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.      
See my website on stocks or see my blog at the following sites.      www.spbrunner.com/stocks.html   www.spbrunner.blogspot.com/                  
Teck Resources Ltd     www.teck.com/ TCK.B       Fiscal Yr: Dec 31   9/30/10            
Year 12/31/98 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    
Revenue* $715 $622 $1,206 $2,379 $2,187 $2,228 $3,428 $4,415 $6,539 $6,371 $6,904 $7,674 $8,697 <-12 mths     1133.76% <-Total Growth 10 Revenue  
Increase -0.75% -13.00% 93.89% 97.26% -8.07% 1.87% 53.86% 28.79% 48.11% -2.57% 8.37% 11.15% 13.33%       28.57% <-IRR #YR->   10 Revenue  
Rev per Share 3.69 2.90 5.66 6.55 5.93 5.97 8.51 10.85 15.15 14.42 14.18 13.03 14.76       17.49% <-IRR #YR->   5 Revenue  
P/S (Price/Sales) 1.47 2.33 1.15 0.98 0.99 1.85 2.17 2.86 2.87 2.43 0.42 2.83 4.19       16.21% <-IRR #YR->   10 Rev per share
*Revenue in M CDN $              P/S 10 yr Ave 1.85 5 yr Ave 2.28         8.88% <-IRR #YR->   5 Rev per share
                                             
    -$622 $0 $0 $0 $0 $0 $0 $0 $0 $0 $7,674                    
              -$3,428 $0 $0 $0 $0 $7,674                    
    -$2.90 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $13.03                    
              -$8.51 $0.00 $0.00 $0.00 $0.00 $13.03                    
Yr 2010 Yr 2011 Yr 2012      
EPS* -$25.50 $0.21 $0.39 -$0.09 $0.08 $0.34 $1.50 $3.11 $5.60 $3.72 $1.45 $3.42 $2.90 $5.46 $5.38   1528.57% <-Total Growth 10 Earnings  
Increase 2717.68% -100.82% 83.33% -122.08% -188.24% 353.33% 339.71% 108.03% 80.06% -33.57% -61.02% 135.86% -15.20% 88.28% -1.47%   32.18% <-IRR #YR->   10 Earnings  
* ESP per share (Cdn GAAP)                               18.00% <-IRR #YR->   5 Earnings  
    -$0.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.42                    
              -$1.50 $0.00 $0.00 $0.00 $0.00 $3.42                    
                                             
Pre 2007 split $0.20 $0.20 $0.20 $0.20 $0.20 $0.20 $0.30 $0.80 $2.00                          
Div* $0.10 $0.10 $0.10 $0.10 $0.10 $0.10 $0.15 $0.40 $1.00 $1.00 $1.00 $0.00 $0.50 $0.60 $0.60     400.00% <-Total Growth 10 Dividends  
Increase 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 50.00% 166.67% 150.00% 0.00% 0.00%     20.00% 0.00%     45.83% <-Average 8 Dividends  
Yield H/L 1.30% 1.58% 1.67% 1.50% 1.58% 1.23% 1.07% 1.61% 2.66% 2.29% 3.58% 0.00% 1.09%         1.66% <-Average 10 Dividends  
Yield on Cl 1.84% 1.48% 1.53% 1.56% 1.71% 0.90% 0.81% 1.29% 2.30% 2.86% 16.61% 0.00% 0.81% 1.01% 1.01%     2.89% <-Average 10 Dividends  
Payout Ratio -0.4% 47.6% 26.0% -117.6% 133.3% 29.4% 10.0% 12.9% 17.9% 26.9% 69.0% 0.0% 17.2% 11.0% 11.2%     19.89% <-Average 10 Dividends  
Payout Ratio CF 16.0% 16.1% 8.4% 12.1% 14.6% 10.9% 5.4% 10.0% 14.9% 25.7% 22.8% 0.0% 10.0% 7.6% #DIV/0!     12.66% <-Average 10 Dividends  
Median 5 Yrs   Div Yd 1.67% in 5 yrs 2.76% in 10 yrs   Yield  2.29% 2.30% Payout 17.86% 14.86%         17.46% <-IRR #YR-> 10 Dividends  
* Dividends per share    10.62% 5 10.62% 10                       4.56% <-IRR #YR-> 5 Dividends  
                                           
