| This report should not be construed as providing investment
advice. It is for educational purposes only.
Before making any investment decision, you should always do your own
research or consult a investment professional. |
|
|
|
|
|
|
| See
my website on stocks or see my blog at the following sites. |
|
www.spbrunner.com/stocks.html |
www.spbrunner.blogspot.com/ |
|
|
|
|
|
|
|
|
|
|
|
|
| Waterfurnaces
Renewable Energy Inc |
|
|
www.waterfurnace.com |
|
|
WFI |
|
Fiscal Yr: |
Dec 31 |
|
9/30/10 |
|
|
|
|
|
|
|
|
|
|
|
| Year |
12/31/98 |
12/31/99 |
12/31/00 |
12/31/01 |
12/31/02 |
12/31/03 |
12/31/04 |
12/31/05 |
12/31/06 |
12/31/07 |
12/31/08 |
12/31/09 |
12/31/10 |
12/31/11 |
12/30/12 |
|
|
|
|
#Y |
|
|
|
|
| USD - CDN$ |
1.5422 |
1.4733 |
1.5224 |
1.5926 |
1.5796 |
1.2924 |
1.2048 |
1.1630 |
1.1652 |
0.9881 |
1.2240 |
1.0501 |
0.9970 |
0.9862 |
0.9862 |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue US$ |
$34.9 |
$36.1 |
$35.2 |
$49.1 |
$50.2 |
$51.1 |
$58.7 |
$71.5 |
$90.7 |
$103.2 |
$137.8 |
$129.1 |
$137.2 |
<-12 mths |
|
|
257.87% |
<-Total Growth |
|
10 |
Revenue |
US$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Revenue CDN$ |
$53.8 |
$53.1 |
$53.7 |
$78.3 |
$79.3 |
$66.0 |
$70.7 |
$83.2 |
$105.7 |
$101.9 |
$168.7 |
$135.5 |
$136.8 |
<-12 mths |
|
|
155.08% |
<-Total Growth |
|
10 |
Revenue |
CDN$ |
|
|
| Increase |
8.03% |
-1.27% |
0.98% |
45.88% |
1.28% |
-16.69% |
7.08% |
17.61% |
27.05% |
-3.54% |
65.47% |
-19.65% |
0.90% |
|
|
|
9.82% |
<-IRR #YR-> |
|
10 |
Revenue |
CDN$ |
|
|
| Per share |
$3.98 |
$4.11 |
$4.26 |
$6.33 |
$7.06 |
$5.51 |
$5.88 |
$6.91 |
$8.75 |
$8.43 |
$13.95 |
$11.21 |
$11.31 |
|
|
|
13.89% |
<-IRR #YR-> |
|
5 |
Revenue |
CDN$ |
|
|
| Price/Sales Ratio |
0.201 |
0.234 |
0.247 |
0.482 |
0.524 |
1.088 |
1.427 |
1.955 |
2.970 |
3.083 |
1.649 |
2.316 |
2.191 |
|
|
|
10.55% |
<-IRR #YR-> |
|
10 |
Rev per share |
CDN$ |
|
|
| *Revenue in M CDN $ |
|
|
|
|
|
|
P/S |
10 yr Ave |
1.57 |
5 yr Ave |
2.39 |
|
|
|
|
13.75% |
<-IRR #YR-> |
|
5 |
Rev per share |
CDN$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$53.1 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$135.5 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$70.7 |
$0.0 |
$0.0 |
$0.0 |
$0.0 |
$135.5 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
-$4.11 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$11.21 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
-$5.88 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$11.21 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Yr 2010 |
Yr 2011 |
Yr 2012 |
|
|
|
|
|
|
|
|
|
| EPS US$ |
-$0.05 |
$0.01 |
-$0.02 |
$0.30 |
$0.31 |
$0.32 |
$0.30 |
$0.50 |
$0.69 |
$0.80 |
$1.27 |
$1.28 |
$1.09 |
$1.41 |
$1.98 |
|
12700.00% |
<-Total Growth |
|
10 |
Earnings |
US$ |
|
|
| EPS CDN$* |
-$0.08 |
$0.01 |
-$0.03 |
$0.48 |
$0.49 |
$0.41 |
$0.36 |
$0.58 |
$0.80 |
$0.79 |
$1.55 |
$1.34 |
$1.09 |
$1.39 |
$1.95 |
|
9023.42% |
<-Total Growth |
|
10 |
Earnings |
CDN$ |
|
|
| Increase |
-167.56% |
-119.11% |
-306.67% |
-1669.17% |
2.49% |
-15.54% |
-12.60% |
60.88% |
38.26% |
-1.68% |
96.65% |
-13.53% |
-19.15% |
