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. <--CDN$ US$--> Estimates Estimates Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Q2 2024
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/ Jun 24
Badger Infrastructure Solutions Ltd TSX: BDGI OTC: BDGIF https://www.badgerinc.com/ Fiscal Yr: Dec 31
Year 12/31/12 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 Value Description #Y Item Total G Currency
Accounting Rules IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
Currency <--CDN$ US$-->
USD - CDN$ 0.9949 1.0636 1.1601 1.3847 1.3427 1.2545 1.3642 1.2988 1.2732 1.2678 1.3544 1.3226 1.4389 1.3751 1.3751 1.3751 1.54% <-IRR #YR-> 4 USD - CDN$
Change -2.17% 6.91% 9.07% 19.36% -3.04% -6.57% 8.74% -4.79% -1.97% -0.42% 6.83% -2.35% 8.79% -4.43% 0.00% 0.00% 3.13% <-IRR #YR-> 9 USD - CDN$
Accounting Date Accounting Date
Consolidation/Split date Jan 28 14 Consolidation/Split date
Consolidation/Split  3 Consolidation/Split 
Cost of Sales $273.2 $244.0 $205.3 $262.6 $338.1 $332.3 $303.6 $353.2 $431.7 $492.7 $526.9 $546.4 <-12 mths 3.70% 92.90% <-Total Growth 10 Cost of Sales US$
Change -10.67% -15.87% 27.92% 28.74% -1.73% -8.63% 16.36% 22.20% 14.14% 6.95% 3.70% <-12 mths -46.81% 10.55% <-Median-> 10 Change US$
Ratio 0.75 0.84 0.68 0.66 0.75 0.66 0.69 0.79 0.76 0.72 0.71 0.70 <-12 mths -0.63% 0.71 <-Median-> 10 Ratio US$
$777 <-12 mths 4.35%
Revenue* US$ $240.5 $305.2 $364.0 $292.2 $301.0 $398.0 $451.1 $503.8 $438.8 $448.6 $570.8 $683.8 $745.0 $805.0 $867.6 $919.2 104.68% <-Total Growth 10 Revenue
Increase 25.94% 26.92% 19.26% -19.71% 3.02% 32.20% 13.36% 11.66% -12.90% 2.25% 27.24% 19.79% 8.94% 8.06% 7.77% 5.95% 7.43% <-IRR #YR-> 10 Revenue 104.68% US$
5 year Running Average $164.4 $201.2 $248.2 $278.5 $300.6 $332 $361 $389 $419 $448 $483 $529 $577 $650.6 $734.4 $804.1 8.14% <-IRR #YR-> 5 Revenue 47.88% US$
Revenue per Share $6.50 $8.24 $9.83 $7.88 $8.11 $10.73 $12.36 $14.42 $12.59 $13.01 $16.56 $19.84 $21.76 $23.86 $25.71 $27.24 8.81% <-IRR #YR-> 10 5 yr Running Average 132.65% US$
Increase 10.48% 26.73% 19.26% -19.86% 3.02% 32.20% 15.19% 16.75% -12.73% 3.37% 27.24% 19.79% 9.71% 9.64% 7.77% 5.95% 8.21% <-IRR #YR-> 5 5 yr Running Average 48.35% US$
5 year Running Average $4.89 $5.79 $6.96 $7.67 $8.11 $8.96 $9.78 $10.70 $11.64 $12.62 $13.79 $15.28 $16.75 $19.01 $21.55 $23.68 8.27% <-IRR #YR-> 10 Revenue per Share 121.43% US$
P/S (Price/Sales) Med 1.31 2.29 3.21 2.48 2.45 2.01 1.73 2.14 1.77 2.27 1.32 1.27 1.43 1.36 0.00 0.00 8.57% <-IRR #YR-> 5 Revenue per Share 50.86% US$
P/S (Price/Sales) Close 1.49 3.23 2.46 2.23 2.99 2.02 1.88 1.92 2.33 1.90 1.18 1.51 1.13 1.64 1.52 1.43 9.19% <-IRR #YR-> 10 5 yr Running Average 140.80% US$
*Sales in M US $  P/S Med 20 yr  1.83 15 yr  1.77 10 yr  1.89 5 yr  1.43 -13.56% Diff M/C 9.38% <-IRR #YR-> 5 5 yr Running Average 56.56% US$
-$364.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $745.0
-$503.8 $0.0 $0.0 $0.0 $0.0 $745.0
-$248.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $577.4
-$389.2 $0.0 $0.0 $0.0 $0.0 $577.4
-$9.83 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $21.76
-$14.42 $0.00 $0.00 $0.00 $0.00 $21.76
Cost of Sales 290.547 283.105 284.297 $352.6 $424.2 $453.3 $394.3 $449.7 $584.6 $667.3 $713.7 $751.4 <-12 mths 5.28% 145.64% <-Total Growth 10 Cost of Sales CDN$
Change -2.56% 0.42% 24.04% 20.28% 6.86% -13.01% 14.06% 29.99% 14.14% 6.95% 5.28% <-12 mths -24.00% 10.51% <-Median-> 10 Change CDN$
Ratio 0.69 0.70 0.70 0.71 0.69 0.69 0.71 0.79 0.76 0.74 0.67 0.67 <-12 mths 0.89% 0.70 <-Median-> 10 Ratio CDN$
$1,119 <-12 mths 4.35%
Revenue* CDN$ $239.2 $324.6 $422.2 $404.6 $404.2 $499.2 $615.4 $654.3 $558.6 $568.8 $773 $904 $1,072 $1,107 $1,193 $1,264 153.88% <-Total Growth 10 Revenue
Increase 23.20% 35.68% 30.08% -4.17% -0.10% 23.51% 23.28% 6.31% -14.62% 1.81% 35.93% 16.98% 18.52% 3.27% 7.77% 5.95% 9.76% <-IRR #YR-> 10 Revenue 153.88% CDN$
5 year Running Average $171.3 $206.5 $264.0 $317.0 $359.0 $411 $469 $516 $546 $579 $634.0 $691.8 $775.4 $885.0 $1,009.9 $1,108.1 10.38% <-IRR #YR-> 5 Revenue 63.83% CDN$
Revenue per Share $6.47 $8.76 $11.40 $10.91 $10.89 $13.46 $16.86 $18.73 $16.03 $16.50 $22.43 $26.23 $31.31 $32.81 $35.36 $37.46 11.38% <-IRR #YR-> 10 5 yr Running Average 193.73% CDN$
Increase 8.08% 35.49% 30.08% -4.34% -0.10% 23.51% 25.26% 11.15% -14.45% 2.94% 35.93% 16.98% 19.36% 4.78% 7.77% 5.95% 8.50% <-IRR #YR-> 5 5 yr Running Average 50.39% CDN$
5 year Running Average $5.10 $5.94 $7.38 $8.71 $9.69 $11.08 $12.70 $14.17 $15.19 $16.31 $18.11 $19.98 $22.50 $25.86 $29.63 $32.64 10.63% <-IRR #YR-> 10 Revenue per Share 174.65% CDN$
P/S (Price/Sales) Med 1.38 2.25 2.98 2.20 2.42 2.16 1.66 2.15 1.73 2.29 1.28 1.26 1.38 1.36 0.00 0.00 10.82% <-IRR #YR-> 5 Revenue per Share 67.14% CDN$
P/S (Price/Sales) Close 1.59 3.24 2.32 2.24 2.95 2.02 1.91 1.88 2.37 1.93 1.19 1.55 1.15 1.63 1.51 1.43 11.79% <-IRR #YR-> 10 5 yr Running Average 204.68% CDN$
*Sales in M CDN $  P/S Med 20 yr  1.69 15 yr  1.73 10 yr  1.94 5 yr  1.38 -16.12% Diff M/C 9.69% <-IRR #YR-> 5 5 yr Running Average 58.79% CDN$
-$422.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,071.9
-$654.3 $0.0 $0.0 $0.0 $0.0 $1,071.9
-$264.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $775.4
-$515.6 $0.0 $0.0 $0.0 $0.0 $775.4
-$11.40 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $31.31
-$18.73 $0.00 $0.00 $0.00 $0.00 $31.31
Amount $64.1 <-12 mths 10.78% Amount
Per Share $1.87 <-12 mths 11.31% Per Share
Payout Ratio Adj EPS $0.27 #VALUE! Payout Ratio Adj EPS
Adjusted Profit US$ $45.99 $19.44 -$8.87 $18.29 $46.570 $57.899 25.89% <-Total Growth 5 Adjusted Profit US$ new in 2025
Return on Equity ROE 18.06% 7.53% -4.00% 8.21% 19.01% 22.42% 13.14% <-Median-> 6 Return on Equity ROE
5Yr Median 18.06% 12.80% 7.53% 7.87% 8.21% 8.21% 8.21% <-Median-> 6 5 Yr Median
Basic $1.29 $0.56 -$0.26 $0.53 $1.35 $1.68 30.66% <-Total Growth 5 AEPS
AEPS* Dilued $1.29 $0.56 -$0.26 $0.53 $1.35 $1.68 $1.87 <-12 mths 30.66% <-Total Growth 5 AEPS
Increase -56.63% -146.68% 303.62% 154.72% 24.44% 11.31% <-12 mths Years of Data, EPS P or N
5 year Running Average $0.69 $0.77 $1.03 <-12 mths #NUM! <-IRR #YR-> 10 AEPS
AEPS Yield 4.65% 1.90% -1.06% 2.72% 4.50% 6.80% 4.79% <-12 mths 5.49% <-IRR #YR-> 5 AEPS
Payout Ratio 33.68% 83.45% N/C 76.27% 38.22% 29.47% 28.87% <-12 mths 11.38% <-IRR #YR-> 1 5 yr Running Average
5 year Running Average 66.69% 61.49% 47.32% <-12 mths 11.38% <-IRR #YR-> 1 5 yr Running Average
Price/AEPS Median 23.98 39.94 -113.64 41.18 18.73 18.57 17.30 <-12 mths 21.36 <-Median-> 6 Price/AEPS Median
Price/AEPS High 29.17 56.36 -139.39 48.02 22.99 22.45 21.41 <-12 mths 26.08 <-Median-> 6 Price/AEPS High
Price/AEPS Low 18.78 23.52 -87.90 34.33 14.47 14.70 13.18 <-12 mths 16.74 <-Median-> 6 Price/AEPS Low
Price/AEPS Close 21.52 52.60 -94.78 36.79 22.22 14.70 20.86 <-12 mths 21.87 <-Median-> 6 Price/AEPS Close
Trailing P/AEPS Close 22.81 44.24 -74.92 56.60 18.29 23.22 <-12 mths 22.81 <-Median-> 5 Trailing P/AEPS Close
Median Values Historical   in order 21.36 26.08 16.74 21.87 P/AEPS 5 Yrs   in order 18.73 22.99 14.70 22.22 Median Values
* Adjusted Earnings per Share * Adjusted Earnings per Share
$188.59 <-12 mths 7.17%
$5.53 <-12 mths 8.22%
Adjusted Operations Cash Flow $86.6 $54.5 $78.0 $98.6 $119.1 $121.4 $95.8 $57.0 $100.6 $150.0 $176.0 103.18% <-Total Growth 10 AOCF
Basic $2.34 $1.47 $2.10 $2.65 $3.21 $3.39 $2.75 $1.65 $2.92 $4.35 $5.11 118.75% <-Total Growth 10 AOCF
AOCF* Dilued $2.34 $1.47 $2.10 $2.65 $3.21 $3.39 $2.75 $1.65 $2.92 $4.35 $5.11 $5.53 <-12 mths 118.75% <-Total Growth 10 AOCF
Increase -36.94% 42.56% 26.39% 20.95% 5.52% -18.86% -40.03% 77.13% 48.97% 17.47% 8.22% <-12 mths 10 0 10 AOCF 100.00% US$
5 year Running Average $0.47 $0.76 $1.18 $1.71 $2.35 $2.57 $2.82 $2.73 $2.78 $3.01 $3.36 $3.91 <-12 mths 8.14% <-IRR #YR-> 10 Years of Data, EPS P or N 118.75% US$
AOCF Yield 9.68% 8.37% 8.64% 12.27% 13.84% 12.24% 9.37% 6.68% 14.97% 14.50% 20.69% 14.17% <-12 mths 8.57% <-IRR #YR-> 5 AOCF 50.84% US$
Payout Ratio 13.28% 17.65% 13.51% 12.49% 11.69% 12.78% 16.93% 29.78% 13.84% 11.86% 9.69% 9.76% <-12 mths 21.79% <-IRR #YR-> 10 AOCF 618.21% US$
5 year Running Average 6.19% 8.89% 11.39% 13.72% 13.62% 13.48% 16.74% 17.01% 17.04% 16.42% 14.99% <-12 mths 5.52% <-IRR #YR-> 5 5 yr Running Average 30.81% US$
Price/AOCF Median 13.52 13.28 9.47 8.14 6.64 9.10 8.10 17.94 7.47 5.81 6.11 5.85 <-12 mths 8.12 <-Median-> 10 5 yr Running Average US$
Price/AOCF High 16.69 17.25 11.57 10.04 7.82 11.07 11.43 22.01 8.72 7.14 7.38 7.24 <-12 mths 10.56 <-Median-> 10 Price/AOCF Median US$
Price/AOCF Low 10.34 9.31 7.38 6.24 5.47 7.13 4.77 13.88 6.23 4.49 4.83 4.46 <-12 mths 6.23 <-Median-> 10 Price/AOCF High US$
Price/AOCF Close 10.33 11.95 11.57 8.15 7.23 8.17 10.67 14.96 6.68 6.90 4.83 7.06 <-12 mths 8.16 <-Median-> 10 Price/AOCF Low US$
Trailing P/AOCFClose 7.53 16.49 10.30 8.74 8.62 8.66 8.97 11.83 10.27 5.68 7.64 <-12 mths 8.86 <-Median-> 10 Price/AOCF Close US$
Median Values Historical   in order 8.14 11.07 6.24 8.17 P/APCF 5 Yrs   in order 7.47 8.72 4.83 6.90 -5.60% Diff M/C Trailing P/AOCFClose US$
$271.36 <-12 mths 7.17%
$7.96 <-12 mths 8.22%
Adjusted CF fr Operations CDN$ $100.5 $75.5 $104.8 $123.7 $162.5 $157.7 $122.0 $72.3 $136.3 $198.3 $253.2 152.01% <-Total Growth 10 ACFFO
Basic $2.71 $2.04 $2.82 $3.33 $4.38 $4.40 $3.50 $2.09 $3.95 $5.75 $7.35 171.32% <-Total Growth 10 ACFFO
ACFFO* Dilued $2.71 $2.04 $2.82 $3.33 $4.38 $4.40 $3.50 $2.09 $3.95 $5.75 $7.35 $7.96 <-12 mths 171.32% <-Total Growth 10 ACFFO
Increase -24.72% 38.24% 18.09% 31.53% 0.46% -20.45% -40.29% 89.23% 45.47% 27.80% 8.22% <-12 mths 10 0 10 Years of Data, EPS P or N 100.00% CDN$
5 year Running Average $0.54 $0.95 $1.51 $2.18 $3.06 $3.39 $3.69 $3.54 $3.66 $3.94 $4.53 $5.42 <-12 mths 10.50% <-IRR #YR-> 10 ACFFO 171.32% CDN$
ACFFO Yield 10.25% 8.35% 8.79% 12.25% 13.58% 12.52% 9.20% 6.57% 14.83% 14.13% 20.49% 14.90% <-12 mths 10.82% <-IRR #YR-> 5 ACFFO 67.11% CDN$
Payout Ratio 13.28% 17.65% 13.51% 12.49% 11.69% 12.78% 16.93% 29.78% 13.84% 11.86% 9.69% 9.33% <-12 mths 23.66% <-IRR #YR-> 10 5 yr Running Average 735.83% CDN$
5 year Running Average 6.19% 8.89% 11.39% 13.72% 13.62% 13.48% 16.74% 17.01% 17.04% 16.42% 14.90% <-12 mths 5.95% <-IRR #YR-> 5 5 yr Running Average 33.48% CDN$
Price/ACFFO Median 12.55 11.76 9.34 8.71 6.38 9.17 7.91 18.05 7.27 5.74 5.89 5.61 <-12 mths 8.31 <-Median-> 10 Price/ACFFO Median CDN$