      -$0.10 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.50                  
                -$0.40 $0.00 $0.00 $0.00 $0.00 $0.50                  
                                             
Yield if held 5 yrs 1.00% 0.82% 0.78% 0.68% 0.75% 1.30% 2.37% 6.69% 15.03% 15.82% 12.32% 0.00% 2.01% 1.60% Ave H/L Yield on your      Dividends  
Yield if held 10 yrs 1.00% 1.22% 3.13% 6.79% 7.53% 13.01% 0.00% 8.37% 9.02% Ave H/L original money     Dividends  
                                             
Graham Price   $5.96 $8.30 $3.44 $3.39 $7.06 $16.40 $27.46 $43.73 $38.24 $27.03 $43.50 $41.86 $57.44 $57.02   Cl Pr higher/lower by?        
Prem /Disc. H/L   6.1% -28.0% 93.7% 86.2% 15.1% -14.2% -9.3% -14.0% 14.1% 3.5% -50.3% 10.0%       9.66% <-Average   10 Graham price
Prem /Disc. High   27.5% -15.7% 140.2% 123.2% 56.6% 12.0% 13.0% 5.0% 36.6% 92.4% -8.5% 47.6%       45.48% <-Average   10 Graham price
Prem /Disc. Low   -15.3% -40.4% 47.1% 49.2% -26.5% -40.5% -31.5% -33.0% -8.5% -85.5% -92.1% -27.7%       -26.16% <-Average   10 Graham price
Prem /Disc. Cl   13.2% -21.4% 86.2% 72.0% 56.6% 12.5% 13.0% -0.6% -8.5% -77.7% -15.4% 47.6% 3.8% 4.5%   11.69% <-Average   10 Graham price
                                             
pre-split                                            
Price Cl $5.43 $6.75 $6.53 $6.40 $5.84 $11.05 $18.46 $31.03 $43.48 $35.00 $6.02 $36.82 $61.79 $59.60 $59.60     865.47% <-Total Growth 10 Stock Price  
Increase -47.71% 24.42% -3.33% -1.92% -8.75% 89.21% 67.06% 68.07% 40.13% -19.49% -82.80% 511.63% 67.82% -3.54% 0.00%     25.21% <-IRR #YR-> 10 Stock Price  
P/E -0.21 32.14 16.95 -75.29 77.87 32.50 12.35 9.98 7.76 9.41 4.15 10.77 21.31 10.92 11.08     14.77% <-IRR #YR-> 5 Stock Price  
Trailing P/E -5.99 -0.26 31.07 16.62 -68.71 147.33 54.29 20.75 13.98 6.25 1.62 25.39 18.07 20.55 10.92     27.26% <-IRR #YR-> 10 Price & Div  
Median 5 Yrs       1.91% 2.05% Div %  5, 10 yrs   Price Inc 40.13% P/E: Y-T 9.41 13.98         16.68% <-IRR #YR-> 5 Price & Div  
                                             
      -$6.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $61.79                  
                -$31.03 $0.00 $0.00 $0.00 $0.00 $61.79                  
      -$6.53 $0.10 $0.10 $0.10 $0.15 $0.40 $1.00 $1.00 $1.00 $0.00 $62.29                  
                -$31.03 $1.00 $1.00 $1.00 $0.00 $62.29                  
                                             
Price Ave H/L $7.69 $6.33 $5.98 $6.66 $6.32 $8.12 $14.07 $24.92 $37.61 $43.61 $27.97 $21.61 $46.03         591.66% <-Total Growth 10 Stock Price  
Increase -42.14% -17.72% -5.53% 11.38% -5.03% 28.44% 73.30% 77.13% 50.95% 15.95% -35.87% -22.72% 113.00%         22.65% <-IRR #YR-> 10 Stock Price  
P/E -0.30 30.12 15.52 -78.29 84.27 23.88 9.41 8.01 6.72 11.72 19.29 6.32 15.87         13.06% <-IRR #YR-> 5 Stock Price  
Trailing P/E -8.49 -0.25 28.45 17.29 -74.35 108.23 41.38 16.67 12.09 7.79 7.52 14.90 13.46         25.11% <-IRR #YR-> 10 Price & Div  
Median 5 Yrs     0.00% 0.00% Div %  5, 10 yrs   Price Inc 15.95% P/E: Y-T 8.01 12.09           15.24% <-IRR #YR-> 5 Price & Div  
                                             
