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.                        
While I try to be accurate, I assume no responsibility for any figure in this spreadsheet.
See my website on stocks or see my blog at the following sites.    www.spbrunner.com/stocks.html   www.spbrunner.blogspot.com/                                      
AltaGas Ltd       www.altagas.ca     ALA   Fiscal Yr: Dec 31                                            
Year 12/31/99 12/31/00 12/31/01 12/31/02 12/31/03 12/31/04 12/31/05 12/31/06 12/31/07 12/31/08 12/31/09 12/31/10 12/31/11 12/30/12       #Y                            
Accting Rules C. GAAP                                      
Revenue* $257.8 $506.7 $489.8 $484.1 $710.6 $859.2 $1,502.3 $1,362.6 $1,428.4 $1,816.8 $1,268.3 $1,354.1       167.21% <-Total Growth 10 Revenue                          
Increase 111.19% 96.56% -3.35% -1.16% 46.79% 20.91% 74.85% -9.30% 4.83% 27.19% -30.19% 6.76%       10.33% <-IRR #YR-> 10 Revenue                          
Rev per Share $6.81 $13.26 $12.72 $10.71 $15.55 $16.15 $27.49 $24.16 $24.59 $25.27 $15.79 $16.41       -2.06% <-IRR #YR-> 5 Revenue                          
P/S (Price/Sales) 0.88 0.40 0.55 0.88 0.98 1.43 1.02 1.08 1.08 0.68 1.19 1.32       2.16% <-IRR #YR-> 10 Rev per share                        
*Revenue in M CDN $              P/S 10 Yrs 1.05 5Yrs 1.08       -9.81% <-IRR #YR-> 5 Rev per share                        
                                                                 
    -$506.7 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $0.0 $1,354.1                                        
              -$1,502.3 $0.0 $0.0 $0.0 $0.0 $1,354.1                                        
                                     
EPS* $0.42 $0.44 $0.49 $0.67 $0.84 $1.31 $1.67 $2.06 $1.89 $2.36 $1.79 $1.19 $1.00 $1.15   170.45% <-Total Growth 10 Earnings                          
Increase 10.53% 4.76% 11.36% 36.73% 25.37% 55.95% 27.48% 23.35% -8.25% 24.87% -24.15% -33.52% -15.97% 15.00%   10.46% <-IRR #YR-> 10 Earnings                          
* ESP per share                                -6.55% <-IRR #YR-> 5 Earnings                          
    -$0.44 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.19                                        
              -$1.67 $0.00 $0.00 $0.00 $0.00 $1.19                                        
                                                                 
Div*   Start--> $0.18 $0.28 $0.38 $1.31 $1.85 $2.00 $2.07 $2.13 $2.16 $1.74 $1.32 $1.32   357.89% <-Total Growth 7 Dividends                          
Increase       55.56% 35.71% 244.74% 41.22% 7.84% 3.51% 2.91% 1.65% -19.44% -24.14% 0.00%   7.84% <-Median-> 9 Dividends                          
Yield H/L     2.84% 2.68% 3.05% 6.80% 6.90% 7.57% 7.82% 10.37% 13.69% 9.00%       7.23% <-Median-> 10 Dividends                          
Yield on Cl     2.59% 2.98% 2.48% 5.66% 6.62% 7.61% 7.81% 12.35% 11.49% 8.02% 5.07% 5.07%   7.12% <-Median-> 10 Dividends                          
Payout Ratio     36.7% 41.8% 45.2% 100.0% 110.8% 96.8% 109.3% 90.0% 120.7% 146.2% 132.0% 114.8%   98.42% <-Median-> 10 Dividends                          
Payout Ratio CF     15.3% 16.8% 18.0% 47.2% 90.0% 76.6% 65.5% 74.4% 94.2% 74.6% 53.7% 48.9%   69.92% <-Median-> 10 Dividends                          
Median 5 Yrs   Div Yd 8.16% in 5 yrs 13.14% in 10 yrs Yield  9.00% 8.02% Payout 109.26% 74.56%       28.67% <-IRR #YR-> 9 Dividends                          
* Dividends per share    10.0% 5 10.0% 10                   -1.22% <-IRR #YR-> 5 Dividends                          
                                                                 
      -$0.18 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $1.74                                        
              -$1.85 $0.00 $0.00 $0.00 $0.00 $1.74                                        
                                                                 