27.96% |
40.43% |
|
57.04% |
<-IRR #YR-> |
|
10 |
Earnings |
CDN$ |
|
|
| * ESP per
share CDN$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23.30% |
<-IRR #YR-> |
|
5 |
Earnings |
CDN$ |
|
|
| |
|
-$0.01 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.34 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
-$0.58 |
$0.00 |
$0.00 |
$0.00 |
$1.34 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Special Div US$ |
|
|
|
|
|
$0.07 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
|
|
|
|
|
Dividends |
US$ |
|
|
| Div US$ |
|
|
|
|
|
$0.25 |
$0.30 |
$0.44 |
$0.50 |
$0.64 |
$0.71 |
$0.75 |
$0.85 |
$0.88 |
$0.88 |
|
200.00% |
<-Total Growth |
|
6 |
Dividends |
US$ |
|
|
| Increase |
|
|
|
|
|
|
20.00% |
46.67% |
13.64% |
28.00% |
10.94% |
5.63% |
13.33% |
3.53% |
0.00% |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Special Div |
|
|
|
|
|
$0.09 |
$0.00 |
$0.00 |
$0.00 |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
0.00% |
|
|
|
Special Div |
|
Dividends |
US$ |
|
|
| Div CDN$* |
|
|
|
|
|
$0.32 |
$0.36 |
$0.51 |
$0.58 |
$0.63 |
$0.87 |
$0.79 |
$0.85 |
$0.87 |
$0.87 |
|
|
162.29% |
<-Total Growth |
7 |
Dividends |
CDN$ |
|
|
| Increase |
|
|
|
|
|
|
11.87% |
41.58% |
13.85% |
8.55% |
37.42% |
-9.37% |
7.60% |
2.41% |
0.00% |
|
|
15.93% |
<-Average |
7 |
Dividends |
CDN$ |
|
|
| Yield H/L |
|
|
|
|
|
7.06% |
4.97% |
4.62% |
2.92% |
2.53% |
3.38% |
3.06% |
3.15% |
|
|
|
|
3.96% |
<-Average |
8 |
Dividends |
CDN$ |
|
|
| Yield on Cl |
|
|
|
|
|
5.39% |
4.30% |
3.79% |
2.24% |
2.43% |
3.78% |
3.03% |
3.42% |
3.58% |
3.58% |
|
|
3.55% |
<-Average |
8 |
Dividends |
CDN$ |
|
|
| Payout Ratio |
|
|
|
|
|
78.1% |
100.0% |
88.0% |
72.5% |
80.0% |
55.9% |
58.6% |
78.0% |
62.4% |
44.4% |
|
|
76.38% |
<-Average |
8 |
Dividends |
CDN$ |
|
|
| Payout Ratio CF |
|
|
|
|
|
98.7% |
83.5% |
74.8% |
83.5% |
73.4% |
63.6% |
45.0% |
|
|
|
|
|
14.77% |
<-IRR #YR-> |
7 |
Dividends |
CDN$ |
|
|
| Average 5 Yrs |
|
Div Yd |
6.59% |
in 5 yrs |
12.15% |
in 10 yrs |
Yield |
3.30% |
3.06% |
Payout |
70.99% |
68.07% |
|
|
|
|
|
10.62% |
<-IRR #YR-> |
5 |
Dividends |
CDN$ |
|
|
| * Dividends
per share CDN$ |
|
13.00% |
5 |
13.00% |
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
-$0.32 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.85 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
-$0.51 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.85 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| H/LYield held 5 yrs |
|
|
|
|
|
29.78% |
37.07% |
49.20% |
28.77% |
13.98% |
19.00% |
10.83% |
7.65% |
4.34% |
|
|
Ave H/L |
Yield on your |
|
|
|
CDN$ |
|
|
| H/LYield held
10 yrs |
|
|
|
|
|
|
|
|
|
80.10% |
80.78% |
81.49% |
42.86% |
|
|
Ave H/L |
original money |
|
|
|
CDN$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Graham No. |
$0.72 |
$0.75 |
$0.66 |
$4.43 |
$4.76 |
$3.90 |
$3.63 |
$4.60 |
$5.72 |
$5.44 |
$9.72 |
$9.26 |
$8.14 |
$9.21 |
|
|
Cl Pr higher/lower by? |
|
|
|
|
|
|
| Prem /Disc. High |
102.92% |
60.67% |
89.31% |
-31.21% |
29.24% |
57.62% |
140.97% |
199.22% |
365.53% |
467.00% |
228.17% |
212.48% |
|
|
|
|
175.83% |
<-Average |
