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/
Sun Life Financial Inc SLF www.sunlife.com Fiscal Yr: Dec-31 US-SLF UK-SFC 3/31/11
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 IFRS                            
restated'03 Clarica, CI sold CI
Revenue* $14,741 $16,206 $16,815 $23,101 $22,056 $21,748 $21,918 $24,287 $21,188 $15,563 $27,572 $24,640 $22,649 <-12 mths 52.04% <-Total Growth 10 Revenue
Increase 14.4% 9.9% 3.8% 37.4% -4.5% -1.4% 0.8% 10.8% -12.8% -26.5% 77.2% -10.6% -8.1% <-12 mths 4.28% <-IRR #YR-> 10 Revenue
Rev per Share $34.93 $38.40 $38.92 $37.38 $36.76 $36.74 $37.66 $42.46 $37.57 $27.79 $48.89 $42.93 $39.18 <-12 mths 2.37% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 0.36 1.04 0.87 0.71 0.88 1.09 1.24 1.16 1.48 1.02 0.62 0.70 0.78 <-12 mths 1.12% <-IRR #YR-> 10 Rev per Share
Median               P/S 10 yr  0.95 5 yr  1.02 2.65% <-IRR #YR-> 5 Rev per Share
*Revenue in M CDN $ 
         
-$16,206 $0 $0 $0 $0 $0 $0 $0 $0 $0 $24,640
-$21,918 $0 $0 $0 $0 $24,640
-$38.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $42.93
-$37.66 $0.00 $0.00 $0.00 $0.00 $42.93
  Yr 2011 Yr 2012
In M o/s Shares 422
Net Inc $M $164 $629
EPS* $0.39 $1.48 $2.07 $1.83 $2.15 $2.79 $3.12 $3.58 $3.85 $1.37 $0.94 $2.76 $2.78 $2.99 86.49% <-Total Growth 10 Earnings
Increase 203.7% 280.6% 39.9% -11.6% 17.5% 29.8% 11.8% 14.7% 7.5% -64.4% -31.4% 193.6% 0.7% 7.6% 6.43% <-IRR #YR-> 10 Earnings
* ESP per share Cdn GAAP (to 2000 Net Income/ shares o/s Dec 31, 2000   -2.42% <-IRR #YR-> 5 Earnings
-$1.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.76
-$3.12 $0.00 $0.00 $0.00 $0.00 $2.76
Div* $0.48 $0.48 $0.48 $0.56 $0.68 $0.86 $0.99 $1.15 $1.32 $1.44 $1.44 $1.44 $1.44 $1.44 200.00% <-Total Growth 9 Dividends
Increase 0.0% 0.0% 16.7% 21.4% 26.5% 15.1% 15.7% 15.3% 9.1% 0.0% 0.0% 0.0% 0.0%   15.20% <-Median-> 10 Dividends
Yield H/L 1.80% 1.43% 1.90% 2.30% 2.35% 2.34% 2.45% 2.55% 3.87% 5.44% 5.02%   2.40% <-Median-> 10 Dividends
Yield on Cl 3.78% 1.20% 1.41% 2.10% 2.11% 2.14% 2.12% 2.32% 2.37% 5.06% 4.76% 4.78% 4.73% 4.73%   2.23% <-Median-> 10 Dividends
Payout Ratio 123.4% 32.4% 23.2% 30.6% 31.6% 30.8% 31.7% 32.0% 34.3% 105.1% 153.2% 52.2% 51.8% 48.2%   31.86% <-Median-> 10 Dividends                
Payout Ratio CF 12.2% 7.6% 10.6% 8.0% 13.7% 15.8% 20.7% -97.3% 71.4% 46.4% 22.9% 28.9% 19.0% <-12 mths 11.61% <-IRR #YR-> 10 Dividends                
Average 3 Yrs Div Yd 6.03% in 5 yrs 7.70% in 10 yrs Yield  3.87% 4.76% Payout 52.17% 28.86% 7.78% <-IRR #YR-> 5 Dividends
* Dividends per share  5.0% 5 5.0% 10
 