I am earning             Pension $18.13 2010 7.28% Canadian $17.41 2009 7.58%                                    
H/LYield held 5 yrs     16.32% 33.04% 31.44% 19.75% 17.05% 11.21% 6.49% 5.01% 5.00%   Ave H/L Yield on your  Dividends                          
H/LYield held 10 yrs 26.92% 31.07% 20.80% 12.63%   Ave H/L original money Dividends                          
                               
Graham Price $7.58 $8.04 $8.63 $10.59 $12.26 $16.37 $18.14 $20.86 $20.69 $26.59 $22.94 $19.82 $18.17 $19.49   Cl Pr higher/lower by?   Graham Price                        
Prem/Disc High 32.56% -17.25% -8.02% 36.07% 24.82% 43.21% 73.04% 49.44% 38.97% 3.42% -17.42% 11.74%       30.44% <-Median-> 10 Graham Price                        
Prem/Disc H/L 5.85% -30.31% -26.50% -1.28% 1.69% 17.73% 47.77% 26.38% 27.66% -22.90% -31.20% -2.46%       0.21% <-Median-> 10 Graham Price                        
Prem/Disc Low -20.86% -43.38% -44.97% -38.62% -21.44% -7.75% 22.49% 3.32% 16.35% -49.23% -44.98% -16.66%       -19.05% <-Median-> 10 Graham Price                        
Prem/Disc CL -20.86% -34.67% -19.37% -11.14% 24.82% 41.43% 54.08% 25.61% 27.81% -35.31% -18.03% 9.47% 43.42% 33.74%   17.15% <-Median-> 10 Graham Price                        
                                                                 
Price Cl $6.00 $5.25 $6.96 $9.41 $15.30 $23.15 $27.95 $26.20 $26.44 $17.20 $18.80 $21.70 $26.06 $26.06   211.78% <-Total Growth 9 Stock Price                          
Increase   -12.50% 32.57% 35.20% 62.59% 51.31% 20.73% -6.26% 0.92% -34.95% 9.30% 15.43% 20.09% 0.00%   15.25% <-IRR #YR-> 10 Stock Price                          
P/E 14.29 11.93 14.20 14.04 18.21 17.67 16.74 12.72 13.99 7.29 10.50 18.24 26.06 22.66   -4.94% <-IRR #YR-> 5 Stock Price                          
Trailing P/E 15.79 12.50 15.82 19.20 22.84 27.56 21.34 15.69 12.83 9.10 7.97 12.12 21.90 26.06   25.62% <-IRR #YR-> 10 Price & Div                          
Median 5 Yrs     7.95% 10.37% Div %  5, 10 yrs   Price Inc 0.92% P/E: Y-T 12.72 12.1       3.01% <-IRR #YR-> 5 Price & Div                          
                                                                 
    -$5.25 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $21.70                                        
              -$27.95 $0.00 $0.00 $0.00 $0.00 $21.70                                        
    -$5.25 $0.00 $0.00 $0.38 $1.31 $1.85 $2.00 $2.07 $2.13 $2.16 $23.44                                        
              -$27.95 $2.00 $2.07 $2.13 $2.16 $23.44                                        
                                                                 
Price Average H/L $8.03 $5.60 $6.35 $10.46 $12.47 $19.27 $26.81 $26.36 $26.41 $20.50 $15.78 $19.34       204.73% <-Total Growth 9 Stock Price                          
Increase   -30.22% 13.30% 64.78% 19.23% 54.59% 39.10% -1.66% 0.19% -22.38% -23.02% 22.53%       13.19% <-IRR #YR-> 10 Stock Price                          
P/E 19.11 12.73 12.95 15.60 14.84 14.71 16.05 12.80 13.97 8.69 8.82 16.25       -6.32% <-IRR #YR-> 5 Stock Price                          
Trailing P/E 21.12 13.33 14.42 21.34 18.60 22.94 20.46 15.78 12.82 10.85 6.69 10.80       24.77% <-IRR #YR-> 10 Price & Div                          
Median 5 Yrs     8.52% 11.58% Div %  5, 10 yrs   Price Inc -1.66% P/E: Y-T 12.80 10.8       2.20% <-IRR #YR-> 5 Price & Div                          
                                                                 
    -$5.60 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $19.34                                        
              -$26.81 $0.00 $0.00 $0.00 $0.00 $19.34                                        
    -$5.60 $0.18 $0.28 $0.38 $1.31 $1.85 $2.00 $2.07 $2.13 $2.16 $21.08                                        
              -$26.81 $2.00 $2.07 $2.13 $2.16 $21.08                                        
                                                                 
