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Valener Inc TSX: VNR OTC: VNRCF https://www.valener.com/ Fiscal Yr: Sep 30
Year 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 9/29/20 9/29/21 Value Description #Y Item Total G
Accounting Rule C GAAP C GAAP C GAAP C GAAP C GAAP US GAAP US GAAP US GAAP US GAAP US GAAP US GAAP
Valener share in Energir, L. P, 29% 29% 29% 29% 29% 29% 29% 29% 29% 29% 29% 29%
Revenue Valener's share $581.10 $567.67 $629.86 $652.27 $585.93 $569.21 $553.22 $643.05 $735.65 $788.97 $750.24 $732.73 $740.57 17.58% <-Total Growth 10 Revenue
Increase 10.82% -2.31% 10.96% 3.56% -10.17% -2.85% -2.81% 16.24% 14.40% 7.25% -4.91% -2.33% 1.07% 1.63% <-IRR #YR-> 10 Revenue 17.58%
5 year Running Average $520 $540 $564 $591 $603 $601 $598 $601 $617 $658 $694 $730 $750 2.86% <-IRR #YR-> 5 Revenue 15.17%
Revenue per Share VNR $17.05 $16.25 $18.03 $18.67 $16.77 $15.24 $14.74 $17.04 $19.34 $20.57 $19.42 $18.85 $18.90 2.89% <-IRR #YR-> 10 5 yr Running Average 32.91%
Increase 10.81% -4.69% 10.94% 3.56% -10.17% -9.15% -3.31% 15.62% 13.52% 6.35% -5.58% -2.95% 0.29% 4.53% <-IRR #YR-> 5 5 yr Running Average 24.79%
5 year Running Average $15.60 $15.94 $16.46 $17.08 $17.36 $16.99 $16.69 $16.49 $16.63 $17.38 $18.22 $19.04 $19.42 0.47% <-IRR #YR-> 10 Revenue per Share 4.83%
P/S (Price/Sales) Med 1.12 1.04 0.84 0.73 0.97 1.10 1.03 0.94 0.81 0.81 1.02 1.11 1.12 2.10% <-IRR #YR-> 5 Revenue per Share 10.95%
P/S (Price/Sales) Close 1.03 0.99 0.81 0.85 1.01 0.95 1.08 0.92 0.81 0.81 1.12 1.17 1.01 1.67% <-IRR #YR-> 10 5 yr Running Average 17.95%
*Revenue in M CDN $  P/S Med 20 yr  1.04 15 yr  1.03 10 yr  0.98 5 yr  1.01 3.32% <-IRR #YR-> 5 5 yr Running Average 17.73%
-$630 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $740.6
-$643.0 $0.0 $0.0 $0.0 $0.0 $740.6
-$564 $0 $0 $0 $0 $0 $0 $0 $0 $0 $750
-$601 $0 $0 $0 $0 $750
-$18.03 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $18.90
-$17.04 $0.00 $0.00 $0.00 $0.00 $18.90
-$16.46 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.42
-$16.49 $0.00 $0.00 $0.00 $0.00 $19.42
% of GM Income to Valener 29.00% 29.25% 29.25% 29.26% 28.98% 28.45% 28.77% 29.00% 29.12%
Income from GM $51.818 $47.557 $41.718 $52.331 $50.372 $53.487 $80.486 $69.823 $62.622
Inome $42.69 $35.62 $44.79 $45.95 $51.818 $47.785 $42.263 $52.572 $51.176 $58.743 $83.995 $74.007 $69.160 $105.0 $124.0 54.42% <-Total Growth 10 Revenue
Increase 1.21% -16.55% 25.72% 2.60% 12.77% -7.78% -11.56% 24.39% -2.66% 14.79% 42.99% -11.89% -6.55% 51.82% 18.10% 4.44% <-IRR #YR-> 10 Revenue 54.42%
Income per Share $1.25 $1.02 $1.28 $1.32 $1.48 $1.28 $1.13 $1.39 $1.35 $1.53 $2.17 $1.90 $1.77 $2.68 $3.16 5.64% <-IRR #YR-> 5 Revenue 31.55%
P/S (Price/Sales) 14.05 15.71 11.39 12.02 11.37 11.27 14.10 11.31 11.68 10.87 10.04 11.59 10.81 7.72 6.54 3.25% <-IRR #YR-> 10 Inome per Share 37.67%
% of total income from GM 100.00% 99.52% 98.71% 99.54% 98.43% 91.05% 95.82% 94.35% 90.55% 4.85% <-IRR #YR-> 5 Inome per Share 26.73%
Income for Valener P/S Med 20 yr  12.00 15 yr  11.59 10 Yrs 11.34 5Yrs 10.87 -31.92% Diff M/C 98.43% <-Median-> 9 % of total income from GM
-$44.79 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $69.16
-$52.57 $0.00 $0.00 $0.00 $0.00 $69.16
-$1.28 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.77
-$1.39 $0.00 $0.00 $0.00 $0.00 $1.77
EPS Basic $1.25 $1.02 $1.28 $1.32 $1.48 $0.82 $0.75 $0.99 $0.97 $1.12 $1.61 $1.37 $1.19 -7.03% <-Total Growth 10 EPS Basic
EPS Diluted* $1.25 $1.02 $1.28 $1.32 $1.48 $0.82 $0.75 $0.99 $0.97 $1.12 $1.61 $1.37 $1.19 $1.37 $1.42 $1.59 -7.03% <-Total Growth 10 EPS Diluted
Increase -6.02% -18.40% 25.49% 3.13% 12.12% -44.59% -8.54% 32.00% -2.02% 15.46% 43.75% -14.91% -13.14% 15.13% 3.65% 11.97% -0.73% <-IRR #YR-> 10 Earnings per Share -7.03%
Earnings Yield 7.1% 6.4% 8.8% 8.3% 8.8% 5.7% 4.7% 6.3% 6.2% 6.7% 7.4% 6.2% 6.2% 6.6% 6.9% 7.7% 3.75% <-IRR #YR-> 5 Earnings per Share 20.20%
5 year Running Average $1.35 $1.28 $1.26 $1.24 $1.27 $1.18 $1.13 $1.07 $1.00 $0.93 $1.09 $1.21 $1.25 $1.33 $1.39 $1.39 -0.03% <-IRR #YR-> 10 5 yr Running Average -0.32%
10 year Running Average $1.32 $1.29 $1.29 $1.30 $1.32 $1.27 $1.20 $1.16 $1.12 $1.10 $1.14 $1.17 $1.16 $1.17 $1.16 $1.24 3.15% <-IRR #YR-> 5 5 yr Running Average 16.79%
* Diluted ESP per share  E/P 10 Yrs 6.26% 5Yrs 6.23%
-$1.28 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.19
-$0.99 $0.00 $0.00 $0.00 $0.00 $1.19
-$1.26 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.25
-$1.07 $0.00 $0.00 $0.00 $0.00 $1.25
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 $0.00 <-Median-> 10 Special Dividends
Dividend* $1.33 $1.24 $1.24 $1.24 $1.24 $1.00 $1.00 $1.00 $1.00 $1.02 $1.07 $1.11 $1.16 $1.20 $1.20 $1.20 -6.45% <-Total Growth 10 Dividends
Increase -2.21% -6.77% 0.00% 0.00% 0.00% -19.35% 0.00% 0.00% 0.00% 2.00% 4.90% 3.74% 4.50% 3.45% 0.00% 0.00% Count 25 Years of data
Average Increases 5 Year Running 0.95% -0.56% -1.50% -1.79% -1.79% -5.22% -3.87% -3.87% -3.87% -3.47% 1.38% 2.13% 3.03% 3.72% 3.32% 2.34% -2.63% <-Median-> 10 Average Incr 5 Year Running