Price/ACFFO High 15.96 14.67 11.45 10.82 7.57 11.22 10.39 21.91 8.34 7.13 6.97 6.85 <-12 mths 10.60 <-Median-> 10 Price/ACFFO High CDN$
Price/ACFFO Low 9.14 8.84 7.22 6.60 5.18 7.11 5.43 14.20 6.19 4.36 4.81 4.38 <-12 mths 6.40 <-Median-> 10 Price/ACFFO Low CDN$
Price/ACFFO Close 9.76 11.97 11.38 8.16 7.36 7.99 10.87 15.21 6.74 7.08 4.88 6.71 <-12 mths 8.07 <-Median-> 10 Price/ACFFO Close CDN$
Trailing P/ACFFO Close 9.01 15.74 9.64 9.68 8.02 8.64 9.08 12.76 10.29 6.24 7.26 <-12 mths 9.36 <-Median-> 10 Trailing P/ACFFO Close CDN$
Median Values Historical   in order 8.71 10.82 6.60 8.16 P/CF 5 Yrs   in order 7.27 8.34 5.43 7.08 -7.64% Diff M/C DPR 75% to 95% best CDN$
Adjusted Cash Flow from Operations
$1.63 <-12 mths 17.27%
EPS Basic US$ $0.80 $1.02 $1.23 $0.75 $0.58 $1.41 $1.34 $1.29 $0.56 -$0.26 $0.53 $1.21 $1.39 12.76% <-Total Growth 10 EPS Basic
EPS Diluted* $0.81 $1.02 $1.23 $0.75 $0.58 $1.41 $1.34 $1.29 $0.56 -$0.26 $0.53 $1.21 $1.39 $1.93 $2.45 $2.85 12.76% <-Total Growth 10 EPS Diluted
Increase 3.51% 26.92% 20.28% -39.07% -22.65% 142.88% -4.92% -4.15% -56.63% -146.68% 303.62% 128.30% 14.88% 38.59% 27.41% 16.06% 9 1 10 Years of Data, EPS P or N 90.00% US$
Earnings Yield 8.36% 3.86% 5.11% 4.27% 2.39% 6.52% 5.78% 4.65% 1.90% -1.06% 2.72% 4.03% 5.63% 800.57% 1052.21% 1276.10% 1.21% <-IRR #YR-> 10 Earnings per Share 12.76% US$
5 year Running Average $0.64 $0.75 $0.88 $0.92 $0.88 $1.00 $1.06 $1.07 $1.04 $0.87 $0.69 $0.66 $0.69 $0.96 $1.50 $1.97 1.57% <-IRR #YR-> 5 Earnings per Share 8.10% US$
10 year Running Average $0.68 $0.72 $0.73 $0.82 $0.91 $0.98 $0.98 $0.87 $0.85 $0.86 $0.88 $1.00 $1.18 $1.33 -2.51% <-IRR #YR-> 10 5 yr Running Average -22.42% US$
* Diluted ESP per share  E/P 10 Yrs 4.15% 5Yrs 2.72% -8.59% <-IRR #YR-> 5 5 yr Running Average -36.18% US$
-$1.23 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.39
-$1.29 $0.00 $0.00 $0.00 $0.00 $1.39
-$0.88 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.69
-$1.07 $0.00 $0.00 $0.00 $0.00 $0.69
$2.35 <-12 mths 17.27%
EPS Basic CDN$ $0.80 $1.09 $1.43 $1.04 $0.78 $1.77 $1.83 $1.67 $0.71 -$0.33 $0.72 $1.60 $2.00 39.87% <-Total Growth 10 EPS Basic
EPS Diluted* $0.80 $1.09 $1.43 $1.04 $0.78 $1.77 $1.83 $1.67 $0.71 -$0.33 $0.72 $1.60 $2.00 $2.65 $3.38 $3.92 39.87% <-Total Growth 10 EPS Diluted
Increase 1.26% 35.68% 31.19% -27.27% -25.00% 126.92% 3.39% -8.74% -57.49% -146.48% 317.52% 122.94% 24.98% 32.45% 27.41% 16.06% 9 1 10 Years of Data, EPS P or N 90.00% CDN$
Earnings Yield 7.81% 3.84% 5.41% 4.26% 2.43% 6.51% 5.67% 4.75% 1.87% -1.04% 2.69% 3.93% 5.57% 4.96% 6.32% 7.34% 3.41% <-IRR #YR-> 10 Earnings per Share 39.87% CDN$
5 year Running Average $0.67 $0.77 $0.94 $1.03 $1.03 $1.22 $1.37 $1.42 $1.35 $1.13 $0.92 $0.87 $0.94 $1.33 $2.07 $2.71 3.67% <-IRR #YR-> 5 Earnings per Share 19.76% CDN$
10 year Running Average $0.54 $0.64 $0.74 $0.79 $0.82 $0.95 $1.07 $1.18 $1.19 $1.08 $1.07 $1.12 $1.18 $1.34 $1.60 $1.81 0.02% <-IRR #YR-> 10 5 yr Running Average 0.25% CDN$
* Diluted ESP per share  E/P 10 Yrs 4.09% 5Yrs 2.69% -7.90% <-IRR #YR-> 5 5 yr Running Average -33.73% CDN$
-$1.43 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.00
-$1.67 $0.00 $0.00 $0.00 $0.00 $2.00
-$0.94 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.94
-$1.42 $0.00 $0.00 $0.00 $0.00 $0.94
Dividend* US$ $0.51 $0.55 $0.55 Estimates Dividend* US$
Increase 3.68% 7.76% -1.01% Estimates Increase US$
Payout Ratio EPS 26.65% 22.54% 19.22% Estimates Payout Ratio EPS US$
Special Dividends Pd US$ $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.000 $0.00 <-Median-> 10 Special Dividends US$
Dividend* $0.343 $0.338 $0.310 $0.260 $0.284 $0.332 $0.375 $0.433 $0.465 $0.491 $0.404 $0.516 $0.495 $0.540 $0.545 $0.545 59.57% <-Total Growth 10 Dividends US$
Increase 0.75% -1.44% -8.32% -16.22% 9.15% 16.86% 13.18% 15.40% 7.45% 5.51% -17.67% 27.65% -4.04% 9.05% 1.01% 0.00% 13 7 20 Years of data, Count P, N 65.00% US$
Average Increases 5 Year Running -3.12% 0.45% -4.61% -8.90% -3.22% 0.01% 2.93% 7.67% 12.41% 11.68% 4.77% 7.67% 3.78% 4.10% 3.20% 6.73% 4.28% <-Median-> 10 Average Incr 5 Year Running US$
Dividends 5 Yr Running $0.37 $0.37 $0.35 $0.32 $0.31 $0.30 $0.31 $0.34 $0.38 $0.42 $0.43 $0.46 $0.47 $0.49 $0.50 $0.53 35.12% <-Total Growth 10 Dividends 5 Yr Running US$
Yield H/L Price 4.05% 1.79% 0.98% 1.33% 1.43% 1.54% 1.76% 1.40% 2.09% 1.66% 1.85% 2.04% 1.59% 1.67% 1.62% <-Median-> 10 Yield H/L Price US$
Yield on High  Price 3.50% 1.24% 0.80% 1.02% 1.17% 1.24% 1.50% 1.15% 1.48% 1.35% 1.59% 1.66% 1.31% 1.35% 1.33% <-Median-> 10 Yield on High  Price US$
Yield on Low Price 4.80% 3.23% 1.28% 1.90% 1.83% 2.00% 2.14% 1.79% 3.55% 2.15% 2.22% 2.64% 2.00% 2.19% 2.07% <-Median-> 10 Yield on Low Price US$
Yield on Close Price 3.56% 1.27% 1.29% 1.48% 1.17% 1.53% 1.62% 1.57% 1.59% 1.99% 2.07% 1.72% 2.01% 1.38% 1.40% 1.40% 1.60% <-Median-> 10 Yield on Close Price US$
Payout Ratio EPS 42.53% 33.03% 25.17% 34.62% 48.85% 23.50% 27.98% 33.68% 83.45% -188.64% 76.27% 42.65% 35.62% 28.03% 22.22% 19.15% 35.12% <-Median-> 10 DPR EPS US$
DPR EPS 5 Yr Running 57.54% 49.04% 39.73% 34.66% 34.93% 30.48% 29.36% 31.35% 36.49% 48.35% 62.79% 69.50% 69.20% 51.01% 33.30% 26.88% 35.71% <-Median-> 10 DPR EPS 5 Yr Running US$
Payout Ratio CFPS 27.35% 22.83% 15.83% 14.18% 17.88% 17.66% 13.91% 17.32% 14.83% 31.85% 20.39% 13.52% 11.59% 10.83% 98.59% 8.67% 16.08% <-Median-> 10 DPR CF US$
DPR CF 5 Yr Running 37.29% 33.22% 26.91% 21.11% 18.92% 17.43% 15.68% 16.04% 16.01% 17.83% 18.29% 17.80% 16.08% 14.74% 16.02% 13.26% 17.62% <-Median-> 10 DPR CF 5 Yr Running US$
Payout Ratio CFPS WC 24.84% 19.09% 13.27% 17.69% 14.15% 12.98% 11.50% 12.46% 16.92% 29.67% 13.85% 11.86% 9.63% 10.83% 98.59% 8.67% 13.41% <-Median-> 10 DPR CF WC US$
DPR CF WC 5 Yr Running 32.76% 28.67% 22.32% 19.22% 17.13% 15.03% 13.42% 13.19% 13.45% 15.30% 15.43% 15.25% 14.11% 12.84% 13.93% 12.39% 15.14% <-Median-> 10 DPR CF WC 5 Yr Running US$
Median Values 10 Yr Med 10 Yr Cl 1.62% 1.60% 5 Yr Med 5 Yr Cl 1.85% 1.99% 5 Yr Med Payout 42.65% 14.83% 13.85% 2.72% <-IRR #YR-> 5 Dividends 14.33% US$
* Dividends per share  10 Yr Med and Cur. -13.89% -12.75% 5 Yr Med and Cur. -24.53% -29.76% Last Div Inc ---> $0.850 $1.000 17.65% 4.78% <-IRR #YR-> 10 Dividends 59.57% US$
Dividends Growth 15 1.41% <-IRR #YR-> 15 Dividends 23.39% US$
Dividends Growth 20 6.12% <-IRR #YR-> 20 Dividends 228.07% US$
Dividends Growth 5 -$0.43 $0.00 $0.00 $0.00 $0.00 $0.50 Dividends Growth 5
Dividends Growth 10 -$0.31 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.50 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 $0.50 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 $0.50 Dividends Growth 20
Historical Dividends Historical High Div 7.56% Low Div 0.93% 10 Yr High 3.46% 10 Yr Low 1.04% Med Div 1.76% Close Div 1.62% Historical Dividends US$
High/Ave/Median Values Curr diff Exp. -81.51% Cheap 50.32% Exp. -59.60% 34.42% Exp. -20.57% Exp. -13.59% High/Ave/Median  US$
Future Dividend Yield Div Yield $0.02 earning in 5 Years at IRR of 2.72% Div Inc. 14.33% Future Dividend Yield US$
Future Dividend Yield Div Yield 1.83% earning in 10 Years at IRR of 2.72% Div Inc. 30.72% Future Dividend Yield US$
Future Dividend Yield Div Yield 2.09% earning in 15 Years at IRR of 2.72% Div Inc. 49.46% Future Dividend Yield US$
Future Dividend Paid Div Paid $0.62 earning in 5 Years at IRR of 2.72% Div Inc. 14.33% Future Dividend Paid US$
Future Dividend Paid Div Paid $0.71 earning in 10 Years at IRR of 2.72% Div Inc. 30.72% Future Dividend Paid US$
Future Dividend Paid Div Paid $0.82 earning in 15 Years at IRR of 2.72% Div Inc. 49.46% Future Dividend Paid US$
Dividend Covering Cost Total Div $2.88 over 5 Years at IRR of 2.72% Div Cov. 7.38% Dividend Covering Cost US$
Dividend Covering Cost Total Div $5.55 over 10 Years at IRR of 2.72% Div Cov. 14.22% Dividend Covering Cost US$
Dividend Covering Cost Total Div $8.60 over 15 Years at IRR of 2.72% Div Cov. 22.04% Dividend Covering Cost US$
Dividend* CDN$ $0.74 $0.76 $0.75 Estimates Dividend* CDN$
Increase 3.68% 2.98% -1.01% Estimates Increase CDN$
Payout Ratio EPS 27.89% 22.54% 19.22% Estimates Payout Ratio EPS CDN$
Special Dividends PD CDN$ $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 $0.00 <-Median-> 10 Special Dividends CDN$
Pre-Split '14 $1.03
Dividend* $0.342 $0.360 $0.360 $0.360 $0.381 $0.416 $0.512 $0.563 $0.593 $0.623 $0.548 $0.683 $0.713 $0.743 $0.750 $0.750 97.92% <-Total Growth 10 Dividends CDN$
Increase -1.44% 5.37% 0.00% 0.00% 5.83% 9.19% 23.08% 9.86% 5.33% 5.06% -12.05% 24.66% 4.40% 4.21% 1.01% 0.00% 11 3 20 Years of data, Count P, N 55.00% CDN$
Average Increases 5 Year Running -3.78% -2.71% -2.71% -2.71% 1.95% 4.08% 7.62% 9.59% 10.66% 10.50% 6.26% 6.57% 5.48% 5.26% 4.45% 6.85% 6.42% <-Median-> 10 Average Incr 5 Year Running CDN$
Dividends 5 Yr Running $0.39 $0.38 $0.37 $0.35 $0.36 $0.38 $0.41 $0.45 $0.49 $0.54 $0.57 $0.60 $0.63 $0.66 $0.69 $0.73 72.70% <-Total Growth 10 Dividends 5 Yr Running CDN$
Yield H/L Price 3.81% 1.83% 1.06% 1.50% 1.45% 1.43% 1.83% 1.39% 2.14% 1.65% 1.91% 2.07% 1.65% 1.66% 1.65% <-Median-> 10 Yield H/L Price CDN$
Yield on High  Price 3.24% 1.23% 0.83% 1.20% 1.18% 1.15% 1.54% 1.14% 1.63% 1.36% 1.66% 1.66% 1.39% 1.36% 1.37% <-Median-> 10 Yield on High  Price CDN$
Yield on Low Price 4.63% 3.55% 1.45% 2.00% 1.87% 1.89% 2.26% 1.80% 3.12% 2.10% 2.24% 2.72% 2.02% 2.13% 2.06% <-Median-> 10 Yield on Low Price CDN$
Yield on Close Price 3.32% 1.27% 1.36% 1.47% 1.19% 1.53% 1.59% 1.60% 1.56% 1.96% 2.05% 1.68% 1.99% 1.39% 1.40% 1.40% 1.59% <-Median-> 10 Yield on Close Price CDN$
Payout Ratio EPS 42.53% 33.03% 25.17% 34.62% 48.85% 23.50% 27.98% 33.68% 83.45% -188.64% 76.27% 42.65% 35.62% 28.03% 22.22% 19.15% 35.12% <-Median-> 10 DPR EPS CDN$
DPR EPS 5 Yr Running 58.04% 48.88% 39.01% 34.29% 35.05% 30.72% 29.62% 31.47% 36.45% 47.88% 61.70% 68.85% 67.21% 49.83% 33.21% 26.86% 35.75% <-Median-> 10 DPR EPS 5 Yr Running CDN$
Payout Ratio CFPS 27.35% 22.83% 15.83% 14.18% 17.88% 17.66% 13.91% 17.32% 14.83% 31.85% 20.39% 13.52% 11.59% 10.83% 98.59% 8.67% 16.08% <-Median-> 10 DPR CF CDN$
DPR CF 5 Yr Running 37.35% 33.10% 26.36% 20.39% 18.45% 17.26% 15.63% 15.99% 15.99% 17.76% 18.23% 17.76% 15.92% 14.57% 15.98% 13.24% 17.51% <-Median-> 10 DPR CF 5 Yr Running CDN$
Payout Ratio CFPS WC 24.84% 19.09% 13.27% 17.69% 14.15% 12.98% 11.50% 12.46% 16.92% 29.67% 13.85% 11.86% 9.63% 10.83% 98.59% 8.67% 13.41% <-Median-> 10 DPR CF WC CDN$
