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/ 3/31/11
SNC-Lavalin Group Inc TSX: SNC www.snc-lavalin.com Fiscal Yr: Dec-31
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
Accting Rules C GAAP IFRS
split 3
Net Inc ex 407 $49.50 $53.10 $59.20 $89.50 $99.19 $118.58 $134.59 $150.30 $143.10 $292.55 $349.63 $424.10 698.68% <-Total Growth 10 Net Income
Increase 8.6% 7.3% 11.5% 51.2% 10.8% 19.6% 13.5% 11.7% -4.8% 104.4% 19.5% 21.3% 23.09% <-IRR #YR-> 10 Net Income
Under Accting for 407,  Net Income Excluding 407 25.80% <-IRR #YR-> 5 Net Income
-53.1 $0 $0 $0 $0 $0 $0 $0 $0 $0 $424
-$134.59 $0 $0 $0 $0 $424
Yr  2011 Yr 2012
Revenue* $1,271 $1,740 $2,327 $3,432 $3,265 $3,447 $3,788 $5,150 $6,731 $7,107 $6,102 $6,315 $6,766 $7,284 262.85% <-Total Growth 10 Revenue
Increase -15.7% 37.0% 33.7% 47.5% -4.9% 5.6% 9.9% 36.0% 30.7% 5.6% -14.1% 3.5% 7.1% 7.7% 13.76% <-IRR #YR-> 10 Revenue
Per Share 9.035 12.632 15.570 22.806 21.479 22.752 25.038 34.101 44.568 47.055 40.400 41.812 44.798 48.228 10.76% <-IRR #YR-> 5 Revenue
Price/Sales Ratio 0.40 0.37 0.62 0.50 0.79 0.85 1.02 0.92 1.08 0.87 1.34 1.43 1.24 1.15 12.71% <-IRR #YR-> 10 Rev per Share
*Revenue in M CDN $  P/S 10 yr  0.89 5 yr  1.08 10.80% <-IRR #YR-> 5 Rev per Share
-$1,740 $0 $0 $0 $0 $0 $0 $0 $0 $0 $6,315
-$3,788 $0 $0 $0 $0 $6,315
-$13 $0 $0 $0 $0 $0 $0 $0 $0 $0 $42
-$25 $0 $0 $0 $0 $42
pre 2006 split $0.78 $0.51 $0.54 $3.95 $1.69 $2.04
EPS* $0.26 $0.17 $0.18 $1.32 $0.56 $0.68 $0.85 $1.04 $1.00 $2.05 $2.36 $2.87 $2.75 $3.17 1588.24% <-Total Growth 10 Earnings
Increase -20.4% -34.6% 5.9% 631.5% -57.2% 20.7% 25.0% 22.4% -3.8% 105.0% 15.1% 21.6% -4.2% 15.3% 32.66% <-IRR #YR-> 10 Earnings
* ESP per share  9.82% <-IRR #YR-> 5 Earnings
-$0.17 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.87
-$0.85 -$1.04 $0.00 $0.00 $0.00 $2.87
pre 2006 split $0.24 $0.25 $0.29 $0.37 $0.43 $0.55
Div* $0.08 $0.08 $0.10 $0.12 $0.14 $0.18 $0.23 $0.30 $0.39 $0.48 $0.60 $0.68 $0.84 $0.84 716.00% <-Total Growth 10 Dividends
Increase 14.3% 4.2% 16.0% 27.6% 16.2% 27.9% 25.5% 30.4% 30.0% 23.1% 25.0% 13.3% 23.5% 0.0% 25.23% <-Median-> 10 Dividends
Yield H/L 2.00% 2.00% 1.36% 1.15% 1.05% 1.07% 1.03% 1.03% 0.97% 1.11% 1.48% 1.34% 1.09% <-Median-> 10 Dividends
Yield on High 1.71% 1.69% 1.00% 0.95% 0.83% 0.94% 0.88% 0.92% 0.78% 0.83% 1.11% 1.14% 0.93% <-Median-> 10 Dividends
Yield on Low 2.40% 2.46% 2.10% 1.46% 1.43% 1.25% 1.24% 1.16% 1.28% 1.67% 2.22% 1.62% 1.45% <-Median-> 10 Dividends
Yield on Cl 2.19% 1.79% 1.00% 1.09% 0.84% 0.95% 0.90% 0.95% 0.81% 1.18% 1.11% 1.14% 1.52% 1.52% 0.98% <-Median-> 10 Dividends