|
10 |
Graham Price |
CDN$ |
|
|
| Prem /Disc. Ave |
49.77% |
30.55% |
58.78% |
-54.33% |
-4.91% |
17.25% |
100.35% |
141.01% |
248.93% |
359.13% |
164.35% |
177.75% |
|
|
|
|
120.83% |
<-Average |
|
10 |
Graham Price |
CDN$ |
|
|
| Prem /Disc Low |
-3.37% |
0.42% |
28.24% |
-77.45% |
-39.06% |
-23.11% |
59.73% |
82.80% |
132.33% |
251.27% |
100.54% |
143.03% |
|
|
|
|
65.83% |
<-Average |
|
10 |
Graham Price |
CDN$ |
|
|
| Prem /Disc. Cl |
9.45% |
22.20% |
37.62% |
-45.38% |
-28.61% |
34.86% |
56.77% |
65.96% |
77.98% |
79.09% |
57.72% |
64.34% |
67.14% |
62.03% |
|
|
40.03% |
<-Average |
|
10 |
Graham Price |
CDN$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price Cl CDN |
$0.80 |
$0.96 |
$1.05 |
$3.05 |
$3.70 |
$5.99 |
$8.40 |
$13.50 |
$26.00 |
$26.00 |
$23.00 |
$25.96 |
$24.77 |
$24.25 |
$24.25 |
|
|
2259.05% |
<-Total Growth |
10 |
Stock Price |
CDN$ |
|
|
| Increase |
-49.98% |
20.00% |
9.38% |
190.48% |
21.31% |
61.89% |
40.23% |
60.71% |
92.59% |
0.00% |
-11.54% |
12.87% |
-4.58% |
-2.10% |
0.00% |
|
|
37.17% |
<-IRR #YR-> |
10 |
Stock Price |
CDN$ |
|
|
| P/E |
-10.37 |
65.16 |
-34.49 |
6.38 |
7.56 |
14.48 |
23.24 |
23.22 |
32.34 |
32.89 |
14.80 |
19.31 |
22.79 |
17.44 |
12.42 |
|
|
12.91% |
<-IRR #YR-> |
5 |
Stock Price |
CDN$ |
|
|
| Trailing P/E |
7.01 |
-12.45 |
71.27 |
-100.17 |
7.74 |
12.23 |
20.31 |
37.35 |
44.71 |
32.34 |
29.10 |
16.70 |
18.43 |
22.31 |
17.44 |
|
|
45.39% |
<-IRR #YR-> |
10 |
Price & Div |
CDN$ |
|
|
| Median 5 Yrs |
|
|
|
4.29% |
8.22% |
Div % |
5, 10 yrs |
|
Price Inc |
0.00% |
P/E: Y-T |
22.79 |
29.10 |
|
|
|
|
17.20% |
<-IRR #YR-> |
5 |
Price & Div |
CDN$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CDN$ |
|
|
| |
|
|
-$1.05 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$24.77 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
-$13.50 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$24.77 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
-$1.05 |
$0.00 |
$0.00 |
$0.32 |
$0.36 |
$0.51 |
$0.58 |
$0.63 |
$0.87 |
$0.79 |
$25.62 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
-$13.50 |
$0.58 |
$0.63 |
$0.87 |
$0.79 |
$25.62 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Price Ave H/L CDN |
$1.09 |
$0.98 |
$1.04 |
$2.03 |
$4.53 |
$4.58 |
$7.28 |
$11.08 |
$19.98 |
$24.97 |
$25.71 |
$25.72 |
$26.88 |
|
|
|
|
2484.13% |
<-Total Growth |
10 |
Stock Price |
CDN$ |
|
|
| Increase |
#DIV/0! |
-10.14% |
6.67% |
94.71% |
123.46% |
1.10% |
59.02% |
52.23% |
80.36% |
24.98% |
2.96% |
0.04% |
4.51% |
|
|
|
|
38.43% |
<-IRR #YR-> |
10 |
Stock Price |
CDN$ |
|
|
| P/E |
-14.07 |
66.18 |
-34.16 |
4.24 |
9.24 |
11.06 |
20.13 |
19.05 |
24.84 |
31.58 |
16.54 |
19.13 |
24.73 |
|
|
|
|
19.40% |
<-IRR #YR-> |
5 |
Stock Price |
CDN$ |
|
|
| Trailing P/E |
9.51 |
-12.64 |
70.59 |
-66.51 |
9.47 |
9.34 |
17.59 |
30.64 |
34.35 |
31.05 |
32.52 |
16.54 |
19.99 |
|
|
|
|
46.41% |
<-IRR #YR-> |
10 |
Price & Div |
CDN$ |
|
|
| Median 5 Yrs |
|
|
|
4.73% |
7.98% |
Div % |
5, 10 yrs |
|
Price Inc |
4.51% |
P/E: Y-T |
24.73 |
31.05 |
|
|
|
|
24.12% |
<-IRR #YR-> |
5 |
Price & Div |
CDN$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CDN$ |
