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$--> Estimates Estimates Estimates
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet. Q2 2026
See my website on stocks or see my blog at the following sites.  https://spbrunner.com/stocks.html https://spbrunner.blogspot.com/ Jun 24
Badger Infrastructure Solutions Ltd TSX: BDGI OTC: BDGIF https://www.badgerinc.com/ Fiscal Yr: Dec 31
Year 12/31/13 12/31/14 12/31/15 12/31/16 12/31/17 12/31/18 12/31/19 12/31/20 12/31/21 12/31/22 12/31/23 12/31/24 12/31/25 12/31/26 12/31/27 12/31/28 Value Description #Y Item Total G Currency
Accounting Rules IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS IFRS Accounting Rules
Currency <--CDN$ US$-->
USD - CDN$ 1.0636 1.1601 1.3847 1.3427 1.2545 1.3642 1.2988 1.2732 1.2678 1.3544 1.3226 1.4389 1.3706 1.4029 1.4029 1.4029 1.49% <-IRR #YR-> 4 USD - CDN$
Change 6.91% 9.07% 19.36% -3.04% -6.57% 8.74% -4.79% -1.97% -0.42% 6.83% -2.35% 8.79% -4.75% 2.36% 0.00% 0.00% -0.10% <-IRR #YR-> 9 USD - CDN$
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 $590.9 $650.6 <-12 mths 10.11% 142.13% <-Total Growth 10 Cost of Sales US$
Change -10.67% -15.87% 27.92% 28.74% -1.73% -8.63% 16.36% 22.20% 14.14% 6.95% 12.13% 10.11% <-12 mths -16.70% 13.14% <-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 0.71 0.71 <-12 mths 0.50% 0.71 <-Median-> 10 Ratio US$
$911 <-12 mths 9.56%
Revenue* US$ $305.2 $364.0 $292.2 $301.0 $398.0 $451.1 $503.8 $438.8 $448.6 $570.8 $683.8 $745.0 $831.7 $989.4 $1,103.4 $1,190.4 184.64% <-Total Growth 10 Revenue
Increase 26.92% 19.26% -19.71% 3.02% 32.20% 13.36% 11.66% -12.90% 2.25% 27.24% 19.79% 8.94% 11.65% 18.96% 11.53% 7.88% 11.03% <-IRR #YR-> 10 Revenue 184.64% US$
5 year Running Average $201.2 $248.2 $278.5 $300.6 $332 $361 $389 $419 $448 $483 $529 $577 $656 $764.1 $870.7 $972.0 13.64% <-IRR #YR-> 5 Revenue 89.56% US$
Revenue per Share $8.24 $9.83 $7.88 $8.11 $10.73 $12.36 $14.42 $12.59 $13.01 $16.56 $19.84 $21.76 $24.65 $29.39 $32.78 $35.37 8.94% <-IRR #YR-> 10 5 yr Running Average 135.50% US$
Increase 26.73% 19.26% -19.86% 3.02% 32.20% 15.19% 16.75% -12.73% 3.37% 27.24% 19.79% 9.71% 13.28% 19.24% 11.53% 7.88% 9.40% <-IRR #YR-> 5 5 yr Running Average 56.73% US$
5 year Running Average $5.79 $6.96 $7.67 $8.11 $8.96 $9.78 $10.70 $11.64 $12.62 $13.79 $15.28 $16.75 $19.16 $22.44 $25.68 $28.79 12.09% <-IRR #YR-> 10 Revenue per Share 212.98% US$
P/S (Price/Sales) Med 2.29 3.21 2.48 2.45 2.01 1.73 2.14 1.77 2.27 1.32 1.27 1.43 1.66 1.93 0.00 0.00 14.38% <-IRR #YR-> 5 Revenue per Share 95.81% US$
P/S (Price/Sales) Close 3.23 2.46 2.23 2.99 2.02 1.88 1.92 2.33 1.90 1.18 1.51 1.13 2.22 2.27 2.04 1.89 9.59% <-IRR #YR-> 10 5 yr Running Average 149.97% US$
*Sales in M US $  P/S Med 20 yr  1.75 15 yr  1.77 10 yr  1.75 5 yr  1.43 29.94% Diff M/C 10.48% <-IRR #YR-> 5 5 yr Running Average 64.61% US$
-$292.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $831.7
-$438.8 $0.0 $0.0 $0.0 $0.0 $831.7
-$278.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $656.0
-$418.5 $0.0 $0.0 $0.0 $0.0 $656.0
-$7.88 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.65
-$12.59 $0.00 $0.00 $0.00 $0.00 $24.65
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 $800.3 $912.8 <-12 mths 14.05% 182.69% <-Total Growth 10 Cost of Sales CDN$
Change -2.56% 0.42% 24.04% 20.28% 6.86% -13.01% 14.06% 29.99% 14.14% 6.95% 12.13% 14.05% <-12 mths 15.79% 13.10% <-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 0.70 0.73 <-12 mths 4.10% 0.70 <-Median-> 10 Ratio CDN$
$1,249 <-12 mths 9.56%
Revenue* CDN$ $324.6 $422.2 $404.6 $404.2 $499.2 $615.4 $654.3 $558.6 $568.8 $773 $904 $1,072 $1,140 $1,388 $1,548 $1,670 181.73% <-Total Growth 10 Revenue
Increase 35.68% 30.08% -4.17% -0.10% 23.51% 23.28% 6.31% -14.62% 1.81% 35.93% 16.98% 18.52% 6.35% 21.76% 11.53% 7.88% 10.91% <-IRR #YR-> 10 Revenue 181.73% CDN$
5 year Running Average $206.5 $264.0 $317.0 $359.0 $411 $469 $516 $546 $579 $634.0 $691.8 $775.4 $891.6 $1,055.5 $1,210.4 $1,363.6 15.33% <-IRR #YR-> 5 Revenue 104.06% CDN$
Revenue per Share $8.76 $11.40 $10.91 $10.89 $13.46 $16.86 $18.73 $16.03 $16.50 $22.43 $26.23 $31.31 $33.79 $41.24 $45.99 $49.61 10.90% <-IRR #YR-> 10 5 yr Running Average 181.30% CDN$
Increase 35.49% 30.08% -4.34% -0.10% 23.51% 25.26% 11.15% -14.45% 2.94% 35.93% 16.98% 19.36% 7.90% 22.05% 11.53% 7.88% 10.29% <-IRR #YR-> 5 5 yr Running Average 63.19% CDN$
5 year Running Average $5.94 $7.38 $8.71 $9.69 $11.08 $12.70 $14.17 $15.19 $16.31 $18.11 $19.98 $22.50 $26.05 $31.00 $35.71 $40.39 11.97% <-IRR #YR-> 10 Revenue per Share 209.79% CDN$
P/S (Price/Sales) Med 2.25 2.98 2.20 2.42 2.16 1.66 2.15 1.73 2.29 1.28 1.26 1.38 1.68 1.92 0.00 0.00 16.08% <-IRR #YR-> 5 Revenue per Share 110.79% CDN$
P/S (Price/Sales) Close 3.24 2.32 2.24 2.95 2.02 1.91 1.88 2.37 1.93 1.19 1.55 1.15 2.16 2.12 1.90 1.76 11.58% <-IRR #YR-> 10 5 yr Running Average 199.26% CDN$
*Sales in M CDN $  P/S Med 20 yr  1.67 15 yr  1.73 10 yr  1.70 5 yr  1.38 24.32% Diff M/C 11.39% <-IRR #YR-> 5 5 yr Running Average 71.46% CDN$
-$404.6 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,139.9
-$558.6 $0.0 $0.0 $0.0 $0.0 $1,139.9
-$317.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $891.6
-$546.4 $0.0 $0.0 $0.0 $0.0 $891.6
-$10.91 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $33.79
-$16.03 $0.00 $0.00 $0.00 $0.00 $33.79
Amount $73.3 <-12 mths 6.04% Amount
Per Share $2.17 <-12 mths 6.37% Per Share
Payout Ratio Adj EPS $0.29 #VALUE! Payout Ratio Adj EPS
Adjusted Profit US$ $45.77 $27.79 $21.53 $52.49 $49.71 $45.99 $19.44 -$8.87 $18.29 $46.570 $57.899 $69.104 255.50% <-Total Growth 10 Adjusted Profit US$ new in 2025 US$
Return on Equity ROE 23.68% 14.38% 10.36% 20.68% 18.50% 18.06% 7.53% -4.00% 8.21% 19.01% 22.42% 23.34% 18.28% <-Median-> 10 Return on Equity ROE US$
5Yr Median 23.68% 19.03% 14.38% 17.53% 18.50% 18.06% 18.06% 18.06% 8.21% 8.21% 8.21% 19.01% 17.80% <-Median-> 10 5 Yr Median US$
Basic $1.23 $0.75 $0.58 $1.41 $1.34 $1.29 $0.56 -$0.26 $0.53 $1.35 $1.68 $2.04 265.82% <-Total Growth 10 AEPS US$
AEPS* Dilued $1.23 $0.75 $0.58 $1.41 $1.34 $1.29 $0.56 -$0.26 $0.53 $1.35 $1.68 $2.04 $2.17 <-12 mths 265.82% <-Total Growth 10 AEPS US$
Increase -39.07% -22.65% 142.88% -4.92% -4.15% -56.63% -146.68% 303.62% 154.72% 24.44% 21.43% 6.37% <-12 mths Years of Data, EPS P or N US$
5 year Running Average $1.06 $1.07 $1.04 $0.87 $0.69 $0.69 $0.77 $1.07 $1.55 <-12 mths 10.51% <-IRR #YR-> 10 AEPS US$
AEPS Yield 5.11% 4.27% 2.39% 6.52% 5.78% 4.65% 1.90% -1.06% 2.72% 4.50% 6.80% 3.73% 3.25% <-12 mths 29.61% <-IRR #YR-> 5 AEPS US$
Payout Ratio 25.17% 34.62% 48.85% 23.50% 27.98% 33.68% 83.45% N/C 76.27% 38.22% 29.47% 26.56% 25.38% <-12 mths 0.06% <-IRR #YR-> 7 5 yr Running Average US$
5 year Running Average 29.36% 31.35% 36.49% 48.35% 62.79% 66.69% 61.49% 45.85% 32.28% <-12 mths 0.62% <-IRR #YR-> 5 5 yr Running Average US$
Price/AEPS Median 25.62 26.05 34.25 15.31 15.90 23.98 39.94 -113.64 41.18 18.73 18.57 20.04 26.20 <-12 mths 19.39 <-Median-> 10 Price/AEPS Median US$
Price/AEPS High 31.64 33.83 41.83 18.89 18.71 29.17 56.36 -139.39 48.02 22.99 22.45 27.99 32.31 <-12 mths 25.49 <-Median-> 10 Price/AEPS High US$
Price/AEPS Low 19.60 18.26 26.66 11.73 13.09 18.78 23.52 -87.90 34.33 14.47 14.70 12.08 20.08 <-12 mths 14.59 <-Median-> 10 Price/AEPS Low US$
Price/AEPS Close 19.58 23.43 41.83 15.34 17.29 21.52 52.60 -94.78 36.79 22.22 14.70 26.84 30.76 <-12 mths 21.87 <-Median-> 10 Price/AEPS Close US$
Trailing P/AEPS Close 16.44 20.63 22.81 44.24 -74.92 56.60 18.29 32.59 32.73 <-12 mths 21.72 <-Median-> 8 Trailing P/AEPS Close US$
Median Values Historical   in order 22.01 28.58 16.48 21.87 P/APCF 5 Yrs   in order 18.73 22.99 14.47 22.22 64.23% Diff M/C Median Values
$215.49 <-12 mths 8.93%
$6.38 <-12 mths 9.06%
Adjusted Operations Cash Flow US$ $86.6 $54.5 $78.0 $98.6 $119.1 $121.4 $95.8 $57.0 $100.6 $150.0 $176.0 $197.8 262.75% <-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 $5.85 297.10% <-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 $5.85 $6.38 <-12 mths 297.10% <-Total Growth 10 AOCF
Increase -36.94% 42.56% 26.39% 20.95% 5.52% -18.86% -40.03% 77.13% 48.97% 17.47% 14.48% 9.06% <-12 mths 10 0 10 AOCF 100.00% US$
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 $3.98 $4.92 <-12 mths 14.79% <-IRR #YR-> 10 Years of Data, EPS P or N 297.10% US$
AOCF Yield 9.68% 8.37% 8.64% 12.27% 13.84% 12.24% 9.37% 6.68% 14.97% 14.50% 20.69% 10.68% 9.56% <-12 mths 16.30% <-IRR #YR-> 5 AOCF 112.81% 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% 9.26% 8.63% <-12 mths 17.97% <-IRR #YR-> 10 AOCF 421.86% 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% 14.89% 10.66% <-12 mths 7.11% <-IRR #YR-> 5 5 yr Running Average 40.96% 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 6.99 8.91 <-12 mths 7.79 <-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 9.76 10.99 <-12 mths 9.90 <-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 4.21 6.83 <-12 mths 5.85 <-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 9.36 10.46 <-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 10.71 11.41 <-12 mths 9.62 <-Median-> 10 Price/AOCF Close US$
Median Values Historical   in order 8.12 10.56 6.23 8.76 P/APCF 5 Yrs   in order 6.99 8.72 4.83 6.90 49.76% Diff M/C Trailing P/AOCFClose US$
$295.34 <-12 mths 8.93%
$8.74 <-12 mths 9.06%
Adjusted CF fr Operations CDN$ $100.5 $75.5 $104.8 $123.7 $162.5 $157.7 $122.0 $72.3 $136.3 $198.3 $253.2 $271.1 259.04% <-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 $8.02 293.04% <-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 $8.02 $8.74 <-12 mths 293.04% <-Total Growth 10 ACFFO
Increase -24.72% 38.24% 18.09% 31.53% 0.46% -20.45% -40.29% 89.23% 45.47% 27.80% 9.05% 9.06% <-12 mths 10 0 10 Years of Data, EPS P or N 100.00% CDN$
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 $5.43 $6.76 <-12 mths 14.67% <-IRR #YR-> 10 ACFFO 293.04% CDN$