Payout Ratio 30.8% 49.0% 53.7% 9.4% 25.4% 27.0% 27.1% 28.8% 39.0% 23.4% 25.4% 23.7% 30.5% 26.5% 23.36% <-IRR #YR-> 10 Dividends
Payout Ratio CF 6.8% 11.7% 24.5% 11.4% 11.5% 7.1% 7.0% -75.4% 12.7% 23.1% 22.7% 21.0% 24.3% 19.8% 24.21% <-IRR #YR-> 5 Dividends
Median 5 Yrs Div Yd 4.10% in 5 yrs 11.09% in 10 yrs Yield  1.11% 1.11% Payout 25.42% 21.01%
* Dividends per share  22.0% 5 22.0% 10 Last Div Inc ---> $0.17 $0.21 23.5%
-$0.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.68
-$0.23 $0.00 $0.00 $0.00 $0.00 $0.68
I am earning # yrs are----> 13 Pension $3.40 1998 24.69%
Yield if held 5 yrs 3.81% 3.33% 2.39% 2.49% 3.67% 4.58% 5.53% 4.22% 3.64% 3.52% 3.51% 3.03% 2.87% 2.09% Ave H/L Yield on your  Dividends
Yield if held 10 yrs 3.08% 8.94% 8.73% 9.20% 7.43% 7.87% 12.28% 15.00% 16.35% 11.80% 7.85% Ave H/L original money Dividends
Graham Price $3.86 $3.15 $3.46 $10.84 $7.41 $8.57 $9.99 $11.85 $11.76 $18.29 $22.46 $27.03 $27.67 $29.71 757.08% <-Total Growth 10 Graham Price
Prem /Disc. Med 3.7% 31.9% 105.4% -1.3% 83.9% 99.5% 124.4% 146.9% 241.8% 136.0% 80.3% 88.3% 102.43% <-Median-> 10 Graham Price
Prem /Disc. High 20.9% 56.4% 178.0% 19.7% 132.7% 128.2% 162.8% 175.8% 324.8% 214.4% 140.4% 121.2% 151.59% <-Median-> 10 Graham Price
Prem /Disc. Low -13.6% 7.3% 32.8% -22.3% 35.2% 70.7% 86.1% 118.0% 158.8% 57.5% 20.2% 55.4% 56.45% <-Median-> 10 Graham Price
Prem /Disc. Cl -5.4% 47.5% 178.0% 4.7% 129.4% 125.5% 154.5% 165.6% 309.4% 123.0% 140.4% 121.2% 100.0% 86.3% 134.92% <-Median-> 10 Graham Price
pre 2006 split $10.95 $13.95 $28.90 $34.05 $51.00 $58.00
Price Cl $3.65 $4.65 $9.63 $11.35 $17.00 $19.33 $25.43 $31.47 $48.14 $40.78 $53.99 $59.77 $55.35 $55.35 1185.38% <-Total Growth 10 Stock Price
Increase 7.9% 27.4% 107.2% 17.8% 49.8% 13.7% 31.6% 23.7% 53.0% -15.3% 32.4% 10.7% -7.4% 0.0% 29.09% <-IRR #YR-> 10 Stock Price
P/E 14.0 27.4 53.5 8.6 30.2 28.4 29.9 30.3 48.1 19.9 22.9 20.8 20.1 17.5 18.64% <-IRR #YR-> 5 Stock Price
Trailing P/E 11.2 17.9 56.7 63.1 12.9 34.3 37.4 37.0 46.3 40.8 26.3 25.3 19.3 20.1 30.91% <-IRR #YR-> 10 Price & Div
Median 5 Yrs 1.31% 1.81% Div %  5, 10 yrs Price Inc 23.74% P/E: Y-T 22.88 37.02 19.95% <-IRR #YR-> 5 Price & Div
-$4.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $59.77
-$25.43 $0.00 $0.00 $0.00 $0.00 $59.77
-$4.65 $0.10 $0.12 $0.14 $0.18 $0.23 $0.30 $0.39 $0.48 $0.60 $60.45
-$25.43 $0.30 $0.39 $0.48 $0.60 $60.45
Price H/L Med.  $4.00 $4.16 $7.12 $10.70 $13.63 $17.10 $22.43 $29.26 $40.19 $43.15 $40.50 $50.89 1123.69% <-Total Growth 10 Stock Price