|
|
| |
|
|
-$1.04 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$26.88 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
-$11.08 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$26.88 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
-$1.04 |
$0.00 |
$0.00 |
$0.32 |
$0.36 |
$0.51 |
$0.58 |
$0.63 |
$0.87 |
$0.79 |
$27.72 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
-$11.08 |
$0.58 |
$0.63 |
$0.87 |
$0.79 |
$27.72 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Hi Mths |
May |
Dec |
Oct |
Dec |
Jun |
Nov |
Oct |
Dec |
Dec |
Nov |
Sep |
Feb |
Apr |
|
|
|
|
|
|
|
|
|
|
|
| Price Hi CDN |
$1.47 |
$1.20 |
$1.24 |
$3.05 |
$6.15 |
$6.15 |
$8.75 |
$13.75 |
$26.65 |
$30.83 |
$31.91 |
$28.93 |
$31.55 |
|
|
|
|
2444.35% |
<-Total Growth |
10 |
Stock Price |
CDN$ |
|
|
| Increase |
#DIV/0! |
-18.37% |
3.33% |
145.97% |
101.64% |
0.00% |
42.28% |
57.14% |
93.82% |
15.68% |
3.50% |
-9.34% |
9.06% |
|
|
|
|
38.22% |
<-IRR #YR-> |
10 |
Stock Price |
CDN$ |
|
|
| P/E |
-19.06 |
81.45 |
-40.73 |
6.38 |
12.56 |
14.87 |
24.21 |
23.65 |
33.15 |
39.00 |
20.53 |
21.52 |
29.03 |
|
|
|
|
18.07% |
<-IRR #YR-> |
5 |
Stock Price |
CDN$ |
|
|
| Trailing P/E |
12.88 |
-15.56 |
84.16 |
-100.17 |
12.87 |
12.56 |
21.16 |
38.04 |
45.83 |
38.35 |
40.37 |
18.61 |
23.47 |
|
|
|
|
|
|
|
|
|
|
|
| Median 5 Yrs |
|
|
|
|
|
|
|
|
Price Inc |
9.06% |
P/E: Y-T |
29.03 |
38.35 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
-$1.24 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$31.55 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
-$13.75 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$31.55 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Low Mths |
Oct |
Jan |
Feb |
May |
Oct |
Mar |
Jan |
Jan |
Jan |
Mar |
Mar |
Apr |
Nov |
|
|
|
|
|
|
|
|
|
|
|
| Price Low CDN |
$0.70 |
$0.75 |
$0.84 |
$1.00 |
$2.90 |
$3.00 |
$5.80 |
$8.40 |
$13.30 |
$19.10 |
$19.50 |
$22.50 |
$22.20 |
|
|
|
|
2542.86% |
<-Total Growth |
|
10 |
Stock Price |
CDN$ |
|
| Increase |
#DIV/0! |
7.14% |
12.00% |
19.05% |
190.00% |
3.45% |
93.33% |
44.83% |
58.33% |
43.61% |
2.09% |
15.38% |
-1.33% |
|
|
|
|
38.74% |
<-IRR #YR-> |
|
10 |
Stock Price |
CDN$ |
|
| P/E |
-9.08 |
50.91 |
-27.59 |
2.09 |
5.92 |
7.25 |
16.05 |
14.45 |
16.54 |
24.16 |
12.54 |
16.74 |
20.43 |
|
|
|
|
21.45% |
<-IRR #YR-> |
|
5 |
Stock Price |
CDN$ |
|
| Trailing P/E |
6.13 |
-9.73 |
57.01 |
-32.84 |
6.07 |
6.13 |
14.02 |
23.24 |
22.87 |
23.76 |
24.67 |
14.47 |
16.52 |
|
|
|
|
|
|
|
|
|
|
|
| Median 5 Yrs |
|
|
|
|
|
|
|
|
Price Inc |
15.38% |
P/E: Y-T |
16.74 |
22.87 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
-$0.84 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$22.20 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
-$8.40 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$22.20 |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Market Cap $M |
$11 |
$12 |
$13 |
$38 |
$42 |
$72 |
$101 |
$163 |
$314 |
$314 |
$278 |
$314 |
$300 |
$293 |
$293 |
|
|
|
|
|
|
CDN$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| # of Sh in M |
13.535 |
12.927 |
12.600 |