ACFFO Yield 10.25% 8.35% 8.79% 12.25% 13.58% 12.52% 9.20% 6.57% 14.83% 14.13% 20.49% 10.96% 10.03% <-12 mths 18.03% <-IRR #YR-> 5 ACFFO 129.09% 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% 9.26% 8.83% <-12 mths 19.05% <-IRR #YR-> 10 5 yr Running Average 471.98% 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% 14.89% 10.70% <-12 mths 8.07% <-IRR #YR-> 5 5 yr Running Average 47.42% 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 7.06 9.08 <-12 mths 7.59 <-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 9.77 11.25 <-12 mths 10.08 <-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 4.34 6.90 <-12 mths 5.81 <-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 9.12 9.97 <-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 9.95 10.88 <-12 mths 9.66 <-Median-> 10 Trailing P/ACFFO Close CDN$
Median Values Historical   in order 8.31 10.60 6.40 8.64 P/CF 5 Yrs   in order 7.06 8.34 4.81 7.08 41.31% Diff M/C DPR 75% to 95% best CDN$
Adjusted Cash Flow from Operations
$1.80 <-12 mths 2.86%
EPS Basic US$ $1.02 $1.23 $0.75 $0.58 $1.41 $1.34 $1.29 $0.56 -$0.26 $0.53 $1.21 $1.39 $1.75 133.01% <-Total Growth 10 EPS Basic
EPS Diluted* $1.02 $1.23 $0.75 $0.58 $1.41 $1.34 $1.29 $0.56 -$0.26 $0.53 $1.21 $1.39 $1.75 $2.17 $2.67 $3.25 133.01% <-Total Growth 10 EPS Diluted
Increase 26.92% 20.28% -39.07% -22.65% 142.88% -4.92% -4.15% -56.63% -146.68% 303.62% 128.30% 14.88% 25.90% 24.00% 23.04% 21.72% 9 1 10 Years of Data, EPS P or N 90.00% US$
Earnings Yield 3.86% 5.11% 4.27% 2.39% 6.52% 5.78% 4.65% 1.90% -1.06% 2.72% 4.03% 5.63% 3.20% 926.91% 1186.51% 1335.63% 8.83% <-IRR #YR-> 10 Earnings per Share 133.01% US$
5 year Running Average $0.75 $0.88 $0.92 $0.88 $1.00 $1.06 $1.07 $1.04 $0.87 $0.69 $0.66 $0.69 $0.92 $1.41 $1.84 $2.25 25.70% <-IRR #YR-> 5 Earnings per Share 213.82% US$
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 $0.98 $1.14 $1.26 $1.46 0.05% <-IRR #YR-> 10 5 yr Running Average 0.51% US$
* Diluted ESP per share  E/P 10 Yrs 3.61% 5Yrs 3.20% -2.25% <-IRR #YR-> 5 5 yr Running Average -10.76% US$
-$0.75 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.75
-$0.56 $0.00 $0.00 $0.00 $0.00 $1.75
-$0.92 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.92
-$1.04 $0.00 $0.00 $0.00 $0.00 $0.92
$2.47 <-12 mths 2.86%
EPS Basic CDN$ $1.09 $1.43 $1.04 $0.78 $1.77 $1.83 $1.67 $0.71 -$0.33 $0.72 $1.60 $2.00 $2.40 130.63% <-Total Growth 10 EPS Basic
EPS Diluted* $1.09 $1.43 $1.04 $0.78 $1.77 $1.83 $1.67 $0.71 -$0.33 $0.72 $1.60 $2.00 $2.40 $2.96 $3.77 $4.18 130.63% <-Total Growth 10 EPS Diluted
Increase 35.68% 31.19% -27.27% -25.00% 126.92% 3.39% -8.74% -57.49% -146.48% 317.52% 122.94% 24.98% 19.92% 23.49% 27.38% 10.89% 9 1 10 Years of Data, EPS P or N 90.00% CDN$
Earnings Yield 3.84% 5.41% 4.26% 2.43% 6.51% 5.67% 4.75% 1.87% -1.04% 2.69% 3.93% 5.57% 3.28% 3.40% 4.33% 4.80% 8.72% <-IRR #YR-> 10 Earnings per Share 130.63% CDN$
5 year Running Average $0.77 $0.94 $1.03 $1.03 $1.22 $1.37 $1.42 $1.35 $1.13 $0.92 $0.87 $0.94 $1.28 $1.94 $2.55 $3.06 27.57% <-IRR #YR-> 5 Earnings per Share 237.82% CDN$
10 year Running Average $0.64 $0.74 $0.79 $0.82 $0.95 $1.07 $1.18 $1.19 $1.08 $1.07 $1.12 $1.18 $1.31 $1.53 $1.73 $1.97 2.16% <-IRR #YR-> 10 5 yr Running Average 23.86% CDN$
* Diluted ESP per share  E/P 10 Yrs 3.61% 5Yrs 3.28% -1.13% <-IRR #YR-> 5 5 yr Running Average -5.52% CDN$
-$1.04 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.40
-$0.71 $0.00 $0.00 $0.00 $0.00 $2.40
-$1.03 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.28
-$1.35 $0.00 $0.00 $0.00 $0.00 $1.28
Dividend* US$ $0.64 $0.64 $0.69 Estimates Dividend* US$
Increase 17.71% 0.75% 7.40% Estimates Increase US$
Payout Ratio EPS 29.39% 24.06% 21.23% 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* $0.338 $0.310 $0.260 $0.284 $0.332 $0.375 $0.433 $0.465 $0.491 $0.404 $0.516 $0.495 $0.542 $0.551 $0.556 $0.556 108.38% <-Total Growth 10 Dividends US$
Increase -1.44% -8.32% -16.22% 9.15% 16.86% 13.18% 15.40% 7.45% 5.51% -17.67% 27.65% -4.04% 9.40% 1.65% 0.97% 0.00% 14 7 21 Years of data, Count P, N 66.67% US$
Average Increases 5 Year Running 0.45% -4.61% -8.90% -3.22% 0.01% 2.93% 7.67% 12.41% 11.68% 4.77% 7.67% 3.78% 4.17% 3.40% 7.13% 1.60% 4.47% <-Median-> 10 Average Incr 5 Year Running US$
Dividends 5 Yr Running $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 $0.54 53.68% <-Total Growth 10 Dividends 5 Yr Running US$
Yield H/L Price 1.79% 0.98% 1.33% 1.43% 1.54% 1.76% 1.40% 2.09% 1.66% 1.85% 2.04% 1.59% 1.33% 0.97% 1.62% <-Median-> 10 Yield H/L Price US$
Yield on High  Price 1.24% 0.80% 1.02% 1.17% 1.24% 1.50% 1.15% 1.48% 1.35% 1.59% 1.66% 1.31% 0.95% 0.79% 1.33% <-Median-> 10 Yield on High  Price US$
Yield on Low Price 3.23% 1.28% 1.90% 1.83% 2.00% 2.14% 1.79% 3.55% 2.15% 2.22% 2.64% 2.00% 2.20% 1.26% 2.14% <-Median-> 10 Yield on Low Price US$
Yield on Close Price 1.27% 1.29% 1.48% 1.17% 1.53% 1.62% 1.57% 1.59% 1.99% 2.07% 1.72% 2.01% 0.99% 0.82% 0.83% 0.83% 1.60% <-Median-> 10 Yield on Close Price US$
Payout Ratio EPS 33.03% 25.17% 34.62% 48.85% 23.50% 27.98% 33.68% 83.45% -188.64% 76.27% 42.65% 35.62% 30.96% 25.38% 20.82% 17.11% 34.65% <-Median-> 10 DPR EPS US$
DPR EPS 5 Yr Running 49.04% 39.73% 34.66% 34.93% 30.48% 29.36% 31.35% 36.49% 48.35% 62.79% 69.50% 69.20% 52.99% 35.57% 28.94% 24.04% 42.42% <-Median-> 10 DPR EPS 5 Yr Running US$
Payout Ratio CFPS 22.83% 15.83% 14.18% 17.88% 17.66% 13.91% 17.32% 14.83% 31.85% 20.39% 13.52% 11.59% 11.17% 9.81% 8.16% 7.11% 16.08% <-Median-> 10 DPR CF US$
DPR CF 5 Yr Running 33.22% 26.91% 21.11% 18.92% 17.43% 15.68% 16.04% 16.01% 17.83% 18.29% 17.80% 16.08% 14.87% 12.21% 10.48% 9.19% 16.76% <-Median-> 10 DPR CF 5 Yr Running US$
Payout Ratio CFPS WC 19.09% 13.27% 17.69% 14.15% 12.98% 11.50% 12.46% 16.92% 29.67% 13.85% 11.86% 9.63% 9.24% 9.81% 8.16% 7.11% 12.72% <-Median-> 10 DPR CF WC US$
DPR CF WC 5 Yr Running 28.67% 22.32% 19.22% 17.13% 15.03% 13.42% 13.19% 13.45% 15.30% 15.43% 15.25% 14.11% 12.29% 10.50% 9.57% 8.64% 14.57% <-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 1.66% 1.99% 5 Yr Med Payout 35.62% 13.52% 11.86% 3.09% <-IRR #YR-> 5 Dividends 16.41% US$
* Dividends per share  10 Yr Med and Cur. -48.70% -48.02% 5 Yr Med and Cur. -49.83% -58.16% Last Div Inc ---> $0.850 $1.000 17.65% 7.62% <-IRR #YR-> 10 Dividends 108.38% US$
Dividends Growth 15 1.67% <-IRR #YR-> 15 Dividends 28.29% US$
Dividends Growth 20 3.35% <-IRR #YR-> 20 Dividends 93.15% US$
Dividends Growth 25 6.27% <-IRR #YR-> 21 Dividends
Dividends Growth 5 -$0.47 $0.00 $0.00 $0.00 $0.00 $0.54 Dividends Growth 5
Dividends Growth 10 -$0.26 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.54 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 $0.54 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 $0.54 Dividends Growth 20
Dividends Growth 25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.54 Dividends Growth 25
Historical Dividends Historical High Div 7.18% Low Div 0.90% 10 Yr High 3.46% 10 Yr Low 0.97% Med Div 1.71% Close Div 1.60% Historical Dividends US$
High/Ave/Median Values Curr diff Exp. -88.40%     -7.46% Exp. -75.93% -14.14% Exp. -51.30% Exp. -48.02% High/Ave/Median  US$
Future Dividend Yield Div Yield $0.01 earning in 5 Years at IRR of 3.09% Div Inc. 16.41% Future Dividend Yield US$
Future Dividend Yield Div Yield 1.13% earning in 10 Years at IRR of 3.09% Div Inc. 35.52% Future Dividend Yield US$
Future Dividend Yield Div Yield 1.31% earning in 15 Years at IRR of 3.09% Div Inc. 57.75% Future Dividend Yield US$
Future Dividend Paid Div Paid $0.65 earning in 5 Years at IRR of 3.09% Div Inc. 16.41% Future Dividend Paid US$
Future Dividend Paid Div Paid $0.75 earning in 10 Years at IRR of 3.09% Div Inc. 35.52% Future Dividend Paid US$
Future Dividend Paid Div Paid $0.88 earning in 15 Years at IRR of 3.09% Div Inc. 57.75% Future Dividend Paid US$
Dividend Covering Cost Total Div $2.96 over 5 Years at IRR of 3.09% Div Cov. 4.43% Dividend Covering Cost US$
Dividend Covering Cost Total Div $5.75 over 10 Years at IRR of 3.09% Div Cov. 8.62% Dividend Covering Cost US$
Dividend Covering Cost Total Div $9.01 over 15 Years at IRR of 3.09% Div Cov. 13.49% Dividend Covering Cost US$
Dividend* CDN$ $0.87 $0.90 $0.97 Estimates Dividend* CDN$
Increase 17.71% 3.12% 7.40% Estimates Increase CDN$
Payout Ratio EPS 29.51% 23.89% 23.14% 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
Dividend* $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 $0.773 $0.780 $0.780 106.25% <-Total Growth 10 Dividends CDN$
Increase 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% 4.04% 0.97% 0.00% 12 3 21 Years of data, Count P, N 57.14% CDN$
Average Increases 5 Year Running -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% 5.05% 7.65% 2.72% 6.42% <-Median-> 10 Average Incr 5 Year Running CDN$
Dividends 5 Yr Running $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 $0.74 $0.76 87.04% <-Total Growth 10 Dividends 5 Yr Running CDN$
Yield H/L Price 1.83% 1.06% 1.50% 1.45% 1.43% 1.83% 1.39% 2.14% 1.65% 1.91% 2.07% 1.65% 1.31% 0.97% 1.65% <-Median-> 10 Yield H/L Price CDN$
Yield on High  Price 1.23% 0.83% 1.20% 1.18% 1.15% 1.54% 1.14% 1.63% 1.36% 1.66% 1.66% 1.39% 0.95% 0.79% 1.37% <-Median-> 10 Yield on High  Price CDN$
Yield on Low Price 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% 1.28% 2.12% <-Median-> 10 Yield on Low Price CDN$
Yield on Close Price 1.27% 1.36% 1.47% 1.19% 1.53% 1.59% 1.60% 1.56% 1.96% 2.05% 1.68% 1.99% 1.02% 0.89% 0.89% 0.89% 1.59% <-Median-> 10 Yield on Close Price CDN$
Payout Ratio EPS 33.03% 25.17% 34.62% 48.85% 23.50% 27.98% 33.68% 83.45% -188.64% 76.27% 42.65% 35.62% 30.96% 26.08% 20.67% 18.64% 34.65% <-Median-> 10 DPR EPS CDN$
DPR EPS 5 Yr Running 48.88% 39.01% 34.29% 35.05% 30.72% 29.62% 31.47% 36.45% 47.88% 61.70% 68.85% 67.21% 51.79% 35.72% 28.98% 24.73% 42.17% <-Median-> 10 DPR EPS 5 Yr Running CDN$
