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/
Toromont Industries Ltd       TIH   www.toromont.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         #Y                    
Accting Rules GAAP                              
Revenue* $723.9 $800.5 $911.0 $1,076.9 $1,299.4 $1,487.3 $1,599.8 $1,764.8 $1,903.0 $2,121.2 $1,824.6 $2,332.2       191.36% <-Total Growth 10 Revenue                  
Increase 5.92% 10.57% 13.81% 18.21% 20.66% 14.46% 7.56% 10.32% 7.83% 11.47% -13.98% 27.82%       11.29% <-IRR #YR-> 10 Revenue                  
Rev per Share $12.80 $13.81 $14.19 $16.97 $20.44 $23.58 $25.14 $27.44 $29.30 $32.83 $28.13 $30.23       7.83% <-IRR #YR-> 5 Revenue                  
P/S (Price/Sales) 0.64 0.63 0.72 0.61 0.81 0.88 1.01 0.89 0.96 0.70 0.99 1.02       8.15% <-IRR #YR-> 10 Rev per share                  
Averages             P/S 10 Yrs 0.86 5 Yrs 0.91       3.75% <-IRR #YR-> 5 Rev per share                  
*Revenue in M CDN $                                                       
    -$800.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $2,332.2                                
              -$1,599.8 $0.0 $0.0 $0.0 $0.0 $2,332.2                                
    -$13.81 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.23                                
              -$25.14 $0.00 $0.00 $0.00 $0.00 $30.23                                
                                                         
pre-split '96                                                        
EPS* $0.53 $0.54 $0.71 $0.64 $0.91 $1.09 $1.23 $1.54 $1.88 $2.15 $1.86 $1.29 $1.95 $2.41 I 138.89% <-Total Growth 10 Earnings                  
Increase -15.32% 2.86% 30.56% -9.22% 42.19% 19.78% 12.84% 25.20% 22.08% 14.36% -13.49% -30.65% 51.16% 23.59%   9.10% <-IRR #YR-> 10 Earnings                  
* ESP per share (Cdn GAAP)                             0.96% <-IRR #YR-> 5 Earnings                  
                                                         
    -$0.54 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.29                                
              -$1.23 $0.00 $0.00 $0.00 $0.00 $1.29                                
                                                         
pre-split '04                                                        
Div* $0.14 $0.16 $0.17 $0.18 $0.21 $0.26 $0.32 $0.40 $0.48 $0.56 $0.59 $0.61 $0.64 $0.64   281.25% <-Total Growth 10 Dividends                  
Increase 7.69% 14.29% 6.25% 5.88% 16.67% 23.81% 23.08% 25.00% 20.00% 16.67% 5.36% 3.39% 4.92% 0.00%   14.58% <-Average 11 Dividends                  
Yield H/L 1.66% 1.85% 1.64% 1.60% 1.58% 1.42% 1.40% 1.69% 1.84% 2.12% 2.49% 2.23%       1.80% <-Average 10 Dividends                  
Yield on Low 2.03% 2.32% 2.23% 1.95% 2.13% 1.64% 1.60% 1.99% 2.15% 2.80% 3.00% 2.66%       2.21% <-Average 10 Dividends                  
Yield on Cl 1.72% 1.83% 1.66% 1.74% 1.27% 1.25% 1.26% 1.63% 1.70% 2.44% 2.12% 1.98% 2.10% 2.10%   1.71% <-Average 10 Dividends                  
Payout Ratio 26.7% 29.6% 24.1% 28.1% 23.1% 23.9% 26.0% 26.0% 25.5% 26.0% 31.7% 47.3% 32.8% 26.6%   28.17% <-Average 10 Dividends                  
Payout Ratio CF 13.3% 78.8% 34.6% 15.8% 16.0% 27.2% 82.7% 26.9% 17.6% 22.0% 19.5% 18.4% 21.7% 21.3%   28.07% <-Average 10 Dividends                  
Average 5 Yrs Div Yd 3.70% in 5 yrs 6.51% in 10 yrs Yield  2.07% 1.97% Payout 31.31% 20.89%       14.32% <-IRR #YR-> 10 Dividends                  
* Dividends per share    12.0% 5 12.0% 10                   13.77% <-IRR #YR-> 5 Dividends                  
                                                         
    -$0.16 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.61                                
              -$0.32 $0.00 $0.00 $0.00 $0.00 $0.61                                
                                                         