12.358 |
11.226 |
11.992 |
12.018 |
12.045 |
12.072 |
12.087 |
12.092 |
12.092 |
12.096 |
12.096 |
12.096 |
|
Share Capital |
|
|
Shares |
CDN$ |
|
|
| Increase |
-2.38% |
-4.49% |
-2.53% |
-1.92% |
-9.16% |
6.82% |
0.22% |
0.23% |
0.22% |
0.12% |
0.04% |
0.00% |
0.03% |
0.00% |
0.00% |
|
-0.60% |
<-Average |
|
10 |
Shares |
CDN$ |
|
|
| CF fr Op $M US$ |
-1.206 |
1.825 |
2.334 |
5.490 |
5.689 |
3.038 |
4.318 |
7.085 |
7.227 |
$10.54 |
$13.49 |
$20.17 |
$13.50 |
<-12 mths |
|
|
1005.10% |
<-Total Growth |
|
10 |
Cash Flow |
|
|
|
| CF fr Op $M CDN$ |
-$1.86 |
$2.69 |
$3.55 |
$8.74 |
$8.99 |
$3.93 |
$5.20 |
$8.24 |
$8.42 |
$10.41 |
$16.52 |
$21.18 |
$13.46 |
<-12 mths |
|
|
687.68% |
<-Total Growth |
|
10 |
Cash Flow |
CDN$ |
|
|
| OPS |
-$0.14 |
$0.21 |
$0.28 |
$0.71 |
$0.80 |
$0.33 |
$0.43 |
$0.68 |
$0.70 |
$0.86 |
$1.37 |
$1.75 |
$1.11 |
<-12 mths |
|
|
742.03% |
<-Total Growth |
|
10 |
Cash Flow |
CDN$ |
|
|
| Increase |
-323.42% |
-251.38% |
35.58% |
150.89% |
13.14% |
-59.10% |
32.21% |
58.03% |
1.97% |
23.47% |
58.57% |
28.24% |
-36.46% |
<-12 mths |
|
|
23.75% |
<-IRR #YR-> |
|
10 |
Cash Flow |
CDN$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
32.25% |
<-IRR #YR-> |
|
5 |
Cash Flow |
CDN$ |
|
|
| non-cash $M US$ |
$1.13 |
-$1.09 |
-$1.49 |
-$0.36 |
-$1.16 |
$1.34 |
$0.82 |
-$0.32 |
$2.39 |
$0.19 |
$3.53 |
-$1.09 |
$4.41 |
<-12 mths |
|
|
34.77% |
<-IRR #YR-> |
|
10 |
CF - non cash |
CDN$ |
|
|
| non-cash $M CDN$ |
$1.74 |
-$1.61 |
-$2.27 |
-$0.57 |
-$1.83 |
$1.73 |
$0.99 |
-$0.37 |
$2.78 |
$0.19 |
$4.32 |
-$1.15 |
$4.40 |
<-12 mths |
|
|
26.32% |
<-IRR #YR-> |
|
5 |
CF - non cash |
CDN$ |
|
|
| OPS Less Non-Cash |
-$0.01 |
$0.08 |
$0.10 |
$0.66 |
$0.64 |
$0.47 |
$0.52 |
$0.65 |
$0.93 |
$0.88 |
$1.72 |
$1.66 |
$1.48 |
<-12 mths |
|
|
|
|
|
|
|
|
|
|
| Increase |
-104.38% |
-1069% |
21.73% |
548.31% |
-3.61% |
-25.96% |
9.17% |
26.81% |
42.11% |
-5.54% |
96.48% |
-3.85% |
-10.87% |
<-12 mths |
|
|
|
|
|
|
|
|
|
|
| P/OPS (CF) on Cl |
-92.53 |
11.46 |
10.30 |
4.61 |
5.81 |
12.70 |
16.31 |
20.67 |
28.01 |
29.65 |
13.35 |
15.67 |
16.78 |
<-12 mths |
|
|
|
|
|
|
|
|
|
|
| *Operational
Cash Flow per share |
|
|
|
|
|
P/CF |
10 yr Ave |
15.71 |
5 yr Ave |
21.47 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$0.21 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$0.43 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$0.08 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$0.52 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$1.66 |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| OPM |
-3.5% |
5.1% |
6.6% |
11.2% |
11.3% |
5.9% |
7.4% |
9.9% |
8.0% |
10.2% |
9.8% |
15.6% |
9.8% |
|
|
|
|
|
|
|
|
|
|
|
| Diff from Ave |
-136.0% |
-47.3% |
-31.0% |
16.4% |
18.2% |
-38.0% |
-23.3% |
3.3% |
-16.9% |
6.5% |
2.1% |
62.9% |
2.6% |
|
|
|
0.00% |
<-Average |
|
10 |
should be zero, it is a check on calculations |
| *Operational
Profit Margin (CF/Revenue) Ratio |
|
|
|
|
OPM |
10 Yrs |
9.59% |
5 Yrs |
10.70% |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
Q3 2010 |
|
|
|
|
|
|
|
|
|
|
|
| Curr Assets US$ |
$16.16 |
$14.39 |
$12.68 |