DPR CF WC 5 Yr Running 32.89% 28.59% 21.87% 18.89% 16.85% 14.98% 13.44% 13.20% 13.42% 15.22% 15.32% 15.17% 13.91% 12.69% 13.89% 12.36% 15.08% <-Median-> 10 DPR CF WC 5 Yr Running CDN$
Median Values 10 Yr Med 10 Yr Cl 1.65% 1.59% 5 Yr Med 5 Yr Cl 1.91% 1.96% 5 Yr Med Payout 42.65% 14.83% 13.85% 4.84% <-IRR #YR-> 5 Dividends 26.67% CDN$
* Dividends per share  10 Yr Med and Cur. -14.76% -11.90% 5 Yr Med and Cur. -26.29% -28.27% Last Div Inc ---> $0.1800 $0.1875 4.17% 7.07% <-IRR #YR-> 10 Dividends 97.92% CDN$
Dividends Growth 15 3.59% <-IRR #YR-> 15 Dividends 69.64% CDN$
Dividends Growth 20 7.07% <-IRR #YR-> 20 Dividends 292.20% CDN$
Dividends Growth 5 -$0.56 $0.00 $0.00 $0.00 $0.00 $0.71 Dividends Growth 5
Dividends Growth 10 -$0.36 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.71 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 $0.71 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 $0.71 Dividends Growth 20
Historical Dividends Historical High Div 9.65% Low Div 1.14% 10 Yr High 3.08% 10 Yr Low 1.14% Med Div 1.99% Close Div 1.97% Historical Dividends CDN$
High/Ave/Median Values Curr diff Exp. -85.45% Cheap 23.20% Exp. -54.40% 23.20% Exp. -29.42% Exp. -28.78% High/Ave/Median  CDN$
Future Dividend Yield Div Yield 1.78% earning in 5 Years at IRR of 4.84% Div Inc. 26.67% Future Dividend Yield CDN$
Future Dividend Yield Div Yield 2.25% earning in 10 Years at IRR of 4.84% Div Inc. 60.44% Future Dividend Yield CDN$
Future Dividend Yield Div Yield 2.85% earning in 15 Years at IRR of 4.84% Div Inc. 103.23% Future Dividend Yield CDN$
Future Dividend Paid Div Paid $0.95 earning in 5 Years at IRR of 4.84% Div Inc. 26.67% Future Dividend Paid CDN$
Future Dividend Paid Div Paid $1.20 earning in 10 Years at IRR of 4.84% Div Inc. 60.44% Future Dividend Paid CDN$
Future Dividend Paid Div Paid $1.52 earning in 15 Years at IRR of 4.84% Div Inc. 103.23% Future Dividend Paid CDN$
Dividend Covering Cost Total Div $4.13 over 5 Years at IRR of 4.84% Div Cov. 7.74% Dividend Covering Cost CDN$
Dividend Covering Cost Total Div $8.41 over 10 Years at IRR of 4.84% Div Cov. 15.76% Dividend Covering Cost CDN$
Dividend Covering Cost Total Div $13.84 over 15 Years at IRR of 4.84% Div Cov. 25.92% Dividend Covering Cost CDN$
Yield if held 5 years 5.81% 5.71% 8.02% 6.73% 5.84% 4.64% 2.60% 1.65% 2.47% 2.36% 1.89% 2.44% 1.77% 2.68% 1.99% 2.61% 2.46% <-Median-> 10 Paid Median Price CDN$
Yield if held 10 years 47.67% 28.95% 8.28% 6.28% 7.11% 7.07% 8.13% 12.54% 11.08% 9.55% 6.11% 3.46% 2.10% 3.10% 2.85% 2.59% 7.09% <-Median-> 10 Paid Median Price CDN$
Yield if held 15 years 10.25% 6.26% 9.64% 24.32% 47.23% 58.05% 41.18% 12.94% 10.33% 11.62% 9.30% 10.83% 15.88% 13.88% 11.50% 8.37% 14.41% <-Median-> 10 Paid Median Price CDN$
Yield if held 20 years 12.48% 8.90% 15.07% 40.03% 77.17% 76.40% 54.89% 16.39% 12.95% 14.00% 12.74% 28.21% <-Median-> 8 Paid Median Price CDN$
Yield if held 25 years 16.43% 11.87% 19.08% 50.17% 92.98% 104.65% 16.43% <-Median-> 3 Paid Median Price CDN$
Yield if held 30 years 22.50% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 33.11% 29.97% 40.75% 33.06% 27.65% 20.95% 10.30% 6.56% 10.27% 10.28% 9.78% 10.77% 7.83% 11.94% 9.10% 12.66% 10.29% <-Median-> 10 Paid Median Price CDN$
Cost covered if held 10 years 458.09% 293.00% 87.91% 67.23% 71.47% 65.00% 62.18% 90.49% 79.13% 69.14% 52.62% 25.57% 15.85% 24.06% 23.33% 22.32% 66.11% <-Median-> 10 Paid Median Price CDN$
Cost covered if held 15 years 110.20% 121.96% 113.21% 109.92% 160.86% 140.98% 121.83% 93.23% 40.57% 121.96% 113.21% 109.92% 160.86% 140.98% 121.83% 93.23% 117.52% <-Median-> 10 Paid Median Price CDN$
Cost covered if held 20 years 154.80% 98.64% 167.00% 461.28% 923.49% 1115.86% 698.08% 211.89% 167.89% 186.06% 175.02% 336.59% <-Median-> 8 Paid Median Price CDN$
Cost covered if held 25 years 239.91% 150.95% 251.57% 684.76% 1349.32% 1623.42% 239.91% <-Median-> 3 Paid Median Price CDN$
Cost covered if held 30 years 349.04% #NUM! <-Median-> 0 Paid Median Price
Yr  Item Tot. Growth Per Year
Revenue Growth US$ $503.8 $438.8 $448.6 $570.8 $683.8 $745.0 $777 <-12 mths 4.35% 47.88% <-Total Growth 5 Revenue Growth US$ 47.88% 8.14%
ACFFO Growth $3.39 $2.75 $1.65 $2.92 $4.35 $5.11 $5.53 <-12 mths 8.22% 50.84% <-Total Growth 5 ACFFO Growth 50.84% 8.57%
Net Income Growth $46.0 $19.4 -$8.9 $18.3 $41.7 $47.9 $56 <-12 mths 16.86% 4.09% <-Total Growth 5 Net Income Growth 4.09% 0.81%
Cash Flow Growth $87.3 $109.4 $53.1 $68.3 $131.6 $146.3 $153 <-12 mths 4.57% 67.53% <-Total Growth 5 Cash Flow Growth 67.53% 10.87%
Dividend Growth $0.43 $0.47 $0.49 $0.40 $0.52 $0.50 $0.54 <-12 mths 9.05% 14.33% <-Total Growth 5 Dividend Growth 14.33% 2.72%
Stock Price Growth $27.67 $29.33 $24.67 $19.50 $30.00 $24.69 $39.02 <-12 mths 58.00% -10.76% <-Total Growth 5 Stock Price Growth -10.76% -2.25%
Revenue Growth US$ $364.0 $292.2 $301.0 $398.0 $451.1 $503.8 $438.8 $448.6 $570.8 $683.8 $745.0 $805 <-this year 8.06% 104.68% <-Total Growth 10 Revenue Growth US$ 104.68% 7.43%
ACFFO Growth $2.34 $1.47 $2.10 $2.65 $3.21 $3.39 $2.75 $1.65 $2.92 $4.35 $5.11 $5.53 <-this year 8.22% 118.75% <-Total Growth 10 ACFFO Growth 118.75% 8.14%
Net Income Growth $45.8 $27.8 $21.5 $52.5 $49.7 $46.0 $19.4 -$8.9 $18.3 $41.7 $47.9 $66 <-this year 38.40% 4.58% <-Total Growth 10 Net Income Growth 4.58% 0.45%
Cash Flow Growth $72.6 $68.0 $58.9 $69.7 $98.5 $87.3 $109.4 $53.1 $68.3 $131.6 $146.3 $168 <-this year 15.03% 101.53% <-Total Growth 10 Cash Flow Growth 101.53% 7.26%
Dividend Growth $0.31 $0.26 $0.28 $0.33 $0.38 $0.43 $0.47 $0.49 $0.40 $0.52 $0.50 $0.51 <-this year 3.68% 59.57% <-Total Growth 10 Dividend Growth 59.57% 4.78%
Stock Price Growth $24.14 $17.60 $24.30 $21.64 $23.20 $27.67 $29.33 $24.67 $19.50 $30.00 $24.69 $39.02 <-this year 58.00% 2.29% <-Total Growth 10 Stock Price Growth 2.29% 0.23%
Yr  Item Tot. Growth Per Year
Revenue Growth CDN$ $654.3 $558.6 $568.8 $773.1 $904.4 $1,071.9 $1,119 <-12 mths 4.35% 63.83% <-Total Growth 5 Revenue Growth CDN$ 63.83% 10.38%
ACFFO Growth $4.40 $3.50 $2.09 $3.95 $5.75 $7.35 $7.96 <-12 mths 8.22% 67.11% <-Total Growth 5 ACFFO Growth 67.11% 10.82%
Net Income Growth $59.7 $24.7 -$11.2 $24.8 $55.2 $68.9 $80 <-12 mths 16.86% 15.32% <-Total Growth 5 Net Income Growth 15.32% 2.89%
Cash Flow Growth $113.4 $139.3 $67.4 $92.5 $174.1 $210.5 $220 <-12 mths 4.57% 85.60% <-Total Growth 5 Cash Flow Growth 85.60% 13.17%
Dividend Growth $0.56 $0.59 $0.62 $0.55 $0.68 $0.71 $0.74 <-12 mths 4.21% 26.67% <-Total Growth 5 Dividend Growth 26.67% 4.84%
Stock Price Growth $35.14 $38.03 $31.79 $26.66 $40.71 $35.88 $53.40 <-12 mths 48.83% 2.11% <-Total Growth 5 Stock Price Growth 2.11% 0.42%
Revenue Growth CDN$ $422.2 $404.6 $404.2 $499.2 $615.4 $654.3 $558.6 $568.8 $773.1 $904.4 $1,071.9 $1,107 <-this year 3.27% 153.88% <-Total Growth 10 Revenue Growth CDN$ 153.88% 9.76%
ACFFO Growth $2.71 $2.04 $2.82 $3.33 $4.38 $4.40 $3.50 $2.09 $3.95 $5.75 $7.35 $7.96 <-this year 8.22% 171.32% <-Total Growth 10 ACFFO Growth 171.32% 10.50%
Net Income Growth $53.1 $38.5 $28.9 $65.9 $67.8 $59.7 $24.7 -$11.2 $24.8 $55.2 $68.9 $91 <-this year 32.27% 29.72% <-Total Growth 10 Net Income Growth 29.72% 2.64%
Cash Flow Growth $84.2 $94.2 $79.1 $87.4 $134.4 $113.4 $139.3 $67.4 $92.5 $174.1 $210.5 $231 <-this year 9.93% 149.97% <-Total Growth 10 Cash Flow Growth 149.97% 9.59%
Dividend Growth $0.36 $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $0.71 $0.74 <-this year 3.68% 97.92% <-Total Growth 10 Dividend Growth 97.92% 7.07%
Stock Price Growth $26.45 $24.42 $32.10 $27.18 $32.25 $35.14 $38.03 $31.79 $26.66 $40.71 $35.88 $49.31 <-this year 37.43% 35.65% <-Total Growth 10 Stock Price Growth 35.65% 3.10%
Dividends on Shares $13.68 $14.48 $15.81 $19.46 $21.38 $22.52 $23.66 $20.81 $25.94 $27.08 $28.22 $28.50 $28.50 $204.78 No of Years 10 Total Divs 12/31/13
Paid  $1,005.10 $927.96 $1,219.80 $1,032.84 $1,225.50 $1,335.32 $1,445.14 $1,208.02 $1,013.08 $1,546.98 $1,363.44 $2,029.20 $2,029.20 $2,029.20 $1,363.44 No of Years 10 Worth $26.45 37.81
Total $1,568.22
Graham Number CDN$ $8.26 $10.64 $13.96 $12.99 $11.49 $18.49 $20.33 $18.86 $12.27 $11.42 $11.89 $18.40 $22.10 $25.49 $28.77 $30.99 58.33% <-Total Growth 10 Graham Number CDN$
Increase 17.83% 28.80% 31.14% -6.91% -11.57% 60.93% 9.95% -7.22% -34.94% -6.97% 4.17% 54.71% 20.13% 15.32% 12.87% 7.73% -1.37% <-Median-> 10 Graham Price CDN$
Price/GP Ratio Med 1.08 1.85 2.44 1.85 2.29 1.57 1.37 2.14 2.26 3.31 2.42 1.80 1.96 1.75 2.05 <-Median-> 10 Price/GP Ratio Med CDN$
Price/GP Ratio High 1.27 2.75 3.10 2.30 2.81 1.95 1.63 2.62 2.96 4.01 2.78 2.23 2.32 2.14 2.47 <-Median-> 10 Price/GP Ratio High CDN$
Price/GP Ratio Low 0.89 0.95 1.77 1.39 1.77 1.19 1.12 1.66 1.55 2.60 2.06 1.36 1.60 1.37 1.57 <-Median-> 10 Price/GP Ratio Low CDN$
Price/GP Ratio Close 1.24 2.67 1.89 1.88 2.79 1.47 1.59 1.86 3.10 2.78 2.24 2.21 1.62 2.10 1.86 1.72 2.05 <-Median-> 10 Price/GP Ratio Close CDN$
Prem/Disc Close 24.48% 167.01% 89.50% 87.94% 179.38% 47.00% 58.63% 86.30% 209.92% 178.49% 124.19% 121.29% 62.36% 109.52% 85.63% 72.30% 104.61% <-Median-> 10 Graham Price CDN$
Month, Year CDN$ Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 27.00 <Count Years> Month, Year CDN$
Pre-Split '14 $30.86
Price Close $10.29 $28.42 $26.45 $24.42 $32.10 $27.18 $32.25 $35.14 $38.03 $31.79 $26.66 $40.71 $35.88 $53.40 $53.40 $53.40 35.65% <-Total Growth 10 Stock Price CDN$
Increase 41.17% 176.28% -6.93% -7.67% 31.45% -15.33% 18.65% 8.96% 8.22% -16.41% -16.14% 52.70% -11.86% 48.83% 0.00% 0.00% 20.74 <-Median-> 10 CAPE (10 Yr P/E) CDN$
P/E Ratio 12.80 26.07 18.50 23.48 41.15 15.36 17.62 21.04 53.56 -96.33 37.14 25.44 17.94 20.16 15.82 13.63 0.42% <-IRR #YR-> 5 Stock Price 2.11% CDN$
Trailing P/E Ratio 12.97 35.38 24.27 17.08 30.87 34.85 18.22 19.20 22.77 44.77 -80.79 56.71 22.42 26.70 20.16 15.82 3.10% <-IRR #YR-> 10 Stock Price 35.65% CDN$
CAPE (10 Yr P/E) 11.09 13.58 14.55 15.83 18.60 18.25 18.62 19.52 21.95 26.50 28.24 28.06 27.50 26.36 23.41 22.09 2.20% <-IRR #YR-> 5 Price & Dividend 12.69% CDN$
Median 10, 5 Yrs D.  per yr 1.74% 1.78% % Tot Ret 35.99% 80.98% T P/E $22.60 $22.77 P/E:  $22.26 $25.44 4.84% <-IRR #YR-> 10 Price & Dividend 57.39% CDN$
Price 15 D.  per yr 4.35% % Tot Ret 23.15% CAPE Diff -2.78% 14.43% <-IRR #YR-> 15 Stock Price 654.84% CDN$
Price  20 D.  per yr 3.74% % Tot Ret 28.16% 9.55% <-IRR #YR-> 20 Stock Price 519.33% CDN$