I am earning     Trading $24.23 2008 2.64% RRSP $28.59 2007 2.24% Pension $30.03 2008 2.13%                            
Yield if held 5 yrs 5.19% 4.51% 3.27% 2.32% 2.25% 3.09% 3.70% 3.86% 4.27% 4.21% 3.21% 2.67% 2.71% 2.45% Ave H/L Yield on your    Dividends                  
Yield if held 10 yrs   23.79% 22.52% 20.22% 13.40% 9.64% 9.01% 7.70% 6.18% 6.01% 7.01% 7.06% 6.17% 5.69% Ave H/L original money   Dividends                  
                                                         
Graham Price $6.51 $6.76 $8.81 $8.72 $11.02 $12.72 $14.48 $17.46 $20.65 $24.15 $23.47 $21.30 $26.19 $29.11   Cl Pr higher/lower by?   Graham Price                  
Prem /Disc. Ave 29.24% 27.74% 17.62% 28.97% 20.76% 44.43% 57.94% 35.28% 26.63% 9.50% 1.07% 28.39%       27.06% <-Average 10 Graham Price                  
Prem /Disc. High 52.81% 53.46% 48.66% 51.89% 51.85% 63.98% 77.39% 55.53% 45.27% 36.15% 18.39% 49.03%       49.81% <-Average 10 Graham Price                  
Prem /Disc. Low 5.66% 2.01% -13.41% 6.04% -10.33% 24.89% 38.50% 15.03% 7.99% -17.14% -16.25% 7.76%       4.31% <-Average 10 Graham Price                  
Prem /Disc. Cl 24.86% 29.36% 16.21% 18.42% 50.03% 62.96% 75.45% 40.35% 36.85% -4.80% 18.39% 44.43% 16.55% 4.84%   35.83% <-Average 10 Graham Price                  
                                                         
pre-split '04                                                        
Price Cl $8.13 $8.75 $10.24 $10.33 $16.53 $20.72 $25.40 $24.50 $28.26 $22.99 $27.79 $30.76 $30.52 $30.52   251.54% <-Total Growth 10 Stock Price                  
Increase 3.17% 7.63% 17.03% 0.88% 60.02% 25.35% 22.59% -3.54% 15.35% -18.65% 20.88% 10.69% -0.78% 0.00%   13.40% <-IRR #YR-> 10 Stock Price                  
P/E 15.49 16.20 14.52 16.14 18.16 19.01 20.65 15.91 15.03 10.69 14.94 23.84 15.65 12.66   3.90% <-IRR #YR-> 5 Stock Price                  
Trailing P/E 13.11 16.67 18.96 14.65 25.83 22.77 23.30 19.92 18.35 12.23 12.93 16.54 23.66 15.65   15.61% <-IRR #YR-> 10 Price & Div                  
Median 5 Yrs 1.91% 2.21% Div %  5, 10 yrs   Price Inc 10.69% P/E: Y-T 15.03 16.54       5.81% <-IRR #YR-> 5 Price & Div                  
                                                 
    -$8.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $30.76                                
              -$25.40 $0.00 $0.00 $0.00 $0.00 $30.76                                
    -$8.75 $0.17 $0.18 $0.21 $0.26 $0.32 $0.40 $0.48 $0.56 $0.59 $31.37                                
              -$25.40 $0.40 $0.48 $0.56 $0.59 $31.37                                
                                                         
Price H/L Ave. $8.42 $8.64 $10.37 $11.25 $13.31 $18.37 $22.87 $23.62 $26.15 $26.45 $23.73 $27.35       216.49% <-Total Growth 10 Stock Price                  
Increase -9.66% 2.67% 19.97% 8.54% 18.27% 38.03% 24.50% 3.28% 10.73% 1.13% -10.29% 15.26%       12.21% <-IRR #YR-> 10 Stock Price                  
P/E 16.03 16.00 14.70 17.58 14.62 16.85 18.59 15.33 13.91 12.30 12.76 21.20       3.64% <-IRR #YR-> 5 Stock Price                  
Trailing P/E 13.57 16.46 19.19 15.96 20.79 20.18 20.98 19.20 16.98 14.07 11.03 14.70       14.56% <-IRR #YR-> 10 Price & Div                  
Median 5 Yrs 2.13% 2.35% Div %  5, 10 yrs   Price Inc 3.28% P/E: Y-T 13.91 14.70       5.77% <-IRR #YR-> 5 Price & Div                  
                                                 