-$0.48 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.44
-$0.99 $0.00 $0.00 $0.00 $0.00 $1.44
I am earning             RRSP $41.96 2001 3.43% Pension $22.07 2000 6.52%                          
Yield if held 5 yrs 3.71% 3.41% 4.49% 4.86% 3.93% 3.40% 3.09% 2.78% Ave H/L Yield on your    Dividends                
Yield if held 10 yrs 5.40% 4.29% 4.89% Ave H/L original money   Dividends                
                                                       
Graham Price $11.04 $22.99 $28.86 $31.52 $33.57 $39.10 $42.30 $47.37 $49.14 $29.60 $24.24 $42.05 $39.12 $40.57   Cl Pr higher/lower by?
Prem/Disc High   74.0% 34.0% 12.0% -0.5% 4.7% 11.3% 8.3% 13.4% 82.6% 56.7% -20.9%       11.68% <-Median-> 10 Graham Price
Prem/Disc Low   -41.9% -1.2% -25.3% -23.1% -17.3% -11.1% -11.2% -2.9% -31.1% -38.1% -42.5%       -20.18% <-Median-> 10 Graham Price
Prem/Disc Cl 15.0% 74.0% 17.6% -15.3% -3.8% 2.7% 10.5% 4.1% 13.4% -3.9% 24.8% -28.4% -22.1% -24.9%   3.41% <-Median-> 10 Graham Price
                          `
Start Price            
Price Cl $12.70 $40.00 $33.95 $26.71 $32.30 $40.15 $46.73 $49.32 $55.71 $28.44 $30.25 $30.11 $30.46 $30.46 -11.31% <-Total Growth 9 Stock Price
Increase 215.0% -15.1% -21.3% 20.9% 24.3% 16.4% 5.5% 13.0% -48.9% 6.4% -0.5% 1.2% 0.0%   -1.32% <-IRR #YR-> 9 Stock Price
P/E 27.0 16.4 14.6 15.0 14.4 15.0 13.8 14.5 20.8 32.2 10.9 11.0 10.2   -8.42% <-IRR #YR-> 5 Stock Price
Trailing P/E 102.9 22.9 12.9 17.7 18.7 16.7 15.8 15.6 7.4 22.1 32.0 11.0 11.0   1.85% <-IRR #YR-> 9 Price & Div
Median 5 Yrs 3.06% 3.17% Div %  5, 10 yrs   Price Inc 5.54% P/E: Y-T 14.47 15.81       -5.35% <-IRR #YR-> 5 Price & Div
Price H/L Median $26.68 $33.58 $29.43 $29.62 $36.63 $42.35 $46.67 $51.72 $37.21 $26.49 $28.71 -14.52% <-Total Growth 9 Stock Price
Increase 25.9% -12.4% 0.6% 23.7% 15.6% 10.2% 10.8% -28.1% -28.8% 8.4%     -1.73% <-IRR #YR-> 9 Stock Price
P/E 18.0 16.2 16.1 13.8 13.1 13.6 13.0 13.4 27.2 28.2 10.4     -7.48% <-IRR #YR-> 5 Stock Price
Trailing P/E 68.6 22.7 14.2 16.2 17.0 15.2 15.0 14.4 9.7 19.3 30.5     1.72% <-IRR #YR-> 9 Price & Div
Median 5 Yrs 3.76% 3.45% Div %  5, 10 yrs   Price Inc 8.36% P/E: Y-T 13.43 14.96       -3.73% <-IRR #YR-> 5 Price & Div
Dec Dec May/Dec Dec Jan Jul Mar
Price Hi $40.00 $38.66 $35.30 $33.40 $40.92 $47.10 $51.29 $55.71 $54.03 $37.98 $33.25 -13.99% <-Total Growth 9 Stock Price
Increase -3.4% -8.7% -5.4% 22.5% 15.1% 8.9% 8.6% -3.0% -29.7% -12.5%       -1.66% <-IRR #YR-> 9 Stock Price
P/E 27.0 18.7 19.3 15.5 14.7 15.1 14.3 14.5 39.4 40.4 12.0       -6.73% <-IRR #YR-> 5 Stock Price
