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/
Stantec Inc www.stantec.com TSX: STN-T NYSE: STN Fiscal Yr: Dec 31 Yr 2011 YR 2012
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 IFRS
Revenue* $211.93 $265.57 $356.94 $428.46 $459.94 $520.88 $618.02 $816.13 $954.62 $1,352.0 $1,519.9 $1,513.1 $1,408.0 $1,542.0 D 469.75% <-Total Growth 10 Revenue
Increase 14.24% 25.31% 34.41% 20.04% 7.35% 13.25% 18.65% 32.06% 16.97% 41.62% 12.42% -0.45% -6.94% 9.52% 19.01% <-IRR #YR-> 10 Revenue
Per Share 7.437 7.966 10.594 11.718 12.548 13.801 13.849 18.055 20.890 29.747 33.245 33.292 30.764 33.691 19.61% <-IRR #YR-> 5 Revenue
Price/Sales Ratio 0.37 0.49 0.61 0.69 0.88 0.96 1.44 1.38 1.86 1.01 0.91 0.83 0.77 0.71 15.37% <-IRR #YR-> 10 Rev per Share
*Revenue in M CDN $  P/S 10 yr  0.94 5 yr  1.01 19.18% <-IRR #YR-> 5 Rev per Share
-$266 $0 $0 $0 $0 $0 $0 $0 $0 $0 $1,513
-$618 $0 $0 $0 $0 $1,513
-$8 $0 $0 $0 $0 $0 $0 $0 $0 $0 $33
-$14 $0 $0 $0 $0 $33
EPS* $0.30 $0.38 $0.45 $0.56 $0.66 $0.80 $0.99 $1.31 $1.50 $0.63 $1.22 $2.04 $2.26 $2.54 U 440.40% <-Total Growth 10 Earnings
Increase 26.88% 27.97% 17.88% 24.72% 18.02% 21.37% 24.53% 32.32% 14.50% -58.00% 93.65% 67.21% 10.78% 12.39% 18.38% <-IRR #YR-> 10 Earnings
Earnings Yield 10.7% 9.7% 6.9% 6.8% 5.9% 6.0% 5.0% 5.3% 3.9% 2.1% 4.0% 7.4% 9.5% 10.7% 15.56% <-IRR #YR-> 5 Earnings
* ESP per share (Cdn GAAP) E/P 10 Yrs 5.60% 5Yrs 4.01%
-$0.38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.04
-$0.99 $0.00 $0.00 $0.00 $0.00 $2.04
My Shares # yrs are----> 3 Pension $28.93 2008 -17.63%
Graham Price $3.85 $4.85 $5.65 $7.19 $8.03 $9.47 $13.85 $16.37 $18.08 $12.97 $18.13 $25.13 $26.91 $28.53 418.47% <-Total Growth 10 Graham Price
Prem /Disc.Med H/L -31.1% -31.7% -4.9% 16.0% 18.2% 39.6% 17.1% 34.0% 74.2% 115.0% 37.3% 5.1% 26.11% <-Median-> 10 Graham Price
Prem/Disc High -25.3% -17.5% 26.1% 42.5% 46.1% 55.2% 45.2% 52.0% 115.1% 202.7% 70.2% 19.2% 49.06% <-Median-> 10 Graham Price
Prem/Disc Low -37.0% -45.9% -35.9% -10.4% -9.8% 23.9% -10.9% 16.1% 33.3% 27.3% 4.4% -9.1% -2.33% <-Median-> 10 Graham Price
Prem/Disc Cl -28.5% -20.1% 14.0% 13.0% 37.5% 39.9% 43.5% 52.0% 115.1% 132.5% 67.7% 10.3% -11.4% -16.5% 41.71% <-Median-> 10 Graham Price
pre split '02 $11.00 $15.50
pre split '06 $5.50 $7.75 $12.88 $16.25 $22.10 $26.48
Price Cl $2.75 $3.88 $6.44 $8.13 $11.05 $13.24 $19.88 $24.88 $38.89 $30.15 $30.40 $27.73 $23.83 $23.83 615.61% <-Total Growth 10 Stock Price
Increase 7.32% 40.91% 66.19% 26.16% 36.00% 19.82% 50.11% 25.18% 56.31% -22.47% 0.83% -8.78% -14.06% 0.00% 21.75% <-IRR #YR-> 10 Stock Price
P/E 9.32 10.26 14.47 14.64 16.87 16.65 20.08 18.99 25.93 47.86 24.92 13.59 10.54 9.38 6.89% <-IRR #YR-> 5 Stock Price
Trailing P/E 11.83 13.14 17.06 18.26 19.91 20.21 25.00 25.13 29.69 20.10 48.25 22.73 11.68 10.54
Median 5 Yrs Price Inc 0.83% P/E: Y-T 24.92 25.13
-$3.88 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27.73
-$19.88 $0.00 $0.00 $0.00 $0.00 $27.73
Price H/L Median $2.65 $3.31 $5.38 $8.35 $9.50 $13.21 $16.22 $21.94 $31.50 $27.88 $24.89 $26.41 697.13% <-Total Growth 10 Stock Price