Increase 2.3% 4.0% 71.1% 50.4% 27.3% 25.5% 31.1% 30.5% 37.4% 7.4% -6.2% 25.7% 28.46% <-IRR #YR-> 10 Stock Price
P/E 15.4 24.5 39.5 8.1 24.2 25.1 26.4 28.1 40.2 21.0 17.2 17.7 17.81% <-IRR #YR-> 5 Stock Price
Trailing P/E 12.2 16.0 41.9 59.5 10.4 30.4 33.0 34.4 38.6 43.2 19.8 21.6 30.53% <-IRR #YR-> 10 Price & Div
Median 5 Yrs 1.51% 2.07% Div %  5, 10 yrs Price Inc 25.66% P/E: Y-T 21.05 34.42 19.32% <-IRR #YR-> 5 Price & Div
-$4.16 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $50.89
-$22.43 $0.00 $0.00 $0.00 $0.00 $50.89
-$4.16 $0.10 $0.12 $0.14 $0.18 $0.23 $0.30 $0.39 $0.48 $0.60 $51.57
-$22.43 $0.30 $0.39 $0.48 $0.60 $51.57
Dec Oct Mar Dec Jun Dec Dec
pre 2006 split $14.00 $14.80 $28.90 $38.95 $51.72 $58.70
Price Hi $4.67 $4.93 $9.63 $12.98 $17.24 $19.57 $26.26 $32.68 $49.95 $57.50 $53.99 $59.77 1111.55% <-Total Growth 10 Stock Price
Increase -6.4% 5.7% 95.3% 34.8% 32.8% 13.5% 34.2% 24.5% 52.8% 15.1% -6.1% 10.7% 28.33% <-IRR #YR-> 10 Stock Price
P/E 17.9 29.0 53.5 9.9 30.6 28.8 30.9 31.4 50.0 28.0 22.9 20.8 17.88% <-IRR #YR-> 5 Stock Price
Trailing P/E 14.3 19.0 56.7 72.1 13.1 34.7 38.6 38.4 48.0 57.5 26.3 25.3
Median 5 Yrs Price Inc 15.12% P/E: Y-T 28.05 38.45
-$4.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $59.77
-$26.26 $0.00 $0.00 $0.00 $0.00 $59.77
Mar Jan Jan Jan Oct Mar Jul
pre 2006 split $10.00 $10.15 $13.80 $25.26 $30.05 $43.90
Price Low $3.33 $3.38 $4.60 $8.42 $10.02 $14.63 $18.59 $25.83 $30.43 $28.80 $27.00 $42.00 1141.38% <-Total Growth 10 Stock Price
Increase 17.6% 1.5% 36.0% 83.0% 19.0% 46.1% 27.1% 38.9% 17.8% -5.4% -6.3% 55.6% 28.64% <-IRR #YR-> 10 Stock Price
P/E 12.8 19.9 25.6 6.4 17.8 21.5 21.9 24.8 30.4 14.0 11.4 14.6 17.70% <-IRR #YR-> 5 Stock Price
Trailing P/E 10.2 13.0 27.1 46.8 7.6 26.0 27.3 30.4 29.3 28.8 13.2 17.8
Median 5 Yrs Price Inc 17.81% P/E: Y-T 14.63 28.80
-$3.38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $42.00
-$18.59 $0.00 $0.00 $0.00 $0.00 $42.00
Market Cap. $513 $641 $1,440 $1,708 $2,584 $2,929 $3,848 $4,753 $7,271 $6,159 $8,154 $9,027 $8,360 $8,360
# of Shares 140.65 137.77 149.44 150.47 152.00 151.52 151.282 151.033 151.038 151.033 151.033 151.034 151.034 151.034 Share Capital Shares
Increase 4.5% -2.0% 8.5% 0.7% 1.0% -0.3% -0.2% -0.2% 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.95% <-Average 10 Shares
OCF $164.88 $98.20 $59.01 $162.74 $189.97 $393.54 $500.35 -$60.10 $462.91 $313.28 $398.49 $488.79 $521.07 $640.38 Cash Flow
OPS $1.17 $0.71 $0.39 $1.08 $1.25 $2.60 $3.31 -$0.40 $3.06 $2.07 $2.64 $3.24 $3.45 $4.24 354.03% <-Total Growth 10 Cash Flow