$17.50 |
$18.30 |
$8.94 |
$21.25 |
$23.95 |
$27.33 |
$28.97 |
$41.30 |
$43.46 |
$45.95 |
|
|
|
Liq ratio of 1.5 and up, best |
|
|
|
US$ |
|
|
| Curr Liab. US$ |
$10.77 |
$6.44 |
$4.50 |
$4.97 |
$5.26 |
$5.39 |
$6.68 |
$9.24 |
$10.43 |
$9.84 |
$14.39 |
$10.50 |
$11.21 |
|
|
|
2.98 |
<-Average |
|
10 |
|
US$ |
|
|
| Liquidity |
1.50 |
2.23 |
2.82 |
3.52 |
3.48 |
1.66 |
3.18 |
2.59 |
2.62 |
2.94 |
2.87 |
4.14 |
4.10 |
|
|
|
3.03 |
<-Average |
|
5 |
|
US$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Curr Assets CDN$ |
$24.93 |
$21.20 |
$19.30 |
$27.86 |
$28.91 |
$11.55 |
$25.60 |
$27.85 |
$31.84 |
$28.63 |
$50.55 |
$45.64 |
$45.81 |
|
|
|
Liq ratio of 1.5 and up, best |
|
|
Assets |
CDN$ |
|
|
| Curr Liab. CDN$ |
$16.61 |
$9.49 |
$6.85 |
$7.92 |
$8.31 |
$6.96 |
$8.04 |
$10.74 |
$12.15 |
$9.72 |
$17.62 |
$11.03 |
$11.18 |
|
|
|
2.98 |
<-Average |
|
10 |
Liabilities |
CDN$ |
|
|
| Liquidity |
1.50 |
2.23 |
2.82 |
3.52 |
3.48 |
1.66 |
3.18 |
2.59 |
2.62 |
2.94 |
2.87 |
4.14 |
4.10 |
|
|
|
3.03 |
<-Average |
|
5 |
Ratio |
CDN$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets US$ |
$24.66 |
$23.07 |
$16.97 |
$21.84 |
$22.58 |
$23.59 |
$25.77 |
$29.06 |
$33.36 |
$35.09 |
$48.01 |
$51.82 |
$55.36 |
|
|
|
Liq ratio of 1.5 and up, best |
|
|
|
US$ |
|
|
| Liab. US$ |
$10.77 |
$8.31 |
$6.26 |
$7.65 |
$7.98 |
$8.41 |
$9.59 |
$12.35 |
$14.59 |
$14.76 |
$21.31 |
$19.18 |
$22.49 |
|
|
|
2.59 |
<-Average |
|
10 |
|
US$ |
|
|
| Liquidity |
2.29 |
2.78 |
2.71 |
2.86 |
2.83 |
2.80 |
2.69 |
2.35 |
2.29 |
2.38 |
2.25 |
2.70 |
2.46 |
|
|
|
2.39 |
<-Average |
|
5 |
|
US$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Assets CDN$ |
$38.04 |
$33.99 |
$25.83 |
$34.78 |
$35.67 |
$30.49 |
$31.04 |
$33.80 |
$38.87 |
$34.68 |
$58.77 |
$54.42 |
$55.20 |
|
|
|
A/L ratio of 1.5 and up, best |
|
|
Assets |
CDN$ |
|
|
| Liab. CDN$ |
$16.61 |
$12.24 |
$9.52 |
$12.18 |
$12.60 |
$10.87 |
$11.56 |
$14.36 |
$17.00 |
$14.58 |
$26.08 |
$20.14 |
$22.42 |
|
|
|
2.59 |
<-Average |
|
10 |
Liabilities |
CDN$ |
|
|
| Liquidity |
2.29 |
2.78 |
2.71 |
2.86 |
2.83 |
2.80 |
2.69 |
2.35 |
2.29 |
2.38 |
2.25 |
2.70 |
2.46 |
|
|
|
2.39 |
<-Average |
|
5 |
Ratio |
CDN$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Book Value US$ |
$13.89 |
$14.76 |
$10.71 |
$14.19 |
$14.61 |
$15.18 |
$16.17 |
$16.72 |
$18.77 |
$20.34 |
$26.71 |
$32.64 |
$32.87 |
$32.87 |
$32.87 |
|
121.05% |
<-Total Growth |
|
10 |
Book Value |
US$ |
|
|
| Book Value CDN$ |
$21.43 |
$21.75 |
$16.31 |
$22.60 |
$23.07 |
$19.62 |
$19.49 |
$19.44 |
$21.87 |
$20.09 |
$32.69 |
$34.27 |
$32.77 |
$32.77 |
$32.77 |
|
57.56% |
<-Total Growth |
|
10 |
Book Value |
CDN$ |
|
|
| BV per share |
$1.58 |
$1.68 |
$1.29 |
$1.83 |
$2.06 |
$1.64 |
$1.62 |
$1.61 |
$1.81 |
$1.66 |
$2.70 |
$2.83 |
$2.71 |
$2.71 |
$2.71 |
|
68.43% |
<-Total Growth |
|
10 |
Book Value |
CDN$ |
|
|
| Change |
1.46% |
6.29% |
-23.08% |
41.30% |
12.39% |
-20.40% |
-0.90% |
-0.46% |
12.25% |
-8.24% |
62.62% |
4.84% |
-4.40% |
0.00% |
0.00% |
|
1.3247 |
Current/Historical |
|
Book Value |
CDN$ |
|
|
| P/BV (CL) |
0.51 |
0.57 |
0.81 |
1.67 |
1.80 |
3.66 |
5.18 |
8.36 |
14.35 |