Trailing P/E 102.9 26.1 17.1 18.3 19.0 16.9 16.4 15.6 14.0 27.7 35.4            
Median 5 Yrs Price Inc -3.02% P/E: Y-T 14.47 16.44
    -$38.66 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $33.25
            -$47.10 $0.00 $0.00 $0.00 $0.00 $33.25
Jan Apr Aug Jan Nov Mar Aug
Price Low $13.35 $28.50 $23.55 $25.83 $32.33 $37.60 $42.05 $47.73 $20.38 $15.00 $24.16 -15.23% <-Total Growth 9 Stock Price
Increase 113.5% -17.4% 9.7% 25.2% 16.3% 11.8% 13.5% -57.3% -26.4% 61.1%       -1.82% <-IRR #YR-> 9 Stock Price
P/E 9.0 13.8 12.9 12.0 11.6 12.1 11.7 12.4 14.9 16.0 8.8       -8.47% <-IRR #YR-> 5 Stock Price
Trailing P/E 34.3 19.3 11.4 14.1 15.0 13.5 13.5 13.3 5.3 10.9 25.7            
Median 5 Yrs Price Inc 11.84% P/E: Y-T 12.40 13.33
    -$28.50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.16
            -$37.60 $0.00 $0.00 $0.00 $0.00 $24.16
#DIV/0!
Market Cap. $16,880 $14,666 $16,507 $19,380 $23,769 $27,197 $28,211 $31,420 $15,926 $17,061 $17,283 $17,609 Large Cap Market Cap
# of Shares 422 422 432 618 600 592 582 572 564 560.0 564.0 574.0 578.1       Common Shares   Shares                
Increase 0.0% 0.0% 2.4% 43.1% -2.9% -1.3% -1.7% -1.7% -1.4% -0.7% 0.7% 1.8% 0.7% -0.62% <-Average 7 Shares                
OCF $1,664 $2,658 $1,957 $4,350 $2,972 $3,225 $2,777 -$673 $1,042 $1,737 $3,548 $2,864 $4,386 <-12 mths         Cash Flow                
OPS $3.94 $6.30 $4.53 $7.04 $4.95 $5.45 $4.77 -$1.18 $1.85 $3.10 $6.29 $4.99 $7.59 <-12 mths -20.78% <-Total Growth 10 Cash Flow
Increase 337.89% 59.74% -28.08% 55.38% -29.63% 9.98% -12.41% -124.66% -257.03% 67.89% 102.81% -20.68% 52.06%     -23.64% <-Average 10 Cash Flow
Non-Cash CF $0.0 -$836.0 -$343.0 $613.0 -$181.0 -$349.0 -$599.0 -$673.0 $765.0 $978.0 $164.0 -$647.0 $398.0 <-12 mths -2.30% <-IRR #YR-> 10 Cash Flow
OPS non-cash $3.94 $4.32 $3.74 $8.03 $4.65 $4.86 $3.74 -$2.35 $3.20 $4.85 $6.58 $3.86 $8.28 <-12 mths -1.74% <-IRR #YR-> 5 Cash Flow
P/OCF on Cl 3.22 9.26 9.09 3.33 6.94 8.26 12.49 -20.96 17.39 5.87 4.60 7.80 3.68 -1.11% <-IRR #YR-> 10 Cash Flow
Averages         P/CF 10 yr Ave 5.48 5 yr Ave 2.94 -4.48% <-IRR #YR-> 5 Cash Flow
*Operational Cash Flow per share (common shares, use Dec 31,2000 for prior dates) non cash 1st Q--> $143.00 $541.00
OPM 11.3% 16.4% 11.6% 18.8% 13.5% 14.8% 12.7% -2.8% 4.9% 11.2% 12.9% 11.6%   should be zero, it is a check on calculations      
Diff from Ave. -7.1% 34.9% -4.2% 54.9% 10.9% 22.0% 4.2% -122.8% -59.5% -8.2% 5.9% -4.4%       0.00 <-Median-> 10 #DIV/0!
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 12.15% 5 Yrs 11.16% OPM                
                                                     