Working Cap chge -$70.51 -$11.17 $54.67 -$26.42 -$42.57 -$230.87 -$307.42 $325.84 -$350.15 $143.05 $247.56 $145.95 16.33% <-IRR #YR-> 10 Cash Flow
Net per share $0.67 $0.63 $0.76 $0.91 $0.97 $1.07 $1.28 $1.76 $0.75 $3.02 $4.28 $4.20 $3.45 $4.24 -0.43% <-IRR #YR-> 5 Cash Flow
P/O on Cl 5.4 7.4 12.7 12.5 17.5 18.0 19.9 17.9 64.5 13.5 12.6 14.2 16.0 13.1 20.86% <-IRR #YR-> 10 Net Cash Flow
*Operational Cash Flow per share (see note below) P/CF 10 Yrs 20.34 5 Yrs 24.54 26.93% <-IRR #YR-> 5 Net Cash Flow
OPM 13.0% 5.6% 2.5% 4.7% 5.8% 11.4% 13.2% -1.2% 6.9% 4.4% 6.5% 7.7% should be zero, it is a check on calculations
Diff from Ave. 110.1% -8.6% -58.9% -23.2% -5.8% 84.9% 113.9% -118.9% 11.4% -28.6% 5.8% 25.4% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 6.17% 5 Yrs 6.53% OPM
Q1 2011
Curr Assets $619 $854 $1,061 $1,377 $1,432 $1,807 $2,587 $3,600 $3,421 $3,552 $3,393 $4,171 $3,605 Liq ratio of 1.5 and up, best Assets
Curr Liab. $604 $729 $819 $1,153 $1,097 $1,521 $2,222 $3,299 $3,151 $3,276 $2,849 $2,925 $3,003 1.19 <-Median-> 10 Liabilities
Liquidity 1.03 1.17 1.29 1.19 1.30 1.19 1.16 1.09 1.09 1.08 1.19 1.43 1.20 <----- 1.09 <-Median-> 5 Ratio
Assets $1,843 $2,227 $2,491 $2,554 $2,624 $3,174 $4,026 $4,026 $6,485 $6,777 $7,206 $8,603 $7,695 A/L ratio of 1.5 and up, best Assets
Liab. $1,485 $1,869 $2,048 $1,957 $1,966 $2,446 $3,237 $3,121 $5,557 $5,682 $5,962 $5,962 $5,718 1.27 <-Median-> 10 Liabilities
A/L Ratio 1.24 1.19 1.22 1.31 1.33 1.30 1.24 1.29 1.17 1.19 1.21 1.44 1.35 <----- 1.21 <-Median-> 5 Ratio
Non-Control Int. $80 $103 $108
Book Value $358 $358 $443 $597 $658 $728 $790 $906 $928 $1,095 $1,435 $1,708 $1,869 $1,869 377.01% <-Total Growth 10 Book Value
BV per share $2.55 $2.60 $2.96 $3.97 $4.33 $4.80 $5.22 $6.00 $6.15 $7.25 $9.50 $11.31 $12.38 $12.38 335.12% <-Total Growth 10 Book Value
Change 7.81% 2.13% 14.02% 33.88% 9.14% 10.91% 8.67% 14.91% 2.46% 17.96% 31.02% 19.08% 9.42% 0.00% 1.0444 Current/Historical Book Value
P/BV (CL) 1.43 1.79 3.25 2.86 3.93 4.02 4.87 5.25 7.83 5.62 5.68 5.28 4.47 4.47 15.84% <-IRR #YR-> 10 Book Value
Change 0.07% 24.74% 81.69% -11.99% 37.24% 2.54% 21.05% 7.68% 49.30% -28.19% 1.05% -7.03% -15.36% 0.00% 16.73% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 5.15 6.22 5.62 4.28 3.99 4.36 5.10 4.44 6.99 6.19 5.02 5.04 4.12 0.00 5.03 <-Median-> 10 A/BV
Debt/Equity Ratio 4.15 5.22 4.62 3.28 2.99 3.36 4.10 3.44 5.99 5.19 4.16 3.49 3.06 3.79 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity P/BV 10 yr Ave 5.06 5 yr Ave 5.62
