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Valener Inc. TSX: VNR OTC: VNRCF www.valener.com Fiscal Yr: Sep 30
Year 9/30/05 9/30/06 9/30/07 9/29/08 9/30/09 9/30/10 9/30/11 9/30/12 9/30/13 9/30/14 9/30/15 9/30/16 9/30/17 9/30/18 9/30/19 Value Description #Y Item
Accounting Rule C GAAP C GAAP C GAAP C GAAP C GAAP US GAAP US GAAP US GAAP IFRS
Valener share in Gaz 29% 29% 29% 29% 29% 29% 29%
Revenue Valener's share $524.38 $581.10 $567.67 $629.86 $652.27 $585.93 $569.21 $553.22 $643.05 $735.65 $788.97 $750.24 29.11% <-Total Growth 10 Revenue
Increase 1.41% 10.82% -2.31% 10.96% 3.56% -10.17% -2.85% -2.81% 16.24% 14.40% 7.25% -4.91% 2.59% <-IRR #YR-> 10 Revenue
5 year Running Average $524 $520 $540 $564 $591 $603 $601 $598 $601 $617 $658 $694 5.68% <-IRR #YR-> 5 Revenue
Revenue per Share VNR $15.39 $17.05 $16.25 $18.03 $18.67 $16.77 $15.24 $14.74 $17.04 $19.34 $20.57 $19.42 2.94% <-IRR #YR-> 10 5 yr Running Average
Increase -1.20% 10.81% -4.69% 10.94% 3.56% -10.17% -9.15% -3.31% 15.62% 13.52% 6.35% -5.58% 2.93% <-IRR #YR-> 5 5 yr Running Average
5 year Running Average $15.94 $15.60 $15.94 $16.46 $17.08 $17.36 $16.99 $16.69 $16.49 $16.63 $17.38 $18.22 1.31% <-IRR #YR-> 10 Revenue per Share
P/S (Price/Sales) Med 1.43 1.12 1.04 0.84 0.73 0.97 1.10 1.03 0.94 0.81 0.81 1.02 4.97% <-IRR #YR-> 5 Revenue per Share
P/S (Price/Sales) Close 1.46 1.03 0.99 0.81 0.85 1.01 0.95 1.08 0.92 0.81 0.81 1.12 1.57% <-IRR #YR-> 10 5 yr Running Average
*Revenue in M CDN $  P/S 10 yr  0.94 5 yr  0.92 1.40% <-IRR #YR-> 5 5 yr Running Average
-$581 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $750.2
-$569.2 $0.0 $0.0 $0.0 $0.0 $750.2
-$520 $0 $0 $0 $0 $0 $0 $0 $0 $0 $694
-$601 $0 $0 $0 $0 $694
-$17.05 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.42
-$15.24 $0.00 $0.00 $0.00 $0.00 $19.42
-$15.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $18.22
-$16.99 $0.00 $0.00 $0.00 $0.00 $18.22
% of GM Income to Valener 29.00% 29.25% 29.25% 29.26% 28.98% 28.45% 28.77%
Income from GM $51.818 $47.557 $41.718 $52.331 $50.372 $53.487 $80.486
Inome $42.18 $42.69 $35.62 $44.79 $45.95 $51.818 $47.785 $42.263 $52.572 $51.176 $58.743 $83.995 $101.0 $103.0 $72.2 96.76% <-Total Growth 10 Revenue
Increase -9.31% 1.21% -16.55% 25.72% 2.60% 12.77% -7.78% -11.56% 24.39% -2.66% 14.79% 42.99% 20.25% 1.98% -29.90% 7.00% <-IRR #YR-> 10 Revenue
Income per Share $1.24 $1.25 $1.02 $1.28 $1.32 $1.48 $1.28 $1.13 $1.39 $1.35 $1.53 $2.17 $2.61 $2.67 $1.87 11.94% <-IRR #YR-> 5 Revenue
P/S (Price/Sales) 18.18 14.05 15.71 11.39 12.02 11.37 11.27 14.10 11.31 11.68 10.87 10.04 7.83 7.67 10.95 5.67% <-IRR #YR-> 10 Inome per Share
Income for Valener P/S 10 Yrs 1.33 5Yrs 1.39 11.19% <-IRR #YR-> 5 Inome per Share
-$42.69 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $84.00
-$47.79 $0.00 $0.00 $0.00 $0.00 $84.00
-$1.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.17
-$1.28 $0.00 $0.00 $0.00 $0.00 $2.17
EPS Basic $1.33 $1.25 $1.02 $1.28 $1.32 $1.48 $0.82 $0.75 $0.99 $0.97 $1.12 $1.61 28.80% <-Total Growth 10 EPS Basic
EPS Diluted* $1.33 $1.25 $1.02 $1.28 $1.32 $1.48 $0.82 $0.75 $0.99 $0.97 $1.12 $1.61 $1.30 $1.33 $1.39 28.80% <-Total Growth 10 EPS Diluted
Increase -5.00% -6.02% -18.40% 25.49% 3.13% 12.12% -44.59% -8.54% 32.00% -2.02% 15.46% 43.75% -19.25% 2.31% 4.51% 2.56% <-IRR #YR-> 10 Earnings per Share 28.80%
Earnings Yield 5.9% 7.1% 6.4% 8.8% 8.3% 8.8% 5.7% 4.7% 6.3% 6.2% 6.7% 7.4% 6.4% 6.5% 6.8% 14.45% <-IRR #YR-> 5 Earnings per Share 96.34%
5 year Running Average $1.36 $1.35 $1.28 $1.26 $1.24 $1.27 $1.18 $1.13 $1.07 $1.00 $0.93 $1.09 $1.20 $1.27 $1.35 -2.16% <-IRR #YR-> 10 5 yr Running Average -19.65%
10 year Running Average $1.33 $1.32 $1.29 $1.29 $1.30 $1.32 $1.27 $1.20 $1.16 $1.12 $1.10 $1.14 $1.16 $1.17 $1.18 -1.68% <-IRR #YR-> 5 5 yr Running Average -8.11%
* Diluted ESP per share  E/P 10 Yrs 6.55% 5Yrs 6.29%
-$1.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.61
-$0.82 $0.00 $0.00 $0.00 $0.00 $1.61
-$1.35 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.09
-$1.18 $0.00 $0.00 $0.00 $0.00 $1.09
Special Dividends $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 <-Median-> 10 Special Dividends
Dividend* $1.36 $1.33 $1.24 $1.24 $1.24 $1.24 $1.00 $1.00 $1.00 $1.00 $1.02 $1.07 $1.11 $1.12 $1.12 -19.55% <-Total Growth 10 Dividends
Increase 0.00% -2.21% -6.77% 0.00% 0.00% 0.00% -19.35% 0.00% 0.00% 0.00% 2.00% 4.90% 3.74% 0.90% 0.00% Count 24 Years of data
Dividends 5 Yr Running $1.32 $1.33 $1.33 $1.31 $1.28 $1.26 $1.19 $1.14 $1.10 $1.05 $1.00 $1.02 $1.04 $1.06 $1.09 -23.69% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 6.16% 6.99% 7.34% 8.22% 9.15% 7.64% 5.99% 6.56% 6.27% 6.38% 6.14% 5.41% 5.48% 6.78% <-Median-> 10 Dividends