Hi Mths Aug May Jun Jun Dec Dec Sep Feb Jul Jun Oct Dec                                        
Price Hi $10.05 $6.65 $7.94 $14.41 $15.30 $23.44 $31.39 $31.17 $28.75 $27.50 $18.94 $22.15       178.97% <-Total Growth 9 Stock Price                          
Increase #DIV/0! -33.83% 19.40% 81.49% 6.18% 53.20% 33.92% -0.70% -7.76% -4.35% -31.13% 16.95%       12.79% <-IRR #YR-> 10 Stock Price                          
P/E 23.93 15.11 16.20 21.51 18.21 17.89 18.80 15.13 15.21 11.65 10.58 18.61       -6.74% <-IRR #YR-> 5 Stock Price                          
Trailing P/E 26.45 15.83 18.05 29.41 22.84 27.90 23.96 18.66 13.96 14.55 8.03 12.37                                        
Median 5 Yrs               Price Inc -4.35% P/E: Y-T 15.13 14.0                                        
                                                                 
    -$6.65 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $22.15                                        
              -$31.39 $0.00 $0.00 $0.00 $0.00 $22.15                                        
                                                                 
Low Mths Dec Nov Mar Feb Jan Jan Mar Apr Mar Dec Mar May                                        
Price Low $6.00 $4.55 $4.75 $6.50 $9.63 $15.10 $22.22 $21.55 $24.07 $13.50 $12.62 $16.52       247.79% <-Total Growth 9 Stock Price                          
Increase #DIV/0! -24.17% 4.40% 36.84% 48.15% 56.80% 47.15% -3.02% 11.69% -43.91% -6.52% 30.90%       13.76% <-IRR #YR-> 10 Stock Price                          
P/E 14.29 10.34 9.69 9.70 11.46 11.53 13.31 10.46 12.74 5.72 7.05 13.88       -5.76% <-IRR #YR-> 5 Stock Price                          
Trailing P/E 15.79 10.83 10.80 13.27 14.37 17.98 16.96 12.90 11.68 7.14 5.35 9.23                                        
Median 5 Yrs               Price Inc -3.02% P/E: Y-T 10.46 9.2                                        
                                                                 
    -$4.55 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $16.52                                        
                                                                 
Market Cap $227 $201 $268 $425 $699 $1,231 $1,527 $1,478 $1,536 $1,237 $1,510 $1,791 $2,151 $2,151         Market Cap                          
                                                               
# of Sh in M 37.838 38.225 38.500 45.200 45.700 53.196 54.648 56.402 58.098 71.905 80.300 82.526 82.526 82.526   Shareholders' Capital   Shares                          
Increase 100.53% 1.02% 0.72% 17.40% 1.11% 16.40% 2.73% 3.21% 3.01% 23.77% 11.68% 2.77% 0.00% 0.00%   8.28% <-Average 10 Shares                          
CF fr Op $M 24.0 21.5 45.4 75.3 96.5 147.7 112.3 146.9 183.3 205.4 184.1 192.6 203.0 222.8   793.94% <-Total Growth 10 Cash Flow                          
Increase 163.43% -10.08% 110.75% 65.81% 28.14% 53.11% -23.96% 30.76% 24.80% 12.09% -10.37% 4.58% 5.42% 9.76%                                    
OPS $0.63 $0.56 $1.18 $1.67 $2.11 $2.78 $2.06 $2.60 $3.15 $2.86 $2.29 $2.33 $2.46 $2.70   314.06% <-Total Growth 10 Cash Flow                          
Increase 31.37% -11.00% 109.24% 41.23% 26.74% 31.54% -25.98% 26.69% 21.16% -9.43% -19.74% 1.76% 5.42% 9.76% 15.27% <-IRR #YR-> 10 Cash Flow                          
Non-Cash CF $5.02 $19.63 $4.92 -$6.09 -$6.29 -$39.33 $16.54 $14.26 -$20.72 $10.89 $17.73 $1.94     2.57% <-IRR #YR-> 5 Cash Flow                          
OPS non-cash $0.77 $1.08 $1.31 $1.53 $1.97 $2.04 $2.36 $2.86 $2.80 $3.01 $2.51 $2.36 $2.46 $2.70 8.15% <-IRR #YR-> 10 Cash Flow                          
Increase 58.89% 40.64% 21.35% 17.12% 28.91% 3.25% 15.73% 21.15% -2.05% 7.53% -16.44% -6.24%     -0.01% <-IRR #YR-> 5 Cash Flow                          
P/O on Cl 7.83 4.87 5.33 6.15 7.75 11.36 11.85 9.17 9.45 5.72 7.48 9.21 10.59 9.65                                    
*Operational Cash Flow per share       P/CF 10 Yrs 8.46 5 Yrs 9.17                              
-$0.56 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.33                              
-$2.06 $0.00 $0.00 $0.00 $0.00 $2.33                              
-$1.08 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $2.36                              
-$2.36 $0.00 $0.00 $0.00 $0.00 $2.36                              
                                                                 