Curr Assets   $5,670 $6,765 $10,295 $8,286 $8,672 $8,736 $9,153 $8,617 $12,059 $14,336 $11,052       Liq ratio of 1.5 and up, best   Assets                
Curr Liab.   $2,976 $3,369 $4,595 $4,916 $4,216 $3,556 $3,303 $3,077 $3,447 $2,616 $2,616       2.61 <-Median-> 10 Liabilities                
Liquidity   1.91 2.01 2.24 1.69 2.06 2.46 2.77 2.80 3.50 5.48 4.22       3.50 <-Median-> 5 Ratio                
                          Q1 2011                            
Assets $54,241 $55,010 $128,872 $176,207 $163,295 $164,367 $171,850 $188,620 $187,496 $185,595 $201,387 $209,770 $210,848     A/L ratio of 1.5 and up, best   Assets                
Liab. $47,434 $47,345 $119,150 $159,942 $147,983 $149,764 $156,254 $171,357 $170,181 $168,142 $183,931 $191,357 $194,313     1.10 <-Median-> 10 Liabilities                
Liquidity 1.14 1.16 1.08 1.10 1.10 1.10 1.10 1.10 1.10 1.10 1.09 1.10 1.09     1.10 <-Median-> 5 Ratio                
                                                       
Non-Cont. Int $929 $968 $1,997 $1,356 $1,336 $188 $50 $79 $98 $44 $42 $54 $14                            
Total Equity $5,878 $6,697 $7,725 $14,909 $13,976 $14,415 $15,546 $17,184 $17,217 $17,409 $17,414 $18,359 $16,171 174.14% <-Total Growth 10 Book Value                
Preferred Shares $0 $0 $0 $0 $0 $0 $712 $1,250 $1,495 $1,495 $1,741 $2,015 $2,015                            
Book Value $5,878 $6,697 $7,725 $14,909 $13,976 $14,415 $14,834 $15,934 $15,722 $15,914 $15,673 $16,344 $14,142 144.05% <-Total Growth 10 Book Value                
BV per share $13.93 $15.87 $17.88 $24.12 $23.29 $24.35 $25.49 $27.86 $27.88 $28.42 $27.79 $28.47 $24.46 $24.46 79.42% <-Total Growth 10 Book Value                
Change -3.34% 13.93% 12.68% 34.91% -3.45% 4.53% 4.67% 9.29% 0.07% 1.94% -2.21% 2.46% -14.09%     0.6967 Current/Historical   Book Value                
P/BV (CL) 0.91 2.52 1.90 1.11 1.39 1.65 1.83 1.77 2.00 1.00 1.09 1.06 1.25 6.02% <-IRR #YR-> 10 Book Value                
Change   176.44% -24.68% -41.68% 25.24% 18.91% 11.19% -3.43% 12.88% -49.92% 8.77% -2.86% 17.75% 2.24% <-IRR #YR-> 5 Book Value                
Leverage (A/BK) 9.23 8.21 16.68 11.82 11.68 11.40 11.58 11.84 11.93 11.66 12.85 12.83 14.91     11.83 <-Median-> 10 A/BV                
Debt/Eq Ratio 8.07 7.07 15.42 10.73 10.59 10.39 10.53 10.75 10.82 10.57 11.74 11.71 13.74     10.74 <-Median-> 10 Debt/Eq Ratio                
Median               P/BV 10 yr Ave 1.52 5 yr Ave 1.09                              
                                                     
ROE                 3.2% 7.6% 3.0% 8.2% 10.2%     5.42% <-Median-> 4 Compreh. Inc                
Comprehensive Inc                 $507 $1,211 $475 $1,348 $1,440 <-12 mths         Compreh. Inc                
                                                     
ROE 2.8% 12.0% 11.4% 6.7% 9.4% 11.8% 12.6% 13.5% 14.6% 5.4% 4.0% 9.7% 11.8% <-12 mths   Net Income/Shareholders' equity                      
5Yr Median 8.4% 8.9% 8.9% 6.7% 9.4% 11.4% 11.4% 11.8% 12.6% 12.6% 12.6% 9.7% 9.1% <-12 mths                          
                                                     