Yield on High  Price 5.80% 5.91% 6.70% 7.56% 7.67% 7.26% 5.55% 6.07% 6.10% 6.20% 5.73% 4.68% 5.11% 6.15% <-Median-> 10 Dividends
Yield on Low Price 6.58% 8.55% 8.10% 9.01% 11.33% 8.06% 6.50% 7.14% 6.45% 6.57% 6.62% 6.43% 5.92% 7.60% <-Median-> 10 Dividends
Yield on Close Price 6.04% 7.56% 7.74% 8.49% 7.84% 7.35% 6.93% 6.30% 6.35% 6.36% 6.13% 4.90% 5.43% 5.47% 5.47% 7.14% <-Median-> 10 Dividends
Payout Ratio EPS 102.26% 106.40% 121.57% 96.88% 93.94% 83.78% 121.95% 133.33% 101.01% 103.09% 91.07% 66.46% 85.38% 84.21% 80.58% 102.05% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 97.21% 98.52% 103.76% 103.98% 103.39% 99.06% 100.68% 101.24% 102.24% 104.59% 107.96% 93.57% 86.81% 84.04% 80.59% 102.81% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 50.03% 50.51% 37.79% 40.23% 29.93% 43.55% 108.29% 157.50% 83.57% 88.18% 62.21% 72.86% 94.07% 91.80% 87.50% 56.36% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 47.00% 48.43% 46.58% 44.44% 40.42% 39.34% 41.74% 49.18% 56.23% 77.79% 90.80% 83.80% 78.56% 80.09% 80.14% 47.50% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 46.25% 52.57% 42.96% 35.69% 33.79% 38.10% 166.55% 97.25% 85.89% 82.81% 64.99% 73.99% 94.07% 91.80% 87.50% 58.78% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 44.98% 45.90% 45.77% 43.84% 41.35% 39.77% 42.92% 47.56% 56.39% 72.22% 90.12% 79.33% 79.18% 80.32% 81.25% 45.83% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 5 Yr Med 5 Yr Cl 6.27% 6.30% 5 Yr Med Payout 101.01% 83.57% 82.81% -2.15% <-IRR #YR-> 10 Dividends
* Dividends per share  5 Yr Med and Cur. -12.69% -13.13% Last Div Inc ---> $0.27 $0.28 3.7% 1.36% <-IRR #YR-> 5 Dividends
-$1.33 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.07
-$1.00 $0.00 $0.00 $0.00 $0.00 $1.07
Historical Dividends Historical High Div 10.72% Low Div 5.59% Ave Div 8.16% Med Div 7.11% Close Div 7.21% Historical Dividends
High/Ave/Median Values Curr diff Exp. -48.94% Exp -2.07% Exp. -32.87% Exp. -23.01% Exp. -24.11% High/Ave/Median 
Future Dividend Yield Div Yd 6.35% earning in 5 Years at IRR of 3.00% Div Inc. 15.93% Future Dividend Yield
Future Dividend Yield Div Yd 7.36% earning in 10 Years at IRR of 3.00% Div Inc. 34.39% Future Dividend Yield
Future Dividend Yield Div Yd 8.53% earning in 15 Years at IRR of 3.00% Div Inc. 55.80% Future Dividend Yield
Yield if held 5 yrs 8.95% 8.39% 7.17% 6.47% 5.89% 5.62% 5.25% 5.92% 6.63% 7.38% 6.28% 6.41% 7.29% 7.02% 7.15% 6.34% <-Median-> 10 Paid Median Price
Yield if held 10 yrs 9.50% 7.14% 7.35% 7.06% 8.16% 6.31% 5.78% 5.21% 4.75% 4.62% 5.62% 6.57% 7.42% 8.27% 6.04% <-Median-> 10 Paid Median Price
Yield if held 15 yrs 7.14% 5.76% 5.93% 5.69% 6.71% 6.75% 6.42% 5.84% 5.32% 6.32% <-Median-> 6 Paid Median Price
Yield if held 20 yrs 7.64% 6.39% 6.64% 6.37% 7.64% <-Median-> 1 Paid Median Price
Cost covered if held 5 years 43.49% 42.08% 38.32% 34.05% 30.43% 28.51% 31.32% 33.85% 36.33% 38.67% 30.91% 30.48% 34.13% 33.35% 34.70% 32.58% <-Median-> 10 Paid Median Price
Cost covered if held 10 years 93.14% 74.59% 76.50% 73.40% 84.87% 79.68% 71.39% 62.62% 55.31% 51.26% 58.07% 64.62% 71.59% 78.82% 72.39% <-Median-> 10 Paid Median Price
Cost covered if held 15 years 135.71% 107.51% 108.98% 103.21% 117.89% 111.80% 101.45% 90.35% 81.13% 110.39% <-Median-> 6 Paid Median Price
Cost covered if held 20 years 172.07% 137.44% 140.50% 134.17% 172.07% <-Median-> 1 Paid Median Price
Graham No. $15.46 $14.88 $13.25 $15.01 $15.30 $16.06 $17.25 $16.12 $18.81 $18.80 $20.76 $24.62 $22.13 $22.38 $22.88 65.53% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.43 1.28 1.28 1.01 0.89 1.01 0.97 0.95 0.85 0.83 0.80 0.80 0.91 0.92 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.52 1.51 1.40 1.09 1.06 1.06 1.04 1.02 0.87 0.86 0.86 0.93 0.98 1.03 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.34 1.05 1.15 0.92 0.71 0.96 0.89 0.87 0.82 0.81 0.74 0.68 0.85 0.85 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.46 1.18 1.21 0.97 1.03 1.05 0.84 0.98 0.84 0.84 0.80 0.89 0.92 0.91 0.89 0.93 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 45.54% 18.31% 20.87% -2.72% 3.32% 5.06% -16.42% -1.56% -16.28% -16.38% -19.81% -11.35% -7.54% -8.58% -10.58% -7.03% <-Median-> 10 Graham Price
Month, Year Dec-05 Dec-06 Dec-07 Dec-08 Dec-09 Dec-10 Dec-11 Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Month, Year
Price Close $19.57 $15.58 $16.34 $13.15 $16.40 $17.10 $15.98 $16.05 $15.23 $16.02 $18.01 $20.96 $20.46 $20.46 $20.46 34.53% <-Total Growth 10 Stock Price