OPM 9.3% 4.3% 9.3% 15.6% 13.6% 17.2% 7.5% 10.8% 12.8% 11.3% 14.5% 14.2%     should be zero, it is a check on calculations                                
Diff from Ave -29.6% -67.8% -29.8% 17.8% 2.8% 30.2% -43.4% -18.4% -2.8% -14.4% 10.0% 7.7%       0.00% <-Median-> 10 OPM                          
*Operational Profit Margin (CF/Revenue) Ratio OPM 10 Yrs 13.20% 5 Yrs 12.83%                                        
                                                               
Curr Assets $49.29 $118.25 $79.19 $107.95 $96.15 $194.82 $252.26 $263.40 $290.85 $389.25 $331.82 $304.03       Liq ratio of 1.5 and up, best   Assets                          
Curr Liab. $40.14 $92.52 $145.46 $135.12 $87.08 $301.33 $254.27 $239.69 $274.51 $348.58 $861.11 $323.27       0.87 <-Average 10 Liability                          
Liquidity 1.23 1.28 0.54 0.80 1.10 0.65 0.99 1.10 1.06 1.12 0.39 0.94       0.92 <-Average 5 Ratio                          
Cur. Lg Term Debt                   $591.14 $1.51                                        
                      1.23 0.94                                        
                                                                 
Assets $429.16 $571.42 $709.00 $889.20 $919.26 $1,108.6 $1,068.3 $1,109.6 $1,172.7 $2,163.6 $2,629.1 $2,751.7       A/L ratio of 1.5 and up, best   Assets                          
Liab. $199.03 $322.08 $448.79 $552.94 $555.9 $625.1 $589.7 $580.2 $588.0 $1,206.1 $1,580.2 $1,540.7       1.76 <-Average 10 Liability                          
Asset/Liabity R. 2.16 1.77 1.58 1.61 1.65 1.77 1.81 1.91 1.99 1.79 1.66 1.79       1.83 <-Average 5 Ratio                          
                                                                 
Book Value $230 $249 $260 $336 $363 $484 $479 $529 $585 $957 $1,049 $1,211 $1,211 $1,211   385.69% <-Total Growth 10 Book Value                          
BV per share $6.08 $6.52 $6.76 $7.44 $7.95 $9.09 $8.76 $9.39 $10.06 $13.32 $13.06 $14.67 $14.67 $14.67   124.97% <-Total Growth 10 Book Value                          
Change -10.89% 7.25% 3.61% 10.07% 6.87% 14.33% -3.65% 7.18% 7.22% 32.31% -1.90% 12.35% 0.00% 0.00%   0.8690 Current/Historical   Book Value                          
P/BV (CL) 0.99 0.80 1.03 1.26 1.92 2.55 3.19 2.79 2.63 1.29 1.44 1.48 1.78 1.78 8.45% <-IRR #YR-> 10 Book Value                          
Change #DIV/0! -18.41% 27.95% 22.83% 52.14% 32.34% 25.31% -12.54% -5.88% -50.83% 11.42% 2.74% 20.09% 0.00% 10.88% <-IRR #YR-> 5 Book Value                          
Leverage (A/BK) 1.86 2.29 2.72 2.64 2.53 2.29 2.23 2.10 2.01 2.26 2.51 2.27 0.00 0.00   2.28 <-Median-> 10 A/BV                          
Debt/Equity Ratio 0.86 1.29 1.72 1.64 1.53 1.29 1.23 1.10 1.01 1.26 1.51 1.27       1.28 <-Median-> 10 Debt/Eq R.                          
Median               P/BV 10 Yrs 1.70 5 Yrs 1.48                                      
                                               
-$6.52 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $0.00 $14.67                                        
            -$8.76 $0.00 $0.00 $0.00 $0.00 $14.67                                        
                                                               
ROE                 23.7% 17.5% 12.5% 6.4%       15.0% <-Median--> 4 Compreh. Inc                        
Compre. Inc                 $138.60 $167.94 $130.97 $77.29             Compreh. Inc                        
                                                               