Dividends 5 Yr Running $1.33 $1.33 $1.31 $1.28 $1.26 $1.19 $1.14 $1.10 $1.05 $1.00 $1.02 $1.04 $1.07 $1.11 $1.15 $1.17 -17.92% <-Total Growth 10 Dividends 5 Yr Running
Yield H/L Price 6.99% 7.34% 8.22% 9.15% 7.64% 5.99% 6.56% 6.27% 6.38% 6.14% 5.41% 5.31% 5.50% 6.14% 6.32% <-Median-> 10 Dividends
Yield on High  Price 5.91% 6.70% 7.56% 7.67% 7.26% 5.55% 6.07% 6.10% 6.20% 5.73% 4.68% 4.81% 5.00% 5.80% 6.08% <-Median-> 10 Dividends
Yield on Low Price 8.55% 8.10% 9.01% 11.33% 8.06% 6.50% 7.14% 6.45% 6.57% 6.62% 6.43% 5.92% 6.09% 6.53% 6.60% <-Median-> 10 Dividends
Yield on Close Price 7.56% 7.74% 8.49% 7.84% 7.35% 6.93% 6.30% 6.35% 6.36% 6.13% 4.90% 5.03% 6.08% 5.80% 5.80% 5.80% 6.36% <-Median-> 10 Dividends
Payout Ratio EPS 106.40% 121.57% 96.88% 93.94% 83.78% 121.95% 133.33% 101.01% 103.09% 91.07% 66.46% 81.02% 97.48% 87.59% 84.51% 75.47% 95.41% <-Median-> 10 DPR EPS
DPR EPS 5 Yr Running 98.52% 103.76% 103.98% 103.39% 99.06% 100.68% 101.24% 102.24% 104.59% 107.96% 93.57% 85.81% 85.62% 83.48% 82.47% 84.58% 101.74% <-Median-> 10 DPR EPS 5 Yr Running
Payout Ratio CFPS 50.51% 37.79% 40.23% 29.93% 43.55% 108.29% 157.50% 83.57% 88.18% 62.21% 72.86% 71.52% 73.10% 91.60% 83.92% #DIV/0! 72.19% <-Median-> 10 DPR CF
DPR CF 5 Yr Running 48.43% 46.58% 44.44% 40.42% 39.34% 41.74% 49.18% 56.23% 77.79% 90.80% 83.80% 74.38% 72.62% 73.57% 78.12% #DIV/0! 52.71% <-Median-> 10 DPR CF 5 Yr Running
Payout Ratio CFPS WC 52.57% 42.96% 35.69% 33.79% 38.10% 166.55% 97.25% 85.89% 82.81% 64.99% 73.99% 73.32% 72.20% 91.60% 83.92% #DIV/0! 73.66% <-Median-> 10 DPR CF WC
DPR CF WC 5 Yr Running 45.90% 45.77% 43.84% 41.35% 39.77% 42.92% 47.56% 56.39% 72.22% 90.12% 79.33% 75.35% 72.99% 74.67% 78.56% #DIV/0! 51.98% <-Median-> 10 DPR CF WC 5 Yr Running
Median Values 10 Yr Med 10 Yr Cl 6.21% 6.33% 5 Yr Med 5 Yr Cl 5.50% 6.08% 5 Yr Med Payout 91.07% 72.86% 73.32% 3.01% <-IRR #YR-> 5 Dividends 16.00%
* Dividends per share  10 Yr Med and Cur. -6.56% -8.30% 5 Yr Med and Cur. 5.55% -4.55% Last Div Inc ---> $0.29 $0.30 3.4% -0.66% <-IRR #YR-> 10 Dividends -6.45%
Dividends Growth 15 -0.96% <-IRR #YR-> 15 Dividends -13.43%
Dividends Growth 20 -0.53% <-IRR #YR-> 20 Dividends -10.08%
Dividends Growth 25 0.03% <-IRR #YR-> 25 Dividends 0.87%
Dividends Growth 5 -$1.00 $0.00 $0.00 $0.00 $0.00 $1.16 Dividends Growth 5
Dividends Growth 10 -$1.24 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.16 Dividends Growth 10
Dividends Growth 15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.16 Dividends Growth 15
Dividends Growth 20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.16 Dividends Growth 20
Dividends Growth 25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.16 Dividends Growth 25
Historical Dividends Historical High Div 10.35% Low Div 4.89% Ave Div 7.62% Med Div 6.99% Close Div 7.07% Historical Dividends
High/Ave/Median Values Curr diff Exp. -43.96% Exp 18.61% Exp. -23.89% Exp. -17.03% Exp. -17.99% High/Ave/Median 
Future Dividend Yield Div Yd 6.72% earning in 5 Years at IRR of 3.00% Div Inc. 15.93% Future Dividend Yield
Future Dividend Yield Div Yd 7.79% earning in 10 Years at IRR of 3.00% Div Inc. 34.39% Future Dividend Yield
Future Dividend Yield Div Yd 9.04% earning in 15 Years at IRR of 3.00% Div Inc. 55.80% Future Dividend Yield
Yield if held 5 yrs 8.39% 7.17% 6.47% 5.89% 5.62% 5.25% 5.92% 6.63% 7.38% 6.28% 6.41% 7.29% 7.27% 7.66% 7.23% 6.07% 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% 7.69% 8.86% 7.39% 7.19% 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% 6.05% 5.70% 5.44% 6.31% 6.23% <-Median-> 8 Paid Median Price
Yield if held 20 yrs 7.64% 6.39% 6.87% 6.83% 7.89% 7.57% 6.87% <-Median-> 3 Paid Median Price
Cost covered if held 5 years 42.08% 38.32% 34.05% 30.43% 28.51% 31.32% 33.85% 36.33% 38.67% 30.91% 30.48% 34.13% 33.61% 35.47% 34.58% 29.71% 32.46% <-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% 71.86% 79.70% 66.26% 65.63% 68.00% <-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% 90.56% 81.70% 77.27% 88.91% 108.24% <-Median-> 8 Paid Median Price
Cost covered if held 20 years 172.07% 137.44% 140.74% 134.85% 155.66% 148.83% 140.74% <-Median-> 3 Paid Median Price
Graham No. $14.88 $13.25 $15.01 $15.30 $16.06 $17.25 $16.12 $18.81 $18.80 $20.76 $24.62 $22.87 $21.56 $23.14 $23.56 $24.93 43.69% <-Total Growth 10 Graham Price
Price/GP Ratio Med 1.28 1.28 1.01 0.89 1.01 0.97 0.95 0.85 0.83 0.80 0.80 0.91 0.98 0.84 0.90 <-Median-> 10 Price/GP Ratio
Price/GP Ratio High 1.51 1.40 1.09 1.06 1.06 1.04 1.02 0.87 0.86 0.86 0.93 1.01 1.07 0.89 1.02 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Low 1.05 1.15 0.92 0.71 0.96 0.89 0.87 0.82 0.81 0.74 0.68 0.82 0.88 0.79 0.82 <-Median-> 10 Price/GP Ratio
Price/GP Ratio Close 1.18 1.21 0.97 1.03 1.05 0.84 0.98 0.84 0.84 0.80 0.89 0.97 0.89 0.89 0.88 0.83 0.89 <-Median-> 10 Price/GP Ratio
