.67	$307.32	$364.49	$422.49	$493.63	$565.21	$584.91	$590.74	$586.03	<-12 mths			3569.90%	<-Total Growth	10	Net Income
Oper C. F.		$267.03	$243.73	$315.41	$364.47	$311.38	$450.58	$569.82	$565.06	$478.99	$693.12	$831.87	$826.21	<-12 mths				Cash Flow Statement
Invest. C. F		$0.00	$0.00	-$168.88	-$236.09	-$253.23	-$274.18	-$381.38	-$612.75	-$664.57	-$563.20	-$429.78	-$442.00	<-12 mths				Cash Flow Statement
Total Accruals		-$250.93	-$220.82	$62.06	$129.29	$249.17	$188.10	$234.06	$541.32	$750.79	$454.99	$188.65	$201.82	<-12 mths
Total Assets		$3,040.5	$3,087.1	$3,131.1	$3,303.3	$4,117.4	$4,375.4	$4,929.0	$5,644.0	$6,419.3	$6,852.5	$7,122.2	$7,013.4	<-12 mths				Balance Sheet
Accruals Ratio		-8.25%	-7.15%	1.98%	3.91%	6.05%	4.30%	4.75%	9.59%	11.70%	6.64%	2.65%	2.88%	<-12 mths
up/down/neutral
Chge in Close			4.39%	30.55%	22.22%	24.32%	18.06%	13.52%	6.07%	-12.23%	-2.34%	-12.95%	3.39%
Any Predictions?
Fin. C. F		$0.00	$0.00	-$157.00	-$108.79	-$59.14	-$166.01	-$150.09	$12.41	$194.56	-$122.09	-$382.13	-$356.17	<-12 mths
Total Accruals		-$250.93	-$220.82	$219.07	$238.08	$308.30	$354.11	$384.15	$528.91	$556.23	$577.08	$570.78	$557.99	<-12 mths
Accruals Ratio		-8.25%	-7.15%	7.00%	7.21%	7.49%	8.09%	7.79%	9.37%	8.67%	8.42%	8.01%	7.96%	<-12 mths
May 21, 2011.  The last time I looked I got estimates for 2010, 2011 and 2012 of $2.71, $2.79 and $3.02 for earnings and $3.91, $4.18 and $4.18 for Cash Flow. Ratios haven't changed under new accting rules.
Jan 2, 2011.  The current estimates are lower than the previous ones, with earnings before for 2010 and 2011 at $2.90 and $3.10 and cash flow at $4.05 and $4.48. Earnings for 2010 dropped 6.6%.
Jun 8, 2010.  When I last looked at this stock, I got 2010 and 2011 earnings of $2.90 and $3.10 and CF of $4.50 and $4.48.
Apr 18, 2010. When I last looked at this stock, I got estimates for 2009 and 2010 of $2.73 and $3.05 for earnings and $3.00 and $4.00 for cash flow.
New Ontario Legislation hit this stock hard.  Ontario to set new price for generic drugs.  Will other provinces follow Ontario?  BC and probably Quebec to follow suit.
Keep an eye on dividends rises.  Keep an eye on Cash Flow and hopefully, this will be better than the estimate in 2009.
Jan 5, 2009.  I have lowered the earnings estimates slightly.  Old was $2.77 and $3.09 for 2009 and 2010.  They have not raised their dividend either. Analysts seem to have raised their cash flow estimates.
All the insiders have more options than shares and they are not retaining their options.  Insider selling is high at over 5M.
Aug 11, 2009 I picked up cash flow estimates of $3.62 and $4.15, but since cash flow come in much lower than estimates last year, I am lowering them to $3 and $4.
Jan 2009 I got earnings for 2008 year end (or Jan 2009) at $2.61 and it came in at $2.60.   I also picked up $3.00 per share as CF, this came in at $2.20
2008.  There has been insider selling by those executives who are leaving this company.
Separate Co. in Feb 4, 2000 and went public in 2001.
How they make their money.
Shoppers Drug Mart Corp. is a licensor of Shoppers Drug Mart in Canada and Pharmaprix in Quebec.  The company owns and operates Shoppers Home Health Care stores.  It also owns MediSystem Technologies Inc.
and the new Murale Stores.
This is a widely held 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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