Payout Ratio CFPS 22.83% 15.83% 14.18% 17.88% 17.66% 13.91% 17.32% 14.83% 31.85% 20.39% 13.52% 11.59% 11.17% 9.81% 8.16% 7.11% 16.08% <-Median-> 10 DPR CF CDN$
DPR CF 5 Yr Running 33.10% 26.36% 20.39% 18.45% 17.26% 15.63% 15.99% 15.99% 17.76% 18.23% 17.76% 15.92% 14.71% 12.17% 10.46% 9.19% 16.62% <-Median-> 10 DPR CF 5 Yr Running CDN$
Payout Ratio CFPS WC 19.09% 13.27% 17.69% 14.15% 12.98% 11.50% 12.46% 16.92% 29.67% 13.85% 11.86% 9.63% 9.24% 9.81% 8.16% 7.11% 12.72% <-Median-> 10 DPR CF WC CDN$
DPR CF WC 5 Yr Running 28.59% 21.87% 18.89% 16.85% 14.98% 13.44% 13.20% 13.42% 15.22% 15.32% 15.17% 13.91% 12.14% 10.47% 9.56% 8.64% 14.44% <-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 1.65% 1.96% 5 Yr Med Payout 35.62% 13.52% 11.86% 4.62% <-IRR #YR-> 5 Dividends 25.32% CDN$
* Dividends per share  10 Yr Med and Cur. -45.73% -43.90% 5 Yr Med and Cur. -45.80% -54.33% Last Div Inc ---> $0.1875 $0.1950 4.00% 7.51% <-IRR #YR-> 10 Dividends 106.25% CDN$
Dividends Growth 15 3.87% <-IRR #YR-> 15 Dividends 76.79% CDN$
Dividends Growth 20 4.19% <-IRR #YR-> 20 Dividends 127.06% CDN$
Dividends Growth 25 6.93% <-IRR #YR-> 21 Dividends
Dividends Growth 5 -$0.59 $0.00 $0.00 $0.00 $0.00 $0.74 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 $0.74 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 $0.74 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 $0.74 Dividends Growth 20
Dividends Growth 25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.74 Dividends Growth 25
Historical Dividends Historical High Div 9.61% Low Div 0.99% 10 Yr High 3.08% 10 Yr Low 0.97% Med Div 1.91% Close Div 1.96% Historical Dividends CDN$
High/Ave/Median Values Curr diff Exp. -90.69%     -9.67% Exp. -70.96% -7.81% Exp. -53.18% Exp. -54.33% High/Ave/Median  CDN$
Future Dividend Yield Div Yield 1.12% earning in 5 Years at IRR of 4.62% Div Inc. 25.32% Future Dividend Yield CDN$
Future Dividend Yield Div Yield 1.40% earning in 10 Years at IRR of 4.62% Div Inc. 57.04% Future Dividend Yield CDN$
Future Dividend Yield Div Yield 1.76% earning in 15 Years at IRR of 4.62% Div Inc. 96.80% Future Dividend Yield CDN$
Future Dividend Paid Div Paid $0.98 earning in 5 Years at IRR of 4.62% Div Inc. 25.32% Future Dividend Paid CDN$
Future Dividend Paid Div Paid $1.22 earning in 10 Years at IRR of 4.62% Div Inc. 57.04% Future Dividend Paid CDN$
Future Dividend Paid Div Paid $1.54 earning in 15 Years at IRR of 4.62% Div Inc. 96.80% Future Dividend Paid CDN$
Dividend Covering Cost Total Div $4.28 over 5 Years at IRR of 4.62% Div Cov. 4.90% Dividend Covering Cost CDN$
Dividend Covering Cost Total Div $8.66 over 10 Years at IRR of 4.62% Div Cov. 9.93% Dividend Covering Cost CDN$
Dividend Covering Cost Total Div $14.15 over 15 Years at IRR of 4.62% Div Cov. 16.23% Dividend Covering Cost CDN$
Yield if held 5 years 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% 2.05% 2.71% 2.36% 2.46% <-Median-> 10 Paid Median Price CDN$
Yield if held 10 years 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% 2.93% 2.69% 2.79% 7.09% <-Median-> 10 Paid Median Price CDN$
Yield if held 15 years 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% 11.85% 8.71% 3.96% 13.41% <-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% 14.42% 13.25% 12.38% 16.39% <-Median-> 9 Paid Median Price CDN$
Yield if held 25 years 16.43% 11.87% 19.08% 50.17% 95.76% 108.84% 62.73% 17.75% <-Median-> 4 Paid Median Price CDN$
Yield if held 30 years 23.40% 13.57% #NUM! <-Median-> 0 Paid Median Price
Cost covered if held 5 years 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% 9.16% 12.84% 11.46% 10.29% <-Median-> 10 Paid Median Price CDN$
Cost covered if held 10 years 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% 23.41% 22.50% 24.33% 63.59% <-Median-> 10 Paid Median Price CDN$
Cost covered if held 15 years 121.96% 113.21% 109.92% 160.86% 140.98% 122.17% 102.52% 44.79% 121.96% 113.21% 109.92% 160.86% 140.98% 122.17% 93.81% 44.79% 122.06% <-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% 186.48% 175.91% 170.04% 211.89% <-Median-> 9 Paid Median Price CDN$
Cost covered if held 25 years 239.91% 150.95% 251.57% 684.76% 1352.11% 1630.74% 1002.71% 245.74% <-Median-> 4 Paid Median Price CDN$
Cost covered if held 30 years 350.61% 216.82% #NUM! <-Median-> 0 Paid Median Price
Yr  Item Tot. Growth Per Year
Revenue Growth US$ $438.8 $448.6 $570.8 $683.8 $745.0 $831.7 $911 <-12 mths 9.56% 89.56% <-Total Growth 5 Revenue Growth US$ 89.56% 13.64%
ACFFO Growth $2.75 $1.65 $2.92 $4.35 $5.11 $5.85 $6.38 <-12 mths 9.06% 112.81% <-Total Growth 5 ACFFO Growth 112.81% 16.30%
Net Income Growth $19.4 -$8.9 $18.3 $41.7 $47.9 $59.2 $61 <-12 mths 2.65% 204.70% <-Total Growth 5 Net Income Growth 204.70% 24.96%
Cash Flow Growth $109.4 $53.1 $68.3 $131.6 $146.3 $163.7 $177 <-12 mths 7.99% 49.67% <-Total Growth 5 Cash Flow Growth 49.67% 8.40%
Dividend Growth $0.47 $0.49 $0.40 $0.52 $0.50 $0.54 $0.55 <-12 mths 1.65% 16.41% <-Total Growth 5 Dividend Growth 16.41% 3.09%
Stock Price Growth $29.33 $24.67 $19.50 $30.00 $24.69 $54.75 $66.76 <-12 mths 21.94% 86.67% <-Total Growth 5 Stock Price Growth 86.67% 13.30%
Revenue Growth US$ $292.2 $301.0 $398.0 $451.1 $503.8 $438.8 $448.6 $570.8 $683.8 $745.0 $831.7 $989 <-this year 18.96% 184.64% <-Total Growth 10 Revenue Growth US$ 184.64% 11.03%
ACFFO Growth $1.47 $2.10 $2.65 $3.21 $3.39 $2.75 $1.65 $2.92 $4.35 $5.11 $5.85 $6.38 <-this year 9.06% 297.10% <-Total Growth 10 ACFFO Growth 297.10% 14.79%
Net Income Growth $27.8 $21.5 $52.5 $49.7 $46.0 $19.4 -$8.9 $18.3 $41.7 $47.9 $59.2 $72 <-this year 20.83% 113.09% <-Total Growth 10 Net Income Growth 113.09% 7.86%
Cash Flow Growth $68.0 $58.9 $69.7 $98.5 $87.3 $109.4 $53.1 $68.3 $131.6 $146.3 $163.7 $189 <-this year 15.44% 140.57% <-Total Growth 10 Cash Flow Growth 140.57% 9.18%
Dividend Growth $0.26 $0.28 $0.33 $0.38 $0.43 $0.47 $0.49 $0.40 $0.52 $0.50 $0.54 $0.64 <-this year 17.71% 108.38% <-Total Growth 10 Dividend Growth 108.38% 7.62%
Stock Price Growth $17.60 $24.30 $21.64 $23.20 $27.67 $29.33 $24.67 $19.50 $30.00 $24.69 $54.75 $80.84 <-this year 47.65% 211.08% <-Total Growth 10 Stock Price Growth 211.08% 12.02%
Yr  Item Tot. Growth Per Year
Revenue Growth CDN$ $558.6 $568.8 $773.1 $904.4 $1,071.9 $1,139.9 $1,249 <-12 mths 9.56% 104.06% <-Total Growth 5 Revenue Growth CDN$ 104.06% 15.33%
ACFFO Growth $3.50 $2.09 $3.95 $5.75 $7.35 $8.02 $8.74 <-12 mths 9.06% 129.09% <-Total Growth 5 ACFFO Growth 129.09% 18.03%
Net Income Growth $24.7 -$11.2 $24.8 $55.2 $68.9 $81.2 $83 <-12 mths 2.65% 228.00% <-Total Growth 5 Net Income Growth 228.00% 26.82%
Cash Flow Growth $139.3 $67.4 $92.5 $174.1 $210.5 $224.4 $242 <-12 mths 7.99% 61.12% <-Total Growth 5 Cash Flow Growth 61.12% 10.01%
Dividend Growth $0.59 $0.62 $0.55 $0.68 $0.71 $0.74 $0.77 <-12 mths 4.04% 25.32% <-Total Growth 5 Dividend Growth 25.32% 4.62%
Stock Price Growth $38.03 $31.79 $26.66 $40.71 $35.88 $73.13 $87.22 <-12 mths 19.27% 92.30% <-Total Growth 5 Stock Price Growth 92.30% 13.97%
Revenue Growth CDN$ $404.6 $404.2 $499.2 $615.4 $654.3 $558.6 $568.8 $773.1 $904.4 $1,071.9 $1,139.9 $1,388 <-this year 21.76% 181.73% <-Total Growth 10 Revenue Growth CDN$ 181.73% 10.91%
ACFFO Growth $2.04 $2.82 $3.33 $4.38 $4.40 $3.50 $2.09 $3.95 $5.75 $7.35 $8.02 $8.74 <-this year 9.06% 293.04% <-Total Growth 10 ACFFO Growth 293.04% 14.67%
Net Income Growth $38.5 $28.9 $65.9 $67.8 $59.7 $24.7 -$11.2 $24.8 $55.2 $68.9 $81.2 $100 <-this year 23.68% 110.92% <-Total Growth 10 Net Income Growth 110.92% 7.75%
Cash Flow Growth $94.2 $79.1 $87.4 $134.4 $113.4 $139.3 $67.4 $92.5 $174.1 $210.5 $224.4 $265 <-this year 18.16% 138.11% <-Total Growth 10 Cash Flow Growth 138.11% 9.06%
Dividend Growth $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $0.71 $0.74 $0.87 <-this year 17.71% 106.25% <-Total Growth 10 Dividend Growth 106.25% 7.51%
Stock Price Growth $24.42 $32.10 $27.18 $32.25 $35.14 $38.03 $31.79 $26.66 $40.71 $35.88 $73.13 $113.41 <-this year 55.08% 199.47% <-Total Growth 10 Stock Price Growth 199.47% 11.59%
Dividends on Shares $15.62 $17.06 $20.99 $23.06 $24.29 $25.52 $22.45 $27.98 $29.21 $30.44 $31.67 $31.98 $31.98 $236.63 No of Years 10 Total Divs 12/31/14
Paid  $1,001.22 $1,316.10 $1,114.38 $1,322.25 $1,440.74 $1,559.23 $1,303.39 $1,093.06 $1,669.11 $1,471.08 $2,998.33 $3,576.02 $3,576.02 $3,576.02 $2,998.33 No of Years 10 Worth $24.42 40.95
Total $3,234.96
Graham Number CDN$ $10.64 $13.96 $12.99 $11.49 $18.49 $20.33 $18.86 $12.27 $11.42 $11.89 $18.40 $22.10 $25.48 $27.25 $30.76 $32.39 96.08% <-Total Growth 10 Graham Number CDN$
Increase 28.80% 31.14% -6.91% -11.57% 60.93% 9.95% -7.22% -34.94% -6.97% 4.17% 54.71% 20.13% 15.28% 6.97% 12.86% 5.31% 7.06% <-Median-> 10 Graham Price CDN$
Price/GP Ratio Med 1.85 2.44 1.85 2.29 1.57 1.37 2.14 2.26 3.31 2.42 1.80 1.96 2.22 2.91 2.18 <-Median-> 10 Price/GP Ratio Med CDN$
Price/GP Ratio High 2.75 3.10 2.30 2.81 1.95 1.63 2.62 2.96 4.01 2.78 2.23 2.32 3.08 3.61 2.70 <-Median-> 10 Price/GP Ratio High CDN$
Price/GP Ratio Low 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 2.21 1.57 <-Median-> 10 Price/GP Ratio Low CDN$
Price/GP Ratio Close 2.67 1.89 1.88 2.79 1.47 1.59 1.86 3.10 2.78 2.24 2.21 1.62 2.87 3.20 2.84 2.69 2.23 <-Median-> 10 Price/GP Ratio Close CDN$
Prem/Disc Close 167.01% 89.50% 87.94% 179.38% 47.00% 58.63% 86.30% 209.92% 178.49% 124.19% 121.29% 62.36% 187.04% 220.03% 183.56% 169.27% 122.74% <-Median-> 10 Graham Price CDN$
Month, Year CDN$ 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 Dec-28 28.00 <Count Years> Month, Year CDN$
Pre-Split '14
Price Close $28.42 $26.45 $24.42 $32.10 $27.18 $32.25 $35.14 $38.03 $31.79 $26.66 $40.71 $35.88 $73.13 $87.22 $87.22 $87.22 199.47% <-Total Growth 10 Stock Price CDN$
Increase 176.28% -6.93% -7.67% 31.45% -15.33% 18.65% 8.96% 8.22% -16.41% -16.14% 52.70% -11.86% 103.82% 19.27% 0.00% 0.00% 24.23 <-Median-> 10 CAPE (10 Yr P/E) CDN$