Prem/Disc Close 18.31% 20.87% -2.72% 3.32% 5.06% -16.42% -1.56% -16.28% -16.38% -19.81% -11.35% -3.49% -11.47% -10.58% -12.17% -17.00% -11.41% <-Median-> 10 Graham Price
Month, Year 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 Dec-20 Jan-22 27.00 <Count Years> Month, Year
Price Close $15.58 $16.34 $13.15 $16.40 $17.10 $15.98 $16.05 $15.23 $16.02 $18.01 $20.96 $22.71 $19.34 $20.69 $20.69 $20.69 47.07% <-Total Growth 10 Stock Price
Increase -20.39% 4.88% -19.52% 24.71% 4.27% -6.55% 0.44% -5.11% 5.19% 12.42% 16.38% 8.35% -14.84% 6.98% 0.00% 0.00% 13.81 <-Median-> 10 CAPE (10 Yr P/E)
P/E 12.46 16.02 10.27 12.42 11.55 19.49 21.40 15.38 16.52 16.08 13.02 16.58 16.25 15.10 14.57 13.01 4.89% <-IRR #YR-> 5 Stock Price 26.99%
Trailing P/E 11.71 13.07 12.89 12.81 12.95 10.80 19.57 20.31 16.18 18.57 18.71 14.11 14.12 17.39 15.10 14.57 3.93% <-IRR #YR-> 10 Stock Price 47.07%
CAPE (10 Yr P/E) 11.79 12.63 10.19 12.64 13.00 12.59 13.33 13.08 14.29 16.37 18.45 19.39 16.64 17.73 17.82 16.71 11.29% <-IRR #YR-> 5 Price & Dividend 68.75%
Median 5 Yrs D.  per yr 7.18% 6.40% % Tot Ret 64.62% 56.65% Price Inc 8.35% P/E:  16.17 16.25 11.12% <-IRR #YR-> 10 Price & Dividend 138.94%
Price 15 D.  per yr 5.61% % Tot Ret 119.48% -0.92% <-IRR #YR-> 15 Stock Price -12.88%
Price  20 D.  per yr 6.55% % Tot Ret 95.75% 0.29% <-IRR #YR-> 20 Stock Price 5.97%
Price  25 D.  per yr 8.51% % Tot Ret 84.49% 1.56% <-IRR #YR-> 25 Stock Price 47.30%
Price & Dividend 15 4.70% <-IRR #YR-> 15 Price & Dividend 71.40%
Price & Dividend 20 6.84% <-IRR #YR-> 20 Price & Dividend 143.18%
Price & Dividend 25 10.07% <-IRR #YR-> 25 Price & Dividend 277.61%
Price  5 -$15.23 $0.00 $0.00 $0.00 $0.00 $19.34 Price  5
Price 10 -$13.15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.34 Price 10
Price & Dividend 5 -$15.23 $1.00 $1.02 $1.07 $1.11 $20.50 Price & Dividend 5
Price & Dividend 10 -$13.15 $1.24 $1.24 $1.00 $1.00 $1.00 $1.00 $1.02 $1.07 $1.11 $20.50 Price & Dividend 10
Price  15 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.34 Price  15
Price  20 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.34 Price  20
Price  25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.34 Price  25
Price & Dividend 15 $1.33 $1.24 $1.24 $1.24 $1.24 $1.00 $1.00 $1.00 $1.00 $1.02 $1.07 $1.11 $20.50 Price & Dividend 15
Price & Dividend 20 $1.33 $1.24 $1.24 $1.24 $1.24 $1.00 $1.00 $1.00 $1.00 $1.02 $1.07 $1.11 $20.50 Price & Dividend 20
Price & Dividend 25 $1.33 $1.24 $1.24 $1.24 $1.24 $1.00 $1.00 $1.00 $1.00 $1.02 $1.07 $1.11 $20.50 Price & Dividend 25
Month, Year 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 Sep-20 Oct-21 27.00 <Count Years> Month, Year
Price Close $17.60 $16.02 $14.60 $15.81 $16.87 $14.42 $15.87 $15.75 $15.72 $16.65 $21.83 $22.07 $19.09 $20.69 $20.69 $20.69 30.75% <-Total Growth 10 Stock Price
Increase -21.78% -8.98% -8.86% 8.29% 6.70% -14.52% 10.06% -0.76% -0.19% 5.92% 31.11% 1.10% -13.50% 8.38% 0.00% 0.00% 2.72% <-IRR #YR-> 10 Stock Price 30.75%
P/E 14.08 15.71 11.41 11.98 11.40 17.59 21.16 15.91 16.21 14.87 13.56 16.11 16.04 15.10 14.57 13.01 3.92% <-IRR #YR-> 5 Stock Price 21.21%
Trailing P/E 13.23 12.82 14.31 12.35 12.78 9.74 19.35 21.00 15.88 17.16 19.49 13.71 13.93 17.39 15.10 14.57 9.46% <-IRR #YR-> 10 Price & Dividend 113.49%
Median 5 Yrs D.  per yr 6.74% 6.29% % Tot Ret 71.27% 61.61% Price Inc 1.10% P/E:  15.98 16.04 10.21% <-IRR #YR-> 5 Price & Dividend 61.59%
-$14.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.09
-$15.75 $0.00 $0.00 $0.00 $0.00 $19.09
-$14.60 $1.24 $1.24 $1.00 $1.00 $1.00 $1.00 $1.02 $1.07 $1.11 $20.25
-$15.75 $1.00 $1.02 $1.07 $1.11 $20.25
Price H/L Median $19.03 $16.90 $15.09 $13.55 $16.24 $16.70 $15.24 $15.95 $15.68 $16.60 $19.76 $20.92 $21.11 $19.53 39.94% <-Total Growth 10 Stock Price
Increase -13.75% -11.19% -10.74% -10.18% 19.85% 2.83% -8.77% 4.69% -1.72% 5.90% 19.04% 5.87% 0.91% -7.48% 3.42% <-IRR #YR-> 10 Stock Price 39.94%
P/E 15.22 16.57 11.79 10.27 10.97 20.37 20.31 16.11 16.16 14.82 12.27 15.27 17.74 14.26 5.77% <-IRR #YR-> 5 Stock Price 32.35%
Trailing P/E 14.31 13.52 14.79 10.59 12.30 11.28 18.58 21.27 15.83 17.11 17.64 12.99 15.41 16.41 9.77% <-IRR #YR-> 10 Price & Dividend 120.02%
P/E on Running 5 yr Aveage 14.05 13.22 12.01 10.93 12.79 14.10 13.48 14.88 15.64 17.85 18.16 17.26 16.86 14.66 11.78% <-IRR #YR-> 5 Price & Dividend 72.23%
P/E on Running 10 yr Aveage 14.39 13.06 11.69 10.45 12.35 13.16 12.65 13.70 13.98 15.09 17.39 17.87 18.17 16.74 14.06 P/E Ratio Historical Median
Median 5 Yrs D.  per yr 6.36% 6.01% % Tot Ret 65.03% 51.05% Price Inc 5.87% P/E:  15.69 15.27 Count 23 Years of data
-$15.09 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $21.11
-$15.95 $0.00 $0.00 $0.00 $0.00 $21.11
-$15.09 $1.24 $1.24 $1.00 $1.00 $1.00 $1.00 $1.02 $1.07 $1.11 $22.27
-$15.95 $1.00 $1.02 $1.07 $1.11 $22.27
High Months Sep 08 Sep 09 Oct 10 Sep 12 Nov 13 Apr 14 Mar 15 May 16 Jun 17 Dec17 Jan 18
Price High $22.50 $18.50 $16.40 $16.16 $17.09 $18.01 $16.47 $16.40 $16.13 $17.80 $22.88 $23.08 $23.18 $20.69 41.34% <-Total Growth 10 Stock Price