    -$8.64 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $27.35                                
              -$22.87 $0.00 $0.00 $0.00 $0.00 $27.35                                
    -$8.64 $0.17 $0.18 $0.21 $0.26 $0.32 $0.40 $0.48 $0.56 $0.59 $27.96                                
              -$22.87 $0.40 $0.48 $0.56 $0.59 $27.96                                
                                                         
Hi Mths                   Aug Dec Dec                                
pre-split '04                                                        
Price Hi $9.95 $10.38 $13.10 $13.25 $16.73 $20.85 $25.68 $27.15 $30.00 $32.88 $27.79 $31.74       205.78% <-Total Growth 10 Stock Price                  
Increase -13.48% 4.32% 26.20% 1.15% 26.26% 24.63% 23.17% 5.72% 10.50% 9.60% -15.48% 14.21%       11.83% <-IRR #YR-> 10 Stock Price                  
P/E 18.95 19.22 18.58 20.70 18.38 19.13 20.88 17.63 15.96 15.29 14.94 24.60       4.33% <-IRR #YR-> 5 Stock Price                  
Trailing P/E 16.05 19.77 24.26 18.79 26.14 22.91 23.56 22.07 19.48 17.49 12.93 17.06                                
Median 5 Yrs             Price Inc 9.60% P/E: Y-T 15.96 17.49                                
                                                         
    -$10.38 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $31.74                                
              -$25.68 $0.00 $0.00 $0.00 $0.00 $31.74                                
                                                         
Low Mths                   Dec Feb Jun                                
Price Low $6.88 $6.90 $7.63 $9.25 $9.88 $15.88 $20.05 $20.08 $22.30 $20.01 $19.66 $22.95       232.61% <-Total Growth 10 Stock Price                  
Increase -3.51% 0.29% 10.58% 21.23% 6.81% 60.73% 26.26% 0.15% 11.06% -10.27% -1.75% 16.73%       12.77% <-IRR #YR-> 10 Stock Price                  
P/E 13.10 12.78 10.82 14.45 10.86 14.57 16.30 13.04 11.86 9.31 10.57 17.79       2.74% <-IRR #YR-> 5 Stock Price                  
Trailing P/E 11.10 13.14 14.13 13.12 15.44 17.45 18.39 16.33 14.48 10.64 9.14 12.34                                
Median 5 Yrs             Price Inc 0.15% P/E: Y-T 11.86 12.34                                
                                                         
    -$6.90 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $22.95                                
                                                         
Market Cap $460 $507 $657 $655 $1,051 $1,307 $1,616 $1,576 $1,835 $1,486 $1,803 $2,373 $2,355 $2,355                            
                                                       
# of Sh in M 56.58 57.95 64.19 63.46 63.56 63.08 63.62 64.31 64.94 64.62 64.87 77.15 77.15 77.15     Share Capital   Shares                  
Increase -4.26% 2.43% 10.77% -1.15% 0.17% -0.76% 0.86% 1.08% 0.98% -0.50% 0.38% 18.93% 0.00% 0.00%   3.08% <-Average 10 Shares                  
CF fr Op $M $59.60 $11.76 $31.57 $72.20 $83.60 $60.31 $24.61 $95.48 $176.81 $164.71 $196.25 $255.65 $227.59 $231.45   2073.18% <-Total Growth 10 Cash Flow                  
OPS $1.05 $0.20 $0.49 $1.14 $1.32 $0.96 $0.39 $1.48 $2.72 $2.55 $3.03 $3.31 $2.95 $3.00 D 1532.40% <-Total Growth 10 Cash Flow                  
Non-cash WC -$12.40 $33.74 $33.74 $1.35 $8.08 $48.56 -$99.5 $42.1 -$24.6 $10.1 -$19.3 -$103.7   756.57% <-Total Growth 5 CF per Share                  
Net $47.52 $47.52 $108.87 $108.87 $108.87 $108.87 $124.10 $137.57 $152.19 $174.76 $176.95 $151.92   0.96% <-Total Growth 5 CF per Share                  
Net per share $0.84 $0.82 $1.70 $1.72 $1.71 $1.73 $1.95 $2.14 $2.34 $2.70 $2.73 $1.97 $2.95 $3.00   32.22% <-IRR #YR-> 10 Cash Flow                  
Increase #DIV/0! -2.37% 106.82% 1.17% -0.17% 0.76% 13.01% 9.68% 9.55% 15.40% 0.86% -27.81% 49.81% 1.69%   53.66% <-IRR #YR-> 5 Cash Flow                  
P/O on Cl 9.68 10.67 6.04 6.02 9.65 12.01 13.02 11.45 12.06 8.50 10.19 15.62 10.35 10.17 9.16% <-IRR #YR-> 10 Cash Flow                  
*Operational Cash Flow per share P/CF 10 Yrs  10.46 5 Yrs   11.56 0.19% <-IRR #YR-> 5 Cash Flow                  
                                     