P/E Ratio 26.07 18.50 23.48 41.15 15.36 17.62 21.04 53.56 -96.33 37.14 25.44 17.94 30.49 29.45 23.12 20.85 13.97% <-IRR #YR-> 5 Stock Price 92.30% CDN$
Trailing P/E Ratio 35.38 24.27 17.08 30.87 34.85 18.22 19.20 22.77 44.77 -80.79 56.71 22.42 36.56 36.36 29.45 23.12 11.59% <-IRR #YR-> 10 Stock Price 199.47% CDN$
CAPE (10 Yr P/E) 13.58 14.55 15.83 18.60 18.25 18.62 19.52 21.95 26.50 28.24 28.06 27.50 28.36 27.92 28.16 27.58 15.31% <-IRR #YR-> 5 Price & Dividend 102.55% CDN$
Median 10, 5 Yrs D.  per yr 1.43% 1.34% % Tot Ret 11.00% 8.77% T P/E $26.82 $36.56 P/E:  $23.24 $25.44 13.03% <-IRR #YR-> 10 Price & Dividend 224.58% CDN$
Price 15 D.  per yr 2.80% % Tot Ret 13.66% CAPE Diff 21.54% 17.67% <-IRR #YR-> 15 Stock Price 1048.64% CDN$
Price  20 D.  per yr 3.08% % Tot Ret 18.59% 13.48% <-IRR #YR-> 20 Stock Price 1153.66% CDN$
Price  25 D.  per yr 8.47% % Tot Ret 29.08% 20.67% <-IRR #YR-> 25 Stock Price
Price  30 D.  per yr 1.71% % Tot Ret 13.49% 10.94% <-IRR #YR-> 28 Stock Price
Price & Dividend 15 20.47% <-IRR #YR-> 15 Price & Dividend 1173.66% CDN$
Price & Dividend 20 16.56% <-IRR #YR-> 20 Price & Dividend 1324.28% CDN$
Price & Dividend 25 29.15% <-IRR #YR-> 25 Price & Dividend
Price & Dividend 30 12.64% <-IRR #YR-> 28 Price & Dividend
Price  5 -$38.03 $0.00 $0.00 $0.00 $0.00 $73.13 Price  5
Price 10 -$24.42 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $73.13 Price 10
Price & Dividend 5 -$38.03 $0.62 $0.55 $0.68 $0.71 $73.87 Price & Dividend 5
Price & Dividend 10 -$24.42 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $0.71 $73.87 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 $73.13 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 $73.13 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 $73.13 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 $73.13 Price  30
Price & Dividend 15 $0.36 $0.36 $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $0.71 $73.87 Price & Dividend 15
Price & Dividend 20 $0.36 $0.36 $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $0.71 $73.87 Price & Dividend 20
Price & Dividend 25 $0.36 $0.36 $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $0.71 $73.87 Price & Dividend 25
Price & Dividend 30 $0.36 $0.36 $0.36 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $0.71 $73.87 Price & Dividend 30
Price H/L Median CDN$ $19.70 $34.01 $23.99 $26.33 $29.01 $27.93 $40.34 $27.69 $37.73 $28.74 $33.05 $43.30 $56.60 $79.36 135.96% <-Total Growth 10 Stock Price CDN$
Increase 119.91% 72.61% -29.47% 9.76% 10.18% -3.72% 44.46% -31.36% 36.26% -23.84% 15.00% 31.02% 30.72% 40.22% 8.96% <-IRR #YR-> 10 Stock Price 135.96% CDN$
P/E Ratio 18.07 23.78 23.06 33.75 16.39 15.26 24.16 39.00 -114.33 40.03 20.65 21.65 23.60 26.79 15.37% <-IRR #YR-> 5 Stock Price 104.39% CDN$
Trailing P/E Ratio 24.52 31.20 16.77 25.31 37.19 15.78 22.04 16.58 53.14 -87.08 46.03 27.05 28.30 33.09 10.58% <-IRR #YR-> 10 Price & Dividend 161.52% CDN$
P/E on Running 5 yr Average 25.50 36.28 23.26 25.59 23.74 20.38 28.45 20.48 33.39 31.25 37.82 46.08 44.31 41.00 17.17% <-IRR #YR-> 5 Price & Dividend 118.47% CDN$
P/E on Running 10 yr Average 30.94 46.18 30.20 32.05 30.64 26.07 34.25 23.24 34.96 26.84 29.46 36.73 43.05 51.77 16.39 P/E Ratio Historical Median CDN$
Median 10, 5 Yrs D.  per yr 1.61% 1.81% % Tot Ret 15.24% 10.51% T P/E 26.18 28.30 P/E:  22.62 21.65 Count 28 Years of data CDN$
-$23.99 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $56.60
-$27.69 $0.00 $0.00 $0.00 $0.00 $56.60
-$23.99 $0.38 $0.42 $0.51 $0.56 $0.59 $0.62 $0.55 $0.68 $0.71 $57.34
-$27.69 $0.62 $0.55 $0.68 $0.71 $57.34
High Months CDN$ Dec Apr May Nov Apr Dec Jul Aug Mar Aug Dec Mar Dec Jul
Pre-Split '14
Price High $29.25 $43.25 $29.93 $32.30 $36.02 $33.15 $49.38 $36.36 $45.79 $33.00 $41.03 $51.25 $78.37 $98.37 161.84% <-Total Growth 10 Stock Price CDN$
Increase 177.69% 47.86% -30.80% 7.92% 11.52% -7.97% 48.96% -26.37% 25.94% -27.93% 24.33% 24.91% 52.92% 25.52% 10.10% <-IRR #YR-> 10 Stock Price 161.84% CDN$
P/E Ratio 26.83 30.24 28.78 41.41 20.35 18.11 29.57 51.21 -138.76 45.97 25.64 25.62 32.67 33.21 16.60% <-IRR #YR-> 5 Stock Price 115.54% CDN$
Trailing P/E Ratio 36.41 39.68 20.93 31.06 46.18 18.73 26.98 21.77 64.49 -100.00 57.16 32.02 39.18 41.01 20.35 P/E Ratio Historical Median CDN$
Median 10, 5 Yrs T P/E 31.54 39.18 P/E:  27.60 25.64 31.70 P/E Ratio Historical High CDN$
-$29.93 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $78.37
-$36.36 $0.00 $0.00 $0.00 $0.00 $78.37
Low Months CDN$ Jan Oct Oct Aug May Mar Nov Mar Dec Dec Jun Dec Apr Apr
Price Low $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 $60.35 93.02% <-Total Growth 10 Stock Price CDN$
Increase 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% 73.32% 6.80% <-IRR #YR-> 10 Stock Price 93.02% CDN$
P/E Ratio 9.31 17.31 17.35 26.09 12.42 12.40 18.74 26.79 -89.91 34.09 15.66 17.67 14.52 20.37 12.86% <-IRR #YR-> 5 Stock Price 83.07% CDN$
Trailing P/E Ratio 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 25.16 12.40 P/E Ratio Historical Median CDN$
Median 10, 5 Yrs T P/E 18.49 22.08 P/E:  16.66 15.66 7.76 P/E Ratio Historical Low CDN$
-$18.04 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $34.82
Value using exchange rate $26.72 $22.80 $17.64 $23.91 $21.67 $23.64 $27.06 $29.87 $25.07 $19.68 $30.78 $24.94 $53.36 $62.17 $62.17 $62.17
Month, Year US$ 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 Dec-28 21.00 <Count Years> Month, Year US$
Price Close $26.58 $24.14 $17.60 $24.30 $21.64 $23.20 $27.67 $29.33 $24.67 $19.50 $30.00 $24.69 $54.75 $66.76 $66.76 $66.76 211.08% <-Total Growth 10 Stock Price US$
Increase 175.16% -9.18% -27.09% 38.07% -10.95% 7.21% 19.27% 6.00% -15.89% -20.96% 53.85% -17.69% 121.72% 21.94% 0.00% 0.00% 23.90 <-Median-> 10 CAPE (10 Yr P/E) US$
P/E Ratio 25.94 19.58 23.43 41.83 15.34 17.29 21.52 52.60 -94.78 36.79 24.79 17.76 31.29 30.76 25.00 20.54 13.30% <-IRR #YR-> 5 Stock Price 86.67% US$
Trailing P/E Ratio 32.92 23.56 14.28 32.36 37.25 16.44 20.63 22.81 44.24 -74.92 56.60 20.41 39.39 38.15 30.76 25.00 12.02% <-IRR #YR-> 10 Stock Price 211.08% 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 28.56 28.30 29.05 28.23 14.61% <-IRR #YR-> 5 Price & Dividend 432.91% US$
Median 10, 5 Yrs D.  per yr 1.48% 1.31% % Tot Ret 10.97% 8.98% T P/E $27.58 $39.39 P/E:  $23.16 $24.79 13.50% <-IRR #YR-> 10 Price & Dividend 1254.92% US$
Price 15 D.  per yr 2.62% % Tot Ret 14.40% CAPE Diff 28.72% 15.57% <-IRR #YR-> 15 Stock Price 776.00% US$
Price  20 D.  per yr 3.31% % Tot Ret 20.67% 12.68% <-IRR #YR-> 20 Stock Price 989.62% US$
Price  25 D.  per yr 3.83% % Tot Ret 22.43% 13.25% <-IRR #YR-> 21 Stock Price
Price & Dividend 15 18.19% <-IRR #YR-> 15 Price & Dividend 4442.73% US$
Price & Dividend 20 15.99% <-IRR #YR-> 20 Price & Dividend 60.19317937 US$
Price & Dividend 25 17.09% <-IRR #YR-> 21 Price & Dividend
Price  5 -$29.33 $0.00 $0.00 $0.00 $0.00 $54.75 Price  5
Price 10 -$17.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $54.75 Price 10
Price & Dividend 5 -$29.33 $0.49 $0.40 $0.52 $0.50 $55.29 Price & Dividend 5
Price & Dividend 10 -$17.60 $0.28 $0.33 $0.38 $0.43 $0.47 $0.49 $0.40 $0.52 $0.50 $55.29 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 $54.75 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 $54.75 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 $54.75 Price  25
Price & Dividend 15 $0.34 $0.31 $0.26 $0.28 $0.33 $0.38 $0.43 $0.47 $0.49 $0.40 $0.52 $0.50 $55.29 Price & Dividend 15
Price & Dividend 20 $0.34 $0.31 $0.26 $0.28 $0.33 $0.38 $0.43 $0.47 $0.49 $0.40 $0.52 $0.50 $55.29 Price & Dividend 20
Price & Dividend 25 $0.34 $0.31 $0.26 $0.28 $0.33 $0.38 $0.43 $0.47 $0.49 $0.40 $0.52 $0.50 $55.29 Price & Dividend 25
Price H/L Median US$ $18.89 $31.58 $19.56 $19.89 $21.60 $21.33 $30.83 $22.27 $29.58 $21.82 $25.29 $31.21 $40.88 $56.85 108.93% <-Total Growth 10 Stock Price US$
Increase 122.59% 67.16% -38.05% 1.69% 8.58% -1.26% 44.53% -27.76% 32.81% -26.22% 15.88% 23.39% 30.99% 39.08% 7.65% <-IRR #YR-> 10 Stock Price 108.93% US$
P/E Ratio 18.43 25.62 26.05 34.25 15.31 15.90 23.98 39.94 -113.64 41.18 20.90 22.45 23.36 26.20 12.91% <-IRR #YR-> 5 Stock Price 83.52% US$
Trailing P/E Ratio 23.40 30.82 15.87 26.49 37.19 15.12 22.98 17.32 53.05 -83.84 47.72 25.79 29.41 32.49 9.21% <-IRR #YR-> 10 Price & Dividend 1048.00% US$
P/E on Running 5 yr Average 25.09 35.74 21.28 22.62 21.60 20.06 28.71 21.51 34.11 31.59 38.05 45.52 44.24 40.32 14.62% <-IRR #YR-> 5 Price & Dividend 539.46% 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 41.72 49.93 17.17 P/E Ratio Historical Median US$
Median 10, 5 Yrs D.  per yr 1.56% 1.71% % Tot Ret 16.95% 11.72% T P/E 26.14 29.41 P/E:  22.90 22.45 Count 21 Years of data US$
-$19.56 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $40.88
-$22.27 $0.00 $0.00 $0.00 $0.00 $40.88
-$19.56 $0.28 $0.33 $0.38 $0.43 $0.47 $0.49 $0.40 $0.52 $0.50 $41.37
-$22.27 $0.49 $0.40 $0.52 $0.50 $41.37
High Months US$ Dec Apr May Dec Apr Dec Jul Sep Mar Jan  Dec Apr Dec Jul
Price High $27.32 $39.00 $25.41 $24.30 $26.65 $25.10 $37.51 $31.43 $36.28 $25.45 $31.04 $37.71 $57.10 $70.12 124.71% <-Total Growth 10 Stock Price US$
Increase 178.03% 42.75% -34.84% -4.37% 9.67% -5.80% 49.41% -16.20% 15.43% -29.85% 21.96% 21.49% 51.42% 22.80% 8.43% <-IRR #YR-> 10 Stock Price 124.71% US$
P/E Ratio 26.66 31.64 33.83 41.83 18.89 18.71 29.17 56.36 -139.39 48.02 25.65 27.13 32.63 32.31 12.68% <-IRR #YR-> 5 Stock Price 81.66% US$
Trailing P/E Ratio 33.83 38.05 20.61 32.35 45.88 17.79 27.96 24.45 65.06 -97.77 58.57 31.17 41.08 40.07 22.27 P/E Ratio Historical Median US$
Median 10, 5 Yrs T P/E 31.76 41.08 P/E:  28.15 27.13 37.03 P/E Ratio Historical High US$
-$25.41 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $57.10
-$31.43 $0.00 $0.00 $0.00 $0.00 $57.10
Low Months US$ Jan Dec Nov Aug May Mar Nov Mar Dec Dec Jun  Dec Apr Mar
Price Low $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 $43.58 79.70% <-Total Growth 10 Stock Price US$