      -$5.98 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $46.03                  
                -$24.92 $0.00 $0.00 $0.00 $0.00 $46.03                  
      -$5.98 $0.10 $0.10 $0.10 $0.15 $0.40 $1.00 $1.00 $1.00 $0.00 $46.53                  
                -$24.92 $1.00 $1.00 $1.00 $0.00 $46.03                  
                                             
Hi Mths Jan Sep Jan Jun Apr Dec Dec Dec Dec Jul May Dec Dec                  
pre split 2007                                            
Price Hi $10.75 $7.60 $7.00 $8.26 $7.58 $11.05 $18.38 $31.03 $45.93 $52.22 $52.00 $39.80 $61.79         648.52% <-Total Growth 9 Stock Price  
Increase -39.27% -29.30% -7.89% 17.93% -8.24% 45.87% 66.29% 68.87% 48.00% 13.71% -0.42% -23.46% 55.25%         24.33% <-IRR #YR-> 10 Stock Price  
P/E -0.42 36.19 18.18 -97.12 101.00 32.50 12.29 9.98 8.20 14.04 35.86 11.64 21.31         14.77% <-IRR #YR-> 5 Stock Price  
Trailing P/E -11.88 -0.30 33.33 21.44 -89.12 147.33 54.04 20.76 14.77 9.33 13.98 27.45 18.07                  
Median 5 Yrs               Price Inc 13.71% P/E: Y-T 14.04 14.77                  
                                             
      -$7.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $61.79                  
                -$31.03 $0.00 $0.00 $0.00 $0.00 $61.79                  
                                             
Low Mths Sep Mar Jun Oct Sep May Jan/May May Jun/Sep Dec Dec Mar Jul                  
Price Low $4.63 $5.05 $4.95 $5.06 $5.07 $5.19 $9.76 $18.81 $29.30 $35.00 $3.93 $3.42 $30.27         511.52% <-Total Growth 10 Stock Price  
Increase -47.89% 9.19% -1.98% 2.12% 0.20% 2.37% 88.24% 92.67% 55.81% 19.45% -88.77% -12.98% 785.09%         19.85% <-IRR #YR-> 10 Stock Price  
P/E -0.18 24.05 12.86 -59.47 67.53 15.25 6.53 6.05 5.23 9.41 2.71 1.00 10.44         9.99% <-IRR #YR-> 5 Stock Price  
Trailing P/E -5.11 -0.20 23.57 13.13 -59.59 69.13 28.71 12.58 9.42 6.25 1.06 2.36 8.85                  
Median 5 Yrs               Price Inc 19.45% P/E: Y-T 5.23 6.25                  
                                             
      -$4.95 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.27                  
                                             
Market Capt $M $1,051 $1,447 $1,390 $2,323 $2,155 $4,121 $7,434 $12,621 $18,764 $15,467 $2,931 $21,692 $36,402 $35,112                
                                             
# of Sh in M 193.7 214.4 213.0 363.0 369.1 373.0 402.7 406.8 431.6 441.9 486.9 589.1 589.1 589.1     Shareholders' Equity   Shares  
Increase -0.05% 10.67% -0.67% 70.43% 1.69% 1.06% 7.97% 1.02% 6.10% 2.39% 10.18% 21.01% 0.00% 0.00%     12.12% <-Average   10 Shares  
CF fr Op $M $121 $133 $254 $299 $252 $341 $1,116 $1,626 $2,905 $1,719 $2,132 $2,983 $2,934 $4,654     2142.86% <-Total Growth 10 Cash Flow  
OPS $0.63 $0.62 $1.19 $0.82 $0.68 $0.91 $2.77 $4.00 $6.73 $3.89 $4.38 $5.06 $4.98 $7.90     716.26% <-Total Growth 10 Cash Flow  
Increase -13.14% -0.98% 92.27% -30.93% -17.12% 33.90% 203.11% 44.23% 68.39% -42.21% 12.57% 15.63% -1.65% 58.63% 23.36% <-IRR #YR->   10 Cash Flow  
Non-Cash CF $15.3 -$23.0 -$15.0 $119.0 -$51.0 -$27.0 $27.0 $21.0 -$299.0 $282.0 $1,564.0 -$709.0 12.81% <-IRR #YR->   5 Cash Flow  
OPS non-cash $0.71 $0.51 $1.12 $1.15 $0.54 $0.84 $2.84 $4.05 $6.04 $4.53 $7.59 $3.86 $4.98 $7.90 22.36% <-IRR #YR->   10 CF - non cash  
Increase   -27.3% 118.7% 2.6% -52.7% 54.6% 237.1% 42.6% 49.1% -25.0% 67.6% -49.2% 29.0% 58.6% 6.34% <-IRR #YR->   5 CF - non cash  
P/O on Cl 7.69 13.16 5.81 5.56 10.72 13.13 6.50 7.66 7.20 7.73 0.79 9.54 12.41 7.54          
*Operational Cash Flow per share         P/CF 10 Yrs 7.46 5 Yrs 6.58   CF - non cash  
-$0.62 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.06      
-$2.77 $0.00 $0.00 $0.00 $0.00 $5.06      
-$0.51 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.86      
-$2.84 $0.00 $0.00 $0.00 $0.00 $3.86      
                                             