Increase -4.05% -17.78% -11.35% -1.46% 5.75% 5.38% -8.55% -0.43% -1.65% 10.35% 28.54% 0.87% 0.43% -10.74% 3.52% <-IRR #YR-> 10 Stock Price 41.34%
P/E 18.00 18.14 12.81 12.24 11.55 21.96 21.96 16.57 16.63 15.89 14.21 16.85 19.48 15.10 7.17% <-IRR #YR-> 5 Stock Price 41.34%
Trailing P/E 16.92 14.80 16.08 12.63 12.95 12.17 20.09 21.87 16.29 18.35 20.43 14.34 16.92 17.39 15.89 P/E Ratio Historical Median
Median 5 Yrs Price Inc 0.87% P/E:  16.60 16.63 18.03 P/E Ratio Historical High
-$16.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $23.18
-$16.40 $0.00 $0.00 $0.00 $0.00 $23.18
Low Months Dec 08 May 10 May 10 Oct 11 Sep 13 Nov 13 Oct 14 Oct 15 Nov 16 Sep 18 Oct 18
Price Low $15.56 $15.30 $13.77 $10.94 $15.39 $15.39 $14.00 $15.50 $15.22 $15.40 $16.64 $18.76 $19.04 $18.37 38.27% <-Total Growth 10 Stock Price
Increase -24.76% -1.67% -10.00% -20.55% 40.68% 0.00% -9.03% 10.71% -1.81% 1.18% 8.05% 12.74% 1.49% -3.52% 3.29% <-IRR #YR-> 10 Stock Price 38.27%
P/E 12.45 15.00 10.76 8.29 10.40 18.77 18.67 15.66 15.69 13.75 10.34 13.69 16.00 13.41 4.20% <-IRR #YR-> 5 Stock Price 22.84%
Trailing P/E 11.70 12.24 13.50 8.55 11.66 10.40 17.07 20.67 15.37 15.88 14.86 11.65 13.90 15.44 13.04 P/E Ratio Historical Median
Median 5 Yrs Price Inc 1.49% P/E:  14.70 13.75 10.39 P/E Ratio Historical Low
-$13.77 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.04
Long Term Debt $121.04 $85.23 $103.76 $85.87 Debt
Change -29.59% 21.75% -17.24% -17.24% <-Median-> 3 Change
Debt/Market Cap Ratio 0.19 0.10 0.12 0.11 0.12 <-Median-> 4 Debt/Market Cap Ratio
Goodwill Gas Metro $322 $322 $322 $414 $399 $409 $423 Intangibles Goodwill
Change 0.00% 0.00% 28.72% -3.72% 2.67% 3.45% 1.33% <-Median-> 6 Change
Goodwill/Asset Ratio 0.06 0.06 0.05 0.06 0.05 0.05 0.05 0.05 <-Median-> 7 % of Market C.
Sold shares at  $15.00 $16.00 $16.00 $16.50 $16.50 $22.00 $22.00
Market Cap $2,230.1 $2,426.7 $2,428.7 $2,759.6 $2,759.6 $3,779.5 $3,779.5
% of Market Cap 14.43% 13.26% 13.25% 15.01% 14.45% 10.83% 11.20% 13.26% <-Median-> 7 % of Market C.
Goodwill Vanener Yes, 0 -> $0 $0 $0 $0 $0 $0 $0 Intangibles Goodwill
Change #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! <-Median-> 0 Change
Goodwill/Market Cap Ratio 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 <-Median-> 7 % of Market C.
Goodwill Vanener in GM $319 $329 $332 $338 $351 $350 $346 $349 in GM Goodwill Search
Change 3.22% 0.90% 1.70% 4.00% -0.41% -1.16% 0.80% 0.90% <-Median-> 7 Change
Intangible/Market Cap Ratio 0.59 0.55 0.56 0.56 0.55 0.41 0.40 0.47 0.55 <-Median-> 8 Intangible/Market Cap Ratio Goodwill
Market Cap $599.8 $559.5 $510.0 $552.3 $589.3 $538.6 $595.8 $594.5 $597.9 $638.7 $843.4 $858.0 $747.9 $810.6 $810.6 $810.6 46.66% <-Total Growth 10 Market Cap
Diluted # of Shares in Million 37.66 37.92 38.23 38.53 38.77 39.05 2.15% <-Total Growth 5 Diluted
Change 0.69% 0.82% 0.79% 0.64% 0.71% 0.71% <-Median-> 5 Change
Difference Diluted/Basic 0.0% 0.0% 0.0% 0.0% 0.0% 0.0% 0.00% <-Median-> 6 Difference Diluted/Basic
Average # of Shares in Million 117.5 120.4 120.5 120.5 120.5 37.10 37.45 37.66 37.92 38.23 38.53 38.77 39.05 -67.58% <-Total Growth 10 Average
Change 0.87% 2.48% 0.02% 0.00% 0.00% -69.20% 0.94% 0.55% 0.69% 0.82% 0.79% 0.64% 0.71% 0.66% <-Median-> 10 Change
Difference Basic/Outstanding 0.0% 0.0% 0.0% 0.0% 0.0% 0.7% 0.2% 0.2% 0.3% 0.4% 0.3% 0.3% 0.3% 0.27% <-Median-> 10 Difference Basic/Outstanding
Shares in Gaz Metro Shares in Gaz Metro
Plus 34.93 1.71 6.48 0.91 0.91 4.48 0.00 1.32 0.00 50.73 Sum Plus
# of Shares in M VNR 34.08 34.93 34.93 34.93 34.93 37.35 37.54 37.74 38.04 38.36 38.63 38.88 39.18 39.18 39.18 39.18 1.15% <-IRR #YR-> 10 Shares 12.16%
Change 0.00% 2.49% 0.01% 0.00% 0.00% 6.93% 0.51% 0.54% 0.77% 0.85% 0.71% 0.63% 0.78% 0.00% 0.00% 0.00% 0.75% <-IRR #YR-> 5 Shares 3.80%
Cash Flow from Operations $M $89.73 $114.61 $107.67 $144.73 $99.45 $34.5 $23.8 $45.2 $43.1 $62.9 $56.7 $60.3 $62.2 $51.3 $56.0 -42.25% <-Total Growth 10 Cash Flow
Increase -3.14% 27.72% -6.05% 34.42% -31.28% -65.32% -30.89% 89.49% -4.49% 45.81% -9.79% 6.34% 3.05% -17.45% 9.16% S. Iss DRIP
5 year Running Average $91.7 $96.5 $100.7 $109.9 $111.2 $100.2 $82.0 $69.5 $49.2 $41.9 $46.4 $53.7 $57.1 $58.7 $57.3 -43.34% <-Total Growth 10 CF 5 Yr Running
CFPS $2.63 $3.28 $3.08 $4.14 $2.85 $0.92 $0.63 $1.20 $1.13 $1.64 $1.47 $1.55 $1.59 $1.31 $1.43 -48.51% <-Total Growth 10 Cash Flow per Share
Increase -3.14% 24.62% -6.07% 34.42% -31.28% -67.57% -31.24% 88.47% -5.23% 44.58% -10.43% 5.68% 2.25% -17.45% 9.16% -5.34% <-IRR #YR-> 10 Cash Flow -42.25%
5 year Running Average $2.75 $2.85 $2.94 $3.17 $3.20 $2.86 $2.33 $1.95 $1.35 $1.11 $1.21 $1.40 $1.48 $1.51 $1.47 6.60% <-IRR #YR-> 5 Cash Flow 37.66%
P/CF on Med Price 7.23 5.15 4.89 3.27 5.70 18.08 23.99 13.33 13.82 10.12 13.45 13.48 13.30 14.91 0.00 -6.42% <-IRR #YR-> 10 Cash Flow per Share -48.51%