Increase 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% 76.80% 6.04% <-IRR #YR-> 10 Stock Price 79.70% US$
P/E Ratio 10.21 19.60 18.26 26.66 11.73 13.09 18.78 23.52 -87.90 34.33 16.15 17.77 14.09 20.08 13.45% <-IRR #YR-> 5 Stock Price 87.97% US$
Trailing P/E Ratio 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 24.90 10.97 P/E Ratio Historical Median US$
Median 10, 5 Yrs T P/E 19.21 20.41 P/E:  18.02 17.77 7.17 P/E Ratio Historical Low US$
-$13.72 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $24.65
$7.05 <-12 mths -78.85%
Free Cash Flow Mkt Sc CDN$ $81.51 $13.73 $60.76 $39.37 $69.57 $61.86 -$92.53 -$9.57 $28.88 Free Cash Flow Mkt Sc CDN$ CDN$
Change -83.16% 342.53% -35.20% 76.71% -11.08% -249.58% 89.66% 401.71% Change CDN$
Free Cash Flow Mkt Sc US$ $64.02 $10.83 $44.86 $29.77 $48.35 $45.13 -$65.96 -$6.82 $20.59 -29.50% <-Total Growth 5 Free Cash Flow Mkt Sc US$ US$
Change -83.08% 314.24% -33.65% 62.43% -6.65% -246.14% 89.66% 401.71% -6.75% <-IRR #YR-> 5 Free Cash Flow MS US$
FCF/CF from Op Ratio 0.59 0.20 0.66 0.23 0.33 0.28 -0.35 -0.03 0.08 #NUM! <-IRR #YR-> 10 Free Cash Flow MS #DIV/0! US$
Dividends paid $5.28 $5.63 $14.51 $17.51 $17.99 $18.00 $18.53 $18.71 $18.71 241.03% <-Total Growth 5 Dividends paid US$
Percentage paid 8.24% 51.96% 32.34% 58.83% 37.21% 39.88% -28.10% -274.28% 90.91% 38.54% <-Median-> 6 Percentage paid US$
5 Year Coverage 30.79% 41.15% 84.72% 179.81% 222.70% 5 Year Coverage US$
Dividend Coverage Ratio 12.13 1.92 3.09 1.70 2.69 2.51 -3.56 -0.36 1.10 2.60 <-Median-> 6 Dividend Coverage Ratio US$
5 Year of Coverage 3.25 2.43 1.18 0.56 0.45 5 Year of Caogerage US$
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 $33.33 -16.47% <-Total Growth 10 Free Cash Flow WSJ US$
Change -5.49% -102.37% 3410.35% -120.75% 1032.07% -87.80% -163.74% 357.69% 197.12% -2.14% -3.81% <-Median-> 10
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 $45.68 -17.32% <-Total Growth 10 Free Cash Flow WSJ CDN$
Change -8.36% -102.21% 3699.82% -119.76% 1013.70% -87.85% -168.09% 351.63% 223.25% -6.78% -7.57% <-Median-> 10 Change
$9 <-12 mths -40.01%
Free Cash Flow MS US$ -$13.76 -$12.83 $20.70 $35.77 $9.95 $35.65 -$1.08 $25.09 -$2.50 $14.51 -$1.94 $24.44 $28.18 -$65.96 -$6.82 $20.59 36.10% <-Total Growth 10 Free Cash Flow MS US$ US$
Change -72.19% 258.33% -103.02% 2428.03% -109.96% 680.15% -113.37% 1359.55% 15.31% -334.07% 89.66% 401.71% 2.34% <-IRR #YR-> 5 Free Cash Flow MS 12.29% US$
FCF/CF from Op Ratio -0.25 -0.18 0.30 0.61 0.14 0.36 -0.01 0.23 -0.05 0.21 -0.01 0.17 0.17 -0.35 -0.03 0.08 3.13% <-IRR #YR-> 10 Free Cash Flow MS 36.10% US$
Dividends paid $13.40 $2.08 $2.42 $2.40 $3.24 $4.43 $4.68 $5.28 $5.63 $14.51 $17.51 $17.99 $18.00 $18.53 $18.71 $18.71 642.47% <-Total Growth 10 Dividends paid US$
Percentage paid 6.72% 32.56% 12.43% -433.80% 21.03% -225.07% 100.00% -902.63% 73.64% 63.87% -28.10% -274.28% 90.91% 16.73% <-Median-> 10 Percentage paid US$
5 Year Coverage 19.01% 34.65% 48.16% 139.66% 102.21% 117.48% -11131.30% -410.51% 21921.87% 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 1.57 -3.56 -0.36 1.10 1.46 <-Median-> 10 Dividend Coverage Ratio US$
5 Year of Coverage 5.26 2.89 2.08 0.72 0.98 0.85 -0.01 -0.24 0.00 5 Year of Caogerage US$
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 -$8 <-12 mths -121.33% Change
Free Cash Flow MS CDN$ -$14.63 -$14.88 $28.67 $48.03 $12.48 $48.63 -$1.40 $31.95 -$3.17 $26.77 -$1.94 $35.2 $38.6 -$92.5 -$9.6 $28.9 34.71% <-Total Growth 10 Free Cash Flow MS CDN$ CDN$
Change -74.02% 289.66% -102.88% 2382.14% -109.92% 944.48% -107.25% 1912.37% 9.84% -339.59% 89.66% 401.71% 3.86% <-IRR #YR-> 5 Free Cash Flow MS 20.88% CDN$
FCF/CF from Op Ratio 0.61 0.14 0.36 -0.01 0.23 -0.05 0.29 -0.01 0.17 0.17 -0.35 -0.03 0.08 3.02% <-IRR #YR-> 10 Free Cash Flow MS 34.71% CDN$
Dividends paid $13.33 $2.21 $2.81 $3.33 $4.35 $5.56 $6.38 $6.85 $7.17 $19.65 $23.16 $25.89 $24.67 $26.00 $26.25 $26.25 777.19% <-Total Growth 10 Dividends paid CDN$
Percentage paid 6.93% 34.85% 11.43% -455.64% 21.45% -226.03% 73.39% -1193.82% 73.64% 63.87% -28.10% -274.28% 90.91% $0.16 <-Median-> 10 Percentage paid CDN$
5 Year Coverage 18.95% 34.25% 44.37% 121.06% 93.18% 105.33% 1963.25% -416.28% 23130.42% 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 1.57 -3.56 -0.36 1.10 1.46 <-Median-> 10 Dividend Coverage Ratio CDN$
5 Year of Coverage 5.28 2.92 2.25 0.83 1.07 0.95 0.05 -0.24 0.00 5 Year of Caogerage CDN$
Market Cap in $M US$ $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 $1,847.3 $2,247.1 $2,247.1 $2,247.1 1.83 <-Total Growth 10 Market Cap 182.90% US$
Market Cap in $M CDN$ $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 $2,467.4 $2,935.8 $2,935.8 $2,935.8 1.72 <-Total Growth 10 Market Cap 172.34% CDN$
Diluted # of Shares in Million 37.007 37.034 37.074 37.101 37.101 37.084 35.826 34.871 34.601 34.473 34.473 34.441 33.826 33.91 33.91 -8.76% <-Total Growth 10 Diluted CDN$
Change 5.96% 0.07% 0.11% 0.07% 0.00% -0.05% -3.39% -2.67% -0.77% -0.37% 0.00% -0.09% -1.79% 0.26% 0.00% -0.91% <-IRR #YR-> 10 Diluted CDN$
Difference Diluted/Basic 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% -0.61% <-IRR #YR-> 5 Diluted CDN$
Change in Diluted Shares per Year CDN$
Basic # of Shares in Millions 37.007 37.034 37.074 37.101 37.101 37.084 35.826 34.871 34.601 34.473 34.473 34.441 33.826 33.91 33.91 -8.76% <-Total Growth 10 Basic CDN$
Change 6.16% 0.07% 0.11% 0.07% 0.00% -0.05% -3.39% -2.67% -0.77% -0.37% 0.00% -0.09% -1.79% 0.26% 0.00% -0.23% <-Median-> 10 Change CDN$
Difference 0.07% 0.00% 0.07% 0.00% 0.00% -1.54% -2.52% -0.05% -0.37% 0.00% 0.00% -0.61% -0.25% -0.75% -0.75% -0.15% <-Median-> 10 Difference CDN$
$177 <-12 mths 7.99%
# of Share in Millions 37.034 37.034 37.101 37.101 37.101 36.513 34.924 34.854 34.473 34.473 34.473 34.233 33.740 33.660 33.660 33.660 -0.94% <-IRR #YR-> 10 Shares -9.06% US$
Change 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% -0.24% 0.00% 0.00% -0.65% <-IRR #YR-> 5 Shares -3.20% US$
Cash Flow from Operations $M US$ $54.91 $72.58 $68.04 $58.89 $69.67 $98.51 $87.32 $109.37 $53.14 $68.33 $131.61 $146.28 $163.69 $188.97 $229.23 $263.20 140.57% <-Total Growth 10 Cash Flow US$
Increase 18.25% 32.18% -6.25% -13.45% 18.30% 41.39% -11.36% 25.26% -51.41% 28.59% 92.62% 11.14% 11.90% 15.44% 21.31% 14.82% Share Iss SO, Buybacks Cl B Shares Conv. US$
5 year Running Average $38.6 $46.6 $55.0 $60.2 $64.8 $73.5 $76.5 $84.8 $83.6 $83.3 $90.0 $101.7 $112.6 $139.8 $172.0 $198.3 104.83% <-Total Growth 10 CF 5 Yr Running US$
CFPS $1.48 $1.96 $1.83 $1.59 $1.88 $2.70 $2.50 $3.14 $1.54 $1.98 $3.82 $4.27 $4.85 $5.61 $6.81 $7.82 164.53% <-Total Growth 10 Cash Flow per Share US$
Increase 18.07% 32.18% -6.42% -13.45% 18.30% 43.67% -7.33% 25.51% -50.88% 28.59% 92.62% 11.92% 13.54% 15.72% 21.31% 14.82% 9.18% <-IRR #YR-> 10 Cash Flow 140.57% US$
5 year Running Average $1.11 $1.30 $1.51 $1.62 $1.75 $1.99 $2.10 $2.36 $2.35 $2.37 $2.60 $2.95 $3.29 $4.11 $5.07 $5.87 8.40% <-IRR #YR-> 5 Cash Flow 49.67% US$
P/CF on Med Price 12.74 16.11 10.67 12.53 11.50 7.91 12.33 7.10 19.19 11.01 6.62 7.30 8.43 10.13 0.00 0.00 10.22% <-IRR #YR-> 10 Cash Flow per Share 164.53% US$
P/CF on Closing Price 17.93 12.32 9.60 15.31 11.52 8.60 11.07 9.35 16.00 9.84 7.86 5.78 11.29 11.89 9.80 8.54 9.11% <-IRR #YR-> 5 Cash Flow per Share 54.61% US$
9.71% Diff M/C 6.62% <-IRR #YR-> 10 CFPS 5 yr Running 118.18% US$
$215.49 <-12 mths 8.93% US$
Excl.Working Capital CF US$ $10.7 $14.0 -$13.5 $15.5 $25.1 $20.6 $34.1 -$13.5 $3.9 $32.27 $18.35 $29.70 $34.13 $0.00 $0.00 $0.00 6.89% <-IRR #YR-> 5 CFPS 5 yr Running 39.53% US$
Cash Flow from Operations $M WC $65.65 $86.61 $54.53 $74.38 $94.82 $119.11 $121.41 $95.83 $57.04 $100.60 $149.97 $175.98 $197.82 $188.97 $229.23 $263.20 262.75% <-Total Growth 10 Cash Flow less WC US$
Increase 28.42% 31.94% -37.04% 36.40% 27.47% 25.63% 1.93% -21.07% -40.48% 76.36% 49.07% 17.34% 12.41% -4.48% 21.31% 14.82% 17.40% <-IRR #YR-> 10 Cash Flow less WC 262.75% US$
5 year Running Average $44.7 $56.1 $60.2 $66.5 $75.2 $85.9 $92.9 $101.1 $97.6 $98.8 $105.0 $115.9 $136.3 $162.7 $188.4 $211.0 15.60% <-IRR #YR-> 5 Cash Flow less WC 106.42% US$
CFPS Excl. WC $1.77 $2.34 $1.47 $2.00 $2.56 $3.26 $3.48 $2.75 $1.65 $2.92 $4.35 $5.14 $5.86 $5.61 $6.81 $7.82 8.52% <-IRR #YR-> 10 CF less WC 5 Yr Run 126.41% US$
Increase 28.24% 31.94% -37.15% 36.40% 27.47% 27.65% 6.57% -20.91% -39.82% 76.36% 49.07% 18.17% 14.05% -4.25% 21.31% 14.82% 6.15% <-IRR #YR-> 5 CF less WC 5 Yr Run 34.78% US$
5 year Running Average $1.29 $1.57 $1.66 $1.79 $2.03 $2.33 $2.55 $2.81 $2.74 $2.81 $3.03 $3.36 $3.99 $4.78 $5.56 $6.25 14.84% <-IRR #YR-> 10 CFPS - Less WC 298.87% US$
P/CF on Median Price 10.66 13.50 13.31 9.92 8.45 6.54 8.87 8.10 17.88 7.48 5.81 6.07 6.97 10.13 0.00 0.00 16.35% <-IRR #YR-> 5 CFPS - Less WC 113.23% US$
P/CF on Closing Price 14.99 10.32 11.97 12.12 8.47 7.11 7.96 10.67 14.91 6.68 6.90 4.80 9.34 11.89 9.80 8.54 9.17% <-IRR #YR-> 10 CFPS 5 yr Running 140.35% US$
*Operational Cash Flow. CF/-WC P/CF Med 10 yr 10.84 5 yr  7.30 P/CF Med 10 yr 8.28 5 yr  7.48 12.83% Diff M/C 7.24% <-IRR #YR-> 5 CFPS 5 yr Running 41.84% US$
$242.3 <-12 mths 7.99%
Cash Flow from Operations $M CDN$ $58.4 $84.2 $94.2 $79.1 $87.4 $134.4 $113.4 $139.3 $67.4 $92.54 $174.07 $210.48 $224.36 $265.1 $321.6 $369.2 138.11% <-Total Growth 10 Cash Flow CDN$
Increase 26.41% 44.18% 11.90% -16.08% 10.53% 53.76% -15.61% 22.79% -51.62% 37.37% 88.10% 20.92% 6.59% 18.16% 21.31% 14.82% Share Iss SO, Buybacks Cl B Shares Conv. CDN$
5 year Running Average $39.6 $49.7 $63.3 $72.4 $80.7 $95.9 $101.7 $110.7 $108.4 $109.4 $117.3 $136.7 $153.8 $193.3 $239.1 $278.2 142.91% <-Total Growth 10 CF 5 Yr Running CDN$
CFPS $1.58 $2.27 $2.54 $2.13 $2.36 $3.68 $3.25 $4.00 $1.95 $2.68 $5.05 $6.15 $6.65 7.876 9.554 10.97 161.83% <-Total Growth 10 Cash Flow per Share CDN$