ROE 18.8% 16.8% 23.7% 30.5% 22.6% 21.3% 22.56% <-Median-> 5 Compreh. Inc
Comprehensive Inc $170.4 $156.3 $260.0 $437.6 $385.4 $398.7 Compreh. Inc
ROE 10.1% 6.7% 6.0% 33.9% 13.1% 14.3% 16.5% 17.5% 16.5% 28.5% 25.1% 25.6% 22.8% Net Income/Shareholders' equity
5Yr Median 13.5% 12.6% 10.1% 10.1% 10.1% 13.1% 14.3% 16.5% 16.5% 16.5% 17.5% 25.1% 25.1%
Net Income $36.30 $23.87 $26.45 $202.53 $86.53 $104.11 $129.91 $158.37 $153.20 $312.52 $359.39 $437.01 $426.9 1731.19% <-Total Growth 10 Net Income
Oper C. F. $164.88 $98.20 $59.01 $162.74 $189.97 $393.54 $500.35 -$60.10 $462.91 $313.28 $398.49 $488.79 $502.7 C F Statement 
Invest. C. F -$969.74 -$132.22 -$127.75 $41.21 -$311.65 -$163.76 -$141.21 -$286.42 -$548.92 -$310.89 -$512.45 -$1,025.8 -$1,068.1 C F Statement 
Total Accruals $841.17 $57.88 $95.18 -$1.42 $208.21 -$125.67 -$229.23 $504.89 $239.21 $310.13 $473.35 $974.03 $992.32
Total Assets $1,843 $2,227 $2,491 $2,554 $2,624 $3,174 $4,026 $4,026 $6,485 $6,777 $7,206 $8,603 $7,695 Balance Sheet
Accruals Ratio 45.63% 2.60% 3.82% -0.06% 7.93% -3.96% -5.69% 12.54% 3.69% 4.58% 6.57% 11.32% 12.90% 4.20% <-Median-> 10 Accruals Ratio
Chge in Cl 7.9% 27.4% 107.2% 17.8% 49.8% 13.7% 31.6% 23.7% 53.0% -15.3% 32.4% 10.7% -7.4%
Expected? up down down up down down down down down
Happened? up up up up
Fin. C. F $105.81 $299.26 -$265.78 -$102.77 $356.17 $619.40 $577.9
Total Accruals -$335.05 $205.63 $504.99 $412.90 $117.18 $354.64 $414.44
Accruals Ratio -8.32% 5.11% 7.79% 6.09% 1.63% 4.12% 5.39% 4.61% <-Median-> 5 Accruals Ratio
Oper C. F. $393.54 $500.35 -$60.10 $462.91 $313.28 $398.49 $488.79
+Depreciation $54.35 $48.52 $52.35 $112.63 $130.05 $130.08 $133.40
+Amortization $28.94 $0.00 $0.00 $0.00 $0.00
-Dividends -$26.31 -$32.32 -$42.29 -$54.45 -$72.47 -$90.64 -$102.71
-capital spending -$163.76 -$141.21 -$286.42 -$548.92 -$310.89 -$512.45 -$1,025.81
$257.82 $375.35 -$307.52 -$27.83 $59.96 -$74.52 -$506.33
Oper C. F. $313.28 $398.49 $488.79
exclude non-cash $143.05 $247.56 $145.95
+Depreciation $130.05 $130.08 $133.40
+Amortization $0.00 $0.00 $0.00
-Dividends -$72.47 -$90.64 -$102.71
-capital spending -$310.89 -$512.45 -$1,025.81
$203.01 $173.04 -$360.38
Jul 10, 2011.  When I last looked, I got estimates for 2010 and 2011 of $2.45 and $2.71 for EPS and $3.60 and $3.80 for Cash Flow.
They are heavily in debt, but they still have $1.2B in cash on cash flow statement.  The increase in cash was low this years at $70M.
Jun 15, 2010.  When I last looked at this stock I got estimates for 2009 and 2010 earnings of $245 and $2.70 and Cash Flow of $3.60 and $3.80.