P/CF on Closing Price 6.68 4.88 4.74 3.82 5.93 15.62 24.99 13.16 13.86 10.15 14.86 14.22 12.03 15.79 14.47 -7.42% <-IRR #YR-> 10 Cash Flow per Share 32.62%
17.94% Diff M/C -6.65% <-IRR #YR-> 10 CFPS 5 yr Running -49.76%
Excl.Working Capital CF -$3.52 -$13.79 $13.71 -$16.55 $14.24 -$12.07 $14.77 -$1.22 $2.80 -$2.69 -$0.87 -$1.48 $0.77 $0.00 $0.00 -5.41% <-IRR #YR-> 5 CFPS 5 yr Running -24.26%
CF fr Op $M WC $86.2 $100.8 $121.4 $128.2 $113.7 $22.4 $38.6 $43.9 $45.9 $60.2 $55.9 $58.9 $63.0 $51.3 $56.0 -48.14% <-Total Growth 10 Cash Flow less WC
Increase -13.96% 16.94% 20.39% 5.61% -11.30% -80.28% 72.14% 13.84% 4.53% 31.07% -7.21% 5.34% 6.96% -18.47% 9.16% -6.35% <-IRR #YR-> 10 Cash Flow less WC -48.14%
5 year Running Average $96.7 $98.0 $102.1 $107.4 $110.1 $97.3 $84.9 $69.4 $52.9 $42.2 $48.9 $53.0 $56.8 $57.8 $57.0 7.45% <-IRR #YR-> 5 Cash Flow less WC 43.25%
CFPS Excl. WC $2.53 $2.89 $3.47 $3.67 $3.25 $0.60 $1.03 $1.16 $1.21 $1.57 $1.45 $1.51 $1.61 $1.31 $1.43 -5.70% <-IRR #YR-> 10 CF less WC 5 Yr Run -44.38%
Increase -13.97% 14.10% 20.37% 5.61% -11.30% -81.55% 71.26% 13.23% 3.72% 29.97% -7.86% 4.68% 6.13% -18.47% 9.16% -3.93% <-IRR #YR-> 5 CF less WC 5 Yr Run -18.17%
5 year Running Average $2.91 $2.90 $2.98 $3.10 $3.16 $2.78 $2.41 $1.94 $1.45 $1.11 $1.28 $1.38 $1.47 $1.49 $1.46 6.65% <-IRR #YR-> 5 CFPS - Less WC -53.76%
P/CF on Med Price 7.52 5.85 4.34 3.69 4.99 27.81 14.82 13.70 12.98 10.58 13.66 13.82 13.14 14.91 0.00 5.81% <-IRR #YR-> 5 CFPS - Less WC 38.00%
P/CF on Closing Price 6.96 5.55 4.20 4.31 5.18 24.02 15.43 13.53 13.02 10.61 15.10 14.58 11.88 15.79 14.47 -6.83% <-IRR #YR-> 10 CFPS 5 yr Running -50.70%
*Operational Cash Flow  CF/-WC P/CF Med 10 yr 13.39 5 yr  13.45 P/CF Med 10 yr 13.40 5 yr  13.14 17.85% Diff M/C -5.45% <-IRR #YR-> 5 CFPS 5 yr Running -24.42%
-$3.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.59 Cash Flow per Share
-$1.20 $0.00 $0.00 $0.00 $0.00 $1.59 Cash Flow per Share
-$2.94 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.48 CFPS 5 yr Running
-$1.95 $0.00 $0.00 $0.00 $0.00 $1.48 CFPS 5 yr Running
-$121.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $63.0 Cash Flow less WC
-$43.9 $0.0 $0.0 $0.0 $0.0 $63.0 Cash Flow less WC
-$102.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $56.8 CF less WC 5 Yr Run
-$69.4 $0.0 $0.0 $0.0 $0.0 $56.8 CF less WC 5 Yr Run
-$3.47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.61 CFPS - Less WC
-$1.16 $0.00 $0.00 $0.00 $0.00 $1.61 CFPS - Less WC
-$2.98 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.47 5 yr Running Average
-$1.94 $0.00 $0.00 $0.00 $0.00 $1.47 5 yr Running Average
OPM 15.44% 20.19% 17.09% 22.19% 16.97% 6.06% 4.31% 7.02% 5.86% 7.97% 7.56% 8.23% 8.40% -50.89% <-Total Growth 10 OPM
Increase -12.59% 30.74% -15.33% 29.80% -23.50% -64.30% -28.89% 63.02% -16.52% 35.95% -5.14% 8.88% 1.96% Should increase  or be stable.
Diff from Ave 98.8% 159.9% 120.1% 185.7% 118.5% -22.0% -44.5% -9.6% -24.5% 2.6% -2.6% 6.0% 8.1% 0.00 <-Median-> 10 OPM
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 7.77% 5 Yrs 7.97% should be  zero, it is a   check on calculations
Current Assets, Valener $390.6 $367.6 $417.3 $360.0 $391.5 $21.9 $16.1 $13.9 $16.6 $15.9 $15.8 $15.9 $16.3 Liquidity ratio of 1.5 and up, best Quick/Current Ratio
Current Liabilities $361.2 $290.0 $482.4 $511.4 $459.3 $24.3 $13.8 $12.0 $11.8 $12.5 $20.5 $13.9 $13.3 1.15 <-Median-> 10 Ratio
Liquidity 1.08 1.27 0.87 0.70 0.85 0.90 1.17 1.16 1.41 1.27 0.77 1.14 1.23 1.23 <-Median-> 5 Ratio
Liq. with CF aft div 1.20 1.51 1.00 0.90 0.97 0.78 0.17 1.78 1.84 3.17 1.52 2.38 2.49 2.38 <-Median-> 5 Ratio
Liq. CF re  Inv+Div  0.81 0.59 0.57 0.58 0.63 0.31 0.02 0.63 1.38 0.44 1.52 0.65 2.44 1.38 <-Median-> 5 Ratio
Assets, Valener $807.1 $910.7 $949.1 $959.0 $1,063.3 $672.7 $765.5 $801.9 $815.7 $917.7 $881.3 $913.9 $928.0 Debt Ratio of 1.5 and up, best
Liabilities $539.0 $643.4 $675.9 $683.6 $792.9 $70.0 $89.8 $104.8 $102.3 $164.0 $137.1 $156.8 $150.0 6.31 <-Median-> 10 Ratio
Debt Ratio 1.50 1.42 1.40 1.40 1.34 9.60 8.52 7.65 7.98 5.60 6.43 5.83 6.19 6.19 <-Median-> 5 Ratio
Check $268.1 $267.3 $273.2 $275.4 $270.5 $602.6 $675.7 $697.1 $713.5 $753.7 $744.2 $757.0 $778.0
Total Book Value, Valener $268.1 $267.3 $273.2 $275.4 $270.5 $602.6 $675.7 $697.1 $713.5 $753.7 $744.2 $757.0 $778.0 184.78% <-Total Growth 10 Book Value
Preferred Shares $97.5 $97.5 $97.5 $97.5 $97.5 $97.5 $97.5 Preferred Shares
Book Value $268.1 $267.3 $273.2 $275.4 $270.5 $602.6 $578.2 $599.7 $616.0 $656.2 $646.7 $659.5 $680.5 $680.5 $680.5 $680.5 149.10% <-Total Growth 10 Book Value
BV per share $7.87 $7.65 $7.82 $7.88 $7.74 $16.13 $15.40 $15.89 $16.19 $17.11 $16.74 $16.96 $17.37 $17.37 $17.37 $17.37 122.09% <-Total Growth 10 Book Value per Share
Change -1.48% -2.72% 2.17% 0.80% -1.78% 108.38% -4.55% 3.16% 1.93% 5.63% -2.15% 1.35% 2.38% 0.00% 0.00% 0.00% -42.82% P/B Ratio Current/Historical Median
P/B Ratio (Median) 2.42 2.21 1.93 1.72 2.10 1.04 0.99 1.00 0.97 0.97 1.18 1.23 1.22 2.08 P/B Ratio Historical Median