Increase -12.58% 25.00% 62.26% 55.26% 13.78% 39.13% 22.79% 35.27% 43.55% -11.49% -10.71% 6.09% 23.07% <-IRR #YR-> 10 Stock Price
P/E 8.98 8.77 12.08 15.04 14.50 16.62 16.38 16.75 21.00 44.25 20.40 12.94 10.24% <-IRR #YR-> 5 Stock Price
Trailing P/E 11.40 11.23 14.24 18.75 17.11 20.17 20.40 22.16 24.04 18.58 39.51 21.64
Median 5 Yrs Price Inc 6.09% P/E: Y-T 20.40 22.16
-$3.31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $26.41
-$16.22 $0.00 $0.00 $0.00 $0.00 $26.41
Hi Mths Nov Dec Dec Jan Dec Jan
pre split '02 $11.50 $16.00
pre split '06 $5.75 $8.00 $14.25 $20.50 $23.48 $29.39
Price Hi $2.88 $4.00 $7.13 $10.25 $11.74 $14.70 $20.10 $24.88 $38.89 $39.25 $30.85 $29.96 649.00% <-Total Growth 10 Stock Price
Increase -22.03% 39.13% 78.13% 43.86% 14.54% 25.17% 36.78% 23.78% 56.31% 0.93% -21.40% -2.88% 22.31% <-IRR #YR-> 10 Stock Price
P/E 9.75 10.60 16.01 18.47 17.92 18.48 20.30 18.99 25.93 62.30 25.29 14.69 8.31% <-IRR #YR-> 5 Stock Price
Trailing P/E 12.37 13.56 18.87 23.03 21.15 22.44 25.28 25.13 29.69 26.17 48.97 24.56
Median 5 Yrs Price Inc 0.93% P/E: Y-T 25.29 26.17
-$4.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $29.96
-$20.10 $0.00 $0.00 $0.00 $0.00 $29.96
Low Mths Jan Jul Jan Oct Mar Jun
pre split '02 $9.70 $10.50
pre split '06 $4.85 $5.25 $7.25 $12.88 $14.50 $23.45
Price Low $2.43 $2.63 $3.63 $6.44 $7.25 $11.73 $12.34 $19.00 $24.10 $16.50 $18.93 $22.85 770.48% <-Total Growth 10 Stock Price
Increase 2.11% 8.25% 38.10% 77.66% 12.58% 61.72% 5.25% 53.97% 26.84% -31.54% 14.73% 20.71% 24.16% <-IRR #YR-> 10 Stock Price
P/E 8.22 6.95 8.15 11.60 11.07 14.75 12.46 14.50 16.07 26.19 15.52 11.20 13.11% <-IRR #YR-> 5 Stock Price
Trailing P/E 10.43 8.90 9.60 14.47 13.06 17.90 15.52 19.19 18.40 11.00 30.05 18.73
Median 5 Yrs Price Inc 20.71% P/E: Y-T 15.52 18.73
-$2.63 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $22.85
-$12.34 $0.00 $0.00 $0.00 $0.00 $22.85
Market Cap $M $78 $129 $217 $297 $405 $500 $887 $1,125 $1,777 $1,370 $1,390 $1,260 $1,091 $1,091 875.60% <-Total Growth 10 Market Cap
Pur
# of Sh in M 28.496 33.337 33.693 36.565 36.655 37.742 44.626 45.202 45.698 45.448 45.717 45.448 45.768 45.768 Share Capital Shares
Increase -1.01% 16.99% 1.07% 8.53% 0.24% 2.97% 18.24% 1.29% 1.10% -0.55% 0.59% -0.59% 0.70% 0.00% 3.29% <-Average 10 Shares
CF fr Op $M $6.877 $39.105 $13.433 $35.954 $16.89 $77.35 $57.31 $93.39 $87.50 $160.0 $100.0 $114.8 $146.5 $156.1 Cash Flow
OPS $0.24 $1.17 $0.40 $0.98 $0.46 $2.05 $1.28 $2.07 $1.91 $3.52 $2.19 $2.53 $3.20 $3.41 U 533.47% <-Total Growth 10 Cash Flow
Increase -41.90% 386.06% -66.01% 146.63% -53.13% 344.69% -37.33% 60.87% -7.32% 83.90% -37.89% 15.49% 26.70% 6.56% 44.99% <-Average 10 Cash Flow
Non-Cash CF $0.0 $0.0 $10.4 -$5.4 $23.7 -$35.8 $0.0 -$7.2 $5.9 -$28.7 $33.6 $21.3 7.97% <-IRR #YR-> 10 Cash Flow
OPS non-cash $0.24 $1.17 $0.71 $0.83 $1.11 $1.10 $1.28 $1.91 $2.04 $2.89 $2.92 $2.99 $3.20 $3.41 14.48% <-IRR #YR-> 5 Cash Flow
P/O on Cl 11.40 3.30 9.10 9.73 9.98 12.02 15.48 13.05 19.03 10.43 10.41 9.26 7.45 6.99 9.83% <-IRR #YR-> 10 Cash Flow