Apr 21, 2010.  When I last looked at this stock I got estimates for 2009 and 2010 for earnings of $2.14 and $2.16 and Cash Flow of $3.08 and $3.26. 
AR 2008.  Since I bought this stock in 1998, I have made a return of over 29% per year.  I sold some in 2008 as this stock was getting to be too large a % of my portfolio.
It is now just under 3% of my portfolio and it has more room to grow.  I have simply locked in some of the profit I have made on this stock.
Mar 2008.  Price is rising faster than another other growth measurement.  Points to stock being over priced.  Rated as a buy by many.  
The stock is raising faster than the market.  If you believe you should not bet agains the market, if could be a buy.  I have done exceeding well by the stock.
AP 2007.  IRR since purchase is 32%. Accural Ratio has come down a lot this year.  TD is now covering stock with an Action Buy List Status. Continue to HOLD
AR.2006.  IRR since purchase in 1998 is down a bit to 33%.  Still a keeper. Probably got over priced, but no reason to sell at present.  It is now rated as a buy with price at $38.
AR.2005.  IRR since purchase in 1998 is 37%.  Still a keeper.  TD Newcrest does not follow, but FP 7 analyst say hold.  Over priced? Expect earnings up but cash flow to go down?
AR 2004.  Liquity ratio is not in the comfort zone of at least 1.5 (it is 1.3).  Otherwise stock is doing great.  Actual return IRR since '98 is 37.05
AR 2003.   I think it is still a keeper.
AR 2002.  I think this stock will do well.  At present it is a keeper. 
AP 1999.  Note that stock took an earnings hit when it invested in highway 407 in 1999.  However, long term this investment should work out well.
On this stock I have excluded non-cash change in Operational Cash flow.  Some analysts sites recommend that changes in current assets and current liabilities be exluded from Cash Flow.  
Otherwise, Cash Flow from operations may not properly reflect how a company is doing.
How they make their money
SNC-Lavalin are involved with engineering and construction work around the world, this includes infrastructure and Buildings; infrastructure and construction; power (nuclear, thermal, hydro etc); 
chemicals and petroleum; environmental projects; mining and metallurgy projects. 
They have offices and Canada and around the world, from Algeria to Vietnam, including Australia, Europe, Russia, Africa, Middle East, Asia, South America, USA.
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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