-$0.20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.31                          
-$0.39 $0.00 $0.00 $0.00 $0.00 $3.31                      
-$0.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.97                      
-$1.95 $0.00 $0.00 $0.00 $0.00 $1.97                      
                                                         
OPM 8.2% 1.5% 3.5% 6.7% 6.4% 4.1% 1.5% 5.4% 9.3% 7.8% 10.8% 11.0%   should be zero, it is a check on calculations                        
Change 280.22% -82.15% 135.77% 93.48% -4.03% -36.98% -62.06% 251.62% 71.74% -16.43% 38.52% 1.91%                          
Diff from Ave 24.0% -77.9% -47.8% 1.0% -3.1% -38.9% -76.8% -18.5% 40.0% 17.0% 62.0% 65.1%       0.00% <-Average 10 OPM                  
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 6.64% 5 Yrs 8.84%                                
                                                         
Curr Assets $389.08 $427.99 $444.27 $483.01 $508.48 $587.11 $794.16 $893.21 $939.72 $1,073.3 $882.2 $1,144.0       Liq ratio of 1.5 and up, best   Assets                  
Curr Liab. $226.14 $226.14 $226.14 $269.79 $304.90 $348.59 $383.17 $423.58 $472.86 $564.0 $342.9 $624.2       1.96 <-Average 10 Liabilities                  
Liquidity 1.72 1.89 1.96 1.79 1.67 1.68 2.07 2.11 1.99 1.90 2.57 1.83       2.08 <-Average 5 Ratio                  
                                                         
Assets $531.2 $613.8 $720.7 $771.9 $856.2 $944.8 $1,144.0 $1,300.0 $1,356.8 $1,533.5 $1,364.7 $2,269.2       A/L ratio of 1.5 and up, best   Assets                  
Liab. $328.1 $395.6 $406.5 $436.6 $479.3 $529.0 $662.2 $734.4 $702.1 $754.3 $510.6 $1,062.6       1.94 <-Average 10 Liabilities                  
Liquidity 1.62 1.55 1.77 1.77 1.79 1.79 1.73 1.77 1.93 2.03 2.67 2.14       2.11 <-Average 5 Ratio                  
                                                         
Non-Cont. Int.                       $0.9                                
Book Value $203.1 $218.2 $314.2 $335.3 $376.8 $415.9 $481.8 $565.6 $654.7 $779.1 $854.1 $1,205.7 $1,205.7 $1,205.7   452.53% <-Total Growth 10 Book Value                  
BV per share $3.59 $3.77 $4.90 $5.28 $5.93 $6.59 $7.57 $8.79 $10.08 $12.06 $13.17 $15.63 $15.63 $15.63   315.04% <-Total Growth 10 Book Value                  
Change 15.55% 4.91% 30.00% 7.95% 12.19% 11.19% 14.87% 16.13% 14.64% 19.59% 9.20% 18.70% 0.00% 0.00%   0.7841 Current/Historical   Book Value                  
P/BV (CL) 2.27 2.32 2.09 1.95 2.79 3.14 3.35 2.79 2.80 1.91 2.11 1.97 1.95 1.95 15.29% <-IRR #YR-> 10 Book Value                  
Change -10.71% 2.59% -9.98% -6.55% 42.63% 12.73% 6.72% -16.94% 0.62% -31.97% 10.69% -6.75% -0.78% 0.00% 15.59% <-IRR #YR-> 5 Book Value                  
Leverage (A/BK) 2.62 2.81 2.29 2.30 2.27 2.27 2.37 2.30 2.07 1.97 1.60 1.88 0.00 0.00   2.13 <-Average 10 A/BV                  
Debt/Equity Ratio 1.62 1.81 1.29 1.30 1.27 1.27 1.37 1.30 1.07 0.97 0.60 0.88 0.00 0.00   1.13 <-Average 10 Debt/Eq Ratio                  
Averages               P/BV 10 Yrs 2.49 5 Yrs 2.31                                
                                                   
-$3.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $15.63                                
            -$7.57 $0.00 $0.00 $0.00 $0.00 $15.63                                
                                                       