P/B Ratio (Close) 2.24 2.09 1.87 2.01 2.18 0.89 1.03 0.99 0.97 0.97 1.30 1.30 1.10 1.19 1.19 1.19 8.31% <-IRR #YR-> 10 Book Value 122.09%
Change -20.60% -6.44% -10.80% 7.42% 8.64% -58.98% 15.30% -3.80% -2.08% 0.27% 33.99% -0.24% -15.51% 8.38% 0.00% 0.00% 1.80% <-IRR #YR-> 5 Book Value 9.32%
Leverage (A/BK) 3.01 3.41 3.47 3.48 3.93 1.12 1.13 1.15 1.14 1.22 1.18 1.21 1.19 1.19 <-Median-> 10 A/BV
Debt/Equity Ratio 2.01 2.41 2.47 2.48 2.93 0.12 0.13 0.15 0.14 0.22 0.18 0.21 0.19 0.19 <-Median-> 10 Debt/Eq Ratio
Sharerholders Equity (Assets less liabilities) P/BV 10 yr Med 1.11 5 yr Med 1.18 7.54% Diff M/C
-$7.82 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $17.37
-$15.89 $0.00 $0.00 $0.00 $0.00 $17.37
Comprehensive Inc Gaz Metro
Comprehensive Income Valener $10.8 $11.6 $60.5 $54.2 $78.9 $66.4 $55.9 $64.6 496.33% <-Total Growth 7 Comprehensive Income
Increase 7.52% 419.75% -10.44% 45.51% -15.79% -15.83% 15.52% -10.44% <-Median-> 5 Comprehensive Income
5 Yr Running Average $43 $54 $63 $64 29.06% <-IRR #YR-> 7 Comprehensive Income #DIV/0!
ROE  1.8% 1.7% 8.7% 7.6% 10.5% 8.9% 7.4% 8.3% 1.31% <-IRR #YR-> 5 Comprehensive Income 6.71%
5Yr Median 1.8% 1.8% 4.7% 7.6% 8.7% 8.7% 8.3% 13.98% <-IRR #YR-> 3 5 Yr Running Average #DIV/0!
Difference % of NI 66.3% -25.6% -14.1% -45.6% 13.2% 15.2% -10.6% 13.98% <-IRR #YR-> 3 5 Yr Running Average #DIV/0!
Median Values Diff 5, 10 yr -10.6% -10.6% 8.3% <-Median-> 5 Return on Equity
-$10.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $64.6
-$60.5 $0.0 $0.0 $0.0 $0.0 $64.6
-$43.2 $0.0 $0.0 $64.0
-$43.2 $0.0 $0.0 $64.0
Current Liability Coverage Ratio 0.24 0.35 0.25 0.25 0.25 0.92 2.80 3.67 3.89 4.81 2.73 4.23 4.74   CFO / Current Liabilities
5 year Median 0.32 0.35 0.32 0.25 0.25 0.25 0.25 0.92 2.80 3.67 3.67 3.89 4.23 4.23 <-Median-> 5 Current Liability Cov Ratio
Asset Efficiency Ratio 10.68% 11.07% 12.79% 13.37% 10.69% 3.33% 5.04% 5.48% 5.63% 6.56% 6.34% 6.44% 6.78% CFO / Total Assets
5 year Median 13.79% 12.00% 12.00% 12.00% 11.07% 11.07% 10.69% 5.48% 5.48% 5.48% 5.63% 6.34% 6.44% 6.4% <-Median-> 5 Return on Assets 
Return on Assets ROA 5.3% 3.9% 4.7% 4.8% 4.9% 4.5% 3.9% 5.2% 5.0% 5.1% 7.5% 6.3% 5.5% Net  Income/Assets Return on Assets
5Yr Median 6.3% 5.3% 5.1% 4.8% 4.8% 4.7% 4.7% 4.8% 4.9% 5.0% 5.1% 5.2% 5.5% 5.5% <-Median-> 5 Asset Efficiency Ratio
ROE Gaz to Valener 15.9% 13.3% 16.4% 16.7% 19.2% 5.0% 5.1% 6.9% 6.7% 7.2% 10.3% 8.7% 7.5% Net Inc/ Shareholders' equity Return on Equity
5Yr Median 17.2% 15.9% 15.9% 15.9% 16.4% 16.4% 16.4% 6.9% 6.7% 6.7% 6.9% 7.2% 7.5% 7.5% <-Median-> 5 Return on Equity
Net Income,Valener $42.7 $35.6 $44.8 $46.0 $51.8 $30.3 $29.6 $41.5 $41.0 $47.1 $66.5 $57.4 $51.1 13.99% <-Total Growth 10 Net Income
Increase 1.21% -16.55% 25.72% 2.60% 12.77% -41.45% -2.54% 40.20% -1.11% 15.02% 41.05% -13.67% -11.07% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $44.1 $42.3 $42.4 $42.2 $44.2 $41.7 $40.5 $39.8 $38.8 $37.9 $45.1 $50.7 $52.6 1.32% <-IRR #YR-> 10 Net Income 13.99%
Operating Cash Flow $89.73 $114.61 $107.67 $144.73 $99.45 $34.49 $23.84 $45.17 $43.14 $62.90 $56.74 $60.34 $62.18 4.26% <-IRR #YR-> 5 Net Income 23.17%
Investment Cash Flow -$176.32 -$457.46 -$360.79 -$283.17 -$245.83 -$37.85 -$145.28 -$21.76 -$3.92 -$78.06 $19.18 -$36.97 -$0.25 2.19% <-IRR #YR-> 10 5 Yr Running Ave. 24.23%
Total Accruals $233.79 $465.70 $407.56 $296.89 $325.06 $33.70 $151.01 $18.05 $1.77 $62.31 -$9.42 $34.04 -$10.88 5.73% <-IRR #YR-> 5 5 Yr Running Ave. 32.13%
Total Assets $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 $913.9 $928.0 Balance Sheet Assets
Accruals Ratio 8.40% 14.83% 12.45% 8.98% 8.87% 5.01% 19.73% 2.25% 0.22% 6.79% -1.07% 3.72% -1.17% 0.22% <-Median-> 5 Ratio
EPS/CF Ratio 0.49 0.35 0.37 0.36 0.45 1.37 0.73 0.85 0.80 0.71 1.11 0.90 0.74 0.77 <-Median-> 10 EPS/CF Ratio
-$44.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $51.1
-$41.5 $0.0 $0.0 $0.0 $0.0 $51.1
-$42.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $52.6
-$39.8 $0.0 $0.0 $0.0 $0.0 $52.6
Chge in Close -21.78% -8.98% -8.86% 8.29% 6.70% -14.52% 10.06% -0.76% -0.19% 5.92% 31.11% 1.10% -13.50% 8.38% 0.00% 0.00% Count 26 Years of data
up/down/neutral down down down down down down down down down Count 20 76.92%
Any Predictions? yes yes yes yes yes % right Count 8 40.00%
Financial Cash Flow -$123.31 $60.79 -$15.38 -$196.20 -$97.27 $11.53 $113.77 -$23.41 $38.95 $15.85 $76.25 $23.81 -$61.52 C F Statement  Financial Cash Flow
Total Accruals $357.11 $404.91 $422.94 $493.09 $422.34 $22.17 $37.24 $41.46 -$37.18 $46.46 -$85.67 $10.23 $50.64 Accruals
Accruals Ratio 12.83% 12.89% 12.92% 14.91% 11.52% 3.30% 4.87% 5.17% -4.56% 5.06% -9.72% 1.12% 5.46% 1.1% <-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 $0.71 $1.12 Cash
Cash per Share $0.21 $0.37 $0.36 $0.22 $0.01 $0.01 $0.02 $0.04 $0.03 $0.02 $0.03 $0.03 <-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% 0.08% 0.15% 0.14% <-Median-> 5 % of Stock Price
Gaz Metro now Energir, L. P.