Price  25 D.  per yr 3.51% % Tot Ret 24.15% 11.01% <-IRR #YR-> 25 Stock Price
Price  30 D.  per yr 2.31% % Tot Ret 21.43% 8.46% <-IRR #YR-> 27 Stock Price
Price & Dividend 15 18.77% <-IRR #YR-> 15 Price & Dividend 815.51% CDN$
Price & Dividend 20 13.29% <-IRR #YR-> 20 Price & Dividend 681.45% CDN$
Price & Dividend 25 14.52% <-IRR #YR-> 25 Price & Dividend
Price & Dividend 30 10.77% <-IRR #YR-> 27 Price & Dividend
Price  5 -$35.14 $0.00 $0.00 $0.00 $0.00 $35.88 Price  5
Price 10 -$26.45 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $35.88 Price 10
Price & Dividend 5 -$35.14 $0.59 $0.62 $0.55 $0.68 $36.59 Price & Dividend 5
Price & Dividend 10 -$26.45 $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $36.59 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 $35.88 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 $35.88 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 $35.88 Price  25
Price  30 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $35.88 Price  30
Price & Dividend 15 $0.34 $0.36 $0.36 $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $36.59 Price & Dividend 15
Price & Dividend 20 $0.34 $0.36 $0.36 $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $36.59 Price & Dividend 20
Price & Dividend 25 $0.34 $0.36 $0.36 $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $36.59 Price & Dividend 25
Price & Dividend 30 $0.34 $0.36 $0.36 $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $36.59 Price & Dividend 30
Price H/L Median CDN$ $8.96 $19.70 $34.01 $23.99 $26.33 $29.01 $27.93 $40.34 $27.69 $37.73 $28.74 $33.05 $43.30 $44.67 27.32% <-Total Growth 10 Stock Price CDN$
Increase 37.40% 119.91% 72.61% -29.47% 9.76% 10.18% -3.72% 44.46% -31.36% 36.26% -23.84% 15.00% 31.02% 3.18% 2.44% <-IRR #YR-> 10 Stock Price 27.32% CDN$
P/E Ratio 11.15 18.07 23.78 23.06 33.75 16.39 15.26 24.16 39.00 -114.33 40.03 20.65 21.65 16.86 1.42% <-IRR #YR-> 5 Stock Price 7.33% CDN$
Trailing P/E Ratio 11.29 24.52 31.20 16.77 25.31 37.19 15.78 22.04 16.58 53.14 -87.08 46.03 27.05 22.33 3.84% <-IRR #YR-> 10 Price & Dividend 44.23% CDN$
P/E on Running 5 yr Average 13.34 25.50 36.28 23.26 25.59 23.74 20.38 28.45 20.48 33.39 31.25 37.82 46.08 33.65 2.94% <-IRR #YR-> 5 Price & Dividend 16.55% CDN$
P/E on Running 10 yr Average 16.56 30.94 46.18 30.20 32.05 30.64 26.07 34.25 23.24 34.96 26.84 29.46 36.73 33.34 15.82 P/E Ratio Historical Median CDN$
Median 10, 5 Yrs D.  per yr 1.40% 1.52% % Tot Ret 36.37% 51.61% T P/E 23.68 27.05 P/E:  22.35 21.65 Count 27 Years of data CDN$
-$34.01 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $43.30
-$40.34 $0.00 $0.00 $0.00 $0.00 $43.30
-$34.01 $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $44.01
-$40.34 $0.59 $0.62 $0.55 $0.68 $44.01
High Months CDN$ Dec Dec Apr May Nov Apr Dec Jul Aug Mar Aug Dec Mar Jul
Pre-Split '14 $31.60
Price High $10.53 $29.25 $43.25 $29.93 $32.30 $36.02 $33.15 $49.38 $36.36 $45.79 $33.00 $41.03 $51.25 $54.52 18.50% <-Total Growth 10 Stock Price CDN$
Increase 44.56% 177.69% 47.86% -30.80% 7.92% 11.52% -7.97% 48.96% -26.37% 25.94% -27.93% 24.33% 24.91% 6.38% 1.71% <-IRR #YR-> 10 Stock Price 18.50% CDN$
P/E Ratio 13.11 26.83 30.24 28.78 41.41 20.35 18.11 29.57 51.21 -138.76 45.97 25.64 25.62 20.58 0.75% <-IRR #YR-> 5 Stock Price 3.79% CDN$
Trailing P/E Ratio 13.28 36.41 39.68 20.93 31.06 46.18 18.73 26.98 21.77 64.49 -100.00 57.16 32.02 27.26 19.23 P/E Ratio Historical Median CDN$
Median 10, 5 Yrs T P/E 29.02 32.02 P/E:  27.21 25.64 30.11 P/E Ratio Historical High CDN$
-$43.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $51.25
-$49.38 $0.00 $0.00 $0.00 $0.00 $51.25
Low Months CDN$ Jan Jan Oct Oct Aug May Mar Nov Mar Dec Dec Jun Dec Apr
Price Low $7.38 $10.15 $24.76 $18.04 $20.35 $21.99 $22.70 $31.30 $19.02 $29.67 $24.47 $25.06 $35.34 $34.82 42.73% <-Total Growth 10 Stock Price CDN$
Increase 28.33% 37.47% 143.94% -27.14% 12.80% 8.06% 3.23% 37.89% -39.23% 55.99% -17.53% 2.41% 41.02% -1.47% 3.62% <-IRR #YR-> 10 Stock Price 42.73% CDN$
P/E Ratio 9.19 9.31 17.31 17.35 26.09 12.42 12.40 18.74 26.79 -89.91 34.09 15.66 17.67 13.14 2.46% <-IRR #YR-> 5 Stock Price 12.91% CDN$
Trailing P/E Ratio 9.31 12.63 22.72 12.62 19.57 28.19 12.82 17.10 11.39 41.79 -74.15 34.91 22.08 17.41 11.54 P/E Ratio Historical Median CDN$
Median 10, 5 Yrs T P/E 18.34 22.08 P/E:  17.51 17.67 7.68 P/E Ratio Historical Low CDN$
-$24.76 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $35.34
Value using exchange rate $10.34 $26.72 $22.80 $17.64 $23.91 $21.67 $23.64 $27.06 $29.87 $25.07 $19.68 $30.78 $24.94 $38.83 $38.83 $38.83
Month, Year US$ Dec-12 Dec-13 Dec-14 Dec-15 Dec-16 Dec-17 Dec-18 Dec-19 Dec-20 Dec-21 Dec-22 Dec-23 Dec-24 Dec-25 Dec-26 Dec-27 20.00 <Count Years> Month, Year US$
Price Close $9.66 $26.58 $24.14 $17.60 $24.30 $21.64 $23.20 $27.67 $29.33 $24.67 $19.50 $30.00 $24.69 $39.02 $39.02 $39.02 2.29% <-Total Growth 10 Stock Price US$
Increase 38.00% 175.16% -9.18% -27.09% 38.07% -10.95% 7.21% 19.27% 6.00% -15.89% -20.96% 53.85% -17.69% 58.00% 0.00% 0.00% 20.41 <-Median-> 10 CAPE (10 Yr P/E) US$
P/E Ratio 11.96 25.94 19.58 23.43 41.83 15.34 17.29 21.52 52.60 -94.78 36.79 24.79 17.76 20.25 15.90 13.70 -2.25% <-IRR #YR-> 5 Stock Price -10.76% US$
Trailing P/E Ratio 12.38 32.92 23.56 14.28 32.36 37.25 16.44 20.63 22.81 44.24 -74.92 56.60 20.41 28.07 20.25 15.90 0.23% <-IRR #YR-> 10 Stock Price 2.29% US$
CAPE (10 Yr P/E) 14.51 15.54 17.97 17.77 18.16 19.21 21.60 26.20 28.22 28.01 27.58 26.47 23.53 22.29 -0.46% <-IRR #YR-> 5 Price & Dividend 332.34% US$
Median 10, 5 Yrs D.  per yr 1.65% 1.79% % Tot Ret 87.89% 0.00% T P/E $21.72 $22.81 P/E:  $22.48 $24.79 1.87% <-IRR #YR-> 10 Price & Dividend 715.62% US$
Price 15 D.  per yr 4.40% % Tot Ret 26.90% CAPE Diff -0.75% 11.95% <-IRR #YR-> 15 Stock Price 443.90% US$
Price  20 D.  per yr 4.85% % Tot Ret 33.79% 9.51% <-IRR #YR-> 20 Stock Price 515.48% US$
Price & Dividend 15 16.35% <-IRR #YR-> 15 Price & Dividend 5048.81% US$
Price & Dividend 20 14.37% <-IRR #YR-> 20 Price & Dividend 61.79737095 US$
Price  5 -$27.67 $0.00 $0.00 $0.00 $0.00 $24.69 Price  5
Price 10 -$24.14 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.69 Price 10
Price & Dividend 5 -$27.67 $0.47 $0.49 $0.40 $0.52 $25.19 Price & Dividend 5
Price & Dividend 10 -$24.14 $0.26 $0.28 $0.33 $0.38 $0.43 $0.47 $0.49 $0.40 $0.52 $25.19 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 $24.69 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 $24.69 Price  20
Price & Dividend 15 $0.34 $0.34 $0.31 $0.26 $0.28 $0.33 $0.38 $0.43 $0.47 $0.49 $0.40 $0.52 $25.19 Price & Dividend 15
Price & Dividend 20 $0.34 $0.34 $0.31 $0.26 $0.28 $0.33 $0.38 $0.43 $0.47 $0.49 $0.40 $0.52 $25.19 Price & Dividend 20
Price H/L Median US$ $8.49 $18.89 $31.58 $19.56 $19.89 $21.60 $21.33 $30.83 $22.27 $29.58 $21.82 $25.29 $31.21 $32.35 -1.19% <-Total Growth 10 Stock Price US$
Increase 33.72% 122.59% 67.16% -38.05% 1.69% 8.58% -1.26% 44.53% -27.76% 32.81% -26.22% 15.88% 23.39% 3.65% -0.12% <-IRR #YR-> 10 Stock Price -1.19% US$
P/E Ratio 10.51 18.43 25.62 26.05 34.25 15.31 15.90 23.98 39.94 -113.64 41.18 20.90 22.45 16.79 0.24% <-IRR #YR-> 5 Stock Price 1.21% US$
Trailing P/E Ratio 10.88 23.40 30.82 15.87 26.49 37.19 15.12 22.98 17.32 53.05 -83.84 47.72 25.79 23.27 1.17% <-IRR #YR-> 10 Price & Dividend 544.09% US$
P/E on Running 5 yr Average 13.19 25.09 35.74 21.28 22.62 21.60 20.06 28.71 21.51 34.11 31.59 38.05 45.52 33.72 1.79% <-IRR #YR-> 5 Price & Dividend 309.14% US$
P/E on Running 10 yr Average 46.24 27.23 27.15 26.29 23.49 31.50 22.79 33.87 25.81 29.27 35.47 32.43 15.90 P/E Ratio Historical Median US$
Median 10, 5 Yrs D.  per yr 1.29% 1.54% % Tot Ret 110.21% 86.46% T P/E 24.39 25.79 P/E:  23.21 22.45 Count 20 Years of data US$
-$31.58 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $31.21
-$30.83 $0.00 $0.00 $0.00 $0.00 $31.21
-$31.58 $0.26 $0.28 $0.33 $0.38 $0.43 $0.47 $0.49 $0.40 $0.52 $31.72
-$30.83 $0.47 $0.49 $0.40 $0.52 $31.72
High Months US$ Nov Dec Apr May Dec Apr Dec Jul Sep Mar Jan  Dec Apr Jul
Price High $9.83 $27.32 $39.00 $25.41 $24.30 $26.65 $25.10 $37.51 $31.43 $36.28 $25.45 $31.04 $37.71 $40.04 -3.30% <-Total Growth 10 Stock Price US$
Increase 39.88% 178.03% 42.75% -34.84% -4.37% 9.67% -5.80% 49.41% -16.20% 15.43% -29.85% 21.96% 21.49% 6.18% -0.33% <-IRR #YR-> 10 Stock Price -3.30% US$
P/E Ratio 12.17 26.66 31.64 33.83 41.83 18.89 18.71 29.17 56.36 -139.39 48.02 25.65 27.13 20.78 0.11% <-IRR #YR-> 5 Stock Price 0.54% US$
Trailing P/E Ratio 12.60 33.83 38.05 20.61 32.35 45.88 17.79 27.96 24.45 65.06 -97.77 58.57 31.17 28.81 18.89 P/E Ratio Historical Median US$
Median 10, 5 Yrs T P/E 29.56 31.17 P/E:  28.15 27.13 38.63 P/E Ratio Historical High US$
-$39.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $37.71
-$37.51 $0.00 $0.00 $0.00 $0.00 $37.71
Low Months US$ Jan Jan Dec Nov Aug May Mar Nov Mar Dec Dec Jun  Dec Apr
Price Low $7.15 $10.47 $24.17 $13.72 $15.49 $16.55 $17.56 $24.15 $13.11 $22.88 $18.20 $19.54 $24.70 $24.65 2.21% <-Total Growth 10 Stock Price US$
Increase 26.10% 46.40% 130.86% -43.23% 12.92% 6.87% 6.06% 37.56% -45.70% 74.47% -20.47% 7.38% 26.41% -0.20% 0.22% <-IRR #YR-> 10 Stock Price 2.21% US$
P/E Ratio 8.86 10.21 19.60 18.26 26.66 11.73 13.09 18.78 23.52 -87.90 34.33 16.15 17.77 12.80 0.45% <-IRR #YR-> 5 Stock Price 2.27% US$
Trailing P/E Ratio 9.17 12.96 23.58 11.13 20.62 28.50 12.44 18.00 10.20 41.03 -69.91 36.87 20.41 17.73 10.21 P/E Ratio Historical Median US$
Median 10, 5 Yrs T P/E 19.21 20.41 P/E:  18.02 17.77 7.13 P/E Ratio Historical Low US$
-$24.17 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.70
$9 <-12 mths -40.01%
Free Cash Flow WSJ US$ $39.90 $37.71 -$0.89 $29.58 -$6.14 $57.22 $6.98 -$4.45 $11.46 $34.06 -9.69% <-Total Growth 9 Free Cash Flow WSJ US$
Change -5.49% -102.37% 3410.35% -120.75% 1032.07% -87.80% -163.74% 357.69% 197.12%
Free Cash Flow MS US$ -$7.93 -$13.76 -$12.83 $20.70 $35.77 $9.95 $35.65 -$1.08 $25.09 -$2.50 $14.51 -$1.94 $24.44 $73.67 290.51% <-Total Growth 10 Free Cash Flow MS US$ US$
Change -72.19% 258.33% -103.02% 2428.03% -109.96% 680.15% -113.37% 1359.55% 201.48% #NUM! <-IRR #YR-> 5 Free Cash Flow MS 2366.90% US$
FCF/CF from Op Ratio -0.17 -0.25 -0.18 0.30 0.61 0.14 0.36 -0.01 0.23 -0.05 0.21 -0.01 0.17 0.44 #NUM! <-IRR #YR-> 10 Free Cash Flow MS 290.51% US$