Increase -11.13% -20.39% 4.88% -19.52% 24.71% 4.27% -6.55% 0.44% -5.11% 5.19% 12.42% 16.38% -2.39% 0.00% 0.00% 3.01% <-IRR #YR-> 10 Stock Price
P/E 14.71 12.46 16.02 10.27 12.42 11.55 19.49 21.40 15.38 16.52 16.08 13.02 15.74 15.38 14.72 5.58% <-IRR #YR-> 5 Stock Price
Trailing P/E 13.98 11.71 13.07 12.89 12.81 12.95 10.80 19.57 20.31 16.18 18.57 18.71 12.71 15.74 15.38 9.46% <-IRR #YR-> 10 Price & Dividend
Median 5 Yrs D.  per yr 6.45% 5.75% % Tot Ret 68.19% 50.76% Price Inc 5.19% P/E:  15.70 16.08 11.32% <-IRR #YR-> 5 Price & Dividend
-$15.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $20.96
-$15.98 $0.00 $0.00 $0.00 $0.00 $20.96
-$15.58 $1.24 $1.24 $1.24 $1.24 $1.00 $1.00 $1.00 $1.00 $1.02 $22.03
-$15.98 $1.00 $1.00 $1.00 $1.02 $22.03
Month, Year Sep-05 Sep-06 Sep-07 Sep-08 Sep-09 Sep-10 Sep-11 Sep-12 Sep-13 Sep-14 Sep-15 Sep-16 Sep-17 Sep-18 Sep-19 Month, Year
Price Close $22.50 $17.60 $16.02 $14.60 $15.81 $16.87 $14.42 $15.87 $15.75 $15.72 $16.65 $21.83 $20.46 $20.46 $20.46 24.03% <-Total Growth 10 Stock Price
Increase 6.89% -21.78% -8.98% -8.86% 8.29% 6.70% -14.52% 10.06% -0.76% -0.19% 5.92% 31.11% -6.28% 0.00% 0.00% 2.18% <-IRR #YR-> 10 Stock Price
P/E 16.92 14.08 15.71 11.41 11.98 11.40 17.59 21.16 15.91 16.21 14.87 13.56 15.74 15.38 14.72 8.65% <-IRR #YR-> 5 Stock Price
Trailing P/E 16.07 13.23 12.82 14.31 12.35 12.78 9.74 19.35 21.00 15.88 17.16 19.49 12.71 15.74 15.38 8.05% <-IRR #YR-> 10 Price & Dividend
Median 5 Yrs D.  per yr 5.87% 6.05% % Tot Ret 72.94% 41.17% Price Inc 5.92% P/E:  15.29 15.91 14.70% <-IRR #YR-> 5 Price & Dividend
-$17.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $21.83
-$14.42 $0.00 $0.00 $0.00 $0.00 $21.83
-$17.60 $1.24 $1.24 $1.24 $1.24 $1.00 $1.00 $1.00 $1.00 $1.02 $22.90
-$14.42 $1.00 $1.00 $1.00 $1.02 $22.90
Price H/L Median $22.07 $19.03 $16.90 $15.09 $13.55 $16.24 $16.70 $15.24 $15.95 $15.68 $16.60 $19.76 $20.24 3.84% <-Total Growth 10 Stock Price
Increase 4.75% -13.75% -11.19% -10.74% -10.18% 19.85% 2.83% -8.77% 4.69% -1.72% 5.90% 19.04% 2.43% 0.38% <-IRR #YR-> 10 Stock Price
P/E 16.59 15.22 16.57 11.79 10.27 10.97 20.37 20.31 16.11 16.16 14.82 12.27 15.57 3.42% <-IRR #YR-> 5 Stock Price
Trailing P/E 15.76 14.31 13.52 14.79 10.59 12.30 11.28 18.58 21.27 15.83 17.11 17.64 12.57 6.18% <-IRR #YR-> 10 Price & Dividend
P/E on Running 5 yr Aveage 16.22 14.05 13.22 12.01 10.93 12.79 14.10 13.48 14.88 15.64 17.85 18.16 16.89 9.13% <-IRR #YR-> 5 Price & Dividend
P/E on Running 10 yr Aveage 16.55 14.39 13.06 11.69 10.45 12.35 13.16 12.65 13.70 13.98 15.09 17.39 17.39 13.80 P/E Ratio Historical Median
Median 5 Yrs D.  per yr 5.80% 5.71% % Tot Ret 93.89% 62.53% Price Inc 4.69% P/E:  15.47 16.11 Count 21 Years of data
-$19.03 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.76
-$16.70 $0.00 $0.00 $0.00 $0.00 $19.76
-$19.03 $1.24 $1.24 $1.24 $1.24 $1.00 $1.00 $1.00 $1.00 $1.02 $20.83
-$16.70 $1.00 $1.00 $1.00 $1.02 $20.83
High Months Sep 08 Sep 09 Oct 10 Sep 12 Nov 13 Apr 14 Mar 15 May 16 Oct 16
Price High $23.45 $22.50 $18.50 $16.40 $16.16 $17.09 $18.01 $16.47 $16.40 $16.13 $17.80 $22.88 $21.72 1.69% <-Total Growth 10 Stock Price
Increase 3.17% -4.05% -17.78% -11.35% -1.46% 5.75% 5.38% -8.55% -0.43% -1.65% 10.35% 28.54% -5.07% 0.17% <-IRR #YR-> 10 Stock Price
P/E 17.63 18.00 18.14 12.81 12.24 11.55 21.96 21.96 16.57 16.63 15.89 14.21 16.71 4.90% <-IRR #YR-> 5 Stock Price
Trailing P/E 16.75 16.92 14.80 16.08 12.63 12.95 12.17 20.09 21.87 16.29 18.35 20.43 13.49 15.01 P/E Ratio Historical Median
Median 5 Yrs Price Inc -0.43% P/E:  16.23 16.57 17.85 P/E Ratio Historical High
-$22.50 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $22.88
-$18.01 $0.00 $0.00 $0.00 $0.00 $22.88
Low Months Dec 08 May 10 May 10 Oct 11 Sep 13 Nov 13 Oct 14 Oct 15 Nov 16
Price Low $20.68 $15.56 $15.30 $13.77 $10.94 $15.39 $15.39 $14.00 $15.50 $15.22 $15.40 $16.64 $18.76 6.94% <-Total Growth 10 Stock Price
Increase 6.60% -24.76% -1.67% -10.00% -20.55% 40.68% 0.00% -9.03% 10.71% -1.81% 1.18% 8.05% 12.74% 0.67% <-IRR #YR-> 10 Stock Price
P/E 15.55 12.45 15.00 10.76 8.29 10.40 18.77 18.67 15.66 15.69 13.75 10.34 14.43 1.57% <-IRR #YR-> 5 Stock Price
Trailing P/E 14.77 11.70 12.24 13.50 8.55 11.66 10.40 17.07 20.67 15.37 15.88 14.86 11.65 12.45 P/E Ratio Historical Median
Median 5 Yrs Price Inc 1.18% P/E:  14.38 15.66 10.36 P/E Ratio Historical Low
-$15.56 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.64
Long Term Debt $121.04 $85.23 Debt
Debt/Market Cap Ratio 0.19 0.10 0.15 <-Median-> 2 Debt/Market Cap Ratio
Goodwill Gas Metro $322 $322 $322 $414 $399 Intangibles Goodwill
Goodwill/Asset Ratio 0.06 0.06 0.05 0.06 0.05 0.06 <-Median-> 5 % of Market C.