Revenue Gaz Metro $2,004 $1,957 $2,172 $2,249 $2,020 $1,963 $1,908 $2,217 $2,537 $2,721 $2,587 $2,527 $2,554 17.58% <-Total Growth 10 Revenue
Increase 10.82% -2.31% 10.96% 3.56% -10.17% -2.85% -2.81% 16.24% 14.40% 7.25% -4.91% -2.33% 1.07% 1.63% <-IRR #YR-> 10 Revenue 17.58%
5 year Running Average $1,792 $1,862 $1,945 $2,038 $2,081 $2,072 $2,062 $2,071 $2,129 $2,269 $2,394 $2,518 $2,585 2.86% <-IRR #YR-> 5 Revenue 15.17%
Revenue per Share GM $17.05 $16.25 $18.03 $18.67 $16.77 $15.54 $12.83 $14.62 $16.71 $16.27 $15.47 $14.71 $14.86 2.89% <-IRR #YR-> 10 5 yr Running Average 32.91%
Increase 10.81% -4.69% 10.94% 3.56% -10.17% -7.38% -17.41% 13.94% 14.31% -2.66% -4.91% -4.92% 1.07% 4.53% <-IRR #YR-> 5 5 yr Running Average 24.79%
5 year Running Average $15.60 $15.94 $16.46 $17.08 $17.36 $17.05 $16.37 $15.69 $15.29 $15.19 $15.18 $15.55 $15.60 -1.91% <-IRR #YR-> 10 Revenue per Share -17.56%
xx 0.33% <-IRR #YR-> 5 Revenue per Share 1.68%
xx -0.53% <-IRR #YR-> 10 5 yr Running Average -5.20%
*Revenue in M CDN $  P/S 10 yr  xx 5 yr  xx -0.11% <-IRR #YR-> 5 5 yr Running Average -0.53%
Valener Shares in Gaz Metro 36.64 43.11 43.98 44.02 48.50 48.50 49.82 49.82
Increase 6.48 0.87 0.04 4.48 0.00 1.32 0.00
# of Share of Gaz Metro 117.51 120.44 120.45 120.45 120.45 126.34 148.67 151.67 151.80 167.25 167.25 171.80 171.80 42.63% <-Total Growth 10 Shares
Increase 0.40% 292.80% 1.50% 0.00% 0.00% 588.60% 2233.30% 300.00% 12.50% 1545.50% 0.00% 454.50% 0.00%
CF fr Op $M Gaz Metro $309.4 $395.2 $371.3 $499.1 $342.9 $404.7 $428.8 $488.0 $605.0 $738.0 $529.9 $559.84 $625.07 68.36% <-Total Growth 10 Cash Flow
CFPS pre 2010 $2.63 $3.28 $3.08 $4.14 $2.85 $4.61 $2.88 $3.22 $3.99 $4.41 $3.17 $3.26 $3.64 18.04% <-Total Growth 10 Cash Flow per Share
Excl.Working pre-2010 -$12.13 -$47.54 $47.26 -$57.06 $49.11 $49.11 -$37.15 -$44.97 -$11.71 -31.47 46.29 -2.80 7.51
CF fr Op $M WC $297.3 $347.7 $418.5 $442.0 $392.0 $453.8 $391.7 $443.0 $593.3 $706.5 $576.2 $557.0 $632.6 51.14% <-Total Growth 10 Cash Flow
CFPS Excl. WC $2.53 $2.89 $3.47 $3.67 $3.25 $3.59 $2.63 $2.92 $3.91 $4.22 $3.45 $3.24 $3.68 5.97% <-Total Growth 10 Cash Flow per Share
Current Assets, Gaz Metro $390.6 $367.6 $417.3 $360.0 $391.5 $369.1 $403.9 $419.9 $513.9 $500.5 $615.1 $648.5 $648.5 Debt Ratio of 1.5 and up, best
Current Liabilities $361.2 $290.0 $482.4 $511.4 $459.3 $488.8 $576.0 $498.6 $428.1 $476.2 $622.2 $597.6 $597.6 0.92 <-Median-> 10 Ratio
Liquidity 1.08 1.27 0.87 0.70 0.85 0.76 0.70 0.84 1.20 1.05 0.99 1.09 1.09 1.09 <-Median-> 5 Ratio
Assets, Gaz Metro $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 $7,528.1 $7,739.5 Debt Ratio of 1.5 and up, best
Liabilities $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 $5,577.0 $3,653.6 1.35 <-Median-> 10 Ratio
Debt Ratio 1.50 1.42 1.40 1.40 1.34 1.37 1.35 1.35 1.32 1.34 1.32 1.35 2.12 1.34 <-Median-> 5 Ratio
Total, Gas Metro $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 $1,951.2 $4,085.9 333.76% <-Total Growth 10 Book Value
NCI $0.0 $0.0 $0.0 $0.0 $0.0 -$8.8 $27.4 $41.2 $40.73 $29.09 $36.15 $58.35 $58.35
BV Gaz Metro $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 $1,892.81 $4,027.55 327.56% <-Total Growth 10 Book Value
BV per share pre 2010 $7.87 $7.65 $7.82 $7.88 $7.74
BV per Share Gas Metro $7.87 $7.65 $7.82 $7.88 $7.74 $8.10 $8.77 $9.25 $9.50 $10.77 $10.61 $11.02 $23.44 199.78% <-Total Growth 10 Book Value per Share
BVPS owned by Valener  $7.87 $7.65 $7.82 $7.88 $7.74 $7.95 $10.07 $10.78 $10.99 $13.61 $13.32 $14.12 $29.81 281.20% <-Total Growth 10 Book Value per Share
Leverage (A/BK) 3.01 3.41 3.47 3.48 3.93 3.67 3.85 3.87 4.14 3.95 4.10 3.86 1.89 3.86 <-Median-> 10 A/BV
Debt/Equity Ratio 2.01 2.41 2.47 2.48 2.93 2.67 2.85 2.87 3.14 2.95 3.10 2.86 0.89 2.86 <-Median-> 10 Debt/Eq Ratio
Comprehensive Inc Gaz Metro $217.2 $204.7 $277.0 $288.1 $208.2 $250.4 NCI
NCI $7.40 -$4.14 -$1.46 -$2.90 -$8.81 -$1.99 Psrtners
Psrtners $115.8 $106.5 $209.8 $208.8 $278.5 $291.0 $217.0 $252.4 118.01% <-Total Growth 7 Comprehensive Income
Increase -8.05% 97.04% -0.46% 33.37% 4.48% -25.42% 16.33% 4.48% <-Median-> 5 Comprehensive Income
5 Yr Running Average $184 $219 $241 $250 11.78% <-IRR #YR-> 7 Comprehensive Income
ROE Gaz Metro 11.3% 8.2% 15.0% 14.5% 15.5% 16.4% 11.5% 6.3% 3.77% <-IRR #YR-> 5 Comprehensive Income
5Yr Median 9.7% 11.3% 12.9% 14.5% 15.0% 15.0% 14.5%
Difference % of NI -29.4% -23.8% 20.7% 23.5% 50.5% 6.1% -7.1% 19.1%
Median Values Diff 5, 10 yr 12.6% 19.1% 14.5% <-Median-> 5 Return on Equity
-$115.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $252.4
-$209.8 $0.0 $0.0 $0.0 $0.0 $252.4
ROE On Gaz Metro 15.9% 13.3% 16.4% 16.7% 19.2% 16.0% 10.7% 12.4% 11.7% 10.3% 15.5% 12.3% 5.3%
5Yr Median 17.2% 15.9% 15.9% 15.9% 16.4% 16.4% 16.4% 16.0% 12.4% 11.7% 11.7% 12.3% 11.7%
Net Income $220.38 $213.15
NCI -$20.37 -$1.93