15.64 |
8.51 |
9.16 |
9.14 |
8.95 |
8.95 |
|
5.35% |
<-IRR #YR-> |
|
10 |
Book Value |
CDN$ |
|
|
| Change |
-50.70% |
12.90% |
42.20% |
105.57% |
7.94% |
103.38% |
41.51% |
61.45% |
71.58% |
8.98% |
-45.60% |
7.66% |
-0.19% |
-2.10% |
0.00% |
|
11.82% |
<-IRR #YR-> |
|
5 |
Book Value |
CDN$ |
|
|
| Leverage (A/BK) |
1.78 |
1.56 |
1.58 |
1.54 |
1.55 |
1.55 |
1.59 |
1.74 |
1.78 |
1.73 |
1.80 |
1.59 |
1.68 |
0.00 |
0.00 |
|
1.64 |
<-Average |
|
10 |
A/BV |
CDN$ |
|
|
| Change |
|
|
|
|
|
|
|
P/BV |
10 yr Ave |
6.91 |
5 yr Ave |
11.21 |
|
|
|
|
1.73 |
<-Average |
|
5 |
A/BV |
CDN$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$1.68 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$2.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
-$1.62 |
$0.00 |
$0.00 |
$0.00 |
$0.00 |
$2.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| ROE |
-4.8% |
1.0% |
-34.6% |
27.2% |
25.9% |
24.9% |
29.2% |
36.0% |
44.4% |
47.3% |
57.6% |
47.4% |
43.7% |
<-12 mths |
|
|
Net Income/Shareholders'
equity |
|
|
|
|
|
|
|
| 5Yr Running Ave |
|
|
-4.5% |
1.4% |
5.4% |
11.2% |
16.9% |
28.5% |
32.1% |
36.6% |
44.7% |
47.7% |
48.4% |
|
|
|
Return on Equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income US$ |
-$0.66 |
$0.14 |
-$3.70 |
$3.86 |
$3.78 |
$3.78 |
$4.73 |
$6.02 |
$8.33 |
$9.63 |
$15.37 |
$15.48 |
$14.37 |
<-12 mths |
|
|
|
Income Statement |
|
|
US$ |
|
|
| Oper C. F. US$ |
-$1.21 |
$1.83 |
$2.33 |
$5.49 |
$5.69 |
$3.04 |
$4.32 |
$7.09 |
$7.23 |
$10.54 |
$13.49 |
$20.17 |
$13.50 |
<-12 mths |
|
|
|
Cash Flow Statement CF from continuing
operations |
US$ |
|
|
| Invest. C. F US$ |
-$0.12 |
-$0.19 |
-$0.31 |
-$0.31 |
-$0.32 |
-$0.59 |
-$0.43 |
-$6.04 |
-$0.25 |
-$2.28 |
$0.48 |
-$9.19 |
-$1.14 |
<-12 mths |
|
|
|
Cash Flow Statement |
|
|
US$ |
|
|
| Total Accruals |
$0.66 |
-$1.49 |
-$5.73 |
-$1.32 |
-$1.59 |
$1.33 |
$0.85 |
$4.97 |
$1.35 |
$1.37 |
$1.40 |
$4.51 |
$2.01 |
<-12 mths |
|
|
|
|
|
|
|
US$ |
|
|
| Total Assets US$ |
$24.66 |
$23.07 |
$16.97 |
$21.84 |
$22.58 |
$23.59 |
$25.77 |
$29.06 |
$33.36 |
$35.09 |
$48.01 |
$51.82 |
$55.36 |
<-12 mths |
|
|
|
Balance Sheet |
|
|
|
US$ |
|
|
| Accruals Ratio |
2.67% |
-6.47% |
-33.77% |
-6.04% |
-7.02% |
5.65% |
3.28% |
17.10% |
4.05% |
3.91% |
2.92% |
8.69% |
3.62% |
<-12 mths |
|
|
|
|
|
|
|
US$ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Net Income CDN$ |
-$1.02 |
$0.21 |
-$5.64 |
$6.15 |
$5.97 |
$4.89 |
$5.70 |
$7.00 |
$9.71 |
$9.51 |
$18.82 |
$16.25 |
$14.32 |
<-12 mths |
|
|
|
Income Statement |
|
|
CDN$ |
|
|
| Oper C. F. CDN$ |
-$1.86 |
$2.69 |
$3.55 |
$8.74 |
$8.99 |
$3.93 |
$5.20 |
$8.24 |
$8.42 |
$10.41 |
$16.52 |
$21.18 |
$13.46 |
<-12 mths |
|
|
|
Cash Flow
Statement |
|
|
CDN$ |
|
|
| Invest. C. F CDN$ |
-$0.18 |
-$0.28 |
-$0.47 |
-$0.50 |
-$0.51 |
-$0.76 |
-$0.52 |
-$7.02 |
-$0.29 |
-$2.26 |
$0.58 |
-$9.65 |
-$1.14 |
<-12 mths |
|
|
|
Cash Flow Statement |
|
|
CDN$ |
|
|
| Total Accruals |
$1.02 |
-$2.20 |
-$8.72 |
-$2.10 |
-$2.51 |
$1.72 |
$1.02 |
$5.78 |
$1.57 |
$1.36 |
$1.72 |
$4.73 |
$2.00 |
<-12 mths |
|
|
|
|
|
|
|
CDN$ |
|
|
| Total Assets CDN$ |
$38.04 |
$33.99 |
$25.83 |
$34.78 |