ROE               17.7% 16.9% 21.5% 12.8% 5.8%             Compreh. Inc                  
5 year Median                       16.9%             Compreh. Inc                  
Comprehensive Inc               $99.99 $110.78 $167.56 $108.99 $69.56             Compreh. Inc                  
                                                       
ROE 15.8% 14.8% 13.9% 12.3% 15.6% 17.0% 16.4% 17.6% 18.7% 18.0% 14.1% 8.2%       Net Income/Shareholders' equity                        
5 year Median 21.8% 20.8% 15.8% 14.8% 14.8% 14.8% 15.6% 16.4% 17.0% 17.6% 17.6% 17.6%                                
                                                       
Net Income $32.06 $32.35 $43.70 $41.38 $58.69 $70.52 $78.96 $99.42 $122.28 $140.52 $120.52 $98.65       204.99% <-Total Growth 10 Net Income                  
Oper C. F. $59.60 $11.76 $31.57 $72.20 $83.60 $60.31 $24.61 $95.48 $176.81 $164.71 $196.25 $255.65         Cash Flow Statement                   
Invest. C. F -$94.19 -$29.50 -$88.82 -$39.26 -$109.47 -$38.94 -$25.12 -$81.17 -$74.62 -$31.94 -$73.09 -$340.91         Cash Flow Statement                  
Total Accruals $66.65 $50.08 $100.95 $8.44 $84.56 $49.15 $79.47 $85.12 $20.08 $7.75 -$2.64 $183.91                                
Total Assets $531.2 $613.8 $720.7 $771.9 $856.2 $944.8 $1,144.0 $1,300.0 $1,356.8 $1,533.5 $1,364.7 $2,269.2         Balance Sheet                      
Accruals Ratio 12.55% 8.16% 14.01% 1.09% 9.88% 5.20% 6.95% 6.55% 1.48% 0.51% -0.19% 8.10%                                
up/down/neutral                                                        
Chge in Close 3.17% 7.63% 17.03% 0.88% 60.02% 25.35% 22.59% -3.54% 15.35% -18.65% 20.88% 10.69%                                
                                                         
Fin. C. F $39.46 $28.45 $70.48 -$33.52 -$8.58 -$21.37 $52.22 -$7.09 -$56.70 -$101.26 -$51.01 $54.45                                
Total Accruals $27.2 $21.6 $30.5 $42.0 $93.1 $70.5 $27.2 $92.2 $76.8 $109.0 $48.4 $129.5                                
Accruals Ratio 5.12% 3.52% 4.23% 5.44% 10.88% 7.46% 2.38% 7.09% 5.66% 7.11% 3.54% 5.70%                                
Any Predictions?                                                        
                                                         
                                                         
Mar 26, 2011.  The last time I reviewed this stock I got estimates for 2010 and 2011 of $1.25 and $1.86 for earnings and $2.00 and $3.02 for CF.                                
Jun 30, 2010.  When I last looked this stock had 2010 estimates of $1.90 for earnings and $3.02 for Cash Flow.  Share increase do to Enerflex purchase.                                
Apr 11, 2010.  When I last looked at this stock, I got 2009 and 2010 earnings of $1.80 and $1.90 and cash flow of $2.55 and $3.02.                                  
May 26, 2009.  quarterly report is in for Mar 2009. Operational cash flow is neg and this is generally not good, but it was neg at this time last year too. Revenue, net income and book value are up.                      
May 25, 2009.  I have raised the estimate for 2010 after reviewing what the analysts are currently saying about this stock. Rise is from $1.83 to $1.90.  Since last review, stock price is up a bit.                      
Also, expected cash flow was gone down a bit for 2009 and 210.                                                
AR 2008. November 2008 earnings estimate was $1.95 and it came in at $2.15. Dividends have increased for the last 20 years.                                    
The main problem is that analyst do not see this stock making any head way in the next little while.  This will adversely affect the stock price in the short term.  However, the economic climate is currently not great, so they may just be right.              
AP 2007.  Has had a dividend for last 40 years.  IRR of Dividends last 5 is 25%.  Return total last 5 years is 24%.                                        
                                                         
How they make their money                                                    
There are two sections to this company.   The Equipment Group is for Caterpillar dealerships. The Compression Group designs, engineers, fabricates                                
and installs compression systems for natural gas, fuel gas and carbon dioxide. This last group also has industrial and recreational refrigeration systems.                                
                                                         
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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