Sold shares at  $15.00 $16.00 $16.00 $16.50 $16.50
Market Cap $2,230.1 $2,426.7 $2,428.7 $2,759.6 $2,759.6
% of Market Cap 14.43% 13.26% 13.25% 15.01% 14.45% 14.43% <-Median-> 5 % of Market C.
Goodwill Vanener Yes, 0 -> $0 $0 $0 $0 $0 Intangibles Goodwill
Goodwill/Market Cap Ratio 0.00 0.00 0.00 0.00 0.00 0.00 <-Median-> 5 % of Market C.
Goodwill Vanener in GM $319 $329 $332 $338 $351 $350 in GM Goodwill Search
Intangible/Market Cap Ratio 0.59 0.55 0.56 0.56 0.55 0.41 0.56 <-Median-> 6 Intangible/Market Cap Ratio Goodwill
Market Cap $766.7 $599.8 $559.5 $510.0 $552.3 $589.3 $538.6 $595.8 $594.5 $597.9 $638.7 $843.4 $790.4 $790.4 $790.4 40.62% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 37.66 37.92 38.23 38.53 2.31% <-Total Growth 3 Diluted
Change 0.69% 0.82% 0.79%
Average # of Shares in Million 116.5 117.5 120.4 120.5 120.5 120.5 37.10 37.45 37.66 37.92 38.23 38.53 -67.21% <-Total Growth 10 Average
Change 1.76% 0.87% 2.48% 0.02% 0.00% 0.00% -69.20% 0.94% 0.55% 0.69% 0.82% 0.79% 0.62% <-Median-> 10 Change
Difference 0.9% 0.0% 0.0% 0.0% 0.0% 0.0% 0.7% 0.2% 0.2% 0.3% 0.4% 0.3% 0.24% <-Median-> 10 Difference
Shares in Gaz Metro Shares in Gaz Metro
Plus 34.93 1.71 6.48 0.91 0.91 4.48 0.00 49.41 Sum Plus
# of Shares in M VNR 34.08 34.08 34.93 34.93 34.93 34.93 37.35 37.54 37.74 38.04 38.36 38.63 38.63 38.63 38.63 1.26% <-IRR #YR-> 10 Shares
Change 2.64% 0.00% 2.49% 0.01% 0.00% 0.00% 6.93% 0.51% 0.54% 0.77% 0.85% 0.71% 0.00% 0.00% 0.00% 0.68% <-IRR #YR-> 5 Shares
CF fr Op $Millon $92.64 $89.73 $114.61 $107.67 $144.73 $99.45 $34.5 $23.8 $45.2 $43.1 $62.9 $56.7 $45.6 $47.1 $49.5 -36.77% <-Total Growth 10 Cash Flow
Increase -6.29% -3.14% 27.72% -6.05% 34.42% -31.28% -65.32% -30.89% 89.49% -4.49% 45.81% -9.79% -19.65% 3.39% 4.92% S. Iss DRIP
5 year Running Average $92.4 $91.7 $96.5 $100.7 $109.9 $111.2 $100.2 $82.0 $69.5 $49.2 $41.9 $46.4 $50.7 $51.1 $52.4 -49.42% <-Total Growth 10 CF 5 Yr Running
CFPS $2.72 $2.63 $3.28 $3.08 $4.14 $2.85 $0.92 $0.63 $1.20 $1.13 $1.64 $1.47 $1.18 $1.22 $1.28 -44.23% <-Total Growth 10 Cash Flow per Share
Increase -8.70% -3.14% 24.62% -6.07% 34.42% -31.28% -67.57% -31.24% 88.47% -5.23% 44.58% -10.43% -19.65% 3.39% 4.92% -4.48% <-IRR #YR-> 10 Cash Flow -36.77%
5 year Running Average $2.81 $2.75 $2.85 $2.94 $3.17 $3.20 $2.86 $2.33 $1.95 $1.35 $1.11 $1.21 $1.32 $1.33 $1.36 10.47% <-IRR #YR-> 5 Cash Flow 64.50%
P/CF on Med Price 8.12 7.23 5.15 4.89 3.27 5.70 18.08 23.99 13.33 13.82 10.12 13.45 17.15 0.00 0.00 -5.67% <-IRR #YR-> 10 Cash Flow per Share -44.23%
P/CF on Closing Price 8.28 6.68 4.88 4.74 3.82 5.93 15.62 24.99 13.16 13.86 10.15 14.86 17.34 16.77 15.98 -5.44% <-IRR #YR-> 10 Cash Flow per Share 59.04%
47.86% Diff M/C -7.86% <-IRR #YR-> 10 CFPS 5 yr Running -55.90%
Excl.Working Capital CF $7.57 -$3.52 -$13.79 $13.71 -$16.55 $14.24 -$12.07 $14.77 -$1.22 $2.80 -$2.69 -$0.87 $0.00 $0.00 $0.00 -15.71% <-IRR #YR-> 5 CFPS 5 yr Running -57.46%
CF fr Op $M WC $100.2 $86.2 $100.8 $121.4 $128.2 $113.7 $22.4 $38.6 $43.9 $45.9 $60.2 $55.9 $45.6 $47.1 $49.5 -35.20% <-Total Growth 10 Cash Flow less WC
Increase -1.47% -13.96% 16.94% 20.39% 5.61% -11.30% -80.28% 72.14% 13.84% 4.53% 31.07% -7.21% -18.40% 3.39% 4.92% -4.25% <-IRR #YR-> 10 Cash Flow less WC -35.20%
5 year Running Average $96.7 $96.7 $98.0 $102.1 $107.4 $110.1 $97.3 $84.9 $69.4 $52.9 $42.2 $48.9 $50.3 $50.9 $51.6 20.03% <-IRR #YR-> 5 Cash Flow less WC 149.13%
CFPS Excl. WC $2.94 $2.53 $2.89 $3.47 $3.67 $3.25 $0.60 $1.03 $1.16 $1.21 $1.57 $1.45 $1.18 $1.22 $1.28 -6.59% <-IRR #YR-> 10 CF less WC 5 Yr Run -49.41%
Increase -4.00% -13.97% 14.10% 20.37% 5.61% -11.30% -81.55% 71.26% 13.23% 3.72% 29.97% -7.86% -18.40% 3.39% 4.92% -12.85% <-IRR #YR-> 5 CF less WC 5 Yr Run -49.73%
5 year Running Average $2.94 $2.91 $2.90 $2.98 $3.10 $3.16 $2.78 $2.41 $1.94 $1.45 $1.11 $1.28 $1.31 $1.32 $1.34 19.22% <-IRR #YR-> 5 CFPS - Less WC -42.84%
P/CF on Med Price 7.50 7.52 5.85 4.34 3.69 4.99 27.81 14.82 13.70 12.98 10.58 13.66 17.15 0.00 0.00 9.72% <-IRR #YR-> 5 CFPS - Less WC 140.85%
P/CF on Closing Price 7.65 6.96 5.55 4.20 4.31 5.18 24.02 15.43 13.53 13.02 10.61 15.10 17.34 16.77 15.98 -7.85% <-IRR #YR-> 10 CFPS 5 yr Running -55.85%
*Operational Cash Flow  CF/-WC P/CF Med 10 yr 11.73 5 yr  13.45 P/CF Med 10 yr 11.78 5 yr  13.66 47.21% Diff M/C -14.31% <-IRR #YR-> 5 CFPS 5 yr Running -53.80%
-$2.63 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.47 Cash Flow per Share
-$0.92 $0.00 $0.00 $0.00 $0.00 $1.47 Cash Flow per Share
-$2.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.21 CFPS 5 yr Running
-$2.86 $0.00 $0.00 $0.00 $0.00 $1.21 CFPS 5 yr Running
-$86.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $55.9 Cash Flow less WC
-$22.4 $0.0 $0.0 $0.0 $0.0 $55.9 Cash Flow less WC
-$96.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $48.9 CF less WC 5 Yr Run
-$97.3 $0.0 $0.0 $0.0 $0.0 $48.9 CF less WC 5 Yr Run
-$2.53 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.45 CFPS - Less WC
-$0.60 $0.00 $0.00 $0.00 $0.00 $1.45 CFPS - Less WC
-$2.91 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.28 5 yr Running Average
-$2.78 $0.00 $0.00 $0.00 $0.00 $1.28 5 yr Running Average
OPM 17.67% 15.44% 20.19% 17.09% 22.19% 16.97% 6.06% 4.31% 7.02% 5.86% 7.97% 7.56% -51.03% <-Total Growth 10 OPM
Increase -7.60% -12.59% 30.74% -15.33% 29.80% -23.50% -64.30% -28.89% 63.02% -16.52% 35.95% -5.14% Should increase  or be stable.