OPM 17.0% 21.4% 21.1% 12.6% 11.5% 15.3% 32.6% 36.8% 44.4% 27.0% 30.9% 38.9% 33.7%       should be zero, it is a check on calculations          
Diff from Ave -37.4% -21.1% -22.3% -53.6% -57.5% -43.5% 20.1% 35.9% 63.9% -0.4% 14.0% 43.4% 24.5%       0.00% <-Average   10 OPM  
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 27.10% 5 Yrs 35.60%                    
                          Q3 2010                  
Curr Assets $376 $351 $1,196 $1,044 $955 $933 $1,811 $4,283 $6,895 $3,005 $4,099 $3,676 $3,789       Liq ratio of 1.5 and up, best   Assets  
Curr Liab. $108 $102 $436 $435 $320 $392 $460 $1,115 $1,688 $1,350 $9,278 $2,373 $1,732       2.66 <-Average   10 Liability  
Liquidity Ratio 3.47 3.44 2.74 2.40 2.98 2.38 3.94 3.84 4.08 2.23 0.44 1.55 2.19       2.43 <-Average   5 Ratio  
                                             
Assets $2,340 $2,662 $5,102 $5,133 $4,958 $5,375 $6,059 $8,809 $11,447 $13,573 $31,533 $29,873 $29,412       A/L ratio of 1.5 and up, best   Assets  
Liab. $1,094 $1,009 $2,400 $2,562 $2,408 $2,948 $2,828 $4,408 $4,855 $5,762 $20,529 $15,292 $13,480       2.04 <-Average   10 Liability  
A/L Ratio 2.14 2.64 2.13 2.00 2.06 1.82 2.14 2.00 2.36 2.36 1.54 1.95 2.18       2.04 <-Average   5 Ratio  
                                             
Non-controlling Int $29 $40 $1,007 $31 $30 $0 $10 $18 $43 $92 $104 $91 $108                  
Book Value $1,246 $1,613 $1,695 $2,540 $2,520 $2,427 $3,221 $4,383 $6,549 $7,719 $10,900 $14,490 $15,824       798.33% <-Total Growth 10 Book Value  
BV per share $6.43 $7.52 $7.96 $7.00 $6.83 $6.51 $8.00 $10.77 $15.17 $17.47 $22.39 $24.60 $26.86 $26.86 $26.86   226.93% <-Total Growth 10 Book Value  
Change -7.26% 17.01% 5.79% -12.07% -2.43% -4.70% 22.92% 34.71% 40.83% 15.12% 28.17% 9.86% 9.21%       0.9292 Current/Historical   Book Value  
P/BV (CL) 0.84 0.90 0.82 0.91 0.86 1.70 2.31 2.88 2.87 2.00 0.27 1.50 2.30       12.58% <-IRR #YR->   10 Book Value  
Change -43.62% 6.34% -8.63% 11.55% -6.48% 98.54% 35.91% 24.76% -0.50% -30.07% -86.58% 456.74% 53.67% 25.19% <-IRR #YR->   5 Book Value  
Leverage (A/BK) 1.88 1.65 3.01 2.02 1.97 2.21 1.88 2.01 1.75 1.76 2.89 2.06 1.86 2.04 <-Average   10 A/BV  
Averages             P/BV 10 yr Ave 1.61 5 yr Ave 1.90 2.06 <-Average   5 A/BV  
                           