Dividends paid $12.42 $13.40 $2.08 $2.42 $2.40 $3.24 $4.43 $4.68 $5.28 $5.63 $14.51 $17.51 $17.99 $18.22 764.77% <-Total Growth 10 Dividends paid US$
Percentage paid 6.72% 32.56% 12.43% -433.80% 21.03% -225.07% 100.00% -902.63% 73.64% 24.73% $0.12 <-Median-> 9 Percentage paid US$
5 Year Coverage 19.01% 34.65% 48.16% 139.66% 102.21% 68.28% 5 Year Coverage US$
Dividend Coverage Ratio 14.88 3.07 8.04 -0.23 4.76 -0.44 1.00 -0.11 1.36 4.04 1.36 <-Median-> 9 Dividend Coverage Ratio US$
5 Year of Coverage 5.26 2.89 2.08 0.72 0.98 1.46 5 Year of Caogerage US$
Free Cash Flow Mkt Sc CDN$ $81.51 $13.73 $60.76 $39.37 $69.57 $83.42 $106.60 Free Cash Flow Mkt Sc CDN$
Change -83.16% 342.53% -35.20% 76.71% 19.91% 27.79% Change
Free Cash Flow WSJ CDN$ $55.26 $50.64 -$1.12 $40.35 -$7.97 $72.85 $8.85 -$6.03 $15.16 $49.01 -3.22% <-Total Growth 9 Free Cash Flow WSJ CDN$
Change -8.36% -102.21% 3699.82% -119.76% 1013.70% -87.85% -168.09% 351.63% 223.25% Change
Free Cash Flow MS CDN$ Old $61.30 $55.59 $3.79 $39.83 -$19.06 $76.66 $9.23 -$6.03 $15.16 Free Cash Flow MS CDN$ Old
Change $37 <-12 mths 37.36% Change
Free Cash Flow MS CDN$ -$7.89 -$14.63 -$14.88 $28.67 $48.03 $12.48 $48.63 -$1.40 $31.95 -$3.17 $26.77 -$1.94 $35.2 $101.3 336.29% <-Total Growth 10 Free Cash Flow MS CDN$ CDN$
Change -74.02% 289.66% -102.88% 2382.14% -109.92% 944.48% -107.25% 1912.37% 188.11% #NUM! <-IRR #YR-> 5 Free Cash Flow MS 2611.43% CDN$
FCF/CF from Op Ratio 0.61 0.14 0.36 -0.01 0.23 -0.05 0.29 -0.01 0.17 0.44 #NUM! <-IRR #YR-> 10 Free Cash Flow MS 336.29% CDN$
Dividends paid $12.63 $13.33 $2.21 $2.81 $3.33 $4.35 $5.56 $6.38 $6.85 $7.17 $19.65 $23.16 $25.89 $25.05 1069.91% <-Total Growth 10 Dividends paid CDN$
Percentage paid 6.93% 34.85% 11.43% -455.64% 21.45% -226.03% 73.39% -1193.82% 73.64% 24.73% $0.11 <-Median-> 9 Percentage paid CDN$
5 Year Coverage 18.95% 34.25% 44.37% 121.06% 93.18% 63.82% 5 Year Coverage CDN$
Dividend Coverage Ratio 14.42 2.87 8.75 -0.22 4.66 -0.44 1.36 -0.08 1.36 4.04 1.36 <-Median-> 9 Dividend Coverage Ratio CDN$
5 Year of Coverage 5.28 2.92 2.25 0.83 1.07 1.57 5 Year of Caogerage CDN$
Market Cap in $M US$ $357.2 $984.4 $894.0 $653.0 $901.5 $802.9 $847.1 $966.3 $1,022.3 $850.5 $672.2 $1,034.2 $845.3 $1,316.4 $1,316.4 $1,316.4 -0.05 <-Total Growth 10 Market Cap -5.45% US$
Market Cap in $M CDN$ $380.4 $1,052.5 $979.5 $906.0 $1,190.9 $1,008.4 $1,177.5 $1,227.2 $1,325.5 $1,095.9 $919.1 $1,403.4 $1,228.3 $1,801.7 $1,801.7 $1,801.7 0.25 <-Total Growth 10 Market Cap 25.39% CDN$
Diluted # of Shares in Million 34.926 37.007 37.034 37.074 37.101 37.101 37.084 35.826 34.871 34.601 34.473 34.473 34.441 33.91 34.47 -7.00% <-Total Growth 10 Diluted CDN$
Change 7.43% 5.96% 0.07% 0.11% 0.07% 0.00% -0.05% -3.39% -2.67% -0.77% -0.37% 0.00% -0.09% -1.53% 1.65% -0.72% <-IRR #YR-> 10 Diluted CDN$
Difference Diluted/Basic -0.19% 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% -0.79% <-IRR #YR-> 5 Diluted CDN$
Change in Diluted Shares per Year CDN$
Basic # of Shares in Millions 34.860 37.007 37.034 37.074 37.101 37.101 37.084 35.826 34.871 34.601 34.473 34.473 34.441 33.91 34.47 -7.00% <-Total Growth 10 Basic CDN$
Change 7.46% 6.16% 0.07% 0.11% 0.07% 0.00% -0.05% -3.39% -2.67% -0.77% -0.37% 0.00% -0.09% -1.53% 1.65% -0.07% <-Median-> 10 Change CDN$
Difference 6.08% 0.07% 0.00% 0.07% 0.00% 0.00% -1.54% -2.52% -0.05% -0.37% 0.00% 0.00% -0.61% -0.51% -2.13% -0.02% <-Median-> 10 Difference CDN$
$153 <-12 mths 4.57%
# of Share in Millions 36.980 37.034 37.034 37.101 37.101 37.101 36.513 34.924 34.854 34.473 34.473 34.473 34.233 33.740 33.740 33.740 -0.78% <-IRR #YR-> 10 Shares -7.56% US$
Change 13.99% 0.15% 0.00% 0.18% 0.00% 0.00% -1.58% -4.35% -0.20% -1.09% 0.00% 0.00% -0.70% -1.44% 0.00% 0.00% -0.40% <-IRR #YR-> 5 Shares -1.98% US$
Cash Flow from Operations $M US$ $46.44 $54.91 $72.58 $68.04 $58.89 $69.67 $98.51 $87.32 $109.37 $53.14 $68.33 $131.61 $146.28 $168.27 $18.66 $212.34 101.53% <-Total Growth 10 Cash Flow US$
Increase 41.11% 18.25% 32.18% -6.25% -13.45% 18.30% 41.39% -11.36% 25.26% -51.41% 28.59% 92.62% 11.14% 15.03% -88.91% 1037.64% Share Iss SO, Buybacks Cl B Shares Conv. US$
5 year Running Average $33.3 $38.6 $46.6 $55.0 $60.2 $64.8 $73.5 $76.5 $84.8 $83.6 $83.3 $90.0 $101.7 $113.5 $106.6 $135.4 118.26% <-Total Growth 10 CF 5 Yr Running US$
CFPS $1.26 $1.48 $1.96 $1.83 $1.59 $1.88 $2.70 $2.50 $3.14 $1.54 $1.98 $3.82 $4.27 $4.99 $0.55 $6.29 118.02% <-Total Growth 10 Cash Flow per Share US$
Increase 23.79% 18.07% 32.18% -6.42% -13.45% 18.30% 43.67% -7.33% 25.51% -50.88% 28.59% 92.62% 11.92% 16.71% -88.91% 1037.64% 7.26% <-IRR #YR-> 10 Cash Flow 101.53% US$
5 year Running Average $0.99 $1.11 $1.30 $1.51 $1.62 $1.75 $1.99 $2.10 $2.36 $2.35 $2.37 $2.60 $2.95 $3.32 $3.12 $3.98 10.87% <-IRR #YR-> 5 Cash Flow 67.53% US$
P/CF on Med Price 6.76 12.74 16.11 10.67 12.53 11.50 7.91 12.33 7.10 19.19 11.01 6.62 7.30 6.49 0.00 0.00 8.11% <-IRR #YR-> 10 Cash Flow per Share 118.02% US$
P/CF on Closing Price 7.69 17.93 12.32 9.60 15.31 11.52 8.60 11.07 9.35 16.00 9.84 7.86 5.78 7.82 70.53 6.20 11.31% <-IRR #YR-> 5 Cash Flow per Share 70.91% US$
-30.51% Diff M/C 7.84% <-IRR #YR-> 10 CFPS 5 yr Running 126.20% US$
$188.59 <-12 mths 7.17% US$
Excl.Working Capital CF US$ $4.7 $10.7 $14.0 -$13.5 $15.5 $25.1 $20.6 $34.1 -$13.5 $3.9 $32.27 $18.35 $29.70 $0.00 $0.00 $0.00 7.04% <-IRR #YR-> 5 CFPS 5 yr Running 40.53% US$
Cash Flow from Operations $M WC $51.12 $65.65 $86.61 $54.53 $74.38 $94.82 $119.11 $121.41 $95.83 $57.04 $100.60 $149.97 $175.98 $168.27 $18.66 $212.34 103.18% <-Total Growth 10 Cash Flow less WC US$
Increase 18.74% 28.42% 31.94% -37.04% 36.40% 27.47% 25.63% 1.93% -21.07% -40.48% 76.36% 49.07% 17.34% -4.38% -88.91% 1037.64% 11.32% <-IRR #YR-> 10 Cash Flow less WC 103.18% US$
5 year Running Average $37.9 $44.7 $56.1 $60.2 $66.5 $75.2 $85.9 $92.9 $101.1 $97.6 $98.8 $105.0 $115.9 $130.4 $122.7 $145.0 7.71% <-IRR #YR-> 5 Cash Flow less WC 44.94% US$
CFPS Excl. WC $1.38 $1.77 $2.34 $1.47 $2.00 $2.56 $3.26 $3.48 $2.75 $1.65 $2.92 $4.35 $5.14 $4.99 $0.55 $6.29 7.53% <-IRR #YR-> 10 CF less WC 5 Yr Run 106.73% US$
Increase 4.16% 28.24% 31.94% -37.15% 36.40% 27.47% 27.65% 6.57% -20.91% -39.82% 76.36% 49.07% 18.17% -2.98% -88.91% 1037.64% 4.53% <-IRR #YR-> 5 CF less WC 5 Yr Run 24.81% US$
5 year Running Average $1.13 $1.29 $1.57 $1.66 $1.79 $2.03 $2.33 $2.55 $2.81 $2.74 $2.81 $3.03 $3.36 $3.81 $3.59 $4.26 8.19% <-IRR #YR-> 10 CFPS - Less WC 119.80% US$
P/CF on Median Price 6.14 10.66 13.50 13.31 9.92 8.45 6.54 8.87 8.10 17.88 7.48 5.81 6.07 6.49 0.00 0.00 8.14% <-IRR #YR-> 5 CFPS - Less WC 47.87% US$
P/CF on Closing Price 6.99 14.99 10.32 11.97 12.12 8.47 7.11 7.96 10.67 14.91 6.68 6.90 4.80 7.82 70.53 6.20 7.89% <-IRR #YR-> 10 CFPS 5 yr Running 113.79% US$
*Operational Cash Flow. CF/-WC P/CF Med 10 yr 11.26 5 yr  11.01 P/CF Med 10 yr 8.66 5 yr  8.10 -44.54% Diff M/C 5.66% <-IRR #YR-> 5 CFPS 5 yr Running 31.67% US$
$220.1 <-12 mths 4.57%
Cash Flow from Operations $M CDN$ $46.2 $58.4 $84.2 $94.2 $79.1 $87.4 $134.4 $113.4 $139.3 $67.4 $92.54 $174.07 $210.48 $231.4 $25.7 $292.0 149.97% <-Total Growth 10 Cash Flow CDN$
Increase 38.04% 26.41% 44.18% 11.90% -16.08% 10.53% 53.76% -15.61% 22.79% -51.62% 37.37% 88.10% 20.92% 9.93% -88.91% 1037.64% Share Iss SO, Buybacks Cl B Shares Conv. CDN$
5 year Running Average $35.0 $39.6 $49.7 $63.3 $72.4 $80.7 $95.9 $101.7 $110.7 $108.4 $109.4 $117.3 $136.7 $155.2 $146.8 $186.7 175.27% <-Total Growth 10 CF 5 Yr Running CDN$
CFPS $1.25 $1.58 $2.27 $2.54 $2.13 $2.36 $3.68 $3.25 $4.00 $1.95 $2.68 $5.05 $6.15 6.858 0.7607 8.654 170.42% <-Total Growth 10 Cash Flow per Share CDN$
Increase 21.10% 26.23% 44.18% 11.70% -16.08% 10.53% 56.23% -11.77% 23.04% -51.09% 37.37% 88.10% 21.76% 11.54% -88.91% 1037.64% 9.59% <-IRR #YR-> 10 Cash Flow 149.97% CDN$
5 year Running Average $1.04 $1.14 $1.39 $1.73 $1.95 $2.18 $2.60 $2.79 $3.08 $3.05 $3.11 $3.39 $3.97 $4.54 $4.30 $5.49 13.17% <-IRR #YR-> 5 Cash Flow 85.60% CDN$
P/CF on Med Price 7.17 12.49 14.96 9.44 12.35 12.31 7.59 12.42 6.93 19.31 10.70 6.54 7.04 6.51 0.00 0.00 10.46% <-IRR #YR-> 10 Cash Flow per Share 170.42% CDN$
P/CF on Closing Price 8.23 18.02 11.63 9.62 15.06 11.54 8.76 10.82 9.52 16.27 9.93 8.06 5.84 7.79 70.20 6.17 13.62% <-IRR #YR-> 5 Cash Flow per Share 89.34% CDN$
-22.71% Diff M/C 11.08% <-IRR #YR-> 10 CFPS 5 yr Running 185.91% CDN$
$271.36 <-12 mths 7.17% CDN$
Excl.Working Capital CF CDN$ $4.66 $11.42 $16.28 -$18.71 $20.80 $31.55 $28.11 $44.28 -$17.23 $4.95 $43.71 $24.27 $42.73 $0.00 $0.00 $0.00 7.28% <-IRR #YR-> 5 CFPS 5 yr Running 42.12% CDN$
Cash Flow from Operations $M WC $50.86 $69.82 $100.48 $75.52 $99.87 $118.95 $162.49 $157.69 $122.02 $72.32 $136.25 $198.35 $253.21 $231.39 $25.67 $291.99 152.01% <-Total Growth 10 Cash Flow less WC CDN$
Increase 16.16% 37.29% 43.91% -24.84% 32.25% 19.10% 36.61% -2.96% -22.62% -40.73% 88.40% 45.57% 27.66% -8.62% -88.91% 1037.64% 9.68% <-IRR #YR-> 10 Cash Flow less WC 152.01% CDN$
5 year Running Average $39.7 $45.8 $59.7 $68.1 $79.3 $92.9 $111.5 $122.9 $132.2 $126.7 $130.2 $137.3 $156.4 $178.3 $169.0 $200.1 9.94% <-IRR #YR-> 5 Cash Flow less WC 60.58% CDN$
CFPS Excl. WC $1.38 $1.89 $2.71 $2.04 $2.69 $3.21 $4.45 $4.52 $3.50 $2.10 $3.95 $5.75 $7.40 $6.86 $0.76 $8.65 10.11% <-IRR #YR-> 10 CF less WC 5 Yr Run 161.93% CDN$
Increase 1.90% 37.09% 43.91% -24.98% 32.25% 19.10% 38.81% 1.46% -22.47% -40.07% 88.40% 45.57% 28.56% -7.28% -88.91% 1037.64% 4.94% <-IRR #YR-> 5 CF less WC 5 Yr Run 27.28% CDN$
5 year Running Average $1.18 $1.32 $1.67 $1.87 $2.14 $2.51 $3.02 $3.38 $3.67 $3.55 $3.70 $3.96 $4.54 $5.21 $4.94 $5.88 10.55% <-IRR #YR-> 10 CFPS - Less WC 172.62% CDN$
P/CF on Median Price 6.51 10.45 12.53 11.78 9.78 9.05 6.27 8.93 7.91 17.98 7.27 5.74 5.85 6.51 0.00 0.00 10.38% <-IRR #YR-> 5 CFPS - Less WC 63.82% CDN$
P/CF on Closing Price 7.48 15.07 9.75 12.00 11.92 8.48 7.25 7.78 10.86 15.15 6.75 7.08 4.85 7.79 70.20 6.17 10.50% <-IRR #YR-> 10 CFPS 5 yr Running 171.51% CDN$
*Operational Cash Flow. CF/-WC P/CF Med 10 yr 10.07 5 yr  7.04 P/CF Med 10 yr 8.42 5 yr  7.27 -7.54% Diff M/C 6.08% <-IRR #YR-> 5 CFPS 5 yr Running 34.34% CDN$
-$1.96 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.27 Cash Flow per Share US$
-$2.50 $0.00 $0.00 $0.00 $0.00 $4.27 Cash Flow per Share US$
-$1.39 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.95 CFPS 5 yr Running US$
-$2.10 $0.00 $0.00 $0.00 $0.00 $2.95 CFPS 5 yr Running US$
-$86.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $253.2 Cash Flow less WC US$