Diff from Ave 127.4% 98.8% 159.9% 120.1% 185.7% 118.5% -22.0% -44.5% -9.6% -24.5% 2.6% -2.6% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 7.77% 5 Yrs 7.02% should be  zero, it is a   check on calculations
Current Assets, Valener $401.9 $390.6 $367.6 $417.3 $360.0 $391.5 $21.9 $16.1 $13.9 $16.6 $15.9 $15.8 Liquidity ratio of 1.5 and up, best Quick/Current Ratio
Current Liabilities $308.9 $361.2 $290.0 $482.4 $511.4 $459.3 $24.3 $13.8 $12.0 $11.8 $12.5 $20.5 1.03 <-Median-> 10 Ratio
Liquidity 1.30 1.08 1.27 0.87 0.70 0.85 0.90 1.17 1.16 1.41 1.27 0.77 1.17 <-Median-> 5 Ratio
Liq. with CF aft div 1.45 1.20 1.51 1.00 0.90 0.97 0.78 0.17 1.78 1.84 3.17 1.52 1.78 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.67 0.81 0.59 0.57 0.58 0.63 0.31 0.02 0.63 1.38 0.44 1.52 0.63 <-Median-> 5 Ratio
Assets, Valener $835.2 $807.1 $910.7 $949.1 $959.0 $1,063.3 $672.7 $765.5 $801.9 $815.7 $917.7 $881.3 Debt Ratio of 1.5 and up, best
Liabilities $563.1 $539.0 $643.4 $675.9 $683.6 $792.9 $70.0 $89.8 $104.8 $102.3 $164.0 $137.1 6.01 <-Median-> 10 Ratio
Debt Ratio 1.48 1.50 1.42 1.40 1.40 1.34 9.60 8.52 7.65 7.98 5.60 6.43 7.65 <-Median-> 5 Ratio
Check $272.1 $268.1 $267.3 $273.2 $275.4 $270.5 $602.6 $675.7 $697.1 $713.5 $753.7 $744.2
Total Book Value, Valener $272.1 $268.1 $267.3 $273.2 $275.4 $270.5 $602.6 $675.7 $697.1 $713.5 $753.7 $744.2 177.54% <-Total Growth 10 Book Value
Preferred Shares $97.5 $97.5 $97.5 $97.5 $97.5
Book Value $272.1 $268.1 $267.3 $273.2 $275.4 $270.5 $602.6 $578.2 $599.7 $616.0 $656.2 $646.7 $646.7 $646.7 $646.7 141.19% <-Total Growth 10 Book Value
BV per share $7.99 $7.87 $7.65 $7.82 $7.88 $7.74 $16.13 $15.40 $15.89 $16.19 $17.11 $16.74 $16.74 $16.74 $16.74 112.75% <-Total Growth 10 Book Value per Share
Change 3.32% -1.48% -2.72% 2.17% 0.80% -1.78% 108.38% -4.55% 3.16% 1.93% 5.63% -2.15% 0.00% 0.00% 0.00% 10.34% Current/Historical Book Value per Share
P/B Ratio (Median) 2.76 2.42 2.21 1.93 1.72 2.10 1.04 0.99 1.00 0.97 0.97 1.18 2.10 P/BV Ratio Historical Median
P/B Ratio (Close) 2.82 2.24 2.09 1.87 2.01 2.18 0.89 1.03 0.99 0.97 0.97 1.30 1.22 1.22 1.22 7.84% <-IRR #YR-> 10 Book Value 112.75%
Change 3.46% -20.60% -6.44% -10.80% 7.42% 8.64% -58.98% 15.30% -3.80% -2.08% 0.27% 33.99% -6.28% 0.00% 0.00% 0.74% <-IRR #YR-> 5 Book Value 3.75%
Leverage (A/BK) 3.07 3.01 3.41 3.47 3.48 3.93 1.12 1.13 1.15 1.14 1.22 1.18 1.20 <-Median-> 10 A/BV
Debt/Equity Ratio 2.07 2.01 2.41 2.47 2.48 2.93 0.12 0.13 0.15 0.14 0.22 0.18 0.20 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.11 5 yr Med 0.99 10.34% Diff M/C
-$7.87 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.74
-$16.13 $0.00 $0.00 $0.00 $0.00 $16.74
Comprehensive Inc Gaz Metro
Comprehensive Inc Valener $10.8 $11.6 $60.5 $54.2 $78.9 $66.4 9.75% <-Total Growth 5 Comprehensive Income
Increase 7.52% 419.75% -10.44% 45.51% -15.79% 7.52% <-Median-> 5 Comprehensive Income
5 Yr Running Average $43 $54 43.73% <-IRR #YR-> 5 Comprehensive Income
ROE  1.8% 1.7% 8.7% 7.6% 10.5% 8.9% 43.73% <-IRR #YR-> 5 Comprehensive Income
5Yr Median 1.8% 1.8% 4.7% 7.6% 8.7%
Difference % of NI 66.3% -25.6% -14.1% -45.6% 13.2%
Median Values Diff 5, 10 yr -14.1% -14.1% 8.7% <-Median-> 5 Return on Equity
-$10.8 $0.0 $0.0 $0.0 $0.0 $66.4
-$10.8 $0.0 $0.0 $0.0 $0.0 $66.4
Current Liability Coverage Ratio 0.32 0.24 0.35 0.25 0.25 0.25 0.92 2.80 3.67 3.89 4.81 2.73   CFO / Current Liabilities
5 year Median 0.32 0.32 0.35 0.32 0.25 0.25 0.25 0.25 0.92 2.80 3.67 3.67 3.67 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 12.00% 10.68% 11.07% 12.79% 13.37% 10.69% 3.33% 5.04% 5.48% 5.63% 6.56% 6.34% CFO / Total Assets
5 year Median 13.79% 13.79% 12.00% 12.00% 12.00% 11.07% 11.07% 10.69% 5.48% 5.48% 5.48% 5.63% 5.6% <-Median-> 5 Return on Assets 
Return on Assets ROA 5.1% 5.3% 3.9% 4.7% 4.8% 4.9% 4.5% 3.9% 5.2% 5.0% 5.1% 7.5% Net  Income/Assets Return on Assets
5Yr Median 6.3% 6.3% 5.3% 5.1% 4.8% 4.8% 4.7% 4.7% 4.8% 4.9% 5.0% 5.1% 5.1% <-Median-> 5 Asset Efficiency Ratio
ROE Gaz to Valener 15.5% 15.9% 13.3% 16.4% 16.7% 19.2% 5.0% 5.1% 6.9% 6.7% 7.2% 10.3% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 17.4% 17.2% 15.9% 15.9% 15.9% 16.4% 16.4% 16.4% 6.9% 6.7% 6.7% 6.9% 6.9% <-Median-> 5 Return on Equity