ROE 4.8% 6.9% 7.1% 8.5% 10.5% 13.6% 18.9% 21.6% 18.6% 17.1% 13.5% 8.4%       Net Income/Shareholders' equity                                
5Yr Running Ave       6.8% 7.9% 10.0% 12.6% 15.4% 17.1% 17.9% 17.2% 14.5%                                        
                                                               
Net Income $10.96 $17.15 $18.60 $28.69 $38.32 $65.80 $90.29 $114.51 $108.79 $163.57 $141.31 $101.26       490.55% <-Total Growth 10 Net Incoem                          
Oper C. F. $23.96 $21.54 $45.40 $75.28 $96.47 $147.71 $112.31 $146.86 $183.28 $205.45 $184.15 $192.58         Cash Flow Statement CF from continuing operations                      
Invest. C. F -$104.86 -$86.42 -$204.54 -$157.24 -$60.18 -$131.44 $46.30 -$76.46 -$63.43 -$432.95 -$464.09 -$161.87         Cash Flow Statement                          
Total Accruals $91.85 $82.02 $177.74 $110.64 $2.04 $49.54 -$68.32 $44.11 -$11.06 $391.08 $421.26 $70.55                                        
Total Assets $429.2 $571.4 $709.0 $889.2 $919.3 $1,108.6 $1,068.3 $1,109.6 $1,172.7 $2,163.6 $2,629.1 $2,751.7         Balance Sheet                              
Accruals Ratio 21.40% 14.35% 25.07% 12.44% 0.22% 4.47% -6.40% 3.98% -0.94% 18.08% 16.02% 2.56%                                        
up/down/neutral                                                                
Chge in Close   -12.50% 32.57% 35.20% 62.59% 51.31% 20.73% -6.26% 0.92% -34.95% 9.30% 15.43%                                        
Any Predictions?                                                                
                                                                 
Fin. C. F $80.90 $64.87 $159.14 $81.95 -$36.29 -$13.60 $159.23 -$66.57 -$120.63 $233.36 -$265.38 -$32.19                                        
Total Accruals $10.96 $17.15 $18.60 $28.69 $38.32 $63.13 -$227.55 $110.68 $109.57 $157.72 $686.64 $102.74                                        
Accruals Ratio 2.55% 3.00% 2.62% 3.23% 4.17% 5.69% -21.30% 9.97% 9.34% 7.29% 26.12% 3.73%                                        
                                                                 
Taxable Income                     78.8%                                          
Capital Gain                     4.0%                                          
Dividend Income                     0.2%                                          
Ret. Of Capital                     17.0%                                          
                      100.0%                                          
                                                                 
Apr 6, 2011.  Last I looked I got estimates for 2010 and 2011 for earnings of $1.50 and 1.10 and CF of $2.50 and 2.30 and distributable Inc of $2.68 for 2010.                                      
July 8, 2010 company changed from a Unit Trust to a corporation.  Symbol changed from ALA.UN to ALA.  Dividends to be reduced.                                          
Feb 28, 2010.  In Nov 2009, I picked up 2009 and 2010 values for earnings of $1.60 and $1.50, Dis Inc of $2.60 and $2.68 and cash flow of $2.40 and $2.48.                                      
Interesting that no one expects much increase in stock price this year, but there is an awful lot of insider buying.                                               
Nov 5, 2009 Earnings and cash flow pickup up at the time I updated for 2008 report have not changed.                                                
AR 2008, I picked up earnings of $1.60 and $1.50 and cash flow of $240 and $2.48  for 2009 and 2010.                                                
They changed to an income trust in 2004.  They plan to convert back to a corporate structure before 2011. In the third annual report, they said they expect the dividend to be from $1.10 to $1.40.                              
                                                                 
How they make their money.                                                            
AltaGas operates physical assets and provides essential services to customers who produce and consume natural gas and power.                                            
Their gas business provides gathering, processing, transportation, storage and marketing of natural gas and natural gas liquids. Their power business generates and delivers power in Alberta and British Columbia                             
and is developing a significant portfolio of renewable power projects.                                                      
                                                                 
For most ratios, lower is better when looking for a good stock price.  However, there are exceptions such as for yield and asset/liability ratios and here you want a higher ratios to indicate a good stock price.                              
Also, for the Operational Profit Margin, a higher percentage is better.  With the OPM, you should only compare companies in similar industries.                                        
                                                                 
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