-$121.4 $0.0 $0.0 $0.0 $0.0 $176.0 Cash Flow less WC US$
-$56.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $115.9 CF less WC 5 Yr Run US$
-$92.9 $0.0 $0.0 $0.0 $0.0 $115.9 CF less WC 5 Yr Run US$
-$2.34 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.14 CFPS - Less WC US$
-$3.48 $0.00 $0.00 $0.00 $0.00 $5.14 CFPS - Less WC US$
-$2.27 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.15 Cash Flow per Share CDN$
-$3.25 $0.00 $0.00 $0.00 $0.00 $6.15 Cash Flow per Share CDN$
-$1.39 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.97 CFPS 5 yr Running CDN$
-$2.79 $0.00 $0.00 $0.00 $0.00 $3.97 CFPS 5 yr Running CDN$
-$100.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $253.2 Cash Flow less WC CDN$
-$157.7 $0.0 $0.0 $0.0 $0.0 $253.2 Cash Flow less WC CDN$
-$59.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $156.4 CF less WC 5 Yr Run CDN$
-$122.9 $0.0 $0.0 $0.0 $0.0 $156.4 CF less WC 5 Yr Run CDN$
-$2.71 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.40 CFPS - Less WC CDN$
-$4.52 $0.00 $0.00 $0.00 $0.00 $7.40 CFPS - Less WC CDN$
OPM Ratio CDN$ 19.31% 17.99% 19.94% 23.29% 19.56% 17.51% 21.84% 17.33% 24.93% 11.84% 11.97% 19.25% 19.64% 20.90% -1.54% <-Total Growth 10 OPM CDN$
Increase 12.04% -6.83% 10.84% 16.77% -15.99% -10.51% 24.72% -20.62% 43.81% -52.48% 1.06% 60.79% 2.02% 6.45% Should increase  or be stable. CDN$
Diff from Median -0.5% -7.3% 2.8% 20.0% 0.8% -9.8% 12.5% -10.7% 28.5% -39.0% -38.3% -0.8% 1.2% 7.7% 0.00 <-Median-> 10 OPM CDN$
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 19.41% 5 Yrs 17.33% should be  zero, it is a   check on calculations CDN$
$188.77 <-12 mths 7.21%
Adjusted EBITDA US$ $103.54 $77.82 $78.02 $99.94 $118.54 $121.99 $96.47 $45.70 $99.96 $150.30 $176.07 $200.49 $221.37 $236.56 70.05% <-Total Growth 10 Adjusted EBITDA US$
change -24.84% 0.26% 28.09% 18.60% 2.92% -20.92% -52.63% 118.74% 50.37% 17.15% 13.87% 10.41% 6.87% 10.03% <-Median-> 10 change
Basic $2.80 $2.10 $2.10 $2.69 $3.20 $3.40 $2.76 $1.32 $2.90 $2.90 $2.90 $2.90 $2.90 $2.90 3.72% <-Total Growth 10 Basic
Diluted $2.80 $2.10 $2.10 $2.69 $3.20 $3.40 $2.76 $1.32 $2.90 $2.90 $2.90 $2.90 $2.90 $2.90 3.72% <-Total Growth 10 Diluted
EBITDA Margins 28.45% 26.63% 25.92% 25.11% 26.27% 24.22% 21.99% 10.19% 17.51% 21.98% 23.64% 24.91% 25.52% 25.74% 23.93% <-Median-> 10 EBITDA Margins
$259.58 <-12 mths 2.46%
Adjusted EBITDA CDN$ $120.12 $107.76 $104.76 $125.38 $161.71 $158.45 $122.83 $57.93 $135.38 $198.79 $253.35 $275.70 $304.40 $325.30 110.91% <-Total Growth 10 Adjusted EBITDA CDN$
change -10.29% -2.78% 19.68% 28.97% -2.02% -22.48% -52.83% 133.68% 46.83% 27.45% 8.82% 10.41% 6.87% 8.83% <-Median-> 10 change
Basic $3.24 $2.91 $2.82 $3.38 $4.36 $4.42 $3.52 $1.67 $3.93 $3.84 $4.17 $3.99 $3.99 $3.99 28.65% <-Total Growth 10 Basic
Diluted $3.24 $2.91 $2.82 $3.38 $4.36 $4.42 $3.52 $1.67 $3.93 $3.84 $4.17 $3.99 $3.99 $3.99 28.65% <-Total Growth 10 Diluted
EBITDA Margins 28.45% 26.63% 25.92% 25.11% 26.27% 24.22% 21.99% 10.19% 17.51% 21.98% 23.64% 24.91% 25.52% 25.74% 23.93% <-Median-> 10 EBITDA Margins
Long Term Debt $107.20 $75.00 $75.00 $75.00 $75.00 $101.01 $78.46 $95.63 $138.88 $163.69 $170.70 $213.78 59.24% <-Total Growth 10 Bank Debt US$
Change -30.04% 0.00% 0.01% 0.00% 34.68% -22.32% 21.89% 45.23% 17.86% 4.28% 25.24% 2.14% <-Median-> 10 Change US$
Debt/Market Cap Ratio 0.12 0.11 0.08 0.09 0.09 0.10 0.08 0.11 0.21 0.16 0.20 0.16 0.11 <-Median-> 10 Debt/Market Cap Ratio US$
Assets/Current Liabilities Ratio 8.91 11.10 10.46 9.16 7.39 5.10 5.27 4.68 5.11 4.57 4.63 4.92 5.19 <-Median-> 10 Assets/Current Liabilities Ratio US$
Current Liabilities/Assets Ratio 0.11 0.09 0.10 0.11 0.14 0.20 0.19 0.21 0.20 0.22 0.22 0.20 0.19 <-Median-> 10 Current Liabilities/Assets Ratio US$
Debt to Cash Flow (Years) 1.48 1.10 1.27 1.08 0.76 1.16 0.72 1.80 2.03 1.24 1.17 1.27 1.16 <-Median-> 10 Debt to Cash Flow (Years) US$
Long Term Debt $124.36 $103.85 $100.70 $94.09 $102.32 $131.19 $99.90 $121.24 $188.10 $216.50 $245.61 $293.97 97.51% <-Total Growth 10 Bank Debt CDN$
Change -16.49% -3.04% -6.56% 8.74% 28.22% -23.85% 21.37% 55.15% 15.10% 13.45% 19.69% 11.10% <-Median-> 10 Change CDN$
Debt/Market Cap Ratio 0.13 0.11 0.08 0.09 0.09 0.11 0.08 0.11 0.20 0.15 0.20 0.16 0.11 <-Median-> 10 Debt/Market Cap Ratio CDN$
Assets/Current Liabilities Ratio 8.91 11.10 10.46 9.16 7.39 5.10 5.27 4.68 5.11 4.57 4.63 4.92 5.19 <-Median-> 10 Assets/Current Liabilities Ratio CDN$
Current Liabilities/Assets Ratio 0.11 0.09 0.10 0.11 0.14 0.20 0.19 0.21 0.20 0.22 0.22 0.20
Debt to Cash Flow (Years) 1.48 1.10 1.27 1.08 0.76 1.16 0.72 1.80 2.03 1.24 1.17 1.27 1.16 <-Median-> 10 Debt to Cash Flow (Years) CDN$
Intangibles US$ $4.95 $14.26 $11.97 $5.41 $5.57 $6.26 $9.96 $23.40 $24.09 $23.65 $21.83 $23.60 $24.34 $23.80 103.29% <-Total Growth 10 Intangibles US$
Goodwill $1.59 $1.63 $1.52 $1.40 $1.17 $1.21 $1.29 $1.19 $1.25 $1.27 $1.20 $1.23 $1.13 $1.19 -35.23% <-Total Growth 10 Goodwill US$
Total $6.55 $15.89 $13.50 $6.80 $6.75 $7.47 $11.25 $24.59 $25.34 $24.92 $23.03 $24.82 $25.47 $24.99 88.68% <-Total Growth 10 Total US$
Change 0.00% 142.62% -15.05% -49.60% -0.84% 11% 50.64% 118.50% 3.02% -1.62% -7.60% 7.78% 2.60% -1.89% 3% <-Median-> 10 Change US$
Intangible/Market Cap Ratio 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.03 0.02 0.03 0.03 0.02 0.03 0.02 2% <-Median-> 10 Intangible/Market Cap Ratio US$
Intangibles CDN$ $4.93 $15.17 $13.89 $7.49 $7.49 $7.86 $13.59 $30.40 $30.67 $29.99 $29.57 $31.21 $35.02 $32.72 152.14% <-Total Growth 10 Intangibles CDN$
Goodwill $1.62 $1.62 $1.62 $1.62 $1.62 $1.62 $1.62 $1.62 $1.62 $1.62 $1.62 $1.62 $1.62 $1.63 0.04% <-Total Growth 10 Goodwill CDN$
Total $6.55 $16.79 $15.51 $9.11 $9.11 $9.48 $15.21 $32.02 $32.29 $31.61 $31.19 $32.83 $36.64 $34.36 136.25% <-Total Growth 10 Total CDN$
Change 156.27% -7.60% -41.29% 0.00% 4% 60.48% 110.48% 0.85% -2.12% -1.31% 5.25% 11.62% -6.24% 2.47% <-Median-> 10 Change CDN$
Intangible/Market Cap Ratio 0.02 0.02 0.02 0.01 0.01 0.01 0.01 0.03 0.02 0.03 0.03 0.02 0.03 0.02 0.02 <-Median-> 10 Intangible/Market Cap Ratio CDN$
Current Assets US$ $69.82 $99.19 $123.07 $89.48 $122.84 $134.39 $165.00 $168.20 $148.22 $145.03 $181.66 $199.53 $206.29 $229.71 67.62% <-Total Growth 10 Assets US$
Current Liabilities $25.66 $41.04 $42.98 $29.07 $32.63 $43.61 $59.86 $100.92 $92.82 $102.21 $104.33 $138.41 $144.54 $146.85 236.30% <-Total Growth 10 Liabilities US$
Liquidity Ratio 2.72 2.42 2.86 3.08 3.76 3.08 2.76 1.67 1.60 1.42 1.74 1.44 1.43 1.56 1.70 <-Median-> 10 Ratio US$
Curr Long Term Debt 33.83 33.83 33.83 4.15
Assets US$ $226.74 $313.93 $382.98 $322.58 $341.36 $399.64 $442.67 $515.06 $489.23 $478.31 $533.00 $633.01 $669.42 $722.68 Debt Ratio of 1.5 and up, best Current Ratio US$
Liabilities $86.31 $153.09 $189.68 $129.27 $133.52 $145.76 $174.01 $260.46 $231.20 $256.51 $310.15 $388.02 $411.22 $455.27 2.05 <-Median-> 10 Ratio US$
Debt Ratio 2.63 2.05 2.02 2.50 2.56 2.74 2.54 1.98 2.12 1.86 1.72 1.63 1.63 1.59 1.72 <-Median-> 5 Ratio US$
Estimates BVPS $9.04 $11.07 Estimates Estimates BVPS
Estimate Book Value $305.0 $373.4 Estimates Estimate Book Value
P/B Ratio (Close) 4.32 3.52 Estimates P/B Ratio (Close)
Difference from 10 year median 21.41% Diff M/C Estimates Difference from 10 yr med.
Check on BV $254.597 $258.026 $221.803
Book Value US$ $140.424 $160.840 $193.301 $193.311 $207.843 $253.881 $268.657 $254.597 $258.026 $221.803 $222.847 $244.994 $258.200 $267.402 $267.402 $267.402 33.57% <-Total Growth 10 Book Value US$
Book Value per share $3.80 $4.34 $5.22 $5.21 $5.60 $6.84 $7.36 $7.29 $7.40 $6.43 $6.46 $7.11 $7.54 $7.93 $7.93 $7.93 44.50% <-Total Growth 10 Book Value per Share US$
Increase 40.17% 14.37% 20.18% -0.17% 7.52% 22.15% 7.52% -0.92% 1.55% -13.09% 0.47% 9.94% 6.13% 5.08% 0.00% 0.00% 44.06% P/B Ratio Current/Historical Median US$
P/B Ratio (Median) 2.24 4.35 6.05 3.75 3.55 3.16 2.90 4.23 3.01 4.60 3.38 3.56 4.14 4.08 3.42 P/B Ratio Historical Median US$
P/B Ratio (Close) 2.54 6.12 4.62 3.38 4.34 3.16 3.15 3.80 3.96 3.83 3.02 4.22 3.27 4.92 4.92 4.92 3.75% <-IRR #YR-> 10 Book Value per Share 44.50% US$
Change -1.55% 140.58% -24.43% -26.96% 28.41% -27.10% -0.29% 20.38% 4.38% -3.22% -21.33% 39.94% -22.44% 50.37% 0.00% 0.00% 0.68% <-IRR #YR-> 5 Book Value per Share 3.46% US$
Leverage (A/BK) 1.61 1.95 1.98 1.67 1.64 1.57 1.65 2.02 1.90 2.16 2.39 2.58 2.59 2.70 2.39 <-Median-> 5 A/BV US$
Debt/Equity Ratio 0.61 0.95 0.98 0.67 0.64 0.57 0.65 1.02 0.90 1.16 1.39 1.58 1.59 1.70 1.39 <-Median-> 5 Debt/Eq Ratio US$
Shareholders' Equity (Assets less Liabilities) P/BV 10 yr Med 3.55 5 yr Med 3.56 38.48% Diff M/C 1.90 Historical Leverage (A/BK) US$
-$5.22 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $7.54
-$7.29 $0.00 $0.00 $0.00 $0.00 $7.54
Current Assets CDN$ $69.46 $105.50 $142.77 $123.91 $164.94 $168.59 $225.10 $218.46 $188.72 $183.88 $246.03 $263.90 $296.82 $315.9 107.90% <-Total Growth 10 Current Assets CDN$
Current Liabilities $25.53 $43.65 $49.86 $40.26 $43.81 $54.71 $81.66 $131.07 $118.18 $129.59 $141.31 $183.07 $207.98 $201.9 317.12% <-Total Growth 10 Current Liabilities CDN$
Liquidity Ratio 2.72 2.42 2.86 3.08 3.76 3.08 2.76 1.67 1.60 1.42 1.74 1.44 1.43 1.56 1.70 <-Median-> 10 Ratio CDN$
Liq. with CF aft div 4.04 3.45 4.28 5.09 5.25 4.40 4.17 2.38 2.60 1.77 2.26 2.26 2.32 2.59 2.26 <-Median-> 5 Ratio If Div = 0 CDN$
Liq. CF re  Inv+Div  1.29 1.16 1.58 2.97 3.82 2.01 2.27 1.37 1.83 1.33 1.59 1.43 1.57 2.59 1.57 <-Median-> 5 Ratio CDN$
Curr Long Term Debt $32.47 $31.83 $31.70 $45.82 $44.74 $48.68 $5.71
Liquidity Less CLTD 2.22 2.19 1.88 2.58 1.91 1.86 1.61
Liq. with CF aft div 3.17 3.56 2.35 3.35 3.00 3.03 2.66
Assets CDN$ $225.58 $333.90 $444.30 $446.69 $458.35 $501.35 $603.89 $668.96 $622.89 $606.41 $721.90 $837.22 $963.22 $993.75 116.80% <-Total Growth 10 Assets CDN$
Liabilities $85.87 $162.83 $220.05 $179.00 $179.28 $182.85 $237.39 $338.29 $294.37 $325.20 $420.07 $513.20 $591.70 $626.05 168.89% <-Total Growth 10 Liabilities CDN$
Debt Ratio 2.63 2.05 2.02 2.50 2.56 2.74 2.54 1.98 2.12 1.86 1.72 1.63 1.63 1.59 2.05 <-Median-> 10 Ratio CDN$
Estimates BVPS $12.43 $15.22 Estimates Estimates BVPS
Estimate Book Value $419.4 $513.5 Estimates Estimate Book Value
P/B Ratio (Close) 4.30 3.51 Estimates P/B Ratio (Close)
Difference from 10 year median 24.91% Diff M/C Estimates Difference from 10 yr med.