Net Income,Valener $42.2 $42.7 $35.6 $44.8 $46.0 $51.8 $30.3 $29.6 $41.5 $41.0 $47.1 $66.5 $51.4 $52.1 $55.7 55.77% <-Total Growth 10 Net Income
Increase -9.31% 1.21% -16.55% 25.72% 2.60% 12.77% -41.45% -2.54% 40.20% -1.11% 15.02% 41.05% -22.71% 1.36% 6.91% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $43.8 $44.1 $42.3 $42.4 $42.2 $44.2 $41.7 $40.5 $39.8 $38.8 $37.9 $45.1 $49.5 $51.6 $54.6 4.53% <-IRR #YR-> 10 Net Income
Operating Cash Flow $92.64 $89.73 $114.61 $107.67 $144.73 $99.45 $34.49 $23.84 $45.17 $43.14 $62.90 $56.74 17.00% <-IRR #YR-> 5 Net Income
Investment Cash Flow -$355.68 -$176.32 -$457.46 -$360.79 -$283.17 -$245.83 -$37.85 -$145.28 -$21.76 -$3.92 -$78.06 $19.18 0.22% <-IRR #YR-> 10 5 Yr Running Ave.
Total Accruals $408.48 $233.79 $465.70 $407.56 $296.89 $325.06 $33.70 $151.01 $18.05 $1.77 $62.31 -$9.42 1.59% <-IRR #YR-> 5 5 Yr Running Ave.
Total Assets $2,880.1 $2,783.2 $3,140.5 $3,272.8 $3,306.8 $3,666.6 $672.7 $765.5 $801.9 $815.7 $917.7 $881.3 Balance Sheet Assets
Accruals Ratio 14.18% 8.40% 14.83% 12.45% 8.98% 8.87% 5.01% 19.73% 2.25% 0.22% 6.79% -1.07% 2.25% <-Median-> 5 Ratio
EPS/CF Ratio 0.45 0.49 0.35 0.37 0.36 0.45 1.37 0.73 0.85 0.80 0.71 1.11 0.72 <-Median-> 10 EPS/CF Ratio
-$42.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $66.5
-$30.3 $0.0 $0.0 $0.0 $0.0 $66.5
-$44.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $45.1
-$41.7 $0.0 $0.0 $0.0 $0.0 $45.1
Chge in Close 6.89% -21.78% -8.98% -8.86% 8.29% 6.70% -14.52% 10.06% -0.76% -0.19% 5.92% 31.11% -6.28% 0.00% 0.00% Count 24 Years of data
up/down/neutral down down down down down down down down down down Count 20 83.33%
Any Predictions? yes yes yes yes yes % right Count 8 40.00%
Financial Cash Flow $31.61 -$123.31 $60.79 -$15.38 -$196.20 -$97.27 $11.53 $113.77 -$23.41 $38.95 $15.85 $76.25 C F Statement  Financial CF
Total Accruals $376.88 $357.11 $404.91 $422.94 $493.09 $422.34 $22.17 $37.24 $41.46 -$37.18 $46.46 -$85.67 Accruals
Accruals Ratio 13.09% 12.83% 12.89% 12.92% 14.91% 11.52% 3.30% 4.87% 5.17% -4.56% 5.06% -9.72% 4.9% <-Median-> 5 Ratio
Cash pre 2010 $24.74 $44.36 $42.92
Cash $7.2 $12.9 $12.4 $8.17 $0.49 $0.48 $0.76 $1.45 $1.16 Cash
Cash per Share $0.21 $0.37 $0.36 $0.22 $0.01 $0.01 $0.02 $0.04 $0.03 $0.02 <-Median-> 5 Cash per Share
Percentage of Stock Price 1.41% 2.33% 2.11% 1.52% 0.08% 0.08% 0.13% 0.23% 0.14% 0.13% <-Median-> 5 % of Stock Price
Gaz Metro
Revenue Gaz Metro $1,808 $2,004 $1,957 $2,172 $2,249 $2,020 $1,963 $1,908 $2,217 $2,537 $2,721 $2,587 29.11% <-Total Growth 10 Revenue
Increase 1.41% 10.82% -2.31% 10.96% 3.56% -10.17% -2.85% -2.81% 16.24% 14.40% 7.25% -4.91% 2.59% <-IRR #YR-> 10 Revenue
5 year Running Average $1,805 $1,792 $1,862 $1,945 $2,038 $2,081 $2,072 $2,062 $2,071 $2,129 $2,269 $2,394 5.68% <-IRR #YR-> 5 Revenue
Revenue per Share GM $15.39 $17.05 $16.25 $18.03 $18.67 $16.77 $15.54 $12.83 $14.62 $16.71 $16.27 $15.47 2.94% <-IRR #YR-> 10 5 yr Running Average
Increase -1.20% 10.81% -4.69% 10.94% 3.56% -10.17% -7.38% -17.41% 13.94% 14.31% -2.66% -4.91% 2.93% <-IRR #YR-> 5 5 yr Running Average
5 year Running Average $15.94 $15.60 $15.94 $16.46 $17.08 $17.36 $17.05 $16.37 $15.69 $15.29 $15.19 $15.18 -0.97% <-IRR #YR-> 10 Revenue per Share
xx -0.09% <-IRR #YR-> 5 Revenue per Share
xx -0.27% <-IRR #YR-> 10 5 yr Running Average
*Revenue in M CDN $  P/S 10 yr  xx 5 yr  xx -2.30% <-IRR #YR-> 5 5 yr Running Average
29% 36.64 43.11 43.98 44.02 48.50 48.50
# of Sh of Gaz Metro 117.51 117.51 120.44 120.45 120.45 120.45 126.34 148.67 151.67 151.80 167.25 167.25 42.33% <-Total Growth 10 Shares
CF fr Op $M Gaz Metro $319.4 $309.4 $395.2 $371.3 $499.1 $342.9 $404.7 $428.8 $488.0 $605.0 $738.0 $529.9 71.27% <-Total Growth 10 Cash Flow
CFPS pre 2010 $2.72 $2.63 $3.28 $3.08 $4.14 $2.85 $4.61 $2.88 $3.22 $3.99 $4.41 $3.17 20.33% <-Total Growth 10 Cash Flow per Share
Excl.Working pre-2010 $26.10 -$12.13 -$47.54 $47.26 -$57.06 $49.11 $49.11 -$37.15 -$44.97 -$11.71 -31.47 -46.29
CF fr Op $M WC $345.5 $297.3 $347.7 $418.5 $442.0 $392.0 $453.8 $391.7 $443.0 $593.3 $706.5 $483.7 62.68% <-Total Growth 10 Cash Flow