Psrtners $147.21 $122.84 $154.44 $158.45 $178.68 $162.57 $142.64 $178.87 $173.80 $188.02 $279.78 $240.75 $215.09 39.27% <-Total Growth 10 Net Income
Increase 1.21% -16.55% 25.72% 2.60% 12.77% -9.02% -12.26% 25.40% -2.84% 8.18% 48.81% -13.95% -10.66% EPS/CF Ratio should not be higher than 1.00
5 Yr Running Average $152.19 $145.84 $146.06 $145.68 $152.32 $155.40 $159.36 $164.24 $167.31 $169.18 $192.62 $212.24 $219.48 3.37% <-IRR #YR-> 10 Net Income 39.27%
Operating Cash Flow $605.00 $738.02 $529.95 $559.84 $625.07 3.76% <-IRR #YR-> 5 Net Income 20.25%
Investment Cash Flow -$641.29 -$978.64 -$716.36 -$716.36 -$534.22 4.16% <-IRR #YR-> 10 5 Yr Running Average 50.27%
Total Accruals $210.1 $428.6 $466.2 $397.3 $124.2 5.97% <-IRR #YR-> 5 5 Yr Running Average 33.63%
Total Assets $6,144.2 $7,218.0 $7,425.6 $7,528.1 $7,739.5 Balance Sheet Assets
Accruals Ratio 3.42% 5.94% 6.28% 5.28% 1.61% 5.28% <-Median-> 5 Ratio
EPS/CF Ratio (WC) #NUM! <-Median-> 0 EPS/CF Ratio
-$154.4 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $215.1
-$178.9 $0.0 $0.0 $0.0 $0.0 $215.1
-$146.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $219.5
-$164.2 $0.0 $0.0 $0.0 $0.0 $219.5
EPS pre 2010 Gaz Metro $1.25 $1.02 $1.28 $1.32 $1.48
ESP after 2010 Valener $1.25 $1.02 $1.28 $1.32 $1.48
Notes:
January 26, 2019.  Last estimates were for 2018, 2019 and 2020 of $1.38, $1.38 and $1.47 for EPS, $1.29, 1.36 and $1.33 for CFPS, $52.1M and $53.7M for Net Income for 2018 and 2019
January 28, 2018.  Last estimates were for 2017, 2018 and 2019 of $101M, $103M and $72.2M for Income, $1.30, $1.33 and $1.39 for EPS, $1.18, $1.22 and $1.28 for CFPS and $51.4M, $52.1M and $55.7M for Net Income.
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.
In 2010, Gaz Métro was restructured so that 71% of its capital was held by the private company Noverco, which was controlled by Trencap (61.11%) and Enbridge (38.9%), while 29% was owned by the new company Valener, listed on the TSX
This spreadsheet follows Gas Metro into Valener Inc.
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. 
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.
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.
How they make their money.
Valener Inc is an investment holding company engaged in the regulated energy business in the United States and Canada through Gaz Metro. Its core business operations involve natural gas distribution 
in Quebec and Vermont as well as electricity distribution in Vermont. The company through its subsidiaries holds the interest in wind farm business. It serves more than 200,000 customers in Quebec and over 310,000 customers in Vermont.
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 Shares %, Val $M Shares %, Val $M
Date Jan 23 2014 Jan 24 2015 Jan 30 2016 Jan 28 2017 Jan 27 2018 Jan 26 2019
Brochu, Sophie 0.019 0.05% 0.019 0.05% 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 $0.437 $0.372 $0.398
Options - percentage 0.000 0.00% 0.000 0.00% 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 $0.000 $0.000
Lachance, Eric 0.000 0.00% 0.000 0.00% not showing
CFO - Shares - Amount $0.000 $0.000
Options - percentage 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000
Despars, Pierre 0.013 0.03% 0.015 0.04% 0.015 0.04% 0.015 0.04% 0.016 0.04% Last updated March 2017
CFO - Shares - Amount $0.210 $0.269 $0.313 $0.339 $0.304 site says he is no longer CFO 
Options - percentage 0.000 0.00% 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 $0.000
Bell, Mary-Ann 0.007 0.02% 0.010 0.02%
Director - Shares - Amount $0.143 $0.202
Options - percentage 0.000 0.00% 0.000 0.00%
Options - amount $0.000 $0.000
Forget, Nicolle 0.008 0.02% 0.009 0.02% 0.012 0.03% 0.013 0.03% ceased insider March 2017
Director - Shares - Amount $0.120 $0.157 $0.248 $0.298
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% 0.019 0.05% 0.010 0.02%
Chairman - Shares - Amount $0.078 $0.097 $0.112 $0.359 $0.201
Options - percentage 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.001 0.00%
Options - amount $0.000 $0.000 $0.000 $0.004 $0.014
Increase in O/S Shares 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% 0.000 0.00% Yes 0
due to SO #REF! $0.000 $0.000 $0.000 $0.000 $0.000
Book Value $0.000 $0.000 $0.000 $0.000 $0.000 $0.000
Insider Buying -$0.031 -$0.114 -$0.114 -$0.154 -$0.152
Insider Selling $0.000 $0.000 $0.000 $0.000 $0.000 no selling
Net Insider Selling -$0.031 -$0.114 -$0.114 -$0.154 -$0.152
% of Market Cap 0.00% -0.01% -0.01% -0.02% -0.02%
Directors 0 5 5 5 5 5
Women 0 #DIV/0! 2 40% 2 40% 3 60% 2 40% 2 40%
Minorities 0 #DIV/0! 0 0% 0 0% 0 0% 0 0% 0 0%
Institutions/Holdings 16 5.16% 5 12.61% 4 10.54% 7 9.87% 5 11.62%
Total Shares Held 1.939 5.10% 0.505 1.31% 0.422 1.08% 3.846 9.82% 0.465 1.19%
Increase/Decrease 0.031 1.60% 0.019 3.93% 0.000 0.00% -0.012 -0.31% 0.001 0.19%
Starting No. of Shares 1.908 0.485 0.422 3.857 0.464
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