-$7.52 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.60                    
            -$8.00 $0.00 $0.00 $0.00 $0.00 $24.60                    
                                           
ROE -3.9% 2.8% 5.0% -0.8% 1.2% 5.5% 19.2% 30.7% 37.1% 20.9% 6.0% 12.6% 12.3%       Net Income/Shareholders' equity       ROE  
5Yr Running Ave     2.1% -1.4% 0.9% 2.5% 6.8% 13.9% 23.9% 25.3% 20.3% 17.9% 15.3% <----                
                                           
Net Income -$49 $45 $85 -$21 $30 $134 $617 $1,345 $2,431 $1,615 $659 $1,831 $1,944 <-12 mths       Income Statement      
Oper C. F. $121 $133 $254 $299 $252 $341 $1,116 $1,626 $2,905 $1,719 $2,132 $2,983 $2,481 <-12 mths       Cash Flow Statement      
Invest. C. F -$147 -$391 -$52 -$509 -$177 -$302 -$205 -$1,382 $876 -$3,989 -$10,032 -$664 $639 <-12 mths       Cash Flow Statement      
Total Accruals -$23 $303 -$117 $189 -$45 $95 -$294 $1,101 -$1,350 $3,885 $8,559 -$488 -$1,176                  
Total Assets $2,340 $2,662 $5,102 $5,133 $4,958 $5,375 $6,059 $8,809 $11,447 $13,573 $31,533 $29,873 $29,412         Balance Sheet        
Accruals Ratio -1.00% 11.38% -2.29% 3.68% -0.91% 1.77% -4.85% 12.50% -11.79% 28.62% 27.14% -1.63% -4.00%                  
up/down/neutral                                            
Chge in Close -47.71% 24.42% -3.33% -1.92% -8.75% 89.21% 67.06% 68.07% 40.13% -19.49% -82.80% 511.63% 67.82%                  
Any Predictions?                                            
                                             
Fin. C. F -$44.00 -$269 -$133 $43 -$85 -$27 -$63 $1,013 $876 -$1,081 $10,063 -$2,078 -$2,935 <-12 mths                
Total Accruals $20.54 $572 $16 $146 $40 $122 -$231 $88 -$2,226 $4,966 -$1,504 $1,590 $1,759                  
Accruals Ratio 0.88% 21.49% 0.31% 2.84% 0.81% 2.27% -3.81% 1.00% -19.45% 36.59% -4.77% 5.32% 5.98%                  
                                             
                                             
Jan 9th, 2010.  When I last got estimates for 2009 and 2010 I got earnings of $1.35 and $1.65 and cash flow of $3.25 and 3.80                        
April 27, 2009 AP 2008.  Estimates for 2009 is down slightly, and 2010 is up slightly. Teck Cominco Ltd is old name, changed in 2009                      
April 11, 2009 AP 2008.  In Nov 2008, EPS estimate was $4.14.  It came in at $1.45 and estimes have gone down with some as low as $.26.                       
The CEO is right that we are in a super-cycle re minerals.  But there are lots of people who believe that we do not have enough, say of copper, for China and India to use as the Western world uses.  We are inventing new things, like fiber optic cable to replace copper.  
We are inventing new things, like fiber optic cable to replace copper.  Where this all will end is anyone's guess.                          
2009. Teck has announced the first steps in its reduction plan, including the suspension of its 2009 dividend, a reduction in capital expenses and withdrawal from its Petaquilla project.              
2009.  I bought this as I thought the price went too low.  I will make some capital gains, but mainly I am having some fun.  I only bought 100 shares. However, TCK is a solid mining stock.            
I am just not into mining for regular investing.  I will sell this stock at some point.                                  
                                             
How they make their money.                                        
Teck is a diversified resource company involved in mining and mineral development with major business units focused on copper, metallurgical coal, zinc, gold and energy.                 
This company has interests in several oil sands developments. The company explores for resources in the Americas, the Asia Pacific Region, Europe and Africa.                  
                                             
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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