CFPS Excl. WC $2.94 $2.53 $2.89 $3.47 $3.67 $3.25 $3.59 $2.63 $2.92 $3.91 $4.22 $2.89 14.30% <-Total Growth 10 Cash Flow per Share
Current Assets, Gaz Metro $401.9 $390.6 $367.6 $417.3 $360.0 $391.5 $369.1 $403.9 $419.9 $513.9 $500.5 $615.1 Debt Ratio of 1.5 and up, best
Current Liabilities $308.9 $361.2 $290.0 $482.4 $511.4 $459.3 $488.8 $576.0 $498.6 $428.1 $476.2 $622.2 0.86 <-Median-> 10 Ratio
Liquidity 1.30 1.08 1.27 0.87 0.70 0.85 0.76 0.70 0.84 1.20 1.05 0.99 0.99 <-Median-> 5 Ratio
Assets, Gaz Metro $2,880.1 $2,783.2 $3,140.5 $3,272.8 $3,306.8 $3,666.6 $3,727.2 $5,118.0 $5,582.8 $6,144.2 $7,218.0 $7,425.6 Debt Ratio of 1.5 and up, best
Liabilities $1,941.7 $1,858.6 $2,218.6 $2,330.8 $2,357.2 $2,734.0 $2,712.7 $3,787.3 $4,138.8 $4,661.9 $5,388.4 $5,615.3 1.35 <-Median-> 10 Ratio
Debt Ratio 1.48 1.50 1.42 1.40 1.40 1.34 1.37 1.35 1.35 1.32 1.34 1.32 1.34 <-Median-> 5 Ratio
Total, Gas Metro $938.4 $924.6 $921.9 $942.0 $949.6 $932.6 $1,014.5 $1,330.7 $1,444.1 $1,482.4 $1,829.6 $1,810.3 95.80% <-Total Growth 10 Book Value
NCI $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 -$8.8 $27.4 $41.2 $40.73 $29.09 $36.15
BV Gaz Metro $938.44 $924.59 $921.89 $941.98 $949.55 $932.63 $1,023.34 $1,303.34 $1,402.83 $1,441.63 $1,800.52 $1,774.19 91.89% <-Total Growth 10 Book Value
BV per share pre 2010 $7.99 $7.87 $7.65 $7.82 $7.88 $7.74
BV per Share Gas Metro $7.99 $7.87 $7.65 $7.82 $7.88 $7.74 $8.10 $8.77 $9.25 $9.50 $10.77 $10.61 34.82% <-Total Growth 10 Book Value per Share
BVPS owned by Valener  $7.99 $7.87 $7.65 $7.82 $7.88 $7.74 $7.95 $10.07 $10.78 $10.99 $13.61 $13.32 69.26% <-Total Growth 10 Book Value per Share
Leverage (A/BK) 3.07 3.01 3.41 3.47 3.48 3.93 3.67 3.85 3.87 4.14 3.95 4.10 3.86 <-Median-> 10 A/BV
Debt/Equity Ratio 2.07 2.01 2.41 2.47 2.48 2.93 2.67 2.85 2.87 3.14 2.95 3.10 2.86 <-Median-> 10 Debt/Eq Ratio
Comprehensive Inc Gaz Metro $217.2 $204.7 $277.0 $288.1 NCI
NCI $7.40 -$4.14 -$1.46 -$2.90 Psrtners
Psrtners $115.8 $106.5 $209.8 $208.8 $278.5 $291.0 38.70% <-Total Growth 5 Comprehensive Income
Increase -8.05% 97.04% -0.46% 33.37% 4.48% 4.48% <-Median-> 5 Comprehensive Income
5 Yr Running Average $184 $219 7.71% <-IRR #YR-> 5 Comprehensive Income
ROE Gaz Metro 11.3% 8.2% 15.0% 14.5% 15.5% 16.4% 7.71% <-IRR #YR-> 5 Comprehensive Income
5Yr Median 9.7% 11.3% 12.9% 14.5% 15.0%
Difference % of NI -29.4% -23.8% 20.7% 23.5% 50.5% 6.1%
Median Values Diff 5, 10 yr 13.4% 20.7% 15.0% <-Median-> 5 Return on Equity
-$0.1 $0.0 $0.0 $0.0 $0.0 $0.2
-$0.1 $0.0 $0.0 $0.0 $0.0 $0.2
ROE On Gaz Metro 15.5% 15.9% 13.3% 16.4% 16.7% 19.2% 16.0% 10.7% 12.4% 11.7% 10.3% 15.5%
5Yr Median 17.4% 17.2% 15.9% 15.9% 15.9% 16.4% 16.4% 16.4% 16.0% 12.4% 11.7% 11.7%
NI  Gaz Metro $145.45 $147.21 $122.84 $154.44 $158.45 $178.68 $162.57 $142.64 $178.87 $173.80 $188.02 $279.78 90.06% <-Total Growth 10 Net Income
Increase -9.31% 1.21% -16.55% 25.72% 2.60% 12.77% -9.02% -12.26% 25.40% -2.84% 8.18% 48.81% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $150.98 $152.19 $145.84 $146.06 $145.68 $152.32 $155.40 $159.36 $164.24 $167.31 $169.18 $192.62 6.63% <-IRR #YR-> 10 Net Income 90.06%
Operating Cash Flow $605.00 $738.02 $529.95 11.47% <-IRR #YR-> 5 Net Income 72.09%
Investment Cash Flow -$641.29 -$978.64 -$716.36 2.38% <-IRR #YR-> 10 5 Yr Running Average 26.57%
Total Accruals $210.1 $428.6 $466.2 4.39% <-IRR #YR-> 5 5 Yr Running Average 23.95%
Total Assets $6,144.2 $7,218.0 $7,425.6 Balance Sheet Assets
Accruals Ratio 3.42% 5.94% 6.28% 5.94% <-Median-> 3 Ratio
EPS/CF Ratio (WC) #NUM! <-Median-> 0 EPS/CF Ratio
-$147.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $279.8
-$162.6 $0.0 $0.0 $0.0 $0.0 $279.8
-$152.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $192.6
-$155.4 $0.0 $0.0 $0.0 $0.0 $192.6
EPS pre 2010 Gaz Metro $1.24 $1.25 $1.02 $1.28 $1.32 $1.48
ESP after 2010 Valener $1.24 $1.25 $1.02 $1.28 $1.32 $1.48
Notes:
January 29, 2017.  Last estimates were for 2016 and 2017 of $ 60.1M and 66.5M for Income, $1.21 and $1.22 for EPS, $1.31 and $1.34 for CFPS and $44.4M and $48.1M for Net Income
January 30, 2016.  Last estimates were for 2015 and 2016 of $51M and 51.5M for Income, $1.02 and 1.03 for EPS, $1.12 and $1.13 for CFPS and $39.3 and $40.7 for net income.