Check on BV $301.82 $324.03 $371.52 $367.70
Book Value $139.71 $171.07 $224.25 $267.69 $279.07 $318.49 $366.50 $330.67 $328.52 $281.20 $301.82 $324.03 $371.52 $367.70 $367.70 $367.704 65.68% <-Total Growth 10 Book Value CDN$
Book Value per share $3.78 $4.62 $6.06 $7.22 $7.52 $8.58 $10.04 $9.47 $9.43 $8.16 $8.76 $9.40 $10.85 $10.90 $10.90 $10.90 79.23% <-Total Growth 10 Book Value per Share CDN$
Increase 37.12% 22.27% 31.09% 19.16% 4.25% 14.13% 16.93% -5.67% -0.45% -13.46% 7.33% 7.36% 15.46% 0.42% 0.00% 0.00% 55.90% P/B Ratio Current/Historical Median CDN$
P/B Ratio (Median) 2.37 4.26 5.62 3.32 3.50 3.38 2.78 4.26 2.94 4.63 3.28 3.52 3.99 4.10 0.00 0.00 3.14 P/B Ratio Historical Median CDN$
P/B Ratio (Close) 2.72 6.15 4.37 3.38 4.27 3.17 3.21 3.71 4.03 3.90 3.05 4.33 3.31 4.90 4.90 4.90 6.01% <-IRR #YR-> 10 Book Value per Share 79.23% CDN$
Change 2.95% 125.96% -29.00% -22.52% 26.09% -25.81% 1.48% 15.51% 8.72% -3.41% -21.87% 42.24% -23.67% 48.21% 0.00% 0.00% 2.77% <-IRR #YR-> 5 Book Value per Share 14.62% CDN$
Leverage (A/BK) 1.61 1.95 1.98 1.67 1.64 1.57 1.65 2.02 1.90 2.16 2.39 2.58 2.59 2.70 2.39 <-Median-> 5 A/BV CDN$
Debt/Equity Ratio 0.61 0.95 0.98 0.67 0.64 0.57 0.65 1.02 0.90 1.16 1.39 1.58 1.59 1.70 1.39 <-Median-> 5 Debt/Eq Ratio CDN$
Shareholders' Equity (Assets less Liabilities) P/BV 10 yr Med 3.44 5 yr Med 3.52 42.47% Diff M/C 1.90 Historical Leverage (A/BK) CDN$
-$6.06 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $10.85
-$9.47 $0.00 $0.00 $0.00 $0.00 $10.85
$55.35 <-12 mths 13.26%
Comprehensive Income US$ $26.95 $43.15 $57.33 $39.72 $19.09 $43.88 $63.07 $35.10 $16.23 -$9.43 $18.49 $39.86 $48.87 -14.76% <-Total Growth 10 Comprehensive Income US$
Increase 1.85% 60.09% 32.87% -30.71% -51.94% 129.85% 43.75% -44.35% -53.75% -158.11% 296.01% 115.60% 22.59% 22.59% <-Median-> 5 Comprehensive Income US$
5 Yr Running Average $21.27 $26.80 $34.51 $38.72 $37.25 $40.63 $44.62 $40.17 $35.47 $29.77 $24.69 $20.05 $22.80 -1.58% <-IRR #YR-> 10 Comprehensive Income -14.76% US$
ROE 19.2% 26.8% 29.7% 20.5% 9.2% 17.3% 23.5% 13.8% 6.3% -4.3% 8.3% 16.3% 18.9% 6.84% <-IRR #YR-> 5 Comprehensive Income 39.24% US$
5Yr Median 27.0% 26.8% 26.8% 26.8% 20.5% 20.5% 20.5% 17.3% 13.8% 13.8% 8.3% 8.3% 8.3% -4.06% <-IRR #YR-> 10 5 Yr Running Average -33.92% US$
% Difference from Net Income -4.40% 13.70% 25.25% 42.92% -11.35% -16.42% 26.87% -23.69% -16.50% -6.31% 1.09% -4.43% 2.08% -10.71% <-IRR #YR-> 5 5 Yr Running Average -43.23% US$
Median Values Diff 5, 10 yr -5.4% -4.4% 8.3% <-Median-> 5 Return on Equity
-$57.3 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $48.9
-$35.1 $0.0 $0.0 $0.0 $0.0 $48.9
-$34.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $22.8
-$40.2 $0.0 $0.0 $0.0 $0.0 $22.8
Current Liability Coverage Ratio 1.99 1.60 2.02 1.88 2.28 2.17 1.99 1.20 1.03 0.56 0.96 1.08 1.22 1.15   CFO / Current Liabilities US$
5 year Median 1.99 1.99 1.99 1.94 1.99 2.02 2.02 1.99 1.99 1.20 1.03 1.03 1.03 1.08 1.21 <-Median-> 10 Current Liability Cov Ratio US$
Asset Efficiency Ratio 22.54% 20.91% 22.62% 16.91% 21.79% 23.73% 26.91% 23.57% 19.59% 11.93% 18.87% 23.69% 26.29% 23.28% CFO / Total Assets US$
5 year Median 22.54% 22.49% 22.54% 22.54% 21.79% 21.79% 22.62% 23.57% 23.57% 23.57% 19.59% 19.59% 19.59% 23.28% 22.7% <-Median-> 10 Return on Assets  US$
Return on Assets ROA 12.43% 12.09% 11.95% 8.62% 6.31% 13.13% 11.23% 8.93% 3.97% -1.86% 3.43% 6.59% 7.15% 9.17% Net  Income/Assets Return on Assets US$
5Yr Median 13.04% 12.43% 12.09% 12.09% 11.95% 11.95% 11.23% 8.93% 8.93% 8.93% 3.97% 3.97% 3.97% 6.59% 6.9% <-Median-> 10 Asset Efficiency Ratio US$
Return on Equity ROE 20.08% 23.59% 23.68% 14.38% 10.36% 20.68% 18.50% 18.06% 7.53% -4.00% 8.21% 17.03% 18.54% 24.78% Net Inc/ Shareholders' equity Return on Equity US$
5Yr Median 26.96% 23.60% 23.60% 23.59% 20.08% 20.68% 18.50% 18.06% 18.06% 18.06% 8.21% 8.21% 8.21% 17.03% 15.7% <-Median-> 10 Return on Equity US$
$55.94 <-12 mths 16.86%
Net Income US$ $28.19 $37.95 $45.77 $27.79 $21.53 $52.49 $49.71 $45.99 $19.44 -$8.87 $18.29 $41.71 $47.87 $66.26 $7.34 $96.14 4.58% <-Total Growth 10 Net Income US$
Increase 11.12% 34.60% 20.62% -39.28% -22.53% 143.78% -5.30% -7.49% -57.73% -145.65% 306.13% 128.05% 14.77% 38.40% -88.91% 1208.91% EPS/CF Ratio should not be higher than 1.00 US$
5 Yr Running Average $21.3 $25.8 $31.2 $33.0 $32.2 $37 $39 $40 $38 $32 $25 $23 $24 $33 $36 $52 0.45% <-IRR #YR-> 10 Net Income 4.58% US$
Operating Cash Flow $46.4 $54.9 $72.6 $68.0 $58.9 $69.7 $98.5 $87.3 $109.4 $53.1 $68.3 $131.6 $146.3 0.81% <-IRR #YR-> 5 Net Income 4.09% US$
Investment Cash Flow -$54.16 -$86.28 -$84.94 -$28.66 -$16.42 -$65.16 -$68.38 -$97.03 -$49.45 -$42.70 -$59.95 -$106.64 -$99.37 -2.71% <-IRR #YR-> 10 5 Yr Running Average -24.05% US$
Total Accruals $35.9 $69.3 $58.1 -$11.6 -$20.9 $48.0 $19.6 $55.7 -$40.5 -$19.3 $9.9 $16.7 $1.0 -9.72% <-IRR #YR-> 5 5 Yr Running Average -40.04% US$
Total Assets $226.7 $313.9 $383.0 $322.6 $341.4 $399.6 $442.7 $515.1 $489.2 $478.3 $533.0 $633.0 $669.4 Balance Sheet Assets US$
Accruals Ratio 15.84% 22.08% 15.18% -3.59% -6.13% 12.01% 4.42% 10.82% -8.27% -4.04% 1.86% 2.64% 0.14% 0.14% <-Median-> 5 Ratio US$
EPS/CF Ratio (WC) 0.58 0.58 0.53 0.51 0.29 0.55 0.41 0.37 0.20 -0.16 0.18 0.28 0.27 0.28 <-Median-> 10 EPS/CF Ratio US$
-$45.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $47.9
-$46.0 $0.0 $0.0 $0.0 $0.0 $47.9
-$31.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $23.7
-$39.5 $0.0 $0.0 $0.0 $0.0 $23.7
Financial Cash Flow US$ $7.56 $8.11 $21.44 -$35.37 -$14.31 -$16.22 -$30.56 -$19.73 -$52.85 -$19.88 -$7.18 -$21.92 -$41.16 C F Statement  Financial Cash Flow CDN$
Total Accruals $28.36 $61.21 $36.70 $23.77 -$6.63 $64.20 $50.15 $75.44 $12.36 $0.56 $17.09 $38.67 $42.12 Accruals CDN$
Accruals Ratio 12.51% 19.50% 9.58% 7.37% -1.94% 16.06% 11.33% 14.65% 2.53% 0.12% 3.21% 6.11% 6.29% 3.21% <-Median-> 5 Ratio CDN$
Yes 0
$79.64 <-12 mths 13.26%
Comprehensive Income CDN$ $26.81 $45.89 $66.51 $55.01 $25.63 $55.04 $86.04 $45.58 $20.67 -$11.96 $25.04 $52.72 $70.32 5.72% <-Total Growth 10 Comprehensive Income CDN$
Increase -0.36% 71.15% 44.93% -17.30% -53.40% 114.75% 56.32% -47.02% -54.66% -157.87% 309.39% 110.54% 33.37% 33.37% <-Median-> 5 Comprehensive Income CDN$
5 Yr Running Average $22.18 $27.57 $36.94 $44.23 $43.97 $49.62 $57.65 $53.46 $46.59 $39.07 $33.07 $26.41 $31.36 0.56% <-IRR #YR-> 10 Comprehensive Income 5.72% CDN$
ROE 19.2% 26.8% 29.7% 20.5% 9.2% 17.3% 23.5% 13.8% 6.3% -4.3% 8.3% 16.3% 18.9% 9.06% <-IRR #YR-> 5 Comprehensive Income 54.26% CDN$
5Yr Median 27.0% 26.8% 26.8% 26.8% 20.5% 20.5% 20.5% 17.3% 13.8% 13.8% 8.3% 8.3% 8.3% -1.62% <-IRR #YR-> 10 5 Yr Running Average -15.11% CDN$
% Difference from Net Income -4.40% 13.70% 25.25% 42.92% -11.35% -16.42% 26.87% -23.69% -16.50% -6.31% 1.09% -4.43% 2.08% -10.12% <-IRR #YR-> 5 5 Yr Running Average -41.34% CDN$
Median Values Diff 5, 10 yr -5.4% -4.4% 8.3% <-Median-> 5 Return on Equity
-$66.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $70.3
-$45.6 $0.0 $0.0 $0.0 $0.0 $70.3
-$36.9 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $31.4
-$53.5 $0.0 $0.0 $0.0 $0.0 $31.4
Current Liability Coverage Ratio 1.99 1.60 2.02 1.88 2.28 2.17 1.99 1.20 1.03 0.56 0.96 1.08 1.22 1.15   CFO / Current Liabilities CDN$
5 year Median 1.99 1.99 1.99 1.94 1.99 2.02 2.02 1.99 1.99 1.20 1.03 1.03 1.03 1.08 1.21 <-Median-> 10 Current Liability Cov Ratio CDN$
Asset Efficiency Ratio 22.54% 20.91% 22.62% 16.91% 21.79% 23.73% 26.91% 23.57% 19.59% 11.93% 18.87% 23.69% 26.29% 23.28% CFO / Total Assets CDN$
5 year Median 22.54% 22.49% 22.54% 22.54% 21.79% 21.79% 22.62% 23.57% 23.57% 23.57% 19.59% 19.59% 19.59% 23.28% 22.7% <-Median-> 10 Return on Assets  CDN$
Return on Assets ROA 12.43% 12.09% 11.95% 8.62% 6.31% 13.13% 11.23% 8.93% 3.97% -1.86% 3.43% 6.59% 7.15% 9.17% Net  Income/Assets Return on Assets CDN$
5Yr Median 13.04% 12.43% 12.09% 12.09% 11.95% 11.95% 11.23% 8.93% 8.93% 8.93% 3.97% 3.97% 3.97% 6.59% 6.9% <-Median-> 10 Asset Efficiency Ratio CDN$
Return on Equity ROE 20.08% 23.59% 23.68% 14.38% 10.36% 20.68% 18.50% 18.06% 7.53% -4.00% 8.21% 17.03% 18.54% 24.78% Net Inc/ Shareholders' equity Return on Equity CDN$
5Yr Median 26.96% 23.60% 23.60% 23.59% 20.08% 20.68% 18.50% 18.06% 18.06% 18.06% 8.21% 8.21% 8.21% 17.03% 15.7% <-Median-> 10 Return on Equity CDN$
$80.49 <-12 mths 16.86%
Net Income CDN$ $28.05 $40.36 $53.10 $38.49 $28.91 $65.85 $67.82 $59.73 $24.75 -$11.25 $24.77 $55.17 $68.88 $91.1 $10.1 $132.2 29.72% <-Total Growth 10 Net Income CDN$
Increase 8.71% 43.90% 31.56% -27.52% -24.88% 127.77% 2.98% -11.92% -58.57% -145.45% 320.21% 122.70% 24.86% 32.27% -88.91% 1208.91% EPS/CF Ratio should not be higher than 1.00 CDN$
5 Yr Running Average $22.2 $26.5 $33.2 $37.2 $37.8 $45 $51 $52 $49 $41 $33 $31 $32 $46 $50 $71 2.64% <-IRR #YR-> 10 Net Income 29.72% CDN$
Operating Cash Flow $46.2 $58.4 $84.2 $94.2 $79.1 $87.4 $134.4 $113.4 $139.3 $67.4 $92.5 $174.1 $210.5 2.89% <-IRR #YR-> 5 Net Income 15.32% CDN$
Investment Cash Flow -$53.88 -$91.77 -$98.54 -$39.68 -$22.05 -$81.74 -$93.29 -$126.03 -$62.96 -$54.13 -$81.2 -$141.0 -$143.0 -0.22% <-IRR #YR-> 10 5 Yr Running Average -2.15% CDN$
Total Accruals $35.7 $73.7 $67.4 -$16.1 -$28.1 $60.2 $26.7 $72.4 -$51.5 -$24.5 $13.4 $22.1 $1.4 -9.05% <-IRR #YR-> 5 5 Yr Running Average -37.76% CDN$
Total Assets $225.6 $333.9 $444.3 $446.7 $458.3 $501.3 $603.9 $669.0 $622.9 $606.4 $721.9 $837.2 $963.2 Balance Sheet Assets CDN$
Accruals Ratio 15.84% 22.08% 15.18% -3.59% -6.13% 12.01% 4.42% 10.82% -8.27% -4.04% 1.86% 2.64% 0.14% 0.14% <-Median-> 5 Ratio CDN$
EPS/CF Ratio (WC) 0.58 0.58 0.53 0.51 0.29 0.55 0.41 0.37 0.20 -0.16 0.18 0.28 0.27 0.28 <-Median-> 10 EPS/CF Ratio CDN$
-$53.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $68.9
-$59.7 $0.0 $0.0 $0.0 $0.0 $68.9
-$33.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $32.5
-$52.2 $0.0 $0.0 $0.0 $0.0 $32.5
Change in Close 41.17% 176.28% -6.93% -7.67% 31.45% -15.33% 18.65% 8.96% 8.22% -16.41% -16.14% 52.70% -11.86% 48.83% 0.00% 0.00% Count 28 Years of data CDN$
up/down down down down down up down down up Count 18 64.29% CDN$
Meet Prediction? yes % right Count 6 33.33% CDN$
Financial Cash Flow CDN$ $7.52 $8.62 $24.87 -$48.97 -$19.21 -$20.35 -$41.69 -$25.63 -$67.28 -$25.20 -$9.7 -$29.0 -$59.2 -338.13% <-Total Growth 10 Financial Cash Flow CDN$
Total Accruals $28.21 $65.11 $42.57 $32.92 -$8.91 $80.54 $68.41 $97.98 $15.74 $0.72 $23.14 $51.14 $60.61 Accruals CDN$
Accruals Ratio 12.51% 19.50% 9.58% 7.37% -1.94% 16.06% 11.33% 14.65% 2.53% 0.12% 3.21% 6.11% 6.29% 3.21% <-Median-> 5 Ratio CDN$
Yes 0
Cash US$ $2.473 $8.107 $16.509 $21.956 $22.643 $36.752 $35.408 $6.776 $13.584 $4.137 $5.398 $8.513 $14.617 $6.472 Cash US$
Cash per Share $0.07 $0.22 $0.45 $0.59 $0.61 $0.99 $0.97 $0.19 $0.39 $0.12 $0.16 $0.25 $0.43 $0.19 $0.25 <-Median-> 5 Cash per Share US$
Percentage of Stock Price 0.69% 0.82% 1.85% 3.36% 2.51% 4.58% 4.18% 0.70% 1.33% 0.49% 0.80% 0.82% 1.73% 0.49% 0.82% <-Median-> 5 % of Stock Price US$
Cash CDN$ $2.46 $8.62 $19.15 $30.40 $30.40 $46.11 $48.30 $8.80 $17.30 $5.25 $7.31 $11.26 $21.03 $8.900 Cash CDN$
Cash per Share $0.07 $0.23 $0.52 $0.82 $0.82 $1.24 $1.32 $0.25 $0.50 $0.15 $0.21 $0.33 $0.61 $0.26 $0.33 <-Median-> 5 Cash per Share CDN$
Percentage of Stock Price 0.65% 0.82% 1.96% 3.36% 2.55% 4.57% 4.10% 0.72% 1.30% 0.48% 0.80% 0.80% 1.71% 0.49% 0.80% <-Median-> 5 % of Stock Price CDN$
Notes:
August 10, 2025.  Last estimes were for 2024, 2025, 2026 of $1034M, $1153M, $1184M CDN$ Revenue, $3.48 2025 AOCF, $2.04, $2.98 CDN$ 2024/5 EPS, 
$0.72, $0.74, $0.73 CDN$ Dividends, $5.289, $6.312, $7.006 CDN$ CFPS, $240.8M, $284.4M, $288M CDN$ EBITDA, $11.18, $13.61 CDN$ 2024/5 BVPS, $71.2M, $108.8M 2024/5 CDN$ Net Income.