Increase 26.23% 44.18% 11.70% -16.08% 10.53% 56.23% -11.77% 23.04% -51.09% 37.37% 88.10% 21.76% 8.15% 18.44% 21.31% 14.82% 9.06% <-IRR #YR-> 10 Cash Flow 138.11% CDN$
5 year Running Average $1.14 $1.39 $1.73 $1.95 $2.18 $2.60 $2.79 $3.08 $3.05 $3.11 $3.39 $3.97 $4.50 $5.68 $7.06 $8.24 10.01% <-IRR #YR-> 5 Cash Flow 61.12% CDN$
P/CF on Med Price 12.49 14.96 9.44 12.35 12.31 7.59 12.42 6.93 19.31 10.70 6.54 7.04 8.51 10.08 0.00 0.00 10.10% <-IRR #YR-> 10 Cash Flow per Share 161.83% CDN$
P/CF on Closing Price 18.02 11.63 9.62 15.06 11.54 8.76 10.82 9.52 16.27 9.93 8.06 5.84 11.00 11.07 9.13 7.95 10.73% <-IRR #YR-> 5 Cash Flow per Share 66.44% CDN$
15.27% Diff M/C 10.00% <-IRR #YR-> 10 CFPS 5 yr Running 159.31% CDN$
$295.34 <-12 mths 8.93% CDN$
Excl.Working Capital CF CDN$ $11.42 $16.28 -$18.71 $20.80 $31.55 $28.11 $44.28 -$17.23 $4.95 $43.71 $24.27 $42.73 $46.78 $0.00 $0.00 $0.00 7.85% <-IRR #YR-> 5 CFPS 5 yr Running 45.92% CDN$
Cash Flow from Operations $M WC $69.82 $100.48 $75.52 $99.87 $118.95 $162.49 $157.69 $122.02 $72.32 $136.25 $198.35 $253.21 $271.13 $265.10 $321.58 $369.25 259.04% <-Total Growth 10 Cash Flow less WC CDN$
Increase 37.29% 43.91% -24.84% 32.25% 19.10% 36.61% -2.96% -22.62% -40.73% 88.40% 45.57% 27.66% 7.08% -2.22% 21.31% 14.82% 13.64% <-IRR #YR-> 10 Cash Flow less WC 259.04% CDN$
5 year Running Average $45.8 $59.7 $68.1 $79.3 $92.9 $111.5 $122.9 $132.2 $126.7 $130.2 $137.3 $156.4 $186.3 $224.8 $261.9 $296.1 17.31% <-IRR #YR-> 5 Cash Flow less WC 122.21% CDN$
CFPS Excl. WC $1.89 $2.71 $2.04 $2.69 $3.21 $4.45 $4.52 $3.50 $2.10 $3.95 $5.75 $7.40 $8.04 $7.88 $9.55 $10.97 10.59% <-IRR #YR-> 10 CF less WC 5 Yr Run 173.54% CDN$
Increase 37.09% 43.91% -24.98% 32.25% 19.10% 38.81% 1.46% -22.47% -40.07% 88.40% 45.57% 28.56% 8.64% -1.99% 21.31% 14.82% 7.10% <-IRR #YR-> 5 CF less WC 5 Yr Run 40.88% CDN$
5 year Running Average $1.32 $1.67 $1.87 $2.14 $2.51 $3.02 $3.38 $3.67 $3.55 $3.70 $3.96 $4.54 $5.45 $6.60 $7.72 $8.77 14.72% <-IRR #YR-> 10 CFPS - Less WC 294.80% CDN$
P/CF on Median Price 10.45 12.53 11.78 9.78 9.05 6.27 8.93 7.91 17.98 7.27 5.74 5.85 7.04 10.08 0.00 0.00 18.08% <-IRR #YR-> 5 CFPS - Less WC 129.55% CDN$
P/CF on Closing Price 15.07 9.75 12.00 11.92 8.48 7.25 7.78 10.86 15.15 6.75 7.08 4.85 9.10 11.07 9.13 7.95 11.27% <-IRR #YR-> 10 CFPS 5 yr Running 191.03% CDN$
*Operational Cash Flow. CF/-WC P/CF Med 10 yr 9.61 5 yr  8.51 P/CF Med 10 yr 7.59 5 yr  7.04 45.91% Diff M/C 8.20% <-IRR #YR-> 5 CFPS 5 yr Running 48.31% CDN$
-$1.83 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.85 Cash Flow per Share US$
-$3.14 $0.00 $0.00 $0.00 $0.00 $4.85 Cash Flow per Share US$
-$1.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $3.29 CFPS 5 yr Running US$
-$2.36 $0.00 $0.00 $0.00 $0.00 $3.29 CFPS 5 yr Running US$
-$54.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $271.1 Cash Flow less WC US$
-$95.8 $0.0 $0.0 $0.0 $0.0 $197.8 Cash Flow less WC US$
-$60.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $136.3 CF less WC 5 Yr Run US$
-$101.1 $0.0 $0.0 $0.0 $0.0 $136.3 CF less WC 5 Yr Run US$
-$1.47 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $5.86 CFPS - Less WC US$
-$2.75 $0.00 $0.00 $0.00 $0.00 $5.86 CFPS - Less WC US$
-$2.54 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $6.65 Cash Flow per Share CDN$
-$4.00 $0.00 $0.00 $0.00 $0.00 $6.65 Cash Flow per Share CDN$
-$1.73 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $4.50 CFPS 5 yr Running CDN$
-$3.08 $0.00 $0.00 $0.00 $0.00 $4.50 CFPS 5 yr Running CDN$
-$75.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $271.1 Cash Flow less WC CDN$
-$122.0 $0.0 $0.0 $0.0 $0.0 $271.1 Cash Flow less WC CDN$
-$68.1 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $186.3 CF less WC 5 Yr Run CDN$
-$132.2 $0.0 $0.0 $0.0 $0.0 $186.3 CF less WC 5 Yr Run CDN$
-$2.04 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.04 CFPS - Less WC CDN$
-$3.50 $0.00 $0.00 $0.00 $0.00 $8.04 CFPS - Less WC CDN$
OPM Ratio CDN$ 17.99% 19.94% 23.29% 19.56% 17.51% 21.84% 17.33% 24.93% 11.84% 11.97% 19.25% 19.64% 19.68% 19.10% 20.77% -15.48% <-Total Growth 10 OPM CDN$
Increase -6.83% 10.84% 16.77% -15.99% -10.51% 24.72% -20.62% 43.81% -52.48% 1.06% 60.79% 2.02% 0.23% -2.96% 8.77% Should increase  or be stable. CDN$
Diff from Median -7.3% 2.8% 20.0% 0.8% -9.8% 12.5% -10.7% 28.5% -39.0% -38.3% -0.8% 1.2% 1.4% -1.6% 7.1% 0.00 <-Median-> 10 OPM CDN$
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 19.41% 5 Yrs 19.25% should be  zero, it is a   check on calculations CDN$
$215.91 <-12 mths 8.91%
Adjusted EBITDA US$ $103.54 $77.82 $78.02 $99.94 $118.54 $121.99 $96.47 $45.70 $99.96 $150.30 $176.07 $198.23 $239.72 $279.06 $306.72 154.74% <-Total Growth 10 Adjusted EBITDA US$
change -24.84% 0.26% 28.09% 18.60% 2.92% -20.92% -52.63% 118.74% 50.37% 17.15% 12.59% 20.93% 16.41% 9.91% 14.87% <-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 $2.90 38.16% <-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 $2.90 38.16% <-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% 23.83% 24.23% 25.29% 25.77% 23.74% <-Median-> 10 EBITDA Margins
$302.89 <-12 mths 11.48%
Adjusted EBITDA CDN$ $120.12 $107.76 $104.76 $125.38 $161.71 $158.45 $122.83 $57.93 $135.38 $198.79 $253.35 $271.70 $336.30 $391.50 $430.30 152.13% <-Total Growth 10 Adjusted EBITDA CDN$
change -10.29% -2.78% 19.68% 28.97% -2.02% -22.48% -52.83% 133.68% 46.83% 27.45% 7.24% 23.78% 16.41% 9.91% 13.46% <-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 $3.97 $4.07 $4.07 $4.07 36.75% <-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 $3.97 $4.07 $4.07 $4.07 36.75% <-Total Growth 10 Diluted
EBITDA Margins 28.45% 26.63% 25.92% 25.11% 26.27% 24.22% 21.99% 10.19% 17.51% 21.98% 23.64% 23.83% 24.23% 25.29% 25.77% 23.74% <-Median-> 10 EBITDA Margins
EBIT US$ $0.67 $35.16 $82.56 $97.51 $109.59 $114.90 $143.99 $155.32 <-Total Growth 4 EBIT US$
change 5125.70% 134.83% 18.10% 12.39% 4.85% 25.31% 7.87% 76.46% <-Median-> 4 change
Margins 0.15% 6.16% 12.07% 13.09% 13.18% 11.61% 13.05% 13.05% 12.07% <-Median-> 5 Margins
EBIT CDN$ $0.85 $47.62 $109.20 $140.30 $150.20 $161.20 $202.00 $217.90 <-Total Growth 4 EBIT CDN$
change 5482.65% 129.32% 28.48% 7.06% 7.32% 25.31% 7.87% 78.90% <-Median-> 4 change
Margins 0.15% 6.16% 12.07% 13.09% 13.18% 11.61% 13.05% 13.05% 12.07% <-Median-> 5 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 $198.01 $213.78 164.02% <-Total Growth 10 Bank Debt US$
Change -30.04% 0.00% 0.01% 0.00% 34.68% -22.32% 21.89% 45.23% 17.86% 4.28% 16.00% 7.96% 10.14% <-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 0.11 0.10 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 4.73 4.92 5.11 <-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 0.21 0.20 0.20 <-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 1.21 1.13 1.19 <-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 $271.39 $299.91 161.33% <-Total Growth 10 Bank Debt CDN$
Change -16.49% -3.04% -6.56% 8.74% 28.22% -23.85% 21.37% 55.15% 15.10% 13.45% 10.50% 10.51% 11.97% <-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 0.11 0.10 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 4.73 4.92 5.11 <-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 0.21 0.20 0.20 <-Median-> 10 Current Liabilities/Assets Ratio
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 1.21 1.13 1.19 <-Median-> 10 Debt to Cash Flow (Years) CDN$
Intangibles US$ $14.26 $11.97 $5.41 $5.57 $6.26 $9.96 $23.40 $24.09 $23.65 $21.83 $23.60 $24.34 $26.61 $23.80 392.37% <-Total Growth 10 Intangibles US$
Goodwill $1.63 $1.52 $1.40 $1.17 $1.21 $1.29 $1.19 $1.25 $1.27 $1.20 $1.23 $1.13 $1.18 $1.19 -18.21% <-Total Growth 10 Goodwill US$
Total $15.89 $13.50 $6.80 $6.75 $7.47 $11.25 $24.59 $25.34 $24.92 $23.03 $24.82 $25.47 $27.80 $24.99 308.61% <-Total Growth 10 Total US$
Change 142.62% -15.05% -49.60% -0.84% 11% 50.64% 118.50% 3.02% -1.62% -7.60% 7.78% 2.60% 9.15% -10.11% 5% <-Median-> 10 Change US$
Intangible/Market Cap Ratio 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 0.01 2% <-Median-> 10 Intangible/Market Cap Ratio US$
Intangibles CDN$ $15.17 $13.89 $7.49 $7.49 $7.86 $13.59 $30.40 $30.67 $29.99 $29.57 $31.21 $35.02 $36.48 $33.38 387.34% <-Total Growth 10 Intangibles CDN$
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 $1.67 -0.06% <-Total Growth 10 Goodwill CDN$
Total $16.79 $15.51 $9.11 $9.11 $9.48 $15.21 $32.02 $32.29 $31.61 $31.19 $32.83 $36.64 $38.10 $35.05 318.37% <-Total Growth 10 Total CDN$
Change 156.27% -7.60% -41.29% 0.00% 4% 60.48% 110.48% 0.85% -2.12% -1.31% 5.25% 11.62% 3.96% -7.99% 4.03% <-Median-> 10 Change CDN$
Intangible/Market Cap Ratio 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 0.01 0.02 <-Median-> 10 Intangible/Market Cap Ratio CDN$
Current Assets US$ $99.19 $123.07 $89.48 $122.84 $134.39 $165.00 $168.20 $148.22 $145.03 $181.66 $199.53 $206.29 $220.08 $229.71 145.95% <-Total Growth 10 Assets US$
Current Liabilities $41.04 $42.98 $29.07 $32.63 $43.61 $59.86 $100.92 $92.82 $102.21 $104.33 $138.41 $144.54 $161.11 $146.85 454.14% <-Total Growth 10 Liabilities US$
Liquidity Ratio 2.42 2.86 3.08 3.76 3.08 2.76 1.67 1.60 1.42 1.74 1.44 1.43 1.37 1.56 1.63 <-Median-> 10 Ratio US$
Curr Long Term Debt 33.83 33.83 33.83 33.83 4.15
Assets US$ $313.93 $382.98 $322.58 $341.36 $399.64 $442.67 $515.06 $489.23 $478.31 $533.00 $633.01 $669.42 $762.78 $722.68 Debt Ratio of 1.5 and up, best Current Ratio US$
Liabilities $153.09 $189.68 $129.27 $133.52 $145.76 $174.01 $260.46 $231.20 $256.51 $310.15 $388.02 $411.22 $466.70 $455.27 1.92 <-Median-> 10 Ratio US$
Debt Ratio 2.05 2.02 2.50 2.56 2.74 2.54 1.98 2.12 1.86 1.72 1.63 1.63 1.63 1.59 1.63 <-Median-> 5 Ratio US$
Estimates BVPS $10.60 $13.07 Estimates Estimates BVPS
Estimate Book Value $356.8 $440.0 Estimates Estimate Book Value
P/B Ratio (Close) 6.30 5.11 Estimates P/B Ratio (Close)
Difference from 10 year median 77.17% Diff M/C Estimates Difference from 10 yr med.