January 24, 2015.  Last estimates were for 2014 and 2015 of $1.03 and $1.21 for CFPS and $39M and $40M for Net Income
January 23, 2014.  Last estimates were for 2013 and 2014 of $.82 and $.96 for EPS and $0.95 for CFPS.
January, 24, 2013.  Last estimates were for 2012 and 2013 with EPS at $0.81 and $0.86 and CFPS at $0.92 and $0.95.
Feb 11, 2012.  Annual report of Valener Inc is for 108 days to 30 Sep 2010
Valener Inc investment in Gaz Metro reflects Valener's share in the fair value of Gaz Metro Units on September 30, 2010 less consideration of the future income tax liability related to rate-regulated activities.
BE CAREFUL TO BASE VALUES IN 2011 ON CURRENT NOT PRE-2010 VALUES.
When I last looked at this stock, I got earnings for 2009 of $1.25.
Oct 1. 2010 changed name and symbol.  Old name was Gas Metro LP GZM.UN.  New name is Valener and symbol VNR. Old web site was www.gazmetro.com.
The public owned 29% of Gaz Metro and under the new company Valener, the public will own 29% of Gaz Metro.
2008.  Globe gives this stock 4 stars.  I do not know why. It is stable, but has not earned money over last 5 or 10 years.
The problem with this stock is the yield is good, but the price has been coming down since 2005. Neither earnings nor revenue has much growth.
Sector:
Power, Utility
What should this stock accomplish?
Since this is a utility you should expect a good dividend and low dividend growth.  
Would I buy this company and Why.
I would be cautious about investing in this company.  They at least put out the financial statements for Gaz Metro in which they have a big investment.
The problem I find is that I cannot always find the information I am looking for.  It has a history of lowering as well as raising the dividends.  
The reason for buying this stock is for diversification. 
Dividends
Dividends are payable in Cycle 1, which is  October, January, April, and July,  Dividends are payble for shareholders of record of one month and payable in the following month.
For example, the dividend declared on November 27, 2013 was for shareholders of record of December 31, 2013 and payable on January 15, 2014.
Misson Statement or closes thing I can find.
What I am looking for is a statement that the company wants to do well by their customers, employees, and community and and thereby earn shareholders a reasonable return.
The mission of Valener is to ensure the sound management of its investment in Gaz Metro, to participate in the full development of the latter and to consider opportunities for growth and value creation for its shareholders.
Why am I following this stock. 
I was looking for another utility to invest in, in 2009 and I was looking possibly at another pipeline stock.   This company has natural gas pipelines in Quebec.  I also recognized the name of this company.
In 2010 it reorganized and made a public utility stock out of 29% of what was Gas Metro.  This makes the valuation of this stock very complex.
How they make their money.
Valener owns 29% of Gaz Metro and also owns a stake in the Seigneurie de Beaupré wind power projects located northeast of the city of Québec.  Gaz Metro is Quebec's leading natural gas distributor.
The Caisse de dépôt et placement du Québec is a major shareholder of Gas Metro Inc.
Pre 2010 the partnership is 29 per cent owned by public investors and 71 per cent by Gaz Metro Inc., a separate private firm owned by holding company Noverco Inc.
Noverco itself is an alliance of Canada's largest natural gas distributor, Calgary-based Enbridge Inc. (TSX: ENB.TO), which has just over 32 per cent, Quebec investment company Trencap S.E.S., 
with 50.4 per cent, and French utility GDF Suez, at nearly 17.6 per cent.
Trencap is controlled by the Caisse de depot pension fund, Montreal engineering firm SNC-Lavalin (TSX: SNC.TO) and other institutional investors.
In November 2010 SNC sold its minority par participation in Trencap L. P. to the Caisse de Dépôt et placement du Québec.
Since September 30, 2010, Gaz Métro Limited Partnership is owned 28.99% by Valener Inc. and 71.01% by Gaz Métro inc., Gaz Métro’s general partner. and Enbridge Inc. (38.89%).
Gaz Métro inc. is 100% owned by Noverco Inc, which in turn, is owned by Trencap L.P. (61.11%) 
Shares; '%, Value $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M
Date Jan 23 2014 Jan 24 2015 Jan 30 2016 Jan 28 2017
Brochu, Sophie 0.019 0.05% 0.019 0.05% 0.019 0.05% 0.019 0.05%
CEO - Shares - Amount $0.309 $0.347 $0.404 $0.394
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.000 $0.000
Despars, Pierre 0.013 0.03% 0.015 0.04% 0.015 0.04% 0.015 0.04%
CFO - Shares - Amount $0.210 $0.269 $0.313 $0.305
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.000 $0.000
Forget, Nicolle 0.008 0.02% 0.009 0.02% 0.012 0.03% 0.013 0.03%
Director - Shares - Amount $0.120 $0.157 $0.248 $0.268
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.000 $0.000
Pierre Monahan 0.004 0.01% 0.005 0.01% 0.005 0.01%
Chairman - Shares - Amount $0.078 $0.097 $0.101
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000 $0.000
Increase in O/S Shares 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% Yes 0
due to SO $0.000 $0.000 $0.000 $0.000
Book Value $0.000 $0.000 $0.000 $0.000
Insider Buying -$0.031 -$0.114 -$0.114
Insider Selling $0.000 $0.000 $0.000 no selling
Net Insider Selling -$0.031 -$0.114 -$0.114
% of Market Cap 0.00% -0.01% -0.01%
Directors 0 5 5 5
Women 0 #DIV/0! 2 40% 2 40% 3 60%
Minorities 0 #DIV/0! 0 0% 0 0% 0 0%
Institutions/Holdings 16 5.16% 5 12.61% 4 10.54%
Total Shares Held 1.939 5.10% 0.505 1.31% 0.422 1.09%
Increase/Decrease 0.031 1.60% 0.019 3.93% 0.000 0.00%
Starting No. of Shares 1.908 0.485 0.422
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