*Operational Cash Flow per share P/CF 10 Yrs 11.85 5 Yrs 12.44 18.45% <-IRR #YR-> 5 Cash Flow
-$1.28 $0.00 $0.00 $0.00 $0.00 $2.53
-$1.17 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.99
-$1.28 $0.00 $0.00 $0.00 $0.00 $2.99
OPM 3.24% 14.73% 3.76% 8.39% 3.67% 14.85% 9.27% 11.44% 9.17% 11.84% 6.58% 7.59% 10.40% should be zero, it is a check on calculations
Difference -63.0% 67.7% -57.1% -4.4% -58.2% 69.2% 5.6% 30.3% 4.4% 34.8% -25.1% -13.6% 18.5% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 8.78% 5 Yrs 9.17% OPM
Q2 2011
Curr Assets $82.73 $94.18 $121.27 $163.26 $177.63 $208.76 $208.76 $264.55 $323.43 $480.73 $409.25 $504.51 $493.19 Liq ratio of 1.5 and up, best Assets
Curr Liab. $51.09 $68.67 $88.43 $98.95 $127.05 $126.76 $126.76 $159.66 $232.70 $300.01 $283.81 $331.34 $285.73 1.56 <-Median-> 10 Liabilities
Liquidity 1.62 1.37 1.37 1.65 1.40 1.65 1.65 1.66 1.39 1.60 1.44 1.52 1.73 <-------- 1.52 <-Median-> 5 Ratio
Assets $131.733 $179.161 $217.221 $297.771 $326.575 $362.100 $628.80 $630.48 $813.56 $1,144.9 $1,123.5 $1,323.5 $1,338.3 A/L ratio of 1.5 and up, best Assets
Liab. $68.16 $86.93 $109.76 $146.35 $166.05 $173.04 $244.75 $219.58 $370.86 $605.9 $576.0 $697.9 $686.4 2.01 <-Median-> 10 Liabilities
Liquidity 1.93 2.06 1.98 2.03 1.97 2.09 2.57 2.87 2.19 1.89 1.95 1.90 1.95 <-------- 1.95 <-Median-> 5 Ratio
Non-Cont Int. $0.00 $0.00 $0.00 $0.19 $0.10 $0.10
Book Value $63.57 $92.23 $107.46 $151.43 $160.53 $189.06 $384.05 $410.90 $442.70 $538.98 $547.39 $625.48 $651.72 $651.72 482.05% <-Total Growth 10 Book Value
BV per share $2.23 $2.77 $3.19 $4.14 $4.38 $5.01 $8.61 $9.09 $9.69 $11.86 $11.97 $13.76 $14.24 $14.24 331.50% <-Total Growth 10 Book Value
Change 15.13% 24.02% 15.28% 29.84% 5.75% 14.38% 71.81% 5.63% 6.57% 22.42% 0.97% 14.94% 3.47% <-------- 0.6612 Current/Historical Book Value
P/BV (CL) 1.23 1.40 2.02 1.96 2.52 2.64 2.31 2.74 4.01 2.54 2.54 2.01 1.67 17.40% <-IRR #YR-> 10 Book Value
Change -6.78% 13.62% 44.17% -2.83% 28.60% 4.76% -12.63% 18.51% 46.67% -36.67% -0.13% -20.64% -16.94% 9.84% <-IRR #YR-> 5 Book Value
Leverage (A/BK) 2.07 1.94 2.02 1.97 2.03 1.92 1.64 1.53 1.84 2.12 2.05 2.12 2.05 1.99 <-Median-> 10 A/BV
Debt/Equity Ratio 1.07 0.94 1.02 0.97 1.03 0.92 0.64 0.53 0.84 1.12 1.05 1.12 1.05 0.99 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Ave 2.53 5 yr Ave 2.54
-$2.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.76
-$8.61 $0.00 $0.00 $0.00 $0.00 $13.76
ROE 14.8% 6.0% 18.4% 0.6% 12.5% 12.9% <-12 mths 12.48% <-Median-> 5 Compreh. Inc
Comprehensive Inc $60.91 $26.61 $99.18 $3.05 $78.04 $84.10 <-12 mths Compreh. Inc
ROE 13.5% 12.2% 14.3% 13.8% 15.6% 16.0% 10.6% 14.6% 15.6% 5.4% 10.2% 15.0% 15.8% <-12 mths
5Yr Median 13.5% 12.9% 12.9% 13.5% 13.8% 14.3% 14.3% 14.6% 15.6% 14.6% 10.6% 14.6% 15.0% <--------
Net Income $8.561 $11.226 $15.381 $20.846 $25.070 $30.190 $40.622 $60.182 $69.28 $29.02 $55.94 $93.60 $103.08 <-12 mths 733.73% <-Total Growth 10 Net Income
Oper C. F. $6.877 $39.105 $13.433 $35.954 $16.893 $77.351 $57.314 $93.389 $87.50 $160.03 $99.98 $114.78 $92.23 <-12 mths C F Statement  Oper C. F.