Check on BV $254.597 $258.026 $221.803
Book Value US$ $160.840 $193.301 $193.311 $207.843 $253.881 $268.657 $254.597 $258.026 $221.803 $222.847 $244.994 $258.200 $296.083 $267.402 $267.402 $267.402 53.16% <-Total Growth 10 Book Value US$
Book Value per share $4.34 $5.22 $5.21 $5.60 $6.84 $7.36 $7.29 $7.40 $6.43 $6.46 $7.11 $7.54 $8.78 $7.94 $7.94 $7.94 68.42% <-Total Growth 10 Book Value per Share US$
Increase 14.37% 20.18% -0.17% 7.52% 22.15% 7.52% -0.92% 1.55% -13.09% 0.47% 9.94% 6.13% 16.35% -9.47% 0.00% 0.00% 141.79% P/B Ratio Current/Historical Median US$
P/B Ratio (Median) 4.35 6.05 3.75 3.55 3.16 2.90 4.23 3.01 4.60 3.38 3.56 4.14 4.66 7.16 3.48 P/B Ratio Historical Median US$
P/B Ratio (Close) 6.12 4.62 3.38 4.34 3.16 3.15 3.80 3.96 3.83 3.02 4.22 3.27 6.24 8.40 8.40 8.40 5.35% <-IRR #YR-> 10 Book Value per Share 68.42% US$
Change 140.58% -24.43% -26.96% 28.41% -27.10% -0.29% 20.38% 4.38% -3.22% -21.33% 39.94% -22.44% 90.57% 34.69% 0.00% 0.00% 3.46% <-IRR #YR-> 5 Book Value per Share 18.54% US$
Leverage (A/BK) 1.95 1.98 1.67 1.64 1.57 1.65 2.02 1.90 2.16 2.39 2.58 2.59 2.58 2.70 2.58 <-Median-> 5 A/BV US$
Debt/Equity Ratio 0.95 0.98 0.67 0.64 0.57 0.65 1.02 0.90 1.16 1.39 1.58 1.59 1.58 1.70 1.58 <-Median-> 5 Debt/Eq Ratio US$
Shareholders' Equity (Assets less Liabilities) P/BV 10 yr Med 3.55 5 yr Med 4.14 136.39% Diff M/C 1.92 Historical Leverage (A/BK) US$
-$5.21 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $8.78
-$7.40 $0.00 $0.00 $0.00 $0.00 $8.78
Current Assets CDN$ $105.50 $142.77 $123.91 $164.94 $168.59 $225.10 $218.46 $188.72 $183.88 $246.03 $263.90 $296.82 $301.65 $322.3 143.43% <-Total Growth 10 Current Assets CDN$
Current Liabilities $43.65 $49.86 $40.26 $43.81 $54.71 $81.66 $131.07 $118.18 $129.59 $141.31 $183.07 $207.98 $220.81 $206.0 448.49% <-Total Growth 10 Current Liabilities CDN$
Liquidity Ratio 2.42 2.86 3.08 3.76 3.08 2.76 1.67 1.60 1.42 1.74 1.44 1.43 1.37 1.56 1.63 <-Median-> 10 Ratio CDN$
Liq. with CF aft div 3.45 4.28 5.09 5.25 4.40 4.17 2.38 2.60 1.77 2.26 2.26 2.32 2.27 2.72 2.26 <-Median-> 5 Ratio If Div = 0 CDN$
Liq. CF re  Inv+Div  1.16 1.58 2.97 3.82 2.01 2.27 1.37 1.83 1.33 1.59 1.43 1.57 1.45 2.72 1.45 <-Median-> 5 Ratio CDN$
Curr Long Term Debt $32.47 $31.83 $31.70 $45.82 $44.74 $48.68 $46.37 $5.83
Liquidity Less CLTD 2.22 2.19 1.88 2.58 1.91 1.86 1.73 1.61
Liq. with CF aft div 3.17 3.56 2.35 3.35 3.00 3.03 2.87 2.80
Assets CDN$ $333.90 $444.30 $446.69 $458.35 $501.35 $603.89 $668.96 $622.89 $606.41 $721.90 $837.22 $963.22 $1,045.47 $1,013.84 134.05% <-Total Growth 10 Assets CDN$
Liabilities $162.83 $220.05 $179.00 $179.28 $182.85 $237.39 $338.29 $294.37 $325.20 $420.07 $513.20 $591.70 $639.66 $638.70 257.35% <-Total Growth 10 Liabilities CDN$
Debt Ratio 2.05 2.02 2.50 2.56 2.74 2.54 1.98 2.12 1.86 1.72 1.63 1.63 1.63 1.59 1.92 <-Median-> 10 Ratio CDN$
Estimates BVPS $14.87 $18.34 Estimates Estimates BVPS
Estimate Book Value $500.5 $617.3 Estimates Estimate Book Value
P/B Ratio (Close) 5.87 4.76 Estimates P/B Ratio (Close)
Difference from 10 year median 67.22% Diff M/C Estimates Difference from 10 yr med.
Check on BV $301.82 $324.03 $371.52 $405.81 $375.14
Book Value $171.07 $224.25 $267.69 $279.07 $318.49 $366.50 $330.67 $328.52 $281.20 $301.82 $324.03 $371.52 $405.81 $375.14 $375.14 $375.138 51.60% <-Total Growth 10 Book Value CDN$
Book Value per share $4.62 $6.06 $7.22 $7.52 $8.58 $10.04 $9.47 $9.43 $8.16 $8.76 $9.40 $10.85 $12.03 $11.15 $11.15 $11.15 66.70% <-Total Growth 10 Book Value per Share CDN$
Increase 22.27% 31.09% 19.16% 4.25% 14.13% 16.93% -5.67% -0.45% -13.46% 7.33% 7.36% 15.46% 10.82% -7.34% 0.00% 0.00% 146.86% P/B Ratio Current/Historical Median CDN$
P/B Ratio (Median) 4.26 5.62 3.32 3.50 3.38 2.78 4.26 2.94 4.63 3.28 3.52 3.99 4.71 7.12 0.00 0.00 3.17 P/B Ratio Historical Median CDN$
P/B Ratio (Close) 6.15 4.37 3.38 4.27 3.17 3.21 3.71 4.03 3.90 3.05 4.33 3.31 6.08 7.83 7.83 7.83 5.24% <-IRR #YR-> 10 Book Value per Share 66.70% CDN$
Change 125.96% -29.00% -22.52% 26.09% -25.81% 1.48% 15.51% 8.72% -3.41% -21.87% 42.24% -23.67% 83.91% 28.71% 0.00% 0.00% 5.00% <-IRR #YR-> 5 Book Value per Share 27.60% CDN$
Leverage (A/BK) 1.95 1.98 1.67 1.64 1.57 1.65 2.02 1.90 2.16 2.39 2.58 2.59 2.58 2.70 2.58 <-Median-> 5 A/BV CDN$
Debt/Equity Ratio 0.95 0.98 0.67 0.64 0.57 0.65 1.02 0.90 1.16 1.39 1.58 1.59 1.58 1.70 1.58 <-Median-> 5 Debt/Eq Ratio CDN$
Shareholders' Equity (Assets less Liabilities) P/BV 10 yr Med 3.51 5 yr Med 3.99 123.11% Diff M/C 1.92 Historical Leverage (A/BK) CDN$
-$7.22 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $12.03
-$9.43 $0.00 $0.00 $0.00 $0.00 $12.03
$67.15 <-12 mths 16.30%
Comprehensive Income US$ $43.15 $57.33 $39.72 $19.09 $43.88 $63.07 $35.10 $16.23 -$9.43 $18.49 $39.86 $48.87 $57.74 45.35% <-Total Growth 10 Comprehensive Income US$
Increase 60.09% 32.87% -30.71% -51.94% 129.85% 43.75% -44.35% -53.75% -158.11% 296.01% 115.60% 22.59% 18.15% 22.59% <-Median-> 5 Comprehensive Income US$
5 Yr Running Average $26.80 $34.51 $38.72 $37.25 $40.63 $44.62 $40.17 $35.47 $29.77 $24.69 $20.05 $22.80 $31.11 3.81% <-IRR #YR-> 10 Comprehensive Income 45.35% US$
ROE 26.8% 29.7% 20.5% 9.2% 17.3% 23.5% 13.8% 6.3% -4.3% 8.3% 16.3% 18.9% 19.5% 28.89% <-IRR #YR-> 5 Comprehensive Income 255.72% US$
5Yr Median 26.8% 26.8% 26.8% 20.5% 20.5% 20.5% 17.3% 13.8% 13.8% 8.3% 8.3% 8.3% 16.3% -2.17% <-IRR #YR-> 10 5 Yr Running Average -19.67% US$
% Difference from Net Income 13.70% 25.25% 42.92% -11.35% -16.42% 26.87% -23.69% -16.50% -6.31% 1.09% -4.43% 2.08% -2.51% -2.59% <-IRR #YR-> 5 5 Yr Running Average -12.31% US$
Median Values Diff 5, 10 yr -5.4% -2.5% 16.3% <-Median-> 5 Return on Equity
-$39.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $57.7
-$16.2 $0.0 $0.0 $0.0 $0.0 $57.7
-$38.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $31.1
-$35.5 $0.0 $0.0 $0.0 $0.0 $31.1
Current Liability Coverage Ratio 1.60 2.02 1.88 2.28 2.17 1.99 1.20 1.03 0.56 0.96 1.08 1.22 1.23 1.29   CFO / Current Liabilities US$
5 year Median 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 1.22 1.21 <-Median-> 10 Current Liability Cov Ratio US$
Asset Efficiency Ratio 20.91% 22.62% 16.91% 21.79% 23.73% 26.91% 23.57% 19.59% 11.93% 18.87% 23.69% 26.29% 25.93% 26.15% CFO / Total Assets US$
5 year Median 22.49% 22.54% 22.54% 21.79% 21.79% 22.62% 23.57% 23.57% 23.57% 19.59% 19.59% 19.59% 23.69% 25.93% 23.6% <-Median-> 10 Return on Assets  US$
Return on Assets ROA 12.09% 11.95% 8.62% 6.31% 13.13% 11.23% 8.93% 3.97% -1.86% 3.43% 6.59% 7.15% 7.76% 9.90% Net  Income/Assets Return on Assets US$
5Yr Median 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% 7.15% 6.9% <-Median-> 10 Asset Efficiency Ratio US$
Return on Equity ROE 23.59% 23.68% 14.38% 10.36% 20.68% 18.50% 18.06% 7.53% -4.00% 8.21% 17.03% 18.54% 20.00% 26.76% Net Inc/ Shareholders' equity Return on Equity US$
5Yr Median 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% 18.54% 17.5% <-Median-> 10 Return on Equity US$
$60.80 <-12 mths 2.65%
Net Income US$ $37.95 $45.77 $27.79 $21.53 $52.49 $49.71 $45.99 $19.44 -$8.87 $18.29 $41.71 $47.87 $59.23 $71.57 $89.67 $97.30 113.09% <-Total Growth 10 Net Income US$
Increase 34.60% 20.62% -39.28% -22.53% 143.78% -5.30% -7.49% -57.73% -145.65% 306.13% 128.05% 14.77% 23.72% 20.83% 25.30% 8.51% EPS/CF Ratio should not be higher than 1.00 US$
5 Yr Running Average $25.8 $31.2 $33.0 $32.2 $37 $39 $40 $38 $32 $25 $23 $24 $32 $48 $62 $73 7.86% <-IRR #YR-> 10 Net Income 113.09% US$
Operating Cash Flow $54.9 $72.6 $68.0 $58.9 $69.7 $98.5 $87.3 $109.4 $53.1 $68.3 $131.6 $146.3 $163.7 24.96% <-IRR #YR-> 5 Net Income 204.70% US$
Investment Cash Flow -$86.28 -$84.94 -$28.66 -$16.42 -$65.16 -$68.38 -$97.03 -$49.45 -$42.70 -$59.95 -$106.64 -$99.37 -$125.04 -0.42% <-IRR #YR-> 10 5 Yr Running Average -4.15% US$
Total Accruals $69.3 $58.1 -$11.6 -$20.9 $48.0 $19.6 $55.7 -$40.5 -$19.3 $9.9 $16.7 $1.0 $20.6 -3.51% <-IRR #YR-> 5 5 Yr Running Average -16.35% US$
Total Assets $313.9 $383.0 $322.6 $341.4 $399.6 $442.7 $515.1 $489.2 $478.3 $533.0 $633.0 $669.4 $762.8 Balance Sheet Assets US$
Accruals Ratio 22.08% 15.18% -3.59% -6.13% 12.01% 4.42% 10.82% -8.27% -4.04% 1.86% 2.64% 0.14% 2.70% 1.86% <-Median-> 5 Ratio US$
EPS/CF Ratio (WC) 0.58 0.53 0.51 0.29 0.55 0.41 0.37 0.20 -0.16 0.18 0.28 0.27 0.30 0.28 <-Median-> 10 EPS/CF Ratio US$
-$27.8 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $59.2
-$19.4 $0.0 $0.0 $0.0 $0.0 $59.2
-$33.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $31.6
-$37.8 $0.0 $0.0 $0.0 $0.0 $31.6
Financial Cash Flow US$ $8.11 $21.44 -$35.37 -$14.31 -$16.22 -$30.56 -$19.73 -$52.85 -$19.88 -$7.18 -$21.92 -$41.16 -$48.50 C F Statement  Financial Cash Flow CDN$
Total Accruals $61.21 $36.70 $23.77 -$6.63 $64.20 $50.15 $75.44 $12.36 $0.56 $17.09 $38.67 $42.12 $69.08 Accruals CDN$
Accruals Ratio 19.50% 9.58% 7.37% -1.94% 16.06% 11.33% 14.65% 2.53% 0.12% 3.21% 6.11% 6.29% 9.06% 6.11% <-Median-> 5 Ratio CDN$
Yes 0
$92.04 <-12 mths 16.30%
Comprehensive Income CDN$ $45.89 $66.51 $55.01 $25.63 $55.04 $86.04 $45.58 $20.67 -$11.96 $25.04 $52.72 $70.32 $79.14 43.87% <-Total Growth 10 Comprehensive Income CDN$
Increase 71.15% 44.93% -17.30% -53.40% 114.75% 56.32% -47.02% -54.66% -157.87% 309.39% 110.54% 33.37% 12.54% 33.37% <-Median-> 5 Comprehensive Income CDN$