2025.  At some point the US symbol was changed from BADFF to BDGIF.  I do not know when.
August 4, 2024.  Last estimates were for 2023 and 2024  for 906M, $995M CDN$ Revenue, $2.83, $3.48 US$ ACFFO, $1.67, $2.31 CDN$ EPS, 
$0.73, $0.75 CDN$ Dividends, $80.2M, $73.5M CDN$ FCF, $4.50, $4.27 CDN$ CFPS, $138.2, $155.3 US$ EBITDA, $9.58, $11.40 CDN$ BVPS, $57.5M, $79.6M CDN$ Net Income.
August 5, 2023.  Last estiamates were for 2022, and 2023 of $712M, and $787 for Revenue, $1.06 and $1.66 for EPS, $0.69 and $0.74 for Dividends, 
$9.5M and $19.2M for FCF, $3.08 and $3.19 for CFPS, and $36.6M and $57.5M for Net Income.
August 7, 2022.  Last estimates were for 2021, 2022 and 2023 of $554M, $658M and $740M for Revenue, $0.11, 1.59 abd $1.92 for EPS, $0.63, $0.63 and $0.63 for Dividends, 
$51.2M, $41.1M and $37M for FCF, $2.34 and $3.73 for 2021-22 for CFPS and $3.8M, $55.4M and $69.2M for Net Income.
August 7, 2021.  Last estimates were for 2020, 2021 and 2022 of $589M, $684M and $748M for Revenue, $0.96, $1.86 and $2.00 for EPS $.60, $.60 and $0.60 for Dividends, 
$114M, $62.80M and $60.10M for FCF, $3.92, $4.21 and $4.71 for CFPS and $34.2 and $62.3 for Net Income for 2020 and 21.
May 5, 2021.  Company has changed name and symbol. Badger Daylighting Ltd to Badger Infrastructure Solutions Ltd. And symbol from BAD to BDGI
August 15, 2020.  Last estimates were for 2019, 2020 and 2021 of $688M, $785M and $853M for Revenuye, $1.79, $2.70 and $3.15 for EPS, 
$3.53, $4.81 and $5.67 for Cash Flow per Share, and $68.5M, $96.7M and $110M for Net Income.
August 17, 2019.  Last estimate were for 2018, 2019 and 2020 of $585M, $642M and $725M for Revenue, $1.62, $1.98 and $2.05 for EPS, 
$3.25 and $3.56 for CFPS for 2018 and 2019, $58.5M, $74.3M and $76.2M for Net Income.
August 19, 2018.  Last estimates were for 2017, 2018 and 2019 of $485M, $525M and $536M for Revenue, $1.19, $1.56 and $1.89 for EPS, 
$2.23 and $2.36 for CFPS for 2017 and 2018, $44.3M, $58.8M and $60M for Net Income.
August 27, 2017.  Last estimates were for 2016, 2017 and 2018 of $394M, $437M and $463M for Revenue, $0.87 and $1.32 and $1.55 for EPS, 
$2.03 and 2.37 for CFPS for 2016 and 2017 and $32.7M, $47.6M and $53.8M for Net Income.
August 28, 2016.  Last estimates were for 2015 and 2016 of $396M and $437M for Revenue, $0.65 and $1.36 for EPS, $2.81 for CFPS for 2015 and $24.07 and $50.37 for Net Income.
September 6, 2015.  Last estimates were for 2014, 2015 and 2016 of $427M, $498M and $588M for Revenue, $1.27, $1.52 and $1.86 for EPS,
 $2.28 and $2.81 for CFPS for 2014 and 2015, $47M, 56.2M and $68.8M for Net Income.
August 30, 2014.  Last estimates were for 2013, 2014 and 2015 of $301M, $354M and $386M for Revenue, $2.96, $3.47 and $3.62 for EPS, $5.32 and $7.73 for CPFS for 2013 and 2014.
August 19, 2013.  Last estimates were for 2012 and 2013 with $228.9M and $241.0M for Revenue, $2.58, $2.67 and $2.46 for EPS.
Used to be Badger Income Fund (TSX-BAD.UN).  December 31, 2010 the company was effectively changed to Badger Daylighting Ltd.
The 2006 annual report showed different distributions than Yahoo did.  Could be Yahoo did not account for 2004 split as most disagreement was with 2004.
However, some disagreement with 2005.  I used info from 2006 annual report.
In 2004 in changing from an corporation to a trust company, the company issued shares on a 1:2 basis, effectively doing a reverse split of the shares.
Trading Symbol “BAD.UN” to BAD annouced in January 2011.
The company was founded in 1992 as an income trust.
Sector:
Construction, Industrial
What should this stock accomplish?
Would I buy this company and Why.
Yes because it is becoming a dividend growth stock. 
Why am I following this stock. 
I started to follow this stock after reading a couple of articles in February 2012 in the G&M that talked about the company.  The first article looked at what the pros who manage small-cap funds are buying.  
Badger was one of 10 stocks mentioned and it looked like an interesting stock.  It is a dividend paying small cap.  The second article looked at why stocks might appeal to a conservative investor looking for income.
Dividends
In 2022, Dividends are now paid quarterly, of January, April, July and October. Dividends are declared for shareholders of record of one month and paid in the following month.
For example, the April 15, 2022 dividend was declared on March 30,2022 for shareholders of record of March 31, 2022 and payble on April 15, 2022
Dividends are paid monthly.  Dividends are declared for shareholders of record of one month and paid in the following month.
For example, the August 2014 monthly dividend was declared on August 14, 2014 for shareholders of record of August 29, 2014 and is payable on September 15, 2014.
How they make their money.
Badger Infrastructure Solutions Ltd is North America's provider of non-destructive excavating and related services, with operations in both 
the United States and Canada. Badger's two reportable segments are Canada and the United States, which is the key revenue generating market. 
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield (dividends and erarnings) 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.
Some Small Cap dividend payers to review from
http://www.theglobeandmail.com/globe-investor/investment-ideas/number-cruncher/a-small-cap-strategy-that-pays-dividends/article2348317/
This stock also came out on a list of entitle an alluring mix of stability and profits at G&M
http://www.theglobeandmail.com/globe-investor/investment-ideas/number-cruncher/an-alluring-mix-of-stability-and-profits/article2333323/" 
CDN$ CDN$
Shares; '%, Value $M %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Shares %, Val $M Change
Date 2017 Aug 19 2018 Aug 17 2019 Aug 15 2020 Aug 7 2021 Aug 7 2022 Aug 5 2023 Aug 4 2024 Aug 1 2025
Blackadar, Robert George 0.019 0.06% 0.039 0.11% 0.046 0.13% 0.048 0.14% new in 2022 4.35%
CEO - Shares - Amount $0.511 $1.594 $1.649 $2.561
Options - percentage 0.058 0.17% 0.111 0.32% 0.153 0.45% 0.159 0.47% 3.61%
Options - amount $1.544 $4.533 $5.489 $8.465
Vanderberg, Paul James 0.16% 0.062 0.17% 0.072 0.20% 0.091 0.26% 0.091 0.26% 0.091 0.26% Ceased insider Oct 22
CEO - Shares - Amount $1.576 $1.983 $2.513 $3.442 $2.877 $2.413
Options - percentage 0.21% 0.113 0.31% 0.095 0.27% 0.146 0.42% 0.171 0.49% 0.238 0.69%
Options - amount $2.083 $3.651 $3.342 $5.561 $5.420 $6.351
Dawson, Robert 0.004 0.01% 0.006 0.02% 0.006 0.02% new in 2023 0.00%
CFO - Shares - Amount $0.163 $0.201 $0.299
Options - percentage 0.022 0.06% 0.044 0.13% 0.066 0.20% 50.03%
Options - amount $0.906 $1.577 $3.522
Yaworsky, Darren Julian 0.000 0.00% 0.010 0.03% 0.010 0.03% 0.010 0.03% Ceased insider Dec 2022
CFO - Shares - Amount $0.000 $0.381 $0.318 $0.267
Options - percentage 0.025 0.07% 0.061 0.18% 0.080 0.23% 0.116 0.34%
Options - amount $0.863 $2.321 $2.539 $3.087
Peterson, Elizabeth 0.006 0.02% 0.006 0.02% 0.006 0.02% Ceased insider Jan 2024
Officer - Shares - Amount $0.184 $0.154 $0.236
Options - percentage 0.047 0.14% 0.067 0.20% 0.094 0.27%
Options - amount $1.499 $1.794 $3.839
Bhatia, Pramod 0.002 0.00% 0.002 0.00% 0.000 0.00% 0.000 0.00% 0.005 0.01% last report May 2024
Officer - Shares - Amount $0.057 $0.048 $0.000 $0.000 $0.178 Ceased insider May 2025
Options - percentage 0.008 0.02% 0.013 0.04% 0.029 0.08% 0.039 0.11% 0.070 0.20%
Options - amount $0.312 $0.402 $0.779 $1.586 $2.515
Lee, Julie 0.000 0.00% 0.001 0.00% 0.001 0.00% 113.79%
Officer - Shares - Amount $0.000 $0.024 $0.075
Options - percentage 0.013 0.04% 0.030 0.09% 0.043 0.13% 44.03%
Options - amount $0.549 $1.074 $2.301
Bronicheski, David John 0.010 0.03% 0.011 0.03% 0.011 0.03% 0.011 0.03% 0.011 0.03% 0.00%
Director - Shares - Amount $0.327 $0.293 $0.448 $0.395 $0.587
Options - percentage 0.005 0.01% 0.015 0.04% 0.034 0.10% 0.037 0.11% 0.041 0.12% 10.68%
Options - amount $0.157 $0.398 $1.379 $1.314 $2.165
Cuskley, Stephanie 0.013 0.04% 0.003 0.01% -77.95%
Director - Shares - Amount $0.475 $0.156
Options - percentage 0.005 0.01% 0.022 0.06% 363.07%
Options - amount $0.168 $1.159
Graham George Keith 0.013 0.04% 0.013 0.04% 0.00%
Director - Shares - Amount $0.449 $0.668
Options - percentage 0.012 0.03% 0.015 0.05% 32.00%
Options - amount $0.415 $0.816
Derwin, William 0.005 0.01% 0.005 0.01% 0.005 0.01% 0.005 0.01% 0.00%
Director - Shares - Amount $0.133 $0.204 $0.179 $0.267
Options - percentage 0.025 0.07% 0.057 0.16% 0.060 0.18% 0.065 0.19% 6.83%
Options - amount $0.679 $2.303 $2.169 $3.449
Jones, Stephen J. 0.000 0.00% 0.006 0.02% 0.006 0.02% 0.00%
Chairman - Shares - Amt $0.000 $0.197 $0.294
Options - percentage 0.020 0.06% 0.025 0.07% 0.031 0.09% 24.28%
Options - amount $0.826 $0.891 $1.647
Roane, Glen Dawson 0.19% 0.081 0.22% 0.037 0.11% 0.058 0.17% 0.053 0.15% 0.103 0.30% 0.133 0.39% Ceased insider May 2024
Chairman - Shares - Amt $1.922 $2.603 $1.314 $2.221 $1.698 $2.757 $5.431
Options - percentage 0.11% 0.050 0.14% 0.054 0.15% 0.059 0.17% 0.064 0.18% 0.070 0.20% 0.146 0.42%
Options - amount $1.159 $1.607 $1.882 $2.252 $2.022 $1.855 $5.932
Watson, George???
Chairman - Shares - Amt
Options - percentage
Options - amount
Increase in O/S Shares 0.00% 0.000 0.00% 0.041 0.11% 0.180 0.52% 0.139 0.40% 0.279 0.81% 0.310 0.90% 0.315 0.91% 0.641 1.87% Find Share-based plans
due to SO  $0.000 $0.000 $1.317 $6.329 $5.269 $8.863 $8.272 $12.831 $22.996
Book Value $0.000 $0.000 $1.288 $11.039 $4.575 $9.054 $6.584 $13.200 $26.800 Share based plans  paid CF
Insider Buying -$2.100 -$0.934 -$3.032 -$2.050 -$1.193 -$3.068 -$3.068 -$2.209 -$0.575
Insider Selling $0.000 $0.029 $3.343 $0.034 $1.527 $0.395 $0.883 $5.595 $0.000
Net Insider Selling -$2.100 -$0.905 $0.311 -$2.016 $0.333 -$2.673 -$2.185 $3.386 -$0.575
% of Market Cap -9.72% -4.51% 1.08% -9.37% 0.98% -8.46% -5.74% 8.90% -1.71%
Directors 7 8 9 9 9 10 9 10
Women 14% 1 14% 2 25% 2 22% 2 22% 3 33% 3 30% 3 33% 3 30%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 1 10%
Institutions/Holdings 74.81% 78 69.39% 94 56.37% 20 29.31% 20 38.82% 20 22.05% 20 40.21% 20 44.15%
Total Shares Held 74.81% 25.744 70.51% 20.211 57.87% 10.215 29.63% 13.384 38.82% 7.602 22.05% 13.862 40.49% 14.898 44.15%
Increase/Decrease 1.77% -0.929 -3.48% -0.401 -1.95% -0.309 -2.93% 0.722 5.70% -0.031 -0.40% 0.073 0.53% -1.422 -8.72%
Starting No. of Shares 26.672 20.612 10.524 12.662 7.632 13.790 16.320
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