Invest. C. F -$9.697 -$37.990 -$11.423 -$29.227 -$33.489 -$10.154 -$114.600 -$15.550 -$135.17 -$127.66 -$103.22 -$91.60 -$117.88 <-12 mths C F Statement  Invest. C. F
Total Accurals $11.381 $10.111 $13.371 $14.119 $41.666 -$37.007 $97.908 -$17.657 $116.95 -$3.35 $59.18 $70.41 $128.74 <-12 mths Accruals
Total Assets $131.733 $179.161 $217.221 $297.771 $326.575 $362.100 $628.799 $630.477 $813.56 $1,144.9 $1,123.5 $1,323.5 $1,338.3 <-12 mths Balance Sheet Assets
Accruals Ratio 8.64% 5.64% 6.16% 4.74% 12.76% -10.22% 15.57% -2.80% 14.38% -0.29% 5.27% 5.32% 9.62% <-------- Ratio
Chge in Cl 7.32% 40.91% 66.19% 26.16% 36.00% 19.82% 50.11% 25.18% 56.31% -22.47% 0.83% -8.78% -14.06%
Fin. C. F   -$35.967 $47.850 -$77.408 $33.879 $53.794 -$84.140 $26.448 $2.17 C F Statement  Fin. C. F
Total Accurals -$1.040 $50.058 $59.751 $83.073 -$57.144 $143.318 $43.965 $126.563 Accruals
Accruals Ratio -0.29% 7.96% 9.48% 10.21% -4.99% 12.76% 3.32% 9.46% <-------- Ratio
August 7, 2011.  When I looked, I got estimates for 2010 and 2012 of $2.00 and $2.31 for Earning and $2.75 and $3.45 for CF.
April 2011.  In 2010, Stantec earned $95.3 million, or $2.08 a share, excluding one-time items (exclusions we agree with).
Stantec Inc. (TSX-STN) wrote, "Stantec announced today strong results for the full year of 2010." We disagree. However, Stantec remains a buy for long-term share price gains, provided you need no dividends.
Jun 18, 2010.  Last estimates were for 2010 and 2011 at $210 and $2.45 for earnings and $3.00 and $2.64 for CF.
Apr 26, 2010.  When I last looked at this stock I got estimates for 2009 and 2010 of $2.03 amd $2.30 for EPS and $3.10 and $3.30 for Cash Flow.
They had a good year, however, the earnings of $1.22 where way off the estimate of $2.03.  Cash Flow was way off too.
April 2009 AR 2008.  When I last looked at this stock in November 2008, I got earning estimates for 2008 and 2009 of $.60 and $1.20. Earnings came in at $.64, diluted $.63.
The 2009 estimates have gone up to $2.03.
June 2008.  I had a look at the stock today.  There has been a lot of sales by directors, but when I looked closely, it was just one director selling.  It is hard to say why he would sell, perhaps he needed money. 
Insider buying is more conclusive than insider selling.  People often sell for personal reasons, which have nothing to do with the stock. Stantec started rebuying their shares the first of May 2008 
as they believe they are undervalued.
How they make their money
Stantec, founded in 1954, provides professional consulting services in planning, engineering, architecture, interior design, landscape architecture, surveying, environmental sciences, 
project management, and project economics for infrastructure and facilities projects. We support public and private sector clients in a diverse range of markets, at every stage, from 
initial concept and financial feasibility to project completion and beyond. Their services are provided on projects around the world operating out of more than 170 locations in 
North America and 4 locations internationally. 
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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40.132
1.093 2.80%
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