5 Yr Running Average $27.57 $36.94 $44.23 $43.97 $49.62 $57.65 $53.46 $46.59 $39.07 $33.07 $26.41 $31.36 $43.05 3.70% <-IRR #YR-> 10 Comprehensive Income 43.87% CDN$
ROE 26.8% 29.7% 20.5% 9.2% 17.3% 23.5% 13.8% 6.3% -4.3% 8.3% 16.3% 18.9% 19.5% 30.81% <-IRR #YR-> 5 Comprehensive Income 282.93% CDN$
5Yr Median 26.8% 26.8% 26.8% 20.5% 20.5% 20.5% 17.3% 13.8% 13.8% 8.3% 8.3% 8.3% 16.3% -0.27% <-IRR #YR-> 10 5 Yr Running Average -2.66% CDN$
% Difference from Net Income 13.70% 25.25% 42.92% -11.35% -16.42% 26.87% -23.69% -16.50% -6.31% 1.09% -4.43% 2.08% -2.51% -1.57% <-IRR #YR-> 5 5 Yr Running Average -7.60% CDN$
Median Values Diff 5, 10 yr -5.4% -2.5% 16.3% <-Median-> 5 Return on Equity
-$55.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $79.1
-$20.7 $0.0 $0.0 $0.0 $0.0 $79.1
-$44.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $43.1
-$46.6 $0.0 $0.0 $0.0 $0.0 $43.1
Current Liability Coverage Ratio 1.60 2.02 1.88 2.28 2.17 1.99 1.20 1.03 0.56 0.96 1.08 1.22 1.23 1.29   CFO / Current Liabilities CDN$
5 year Median 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 1.22 1.21 <-Median-> 10 Current Liability Cov Ratio CDN$
Asset Efficiency Ratio 20.91% 22.62% 16.91% 21.79% 23.73% 26.91% 23.57% 19.59% 11.93% 18.87% 23.69% 26.29% 25.93% 26.15% CFO / Total Assets CDN$
5 year Median 22.49% 22.54% 22.54% 21.79% 21.79% 22.62% 23.57% 23.57% 23.57% 19.59% 19.59% 19.59% 23.69% 25.93% 23.6% <-Median-> 10 Return on Assets  CDN$
Return on Assets ROA 12.09% 11.95% 8.62% 6.31% 13.13% 11.23% 8.93% 3.97% -1.86% 3.43% 6.59% 7.15% 7.76% 9.90% Net  Income/Assets Return on Assets CDN$
5Yr Median 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% 7.15% 6.9% <-Median-> 10 Asset Efficiency Ratio CDN$
Return on Equity ROE 23.59% 23.68% 14.38% 10.36% 20.68% 18.50% 18.06% 7.53% -4.00% 8.21% 17.03% 18.54% 20.00% 26.76% Net Inc/ Shareholders' equity Return on Equity CDN$
5Yr Median 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% 18.54% 17.5% <-Median-> 10 Return on Equity CDN$
$83.33 <-12 mths 2.65%
Net Income CDN$ $40.36 $53.10 $38.49 $28.91 $65.85 $67.82 $59.73 $24.75 -$11.25 $24.77 $55.17 $68.88 $81.18 $100.4 $125.8 $136.5 110.92% <-Total Growth 10 Net Income CDN$
Increase 43.90% 31.56% -27.52% -24.88% 127.77% 2.98% -11.92% -58.57% -145.45% 320.21% 122.70% 24.86% 17.85% 23.68% 25.30% 8.51% EPS/CF Ratio should not be higher than 1.00 CDN$
5 Yr Running Average $26.5 $33.2 $37.2 $37.8 $45 $51 $52 $49 $41 $33 $31 $32 $44 $66 $86 $103 7.75% <-IRR #YR-> 10 Net Income 110.92% CDN$
Operating Cash Flow $58.4 $84.2 $94.2 $79.1 $87.4 $134.4 $113.4 $139.3 $67.4 $92.5 $174.1 $210.5 $224.4 26.82% <-IRR #YR-> 5 Net Income 228.00% CDN$
Investment Cash Flow -$91.77 -$98.54 -$39.68 -$22.05 -$81.74 -$93.29 -$126.03 -$62.96 -$54.13 -$81.2 -$141.0 -$143.0 -$171.4 1.65% <-IRR #YR-> 10 5 Yr Running Average 17.73% CDN$
Total Accruals $73.7 $67.4 -$16.1 -$28.1 $60.2 $26.7 $72.4 -$51.5 -$24.5 $13.4 $22.1 $1.4 $28.2 -2.40% <-IRR #YR-> 5 5 Yr Running Average -11.46% CDN$
Total Assets $333.9 $444.3 $446.7 $458.3 $501.3 $603.9 $669.0 $622.9 $606.4 $721.9 $837.2 $963.2 $1,045.5 Balance Sheet Assets CDN$
Accruals Ratio 22.08% 15.18% -3.59% -6.13% 12.01% 4.42% 10.82% -8.27% -4.04% 1.86% 2.64% 0.14% 2.70% 1.86% <-Median-> 5 Ratio CDN$
EPS/CF Ratio (WC) 0.58 0.53 0.51 0.29 0.55 0.41 0.37 0.20 -0.16 0.18 0.28 0.27 0.30 0.28 <-Median-> 10 EPS/CF Ratio CDN$
-$38.5 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $81.2
-$24.7 $0.0 $0.0 $0.0 $0.0 $81.2
-$37.2 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $43.8
-$49.4 $0.0 $0.0 $0.0 $0.0 $43.8
Change in Close 176.28% -6.93% -7.67% 31.45% -15.33% 18.65% 8.96% 8.22% -16.41% -16.14% 52.70% -11.86% 103.82% 19.27% 0.00% 0.00% Count 29 Years of data CDN$
up/down down down down up down down up Count 18 62.07% CDN$
Meet Prediction? yes % right Count 6 33.33% CDN$
Financial Cash Flow CDN$ $8.62 $24.87 -$48.97 -$19.21 -$20.35 -$41.69 -$25.63 -$67.28 -$25.20 -$9.7 -$29.0 -$59.2 -$66.5 -35.74% <-Total Growth 10 Financial Cash Flow CDN$
Total Accruals $65.11 $42.57 $32.92 -$8.91 $80.54 $68.41 $97.98 $15.74 $0.72 $23.14 $51.14 $60.61 $94.68 Accruals CDN$
Accruals Ratio 19.50% 9.58% 7.37% -1.94% 16.06% 11.33% 14.65% 2.53% 0.12% 3.21% 6.11% 6.29% 9.06% 6.11% <-Median-> 5 Ratio CDN$
Yes 0
Cash US$ $8.107 $16.509 $21.956 $22.643 $36.752 $35.408 $6.776 $13.584 $4.137 $5.398 $8.513 $14.617 $4.768 $6.472 Cash US$
Cash per Share $0.22 $0.45 $0.59 $0.61 $0.99 $0.97 $0.19 $0.39 $0.12 $0.16 $0.25 $0.43 $0.14 $0.19 $0.16 <-Median-> 5 Cash per Share US$
Percentage of Stock Price 0.82% 1.85% 3.36% 2.51% 4.58% 4.18% 0.70% 1.33% 0.49% 0.80% 0.82% 1.73% 0.26% 0.29% 0.80% <-Median-> 5 % of Stock Price US$
Cash CDN$ $8.62 $19.15 $30.40 $30.40 $46.11 $48.30 $8.80 $17.30 $5.25 $7.31 $11.26 $21.03 $6.54 $9.080 Cash CDN$
Cash per Share $0.23 $0.52 $0.82 $0.82 $1.24 $1.32 $0.25 $0.50 $0.15 $0.21 $0.33 $0.61 $0.19 $0.27 $0.21 <-Median-> 5 Cash per Share CDN$
Percentage of Stock Price 0.82% 1.96% 3.36% 2.55% 4.57% 4.10% 0.72% 1.30% 0.48% 0.80% 0.80% 1.71% 0.26% 0.31% 0.80% <-Median-> 5 % of Stock Price CDN$
Notes:
August 3, 2026.  Last estimates were for 2025, 2026, 2027 in CDN$ of $1107M, $1193M, $1264M Revenue, $2.65, $3.38, $3.92 EPS, $0.74, $0.76, $0.75 Dividends, 
$101.3 2025 FCF, $6.858, $7.607, $8.654 CFPS, $575.7< $304.4. $325.3 EBITDS, $12.43, $15.22 2025/6 BVPS, $91.1M, $101M, $132.2M
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 2018 Aug 17 2019 Aug 15 2020 Aug 7 2021 Aug 7 2022 Aug 5 2023 Aug 4 2024 Aug 1 2025 Aug 3 2026
Blackadar, Robert George 0.019 0.06% 0.039 0.11% 0.046 0.13% 0.048 0.14% 0.054 0.16% new in 2022 12.88%
CEO - Shares - Amount $0.511 $1.594 $1.649 $3.507 $4.721
Options - percentage 0.058 0.17% 0.111 0.32% 0.153 0.45% 0.159 0.47% 0.130 0.39% -17.96%
Options - amount $1.544 $4.533 $5.489 $11.592 $11.342
Vanderberg, Paul James 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 $1.983 $2.513 $3.442 $2.877 $2.413
Options - percentage 0.31% 0.095 0.27% 0.146 0.42% 0.171 0.49% 0.238 0.69%
Options - amount $3.651 $3.342 $5.561 $5.420 $6.351
Dawson, Robert 0.004 0.01% 0.006 0.02% 0.006 0.02% 0.006 0.02% new in 2023 0.00%
CFO - Shares - Amount $0.163 $0.201 $0.410 $0.488
Options - percentage 0.022 0.06% 0.044 0.13% 0.066 0.20% 0.062 0.18% -5.48%
Options - amount $0.906 $1.577 $4.823 $5.437
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% 0.001 0.00% 0.00%
Officer - Shares - Amount $0.000 $0.024 $0.103 $0.123
Options - percentage 0.013 0.04% 0.030 0.09% 0.043 0.13% 0.040 0.12% -6.94%
Options - amount $0.549 $1.074 $3.152 $3.498
Bronicheski, David John 0.010 0.03% 0.011 0.03% 0.011 0.03% 0.011 0.03% 0.011 0.03% 0.012 0.04% 9.09%
Director - Shares - Amount $0.327 $0.293 $0.448 $0.395 $0.804 $1.047
Options - percentage 0.005 0.01% 0.015 0.04% 0.034 0.10% 0.037 0.11% 0.041 0.12% 0.043 0.13% 5.12%
Options - amount $0.157 $0.398 $1.379 $1.314 $2.965 $3.717
Cuskley, Stephanie 0.013 0.04% 0.003 0.01% 0.003 0.01% 0.00%
Director - Shares - Amount $0.475 $0.213 $0.254
Options - percentage 0.005 0.01% 0.022 0.06% 0.024 0.07% 8.99%
Options - amount $0.168 $1.587 $2.062
Graham George Keith 0.013 0.04% 0.013 0.04% 0.013 0.04% 0.00%
Director - Shares - Amount $0.449 $0.914 $1.090
Options - percentage 0.012 0.03% 0.015 0.05% 0.017 0.05% 12.34%
Options - amount $0.415 $1.118 $1.498
Derwin, William 0.005 0.01% 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 $0.366 $0.436
Options - percentage 0.025 0.07% 0.057 0.16% 0.060 0.18% 0.065 0.19% 0.067 6.69% 3.51%
Options - amount $0.679 $2.303 $2.169 $4.723 $5.831
Jones, Stephen J. 0.000 0.00% 0.006 0.02% 0.006 0.02% 0.006 0.02% 0.00%
Chairman - Shares - Amt $0.000 $0.197 $0.402 $0.480
Options - percentage 0.020 0.06% 0.025 0.07% 0.031 0.09% 0.032 0.10% 5.17%
Options - amount $0.826 $0.891 $2.256 $2.830
Roane, Glen Dawson 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 $2.603 $1.314 $2.221 $1.698 $2.757 $5.431
Options - percentage 0.14% 0.054 0.15% 0.059 0.17% 0.064 0.18% 0.070 0.20% 0.146 0.42%
Options - amount $1.607 $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% 0.041 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% 0.565 1.68% Find Share-based plans
due to SO  $0.000 $1.317 $6.329 $5.269 $8.863 $8.272 $12.831 $22.996 $41.352 Share-based compensation
Book Value $0.000 $1.288 $11.039 $4.575 $9.054 $6.562 $13.200 $26.800 $54.200 Share based plans  paid CF
Insider Buying -$0.934 -$3.032 -$2.050 -$1.193 -$3.068 -$3.068 -$2.209 -$0.575 -$0.450
Insider Selling $0.029 $3.343 $0.034 $1.527 $0.395 $0.883 $5.595 $0.000 $0.000
Net Insider Selling -$0.905 $0.311 -$2.016 $0.333 -$2.673 -$2.185 $3.386 -$0.575 -$0.450
% of Market Cap -4.51% 1.08% -9.37% 0.98% -8.46% -5.74% 8.90% -1.30% -1.12%
Directors 8 9 9 9 10 9 10 10
Women 14% 2 25% 2 22% 2 22% 3 33% 3 30% 3 33% 3 30% 3 30%
Minorities 0% 0 0% 0 0% 0 0% 0 0% 0 0% 0 0% 1 10% 1 10%
Institutions/Holdings 69.39% 94 56.37% 20 29.31% 20 38.82% 20 22.05% 20 40.21% 20 44.15% 20 48.08%
Total Shares Held 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% 16.185 47.97%
Increase/Decrease -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% -0.224 -1.37%
Starting No. of Shares 20.612 10.524 12.662 7.632 13.790 16.320 16.409
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