$35.67 |
$30.49 |
$31.04 |
$33.80 |
$38.87 |
$34.68 |
$58.77 |
$54.42 |
$55.20 |
<-12 mths |
|
|
|
Balance Sheet |
|
|
|
CDN$ |
|
|
| Accruals Ratio |
2.67% |
-6.47% |
-33.77% |
-6.04% |
-7.02% |
5.65% |
3.28% |
17.10% |
4.05% |
3.91% |
2.92% |
8.69% |
3.62% |
<-12 mths |
|
|
|
|
|
|
|
CDN$ |
|
|
| up/down/neutral |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Chge in Close |
-49.98% |
20.00% |
9.38% |
190.48% |
21.31% |
61.89% |
40.23% |
60.71% |
92.59% |
0.00% |
-11.54% |
12.87% |
-4.58% |
<-12 mths |
|
|
|
|
|
|
|
|
|
|
| Any Predictions? |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fin. C. F US$ |
$2.25 |
-$2.09 |
-$1.64 |
-$0.53 |
-$3.49 |
-$3.34 |
-$3.88 |
-$5.62 |
-$6.42 |
-$8.19 |
-$9.96 |
-$12.22 |
-$30.33 |
<-12 mths |
|
|
|
Cash Flow Statement |
|
|
US$ |
|
|
| Total Accruals |
-$1.59 |
$0.60 |
-$4.09 |
-$0.79 |
$1.91 |
$4.67 |
$4.72 |
$10.59 |
$7.77 |
$9.57 |
$11.37 |
$16.72 |
$32.34 |
<-12 mths |
|
|
|
|
|
|
|
US$ |
|
|
| Accruals Ratio |
-6.46% |
2.60% |
-24.11% |
-3.62% |
8.45% |
19.80% |
18.33% |
36.44% |
23.28% |
27.26% |
23.67% |
32.27% |
58.41% |
<-12 mths |
|
|
|
|
|
|
|
US$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Fin. C. F |
$3.48 |
-$3.08 |
-$2.49 |
-$0.84 |
-$5.52 |
-$4.31 |
-$4.67 |
-$6.54 |
-$7.47 |
-$8.10 |
-$12.19 |
-$12.83 |
-$30.24 |
<-12 mths |
|
|
|
Cash Flow Statement |
|
|
CDN$ |
|
|
| Total Accruals |
-$2.46 |
$0.89 |
-$6.23 |
-$1.26 |
$3.01 |
$6.04 |
$5.69 |
$12.32 |
$9.05 |
$9.45 |
$13.91 |
$17.56 |
$32.24 |
<-12 mths |
|
|
|
|
|
|
|
CDN$ |
|
|
| Accruals Ratio |
-6.46% |
2.60% |
-24.11% |
-3.62% |
8.45% |
19.80% |
18.33% |
36.44% |
23.28% |
27.26% |
23.67% |
32.27% |
58.41% |
<-12 mths |
|
|
|
|
|
|
|
CDN$ |
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Dec 29,
2010. This last time I reviewed this stock, I got estimates for 2009 and 2010 for earnings
of $1.15 and $1.38 US$. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| AP
2007. This is a dividend paying growth
stock. It has a number of good
features. There is strong growth in
both revenues and earnings. This stock
has strong dividend growth also. |
|
|
|
|
|
|
|
|
|
| The book
value is growing way below the growth of revenues and earnings. This is the major problem that I see. This problem with this is when it stops
being a growth stock, the price could fall dramatically. |
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| How they make
their money. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Waterfurnaces Renewable Energy Inc is a manufacturer and distributor of
residential and commercial geothermal and other water source heating and
cooling systems. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| This is an
international company with 80% of its revenue from the US. It has revenue from Canada of just over 16%
and the rest of the world under 3%. |
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| 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. |
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Copyright ©
2008 Website of SPBrunner. All rights reserved. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|