Net Income $164 $802 $881 $997 $1,308 $1,694 $1,876 $2,144 $2,290 $857 $622 $1,583 $1,675 <-12 mths 97.38% <-Total Growth 10 Net Income                
Oper C. F. $1,664 $2,658 $1,957 $4,350 $2,972 $3,225 $2,777 -$673 $1,042 $1,737 $3,548 $2,864 $4,386 <-12 mths   Cash Flow Statement                    
Invest. C. F -$1,478 -$2,053 -$2,953 -$3,216 -$2,564 -$1,460 $290 $356 -$2,324 $1,780 -$3,451 -$4,444 -$4,395 <-12 mths   Cash Flow Statement                    
Total Accruals -$22 $197 $1,877 -$137 $900 -$71 -$1,191 $2,461 $3,572 -$2,660 $525 $3,163 $1,684 <-12 mths                          
Total Assets $54,241 $55,010 $128,872 $176,207 $163,295 $164,367 $171,850 $188,620 $187,496 $185,595 $201,387 $209,770 $210,848 <-12 mths   Balance Sheet                    
Accruals Ratio -0.04% 0.36% 1.46% -0.08% 0.55% -0.04% -0.69% 1.30% 1.91% -1.43% 0.26% 1.51% 0.80% <-12 mths   Oper C. F. Covers Investing C.F. and dividends?                
                                                       
Chge in Cl  $12.70 $40.00 $33.95 $26.71 $32.30 $40.15 $46.73 $49.32 $55.71 $28.44 $30.25 $30.11 $30.46                            
Ratio is  Neutral Neutral Neutral Neutral Neutral Neutral Neutral Neutral                                      
                                                       
Fin. C. F             $290 $356 -$92 -$499 $1,052 -$591 -$591 <-12 mths                          
Total Accruals             -$1,481 $2,105 $3,664 -$2,161 -$527 $3,754 $2,275 <-12 mths                          
Accruals Ratio             -0.86% 1.12% 1.95% -1.16% -0.26% 1.79% 1.08% <-12 mths                          
                                                       
May 2011.  when I last looked I got earnings for 2010 and 2012 of $2.75 and $3.15
Jun 24, 2010.  when I last got estimates they were for 2010 and 2011 for earnings of $2.84 and $3.20.
Apr 19, 2010.  When I last looked at this stock I got estimates for 2009 and 2010 for earnings of $2.23 and $3.30. Earning widely missed at $.94.
I have made 5% per year return on this stock.  My purchases were spread over from 2000 to 2006.  This recession has hit this stock very hard.
Jun 23, 2009.  when I looked at this stock in April 2009 the earnings estimates for 2009 was $3. and 2010 $3.55.  These earnings have been down graded.
Apr 2009 AP2008.  When I looked at this stock last year, estimate for earnings was $4.05 for 2008 and $4.58 for 2009.  They earned $1.37 for 2008 ($1.40 undiluted). Estimates for 2009 are lower.
They really only made $.07, the rest was profit from sale of  their stake in CI Financial.
AP 2007.  I have done well since I bought this and in last 5 years. Revenue is a concern as it is decreasing not increasing.  TD has buy on this and expects it to do well over next year.
AP 2006. Revenue and earnings not bad. Dividend increase is good.  Stock increase moderate. I have a decent return.  Bought some at start. TD has a buy rating on this stock with yearly return at 14% (Feb 2007)
AR 2005.  Seemed to have some trouble in 2002, but is doing OK now.  Since I bought it in 2000, IRR is 18%, not bad. TD has buy rating on it.
AP 2004.  Stock is doing well. 
AR 2003.  It will not again jump up in value as it did between 1999 and 2000.  2003
2003.  I think this is a solid dividend stock.  I would be satisfied if it make 10% compound a year in Price and Div.  2003
Trading Started Mar 23, 2000
How they make their money
Sun Life Financial is a leading international financial services organization providing a diverse range of protection and wealth accumulation products and services to individuals and corporate customers. 
Chartered in 1865, Sun Life Financial and its partners today have operations in key markets worldwide, including Canada, the United States, the United Kingdom, Ireland, Hong Kong, the Philippines, Japan, Indonesia, India, China and Bermuda. 
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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